Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | New York REIT, Inc. | |
Entity Central Index Key | 1474464 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 162,463,456 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Real estate investments, at cost: | ||
Land | $494,065 | $494,065 |
Buildings, fixtures and improvements | 1,243,412 | 1,235,918 |
Acquired intangible assets | 158,383 | 158,383 |
Total real estate investments, at cost | 1,895,860 | 1,888,366 |
Less accumulated depreciation and amortization | -146,445 | -124,178 |
Total real estate investments, net | 1,749,415 | 1,764,188 |
Cash and cash equivalents | 49,360 | 22,512 |
Restricted cash | 3,107 | 6,347 |
Investment securities, at fair value | 3,755 | 4,659 |
Investments in unconsolidated joint venture | 225,736 | 225,501 |
Preferred equity investment | 0 | 35,100 |
Derivatives, at fair value | 7 | 205 |
Tenant and other receivables | 5,468 | 4,833 |
Unbilled rent receivables | 36,207 | 30,866 |
Prepaid expenses and other assets | 7,439 | 13,195 |
Deferred costs, net | 12,329 | 13,429 |
Total assets | 2,092,823 | 2,120,835 |
LIABILITIES AND EQUITY | ||
Mortgage notes payable | 172,121 | 172,242 |
Credit facility | 635,000 | 635,000 |
Market lease intangibles, net | 80,456 | 84,220 |
Derivatives, at fair value | 2,175 | 1,276 |
Accounts payable, accrued expenses and other liabilities (including amounts due to affiliates of $278 and $575 as of March 31, 2015 and December 31, 2014, respectively) | 30,647 | 27,850 |
Deferred rent | 5,175 | 4,550 |
Dividends payable | 12 | 20 |
Total liabilities | 925,586 | 925,158 |
Common stock, $0.01 par value; 300,000,000 shares authorized, 162,463,456 and 162,181,939 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively | 1,625 | 1,622 |
Additional paid-in capital | 1,401,635 | 1,401,619 |
Accumulated other comprehensive loss | -1,805 | -816 |
Accumulated deficit | -282,323 | -255,478 |
Total stockholders' equity | 1,119,132 | 1,146,947 |
Non-controlling interests | 48,105 | 48,730 |
Total equity | 1,167,237 | 1,195,677 |
Total liabilities and equity | 2,092,823 | 2,120,835 |
Preferred Shares | ||
LIABILITIES AND EQUITY | ||
Preferred stock | 0 | 0 |
Convertible Preferred Stock | ||
LIABILITIES AND EQUITY | ||
Preferred stock | $0 | $0 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Due to affiliate | $278 | $575 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 162,463,456 | 162,181,939 |
Common stock, shares outstanding (in shares) | 162,463,456 | 162,181,939 |
Preferred Shares | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 40,866,376 | 40,866,376 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Convertible Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 9,133,624 | 9,133,624 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Rental income | $32,531 | $27,171 |
Hotel revenue | 4,209 | 2,905 |
Operating expense reimbursements and other revenue | 4,162 | 3,516 |
Total revenues | 40,902 | 33,592 |
Operating expenses: | ||
Property operating | 10,969 | 8,858 |
Hotel operating | 5,670 | 5,147 |
Operating fees to affiliates | 3,144 | 0 |
Acquisition and transaction related | 125 | 69 |
General and administrative | 3,950 | 1,361 |
Depreciation and amortization | 20,732 | 21,013 |
Total operating expenses | 44,590 | 36,448 |
Operating loss | -3,688 | -2,856 |
Other income (expenses): | ||
Interest expense | -5,933 | -3,939 |
Income (loss) from unconsolidated joint venture | 235 | -1,984 |
Income from preferred equity investment, investment securities and interest | 930 | 624 |
Loss on derivative instruments | -4 | 0 |
Total other expenses | -4,772 | -5,299 |
Net loss | -8,460 | -8,155 |
Net loss (income) attributable to non-controlling interests | 261 | -1 |
Net loss attributable to stockholders | -8,199 | -8,156 |
Other comprehensive income (loss): | ||
Change in unrealized loss on derivatives | -1,093 | -126 |
Unrealized gain on investment securities | 104 | 124 |
Total other comprehensive loss | -989 | -2 |
Comprehensive loss attributable to stockholders | ($9,188) | ($8,158) |
Basic and diluted net loss per share attributable to stockholders (in dollars per share) | ($0.05) | ($0.05) |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $) | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders' Equity | Non- controlling Interests |
Beginning Balance at Dec. 31, 2014 | $1,195,677,000 | $1,622,000 | $1,401,619,000 | ($816,000) | ($255,478,000) | $1,146,947,000 | $48,730,000 |
Beginning Balance (in shares) at Dec. 31, 2014 | 162,181,939 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Equity-based compensation (in shares) | 281,517 | ||||||
Equity-based compensation | 248,000 | 3,000 | 16,000 | 19,000 | 229,000 | ||
Distributions to non-controlling interest holders | -593,000 | -593,000 | |||||
Dividends declared | -18,646,000 | -18,646,000 | -18,646,000 | ||||
Net loss | -8,460,000 | -8,199,000 | -8,199,000 | -261,000 | |||
Other comprehensive loss | -989,000 | -989,000 | -989,000 | ||||
Ending Balance at Mar. 31, 2015 | $1,167,237,000 | $1,625,000 | $1,401,635,000 | ($1,805,000) | ($282,323,000) | $1,119,132,000 | $48,105,000 |
Ending Balance (in shares) at Mar. 31, 2015 | 162,463,456 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net loss | ($8,460) | ($8,155) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 20,732 | 21,013 |
Amortization of deferred financing costs | 1,138 | 726 |
Accretion of below- and amortization of above-market lease liabilities and assets, net | -2,124 | -2,454 |
Share-based compensation | 248 | 16 |
Loss on derivative instruments | -4 | 0 |
Loss (income) from unconsolidated joint venture | -235 | 1,984 |
Gain on sale of investment securities | -48 | 0 |
Bad debt expense | 542 | 0 |
Changes in assets and liabilities: | ||
Tenant and other receivables | 648 | 1,779 |
Unbilled rent receivables | -5,870 | -3,511 |
Prepaid expenses, other assets and deferred costs | 5,744 | 2,314 |
Accrued unbilled ground rent | 987 | 1,087 |
Accounts payable and accrued expenses | 1,811 | -5,426 |
Deferred rent and other liabilities | 625 | -1,250 |
Net cash provided by operating activities | 14,446 | 4,565 |
Cash flows from investing activities: | ||
Proceeds from sale of preferred equity investment | 35,100 | 0 |
Acquisition funds released from escrow | 3,679 | 0 |
Additional investment in unconsolidated joint venture | 0 | -273 |
Capital expenditures | -7,494 | -1,427 |
Distributions from unconsolidated joint venture | 0 | 3,936 |
Proceeds from sale of investment securities | 1,098 | 0 |
Purchase of investment securities | -42 | 0 |
Net cash provided by investing activities | 32,341 | 2,236 |
Cash flows from financing activities: | ||
Payments on mortgage notes payable | -121 | -117 |
Payments of financing costs | -132 | -29 |
Proceeds from issuance of common stock | 0 | 11,291 |
Repurchases of common stock, inclusive of fees and expenses | 0 | -506 |
Payments of offering costs and fees related to stock issuances | 0 | -1,419 |
Dividends paid | -18,654 | -11,778 |
Distributions to non-controlling interest holders | -593 | 0 |
Restricted cash | -439 | -598 |
Net cash used in financing activities | -19,939 | -3,156 |
Net increase in cash and cash equivalents | 26,848 | 3,645 |
Cash and cash equivalents, beginning of period | 22,512 | 233,377 |
Cash and cash equivalents, end of period | 49,360 | 237,022 |
Supplemental disclosures: | ||
Cash paid for interest | 4,828 | 3,283 |
Accrued capital expenditures | 3,556 | 0 |
Common stock issued through distribution reinvestment plan | $0 | $14,084 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization |
New York REIT, Inc. (the "Company") focuses on acquiring and owning income-producing commercial real estate in New York City, primarily office and retail properties located in Manhattan. To add diversity to the portfolio, the Company may also acquire multifamily, industrial, hotel and other types of real properties as well as originate or acquire first mortgage loans, mezzanine loans, or preferred equity interests related to New York City real estate. The Company purchased its first property and commenced active operations in June 2010. As of March 31, 2015, the Company owned 23 properties and real estate-related assets. | |
The Company, incorporated on October 6, 2009, is a Maryland corporation that qualified as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2010. The Company operated as a non-traded real estate investment trust ("REIT") through April 14, 2014. On April 15, 2014, the Company listed its common stock on the New York Stock Exchange ("NYSE") under the symbol "NYRT" (the "Listing"). | |
Substantially all of the Company's business is conducted through New York Recovery Operating Partnership, L.P. (the "OP"), a Delaware limited partnership. The Company has no direct employees. The Company has retained New York Recovery Advisors, LLC (the "Advisor") to manage its affairs on a day-to-day basis. New York Recovery Properties, LLC (the "Property Manager") serves as the Company's property manager, unless services are performed by a third party for specific properties. Realty Capital Securities, LLC (the "Dealer Manager") served as the dealer manager of the initial public offering, which was ongoing from September 2010 to December 2013 (the "IPO") and continues to provide the Company with various services. The Advisor, Property Manager and Dealer Manager are under common control with AR Capital, LLC, the parent of the Company's sponsor, American Realty Capital III, LLC (the "Sponsor"), as a result of which, they are related parties and receive compensation, fees and expense reimbursements for services related to the investment and management of the Company's assets. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
The accompanying consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results for the entire year or any subsequent interim period. | |
These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of, and for the year ended December 31, 2014, which are included in the Company's Annual Report on Form 10-K filed with the SEC on May 11, 2015. There have been no significant changes to the Company's significant accounting policies during the three months ended March 31, 2015, other than the updates described below and the subsequent notes. | |
Reclassifications | |
Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. |
Investment_in_Unconsolidated_J
Investment in Unconsolidated Joint Venture | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||
Investment in Unconsolidated Joint Venture | Investment in Unconsolidated Joint Venture | ||||||||
On October 30, 2013, the Company purchased a 48.9% equity interest in WWP Holdings, LLC ("Worldwide Plaza") for a contract purchase price of $220.1 million, based on the property value for Worldwide Plaza of $1,325.0 million less $875.0 million of debt on the property. As of March 31, 2015, the Company's pro-rata portion of debt on Worldwide Plaza was $427.9 million. The debt on the property has a weighted average interest rate of 4.6% and matures in March 2023. The Company accounts for the investment in Worldwide Plaza using the equity method of accounting because the Company exercises significant influence over, but does not control, the entity. | |||||||||
Pursuant to the terms of the membership agreement governing the Company’s purchase of the 48.9% equity interest in Worldwide Plaza, the Company retains an option to purchase the balance of the equity interest in Worldwide Plaza beginning 38 months following the closing of the acquisition, or December 2016, at an agreed-upon property value of $1.4 billion, subject to certain adjustments, including, but not limited to, adjustments for certain loans that are outstanding at the time of any exercise, adjustments for the percentage equity interest being acquired and any of the Company's preferred return in arrears. If the Company were to not exercise its purchase option, it would be subject to a fee in the amount of $25.0 million. | |||||||||
At acquisition, the Company's investment in Worldwide Plaza exceeded the Company's share of the book value of the net assets of Worldwide Plaza by $260.6 million. This basis difference resulted from the excess of the Company's purchase price for its equity interest in Worldwide Plaza over the book value of Worldwide Plaza's net assets. Substantially all of this basis difference was allocated to the fair values of Worldwide Plaza's assets and liabilities. The Company amortizes the basis difference over the anticipated useful lives of the underlying tangible and intangible assets acquired and liabilities assumed. The basis difference related to the land will be recognized upon disposition of the Company's investment. As of March 31, 2015 and December 31, 2014, the carrying value of the Company's investment in Worldwide Plaza was $225.7 million and $225.5 million, respectively. | |||||||||
During the three months ended March 31, 2015 and 2014, the Company recorded $0.2 million of income and $2.0 million of loss, respectively, related to its investment in Worldwide Plaza. Net income (loss) related to Worldwide Plaza for the three months ended March 31, 2015 and 2014 includes $3.9 million of preferred distributions earned in each period, net of the Company's pro rata share of Worldwide Plaza's net loss of $0.5 million and $2.6 million, respectively, and $3.1 million and $3.2 million, respectively, of depreciation and amortization expense relating to the amortization of the basis difference. The income (loss) related to the Company's investment in Worldwide Plaza is included in other income (expenses) on the consolidated statements of operations and comprehensive income (loss). | |||||||||
The amounts reflected in the following tables (except for the Company’s share of equity and income) are based on the financial information of Worldwide Plaza. The Company does not record losses of the joint venture in excess of its investment balance because the Company is not liable for the obligations of the joint venture or is otherwise committed to provide financial support to the joint venture. | |||||||||
The condensed balance sheets as of March 31, 2015 and December 31, 2014 for Worldwide Plaza are as follows: | |||||||||
(In thousands) | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Real estate assets, at cost | $ | 704,257 | $ | 704,143 | |||||
Less accumulated depreciation and amortization | (102,127 | ) | (97,181 | ) | |||||
Total real estate assets, net | 602,130 | 606,962 | |||||||
Other assets | 261,698 | 255,784 | |||||||
Total assets | $ | 863,828 | $ | 862,746 | |||||
Debt | $ | 875,000 | $ | 875,000 | |||||
Other liabilities | 10,765 | 12,442 | |||||||
Total liabilities | 885,765 | 887,442 | |||||||
Deficit | (21,937 | ) | (24,696 | ) | |||||
Total liabilities and deficit | $ | 863,828 | $ | 862,746 | |||||
Company's basis | $ | 225,736 | $ | 225,501 | |||||
The condensed statement of operations for the three months ended March 31, 2015 and 2014 for Worldwide Plaza is as follows: | |||||||||
Three Months Ended March 31, | |||||||||
(In thousands) | 2015 | 2014 | |||||||
Rental income | $ | 30,514 | $ | 27,655 | |||||
Other revenue | 1,217 | 1,215 | |||||||
Total revenue | 31,731 | 28,870 | |||||||
Operating expenses: | |||||||||
Operating expense | 12,241 | 11,513 | |||||||
Depreciation and amortization | 6,850 | 6,368 | |||||||
Total operating expenses | 19,091 | 17,881 | |||||||
Operating income | 12,640 | 10,989 | |||||||
Interest expense | (9,882 | ) | (9,882 | ) | |||||
Net income | 2,758 | 1,107 | |||||||
Company's preferred distribution | (3,851 | ) | (3,851 | ) | |||||
Joint venture partner distributions | — | (2,560 | ) | ||||||
Net loss to members | $ | (1,093 | ) | $ | (5,304 | ) | |||
Company's preferred distribution | $ | 3,851 | $ | 3,851 | |||||
Company's share of net loss from Worldwide Plaza | (534 | ) | (2,594 | ) | |||||
Amortization of difference in basis | (3,082 | ) | (3,241 | ) | |||||
Company's loss from Worldwide Plaza | $ | 235 | $ | (1,984 | ) | ||||
Real_Estate_Investments
Real Estate Investments | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Real Estate [Abstract] | |||||||
Real Estate Investments | Real Estate Investments | ||||||
There were no real estate assets acquired or liabilities assumed during the three months ended March 31, 2015 or 2014. | |||||||
