Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 25, 2019 | Jun. 29, 2018 | |
Document and Entity Information | |||
Entity Registrant Name | OFFICE PROPERTIES INCOME TRUST | ||
Entity Central Index Key | 1,456,772 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 48,082,903 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1.6 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real estate properties: | ||
Land | $ 924,164 | $ 627,108 |
Buildings and improvements | 3,020,472 | 2,348,613 |
Total real estate properties, gross | 3,944,636 | 2,975,721 |
Accumulated depreciation | (375,147) | (341,848) |
Total real estate properties, net | 3,569,489 | 2,633,873 |
Assets of discontinued operations - Equity investment in Select Income REIT | 0 | 467,499 |
Assets of properties held for sale | 253,501 | 0 |
Investment in unconsolidated joint ventures | 43,665 | 50,202 |
Acquired real estate leases, net | 1,056,558 | 351,872 |
Cash and cash equivalents | 35,349 | 16,569 |
Restricted cash | 3,594 | 3,111 |
Rents receivable, net | 72,051 | 61,429 |
Deferred leasing costs, net | 25,672 | 22,977 |
Other assets, net | 178,704 | 96,033 |
Total assets | 5,238,583 | 3,703,565 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Unsecured revolving credit facility | 175,000 | 570,000 |
Unsecured term loans, net | 387,152 | 547,852 |
Senior unsecured notes, net | 2,357,497 | 944,140 |
Mortgage notes payable, net | 335,241 | 183,100 |
Liabilities of properties held for sale | 4,271 | 0 |
Accounts payable and other liabilities | 145,536 | 89,440 |
Due to related persons | 34,887 | 4,859 |
Assumed real estate lease obligations, net | 20,031 | 13,635 |
Total liabilities | 3,459,615 | 2,353,026 |
Commitments and contingencies | ||
Preferred units of limited partnership | 0 | 20,496 |
Shareholders’ equity: | ||
Common shares of beneficial interest, $.01 par value: 200,000,000 shares authorized, respectively, 48,082,903 and 24,786,479 shares issued and outstanding, respectively | 481 | 248 |
Additional paid in capital | 2,609,801 | 1,968,960 |
Cumulative net income | 146,882 | 108,144 |
Cumulative other comprehensive income | 106 | 60,427 |
Cumulative common distributions | (978,302) | (807,736) |
Total shareholders’ equity | 1,778,968 | 1,330,043 |
Total liabilities and shareholders’ equity | $ 5,238,583 | $ 3,703,565 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common shares of beneficial interest, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares of beneficial interest, shares authorized | 200,000,000 | 200,000,000 |
Common shares of beneficial interest, shares issued | 48,082,903 | 24,786,479 |
Common shares of beneficial interest, shares outstanding | 48,082,903 | 24,786,479 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Rental income | $ 426,560 | $ 316,532 | $ 258,180 |
EXPENSES: | |||
Real estate taxes | 49,708 | 37,942 | 30,703 |
Cost of goods and services sold | 26,425 | 20,998 | 17,269 |
Other operating expenses | 89,610 | 65,349 | 54,290 |
Depreciation and amortization | 162,488 | 109,588 | 73,153 |
Loss on impairment of real estate | 8,630 | 9,490 | 0 |
Acquisition and transaction related costs | 14,508 | 0 | 1,191 |
General and administrative | 24,922 | 18,847 | 14,897 |
Total expenses | 376,291 | 262,214 | 191,503 |
Gain on sale of real estate | 20,661 | 0 | 79 |
Dividend income | 1,337 | 1,216 | 971 |
Unrealized loss on equity securities | (7,552) | 0 | 0 |
Interest income | 639 | 1,962 | 158 |
Interest expense (including net amortization of debt premiums and discounts and deferred financing fees of $3,626, $3,420, and $2,832, respectively) | (89,865) | (65,406) | (45,060) |
Gain (loss) on early extinguishment of debt | (709) | (1,715) | 104 |
Income (loss) from continuing operations before income taxes, equity in earnings of investees and gain on sale of real estate | (25,220) | (9,625) | 22,929 |
Income tax expense | (117) | (101) | (101) |
Equity in net earnings (losses) of investees | (2,269) | (13) | 137 |
Income (loss) from continuing operations | (27,606) | (9,739) | 22,965 |
Income from discontinued operations | 5,722 | 21,829 | 34,878 |
Net income (loss) | (21,884) | 12,090 | 57,843 |
Other comprehensive income (loss): | |||
Unrealized gain on equity securities | 0 | 24,042 | 30,465 |
Equity in unrealized gain (loss) of investees | (40) | 9,428 | 11,359 |
Other comprehensive income (loss) | (40) | 33,470 | 41,824 |
Comprehensive income (loss) | (21,924) | 45,560 | 99,667 |
Net income (loss) | (21,884) | 12,090 | 57,843 |
Preferred units of limited partnership distributions | (371) | (275) | 0 |
Net income (loss) available for common shareholders | $ (22,255) | $ 11,815 | $ 57,843 |
Weighted average common shares outstanding (basic) (in shares) | 24,830 | 21,158 | 17,763 |
Weighted average common shares outstanding (diluted) (in shares) | 24,830 | 21,158 | 17,768 |
Per common share amounts (basic and diluted): | |||
Income (loss) from continuing operations (in dollars per share) | $ (1.13) | $ (0.47) | $ 1.29 |
Income from discontinued operations (in dollars per share) | 0.23 | 1.03 | 1.96 |
Net income (loss) available for common shareholders (in dollars per share) | $ (0.90) | $ 0.56 | $ 3.26 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Net amortization of debt premiums and discounts and debt issuance costs | $ 3,626 | $ 3,420 | $ 2,832 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Shares | Additional Paid In Capital | Cumulative Net Income | Cumulative Other Comprehensive Income (Loss) | Cumulative Common Distributions |
Balance beginning at Dec. 31, 2015 | $ 956,651 | $ 178 | $ 1,473,015 | $ 38,486 | $ (14,867) | $ (540,161) |
Balance (in shares) at Dec. 31, 2015 | 17,781,577 | |||||
Increase (Decrease) in Shareholders' Equity | ||||||
Share grants | 1,389 | 1,389 | ||||
Share grants (in shares) | 16,475 | |||||
Share repurchases | (337) | (337) | ||||
Share repurchases (in shares) | (3,575) | |||||
Equity in unrealized gain of investees | 11,359 | 11,359 | ||||
Unrealized gain on equity securities | 30,465 | 30,465 | ||||
Net income (loss) available for common shareholders | 57,843 | 57,843 | ||||
Distributions to common shareholders | (122,366) | (122,366) | ||||
Balance ending at Dec. 31, 2016 | 935,004 | $ 178 | 1,474,067 | 96,329 | 26,957 | (662,527) |
Balance (in shares) at Dec. 31, 2016 | 17,794,477 | |||||
Increase (Decrease) in Shareholders' Equity | ||||||
Issuance of shares, net | 493,866 | $ 70 | 493,796 | |||
Issuance of shares, net (in shares) | 6,976,757 | |||||
Share grants | 1,361 | 1,361 | ||||
Share grants (in shares) | 18,836 | |||||
Share repurchases | (264) | (264) | ||||
Share repurchases (in shares) | (3,591) | |||||
Equity in unrealized gain of investees | 9,428 | 9,428 | ||||
Unrealized gain on equity securities | 24,042 | 24,042 | ||||
Net income (loss) available for common shareholders | 11,815 | 11,815 | ||||
Distributions to common shareholders | (145,209) | (145,209) | ||||
Balance ending at Dec. 31, 2017 | 1,330,043 | $ 248 | 1,968,960 | 108,144 | 60,427 | (807,736) |
Balance (in shares) at Dec. 31, 2017 | 24,786,479 | |||||
Increase (Decrease) in Shareholders' Equity | ||||||
Cumulative adjustment upon adoption | ASU 2016-01 | 60,281 | (60,281) | ||||
Cumulative adjustment upon adoption | ASU 2014-09 | 712 | 712 | ||||
Adjusted balance | 1,330,755 | $ 248 | 1,968,960 | 169,137 | 146 | (807,736) |
Issuance of shares, net | 639,783 | $ 233 | 639,550 | |||
Issuance of shares, net (in shares) | 23,281,738 | |||||
Share grants | 1,523 | 1,523 | ||||
Share grants (in shares) | 19,925 | |||||
Shares forfeitures or repurchases | (232) | (232) | ||||
Shares forfeitures or repurchases (in shares) | (5,239) | |||||
Equity in unrealized gain of investees | (40) | (40) | ||||
Net income (loss) available for common shareholders | (22,255) | (22,255) | ||||
Distributions to common shareholders | (170,566) | (170,566) | ||||
Balance ending at Dec. 31, 2018 | $ 1,778,968 | $ 481 | $ 2,609,801 | $ 146,882 | $ 106 | $ (978,302) |
Balance (in shares) at Dec. 31, 2018 | 48,082,903 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ (21,884) | $ 12,090 | $ 57,843 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation | 66,685 | 52,427 | 42,489 |
Net amortization of debt premiums, discounts and issuance costs | 3,626 | 3,420 | 2,832 |
Gain on sale of real estate | (20,661) | 0 | (79) |
(Gain) loss on early extinguishment of debt | 709 | 1,715 | (104) |
Straight line rental income | (10,164) | (5,582) | (2,691) |
Amortization of acquired real estate leases | 94,375 | 56,174 | 29,003 |
Amortization of deferred leasing costs | 4,833 | 3,802 | 3,265 |
Other non-cash expenses, net | 250 | 300 | 284 |
Loss on impairment of real estate | 8,630 | 9,490 | 0 |
Unrealized loss on equity securities | 7,552 | 0 | 0 |
Increase in carrying value of property included in discontinued operations | 0 | (619) | 0 |
Equity in net (earnings) losses of investees | 2,269 | 13 | (137) |
Equity in earnings of Select Income REIT included in discontinued operations | (20,873) | (21,584) | (35,381) |
Net gain on issuance of shares by Select Income REIT included in discontinued operations | (29) | (72) | (86) |
Loss on sale of Select Income REIT shares included in discontinued operations | 15,180 | 0 | 0 |
Distributions of earnings from Select Income REIT | 20,873 | 21,584 | 35,381 |
Change in assets and liabilities: | |||
Deferred leasing costs | (9,203) | (5,017) | (10,196) |
Rents receivable | 5,021 | (4,990) | 1,670 |
Other assets | 1,127 | 1,368 | 25 |
Accounts payable and other liabilities | (3,303) | 11,696 | 1,970 |
Due to related persons | (97) | 1,339 | 634 |
Net cash provided by operating activities | 144,916 | 137,554 | 126,722 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Real estate acquisitions and deposits | 25,221 | (1,187,012) | (200,331) |
Real estate improvements | (47,500) | (45,940) | (32,999) |
Distributions in excess of earnings from Select Income REIT | 17,251 | 29,248 | 14,954 |
Distributions in excess of earnings from unconsolidated joint ventures | 3,751 | 482 | 0 |
Proceeds from sale of properties, net | 304,808 | 15,083 | 263 |
Proceeds from sale of Select Income REIT shares | 435,125 | 0 | 0 |
Net cash provided by (used in) investing activities | 738,656 | (1,188,139) | (218,113) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayment of mortgage notes payable | (3,708) | (11,909) | (107,933) |
Repayment of unsecured term loan | (162,000) | 0 | 0 |
Proceeds from issuance of senior notes, after discounts | 0 | 297,954 | 300,235 |
Proceeds from issuance of common shares, net | 0 | 493,866 | 0 |
Borrowings on unsecured revolving credit facility | 238,000 | 645,000 | 399,000 |
Repayments on unsecured revolving credit facility | (741,000) | (235,000) | (356,000) |
Payment of debt issuance costs | (3,936) | (4,644) | (544) |
Repurchase of common shares | (232) | (264) | (337) |
Redemption of preferred units of limited partnership | (20,221) | 0 | 0 |
Preferred units of limited partnership distributions | (646) | 0 | 0 |
Distributions to common shareholders | (170,566) | (145,209) | (122,366) |
Net cash (used in) provided by financing activities | (864,309) | 1,039,794 | 112,055 |
Increase (decrease) in cash, cash equivalents and restricted cash | 19,263 | (10,791) | 20,664 |
Cash, cash equivalents and restricted cash at beginning of period | 19,680 | 30,471 | 9,807 |
Cash, cash equivalents and restricted cash at end of period | 38,943 | 19,680 | 30,471 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Interest paid | 65,188 | 55,048 | 41,139 |
Income taxes paid | 68 | 117 | 111 |
NON-CASH INVESTING ACTIVITIES: | |||
Sale of real estate | 0 | 0 | 3,600 |
Mortgage note receivable related to sale of real estate | 0 | 0 | (3,600) |
Working capital assumed | 30,483 | (1,596) | 0 |
Real estate and investment acquired by issuance of common shares | (639,809) | 0 | 0 |
Real estate and investment acquired by assumption of debt | (1,719,772) | 0 | 0 |
NON-CASH FINANCING ACTIVITIES: | |||
SIR unsecured revolving credit facility | 108,000 | 0 | |
Assumption of mortgage notes payable | 161,772 | 167,548 | 0 |
Assumption of senior unsecured notes | 1,450,000 | 0 | 0 |
Preferred units of limited partnership issued | 0 | 20,221 | 0 |
Issuance of common shares | $ 639,809 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Cash Flows [Abstract] | ||||
Cash and cash equivalents | $ 35,349 | $ 16,569 | $ 29,941 | |
Restricted cash | 3,594 | 3,111 | 530 | |
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ 38,943 | $ 19,680 | $ 30,471 | $ 9,807 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Office Properties Income Trust (formerly Government Properties Income Trust, or GOV), or OPI, we, us or our, is a real estate investment trust, or REIT, formed in 2009 under Maryland law. As of December 31, 2018 , our wholly owned properties were comprised of 247 buildings, or our consolidated properties, located in 38 states and the District of Columbia containing approximately 31.9 million rentable square feet and we had a noncontrolling ownership interest in two unconsolidated joint ventures that own three buildings totaling an additional approximately 0.4 million rentable square feet. Merger with Select Income REIT On September 14, 2018, we and our wholly owned subsidiary, GOV MS REIT, a Maryland real estate investment trust, or Merger Sub, and Select Income REIT, or SIR, a REIT that owned properties that are primarily net leased to single tenants, entered into an Agreement and Plan of Merger, or the SIR Merger Agreement, pursuant to which SIR merged with and into Merger Sub, with Merger Sub continuing as the surviving entity in the merger, or the SIR Merger. The SIR Merger was consummated and became effective at 4:01 p.m., Eastern Time, on December 31, 2018. Pursuant to the terms set forth in the SIR Merger Agreement, at the effective time of the SIR Merger, we issued to SIR’s shareholders 1.04 of our common shares of beneficial interest, $.01 par value per share, or our common shares, for each common share of SIR issued and outstanding immediately prior to the effective time of the SIR Merger (other than SIR common shares held by us or any of our or SIR’s wholly owned subsidiaries), with cash paid in lieu of fractional shares and any outstanding unvested SIR common share awards under SIR’s equity compensation plan were converted into awards under our 2009 Incentive Share Award Plan, or the 2009 Plan, subject to substantially similar vesting requirements and other terms and conditions, of a number of our common shares determined by multiplying the number of unvested SIR common shares subject to such award by 1.04 (rounded down to the nearest whole number), or the Exchange Ratio. Later on December 31, 2018, Merger Sub merged with and into us, with us as the surviving entity and we changed our name to “Office Properties Income Trust.” Effective January 1, 2019, the ticker symbol for our common shares, which continue to be traded on The Nasdaq Stock Market LLC, or Nasdaq, was changed to “OPI.” As a condition of the SIR Merger, on October 9, 2018, we sold all of the 24,918,421 common shares of SIR we then owned, or the Secondary Sale, in an underwritten public offering at a price of $18.25 per share, raising net proceeds of $435,125 after deducting underwriting discounts and offering expenses. We used the net proceeds from the Secondary Sale to repay amounts outstanding under our revolving credit facility. In addition, as a condition of the SIR Merger, on December 27, 2018, SIR paid a pro rata distribution to SIR's shareholders as of the close of business on December 20, 2018 of all 45,000,000 common shares of beneficial interest of Industrial Logistics Properties Trust, or ILPT, that SIR owned, or the ILPT Distribution. Upon consummation of the SIR Merger, SIR’s separate business and property management agreements with RMR LLC were terminated for convenience and RMR LLC waived its right to receive payment of the termination fees due on account thereof, pursuant to the terms of the letter agreement entered into between SIR and RMR LLC on September 14, 2018. Also upon consummation of the SIR Merger, we assumed all of the principal and interest on all of SIR’s outstanding $400,000 aggregate principal amount of 3.60% Senior Notes due 2020, $300,000 aggregate principal amount of 4.15% Senior Notes due 2022, $350,000 aggregate principal amount of 4.250% Senior Notes due 2024 and $400,000 aggregate principal amount of 4.50% Senior Notes due 2025. The aggregate transaction value, based on the closing price of our common shares on December 31, 2018 of $6.87 per share (prior to the Reverse Share Split, as defined below), was approximately $2,415,053 , excluding closing costs of approximately $27,497 ( $14,508 of which was paid by us and $12,989 of which was paid by SIR) and including the repayment or assumption of $1,719,772 of SIR debt. Following the SIR Merger and the other transactions contemplated by the SIR Merger Agreement, including the Secondary Sale and the ILPT Distribution, or, collectively, the SIR Transactions, we acquired SIR's property portfolio of 99 buildings with approximately 16.5 million rentable square feet. Reverse Share Split After the SIR Merger and the other SIR Transactions, on December 31, 2018, we effected a reverse share split of our common shares, or the Reverse Share Split, pursuant to which every four of our common shares issued and outstanding as of the effective time of the Reverse Share Split were converted and reclassified into one of our common shares of beneficial interest, par value $.04 per share, subject to the receipt of cash in lieu of fractional shares. Following the effective time of the Reverse Share Split on December 31, 2018, we changed the par value of our common shares from $.04 per share back to $.01 per share. The Reverse Share Split affected all record holders of our common shares uniformly and did not affect any record shareholder’s percentage ownership interest in us. The Reverse Share Split reduced the number of our issued and outstanding common shares from 192,331,612 to 48,082,903 . All impacted amounts and share information included in the consolidated financial statements and notes hereto have been retroactively adjusted for the Reverse Share Split as if the Reverse Share Split occurred on the first day of the first period presented. Certain adjusted amounts in the notes to these consolidated financial statements may not agree with previously reported amounts due to rounding of fractional shares. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation. These consolidated financial statements include the accounts of us and our subsidiaries, all of which are wholly owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Real Estate Properties. We record our properties at cost and provide depreciation on real estate investments on a straight line basis over estimated useful lives generally ranging from 7 to 40 years. In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. We allocate 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 determine the fair value of each property using methods similar to those used by independent appraisers. We allocate 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) of the difference, if any, 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 allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. We allocate 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 consolidated financial statements. In making these allocations, we consider 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. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amounts over the estimated life of the relationships. For transactions that qualify as business combinations, we allocate the excess, if any, of the consideration over the fair value of the assets acquired to goodwill. We amortize capitalized above market lease values (included in acquired in place real estate leases, net in our consolidated balance sheets) and below market lease values (presented as assumed real estate lease obligations, net 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 $2,903 , $2,764 and $1,457 during the years ended December 31, 2018 , 2017 and 2016 , respectively. We amortize the value of acquired in place leases (included in acquired real estate leases, net 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 $91,472 , $53,410 , and $27,546 during the years ended December 31, 2018 , 2017 and 2016 , respectively. If a lease is terminated prior to its stated expiration, we write off the unamortized amounts relating to that lease. As of December 31, 2018 and 2017 , our acquired real estate leases and assumed real estate obligations, excluding properties classified as held for sale, were as follows: December 31, 2018 2017 Acquired real estate leases: Capitalized above market lease values $ 62,260 $ 46,096 Less: accumulated amortization (20,956 ) (27,259 ) Capitalized above market lease values, net 41,304 18,837 Lease origination value 1,168,979 472,928 Less: accumulated amortization (153,725 ) (139,893 ) Lease origination value, net 1,015,254 333,035 Acquired real estate leases, net $ 1,056,558 $ 351,872 Assumed real estate lease obligations: Capitalized below market lease values $ 31,091 $ 25,973 Less: accumulated amortization (11,060 ) (12,338 ) Assumed real estate lease obligations, net $ 20,031 $ 13,635 As of December 31, 2018 , the weighted average amortization periods for capitalized above market leases, lease origination value and capitalized below market lease values were 5.4 years, 6.9 years and 5.8 years, 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, 2018 are estimated to be $203,554 in 2019 , $180,025 in 2020 , $153,089 in 2021 , $136,515 in 2022 , $112,524 in 2023 and $250,820 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 our entering 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, excluding properties classified as held for sale, totaled $38,840 and $32,990 at December 31, 2018 and 2017 , respectively, and accumulated amortization of deferred leasing costs totaled $13,168 and $10,013 at December 31, 2018 and 2017 , respectively. Future amortization of deferred leasing costs to be recognized during the current terms of our existing leases as of December 31, 2018 are estimated to be $4,925 in 2019 , $4,215 in 2020 , $3,599 in 2021 , $2,902 in 2022 , $2,363 in 2023 and $7,668 thereafter. Debt Issuance Costs . Debt issuance costs include capitalized issuance or assumption costs related to borrowings, which are amortized to interest expense over the terms of the respective loans. Debt issuance costs, net of accumulated amortization, for our revolving credit facility are included in other assets in our consolidated balance sheets. As of December 31, 2018 and 2017 , debt issuance costs for our revolving credit facility were $4,125 and $5,234 and accumulated amortization of debt issuance costs for our revolving credit facility were $49 and $3,849 , respectively. Debt issuance costs, net of accumulated amortization, for our unsecured term loans, senior unsecured notes and mortgage notes payable are presented as a direct deduction from the associated debt liability in our consolidated balance sheets. As of December 31, 2018 and 2017 , debt issuance costs, net of accumulated amortization, for our unsecured term loans, senior unsecured notes, and mortgage notes payable totaled $12,888 and $15,750 , respectively. Future amortization of debt issuance costs to be recognized with respect to our revolving credit facility, unsecured term loans, senior unsecured notes and mortgage notes as of December 31, 2018 are estimated to be $2,890 in 2019 , $2,189 in 2020 , $2,049 in 2021 , $1,725 in 2022 , $406 in 2023 and $7,705 thereafter. Equity Securities. As of December 31, 2018 , we owned 2,801,061 common shares of class A common stock of RMR Inc., including 1,586,836 common shares acquired from SIR on December 31, 2018 in connection with the SIR Merger. Our equity securities are recorded at fair value based on their quoted market price at the end of each reporting period. Effective January 1, 2018, changes in the fair value of our equity securities are recorded through earnings in accordance with the Financial Accounting Standards Board, or FASB, Accounting Standards Update, or ASU, No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . Prior to January 1, 2018, unrealized gains and losses on equity securities were recorded as a component of cumulative comprehensive income (loss) in shareholders' equity. As further described in Note 7 , we initially acquired 1,541,201 shares of class A common stock of RMR Inc. on June 5, 2015 for cash and share consideration of $17,462 . We concluded, for accounting purposes, that the cash and share consideration we paid for our investment in these shares represented a discount to the fair value of these shares. We initially accounted for this investment under the cost method of accounting and recorded this investment at its estimated fair value of $39,833 as of June 5, 2015 using Level 3 inputs, as defined in the fair value hierarchy under U.S. generally accepted accounting principles, or GAAP. As a result, we recorded a liability for the amount by which the estimated fair value of these shares exceeded the price we paid for these shares. This liability is included in accounts payable and other liabilities in our consolidated balance sheets. This liability is being amortized on a straight line basis through December 31, 2035 as an allocated reduction to our business management and property management fee expense. We amortized $1,087 of this liability during each of the years ended December 31, 2018 , 2017 and 2016 . These amounts are included in the net business management and property management fee amounts for such periods. As of December 31, 2018 , the remaining unamortized amount of this liability was $18,493 . Future amortization of this liability as of December 31, 2018 is estimated to be $1,087 in 2019 through 2023 and $13,058 thereafter. Equity Method Investments. We account for our investments in Affiliates Insurance Company, or AIC, and SIR, until we sold the SIR common shares we owned as described in Note 1, using the equity method of accounting. Significant influence is present through common representation on the boards of trustees or directors of us, AIC and, until December 31, 2018, SIR. One of our Managing Trustees, Adam D. Portnoy, as the sole trustee of ABP Trust, is the controlling shareholder of The RMR Group Inc., or RMR Inc. He is also a director and officer of RMR Inc. Substantially all of the business of RMR Inc. is conducted by its majority owned subsidiary, RMR LLC, which is our manager, the manager of AIC and, until December 31, 2018, SIR. Most of our Trustees are directors of AIC. See Notes 7, 12 and 13 for further information of our investments in AIC and SIR. In connection with our acquisition of First Potomac Realty Trust, or FPO, in 2017, we acquired 50% and 51% interests in two unconsolidated joint ventures which own three buildings. The buildings owned by these joint ventures are encumbered by an aggregate $82,000 of mortgage indebtedness. We do not control the activities that are most significant to these joint ventures and, as a result, we account for our investment in these joint ventures under the equity method of accounting. See Note 5 for further information regarding our unconsolidated joint ventures. We periodically evaluate our equity method investments for possible indicators of other than temporary impairment whenever events or changes in circumstances indicate the carrying amount of the investment might not be recoverable. These indicators may include the length of time and the extent to which the market value of our investment is below our carrying value, the financial condition of our investees, our intent and ability to be a long term holder of the investment and other considerations. If the decline in fair value is judged to be other than temporary, we record an impairment charge to adjust the basis of the investment to its estimated fair value. Revenue Recognition. We recognize rental income from operating leases that contain fixed contractual rent changes on a straight line basis over the term of the lease agreements. We increased rental income by $10,164 , $5,582 and $2,691 to record revenue on a straight line basis during the years ended December 31, 2018 , 2017 and 2016 , respectively. Rents receivable, excluding properties classified as held for sale, include $34,006 and $27,267 of straight line rent receivables at December 31, 2018 and 2017 , respectively. Certain of our leases with government tenants provide the tenant the right to terminate its lease if its respective legislature or other funding authority does not appropriate the funding necessary for the government tenant to meet its lease obligations; we have determined the fixed non-cancelable lease term of these leases to be the fully executed term of the lease because we believe the occurrence of termination to be a remote contingency based on both our historical experience and our assessment of the likelihood of lease cancellation on a separate lease basis. Income Taxes. We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, or the 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 represents our share of the cumulative comprehensive income of our equity method investees and, prior to the adoption of FASB ASU No. 2016-01 on January 1, 2018, unrealized gains and losses related to our investment in RMR Inc. See Notes 5 and 7 for further information regarding these investments. Per Common Share Amounts. We calculate basic earnings per common share by dividing net income (loss) available for common shareholders by the weighted average number of our common shares of beneficial ownership, $.01 par value, or our common shares, outstanding during the period. We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares and the related impact on earnings, are considered when calculating diluted earnings per share. Use of Estimates. Preparation of these financial statements in conformity with 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. Reclassifications. Reclassifications have been made to the prior years’ consolidated financial statements to conform to the current year’s presentation. Segment Reporting. We operate in one business segment: direct ownership of real estate properties. |
Weighted Average Common Shares
Weighted Average Common Shares | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Weighted Average Common Shares | Weighted Average Common Shares The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share (in thousands): For the Year Ended December 31, 2018 2017 2016 Weighted average common shares for basic earnings per share 24,830 21,158 17,763 Effect of dilutive securities: unvested share awards — — 5 Weighted average common shares for diluted earnings per share (1) 24,830 21,158 17,768 (1) For the years ended December 31, 2018 and 2017, four and five unvested common shares, respectively, were not included in the calculation of diluted earnings per share because to do so would have been antidilutive. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements On January 1, 2018, we adopted FASB ASU No. 2014-09 (and related clarifying guidance issued by the FASB), Revenue From Contracts With Customers , which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU No. 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU No. 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. A substantial portion of our revenue consists of rental income from leasing arrangements, which is specifically excluded from ASU No. 2014-09. We have adopted ASU No. 2014-09 using the modified retrospective approach, which resulted in an adjustment to reclassify a previous deferred gain on sale of real estate of $712 from accounts payable and other liabilities to cumulative net income. The adoption of ASU No. 2014-09 did not have a material impact on the amount or timing of our revenue recognition in our consolidated financial statements except for profit recognition on real estate sales. On January 1, 2018, we adopted FASB ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which changes how entities measure certain equity investments and present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The implementation of ASU No. 2016-01 resulted in the reclassification of historical changes in the fair value of our equity securities of $45,116 from cumulative other comprehensive income to cumulative net income. We also reclassified $15,165 from cumulative other comprehensive income to cumulative net income for our share of cumulative other comprehensive income of certain of our equity method investees. Effective January 1, 2018, changes in the fair value of our equity securities are recorded through earnings in accordance with ASU No. 2016-01. On January 1, 2018, we adopted FASB ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which clarifies how companies present and classify certain cash receipts and cash payments in the statements of cash flows. The implementation of this update resulted in the reclassification of $2,944 and $2,956 of accretion recorded in our equity in the earnings of SIR from cash flow from investing activities to cash flow from operating activities for the year ended December 31, 2017 and 2016 , respectively. See Note 12 for further information regarding our investment in SIR. On January 1, 2018, we adopted FASB ASU No. 2016-18, Restricted Cash , which requires companies to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The implementation of ASU No. 2016-18 resulted in a decrease of $1,563 and an increase of $492 of net cash provided by operating activities for the years ended December 31, 2017 and 2016 , respectively. This update also requires a reconciliation of the totals in the statements of cash flows to the related captions in the balance sheets. As a result, amounts included in restricted cash on our consolidated balance sheets are included with cash and cash equivalents on the consolidated statements of cash flows. The adoption of this update did not change our balance sheet presentation. On October 1, 2018, we adopted FASB ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which aligns the measurement and classification guidance for share based payments to nonemployees with the guidance for share based payments to employees, with certain exceptions. The adoption of this standard did not have a material impact in our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases . In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements . In December 2018, the FASB issued ASU No. 2018-20 Leases (Topic 842), Narrow-Scope Improvements for Lessors . Collectively, these standards set out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales type leases, direct financing leases and operating leases. These standards are effective as of January 1, 2019. Upon adoption, we applied the package of practical expedients that allows an entity to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. Furthermore, we applied the optional transition method in ASU No. 2018-11 which allows entities to initially apply the new leases standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption, if any. Additionally, our leases met the criteria in ASU No. 2018-11 to not separate non-lease components from the related lease component; therefore, the accounting for these leases remained largely unchanged from the previous standard. The adoption of ASU No. 2016-02 and the related improvements did not have a material impact in our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently assessing the potential impact the adoption of ASU No. 2016-13 will have in our consolidated financial statements. We currently expect to adopt the standard using the modified retrospective approach. |
Real Estate Properties
