Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 29, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'Government Properties Income Trust | ' |
Entity Central Index Key | '0001456772 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 70,341,510 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate properties: | ' | ' |
Land | $254,008 | $243,686 |
Buildings and improvements | 1,420,971 | 1,324,876 |
Total real estate properties, at cost, gross | 1,674,979 | 1,568,562 |
Accumulated depreciation | -210,319 | -187,635 |
Total real estate properties, at cost, net | 1,464,660 | 1,380,927 |
Equity investment in Select Income REIT | 684,470 | ' |
Assets of discontinued operations | 13,083 | 25,997 |
Assets of property held for sale | 33,329 | ' |
Acquired real estate leases, net | 158,375 | 142,266 |
Cash and cash equivalents | 4,928 | 7,663 |
Restricted cash | 2,301 | 1,689 |
Rents receivable, net | 37,077 | 33,350 |
Deferred leasing costs, net | 11,552 | 11,618 |
Deferred financing costs, net | 6,785 | 3,911 |
Other assets, net | 13,158 | 25,031 |
Total assets | 2,429,718 | 1,632,452 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' |
Unsecured revolving credit facility | 184,500 | 157,000 |
Unsecured term loan | 350,000 | 350,000 |
Unsecured Senior notes, net of discount | 347,292 | ' |
Mortgage notes payable | 188,840 | 90,727 |
Liabilities of discontinued operations | 725 | 276 |
Liabilities of property held for sale | 399 | ' |
Accounts payable and accrued expenses | 25,881 | 23,216 |
Due to related persons | 1,949 | 2,474 |
Assumed real estate lease obligations, net | 16,800 | 19,084 |
Total liabilities | 1,116,386 | 642,777 |
Shareholders' equity: | ' | ' |
Common shares of beneficial interest, $.01 par value: 100,000,000 and 70,000,000 shares authorized, respectively, 70,337,771 and 54,722,018 shares issued and outstanding, respectively | 703 | 547 |
Additional paid in capital | 1,457,373 | 1,105,679 |
Cumulative net income | 234,333 | 191,913 |
Cumulative other comprehensive income | 45 | 49 |
Cumulative common distributions | -379,122 | -308,513 |
Total shareholders' equity | 1,313,332 | 989,675 |
Total liabilities and shareholders' equity | $2,429,718 | $1,632,452 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ' | ' |
Common shares of beneficial interest, par value (in dollars per share) | $0.01 | $0.01 |
Common shares of beneficial interest, shares authorized | 100,000,000 | 70,000,000 |
Common shares of beneficial interest, shares issued | 70,337,771 | 70,337,771 |
Common shares of beneficial interest, shares outstanding | 54,722,018 | 54,722,018 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ' | ' | ' | ' |
Rental income | $64,158 | $56,401 | $186,406 | $168,639 |
Expenses: | ' | ' | ' | ' |
Real estate taxes | 7,027 | 6,255 | 21,005 | 19,060 |
Utility expenses | 5,327 | 5,355 | 15,072 | 13,064 |
Other operating expenses | 11,685 | 10,169 | 33,586 | 29,288 |
Depreciation and amortization | 17,636 | 14,032 | 49,254 | 40,960 |
Loss on asset impairment | 1,616 | ' | 1,616 | 10,142 |
Acquisition related costs | 110 | 1,562 | 1,290 | 1,701 |
General and administrative | 4,329 | 2,941 | 11,537 | 9,350 |
Total expenses | 47,730 | 40,314 | 133,360 | 113,423 |
Operating income | 16,428 | 16,087 | 53,046 | 55,216 |
Interest and other income | 10 | 10 | 68 | 20 |
Interest expense (including net amortization of debt premiums and deferred financing fees of $373, $339, $926 and $1,002, respectively) | -8,845 | -4,176 | -18,530 | -12,388 |
Loss on extinguishment of debt | 541 | ' | 541 | ' |
Loss on issuance of shares by an equity investee | -39 | ' | -39 | ' |
Income from continuing operations before income tax expense, and equity in earnings of an investee | 7,013 | 11,921 | 34,004 | 42,848 |
Income tax expense | -7 | 36 | -130 | -50 |
Equity in earnings of an investee | 4,910 | 64 | 4,931 | 219 |
Income from continuing operations | 11,916 | 12,021 | 38,805 | 43,017 |
Income from discontinued operations | 706 | -10,055 | 3,615 | -1,121 |
Net income | 12,622 | 1,966 | 42,420 | 41,896 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Equity in unrealized gain (loss) of an investee | -45 | 14 | -3 | -67 |
Other comprehensive income (loss) | -45 | 14 | -3 | -67 |
Comprehensive income | $12,577 | $1,980 | $42,417 | $41,829 |
Weighted average common shares outstanding (in shares) | 65,568 | 54,684 | 58,385 | 54,666 |
Per common share amounts: | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $0.18 | $0.22 | $0.66 | $0.79 |
Income from discontinued operations (in dollars per share) | $0.01 | ($0.18) | $0.06 | ($0.02) |
Net income (in dollars per share) | $0.19 | $0.04 | $0.73 | $0.77 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ' | ' | ' | ' |
Amortization of debt premiums and deferred financing fees | $373 | $339 | $926 | $1,002 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $42,420 | $41,896 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation | 28,134 | 26,016 |
Net amortization of debt premium and deferred financing fees | 926 | 1,002 |
Loss on extinguishment of debt | 541 | ' |
Straight line rental income | -3,346 | -2,308 |
Amortization of acquired real estate leases | 20,294 | 15,775 |
Amortization of deferred leasing costs | 1,505 | 1,126 |
Other non-cash expenses | 1,719 | 938 |
Loss on asset impairment | 1,616 | 10,142 |
Increase in carrying value of assets held for sale | -2,344 | ' |
Net gain on sale of properties | -774 | -8,168 |
Equity in earnings of an investee | -4,931 | -219 |
Loss on issuance of shares by an equity investee | 39 | ' |
Distribution received from an equity investee | 7,509 | ' |
Change in assets and liabilities: | ' | ' |
Restricted cash | -612 | -37 |
Deferred leasing costs | -2,319 | -3,118 |
Rents receivable | -2,082 | -483 |
Other assets | -1,687 | -2,780 |
Accounts payable and accrued expenses | 6,044 | 4,009 |
Due to related persons | -611 | -1,450 |
Cash provided by operating activities | 92,041 | 82,341 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Real estate acquisitions and deposits | -56,351 | -35,848 |
Real estate improvements | -13,942 | -14,924 |
Investment in Select Income REIT | -689,969 | ' |
Investment in Affiliates Insurance Company | -825 | ' |
Distributions in excess of earnings from investees | 2,811 | ' |
Proceeds from sale of properties, net | 16,427 | 18,319 |
Cash (used in) provided by investing activities | -741,849 | -32,453 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Repayment of mortgage notes payable | -1,635 | -1,434 |
Proceeds from issuance of common shares, net | 349,789 | ' |
Proceeds from issuance of senior notes, net of discount | 347,217 | ' |
Proceeds from unsecured term loan | 500,000 | ' |
Repayment of unsecured term loan | -500,000 | ' |
Borrowings on unsecured revolving credit facility | 314,500 | 107,500 |
Repayments on unsecured revolving credit facility | -287,000 | -88,000 |
Financing fees | -5,189 | ' |
Distributions to common shareholders | -70,609 | -70,512 |
Cash used in financing activities | 647,073 | -52,446 |
Decrease in cash and cash equivalents | -2,735 | -2,558 |
Cash and cash equivalents at beginning of period | 7,663 | 5,255 |
Cash and cash equivalents at end of period | 4,928 | 2,697 |
Supplemental cash flow information: | ' | ' |
Interest paid | 15,533 | 11,386 |
Income taxes paid | 126 | 173 |
Non-cash investing activities | ' | ' |
Real estate acquisition funded with the assumption of mortgage debt | -97,524 | ' |
Non-cash financing activities: | ' | ' |
Assumption of mortgage debt | $97,524 | ' |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation | ' |
Basis of Presentation | ' |
Note 1. Basis of Presentation | |
The accompanying condensed consolidated financial statements of Government Properties Income Trust and its subsidiaries, or the Company, we or us, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2013, or our Annual Report. In the opinion of our management, all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation, have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. | |
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the condensed consolidated financial statements include purchase price allocations, useful lives of fixed assets and impairment of real estate and intangible assets. | |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | ' |
Note 2. Recent Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This update amends the criteria for reporting discontinued operations to, among other things, raise the threshold for disposals to qualify as discontinued operations. This update is effective for interim and annual reporting periods, beginning after December 15, 2014, with early adoption permitted, but only for disposals or classifications as held for sale which have not been reported in financial statements previously issued or available for issuance. We adopted this ASU effective July 1, 2014. As a result, the results of operations and gains or losses on the sale of properties that were not previously classified as a discontinued operation, that are disposed of or classified as held for sale in the ordinary course of business and do not meet the criteria for classification as a discontinued operation described above after July 1, 2014, will be included in continuing operations in our condensed consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which provides guidance for revenue recognition. This update is effective for interim and annual reporting periods beginning after December 15, 2016. We are currently in the process of evaluating the impact, if any, the adoption of this ASU will have on our condensed consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The update requires an entity to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the financial statements are available to be issued when applicable) and to provide related footnote disclosures in certain circumstances. The update is effective for the annual reporting periods beginning after December 15, 2015, and for annual and interim periods thereafter with early adoption permitted. The implementation of this update is not expected to cause any significant changes to our condensed consolidated financial statements. | |
Real_Estate_Properties
Real Estate Properties | 9 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||
Real Estate Properties | ' | ||||||||||||||||||||||||||||||
Real Estate Properties | ' | ||||||||||||||||||||||||||||||
Note 3. Real Estate Properties | |||||||||||||||||||||||||||||||
As of September 30, 2014, we owned 72 properties (92 buildings), with an undepreciated carrying value of $1,705,275, excluding one property (one building) classified as discontinued operations and including one property (one building) held for sale and included in continuing operations. We generally lease space in our properties on a gross lease or modified gross lease basis pursuant to fixed term operating leases expiring between 2014 and 2029. Certain of our government tenants have the right to terminate their leases before the lease term expires. Our leases generally require us to pay all or some property operating expenses and to provide all or most property management services. During the three months ended September 30, 2014, we entered into eight leases for 167,712 rentable square feet for a weighted (by rentable square feet) average lease term of 5.6 years and we made commitments for approximately $2,059 of leasing related costs. During the nine months ended September 30, 2014, we entered into 38 leases for 434,508 rentable square feet for a weighted (by rentable square feet) average lease term of 5.4 years and we made commitments for approximately $9,053 of leasing related costs. We have estimated unspent leasing related obligations of $9,350 as of September 30, 2014. | |||||||||||||||||||||||||||||||
Acquisition Activities | |||||||||||||||||||||||||||||||
During the nine months ended September 30, 2014, we acquired four office properties (five buildings) for an aggregate purchase price of $167,525, including the assumption of $97,524 of mortgage debt and excluding acquisition costs. We allocated the purchase prices of these acquisitions based on the estimated fair values of the acquired assets and assumed liabilities as follows: | |||||||||||||||||||||||||||||||
Number | Premium | ||||||||||||||||||||||||||||||
of | Buildings | Acquired | Other | on | |||||||||||||||||||||||||||
Acquisition | Properties/ | Square | Purchase | and | Acquired | Lease | Assumed | Assumed | |||||||||||||||||||||||
Date | Location | Type | Buildings | Feet | Price(1) | Land | Improvements | Leases | Obligations | Liabilities | Debt | ||||||||||||||||||||
March 2014 | Fairfax, VA | Office | 1-Jan | 83,130 | $ | 19,775 | $ | 2,964 | $ | 12,840 | $ | 3,971 | $ | — | $ | -233 | $ | — | |||||||||||||
May 2014 | Richmond, VA | Office | 1-Jan | 173,932 | 22,500 | 2,614 | 15,930 | 4,003 | -47 | — | — | ||||||||||||||||||||
May 2014 | Reston, VA | Office | 2-Jan | 406,388 | 112,250 | 9,066 | 78,658 | 28,071 | -398 | -93 | -3,147 | ||||||||||||||||||||
September 2014 | Phoenix, AZ | Office | 1-Jan | 66,743 | 13,000 | -2 | 1,917 | 7,416 | 3,667 | — | — | — | |||||||||||||||||||
5-Apr | 730,193 | $ | 167,525 | $ | 16,561 | $ | 114,844 | $ | 39,712 | $ | -445 | $ | -326 | $ | -3,147 | ||||||||||||||||
-1 | Purchase price excludes acquisition related costs. | ||||||||||||||||||||||||||||||
-2 | The allocation of purchase price is based upon preliminary estimates and may change based upon the completion of our analysis of acquired in place leases. | ||||||||||||||||||||||||||||||
Disposition Activities – Continuing Operations | |||||||||||||||||||||||||||||||