The following table presents future minimum base cash rental payments due to the Company, excluding future minimum base cash rental payments related to unconsolidated joint ventures, subsequent to March 31, 2015. These amounts exclude contingent rental payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items. | |||||||
(In thousands) | Future Minimum Base Cash Rental Payments | ||||||
April 1, 2015 - December 31, 2015 | $ | 81,720 | |||||
2016 | 96,014 | ||||||
2017 | 95,826 | ||||||
2018 | 93,765 | ||||||
2019 | 92,429 | ||||||
Thereafter | 633,169 | ||||||
$ | 1,092,923 | ||||||
The following table lists the tenants whose annualized cash rent represented greater than 10% of total annualized cash rent as of March 31, 2015 and 2014, including annualized cash rent related to the Company's unconsolidated joint venture: | |||||||
March 31, | |||||||
Property Portfolio | Tenant | 2015 | 2014 | ||||
Worldwide Plaza | Cravath, Swaine & Moore, LLP | 16% | 18% | ||||
Worldwide Plaza | Nomura Holdings America, Inc. | 11% | 12% | ||||
The termination, delinquency or non-renewal of any of the above tenants may have a material adverse effect on net income (loss). No other tenant represents more than 10% of annualized cash rent as of March 31, 2015 and 2014. |
Preferred_Equity_Investment
Preferred Equity Investment | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Preferred Equity Investment | Preferred Equity Investment |
On March 27, 2015, the Company's preferred equity investment in a class A office building located at 123 William Street (the "Property") in the Financial District of downtown Manhattan was repaid as a result of the sale of the Property. The preferred equity investment carried a 6.0% current pay rate and a 2.0% accrual rate. Pursuant to the sale of the Property, the Company received $1.1 million in current and accrued interest income earned and $35.1 million for the return of all principal invested. | |
The preferred equity investment had a fixed return based on contributed capital, no participation in profits or losses of the real estate activities, and property foreclosure rights in the event of default. As such, the Company recorded returns earned in income from preferred equity investment, investment securities and interest income on the consolidated statements of operations and comprehensive income (loss). |
Investment_Securities
Investment Securities | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Investment Securities | Investment Securities | ||||||||||||||||
The Company's investment securities are comprised of investments in redeemable preferred stock and equity securities, with an aggregate fair value of $3.8 million and $4.7 million as of March 31, 2015 and December 31, 2014, respectively. The equity securities consist of a real estate income fund that is managed by an affiliate of the Sponsor. See Note 13 — Related Party Transactions and Arrangements. | |||||||||||||||||
The Company's preferred stock investment is redeemable at the issuer's option after five years from issuance. | |||||||||||||||||
The following table details the unrealized gains and losses on investment securities as of March 31, 2015 and December 31, 2014: | |||||||||||||||||
(In thousands) | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
March 31, 2015 | |||||||||||||||||
Redeemable preferred stock | $ | 238 | $ | 17 | $ | — | $ | 255 | |||||||||
Equity securities | 3,169 | 331 | — | 3,500 | |||||||||||||
Total | $ | 3,407 | $ | 348 | $ | — | $ | 3,755 | |||||||||
December 31, 2014 | |||||||||||||||||
Redeemable preferred stock | $ | 1,288 | $ | 21 | $ | (12 | ) | $ | 1,297 | ||||||||
Equity securities | 3,127 | 235 | — | 3,362 | |||||||||||||
Total | $ | 4,415 | $ | 256 | $ | (12 | ) | $ | 4,659 | ||||||||
The Company did not have any securities that were in an unrealized loss position as of March 31, 2015. |
Credit_Facility
Credit Facility | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Credit Facility | Credit Facility |
On April 14, 2014, the Company entered into an amendment to its credit facility with Capital One (the "Credit Facility"). The Credit Facility allows for total borrowings of up to $705.0 million with a $305.0 million term loan and a $400.0 million revolving loan. The term loan component of the Credit Facility matures in August 2018 and the revolving loan component matures in August 2016. The Credit Facility contains an "accordion feature" to allow the Company, under certain circumstances, and with the consent of its lenders, to increase the aggregate loan borrowings to up to $1.0 billion of total borrowings. | |
The Company has the option, based upon its corporate leverage, to have the Credit Facility priced at either: (a) LIBOR, plus an applicable margin that ranges from 1.50% to 2.25%; or (b) the Base Rate plus an applicable margin that ranges from 0.50% to 1.25%. Base Rate is defined in the Credit Facility as the greater of (i) the fluctuating annual rate of interest announced from time to time by the lender as its “prime rate,” (ii) 0.50% above the federal funds effective rate and (iii) 1.00% above the applicable one-month LIBOR. The outstanding balance of the term and revolving portions of the Credit Facility was $305.0 million and $330.0 million as of March 31, 2015 and December 31, 2014, respectively. The Credit Facility had a combined weighted average interest rate of 2.09% and 2.05% as of March 31, 2015 and December 31, 2014, respectively, a portion of which is fixed with an interest rate swap. The Credit Facility includes an unused commitment fee per annum of (a) 0.15% if the unused balance of the facility is equal to or less than 50% of the available facility and (b) 0.25% if the unused balance of the facility exceeds 50% of the available facility. The unused borrowing capacity, based on the borrowing base properties as of March 31, 2015, was $18.1 million. Availability of borrowings is based on a pool of eligible unencumbered real estate assets. | |
The Credit Facility provides for monthly interest payments for each Base Rate loan and periodic payments for each LIBOR loan, based upon the applicable LIBOR loan period, with all principal outstanding being due on the maturity date. The Credit Facility may be prepaid at any time, in whole or in part, without premium or penalty. In the event of a default, the lenders have the right to terminate their obligations under the Credit Facility and to accelerate the payment on any unpaid principal amount of all outstanding loans. | |
The Credit Facility requires the Company to meet certain financial covenants, including the maintenance of certain financial ratios (such as specified debt to equity and debt service coverage ratios) as well as the maintenance of a minimum net worth. As of March 31, 2015, the Company was in compliance with the debt covenants under the Credit Facility agreement, as modified by a waiver received for the late filing of the Company's Annual Report on Form 10-K. |
Mortgage_Notes_Payable
Mortgage Notes Payable | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||
Mortgage Notes Payable | Mortgage Notes Payable | |||||||||||||||||
The Company's mortgage notes payable as of March 31, 2015 and December 31, 2014 consist of the following: | ||||||||||||||||||
Outstanding Loan Amount | ||||||||||||||||||
Portfolio | Encumbered | March 31, | December 31, | Effective | Interest Rate | Maturity | ||||||||||||
Properties | 2015 | 2014 | Interest Rate | |||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||
Design Center | 1 | $ | 20,100 | $ | 20,198 | 4.4 | % | Fixed | Dec. 2021 | |||||||||
Bleecker Street | 3 | 21,300 | 21,300 | 4.3 | % | Fixed | Dec. 2015 | |||||||||||
Foot Locker | 1 | 3,250 | 3,250 | 4.6 | % | Fixed | Jun. 2016 | |||||||||||
Regal Parking Garage | 1 | 3,000 | 3,000 | 4.5 | % | Fixed | Jul. 2016 | |||||||||||
Duane Reade | 1 | 8,400 | 8,400 | 3.6 | % | Fixed | Nov. 2016 | |||||||||||
Washington Street Portfolio | 1 | 4,718 | 4,741 | 4.4 | % | Fixed | Dec. 2021 | |||||||||||
One Jackson Square | 1 | 13,000 | 13,000 | 3.4 | % | (1) | Fixed | Dec. 2016 | ||||||||||
350 West 42nd Street | 1 | 11,365 | 11,365 | 3.4 | % | Fixed | Aug. 2017 | |||||||||||
1100 Kings Highway | 1 | 20,200 | 20,200 | 3.4 | % | (1) | Fixed | Aug. 2017 | ||||||||||
1623 Kings Highway | 1 | 7,288 | 7,288 | 3.3 | % | (1) | Fixed | Nov. 2017 | ||||||||||
256 West 38th Street | 1 | 24,500 | 24,500 | 3.1 | % | (1) | Fixed | Dec. 2017 | ||||||||||
229 West 36th Street | 1 | 35,000 | 35,000 | 2.9 | % | (1) | Fixed | Dec. 2017 | ||||||||||
14 | $ | 172,121 | $ | 172,242 | 3.6 | % | (2) | |||||||||||
______________________ | ||||||||||||||||||
-1 | Fixed through an interest rate swap agreement. | |||||||||||||||||
-2 | Calculated on a weighted average basis for all mortgages outstanding as of March 31, 2015. | |||||||||||||||||
Real estate investments of $317.3 million, at cost, at March 31, 2015 have been pledged as collateral to their respective mortgages and are not available to satisfy our corporate debts and obligations unless first satisfying the mortgage note payable on the properties. | ||||||||||||||||||
The following table summarizes the scheduled aggregate principal repayments subsequent to March 31, 2015: | ||||||||||||||||||
(In thousands) | Future Minimum Principal Payments | |||||||||||||||||
April 1, 2015 - December 31, 2015 | $ | 21,673 | ||||||||||||||||
2016 | 28,167 | |||||||||||||||||
2017 | 102,730 | |||||||||||||||||
2018 | 4,573 | |||||||||||||||||
2019 | 4,777 | |||||||||||||||||
Thereafter | 10,201 | |||||||||||||||||
Total | $ | 172,121 | ||||||||||||||||
Some of the Company's mortgage note agreements require compliance with certain property-level financial covenants including debt service coverage ratios. As of March 31, 2015, the Company was in compliance with the financial covenants under its mortgage note agreements. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||
Fair Value Of Financial Instruments | Fair Value of Financial Instruments | ||||||||||||||||||
The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the instrument. This alternative approach also reflects the contractual terms of the instruments, as applicable, including the period to maturity, and may use observable market-based inputs, including interest rate curves and implied volatilities, and unobservable inputs, such as expected volatility. The guidance defines three levels of inputs that may be used to measure fair value: | |||||||||||||||||||
Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. | |||||||||||||||||||
Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. | |||||||||||||||||||
Level 3 — Unobservable inputs that reflect the entity's own assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. | |||||||||||||||||||
The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. | |||||||||||||||||||
Although the Company has determined that the majority of the inputs used to value its interest rate swaps fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those interest rate swaps utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of March 31, 2015 and December 31, 2014, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its interest rate swap positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company's interest rate swaps. As a result, the Company has determined that its interest rate swap valuations in their entirety are classified in Level 2 of the fair value hierarchy. See Note 10 - Interest Rate Derivatives and Hedging Activities. | |||||||||||||||||||
The valuation of interest rate swaps is determined using a discounted cash flow analysis on the expected cash flows. This analysis reflects the contractual terms of the interest rate swaps, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company's potential nonperformance risk and the performance risk of the counterparties. | |||||||||||||||||||
The Company has investments in redeemable preferred stock and equity securities that are traded in active markets and therefore, due to the availability of quoted market prices in active markets, the Company classified these investments as Level 1 in the fair value hierarchy. | |||||||||||||||||||
The following table presents information about the Company's assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014, aggregated by the level in the fair value hierarchy within which those instruments fall: | |||||||||||||||||||
(In thousands) | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | |||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||
March 31, 2015 | |||||||||||||||||||
Interest rate swaps, net | $ | — | $ | (2,168 | ) | $ | — | $ | (2,168 | ) | |||||||||
Investment securities | $ | 3,755 | $ | — | $ | — | $ | 3,755 | |||||||||||
December 31, 2014 | |||||||||||||||||||
Interest rate swaps, net | $ | — | $ | (1,071 | ) | $ | — | $ | (1,071 | ) | |||||||||
Investment securities | $ | 4,659 | $ | — | $ | — | $ | 4,659 | |||||||||||
A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets. There were no transfers between levels of the fair value hierarchy during the three months ended March 31, 2015. | |||||||||||||||||||
Financial instruments not carried at fair value | |||||||||||||||||||
The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate the value. The fair value of short-term financial instruments such as cash and cash equivalents, restricted cash, prepaid expenses and other assets, notes payable, accounts payable and dividends payable approximates their carrying value on the consolidated balance sheet due to their short-term nature. The fair values of the Company's financial instruments that are not reported at fair value on the consolidated balance sheet are reported below. | |||||||||||||||||||
Carrying | Fair Value at | Carrying | Fair Value at | ||||||||||||||||
Amount at | Amount at | ||||||||||||||||||
(In thousands) | Level | March 31, 2015 | March 31, 2015 | December 31, 2014 | December 31, 2014 | ||||||||||||||
Mortgage notes payable | 3 | $ | 172,121 | $ | 174,800 | $ | 172,242 | $ | 174,468 | ||||||||||
Credit facility | 3 | $ | 635,000 | $ | 652,581 | $ | 635,000 | $ | 651,579 | ||||||||||
Preferred equity investment | 3 | $ | — | $ | — | $ | 35,100 | $ | 34,800 | ||||||||||
The fair value of mortgage notes payable, the fixed-rate portions of term loans on the credit facility, and the preferred equity investment are estimated using a discounted cash flow analysis based on similar types of arrangements. Advances under the credit facility with variable interest rates and advances under the revolving portion of the credit facility are considered to be reported at fair value. |
Interest_Rate_Derivatives_and_
Interest Rate Derivatives and Hedging Activities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Interest Rate Derivatives and Hedging Activities | Interest Rate Derivatives and Hedging Activities | ||||||||||||||||||||||||
Risk Management Objective of Using Derivatives | |||||||||||||||||||||||||
The Company may use derivative financial instruments, including interest rate swaps, caps, collars, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and costs associated with the Company's operating and financial structure as well as to hedge specific anticipated transactions. The Company does not utilize derivatives for speculative or purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements will not be able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. | |||||||||||||||||||||||||
Cash Flow Hedges of Interest Rate Risk | |||||||||||||||||||||||||
The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and collars as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate collars designated as cash flow hedges involve the receipt of variable-rate amounts if interest rates rise above the cap strike rate on the contract and payments of variable-rate amounts if interest rates fall below the floor strike rate on the contract. | |||||||||||||||||||||||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company uses such derivatives to hedge the variable cash flows associated with variable-rate debt. | |||||||||||||||||||||||||
Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company's variable-rate debt. During the next 12 months, the Company estimates that an additional $1.8 million will be reclassified from other comprehensive income as an increase to interest expense. | |||||||||||||||||||||||||