Real Estate Properties | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Real Estate Properties | Real Estate Properties As of December 31, 2018 , our wholly owned properties were comprised of 247 buildings, with an undepreciated carrying value of $4,161,591 and had a noncontrolling ownership interest in two unconsolidated joint ventures that own three buildings. We generally lease space at our properties on a gross lease, modified gross lease or net lease basis pursuant to fixed term contracts expiring between 2019 and 2039. 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, 2018 , we entered into 128 leases for 1,382,821 rentable square feet for a weighted (by rentable square feet) average lease term of 6.8 years and we made commitments for approximately $37,135 of leasing related costs. As of December 31, 2018 , we have estimated unspent leasing related obligations of $58,380 . Merger with Select Income REIT As described in Note 1, on December 31, 2018, we completed the SIR Merger, pursuant to which we acquired SIR's property portfolio of 99 buildings with approximately 16.5 million rentable square feet. The total consideration transferred and assumed debt for the SIR Merger is $2,415,053 , including the assumption of $1,719,772 of debt and excluding acquisition related costs. The following table summarizes the estimated consideration transferred and liabilities assumed: Total Purchase Price (excluding acquisition costs): OPI common shares issued 23,282,704 Closing price of OPI common shares on December 31, 2018 $ 27.48 Value of consideration transferred $ 639,809 Cash consideration for fractional shares 8 Equity issuance costs (239 ) Value of consideration transferred $ 639,578 Assumed working capital 55,703 Assumed senior unsecured notes, principal balance 1,450,000 Assumed mortgage notes payable, principal balance 161,772 SIR unsecured revolving credit facility repaid at closing 108,000 Non-cash portion of purchase price 1,775,475 Total consideration transferred and liabilities assumed $ 2,415,053 The following table summarizes the preliminary purchase price allocation for SIR based on estimated fair values as of the December 31, 2018: Preliminary Purchase Price Allocation: Land $ 475,893 Buildings and improvements 960,286 Assets of properties held for sale 7,022 Acquired real estate leases 858,121 Cash 24,744 Restricted cash 476 Rents receivable, net 11,389 Other assets (1) 89,188 Total assets 2,427,119 Unsecured revolving credit facility (2) (108,000 ) Senior unsecured notes (3) (1,410,947 ) Mortgage notes payable (4) (159,490 ) Accounts payable and other liabilities (67,151 ) Assumed real estate lease obligations (11,833 ) Due to related persons (30,120 ) Net assets acquired 639,578 Assumed working capital 55,703 SIR unsecured revolving credit facility repaid at closing (2) 108,000 Assumed senior unsecured notes, principal balance 1,450,000 Assumed mortgage notes payable, principal balance 161,772 Consideration transferred and liabilities assumed (5) $ 2,415,053 (1) Other assets includes $84,229 for SIR's investment in shares of class A common stock of RMR Inc. which was recorded at fair value as of December 31, 2018 . (2) We repaid the outstanding balance under SIR's revolving credit facility at the closing of the SIR Merger with borrowings under our revolving credit facility. (3) The aggregate principal balance of the senior unsecured notes was $1,450,000 as of December 31, 2018 . (4) The aggregate principal balance of the mortgage notes payable was $161,772 as of December 31, 2018 . (5) The allocation of purchase price is based on preliminary estimates and may change significantly following the completion of (i) third party appraisals and (ii) our analysis of intangibles and building valuations. Purchase price excludes acquisition related costs. We were the accounting acquirer of SIR and accounted for the SIR Merger as a business combination because substantially all of the fair value of the gross assets acquired was not concentrated in a single identifiable asset or a group of similar identifiable assets and we acquired inputs and a substantive process that together significantly contributed to the ability to create outputs. Although we and SIR have no employees, the personnel and various services required to operate our businesses are provided pursuant to business and property management agreements with RMR LLC. These agreements were in effect before, and, in the case of us, remain in effect after, the SIR Merger. As a result, our acquisition of SIR included a substantive process for accounting purposes. The assets acquired and liabilities assumed were recorded at their respective fair values and added to our consolidated balance sheet as of December 31, 2018. We allocated the purchase price based on the estimated fair values of the acquired assets and liabilities assumed in a manner consistent with our purchase price allocation accounting policy described in Note 2. We engaged an independent real estate consulting firm to assist us with determining the purchase price allocations and to provide market information and evaluations which are relevant to purchase price allocations and determinations of useful lives. As of the date acquired, the weighted average amortization periods for capitalized above market lease values, lease origination value and capitalized below market lease values were 5.8 years, 7.2 years and 5.7 years, respectively. FPO Transaction On October 2, 2017, we completed our acquisition of FPO pursuant to merger transactions, as a result of which we acquired 72 buildings with 6.0 million rentable square feet, and FPO's 50% and 51% interests in two joint ventures that own three buildings with 0.4 million rentable square feet, or collectively, the FPO Transaction. The aggregate value we paid for FPO was $1,370,888 , including $651,696 in cash to FPO's shareholders, the repayment of $483,000 of FPO corporate debt, the assumption of $167,548 of mortgage debt; this amount excludes the $82,000 of mortgage debt that encumber the two properties owned by the two joint ventures and the payment of certain transaction fees and expenses, net of FPO cash on hand. We financed the cash payments for the FPO Transaction with borrowings under our revolving credit facility and with cash on hand, including net proceeds from our public offerings of common shares and senior unsecured notes, as described further in Notes 9 and 11. We accounted for the FPO Transaction as an asset acquisition. Our allocation of the purchase price was based on estimates of the relative fair value of the acquired assets and assumed liabilities. The following table summarizes the total consideration paid and the estimated fair values of the assets acquired and liabilities assumed in the FPO Transaction: Total Purchase Price: Cash consideration $ 1,175,140 Acquisition related costs 9,575 Total cash consideration 1,184,715 Preferred units of limited partnership issued (1) 20,221 Acquired net working capital (1,596 ) Assumed mortgage notes 167,548 Non-cash portion of purchase price 186,173 Gross purchase price $ 1,370,888 Purchase Price Allocation: Land $ 360,909 Buildings and improvements 681,340 Acquired real estate leases (2) 283,498 Investment in unconsolidated joint ventures 51,305 Cash 11,191 Restricted cash 1,018 Rents receivable 2,672 Other assets 3,640 Total assets 1,395,573 Mortgage notes payable (3) (167,936 ) Assumed real estate lease obligations (2) (5,776 ) Accounts payable and accrued expenses (10,640 ) Rents collected in advance (1,436 ) Security deposits (4,849 ) Net assets acquired 1,204,936 Assumed working capital (1,596 ) Assumed principal balance of debt 167,548 Gross purchase price $ 1,370,888 (1) Pursuant to the terms of the FPO Transaction, each unit of limited partnership interest in FPO's operating partnership that was not liquidated on the closing date was exchanged on a one-for-one basis for 5.5% Series A Cumulative Preferred Units of the surviving subsidiary. As of December 31, 2017, the carrying value of these Series A Cumulative Preferred Units was $20,496 and was recorded as temporary equity on our consolidated balance sheet. On May 1, 2018, we redeemed all 1,813,504 of the outstanding 5.5% Series A Cumulative Preferred Units for $11.15 per unit (plus accrued and unpaid distributions) for an aggregate of $20,310 . (2) As of the date acquired, the weighted average amortization periods for capitalized above market lease values, lease origination value and capitalized below market lease values were 3.2 years , 3.1 years and 3.8 years , respectively. (3) Includes fair value adjustments totaling $388 on $167,936 principal amount of mortgage notes we assumed in connection with the FPO Transaction. Pro Forma Information (Unaudited): The following table presents our pro forma results of operations for the years ended December 31, 2018 and 2017 as if the SIR Transactions and the FPO Transaction and related financing activities, had occurred on January 1, 2017. The SIR results of operations included in this pro forma financial information have been adjusted to remove ILPT's results of operations for the years ended December 31, 2018 and 2017 . The effect of these adjustments was to decrease pro forma rental income $152,735 and $156,506 for the years ended December 31, 2018 and 2017 , respectively, and to decrease net income $46,237 and $64,661 for the years ended December 31, 2018 and 2017 , respectively. The FPO results of operations included in this pro forma financial information have been adjusted to remove the results of operations of properties and joint venture interests FPO sold from January 1, 2017 to October 2, 2017, the closing date of the FPO Transaction. The effect of these adjustments was to decrease pro forma rental income $804 for the year ended December 31, 2017 and to decrease net loss $47,019 for the year ended December 31, 2017. This pro forma financial information is not necessarily indicative of what our actual financial position or results of operations would have been for the periods presented or for any future period. Differences could result from numerous factors, including future changes in our portfolio of investments, capital structure, property level operating expenses and revenues, including rents expected to be received on our existing leases or leases we may enter during and after 2019, changes in interest rates and other reasons. Actual future results are likely to be different from amounts presented in this pro forma financial information and such differences could be significant. Year Ended December 31, 2018 2017 Rental income $ 758,596 $ 746,801 Net loss $ (87,240 ) $ (74,556 ) Net loss per common share $ (1.82 ) $ (1.55 ) During the year ended December 31, 2018, we did not recognize any revenue or operating income from the assets acquired and liabilities assumed in the SIR Merger. During the year ended December 31, 2017, we recognized revenues of $36,722 and operating income of $3,230 from the consolidated properties acquired in the FPO Transaction and ($621) in equity in losses from our unconsolidated joint ventures acquired in the FPO Transaction. Unconsolidated Joint Ventures We own interests in two joint ventures that own three buildings. We account for these investments under the equity method of accounting. As of December 31, 2018 and 2017 , our investment in unconsolidated joint ventures consisted of the following: OPI Ownership OPI Carrying Value of Investment at December 31, Number of Office Buildings Location Square Feet Joint Venture 2018 2017 Prosperity Metro Plaza 51% $ 23,969 $ 27,888 2 Fairfax, VA 328,456 1750 H Street, NW 50% 19,696 22,314 1 Washington, D.C. 115,411 Total $ 43,665 $ 50,202 3 443,867 The following table provides a summary of the mortgage debt of our unconsolidated joint ventures: Joint Venture Interest Rate (1) Maturity Date Principal Balance at December 31, 2018 and 2017 Prosperity Metro Plaza 4.09% 12/1/2029 $ 50,000 1750 H Street, NW 3.69% 8/1/2024 32,000 Weighted Average/Total 3.93% $ 82,000 (1) Includes the effect of mark to market purchase accounting. At December 31, 2018 , the aggregate unamortized basis difference of our unconsolidated joint ventures of $8,442 is primarily attributable to the difference between the amount for which we purchased our interest in the joint ventures, including transaction costs, and the historical carrying value of the net assets of the joint ventures. This difference will be amortized over the remaining useful life of the related properties and included in the reported amount of equity in net earnings (losses) of investees. Other 2017 Acquisition Activities During the year ended December 31, 2017 , we acquired one building located in Manassas, VA with 69,374 rentable square feet. This building was 100% leased to Prince William County on the date of acquisition. This transaction was accounted for as an asset acquisition. The purchase price was $12,657 , including capitalized acquisition costs of $37 . Our allocation of the purchase price of this acquisition is based on the relative estimated fair value of the acquired assets and assumed liabilities is presented in the table below. Acquisition Date Location Number of Office Buildings Square Feet Purchase Price Land Building and Improvements Other Assumed Assets Jan 2017 Manassas, VA 1 69,374 $ 12,657 $ 1,562 $ 8,253 $ 2,842 In September 2017, we acquired transferable development rights that allow us to expand a property we own in Washington, D.C. for a purchase price of $2,030 , excluding acquisition costs. 2016 Acquisition Activities During the year ended December 31, 2016, we acquired five buildings with a combined 830,185 rentable square feet and a land parcel adjacent to one of our existing properties for an aggregate purchase price of $199,304 , excluding acquisition costs. Our allocation of the purchase price of these acquisitions based on the estimated fair value of the acquired assets and assumed liabilities is presented in the table below. Acquisition Date Location Number of Office Buildings Square Feet Purchase Price (1) Land Buildings and Improvements Other Assumed Assets Acquired Leases Acquired Lease Obligations Jan 2016 Sacramento, CA (2) 1 337,811 $ 79,508 $ 4,688 $ 61,995 $ 2,167 $ 11,245 $ (587 ) Jul 2016 Atlanta, GA (3) — — 1,670 1,670 — — — — Dec 2016 Rancho Cordova, CA (2) 1 82,896 13,943 1,466 8,797 — 3,680 — Dec 2016 Chantilly, VA (2) 3 409,478 104,183 6,966 74,214 — 23,003 — 5 830,185 $ 199,304 $ 14,790 $ 145,006 $ 2,167 $ 37,928 $ (587 ) (1) Excludes acquisition related costs. (2) Accounted for as a business combination. (3) On July 6, 2016, we acquired a land parcel adjacent to one of our existing properties for $1,623 . We accounted for this transaction as an asset acquisition and capitalized acquisition related costs of $47 . 2018 Disposition Activities During the year ended December 31, 2018 , we sold 19 buildings with a combined 2,174,637 rentable square feet for an aggregate purchase price of $320,255 , excluding closing costs, in five separate transactions. The sales of these properties, as presented in the table below, do not represent significant dispositions individually or in the aggregate nor do they represent a strategic shift. As a result, the results of operations of these properties are included in continuing operations through the date of sale in our consolidated statements of income (loss). Date of Sale Number of Office Buildings Location Square Feet Gross Sale Price (1) Mar 2018 (2) 1 Minneapolis, MN 193,594 $ 20,000 May 2018 (3) 1 New York, NY 187,060 118,500 May 2018 (4) 1 Sacramento, CA 110,500 10,755 Nov 2018 (5) 1 Golden, CO 43,231 4,000 Dec 2018 (6) 15 Southern Virginia 1,640,252 167,000 19 2,174,637 $ 320,255 (1) Gross sale price includes purchase price adjustments, if any, excludes closing costs. (2) We recorded a $640 loss on impairment of real estate to reduce the carrying value of this property to its estimated fair value less costs to sell during the year ended December 31, 2018 . (3) We recorded a $17,249 gain on sale of real estate during the year ended December 31, 2018 as a result of this sale. (4) We recorded a loss on impairment of real estate of $3,029 to reduce the carrying value of this property to its estimated fair value less costs to sell during the year ended December 31, 2018 . (5) We recorded a $54 gain on sale of real estate during the year ended December 31, 2018 as a result of this sale. (6) We recorded a $3,358 gain on sale of real estate during the year ended December 31, 2018 as a result of this sale. In February 2018, we entered an agreement to sell an office building located in Safford, AZ with 36,139 rentable square feet for $8,250 . We recorded a $2,453 loss on impairment of real estate to reduce the carrying value of the property to its estimated fair value less costs to sell in the three months ended March 31, 2018. In April 2018, the buyer terminated the sale agreement and we removed this property from held for sale status. We recorded a $322 adjustment to impairment of real estate to increase the carrying value of the property to its estimated fair value during the year ended December 31, 2018 . As of December 31, 2018 , we had 36 buildings with an aggregate undepreciated carrying value of $216,955 under agreement to sell in three separate transactions, as presented in the table below. We have classified these properties as held for sale in our consolidated balance sheet at December 31, 2018 . Date of Sale Agreement Number of Office Buildings Location Square Feet Gross Sale Price (1) Aug 2018 (2) 1 Washington, D.C. 129,035 $ 70,000 Sep 2018 (3) 34 Northern Virginia and Maryland 1,635,868 198,500 Nov 2018 (2)(4) 1 Kapolei, HI 416,956 7,100 36 2,181,859 $ 275,600 (1) Gross sale price includes purchase price adjustments, if any, excludes closing costs. (2) These pending sales are subject to conditions; accordingly, we cannot be sure that we will complete these sales or that these sales will not be delayed or their terms will not change. (3) We recorded a $2,830 loss on impairment of real estate to reduce the carrying value of these buildings to their estimated fair value less costs to sell during the year ended December 31, 2018 . On February 8, 2019, we completed the sale of these buildings. (4) Represents a land parcel acquired from SIR in the SIR Merger. In addition to the properties in the table above, we are currently marketing for sale 34 buildings, including properties acquired in the SIR Merger containing approximately 5.3 million square feet as of December 31, 2018 . We have determined that these properties did not meet the held for sale criteria as of December 31, 2018 . We cannot be sure we will sell any of our properties that we are currently marketing or plan to market for sale or sell them for prices in excess of our carrying values or that we will not recognize impairment losses with respect to these properties. 2017 Disposition Activities - Continuing Operations In October 2017, we sold one vacant office building located in Albuquerque, NM with 29,045 rentable square feet and a net book value of $1,885 as of the date of sale, for $2,000 , excluding closing costs. During the year ended December 31, 2017 , we recorded a $230 loss on impairment of real estate to reduce the carrying value of this property to its estimated fair value. 2017 Disposition Activities – Discontinued Operations In August 2017, we sold one vacant office building in Falls Church, VA with 164,746 rentable square feet and a net book value of $12,901 as of the date of sale for $13,523 , excluding closing costs. Results of operations for this property, which qualified as held for sale prior to our adoption in 2014 of ASU No. 2014-8, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , are classified as discontinued operations in our consolidated financial statements. During the year ended December 31, 2017 , we recorded an adjustment of $619 to increase the carrying value of this property to its estimated fair value less costs to sell. Summarized income statement information for this property is as follows: Statements of Income (Loss) Year Ended December 31, 2017 2016 Rental income $ 17 $ 68 Real estate taxes (88 ) (97 ) Utility expenses (97 ) (146 ) Other operating expenses (202 ) (300 ) General and administrative (76 ) (114 ) Increase in carrying value of property included in discontinued operations 619 — Income (loss) from discontinued operations $ 173 $ (589 ) 2016 Disposition Activities In July 2016, we sold an office building in Savannah, GA with 35,228 rentable square feet that had a net book value of $2,986 for $4,000 , excluding closing costs. In connection with this sale, we provided $3,600 of mortgage financing to the buyer. The mortgage note requires interest to be paid at an annual rate of LIBOR plus 4.0% , subject to a minimum annual interest rate of 5.0% , and requires monthly payments of interest only until maturity on June 30, 2021. When this sale was completed, this transaction did not qualify for full gain recognition under GAAP and was accounted for under the installment method. Accordingly, we recognized a gain on sale of real estate of $79 during the year ended December 31, 2016 and recorded a deferred gain of $712 . As disclosed in Note 4, on January 1, 2018, we adopted ASU No. 2014-09, which resulted in an adjustment to reclassify the deferred gain on sale of real estate of $712 from accounts payable and other liabilities to cumulative net income. The mortgage note receivable of $3,600 is included in other assets in our consolidated balance sheets at December 31, 2018 and 2017 . Operating leases Our future minimum lease payments related to our consolidated properties 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, 2018 , including the properties acquired in the SIR Merger, are as follows: Year Minimum Lease Payments 2019 $ 569,874 2020 514,551 2021 479,401 2022 434,135 2023 383,695 Thereafter 1,236,540 $ 3,618,196 Certain of our tenants have the right to terminate their leases before the lease term expires. As of December 31, 2018 , tenants who currently represent approximately 5.6% of our total future minimum lease payments have currently exercisable rights to terminate their leases before the stated terms of their leases expire. In 2019 , 2020 , 2021 , 2022 , 2023 , 2024 , 2025 , 2026 and 2028 , early termination rights become exercisable by other government tenants who currently represent an additional approximately 2.1% , 6.4% , 1.9% , 2.7% , 0.6% , 1.4% , 4.7% , 2.0% and 1.9% of our total future minimum lease payments, respectively. In addition, as of December 31, 2018 , 22 of our tenants have the currently exercisable right to terminate their leases if the respective legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its obligation. These 22 tenants represent approximately 5.8% of our total future minimum lease payments as of December 31, 2018 . As part of the FPO Transaction, we assumed the lease for FPO's former corporate headquarters, which expires on January 31, 2021. We sublease a portion of the space, which sublease expires on January 31, 2021. Rent expense incurred under the lease, net of sublease revenue, was $1,707 and $374 for the years ended December 31, 2018 and 2017 , respectively. Future minimum rental payments due under the lease, net of subleased revenue, as of December 31, 2018 are summarized as follows: Year Minimum Rental Payments 2019 $ 1,584 2020 1,627 2021 139 $ 3,350 |
Business and Property Managemen
Business and Property Management Agreements with RMR LLC | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Business and Property Management Agreements with RMR LLC | Business and Property Management Agreements with RMR LLC We have no employees. The personnel and various services we require to operate our business are provided to us by RMR LLC. We have two agreements with RMR LLC to provide management services to us: (1) a business management agreement, which relates to our business generally, and (2) a property management agreement, which relates to our property level operations. Prior to the consummation of the SIR Merger, SIR had similar business and property management agreements with RMR LLC on substantially similar terms, which agreements were terminated in connection with the SIR Merger. See Notes 1 and 7 for further information regarding our relationship, agreements and transactions with SIR and RMR LLC. Management Agreements with RMR LLC . Our management agreements with RMR LLC provide for an annual base management fee, an annual incentive management fee and property management and construction supervision fees, payable in cash, among other terms: • Base Management Fee. The annual base management fee payable to RMR LLC by us for each applicable period is equal to the lesser of: • the sum of (a) 0.5% of the average aggregate historical cost of the real estate assets acquired from a REIT to which RMR LLC provided business management or property management services, or the Transferred Assets, plus (b) 0.7% of the average aggregate historical cost of our real estate investments excluding the Transferred Assets up to $250,000 , plus (c) 0.5% of the average aggregate 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 stock exchange on which such shares are principally traded 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 aggregate historical cost of our real estate investments includes 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 non-cash reserves; provided, however, our ownership of SIR common shares was not included as part of our real estate investments for purposes of calculating our base management fee due to RMR LLC since SIR paid separate business management fees to RMR LLC. • Incentive Management Fee . The incentive management fee which may be earned by RMR LLC for an annual period is calculated as follows: • An amount, subject to a cap based on the value of our common shares outstanding, equal to 12% of the product of: • our equity market capitalization on the last trading day of the year immediately prior to the relevant three year measurement period, and • the amount (expressed as a percentage) by which the total return per share, as defined in the business management agreement and further described below, of our common shareholders (i.e., share price appreciation plus dividends) exceeds the total shareholder return of the applicable index, or the benchmark return per share, for the relevant measurement period. Effective as of January 1, 2019, we amended our business management agreement with RMR LLC so that the SNL U.S. Office REIT Index will be used for periods beginning on and after January 1, 2019, with the SNL U.S. REIT Equity Index for periods ending on or prior to December 31, 2018. For purposes of the total return per share of our common shareholders, share price appreciation for a measurement period is determined by subtracting (1) the closing price of our common shares on the Nasdaq on the last trading day of the year immediately before the first year of the applicable measurement period, or the initial share price, from (2) the average closing price of our common shares on the 10 consecutive trading days having the highest average closing prices during the final 30 trading days in the last year of the measurement period. • The calculation of the incentive management fee (including the determinations of our equity market capitalization, initial share price and the total return per share of our common shareholders) is subject to adjustments if additional common shares are issued during the measurement period. • No incentive management fee is payable by us unless our total return per share during the measurement period is positive. • The measurement periods are three year periods ending with the year for which the incentive management fee is being calculated. • If our total return per share exceeds 12% per year in any measurement period, the benchmark return per share is adjusted to be the lesser of the total shareholder return of the applicable index for such measurement period and 12% per year, or the adjusted benchmark return per share. In instances where the adjusted benchmark return per share applies, the incentive management fee will be reduced if our total return per share is between 200 basis points and 500 basis points below the applicable index by a low return factor, as defined in the business management agreement, and there will be no incentive management fee paid if, in these instances, our total return per share is more than 500 basis points below the applicable index. • The incentive management fee is subject to a cap. The cap is equal to the value of the number of our common shares which would, after issuance, represent 1.5% of the number of our common shares then outstanding multiplied by the average closing price of our common shares during the 10 consecutive trading days having the highest average closing prices during the final 30 trading days of the relevant measurement period. • Incentive management fees we paid to RMR LLC for any period may be subject to “clawback” if our financial statements for that period are restated due to material non-compliance with any financial reporting requirements under the securities laws as a result of the bad faith, fraud, willful misconduct or gross negligence of RMR LLC and the amount of the incentive management fee we paid was greater than the amount we would have paid based on the restated financial statements. Pursuant to our business management agreement with RMR LLC, we recognized net business management fees of $16,381 , $12,464 and $10,222 for the years ended December 31, 2018, 2017 and 2016, respectively. The net business management fees we recognized are included in general and administrative expenses in our consolidated statements of comprehensive income (loss) for these periods. The net business management fees we recognized for each of the years ended December 31, 2018, 2017 and 2016 reflect a reduction of $603 , for the amortization of the liability we recorded in connection with our investment in RMR Inc., as further described in Note 2. No incentive management fee was payable to RMR LLC under our business management agreement for the years ended December 31, 2018, 2017 or 2016. • Property Management and Construction Supervision Fees . The property management fees payable to RMR LLC by us for each applicable period are equal to 3.0% of gross collected rents and the construction supervision fees payable to RMR LLC by us for each applicable period are equal to 5.0% of construction costs. Pursuant to our property management agreement with RMR LLC, we recognized aggregate net property management and construction supervision fees of $13,989 , $11,566 and $8,949 for each of the years ended December 31, 2018, 2017 and 2016, respectively. The net property management and construction supervision fees we recognized for the years ended December 31, 2018, 2017 and 2016 reflect a reduction of $484 , for the amortization of the liability we recorded in connection with our investment in RMR Inc., as further described in Note 2. These amounts are included in other operating expenses or have been capitalized, as appropriate, in our consolidated financial statements. Prior to the SIR Merger, SIR was party to business and property management agreements with RMR LLC. The terms of those agreements were substantially similar to the terms of our business and property management agreements with RMR LLC, including the determination of the fees payable to RMR LLC. Pursuant to its business management agreement with RMR LLC, SIR incurred an incentive management fee of $25,817 for the year ended December 31, 2018, payable in January 2019. In addition, SIR had incurred, in the ordinary course, but not paid, aggregate business management, property management and construction supervision fees of $2,185 at December 31, 2018. As successor to SIR as a result of the SIR Merger, we assumed the obligations to pay SIR’s 2018 incentive management fee and the business management, property management and construction supervision fees it had accrued, but not paid, as of December 31, 2018. We paid these fees to RMR LLC in January 2019. In calculating the incentive management fee payable by SIR for the year ended December 31, 2018, SIR’s total shareholder return per share was adjusted in accordance with its business management agreement to reflect aggregate net increases in the number of SIR common shares outstanding as a result of certain share issuances and repurchases by SIR during the three year measurement period, and compared to the SNL U.S. REIT Equity Index. In addition, the calculation of SIR’s benchmark return per share was also adjusted for these issuances and repurchases in accordance with its business management agreement. Upon consummation of the SIR Merger, SIR’s separate business and property management agreements with RMR LLC were terminated for convenience and RMR LLC waived its right to receive payment of the termination fees due on account of that termination. Expense Reimbursement . We are generally responsible for all of our operating expenses, including certain expenses incurred or arranged by RMR LLC on our behalf. We are generally not responsible for payment of RMR LLC’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR LLC’s employees assigned to work exclusively or partly at our properties, our share of the wages, benefits and other related costs of RMR LLC’s centralized accounting personnel, our share of RMR LLC’s costs for providing our internal audit function and as otherwise agreed. Our property level operating expenses are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR LLC. We reimbursed RMR LLC $21,042 , $15,045 and $12,276 for property management related expenses for each of the years ended December 31, 2018, 2017 and 2016, respectively. These amounts are included in other operating expenses in our consolidated statements of comprehensive income (loss) for these periods. We assumed the obligation to reimburse RMR LLC for similar expenses that RMR LLC had incurred on behalf of SIR in the ordinary course but which SIR had not paid as of December 31, 2018. We reimbursed RMR LLC $462 in January 2019 for these expenses. Our Audit Committee appoints our Director of Internal Audit and our Compensation Committee approves the costs of our internal audit function. The amounts we recognized as expense for internal audit costs were $237 , $276 and $235 for the years ended December 31, 2018, 2017 and 2016, respectively. These amounts are included in general and administrative expenses in our consolidated statements of comprehensive income (loss) for these periods. • Term . Our management agreements with RMR LLC have terms that end on December 31, 2038, and automatically extend on December 31st of each year for an additional year, so that the terms of our management agreements thereafter end on the 20th anniversary of the date of the extension. • Termination Rights . We have the right to terminate one or both of our management agreements with RMR LLC: (i) at any time on 60 days’ written notice for convenience, (ii) immediately on written notice for cause, as defined therein, (iii) on written notice given within 60 days after the end of an applicable calendar year for a performance reason, as defined therein, and (iv) by written notice during the 12 months following a change of control of RMR LLC, as defined therein. RMR LLC has the right to terminate the management agreements for good reason, as defined therein. • Termination Fee. If we terminate one or both of our management agreements with RMR LLC for convenience, or if RMR LLC terminates one or both of our management agreements for good reason, we have agreed to pay RMR LLC a termination fee in an amount equal to the sum of the present values of the monthly future fees, as defined therein, for the terminated management agreement(s) for the term that was remaining prior to such termination, which, depending on the time of termination, would be between 19 and 20 years. If we terminate one or both of our management agreements with RMR LLC for a performance reason, we have agreed to pay RMR LLC the termination fee calculated as described above, but assuming a 10 year term was remaining prior to the termination. We are not required to pay any termination fee if we terminate our management agreements with RMR LLC for cause or as a result of a change of control of RMR LLC. • Transition Services. RMR LLC has agreed to provide certain transition services to us for 120 days following an applicable termination by us or notice of termination by RMR LLC, including cooperating with us and using commercially reasonable efforts to facilitate the orderly transfer of the management and real estate investment services provided under our business management agreement and to facilitate the orderly transfer of the management of the managed properties under our property management agreement, as applicable. • Vendors. Pursuant to our management agreements with RMR LLC, RMR LLC may from time to time negotiate on our behalf with certain third party vendors and suppliers for the procurement of goods and services to us. As part of this arrangement, we may enter agreements with RMR LLC and other companies to which RMR LLC or its subsidiaries provide management services for the purpose of obtaining more favorable terms from such vendors and suppliers. • Investment Opportunities . Under our business management agreement with RMR LLC, we acknowledge that RMR LLC 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 LLC. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Person Transactions We have relationships and historical and continuing transactions with SIR (prior to the SIR Merger), RMR LLC, RMR Inc., AIC and others related to them, including other companies to which RMR LLC or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. One of our Managing Trustees, Adam D. Portnoy, as the sole trustee of ABP Trust, is the controlling shareholder of RMR Inc. and is a managing director and the president and chief executive officer of RMR Inc. and an officer and employee of RMR LLC. Barry M. Portnoy was our other Managing Trustee and a managing director and an officer of RMR Inc. and an officer and employee of RMR LLC until his death on February 25, 2018. Mr. Mark L. Kleifges, was our other Managing Trustee and our Chief Financial Officer and Treasurer until he resigned from his positions with us effective December 31, 2018 and was an officer of, and will remain an employee of, RMR LLC until June 30, 2019. David M. Blackman, our other Managing Trustee and our President and Chief Executive Officer, and each of our other officers is also an officer and employee of RMR LLC. RMR LLC provides management services to us and provided management services to SIR until it ceased to exist. Our Managing Trustees also served as the managing trustees of SIR until it ceased to exist. David M. Blackman, our President and Chief Executive Officer, and Jeffrey C. Leer, our Chief Financial Officer and Treasurer, also served as president and chief executive officer and chief financial officer and treasurer, respectively, of SIR until it ceased to exist. Each of SIR’s officers was also an officer and employee of RMR LLC. Our Independent Trustees also serve as independent directors or independent trustees of other public companies to which RMR LLC or its subsidiaries provide management services, including SIR (until it ceased to exist). Adam Portnoy serves, and, until his death, Barry Portnoy served, as a managing director or managing trustee of these companies and other officers of RMR LLC serve as managing trustees or managing directors of certain of these companies. In addition, officers of RMR LLC and RMR Inc. serve as our officers and officers of other companies to which RMR LLC or its subsidiaries provide management services. Our Manager, RMR LLC . We have two agreements with RMR LLC to provide management services to us: (1) a business management agreement, which relates to our business generally, and (2) a property management agreement, which relates to our property level operations. SIR had similar agreements with RMR LLC until it ceased to exist. See Note 6 for further information regarding these management agreements with RMR LLC. Leases with RMR LLC . We lease office space to RMR LLC in certain of our properties for RMR LLC’s property management offices. Pursuant to our lease agreements with RMR LLC, we recognized rental income from RMR LLC for leased office space of $1,026 , $303 and $366 for the years ended December 31, 2018, 2017 and 2016, respectively. Our office space leases with RMR LLC are terminable by RMR LLC if our management agreements with RMR LLC are terminated. Share Awards to RMR LLC Employees . As described further in Note 11, we award shares to our officers and other employees of RMR LLC annually. Generally, one fifth of these awards vest on the grant date and one fifth vests on each of the next four anniversaries of the grant dates. In certain instances, we may accelerate the vesting of an award, such as in connection with the award holder’s retirement as an officer of us or an officer or employee of RMR LLC. These awards to RMR LLC employees are in addition to the share awards granted to our current and former Managing Trustees, as Trustee compensation, and the fees we paid to RMR LLC. See Note 11 for information regarding our share awards and activity as well as certain share purchases we made in connection with share award recipients satisfying tax withholding obligations on vesting share awards. Prior to the SIR Merger, SIR historically made share awards to certain RMR LLC employees under its equity compensation plan and during the years ended December 31, 2018, 2017 and 2016, SIR awarded to its officers and other employees of RMR LLC annual share awards of 58,700 , 57,850 and 53,400 of its common shares, respectively, valued at $1,183 , $1,337 and $1,397 , in aggregate, respectively. During these periods, SIR repurchased some common shares awarded to certain of its trustees and officers and employees of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. During the years ended December 31, 2018, 2017 and 2016 SIR accelerated the vesting of its common shares previously awarded to certain of its officers and employees of RMR LLC in connection with their termination of employment from RMR LLC. Ownership Interest in RMR Inc. and Registration and Lock-up Agreements . We currently hold 2,801,061 shares of class A common stock of RMR Inc. which we and SIR acquired in June 2015 in a transaction pursuant to which, among other things, we, SIR and two other REITs managed by RMR LLC acquired class A common stock of RMR Inc. and entered into amended and restated business and property management agreements with RMR LLC. We are party to a registration rights agreement with RMR Inc. covering the shares of class A common stock of RMR Inc. issued to us in this transaction, pursuant to which we have demand and piggyback registration rights, subject to certain limitations. We are also party to a lock up and registration rights agreement with ABP Trust, Adam Portnoy and Barry Portnoy pursuant to which they (on behalf of themselves and their permitted transferees) agreed not to transfer the 175,000 of our common shares (after giving effect to the Reverse Share Split) ABP Trust received in this transaction for a 10 year period ending on June 5, 2025 and they have certain registration rights, subject, in each case, to certain exceptions. Prior to the SIR Merger, SIR was party to similar agreements which we assumed in the SIR Merger. SIR . Until October 9, 2018, we owned 24,918,421 SIR common shares, or approximately 27.8% of its then outstanding common shares. As described further in Note 1, we completed the SIR Merger effective December 31, 2018 pursuant to the SIR Merger Agreement we and SIR entered into on September 14, 2018. On October 9, 2018, we sold all of these shares in the Secondary Sale. During 2018, our Managing Trustees also served as managing trustees of SIR, our President and Chief Executive Officer also served as SIR’s president and chief executive officer and Jeffrey C. Leer, our Chief Financial Officer and Treasurer, served as SIR’s chief financial officer and treasurer. During 2018, each of SIR’s officers was also an officer and employee of RMR LLC. RMR LLC provides management services to us and provided management services to SIR until it ceased to exist. See Note 1 for further information regarding the SIR Merger Agreement and the Secondary Sale and Notes 12 and 13 for further information regarding our investment in SIR. AIC. We, ABP Trust, ILPT and four other companies to which RMR LLC provides management services currently own AIC, an Indiana insurance company, in equal amounts and are parties to a shareholders agreement regarding AIC. All our Trustees (other than David M. Blackman) and all the independent trustees and independent directors of the other AIC shareholders currently serve on the board of directors of AIC. On December 28, 2018, SIR and ILPT entered a stock purchase agreement, or the AIC Stock Purchase Agreement, pursuant to which ILPT purchased all of SIR’s shares of common stock of AIC, effective December 31, 2018 for a purchase price of $8,632 . RMR LLC provides management and administrative services to AIC pursuant to a management and administrative services agreement with AIC. Pursuant to this agreement, AIC pays to RMR LLC a service fee equal to 3.0% of the total annual net earned premiums payable under then active policies issued or underwritten by AIC or by a vendor or an agent of AIC on its behalf or in furtherance of AIC’s business. We and the other AIC shareholders participate in a combined property insurance program arranged and insured or reinsured in part by AIC. We paid aggregate annual premiums, including taxes and fees, of $1,211 , $757 and $1,032 in connection with this insurance program for the policy years ending June 30, 2019, 2018 and 2017, respectively, which amount for the current policy year ending June 30, 2019 may be adjusted from time to time as we acquire or dispose of properties that are included in this insurance program. Properties we acquired as a result of the SIR Merger were already previously included in this insurance program because SIR was a participant in the program. SIR paid an annual premium, including taxes and fees, of $1,666 in connection with this insurance program for the policy year ending June 30, 2019. As of December 31, 2018, 2017 and 2016, our investment in AIC had a carrying value of $8,751 , $8,304 and $7,235 , respectively. These amounts are included in other assets in our consolidated balance sheets. We recognized income of $516 , $608 and $137 related to our investment in AIC for the years ended December 31, 2018, 2017 and 2016, respectively. These amounts are presented as equity in net earnings (losses) of investees in our consolidated statements of comprehensive income (loss). Our other comprehensive income (loss) includes our proportionate part of unrealized gains on securities which are owned and held for sale by AIC of ($69) , $461 and $152 related to our investment in AIC for the years ended December 31, 2018, 2017 and 2016, respectively. Directors’ and Officers’ Liability Insurance. We, RMR Inc., RMR LLC and certain other companies to which RMR LLC or its subsidiaries provide management services, including SIR (until it ceased to exist), participate in a combined directors’ and officers’ liability insurance policy. The current combined policy expires in September 2020. We paid aggregate premiums of $198 , $91 and $106 in 2018, 2017 and 2016, respectively, for these policies. |