In August 2014, a U.S. Government tenant notified us that it intends to exercise its option, pursuant to its lease, to acquire the office property (one building) it leases from us located in Riverdale, MD with 337,500 rentable square feet and a net book value of $30,848 as of September 30, 2014, after recording a $1,616 loss on asset impairment during the three months ended September 30, 2014. The option purchase price is $31,000, excluding closing costs, and the sale is currently expected to close in the first quarter of 2015. The closing of this sale is subject to conditions and we can provide no assurance that the sale of this property will occur. As of September 30, 2014, we have classified this property as held for sale but have not classified the results of operations for this property as discontinued operations in our condensed consolidated financial statements pursuant to our early adoption of ASU 2014-08 as described in Note 2. See Note 7 regarding the fair value of our assets and liabilities. Summarized balance sheet information for the property classified as held for sale is as follows: | |||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||
Real estate properties, net | $ | 30,296 | |||||||||||||||||||||||||||||
Rents receivable | 1,341 | ||||||||||||||||||||||||||||||
Other assets | 1,692 | ||||||||||||||||||||||||||||||
Assets of property held for sale | $ | 33,329 | |||||||||||||||||||||||||||||
Other liabilities | $ | 399 | |||||||||||||||||||||||||||||
Liabilities of property held for sale | $ | 399 | |||||||||||||||||||||||||||||
Disposition Activities – Discontinued Operations | |||||||||||||||||||||||||||||||
During the year ended December 31, 2013, we began marketing for sale an office property (one building) located in Phoenix, AZ with 97,145 rentable square feet and recognized a loss on asset impairment of $8,344 to reduce the carrying value of this asset to its estimated fair value of $2,300. During the three months ended March 31, 2014, we increased the carrying value of this asset by $2,344 to its estimated fair value of $4,644. In February 2014, we sold this property for $5,000, excluding closing costs. We recognized no gain or loss on this sale. | |||||||||||||||||||||||||||||||
In July 2014, we entered an agreement to sell an office property (one building) located in San Diego, CA with 94,272 rentable square feet. In September 2014, we sold this property for $12,100, excluding closing costs. We recognized a gain on sale of $774 during the three months ended September 30, 2014. | |||||||||||||||||||||||||||||||
In April 2014, we entered an agreement to sell an office property (one building) located in Falls Church, VA with 164,746 rentable square feet and a net book value of $12,286 at September 30, 2014. The contract sales price is $16,500, excluding closing costs. The closing of this sale is subject to conditions, including the purchaser obtaining certain zoning entitlements, and is currently expected to occur in 2015. We can provide no assurance that the sale of this property will occur. See Note 7 regarding the fair value of our assets and liabilities. | |||||||||||||||||||||||||||||||
Results of operations for two properties (two buildings) we sold February 2013 and March 2013, two properties (two buildings) we sold in February 2014 and September 2014 and one of the properties (one building) held for sale at September 30, 2014, which was held for sale prior to our early adoption of ASU 2014-08, are classified as discontinued operations in our condensed consolidated financial statements. Summarized balance sheet and income statement information for the properties classified as discontinued operations is as follows: | |||||||||||||||||||||||||||||||
Balance Sheets: | |||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
Real estate properties, net | $ | 12,259 | $ | 25,574 | |||||||||||||||||||||||||||
Rents receivable | 738 | 381 | |||||||||||||||||||||||||||||
Other assets | 86 | 42 | |||||||||||||||||||||||||||||
Assets of discontinued operations | $ | 13,083 | $ | 25,997 | |||||||||||||||||||||||||||
Other liabilities | $ | 725 | $ | 276 | |||||||||||||||||||||||||||
Liabilities of discontinued operations | $ | 725 | $ | 276 | |||||||||||||||||||||||||||
Statements of Operations: | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Rental income | $ | 166 | $ | 886 | $ | 1,652 | $ | 3,831 | |||||||||||||||||||||||
Real estate taxes | -100 | -123 | -373 | -505 | |||||||||||||||||||||||||||
Utility expenses | -50 | -112 | -204 | -447 | |||||||||||||||||||||||||||
Other operating expenses | -41 | -255 | -426 | -775 | |||||||||||||||||||||||||||
Depreciation and amortization | — | -241 | — | -1,025 | |||||||||||||||||||||||||||
General and administrative | -43 | -68 | -152 | -226 | |||||||||||||||||||||||||||
Loss on asset impairment from discontinued operations | — | -10,142 | — | -10,142 | |||||||||||||||||||||||||||
Increase in carrying value of asset held for sale | — | — | 2,344 | — | |||||||||||||||||||||||||||
Net gain on sale of properties | 774 | — | 774 | 8,168 | |||||||||||||||||||||||||||
Income (loss) from discontinued operations | $ | 706 | $ | -10,055 | $ | 3,615 | $ | -1,121 | |||||||||||||||||||||||
Revenue_Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2014 | |
Revenue Recognition | ' |
Revenue Recognition | ' |
Note 4. 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. 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. | |
We increased rental income to record revenue on a straight line basis by $1,135 and $605 for the three months ended September 30, 2014 and 2013, respectively, and $3,378 and $1,952 for the nine months ended September 30, 2014 and 2013, respectively. Rents receivable include $13,893 and $10,515 of straight line rent receivables at September 30, 2014 and December 31, 2013, respectively. | |
Concentration
Concentration | 9 Months Ended |
Sep. 30, 2014 | |
Concentration | ' |
Concentration | ' |
Note 5. Concentration | |
Tenant and Credit Concentration | |
We define annualized rental income as the annualized contractual base rents from our tenants pursuant to our lease agreements with them as of the measurement date, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding lease value amortization. The U.S. Government, 12 state governments and the United Nations combined were responsible for approximately 93.2% and 93.9% of our annualized rental income, excluding properties classified as discontinued operations, as of September 30, 2014 and 2013, respectively. The U.S. Government is our largest tenant by annualized rental income and was responsible for approximately 69.6% and 71.2% of our annualized rental income, excluding properties classified as discontinued operations, as of September 30, 2014 and 2013, respectively. | |
Geographic Concentration | |
At September 30, 2014, our 72 properties (92 buildings), excluding properties classified as discontinued operations, were located in 31 states and the District of Columbia. Properties located in Maryland, California, the District of Columbia, Virginia, Georgia, New York and Massachusetts were responsible for approximately 12.4%, 10.6%, 9.8%, 9.7%, 8.8%, 8.1% and 5.3% of our annualized rental income as of September 30, 2014, respectively. | |
Indebtedness
Indebtedness | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Indebtedness | ' | |||||||
Indebtedness | ' | |||||||
Note 6. Indebtedness | ||||||||
At September 30, 2014 and December 31, 2013, our outstanding indebtedness consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Unsecured revolving credit facility, due in 2015 | $ | 184,500 | $ | 157,000 | ||||
Unsecured term loan, due in 2017 | 350,000 | 350,000 | ||||||
Senior unsecured notes, 3.75% interest rate, including unamortized discount of $2,708, due in 2019 | 347,292 | — | ||||||
Mortgage note payable, 5.55% interest rate, including unamortized premium of $2,589, due in 2016(1) | 85,589 | — | ||||||
Mortgage note payable, 5.73% interest rate, including unamortized premium of $233, due in 2015(1) | 47,662 | 48,377 | ||||||
Mortgage note payable, 6.21% interest rate, due in 2016(1) | 23,915 | 24,147 | ||||||
Mortgage note payable, 5.88% interest rate, due in 2021(1) | 14,426 | — | ||||||
Mortgage note payable, 7.00% interest rate, including unamortized premium of $639, due in 2019(1) | 9,651 | 9,919 | ||||||
Mortgage note payable, 8.15% interest rate, including unamortized premium of $446, due in 2021(1) | 7,597 | 8,284 | ||||||
$ | 1,070,632 | $ | 597,727 | |||||
-1 | We assumed these mortgages in connection with our acquisitions of certain properties. The stated interest rates for these mortgage debts are the contractually stated rates. We recorded the assumed mortgages at estimated fair value on the date of acquisition and we are amortizing the fair value premiums, if any, to interest expense over the respective terms of the mortgages to reduce interest expense to the estimated market interest rates as of the date of acquisition. | |||||||
In March 2014, we assumed a mortgage with a balance of $14,524 in connection with a property acquisition. This mortgage note is secured by the acquired property, bears interest at 5.88% per annum and is amortized on a 30 year schedule (which commenced upon the original issuance of the note by its former obligor) until maturity in August 2021. We did not record a premium or discount on this assumed debt because we believed the interest rate payable under this mortgage was equal to the rate we would have had to pay for debt with the same maturity at the time we assumed this obligation. | ||||||||
In May 2014, we assumed a mortgage with a balance of $83,000 in connection with a property acquisition. This mortgage note is secured by the acquired property, bears interest at 5.55% per annum and monthly payments of interest only are due until maturity in April 2016. We recorded a $3,147 premium on this assumed debt, which reduced its effective interest rate to 3.50%, because we believed the interest rate payable under this mortgage was above the rate we would have had to pay for debt with the same maturity at the time we assumed this obligation. | ||||||||
We have a $550,000 unsecured revolving credit facility that is available for general business purposes, including acquisitions. The maturity date of our revolving credit facility is October 19, 2015 and, subject to the payment of an extension fee and meeting certain other conditions, includes an option for us to extend the stated maturity date of our revolving credit facility by one year to October 19, 2016. In addition, our revolving credit facility includes a feature under which maximum borrowings may be increased to up to $1,100,000 in certain circumstances. Borrowings under our revolving credit facility bear interest at a rate of LIBOR plus a premium, which was 150 basis points as of September 30, 2014. We also pay a facility fee of 35 basis points per annum on the total amount of lending commitments under our revolving credit facility. Both the interest rate premium and the facility fee are subject to adjustment based upon changes to our credit ratings. As of September 30, 2014, the interest rate payable on borrowings under our revolving credit facility was 1.7% and the weighted average annual interest rate for borrowings under our revolving credit facility was 1.7% for both the three and nine months ended September 30, 2014, and 1.7% for both the three and nine months ended September 30, 2013. As of September 30, 2014, we had $184,500 outstanding and $365,500 available under our revolving credit facility. | ||||||||
We have a $350,000 unsecured term loan, or our existing term loan. Our existing term loan matures on January 11, 2017, and is prepayable without penalty at any time. In addition, our existing term loan includes a feature under which maximum borrowings may be increased to up to $700,000 in certain circumstances. Our existing term loan bears interest at a rate of LIBOR plus a premium, which was 175 basis points as of September 30, 2014. The interest rate premium is subject to adjustment based upon changes to our credit ratings. As of September 30, 2014, the interest rate for the amount outstanding under our existing term loan was 1.9% and the weighted average interest rate for the amount outstanding under our existing term loan was 1.9% for both the three and nine months ended September 30, 2014, and 1.9% for both the three and nine months ended September 30, 2013. | ||||||||
We are currently in discussions with our lenders regarding possibly increasing the size of, as well as amending and extending the terms of, our $550,000 revolving credit facility and $350,000 existing term loan. These discussions with lenders are ongoing and there is no guarantee that there will be any changes to our revolving credit facility and existing term loan in the future. | ||||||||
On July 9, 2014, we entered into a new $500,000 unsecured term loan, or our new term loan. Our new term loan was scheduled to mature on July 8, 2015, and was prepayable without penalty at any time. Our new term loan bore interest at a rate of LIBOR plus a premium, which was 175 basis points as of July 9, 2014. The interest rate premium was subject to adjustment based upon changes to our credit ratings. We used the net proceeds of our new term loan to fund a portion of the purchase price of the Select Income REIT, or SIR, common shares we acquired on July 9, 2014. On July 29, 2014, we sold 15,525,000 of our common shares of beneficial interest, $.01 par value per share, or our common shares, in a public offering at a price of $23.50 per share for net proceeds of approximately $349,789, after deducting the underwriting discount and other offering expenses. On August 18, 2014, we issued $350,000 of 3.75% unsecured senior notes due August 15, 2019 in a public offering for net proceeds of approximately $344,293, after deducting the underwriting discount and other offering expenses. The net proceeds from these offerings were used to fully repay amounts outstanding under our new term loan and to reduce amounts outstanding under our revolving credit facility. We recognized a loss on early extinguishment of debt of $541 during the three months ended September 30, 2014 due to the write off of unamortized deferred financing fees related to our new term loan. See Notes 9 and 10 for further information regarding our SIR investment. | ||||||||