As of March 31, 2015 and December 31, 2014, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk. | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Interest Rate Derivative | Number of | Notional Amount | Number of | Notional Amount | |||||||||||||||||||||
Instruments | Instruments | ||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||
Interest rate swaps | 6 | $ | 179,988 | 6 | $ | 179,988 | |||||||||||||||||||
The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||
(In thousands) | Balance Sheet Location | March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Interest rate swaps | Derivative assets, at fair value | $ | 7 | $ | 205 | ||||||||||||||||||||
Interest rate swaps | Derivative liabilities, at fair value | $ | (2,175 | ) | $ | (1,276 | ) | ||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||||||||||||
The table below details the location in the financial statements of the income or loss recognized on interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||||||||||||||
Amount of income (loss) recognized in accumulated other comprehensive income (loss) from interest rate derivatives (effective portion) | $ | (1,619 | ) | $ | (656 | ) | |||||||||||||||||||
Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion) | $ | (526 | ) | $ | (530 | ) | |||||||||||||||||||
Amount of loss recognized in loss on derivative instruments (ineffective portion and amount excluded from effectiveness testing) | $ | (4 | ) | $ | — | ||||||||||||||||||||
Offsetting Derivatives | |||||||||||||||||||||||||
The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of March 31, 2015 and December 31, 2014. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying balance sheets. | |||||||||||||||||||||||||
Gross Amounts Not Offset on the Balance Sheet | |||||||||||||||||||||||||
Derivatives (In thousands) | Gross Amounts of Recognized Assets | Gross Amounts of Recognized Liabilities | Net Amounts of Assets (Liabilities) presented on the Balance Sheet | Financial Instruments | Cash Collateral Posted | Net Amount | |||||||||||||||||||
March 31, 2015 | $ | 7 | $ | (2,175 | ) | $ | (2,168 | ) | $ | — | $ | — | $ | (2,168 | ) | ||||||||||
December 31, 2014 | $ | 205 | $ | (1,276 | ) | $ | (1,071 | ) | $ | — | $ | — | $ | (1,071 | ) | ||||||||||
Derivatives Not Designated as Hedges | |||||||||||||||||||||||||
Derivatives not designated as hedges are not speculative. These derivatives are used to manage the Company's exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements to be classified as hedging instruments. The Company does not have any hedging instruments that do not qualify for hedge accounting. | |||||||||||||||||||||||||
Credit-risk-related Contingent Features | |||||||||||||||||||||||||
The Company has agreements with its derivative counterparties that contain a provision whereby if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. | |||||||||||||||||||||||||
As of March 31, 2015, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $2.3 million. As of March 31, 2015, the Company has not posted any collateral related to its agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at the aggregate termination value of $2.3 million at March 31, 2015. |
Common_Stock
Common Stock | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||
Common Stock | Common Stock | ||||||||||||
As of March 31, 2015 and December 31, 2014, the Company had 162.5 million and 162.2 million shares of common stock outstanding, respectively, including unvested restricted stock, converted preferred shares and shares issued under the distribution reinvestment plan (the "DRIP"), but not including limited partnership units of the OP (the "OP units") or Long-term Incentive Plan units ("LTIP units") which are currently, or may in the future be, convertible into shares of common stock. | |||||||||||||
From December 2010 to April 2014, the Company declared and paid dividends at a dividend rate equal to $0.605 per annum per share of common stock. The dividends were paid by the fifth day following each month end to stockholders of record at the close of business each day during the prior month at a per share rate of 0.0016575342 per day. In April 2014, the Company's board of directors authorized, and the Company declared, dividends at an annualized rate equal to $0.46 per share per annum beginning with the April 2014 dividend. Beginning in April 2014, dividends are paid to stockholders of record on the close of business on the 8th day of each month, payable on the 15th day of such month. The Company's board of directors may reduce the amount of dividends paid or suspend dividend payments at any time and therefore dividend payments are not assured. | |||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||
The following table illustrates the changes in accumulated other comprehensive loss as of and for the periods indicated: | |||||||||||||
Unrealized gains | Change in | Total | |||||||||||
on available-for-sale | unrealized gain | accumulated other | |||||||||||
(in thousands) | securities | (loss) on derivatives | comprehensive loss | ||||||||||
Balance, December 31, 2014 | $ | 244 | $ | (1,060 | ) | $ | (816 | ) | |||||
Other comprehensive income (loss), before reclassifications | 152 | (1,619 | ) | (1,467 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | (48 | ) | 526 | 478 | |||||||||
Net current-period other comprehensive income (loss) | 104 | (1,093 | ) | (989 | ) | ||||||||
Balance, March 31, 2015 | $ | 348 | $ | (2,153 | ) | $ | (1,805 | ) | |||||
For a reconciliation of the income statement line item affected due to amounts reclassified out of accumulated other comprehensive loss for the three months ended March 31, 2015, see Note 10 — Interest Rate Derivatives and Hedging Activities. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingencies | Commitments and Contingencies | ||||||||
Future Minimum Lease Payments | |||||||||
The Company entered into operating and capital lease agreements primarily related to certain acquisitions under leasehold interest arrangements. The following table reflects the minimum base cash payments due from the Company over the next five years and thereafter under these arrangements, including the present value of the net minimum payments due under capital leases. These amounts exclude contingent rent payments, as applicable, that may be payable based on provisions related to increases in annual rent based on exceeding certain economic indexes among other items. | |||||||||
Future Minimum Base Rent Payments | |||||||||
(In thousands) | Operating Leases | Capital Leases | |||||||
April 1, 2015 - December 31, 2015 | $ | 3,590 | $ | 65 | |||||
2016 | 4,958 | 86 | |||||||
2017 | 4,905 | 86 | |||||||
2018 | 5,089 | 86 | |||||||
2019 | 5,346 | 86 | |||||||
Thereafter | 251,627 | 3,490 | |||||||
Total minimum lease payments | $ | 275,515 | $ | 3,899 | |||||
Less: amounts representing interest | (1,769 | ) | |||||||
Total present value of minimum lease payments | $ | 2,130 | |||||||
Total rental expense related to operating leases was $1.9 million for the three months ended March 31, 2015 and 2014. During the three months ended March 31, 2015 and 2014, interest expense related to capital leases was approximately $16,000. The following table discloses assets recorded under capital leases and the accumulated amortization thereon as of March 31, 2015 and December 31, 2014. | |||||||||
(In thousands) | March 31, 2015 | December 31, 2014 | |||||||
Buildings, fixtures and improvements | $ | 11,783 | $ | 11,783 | |||||
Less accumulated depreciation and amortization | (1,279 | ) | (1,137 | ) | |||||
Total real estate investments, net | $ | 10,504 | $ | 10,646 | |||||
Litigation and Regulatory Matters | |||||||||
In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company. | |||||||||
The Company received a favorable ruling in a suit initiated against the Company by RXR Realty (“RXR”). RXR alleged that it suffered “lost profits” in connection with the Company’s purchase of Worldwide Plaza in October 2013. On August 12, 2014, the Supreme Court of the State of New York dismissed all of RXR’s claims against the seller of Worldwide Plaza and dismissed RXR’s disgorgement claims against the Company, permitting only a limited, immaterial claim against the Company for RXR’s cost of producing due diligence-related material to proceed. RXR is currently appealing the ruling. The Company has not recognized a liability with respect to RXR's claim because the Company does not believe that it is probable that it will incur a related material loss. | |||||||||
Environmental Matters | |||||||||
In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. The Company maintains environmental insurance for its properties that provides coverage for potential environmental liabilities, subject to the policy's coverage conditions and limitations. The Company has not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the consolidated results of operations. |
Related_Party_Transactions_and
Related Party Transactions and Arrangements | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||
Related Party Transactions and Arrangements | Related Party Transactions and Arrangements | ||||||||||||||||||||||||
New York City Special Limited Partnership, LLC (the "SLP"), an entity controlled by the Sponsor, held 20,000 shares of the Company's outstanding common stock as of March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||
As of March 31, 2015, the Company had $3.5 million invested in a real estate income fund managed by an affiliate of the Sponsor (see Note 6 — Investment Securities). There is no obligation to purchase any additional shares and the shares can be sold at any time. | |||||||||||||||||||||||||
For the three months ended March 31, 2015 and 2014, the Company had revenues from related parties of approximately $15,000 and $0.1 million, respectively, related to room rentals at the Viceroy Hotel. As of March 31, 2015 and December 31, 2014, the Company had receivables from related parties of approximately $17,000 and $23,000, respectively, related to room rentals at the Viceroy Hotel. | |||||||||||||||||||||||||
Fees Paid in Connection With the Operations of the Company | |||||||||||||||||||||||||
Prior to the Listing, the Advisor received an acquisition fee of 1.0% of the contract purchase price of each acquired property and 1.0% of the amount advanced for a loan or other investment. Additionally, the Company reimbursed the Advisor for expenses incurred for services provided by third parties and incurred acquisition expenses directly from third parties. The total of all acquisition fees, acquisition expenses and any financing coordination fees (as described below) with respect to the Company's portfolio of investments or reinvestments did not exceed 4.5% of the contract purchase price of the Company's portfolio as measured at the close of the acquisition phase. On April 15, 2014, in conjunction with the Listing, the Company entered into the Sixth Amended and Restated Advisory Agreement (the "Amended Advisory Agreement") by and among the Company, the OP and the Advisor, which, among other things, terminated the acquisition fee 180 days after the Listing, or October 12, 2014 (the "Termination Date"), except for fees with respect to properties under contract, letter of intent or under negotiation as of the Termination Date. | |||||||||||||||||||||||||
Until the Listing, the Company paid the Advisor an asset management subordinated participation by causing the OP to issue (subject to periodic approval by the board of directors) to the Advisor a number of performance-based restricted, forfeitable partnership units of the OP designated as "Class B units" equal to a maximum 0.75% per annum of the cost of the Company's assets. The value of issued Class B units was determined and expensed when the vesting condition was met, which occurred as of the Listing. As of April 15, 2014, in aggregate, the board of directors had approved the issuance of 1,188,667 Class B units to the Advisor in connection with this arrangement. The Advisor received distributions on unvested Class B units equal to the dividend rate received on the Company's common stock. The vesting condition related to these Class B units was satisfied upon completion of the Listing, which resulted in $11.5 million of expense on April 15, 2014, which was included in vesting of asset management fees expense in the consolidated statement of operations and comprehensive income (loss) and in non-controlling interest on the consolidated balance sheets. On April 15, 2014, the Class B units were converted to OP units on a one-to-one basis. | |||||||||||||||||||||||||
In accordance with the Amended Advisory Agreement, the asset management subordinated participation was no longer issued as of the Listing and instead an asset management fee became payable to the Advisor equal to 0.50% per annum of the cost of assets up to $3.0 billion and 0.40% per annum of the cost of assets above $3.0 billion. The Amended Advisory Agreement also permits the asset management fee to be paid in the form of cash, OP units, and shares of restricted common stock of the Company, or a combination thereof, at the Advisor’s election. | |||||||||||||||||||||||||
Unless the Company contracts with a third party, the Company pays the Property Manager a property management fee equal to: (i) for non-hotel properties, 4.0% of gross revenues from properties managed, plus market-based leasing commissions; and (ii) for hotel properties, a market-based fee based on a percentage of gross revenues. The Company also reimburses the Property Manager for property-level expenses. The Property Manager may subcontract the performance of its property management and leasing services duties to third parties and pay all or a portion of its property management fee to the third parties with whom it contracts for these services. If the Company contracts directly with third parties for such services, the Company will pay them customary market fees and pay the Property Manager an oversight fee equal to 1.0% of the gross revenues of the applicable property. | |||||||||||||||||||||||||
Prior to the Listing, if the Advisor provided services in connection with the origination or refinancing of any debt that the Company obtained and used to acquire assets, or that is assumed, directly or indirectly, in connection with the acquisition of assets, the Company paid the Advisor a financing coordination fee equal to 0.75% of the amount available or outstanding under such financing or such assumed debt. In accordance with the Amended Advisory Agreement, the financing coordination fee terminated on the Termination Date, except for fees with respect to properties under contract, letter of intent or under negotiation as of the Termination Date. | |||||||||||||||||||||||||
The Dealer Manager and its affiliates also provide transfer agency services, as well as transaction management and other professional services. As of the end of the IPO, these fees are included in general and administrative expenses on the consolidated statements of operations and comprehensive income (loss) during the period the service was provided. Prior to the end of the IPO, these fees were included in additional paid-in capital on the consolidated balance sheets. | |||||||||||||||||||||||||
The following table details amounts incurred, forgiven and contractually due in connection with the operations related services described above as of and for the periods presented: | |||||||||||||||||||||||||
Three Months Ended March 31, | Payable as of | ||||||||||||||||||||||||
2015 | 2014 | March 31, | December 31, | ||||||||||||||||||||||
(In thousands) | Incurred | Forgiven | Incurred | Forgiven | 2015 | 2014 | |||||||||||||||||||
Ongoing fees: | |||||||||||||||||||||||||
Asset management fees (1) | $ | 3,144 | $ | — | $ | — | $ | — | $ | 4 | $ | 15 | |||||||||||||
Transfer agent and other professional fees | 184 | — | 586 | — | 274 | 560 | |||||||||||||||||||
Property management and leasing fees | — | 536 | — | 374 | — | — | |||||||||||||||||||
Dividends on Class B units | — | — | 88 | — | — | — | |||||||||||||||||||
Total related party operational fees and reimbursements | $ | 3,328 | $ | 536 | $ | 674 | $ | 374 | $ | 278 | $ | 575 | |||||||||||||
___________________________________________ | |||||||||||||||||||||||||
-1 | Prior to the Listing, the Company caused the OP to issue to the Advisor restricted performance based Class B units for asset management services, which vested as of the Listing. | ||||||||||||||||||||||||