Concentration
Concentration | 12 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentration | Concentration Tenant and Credit Concentration We define annualized rental income as the annualized contractual base rents from our tenants pursuant to our lease agreements 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, 13 state governments, and three other government tenants combined were responsible for approximately 35.4% , 62.6% and 87.9% of our annualized rental income as of December 31, 2018 , 2017 and 2016 , respectively. The U.S. Government is our largest tenant by annualized rental income and represents approximately 25.6% , 43.5% and 60.6% of our annualized rental income as of December 31, 2018 , 2017 and 2016 , respectively. Geographic Concentration At December 31, 2018 , our 247 wholly owned buildings were located in 38 states and the District of Columbia. Consolidated properties located in Virginia, California, Texas, the District of Columbia and Maryland were responsible for approximately 15.4% , 11.3% , 10.9% , 9.8% , 9.4% of our annualized rental income as of December 31, 2018 , respectively. Consolidated properties located in the metropolitan Washington, D.C. market area were responsible for approximately 26.5% of our annualized rental income as of December 31, 2018 . |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Indebtedness | At December 31, 2018 and 2017 , our outstanding indebtedness consisted of the following: December 31, 2018 2017 Revolving credit facility, due in 2023 $ 175,000 $ 570,000 Unsecured term loan, due in 2020 300,000 300,000 Unsecured term loan, due in 2022 (1) 88,000 250,000 Senior unsecured notes, 3.750% interest rate, due in 2019 350,000 350,000 Senior unsecured notes, 3.600% interest rate, due in 2020 (2) 400,000 — Senior unsecured notes, 4.000% interest rate, due in 2022 300,000 300,000 Senior unsecured notes, 4.150% interest rate, due in 2022 (2) 300,000 — Senior unsecured notes, 4.250% interest rate, due in 2024 (2) 350,000 — Senior unsecured notes, 4.500% interest rate, due in 2025 (2) 400,000 — Senior unsecured notes, 5.875% interest rate, due in 2046 310,000 310,000 Mortgage note payable, 7.000% interest rate, due in 2019 (3) 7,939 8,221 Mortgage note payable, 5.720% interest rate, due in 2020 (3) 33,703 34,474 Mortgage note payable, 4.260% interest rate, due in 2020 (3)(4) — 3,173 Mortgage note payable, 4.160% interest rate, due in 2020 (2)(3) 40,772 — Mortgage note payable, 8.150% interest rate, due in 2021 (3) 2,912 4,045 Mortgage note payable, 5.877% interest rate, due in 2021 (3) 13,437 13,693 Mortgage note payable, 4.220% interest rate, due in 2022 (3) 27,210 27,870 Mortgage note payable, 3.550% interest rate, due in 2023 (2)(3) 71,000 — Mortgage note payable, 3.700% interest rate, due in 2023 (2)(3) 50,000 — Mortgage note payable, 4.800% interest rate, due in 2023 (3) 24,509 24,891 Mortgage note payable, 4.050% interest rate, due in 2030 (3) 66,780 66,780 3,311,262 2,263,147 Unamortized debt premiums, discounts and issuance costs (56,372 ) (18,055 ) $ 3,254,890 $ 2,245,092 (1) On December 18, 2018, we made a partial principal payment of $162,000 without penalty using proceeds from the sale of a property portfolio of 15 office buildings located in southern Virginia. As a result of this repayment, we recognized a loss on early extinguishment of debt of $625 for the year ended December 31, 2018 to write off a proportionate amount of unamortized debt issuance costs. On February 11, 2019, we repaid the remaining outstanding principal balance of $88,000 without penalty using proceeds from the sale of a property portfolio located in Northern Virginia and Maryland. (2) As described in Notes 1 and 5, in connection with the SIR Merger, we assumed all of SIR's outstanding senior unsecured notes and mortgage notes on December 31, 2018. (3) We assumed these mortgage notes in connection with our acquisitions of the encumbered 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 dates of acquisition, and we amortize the fair value premiums to interest expense over the respective terms of the mortgage notes to reduce interest expense to the estimated market interest rates as of the dates of acquisition. (4) This mortgage note was secured by a property in southern Virginia that was sold on December 14, 2018. The mortgage note was repaid at closing and we recognized a loss on early extinguishment of debt of $60 for the year ended December 31, 2018 . Our $750,000 revolving credit facility and our term loans are governed by a credit agreement, or our credit agreement, with a syndicate of institutional lenders that includes a number of features common to all of these credit arrangements. Our credit agreement also includes a feature under which the maximum aggregate borrowing availability may be increased to up to $2,500,000 on a combined basis in certain circumstances. Our $750,000 revolving credit facility is available for general business purposes, including acquisitions. We can borrow, repay and reborrow funds available under our revolving credit facility until maturity and no principal repayment is due until maturity. On December 13, 2018, we amended and restated the credit agreement governing our $750,000 revolving credit facility and $300,000 and $250,000 term loans. As a result of the amendments, the stated maturity date of our revolving credit facility was extended from January 31, 2019 to January 31, 2023. Subject to the payment of an extension fee and meeting certain other conditions, we also have an option to further extend the stated maturity date of our revolving credit facility by two additional six month periods. Also, as a result of the amendments, the interest rate payable on borrowings under our revolving credit facility was reduced from LIBOR plus a premium of 125 basis points per annum to LIBOR plus a premium of 110 basis points per annum. The facility fee remained unchanged at 25 basis points per annum on the total amount of lending commitments under the facility. Both the interest rate premium and facility fee are subject to adjustment based upon changes to our credit ratings. As a result of these amendments, we recognized a loss on early extinguishment of debt related to the revolving credit facility of $24 during the year ended December 31, 2018 to write off unamortized debt issuance costs. As of December 31, 2018 and 2017 , the annual interest rate payable on borrowings under our revolving credit facility was 3.6% and 2.7% , respectively. The weighted average annual interest rate for borrowings under our revolving credit facility was 3.0% , 2.4% and 1.7% , for the years ended December 31, 2018 , 2017 and 2016 , respectively. As of December 31, 2018 and February 25, 2019 , we had $175,000 and $110,000 outstanding under our revolving credit facility, and $575,000 and $640,000 , respectively, available for borrowing under our revolving credit facility. One of our term loans, which matures on March 31, 2020, is prepayable without penalty at any time. We are required to pay interest at a rate of LIBOR plus a premium, which was 140 basis points per annum at December 31, 2018 , on the amount outstanding under this term loan. The interest rate premium is subject to adjustment based upon changes to our credit ratings. As of December 31, 2018 and 2017 , the annual interest rate for the amount outstanding under this term loan was 3.9% and 3.0% , respectively. The weighted average annual interest rate under this term loan was 3.4% , 2.5% and 1.9% , for the years ended December 31, 2018 , 2017 and 2016 , respectively. Our other term loan, which matures on March 31, 2022, is prepayable without penalty at any time. We are required to pay interest at a rate of LIBOR plus a premium, which was 180 basis points per annum as of December 31, 2018 , on the amount outstanding under this term loan. The interest rate premium is subject to adjustment based upon changes to our credit ratings. As of December 31, 2018 and 2017 , the annual interest rate for the amount outstanding under this term loan was 4.3% and 3.4% , respectively. The weighted average annual interest rate under this term loan was 3.8% , 2.9% and 2.3% , for the years ended December 31, 2018 , 2017 and 2016 , respectively. Our credit agreement and senior unsecured notes indentures and their supplements provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default, such as, in the case of our credit agreement, a change of control of us, which includes RMR LLC ceasing to act as our business and property manager. Our credit agreement and our senior unsecured notes indentures and their supplements also contain a number of covenants, including covenants that restrict our ability to incur debts, require us to maintain certain financial ratios and, in the case of our credit agreement, restrict our ability to make distributions under certain circumstances. We believe we were in compliance with the terms and conditions of the respective covenants under our credit agreement and senior unsecured notes indentures and their supplements at December 31, 2018 . On July 20, 2017, we issued $300,000 of 4.000% senior unsecured notes due 2022 in an underwritten public offering. The net proceeds from this offering of $295,399 , after payment of the underwriters' discount and other offering expenses, were used to finance, in part, the FPO Transaction. As described in Note 5, in connection with the SIR Merger, we assumed three mortgage notes with an aggregate principal balance of $161,772 . We recorded these mortgage notes at their estimated fair value aggregating $159,490 on the date of acquisition. These mortgage notes are secured by five buildings. Also as described in Note 5, in connection with the FPO Transaction we assumed five mortgage notes with an aggregate principal balance of $167,548 . We recorded these mortgage notes at their estimated fair value aggregating $167,936 on the date of acquisition. These mortgage notes are secured by five buildings. In November 2017, we repaid $10,000 of principal of one of these mortgage notes as part of our assumption agreement with the lender. In connection with the FPO Transaction, we acquired FPO's 50% and 51% interests in two unconsolidated joint ventures which own three buildings encumbered by two mortgage notes with an aggregate principal balance of $82,000 . Concurrently with our entering into the FPO merger agreement, we entered a commitment letter with a group of institutional lenders for a 364 -day senior unsecured bridge loan facility in an initial aggregate principal amount of up to $750,000 . In July 2017, we and the lenders terminated this commitment letter and bridge loan facility as a result of our issuance of the senior unsecured notes described above and the proceeds from the sale of our common shares in July 2017 (see Note 11 for more information regarding this sale), and we recognized a loss on extinguishment of debt of $1,715 . At December 31, 2018 , 12 of our consolidated buildings with an aggregate net book value of $627,173 are encumbered by mortgage notes with an aggregate principal amount of $338,262 . Our mortgage notes are non-recourse, subject to certain limited exceptions and do not contain any material financial covenants. None of our unsecured debt obligations require sinking fund payments prior to their maturity dates. The required principal payments due during the next five years and thereafter under all our outstanding consolidated debt as of December 31, 2018 are as follows: Year Principal Payment 2019 $ 362,054 2020 775,707 2021 14,420 2022 713,518 2023 318,783 Thereafter 1,126,780 $ 3,311,262 (1) (1) Total consolidated debt outstanding as of December 31, 2018 , net of unamortized premiums, discounts and issuance costs totaling $56,372 was $3,254,890 . |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | Fair Value of Assets and Liabilities The table below presents certain of our assets measured at fair value at December 31, 2018 , categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset: Fair Value at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Total (Level 1) (Level 2) (Level 3) Recurring Fair Value Measurements Assets: Investment in RMR Inc. (1) $ 148,680 $ 148,680 $ — $ — Non-Recurring Fair Value Measurements Assets: Assets of properties held for sale (2) $ 195,107 $ — $ 195,107 $ — (1) As of December 31, 2018, we owned 2,801,061 shares of class A common stock of RMR Inc., including 1,214,225 shares acquired in 2015 with a historical cost basis of $26,888 , and 1,586,836 shares acquired from SIR in the SIR Merger with a cost basis of $84,229 . Our shares of class A common stock of RMR Inc. are included in other assets in our consolidated balance sheets and are reported at fair value based on quoted market prices (Level 1 inputs as defined in the fair value hierarchy under GAAP). During the year ended December 31, 2018 , we recorded an unrealized loss of $7,552 for the shares acquired in 2015 to adjust our investment in RMR Inc. to its fair value. As discussed in Note 5, the shares we acquired from SIR in the SIR Merger were recorded at fair value on December 31, 2018. (2) We estimated the fair value of a property portfolio consisting of 34 buildings we agreed to sell located in Northern Virginia and Maryland at December 31, 2018 based on the selling price agreed to with a third party (Level 2 inputs as defined in the fair value hierarchy under GAAP). See Note 5 for further details. In addition to the assets described in the table above, our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, mortgage note receivable, accounts payable, a revolving credit facility, unsecured term loans, senior unsecured notes, mortgage notes payable, amounts due to related persons, other accrued expenses and security deposits. At December 31, 2018 and 2017, the fair values of our financial instruments approximated their carrying values in our consolidated financial statements, due to their short term nature or floating interest rates, except as follows: As of December 31, 2018 As of December 31, 2017 Financial Instrument Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior unsecured notes, 3.750% interest rate, due in 2019 $ 349,239 $ 348,903 $ 348,096 $ 354,993 Senior unsecured notes, 3.60% interest rate, due in 2020 399,146 399,146 — — Senior unsecured notes, 4.00% interest rate, due in 2022 296,735 295,047 295,812 302,655 Senior unsecured notes, 4.15% interest rate, due in 2022 296,736 296,736 — — Senior unsecured notes, 4.25% interest rate, due in 2024 337,736 337,736 — — Senior unsecured notes, 4.50% interest rate, due in 2025 377,329 377,329 — — Senior unsecured notes, 5.875% interest rate, due in 2046 300,576 274,288 300,232 320,416 Mortgage notes payable 335,241 336,365 183,100 186,542 Total $ 2,692,738 $ 2,665,550 $ 1,127,240 $ 1,164,606 (1) Includes unamortized debt premiums, discounts and issuance costs. We estimated the fair value of our senior unsecured notes (except for our senior unsecured notes due in 2046) using an average of the bid and ask price of the notes as of the measurement date (Level 2 inputs as defined in the fair value hierarchy under GAAP). We estimated the fair value of our senior unsecured notes due in 2046 based on the closing price on Nasdaq (Level 1 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. We estimated the fair values of our mortgage notes payable using discounted cash flow analyses and currently prevailing market rates as of the measurement date (Level 3 inputs as defined in the fair value hierarchy under GAAP). Because Level 3 inputs are unobservable, our estimated fair value may differ materially from the actual fair value. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Share Awards: We have common shares available for issuance under the terms of the 2009 Plan. During the years ended December 31, 2018, 2017 and 2016, we granted to our officers and other employees of RMR LLC annual share awards of 14,675 , 14,337 and 13,350 of our common shares, respectively, valued at $995 , $1,067 and $1,183 , in aggregate, respectively. We also granted each of our then six Trustees 750 of our common shares in 2018 with an aggregate value of $254 ( $42 per Trustee), each of our then six Trustees 750 common shares in 2017 with an aggregate value of $392 ( $65 per Trustee) and each of our then five Trustees 625 common shares in 2016 with an aggregate value of $244 ( $49 per Trustee) as part of their annual compensation. In addition, we granted 750 of our common shares, with a value of $41 in connection with the election of one of our Managing Trustees in 2018. The values of the share grants were based upon the closing price of our common shares trading on Nasdaq or the New York Stock Exchange, as applicable, on the date of grant. The common shares awarded to our Trustees vested immediately. The common shares granted to our officers and certain other employees of RMR LLC vest in five equal annual installments beginning on the date of grant. We include the value of granted shares in general and administrative expenses ratably over the vesting period. A summary of shares granted, forfeited, vested and unvested under the terms of the 2009 Plan for the years ended December 31, 2018 , 2017 and 2016 , is as follows: 2018 2017 2016 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 26,062 $78.24 24,743 $82.36 24,181 $80.44 Granted 19,925 $64.73 18,837 $77.44 16,475 $86.64 Forfeited (255 ) $52.96 — $— — $— Vested (18,634 ) $63.80 (17,518 ) $83.20 (15,913 ) $83.88 Unvested acquired in the SIR Merger (1) 28,223 $27.48 — $— — $— Unvested at end of year 55,321 $73.25 26,062 $78.24 24,743 $82.36 (1) Represents unvested shares granted under SIR's equity compensation plan that were converted at the Exchange Ratio into shares under the 2009 Plan, and which will have similar vesting requirements as shares granted under the 2009 Plan, as described in Note 1. The 55,321 unvested shares as of December 31, 2018 are scheduled to vest as follows: 27,998 shares in 2019, 13,259 shares in 2020, 9,232 shares in 2021 and 4,832 shares in 2022. As of December 31, 2018 , the estimated future compensation expense for the unvested shares was $984 . The weighted average period over which the compensation expense will be recorded is approximately 22 months. During the years ended December 31, 2018 , 2017 and 2016 , we recorded $ 1,337 , $1,377 and $1,371 , respectively, of compensation expense related to the 2009 Plan. At December 31, 2018 , 330,372 of our common shares remained available for issuance under the 2009 Plan. 2018 Share Purchases On January 1, 2018, we purchased 154 of our common shares valued at $74.16 per share, the closing price of our common shares on Nasdaq on December 29, 2017, from a former employee of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. On May 24, 2018, we purchased 112 of our common shares valued at $56.40 per share, the closing price of our common shares on Nasdaq on that day, from one of our Trustees in satisfaction of tax withholding and payment obligations in connection with the vesting of an award of our common shares. On September 24, 2018, we purchased an aggregate of 4,718 of our common shares, valued at $45.40 per share, the closing price of our common shares on Nasdaq on that day, from our officers and certain other employees of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. 2017 Share Purchases On May 17, 2017, we purchased 112 of our common shares, valued at $87.00 per share, the closing price of our common shares on Nasdaq on that day, from one of our Trustees to fund that Trustee's resulting minimum required tax withholding obligation. During 2017, we purchased 3,478 of our common shares, valued at a weighted average price per share of $73.20 , based on the closing price of our common shares on Nasdaq, on the date of purchase, from our officers and certain other employees of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. Distributions During the years ended December 31, 2018 , 2017 and 2016, we paid distributions on our common shares as follows: Annual Per Share Distribution Total Distribution Characterization of Distribution Year Return of Capital Ordinary Income Qualified Dividend 2018 $6.88 $ 170,566 68.60% 31.40% —% 2017 $6.88 $ 145,209 49.35% 50.65% —% 2016 $6.88 $ 122,366 36.21% 62.74% 1.05% On January 18, 2019, we declared a dividend payable to common shareholders of record on January 28, 2019 in the amount of $0.55 per share, or $26,446 . We paid this distribution on February 21, 2019. 2017 Sale of Shares On July 5, 2017, we sold 6,250,000 of our common shares at a price of $74.00 per share in an underwritten public offering. On August 3, 2017, we sold 726,757 of our common shares at a price of $74.00 per share pursuant to an overallotment option granted to the underwriters for the July offering. The aggregate net proceeds from these sales of $493,866 , after payment of the underwriters' discount and other offering expenses, were used to finance, in part, the FPO Transaction. Cumulative Other Comprehensive Income (Loss) Cumulative other comprehensive income (loss) represents our share of the comprehensive income (loss) of our equity method investees, and prior to December 31, 2017, the unrealized gain (loss) on the RMR Inc. shares we own. See Note 4 for further information on ASU No. 2016-01. The following table presents changes in the amounts we recognized in cumulative other comprehensive income (loss) by component for the years ended December 31, 2018 , 2017 and 2016 : Unrealized Gain (Loss) on Investment in Equity Securities Equity in Unrealized Gains (Losses) of Investees (1) Total Balance at December 31, 2015 $ (9,391 ) $ (5,476 ) $ (14,867 ) Other comprehensive income before reclassifications 30,465 11,254 41,719 Amounts reclassified from cumulative other comprehensive income to net income — 105 105 Net current period other comprehensive income 30,465 11,359 41,824 Balance at December 31, 2016 21,074 5,883 26,957 Other comprehensive income before reclassifications 24,042 9,462 33,504 Amounts reclassified from cumulative other comprehensive income to net income — (34 ) (34 ) Net current period other comprehensive income 24,042 9,428 33,470 Balance at December 31, 2017 45,116 15,311 60,427 Amounts reclassified from cumulative other comprehensive income to cumulative net income (45,116 ) (15,165 ) (60,281 ) Balance at January 1, 2018 — 146 146 Other comprehensive income before reclassifications — (3 ) (3 ) Amounts reclassified from cumulative other comprehensive income to net income — (37 ) (37 ) Net current period other comprehensive income — (40 ) (40 ) Balance at December 31, 2018 $ — $ 106 $ 106 (1) Amounts reclassified from cumulative other comprehensive income (loss) to net income (loss) is included in equity in net earnings (losses) of investees in our consolidated statements of comprehensive income (loss). Preferred Units of Limited Partnership On May 1, 2018, one of our subsidiaries redeemed all 1,813,504 of its outstanding 5.5% Series A Cumulative Preferred Units for $11.15 per unit plus accrued and unpaid distributions (an aggregate of $20,310 ). |
Equity Investment in Select Inc
Equity Investment in Select Income REIT | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investment in Select Income REIT | Equity Investment in Select Income REIT Until October 9, 2018, we owned 24,918,421 , or approximately 27.8% , of the then outstanding SIR common shares. As described in Note 1, we completed the Secondary Sale. As a result of the Secondary Sale, we recorded a loss of $18,665 during the year ended December 31, 2018 . We accounted for our investment in SIR under the equity method and had previously reported our investment in SIR as a reportable segment. As a result of the Secondary Sale and the elimination of a reportable segment, our equity method investment in SIR is classified as discontinued operations in our consolidated financial statements. See Note 13 for further information regarding discontinued operations. Under the equity method, we recorded our proportionate share of SIR’s net income as equity in earnings of SIR in our consolidated statements of comprehensive income (loss). During the period from January 1, 2018 to October 9, 2018 and the years ended December 31, 2017 and 2016 , we recorded $24,358 , $21,584 and $35,381 of equity in earnings of SIR, respectively. Our other comprehensive income (loss) includes our proportionate share of SIR’s unrealized gains of $28 , $8,967 and $11,207 for the period from January 1, 2018 to October 9, 2018 and the years ended December 31, 2017 and 2016 , respectively. The adjusted GAAP cost basis of our investment in SIR was less than our proportionate share of SIR’s total shareholders’ equity book value on the dates we acquired the shares. Prior to the Secondary Sale, we were accreting a basis difference to earnings over the estimated remaining useful lives of certain real estate assets and intangible assets and liabilities owned by SIR. This accretion increased our equity in the earnings of SIR by $3,233 , $2,944 and $2,956 for the period from January 1, 2018 to October 9, 2018 and the years ended December 31, 2017 and 2016, respectively. During the period from January 1, 2018 to October 9, 2018 and the years ended December 31, 2017 and 2016 , we received cash distributions from SIR totaling $38,124 , $50,832 and $50,335 , respectively. During the period from January 1, 2018 to October 9, 2018 and the years ended December 31, 2017 and 2016 , SIR issued 63,157 , 59,502 and 65,900 common shares, respectively. We recognized a gain on issuance of shares by SIR of $29 , $72 and $86 during the period from January 1, 2018 to October 9, 2018, and the years ended December 31, 2017 and 2016 , respectively, as a result of the per share issuance price of these SIR common shares being above the then average per share carrying value of our SIR common shares. The following tables present summarized financial data of SIR: Condensed Consolidated Balance Sheet December 31, 2017 Real estate properties, net $ 3,905,616 Properties held for sale 5,829 Acquired real estate leases, net 477,577 Cash and cash equivalents 658,719 Rents receivable, net 127,672 Other assets, net 127,617 Total assets $ 5,303,030 ILPT revolving credit facility $ 750,000 Unsecured term loan, net 348,870 Senior unsecured notes, net 1,777,425 Mortgage notes payable, net 210,785 Assumed real estate lease obligations, net 68,783 Other liabilities 155,348 Total shareholders' equity 1,991,819 Total liabilities and shareholders' equity $ 5,303,030 Consolidated Statements of Income Nine Months Ended September 30, Year Ended December 31, REVENUES: 2018 2017 2016 Rental income $ 298,003 $ 392,285 $ 387,015 Tenant reimbursements and other income 60,514 75,818 74,992 Total revenues 358,517 468,103 462,007 EXPENSES: Real estate taxes 36,748 44,131 42,879 Other operating expenses 43,714 55,567 52,957 Depreciation and amortization 105,326 137,672 133,762 Acquisition and transaction related costs 3,796 1,075 306 General and administrative 47,353 54,909 28,632 Write-off of straight line rents, net 10,626 12,517 — Loss on asset impairment — 4,047 — Loss on impairment of real estate assets 9,706 229 5,484 Total expenses 257,269 310,147 264,020 Gain on sale of real estate 4,075 — — Dividend income 1,190 1,587 1,268 Unrealized gain on equity securities 53,159 — — Interest income 753 91 30 Interest expense (69,446 ) (92,870 ) (82,620 ) Loss on early extinguishment of debt (1,192 ) — — Income before income tax expense and equity in earnings of an investee 89,787 66,764 116,665 Income tax expense (446 ) (466 ) (448 ) Equity in earnings of an investee 882 608 137 Net income 90,223 66,906 116,354 Net income allocated to noncontrolling interest (15,841 ) — (33 ) Net income attributed to SIR $ 74,382 $ 66,906 $ 116,321 Weighted average common shares outstanding (basic) 89,395 89,351 89,304 Weighted average common shares outstanding (diluted) 89,411 89,370 $ 89,324 Net income attributed to SIR per common share (basic and diluted) $ 0.83 $ 0.75 $ 1.30 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations As described in Notes 1 and 7, on October 9, 2018, we sold all 24,918,421 SIR common shares that we then owned in the Secondary Sale. We recorded a loss of $18,665 during the year ended December 31, 2018 related to this sale. The sale of the SIR common shares qualifies as discontinued operations; accordingly, our equity method investment in SIR is classified as discontinued operations in our consolidated financial statements. As described in Note 5, in August 2017, we sold one vacant office property in Falls Church, VA with 164,746 rentable square feet and a net book value of $12,901 as of the date of sale for $13,523 , excluding closing costs. Results of operations for this property, which qualified as held for sale prior to our adoption in 2014 of ASU No. 2014-8, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , are classified as discontinued operations in our consolidated financial statements. The table below presents the components of income from discontinued operations for the years ended December 31, 2018, 2017 and 2016: Year Ended December 31, 2018 2017 2016 Equity in earnings of Select Income REIT $ 24,358 $ 21,584 $ 35,381 Net gain on issuance of shares by Select Income REIT 29 72 86 Loss on sale of Select Income REIT shares (18,665 ) — — Income (loss) from property discontinued operations — 173 (589 ) Income from discontinued operations $ 5,722 $ 21,829 $ 34,878 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) The following is a summary of our unaudited quarterly results of operations for 2018 and 2017 . 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Rental income $ 108,717 $ 108,085 $ 106,102 $ 103,656 Net income (loss) available for common shareholders $ 6,287 $ 29,602 $ (449 ) $ (57,695 ) Net income (loss) available for common shareholders per common share (basic and diluted) $ 0.25 $ 1.20 $ (0.02 ) $ (2.31 ) Common distributions declared $ 1.72 $ 1.72 $ 1.72 $ 1.72 2017 First Second Third Fourth Rental income $ 69,296 $ 69,887 $ 70,179 $ 107,170 Net income (loss) available for common shareholders $ 7,415 $ 11,677 $ 10,989 $ (18,266 ) Net income (loss) available for common shareholders per common share (basic and diluted) $ 0.42 $ 0.66 $ 0.45 $ (0.74 ) Common distributions declared $ 1.72 $ 1.72 $ 1.72 $ 1.72 |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | Initial Cost to Company Costs Capitalized Subsequent to Acquisition Cost amount carried at Close of Period Property Location Number of Buildings Encumbrances (1) Land Buildings Impairments/ Land Buildings Total (2) Accumulated (3) Date(s) Original Inverness Center Birmingham, AL 3 $ — $ 5,954 $ 11,664 $ — $ — $ 5,954 $ 11,664 $ 17,618 $ — 12/31/2018 1984; 1985 445 Jan Davis Drive Huntsville, AL 1 — 1,513 1,503 — — 1,513 1,503 3,016 — 12/31/2018 2007 4905 Moores Mill Road Huntsville, AL 1 — 4,628 36,612 — — 4,628 36,612 41,240 — 12/31/2018 1979 131 Clayton Street Montgomery, AL 1 — 920 9,084 48 — 920 9,132 10,052 (1,708 ) 6/22/2011 2007 4344 Carmichael Road Montgomery, AL 1 — 1,374 11,658 10 — 1,374 11,668 13,042 (1,458 ) 12/17/2013 2009 15451 North 28th Avenue Phoenix, AZ 1 — 1,917 7,416 499 — 1,917 7,915 9,832 (836 ) 9/10/2014 1996 16001 North 28th Avenue Phoenix, AZ 1 — 3,382 416 — — 3,382 416 3,798 — 12/31/2018 1998 2149 West Dunlap Avenue Phoenix, AZ 1 — 6,606 218 — — 6,606 218 6,824 — 12/31/2018 1983 711 S 14th Avenue Safford, AZ 1 — 460 11,708 484 (4,440 ) 364 7,848 8,212 (190 ) 6/16/2010 1992 Regents Center Tempe, AZ 2 — 4,154 3,066 — — 4,154 3,066 7,220 — 12/31/2018 1988 Campbell Place Carlsbad, CA 2 — 5,815 3,902 — — 5,815 3,902 9,717 — 12/31/2018 2007 Folsom Corporate Center Folsom, CA 1 — 2,927 5,628 — — 2,927 5,628 8,555 — 12/31/2018 2008 Bayside Technology Park Fremont, CA 1 — 10,869 653 — — 10,869 653 11,522 — 12/31/2018 1990 5045 East Butler Street Fresno, CA 1 — 7,276 61,118 139 — 7,276 61,257 68,533 (25,031 ) 8/29/2002 1971 10949 N. Mather Boulevard Rancho Cordova, CA 1 — 562 16,923 359 — 562 17,282 17,844 (2,201 ) 10/30/2013 2012 11020 Sun Center Drive Rancho Cordova, CA 1 64,490 1,466 8,797 671 — 1,466 9,468 10,934 (513 ) 12/20/2016 1983 100 Redwood Shores Parkway Redwood City, CA 1 — 14,568 7,783 — — 14,568 7,783 22,351 — 12/31/2018 1993 3875 Atherton Road Rocklin, CA 1 — 178 860 — — 178 860 1,038 — 12/31/2018 1991 801 K Street Sacramento, CA 1 — 4,688 61,995 6,275 — 4,688 68,270 72,958 (5,922 ) 1/29/2016 1989 9815 Goethe Road Sacramento, CA 1 — 1,450 9,465 1,523 — 1,450 10,988 12,438 (2,019 ) 9/14/2011 1992 Capitol Place Sacramento, CA 1 — 2,290 35,891 7,885 — 2,290 43,776 46,066 (10,059 ) 12/17/2009 1988 4181 Ruffin Road San Diego, CA 1 — 5,250 10,549 5,076 — 5,250 15,625 20,875 (3,914 ) 7/16/2010 1981 4560 Viewridge Road San Diego, CA 1 — 4,269 18,316 4,319 — 4,347 22,557 26,904 (10,672 ) 3/31/1997 1996 9174 Sky Park Centre San Diego, CA 1 7,983 685 5,530 2,708 — 685 8,238 8,923 (3,246 ) 6/24/2002 1986 2090 Fortune Drive San Jose, CA 1 — 9,074 — — — 9,074 — 9,074 — 12/31/2018 1996 2115 O’Nel Drive San Jose, CA 1 — 12,402 5,103 — — 12,402 5,103 17,505 — 12/31/2018 1984 6448-6450 Via Del Oro San Jose, CA 1 — 4,747 2,027 — — 4,747 2,027 6,774 — 12/31/2018 1983 North First Street San Jose, CA 1 — 8,377 4,035 — — 8,377 4,035 12,412 — 12/31/2018 1984 Rio Robles Drive San Jose, CA 3 — 23,874 13,806 — — 23,874 13,806 37,680 — 12/31/2018 1984 2450 and 2500 Walsh Avenue Santa Clara, CA 2 — 13,480 16,783 — — 13,480 16,783 30,263 — 12/31/2018 1982 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Cost amount carried at Close of Period Property Location Number of Buildings Encumbrances (1) Land Buildings Impairments/ Land Buildings Total (2) Accumulated (3) Date(s) Original 3250 and 3260 Jay Street Santa Clara, CA 2 — 20,056 14,163 — — 20,056 14,163 34,219 — 12/31/2018 1982 603 San Juan Avenue Stockton, CA 1 — 563 5,470 — — 563 5,470 6,033 (878 ) 7/20/2012 2012 350 West Java Drive Sunnyvale, CA 1 — 24,804 464 — — 24,804 464 25,268 — 12/31/2018 1984 7958 South Chester Street Centennial, CO 1 — 6,735 7,210 — — 6,735 7,210 13,945 — 12/31/2018 2000 350 Spectrum Loop Colorado Springs, CO 1 — 3,679 7,793 — — 3,679 7,793 11,472 — 12/31/2018 2000 333 Inverness Drive South Englewood, CO 1 — 5,756 4,579 — — 5,756 4,579 10,335 — 12/31/2018 1998 12795 West Alameda Parkway Lakewood, CO 1 — 2,640 23,777 1,094 — 2,640 24,871 27,511 (5,559 ) 1/15/2010 1988 Corporate Center Lakewood, CO 3 — 2,887 27,537 3,889 — 2,887 31,426 34,313 (12,495 ) 10/11/2002 1980 1 Targeting Center Windsor, CT 1 — 1,404 574 — — 1,404 574 1,978 — 12/31/2018 1980 11 Dupont Circle, NW Washington, DC 1 — 28,255 44,743 1,994 — 28,255 46,737 74,992 (1,672 ) 10/2/2017 1974 1211 Connecticut Avenue, NW Washington, DC 1 — 30,388 24,667 1,391 — 30,388 26,058 56,446 (892 ) 10/2/2017 1967 1401 K Street, NW Washington, DC 1 — 29,215 34,656 3,210 — 29,215 37,866 67,081 (1,497 ) 10/2/2017 1929 20 Massachusetts Avenue Washington, DC 1 — 12,009 51,528 21,395 — 12,228 72,704 84,932 (35,137 ) 3/31/1997 1996 440 First Street, NW Washington, DC 1 — 27,903 38,624 1,293 — 27,903 39,917 67,820 (1,264 ) 10/2/2017 1982 625 Indiana Avenue Washington, DC 1 — 26,000 25,955 7,293 — 26,000 33,248 59,248 (7,555 ) 8/17/2010 1989 840 First Street, NE Washington, DC 1 — 42,727 73,249 472 — 42,727 73,721 116,448 (2,290 ) 10/2/2017 2003 10350 NW 112th Avenue Miami, FL 1 — 4,836 2,779 — — 4,836 2,779 7,615 — 12/31/2018 2002 7850 Southwest 6th Court Plantation, FL 1 — 4,800 30,592 383 — 4,800 30,975 35,775 (6,026 ) 5/12/2011 1999 8900 Grand Oak Circle Tampa, FL 1 — 1,100 11,773 288 — 1,100 12,061 13,161 (2,471 ) 10/15/2010 1994 180 Ted Turner Drive SW Atlanta, GA 1 — 5,717 20,017 186 — 5,717 20,203 25,920 (3,229 ) 7/25/2012 2007 Corporate Square Atlanta, GA 5 — 3,996 29,762 27,816 — 3,996 57,578 61,574 (13,371 ) 7/16/2004 1967 Executive Park Atlanta, GA 1 — 1,521 11,826 3,996 — 1,521 15,822 17,343 (5,781 ) 7/16/2004 1972 One Georgia Center Atlanta, GA 1 — 10,250 27,933 6,034 — 10,250 33,967 44,217 (5,419 ) 9/30/2011 1968 One Primerica Parkway Duluth, GA 1 — 6,982 23,132 — — 6,982 23,132 30,114 — 12/31/2018 2013 4712 Southpark Boulevard Ellenwood, GA 1 — 1,390 19,635 88 — 1,390 19,723 21,113 (3,156 ) 7/25/2012 2005 91-209 Kuhela Street Kapolei, HI 1 — 2,008 — — — 2,008 — 2,008 — 12/31/2018 — 8305 NW 62nd Avenue Johnston, IA 1 — 2,670 8,060 — — 2,670 8,060 10,730 — 12/31/2018 2011 1185, 1249 & 1387 S. Vinnell Way Boise, ID 3 — 3,390 29,026 822 — 3,390 29,848 33,238 (4,871 ) 9/11/2012 1996; 1997; 2002 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Cost amount carried at Close of Period Property Location Number of Buildings Encumbrances (1) Land Buildings Impairments/ Land Buildings Total (2) Accumulated (3) Date(s) Original 2020 S. Arlington Heights Arlington Heights, IL 1 — 1,450 13,160 872 — 1,450 14,032 15,482 (3,101 ) 12/29/2009 1988 400 South Jefferson Street Chicago, IL 1 13,384 19,532 20,274 — — 19,532 20,274 39,806 — 12/31/2018 1947 475 Bond Street Lincolnshire, IL 1 — 4,915 574 — — 4,915 574 5,489 — 12/31/2018 2000 1415 West Diehl Road Naperville, IL 1 — 12,431 20,749 — — 12,431 20,749 33,180 — 12/31/2018 2001 440 North Fairway Drive Vernon Hills, IL 1 — 4,500 445 — — 4,500 445 4,945 — 12/31/2018 1992 Intech Park Indianapolis, IN 3 — 4,170 68,888 4,337 — 4,170 73,225 77,395 (13,425 ) 10/14/2011 2000; 2001; 2008 7601 and 7635 Interactive Way Indianapolis, IN 2 — 3,363 14,636 — — 3,363 14,636 17,999 — 12/31/2018 2003; 2008 400 State Street Kansas City, KS 1 49,087 640 9,932 5,265 — 640 15,197 15,837 (3,309 ) 6/16/2010 1971 Capitol Tower Topeka, KS 1 — 1,236 3,115 — — 1,236 3,115 4,351 — 12/31/2018 1983 The Atrium at Circleport II Erlanger, KY 1 — 1,810 1,948 — — 1,810 1,948 3,758 — 12/31/2018 1999 7125 Industrial Road Florence, KY 1 — 1,698 11,722 151 — 1,698 11,873 13,571 (1,766 ) 12/31/2012 1980 251 Causeway Street Boston, MA 1 — 5,100 17,293 2,555 — 5,100 19,848 24,948 (4,061 ) 8/17/2010 1987 300 and 330 Billerica Road Chelmsford, MA 2 — 4,737 — — — 4,737 — 4,737 — 12/31/2018 1984 75 Pleasant Street Malden, MA 1 — 1,050 31,086 271 — 1,050 31,357 32,407 (6,703 ) 5/24/2010 2008 111 Powdermill Road Maynard, MA 1 — 4,432 — — — 4,432 — 4,432 — 12/31/2018 1990 25 Newport Avenue Quincy, MA 1 — 2,700 9,199 1,791 — 2,700 10,990 13,690 (2,021 ) 2/16/2011 1985 One Montvale Avenue Stoneham, MA 1 — 1,670 11,035 2,234 — 1,670 13,269 14,939 (2,693 ) 6/16/2010 1945 314 Littleton Road Westford, MA 1 — 5,736 8,555 — — 5,736 8,555 14,291 — 12/31/2018 2007 Annapolis Commerce Center Annapolis, MD 2 — 4,057 7,665 219 — 4,057 7,884 11,941 (275 ) 10/2/2017 1989 4201 Patterson Avenue Baltimore, MD 1 — 901 8,097 4,085 — 901 12,182 13,083 (4,961 ) 10/15/1998 1989 Hillside Center Columbia, MD 2 — 3,437 4,228 336 — 3,437 4,564 8,001 (131 ) 10/2/2017 2001 TenThreeTwenty Columbia, MD 1 — 3,126 16,361 869 — 3,126 17,230 20,356 (570 ) 10/2/2017 1982 7001 Columbia Gateway Drive Columbia, MD 1 — 5,687 10,433 — — 5,687 10,433 16,120 — 12/31/2018 2008 3300 75th Avenue Landover, MD 1 — 4,110 36,371 1,346 — 4,110 37,717 41,827 (8,281 ) 2/26/2010 1985 1401 Rockville Pike Rockville, MD 1 25,019 3,248 29,258 16,481 — 3,248 45,739 48,987 (19,266 ) 2/2/1998 1986 2115 East Jefferson Street Rockville, MD 1 — 3,349 11,152 385 — 3,349 11,537 14,886 (1,521 ) 8/27/2013 1981 Redland 520/530 Rockville, MD 3 — 12,714 61,377 1,498 — 12,714 62,875 75,589 (1,945 ) 10/2/2017 2008 Redland 540 Rockville, MD 1 — 10,740 17,714 2,896 — 10,740 20,610 31,350 (879 ) 10/2/2017 2003 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Cost amount carried at Close of Period Property Location Number of Buildings Encumbrances (1) Land Buildings Impairments/ Land Buildings Total (2) Accumulated (3) Date(s) Original Rutherford Business Park Windsor Mill, MD 1 — 1,598 10,219 330 — 1,598 10,549 12,147 (1,557 ) 11/16/2012 1972 Meadows Business Park Woodlawn, MD 2 — 3,735 21,509 2,268 — 3,735 23,777 27,512 (4,701 ) 2/15/2011 1973 3550 Green Court Ann Arbor, MI 1 69,304 3,659 4,896 — — 3,659 4,896 8,555 — 12/31/2018 1998 11411 E. Jefferson Avenue Detroit, MI 1 — 630 18,002 438 — 630 18,440 19,070 (3,930 ) 4/23/2010 2009 Rosedale Corporate Plaza Roseville, MN 1 — 672 6,045 1,505 — 672 7,550 8,222 (3,474 ) 12/1/1999 1987 1300 Summit Street Kansas City, MO 1 2,933 2,776 12,070 915 — 2,776 12,985 15,761 (1,939 ) 9/27/2012 1998 4241-4300 NE 34th Street Kansas City, MO 1 — 1,443 6,193 3,992 — 1,780 9,848 11,628 (4,199 ) 3/31/1997 1995 2555 Grand Boulevard Kansas City, MO 1 — 4,243 51,931 — — 4,243 51,931 56,174 — 12/31/2018 2003 1220 Echelon Parkway Jackson, MS 1 — 440 25,458 238 — 440 25,696 26,136 (4,100 ) 7/25/2012 2009 2300 and 2400 Yorkmont Road Charlotte, NC 2 — 1,345 19,226 — — 1,345 19,226 20,571 — 12/31/2018 1995 18010 and 18020 Burt Street Omaha, NE 2 — 7,032 12,599 — — 7,032 12,599 19,631 — 12/31/2018 2012 10-12 Celina Avenue Nashua, NH 1 — 3,000 14,052 1,569 — 3,000 15,621 18,621 (3,379 ) 8/31/2009 1979 500 Charles Ewing Boulevard Ewing, NJ 1 — 4,846 26,208 — — 4,846 26,208 31,054 — 12/31/2018 2012 299 Jefferson Road Parsippany, NJ 1 — 4,579 2,937 — — 4,579 2,937 7,516 — 12/31/2018 2011 One Jefferson Road Parsippany, NJ 1 — 4,450 5,291 — — 4,450 5,291 9,741 — 12/31/2018 2009 50 West State Street Trenton, NJ 1 — 5,000 38,203 3,313 — 5,000 41,516 46,516 (8,009 ) 12/30/2010 1989 138 Delaware Avenue Buffalo, NY 1 — 4,405 18,899 7,551 — 4,485 26,370 30,855 (11,830 ) 3/31/1997 1994 Airline Corporate Center Colonie, NY 1 — 790 6,400 406 — 790 6,806 7,596 (1,053 ) 6/22/2012 2004 5000 Corporate Court Holtsville, NY 1 — 6,530 17,711 2,734 — 6,530 20,445 26,975 (3,811 ) 8/31/2011 2000 8687 Carling Road Liverpool, NY 1 — 571 — — — 571 — 571 — 12/31/2018 1997 1212 Pittsford - Victor Road Pittsford, NY 1 27,238 613 79 — — 613 79 692 — 12/31/2018 1965 500 Canal View Boulevard Rochester, NY 1 — 2,077 376 — — 2,077 376 2,453 — 12/31/2018 1996 2231 Schrock Road Columbus, OH 1 — 722 218 — — 722 218 940 — 12/31/2018 1999 4600 25th Avenue Salem, OR 1 — 6,510 17,973 5,165 — 6,510 23,138 29,648 (4,898 ) 12/20/2011 1957 501 Ridge Avenue Hanover, PA 1 — 3,452 5,152 — — 3,452 5,152 8,604 — 12/31/2018 1948 8800 Tinicum Boulevard Philadelphia, PA 1 — 5,617 22,866 — — 5,617 22,866 28,483 — 12/31/2018 2000 Synergy Business Park Columbia, SC 3 — 1,439 11,143 5,178 — 1,439 16,321 17,760 (4,335 ) 5/10/2006;9/17/2010 1982; 1985 9680 Old Bailes Road Fort Mill, SC 1 — 841 2,967 — — 841 2,967 3,808 — 12/31/2018 2007 One Memphis Place Memphis, TN 1 — 1,630 5,645 3,290 — 1,630 8,935 10,565 (1,742 ) 9/17/2010 1985 16001 North Dallas Parkway Addison, TX 2 — 10,364 63,661 — — 10,364 63,661 74,025 — 12/31/2018 1987 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Cost amount carried at Close of Period Property Location Number of Buildings Encumbrances (1) Land Buildings Impairments/ Land Buildings Total (2) Accumulated (3) Date(s) Original 2115-2116 East Randol Mill Road Arlington, TX 1 — 2,146 5,469 — — 2,146 5,469 7,615 — 12/31/2018 1989 Research Park Austin, TX 2 — 4,292 13,856 — — 4,292 13,856 18,148 — 12/31/2018 1999 1001 Noble Energy Way Houston, TX 1 — 5,222 29,392 — — 5,222 29,392 34,614 — 12/31/2018 1998 10451 Clay Road Houston, TX 1 — 5,538 10,335 — — 5,538 10,335 15,873 — 12/31/2018 2013 202 North Castlegory Road Houston, TX 1 — 870 5,064 — — 870 5,064 5,934 — 12/31/2018 2016 6380 Rogerdale Road Houston, TX 1 — 12,728 6,161 — — 12,728 6,161 18,889 — 12/31/2018 2006 4221 W. John Carpenter Freeway Irving, TX 1 — 1,424 2,384 — — 1,424 2,384 3,808 — 12/31/2018 1995 8675,8701-8711 Freeport Pkwy and 8901 Esters Boulevard Irving, TX 3 — 10,266 31,815 — — 10,266 31,815 42,081 — 12/31/2018 1990 1511 East Common Street New Braunfels, TX 1 — 5,004 1,276 — — 5,004 1,276 6,280 — 12/31/2018 2005 2900 West Plano Parkway Plano, TX 1 — 6,873 8,901 — — 6,873 8,901 15,774 — 12/31/2018 1998 3400 West Plano Parkway Plano, TX 1 — 4,579 16,091 — — 4,579 16,091 20,670 — 12/31/2018 1994 19100 Ridgewood Parkway San Antonio, TX 1 — 4,223 144,519 — — 4,223 144,519 148,742 — 12/31/2018 2008 3600 Wiseman Boulevard San Antonio, TX 1 — 3,521 6,715 — — 3,521 6,715 10,236 — 12/31/2018 2004 701 Clay Road Waco, TX 1 — 2,030 8,708 3,584 — 2,060 12,262 14,322 (5,020 ) 12/23/1997 1997 1800 Novell Place Provo, UT 1 — 7,546 43,831 — — 7,546 43,831 51,377 — 12/31/2018 2000 4885-4931 North 300 West Provo, UT 2 — 3,946 9,504 — — 3,946 9,504 13,450 — 12/31/2018 2009 14660, 14672 & 14668 Lee Road Chantilly, VA 3 — 6,966 74,214 2,038 — 6,966 76,252 83,218 (3,757 ) 12/22/2016 1998; 2002; 2006 1434 Crossways Chesapeake, VA 2 — 3,617 19,527 1,817 — 3,617 21,344 24,961 (840 ) 10/2/2017 1998 Greenbrier Towers Chesapeake, VA 2 — 3,437 11,241 700 — 3,437 11,941 15,378 (507 ) 10/2/2017 1985 Enterchange at Meadowville Chester, VA 1 — 1,478 9,594 283 — 1,478 9,877 11,355 (1,309 ) 8/28/2013 1999 Three Flint Hill Fairfax, VA 1 — 5,991 25,619 1,515 — 5,991 27,134 33,125 (1,075 ) 10/2/2017 1984 3920 Pender Drive Fairfax, VA 1 — 2,963 12,840 231 — 2,963 13,071 16,034 (1,529 ) 3/21/2014 1981 Pender Business Park Fairfax, VA 4 — 2,529 21,386 636 — 2,529 22,022 24,551 (2,873 ) 11/4/2013 2000 7987 Ashton Avenue Manassas, VA 1 — 1,562 8,253 623 — 1,562 8,876 10,438 (439 ) 1/3/2017 1989 Two Commercial Place Norfolk, VA 1 — 4,530 21,678 — — 4,530 21,678 26,208 — 12/31/2018 1974 1759 & 1760 Business Center Drive Reston, VA 2 — 9,066 78,658 2,723 — 9,066 81,381 90,447 (9,273 ) 5/28/2014 1987 1775 Wiehle Avenue Reston, VA 1 — 4,138 26,120 756 — 4,138 26,876 31,014 (828 ) 10/2/2017 2001 9960 Mayland Drive Richmond, VA 1 — 2,614 15,930 1,891 — 2,614 17,821 20,435 (2,055 ) 5/20/2014 1994 501 South 5th Street Richmond, VA 1 — 14,884 39,411 — — 14,884 39,411 54,295 — 12/31/2018 2009 9201 Forest Hill Avenue Richmond, VA 1 — 1,355 376 — — 1,355 376 1,731 — 12/31/2018 1985 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Cost amount carried at Close of Period Property Location Number of Buildings Encumbrances (1) Land Buildings Impairments/ Land Buildings Total (2) Accumulated (3) Date(s) Original Parham Place Richmond, VA 3 — 920 1,107 — — 920 1,107 2,027 — 12/31/2018 1989; 2012 1751 Blue Hills Drive Roanoke, VA 1 — 2,710 7,823 — — 2,710 7,823 10,533 — 12/31/2018 2003 Aquia Commerce Center Stafford, VA 2 — 2,090 7,465 768 — 2,090 8,233 10,323 (1,549 ) 6/22/2011 1988; 1999 Atlantic Corporate Park Sterling, VA 2 — 5,752 29,323 178 — 5,752 29,501 35,253 (931 ) 10/2/2017 2008 Sterling Business Park Lots 8 and 9 Sterling, VA 1 — 9,177 44,375 — — 9,177 44,375 53,552 (1,385 ) 10/2/2017 2016 Orbital Sciences Campus Sterling, VA 3 — 12,372 19,473 — — 12,372 19,473 31,845 — 12/31/2018 2000; 2001 65 Bowdoin Street S. Burlington, VT 1 — 700 8,416 140 — 700 8,556 9,256 (1,873 ) 4/9/2010 2009 840 North Broadway Everett, WA 2 34,704 3,360 15,376 2,116 — 3,360 17,492 20,852 (3,099 ) 6/28/2012 1985 Stevens Center Richland, WA 2 — 3,970 17,035 4,137 — 4,045 21,097 25,142 (9,854 ) 3/31/1997 1995 351, 401, 501 Elliott Ave West Seattle, WA 3 — 26,851 53,157 — — 26,851 53,157 80,008 — 12/31/2018 2000 11050 West Liberty Drive Milwaukee, WI 1 — 945 4,539 103 — 945 4,642 5,587 (881 ) 6/9/2011 2006 882 TJ Jackson Drive Falling Waters, WV 1 41,099 906 3,886 270 — 922 4,140 5,062 (2,215 ) 3/31/1997 1993 5353 Yellowstone Road Cheyenne, WY 1 — 1,915 8,217 765 — 1,950 8,947 10,897 (4,658 ) 3/31/1997 1995 211 $ 335,241 $ 923,390 $ 2,804,289 $ 221,397 $ (4,440 ) $ 924,164 $ 3,020,472 $ 3,944,636 $ (375,147 ) Properties Held for Sale — — — — 500 First Street, NW Washington, DC 1 — 30,478 15,660 44 — 30,478 15,704 46,182 (448 ) 10/2/2017 1969 91-008 Hanua Street Kapolei, HI 1 — 6,846 — — — 6,846 — 6,846 — 12/31/2018 — Ammendale Commerce Center Beltsville, MD 3 — 4,879 9,498 99 — 4,879 9,597 14,476 (279 ) 10/2/2017 1987 Indian Creek Technology Park Beltsville, MD 4 — 8,796 12,093 394 (2,830 ) 8,796 9,657 18,453 (363 ) 10/2/2017 1988 Gateway 270 West Clarksburg, MD 6 — 12,104 9,688 516 — 12,104 10,204 22,308 (257 ) 10/2/2017 2002 Snowden Center Columbia, MD 5 — 7,955 10,128 119 — 7,955 10,247 18,202 (258 ) 10/2/2017 1982 20400 Century Boulevard Germantown, MD 1 — 2,305 9,890 1,304 — 2,347 11,152 13,499 (5,520 ) 3/31/1997 1995 Cloverleaf Center Germantown, MD 4 — 11,890 4,639 481 — 11,890 5,120 17,010 (167 ) 10/2/2017 2000 Metro Park North Rockville, MD 4 — 11,159 7,624 235 — 11,159 7,859 19,018 (236 ) 10/2/2017 2001 Sterling Park Business Center Sterling, VA 7 — 18,935 21,191 835 — 18,935 22,026 40,961 (643 ) 10/2/2017 1990 36 — 115,347 100,411 4,027 (2,830 ) 115,389 101,566 216,955 (8,171 ) 247 $ 335,241 $ 1,038,737 $ 2,904,700 $ 225,424 $ (7,270 ) $ 1,039,553 $ 3,122,038 $ 4,161,591 $ (383,318 ) ____________________ (1) Represents mortgage debt, net of the unamortized balance of the fair value adjustments and debt issuance costs totaling $3,021 . (2) Excludes value of real estate intangibles. Aggregate cost for federal income tax purposes is approximately $7,126,328 . (3) Depreciation on building 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 Properties Accumulated Depreciation Balance at December 31, 2015 $ 1,696,132 $ 255,879 Additions 194,107 42,404 Disposals (1,479 ) (1,479 ) Balance at December 31, 2016 1,888,760 296,804 Additions 1,100,138 45,315 Loss on asset impairment (9,490 ) — Disposals (3,687 ) (271 ) Balance at December 31, 2017 2,975,721 341,848 Additions 1,486,342 65,215 Loss on asset impairment (8,630 ) — Disposals (286,837 ) (18,740 ) Cost basis adjustment (1) (5,005 ) (5,005 ) Reclassification of assets of properties held for sale (216,955 ) (8,171 ) Balance at December 31, 2018 $ 3,944,636 $ 375,147 (1) Represents the reclassification between accumulated depreciation and building made to certain properties reclassified as assets of properties held for sale at fair value in accordance with GAAP. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. These consolidated financial statements include the accounts of us and our subsidiaries, all of which are wholly owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. |
Real Estate Properties | 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. Real Estate Properties. We record our properties at cost and provide depreciation on real estate investments on a straight line basis over estimated useful lives generally ranging from 7 to 40 years. In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. We allocate 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 determine the fair value of each property using methods similar to those used by independent appraisers. We allocate 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) of the difference, if any, 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 allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. We allocate 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 consolidated financial statements. In making these allocations, we consider 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. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amounts over the estimated life of the relationships. For transactions that qualify as business combinations, we allocate the excess, if any, of the consideration over the fair value of the assets acquired to goodwill. We amortize capitalized above market lease values (included in acquired in place real estate leases, net in our consolidated balance sheets) and below market lease values (presented as assumed real estate lease obligations, net 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 $2,903 , $2,764 and $1,457 during the years ended December 31, 2018 , 2017 and 2016 , respectively. We amortize the value of acquired in place leases (included in acquired real estate leases, net 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 $91,472 , $53,410 , and $27,546 during the years ended December 31, 2018 , 2017 and 2016 , respectively. If a lease is terminated prior to its stated expiration, we write off the unamortized amounts relating to that lease. |
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 our entering 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, excluding properties classified as held for sale, totaled $38,840 and $32,990 at December 31, 2018 and 2017 , respectively, and accumulated amortization of deferred leasing costs totaled $13,168 and $10,013 at December 31, 2018 and 2017 , respectively. Future amortization of deferred leasing costs to be recognized during the current terms of our existing leases as of December 31, 2018 are estimated to be $4,925 in 2019 , $4,215 in 2020 , $3,599 in 2021 , $2,902 in 2022 , $2,363 in 2023 and $7,668 thereafter. |
Debt Issuance Costs | Debt Issuance Costs . Debt issuance costs include capitalized issuance or assumption costs related to borrowings, which are amortized to interest expense over the terms of the respective loans. Debt issuance costs, net of accumulated amortization, for our revolving credit facility are included in other assets in our consolidated balance sheets. As of December 31, 2018 and 2017 , debt issuance costs for our revolving credit facility were $4,125 and $5,234 and accumulated amortization of debt issuance costs for our revolving credit facility were $49 and $3,849 , respectively. Debt issuance costs, net of accumulated amortization, for our unsecured term loans, senior unsecured notes and mortgage notes payable are presented as a direct deduction from the associated debt liability in our consolidated balance sheets. As of December 31, 2018 and 2017 , debt issuance costs, net of accumulated amortization, for our unsecured term loans, senior unsecured notes, and mortgage notes payable totaled $12,888 and $15,750 , respectively. Future amortization of debt issuance costs to be recognized with respect to our revolving credit facility, unsecured term loans, senior unsecured notes and mortgage notes as of December 31, 2018 are estimated to be $2,890 in 2019 , $2,189 in 2020 , $2,049 in 2021 , $1,725 in 2022 , $406 in 2023 and $7,705 thereafter. |
Equity Securities | Equity Securities. As of December 31, 2018 , we owned 2,801,061 common shares of class A common stock of RMR Inc., including 1,586,836 common shares acquired from SIR on December 31, 2018 in connection with the SIR Merger. Our equity securities are recorded at fair value based on their quoted market price at the end of each reporting period. Effective January 1, 2018, changes in the fair value of our equity securities are recorded through earnings in accordance with the Financial Accounting Standards Board, or FASB, Accounting Standards Update, or ASU, No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . Prior to January 1, 2018, unrealized gains and losses on equity securities were recorded as a component of cumulative comprehensive income (loss) in shareholders' equity. As further described in Note 7 , we initially acquired 1,541,201 shares of class A common stock of RMR Inc. on June 5, 2015 for cash and share consideration of $17,462 . We concluded, for accounting purposes, that the cash and share consideration we paid for our investment in these shares represented a discount to the fair value of these shares. We initially accounted for this investment under the cost method of accounting and recorded this investment at its estimated fair value of $39,833 as of June 5, 2015 using Level 3 inputs, as defined in the fair value hierarchy under U.S. generally accepted accounting principles, or GAAP. As a result, we recorded a liability for the amount by which the estimated fair value of these shares exceeded the price we paid for these shares. This liability is included in accounts payable and other liabilities in our consolidated balance sheets. This liability is being amortized on a straight line basis through December 31, 2035 as an allocated reduction to our business management and property management fee expense. We amortized $1,087 of this liability during each of the years ended December 31, 2018 , 2017 and 2016 . These amounts are included in the net business management and property management fee amounts for such periods. As of December 31, 2018 , the remaining unamortized amount of this liability was $18,493 . Future amortization of this liability as of December 31, 2018 is estimated to be $1,087 in 2019 through 2023 and $13,058 thereafter. |
Equity Method Investments | Equity Method Investments. We account for our investments in Affiliates Insurance Company, or AIC, and SIR, until we sold the SIR common shares we owned as described in Note 1, using the equity method of accounting. Significant influence is present through common representation on the boards of trustees or directors of us, AIC and, until December 31, 2018, SIR. One of our Managing Trustees, Adam D. Portnoy, as the sole trustee of ABP Trust, is the controlling shareholder of The RMR Group Inc., or RMR Inc. He is also a director and officer of RMR Inc. Substantially all of the business of RMR Inc. is conducted by its majority owned subsidiary, RMR LLC, which is our manager, the manager of AIC and, until December 31, 2018, SIR. Most of our Trustees are directors of AIC. See Notes 7, 12 and 13 for further information of our investments in AIC and SIR. In connection with our acquisition of First Potomac Realty Trust, or FPO, in 2017, we acquired 50% and 51% interests in two unconsolidated joint ventures which own three buildings. The buildings owned by these joint ventures are encumbered by an aggregate $82,000 of mortgage indebtedness. We do not control the activities that are most significant to these joint ventures and, as a result, we account for our investment in these joint ventures under the equity method of accounting. See Note 5 for further information regarding our unconsolidated joint ventures. We periodically evaluate our equity method investments for possible indicators of other than temporary impairment whenever events or changes in circumstances indicate the carrying amount of the investment might not be recoverable. These indicators may include the length of time and the extent to which the market value of our investment is below our carrying value, the financial condition of our investees, our intent and ability to be a long term holder of the investment and other considerations. If the decline in fair value is judged to be other than temporary, we record an impairment charge to adjust the basis of the investment to its estimated fair value. |
Revenue Recognition | Revenue Recognition. We recognize rental income from operating leases that contain fixed contractual rent changes on a straight line basis over the term of the lease agreements. We increased rental income by $10,164 , $5,582 and $2,691 to record revenue on a straight line basis during the years ended December 31, 2018 , 2017 and 2016 , respectively. Rents receivable, excluding properties classified as held for sale, include $34,006 and $27,267 of straight line rent receivables at December 31, 2018 and 2017 , respectively. Certain of our leases with government tenants provide the tenant the right to terminate its lease if its respective legislature or other funding authority does not appropriate the funding necessary for the government tenant to meet its lease obligations; we have determined the fixed non-cancelable lease term of these leases to be the fully executed term of the lease because we believe the occurrence of termination to be a remote contingency based on both our historical experience and our assessment of the likelihood of lease cancellation on a separate lease basis. |
Income Taxes | Income Taxes. We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, or the 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 represents our share of the cumulative comprehensive income of our equity method investees and, prior to the adoption of FASB ASU No. 2016-01 on January 1, 2018, unrealized gains and losses related to our investment in RMR Inc. See Notes 5 and 7 for further information regarding these investments. |
Per Common Share Amounts | Per Common Share Amounts. We calculate basic earnings per common share by dividing net income (loss) available for common shareholders by the weighted average number of our common shares of beneficial ownership, $.01 par value, or our common shares, outstanding during the period. We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares and the related impact on earnings, are considered when calculating diluted earnings per share. |
Use of Estimates | Use of Estimates. Preparation of these financial statements in conformity with 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. |
Reclassifications | Reclassifications. Reclassifications have been made to the prior years’ consolidated financial statements to conform to the current year’s presentation. |
Segment Reporting | Segment Reporting. We operate in one business segment: direct ownership of real estate properties. |
Recent Accounting Pronouncements | New Accounting Pronouncements On January 1, 2018, we adopted FASB ASU No. 2014-09 (and related clarifying guidance issued by the FASB), Revenue From Contracts With Customers , which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU No. 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU No. 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. A substantial portion of our revenue consists of rental income from leasing arrangements, which is specifically excluded from ASU No. 2014-09. We have adopted ASU No. 2014-09 using the modified retrospective approach, which resulted in an adjustment to reclassify a previous deferred gain on sale of real estate of $712 from accounts payable and other liabilities to cumulative net income. The adoption of ASU No. 2014-09 did not have a material impact on the amount or timing of our revenue recognition in our consolidated financial statements except for profit recognition on real estate sales. On January 1, 2018, we adopted FASB ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which changes how entities measure certain equity investments and present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The implementation of ASU No. 2016-01 resulted in the reclassification of historical changes in the fair value of our equity securities of $45,116 from cumulative other comprehensive income to cumulative net income. We also reclassified $15,165 from cumulative other comprehensive income to cumulative net income for our share of cumulative other comprehensive income of certain of our equity method investees. Effective January 1, 2018, changes in the fair value of our equity securities are recorded through earnings in accordance with ASU No. 2016-01. On January 1, 2018, we adopted FASB ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which clarifies how companies present and classify certain cash receipts and cash payments in the statements of cash flows. The implementation of this update resulted in the reclassification of $2,944 and $2,956 of accretion recorded in our equity in the earnings of SIR from cash flow from investing activities to cash flow from operating activities for the year ended December 31, 2017 and 2016 , respectively. See Note 12 for further information regarding our investment in SIR. On January 1, 2018, we adopted FASB ASU No. 2016-18, Restricted Cash , which requires companies to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The implementation of ASU No. 2016-18 resulted in a decrease of $1,563 and an increase of $492 of net cash provided by operating activities for the years ended December 31, 2017 and 2016 , respectively. This update also requires a reconciliation of the totals in the statements of cash flows to the related captions in the balance sheets. As a result, amounts included in restricted cash on our consolidated balance sheets are included with cash and cash equivalents on the consolidated statements of cash flows. The adoption of this update did not change our balance sheet presentation. On October 1, 2018, we adopted FASB ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which aligns the measurement and classification guidance for share based payments to nonemployees with the guidance for share based payments to employees, with certain exceptions. The adoption of this standard did not have a material impact in our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases . In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements . In December 2018, the FASB issued ASU No. 2018-20 Leases (Topic 842), Narrow-Scope Improvements for Lessors . Collectively, these standards set out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales type leases, direct financing leases and operating leases. These standards are effective as of January 1, 2019. Upon adoption, we applied the package of practical expedients that allows an entity to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. Furthermore, we applied the optional transition method in ASU No. 2018-11 which allows entities to initially apply the new leases standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption, if any. Additionally, our leases met the criteria in ASU No. 2018-11 to not separate non-lease components from the related lease component; therefore, the accounting for these leases remained largely unchanged from the previous standard. The adoption of ASU No. 2016-02 and the related improvements did not have a material impact in our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently assessing the potential impact the adoption of ASU No. 2016-13 will have in our consolidated financial statements. We currently expect to adopt the standard using the modified retrospective approach. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Real Estate Properties | As of December 31, 2018 and 2017 , our acquired real estate leases and assumed real estate obligations, excluding properties classified as held for sale, were as follows: December 31, 2018 2017 Acquired real estate leases: Capitalized above market lease values $ 62,260 $ 46,096 Less: accumulated amortization (20,956 ) (27,259 ) Capitalized above market lease values, net 41,304 18,837 Lease origination value 1,168,979 472,928 Less: accumulated amortization (153,725 ) (139,893 ) Lease origination value, net 1,015,254 333,035 Acquired real estate leases, net $ 1,056,558 $ 351,872 Assumed real estate lease obligations: Capitalized below market lease values $ 31,091 $ 25,973 Less: accumulated amortization (11,060 ) (12,338 ) Assumed real estate lease obligations, net $ 20,031 $ 13,635 |
Weighted Average Common Shares
Weighted Average Common Shares (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Weighted Average Common Share Amounts | The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share (in thousands): For the Year Ended December 31, 2018 2017 2016 Weighted average common shares for basic earnings per share 24,830 21,158 17,763 Effect of dilutive securities: unvested share awards — — 5 Weighted average common shares for diluted earnings per share (1) 24,830 21,158 17,768 (1) For the years ended December 31, 2018 and 2017, four and five unvested common shares, respectively, were not included in the calculation of diluted earnings per share because to do so would have been antidilutive. |
Real Estate Properties (Tables)
Real Estate Properties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Schedule of allocation of purchase price | Our allocation of the purchase price of this acquisition is based on the relative estimated fair value of the acquired assets and assumed liabilities is presented in the table below. Acquisition Date Location Number of Office Buildings Square Feet Purchase Price Land Building and Improvements Other Assumed Assets Jan 2017 Manassas, VA 1 69,374 $ 12,657 $ 1,562 $ 8,253 $ 2,842 The following table summarizes the estimated consideration transferred and liabilities assumed: Total Purchase Price (excluding acquisition costs): OPI common shares issued 23,282,704 Closing price of OPI common shares on December 31, 2018 $ 27.48 Value of consideration transferred $ 639,809 Cash consideration for fractional shares 8 Equity issuance costs (239 ) Value of consideration transferred $ 639,578 Assumed working capital 55,703 Assumed senior unsecured notes, principal balance 1,450,000 Assumed mortgage notes payable, principal balance 161,772 SIR unsecured revolving credit facility repaid at closing 108,000 Non-cash portion of purchase price 1,775,475 Total consideration transferred and liabilities assumed $ 2,415,053 The following table summarizes the preliminary purchase price allocation for SIR based on estimated fair values as of the December 31, 2018: Preliminary Purchase Price Allocation: Land $ 475,893 Buildings and improvements 960,286 Assets of properties held for sale 7,022 Acquired real estate leases 858,121 Cash 24,744 Restricted cash 476 Rents receivable, net 11,389 Other assets (1) 89,188 Total assets 2,427,119 Unsecured revolving credit facility (2) (108,000 ) Senior unsecured notes (3) (1,410,947 ) Mortgage notes payable (4) (159,490 ) Accounts payable and other liabilities (67,151 ) Assumed real estate lease obligations (11,833 ) Due to related persons (30,120 ) Net assets acquired 639,578 Assumed working capital 55,703 SIR unsecured revolving credit facility repaid at closing (2) 108,000 Assumed senior unsecured notes, principal balance 1,450,000 Assumed mortgage notes payable, principal balance 161,772 Consideration transferred and liabilities assumed (5) $ 2,415,053 (1) Other assets includes $84,229 for SIR's investment in shares of class A common stock of RMR Inc. which was recorded at fair value as of December 31, 2018 . (2) We repaid the outstanding balance under SIR's revolving credit facility at the closing of the SIR Merger with borrowings under our revolving credit facility. (3) The aggregate principal balance of the senior unsecured notes was $1,450,000 as of December 31, 2018 . (4) The aggregate principal balance of the mortgage notes payable was $161,772 as of December 31, 2018 . (5) The allocation of purchase price is based on preliminary estimates and may change significantly following the completion of (i) third party appraisals and (ii) our analysis of intangibles and building valuations. Purchase price excludes acquisition related costs. Our allocation of the purchase price of these acquisitions based on the estimated fair value of the acquired assets and assumed liabilities is presented in the table below. Acquisition Date Location Number of Office Buildings Square Feet Purchase Price (1) Land Buildings and Improvements Other Assumed Assets Acquired Leases Acquired Lease Obligations Jan 2016 Sacramento, CA (2) 1 337,811 $ 79,508 $ 4,688 $ 61,995 $ 2,167 $ 11,245 $ (587 ) Jul 2016 Atlanta, GA (3) — — 1,670 1,670 — — — — Dec 2016 Rancho Cordova, CA (2) 1 82,896 13,943 1,466 8,797 — 3,680 — Dec 2016 Chantilly, VA (2) 3 409,478 104,183 6,966 74,214 — 23,003 — 5 830,185 $ 199,304 $ 14,790 $ 145,006 $ 2,167 $ 37,928 $ (587 ) (1) Excludes acquisition related costs. (2) Accounted for as a business combination. (3) On July 6, 2016, we acquired a land parcel adjacent to one of our existing properties for $1,623 . We accounted for this transaction as an asset acquisition and capitalized acquisition related costs of $47 . The following table summarizes the total consideration paid and the estimated fair values of the assets acquired and liabilities assumed in the FPO Transaction: Total Purchase Price: Cash consideration $ 1,175,140 Acquisition related costs 9,575 Total cash consideration 1,184,715 Preferred units of limited partnership issued (1) 20,221 Acquired net working capital (1,596 ) Assumed mortgage notes 167,548 Non-cash portion of purchase price 186,173 Gross purchase price $ 1,370,888 Purchase Price Allocation: Land $ 360,909 Buildings and improvements 681,340 Acquired real estate leases (2) 283,498 Investment in unconsolidated joint ventures 51,305 Cash 11,191 Restricted cash 1,018 Rents receivable 2,672 Other assets 3,640 Total assets 1,395,573 Mortgage notes payable (3) (167,936 ) Assumed real estate lease obligations (2) (5,776 ) Accounts payable and accrued expenses (10,640 ) Rents collected in advance (1,436 ) Security deposits (4,849 ) Net assets acquired 1,204,936 Assumed working capital (1,596 ) Assumed principal balance of debt 167,548 Gross purchase price $ 1,370,888 (1) Pursuant to the terms of the FPO Transaction, each unit of limited partnership interest in FPO's operating partnership that was not liquidated on the closing date was exchanged on a one-for-one basis for 5.5% Series A Cumulative Preferred Units of the surviving subsidiary. As of December 31, 2017, the carrying value of these Series A Cumulative Preferred Units was $20,496 and was recorded as temporary equity on our consolidated balance sheet. On May 1, 2018, we redeemed all 1,813,504 of the outstanding 5.5% Series A Cumulative Preferred Units for $11.15 per unit (plus accrued and unpaid distributions) for an aggregate of $20,310 . (2) As of the date acquired, the weighted average amortization periods for capitalized above market lease values, lease origination value and capitalized below market lease values were 3.2 years , 3.1 years and 3.8 years , respectively. (3) Includes fair value adjustments totaling $388 on $167,936 principal amount of mortgage notes we assumed in connection with the FPO Transaction. |
Schedule of Pro Forma Information | The following table presents our pro forma results of operations for the years ended December 31, 2018 and 2017 as if the SIR Transactions and the FPO Transaction and related financing activities, had occurred on January 1, 2017. The SIR results of operations included in this pro forma financial information have been adjusted to remove ILPT's results of operations for the years ended December 31, 2018 and 2017 . The effect of these adjustments was to decrease pro forma rental income $152,735 and $156,506 for the years ended December 31, 2018 and 2017 , respectively, and to decrease net income $46,237 and $64,661 for the years ended December 31, 2018 and 2017 , respectively. The FPO results of operations included in this pro forma financial information have been adjusted to remove the results of operations of properties and joint venture interests FPO sold from January 1, 2017 to October 2, 2017, the closing date of the FPO Transaction. The effect of these adjustments was to decrease pro forma rental income $804 for the year ended December 31, 2017 and to decrease net loss $47,019 for the year ended December 31, 2017. This pro forma financial information is not necessarily indicative of what our actual financial position or results of operations would have been for the periods presented or for any future period. Differences could result from numerous factors, including future changes in our portfolio of investments, capital structure, property level operating expenses and revenues, including rents expected to be received on our existing leases or leases we may enter during and after 2019, changes in interest rates and other reasons. Actual future results are likely to be different from amounts presented in this pro forma financial information and such differences could be significant. Year Ended December 31, 2018 2017 Rental income $ 758,596 $ 746,801 Net loss $ (87,240 ) $ (74,556 ) Net loss per common share $ (1.82 ) $ (1.55 ) |
Schedule of Joint Ventures | As of December 31, 2018 and 2017 , our investment in unconsolidated joint ventures consisted of the following: OPI Ownership OPI Carrying Value of Investment at December 31, Number of Office Buildings Location Square Feet Joint Venture 2018 2017 Prosperity Metro Plaza 51% $ 23,969 $ 27,888 2 Fairfax, VA 328,456 1750 H Street, NW 50% 19,696 22,314 1 Washington, D.C. 115,411 Total $ 43,665 $ 50,202 3 443,867 The following table provides a summary of the mortgage debt of our unconsolidated joint ventures: Joint Venture Interest Rate (1) Maturity Date Principal Balance at December 31, 2018 and 2017 Prosperity Metro Plaza 4.09% 12/1/2029 $ 50,000 1750 H Street, NW 3.69% 8/1/2024 32,000 Weighted Average/Total 3.93% $ 82,000 (1) Includes the effect of mark to market purchase accounting. |