Our revolving credit facility agreement and our existing term loan agreement provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default, such as a change of control of us, which includes Reit Management & Research LLC, or RMR, ceasing to act as our business manager and property manager. Our public debt indenture and related supplement, our revolving credit facility agreement and our existing term loan agreement also contain a number of covenants, including covenants that restrict our ability to incur debts or to make distributions under certain circumstances and require us to maintain financial ratios and a minimum net worth. On July 9, 2014, we amended the agreements governing our revolving credit facility and our existing term loan to modify certain covenants and associated defined terms to accommodate our SIR investment and our new term loan. We believe we were in compliance with the terms and conditions of the respective covenants under our public debt indenture and related supplement, our revolving credit facility agreement and our existing term loan agreement at September 30, 2014. | ||||||||
At September 30, 2014, six of our properties (eight buildings) with an aggregate net book value of $261,797 secured six mortgage notes that were assumed in connection with the acquisition of such properties. Our mortgage notes are non-recourse and do not contain any material financial covenants. | ||||||||
Fair_Value_of_Assets_and_Liabi
Fair Value of Assets and Liabilities | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Fair Value of Assets and Liabilities | ' | |||||||||||||
Fair Value of Assets and Liabilities | ' | |||||||||||||
Note 7. Fair Value of Assets and Liabilities | ||||||||||||||
Our assets and liabilities at September 30, 2014 include cash and cash equivalents, restricted cash, rents receivable, mortgage notes payable, accounts payable, our senior unsecured notes, our revolving credit facility, our existing term loan, amounts due to related persons, other accrued expenses and security deposits. At September 30, 2014, the fair values of our financial instruments approximated their carrying values in our condensed consolidated financial statements due to their short term nature or variable interest rates, except as follows: | ||||||||||||||
Carrying Amount | Fair Value | |||||||||||||
Senior unsecured notes, 3.75% interest rate, including unamortized discount of $2,708, due in 2019 | $ | 347,292 | $ | 352,291 | ||||||||||
Mortgage note payable, 5.55% interest rate, including unamortized premium of $2,589, due in 2016(1) | 85,589 | 85,600 | ||||||||||||
Mortgage note payable, 5.73% interest rate, including unamortized premium of $233, due in 2015(1) | 47,662 | 48,753 | ||||||||||||
Mortgage note payable, 6.21% interest rate, due in 2016(1) | 23,915 | 25,705 | ||||||||||||
Mortgage note payable, 5.88% interest rate, due in 2021(1) | 14,426 | 15,157 | ||||||||||||
Mortgage note payable, 7.00% interest rate, including unamortized premium of $639, due in 2019(1) | 9,651 | 10,354 | ||||||||||||
Mortgage note payable, 8.15% interest rate, including unamortized premium of $446, due in 2021(1) | 7,597 | 8,183 | ||||||||||||
$ | 536,132 | $ | 546,043 | |||||||||||
-1 | We assumed these mortgages in connection with our acquisitions of certain properties. The stated interest rates for these mortgage debts are the contractually stated rates. We recorded the assumed mortgages at estimated fair value on the date of acquisition and we are amortizing the fair value premiums, if any, to interest expense over the respective terms of the mortgages to reduce interest expense to the estimated market interest rates as of the date of acquisition. | |||||||||||||
We estimate the fair value of our unsecured senior notes using an average of the bid and ask price of the notes (Level 1 inputs as defined in the fair value hierarchy under GAAP). We estimate the fair values of our mortgage notes payable by using discounted cash flow analyses and currently prevailing market terms as of the measurement date (Level 3 inputs as defined in the fair value hierarchy under GAAP). Because Level 3 inputs are unobservable, our estimated fair value may differ materially from the actual fair value. | ||||||||||||||
The table below presents two of our assets measured on a non-recurring basis at fair value at September 30, 2014, categorized by the level of inputs used in the valuation of these assets: | ||||||||||||||
Quoted Prices in | Significant | |||||||||||||
Active Markets for | Significant Other | Unobservable | ||||||||||||
Identical Assets | Observable Inputs | Inputs | ||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Property held for sale classified as discontinued operations(1) | $ | 12,260 | $ | — | $ | — | $ | 12,260 | ||||||
Property held for sale classified as held for sale in continuing operations(2) | 30,848 | — | — | 30,848 | ||||||||||
$ | 43,108 | $ | — | $ | — | $ | 43,108 | |||||||
-1 | The estimated fair value at September 30, 2014 of this property, for which a loss on asset impairment was recognized during the year ended December 31, 2013, is based upon broker estimates of value less estimated sales costs (Level 3 inputs as defined in the fair value hierarchy under GAAP). | |||||||||||||
-2 | The estimated fair value at September 30, 2014 of this property, for which a loss on asset impairment was recognized during the three months ended September 30, 2014, is based upon sales price less estimated sales costs (Level 3 inputs as defined in the fair value hierarchy under GAAP). | |||||||||||||
During the three months ended March 31, 2014, we increased the carrying value of a property held for sale due to an increase in its estimated fair value. We sold this property in February 2014. See Note 3 for additional information regarding this property. | ||||||||||||||
Shareholders_Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2014 | |
Shareholders' Equity | ' |
Shareholders' Equity | ' |
Note 8. Shareholders’ Equity | |
Distributions | |
On February 21, 2014, we paid a distribution to common shareholders of $0.43 per share, or approximately $23,530, that was declared on January 3, 2014 and was payable to shareholders of record on January 13, 2014. | |
On May 21, 2014, we paid a distribution to common shareholders of $0.43 per share, or approximately $23,535, that was declared on April 8, 2014 and was payable to shareholders of record on April 25, 2014. | |
On August 22, 2014, we paid a distribution to common shareholders of $0.43 per share, or approximately $23,544, that was declared on July 14, 2014 and was payable to shareholders of record on July 25, 2014. | |
On October 13, 2014, we declared a distribution payable to common shareholders of record on October 24, 2014 of $0.43 per share, or approximately $30,247. We expect to pay this distribution on or about November 20, 2014 using cash on hand and borrowings under our revolving credit facility. | |
Share Issuances | |
During the nine months ended September 30, 2014 and the period October 1, 2014 to October 29, 2014, we issued 27,103 and 3,739, respectively, of our common shares to RMR as part of the business management fee payable by us under our business management agreement. See Note 9 for further information regarding this agreement. | |
On May 2, 2014, we granted 2,500 of our common shares, valued at $25.43 per share, the closing price of our common shares on the New York Stock Exchange, or the NYSE, on that day, to each of our five Trustees as part of their annual compensation. | |
In July 2014, we sold 15,525,000 of our common shares in a public offering at a price of $23.50 per share for net proceeds of $349,789. The net proceeds from this offering were used to partially repay amounts outstanding under our new term loan. | |
On September 12, 2014, pursuant to our 2009 Incentive Share Award Plan, we granted an aggregate of 51,150 of our common shares to our officers and certain employees of our manager, RMR, valued at $23.28 per share, the closing price of our common shares on the NYSE, on that day. | |
We have no dilutive securities. | |
Related_Person_Transactions
Related Person Transactions | 9 Months Ended |
Sep. 30, 2014 | |
Related Person Transactions | ' |
Related Person Transactions | ' |
Note 9. Related Person Transactions | |
RMR: We have no employees. Personnel and various services we require to operate our business are provided to us by RMR. We have two agreements with RMR to provide management and administrative services to us: (i) a business management agreement, which relates to our business generally, and (ii) a property management agreement, which relates to our property level operations. | |
One of our Managing Trustees, Mr. Barry Portnoy, is Chairman, majority owner and an employee of RMR. Our other Managing Trustee, Mr. Adam Portnoy, is the son of Mr. Barry Portnoy, and an owner, President, Chief Executive Officer and a director of RMR. Each of our executive officers is also an officer of RMR. Our Independent Trustees also serve as independent directors or independent trustees of other companies to which RMR provides management services. Messrs. Barry Portnoy and Adam Portnoy serve as managing directors or managing trustees of a majority of the companies to which RMR or its affiliates provide management services. In addition, officers of RMR serve as officers of those companies. | |
Pursuant to our business management agreement with RMR, we recognized business management fees of $2,643 and $1,942 for the three months ended September 30, 2014 and 2013, respectively, and $7,578 and $6,924 for the nine months ended September 30, 2014 and 2013, respectively. These amounts are included in general and administrative expenses in our condensed consolidated financial statements. In accordance with the terms of our business management agreement, we issued 27,103 of our common shares to RMR during the nine months ended September 30, 2014 as payment for a portion of the base business management fee we recognized for such period. | |
In connection with our property management agreement with RMR, the aggregate property management and construction supervision fees we recognized were $2,095 and $2,179 for the three months ended September 30, 2014 and 2013, respectively, and $6,034 and $5,794 for the nine months ended September 30, 2014 and 2013, respectively. These amounts are included in other operating expenses or have been capitalized, as appropriate, in our condensed consolidated financial statements. | |
On May 9, 2014, we and RMR entered into amendments to our business management agreement and property management agreement. As amended, RMR may terminate the agreements upon 120 days’ written notice. Prior to the amendments, RMR could terminate the agreements upon 60 days’ written notice and could also terminate the property management agreement upon five business days’ notice if we underwent a change of control. The amendments also provide for certain termination payments by us to RMR in the event that we terminate the agreements other than for cause. Also, as amended, RMR agrees to provide certain transition services to us for 120 days following an applicable termination by us or notice of termination by RMR. | |
RMR leases from us office space for two of its regional offices. We earned approximately $14 and $8 in rental income from RMR for leased office space for the three months ended September 30, 2014 and 2013, respectively, and $47 and $23 for the nine months ended September 30, 2014 and 2013, respectively. Our office space leases with RMR are terminable by RMR if our management agreements with RMR are terminated. | |
On July 8, 2014, we and RMR entered into an agreement with Equity Commonwealth (formerly known as CommonWealth REIT), or EQC, pursuant to which we and RMR purchased shares of SIR from EQC on July 9, 2014. For more information regarding this transaction, see below under “- EQC”. RMR provides management services to SIR; our Managing Trustees serve as managing trustees of SIR; one of our Independent Trustees, Mr. Jeffrey Somers, serves as an independent trustee of SIR; our President and Chief Operating Officer serves as an officer of SIR; and SIR’s other executive officer is an officer of RMR. SIR was not a contracting party to this transaction. | |
EQC: EQC organized us as a 100% owned subsidiary. One of our Managing Trustees, Mr. Barry Portnoy, was a managing trustee of EQC until March 25, 2014. Our other Managing Trustee, Mr. Adam Portnoy, was the president of EQC until May 23, 2014 and was a managing trustee of EQC until March 25, 2014. RMR currently provides management services to EQC in respect of EQC’s Australian assets and certain transition services to EQC with respect to EQC’s other operations. | |
On March 15, 2013, EQC sold all 9,950,000 of our common shares it owned in a public offering. In connection with this public offering, on March 11, 2013, we entered into a registration agreement with EQC under which EQC agreed to pay all expenses incurred by us relating to the registration and sale of our common shares owned by EQC in the offering, pursuant to which EQC paid us $310 during 2013. In addition, under the registration agreement, EQC agreed to indemnify us and our officers, Trustees and controlling persons, and we agreed to indemnify EQC and its officers, trustees and controlling persons, against certain liabilities related to the public offering, including liabilities under the Securities Act of 1933, as amended, or the Securities Act. | |