The Company reimburses the Advisor's costs and expenses of providing services, subject to the limitation that it will not reimburse the Advisor for any amount by which the Company's total operating expenses (as defined in the Company's advisory agreement) for the four preceding fiscal quarters exceeds the greater of (a) 2.0% of average invested assets and (b) 25.0% of net income other than any additions to reserves for depreciation, bad debt or other similar non cash reserves and excluding any gain from the sale of assets for that period. Additionally, the Company will not reimburse the Advisor for personnel costs in connection with services for which the Advisor receives a separate fee. No reimbursement was incurred from the Advisor for providing administrative services for the three months ended March 31, 2015 or 2014. | |||||||||||||||||||||||||
In order to improve operating cash flows and the ability to pay dividends from operating cash flows, the Advisor agreed to waive certain fees including property management fees during the three months ended March 31, 2015 and 2014. Because the Advisor waived certain fees, cash flow from operations that would have been paid to the Advisor was available to pay dividends to stockholders. The fees that were forgiven are not deferrals and accordingly, will not be paid to the Advisor in any subsequent periods. Additionally, to improve the Company's working capital, the Advisor may elect to absorb a portion of the Company's expenses. The Advisor did not absorb any costs during the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||
Fees Paid in Connection with the Liquidation or Listing of the Company's Real Estate Assets | |||||||||||||||||||||||||
In December 2013, the Company entered into a transaction management agreement with RCS Advisory Services, LLC, an entity under common control with the Dealer Manager, to provide strategic alternatives transaction management services through the occurrence of a liquidity event and a-la-carte services thereafter. The Company agreed to pay $3.0 million pursuant to this agreement. For the three months ended March 31, 2014, the Company incurred $1.5 million of expenses pursuant to this agreement, including amounts for services provided in preparation for the Listing, which are included in acquisition and transaction related costs in the consolidated statement of operations and comprehensive income (loss). The Company did not incur any fees in connection with this agreement during the three months ended March 31, 2015. | |||||||||||||||||||||||||
In December 2013, the Company entered into an information agent and advisory services agreement with the Dealer Manager and American National Stock Transfer, LLC, an entity under common control with the Dealer Manager, to provide in connection with a liquidity event, advisory services, educational services to external and internal wholesalers, communication support as well as proxy, tender offer or redemption and solicitation services. The Company agreed to pay $1.9 million pursuant to this agreement. For the three months ended March 31, 2014, the Company incurred $0.6 million of expenses pursuant to this agreement, which included amounts for services provided in preparation for the the Company's tender offer to purchase up to 23.3 million shares of its common stock in April 2014 concurrently and in connection with the Listing, and are included in additional paid-in capital on the accompanying consolidated balance sheet. The Company did not incur any expenses pursuant to this agreement during the three months ended March 31, 2015. The Company incurred $0.6 million in fees pursuant to this arrangement during the year ended December 31, 2013 which were included in acquisition and transaction related costs in the consolidated statement of operations and comprehensive income (loss). Thus, the Company does not owe the Dealer Manager any more fees pursuant to this agreement. | |||||||||||||||||||||||||
In December 2013, the Company entered into an agreement with RCS Capital, the investment banking and capital markets division of the Dealer Manager, for strategic and financial advice and assistance in connection with (i) a possible sale transaction involving the Company (ii) the possible listing of the Company’s securities on a national securities exchange, and (iii) a possible acquisition transaction involving the Company. The Dealer Manager received a transaction fee equal to 0.25% of the transaction value in connection with the possible sale transaction, listing or acquisition. In April 2014, in connection with the Listing, the Company incurred and paid $6.9 million in connection with this agreement which were included in acquisition and transaction related costs in the consolidated statement of operations and comprehensive income (loss). Thus, the Company does not owe the Dealer Manager any more fees pursuant to this agreement. | |||||||||||||||||||||||||
For substantial assistance in connection with the sale of properties, the Company will pay the Advisor a property disposition fee, not to exceed the lesser of 2.0% of the contract sale price of the property and 50% of the competitive real estate commission paid if a third party broker is also involved; provided, however that in no event may the property disposition fee paid to the Advisor when added to real estate commissions paid to unaffiliated third parties exceed the lesser of 6.0% of the contract sales price and a competitive real estate commission. For purposes of the foregoing, "competitive real estate commission" means a real estate brokerage commission for the purchase or sale of a property which is reasonable, customary and competitive in light of the size, type and location of the property. No such fees were incurred or paid for the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||
In connection with the Listing and the Amended Advisory Agreement, the Company terminated the subordinated termination fee that would be due to the Advisor in the event of termination of the advisory agreement. | |||||||||||||||||||||||||
In October 2014, the Company entered into separate transaction management agreements with Barclays Capital Inc. and the Dealer Manager as financial advisors to assist the board of the Company in evaluating strategic options to enhance long-term shareholder value, including a business combination involving the Company or a sale of the Company. Pursuant to the agreement with the Dealer Manager, the Company will pay to the Dealer Manager a transaction fee upon consummation of a transaction equal to 0.25% of the transaction value. |
Economic_Dependency
Economic Dependency | 3 Months Ended |
Mar. 31, 2015 | |
Economic Dependency [Abstract] | |
Economic Dependency | Economic Dependency |
Under various agreements, the Company has engaged or will engage the Advisor, its affiliates and entities under common control with the Advisor to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company's common stock available for issue, transfer agency services as well as other administrative responsibilities for the Company including accounting services, transaction management and investor relations. | |
As a result of these relationships, the Company is dependent upon the Advisor and its affiliates. In the event that these companies are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services. |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Share-Based Compensation | Share-Based Compensation | ||||||||||||||||
Stock Option Plan | |||||||||||||||||
The Company has a stock option plan (the "Plan") which authorizes the grant of nonqualified stock options to the Company's independent directors, officers, advisors, consultants and other personnel, subject to the absolute discretion of the board of directors and the applicable limitations of the Plan. The exercise price for all stock options granted under the Plan was previously fixed at $10.00 per share until the completion of the IPO, and the current exercise price for stock options granted to the independent directors will be equal to the fair market value of a share on the date of grant. Upon a change in control, unvested options will become fully vested and any performance conditions imposed with respect to the options will be deemed to be fully achieved. A total of 0.5 million shares have been authorized and reserved for issuance under the Plan. As of March 31, 2015 and December 31, 2014, no stock options were issued under the Plan. | |||||||||||||||||
Restricted Share Plan | |||||||||||||||||
The Company's employee and director incentive restricted share plan ("RSP") provides the Company with the ability to grant awards of restricted shares to the Company's directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, certain consultants to the Company and the Advisor and its affiliates or to entities that provide services to the Company. | |||||||||||||||||
Prior to the Listing, the RSP provided for the automatic grant of 3,000 restricted shares of common stock to each of the independent directors, without any further action by the Company's board of directors or the stockholders, on the date of initial election to the board of directors and on the date of each annual stockholder's meeting. Restricted stock issued to independent directors vest over a five-year period following the first anniversary of the date of grant in increments of 20% per annum. Subsequent to the Listing, the Company amended the RSP to, among other things, remove the fixed amount of shares that are automatically granted to the independent directors. Under the amended RSP, the annual amount granted to the independent directors is determined by the board of directors. Generally, such awards provide for accelerated vesting of (i) all unvested shares upon a change in control or a termination without cause and (ii) the portion of the unvested shares scheduled to vest in the year of voluntary termination or the failure to be re-elected to the board. | |||||||||||||||||
Prior to March 31, 2014, the total number of shares of common stock granted under the RSP could not exceed 5.0% of the Company's outstanding shares on a fully diluted basis at any time, and in any event could not exceed 7.5 million shares (as such number may be adjusted for stock splits, stock dividends, combinations and similar events). On March 31, 2014, the Company adopted an amendment to the Company’s RSP to increase the number of shares of the Company capital stock, par value $0.01 per share, available for awards thereunder to 10% of the Company’s outstanding shares of capital stock on a fully diluted basis at any time. The amendment also eliminated the RSP limit of 7.5 million shares of capital stock. | |||||||||||||||||
Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash dividends prior to the time that the restrictions on the restricted shares have lapsed. Any dividends payable in shares of common stock shall be subject to the same restrictions as the underlying restricted shares. | |||||||||||||||||
The following table displays restricted share award activity during the three months ended March 31, 2015: | |||||||||||||||||
Number of Restricted Shares | Weighted-Average Issue Price | ||||||||||||||||
Unvested, December 31, 2014 | 89,499 | $ | 10.73 | ||||||||||||||
Granted | 281,517 | 10.36 | |||||||||||||||
Unvested, March 31, 2015 | 371,016 | $ | 10.54 | ||||||||||||||
During the three months ended March 31, 2015, the board of directors approved, and the Company awarded, 279,679 restricted shares to employees of the Advisor. The awards vest over a four year period in increments of 25% per annum. The fair value of the awards are remeasured quarterly, with the resulting amortization adjustments reflected in general and administrative expense in the consolidated statements of operations and comprehensive income (loss). | |||||||||||||||||
The fair value of the restricted shares, based on the per share price in the IPO or the per share closing price on the NYSE subsequent to the IPO, is expensed on a straight-line basis over the service period. Compensation expense related to restricted stock was approximately $19,000 and $16,000 for the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||
As of March 31, 2015, the Company had approximately $3.0 million of unrecognized compensation cost related to unvested restricted share awards granted under the Company’s RSP, which is expected to vest over a period of 3.7 years. | |||||||||||||||||
2014 Advisor Multi-Year Outperformance Agreement | |||||||||||||||||
On April 15, 2014 (the "Effective Date") in connection with the Listing, the Company entered into the 2014 Advisor Multi-Year Outperformance Agreement (the "OPP") with the OP and the Advisor. Under the OPP, the Advisor was issued 8,880,579 LTIP units in the OP with a maximum award value on the issuance date equal to 5.0% of the Company’s market capitalization (the “OPP Cap”). The LTIP units are structured as profits interest in the OP. | |||||||||||||||||
The Advisor will be eligible to earn a number of LTIP units with a value equal to a portion of the OPP Cap upon the first, second and third anniversaries of the Effective Date based on the Company’s achievement of certain levels of total return to its stockholders (“Total Return”), including both share price appreciation and common stock dividends, as measured against a peer group of companies, as set forth below, for the three-year performance period commencing on the Effective Date (the “Three-year Period”); each 12-month period during the Three-Year Period (the “One-Year Periods”); and the initial 24-month period of the Three-Year Period (the “Two-Year Period”), as follows: | |||||||||||||||||
Performance Period | Annual Period | Interim Period | |||||||||||||||
Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period: | 21% | 7% | 14% | ||||||||||||||
Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period: | |||||||||||||||||
• | 100% will be earned if cumulative Total Return achieved is at least: | 18% | 6% | 12% | |||||||||||||
• | 50% will be earned if cumulative Total Return achieved is: | —% | —% | —% | |||||||||||||
• | 0% will be earned if cumulative Total Return achieved is less than: | —% | —% | —% | |||||||||||||
• | a percentage from 50% to 100% calculated by linear interpolation will be earned if the cumulative Total Return achieved is between: | 0% - 18% | 0% - 6% | 0% - 12% | |||||||||||||
______________________ | |||||||||||||||||
*The “Peer Group” is comprised of the companies in the SNL US REIT Office Index. | |||||||||||||||||
The potential outperformance award is calculated at the end of each One-Year Period, the Two-Year Period and the Three-Year Period. The award earned for the Three-Year Period is based on the formula in the table above less any awards earned for the Two-Year Period and One-Year Periods, but not less than zero; the award earned for the Two-Year Period is based on the formula in the table above less any award earned for the first and second One-Year Period, but not less than zero. Any LTIP units that are unearned at the end of the Performance Period will be forfeited. | |||||||||||||||||
Subject to the Advisor’s continued service through each vesting date, one third of any earned LTIP units will vest on each of the third, fourth and fifth anniversaries of the Effective Date. Until such time as the LTIP units are fully vested in accordance with the provisions of the OPP, the holders of LTIP units are entitled to distributions equal to 10% of the distributions made on OP units. The Company paid $0.1 million in distributions related to LTIP units during the three months ended March 31, 2015, which is included in non-controlling interest in the consolidated balance sheets. There were no distributions related to LTIP units for the three months ended March 31, 2014. After the LTIP units are fully vested, holders are entitled to a catch-up distribution and then the same distributions as the OP units. At the time the Advisor’s capital account with respect to the LTIP units is economically equivalent to the average capital account balance of the OP units and has been earned and has been vested for 30 days, the applicable LTIP units will automatically convert into OP units on a one-to-one basis. The OPP provides for early calculation of LTIP units earned and for the accelerated vesting of any earned LTIP units in the event Advisor is terminated or in the event the Company incurs a change in control, in either case prior to the end of the Three-Year Period. | |||||||||||||||||