Schedule of disposal groups | Summarized income statement information for this property is as follows: Statements of Income (Loss) Year Ended December 31, 2017 2016 Rental income $ 17 $ 68 Real estate taxes (88 ) (97 ) Utility expenses (97 ) (146 ) Other operating expenses (202 ) (300 ) General and administrative (76 ) (114 ) Increase in carrying value of property included in discontinued operations 619 — Income (loss) from discontinued operations $ 173 $ (589 ) As of December 31, 2018 , we had 36 buildings with an aggregate undepreciated carrying value of $216,955 under agreement to sell in three separate transactions, as presented in the table below. We have classified these properties as held for sale in our consolidated balance sheet at December 31, 2018 . Date of Sale Agreement Number of Office Buildings Location Square Feet Gross Sale Price (1) Aug 2018 (2) 1 Washington, D.C. 129,035 $ 70,000 Sep 2018 (3) 34 Northern Virginia and Maryland 1,635,868 198,500 Nov 2018 (2)(4) 1 Kapolei, HI 416,956 7,100 36 2,181,859 $ 275,600 (1) Gross sale price includes purchase price adjustments, if any, excludes closing costs. (2) These pending sales are subject to conditions; accordingly, we cannot be sure that we will complete these sales or that these sales will not be delayed or their terms will not change. (3) We recorded a $2,830 loss on impairment of real estate to reduce the carrying value of these buildings to their estimated fair value less costs to sell during the year ended December 31, 2018 . On February 8, 2019, we completed the sale of these buildings. (4) Represents a land parcel acquired from SIR in the SIR Merger. As a result, the results of operations of these properties are included in continuing operations through the date of sale in our consolidated statements of income (loss). Date of Sale Number of Office Buildings Location Square Feet Gross Sale Price (1) Mar 2018 (2) 1 Minneapolis, MN 193,594 $ 20,000 May 2018 (3) 1 New York, NY 187,060 118,500 May 2018 (4) 1 Sacramento, CA 110,500 10,755 Nov 2018 (5) 1 Golden, CO 43,231 4,000 Dec 2018 (6) 15 Southern Virginia 1,640,252 167,000 19 2,174,637 $ 320,255 (1) Gross sale price includes purchase price adjustments, if any, excludes closing costs. (2) We recorded a $640 loss on impairment of real estate to reduce the carrying value of this property to its estimated fair value less costs to sell during the year ended December 31, 2018 . (3) We recorded a $17,249 gain on sale of real estate during the year ended December 31, 2018 as a result of this sale. (4) We recorded a loss on impairment of real estate of $3,029 to reduce the carrying value of this property to its estimated fair value less costs to sell during the year ended December 31, 2018 . (5) We recorded a $54 gain on sale of real estate during the year ended December 31, 2018 as a result of this sale. (6) We recorded a $3,358 gain on sale of real estate during the year ended December 31, 2018 as a result of this sale. The table below presents the components of income from discontinued operations for the years ended December 31, 2018, 2017 and 2016: Year Ended December 31, 2018 2017 2016 Equity in earnings of Select Income REIT $ 24,358 $ 21,584 $ 35,381 Net gain on issuance of shares by Select Income REIT 29 72 86 Loss on sale of Select Income REIT shares (18,665 ) — — Income (loss) from property discontinued operations — 173 (589 ) Income from discontinued operations $ 5,722 $ 21,829 $ 34,878 |
Schedule of future minimum lease payments related properties (excluding real estate tax and other expense reimbursements) | Our future minimum lease payments related to our consolidated properties 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, 2018 , including the properties acquired in the SIR Merger, are as follows: Year Minimum Lease Payments 2019 $ 569,874 2020 514,551 2021 479,401 2022 434,135 2023 383,695 Thereafter 1,236,540 $ 3,618,196 |
Schedule of minimum rental payments | Future minimum rental payments due under the lease, net of subleased revenue, as of December 31, 2018 are summarized as follows: Year Minimum Rental Payments 2019 $ 1,584 2020 1,627 2021 139 $ 3,350 |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | At December 31, 2018 and 2017 , our outstanding indebtedness consisted of the following: December 31, 2018 2017 Revolving credit facility, due in 2023 $ 175,000 $ 570,000 Unsecured term loan, due in 2020 300,000 300,000 Unsecured term loan, due in 2022 (1) 88,000 250,000 Senior unsecured notes, 3.750% interest rate, due in 2019 350,000 350,000 Senior unsecured notes, 3.600% interest rate, due in 2020 (2) 400,000 — Senior unsecured notes, 4.000% interest rate, due in 2022 300,000 300,000 Senior unsecured notes, 4.150% interest rate, due in 2022 (2) 300,000 — Senior unsecured notes, 4.250% interest rate, due in 2024 (2) 350,000 — Senior unsecured notes, 4.500% interest rate, due in 2025 (2) 400,000 — Senior unsecured notes, 5.875% interest rate, due in 2046 310,000 310,000 Mortgage note payable, 7.000% interest rate, due in 2019 (3) 7,939 8,221 Mortgage note payable, 5.720% interest rate, due in 2020 (3) 33,703 34,474 Mortgage note payable, 4.260% interest rate, due in 2020 (3)(4) — 3,173 Mortgage note payable, 4.160% interest rate, due in 2020 (2)(3) 40,772 — Mortgage note payable, 8.150% interest rate, due in 2021 (3) 2,912 4,045 Mortgage note payable, 5.877% interest rate, due in 2021 (3) 13,437 13,693 Mortgage note payable, 4.220% interest rate, due in 2022 (3) 27,210 27,870 Mortgage note payable, 3.550% interest rate, due in 2023 (2)(3) 71,000 — Mortgage note payable, 3.700% interest rate, due in 2023 (2)(3) 50,000 — Mortgage note payable, 4.800% interest rate, due in 2023 (3) 24,509 24,891 Mortgage note payable, 4.050% interest rate, due in 2030 (3) 66,780 66,780 3,311,262 2,263,147 Unamortized debt premiums, discounts and issuance costs (56,372 ) (18,055 ) $ 3,254,890 $ 2,245,092 (1) On December 18, 2018, we made a partial principal payment of $162,000 without penalty using proceeds from the sale of a property portfolio of 15 office buildings located in southern Virginia. As a result of this repayment, we recognized a loss on early extinguishment of debt of $625 for the year ended December 31, 2018 to write off a proportionate amount of unamortized debt issuance costs. On February 11, 2019, we repaid the remaining outstanding principal balance of $88,000 without penalty using proceeds from the sale of a property portfolio located in Northern Virginia and Maryland. (2) As described in Notes 1 and 5, in connection with the SIR Merger, we assumed all of SIR's outstanding senior unsecured notes and mortgage notes on December 31, 2018. (3) We assumed these mortgage notes in connection with our acquisitions of the encumbered 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 dates of acquisition, and we amortize the fair value premiums to interest expense over the respective terms of the mortgage notes to reduce interest expense to the estimated market interest rates as of the dates of acquisition. (4) This mortgage note was secured by a property in southern Virginia that was sold on December 14, 2018. The mortgage note was repaid at closing and we recognized a loss on early extinguishment of debt of $60 for the year ended December 31, 2018 . |
Schedule of required principal payments | The required principal payments due during the next five years and thereafter under all our outstanding consolidated debt as of December 31, 2018 are as follows: Year Principal Payment 2019 $ 362,054 2020 775,707 2021 14,420 2022 713,518 2023 318,783 Thereafter 1,126,780 $ 3,311,262 (1) (1) Total consolidated debt outstanding as of December 31, 2018 , net of unamortized premiums, discounts and issuance costs totaling $56,372 was $3,254,890 . |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured on a non-recurring basis at fair value, categorized by the level of inputs used in the valuation assets | The table below presents certain of our assets measured at fair value at December 31, 2018 , categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset: Fair Value at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Total (Level 1) (Level 2) (Level 3) Recurring Fair Value Measurements Assets: Investment in RMR Inc. (1) $ 148,680 $ 148,680 $ — $ — Non-Recurring Fair Value Measurements Assets: Assets of properties held for sale (2) $ 195,107 $ — $ 195,107 $ — (1) As of December 31, 2018, we owned 2,801,061 shares of class A common stock of RMR Inc., including 1,214,225 shares acquired in 2015 with a historical cost basis of $26,888 , and 1,586,836 shares acquired from SIR in the SIR Merger with a cost basis of $84,229 . Our shares of class A common stock of RMR Inc. are included in other assets in our consolidated balance sheets and are reported at fair value based on quoted market prices (Level 1 inputs as defined in the fair value hierarchy under GAAP). During the year ended December 31, 2018 , we recorded an unrealized loss of $7,552 for the shares acquired in 2015 to adjust our investment in RMR Inc. to its fair value. As discussed in Note 5, the shares we acquired from SIR in the SIR Merger were recorded at fair value on December 31, 2018. (2) We estimated the fair value of a property portfolio consisting of 34 buildings we agreed to sell located in Northern Virginia and Maryland at December 31, 2018 based on the selling price agreed to with a third party (Level 2 inputs as defined in the fair value hierarchy under GAAP). See Note 5 for further details. |
Schedule of fair value and carrying value of financial instruments | At December 31, 2018 and 2017, the fair values of our financial instruments approximated their carrying values in our consolidated financial statements, due to their short term nature or floating interest rates, except as follows: As of December 31, 2018 As of December 31, 2017 Financial Instrument Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior unsecured notes, 3.750% interest rate, due in 2019 $ 349,239 $ 348,903 $ 348,096 $ 354,993 Senior unsecured notes, 3.60% interest rate, due in 2020 399,146 399,146 — — Senior unsecured notes, 4.00% interest rate, due in 2022 296,735 295,047 295,812 302,655 Senior unsecured notes, 4.15% interest rate, due in 2022 296,736 296,736 — — Senior unsecured notes, 4.25% interest rate, due in 2024 337,736 337,736 — — Senior unsecured notes, 4.50% interest rate, due in 2025 377,329 377,329 — — Senior unsecured notes, 5.875% interest rate, due in 2046 300,576 274,288 300,232 320,416 Mortgage notes payable 335,241 336,365 183,100 186,542 Total $ 2,692,738 $ 2,665,550 $ 1,127,240 $ 1,164,606 (1) Includes unamortized debt premiums, discounts and issuance costs. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Summary of shares granted and vested under the terms of the entity's 2009 Plan | A summary of shares granted, forfeited, vested and unvested under the terms of the 2009 Plan for the years ended December 31, 2018 , 2017 and 2016 , is as follows: 2018 2017 2016 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 26,062 $78.24 24,743 $82.36 24,181 $80.44 Granted 19,925 $64.73 18,837 $77.44 16,475 $86.64 Forfeited (255 ) $52.96 — $— — $— Vested (18,634 ) $63.80 (17,518 ) $83.20 (15,913 ) $83.88 Unvested acquired in the SIR Merger (1) 28,223 $27.48 — $— — $— Unvested at end of year 55,321 $73.25 26,062 $78.24 24,743 $82.36 (1) Represents unvested shares granted under SIR's equity compensation plan that were converted at the Exchange Ratio into shares under the 2009 Plan, and which will have similar vesting requirements as shares granted under the 2009 Plan, as described in Note 1. |
Schedule of dividends | During the years ended December 31, 2018 , 2017 and 2016, we paid distributions on our common shares as follows: Annual Per Share Distribution Total Distribution Characterization of Distribution Year Return of Capital Ordinary Income Qualified Dividend 2018 $6.88 $ 170,566 68.60% 31.40% —% 2017 $6.88 $ 145,209 49.35% 50.65% —% 2016 $6.88 $ 122,366 36.21% 62.74% 1.05% |
Schedule of changes in each component of cumulative other comprehensive income (loss) | The following table presents changes in the amounts we recognized in cumulative other comprehensive income (loss) by component for the years ended December 31, 2018 , 2017 and 2016 : Unrealized Gain (Loss) on Investment in Equity Securities Equity in Unrealized Gains (Losses) of Investees (1) Total Balance at December 31, 2015 $ (9,391 ) $ (5,476 ) $ (14,867 ) Other comprehensive income before reclassifications 30,465 11,254 41,719 Amounts reclassified from cumulative other comprehensive income to net income — 105 105 Net current period other comprehensive income 30,465 11,359 41,824 Balance at December 31, 2016 21,074 5,883 26,957 Other comprehensive income before reclassifications 24,042 9,462 33,504 Amounts reclassified from cumulative other comprehensive income to net income — (34 ) (34 ) Net current period other comprehensive income 24,042 9,428 33,470 Balance at December 31, 2017 45,116 15,311 60,427 Amounts reclassified from cumulative other comprehensive income to cumulative net income (45,116 ) (15,165 ) (60,281 ) Balance at January 1, 2018 — 146 146 Other comprehensive income before reclassifications — (3 ) (3 ) Amounts reclassified from cumulative other comprehensive income to net income — (37 ) (37 ) Net current period other comprehensive income — (40 ) (40 ) Balance at December 31, 2018 $ — $ 106 $ 106 (1) Amounts reclassified from cumulative other comprehensive income (loss) to net income (loss) is included in equity in net earnings (losses) of investees in our consolidated statements of comprehensive income (loss). |
Equity Investment in Select I_2
Equity Investment in Select Income REIT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
SIR | |
Summarized Financial Data of Select Income Realty (SIR) | The following tables present summarized financial data of SIR: Condensed Consolidated Balance Sheet December 31, 2017 Real estate properties, net $ 3,905,616 Properties held for sale 5,829 Acquired real estate leases, net 477,577 Cash and cash equivalents 658,719 Rents receivable, net 127,672 Other assets, net 127,617 Total assets $ 5,303,030 ILPT revolving credit facility $ 750,000 Unsecured term loan, net 348,870 Senior unsecured notes, net 1,777,425 Mortgage notes payable, net 210,785 Assumed real estate lease obligations, net 68,783 Other liabilities 155,348 Total shareholders' equity 1,991,819 Total liabilities and shareholders' equity $ 5,303,030 Consolidated Statements of Income Nine Months Ended September 30, Year Ended December 31, REVENUES: 2018 2017 2016 Rental income $ 298,003 $ 392,285 $ 387,015 Tenant reimbursements and other income 60,514 75,818 74,992 Total revenues 358,517 468,103 462,007 EXPENSES: Real estate taxes 36,748 44,131 42,879 Other operating expenses 43,714 55,567 52,957 Depreciation and amortization 105,326 137,672 133,762 Acquisition and transaction related costs 3,796 1,075 306 General and administrative 47,353 54,909 28,632 Write-off of straight line rents, net 10,626 12,517 — Loss on asset impairment — 4,047 — Loss on impairment of real estate assets 9,706 229 5,484 Total expenses 257,269 310,147 264,020 Gain on sale of real estate 4,075 — — Dividend income 1,190 1,587 1,268 Unrealized gain on equity securities 53,159 — — Interest income 753 91 30 Interest expense (69,446 ) (92,870 ) (82,620 ) Loss on early extinguishment of debt (1,192 ) — — Income before income tax expense and equity in earnings of an investee 89,787 66,764 116,665 Income tax expense (446 ) (466 ) (448 ) Equity in earnings of an investee 882 608 137 Net income 90,223 66,906 116,354 Net income allocated to noncontrolling interest (15,841 ) — (33 ) Net income attributed to SIR $ 74,382 $ 66,906 $ 116,321 Weighted average common shares outstanding (basic) 89,395 89,351 89,304 Weighted average common shares outstanding (diluted) 89,411 89,370 $ 89,324 Net income attributed to SIR per common share (basic and diluted) $ 0.83 $ 0.75 $ 1.30 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of discontinued operations | Summarized income statement information for this property is as follows: Statements of Income (Loss) Year Ended December 31, 2017 2016 Rental income $ 17 $ 68 Real estate taxes (88 ) (97 ) Utility expenses (97 ) (146 ) Other operating expenses (202 ) (300 ) General and administrative (76 ) (114 ) Increase in carrying value of property included in discontinued operations 619 — Income (loss) from discontinued operations $ 173 $ (589 ) As of December 31, 2018 , we had 36 buildings with an aggregate undepreciated carrying value of $216,955 under agreement to sell in three separate transactions, as presented in the table below. We have classified these properties as held for sale in our consolidated balance sheet at December 31, 2018 . Date of Sale Agreement Number of Office Buildings Location Square Feet Gross Sale Price (1) Aug 2018 (2) 1 Washington, D.C. 129,035 $ 70,000 Sep 2018 (3) 34 Northern Virginia and Maryland 1,635,868 198,500 Nov 2018 (2)(4) 1 Kapolei, HI 416,956 7,100 36 2,181,859 $ 275,600 (1) Gross sale price includes purchase price adjustments, if any, excludes closing costs. (2) These pending sales are subject to conditions; accordingly, we cannot be sure that we will complete these sales or that these sales will not be delayed or their terms will not change. (3) We recorded a $2,830 loss on impairment of real estate to reduce the carrying value of these buildings to their estimated fair value less costs to sell during the year ended December 31, 2018 . On February 8, 2019, we completed the sale of these buildings. (4) Represents a land parcel acquired from SIR in the SIR Merger. As a result, the results of operations of these properties are included in continuing operations through the date of sale in our consolidated statements of income (loss). Date of Sale Number of Office Buildings Location Square Feet Gross Sale Price (1) Mar 2018 (2) 1 Minneapolis, MN 193,594 $ 20,000 May 2018 (3) 1 New York, NY 187,060 118,500 May 2018 (4) 1 Sacramento, CA 110,500 10,755 Nov 2018 (5) 1 Golden, CO 43,231 4,000 Dec 2018 (6) 15 Southern Virginia 1,640,252 167,000 19 2,174,637 $ 320,255 (1) Gross sale price includes purchase price adjustments, if any, excludes closing costs. (2) We recorded a $640 loss on impairment of real estate to reduce the carrying value of this property to its estimated fair value less costs to sell during the year ended December 31, 2018 . (3) We recorded a $17,249 gain on sale of real estate during the year ended December 31, 2018 as a result of this sale. (4) We recorded a loss on impairment of real estate of $3,029 to reduce the carrying value of this property to its estimated fair value less costs to sell during the year ended December 31, 2018 . (5) We recorded a $54 gain on sale of real estate during the year ended December 31, 2018 as a result of this sale. (6) We recorded a $3,358 gain on sale of real estate during the year ended December 31, 2018 as a result of this sale. The table below presents the components of income from discontinued operations for the years ended December 31, 2018, 2017 and 2016: Year Ended December 31, 2018 2017 2016 Equity in earnings of Select Income REIT $ 24,358 $ 21,584 $ 35,381 Net gain on issuance of shares by Select Income REIT 29 72 86 Loss on sale of Select Income REIT shares (18,665 ) — — Income (loss) from property discontinued operations — 173 (589 ) Income from discontinued operations $ 5,722 $ 21,829 $ 34,878 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following is a summary of our unaudited quarterly results of operations for 2018 and 2017 . 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Rental income $ 108,717 $ 108,085 $ 106,102 $ 103,656 Net income (loss) available for common shareholders $ 6,287 $ 29,602 $ (449 ) $ (57,695 ) Net income (loss) available for common shareholders per common share (basic and diluted) $ 0.25 $ 1.20 $ (0.02 ) $ (2.31 ) Common distributions declared $ 1.72 $ 1.72 $ 1.72 $ 1.72 2017 First Second Third Fourth Rental income $ 69,296 $ 69,887 $ 70,179 $ 107,170 Net income (loss) available for common shareholders $ 7,415 $ 11,677 $ 10,989 $ (18,266 ) Net income (loss) available for common shareholders per common share (basic and diluted) $ 0.42 $ 0.66 $ 0.45 $ (0.74 ) Common distributions declared $ 1.72 $ 1.72 $ 1.72 $ 1.72 |
Organization (Details)
Organization (Details) $ / shares in Units, $ in Thousands | Dec. 31, 2018USD ($)ft²buildingstateproperty$ / sharesshares | Dec. 27, 2018shares | Oct. 09, 2018USD ($)$ / sharesshares | Sep. 14, 2018ft² | Oct. 02, 2017USD ($)ft² | Jul. 05, 2017$ / sharesshares | Dec. 31, 2018USD ($)ft²buildingstateproperty$ / sharesshares | Dec. 30, 2018$ / sharesshares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2016ft² |
Real Estate Properties [Line Items] | ||||||||||
Rentable area of properties (in square feet) | ft² | 830,185 | |||||||||
Number of properties, noncontrolling interest | property | 2 | |||||||||
Number of buildings, noncontrolling interest | building | 3 | |||||||||
Common shares of beneficial interest, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.04 | $ 0.01 | ||||||
Reverse stock split ratio | 0.25 | |||||||||
Common shares of beneficial interest, shares outstanding | shares | 48,082,903 | 48,082,903 | 192,331,612 | 24,786,479 | ||||||
Continuing operations | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of buildings | building | 247 | 247 | ||||||||
Number of states in which owned properties located | state | 38 | 38 | ||||||||
Rentable area of properties (in square feet) | ft² | 31,900,000 | 31,900,000 | ||||||||
First Potomac Realty Trust | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Rentable area of properties (in square feet) | ft² | 400,000 | 6,000,000 | 400,000 | |||||||
Number of properties, noncontrolling interest | property | 2 | |||||||||
Number of buildings, noncontrolling interest | building | 3 | |||||||||
Long term debt acquired | $ 167,936 | |||||||||
Purchase price | 1,370,888 | |||||||||
Liabilities assumed | $ 483,000 | |||||||||
SIR | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Rentable area of properties (in square feet) | ft² | 16,500,000 | 16,500,000 | 16,500,000 | |||||||
Share conversion ratio | shares | 1.04 | 1.04 | ||||||||
Common shares of beneficial interest, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||
Share price (in dollars per share) | $ / shares | $ 6.87 | $ 6.87 | ||||||||
Purchase price | $ 2,415,053 | |||||||||
Transaction costs | $ 27,497 | 27,497 | ||||||||
Payment transaction costs | $ 14,508 | |||||||||
Liabilities assumed | $ 1,719,772 | |||||||||
Number of properties acquired | property | 99 | 99 | ||||||||
Common Shares | SIR | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Share price (in dollars per share) | $ / shares | $ 27.48 | $ 27.48 | ||||||||
Underwritten Public Offering | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of shares sold (in shares) | shares | 6,250,000 | |||||||||
Sale of stock (in dollars per share) | $ / shares | $ 74 | |||||||||
Underwritten Public Offering | Common Shares | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of shares sold (in shares) | shares | 24,918,421 | |||||||||
Sale of stock (in dollars per share) | $ / shares | $ 18.25 | |||||||||
Proceeds from sale fo stock | $ 435,125 | |||||||||
SIR | SIR | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Payment transaction costs | $ 12,989 | |||||||||
Industrial Logistics Properties Trust | SIR | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Shares owned (in shares) | shares | 45,000,000 | |||||||||
Senior unsecured notes | SIR | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Long term debt acquired | $ 1,410,947 | $ 1,410,947 | ||||||||
3.60% Senior Notes Due 2020 | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Interest rate (as a percent) | 3.60% | 3.60% | ||||||||
3.60% Senior Notes Due 2020 | Senior unsecured notes | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Interest rate (as a percent) | 3.60% | 3.60% | ||||||||
3.60% Senior Notes Due 2020 | Senior unsecured notes | SIR | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Long term debt acquired | $ 400,000 | $ 400,000 | ||||||||
Interest rate (as a percent) | 3.60% | 3.60% | ||||||||
4.15% Senior Notes Due 2022 | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Interest rate (as a percent) | 4.15% | 4.15% | ||||||||
4.15% Senior Notes Due 2022 | Senior unsecured notes | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Interest rate (as a percent) | 4.15% | 4.15% | ||||||||
4.15% Senior Notes Due 2022 | Senior unsecured notes | SIR | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Long term debt acquired | $ 300,000 | $ 300,000 | ||||||||
Interest rate (as a percent) | 4.15% | 4.15% | ||||||||
4.25% Senior Notes Due 2024 | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Interest rate (as a percent) | 4.25% | 4.25% | ||||||||
4.25% Senior Notes Due 2024 | Senior unsecured notes | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Interest rate (as a percent) | 4.25% | 4.25% | ||||||||
4.25% Senior Notes Due 2024 | Senior unsecured notes | SIR | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Long term debt acquired | $ 350,000 | $ 350,000 | ||||||||
Interest rate (as a percent) | 4.25% | 4.25% | ||||||||
4.50% Senior Notes Due 2025 | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Interest rate (as a percent) | 4.50% | 4.50% | ||||||||
4.50% Senior Notes Due 2025 | Senior unsecured notes | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Interest rate (as a percent) | 4.50% | 4.50% | ||||||||
4.50% Senior Notes Due 2025 | Senior unsecured notes | SIR | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Long term debt acquired | $ 400,000 | $ 400,000 | ||||||||
Interest rate (as a percent) | 4.50% | 4.50% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Real Estate Properties (Details) - USD ($) $ in Thousands | Oct. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate [Line Items] | ||||
Net decreases to rental income from amortization of capitalized above market and below market leases | $ 2,903 | $ 2,764 | $ 1,457 | |
Amortization of the value of leases | $ 94,375 | 56,174 | 29,003 | |
Below market, acquired lease amortization period | 3 years 9 months 18 days | 5 years 8 months | ||
Minimum | Buildings and improvements | ||||
Real Estate [Line Items] | ||||
Estimated useful lives | 7 years | |||
Maximum | Buildings and improvements | ||||
Real Estate [Line Items] | ||||
Estimated useful lives | 40 years | |||
Weighted Average | ||||
Real Estate [Line Items] | ||||
Below market, acquired lease amortization period | 5 years 9 months 18 days | |||
Original value lease | ||||
Real Estate [Line Items] | ||||
Amortization of the value of leases | $ 91,472 | $ 53,410 | $ 27,546 | |
Original value lease | Weighted Average | ||||
Real Estate [Line Items] | ||||
Acquired lease amortization period | 6 years 10 months 24 days | |||
Above market lease | Weighted Average | ||||
Real Estate [Line Items] | ||||
Acquired lease amortization period | 5 years 4 months 24 days | |||
Continuing operations | ||||
Projected future amortization of net intangible lease assets and liabilities, excluding those classified as discontinued operations | ||||
2,019 | $ 203,554 | |||
2,020 | 180,025 | |||
2,021 | 153,089 | |||
2,022 | 136,515 | |||
2,023 | 112,524 | |||
Thereafter | $ 250,820 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Real Estate Assets and Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate [Line Items] | ||
Acquired real estate leases, net | $ 1,056,558 | $ 351,872 |
Capitalized below market lease values | 31,091 | 25,973 |
Less: accumulated amortization | (11,060) | (12,338) |
Assumed real estate lease obligations, net | 20,031 | 13,635 |
Above market lease | ||
Real Estate [Line Items] | ||
Real estate leases | 62,260 | 46,096 |
Less: accumulated amortization | (20,956) | (27,259) |
Acquired real estate leases, net | 41,304 | 18,837 |
Original value lease | ||
Real Estate [Line Items] | ||
Real estate leases | 1,168,979 | 472,928 |
Less: accumulated amortization | (153,725) | (139,893) |
Acquired real estate leases, net | $ 1,015,254 | $ 333,035 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Leasing and Financing Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Future amortization of deferred leasing costs, excluding those classified as discontinued operations | ||
Deferred financing fees, net | $ 12,888 | $ 15,750 |
Future amortization of deferred financing fees | ||
2,019 | 2,890 | |
2,020 | 2,189 | |
2,021 | 2,049 | |
2,022 | 1,725 | |
2,023 | 406 | |
Thereafter | 7,705 | |
Continuing operations | ||
Debt Instrument [Line Items] | ||
Deferred leasing costs, gross | 38,840 | 32,990 |
Accumulated amortization of deferred leasing costs | 13,168 | 10,013 |
Future amortization of deferred leasing costs, excluding those classified as discontinued operations | ||
2,019 | 4,925 | |
2,020 | 4,215 | |
2,021 | 3,599 | |
2,022 | 2,902 | |
2,023 | 2,363 | |
Thereafter | 7,668 | |
Unsecured revolving credit facility | ||
Debt Instrument [Line Items] | ||
Deferred financing fees, gross | 4,125 | 5,234 |
Future amortization of deferred leasing costs, excluding those classified as discontinued operations | ||
Accumulated amortization of deferred financing fees | $ 49 | $ 3,849 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Equity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 05, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | |||||
Common shares owned in RMR Inc. | 2,801,061 | 2,801,061 | 1,214,225 | ||
SIR | |||||
Related Party Transaction [Line Items] | |||||
Shares acquired (in shares) | 1,586,836 | ||||
Purchase price | $ 2,415,053 | ||||
RMR Inc | |||||
Related Party Transaction [Line Items] | |||||
Purchase price | $ 17,462 | ||||
Initial other liabilities | $ 18,493 | ||||
Class A common shares | SIR | |||||
Related Party Transaction [Line Items] | |||||
Shares acquired (in shares) | 1,586,836 | ||||
Class A common shares | RMR Inc | |||||
Related Party Transaction [Line Items] | |||||
Shares acquired (in shares) | 1,541,201 | ||||
Cost method investment | $ 39,833 | ||||
RMR Inc | |||||
Related Party Transaction [Line Items] | |||||
Recognized amortization of the liability | 1,087 | ||||
Amortization of liability, 2019 | 1,087 | ||||
Amortization of liability, 2020 | 1,087 | ||||
Amortization of liability, 2021 | 1,087 | ||||
Amortization of liability, 2022 | 1,087 | ||||
Amortization of liability, 2023 | 1,087 | ||||
Amortization of liability, thereafter | $ 13,058 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands | Oct. 02, 2017buildingjoint_venture | Dec. 31, 2018USD ($)segmentbuildingjoint_venture$ / shares | Dec. 31, 2017USD ($)joint_venture$ / shares | Dec. 31, 2016USD ($) | Dec. 30, 2018$ / shares |
Schedule of Equity Method Investments [Line Items] | |||||
Number of joint ventures | joint_venture | 2 | ||||
Increase in rental income to record revenue on straight line basis | $ 10,164 | $ 5,582 | $ 2,691 | ||
Common shares of beneficial interest, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.04 | ||
Number of business segments | segment | 1 | ||||
First Potomac Realty Trust | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of joint ventures | joint_venture | 2 | 2 | |||
Number of buildings | building | 3 | 3 | |||
Joint Venture Property 1 | First Potomac Realty Trust | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of ownership interest | 50.00% | 50.00% | |||
Joint Venture Property 2 | First Potomac Realty Trust | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of ownership interest | 51.00% | 51.00% | |||
Unconsolidated Joint Ventures | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of buildings | building | 3 | ||||
Mortgage indebtedness | $ 82,000 | ||||
Continuing operations | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of buildings | building | 247 | ||||
Increase in rental income to record revenue on straight line basis | $ 10,164 | $ 5,582 | $ 2,691 | ||
Straight line rent receivables | $ 34,006 | $ 27,267 |
Weighted Average Common Share A
Weighted Average Common Share Amounts (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share, Basic and Diluted [Abstract] | |||
Weighted average common shares for basic earnings per share (in shares) | 24,830 | 21,158 | 17,763 |
Effect of dilutive securities: unvested share awards (in shares) | 0 | 0 | 5 |
Weighted average common shares for diluted earnings per share (in shares) | 24,830 | 21,158 | 17,768 |
Antidilutive securities | 4 | 5 |
New Accounting Pronouncements (
New Accounting Pronouncements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred gain on sale of real estate | $ 712 | ||
Unrealized gain on investment in available for sale securities | $ 0 | 24,042 | $ 30,465 |
Equity in net earnings (losses) of investees | (2,269) | (13) | 137 |
Increase (decrease) in cash from operating activities | $ 144,916 | 137,554 | 126,722 |
ASU 2016-01 | Cumulative Other Comprehensive Income (Loss) | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Unrealized gain on investment in available for sale securities | 45,116 | ||
ASU 2016-15 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accretion of equity in earnings | (2,944) | (2,956) | |
ASU 2016-18 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Increase (decrease) in cash from operating activities | (1,563) | $ 492 | |
SIR and AIC | ASU 2016-01 | Cumulative Other Comprehensive Income (Loss) | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Equity in net earnings (losses) of investees | $ 15,165 |
Real Estate Properties - Additi
Real Estate Properties - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)ft²leasebuildingproperty | |
Real Estate Properties [Line Items] | |
Number of properties, noncontrolling interest | property | 2 |
Number of buildings, noncontrolling interest | building | 3 |
Number of leases entered | lease | 128 |
Rentable square feet (in sqft) | ft² | 1,382,821 |
Weighted average lease term | 6 years 10 months |
Expenditures committed on leases | $ 37,135 |
Committed but unspent tenant related obligations estimated | $ 58,380 |
Continuing operations | |
Real Estate Properties [Line Items] | |
Number of buildings | building | 247 |
Carrying value | $ 4,161,591 |
Real Estate Properties - Merger
Real Estate Properties - Merger with Select Income REIT (Details) $ in Thousands | Oct. 02, 2017 | Dec. 31, 2018USD ($)ft²property | Sep. 14, 2018ft² | Dec. 31, 2016ft² |
Business Acquisition [Line Items] | ||||
Rentable area of properties (in square feet) | ft² | 830,185 | |||
Below market, acquired lease amortization period | 3 years 9 months 18 days | 5 years 8 months | ||
SIR | ||||
Business Acquisition [Line Items] | ||||
Number of properties acquired | property | 99 | |||
Rentable area of properties (in square feet) | ft² | 16,500,000 | 16,500,000 | ||
Purchase price | $ | $ 2,415,053 | |||
Liabilities assumed | $ | $ 1,719,772 | |||
Above market lease | ||||
Business Acquisition [Line Items] | ||||
Weighted average amortization period, assets acquired | 3 years 2 months 12 days | 5 years 9 months | ||
Lease origination value | ||||
Business Acquisition [Line Items] | ||||
Weighted average amortization period, assets acquired | 3 years 1 month 6 days | 7 years 2 months |
Real Estate Properties - Assets
Real Estate Properties - Assets and Liabilities (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Total Purchase Price: | ||||
Acquisition related costs | $ (14,508) | $ 0 | $ (1,191) | |
Acquired net working capital | 30,483 | (1,596) | 0 | |
Purchase Price Allocation: | ||||
Land | 14,790 | |||
Acquired net working capital | $ 30,483 | $ (1,596) | $ 0 | |
SIR | ||||
Total Purchase Price: | ||||
Closing price of OPI common shares on December 31, 2018 (in dollars per share) | $ 6.87 | |||
Cash consideration | $ 8 | |||
Equity issuance costs | (239) | |||
Total cash consideration | 639,578 | |||
Acquired net working capital | 55,703 | |||
SIR unsecured revolving credit facility repaid at closing | 108,000 | |||
Non-cash portion of purchase price | 1,775,475 | |||
Gross purchase price | 2,415,053 | |||
Purchase Price Allocation: | ||||
Land | 475,893 | |||
Buildings and improvements | 960,286 | |||
Assets of properties held for sale | 7,022 | |||
Acquired real estate leases | 858,121 | |||
Cash | 24,744 | |||
Restricted cash | 476 | |||
Rents receivable, net | 11,389 | |||
Other assets | 89,188 | |||
Total assets | 2,427,119 | |||
Assumed real estate lease obligations | (11,833) | |||
Due to related persons | (30,120) | |||
Accounts payable and accrued expenses | (67,151) | |||
Net assets acquired | 639,578 | |||
Acquired net working capital | 55,703 | |||
Gross purchase price | 2,415,053 | |||
First Potomac Realty Trust | ||||
Total Purchase Price: | ||||
Cash consideration | $ 1,175,140 | |||
Acquisition related costs | 9,575 | |||
Total cash consideration | 1,184,715 | |||
Preferred units of limited partnership issued | 20,221 | |||
Acquired net working capital | (1,596) | |||
Assumed mortgage notes | 167,548 | |||
Non-cash portion of purchase price | 186,173 | |||
Gross purchase price | 1,370,888 | |||
Purchase Price Allocation: | ||||
Land | 360,909 | |||
Buildings and improvements | 681,340 | |||
Acquired real estate leases | 283,498 | |||
Investment in unconsolidated joint ventures | 51,305 | |||
Cash | 11,191 | |||
Restricted cash | 1,018 | |||
Rents receivable | 2,672 | |||
Other assets | 3,640 | |||
Total assets | 1,395,573 | |||
Long term debt acquired | (167,936) | |||
Assumed real estate lease obligations | (5,776) | |||
Accounts payable and accrued expenses | (10,640) | |||
Rents collected in advance | (1,436) | |||
Security deposits | (4,849) | |||
Net assets acquired | 1,204,936 | |||
Acquired net working capital | (1,596) | |||
Assumed mortgage notes | 167,548 | |||
Gross purchase price | $ 1,370,888 | |||
Unsecured revolving credit facility | SIR | ||||
Purchase Price Allocation: | ||||
Long term debt acquired | (108,000) | |||
Senior unsecured notes | SIR | ||||
Total Purchase Price: | ||||
Assumed mortgage notes | 1,450,000 | |||
Purchase Price Allocation: | ||||
Long term debt acquired | (1,410,947) | |||
Assumed mortgage notes | 1,450,000 | |||
Face amount | 1,450,000 | |||
Mortgage note payable | SIR | ||||
Total Purchase Price: | ||||
Assumed mortgage notes | 161,772 | |||
Purchase Price Allocation: | ||||
Long term debt acquired | (159,490) | |||
Assumed mortgage notes | 161,772 | |||
Face amount | $ 161,772 | |||
Common Shares | SIR | ||||
Total Purchase Price: | ||||
OPI common shares issued | 23,282,704 | |||
Closing price of OPI common shares on December 31, 2018 (in dollars per share) | $ 27.48 | |||
Value of consideration transferred | $ 639,809 | |||
RMR LLC | SIR | ||||
Purchase Price Allocation: | ||||
Investment at fair value | $ 84,229 |
Real Estate Properties - FPO Tr
Real Estate Properties - FPO Transaction (Details) $ / shares in Units, $ in Thousands | Oct. 02, 2017USD ($)ft²buildingjoint_ventureproperty | Dec. 31, 2018ft²buildingjoint_venture | Dec. 31, 2017USD ($)joint_venture | May 01, 2018USD ($)$ / sharesshares | Dec. 31, 2016ft² |
Business Acquisition [Line Items] | |||||
Rentable area of properties (in square feet) | ft² | 830,185 | ||||
Number of joint ventures | joint_venture | 2 | ||||
Below market, acquired lease amortization period | 3 years 9 months 18 days | 5 years 8 months | |||
First Potomac Realty Trust | |||||
Business Acquisition [Line Items] | |||||
Number of buildings acquired | building | 72 | ||||
Rentable area of properties (in square feet) | ft² | 6,000,000 | 400,000 | |||
Number of joint ventures | joint_venture | 2 | ||||
Purchase price | $ 1,370,888 | ||||
Cash consideration | 1,175,140 | ||||
Repayment of debt assumed | 483,000 | ||||
Mortgage notes payable | $ 167,936 | ||||
First Potomac Realty Trust | |||||
Business Acquisition [Line Items] | |||||
Number of joint ventures | joint_venture | 2 | 2 | |||
Number of buildings | building | 3 | 3 | |||
First Potomac Realty Trust | First Potomac Realty Trust | |||||
Business Acquisition [Line Items] | |||||
Rentable area of properties (in square feet) | ft² | 400,000 | ||||
Joint Venture Property 1 | First Potomac Realty Trust | |||||
Business Acquisition [Line Items] | |||||
Percentage of ownership interest | 50.00% | 50.00% | |||
Joint Venture Property 2 | First Potomac Realty Trust | |||||
Business Acquisition [Line Items] | |||||
Percentage of ownership interest | 51.00% | 51.00% | |||
Mortgage note payable | FPO Mortgage | First Potomac Realty Trust | |||||
Business Acquisition [Line Items] | |||||
Mortgage notes payable | $ 167,548 | ||||
Fair value adjustment | 388 | ||||
Fair value of debt | 167,936 | ||||
Mortgage note payable | Joint Venture Mortgage | First Potomac Realty Trust | |||||
Business Acquisition [Line Items] | |||||
Mortgage notes payable | $ 82,000 | ||||
Number of properties collateralized | property | 2 | ||||