On July 8, 2014, we and RMR entered into a stock purchase agreement, or the purchase agreement, with EQC, pursuant to which, on July 9, 2014, we acquired from EQC 21,500,000 common shares of beneficial interest, par value $.01 per share, of SIR, and RMR acquired from EQC 500,000 SIR common shares. Our cash purchase price was equal to approximately $677,500, or $31.51 per share, plus approximately $11,300, or $0.53 per share, of accrued dividends as defined in the purchase agreement, for a total of approximately $688,800, before acquisition related costs. RMR purchased its 500,000 SIR common shares on the same terms, including for the same per share amounts that we paid. Under the purchase agreement, in the event that we or RMR consummates any sale of SIR common shares prior to July 9, 2015 and the price per share paid by the purchaser is greater than $31.51, we or RMR, as applicable, are required to pay to EQC an amount equal to 50% of the product of (i) the number of SIR common shares sold in the transaction times (ii) the excess of (x) the price per share paid by the purchaser and (y) $31.51. The foregoing requirement applies to any SIR common shares we or RMR own. In addition, we and RMR agreed, among other things, to indemnify EQC for certain claims related to the acquisition. In connection with the indemnity, we and RMR entered into an allocation agreement with regard to our respective liabilities in the event of a claim for indemnification. As a result of this acquisition, we are SIR's largest shareholder. As of September 30, 2014, we owned 21,500,000 of SIR's common shares, representing approximately 35.9% of the issued and outstanding SIR common shares. | |
On July 23, 2014, we and EQC agreed to terminate the provisions of a transaction agreement we entered with EQC in connection with our initial public offering that had provided us a right of first refusal to acquire any property owned by EQC that EQC determined to divest, if the property was then majority leased to a government tenant. The agreement had also placed restrictions on both our and EQC’s investments in real property, which we and EQC also agreed to terminate. | |
SIR: In connection with the proposed acquisition by SIR of Cole Corporate Income Trust, Inc., a Maryland corporation, or CCIT, pursuant to an agreement and plan of merger, or the merger agreement, dated August 30, 2014, by and among SIR, SC Merger Sub LLC, a Maryland limited liability company and SIR's wholly owned subsidiary, or SIR Merger Sub, and CCIT, on August 30, 2014, concurrently with the execution and delivery of the merger agreement, we entered into a voting and standstill agreement with CCIT and American Realty Capital Properties, Inc., a Maryland corporation and parent of the manager of CCIT, or ARCP, or the voting agreement. Pursuant to the voting agreement, we have agreed to vote in favor of the issuance of SIR common shares in the merger as contemplated by the merger agreement, upon the terms and subject to the conditions set forth in the voting agreement and the merger agreement. In the voting agreement we also agreed, among other things, subject to certain exceptions, not to sell or otherwise assign or dispose of or pledge SIR common shares that we own or to deposit those shares into any voting trust or enter into any other voting agreement or arrangement with respect to those shares. The voting agreement will terminate upon certain circumstances, including upon termination of the merger agreement or the closing of the merger. The voting agreement also contains standstill provisions pursuant to which ARCP has agreed, among other things, not to make unsolicited proposals to acquire us or SIR for a period of 36 months. Concurrently with our entering into the voting agreement, RMR, which provides management services to SIR, and Messrs. Barry Portnoy and Adam Portnoy, RMR’s principals, our Managing Trustees and managing trustees of SIR, also entered into a voting and standstill agreement on terms and conditions substantially similar to our voting agreement that also includes a standstill in respect of Senior Housing Properties Trust, a Maryland real estate investment trust, or SNH. SNH has agreed to acquire from SIR, substantially concurrently with the completion of the merger of CCIT with and into SIR Merger Sub pursuant to the merger agreement, the subsidiaries of CCIT which own 23 healthcare properties that SIR will acquire through such merger. RMR provides management services to SNH and our Managing Trustees are also managing trustees of SNH. Two of our Independent Trustees also serve as independent trustees of SNH and one of our Independent Trustees also serves as an independent trustee of SIR. Our President and Chief Operating Officer also serves as the president and chief operating officer of SIR. | |
AIC: We, RMR, SIR and four other companies to which RMR provides management services currently own Affiliates Insurance Company, or AIC, an Indiana insurance company. All of our Trustees and most of the trustees and directors of the other AIC shareholders currently serve on the board of directors of AIC. RMR provides management and administrative services to AIC pursuant to a management and administrative services agreement with AIC. | |
On March 25, 2014, as a result of the removal, without cause, of all of the trustees of EQC, this shareholder of AIC underwent a change in control, as defined in the shareholders’ agreement among us, the other shareholders of AIC and AIC. As a result of that change in control and in accordance with the terms of the shareholders agreement, on May 9, 2014, we and those other shareholders purchased pro rata the AIC shares EQC owned. Pursuant to that purchase, we purchased 2,857 AIC shares from EQC for $825. Following these purchases, we and the other remaining six shareholders each owns approximately 14.3% of AIC. | |
In June 2014, we and the other shareholders of AIC renewed our participation in an insurance program arranged by AIC. In connection with that renewal, we purchased a one-year property insurance policy providing $500,000 of coverage, with respect to which AIC is a reinsurer of certain coverage amounts. We paid AIC a premium, including taxes and fees, of approximately $526 in connection with that policy, which amount may be adjusted from time to time as we acquire or dispose of properties that are covered in the policy. As of September 30, 2014, we had invested $6,019 in AIC. Although we own less than 20% of AIC, we use the equity method to account for this investment because we believe that we have significant influence over AIC as all of our Trustees are also directors of AIC. Our investment in AIC had a carrying value of $6,925 and $6,031 as of September 30, 2014 and December 31, 2013, respectively, which amounts are included in other assets on our condensed consolidated balance sheet. We recognized income of $38 and $64 for the three months ended September 30, 2014 and 2013, respectively, and $59 and $219 for the nine months ended September 30, 2014 and 2013, respectively, related to our investment in AIC. | |
Directors’ and Officers’ Liability Insurance: In June 2014, we, RMR and four other companies to which RMR provides management services extended our and their combined directors’ and officers’ liability insurance policy, and we extended our separate directors’ and officers’ liability insurance policy, in each case for an interim period. We paid an aggregate premium of approximately $50 for these extensions. Further information about those policies is contained in Note 5 to our audited financial statements contained in our Annual Report. In September 2014, we purchased a two year combined directors' and officers' insurance policy with RMR and five other companies managed by RMR that provides $10,000 in aggregate primary coverage, including certain errors and omission coverage. At that time, we also purchased separate additional one year directors' and officers' liability insurance policies that provide $20,000 of aggregate excess coverage plus $5,000 of excess non-indemnifiable coverage. The total premium payable by us for these policies purchased in September 2014 was approximately $455. | |
Equity_Investment_in_Select_In
Equity Investment in Select Income REIT | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' | ||||||||||||
Note 10. Equity Investment in Select Income REIT | |||||||||||||
As described in Note 9, on July 9, 2014, we acquired 21,500,000, or approximately 35.9%, of the outstanding SIR common shares. SIR is a real estate investment trust that is primarily focused on owning and investing in net leased, single tenant properties. As of September 30, 2014, our investment in SIR had a carrying value of $684,470, including $1,174 of costs related to this acquisition, and a market value, based on the closing price of SIR common shares on NYSE on that day, of $517,075. If we determine there is an “other than temporary” decline in the fair value of this investment, we would record a charge to earnings as determined under applicable accounting standards. | |||||||||||||
We account for our investment in SIR under the equity method. Under the equity method, we record our proportionate share of the net income of SIR as equity in earnings of an investee in our condensed consolidated statement of income and comprehensive income. For the period from July 9, 2014 to September 30, 2014, we recorded $7,509 of equity in the earnings of SIR. As of the date of acquisition, the cost of our investment in SIR exceeded our proportionate share of SIR’s total shareholders’ equity book value by $154,348. As required under GAAP, we are amortizing this difference to equity in earnings of investees over the average remaining useful lives of the real estate assets and intangible assets and liabilities owned by SIR as of the date of acquisition. The allocation of this $154,348 is based upon preliminary estimates and may change based upon the completion of our analysis of the remaining useful lives of the real estate assets and intangible assets and liabilities owned by SIR. This amortization decreased our equity in the earnings of SIR by $2,637 for the period from July 9, 2014 to September 30, 2014. During the period from July 9, 2014 to September 30, 2014, SIR issued 57,739 common shares. We recognized a loss on issuance of shares by an equity investee of $39 during the period from July 9, 2014 to September 30, 2014 as a result of the per share issuance price of these SIR common shares being below the average per share carrying value of our SIR common shares. | |||||||||||||
During the period from July 9, 2014 to September 30, 2014, we received cash distributions from SIR totaling $10,320. | |||||||||||||
The following summarized financial data of SIR as reported in SIR’s Quarterly Report on Form 10-Q for the period ended September 30, 2014, or the SIR Quarterly Report, includes the results of operations for periods prior to July 9, 2014 (the date on which we acquired our interest in SIR). References in our financial statements to the SIR Quarterly Report are included as references to the source of the data only, and the information in the SIR Quarterly Report is not incorporated by reference into our financial statements. | |||||||||||||
Condensed Consolidated Balance Sheets: | |||||||||||||
September 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Real estate properties, net | $ | 1,767,002 | $ | 1,579,234 | |||||||||
Acquired real estate leases, net | 121,501 | 129,426 | |||||||||||
Cash and cash equivalents | 14,710 | 20,025 | |||||||||||
Rents receivable, net | 65,116 | 55,335 | |||||||||||
Other assets, net | 21,513 | 17,839 | |||||||||||
Total assets | $ | 1,989,842 | $ | 1,801,859 | |||||||||
Revolving credit facility | $ | 65,000 | $ | 159,000 | |||||||||
Term loan | 350,000 | 350,000 | |||||||||||
Mortgage notes payable | 18,952 | 27,147 | |||||||||||
Assumed real estate lease obligations, net | 26,250 | 26,966 | |||||||||||
Other liabilities | 47,541 | 40,055 | |||||||||||
Shareholders' equity | 1,482,099 | 1,198,691 | |||||||||||
Total liabilities and shareholders' equity | $ | 1,989,842 | $ | 1,801,859 | |||||||||
Condensed Consolidated Statements of Income: | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Rental income | $ | 48,523 | $ | 41,169 | $ | 142,051 | $ | 117,333 | |||||
Tenant reimbursements and other income | 8,177 | 7,415 | 24,234 | 21,057 | |||||||||
Total revenues | 56,700 | 48,584 | 166,285 | 138,390 | |||||||||
Operating expenses | 10,282 | 9,287 | 30,246 | 26,172 | |||||||||
Depreciation and amortization | 10,653 | 8,485 | 30,442 | 22,445 | |||||||||
Acquisition related costs | 5,365 | 790 | 5,739 | 1,479 | |||||||||
General and administrative | 3,749 | 3,208 | 11,123 | 8,884 | |||||||||
Total expenses | 30,049 | 21,770 | 77,550 | 58,980 | |||||||||
Operating income | 26,651 | 26,814 | 88,735 | 79,410 | |||||||||
Interest expense | -3,033 | -3,232 | -10,025 | -10,484 | |||||||||
Gain on early extinguishment of debt | — | — | 243 | — | |||||||||
Income before income tax expense and equity in earnings of an investee | 23,618 | 23,582 | 78,953 | 68,926 | |||||||||
Income tax expense | -30 | -52 | -120 | -132 | |||||||||
Equity in earnings of an investee | 38 | 64 | 59 | 219 | |||||||||
Income before gain on sale of property | 23,626 | 23,594 | 78,892 | 69,013 | |||||||||
Gain on sale of property | 116 | — | 116 | — | |||||||||
Net income | $ | 23,742 | $ | 23,594 | $ | 79,008 | $ | 69,013 | |||||
Weighted average common shares outstanding | 59,905 | 49,686 | 54,678 | 42,790 | |||||||||
Net income per common share | $ | 0.40 | $ | 0.47 | $ | 1.44 | $ | 1.61 | |||||
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
Note 11. Segment Information | |||||||||||||
We operate in two business segments: ownership of properties that are primarily leased to government tenants and our equity method investment in SIR. | |||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||
Investment | Investment | ||||||||||||
in Real Estate | in SIR | Corporate | Consolidated | ||||||||||
Rental income | $ | 64,158 | $ | — | $ | — | $ | 64,158 | |||||
Expenses: | |||||||||||||
Real estate taxes | 7,027 | — | — | 7,027 | |||||||||
Utility expenses | 5,327 | — | — | 5,327 | |||||||||
Other operating expenses | 11,685 | — | — | 11,685 | |||||||||
Depreciation and amortization | 17,636 | — | — | 17,636 | |||||||||