The Company records equity based compensation expense associated with the awards over the requisite service period of five years. Equity-based compensation expense is adjusted each reporting period for changes in the estimated market-related performance. Compensation expense related to the OPP was $0.2 million for the three months ended March 31, 2015. There was no compensation expense related to the OPP for the three months ended March 31, 2014. | |||||||||||||||||
The valuation of the OPP is determined using a Monte Carlo simulation. This analysis reflects the contractual terms of the OPP, including the performance periods and total return hurdles, as well as observable market-based inputs, including interest rate curves, and unobservable inputs, such as expected volatility. As a result, the Company has determined that its OPP valuation in its entirety is classified in Level 3 of the fair value hierarchy. | |||||||||||||||||
The following table presents information about the Company's OPP, which is measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014, aggregated by the level in the fair value hierarchy within which the instrument falls: | |||||||||||||||||
(In thousands) | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
March 31, 2015 | |||||||||||||||||
OPP | $ | — | $ | — | $ | 23,400 | $ | 23,400 | |||||||||
December 31, 2014 | |||||||||||||||||
OPP | $ | — | $ | — | $ | 29,100 | $ | 29,100 | |||||||||
Level 3 Valuations | |||||||||||||||||
The following is a reconciliation of the beginning and ending balance for the changes in instruments with Level 3 inputs in the fair value hierarchy for the three months ended March 31, 2015: | |||||||||||||||||
(In thousands) | OPP | ||||||||||||||||
Beginning balance as of December 31, 2014 | $ | 29,100 | |||||||||||||||
Fair value adjustment | (5,700 | ) | |||||||||||||||
Ending balance as of March 31, 2015 | $ | 23,400 | |||||||||||||||
The following table provides quantitative information about significant Level 3 input used: | |||||||||||||||||
Financial Instrument | Fair Value | Principal Valuation Technique | Unobservable Inputs | Input Value | |||||||||||||
(In thousands) | |||||||||||||||||
31-Mar-15 | |||||||||||||||||
OPP | $ | 23,400 | Monte Carlo Simulation | Expected volatility | 24.00% | ||||||||||||
31-Dec-14 | |||||||||||||||||
OPP | $ | 29,100 | Monte Carlo Simulation | Expected volatility | 27.00% | ||||||||||||
The following discussion provides a description of the impact on a fair value measurement of a change in each unobservable input in isolation. For the relationship described below, the inverse relationship would also generally apply. | |||||||||||||||||
Expected volatility is a measure of the variability in possible returns for an instrument, parameter or market index given how much the particular instrument, parameter or index changes in value over time. Generally, the higher the expected volatility of the underlying instrument, the wider the range of potential future returns. An increase in expected volatility, in isolation, would generally result in an increase in the fair value measurement of an instrument. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | Common Stock | ||||||||||||
As of March 31, 2015 and December 31, 2014, the Company had 162.5 million and 162.2 million shares of common stock outstanding, respectively, including unvested restricted stock, converted preferred shares and shares issued under the distribution reinvestment plan (the "DRIP"), but not including limited partnership units of the OP (the "OP units") or Long-term Incentive Plan units ("LTIP units") which are currently, or may in the future be, convertible into shares of common stock. | |||||||||||||
From December 2010 to April 2014, the Company declared and paid dividends at a dividend rate equal to $0.605 per annum per share of common stock. The dividends were paid by the fifth day following each month end to stockholders of record at the close of business each day during the prior month at a per share rate of 0.0016575342 per day. In April 2014, the Company's board of directors authorized, and the Company declared, dividends at an annualized rate equal to $0.46 per share per annum beginning with the April 2014 dividend. Beginning in April 2014, dividends are paid to stockholders of record on the close of business on the 8th day of each month, payable on the 15th day of such month. The Company's board of directors may reduce the amount of dividends paid or suspend dividend payments at any time and therefore dividend payments are not assured. | |||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||
The following table illustrates the changes in accumulated other comprehensive loss as of and for the periods indicated: | |||||||||||||
Unrealized gains | Change in | Total | |||||||||||
on available-for-sale | unrealized gain | accumulated other | |||||||||||
(in thousands) | securities | (loss) on derivatives | comprehensive loss | ||||||||||
Balance, December 31, 2014 | $ | 244 | $ | (1,060 | ) | $ | (816 | ) | |||||
Other comprehensive income (loss), before reclassifications | 152 | (1,619 | ) | (1,467 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | (48 | ) | 526 | 478 | |||||||||
Net current-period other comprehensive income (loss) | 104 | (1,093 | ) | (989 | ) | ||||||||
Balance, March 31, 2015 | $ | 348 | $ | (2,153 | ) | $ | (1,805 | ) | |||||
For a reconciliation of the income statement line item affected due to amounts reclassified out of accumulated other comprehensive loss for the three months ended March 31, 2015, see Note 10 — Interest Rate Derivatives and Hedging Activities. |
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Net Loss Per Share | Net Loss Per Share | ||||||||
The following is a summary of the basic and diluted net loss per share computations for the periods presented: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Net loss attributable to stockholders (In thousands) | $ | (8,199 | ) | $ | (8,156 | ) | |||
Weighted average shares outstanding, basic and diluted | 162,092,424 | 175,068,005 | |||||||
Net loss per share attributable to stockholders, basic and diluted | $ | (0.05 | ) | $ | (0.05 | ) | |||
Diluted net loss per share assumes the conversion of all common share equivalents into an equivalent number of common shares, unless the effect is antidilutive. The Company considers unvested restricted stock, OP units, Class B units and LTIP units to be common share equivalents. The Company had the following common share equivalents for the periods presented, which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been antidilutive: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Unvested restricted stock | 371,016 | 24,000 | |||||||
OP units | 4,270,841 | 200 | |||||||
Class B units(1) | — | 799,332 | |||||||
LTIP units | 8,880,579 | — | |||||||
Total anti-dilutive common share equivalents | 13,522,436 | 823,532 | |||||||
_____________________ | |||||||||
-1 | Upon the occurrence of the Listing, Class B units were converted to OP units on a one-for-one basis. |
Noncontrolling_Interests
Non-controlling Interests | 3 Months Ended |
Mar. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | Non-Controlling Interests |
The Company is the sole general partner of the OP and holds the majority of OP units. As of March 31, 2015 and December 31, 2014, the Advisor and SLP held 4,270,841 OP units and 8,880,579 unvested LTIP units. There were $0.5 million of distributions paid to OP unit and LTIP unit holders during the three months ended March 31, 2015. No distributions were paid to OP unit holders during the three months ended March 31, 2014. | |
A holder of OP units has the right to distributions and has the right convert OP units for the cash value of a corresponding number of shares of the Company's common stock or a corresponding number of shares of the Company's common stock, at the Company's election, in accordance with the limited partnership agreement of the OP. The remaining rights of the holders of OP units are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP's assets. | |
The Company is the controlling member of the limited liability company that owns the 163 Washington Avenue Apartments, acquired in September 2012. The Company has the sole voting rights under the operating agreement of this limited liability company. The non-controlling members' aggregate initial investment balance of $0.5 million will be reduced by the dividends paid to each non-controlling member. No dividends were paid during the three months ended March 31, 2015 or 2014. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q, and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications |
Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. |
Investment_in_Unconsolidated_J1
Investment in Unconsolidated Joint Venture (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||
Condensed Balance Sheet | The condensed balance sheets as of March 31, 2015 and December 31, 2014 for Worldwide Plaza are as follows: | ||||||||
(In thousands) | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Real estate assets, at cost | $ | 704,257 | $ | 704,143 | |||||
Less accumulated depreciation and amortization | (102,127 | ) | (97,181 | ) | |||||
Total real estate assets, net | 602,130 | 606,962 | |||||||
Other assets | 261,698 | 255,784 | |||||||
Total assets | $ | 863,828 | $ | 862,746 | |||||
Debt | $ | 875,000 | $ | 875,000 | |||||
Other liabilities | 10,765 | 12,442 | |||||||
Total liabilities | 885,765 | 887,442 | |||||||
Deficit | (21,937 | ) | (24,696 | ) | |||||
Total liabilities and deficit | $ | 863,828 | $ | 862,746 | |||||
Company's basis | $ | 225,736 | $ | 225,501 | |||||
Condensed Income Statement | The condensed statement of operations for the three months ended March 31, 2015 and 2014 for Worldwide Plaza is as follows: | ||||||||
Three Months Ended March 31, | |||||||||
(In thousands) | 2015 | 2014 | |||||||
Rental income | $ | 30,514 | $ | 27,655 | |||||
Other revenue | 1,217 | 1,215 | |||||||
Total revenue | 31,731 | 28,870 | |||||||
Operating expenses: | |||||||||
Operating expense | 12,241 | 11,513 | |||||||
Depreciation and amortization | 6,850 | 6,368 | |||||||
Total operating expenses | 19,091 | 17,881 | |||||||
Operating income | 12,640 | 10,989 | |||||||
Interest expense | (9,882 | ) | (9,882 | ) | |||||
Net income | 2,758 | 1,107 | |||||||
Company's preferred distribution | (3,851 | ) | (3,851 | ) | |||||
Joint venture partner distributions | — | (2,560 | ) | ||||||
Net loss to members | $ | (1,093 | ) | $ | (5,304 | ) | |||
Company's preferred distribution | $ | 3,851 | $ | 3,851 | |||||
Company's share of net loss from Worldwide Plaza | (534 | ) | (2,594 | ) | |||||
Amortization of difference in basis | (3,082 | ) | (3,241 | ) | |||||
Company's loss from Worldwide Plaza | $ | 235 | $ | (1,984 | ) | ||||
Real_Estate_Investments_Tables
Real Estate Investments (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Real Estate [Abstract] | |||||||
Schedule of Future Minimum Rental Payments for Operating Leases | The following table presents future minimum base cash rental payments due to the Company, excluding future minimum base cash rental payments related to unconsolidated joint ventures, subsequent to March 31, 2015. These amounts exclude contingent rental payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items. | ||||||
(In thousands) | Future Minimum Base Cash Rental Payments | ||||||
April 1, 2015 - December 31, 2015 | $ | 81,720 | |||||
2016 | 96,014 | ||||||
2017 | 95,826 | ||||||
2018 | 93,765 | ||||||
2019 | 92,429 | ||||||
Thereafter | 633,169 | ||||||
$ | 1,092,923 | ||||||
Schedule of Annualized Rental Income by Major Tenants | The following table lists the tenants whose annualized cash rent represented greater than 10% of total annualized cash rent as of March 31, 2015 and 2014, including annualized cash rent related to the Company's unconsolidated joint venture: | ||||||
March 31, | |||||||
Property Portfolio | Tenant | 2015 | 2014 | ||||
Worldwide Plaza | Cravath, Swaine & Moore, LLP | 16% | 18% | ||||
Worldwide Plaza | Nomura Holdings America, Inc. | 11% | 12% |
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | The following table details the unrealized gains and losses on investment securities as of March 31, 2015 and December 31, 2014: | ||||||||||||||||
(In thousands) | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
March 31, 2015 | |||||||||||||||||
Redeemable preferred stock | $ | 238 | $ | 17 | $ | — | $ | 255 | |||||||||
Equity securities | 3,169 | 331 | — | 3,500 | |||||||||||||
Total | $ | 3,407 | $ | 348 | $ | — | $ | 3,755 | |||||||||
December 31, 2014 | |||||||||||||||||
Redeemable preferred stock | $ | 1,288 | $ | 21 | $ | (12 | ) | $ | 1,297 | ||||||||
Equity securities | 3,127 | 235 | — | 3,362 | |||||||||||||
Total | $ | 4,415 | $ | 256 | $ | (12 | ) | $ | 4,659 | ||||||||
Mortgage_Notes_Payable_Tables
Mortgage Notes Payable (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||
Schedule of Mortgage Notes Payable | The Company's mortgage notes payable as of March 31, 2015 and December 31, 2014 consist of the following: | |||||||||||||||||
Outstanding Loan Amount | ||||||||||||||||||
Portfolio | Encumbered | March 31, | December 31, | Effective | Interest Rate | Maturity | ||||||||||||
Properties | 2015 | 2014 | Interest Rate | |||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||
Design Center | 1 | $ | 20,100 | $ | 20,198 | 4.4 | % | Fixed | Dec. 2021 | |||||||||
Bleecker Street | 3 | 21,300 | 21,300 | 4.3 | % | Fixed | Dec. 2015 | |||||||||||
Foot Locker | 1 | 3,250 | 3,250 | 4.6 | % | Fixed | Jun. 2016 | |||||||||||
Regal Parking Garage | 1 | 3,000 | 3,000 | 4.5 | % | Fixed | Jul. 2016 | |||||||||||
Duane Reade | 1 | 8,400 | 8,400 | 3.6 | % | Fixed | Nov. 2016 | |||||||||||
Washington Street Portfolio | 1 | 4,718 | 4,741 | 4.4 | % | Fixed | Dec. 2021 | |||||||||||
One Jackson Square | 1 | 13,000 | 13,000 | 3.4 | % | (1) | Fixed | Dec. 2016 | ||||||||||
350 West 42nd Street | 1 | 11,365 | 11,365 | 3.4 | % | Fixed | Aug. 2017 | |||||||||||
1100 Kings Highway | 1 | 20,200 | 20,200 | 3.4 | % | (1) | Fixed | Aug. 2017 | ||||||||||
1623 Kings Highway | 1 | 7,288 | 7,288 | 3.3 | % | (1) | Fixed | Nov. 2017 | ||||||||||
256 West 38th Street | 1 | 24,500 | 24,500 | 3.1 | % | (1) | Fixed | Dec. 2017 | ||||||||||
229 West 36th Street | 1 | 35,000 | 35,000 | 2.9 | % | (1) | Fixed | Dec. 2017 | ||||||||||
14 | $ | 172,121 | $ | 172,242 | 3.6 | % | (2) | |||||||||||
______________________ | ||||||||||||||||||
-1 | Fixed through an interest rate swap agreement. | |||||||||||||||||
-2 | Calculated on a weighted average basis for all mortgages outstanding as of March 31, 2015. | |||||||||||||||||
Schedule Of Aggregate Principal Payments On Mortgages | The following table summarizes the scheduled aggregate principal repayments subsequent to March 31, 2015: | |||||||||||||||||
(In thousands) | Future Minimum Principal Payments | |||||||||||||||||
April 1, 2015 - December 31, 2015 | $ | 21,673 | ||||||||||||||||
2016 | 28,167 | |||||||||||||||||
2017 | 102,730 | |||||||||||||||||
2018 | 4,573 | |||||||||||||||||
2019 | 4,777 | |||||||||||||||||
Thereafter | 10,201 | |||||||||||||||||
Total | $ | 172,121 | ||||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||
Schedule of Fair Value, Liabilities Measured on Recurring Basis | The following table presents information about the Company's assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014, aggregated by the level in the fair value hierarchy within which those instruments fall: | ||||||||||||||||||
(In thousands) | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | |||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||
March 31, 2015 | |||||||||||||||||||
Interest rate swaps, net | $ | — | $ | (2,168 | ) | $ | — | $ | (2,168 | ) | |||||||||
Investment securities | $ | 3,755 | $ | — | $ | — | $ | 3,755 | |||||||||||
December 31, 2014 | |||||||||||||||||||
Interest rate swaps, net | $ | — | $ | (1,071 | ) | $ | — | $ | (1,071 | ) | |||||||||
Investment securities | $ | 4,659 | $ | — | $ | — | $ | 4,659 | |||||||||||