FPO Shareholders | First Potomac Realty Trust | |||||
Business Acquisition [Line Items] | |||||
Cash consideration | $ 651,696 | ||||
Above market lease | |||||
Business Acquisition [Line Items] | |||||
Weighted average amortization period, assets acquired | 3 years 2 months 12 days | 5 years 9 months | |||
Lease origination value | |||||
Business Acquisition [Line Items] | |||||
Weighted average amortization period, assets acquired | 3 years 1 month 6 days | 7 years 2 months | |||
Series A Cumulative Preferred Units | |||||
Business Acquisition [Line Items] | |||||
Preferred stock percentage | 5.50% | ||||
Preferred stock carrying value | $ 20,496 | ||||
Shares outstanding (in units) | shares | 1,813,504 | ||||
Redemption percentage | 5.50% | ||||
Redemption price (in dollars per share) | $ / shares | $ 11.15 | ||||
Redemption amount | $ 20,310 |
Real Estate Properties - Pro Fo
Real Estate Properties - Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||
Rental income | $ 758,596 | $ 746,801 | |
Net loss | $ (87,240) | $ (74,556) | |
Net income per share (in dollars per share) | $ (1.82) | $ (1.55) | |
Equity in losses from our unconsolidated joint ventures | $ (2,269) | $ (13) | $ 137 |
Acquisition-related costs | |||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||
Decrease revenues | 152,735 | 156,506 | |
Decrease (increase) net income (loss) | $ 46,237 | 64,661 | |
FPO Transaction | |||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||
Revenue since acquisition | 36,722 | ||
Operating income since acquisition | 3,230 | ||
Equity in losses from our unconsolidated joint ventures | (621) | ||
FPO Transaction | Acquisition-related costs | |||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||
Decrease revenues | 804 | ||
Decrease (increase) net income (loss) | $ 47,019 |
Real Estate Properties - Schedu
Real Estate Properties - Schedule of Joint Ventures (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)ft²buildingjoint_venture | Dec. 31, 2017USD ($) | Dec. 31, 2016ft² | |
Real Estate [Line Items] | |||
Number of joint ventures | joint_venture | 2 | ||
Square Feet (in square feet) | ft² | 830,185 | ||
Unconsolidated Joint Ventures | |||
Real Estate [Line Items] | |||
Investment at carrying value | $ 43,665 | $ 50,202 | |
Number of Office Buildings | building | 3 | ||
Square Feet (in square feet) | ft² | 443,867 | ||
Interest rate (as a percent) | 3.93% | ||
Principal Balance | $ 82,000 | ||
Unamortized basis difference | $ 8,442 | ||
Unconsolidated Joint Ventures | Prosperity Metro Plaza | |||
Real Estate [Line Items] | |||
OPI Ownership | 51.00% | ||
Investment at carrying value | $ 23,969 | 27,888 | |
Number of Office Buildings | building | 2 | ||
Square Feet (in square feet) | ft² | 328,456 | ||
Interest rate (as a percent) | 4.09% | ||
Principal Balance | $ 50,000 | ||
Unconsolidated Joint Ventures | 1750 H Street, NW | |||
Real Estate [Line Items] | |||
OPI Ownership | 50.00% | ||
Investment at carrying value | $ 19,696 | $ 22,314 | |
Number of Office Buildings | building | 1 | ||
Square Feet (in square feet) | ft² | 115,411 | ||
Interest rate (as a percent) | 3.69% | ||
Principal Balance | $ 32,000 |
Real Estate Properties - Acquis
Real Estate Properties - Acquisition Activities (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2017USD ($) | Jan. 31, 2017USD ($)ft² | Dec. 31, 2017USD ($)ft²building | Dec. 31, 2016USD ($)ft²building | |
Real Estate Properties [Line Items] | ||||
Rentable area of properties (in square feet) | ft² | 830,185 | |||
Purchase price | $ 199,304 | |||
Land | 14,790 | |||
Buildings and Improvements | 145,006 | |||
Other Assumed Assets | $ 2,167 | |||
Manassas, VA | ||||
Real Estate Properties [Line Items] | ||||
Rentable area of properties (in square feet) | ft² | 69,374 | 69,374 | ||
Percentage of property lease | 100.00% | |||
Capitalized transaction costs | $ 37 | |||
Purchase price | $ 12,657 | $ 12,657 | ||
Land | 1,562 | |||
Buildings and Improvements | 8,253 | |||
Other Assumed Assets | $ 2,842 | |||
Office Building | ||||
Real Estate Properties [Line Items] | ||||
Number of buildings acquired | building | 5 | |||
Office Building | Manassas, VA | ||||
Real Estate Properties [Line Items] | ||||
Number of buildings acquired | building | 1 | |||
Transferable Development Rights | Washington, D.C. | ||||
Real Estate Properties [Line Items] | ||||
Payments to acquire transferable development rights | $ 2,030 |
Real Estate Properties - 2016 A
Real Estate Properties - 2016 Acquisition Activities (Details) $ in Thousands | Jul. 06, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)ft²building |
Business Acquisition [Line Items] | ||||
Rentable area of properties (in square feet) | ft² | 830,185 | |||
Purchase price | $ 199,304 | |||
Land | 14,790 | |||
Buildings and Improvements | 145,006 | |||
Other Assumed Assets | 2,167 | |||
Acquired Leases | 37,928 | |||
Acquired Lease Obligations | 587 | |||
Acquisition and transaction related costs | $ 14,508 | $ 0 | $ 1,191 | |
Office Building | ||||
Business Acquisition [Line Items] | ||||
Number of buildings acquired | building | 5 | |||
Sacramento, CA | ||||
Business Acquisition [Line Items] | ||||
Number of buildings acquired | building | 1 | |||
Rentable area of properties (in square feet) | ft² | 337,811 | |||
Purchase price | $ 79,508 | |||
Land | 4,688 | |||
Buildings and Improvements | 61,995 | |||
Other Assumed Assets | 2,167 | |||
Acquired Leases | 11,245 | |||
Acquired Lease Obligations | 587 | |||
Atlanta, GA | ||||
Business Acquisition [Line Items] | ||||
Purchase price | 1,670 | |||
Land | $ 1,670 | |||
Atlanta, GA | Land | ||||
Business Acquisition [Line Items] | ||||
Purchase price | $ 1,623 | |||
Acquisition and transaction related costs | $ 47 | |||
Rancho Cordova, CA | ||||
Business Acquisition [Line Items] | ||||
Number of buildings acquired | building | 1 | |||
Rentable area of properties (in square feet) | ft² | 82,896 | |||
Purchase price | $ 13,943 | |||
Land | 1,466 | |||
Buildings and Improvements | 8,797 | |||
Acquired Leases | $ 3,680 | |||
Chantilly, VA | ||||
Business Acquisition [Line Items] | ||||
Number of buildings acquired | building | 3 | |||
Rentable area of properties (in square feet) | ft² | 409,478 | |||
Purchase price | $ 104,183 | |||
Land | 6,966 | |||
Buildings and Improvements | 74,214 | |||
Acquired Leases | 23,003 | |||
Acquired Lease Obligations | $ 0 |
Real Estate Properties - 2018_2
Real Estate Properties - 2018/2017 Disposition Activities (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Oct. 31, 2017USD ($)ft²property | Aug. 31, 2017USD ($)ft²property | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($)ft²building | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)ft² | Feb. 28, 2018ft²property | |
Real Estate Properties [Line Items] | ||||||||
Rentable area of properties (in square feet) | ft² | 830,185 | |||||||
Net book value | $ 3,569,489 | $ 2,633,873 | ||||||
Loss on impairment of real estate | 8,630 | 9,490 | $ 0 | |||||
Gain on sale of real estate | 20,661 | 0 | $ 79 | |||||
Properties held for sale | $ 253,501 | 0 | ||||||
Sacramento, CA | ||||||||
Real Estate Properties [Line Items] | ||||||||
Rentable area of properties (in square feet) | ft² | 337,811 | |||||||
Discontinued Operations, Held-for-sale | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of buildings | building | 36 | |||||||
Rentable area of properties (in square feet) | ft² | 2,181,859 | |||||||
Aggregate sale price of properties sold, excluding closing costs | $ 275,600 | |||||||
Properties held for sale | $ 216,955 | |||||||
Discontinued Operations, Held-for-sale | District of Columbia | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of buildings | building | 1 | |||||||
Rentable area of properties (in square feet) | ft² | 129,035 | |||||||
Aggregate sale price of properties sold, excluding closing costs | $ 70,000 | |||||||
Discontinued Operations, Held-for-sale | Northern Virginia and Maryland | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of buildings | building | 34 | |||||||
Rentable area of properties (in square feet) | ft² | 1,635,868 | |||||||
Aggregate sale price of properties sold, excluding closing costs | $ 198,500 | |||||||
Loss on impairment of real estate | $ 2,830 | |||||||
Discontinued Operations, Held-for-sale | Kapolei, HI | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of buildings | building | 1 | |||||||
Rentable area of properties (in square feet) | ft² | 416,956 | |||||||
Aggregate sale price of properties sold, excluding closing costs | $ 7,100 | |||||||
Discontinued operations | Falls Church, VA | ||||||||
Real Estate Properties [Line Items] | ||||||||
Rentable area of properties (in square feet) | ft² | 164,746 | |||||||
Net book value | $ 12,901 | |||||||
Number of properties | property | 1 | |||||||
Office Building | Disposal Group, Disposed of by Sale | One building | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of buildings | building | 19 | |||||||
Rentable area of properties (in square feet) | ft² | 2,174,637 | |||||||
Aggregate sale price of properties sold, excluding closing costs | $ 320,255 | |||||||
Office Building | Disposal Group, Disposed of by Sale | Minneapolis, NM | One building | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of buildings | building | 1 | |||||||
Rentable area of properties (in square feet) | ft² | 193,594 | |||||||
Aggregate sale price of properties sold, excluding closing costs | $ 20,000 | |||||||
Loss on impairment of real estate | $ 640 | |||||||
Number of properties | property | 1 | |||||||
Office Building | Disposal Group, Disposed of by Sale | New York, NY | One building | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of buildings | building | 1 | |||||||
Rentable area of properties (in square feet) | ft² | 187,060 | |||||||
Aggregate sale price of properties sold, excluding closing costs | $ 118,500 | |||||||
Gain on sale of real estate | $ 17,249 | |||||||
Office Building | Disposal Group, Disposed of by Sale | Sacramento, CA | One building | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of buildings | building | 1 | |||||||
Rentable area of properties (in square feet) | ft² | 110,500 | |||||||
Aggregate sale price of properties sold, excluding closing costs | $ 10,755 | |||||||
Loss on impairment of real estate | $ 3,029 | |||||||
Number of properties | property | 1 | |||||||
Office Building | Disposal Group, Disposed of by Sale | Golden, CO | One building | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of buildings | building | 1 | |||||||
Rentable area of properties (in square feet) | ft² | 43,231 | |||||||
Aggregate sale price of properties sold, excluding closing costs | $ 4,000 | |||||||
Gain on sale of real estate | $ 54 | |||||||
Office Building | Disposal Group, Disposed of by Sale | Southern Virginia | One building | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of buildings | building | 15 | |||||||
Rentable area of properties (in square feet) | ft² | 1,640,252 | |||||||
Aggregate sale price of properties sold, excluding closing costs | $ 167,000 | |||||||
Gain on sale of real estate | $ 3,358 | |||||||
Office Building | Disposal Group, Disposed of by Sale | Safford, AZ | One building | ||||||||
Real Estate Properties [Line Items] | ||||||||
Rentable area of properties (in square feet) | ft² | 36,139 | |||||||
Aggregate sale price of properties sold, excluding closing costs | 8,250 | |||||||
Loss on impairment of real estate | $ 2,453 | |||||||
Number of properties | property | 1 | |||||||
Fair value adjustment | $ 322 | |||||||
Office Building | Disposal Group, Disposed of by Sale | Albuquerque, NM | One building | ||||||||
Real Estate Properties [Line Items] | ||||||||
Rentable area of properties (in square feet) | ft² | 29,045 | |||||||
Aggregate sale price of properties sold, excluding closing costs | $ 2,000 | |||||||
Net book value | $ 1,885 | |||||||
Loss on impairment of real estate | 230 | |||||||
Number of properties | property | 1 | |||||||
Office Building | Discontinued operations | Falls Church, VA | One building | ||||||||
Real Estate Properties [Line Items] | ||||||||
Rentable area of properties (in square feet) | ft² | 164,746 | |||||||
Aggregate sale price of properties sold, excluding closing costs | $ 13,523 | |||||||
Net book value | $ 12,901 | |||||||
Increase the carrying value of property | $ 619 | |||||||
Number of properties | property | 1 | |||||||
FPO Transaction | Disposal Group, Disposed of by Sale | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of buildings | building | 34 | |||||||
Rentable area of properties (in square feet) | ft² | 5,300,000 |
Real Estate Properties - Income
Real Estate Properties - Income Statement Information for Disposal of Property (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income (loss) from discontinued operations | $ 5,722 | $ 21,829 | $ 34,878 |
Discontinued Operations, Held-for-sale | Discontinued operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rental income | 17 | 68 | |
Real estate taxes | (88) | (97) | |
Utility expenses | (97) | (146) | |
Other operating expenses | (202) | (300) | |
General and administrative | (76) | (114) | |
Increase in carrying value of property included in discontinued operations | 619 | 0 | |
Income (loss) from discontinued operations | $ 173 | $ (589) |
Real Estate Properties - 2016 D
Real Estate Properties - 2016 Dispositions (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2016USD ($)ft²property | Dec. 31, 2018USD ($)ft² | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)ft² | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Rentable area of properties (in square feet) | ft² | 830,185 | |||
Net book value | $ 3,569,489 | $ 2,633,873 | ||
Gain on sale of real estate | $ 20,661 | 0 | $ 79 | |
Deferred gain on sale of real estate | $ 712 | |||
One building | Disposal Group, Held-for-sale | Savannah, GA | Office Building | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of properties owned | property | 1 | |||
Rentable area of properties (in square feet) | ft² | 35,228 | |||
Net book value | $ 2,986 | |||
Aggregate sale price of properties sold, excluding closing costs | 4,000 | |||
Mortgage loan | $ 3,600 | |||
One building | Disposal Group, Disposed of by Sale | Office Building | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Rentable area of properties (in square feet) | ft² | 2,174,637 | |||
Aggregate sale price of properties sold, excluding closing costs | $ 320,255 | |||
LIBOR | Disposal Group, Disposed of by Sale | Savannah, GA | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Basis spread on variable rate | 4.00% | |||
Minimum | LIBOR | Disposal Group, Disposed of by Sale | Savannah, GA | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Basis spread on variable rate | 5.00% | |||
Other Assets | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Deferred gain on sale of real estate | $ 712 | |||
Real Estate Loan | Other Assets | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Financing receivable | $ 3,600 | $ 3,600 |
Real Estate Properties - Future
Real Estate Properties - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Real Estate [Abstract] | |
2,019 | $ 569,874 |
2,020 | 514,551 |
2,021 | 479,401 |
2,022 | 434,135 |
2,023 | 383,695 |
Thereafter | 1,236,540 |
Total | $ 3,618,196 |
Real Estate Properties - Operat
Real Estate Properties - Operating Leases (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)tenant | Dec. 31, 2017USD ($) | |
Concentration Risk [Line Items] | ||
Number of government tenants | tenant | 22 | |
Rent expense, net of subleased revenue | $ | $ 1,707 | $ 374 |
Tenant concentration | ||
Concentration Risk [Line Items] | ||
Percentage termination right, 2019 | 2.10% | |
Percentage termination right, 2020 | 6.40% | |
Percentage termination right, 2021 | 1.90% | |
Percentage termination right, 2023 | 2.70% | |
Percentage termination right, 2023 | 0.60% | |
Percentage termination right, 2024 | 1.40% | |
Percentage termination right, 2025 | 4.70% | |
Percentage termination right, 2026 | 2.00% | |
Percentage termination right, 2027 | 1.90% | |
Government Tenants, All Other | Tenant concentration | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 5.60% | |
15 Government Tenants | Tenant concentration | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 5.80% |
Real Estate Properties - Futu_2
Real Estate Properties - Future Minimum Rental Payments (Details) | Dec. 31, 2018USD ($) |
Real Estate [Abstract] | |
2,019 | $ 1,584 |
2,020 | 1,627 |
2,021 | 139 |
Total | $ 3,350 |
Business and Property Managem_2
Business and Property Management Agreements with RMR LLC (Details) - RMR LLC $ in Thousands | Jun. 05, 2015 | Jan. 31, 2019USD ($) | Dec. 31, 2018USD ($)employeeagreement | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Related Party Transaction [Line Items] | |||||
Number of employees | employee | 0 | ||||
Number of agreements with RMR LLC to provide management services | agreement | 2 | ||||
Management fees as percentage of gross collected rents | 3.00% | ||||
Construction supervision fees as percentage of construction costs | 5.00% | ||||
Net business management fees | $ 16,381 | $ 12,464 | $ 10,222 | ||
Recognized amortization of the liability | 603 | 603 | 603 | ||
Reimbursement amounts | 21,042 | 15,045 | 12,276 | ||
Internal audit costs | 237 | 276 | 235 | ||
Net Property Management and Construction Supervision Fees | |||||
Related Party Transaction [Line Items] | |||||
Transaction amount | 13,989 | 11,566 | 8,949 | ||
Net Property Management and Construction Supervision Fees, Amortization Liability | |||||
Related Party Transaction [Line Items] | |||||
Transaction amount | $ 484 | $ 484 | $ 484 | ||
Transition Services | |||||
Related Party Transaction [Line Items] | |||||
Duration of transition services | 120 days | ||||
Amended And Restate Business Management Agreement | |||||
Related Party Transaction [Line Items] | |||||
Percentage applied on average historical cost of real estate investment properties acquired | 0.50% | ||||
Base management fee payable as percentage of average historical cost of real estate investments | 0.70% | ||||
Percentage of average closing stock price on stock exchange | 0.70% | ||||
Management fee payable as percentage of average market capitalization exceeding specified amount | 0.50% | ||||
Measurement period for incentive management fee | 3 years | ||||
Percentage for limitation and adjustments of incentive management fee payable | 12.00% | ||||
Percentage for limitation and adjustments of incentive management fee payable, minimum total return per share percentage change | 5.00% | ||||
Average closing price of our common shares, consecutive trading days | 10 days | ||||
Highest Average closing price of our common shares, final consecutive trading days | 30 days | ||||
Percentage of base business management fee payable in common shares | 1.50% | ||||
Amended And Restate Business Management Agreement | Up C Transaction | |||||
Related Party Transaction [Line Items] | |||||
Written notice for convenience | 60 days | ||||
Window of written notice after calendar year | 60 days | ||||
Window for written notice after change of control | 12 months | ||||
Remaining termination fee term | 10 years | ||||
Minimum | Amended And Restate Business Management Agreement | |||||
Related Party Transaction [Line Items] | |||||
Threshold amount of average market capitalization | $ 250,000 | ||||
Percentage for limitation and adjustments of incentive management fee payable, total return per share percentage, reduction | 2.00% | ||||
Minimum | Amended And Restate Business Management Agreement | Up C Transaction | |||||
Related Party Transaction [Line Items] | |||||
Termination fee term | 19 years | ||||
Maximum | Amended And Restate Business Management Agreement | |||||
Related Party Transaction [Line Items] | |||||
Threshold amount of real estate investments | $ 250,000 | ||||
Base management fee payable average market capitalization | $ 250,000 | ||||
Percentage for limitation and adjustments of incentive management fee payable, total return per share percentage, reduction | 5.00% | ||||
Maximum | Amended And Restate Business Management Agreement | Up C Transaction | |||||
Related Party Transaction [Line Items] | |||||
Termination fee term | 20 years | ||||
SIR | Net Property Management and Construction Supervision Fees | |||||
Related Party Transaction [Line Items] | |||||
Transaction amount | $ 2,185 | ||||
Incentive management fee | $ 25,817 | ||||
Forecast | |||||
Related Party Transaction [Line Items] | |||||
Reimbursement amounts | $ 462 |
Related Party Transactions - RE
Related Party Transactions - REITs, for which RMR LLC provides Management Services (Details) $ in Thousands | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Oct. 09, 2018USD ($)shares | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)agreementcompanyshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015shares | |
Related Party Transaction [Line Items] | |||||||||
Common shares owned in RMR Inc. | shares | 2,801,061 | 1,214,225 | |||||||
Lock up agreement, transfer of shares (in shares) | shares | 175,000 | ||||||||
Duration of lock up agreement | 10 years | ||||||||
Equity in earnings of Select Income REIT | $ (2,269) | $ (13) | $ 137 | ||||||
SIR | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percentage of ownership interest | 27.80% | 27.80% | |||||||
Equity in earnings of Select Income REIT | $ 24,358 | $ 21,584 | $ 35,381 | ||||||
Shares owned (in shares) | shares | 24,918,421 | ||||||||
SIR | SIR | |||||||||
Related Party Transaction [Line Items] | |||||||||
Issuance of shares, net (in shares) | shares | 63,157 | 59,502 | 65,900 | ||||||
Equity in earnings of Select Income REIT | $ 882 | $ 608 | $ 137 | ||||||
AIC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of entities to whom RMR provides management services | company | 4 | ||||||||
Amount invested in equity investee | $ 8,751 | 8,304 | 7,235 | ||||||
Equity in earnings of Select Income REIT | 516 | 608 | 137 | ||||||
Equity in unrealized gain (loss) of investees | $ (69) | 461 | 152 | ||||||
RMR LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of agreements with RMR LLC to provide management services | agreement | 2 | ||||||||
Rental income earned | $ 1,026 | 303 | 366 | ||||||
Related party transaction | $ 16,381 | 12,464 | 10,222 | ||||||
RMR LLC | AIC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Service fee percentage | 3.00% | ||||||||
Property Insurance Premium Expense, June 2018 | AIC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction | $ 757 | ||||||||
Property Insurance Premium Expense, June 2017 | AIC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction | $ 1,032 | ||||||||
Property Insurance Premium Expense | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction | $ 198 | $ 91 | $ 106 | ||||||
Common Shares | |||||||||
Related Party Transaction [Line Items] | |||||||||
Issuance of shares, net (in shares) | shares | 23,281,738 | 6,976,757 | |||||||
Common Shares | SIR | Industrial Logistics Properties Trust | |||||||||
Related Party Transaction [Line Items] | |||||||||
Payments to acquire shares in investment | $ 8,632 | ||||||||
Common Shares | Officers and Other Employees | |||||||||
Related Party Transaction [Line Items] | |||||||||
Issuance of shares, net (in shares) | shares | 14,675 | 14,337 | 13,350 | ||||||
Aggregate market value of shares awarded | $ 995 | $ 1,067 | $ 1,183 | ||||||
Common Shares | Officers and Other Employees | SIR | |||||||||
Related Party Transaction [Line Items] | |||||||||
Issuance of shares, net (in shares) | shares | 58,700 | 57,850 | 53,400 | ||||||
Aggregate market value of shares awarded | $ 1,183 | $ 1,337 | $ 1,397 | ||||||
Class A common shares | |||||||||
Related Party Transaction [Line Items] | |||||||||
Common shares owned in RMR Inc. | shares | 2,801,061 | ||||||||
Tranche 1 | 2009 Award Plan | Common Shares | Officers and Other Employees | |||||||||
Related Party Transaction [Line Items] | |||||||||
Vesting percentage | 20.00% | ||||||||
Tranche 2 | 2009 Award Plan | Common Shares | Officers and Other Employees | |||||||||
Related Party Transaction [Line Items] | |||||||||
Vesting percentage | 20.00% | ||||||||
Tranche 3 | 2009 Award Plan | Common Shares | Officers and Other Employees | |||||||||
Related Party Transaction [Line Items] | |||||||||
Vesting percentage | 20.00% | ||||||||
Tranche 4 | 2009 Award Plan | Common Shares | Officers and Other Employees | |||||||||
Related Party Transaction [Line Items] | |||||||||
Vesting percentage | 20.00% | ||||||||
Tranche 5 | 2009 Award Plan | Common Shares | Officers and Other Employees | |||||||||
Related Party Transaction [Line Items] | |||||||||
Vesting percentage | 20.00% | ||||||||
Forecast | Property Insurance Premium Expense, June 2019 | AIC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction | $ 1,211 | ||||||||
Forecast | Property Insurance Premium Expense, June 2019 | AIC | SIR | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction | $ 1,666 |
Concentration (Details)
Concentration (Details) | 12 Months Ended | ||
Dec. 31, 2018buildingstategovernment_tenantstate_government | Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | |||
Number of state governments | state_government | 13 | ||
Number of other governments | government_tenant | 3 | ||
Annualized rental income, excluding properties classified as discontinued operations | Virginia | |||
Concentration Risk [Line Items] | |||
Annualized Rental income percent | 15.40% | ||
Annualized rental income, excluding properties classified as discontinued operations | California | |||
Concentration Risk [Line Items] | |||
Annualized Rental income percent | 11.30% | ||
Annualized rental income, excluding properties classified as discontinued operations | Texas | |||
Concentration Risk [Line Items] | |||
Annualized Rental income percent | 10.90% | ||
Annualized rental income, excluding properties classified as discontinued operations | District of Columbia | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 26.50% | ||
Annualized Rental income percent | 9.80% | ||
Annualized rental income, excluding properties classified as discontinued operations | Maryland | |||
Concentration Risk [Line Items] | |||
Annualized Rental income percent | 9.40% | ||
Annualized rental income, excluding properties classified as discontinued operations | Tenant concentration | U S Government, State Governments, and Other Governments | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 35.40% | 62.60% | 87.90% |
Annualized rental income, excluding properties classified as discontinued operations | Tenant concentration | U.S. Government | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 25.60% | 43.50% | 60.60% |
Continuing operations | |||
Concentration Risk [Line Items] | |||
Number of buildings | building | 247 | ||
Number of states in which acquired properties located | state | 38 |
Indebtedness - Outstanding Debt
Indebtedness - Outstanding Debt (Details) $ in Thousands | Feb. 11, 2019USD ($) | Dec. 18, 2018USD ($)building | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jul. 20, 2017 |
Debt Instrument [Line Items] | ||||||
Long term debt gross | $ 3,311,262 | $ 2,263,147 | ||||
Unamortized debt premiums, discounts and issuance costs | (56,372) | (18,055) | ||||
Total debt | 3,254,890 | 2,245,092 | ||||
Loss on early extinguishment of debt | $ 709 | 1,715 | $ (104) | |||
Senior unsecured notes, 3.60% interest rate, due in 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 3.60% | |||||
Senior unsecured notes, 4.00% interest rate, due in 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 4.00% | |||||
Senior unsecured notes, 4.15% interest rate, due in 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 4.15% | |||||
Senior unsecured notes, 4.25% interest rate, due in 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 4.25% | |||||
Senior unsecured notes, 4.50% interest rate, due in 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 4.50% | |||||
Unsecured term loan | Unsecured term loan, due in 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt gross | $ 300,000 | 300,000 | ||||
Unsecured term loan | Unsecured term loan, due in 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt gross | 88,000 | 250,000 | ||||
Repayment of principal | $ 162,000 | |||||
Number of buildings sold in portfolio | building | 15 | |||||
Loss on early extinguishment of debt | 625 | |||||
Senior unsecured notes | Senior unsecured notes, 3.750% interest rate, due in 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt gross | $ 350,000 | 350,000 | ||||
Interest rate (as a percent) | 3.75% | |||||
Senior unsecured notes | Senior unsecured notes, 3.60% interest rate, due in 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt gross | $ 400,000 | 0 | ||||
Interest rate (as a percent) | 3.60% | |||||
Senior unsecured notes | Senior unsecured notes, 4.00% interest rate, due in 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt gross | $ 300,000 | 300,000 | ||||
Interest rate (as a percent) | 4.00% | 4.00% | ||||
Senior unsecured notes | Senior unsecured notes, 4.15% interest rate, due in 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt gross | $ 300,000 | 0 | ||||
Interest rate (as a percent) | 4.15% | |||||
Senior unsecured notes | Senior unsecured notes, 4.25% interest rate, due in 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt gross | $ 350,000 | 0 | ||||
Interest rate (as a percent) | 4.25% | |||||
Senior unsecured notes | Senior unsecured notes, 4.50% interest rate, due in 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt gross | $ 400,000 | 0 | ||||
Interest rate (as a percent) | 4.50% | |||||
Senior unsecured notes | Senior unsecured notes, 5.875% interest rate, due in 2046 | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt gross | $ 310,000 | 310,000 | ||||
Interest rate (as a percent) | 5.875% | |||||
Mortgage note payable | Mortgage note payable, 7.000% interest rate, due in 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt gross | $ 7,939 | 8,221 | ||||
Interest rate (as a percent) | 7.00% | |||||
Mortgage note payable | Mortgage note payable, 5.720% interest rate, due in 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt gross | $ 33,703 | 34,474 | ||||
Interest rate (as a percent) | 5.72% | |||||
Mortgage note payable | Mortgage note payable, 4.260% interest rate, due in 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt gross | $ 0 | 3,173 | ||||
Interest rate (as a percent) | 4.26% | |||||
Loss on early extinguishment of debt | $ 60 | |||||
Mortgage note payable | Mortgage note payable, 4.160% interest rate, due in 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt gross | $ 40,772 | 0 | ||||
Interest rate (as a percent) | 4.16% | |||||
Mortgage note payable | Mortgage note payable, 8.150% interest rate, due in 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt gross | $ 2,912 | 4,045 | ||||
Interest rate (as a percent) | 8.15% | |||||
Mortgage note payable | Mortgage note payable, 5.877% interest rate, due in 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt gross | $ 13,437 | 13,693 | ||||
Interest rate (as a percent) | 5.877% | |||||
Mortgage note payable | Mortgage note payable, 4.220% interest rate, due in 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt gross | $ 27,210 | 27,870 | ||||
Interest rate (as a percent) | 4.22% | |||||
Mortgage note payable | Mortgage note payable, 3.550% interest rate, due in 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt gross | $ 71,000 | 0 | ||||
Interest rate (as a percent) | 3.55% | |||||
Mortgage note payable | Mortgage note payable, 3.700% interest rate, due in 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt gross | $ 50,000 | 0 | ||||
Interest rate (as a percent) | 3.70% | |||||
Mortgage note payable | Mortgage note payable, 4.800% interest rate, due in 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt gross | $ 24,509 | 24,891 | ||||
Interest rate (as a percent) | 4.80% | |||||
Mortgage note payable | Mortgage note payable, 4.050% interest rate, due in 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt gross | $ 66,780 | 66,780 | ||||
Interest rate (as a percent) | 4.05% | |||||
Revolving credit facility, due in 2023 | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt gross | $ 175,000 | $ 570,000 | ||||
Subsequent Event | Unsecured term loan | Unsecured term loan, due in 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Extinguishment of debt | $ 88,000 |
Indebtedness - Revolving Credit
Indebtedness - Revolving Credit Facility (Details) - USD ($) $ in Thousands | Dec. 13, 2018 | Dec. 12, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 25, 2019 |
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity on revolving credit facility | $ 2,500,000 | |||||
Loss on early extinguishment of debt | 709 | $ 1,715 | $ (104) | |||
Unsecured revolving credit facility | 175,000 | $ 570,000 | ||||
Unsecured revolving credit facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity on revolving credit facility | 750,000 | |||||
Commitment fee percentage | 0.25% | |||||
Loss on early extinguishment of debt | $ 24 | |||||
Interest rate (as a percent) | 3.60% | 2.70% | ||||
The weighted average annual interest rate (as a percent) | 3.00% | 2.40% | 1.70% | |||
Unsecured revolving credit facility | $ 175,000 | |||||
Available borrowings | 575,000 | |||||
Unsecured term loan, due in 2020 | ||||||
Line of Credit Facility [Line Items] | ||||||
Face amount | $ 300,000 | |||||
Interest rate (as a percent) | 3.90% | 3.00% | ||||
The weighted average annual interest rate (as a percent) | 3.40% | 2.50% | 1.90% | |||
Unsecured term loan, due in 2022 | ||||||
Line of Credit Facility [Line Items] | ||||||
Face amount | $ 250,000 | |||||
Interest rate (as a percent) | 4.30% | 3.40% | ||||
The weighted average annual interest rate (as a percent) | 3.80% | 2.90% | 2.30% | |||
Subsequent Event | Unsecured revolving credit facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Unsecured revolving credit facility | $ 110,000 | |||||
Available borrowings | $ 640,000 | |||||
LIBOR | Unsecured revolving credit facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1.10% | 1.25% | ||||
LIBOR | Unsecured term loan, due in 2020 | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1.40% | |||||
LIBOR | Unsecured term loan, due in 2022 | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1.80% |
Indebtedness - Narrative Inform
Indebtedness - Narrative Information (Details) $ in Thousands | Oct. 02, 2017USD ($)buildingjoint_venturemortgage_note | Jul. 20, 2017USD ($) | Nov. 30, 2017USD ($) | Jul. 31, 2017USD ($) | Dec. 31, 2018USD ($)buildingjoint_ventureloan | Dec. 31, 2017USD ($)joint_venture | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |||||||
Gain (loss) on early extinguishment of debt | $ (709) | $ (1,715) | $ 104 | ||||
Number of Buildings Collateralized | building | 12 | ||||||
Number of joint ventures | joint_venture | 2 | ||||||
Book value of properties collateralized | $ 627,173 | ||||||
Principal of properties collateralized | $ 338,262 | ||||||
Senior unsecured notes, 4.00% interest rate, due in 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate (as a percent) | 4.00% | ||||||
Senior unsecured notes | Senior unsecured notes, 4.00% interest rate, due in 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Face amount | $ 300,000 | ||||||
Interest rate (as a percent) | 4.00% | 4.00% | |||||
Proceeds from Issuance of Debt | $ 295,399 | ||||||
SIR | |||||||
Debt Instrument [Line Items] | |||||||
Number loans assumed in acquisition | loan | 3 | ||||||
Long-term Debt, Fair Value | $ 159,490 | ||||||
Number of Buildings Collateralized | building | 5 | ||||||
SIR | Senior unsecured notes | |||||||
Debt Instrument [Line Items] | |||||||
Face amount | $ 1,450,000 | ||||||
Assumed mortgage notes | 1,450,000 | ||||||
Mortgage notes payable | 1,410,947 | ||||||
SIR | Mortgage note payable | |||||||
Debt Instrument [Line Items] | |||||||
Face amount | 161,772 | ||||||
Assumed mortgage notes | 161,772 | ||||||
Mortgage notes payable | $ 159,490 | ||||||
First Potomac Realty Trust | |||||||
Debt Instrument [Line Items] | |||||||
Number loans assumed in acquisition | mortgage_note | 5 | ||||||
Assumed mortgage notes | $ 167,548 | ||||||
Mortgage notes payable | $ 167,936 | ||||||
Number of Buildings Collateralized | building | 5 | ||||||
Number of joint ventures | joint_venture | 2 | ||||||
Number of mortgage notes securing joint ventures | mortgage_note | 2 | ||||||
First Potomac Realty Trust | Mortgage note payable | FPO Mortgage | |||||||
Debt Instrument [Line Items] | |||||||
Mortgage notes payable | $ 167,548 | ||||||
Long-term Debt, Fair Value | 167,936 | ||||||
Repayment of principal | $ 10,000 | ||||||
First Potomac Realty Trust | Mortgage note payable | Joint Venture Mortgage | |||||||
Debt Instrument [Line Items] | |||||||
Mortgage notes payable | $ 82,000 | ||||||
Number of Buildings Collateralized | building | 3 | ||||||
First Potomac Realty Trust | |||||||
Debt Instrument [Line Items] | |||||||
Number of joint ventures | joint_venture | 2 | 2 | |||||
Joint Venture Property 1 | First Potomac Realty Trust | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of ownership interest | 50.00% | 50.00% | |||||
Joint Venture Property 2 | First Potomac Realty Trust | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of ownership interest | 51.00% | 51.00% | |||||
Letter of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Gain (loss) on early extinguishment of debt | $ (1,715) | ||||||
Letter of Credit | Bridge Loan Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Face amount | $ 750,000 | ||||||
Debt Instrument, Term | 364 days |
Indebtedness - Future Principal
Indebtedness - Future Principal Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
2,019 | $ 362,054 | |
2,020 | 775,707 | |
2,021 | 14,420 | |
2,022 | 713,518 | |
2,023 | 318,783 | |
Thereafter | 1,126,780 | |
Total | 3,311,262 | $ 2,263,147 |
Unamortized premiums, discounts and certain issuance costs | 56,372 | 18,055 |
Total debt outstanding | $ 3,254,890 | $ 2,245,092 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities - Asset Measured at Fair Value (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)buildingshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)shares | |
Fair Value of Assets and Liabilities | ||||
Common shares owned in RMR Inc. | shares | 2,801,061 | 1,214,225 | ||
Historical cost | $ 26,888 | |||
Unrealized loss on equity securities | $ 7,552 | $ 0 | $ 0 | |
Recurring | ||||
Fair Value of Assets and Liabilities | ||||
Investment in RMR Inc. | 148,680 | |||
Recurring | Level 1 inputs | ||||
Fair Value of Assets and Liabilities | ||||
Investment in RMR Inc. | 148,680 | |||
Recurring | Level 2 inputs | ||||
Fair Value of Assets and Liabilities | ||||
Investment in RMR Inc. | 0 | |||
Recurring | Level 3 inputs | ||||
Fair Value of Assets and Liabilities | ||||
Investment in RMR Inc. | $ 0 | |||
Discontinued Operations, Held-for-sale | ||||
Fair Value of Assets and Liabilities | ||||
Number of buildings | building | 36 | |||
Discontinued Operations, Held-for-sale | Nonrecurring | ||||
Fair Value of Assets and Liabilities | ||||
Assets of properties held for sale | $ 195,107 | |||
Discontinued Operations, Held-for-sale | Nonrecurring | Level 1 inputs | ||||
Fair Value of Assets and Liabilities | ||||
Assets of properties held for sale | 0 | |||
Discontinued Operations, Held-for-sale | Nonrecurring | Level 2 inputs | ||||
Fair Value of Assets and Liabilities | ||||
Assets of properties held for sale | 195,107 | |||
Discontinued Operations, Held-for-sale | Nonrecurring | Level 3 inputs | ||||
Fair Value of Assets and Liabilities | ||||
Assets of properties held for sale | $ 0 | |||
SIR | ||||
Fair Value of Assets and Liabilities | ||||
Historical cost | $ 84,229 | |||
Shares acquired (in shares) | shares | 1,586,836 | |||
Northern Virginia and Maryland | Discontinued Operations, Held-for-sale | ||||
Fair Value of Assets and Liabilities | ||||
Number of buildings | building | 34 |