Loss on asset impairment | 1,616 | — | — | 1,616 | |||||||||
Acquisition related costs | 110 | — | — | 110 | |||||||||
General and administrative | — | — | 4,329 | 4,329 | |||||||||
Total expenses | 43,401 | — | 4,329 | 47,730 | |||||||||
Operating income | 20,757 | — | -4,329 | 16,428 | |||||||||
Interest and other income | — | — | 10 | 10 | |||||||||
Interest expense | -2,326 | — | -6,519 | -8,845 | |||||||||
Loss on early extinguishment of debt | — | — | -541 | -541 | |||||||||
Loss on issuance of shares by an equity investee | — | -39 | — | -39 | |||||||||
Income from continuing operations before income tax expense and | |||||||||||||
equity in earnings of investees | 18,431 | -39 | -11,379 | 7,013 | |||||||||
Income tax expense | — | — | -7 | -7 | |||||||||
Equity in earnings of investees | — | 4,872 | 38 | 4,910 | |||||||||
Income from continuing operations | 18,431 | 4,833 | -11,348 | 11,916 | |||||||||
Income from discontinued operations | 706 | — | — | 706 | |||||||||
Net income | $ | 19,137 | $ | 4,833 | $ | -11,348 | $ | 12,622 | |||||
Total Assets | $ | 1,728,173 | $ | 684,470 | $ | 17,075 | $ | 2,429,718 | |||||
Pro_Forma_Information
Pro Forma Information | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Pro Forma Information | ' | ||||||||
Pro Forma Information | ' | ||||||||
Note 12. Pro Forma Information | |||||||||
During the nine months ended September 30, 2014, we purchased four properties (five buildings) for an aggregate purchase price of $167,525, including the assumption of $97,524 of mortgage debt and excluding acquisition costs. The following table presents our pro forma results of operations as if these acquisitions and financing activities were completed on January 1, 2013. This pro forma data is not necessarily indicative of what our actual results of operations would have been for the periods presented, nor does it represent the results of operations for any future period. Differences could result from various factors, including but not limited to, additional property acquisitions, property sales, changes in interest rates and changes in our debt or equity capital and such differences could be significant. | |||||||||
Nine Months Ended September 30, | |||||||||
2014 | 2013 | ||||||||
Total Revenues | $ | 193,979 | $ | 182,961 | |||||
Net income | 43,046 | 39,277 | |||||||
Per share data: | |||||||||
Net income | $ | 0.74 | $ | 0.72 | |||||
During the nine months ended September 30, 2014, we recognized revenues of $6,544 and operating income of $518 arising from the above referenced acquisitions. | |||||||||
Real_Estate_Properties_Tables
Real Estate Properties (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||
Real Estate Properties | ' | ||||||||||||||||||||||||||||||
Purchase prices of acquisitions allocated based on the estimated fair values of the acquired assets and assumed liabilities | ' | ||||||||||||||||||||||||||||||
Number | Premium | ||||||||||||||||||||||||||||||
of | Buildings | Acquired | Other | on | |||||||||||||||||||||||||||
Acquisition | Properties/ | Square | Purchase | and | Acquired | Lease | Assumed | Assumed | |||||||||||||||||||||||
Date | Location | Type | Buildings | Feet | Price(1) | Land | Improvements | Leases | Obligations | Liabilities | Debt | ||||||||||||||||||||
March 2014 | Fairfax, VA | Office | 1-Jan | 83,130 | $ | 19,775 | $ | 2,964 | $ | 12,840 | $ | 3,971 | $ | — | $ | -233 | $ | — | |||||||||||||
May 2014 | Richmond, VA | Office | 1-Jan | 173,932 | 22,500 | 2,614 | 15,930 | 4,003 | -47 | — | — | ||||||||||||||||||||
May 2014 | Reston, VA | Office | 2-Jan | 406,388 | 112,250 | 9,066 | 78,658 | 28,071 | -398 | -93 | -3,147 | ||||||||||||||||||||
September 2014 | Phoenix, AZ | Office | 1-Jan | 66,743 | 13,000 | -2 | 1,917 | 7,416 | 3,667 | — | — | — | |||||||||||||||||||
5-Apr | 730,193 | $ | 167,525 | $ | 16,561 | $ | 114,844 | $ | 39,712 | $ | -445 | $ | -326 | $ | -3,147 | ||||||||||||||||
-1 | Purchase price excludes acquisition related costs. | ||||||||||||||||||||||||||||||
-2 | The allocation of purchase price is based upon preliminary estimates and may change based upon the completion of our analysis of acquired in place leases. | ||||||||||||||||||||||||||||||
Summarized balance sheet for properties classified as continuing operations | ' | ||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||
Real estate properties, net | $ | 30,296 | |||||||||||||||||||||||||||||
Rents receivable | 1,341 | ||||||||||||||||||||||||||||||
Other assets | 1,692 | ||||||||||||||||||||||||||||||
Assets of property held for sale | $ | 33,329 | |||||||||||||||||||||||||||||
Other liabilities | $ | 399 | |||||||||||||||||||||||||||||
Liabilities of property held for sale | $ | 399 | |||||||||||||||||||||||||||||
Summarized balance sheet and income statement information for properties classified as discontinued operations | ' | ||||||||||||||||||||||||||||||
Balance Sheets: | |||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
Real estate properties, net | $ | 12,259 | $ | 25,574 | |||||||||||||||||||||||||||
Rents receivable | 738 | 381 | |||||||||||||||||||||||||||||
Other assets | 86 | 42 | |||||||||||||||||||||||||||||
Assets of discontinued operations | $ | 13,083 | $ | 25,997 | |||||||||||||||||||||||||||
Other liabilities | $ | 725 | $ | 276 | |||||||||||||||||||||||||||
Liabilities of discontinued operations | $ | 725 | $ | 276 | |||||||||||||||||||||||||||
Statements of Operations: | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Rental income | $ | 166 | $ | 886 | $ | 1,652 | $ | 3,831 | |||||||||||||||||||||||
Real estate taxes | -100 | -123 | -373 | -505 | |||||||||||||||||||||||||||
Utility expenses | -50 | -112 | -204 | -447 | |||||||||||||||||||||||||||
Other operating expenses | -41 | -255 | -426 | -775 | |||||||||||||||||||||||||||
Depreciation and amortization | — | -241 | — | -1,025 | |||||||||||||||||||||||||||
General and administrative | -43 | -68 | -152 | -226 | |||||||||||||||||||||||||||
Loss on asset impairment from discontinued operations | — | -10,142 | — | -10,142 | |||||||||||||||||||||||||||
Increase in carrying value of asset held for sale | — | — | 2,344 | — | |||||||||||||||||||||||||||
Net gain on sale of properties | 774 | — | 774 | 8,168 | |||||||||||||||||||||||||||
Income (loss) from discontinued operations | $ | 706 | $ | -10,055 | $ | 3,615 | $ | -1,121 | |||||||||||||||||||||||
Indebtedness_Tables
Indebtedness (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Indebtedness | ' | |||||||
Composition of outstanding indebtedness | ' | |||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Unsecured revolving credit facility, due in 2015 | $ | 184,500 | $ | 157,000 | ||||
Unsecured term loan, due in 2017 | 350,000 | 350,000 | ||||||
Senior unsecured notes, 3.75% interest rate, including unamortized discount of $2,708, due in 2019 | 347,292 | — | ||||||
Mortgage note payable, 5.55% interest rate, including unamortized premium of $2,589, due in 2016(1) | 85,589 | — | ||||||
Mortgage note payable, 5.73% interest rate, including unamortized premium of $233, due in 2015(1) | 47,662 | 48,377 | ||||||
Mortgage note payable, 6.21% interest rate, due in 2016(1) | 23,915 | 24,147 | ||||||
Mortgage note payable, 5.88% interest rate, due in 2021(1) | 14,426 | — | ||||||
Mortgage note payable, 7.00% interest rate, including unamortized premium of $639, due in 2019(1) | 9,651 | 9,919 | ||||||
Mortgage note payable, 8.15% interest rate, including unamortized premium of $446, due in 2021(1) | 7,597 | 8,284 | ||||||
$ | 1,070,632 | $ | 597,727 | |||||
We assumed these mortgages in connection with our acquisitions of certain properties. The stated interest rates for these mortgage debts are the contractually stated rates. We recorded the assumed mortgages at estimated fair value on the date of acquisition and we are amortizing the fair value premiums, if any, to interest expense over the respective terms of the mortgages to reduce interest expense to the estimated market interest rates as of the date of acquisition. | ||||||||
Fair_Value_of_Assets_and_Liabi1
Fair Value of Assets and Liabilities (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Fair Value of Assets and Liabilities | ' | |||||||||||||
Schedule of fair value and carrying value of financial instruments | ' | |||||||||||||
Carrying Amount | Fair Value | |||||||||||||
Senior unsecured notes, 3.75% interest rate, including unamortized discount of $2,708, due in 2019 | $ | 347,292 | $ | 352,291 | ||||||||||
Mortgage note payable, 5.55% interest rate, including unamortized premium of $2,589, due in 2016(1) | 85,589 | 85,600 | ||||||||||||
Mortgage note payable, 5.73% interest rate, including unamortized premium of $233, due in 2015(1) | 47,662 | 48,753 | ||||||||||||
Mortgage note payable, 6.21% interest rate, due in 2016(1) | 23,915 | 25,705 | ||||||||||||
Mortgage note payable, 5.88% interest rate, due in 2021(1) | 14,426 | 15,157 | ||||||||||||
Mortgage note payable, 7.00% interest rate, including unamortized premium of $639, due in 2019(1) | 9,651 | 10,354 | ||||||||||||
Mortgage note payable, 8.15% interest rate, including unamortized premium of $446, due in 2021(1) | 7,597 | 8,183 | ||||||||||||
$ | 536,132 | $ | 546,043 | |||||||||||
We assumed these mortgages in connection with our acquisitions of certain properties. The stated interest rates for these mortgage debts are the contractually stated rates. We recorded the assumed mortgages at estimated fair value on the date of acquisition and we are amortizing the fair value premiums, if any, to interest expense over the respective terms of the mortgages to reduce interest expense to the estimated market interest rates as of the date of acquisition. | ||||||||||||||
Schedule of assets measured on a non-recurring basis at fair value, categorized by the level of inputs used in the valuation assets | ' | |||||||||||||
Quoted Prices in | Significant | |||||||||||||
Active Markets for | Significant Other | Unobservable | ||||||||||||
Identical Assets | Observable Inputs | Inputs | ||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Property held for sale classified as discontinued operations(1) | $ | 12,260 | $ | — | $ | — | $ | 12,260 | ||||||
Property held for sale classified as held for sale in continuing operations(2) | 30,848 | — | — | 30,848 | ||||||||||
$ | 43,108 | $ | — | $ | — | $ | 43,108 | |||||||
-1 | The estimated fair value at September 30, 2014 of this property, for which a loss on asset impairment was recognized during the year ended December 31, 2013, is based upon broker estimates of value less estimated sales costs (Level 3 inputs as defined in the fair value hierarchy under GAAP). | |||||||||||||
-2 | The estimated fair value at September 30, 2014 of this property, for which a loss on asset impairment was recognized during the three months ended September 30, 2014, is based upon sales price less estimated sales costs (Level 3 inputs as defined in the fair value hierarchy under GAAP). | |||||||||||||
Equity_Investment_in_Select_In1
Equity Investment in Select Income REIT (Tables) (SIR) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
SIR | ' | ||||||||||||
Schedule Of Summarized Balance Sheet Information Of Equity Method Investee Table Text Block | ' | ||||||||||||
September 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Real estate properties, net | $ | 1,767,002 | $ | 1,579,234 | |||||||||
Acquired real estate leases, net | 121,501 | 129,426 | |||||||||||
Cash and cash equivalents | 14,710 | 20,025 | |||||||||||
Rents receivable, net | 65,116 | 55,335 | |||||||||||
Other assets, net | 21,513 | 17,839 | |||||||||||
Total assets | $ | 1,989,842 | $ | 1,801,859 | |||||||||
Revolving credit facility | $ | 65,000 | $ | 159,000 | |||||||||
Term loan | 350,000 | 350,000 | |||||||||||
Mortgage notes payable | 18,952 | 27,147 | |||||||||||
Assumed real estate lease obligations, net | 26,250 | 26,966 | |||||||||||
Other liabilities | 47,541 | 40,055 | |||||||||||
Shareholders' equity | 1,482,099 | 1,198,691 | |||||||||||
Total liabilities and shareholders' equity | $ | 1,989,842 | $ | 1,801,859 | |||||||||
Schedule Of Summarized Income Statement Information Of Equity Method Investee Table Text Block | ' | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Rental income | $ | 48,523 | $ | 41,169 | $ | 142,051 | $ | 117,333 | |||||
Tenant reimbursements and other income | 8,177 | 7,415 | 24,234 | 21,057 | |||||||||
Total revenues | 56,700 | 48,584 | 166,285 | 138,390 | |||||||||
Operating expenses | 10,282 | 9,287 | 30,246 | 26,172 | |||||||||
Depreciation and amortization | 10,653 | 8,485 | 30,442 | 22,445 | |||||||||
Acquisition related costs | 5,365 | 790 | 5,739 | 1,479 | |||||||||
General and administrative | 3,749 | 3,208 | 11,123 | 8,884 | |||||||||
Total expenses | 30,049 | 21,770 | 77,550 | 58,980 | |||||||||
Operating income | 26,651 | 26,814 | 88,735 | 79,410 | |||||||||
Interest expense | -3,033 | -3,232 | -10,025 | -10,484 | |||||||||
Gain on early extinguishment of debt | — | — | 243 | — | |||||||||
Income before income tax expense and equity in earnings of an investee | 23,618 | 23,582 | 78,953 | 68,926 | |||||||||
Income tax expense | -30 | -52 | -120 | -132 | |||||||||
Equity in earnings of an investee | 38 | 64 | 59 | 219 | |||||||||
Income before gain on sale of property | 23,626 | 23,594 | 78,892 | 69,013 | |||||||||
Gain on sale of property | 116 | — | 116 | — | |||||||||
Net income | $ | 23,742 | $ | 23,594 | $ | 79,008 | $ | 69,013 | |||||
Weighted average common shares outstanding | 59,905 | 49,686 | 54,678 | 42,790 | |||||||||
Net income per common share | $ | 0.40 | $ | 0.47 | $ | 1.44 | $ | 1.61 | |||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of ownership of properties that are primarily leased to government tenants and our equity method investment in SIR | ' | ||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||
Investment | Investment | ||||||||||||
in Real Estate | in SIR | Corporate | Consolidated | ||||||||||
Rental income | $ | 64,158 | $ | — | $ | — | $ | 64,158 | |||||