The following table presents information about the Company's OPP, which is measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014, aggregated by the level in the fair value hierarchy within which the instrument falls: | |||||||||||||||||||
(In thousands) | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | |||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||
March 31, 2015 | |||||||||||||||||||
OPP | $ | — | $ | — | $ | 23,400 | $ | 23,400 | |||||||||||
December 31, 2014 | |||||||||||||||||||
OPP | $ | — | $ | — | $ | 29,100 | $ | 29,100 | |||||||||||
Fair Value, by Balance Sheet Grouping | The fair values of the Company's financial instruments that are not reported at fair value on the consolidated balance sheet are reported below. | ||||||||||||||||||
Carrying | Fair Value at | Carrying | Fair Value at | ||||||||||||||||
Amount at | Amount at | ||||||||||||||||||
(In thousands) | Level | March 31, 2015 | March 31, 2015 | December 31, 2014 | December 31, 2014 | ||||||||||||||
Mortgage notes payable | 3 | $ | 172,121 | $ | 174,800 | $ | 172,242 | $ | 174,468 | ||||||||||
Credit facility | 3 | $ | 635,000 | $ | 652,581 | $ | 635,000 | $ | 651,579 | ||||||||||
Preferred equity investment | 3 | $ | — | $ | — | $ | 35,100 | $ | 34,800 | ||||||||||
Interest_Rate_Derivatives_and_1
Interest Rate Derivatives and Hedging Activities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Interest Rate Derivatives | As of March 31, 2015 and December 31, 2014, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk. | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Interest Rate Derivative | Number of | Notional Amount | Number of | Notional Amount | |||||||||||||||||||||
Instruments | Instruments | ||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||
Interest rate swaps | 6 | $ | 179,988 | 6 | $ | 179,988 | |||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||
(In thousands) | Balance Sheet Location | March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Interest rate swaps | Derivative assets, at fair value | $ | 7 | $ | 205 | ||||||||||||||||||||
Interest rate swaps | Derivative liabilities, at fair value | $ | (2,175 | ) | $ | (1,276 | ) | ||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The table below details the location in the financial statements of the income or loss recognized on interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||||||||||||||
Amount of income (loss) recognized in accumulated other comprehensive income (loss) from interest rate derivatives (effective portion) | $ | (1,619 | ) | $ | (656 | ) | |||||||||||||||||||
Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion) | $ | (526 | ) | $ | (530 | ) | |||||||||||||||||||
Amount of loss recognized in loss on derivative instruments (ineffective portion and amount excluded from effectiveness testing) | $ | (4 | ) | $ | — | ||||||||||||||||||||
Offsetting Liabilities | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of March 31, 2015 and December 31, 2014. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying balance sheets. | ||||||||||||||||||||||||
Gross Amounts Not Offset on the Balance Sheet | |||||||||||||||||||||||||
Derivatives (In thousands) | Gross Amounts of Recognized Assets | Gross Amounts of Recognized Liabilities | Net Amounts of Assets (Liabilities) presented on the Balance Sheet | Financial Instruments | Cash Collateral Posted | Net Amount | |||||||||||||||||||
March 31, 2015 | $ | 7 | $ | (2,175 | ) | $ | (2,168 | ) | $ | — | $ | — | $ | (2,168 | ) | ||||||||||
December 31, 2014 | $ | 205 | $ | (1,276 | ) | $ | (1,071 | ) | $ | — | $ | — | $ | (1,071 | ) | ||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | The following table reflects the minimum base cash payments due from the Company over the next five years and thereafter under these arrangements, including the present value of the net minimum payments due under capital leases. These amounts exclude contingent rent payments, as applicable, that may be payable based on provisions related to increases in annual rent based on exceeding certain economic indexes among other items. | ||||||||
Future Minimum Base Rent Payments | |||||||||
(In thousands) | Operating Leases | Capital Leases | |||||||
April 1, 2015 - December 31, 2015 | $ | 3,590 | $ | 65 | |||||
2016 | 4,958 | 86 | |||||||
2017 | 4,905 | 86 | |||||||
2018 | 5,089 | 86 | |||||||
2019 | 5,346 | 86 | |||||||
Thereafter | 251,627 | 3,490 | |||||||
Total minimum lease payments | $ | 275,515 | $ | 3,899 | |||||
Less: amounts representing interest | (1,769 | ) | |||||||
Total present value of minimum lease payments | $ | 2,130 | |||||||
Schedule of Capital Leased Assets | The following table discloses assets recorded under capital leases and the accumulated amortization thereon as of March 31, 2015 and December 31, 2014. | ||||||||
(In thousands) | March 31, 2015 | December 31, 2014 | |||||||
Buildings, fixtures and improvements | $ | 11,783 | $ | 11,783 | |||||
Less accumulated depreciation and amortization | (1,279 | ) | (1,137 | ) | |||||
Total real estate investments, net | $ | 10,504 | $ | 10,646 | |||||
Related_Party_Transactions_and1
Related Party Transactions and Arrangements (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services | The following table details amounts incurred, forgiven and contractually due in connection with the operations related services described above as of and for the periods presented: | ||||||||||||||||||||||||
Three Months Ended March 31, | Payable as of | ||||||||||||||||||||||||
2015 | 2014 | March 31, | December 31, | ||||||||||||||||||||||
(In thousands) | Incurred | Forgiven | Incurred | Forgiven | 2015 | 2014 | |||||||||||||||||||
Ongoing fees: | |||||||||||||||||||||||||
Asset management fees (1) | $ | 3,144 | $ | — | $ | — | $ | — | $ | 4 | $ | 15 | |||||||||||||
Transfer agent and other professional fees | 184 | — | 586 | — | 274 | 560 | |||||||||||||||||||
Property management and leasing fees | — | 536 | — | 374 | — | — | |||||||||||||||||||
Dividends on Class B units | — | — | 88 | — | — | — | |||||||||||||||||||
Total related party operational fees and reimbursements | $ | 3,328 | $ | 536 | $ | 674 | $ | 374 | $ | 278 | $ | 575 | |||||||||||||
___________________________________________ | |||||||||||||||||||||||||
-1 | Prior to the Listing, the Company caused the OP to issue to the Advisor restricted performance based Class B units for asset management services, which vested as of the Listing. |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table displays restricted share award activity during the three months ended March 31, 2015: | ||||||||||||||||
Number of Restricted Shares | Weighted-Average Issue Price | ||||||||||||||||
Unvested, December 31, 2014 | 89,499 | $ | 10.73 | ||||||||||||||
Granted | 281,517 | 10.36 | |||||||||||||||
Unvested, March 31, 2015 | 371,016 | $ | 10.54 | ||||||||||||||
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Performance Schedule | The Advisor will be eligible to earn a number of LTIP units with a value equal to a portion of the OPP Cap upon the first, second and third anniversaries of the Effective Date based on the Company’s achievement of certain levels of total return to its stockholders (“Total Return”), including both share price appreciation and common stock dividends, as measured against a peer group of companies, as set forth below, for the three-year performance period commencing on the Effective Date (the “Three-year Period”); each 12-month period during the Three-Year Period (the “One-Year Periods”); and the initial 24-month period of the Three-Year Period (the “Two-Year Period”), as follows: | ||||||||||||||||
Performance Period | Annual Period | Interim Period | |||||||||||||||
Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period: | 21% | 7% | 14% | ||||||||||||||
Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period: | |||||||||||||||||
• | 100% will be earned if cumulative Total Return achieved is at least: | 18% | 6% | 12% | |||||||||||||
• | 50% will be earned if cumulative Total Return achieved is: | —% | —% | —% | |||||||||||||
• | 0% will be earned if cumulative Total Return achieved is less than: | —% | —% | —% | |||||||||||||
• | a percentage from 50% to 100% calculated by linear interpolation will be earned if the cumulative Total Return achieved is between: | 0% - 18% | 0% - 6% | 0% - 12% | |||||||||||||
______________________ | |||||||||||||||||
*The “Peer Group” is comprised of the companies in the SNL US REIT Office Index. | |||||||||||||||||
Schedule of Fair Value, Liabilities Measured on Recurring Basis | The following table presents information about the Company's assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014, aggregated by the level in the fair value hierarchy within which those instruments fall: | ||||||||||||||||
(In thousands) | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
March 31, 2015 | |||||||||||||||||
Interest rate swaps, net | $ | — | $ | (2,168 | ) | $ | — | $ | (2,168 | ) | |||||||
Investment securities | $ | 3,755 | $ | — | $ | — | $ | 3,755 | |||||||||
December 31, 2014 | |||||||||||||||||
Interest rate swaps, net | $ | — | $ | (1,071 | ) | $ | — | $ | (1,071 | ) | |||||||
Investment securities | $ | 4,659 | $ | — | $ | — | $ | 4,659 | |||||||||
The following table presents information about the Company's OPP, which is measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014, aggregated by the level in the fair value hierarchy within which the instrument falls: | |||||||||||||||||
(In thousands) | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
March 31, 2015 | |||||||||||||||||
OPP | $ | — | $ | — | $ | 23,400 | $ | 23,400 | |||||||||
December 31, 2014 | |||||||||||||||||
OPP | $ | — | $ | — | $ | 29,100 | $ | 29,100 | |||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following is a reconciliation of the beginning and ending balance for the changes in instruments with Level 3 inputs in the fair value hierarchy for the three months ended March 31, 2015: | ||||||||||||||||
(In thousands) | OPP | ||||||||||||||||
Beginning balance as of December 31, 2014 | $ | 29,100 | |||||||||||||||
Fair value adjustment | (5,700 | ) | |||||||||||||||
Ending balance as of March 31, 2015 | $ | 23,400 | |||||||||||||||
Valuation techniques | The following table provides quantitative information about significant Level 3 input used: | ||||||||||||||||
Financial Instrument | Fair Value | Principal Valuation Technique | Unobservable Inputs | Input Value | |||||||||||||
(In thousands) | |||||||||||||||||
31-Mar-15 | |||||||||||||||||
OPP | $ | 23,400 | Monte Carlo Simulation | Expected volatility | 24.00% | ||||||||||||
31-Dec-14 | |||||||||||||||||
OPP | $ | 29,100 | Monte Carlo Simulation | Expected volatility | 27.00% | ||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table illustrates the changes in accumulated other comprehensive loss as of and for the periods indicated: | ||||||||||||
Unrealized gains | Change in | Total | |||||||||||
on available-for-sale | unrealized gain | accumulated other | |||||||||||
(in thousands) | securities | (loss) on derivatives | comprehensive loss | ||||||||||
Balance, December 31, 2014 | $ | 244 | $ | (1,060 | ) | $ | (816 | ) | |||||
Other comprehensive income (loss), before reclassifications | 152 | (1,619 | ) | (1,467 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | (48 | ) | 526 | 478 | |||||||||
Net current-period other comprehensive income (loss) | 104 | (1,093 | ) | (989 | ) | ||||||||
Balance, March 31, 2015 | $ | 348 | $ | (2,153 | ) | $ | (1,805 | ) | |||||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following is a summary of the basic and diluted net loss per share computations for the periods presented: | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Net loss attributable to stockholders (In thousands) | $ | (8,199 | ) | $ | (8,156 | ) | |||
Weighted average shares outstanding, basic and diluted | 162,092,424 | 175,068,005 | |||||||
Net loss per share attributable to stockholders, basic and diluted | $ | (0.05 | ) | $ | (0.05 | ) | |||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The Company had the following common share equivalents for the periods presented, which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been antidilutive: | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Unvested restricted stock | 371,016 | 24,000 | |||||||
OP units | 4,270,841 | 200 | |||||||
Class B units(1) | — | 799,332 | |||||||
LTIP units | 8,880,579 | — | |||||||
Total anti-dilutive common share equivalents | 13,522,436 | 823,532 | |||||||
_____________________ | |||||||||
-1 | Upon the occurrence of the Listing, Class B units were converted to OP units on a one-for-one basis. |
Organization_Details
Organization (Details) | Mar. 31, 2015 |
property | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of properties owned | 23 |
Investment_in_Unconsolidated_J2
Investment in Unconsolidated Joint Venture (Details) (USD $) | 0 Months Ended | 3 Months Ended | |||
Oct. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Oct. 30, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||||
Notes payable | $427,900,000 | ||||
Investments in unconsolidated joint venture | 225,736,000 | 225,501,000 | |||
Income (loss) from unconsolidated joint venture | 235,000 | -1,984,000 | |||
Company's share of net loss from Worldwide Plaza | 235,000 | -1,984,000 | |||
Worldwide Plaza | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 48.90% | 48.90% | |||
Aggregate cost | 220,100,000 | 220,100,000 | |||
Agreed upon value | 1,325,000,000 | 1,325,000,000 | |||
Notes payable | 875,000,000 | 875,000,000 | 875,000,000 | 875,000,000 | |
Interest rate | 4.60% | 4.60% | |||
Purchase obligation | 1,400,000,000 | 1,400,000,000 | |||
Fee for non-exercise of purchase option | 25,000,000 | ||||
Purchase option term | 38 months | ||||
Difference between carrying amount and underlying equity | 260,600,000 | 260,600,000 | |||
Income (loss) from unconsolidated joint venture | 235,000 | -1,984,000 | |||
Proceeds from investment | 3,851,000 | 3,851,000 | |||
Amortization of difference in basis | 3,082,000 | 3,241,000 | |||
Company's share of net loss from Worldwide Plaza | ($534,000) | ($2,594,000) |
Real_Estate_Investments_Schedu
Real Estate Investments (Schedule of Future Minimum Rental Payments for Operating Lease) (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Real Estate [Abstract] | |
April 1, 2015 - December 31, 2015 | $81,720 |
2016 | 96,014 |
2017 | 95,826 |
2018 | 93,765 |
2019 | 92,429 |
Thereafter | 633,169 |
Total | $1,092,923 |
Investment_in_Unconsolidated_J3
Investment in Unconsolidated Joint Venture - Condensed Balance Sheet (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Oct. 30, 2013 |
In Thousands, unless otherwise specified | |||
Schedule of Equity Method Investments [Line Items] | |||
Real estate assets, at cost | $1,895,860 | $1,888,366 | |
Less accumulated depreciation and amortization | -146,445 | -124,178 | |
Total real estate investments, net | 1,749,415 | 1,764,188 | |
Total assets | 2,092,823 | 2,120,835 | |
Debt | 427,900 | ||
Total liabilities | 925,586 | 925,158 | |
Deficit | -282,323 | -255,478 | |
Total liabilities and equity | 2,092,823 | 2,120,835 | |
Worldwide Plaza | |||
Schedule of Equity Method Investments [Line Items] | |||
Real estate assets, at cost | 704,257 | 704,143 | |
Less accumulated depreciation and amortization | -102,127 | -97,181 | |
Total real estate investments, net | 602,130 | 606,962 | |
Other assets | 261,698 | 255,784 | |
Total assets | 863,828 | 862,746 | |
Debt | 875,000 | 875,000 | 875,000 |
Other liabilities | 10,765 | 12,442 | |
Total liabilities | 885,765 | 887,442 | |
Deficit | -21,937 | -24,696 | |
Total liabilities and equity | 863,828 | 862,746 | |
Company's basis | $225,736 | $225,501 |
Real_Estate_Investments_Schedu1
Real Estate Investments (Schedule of Annualized Rental Income by Major Tenant) (Details) (Worldwide Plaza) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cravath, Swaine & Moore, LLP | ||
Revenue, Major Customer [Line Items] | ||
Major tenant rental income, as a percentage of total annualized rental income | 16.00% | 18.00% |
Nomura Holdings America, Inc. | ||
Revenue, Major Customer [Line Items] | ||
Major tenant rental income, as a percentage of total annualized rental income | 11.00% | 12.00% |
Investment_in_Unconsolidated_J4
Investment in Unconsolidated Joint Venture - Condensed Income Statement (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Rental income | $32,531 | $27,171 |
