Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 30, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Terreno Realty Corp | |
Entity Central Index Key | 1,476,150 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 59,136,072 | |
Trading Symbol | trno |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Investments in real estate | ||
Land | $ 803,148 | $ 759,659 |
Buildings and improvements | 823,921 | 801,242 |
Construction in progress | 91,055 | |
Intangible assets | 79,414 | 76,029 |
Total investments in properties | 1,797,538 | 1,636,930 |
Accumulated depreciation and amortization | (162,150) | (139,814) |
Net investments in properties | 1,635,388 | 1,497,116 |
Properties held for sale, net | 2,538 | |
Net investments in real estate | 1,637,926 | 1,497,116 |
Cash and cash equivalents | 3,587 | 35,710 |
Restricted cash | 4,466 | 7,090 |
Senior secured loan, net | 54,345 | |
Other assets, net | 30,924 | 27,955 |
Total assets | 1,731,248 | 1,567,871 |
Liabilities | ||
Credit facility | 21,850 | |
Term loans payable, net | 149,114 | 148,897 |
Senior unsecured notes, net | 248,188 | 247,955 |
Mortgage loans payable, net | 63,502 | 64,831 |
Security deposits | 11,340 | 11,058 |
Intangible liabilities, net | 24,063 | 22,361 |
Dividends payable | 14,186 | 12,181 |
Performance share awards payable | 9,310 | 11,824 |
Accounts payable and other liabilities | 22,666 | 21,270 |
Total liabilities | 564,219 | 540,377 |
Commitments and contingencies (Note 12) | ||
Stockholders' equity | ||
Common stock: $0.01 par value, 400,000,000 shares authorized, and 59,136,072 and 55,368,737 shares issued and outstanding, respectively | 592 | 553 |
Additional paid-in capital | 1,161,395 | 1,023,184 |
Retained earnings | 5,856 | 4,803 |
Accumulated other comprehensive loss | (814) | (1,046) |
Total stockholders' equity | 1,167,029 | 1,027,494 |
Total liabilities and equity | $ 1,731,248 | $ 1,567,871 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 59,136,072 | 55,368,737 |
Common stock, shares outstanding | 59,136,072 | 55,368,737 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
REVENUES | ||||
Rental revenues | $ 29,702 | $ 26,452 | $ 87,342 | $ 76,629 |
Total revenues | 37,899 | 33,640 | 112,244 | 97,859 |
COSTS AND EXPENSES | ||||
Property operating expenses | 9,486 | 9,023 | 29,692 | 26,022 |
Depreciation and amortization | 10,057 | 9,595 | 30,566 | 27,855 |
General and administrative | 5,047 | 5,041 | 15,132 | 15,250 |
Acquisition costs | 122 | 129 | 11 | |
Total costs and expenses | 24,712 | 23,659 | 75,519 | 69,138 |
OTHER INCOME (EXPENSE) | ||||
Interest and other income | 1,341 | 17 | 2,323 | 75 |
Interest expense, including amortization | (4,406) | (4,514) | (13,717) | (12,086) |
Gain on sales of real estate investments | 15,449 | 14,986 | 25,549 | |
Total other income and expenses | (3,065) | 10,952 | 3,592 | 13,538 |
Net income | 10,122 | 20,933 | 40,317 | 42,259 |
Redemption of preferred stock | (1,767) | (1,767) | ||
Preferred stock dividends | (178) | (1,961) | ||
Net income, net of redemption of preferred stock and preferred stock dividends | 10,122 | 18,988 | 40,317 | 38,531 |
Allocation to participating securities | (66) | (136) | (256) | (277) |
Net income available to common stockholders, net of redemption of preferred stock and preferred stock dividends | $ 10,056 | $ 18,852 | $ 40,061 | $ 38,254 |
EARNINGS PER COMMON SHARE - BASIC AND DILUTED: | ||||
Net income available to common stockholders, net of redemption of preferred stock and preferred stock dividends | $ 0.17 | $ 0.36 | $ 0.71 | $ 0.76 |
BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 58,369,252 | 52,804,611 | 56,743,805 | 50,277,432 |
Tenant Expense Reimbursement [Member] | ||||
REVENUES | ||||
Total revenues | $ 8,197 | $ 7,188 | $ 24,902 | $ 21,230 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ||||
Net income | $ 10,122 | $ 20,933 | $ 40,317 | $ 42,259 |
Other comprehensive income (loss): cash flow hedge adjustment | 70 | 8 | 232 | (182) |
Comprehensive income | $ 10,192 | $ 20,941 | $ 40,549 | $ 42,077 |
Consolidated Statement Of Equit
Consolidated Statement Of Equity - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Beginning balance, Shares at Dec. 31, 2017 | 55,368,737 | ||||
Beginning balance at Dec. 31, 2017 | $ 553 | $ 1,023,184 | $ 4,803 | $ (1,046) | $ 1,027,494 |
Net income | 40,317 | 40,317 | |||
Issuance of common stock, net of issuance costs, Shares | 3,820,687 | ||||
Issuance of common stock, net of issuance costs | $ 39 | 140,306 | 140,345 | ||
Repurchase of common stock, Shares | (107,267) | ||||
Repurchase of common stock | (3,870) | (3,870) | |||
Issuance of restricted stock, Shares | 53,915 | ||||
Stock-based compensation | 1,775 | 1,775 | |||
Common stock dividends | (39,264) | (39,264) | |||
Other comprehensive income | 232 | 232 | |||
Ending balance, Shares at Sep. 30, 2018 | 59,136,072 | ||||
Ending balance at Sep. 30, 2018 | $ 592 | $ 1,161,395 | $ 5,856 | $ (814) | $ 1,167,029 |
Consolidated Statement Of Equ_2
Consolidated Statement Of Equity (Parenthetical) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Consolidated Statement Of Equity [Abstract] | |