Expenses: | |||||||||||||
Real estate taxes | 7,027 | — | — | 7,027 | |||||||||
Utility expenses | 5,327 | — | — | 5,327 | |||||||||
Other operating expenses | 11,685 | — | — | 11,685 | |||||||||
Depreciation and amortization | 17,636 | — | — | 17,636 | |||||||||
Loss on asset impairment | 1,616 | — | — | 1,616 | |||||||||
Acquisition related costs | 110 | — | — | 110 | |||||||||
General and administrative | — | — | 4,329 | 4,329 | |||||||||
Total expenses | 43,401 | — | 4,329 | 47,730 | |||||||||
Operating income | 20,757 | — | -4,329 | 16,428 | |||||||||
Interest and other income | — | — | 10 | 10 | |||||||||
Interest expense | -2,326 | — | -6,519 | -8,845 | |||||||||
Loss on early extinguishment of debt | — | — | -541 | -541 | |||||||||
Loss on issuance of shares by an equity investee | — | -39 | — | -39 | |||||||||
Income from continuing operations before income tax expense and | |||||||||||||
equity in earnings of investees | 18,431 | -39 | -11,379 | 7,013 | |||||||||
Income tax expense | — | — | -7 | -7 | |||||||||
Equity in earnings of investees | — | 4,872 | 38 | 4,910 | |||||||||
Income from continuing operations | 18,431 | 4,833 | -11,348 | 11,916 | |||||||||
Income from discontinued operations | 706 | — | — | 706 | |||||||||
Net income | $ | 19,137 | $ | 4,833 | $ | -11,348 | $ | 12,622 | |||||
Total Assets | $ | 1,728,173 | $ | 684,470 | $ | 17,075 | $ | 2,429,718 | |||||
Pro_Forma_Information_Tables
Pro Forma Information (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Pro Forma Information | ' | ||||||||
Schedule of pro forma results of operations | ' | ||||||||
Nine Months Ended September 30, | |||||||||
2014 | 2013 | ||||||||
Total Revenues | $ | 193,979 | $ | 182,961 | |||||
Net income | 43,046 | 39,277 | |||||||
Per share data: | |||||||||
Net income | $ | 0.74 | $ | 0.72 | |||||
Real_Estate_Properties_Details
Real Estate Properties (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | 31-May-14 | 31-May-14 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Feb. 28, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Sep. 30, 2014 | Jul. 31, 2014 | |
property | property | Continuing operations | Continuing operations | Discontinued operations | Acquisition | Fairfax, VA | Fairfax, VA | Richmond VA | Reston, VA | Phoenix, AZ | Disposal Group, Not Discontinued Operations [Member] | Disposal Group, Not Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | |||
sqft | sqft | item | property | sqft | One building | One building | One building | Two buildings | One building | Riverdale, MD | One building | Phoenix, AZ | Phoenix, AZ | Phoenix, AZ | Falls Church, VA | San Diego, CA | San Diego, CA | |||||||
item | item | property | item | item | Office | Office | Office | Office | Office | Office | item | Office | Office | Office | Office | Office | Office | |||||||
property | sqft | sqft | sqft | sqft | U.S. Government | One building | One building | One building | One building | One building | One building | |||||||||||||
property | item | property | property | One building | sqft | sqft | item | |||||||||||||||||
item | property | item | item | sqft | item | item | sqft | |||||||||||||||||
item | ||||||||||||||||||||||||
Real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties owned | 72 | 72 | ' | ' | ' | 1 | 1 | ' | 1 | ' | 1 | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of buildings | 92 | 92 | ' | ' | ' | 1 | 1 | ' | 1 | ' | 1 | 2 | 1 | ' | 1 | ' | ' | 1 | ' | ' | 1 | 1 | ' | 1 |
Aggregate investment in properties | $1,674,979,000 | $1,674,979,000 | ' | $1,568,562,000 | $1,705,275,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of leases entered | 8 | 38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average lease term | '5 years 7 months 6 days | '5 years 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenditures committed on leases | 2,059,000 | 9,053,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Committed but unspent tenant related obligations estimated | 9,350,000 | 9,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties acquired or agreed to be acquired | 4 | 4 | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of buildings acquired or agreed to be acquired | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Square Feet | 167,712 | 434,508 | ' | ' | ' | ' | ' | 730,193 | 83,130 | ' | 173,932 | 406,388 | 66,743 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Price | ' | 167,525,000 | ' | ' | ' | ' | ' | 167,525,000 | 19,775,000 | ' | 22,500,000 | 112,250,000 | 13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land | ' | ' | ' | ' | ' | ' | ' | 16,561,000 | 2,964,000 | ' | 2,614,000 | 9,066,000 | 1,917,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Buildings and Improvements | ' | ' | ' | ' | ' | ' | ' | 114,844,000 | 12,840,000 | ' | 15,930,000 | 78,658,000 | 7,416,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Leases | ' | ' | ' | ' | ' | ' | ' | 39,712,000 | 3,971,000 | ' | 4,003,000 | 28,071,000 | 3,667,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Lease Obligations | ' | ' | ' | ' | ' | ' | ' | -445,000 | ' | ' | -47,000 | -398,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Assumed Liabilities | ' | ' | ' | ' | ' | ' | ' | -326,000 | -233,000 | ' | ' | -93,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium on assumed debt | ' | ' | ' | ' | ' | ' | ' | -3,147,000 | ' | ' | ' | -3,147,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of mortgage debt assumed in contract purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,524,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rentable square feet of Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 337,500 | ' | ' | ' | ' | ' | 97,145 | 164,746 | ' | 94,272 |
Loss on impairment recognized | 1,616,000 | 1,616,000 | 10,142,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,616,000 | ' | ' | ' | ' | ' | 8,344,000 | ' | ' | ' |
Carrying value | 1,464,660,000 | 1,464,660,000 | ' | 1,380,927,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,848,000 | ' | ' | ' | ' | 4,644,000 | 2,300,000 | 12,286,000 | ' | ' |
Increase in carrying value of assets held for sale | ' | 2,344,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,344,000 | ' | ' | ' | ' |
Aggregate sale price of properties sold, excluding closing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | 16,500,000 | 12,100,000 | ' |
Gain (loss) on sale of properties | ' | 774,000 | 8,168,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 774,000 | ' |
Contract purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance Sheet: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,296,000 | ' | 12,259,000 | 25,574,000 | ' | ' | ' | ' | ' | ' | ' |
Rents receivable, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,341,000 | ' | 738,000 | 381,000 | ' | ' | ' | ' | ' | ' | ' |
Other assets, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,692,000 | ' | 86,000 | 42,000 | ' | ' | ' | ' | ' | ' | ' |
Assets of Disposal Group, Including Discontinued Operation, Total | 13,083,000 | 13,083,000 | ' | 25,997,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,329,000 | ' | 13,083,000 | 25,997,000 | ' | ' | ' | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 399,000 | ' | 725,000 | 276,000 | ' | ' | ' | ' | ' | ' | ' |
Liabilities of Disposal Group, Including Discontinued Operation, Total | $725,000 | $725,000 | ' | $276,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $399,000 | ' | $725,000 | $276,000 | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_Properties_Details1
Real Estate Properties (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2013 |
item | item | Disposal Group, Not Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | One building | Two buildings | Two buildings | ||||
Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued operations | Discontinued operations | |||||||||||
property | property | property | |||||||||||||||
item | item | item | |||||||||||||||
Real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 2 | 2 |
Number of Buildings | 92 | ' | 92 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 2 | 2 |
Balance Sheets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate properties | ' | ' | ' | ' | ' | $30,296 | ' | ' | $12,259 | $25,574 | ' | ' | ' | ' | ' | ' | ' |
Rents receivable, net | ' | ' | ' | ' | ' | 1,341 | ' | ' | 738 | 381 | ' | ' | ' | ' | ' | ' | ' |
Other assets, net | ' | ' | ' | ' | ' | 1,692 | ' | ' | 86 | 42 | ' | ' | ' | ' | ' | ' | ' |
Assets of Disposal Group, Including Discontinued Operation, Total | 13,083 | ' | 13,083 | ' | 25,997 | 33,329 | ' | ' | 13,083 | 25,997 | ' | ' | ' | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | ' | ' | 399 | ' | ' | 725 | 276 | ' | ' | ' | ' | ' | ' | ' |
Liabilities of Disposal Group, Including Discontinued Operation, Total | 725 | ' | 725 | ' | 276 | 399 | ' | ' | 725 | 276 | ' | ' | ' | ' | ' | ' | ' |
Statement of Operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 166 | 886 | 1,652 | 3,831 | ' | ' | ' |
Disposal Group Including Discontinued Operation Real Estate Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -100 | -123 | -373 | -505 | ' | ' | ' |
Disposal Group Including Discontinued Operation Utility Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -50 | -112 | -204 | -447 | ' | ' | ' |
Disposal Group Including Discontinued Operation Other Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -41 | -255 | -426 | -775 | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -241 | ' | -1,025 | ' | ' | ' |
Disposal Group, Including Discontinued Operation, General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -43 | -68 | -152 | -226 | ' | ' | ' |
Loss on asset impairment | ' | ' | ' | ' | ' | ' | -10,142 | -10,142 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposal Group Including Discontinued Operation Increase In Carrying Value Of Asset Held For Sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,344 | ' | ' | ' | ' |
Net gain on sale of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 774 | ' | 774 | 8,168 | ' | ' | ' |
Income from discontinued operations | 706 | -10,055 | 3,615 | -1,121 | ' | ' | ' | ' | ' | ' | 706 | -10,055 | 3,615 | -1,121 | ' | ' | ' |
Real estate properties | ' | ' | ' | ' | ' | 30,296 | ' | ' | 12,259 | 25,574 | ' | ' | ' | ' | ' | ' | ' |
Rents receivable, net | ' | ' | ' | ' | ' | 1,341 | ' | ' | 738 | 381 | ' | ' | ' | ' | ' | ' | ' |
Other assets, net | ' | ' | ' | ' | ' | 1,692 | ' | ' | 86 | 42 | ' | ' | ' | ' | ' | ' | ' |
Assets of Disposal Group, Including Discontinued Operation, Total | 13,083 | ' | 13,083 | ' | 25,997 | 33,329 | ' | ' | 13,083 | 25,997 | ' | ' | ' | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | ' | ' | 399 | ' | ' | 725 | 276 | ' | ' | ' | ' | ' | ' | ' |
Liabilities of Disposal Group, Including Discontinued Operation, Total | $725 | ' | $725 | ' | $276 | $399 | ' | ' | $725 | $276 | ' | ' | ' | ' | ' | ' | ' |
Revenue_Recognition_Details
Revenue Recognition (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Revenue Recognition | ' | ' | ' | ' | ' |
Increase in rental income to record revenue on straight line basis | $1,135 | $605 | $3,378 | $1,952 | ' |
Straight line rent receivables | $13,893 | ' | $13,893 | ' | $10,515 |
Concentration_Details
Concentration (Details) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Concentration | ' | ' |
Number of properties owned | 72 | ' |
Number of buildings | 92 | ' |
Number of states in which acquired properties located | 31 | ' |
Number of state governments | 12 | ' |
Annualized rental income, excluding properties classified as discontinued operations | Maryland | ' | ' |
Concentration | ' | ' |
Annualized Rental income percent | 0.124 | ' |
Annualized rental income, excluding properties classified as discontinued operations | California | ' | ' |
Concentration | ' | ' |
Annualized Rental income percent | 0.106 | ' |
Annualized rental income, excluding properties classified as discontinued operations | Virginia | ' | ' |
Concentration | ' | ' |
Annualized Rental income percent | 0.098 | ' |
Annualized rental income, excluding properties classified as discontinued operations | District of Columbia | ' | ' |
Concentration | ' | ' |
Annualized Rental income percent | 0.097 | ' |
Annualized rental income, excluding properties classified as discontinued operations | Georgia | ' | ' |
Concentration | ' | ' |
Annualized Rental income percent | 0.088 | ' |
Annualized rental income, excluding properties classified as discontinued operations | New York | ' | ' |
Concentration | ' | ' |
Annualized Rental income percent | 0.081 | ' |
Annualized rental income, excluding properties classified as discontinued operations | Massachusetts | ' | ' |
Concentration | ' | ' |
Annualized Rental income percent | 0.053 | ' |
Annualized rental income, excluding properties classified as discontinued operations | Tenant concentration | U.S. Government, state governments and the United Nations | ' | ' |
Concentration | ' | ' |
Concentration risk, percentage | 93.20% | 93.90% |
Annualized rental income, excluding properties classified as discontinued operations | Tenant concentration | U.S. Government | ' | ' |
Concentration | ' | ' |
Concentration risk, percentage | 69.60% | 71.20% |
Indebtedness_Details
Indebtedness (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||||||||||||
Jul. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 29, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 18, 2014 | Sep. 30, 2014 | 31-May-14 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Jul. 09, 2014 | Jul. 09, 2014 | |