Other revenue | 4,162 | 3,516 |
Total revenues | 40,902 | 33,592 |
Property operating | 10,969 | 8,858 |
Depreciation and amortization | 20,732 | 21,013 |
Total operating expenses | 44,590 | 36,448 |
Operating income | -3,688 | -2,856 |
Interest expense | -5,933 | -3,939 |
Net loss | -8,460 | -8,155 |
Net loss attributable to stockholders | -8,199 | -8,156 |
Company's share of net loss from Worldwide Plaza | 235 | -1,984 |
Income (loss) from unconsolidated joint venture | 235 | -1,984 |
Worldwide Plaza | ||
Schedule of Equity Method Investments [Line Items] | ||
Rental income | 30,514 | 27,655 |
Other revenue | 1,217 | 1,215 |
Total revenues | 31,731 | 28,870 |
Property operating | 12,241 | 11,513 |
Depreciation and amortization | 6,850 | 6,368 |
Total operating expenses | 19,091 | 17,881 |
Operating income | 12,640 | 10,989 |
Interest expense | -9,882 | -9,882 |
Net loss | 2,758 | 1,107 |
Company's preferred distribution | -3,851 | -3,851 |
Joint venture partner distributions | 0 | -2,560 |
Net loss attributable to stockholders | -1,093 | -5,304 |
Company's preferred distribution | -3,851 | -3,851 |
Company's share of net loss from Worldwide Plaza | -534 | -2,594 |
Amortization of difference in basis | -3,082 | -3,241 |
Income (loss) from unconsolidated joint venture | $235 | ($1,984) |
Preferred_Equity_Investment_De
Preferred Equity Investment (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Equity [Abstract] | ||
Current pay rate | 6.00% | |
Current accrual rate | 2.00% | |
Interest Income from preferred equity investment | $1,100,000 | |
Proceeds from sale of preferred equity investment | $35,100,000 | $0 |
Investment_Securities_Details
Investment Securities (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 3,407 | $4,415 |
Gross Unrealized Gains | 348 | 256 |
Gross Unrealized Losses | 0 | -12 |
Fair Value | 3,755 | 4,659 |
Preferred Shares | ||
Schedule of Available-for-sale Securities [Line Items] | ||
PeriodFromIssuanceWhenInvestmentsBecomeRedeemable | 5 years | |
Redeemable Preferred Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 238 | 1,288 |
Gross Unrealized Gains | 17 | 21 |
Gross Unrealized Losses | 0 | -12 |
Fair Value | 255 | 1,297 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 3,169 | 3,127 |
Gross Unrealized Gains | 331 | 235 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 3,500 | $3,362 |
Credit_Facility_Details
Credit Facility (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Apr. 14, 2014 | |
Line of Credit Facility [Line Items] | |||
Credit facility | 635,000,000 | $635,000,000 | |
Credit facility | |||
Line of Credit Facility [Line Items] | |||
Credit facility | 305,000,000 | 330,000,000 | |
Effective interest rate | 2.09% | 2.05% | |
Remaining borrowing capacity | 18,100,000 | ||
Credit facility | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Unused capacity commitment fee percentage threshold | 50.00% | ||
Below Threshold | Credit facility | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Unused capacity fee percentage | 0.15% | ||
Above Threshold | Credit facility | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Unused capacity fee percentage | 0.25% | ||
Line of Credit Facility, Interest Rate, Option One | Credit facility | Maximum | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Spread on variable rate basis | 2.25% | ||
Line of Credit Facility, Interest Rate, Option One | Credit facility | Minimum | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Spread on variable rate basis | 1.50% | ||
Line of Credit Facility, Interest Rate, Option Two | Credit facility | Maximum | Base Rate | |||
Line of Credit Facility [Line Items] | |||
Spread on variable rate basis | 1.25% | ||
Line of Credit Facility, Interest Rate, Option Two | Credit facility | Minimum | Base Rate | |||
Line of Credit Facility [Line Items] | |||
Spread on variable rate basis | 0.50% | ||
Line of Credit Facility, Base Rate, Option Two | Credit facility | Federal Funds Effective Rate | |||
Line of Credit Facility [Line Items] | |||
Spread on variable rate basis | 0.50% | ||
Line of Credit Facility, Base Rate, Option Three | Credit facility | One-Month LIBOR | |||
Line of Credit Facility [Line Items] | |||
Spread on variable rate basis | 1.00% | ||
Operating Partnership Unit | |||
Line of Credit Facility [Line Items] | |||
Maximum capacity on credit facility | 705,000,000 | ||
Additional borrowing capacity under certain circumstances | 1,000,000,000 | ||
Operating Partnership Unit | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Maximum capacity on credit facility | 400,000,000 | ||
Operating Partnership Unit | Credit facility | |||
Line of Credit Facility [Line Items] | |||
Maximum capacity on credit facility | $305,000,000 |
Mortgage_Notes_Payable_Narrati
Mortgage Notes Payable (Narrative) (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | |
Real estate investments at cost related to mortgages | $317.30 |
Mortgage_Notes_Payable_Schedul
Mortgage Notes Payable (Schedule of Mortgage Notes Payable) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Outstanding Loan Amount | $172,121 | $172,242 | |
Mortgages | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | 14 | ||
Outstanding Loan Amount | 172,121 | 172,242 | |
Effective Interest Rate | 3.60% | [1] | |
Mortgages | Design Center | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | 1 | ||
Outstanding Loan Amount | 20,100 | 20,198 | |
Effective Interest Rate | 4.40% | ||
Mortgages | Bleecker Street | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | 3 | ||
Outstanding Loan Amount | 21,300 | 21,300 | |
Effective Interest Rate | 4.30% | ||
Mortgages | Foot Locker | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | 1 | ||
Outstanding Loan Amount | 3,250 | 3,250 | |
Effective Interest Rate | 4.60% | ||
Mortgages | Regal Parking Garage | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | 1 | ||
Outstanding Loan Amount | 3,000 | 3,000 | |
Effective Interest Rate | 4.50% | ||
Mortgages | Duane Reade | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | 1 | ||
Outstanding Loan Amount | 8,400 | 8,400 | |
Effective Interest Rate | 3.60% | ||
Mortgages | Washington Street Portfolio | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | 1 | ||
Outstanding Loan Amount | 4,718 | 4,741 | |
Effective Interest Rate | 4.40% | ||
Mortgages | One Jackson Square | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | 1 | ||
Outstanding Loan Amount | 13,000 | 13,000 | |
Effective Interest Rate | 3.40% | [2] | |
Mortgages | 350 West 42nd Street | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | 1 | ||
Outstanding Loan Amount | 11,365 | 11,365 | |
Effective Interest Rate | 3.40% | ||
Mortgages | 1100 Kings Highway | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | 1 | ||
Outstanding Loan Amount | 20,200 | 20,200 | |
Effective Interest Rate | 3.40% | [2] | |
Mortgages | 1623 Kings Highway | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | 1 | ||
Outstanding Loan Amount | 7,288 | 7,288 | |
Effective Interest Rate | 3.30% | [2] | |
Mortgages | 256 West 38th Street | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | 1 | ||
Outstanding Loan Amount | 24,500 | 24,500 | |
Effective Interest Rate | 3.10% | [2] | |
Mortgages | 229 West 36th Street | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | 1 | ||
Outstanding Loan Amount | $35,000 | $35,000 | |
Effective Interest Rate | 2.90% | [2] | |
[1] | Calculated on a weighted average basis for all mortgages outstanding as of MarchB 31, 2015. | ||
[2] | Fixed through an interest rate swap agreement. |
Mortgage_Notes_Payable_Schedul1
Mortgage Notes Payable (Schedule Of Aggregate Future Principal Payments On Mortgage Notes Payable) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total | $172,121 | $172,242 |
Mortgages | ||
Debt Instrument [Line Items] | ||
April 1, 2015 - December 31, 2015 | 21,673 | |
2016 | 28,167 | |
2017 | 102,730 | |
2018 | 4,573 | |
2019 | 4,777 | |
Thereafter | 10,201 | |
Total | $172,121 | $172,242 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Schedule of Fair Value, Liabilities Measured on Recurring Basis) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | $3,755 | $4,659 |
Interest rate swaps, net | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, net | -2,168 | -1,071 |
Interest rate swaps, net | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, net | 0 | 0 |
Interest rate swaps, net | Fair Value, Measurements, Recurring | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, net | -2,168 | -1,071 |
Interest rate swaps, net | Fair Value, Measurements, Recurring | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, net | 0 | 0 |
Investment securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 3,755 | 4,659 |
Investment securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 3,755 | 4,659 |
Investment securities | Fair Value, Measurements, Recurring | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Investment securities | Fair Value, Measurements, Recurring | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | $0 | $0 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Fair Value, by Balance Sheet Grouping) (Details) (Level 3, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Mortgage notes payable | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | $172,121 | $172,242 |
Mortgage notes payable | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 174,800 | 174,468 |
Credit facility | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 635,000 | 635,000 |
Credit facility | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 652,581 | 651,579 |
Preferred Equity Investment | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 0 | 35,100 |
Preferred Equity Investment | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | $0 | $34,800 |
Interest_Rate_Derivatives_and_2
Interest Rate Derivatives and Hedging Activities (Narrative) (Details) (Designated as Hedging Instrument, Cash Flow Hedging, USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Derivatives at Fair Value | Interest rate swaps | |
Derivative [Line Items] | |
Fair value of derivatives | $2.30 |
Interest rate swaps, net | |
Derivative [Line Items] | |
Amount required to settle its obligations under the agreement at its aggregate termination value incase of breach | 2.3 |
Interest rate swaps, net | Interest Expense | |
Derivative [Line Items] | |
Interests reclassified to AOCI | 12 months |
Interests reclassified to AOCI period | $1.80 |
Interest_Rate_Derivatives_and_3
Interest Rate Derivatives and Hedging Activities (Schedule Of Interest Rate Derivative) (Details) (Designated as Hedging Instrument, Cash Flow Hedging, Interest rate swaps, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | derivative | derivative |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | ||
Derivative [Line Items] | ||
Number of Instruments | 6 | 6 |
Notional Amount | $179,988 | $179,988 |
Interest_Rate_Derivatives_and_4
Interest Rate Derivatives and Hedging Activities (Schedule of Derivative Instruments in Statement of Financial Position, Fair Value) (Details) (Cash Flow Hedging, Interest rate swaps, Designated as Hedging Instrument, Derivatives at Fair Value, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Cash Flow Hedging | Interest rate swaps | Designated as Hedging Instrument | Derivatives at Fair Value | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, at fair value | $7 | $205 |
Derivative liabilities, at fair value | ($2,175) | ($1,276) |
Interest_Rate_Derivatives_and_5
Interest Rate Derivatives and Hedging Activities (Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance) (Details) (Cash Flow Hedging, Interest rate swaps, net, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of income (loss) recognized in accumulated other comprehensive income (loss) from interest rate derivatives (effective portion) | ($1,619) | ($656) |
Amount of loss recognized in loss on derivative instruments (ineffective portion and amount excluded from effectiveness testing) | -4 | 0 |
Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion) | ($526) | ($530) |
Interest_Rate_Derivatives_and_6
Interest Rate Derivatives and Hedging Activities (Schedule of Offsetting Liabilities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts of Recognized Assets | $7 | $205 |
Gross Amounts of Recognized Liabilities | -2,175 | -1,276 |
Net Amounts of Assets (Liabilities) presented on the Balance Sheet | -2,168 | -1,071 |
Financial Instruments | 0 | 0 |
Cash Collateral Posted | 0 | 0 |
Net Amount | ($2,168) | ($1,071) |
Common_Stock_Details
Common Stock (Details) (USD $) | 1 Months Ended | 3 Months Ended | 43 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2014 |
Class of Stock [Line Items] | |||||
Common stock, shares outstanding (in shares) | 162,463,456 | 162,181,939 | |||
Payments for Repurchase of Common Stock | $0 | $506 | |||
Dividends declared (in dollars per share) | $0.46 | $0.61 | |||
Dividends declared per day (in dollars per share) | $0.00 | ||||
Common stock | |||||
Class of Stock [Line Items] | |||||
Common stock, shares outstanding (in shares) | 162,463,456 | 162,181,939 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Interest Expense | $16,000 | $16,000 |
Rent Expense | $1,900,000 | $1,900,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Minimum Lease Payments (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
April 1, 2015 - December 31, 2015, Operating Leases | $3,590 |
2016, Operating Leases | 4,958 |
2017, Operating Leases | 4,905 |
2018, Operating Leases | 5,089 |
2019, Operating Leases | 5,346 |
Thereafter, Operating Leases | 251,627 |
Total, Operating Leases | 275,515 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
April 1, 2015 - December 31, 2015, Operating Leases | 65 |
2016, Operating Leases | 86 |
2017, Operating Leases | 86 |
2018, Operating Leases | 86 |
2019, Operating Leases | 86 |
Thereafter, Operating Leases | 3,490 |
Total, Operating Leases | 3,899 |
Less: amounts representing interest | -1,769 |
Total present value of minimum lease payments | $2,130 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Capital Lease Assets (Details) (Details) (Building and Building Improvements, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Building and Building Improvements | ||
Capital Leased Assets [Line Items] | ||
Buildings, fixtures and improvements | $11,783 | $11,783 |
Less accumulated depreciation and amortization | -1,279 | -1,137 |
Total real estate investments, net | $10,504 | $10,646 |
Related_Party_Transactions_and2
Related Party Transactions and Arrangements (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Common stock, shares outstanding (in shares) | 162,463,456 | 162,181,939 | |
Special Limited Partner | |||
Related Party Transaction [Line Items] | |||
Common stock, shares outstanding (in shares) | 20,000 | 20,000 | |
Sponsor | Real Estate Investment Fund | |||
Related Party Transaction [Line Items] | |||
Related party transaction, amount | $3,500,000 | ||
Viceroy Hotel | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Due from affiliates | 17,000 | 23,000 | |
Revenue from Related Parties | $15,000 | $100,000 |
Related_Party_Transactions_and3
Related Party Transactions and Arrangements - Fees Paid in Connection With the Operations of the Company (Details) (Advisor, USD $) | 0 Months Ended | ||
Apr. 15, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | |
New York Recovery Advisors, LLC | |||
Related Party Transaction [Line Items] | |||
Cost of assets maximum | $3,000,000,000 | ||
Asset management fees earned above | 0.40% | ||
New York Recovery Advisors, LLC | Contract Purchase Price | |||
Related Party Transaction [Line Items] | |||
Acquisition fees earned by related party | 1.00% | ||
New York Recovery Advisors, LLC | Average Invested Assets | |||
Related Party Transaction [Line Items] | |||
Asset management fees as a percentage of benchmark | 0.50% | 0.75% | |
Cost of assets maximum | 3,000,000,000 | ||
New York Recovery Advisors, LLC | Gross Revenue, Multi-tenant Properties | |||
Related Party Transaction [Line Items] | |||
Property management fees as a percentage of benchmark | 4.00% | ||
New York Recovery Advisors, LLC | Amount Available or Outstanding Under Financing Arrangement | |||
Related Party Transaction [Line Items] | |||
Financing coordination as a percentage of benchmark | 0.75% | ||