Shareholders' Equity - Share Aw
Shareholders' Equity - Share Awards (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)installmenttrusteeshares | Dec. 31, 2017USD ($)trusteeshares | Dec. 31, 2016USD ($)trusteeshares | Dec. 31, 2015shares | |
Common Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Issuance of shares, net (in shares) | 23,281,738 | 6,976,757 | ||
Officers and Other Employees | Common Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Issuance of shares, net (in shares) | 14,675 | 14,337 | 13,350 | |
Aggregate market value of shares awarded | $ | $ 995 | $ 1,067 | $ 1,183 | |
2009 Award Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted to each trustee under the award plan | 19,925 | 18,837 | 16,475 | |
Number of installments | installment | 5 | |||
Unvested shares | 55,321 | 26,062 | 24,743 | 24,181 |
Unvested shares 2019 | 27,998 | |||
Unvested shares 2020 | 13,259 | |||
Unvested shares 2021 | 9,232 | |||
Unvested shares 2022 | 4,832 | |||
Share Awards, additional disclosures | ||||
Estimated future compensation expense for the unvested shares | $ | $ 984 | |||
Weighted average period of recognition of compensation expenses (in years) | 22 months | |||
Compensation expense | $ | $ 1,337 | $ 1,377 | $ 1,371 | |
Shares available for issuance under the Award Plan | 330,372 | |||
2009 Award Plan | Trustees | Common Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate market value of shares awarded | $ | $ 254 | $ 392 | $ 244 | |
Number of Trustees | trustee | 6 | 6 | 5 | |
Number of shares granted to each trustee under the award plan | 750 | 750 | 625 | |
Market value of common shares awarded to each trustee (in dollars) | $ | $ 42 | $ 65 | $ 49 | |
2009 Award Plan | Managing Trustee | Common Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate market value of shares awarded | $ | $ 41 | |||
Number of shares granted to each trustee under the award plan | 750 |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities - Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value of Financial Instruments | ||
Senior Notes | $ 2,357,497 | $ 944,140 |
Mortgage notes payable | $ 335,241 | 183,100 |
Senior unsecured notes, 3.750% interest rate, due in 2019 | ||
Fair Value of Financial Instruments | ||
Interest rate (as a percent) | 3.75% | |
Senior unsecured notes, 3.60% interest rate, due in 2020 | ||
Fair Value of Financial Instruments | ||
Interest rate (as a percent) | 3.60% | |
Senior unsecured notes, 4.00% interest rate, due in 2022 | ||
Fair Value of Financial Instruments | ||
Interest rate (as a percent) | 4.00% | |
Senior unsecured notes, 4.15% interest rate, due in 2022 | ||
Fair Value of Financial Instruments | ||
Interest rate (as a percent) | 4.15% | |
Senior unsecured notes, 4.25% interest rate, due in 2024 | ||
Fair Value of Financial Instruments | ||
Interest rate (as a percent) | 4.25% | |
Senior unsecured notes, 4.50% interest rate, due in 2025 | ||
Fair Value of Financial Instruments | ||
Interest rate (as a percent) | 4.50% | |
Senior unsecured notes, 5.875% interest rate, due in 2046 | ||
Fair Value of Financial Instruments | ||
Interest rate (as a percent) | 5.875% | |
Carrying Amount | ||
Fair Value of Financial Instruments | ||
Mortgage notes payable | $ 335,241 | 183,100 |
Fair value of debt | 2,692,738 | 1,127,240 |
Carrying Amount | Senior unsecured notes, 3.750% interest rate, due in 2019 | ||
Fair Value of Financial Instruments | ||
Senior Notes | 349,239 | 348,096 |
Carrying Amount | Senior unsecured notes, 3.60% interest rate, due in 2020 | ||
Fair Value of Financial Instruments | ||
Senior Notes | 399,146 | 0 |
Carrying Amount | Senior unsecured notes, 4.00% interest rate, due in 2022 | ||
Fair Value of Financial Instruments | ||
Senior Notes | 296,735 | 295,812 |
Carrying Amount | Senior unsecured notes, 4.15% interest rate, due in 2022 | ||
Fair Value of Financial Instruments | ||
Senior Notes | 296,736 | 0 |
Carrying Amount | Senior unsecured notes, 4.25% interest rate, due in 2024 | ||
Fair Value of Financial Instruments | ||
Senior Notes | 337,736 | 0 |
Carrying Amount | Senior unsecured notes, 4.50% interest rate, due in 2025 | ||
Fair Value of Financial Instruments | ||
Senior Notes | 377,329 | 0 |
Carrying Amount | Senior unsecured notes, 5.875% interest rate, due in 2046 | ||
Fair Value of Financial Instruments | ||
Senior Notes | 300,576 | 300,232 |
Fair Value | ||
Fair Value of Financial Instruments | ||
Mortgage notes payable | 336,365 | 186,542 |
Fair value of debt | 2,665,550 | 1,164,606 |
Fair Value | Senior unsecured notes, 3.750% interest rate, due in 2019 | ||
Fair Value of Financial Instruments | ||
Senior Notes | 348,903 | 354,993 |
Fair Value | Senior unsecured notes, 3.60% interest rate, due in 2020 | ||
Fair Value of Financial Instruments | ||
Senior Notes | 399,146 | 0 |
Fair Value | Senior unsecured notes, 4.00% interest rate, due in 2022 | ||
Fair Value of Financial Instruments | ||
Senior Notes | 295,047 | 302,655 |
Fair Value | Senior unsecured notes, 4.15% interest rate, due in 2022 | ||
Fair Value of Financial Instruments | ||
Senior Notes | 296,736 | 0 |
Fair Value | Senior unsecured notes, 4.25% interest rate, due in 2024 | ||
Fair Value of Financial Instruments | ||
Senior Notes | 337,736 | 0 |
Fair Value | Senior unsecured notes, 4.50% interest rate, due in 2025 | ||
Fair Value of Financial Instruments | ||
Senior Notes | 377,329 | 0 |
Fair Value | Senior unsecured notes, 5.875% interest rate, due in 2046 | ||
Fair Value of Financial Instruments | ||
Senior Notes | $ 274,288 | $ 320,416 |
Shareholders' Equity - Unvested
Shareholders' Equity - Unvested Shares Activity (Details) - 2009 Award Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Shares | |||
Unvested shares at the beginning of the period | 26,062 | 24,743 | 24,181 |
Shares granted (in shares) | 19,925 | 18,837 | 16,475 |
Shared forfeited (in shares) | (255) | ||
Shares Vested (in shares) | (18,634) | (17,518) | (15,913) |
Unvested acquired in the SIR Merger (in shares) | 28,223 | ||
Unvested shares at the end of the period | 55,321 | 26,062 | 24,743 |
Weighted Average Grant Date Fair Value | |||
Unvested shares at the beginning of the period (in dollars per share) | $ 78.24 | $ 82.36 | $ 80.44 |
Granted (in dollars per share) | 64.73 | 77.44 | 86.64 |
Shared forfeited (in dollars per share) | 52.96 | ||
Vested (in dollars per share) | 63.80 | 83.20 | 83.88 |
Unvested acquired in the SIR Merger (in dollars per share) | 27.48 | ||
Unvested shares at the end of the period (in dollars per share) | $ 73.25 | $ 78.24 | $ 82.36 |
Shareholders' Equity - Sale of
Shareholders' Equity - Sale of Shares/Share Repurchases (Details) $ / shares in Units, $ in Thousands | Sep. 24, 2018$ / sharesshares | May 24, 2018trustee$ / sharesshares | Jan. 01, 2018$ / sharesshares | Aug. 03, 2017USD ($)$ / sharesshares | Jul. 05, 2017$ / sharesshares | May 17, 2017trustee$ / sharesshares | Dec. 31, 2017$ / sharesshares |
Class of Stock [Line Items] | |||||||
Consideration received from sale of stock | $ | $ 493,866 | ||||||
Former Employee Of RMR LLC | |||||||
Class of Stock [Line Items] | |||||||
Shares paid for tax withholding | shares | 154 | ||||||
Shares paid for tax withholding (in dollars per share) | $ / shares | $ 74.16 | ||||||
Trustees | |||||||
Class of Stock [Line Items] | |||||||
Shares paid for tax withholding | shares | 112 | 112 | |||||
Shares paid for tax withholding (in dollars per share) | $ / shares | $ 56.4 | $ 87 | |||||
Number of Trustees | trustee | 1 | 1 | |||||
Officers and Other Employees | |||||||
Class of Stock [Line Items] | |||||||
Shares paid for tax withholding | shares | 4,718 | 3,478 | |||||
Shares paid for tax withholding (in dollars per share) | $ / shares | $ 45.4 | $ 73.20 | |||||
Underwritten Public Offering | |||||||
Class of Stock [Line Items] | |||||||
Number of shares sold (in shares) | shares | 6,250,000 | ||||||
Sale of stock (in dollars per share) | $ / shares | $ 74 | ||||||
Over-Allotment Option | |||||||
Class of Stock [Line Items] | |||||||
Number of shares sold (in shares) | shares | 726,757 | ||||||
Sale of stock (in dollars per share) | $ / shares | $ 74 |
Shareholders' Equity - Distribu
Shareholders' Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 18, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | ||||||||||||
Distributions Per Share (in dollars per share) | $ 6.88 | $ 6.88 | $ 6.88 | |||||||||
Total Distributions | $ 170,566 | $ 145,209 | $ 122,366 | |||||||||
Characterization of distributions paid or accrued as a percentage of return of capital | 68.60% | 49.35% | 36.21% | |||||||||
Characterization of distributions paid or accrued as a percentage of ordinary income | 31.40% | 50.65% | 62.74% | |||||||||
Characterization of distributions paid or accrued as a percentage of qualified dividends | 0.00% | 0.00% | 1.05% | |||||||||
Common distributions declared (in dollars per share) | $ 1.72 | $ 1.72 | $ 1.72 | $ 1.72 | $ 1.72 | $ 1.72 | $ 1.72 | $ 1.72 | ||||
Subsequent Event | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common distributions declared (in dollars per share) | $ 0.55 | |||||||||||
Dividends payable | $ 26,446 |
Shareholders' Equity - Cumulati
Shareholders' Equity - Cumulative Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance beginning | $ 1,330,043 | $ 1,330,043 | $ 935,004 | $ 956,651 |
Other comprehensive income (loss) | (40) | 33,470 | 41,824 | |
Balance ending | 1,778,968 | 1,330,043 | 935,004 | |
Unrealized Gain (Loss) on Investment in Equity Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance beginning | 45,116 | 45,116 | 21,074 | (9,391) |
Other comprehensive income before reclassifications | 0 | 24,042 | 30,465 | |
Amounts reclassified from cumulative other comprehensive income to net income (loss) | (45,116) | 0 | 0 | 0 |
Other comprehensive income (loss) | 0 | 24,042 | 30,465 | |
Balance ending | 0 | 0 | 45,116 | 21,074 |
Equity in Unrealized Gains (Losses) of Investees (1) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance beginning | 15,311 | 15,311 | 5,883 | (5,476) |
Other comprehensive income before reclassifications | (3) | 9,462 | 11,254 | |
Amounts reclassified from cumulative other comprehensive income to net income (loss) | (15,165) | (37) | (34) | 105 |
Other comprehensive income (loss) | (40) | 9,428 | 11,359 | |
Balance ending | 146 | 106 | 15,311 | 5,883 |
Total | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance beginning | 60,427 | 60,427 | 26,957 | (14,867) |
Other comprehensive income before reclassifications | (3) | 33,504 | 41,719 | |
Amounts reclassified from cumulative other comprehensive income to net income (loss) | (60,281) | (37) | (34) | 105 |
Other comprehensive income (loss) | (40) | 33,470 | 41,824 | |
Balance ending | $ 146 | $ 106 | $ 60,427 | $ 26,957 |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Units of Limited Partnership (Details) - Series A Cumulative Preferred Units - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | May 01, 2018 | |
Class of Stock [Line Items] | ||
Shares outstanding (in units) | 1,813,504 | |
Redemption percentage | 5.50% | |
Redemption price (in dollars per share) | $ 11.15 | |
Redemption amount | $ 20,310 |
Equity Investment in Select I_3
Equity Investment in Select Income REIT (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Oct. 09, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity in net earnings (losses) of investees | $ (2,269) | $ (13) | $ 137 | ||
Unrealized gain (loss) from investees | (40) | 9,428 | 11,359 | ||
Distributions of earnings from Select Income REIT | 20,873 | 21,584 | 35,381 | ||
Loss on impairment of real estate | 8,630 | 9,490 | 0 | ||
Gain (loss) on issuance of shares by Select Income REIT | $ 29 | 72 | 86 | ||
SIR | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity investments, common shares owned | 24,918,421 | ||||
Percentage of outstanding shares owned | 27.80% | 27.80% | |||
Equity in net earnings (losses) of investees | $ 24,358 | 21,584 | 35,381 | ||
Unrealized gain (loss) from investees | 28 | 8,967 | 11,207 | ||
Accretion of equity in earnings | 3,233 | 2,944 | 2,956 | ||
Distributions of earnings from Select Income REIT | $ 38,124 | 50,832 | 50,335 | ||
SIR | SIR | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in net earnings (losses) of investees | $ 882 | 608 | 137 | ||
Loss on impairment of real estate | $ 9,706 | $ 229 | $ 5,484 | ||
Issuance of shares, net (in shares) | 63,157 | 59,502 | 65,900 | ||
Gain (loss) on issuance of shares by Select Income REIT | $ 29 | $ 72 | $ 86 | ||
Secondary Sale | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Loss on sale of stock | $ 18,665 |
Equity Investment in Select I_4
Equity Investment in Select Income REIT - Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||||
Real estate properties, net | $ 3,569,489 | $ 2,633,873 | ||
Properties held for sale | 253,501 | 0 | ||
Acquired real estate leases, net | 1,056,558 | 351,872 | ||
Cash and cash equivalents | 35,349 | 16,569 | $ 29,941 | |
Rents receivable, net | 72,051 | 61,429 | ||
Other assets, net | 178,704 | 96,033 | ||
Total assets | 5,238,583 | 3,703,565 | ||
Unsecured term loan, net | 387,152 | 547,852 | ||
Senior unsecured notes, net | 2,357,497 | 944,140 | ||
Mortgage notes payable, net | 335,241 | 183,100 | ||
Assumed real estate lease obligations, net | 20,031 | 13,635 | ||
Other liabilities | 145,536 | 89,440 | ||
Total shareholders' equity | 1,778,968 | 1,330,043 | $ 935,004 | $ 956,651 |
Total liabilities and shareholders’ equity | $ 5,238,583 | 3,703,565 | ||
SIR | SIR | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Real estate properties, net | 3,905,616 | |||
Properties held for sale | 5,829 | |||
Acquired real estate leases, net | 477,577 | |||
Cash and cash equivalents | 658,719 | |||
Rents receivable, net | 127,672 | |||
Other assets, net | 127,617 | |||
Total assets | 5,303,030 | |||
ILPT revolving credit facility | 750,000 | |||
Unsecured term loan, net | 348,870 | |||
Senior unsecured notes, net | 1,777,425 | |||
Mortgage notes payable, net | 210,785 | |||
Assumed real estate lease obligations, net | 68,783 | |||
Other liabilities | 155,348 | |||
Total shareholders' equity | 1,991,819 | |||
Total liabilities and shareholders’ equity | $ 5,303,030 |
Equity Investment in Select I_5
Equity Investment in Select Income REIT - Income Statement Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Oct. 09, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Rental income | $ 103,656 | $ 106,102 | $ 108,085 | $ 108,717 | $ 107,170 | $ 70,179 | $ 69,887 | $ 69,296 | $ 426,560 | $ 316,532 | $ 258,180 | ||
Real estate taxes | 49,708 | 37,942 | 30,703 | ||||||||||
Other operating expenses | 89,610 | 65,349 | 54,290 | ||||||||||
Depreciation and amortization | 162,488 | 109,588 | 73,153 | ||||||||||
Acquisition and transaction related costs | 14,508 | 0 | 1,191 | ||||||||||
General and administrative | 24,922 | 18,847 | 14,897 | ||||||||||
Loss on impairment of real estate assets | 8,630 | 9,490 | 0 | ||||||||||
Total expenses | 376,291 | 262,214 | 191,503 | ||||||||||
Gain on sale of real estate | 20,661 | 0 | 79 | ||||||||||
Dividend income | 1,337 | 1,216 | 971 | ||||||||||
Unrealized gain on equity securities | (7,552) | 0 | 0 | ||||||||||
Interest income | 639 | 1,962 | 158 | ||||||||||
Interest expense | (89,865) | (65,406) | (45,060) | ||||||||||
Loss on early extinguishment of debt | (709) | (1,715) | 104 | ||||||||||
Income (loss) from continuing operations before income taxes, equity in earnings of investees and gain on sale of real estate | (25,220) | (9,625) | 22,929 | ||||||||||
Income tax expense | (117) | (101) | (101) | ||||||||||
Equity in net earnings (losses) of investees | (2,269) | (13) | 137 | ||||||||||
Net income (loss) | $ (21,884) | $ 12,090 | $ 57,843 | ||||||||||
Weighted average common shares outstanding (basic) (in shares) | 24,830 | 21,158 | 17,763 | ||||||||||
Weighted average common shares outstanding (diluted) (in shares) | 24,830 | 21,158 | 17,768 | ||||||||||
Net income attributed to SIR per common share (basic and diluted) (in dollars per share) | $ (2.31) | $ (0.02) | $ 1.20 | $ 0.25 | $ (0.74) | $ 0.45 | $ 0.66 | $ 0.42 | $ (0.90) | $ 0.56 | $ 3.26 | ||
SIR | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity in net earnings (losses) of investees | $ 24,358 | $ 21,584 | $ 35,381 | ||||||||||
SIR | SIR | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Rental income | $ 298,003 | 392,285 | 387,015 | ||||||||||
Tenant reimbursements and other income | 60,514 | 75,818 | 74,992 | ||||||||||
Total revenues | 358,517 | 468,103 | 462,007 | ||||||||||
Real estate taxes | 36,748 | 44,131 | 42,879 | ||||||||||
Other operating expenses | 43,714 | 55,567 | 52,957 | ||||||||||
Depreciation and amortization | 105,326 | 137,672 | 133,762 | ||||||||||
Acquisition and transaction related costs | 3,796 | 1,075 | 306 | ||||||||||
General and administrative | 47,353 | 54,909 | 28,632 | ||||||||||
Write-off of straight line rents, net | 10,626 | 12,517 | 0 | ||||||||||
Loss on asset impairment | 0 | 4,047 | 0 | ||||||||||
Loss on impairment of real estate assets | 9,706 | 229 | 5,484 | ||||||||||
Total expenses | 257,269 | 310,147 | 264,020 | ||||||||||
Gain on sale of real estate | 4,075 | 0 | 0 | ||||||||||
Dividend income | 1,190 | 1,587 | 1,268 | ||||||||||
Unrealized gain on equity securities | 53,159 | 0 | 0 | ||||||||||
Interest income | 753 | 91 | 30 | ||||||||||
Interest expense | (69,446) | (92,870) | (82,620) | ||||||||||
Loss on early extinguishment of debt | (1,192) | 0 | 0 | ||||||||||
Income (loss) from continuing operations before income taxes, equity in earnings of investees and gain on sale of real estate | 89,787 | 66,764 | 116,665 | ||||||||||
Income tax expense | (446) | (466) | (448) | ||||||||||
Equity in net earnings (losses) of investees | 882 | 608 | 137 | ||||||||||
Net income | 90,223 | 66,906 | 116,354 | ||||||||||
Net income allocated to noncontrolling interest | (15,841) | 0 | (33) | ||||||||||
Net income (loss) | $ 74,382 | $ 66,906 | $ 116,321 | ||||||||||
Weighted average common shares outstanding (basic) (in shares) | 89,395 | 89,351 | 89,304 | ||||||||||
Weighted average common shares outstanding (diluted) (in shares) | 89,411 | 89,370 | 89,324 | ||||||||||
Net income attributed to SIR per common share (basic and diluted) (in dollars per share) | $ 0.83 | $ 0.75 | $ 1.30 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) $ in Thousands | Oct. 09, 2018shares | Aug. 31, 2017USD ($)ft²property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)ft² |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss on impairment of Select Income REIT investment | $ 15,180 | $ 0 | $ 0 | ||
Rentable area of properties (in square feet) | ft² | 830,185 | ||||
Net book value | 3,569,489 | 2,633,873 | |||
Falls Church, VA | Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties | property | 1 | ||||
Rentable area of properties (in square feet) | ft² | 164,746 | ||||
Net book value | $ 12,901 | ||||
Aggregate sale price of properties sold, excluding closing costs | $ 13,523 | ||||
SIR | Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss on impairment of Select Income REIT investment | 18,665 | $ 0 | $ 0 | ||
SIR | Common Shares | Secondary Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of shares sold (in shares) | shares | 24,918,421 | ||||
Loss on impairment of Select Income REIT investment | $ 18,665 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Equity in earnings of Select Income REIT | $ (2,269) | $ (13) | $ 137 |
Net gain on issuance of shares by Select Income REIT | 29 | 72 | 86 |
Loss on sale of Select Income REIT shares | (15,180) | 0 | 0 |
Income (loss) from discontinued operations | 5,722 | 21,829 | 34,878 |
SIR | Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Equity in earnings of Select Income REIT | 24,358 | 21,584 | 35,381 |
Net gain on issuance of shares by Select Income REIT | 29 | 72 | 86 |
Loss on sale of Select Income REIT shares | (18,665) | 0 | 0 |
Income (loss) from property discontinued operations | $ 0 | $ 173 | $ (589) |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |||||||||||
Rental income | $ 103,656 | $ 106,102 | $ 108,085 | $ 108,717 | $ 107,170 | $ 70,179 | $ 69,887 | $ 69,296 | $ 426,560 | $ 316,532 | $ 258,180 |
Net income (loss) available for common shareholders | $ (57,695) | $ (449) | $ 29,602 | $ 6,287 | $ (18,266) | $ 10,989 | $ 11,677 | $ 7,415 | $ (22,255) | $ 11,815 | $ 57,843 |
Net income (loss) available for common shareholders per common share (basic and diluted) (in dollars per share) | $ (2.31) | $ (0.02) | $ 1.20 | $ 0.25 | $ (0.74) | $ 0.45 | $ 0.66 | $ 0.42 | $ (0.90) | $ 0.56 | $ 3.26 |
Common distributions declared (in dollars per share) | $ 1.72 | $ 1.72 | $ 1.72 | $ 1.72 | $ 1.72 | $ 1.72 | $ 1.72 | $ 1.72 |
SCHEDULE III REAL ESTATE AND _2
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)building | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 211 | |||
Encumbrances | $ 335,241 | |||
Initial Cost to Company | ||||
Land | 923,390 | |||
Buildings and Equipment | 2,804,289 | |||
Costs Capitalized Subsequent to Acquisition | 221,397 | |||
Impairment/ Writedowns | (4,440) | |||
Cost amount carried at Close of Period | ||||
Land | 924,164 | |||
Buildings and Equipment | 3,020,472 | |||
Total | 3,944,636 | $ 2,975,721 | $ 1,888,760 | $ 1,696,132 |
Accumulated Depreciation | $ (375,147) | $ (341,848) | $ (296,804) | $ (255,879) |
Inverness Center, Birmingham, AL | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 5,954 | |||
Buildings and Equipment | 11,664 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 5,954 | |||
Buildings and Equipment | 11,664 | |||
Total | 17,618 | |||
Accumulated Depreciation | $ 0 | |||
445 Jan Davis Drive, Huntsville, AL | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,513 | |||
Buildings and Equipment | 1,503 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 1,513 | |||
Buildings and Equipment | 1,503 | |||
Total | 3,016 | |||
Accumulated Depreciation | $ 0 | |||
4905 Moores Mill Road, Huntsville, AL | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,628 | |||
Buildings and Equipment | 36,612 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 4,628 | |||
Buildings and Equipment | 36,612 | |||
Total | 41,240 | |||
Accumulated Depreciation | $ 0 | |||
131 Clayton Street, Montgomery, AL | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 920 | |||
Buildings and Equipment | 9,084 | |||
Costs Capitalized Subsequent to Acquisition | 48 | |||
Cost amount carried at Close of Period | ||||
Land | 920 | |||
Buildings and Equipment | 9,132 | |||
Total | 10,052 | |||
Accumulated Depreciation | $ (1,708) | |||
4344 Carmichael Road, Montgomery, AL | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,374 | |||
Buildings and Equipment | 11,658 | |||
Costs Capitalized Subsequent to Acquisition | 10 | |||
Cost amount carried at Close of Period | ||||
Land | 1,374 | |||
Buildings and Equipment | 11,668 | |||
Total | 13,042 | |||
Accumulated Depreciation | $ (1,458) | |||
15451 North 28th Avenue, Phoenix, AZ | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,917 | |||
Buildings and Equipment | 7,416 | |||
Costs Capitalized Subsequent to Acquisition | 499 | |||
Cost amount carried at Close of Period | ||||
Land | 1,917 | |||
Buildings and Equipment | 7,915 | |||
Total | 9,832 | |||
Accumulated Depreciation | $ (836) | |||
16001 North 28th Avenue, Phoenix, AZ | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 3,382 | |||
Buildings and Equipment | 416 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 3,382 | |||
Buildings and Equipment | 416 | |||
Total | 3,798 | |||
Accumulated Depreciation | $ 0 | |||
2149 West Dunlap Avenue, Phoenix, AZ | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 6,606 | |||
Buildings and Equipment | 218 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 6,606 | |||
Buildings and Equipment | 218 | |||
Total | 6,824 | |||
Accumulated Depreciation | $ 0 | |||
711 14th Avenue, Safford, AZ | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 460 | |||
Buildings and Equipment | 11,708 | |||
Costs Capitalized Subsequent to Acquisition | 484 | |||
Impairment/ Writedowns | (4,440) | |||
Cost amount carried at Close of Period | ||||
Land | 364 | |||
Buildings and Equipment | 7,848 | |||
Total | 8,212 | |||
Accumulated Depreciation | $ (190) | |||
Regents Center, Tempe, AZ | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 4,154 | |||
Buildings and Equipment | 3,066 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 4,154 | |||
Buildings and Equipment | 3,066 | |||
Total | 7,220 | |||
Accumulated Depreciation | $ 0 | |||
Campbell Place, Carlsbad, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 5,815 | |||
Buildings and Equipment | 3,902 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 5,815 | |||
Buildings and Equipment | 3,902 | |||
Total | 9,717 | |||
Accumulated Depreciation | $ 0 | |||
Folsom Corporate Center, Folsom, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,927 | |||
Buildings and Equipment | 5,628 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 2,927 | |||
Buildings and Equipment | 5,628 | |||
Total | 8,555 | |||
Accumulated Depreciation | $ 0 | |||
Bayside Technology Park, Fremont, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 10,869 | |||
Buildings and Equipment | 653 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 10,869 | |||
Buildings and Equipment | 653 | |||
Total | 11,522 | |||
Accumulated Depreciation | $ 0 | |||
5045 East Butler Street, Fresno, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 7,276 | |||
Buildings and Equipment | 61,118 | |||
Costs Capitalized Subsequent to Acquisition | 139 | |||
Cost amount carried at Close of Period | ||||
Land | 7,276 | |||
Buildings and Equipment | 61,257 | |||
Total | 68,533 | |||
Accumulated Depreciation | $ (25,031) | |||
10949 N. Mather Boulevard, Rancho Cordova, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 562 | |||
Buildings and Equipment | 16,923 | |||
Costs Capitalized Subsequent to Acquisition | 359 | |||
Cost amount carried at Close of Period | ||||
Land | 562 | |||
Buildings and Equipment | 17,282 | |||
Total | 17,844 | |||
Accumulated Depreciation | $ (2,201) | |||
11020 Sun Center Drive, Rancho Cordova, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Encumbrances | $ 64,490 | |||
Initial Cost to Company | ||||
Land | 1,466 | |||
Buildings and Equipment | 8,797 | |||
Costs Capitalized Subsequent to Acquisition | 671 | |||
Cost amount carried at Close of Period | ||||
Land | 1,466 | |||
Buildings and Equipment | 9,468 | |||
Total | 10,934 | |||
Accumulated Depreciation | $ (513) | |||
100 Redwood Shores Parkway, Redwood City, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 14,568 | |||
Buildings and Equipment | 7,783 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 14,568 | |||
Buildings and Equipment | 7,783 | |||
Total | 22,351 | |||
Accumulated Depreciation | $ 0 | |||
3875 Atherton Road, Rocklin, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 178 | |||
Buildings and Equipment | 860 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 178 | |||
Buildings and Equipment | 860 | |||
Total | 1,038 | |||
Accumulated Depreciation | $ 0 | |||
801 K Street, Sacramento, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,688 | |||
Buildings and Equipment | 61,995 | |||
Costs Capitalized Subsequent to Acquisition | 6,275 | |||
Cost amount carried at Close of Period | ||||
Land | 4,688 | |||
Buildings and Equipment | 68,270 | |||
Total | 72,958 | |||
Accumulated Depreciation | $ (5,922) | |||
9815 Goethe Road, Sacramento, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,450 | |||
Buildings and Equipment | 9,465 | |||
Costs Capitalized Subsequent to Acquisition | 1,523 | |||
Cost amount carried at Close of Period | ||||
Land | 1,450 | |||
Buildings and Equipment | 10,988 | |||
Total | 12,438 | |||
Accumulated Depreciation | $ (2,019) | |||
Capital Place, Sacramento, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,290 | |||
Buildings and Equipment | 35,891 | |||
Costs Capitalized Subsequent to Acquisition | 7,885 | |||
Cost amount carried at Close of Period | ||||
Land | 2,290 | |||
Buildings and Equipment | 43,776 | |||
Total | 46,066 | |||
Accumulated Depreciation | $ (10,059) | |||
4181 Ruffin Road, San Diego, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,250 | |||
Buildings and Equipment | 10,549 | |||
Costs Capitalized Subsequent to Acquisition | 5,076 | |||
Cost amount carried at Close of Period | ||||
Land | 5,250 | |||
Buildings and Equipment | 15,625 | |||
Total | 20,875 | |||
Accumulated Depreciation | $ (3,914) | |||
4560 Viewridge Road, San Diego, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,269 | |||
Buildings and Equipment | 18,316 | |||
Costs Capitalized Subsequent to Acquisition | 4,319 | |||
Cost amount carried at Close of Period | ||||
Land | 4,347 | |||
Buildings and Equipment | 22,557 | |||
Total | 26,904 | |||
Accumulated Depreciation | $ (10,672) | |||
9174 Sky Park Centre, San Diego, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Encumbrances | $ 7,983 | |||
Initial Cost to Company | ||||
Land | 685 | |||
Buildings and Equipment | 5,530 | |||
Costs Capitalized Subsequent to Acquisition | 2,708 | |||
Cost amount carried at Close of Period | ||||
Land | 685 | |||
Buildings and Equipment | 8,238 | |||
Total | 8,923 | |||
Accumulated Depreciation | $ (3,246) | |||
2090 Fortune Drive, San Jose, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 9,074 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 9,074 | |||
Buildings and Equipment | 0 | |||
Total | 9,074 | |||
Accumulated Depreciation | $ 0 | |||
2115 O'Nel Drive, San Jose, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 12,402 | |||
Buildings and Equipment | 5,103 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 12,402 | |||
Buildings and Equipment | 5,103 | |||
Total | 17,505 | |||
Accumulated Depreciation | $ 0 | |||
6448-6450 Via Del Oro, San Jose, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,747 | |||
Buildings and Equipment | 2,027 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 4,747 | |||
Buildings and Equipment | 2,027 | |||
Total | 6,774 | |||
Accumulated Depreciation | $ 0 | |||
North First Street, San Jose, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 8,377 | |||
Buildings and Equipment | 4,035 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 8,377 | |||
Buildings and Equipment | 4,035 | |||
Total | 12,412 | |||
Accumulated Depreciation | $ 0 | |||
Rio Robles Drive, San Jose, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 23,874 | |||
Buildings and Equipment | 13,806 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 23,874 | |||
Buildings and Equipment | 13,806 | |||
Total | 37,680 | |||
Accumulated Depreciation | $ 0 | |||
2450 and 2500 Walsh Avenue, Santa Clara, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 13,480 | |||
Buildings and Equipment | 16,783 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 13,480 | |||
Buildings and Equipment | 16,783 | |||
Total | 30,263 | |||
Accumulated Depreciation | $ 0 | |||
3250 and 3260 Jay Street, Santa Clara, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 20,056 | |||
Buildings and Equipment | 14,163 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 20,056 | |||
Buildings and Equipment | 14,163 | |||
Total | 34,219 | |||
Accumulated Depreciation | $ 0 | |||
603 San Juan Avenue, Stockton, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 563 | |||
Buildings and Equipment | 5,470 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 563 | |||
Buildings and Equipment | 5,470 | |||
Total | 6,033 | |||
Accumulated Depreciation | $ (878) | |||
350 West Java Drive, Sunnyvale, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 24,804 | |||
Buildings and Equipment | 464 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 24,804 | |||
Buildings and Equipment | 464 | |||
Total | 25,268 | |||
Accumulated Depreciation | $ 0 | |||
7958 South Chester Street, Centennial, CO | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 6,735 | |||
Buildings and Equipment | 7,210 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 6,735 | |||
Buildings and Equipment | 7,210 | |||
Total | 13,945 | |||
Accumulated Depreciation | $ 0 | |||
350 Spectrum Loop, Colorado Springs, CO | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 3,679 | |||
Buildings and Equipment | 7,793 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 3,679 | |||
Buildings and Equipment | 7,793 | |||
Total | 11,472 | |||
Accumulated Depreciation | $ 0 | |||
333 Inverness Drive South, Englewood, CO | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,756 | |||
Buildings and Equipment | 4,579 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 5,756 | |||
Buildings and Equipment | 4,579 | |||
Total | 10,335 | |||
Accumulated Depreciation | $ 0 | |||
12795 West Alameda Parkway, Lakewood, CO | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,640 | |||
Buildings and Equipment | 23,777 | |||
Costs Capitalized Subsequent to Acquisition | 1,094 | |||
Cost amount carried at Close of Period | ||||
Land | 2,640 | |||
Buildings and Equipment | 24,871 | |||
Total | 27,511 | |||
Accumulated Depreciation | $ (5,559) | |||
Corporate Center, Lakewood, CO | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 2,887 | |||
Buildings and Equipment | 27,537 | |||
Costs Capitalized Subsequent to Acquisition | 3,889 | |||
Cost amount carried at Close of Period | ||||
Land | 2,887 | |||
Buildings and Equipment | 31,426 | |||
Total | 34,313 | |||
Accumulated Depreciation | $ (12,495) | |||
1Targeting Center, Windsor, CT | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,404 | |||
Buildings and Equipment | 574 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 1,404 | |||
Buildings and Equipment | 574 | |||
Total | 1,978 | |||
Accumulated Depreciation | $ 0 | |||
11 Dupont Circle, NW, Washington DC | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 28,255 | |||
Buildings and Equipment | 44,743 | |||
Costs Capitalized Subsequent to Acquisition | 1,994 | |||
Cost amount carried at Close of Period | ||||
Land | 28,255 | |||
Buildings and Equipment | 46,737 | |||
Total | 74,992 | |||
Accumulated Depreciation | $ (1,672) | |||
1211 Connecticut Avenue, NW, Washington DC | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 30,388 | |||
Buildings and Equipment | 24,667 | |||
Costs Capitalized Subsequent to Acquisition | 1,391 | |||
Cost amount carried at Close of Period | ||||
Land | 30,388 | |||
Buildings and Equipment | 26,058 | |||
Total | 56,446 | |||
Accumulated Depreciation | $ (892) | |||
1401 K Street, NW, Washington DC | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 29,215 | |||
Buildings and Equipment | 34,656 | |||
Costs Capitalized Subsequent to Acquisition | 3,210 | |||
Cost amount carried at Close of Period | ||||
Land | 29,215 | |||
Buildings and Equipment | 37,866 | |||
Total | 67,081 | |||
Accumulated Depreciation | $ (1,497) | |||
20 Massachusetts Avenue, Washington, DC | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 12,009 | |||
Buildings and Equipment | 51,528 | |||
Costs Capitalized Subsequent to Acquisition | 21,395 | |||
Cost amount carried at Close of Period | ||||
Land | 12,228 | |||
Buildings and Equipment | 72,704 | |||
Total | 84,932 | |||
Accumulated Depreciation | $ (35,137) | |||
440 First Street, NW, Washington DC | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 27,903 | |||
Buildings and Equipment | 38,624 | |||
Costs Capitalized Subsequent to Acquisition | 1,293 | |||
Cost amount carried at Close of Period | ||||
Land | 27,903 | |||
Buildings and Equipment | 39,917 | |||
Total | 67,820 | |||
Accumulated Depreciation | $ (1,264) | |||
625 Indiana Avenue, Washington, DC | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 26,000 | |||
Buildings and Equipment | 25,955 | |||
Costs Capitalized Subsequent to Acquisition | 7,293 | |||
Cost amount carried at Close of Period | ||||
Land | 26,000 | |||
Buildings and Equipment | 33,248 | |||
Total | 59,248 | |||
Accumulated Depreciation | $ (7,555) | |||
840 First Street, NE, Washington DC | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 42,727 | |||
Buildings and Equipment | 73,249 | |||
Costs Capitalized Subsequent to Acquisition | 472 | |||
Cost amount carried at Close of Period | ||||
Land | 42,727 | |||
Buildings and Equipment | 73,721 | |||
Total | 116,448 | |||
Accumulated Depreciation | $ (2,290) | |||
10350 NW 112th Avenue, Miami, FL | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,836 | |||
Buildings and Equipment | 2,779 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 4,836 | |||
Buildings and Equipment | 2,779 | |||
Total | 7,615 | |||
Accumulated Depreciation | $ 0 | |||
7850 Southwest 6th Court, Plantation, FL | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,800 | |||
Buildings and Equipment | 30,592 | |||
Costs Capitalized Subsequent to Acquisition | 383 | |||
Cost amount carried at Close of Period | ||||
Land | 4,800 | |||
Buildings and Equipment | 30,975 | |||
Total | 35,775 | |||
Accumulated Depreciation | $ (6,026) | |||
8900 Grand Oak Circle, Tampa, FL | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,100 | |||
Buildings and Equipment | 11,773 | |||
Costs Capitalized Subsequent to Acquisition | 288 | |||
Cost amount carried at Close of Period | ||||
Land | 1,100 | |||
Buildings and Equipment | 12,061 | |||
Total | 13,161 | |||
Accumulated Depreciation | $ (2,471) | |||
180 Ted Turner Drive SW, Atlanta, GA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,717 | |||
Buildings and Equipment | 20,017 | |||
Costs Capitalized Subsequent to Acquisition | 186 | |||
Cost amount carried at Close of Period | ||||
Land | 5,717 | |||
Buildings and Equipment | 20,203 | |||
Total | 25,920 | |||
Accumulated Depreciation | $ (3,229) | |||
Corporate Square, Atlanta, GA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 5 | |||
Initial Cost to Company | ||||
Land | $ 3,996 | |||
Buildings and Equipment | 29,762 | |||
Costs Capitalized Subsequent to Acquisition | 27,816 | |||
Cost amount carried at Close of Period | ||||
Land | 3,996 | |||
Buildings and Equipment | 57,578 | |||
Total | 61,574 | |||
Accumulated Depreciation | $ (13,371) | |||
Executive Park, Atlanta, GA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,521 | |||
Buildings and Equipment | 11,826 | |||
Costs Capitalized Subsequent to Acquisition | 3,996 | |||
Cost amount carried at Close of Period | ||||
Land | 1,521 | |||
Buildings and Equipment | 15,822 | |||
Total | 17,343 | |||
Accumulated Depreciation | $ (5,781) | |||
One Georgia Center, Atlanta, GA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 10,250 | |||
Buildings and Equipment | 27,933 | |||
Costs Capitalized Subsequent to Acquisition | 6,034 | |||
Cost amount carried at Close of Period | ||||
Land | 10,250 | |||
Buildings and Equipment | 33,967 | |||
Total | 44,217 | |||
Accumulated Depreciation | $ (5,419) | |||
One Primerica Parkway, Duluth, GA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 6,982 | |||
Buildings and Equipment | 23,132 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 6,982 | |||
Buildings and Equipment | 23,132 | |||
Total | 30,114 | |||
Accumulated Depreciation | $ 0 | |||
4712 Southpark Boulevard, Ellenwood, GA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,390 | |||
Buildings and Equipment | 19,635 | |||
Costs Capitalized Subsequent to Acquisition | 88 | |||
Cost amount carried at Close of Period | ||||
Land | 1,390 | |||
Buildings and Equipment | 19,723 | |||
Total | 21,113 | |||
Accumulated Depreciation | $ (3,156) | |||
91-209 Kuhela Street, Kapolei, HI | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,008 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 2,008 | |||
Buildings and Equipment | 0 | |||
Total | 2,008 | |||
Accumulated Depreciation | $ 0 | |||
8305 NW 62nd Avenue, Johnston, IA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,670 | |||
Buildings and Equipment | 8,060 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 2,670 | |||
Buildings and Equipment | 8,060 | |||
Total | 10,730 | |||
Accumulated Depreciation | $ 0 | |||