item | loan | Unsecured revolving credit facility due in 2015 | Unsecured revolving credit facility due in 2015 | Unsecured revolving credit facility due in 2015 | Unsecured revolving credit facility due in 2015 | Unsecured revolving credit facility due in 2015 | Unsecured term loan, due in 2017 | Unsecured term loan, due in 2017 | Unsecured term loan, due in 2017 | Unsecured term loan, due in 2017 | Senior Unsecured Note 3.75 Percent Due In 2019 | Senior Unsecured Note 3.75 Percent Due In 2019 | Senior Unsecured Note 3.75 Percent Due In 2019 | Mortgage note payable, 5.55% interest rate, due in 2016 | Mortgage note payable, 5.55% interest rate, due in 2016 | 5.73% Mortgage notes due in 2015 | 5.73% Mortgage notes due in 2015 | 6.21% Mortgage notes due in 2016 | 6.21% Mortgage notes due in 2016 | Mortgage note payable, 5.88% interest rate, due in 2021 | Mortgage note payable, 5.88% interest rate, due in 2021 | Mortgage note payable, 5.88% interest rate, due in 2021 | 7% Mortgage notes due in 2019 | 7% Mortgage notes due in 2019 | 8.15% Mortgage notes due in 2021 | 8.15% Mortgage notes due in 2021 | Unsecured term loan, due in 2015 | Unsecured term loan, due in 2015 | ||||
property | item | |||||||||||||||||||||||||||||||
property | ||||||||||||||||||||||||||||||||
Indebtedness | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured revolving credit facility | ' | $184,500,000 | $184,500,000 | ' | $157,000,000 | $184,500,000 | ' | $184,500,000 | ' | $157,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 |
Unsecured term loan | ' | 350,000,000 | 350,000,000 | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes | ' | 347,292,000 | 347,292,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 347,292,000 | 347,292,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes Issued Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage notes payable | ' | 188,840,000 | 188,840,000 | ' | 90,727,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,589,000 | 83,000,000 | 47,662,000 | 48,377,000 | 23,915,000 | 24,147,000 | 14,524,000 | 14,426,000 | ' | 9,651,000 | 9,919,000 | 7,597,000 | 8,284,000 | ' | ' |
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,070,632,000 | 597,727,000 | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | 1.70% | ' | 1.70% | ' | ' | 1.90% | ' | 1.90% | ' | 3.75% | 3.75% | ' | 5.55% | 5.55% | 5.73% | 5.73% | 6.21% | ' | ' | 5.88% | 5.88% | 7.00% | ' | 8.15% | 8.15% | ' | ' |
Unamortized fair value premium included in mortgage notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,708,000 | 2,708,000 | ' | 2,589,000 | 3,147,000 | 233,000 | 233,000 | ' | ' | ' | ' | ' | 639,000 | ' | 446,000 | 446,000 | ' | ' |
Effective interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity on revolving credit facility | ' | ' | ' | ' | ' | 550,000,000 | ' | 550,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, interest rate basis | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bridge loan interest rate description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' |
Maximum borrowing capacity on debt instruments may be increased under certain conditions | ' | ' | ' | ' | ' | 1,100,000,000 | ' | 1,100,000,000 | ' | ' | 700,000,000 | ' | 700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option to extend the maturity date subject to certain conditions and the payment of a fee | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan, interest rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate premium (as a percent) | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | ' |
Facility fee (as a percent) | ' | ' | ' | ' | ' | ' | ' | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The weighted average annual interest rate (as a percent) | ' | ' | ' | ' | ' | 1.70% | 1.70% | 1.70% | 1.70% | ' | 1.90% | 1.90% | 1.90% | 1.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount available to be drawn | ' | ' | ' | ' | ' | 365,500,000 | ' | 365,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common shares sold in public offering | 15,525,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | ' | $0.01 | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price per share of shares sold | $23.50 | ' | ' | $23.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds on sale of shares | 349,789,000 | ' | 349,789,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issance of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 344,293,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | 541,000 | 541,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 541,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of assumed secured mortgage loans | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate net book value of secured properties | ' | $261,797,000 | $261,797,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties secured by mortgage notes | ' | 6 | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of buildings secured by mortgage notes | ' | 8 | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_of_Assets_and_Liabi2
Fair Value of Assets and Liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | 31-May-14 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Senior Unsecured Note 3.75 Percent Due In 2019 | Mortgage note payable, 5.55% interest rate, due in 2016 | Mortgage note payable, 5.55% interest rate, due in 2016 | 5.73% Mortgage notes due in 2015 | 5.73% Mortgage notes due in 2015 | 6.21% Mortgage notes due in 2016 | 6.21% Mortgage notes due in 2016 | Mortgage note payable, 5.88% interest rate, due in 2021 | Mortgage note payable, 5.88% interest rate, due in 2021 | Mortgage note payable, 5.88% interest rate, due in 2021 | 7% Mortgage notes due in 2019 | 7% Mortgage notes due in 2019 | 8.15% Mortgage notes due in 2021 | 8.15% Mortgage notes due in 2021 | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | ||
Senior Unsecured Note 3.75 Percent Due In 2019 | Mortgage note payable, 5.55% interest rate, due in 2016 | 5.73% Mortgage notes due in 2015 | 6.21% Mortgage notes due in 2016 | Mortgage note payable, 5.88% interest rate, due in 2021 | 7% Mortgage notes due in 2019 | 8.15% Mortgage notes due in 2021 | Senior Unsecured Note 3.75 Percent Due In 2019 | Mortgage note payable, 5.55% interest rate, due in 2016 | 5.73% Mortgage notes due in 2015 | 6.21% Mortgage notes due in 2016 | Mortgage note payable, 5.88% interest rate, due in 2021 | 7% Mortgage notes due in 2019 | 8.15% Mortgage notes due in 2021 | |||||||||||||||||||
Fair Value of Financial Instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage notes payable | $188,840 | $90,727 | ' | $85,589 | $83,000 | $47,662 | $48,377 | $23,915 | $24,147 | $14,426 | $14,524 | ' | $9,651 | $9,919 | $7,597 | $8,284 | $536,132 | ' | $85,589 | $47,662 | $23,915 | $14,426 | $9,651 | $7,597 | $546,043 | ' | $85,600 | $48,753 | $25,705 | $15,157 | $10,354 | $8,183 |
Senior Notes | 347,292 | ' | 347,292 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 347,292 | ' | ' | ' | ' | ' | ' | ' | 352,291 | ' | ' | ' | ' | ' | ' |
Unsecured Debt | 350,000 | 350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | 3.75% | 5.55% | 5.55% | 5.73% | 5.73% | 6.21% | ' | 5.88% | ' | 5.88% | 7.00% | ' | 8.15% | 8.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized fair value premium included in mortgage notes | ' | ' | 2,708 | 2,589 | 3,147 | 233 | 233 | ' | ' | ' | ' | ' | 639 | ' | 446 | 446 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized fair value discount included in mortgage notes | ' | ' | $2,708 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_of_Assets_and_Liabi3
Fair Value of Assets and Liabilities (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value of Assets and Liabilities | ' | ' |
Property held for sale | $1,464,660 | $1,380,927 |
Nonrecurring | Fair Value | ' | ' |
Fair Value of Assets and Liabilities | ' | ' |
Property held for sale | 43,108 | ' |
Nonrecurring | Level 3 inputs | ' | ' |
Fair Value of Assets and Liabilities | ' | ' |
Property held for sale | 43,108 | ' |
Continuing operations | Nonrecurring | Fair Value | ' | ' |
Fair Value of Assets and Liabilities | ' | ' |
Property held for sale | 30,848 | ' |
Continuing operations | Nonrecurring | Level 3 inputs | ' | ' |
Fair Value of Assets and Liabilities | ' | ' |
Property held for sale | 30,848 | ' |
Discontinued operations | Nonrecurring | Fair Value | ' | ' |
Fair Value of Assets and Liabilities | ' | ' |
Property held for sale | 12,260 | ' |
Discontinued operations | Nonrecurring | Level 3 inputs | ' | ' |
Fair Value of Assets and Liabilities | ' | ' |
Property held for sale | $12,260 | ' |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 0 Months Ended | 1 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Aug. 22, 2014 | Jul. 14, 2014 | 21-May-14 | 2-May-14 | Feb. 21, 2014 | Jul. 31, 2014 | Aug. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 29, 2014 | Jul. 14, 2014 | 2-May-14 |
item | ||||||||||||
Distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash distribution to common shareholders (in dollars per share) | $0.43 | ' | $0.43 | ' | $0.43 | ' | ' | ' | ' | ' | ' | ' |
Distribution payable to common shareholders | $23,544 | ' | $23,535 | ' | $23,530 | ' | ' | ' | ' | ' | ' | ' |
Distribution payable to common shareholders (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.43 | ' |
Distributions to common shareholders | ' | 30,247 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued | ' | ' | ' | 2,500 | ' | ' | 3,739 | 27,103 | ' | ' | ' | ' |
Number of common shares sold in public offering | ' | ' | ' | ' | ' | 15,525,000 | ' | ' | ' | ' | ' | ' |
Price per share of shares sold | ' | ' | ' | ' | ' | $23.50 | ' | ' | ' | $23.50 | ' | ' |
Net proceeds on sale of shares | ' | ' | ' | ' | ' | 349,789 | ' | ' | 349,789 | ' | ' | ' |
Share Issuances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' |
Number of trustees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 |
Closing share price of the entity's common shares (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25.43 |
Shareholders_Equity_Details_2
Shareholders' Equity (Details 2) (USD $) | 2-May-14 | Sep. 12, 2014 | Sep. 12, 2014 |
In Thousands, except Per Share data, unless otherwise specified | Share Award Plan | Share Award Plan | |
Officers and employees | Officers and employees | ||
RMR | RMR | ||
Share Awards | ' | ' | ' |
Shares granted for equity compensation plan | ' | 51,150 | ' |
Closing share price of the entity's common shares (in dollars per share) | $25.43 | ' | $23.28 |
Related_Person_Transactions_De
Related Person Transactions (Details) (USD $) | 0 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | 2-May-14 | Aug. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 29, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jul. 09, 2014 | Jul. 09, 2014 | Sep. 30, 2014 | 9-May-14 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 09, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 12, 2014 | Mar. 15, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | 9-May-14 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
property | property | SIR | SIR | EQC | Acquisition | RMR | RMR | RMR | RMR | RMR | RMR | RMR | RMR | RMR | RMR | RMR | RMR | EQC | EQC | EQC | AIC | AIC | AIC | AIC | AIC | AIC | AIC | AIC | AIC | SIR | SIR | SIR | SNH | |||||||
SIR | property | item | agreement | item | EQC | Office | Office | Office | Office | Share Award Plan | item | item | item | Maximum | item | Cole Corporate Income Trust Inc Member | American Realty Capital Properties, Inc.(ARCP) | item | ||||||||||||||||||||||
item | agreement | SIR | item | Officers and employees | property | |||||||||||||||||||||||||||||||||||
Related Party Transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of agreements to avail management and administrative services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period before which the written notice is required to be given for cancellation of business management agreement and the property management agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '120 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period before which the written notice is required to be given for cancellation of business management agreement and the property management agreement before amendment of the agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of business days before which the notice is required to be given for termination of property management agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period over which transition services will be provided by the related party after termination of the agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '120 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business management fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,643 | $1,942 | $7,578 | $6,924 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued | 2,500 | 3,739 | 27,103 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,103 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property management and construction supervision fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,095 | 2,179 | 6,034 | 5,794 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of regional offices leased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income earned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | 8 | 47 | 23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares sold by former parent company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,950,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares registration and sale expenses paid by related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 310 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Par value of SIR common shares of beneficial interest acquired pursuant to stock purchase agreement (in dollars per share) | ' | ' | $0.01 | ' | $0.01 | ' | $0.01 | $0.01 | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash purchase price excluding accrued dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 677,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash purchase price excluding accrued dividends (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $31.51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued dividends (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash purchase price including accrued dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 688,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.90% | 35.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.30% | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' |