New York Recovery Advisors, LLC and Realty Capital Securities, LLC | Contract Purchase Price | |||
Related Party Transaction [Line Items] | |||
Unearned units, in lieu of asset management fees (in shares) | 1,188,667 | ||
Equity-based compensation | $11,500,000 | ||
Maximum | New York Recovery Advisors, LLC | Contract Purchase Price | |||
Related Party Transaction [Line Items] | |||
Acquisition fees and acquisition related expenses earned by related party | 4.50% | ||
Maximum | New York Recovery Advisors, LLC | Gross Revenue, Managed Properties | |||
Related Party Transaction [Line Items] | |||
Oversight fees as a percentage of benchmark | 1.00% | ||
Greater Of | Maximum | New York Recovery Advisors, LLC | Average Invested Assets | |||
Related Party Transaction [Line Items] | |||
Operating expenses as a percentage of benchmark | 2.00% | ||
Greater Of | Maximum | New York Recovery Advisors, LLC | Net Income, Excluding Additions to Non-cash Reserves and Gains on Sales of Assets | |||
Related Party Transaction [Line Items] | |||
Operating expenses as a percentage of benchmark | 25.00% |
Related_Party_Transactions_and4
Related Party Transactions and Arrangements - Fees Paid in Connection With the Operations of the Company, Incurred, Forgiven and Payable (Details) (USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||
Related Party Transaction [Line Items] | ||||||
Due to affiliates, net | $278 | $575 | ||||
Asset Management Fees | Ongoing fees: | ||||||
Related Party Transaction [Line Items] | ||||||
Due to affiliates, net | 4 | [1] | 15 | [1] | ||
Transfer agent and other professional fees | Ongoing fees: | ||||||
Related Party Transaction [Line Items] | ||||||
Due to affiliates, net | 274 | 560 | ||||
Property management and leasing fees | Ongoing fees: | ||||||
Related Party Transaction [Line Items] | ||||||
Due to affiliates, net | 0 | 0 | ||||
Dividends on Class B units | Ongoing fees: | ||||||
Related Party Transaction [Line Items] | ||||||
Due to affiliates, net | 0 | 0 | ||||
Incurred | ||||||
Related Party Transaction [Line Items] | ||||||
Fees paid to related parties | 3,328 | 674 | ||||
Incurred | Asset Management Fees | Ongoing fees: | ||||||
Related Party Transaction [Line Items] | ||||||
Fees paid to related parties | 3,144 | [1] | 0 | [1] | ||
Incurred | Transfer agent and other professional fees | Ongoing fees: | ||||||
Related Party Transaction [Line Items] | ||||||
Fees paid to related parties | 184 | 586 | ||||
Incurred | Property management and leasing fees | Ongoing fees: | ||||||
Related Party Transaction [Line Items] | ||||||
Fees paid to related parties | 0 | 0 | ||||
Incurred | Dividends on Class B units | Ongoing fees: | ||||||
Related Party Transaction [Line Items] | ||||||
Fees paid to related parties | 0 | 88 | ||||
Forgiven | ||||||
Related Party Transaction [Line Items] | ||||||
Fees paid to related parties | 536 | 374 | ||||
Forgiven | Asset Management Fees | Ongoing fees: | ||||||
Related Party Transaction [Line Items] | ||||||
Fees paid to related parties | 0 | [1] | 0 | [1] | ||
Forgiven | Transfer agent and other professional fees | Ongoing fees: | ||||||
Related Party Transaction [Line Items] | ||||||
Fees paid to related parties | 0 | 0 | ||||
Forgiven | Property management and leasing fees | Ongoing fees: | ||||||
Related Party Transaction [Line Items] | ||||||
Fees paid to related parties | 536 | 374 | ||||
Forgiven | Dividends on Class B units | Ongoing fees: | ||||||
Related Party Transaction [Line Items] | ||||||
Fees paid to related parties | $0 | $0 | ||||
[1] | Prior to the Listing, the Company caused the OP to issue to the Advisor restricted performance based Class B units for asset management services, which vested as of the Listing. |
Related_Party_Transactions_and5
Related Party Transactions and Arrangements - Fees Paid in Connection with the Liquidation or Listing of the Company's Real Estate Assets (Details) (USD $) | 3 Months Ended | 1 Months Ended | ||||
Share data in Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Apr. 30, 2014 | Mar. 31, 2015 | Apr. 15, 2014 | Oct. 31, 2014 |
RCS Advisory Services, LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Transaction management fee | $3,000,000 | |||||
Realty Capital Securities, LLC and American National Stock Transfer, LLC | Dealer Manager and Transfer Agent | ||||||
Related Party Transaction [Line Items] | ||||||
Fees paid to related parties | 600,000 | |||||
Information agent and advisory service fee | 1,900,000 | |||||
Transaction Management | RCS Advisory Services, LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Fees paid to related parties | 1,500,000 | |||||
Information Agent and Advisory Service Fee | Realty Capital Securities, LLC and American National Stock Transfer, LLC | Dealer Manager and Transfer Agent | ||||||
Related Party Transaction [Line Items] | ||||||
Fees paid to related parties | 600,000 | |||||
Fees and expense reimbursements from the Advisor and Dealer Manager | RCS Advisory Services, LLC | Dealer Manager | ||||||
Related Party Transaction [Line Items] | ||||||
Fees paid to related parties | $6,900,000 | |||||
Transaction fee earned | 0.25% | |||||
Contract Sales Price | Maximum | New York Recovery Advisors, LLC | Advisor | ||||||
Related Party Transaction [Line Items] | ||||||
Real estate commission earned by related party | 2.00% | |||||
Contract Sales Price | Maximum | Brokerage Commission Fees | New York Recovery Advisors, LLC | Advisor | ||||||
Related Party Transaction [Line Items] | ||||||
Real estate commission earned by related party | 50.00% | |||||
Contract Sales Price | Maximum | Real Estate Commissioner | New York Recovery Advisors, LLC | Advisor | ||||||
Related Party Transaction [Line Items] | ||||||
Real estate commission earned by related party | 6.00% | |||||
Tender Offer | ||||||
Related Party Transaction [Line Items] | ||||||
Shares authorized (in shares) | 23.3 | |||||
Transaction Fee Upon Consummation of the Sale | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
Transaction fee earned | 0.25% |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
Stock Options | Stock Option Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price for all stock options granted under the Plan (in dollars per share) | $10 | ||
Number of shares authorized (in shares) | 500,000 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum authorized amount as a percentage of shares authorized | 5.00% | ||
Common stock, par value (in dollars per share) | $0.01 | ||
Maximum percent of awards as a percent of total outstanding | 10.00% | ||
Restricted Stock | Restricted Share Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | 7,500,000 | ||
Shares automatically granted (in shares) | 3,000 | ||
Vesting percentage | 20.00% | ||
Vesting period | 4 years | ||
Share-based payment award, award vesting rights | 25.00% | ||
Granted (in shares) | 281,517 | ||
Equity-based compensation | $16,000 | $19,000 | |
Compensation cost not yet recognized | $3,000,000 | ||
Shares expected to vest | 3 years 8 months 12 days | ||
Advisor | Restricted Stock | Restricted Share Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 279,679 |
ShareBased_Compensation_Restri
Share-Based Compensation - Restricted Stock Activity (Details) (Restricted Share Plan, Restricted Stock, USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Restricted Share Plan | Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Beginning Balance (in shares) | 89,499 | |
Granted (in shares) | 281,517 | |
Ending Balance (in shares) | 371,016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Beginning Balance (in dollars per share) | $10.54 | $10.73 |
Granted (in dollars per share) | $10.36 | |
Ending Balance (in dollars per share) | $10.54 | $10.73 |
ShareBased_Compensation_MultiY
Share-Based Compensation - Multi-Year Outperformance Plan Agreement (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Apr. 15, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payments of Dividends | $18,654,000 | $11,778,000 | ||
New Multi-Year Outperformance Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | 200,000 | 0 | ||
New Multi-Year Outperformance Plan | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Opp units issued (in shares) | 8,880,579 | |||
Company's market capitalization percentage | 5.00% | |||
Share-based payment award, award vesting rights | 33.33% | |||
Distribution entitlement percentage | 10.00% | |||
Payments of Dividends | $100,000 | |||
New Multi-Year Outperformance Plan | Performance Shares | Performance Period | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period: | 21.00% | |||
100% will be earned if cumulative Total Return achieved is at least: | 18.00% | [1] | ||
50% will be earned if cumulative Total Return achieved is: | 0.00% | [1] | ||
0% will be earned if cumulative Total Return achieved is less than: | 0.00% | [1] | ||
New Multi-Year Outperformance Plan | Performance Shares | Annual Period | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period: | 7.00% | |||
100% will be earned if cumulative Total Return achieved is at least: | 6.00% | [1] | ||
50% will be earned if cumulative Total Return achieved is: | 0.00% | [1] | ||
0% will be earned if cumulative Total Return achieved is less than: | 0.00% | [1] | ||
New Multi-Year Outperformance Plan | Performance Shares | Interim Period | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period: | 14.00% | |||
100% will be earned if cumulative Total Return achieved is at least: | 12.00% | [1] | ||
50% will be earned if cumulative Total Return achieved is: | 0.00% | [1] | ||
0% will be earned if cumulative Total Return achieved is less than: | 0.00% | [1] | ||
Relative Component | Excess Return, Above Peer Group | New Multi-Year Outperformance Plan | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized, percentage of benchmark | 4.00% | |||
Relative Component | Cumulative Return, Above Threshold | New Multi-Year Outperformance Plan | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares awarded as a percentage of maximum | 100.00% | |||
Relative Component | Cumulative Return, Above Threshold | New Multi-Year Outperformance Plan | Performance Shares | Minimum | Performance Period | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Return percentage threshold | 0.00% | |||
Relative Component | Cumulative Return, Above Threshold | New Multi-Year Outperformance Plan | Performance Shares | Minimum | Annual Period | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Return percentage threshold | 0.00% | |||
Relative Component | Cumulative Return, Above Threshold | New Multi-Year Outperformance Plan | Performance Shares | Minimum | Interim Period | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Return percentage threshold | 0.00% | |||
Relative Component | Cumulative Return, Above Threshold | New Multi-Year Outperformance Plan | Performance Shares | Maximum | Performance Period | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Return percentage threshold | 18.00% | |||
Relative Component | Cumulative Return, Above Threshold | New Multi-Year Outperformance Plan | Performance Shares | Maximum | Annual Period | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Return percentage threshold | 6.00% | |||
Relative Component | Cumulative Return, Above Threshold | New Multi-Year Outperformance Plan | Performance Shares | Maximum | Interim Period | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Return percentage threshold | 12.00% | |||
Relative Component | Cumulative Return, Equal to Threshold | New Multi-Year Outperformance Plan | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares awarded as a percentage of maximum | 50.00% | |||
Relative Component | Cumulative Return, Below Threshold | New Multi-Year Outperformance Plan | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares awarded as a percentage of maximum | 0.00% | |||
Absolute Component | Excess Return, Above Threshold | New Multi-Year Outperformance Plan | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized, percentage of benchmark | 4.00% | |||
[1] | The bPeer Groupb is comprised of the companies in the SNL US REIT Office Index. |
ShareBased_Compensation_Fair_V
Share-Based Compensation - Fair Value Inputs (Details) (Multi-year Outperformance Plan, Fair Value, Measurements, Recurring, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
OPP | $23,400 | $29,100 |
Quoted Prices in Active Markets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
OPP | 0 | 0 |
Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
OPP | 0 | 0 |
Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
OPP | $23,400 | $29,100 |
ShareBased_Compensation_Level_
Share-Based Compensation - Level 3 Reconciliations (Details) (Multi-year Outperformance Plan, Share Based Compensation Liability, USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Multi-year Outperformance Plan | Share Based Compensation Liability | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning Balance | $29,100 |
Fair value adjustment | -5,700 |
Ending Balance | $23,400 |
ShareBased_Compensation_Valuat
Share-Based Compensation - Valuation Techniques (Details) (Monte Carlo Simulation, Fair Value, Measurements, Recurring, Share Based Compensation Liability, USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Monte Carlo Simulation | Fair Value, Measurements, Recurring | Share Based Compensation Liability | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
OPP | $23,400 | $29,100 |
Expected volatility | 24.00% | 27.00% |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($816) |
Other comprehensive income (loss), before reclassifications | -1,467 |
Amounts reclassified from accumulated other comprehensive income (loss) | 478 |
Net current-period other comprehensive income (loss) | -989 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -1,805 |
Unrealized gains on available-for-sale securities | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 244 |
Other comprehensive income (loss), before reclassifications | 152 |
Amounts reclassified from accumulated other comprehensive income (loss) | -48 |
Net current-period other comprehensive income (loss) | 104 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 348 |
Designated derivatives fair value adjustment | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -1,060 |
Other comprehensive income (loss), before reclassifications | -1,619 |
Amounts reclassified from accumulated other comprehensive income (loss) | 526 |
Net current-period other comprehensive income (loss) | -1,093 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($2,153) |
Net_Loss_Per_Share_Schedule_of
Net Loss Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Net loss attributable to stockholders (In thousands) | ($8,199) | ($8,156) |
Basic weighted average shares outstanding (in shares) | 162,092,424 | 175,068,005 |
Basic and diluted net loss per share attributable to stockholders (in dollars per share) | ($0.05) | ($0.05) |
Net_Loss_Per_Share_Schedule_of1
Net Loss Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents (in shares) | 13,522,436 | 823,532 | ||
Unvested restricted stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents (in shares) | 371,016 | 24,000 | ||
OP units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents (in shares) | 4,270,841 | 200 | ||
Class B units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents (in shares) | 0 | [1] | 799,332 | [1] |
LTIP units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive common share equivalents (in shares) | 8,880,579 | 0 | ||
[1] | Upon the occurrence of the Listing, Class B units were converted to OP units on a one-for-one basis. |
Noncontrolling_Interests_Detai
Non-controlling Interests (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2012 | Dec. 31, 2014 | |
Noncontrolling Interest [Line Items] | ||||
Distributions to non-controlling interest holders | $593,000 | |||
163 Washington Ave Condominiums | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling members' aggregate investment | 500,000 | |||
Advisor | ||||
Noncontrolling Interest [Line Items] | ||||
Distributions to non-controlling interest holders | $500,000 | $0 | ||
OP units | Advisor | ||||
Noncontrolling Interest [Line Items] | ||||
Nonvested Shares outstanding (in shares) | 4,270,841 | |||
LTIP units | Advisor | ||||
Noncontrolling Interest [Line Items] | ||||
Nonvested Shares outstanding (in shares) | 8,880,579 |