South Vinnell Way, Boise, ID | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 3,390 | |||
Buildings and Equipment | 29,026 | |||
Costs Capitalized Subsequent to Acquisition | 822 | |||
Cost amount carried at Close of Period | ||||
Land | 3,390 | |||
Buildings and Equipment | 29,848 | |||
Total | 33,238 | |||
Accumulated Depreciation | $ (4,871) | |||
2020 S. Arlington Heights, Arlington Heights, IL | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,450 | |||
Buildings and Equipment | 13,160 | |||
Costs Capitalized Subsequent to Acquisition | 872 | |||
Cost amount carried at Close of Period | ||||
Land | 1,450 | |||
Buildings and Equipment | 14,032 | |||
Total | 15,482 | |||
Accumulated Depreciation | $ (3,101) | |||
400 South Jefferson Street, Chicago, IL | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Encumbrances | $ 13,384 | |||
Initial Cost to Company | ||||
Land | 19,532 | |||
Buildings and Equipment | 20,274 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 19,532 | |||
Buildings and Equipment | 20,274 | |||
Total | 39,806 | |||
Accumulated Depreciation | $ 0 | |||
475 Bond Street, Lincolnshire, IL | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,915 | |||
Buildings and Equipment | 574 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 4,915 | |||
Buildings and Equipment | 574 | |||
Total | 5,489 | |||
Accumulated Depreciation | $ 0 | |||
1415 West Diehl Road, Naperville, IL | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 12,431 | |||
Buildings and Equipment | 20,749 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 12,431 | |||
Buildings and Equipment | 20,749 | |||
Total | 33,180 | |||
Accumulated Depreciation | $ 0 | |||
440 North Fairway Drive, Vernon Hills, IL | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,500 | |||
Buildings and Equipment | 445 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 4,500 | |||
Buildings and Equipment | 445 | |||
Total | 4,945 | |||
Accumulated Depreciation | $ 0 | |||
Intech Park, Indianapolis, IN | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 4,170 | |||
Buildings and Equipment | 68,888 | |||
Costs Capitalized Subsequent to Acquisition | 4,337 | |||
Cost amount carried at Close of Period | ||||
Land | 4,170 | |||
Buildings and Equipment | 73,225 | |||
Total | 77,395 | |||
Accumulated Depreciation | $ (13,425) | |||
7601 and 7635 Interactive Way, Indianapolis, IN | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 3,363 | |||
Buildings and Equipment | 14,636 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 3,363 | |||
Buildings and Equipment | 14,636 | |||
Total | 17,999 | |||
Accumulated Depreciation | $ 0 | |||
400 State Street, Kansas City, KS | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Encumbrances | $ 49,087 | |||
Initial Cost to Company | ||||
Land | 640 | |||
Buildings and Equipment | 9,932 | |||
Costs Capitalized Subsequent to Acquisition | 5,265 | |||
Cost amount carried at Close of Period | ||||
Land | 640 | |||
Buildings and Equipment | 15,197 | |||
Total | 15,837 | |||
Accumulated Depreciation | $ (3,309) | |||
Capital Tower, Topeka, KS [Member] | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,236 | |||
Buildings and Equipment | 3,115 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 1,236 | |||
Buildings and Equipment | 3,115 | |||
Total | 4,351 | |||
Accumulated Depreciation | $ 0 | |||
The Atrium at Circleport II, Erlanger, KY | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,810 | |||
Buildings and Equipment | 1,948 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 1,810 | |||
Buildings and Equipment | 1,948 | |||
Total | 3,758 | |||
Accumulated Depreciation | $ 0 | |||
7125 Industrial Road, Florence, KY | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,698 | |||
Buildings and Equipment | 11,722 | |||
Costs Capitalized Subsequent to Acquisition | 151 | |||
Cost amount carried at Close of Period | ||||
Land | 1,698 | |||
Buildings and Equipment | 11,873 | |||
Total | 13,571 | |||
Accumulated Depreciation | $ (1,766) | |||
251 Causeway Street, Boston, MA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,100 | |||
Buildings and Equipment | 17,293 | |||
Costs Capitalized Subsequent to Acquisition | 2,555 | |||
Cost amount carried at Close of Period | ||||
Land | 5,100 | |||
Buildings and Equipment | 19,848 | |||
Total | 24,948 | |||
Accumulated Depreciation | $ (4,061) | |||
300 and 330 Billerica Road, Chelmsford, MA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 4,737 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 4,737 | |||
Buildings and Equipment | 0 | |||
Total | 4,737 | |||
Accumulated Depreciation | $ 0 | |||
75 Pleasant Street, Malden, MA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,050 | |||
Buildings and Equipment | 31,086 | |||
Costs Capitalized Subsequent to Acquisition | 271 | |||
Cost amount carried at Close of Period | ||||
Land | 1,050 | |||
Buildings and Equipment | 31,357 | |||
Total | 32,407 | |||
Accumulated Depreciation | $ (6,703) | |||
111 Powdermill Road, Maynard, MA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,432 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 4,432 | |||
Buildings and Equipment | 0 | |||
Total | 4,432 | |||
Accumulated Depreciation | $ 0 | |||
25 Newport Avenue, Quincy, MA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,700 | |||
Buildings and Equipment | 9,199 | |||
Costs Capitalized Subsequent to Acquisition | 1,791 | |||
Cost amount carried at Close of Period | ||||
Land | 2,700 | |||
Buildings and Equipment | 10,990 | |||
Total | 13,690 | |||
Accumulated Depreciation | $ (2,021) | |||
One Montvale Avenue, Stoneham, MA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,670 | |||
Buildings and Equipment | 11,035 | |||
Costs Capitalized Subsequent to Acquisition | 2,234 | |||
Cost amount carried at Close of Period | ||||
Land | 1,670 | |||
Buildings and Equipment | 13,269 | |||
Total | 14,939 | |||
Accumulated Depreciation | $ (2,693) | |||
314 Littleton Road, Westford, MA [Member] | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,736 | |||
Buildings and Equipment | 8,555 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 5,736 | |||
Buildings and Equipment | 8,555 | |||
Total | 14,291 | |||
Accumulated Depreciation | $ 0 | |||
Annapolis Commerce Center, Annapolis, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 4,057 | |||
Buildings and Equipment | 7,665 | |||
Costs Capitalized Subsequent to Acquisition | 219 | |||
Cost amount carried at Close of Period | ||||
Land | 4,057 | |||
Buildings and Equipment | 7,884 | |||
Total | 11,941 | |||
Accumulated Depreciation | $ (275) | |||
4201 Patterson Avenue, Baltimore, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 901 | |||
Buildings and Equipment | 8,097 | |||
Costs Capitalized Subsequent to Acquisition | 4,085 | |||
Cost amount carried at Close of Period | ||||
Land | 901 | |||
Buildings and Equipment | 12,182 | |||
Total | 13,083 | |||
Accumulated Depreciation | $ (4,961) | |||
Hillside Center, Columbia, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 3,437 | |||
Buildings and Equipment | 4,228 | |||
Costs Capitalized Subsequent to Acquisition | 336 | |||
Cost amount carried at Close of Period | ||||
Land | 3,437 | |||
Buildings and Equipment | 4,564 | |||
Total | 8,001 | |||
Accumulated Depreciation | $ (131) | |||
TenThreeTwenty, Columbia, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 3,126 | |||
Buildings and Equipment | 16,361 | |||
Costs Capitalized Subsequent to Acquisition | 869 | |||
Cost amount carried at Close of Period | ||||
Land | 3,126 | |||
Buildings and Equipment | 17,230 | |||
Total | 20,356 | |||
Accumulated Depreciation | $ (570) | |||
7001 Columbia Gateway Drive, Columbia, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,687 | |||
Buildings and Equipment | 10,433 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 5,687 | |||
Buildings and Equipment | 10,433 | |||
Total | 16,120 | |||
Accumulated Depreciation | $ 0 | |||
3300 75th Avenue, Landover, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,110 | |||
Buildings and Equipment | 36,371 | |||
Costs Capitalized Subsequent to Acquisition | 1,346 | |||
Cost amount carried at Close of Period | ||||
Land | 4,110 | |||
Buildings and Equipment | 37,717 | |||
Total | 41,827 | |||
Accumulated Depreciation | $ (8,281) | |||
1401 Rockville Pike, Rockville, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Encumbrances | $ 25,019 | |||
Initial Cost to Company | ||||
Land | 3,248 | |||
Buildings and Equipment | 29,258 | |||
Costs Capitalized Subsequent to Acquisition | 16,481 | |||
Cost amount carried at Close of Period | ||||
Land | 3,248 | |||
Buildings and Equipment | 45,739 | |||
Total | 48,987 | |||
Accumulated Depreciation | $ (19,266) | |||
2115 East Jefferson Street, Rockville, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 3,349 | |||
Buildings and Equipment | 11,152 | |||
Costs Capitalized Subsequent to Acquisition | 385 | |||
Cost amount carried at Close of Period | ||||
Land | 3,349 | |||
Buildings and Equipment | 11,537 | |||
Total | 14,886 | |||
Accumulated Depreciation | $ (1,521) | |||
Redland 520/530, Rockville, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 12,714 | |||
Buildings and Equipment | 61,377 | |||
Costs Capitalized Subsequent to Acquisition | 1,498 | |||
Cost amount carried at Close of Period | ||||
Land | 12,714 | |||
Buildings and Equipment | 62,875 | |||
Total | 75,589 | |||
Accumulated Depreciation | $ (1,945) | |||
Redland 540, Rockville, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 10,740 | |||
Buildings and Equipment | 17,714 | |||
Costs Capitalized Subsequent to Acquisition | 2,896 | |||
Cost amount carried at Close of Period | ||||
Land | 10,740 | |||
Buildings and Equipment | 20,610 | |||
Total | 31,350 | |||
Accumulated Depreciation | $ (879) | |||
Rutherford Business Park, Windsor Mill, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,598 | |||
Buildings and Equipment | 10,219 | |||
Costs Capitalized Subsequent to Acquisition | 330 | |||
Cost amount carried at Close of Period | ||||
Land | 1,598 | |||
Buildings and Equipment | 10,549 | |||
Total | 12,147 | |||
Accumulated Depreciation | $ (1,557) | |||
Meadows Business Park, Woodlawn, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 3,735 | |||
Buildings and Equipment | 21,509 | |||
Costs Capitalized Subsequent to Acquisition | 2,268 | |||
Cost amount carried at Close of Period | ||||
Land | 3,735 | |||
Buildings and Equipment | 23,777 | |||
Total | 27,512 | |||
Accumulated Depreciation | $ (4,701) | |||
3550 Green Court, Ann Arbor, MI | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Encumbrances | $ 69,304 | |||
Initial Cost to Company | ||||
Land | 3,659 | |||
Buildings and Equipment | 4,896 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 3,659 | |||
Buildings and Equipment | 4,896 | |||
Total | 8,555 | |||
Accumulated Depreciation | $ 0 | |||
11411 E. Jefferson Avenue, Detroit, MI | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 630 | |||
Buildings and Equipment | 18,002 | |||
Costs Capitalized Subsequent to Acquisition | 438 | |||
Cost amount carried at Close of Period | ||||
Land | 630 | |||
Buildings and Equipment | 18,440 | |||
Total | 19,070 | |||
Accumulated Depreciation | $ (3,930) | |||
Rosedale Corporate Plaza, Roseville, MN | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 672 | |||
Buildings and Equipment | 6,045 | |||
Costs Capitalized Subsequent to Acquisition | 1,505 | |||
Cost amount carried at Close of Period | ||||
Land | 672 | |||
Buildings and Equipment | 7,550 | |||
Total | 8,222 | |||
Accumulated Depreciation | $ (3,474) | |||
1300 Summit Street, Kansas City, MO | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Encumbrances | $ 2,933 | |||
Initial Cost to Company | ||||
Land | 2,776 | |||
Buildings and Equipment | 12,070 | |||
Costs Capitalized Subsequent to Acquisition | 915 | |||
Cost amount carried at Close of Period | ||||
Land | 2,776 | |||
Buildings and Equipment | 12,985 | |||
Total | 15,761 | |||
Accumulated Depreciation | $ (1,939) | |||
4241-4300 NE 34th Street, Kansas City, MO | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,443 | |||
Buildings and Equipment | 6,193 | |||
Costs Capitalized Subsequent to Acquisition | 3,992 | |||
Cost amount carried at Close of Period | ||||
Land | 1,780 | |||
Buildings and Equipment | 9,848 | |||
Total | 11,628 | |||
Accumulated Depreciation | $ (4,199) | |||
2555 Grand Boulevard, Kansas City, MO | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,243 | |||
Buildings and Equipment | 51,931 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 4,243 | |||
Buildings and Equipment | 51,931 | |||
Total | 56,174 | |||
Accumulated Depreciation | $ 0 | |||
1220 Echelon Parkway, Jackson, MS | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 440 | |||
Buildings and Equipment | 25,458 | |||
Costs Capitalized Subsequent to Acquisition | 238 | |||
Cost amount carried at Close of Period | ||||
Land | 440 | |||
Buildings and Equipment | 25,696 | |||
Total | 26,136 | |||
Accumulated Depreciation | $ (4,100) | |||
2300 and 2400 Yorkmont Road, Charlotte, NC | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 1,345 | |||
Buildings and Equipment | 19,226 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 1,345 | |||
Buildings and Equipment | 19,226 | |||
Total | 20,571 | |||
Accumulated Depreciation | $ 0 | |||
18010 and 18020 Burt Street, Omaha, NE | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 7,032 | |||
Buildings and Equipment | 12,599 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 7,032 | |||
Buildings and Equipment | 12,599 | |||
Total | 19,631 | |||
Accumulated Depreciation | $ 0 | |||
10-12 Celina Avenue, Nashua, NH | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 3,000 | |||
Buildings and Equipment | 14,052 | |||
Costs Capitalized Subsequent to Acquisition | 1,569 | |||
Cost amount carried at Close of Period | ||||
Land | 3,000 | |||
Buildings and Equipment | 15,621 | |||
Total | 18,621 | |||
Accumulated Depreciation | $ (3,379) | |||
500 Charles Ewing Boulevard, Ewing, NJ | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,846 | |||
Buildings and Equipment | 26,208 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 4,846 | |||
Buildings and Equipment | 26,208 | |||
Total | 31,054 | |||
Accumulated Depreciation | $ 0 | |||
299 Jefferson Road, Parsippany, NJ | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,579 | |||
Buildings and Equipment | 2,937 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 4,579 | |||
Buildings and Equipment | 2,937 | |||
Total | 7,516 | |||
Accumulated Depreciation | $ 0 | |||
One Jefferson Road, Parsippany, NJ | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,450 | |||
Buildings and Equipment | 5,291 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 4,450 | |||
Buildings and Equipment | 5,291 | |||
Total | 9,741 | |||
Accumulated Depreciation | $ 0 | |||
50 West State Street, Trenton, NJ | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,000 | |||
Buildings and Equipment | 38,203 | |||
Costs Capitalized Subsequent to Acquisition | 3,313 | |||
Cost amount carried at Close of Period | ||||
Land | 5,000 | |||
Buildings and Equipment | 41,516 | |||
Total | 46,516 | |||
Accumulated Depreciation | $ (8,009) | |||
138 Delaware Avenue, Buffalo, NY | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,405 | |||
Buildings and Equipment | 18,899 | |||
Costs Capitalized Subsequent to Acquisition | 7,551 | |||
Cost amount carried at Close of Period | ||||
Land | 4,485 | |||
Buildings and Equipment | 26,370 | |||
Total | 30,855 | |||
Accumulated Depreciation | $ (11,830) | |||
Airline Corporate Center, Colonie, NY | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 790 | |||
Buildings and Equipment | 6,400 | |||
Costs Capitalized Subsequent to Acquisition | 406 | |||
Cost amount carried at Close of Period | ||||
Land | 790 | |||
Buildings and Equipment | 6,806 | |||
Total | 7,596 | |||
Accumulated Depreciation | $ (1,053) | |||
5000 Corporate Court, Holtsville, NY | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 6,530 | |||
Buildings and Equipment | 17,711 | |||
Costs Capitalized Subsequent to Acquisition | 2,734 | |||
Cost amount carried at Close of Period | ||||
Land | 6,530 | |||
Buildings and Equipment | 20,445 | |||
Total | 26,975 | |||
Accumulated Depreciation | $ (3,811) | |||
8687 Carling Road, Liverpool, NY | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 571 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 571 | |||
Buildings and Equipment | 0 | |||
Total | 571 | |||
Accumulated Depreciation | $ 0 | |||
1212 Pittsford - Victor Road, Pittsford, NY | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Encumbrances | $ 27,238 | |||
Initial Cost to Company | ||||
Land | 613 | |||
Buildings and Equipment | 79 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 613 | |||
Buildings and Equipment | 79 | |||
Total | 692 | |||
Accumulated Depreciation | $ 0 | |||
500 Canal View Boulevard, Rochester, NY | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,077 | |||
Buildings and Equipment | 376 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 2,077 | |||
Buildings and Equipment | 376 | |||
Total | 2,453 | |||
Accumulated Depreciation | $ 0 | |||
2231 Schrock Road, Columbus, OH | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 722 | |||
Buildings and Equipment | 218 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 722 | |||
Buildings and Equipment | 218 | |||
Total | 940 | |||
Accumulated Depreciation | $ 0 | |||
4600 25th Avenue, Salem, OR | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 6,510 | |||
Buildings and Equipment | 17,973 | |||
Costs Capitalized Subsequent to Acquisition | 5,165 | |||
Cost amount carried at Close of Period | ||||
Land | 6,510 | |||
Buildings and Equipment | 23,138 | |||
Total | 29,648 | |||
Accumulated Depreciation | $ (4,898) | |||
501 Ridge Avenue, Hanover, PA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 3,452 | |||
Buildings and Equipment | 5,152 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 3,452 | |||
Buildings and Equipment | 5,152 | |||
Total | 8,604 | |||
Accumulated Depreciation | $ 0 | |||
8800 Tinicum Boulevard, Philadelphia, PA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,617 | |||
Buildings and Equipment | 22,866 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 5,617 | |||
Buildings and Equipment | 22,866 | |||
Total | 28,483 | |||
Accumulated Depreciation | $ 0 | |||
Synergy Business Park, Columbia, SC | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 1,439 | |||
Buildings and Equipment | 11,143 | |||
Costs Capitalized Subsequent to Acquisition | 5,178 | |||
Cost amount carried at Close of Period | ||||
Land | 1,439 | |||
Buildings and Equipment | 16,321 | |||
Total | 17,760 | |||
Accumulated Depreciation | $ (4,335) | |||
9680 Old Bailes Road, Fort Mill, SC | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 841 | |||
Buildings and Equipment | 2,967 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 841 | |||
Buildings and Equipment | 2,967 | |||
Total | 3,808 | |||
Accumulated Depreciation | $ 0 | |||
One Memphis Place, Memphis, TN | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,630 | |||
Buildings and Equipment | 5,645 | |||
Costs Capitalized Subsequent to Acquisition | 3,290 | |||
Cost amount carried at Close of Period | ||||
Land | 1,630 | |||
Buildings and Equipment | 8,935 | |||
Total | 10,565 | |||
Accumulated Depreciation | $ (1,742) | |||
16001 North Dallas Parkway, Addison, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 10,364 | |||
Buildings and Equipment | 63,661 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 10,364 | |||
Buildings and Equipment | 63,661 | |||
Total | 74,025 | |||
Accumulated Depreciation | $ 0 | |||
2115-2116 East Randol Mill Road, Arlington, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,146 | |||
Buildings and Equipment | 5,469 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 2,146 | |||
Buildings and Equipment | 5,469 | |||
Total | 7,615 | |||
Accumulated Depreciation | $ 0 | |||
Research Park, Austin, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 4,292 | |||
Buildings and Equipment | 13,856 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 4,292 | |||
Buildings and Equipment | 13,856 | |||
Total | 18,148 | |||
Accumulated Depreciation | $ 0 | |||
1001 Noble Energy Way, Houston, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,222 | |||
Buildings and Equipment | 29,392 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 5,222 | |||
Buildings and Equipment | 29,392 | |||
Total | 34,614 | |||
Accumulated Depreciation | $ 0 | |||
10451 Clay Road, Houston, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,538 | |||
Buildings and Equipment | 10,335 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 5,538 | |||
Buildings and Equipment | 10,335 | |||
Total | 15,873 | |||
Accumulated Depreciation | $ 0 | |||
202 North Castlegory Road, Houston, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 870 | |||
Buildings and Equipment | 5,064 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 870 | |||
Buildings and Equipment | 5,064 | |||
Total | 5,934 | |||
Accumulated Depreciation | $ 0 | |||
6380 Rogerdale Road, Houston, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 12,728 | |||
Buildings and Equipment | 6,161 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 12,728 | |||
Buildings and Equipment | 6,161 | |||
Total | 18,889 | |||
Accumulated Depreciation | $ 0 | |||
4221 W. John Carpenter Freeway, Irving, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,424 | |||
Buildings and Equipment | 2,384 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 1,424 | |||
Buildings and Equipment | 2,384 | |||
Total | 3,808 | |||
Accumulated Depreciation | $ 0 | |||
8675, 8701-8711 Freeport Pkwy and 8901 Esters Boulevard, Irving, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 10,266 | |||
Buildings and Equipment | 31,815 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 10,266 | |||
Buildings and Equipment | 31,815 | |||
Total | 42,081 | |||
Accumulated Depreciation | $ 0 | |||
1511 East Common Street, New Braunfels, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,004 | |||
Buildings and Equipment | 1,276 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 5,004 | |||
Buildings and Equipment | 1,276 | |||
Total | 6,280 | |||
Accumulated Depreciation | $ 0 | |||
2900 West Plano Parkway, Plano, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 6,873 | |||
Buildings and Equipment | 8,901 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 6,873 | |||
Buildings and Equipment | 8,901 | |||
Total | 15,774 | |||
Accumulated Depreciation | $ 0 | |||
3400 West Plano Parkway, Plano, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,579 | |||
Buildings and Equipment | 16,091 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 4,579 | |||
Buildings and Equipment | 16,091 | |||
Total | 20,670 | |||
Accumulated Depreciation | $ 0 | |||
19100 Ridgewood Parkway, San Antonio, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,223 | |||
Buildings and Equipment | 144,519 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 4,223 | |||
Buildings and Equipment | 144,519 | |||
Total | 148,742 | |||
Accumulated Depreciation | $ 0 | |||
3600 Weismann Boulevard, San Antonio, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 3,521 | |||
Buildings and Equipment | 6,715 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 3,521 | |||
Buildings and Equipment | 6,715 | |||
Total | 10,236 | |||
Accumulated Depreciation | $ 0 | |||
701 Clay Road, Waco, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,030 | |||
Buildings and Equipment | 8,708 | |||
Costs Capitalized Subsequent to Acquisition | 3,584 | |||
Cost amount carried at Close of Period | ||||
Land | 2,060 | |||
Buildings and Equipment | 12,262 | |||
Total | 14,322 | |||
Accumulated Depreciation | $ (5,020) | |||
1800 Novell Place, Provo, UT | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 7,546 | |||
Buildings and Equipment | 43,831 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 7,546 | |||
Buildings and Equipment | 43,831 | |||
Total | 51,377 | |||
Accumulated Depreciation | $ 0 | |||
4885-4931 North 300 West, Provo, UT | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 3,946 | |||
Buildings and Equipment | 9,504 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 3,946 | |||
Buildings and Equipment | 9,504 | |||
Total | 13,450 | |||
Accumulated Depreciation | $ 0 | |||
14660,14672 and 14668 Lee Road, Chantilly, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 6,966 | |||
Buildings and Equipment | 74,214 | |||
Costs Capitalized Subsequent to Acquisition | 2,038 | |||
Cost amount carried at Close of Period | ||||
Land | 6,966 | |||
Buildings and Equipment | 76,252 | |||
Total | 83,218 | |||
Accumulated Depreciation | $ (3,757) | |||
1434 Crossways, Chesapeake, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 3,617 | |||
Buildings and Equipment | 19,527 | |||
Costs Capitalized Subsequent to Acquisition | 1,817 | |||
Cost amount carried at Close of Period | ||||
Land | 3,617 | |||
Buildings and Equipment | 21,344 | |||
Total | 24,961 | |||
Accumulated Depreciation | $ (840) | |||
Greenbrier Towers, Chesapeake, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 3,437 | |||
Buildings and Equipment | 11,241 | |||
Costs Capitalized Subsequent to Acquisition | 700 | |||
Cost amount carried at Close of Period | ||||
Land | 3,437 | |||
Buildings and Equipment | 11,941 | |||
Total | 15,378 | |||
Accumulated Depreciation | $ (507) | |||
Enterchange at Meadowville, Chester, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,478 | |||
Buildings and Equipment | 9,594 | |||
Costs Capitalized Subsequent to Acquisition | 283 | |||
Cost amount carried at Close of Period | ||||
Land | 1,478 | |||
Buildings and Equipment | 9,877 | |||
Total | 11,355 | |||
Accumulated Depreciation | $ (1,309) | |||
Three Flint Hill, Fairfax, VA [Member] | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,991 | |||
Buildings and Equipment | 25,619 | |||
Costs Capitalized Subsequent to Acquisition | 1,515 | |||
Cost amount carried at Close of Period | ||||
Land | 5,991 | |||
Buildings and Equipment | 27,134 | |||
Total | 33,125 | |||
Accumulated Depreciation | $ (1,075) | |||
3920 Pender Drive, Fairfax, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,963 | |||
Buildings and Equipment | 12,840 | |||
Costs Capitalized Subsequent to Acquisition | 231 | |||
Cost amount carried at Close of Period | ||||
Land | 2,963 | |||
Buildings and Equipment | 13,071 | |||
Total | 16,034 | |||
Accumulated Depreciation | $ (1,529) | |||
Pender Business Park, Fairfax, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 4 | |||
Initial Cost to Company | ||||
Land | $ 2,529 | |||
Buildings and Equipment | 21,386 | |||
Costs Capitalized Subsequent to Acquisition | 636 | |||
Cost amount carried at Close of Period | ||||
Land | 2,529 | |||
Buildings and Equipment | 22,022 | |||
Total | 24,551 | |||
Accumulated Depreciation | $ (2,873) | |||
7987 Ashton Avenue, Manassas, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,562 | |||
Buildings and Equipment | 8,253 | |||
Costs Capitalized Subsequent to Acquisition | 623 | |||
Cost amount carried at Close of Period | ||||
Land | 1,562 | |||
Buildings and Equipment | 8,876 | |||
Total | 10,438 | |||
Accumulated Depreciation | $ (439) | |||
Two Commercial Place, Norfolk, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,530 | |||
Buildings and Equipment | 21,678 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 4,530 | |||
Buildings and Equipment | 21,678 | |||
Total | 26,208 | |||
Accumulated Depreciation | $ 0 | |||
1759 & 1760 Business Park Drive Reston, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 9,066 | |||
Buildings and Equipment | 78,658 | |||
Costs Capitalized Subsequent to Acquisition | 2,723 | |||
Cost amount carried at Close of Period | ||||
Land | 9,066 | |||
Buildings and Equipment | 81,381 | |||
Total | 90,447 | |||
Accumulated Depreciation | $ (9,273) | |||
1775 Wiehle Avenue, Reston, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,138 | |||
Buildings and Equipment | 26,120 | |||
Costs Capitalized Subsequent to Acquisition | 756 | |||
Cost amount carried at Close of Period | ||||
Land | 4,138 | |||
Buildings and Equipment | 26,876 | |||
Total | 31,014 | |||
Accumulated Depreciation | $ (828) | |||
9960 Mayland Drive, Richmond VA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,614 | |||
Buildings and Equipment | 15,930 | |||
Costs Capitalized Subsequent to Acquisition | 1,891 | |||
Cost amount carried at Close of Period | ||||
Land | 2,614 | |||
Buildings and Equipment | 17,821 | |||
Total | 20,435 | |||
Accumulated Depreciation | $ (2,055) | |||
501 South 5th Street, Richmond, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 14,884 | |||
Buildings and Equipment | 39,411 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 14,884 | |||
Buildings and Equipment | 39,411 | |||
Total | 54,295 | |||
Accumulated Depreciation | $ 0 | |||
9201 Forest Hill Avenue, Richmond, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,355 | |||
Buildings and Equipment | 376 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 1,355 | |||
Buildings and Equipment | 376 | |||
Total | 1,731 | |||
Accumulated Depreciation | $ 0 | |||
Parham Place, Richmond, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 920 | |||
Buildings and Equipment | 1,107 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 920 | |||
Buildings and Equipment | 1,107 | |||
Total | 2,027 | |||
Accumulated Depreciation | $ 0 | |||
1751 Blue Hills Drive, Roanoke, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,710 | |||
Buildings and Equipment | 7,823 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 2,710 | |||
Buildings and Equipment | 7,823 | |||
Total | 10,533 | |||
Accumulated Depreciation | $ 0 | |||
Aquia Commerce Center, Stafford, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 2,090 | |||
Buildings and Equipment | 7,465 | |||
Costs Capitalized Subsequent to Acquisition | 768 | |||
Cost amount carried at Close of Period | ||||
Land | 2,090 | |||
Buildings and Equipment | 8,233 | |||
Total | 10,323 | |||
Accumulated Depreciation | $ (1,549) | |||
Atlantic Corporate Park, Sterling, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 5,752 | |||
Buildings and Equipment | 29,323 | |||
Costs Capitalized Subsequent to Acquisition | 178 | |||
Cost amount carried at Close of Period | ||||
Land | 5,752 | |||
Buildings and Equipment | 29,501 | |||
Total | 35,253 | |||
Accumulated Depreciation | $ (931) | |||
Sterling Business Park Lots 8 and 9, Sterling, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 9,177 | |||
Buildings and Equipment | 44,375 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 9,177 | |||
Buildings and Equipment | 44,375 | |||
Total | 53,552 | |||
Accumulated Depreciation | $ (1,385) | |||
Orbital Sciences Campus, Sterling, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 12,372 | |||
Buildings and Equipment | 19,473 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 12,372 | |||
Buildings and Equipment | 19,473 | |||
Total | 31,845 | |||
Accumulated Depreciation | $ 0 | |||
65 Bowdoin Street, S. Burlington, VT | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 700 | |||
Buildings and Equipment | 8,416 | |||
Costs Capitalized Subsequent to Acquisition | 140 | |||
Cost amount carried at Close of Period | ||||
Land | 700 | |||
Buildings and Equipment | 8,556 | |||
Total | 9,256 | |||
Accumulated Depreciation | $ (1,873) | |||
840 North Broadway, Everett, WA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 2 | |||
Encumbrances | $ 34,704 | |||
Initial Cost to Company | ||||
Land | 3,360 | |||
Buildings and Equipment | 15,376 | |||
Costs Capitalized Subsequent to Acquisition | 2,116 | |||
Cost amount carried at Close of Period | ||||
Land | 3,360 | |||
Buildings and Equipment | 17,492 | |||
Total | 20,852 | |||
Accumulated Depreciation | $ (3,099) | |||
Stevens Center, Richland, WA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 3,970 | |||
Buildings and Equipment | 17,035 | |||
Costs Capitalized Subsequent to Acquisition | 4,137 | |||
Cost amount carried at Close of Period | ||||
Land | 4,045 | |||
Buildings and Equipment | 21,097 | |||
Total | 25,142 | |||
Accumulated Depreciation | $ (9,854) | |||
351, 401, 501 Elliott Ave West, Seattle, WA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 26,851 | |||
Buildings and Equipment | 53,157 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 26,851 | |||
Buildings and Equipment | 53,157 | |||
Total | 80,008 | |||
Accumulated Depreciation | $ 0 | |||
11050 West Liberty Drive, Milwaukee, WI | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 945 | |||
Buildings and Equipment | 4,539 | |||
Costs Capitalized Subsequent to Acquisition | 103 | |||
Cost amount carried at Close of Period | ||||
Land | 945 | |||
Buildings and Equipment | 4,642 | |||
Total | 5,587 | |||
Accumulated Depreciation | $ (881) | |||
882 TJ Jackson Drive, Falling Waters, WV | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Encumbrances | $ 41,099 | |||
Initial Cost to Company | ||||
Land | 906 | |||
Buildings and Equipment | 3,886 | |||
Costs Capitalized Subsequent to Acquisition | 270 | |||
Cost amount carried at Close of Period | ||||
Land | 922 | |||
Buildings and Equipment | 4,140 | |||
Total | 5,062 | |||
Accumulated Depreciation | $ (2,215) | |||
5353 Yellowstone Road, Cheyenne, WY | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,915 | |||
Buildings and Equipment | 8,217 | |||
Costs Capitalized Subsequent to Acquisition | 765 | |||
Cost amount carried at Close of Period | ||||
Land | 1,950 | |||
Buildings and Equipment | 8,947 | |||
Total | 10,897 | |||
Accumulated Depreciation | $ (4,658) | |||
Total Real Estate Assets | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 247 | |||
Encumbrances | $ 335,241 | |||
Initial Cost to Company | ||||
Land | 1,038,737 | |||
Buildings and Equipment | 2,904,700 | |||
Costs Capitalized Subsequent to Acquisition | 225,424 | |||
Impairment/ Writedowns | (7,270) | |||
Cost amount carried at Close of Period | ||||
Land | 1,039,553 | |||
Buildings and Equipment | 3,122,038 | |||
Total | 4,161,591 | |||
Accumulated Depreciation | $ (383,318) | |||
Properties Held for Sale | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 36 | |||
Initial Cost to Company | ||||
Land | $ 115,347 | |||
Buildings and Equipment | 100,411 | |||
Costs Capitalized Subsequent to Acquisition | 4,027 | |||
Impairment/ Writedowns | (2,830) | |||
Cost amount carried at Close of Period | ||||
Land | 115,389 | |||
Buildings and Equipment | 101,566 | |||
Total | 216,955 | |||
Accumulated Depreciation | $ (8,171) | |||
Properties Held for Sale | 500 First Street, NW, Washington DC | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 30,478 | |||
Buildings and Equipment | 15,660 | |||
Costs Capitalized Subsequent to Acquisition | 44 | |||
Cost amount carried at Close of Period | ||||
Land | 30,478 | |||
Buildings and Equipment | 15,704 | |||
Total | 46,182 | |||
Accumulated Depreciation | $ (448) | |||
Properties Held for Sale | 91-008 Hanua Street, Kapolei, HI | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 6,846 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 6,846 | |||
Buildings and Equipment | 0 | |||
Total | 6,846 | |||
Accumulated Depreciation | $ 0 | |||
Properties Held for Sale | Ammendale Commerce Center, Beltsville, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 4,879 | |||
Buildings and Equipment | 9,498 | |||
Costs Capitalized Subsequent to Acquisition | 99 | |||
Cost amount carried at Close of Period | ||||
Land | 4,879 | |||
Buildings and Equipment | 9,597 | |||
Total | 14,476 | |||
Accumulated Depreciation | $ (279) | |||
Properties Held for Sale | Indian Creek Technology Park, Beltsville, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 4 | |||
Initial Cost to Company | ||||
Land | $ 8,796 | |||
Buildings and Equipment | 12,093 | |||
Costs Capitalized Subsequent to Acquisition | 394 | |||
Impairment/ Writedowns | (2,830) | |||
Cost amount carried at Close of Period | ||||
Land | 8,796 | |||
Buildings and Equipment | 9,657 | |||
Total | 18,453 | |||
Accumulated Depreciation | $ (363) | |||
Properties Held for Sale | Gateway 270 West, Clarksburg, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 6 | |||
Initial Cost to Company | ||||
Land | $ 12,104 | |||
Buildings and Equipment | 9,688 | |||
Costs Capitalized Subsequent to Acquisition | 516 | |||
Cost amount carried at Close of Period | ||||
Land | 12,104 | |||
Buildings and Equipment | 10,204 | |||
Total | 22,308 | |||
Accumulated Depreciation | $ (257) | |||
Properties Held for Sale | Snowden Center, Columbia, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 5 | |||
Initial Cost to Company | ||||
Land | $ 7,955 | |||
Buildings and Equipment | 10,128 | |||
Costs Capitalized Subsequent to Acquisition | 119 | |||
Cost amount carried at Close of Period | ||||
Land | 7,955 | |||
Buildings and Equipment | 10,247 | |||
Total | 18,202 | |||
Accumulated Depreciation | $ (258) | |||
Properties Held for Sale | 20400 Century Boulevard, Germantown, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,305 | |||
Buildings and Equipment | 9,890 | |||
Costs Capitalized Subsequent to Acquisition | 1,304 | |||
Cost amount carried at Close of Period | ||||
Land | 2,347 | |||
Buildings and Equipment | 11,152 | |||
Total | 13,499 | |||
Accumulated Depreciation | $ (5,520) | |||
Properties Held for Sale | Cloverleaf Center, Germantown, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 4 | |||
Initial Cost to Company | ||||
Land | $ 11,890 | |||
Buildings and Equipment | 4,639 | |||
Costs Capitalized Subsequent to Acquisition | 481 | |||
Cost amount carried at Close of Period | ||||
Land | 11,890 | |||
Buildings and Equipment | 5,120 | |||
Total | 17,010 | |||
Accumulated Depreciation | $ (167) | |||
Properties Held for Sale | Metro Park North, Rockville, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 4 | |||
Initial Cost to Company | ||||
Land | $ 11,159 | |||
Buildings and Equipment | 7,624 | |||
Costs Capitalized Subsequent to Acquisition | 235 | |||
Cost amount carried at Close of Period | ||||
Land | 11,159 | |||
Buildings and Equipment | 7,859 | |||
Total | 19,018 | |||
Accumulated Depreciation | $ (236) | |||
Properties Held for Sale | Sterling Park Business Center, Sterling, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Buildings | building | 7 | |||
Initial Cost to Company | ||||
Land | $ 18,935 | |||
Buildings and Equipment | 21,191 | |||
Costs Capitalized Subsequent to Acquisition | 835 | |||
Cost amount carried at Close of Period | ||||
Land | 18,935 | |||
Buildings and Equipment | 22,026 | |||
Total | 40,961 | |||
Accumulated Depreciation | $ (643) |
SCHEDULE III REAL ESTATE AND _3
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Mortgage debt, net | $ 3,021,000 |
Aggregate cost for federal income tax purposes | $ 7,126,328 |
Useful life of buildings and improvements | 40 years |
Useful life of equipment | 12 years |
SCHEDULE III REAL ESTATE AND _4
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Carrying Amount and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate Properties | |||
Balance at the beginning of the period | $ 2,975,721 | $ 1,888,760 | $ 1,696,132 |
Additions | 1,486,342 | 1,100,138 | 194,107 |
Loss on asset impairment | (8,630) | (9,490) | |
Disposals | (286,837) | (3,687) | (1,479) |
Cost basis adjustment | (5,005) | ||
Reclassification of assets of properties held for sale | (216,955) | ||
Balance at the end of the period | 3,944,636 | 2,975,721 | 1,888,760 |
Accumulated Depreciation | |||
Balance at the beginning of the period | 341,848 | 296,804 | 255,879 |
Additions | 65,215 | 45,315 | 42,404 |
Loss on asset impairment | 0 | 0 | |
Disposals | (18,740) | (271) | (1,479) |
Cost basis adjustment | (5,005) | ||
Reclassification of assets of properties held for sale | (8,171) | ||
Balance at the end of the period | $ 375,147 | $ 341,848 | $ 296,804 |