Percentage of the product of the number of SIR common shares sold in the transaction times the excess of the price per share paid by the purchaser and $31.51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of other companies owning interest in equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | 4 | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' |
SIR Common shares of beneficial interest acquired pursuant to stock purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,500,000 | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.90% | 35.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.30% | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' |
Shares of related party expected to be purchased, formerly owned by former parent company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,857 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of shares of related party expected to purchase, formerly owned by former parent company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 825 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Program extension term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Coverage of purchased property insurance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Premium for property insurance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 526 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount invested in equity investee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,019 | ' | ' | 6,019 | ' | ' | ' | ' | ' | ' | ' |
Investment at carrying value | ' | ' | 684,470 | ' | 684,470 | ' | ' | ' | 684,470 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,925 | ' | ' | 6,925 | ' | 6,031 | ' | ' | ' | ' | ' |
Recognized income (loss) related to investment in AIC | ' | ' | 4,910 | 64 | 4,931 | 219 | ' | ' | 7,509 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38 | 64 | ' | 59 | 219 | ' | ' | ' | ' | ' | ' |
Period of standstill provision pursuant to which the counterparty agreed not to make unsolicited proposals to acquire entities as specified | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '36 months | ' |
Number of Properties Acquired | ' | ' | 4 | ' | 4 | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23 | ' | ' |
Number of independent trustees of the entity who also serve as independent trustees of the related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | 2 |
Number of entities to whom RMR provides management services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium paid for combined directors' and officers' liability insurance policy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability insurance policy term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate coverage of combined directors' and officers' liability insurance policy purchased by the related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional liability insurance policy term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate additional coverage of combined directors' and officers' liability insurance policy purchased by the related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate non-indemnifiable coverage of combined directors' and officers' liability insurance policy purchased by the related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium payable for combined directors' and officers' liability insurance policy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $455 | ' | $455 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Investment_in_Select_In2
Equity Investment in Select Income REIT (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Jul. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 01, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Jul. 09, 2014 | Jul. 09, 2014 |
SIR | SIR | SIR | SIR | SIR | SIR | SIR | SIR | |||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity investments, common shares owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,500,000 |
Costs related to acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,174 | ' | ' |
Amortization of the difference between carrying value and share of underlying equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,637 | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.90% | ' |
Investment at carrying value | ' | 684,470 | ' | 684,470 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 684,470 | ' | ' |
Equity Investments, market value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 517,075 | ' |
Income (Loss) from Equity Method Investments | ' | 4,910 | 64 | 4,931 | 219 | ' | ' | ' | 38 | 64 | 59 | 219 | ' | 7,509 | ' | ' |
The amount of investment in exceed the underlying equity of the investee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 154,348 | ' |
Stock Issued During Period, Shares, New Issues | 15,525,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,739 | ' | ' |
Gain (Loss) on Disposition of Stock in Subsidiary or Equity Method Investee | ' | -39 | ' | -39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -39 | ' | ' |
Proceeds from Equity Method Investment, Dividends or Distributions | ' | ' | ' | 7,509 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,320 | ' | ' |
Equity Method Investment Summarized Balance Sheet Information Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value | ' | 1,464,660 | ' | 1,464,660 | ' | ' | 1,380,927 | ' | 1,767,002 | ' | 1,767,002 | ' | 1,579,234 | ' | ' | ' |
Acquired real estate leases, net | ' | 158,375 | ' | 158,375 | ' | ' | 142,266 | ' | 121,501 | ' | 121,501 | ' | 129,426 | ' | ' | ' |
Cash and cash equivalents | ' | 4,928 | 2,697 | 4,928 | 2,697 | 7,663 | 7,663 | 5,255 | 14,710 | ' | 14,710 | ' | 20,025 | ' | ' | ' |
Rents receivable, net | ' | 37,077 | ' | 37,077 | ' | ' | 33,350 | ' | 65,116 | ' | 65,116 | ' | 55,335 | ' | ' | ' |
Other assets, net | ' | 13,158 | ' | 13,158 | ' | ' | 25,031 | ' | 21,513 | ' | 21,513 | ' | 17,839 | ' | ' | ' |
Total assets | ' | 2,429,718 | ' | 2,429,718 | ' | ' | 1,632,452 | ' | 1,989,842 | ' | 1,989,842 | ' | 1,801,859 | ' | ' | ' |
Long-term Line of Credit | ' | 184,500 | ' | 184,500 | ' | ' | 157,000 | ' | 65,000 | ' | 65,000 | ' | 159,000 | ' | ' | ' |
Unsecured term loan | ' | 350,000 | ' | 350,000 | ' | ' | 350,000 | ' | 350,000 | ' | 350,000 | ' | 350,000 | ' | ' | ' |
Mortgage notes payable | ' | 188,840 | ' | 188,840 | ' | ' | 90,727 | ' | 18,952 | ' | 18,952 | ' | 27,147 | ' | ' | ' |
Assumed real estate lease obligations, net | ' | 16,800 | ' | 16,800 | ' | ' | 19,084 | ' | 26,250 | ' | 26,250 | ' | 26,966 | ' | ' | ' |
Other Liabilities | ' | 25,881 | ' | 25,881 | ' | ' | 23,216 | ' | 47,541 | ' | 47,541 | ' | 40,055 | ' | ' | ' |
Shareholders' equity | ' | 1,313,332 | ' | 1,313,332 | ' | ' | 989,675 | ' | 1,482,099 | ' | 1,482,099 | ' | 1,198,691 | ' | ' | ' |
Total liabilities and shareholders' equity | ' | 2,429,718 | ' | 2,429,718 | ' | ' | 1,632,452 | ' | 1,989,842 | ' | 1,989,842 | ' | 1,801,859 | ' | ' | ' |
Income Statements: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | 48,523 | 41,169 | 142,051 | 117,333 | ' | ' | ' | ' |
Tenant Reimbursements And Other Real Estate Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 8,177 | 7,415 | 24,234 | 21,057 | ' | ' | ' | ' |
Real Estate Revenue, Net, Total | ' | 64,158 | 56,401 | 186,406 | 168,639 | ' | ' | ' | 56,700 | 48,584 | 166,285 | 138,390 | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 10,282 | 9,287 | 30,246 | 26,172 | ' | ' | ' | ' |
Depreciation and amortization | ' | 17,636 | 14,032 | 49,254 | 40,960 | ' | ' | ' | 10,653 | 8,485 | 30,442 | 22,445 | ' | ' | ' | ' |
Acquisition related costs | ' | 110 | 1,562 | 1,290 | 1,701 | ' | ' | ' | 5,365 | 790 | 5,739 | 1,479 | ' | ' | ' | ' |
General and administrative | ' | 4,329 | 2,941 | 11,537 | 9,350 | ' | ' | ' | 3,749 | 3,208 | 11,123 | 8,884 | ' | ' | ' | ' |
Total expenses | ' | 47,730 | 40,314 | 133,360 | 113,423 | ' | ' | ' | 30,049 | 21,770 | 77,550 | 58,980 | ' | ' | ' | ' |
Operating income | ' | 16,428 | 16,087 | 53,046 | 55,216 | ' | ' | ' | 26,651 | 26,814 | 88,735 | 79,410 | ' | ' | ' | ' |
Interest Expense | ' | 8,845 | 4,176 | 18,530 | 12,388 | ' | ' | ' | -3,033 | -3,232 | -10,025 | -10,484 | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | ' | -541 | ' | -541 | ' | ' | ' | ' | ' | ' | 243 | ' | ' | ' | ' | ' |
(Loss) income from continuing operations before income tax expense and equity in earnings of investees | ' | 7,013 | 11,921 | 34,004 | 42,848 | ' | ' | ' | 23,618 | 23,582 | 78,953 | 68,926 | ' | ' | ' | ' |
Income tax expense | ' | 7 | -36 | 130 | 50 | ' | ' | ' | -30 | -52 | -120 | -132 | ' | ' | ' | ' |
Equity in earnings of an investee | ' | 4,910 | 64 | 4,931 | 219 | ' | ' | ' | 38 | 64 | 59 | 219 | ' | 7,509 | ' | ' |
Income before gain on sale of property | ' | ' | ' | ' | ' | ' | ' | ' | 23,626 | 23,594 | 78,892 | 69,013 | ' | ' | ' | ' |
Net gain on sale of properties from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 116 | ' | 116 | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $23,742 | $23,594 | $79,008 | $69,013 | ' | ' | ' | ' |
Weighted average common shares outstanding (in shares) | ' | 65,568,000 | 54,684,000 | 58,385,000 | 54,666,000 | ' | ' | ' | 59,905,000 | 49,686,000 | 54,678,000 | 42,790,000 | ' | ' | ' | ' |
Net income per common share (in dollars per share) | ' | $0.19 | $0.04 | $0.73 | $0.77 | ' | ' | ' | $0.40 | $0.47 | $1.44 | $1.61 | ' | ' | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Rental income | $64,158 | $56,401 | $186,406 | $168,639 | ' |
Expenses: | ' | ' | ' | ' | ' |
Real Estate Tax Expense | 7,027 | 6,255 | 21,005 | 19,060 | ' |
Utility expenses | 5,327 | 5,355 | 15,072 | 13,064 | ' |
Other operating expenses | 11,685 | 10,169 | 33,586 | 29,288 | ' |
Depreciation and amortization | 17,636 | 14,032 | 49,254 | 40,960 | ' |
Loss on asset impairment | 1,616 | ' | 1,616 | 10,142 | ' |
Acquisition related costs | 110 | 1,562 | 1,290 | 1,701 | ' |
General and administrative | 4,329 | 2,941 | 11,537 | 9,350 | ' |
Total expenses | 47,730 | 40,314 | 133,360 | 113,423 | ' |
Operating Income (Loss) | 16,428 | 16,087 | 53,046 | 55,216 | ' |
Investment Income, Interest | 10 | 10 | 68 | 20 | ' |
Interest expense | -8,845 | -4,176 | -18,530 | -12,388 | ' |
Loss on early extinguishment of debt | -541 | ' | -541 | ' | ' |
Loss on issuance of shares by an equity investee | -39 | ' | -39 | ' | ' |
Income from continuing operations before income tax expense, and equity in earnings of an investee | 7,013 | 11,921 | 34,004 | 42,848 | ' |
Income tax expense | -7 | 36 | -130 | -50 | ' |
Equity in earnings of an investee | 4,910 | 64 | 4,931 | 219 | ' |
Income from continuing operations | 11,916 | 12,021 | 38,805 | 43,017 | ' |
Income from discontinued operations | 706 | -10,055 | 3,615 | -1,121 | ' |
Net income | 12,622 | 1,966 | 42,420 | 41,896 | ' |
Total assets | 2,429,718 | ' | 2,429,718 | ' | 1,632,452 |
Investment in Real Estate | ' | ' | ' | ' | ' |
Expenses: | ' | ' | ' | ' | ' |
Income from discontinued operations | 706 | ' | ' | ' | ' |
Operating Segments [Member] | Investment in Real Estate | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Rental income | 64,158 | ' | ' | ' | ' |
Expenses: | ' | ' | ' | ' | ' |
Real Estate Tax Expense | 7,027 | ' | ' | ' | ' |
Utility expenses | 5,327 | ' | ' | ' | ' |
Other operating expenses | 11,685 | ' | ' | ' | ' |
Depreciation and amortization | 17,636 | ' | ' | ' | ' |
Loss on asset impairment | 1,616 | ' | ' | ' | ' |
Acquisition related costs | 110 | ' | ' | ' | ' |
Total expenses | 43,401 | ' | ' | ' | ' |
Operating Income (Loss) | 20,757 | ' | ' | ' | ' |
Interest expense | -2,326 | ' | ' | ' | ' |
Income from continuing operations before income tax expense, and equity in earnings of an investee | 18,431 | ' | ' | ' | ' |
Income from continuing operations | 18,431 | ' | ' | ' | ' |
Net income | 19,137 | ' | ' | ' | ' |
Total assets | 1,728,173 | ' | 1,728,173 | ' | ' |
Operating Segments [Member] | Investment in SIR | ' | ' | ' | ' | ' |
Expenses: | ' | ' | ' | ' | ' |
Loss on issuance of shares by an equity investee | -39 | ' | ' | ' | ' |
Income from continuing operations before income tax expense, and equity in earnings of an investee | -39 | ' | ' | ' | ' |
Equity in earnings of an investee | 4,872 | ' | ' | ' | ' |
Income from continuing operations | 4,833 | ' | ' | ' | ' |
Net income | 4,833 | ' | ' | ' | ' |
Total assets | 684,470 | ' | 684,470 | ' | ' |
Corporate, Non-Segment [Member] | ' | ' | ' | ' | ' |
Expenses: | ' | ' | ' | ' | ' |
General and administrative | 4,329 | ' | ' | ' | ' |
Total expenses | 4,329 | ' | ' | ' | ' |
Operating Income (Loss) | -4,329 | ' | ' | ' | ' |
Investment Income, Interest | 10 | ' | ' | ' | ' |
Interest expense | -6,519 | ' | ' | ' | ' |
Loss on early extinguishment of debt | -541 | ' | ' | ' | ' |
Income from continuing operations before income tax expense, and equity in earnings of an investee | -11,379 | ' | ' | ' | ' |
Income tax expense | -7 | ' | ' | ' | ' |
Equity in earnings of an investee | 38 | ' | ' | ' | ' |
Income from continuing operations | -11,348 | ' | ' | ' | ' |
Net income | -11,348 | ' | ' | ' | ' |
Total assets | $17,075 | ' | $17,075 | ' | ' |
Pro_Forma_Information_Details
Pro Forma Information (Details) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
property | ||
Pro Forma Information | ' | ' |
Number of Properties Acquired | 4 | ' |
Real Estate Aggregate Purchase Price | $167,525 | ' |
Mortgage debt assumed | 97,524 | ' |
Pro forma results of operations | ' | ' |
Total revenues | 193,979 | 182,961 |
Net income | 43,046 | 39,277 |
Net income per share (in dollars per share) | $0.74 | $0.72 |
Revenue from the acquisitions | 6,544 | ' |
Operating income from the acquisitions | 518 | ' |
Acquisition | ' | ' |
Pro Forma Information | ' | ' |
Number of Properties Acquired | 4 | ' |
Number of Buildings Acquired | 5 | ' |
Real Estate Aggregate Purchase Price | $167,525 | ' |