Issuance costs | $ 2,295 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 40,317 | $ 42,259 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Straight-line rents | (2,937) | (2,865) |
Amortization of lease intangibles | (2,678) | (1,521) |
Depreciation and amortization | 30,566 | 27,855 |
Gain on sales of real estate investments | (14,986) | (25,549) |
Deferred financing cost amortization | 1,081 | 866 |
Deferred senior secured loan fee amortization | (245) | |
Stock-based compensation | 6,022 | 7,261 |
Changes in assets and liabilities | ||
Other assets | (2,359) | 937 |
Accounts payable and other liabilities | 2,225 | 4,408 |
Net cash provided by operating activities | 57,006 | 53,651 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Cash paid for property acquisitions | (169,143) | (190,108) |
Proceeds from sales of real estate investments, net | 42,991 | 64,183 |
Additions to construction in progress | (5,006) | |
Additions to buildings, improvements and leasing costs | (19,685) | (18,936) |
Cash paid for senior secured loan | (55,000) | |
Origination and other fees received on senior secured loan | 900 | |
Net cash used in investing activities | (204,943) | (144,861) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuance of common stock | 135,879 | 224,469 |
Issuance costs on issuance of common stock | (1,971) | (3,295) |
Repurchase of common stock | (3,870) | (3,436) |
Repurchase of preferred stock | (46,000) | |
Borrowings on credit facility | 141,850 | 93,000 |
Payments on credit facility | (120,000) | (144,500) |
Borrowings on senior unsecured notes | 100,000 | |
Payments on mortgage loans payable | (1,425) | (1,451) |
Payment of deferred financing costs | (14) | (872) |
Dividends paid to common stockholders | (37,259) | (29,861) |
Dividends paid to preferred stockholders | (1,999) | |
Net cash provided by financing activities | 113,190 | 186,055 |
Net (decrease) increase in cash and cash equivalents and restricted cash | (34,747) | 94,845 |
Cash and cash equivalents and restricted cash at beginning of period | 42,800 | 18,478 |
Cash and cash equivalents and restricted cash at end of period | 8,053 | 113,323 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid for interest, net of capitalized interest | 15,616 | 10,917 |
Supplemental disclosures of non-cash transactions | ||
Accounts payable related to capital improvements | 6,283 | 7,770 |
Redemption of preferred stock | 1,729 | |
Reconciliation of cash paid for property acquisitions | ||
Acquisition of properties | 174,134 | 209,738 |
Assumption of other assets and liabilities | (4,991) | (19,630) |
Net cash paid for property acquisitions | $ 169,143 | $ 190,108 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2018 | |
Organization [Abstract] | |
Organization | Note 1. Organization Terreno Realty Corporation (“Terreno”, and together with its subsidiaries, the “Company”) acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C. All square feet, acres, occupancy and number of properties disclosed in these condensed notes to the consolidated financial statements are unaudited. As of September 30, 2018, the Company owned 203 buildings (including one building held for sale) aggregating approximately 12.9 million square feet, 13 improved land parcels consisting of approximately 52.9 acres and four buildings under redevelopment expected to contain approximately 0.5 million square feet upon completion. The Company is an internally managed Maryland corporation and elected to be taxed as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2010. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies Basis of Presentation. The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for annual financial statements. In management’s opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The interim consolidated financial statements include all of the Company’s accounts and its subsidiaries and all intercompany balances and transactions have been eliminated in consolidation. The financial statements should be read in conjunction with the financial statements contained in the Company’s 2017 Annual Report on Form 10-K and the notes thereto, which was filed with the Securities and Exchange Commission on February 7, 2018. Use of Estimates. The preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Capitalization of Costs. The Company capitalizes costs directly related to the redevelopment, renovation and expansion of its investment in real estate. Costs associated with such projects are capitalized as incurred. If the project is abandoned, these costs are expensed during the period in which the redevelopment, renovation or expansion project is abandoned. Costs considered for capitalization include, but are not limited to, construction costs, interest, real estate taxes and insurance, if appropriate. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. Costs incurred for maintaining and repairing properties, which do not extend their useful lives, are expensed as incurred. Interest is capitalized based on actual capital expenditures from the period when redevelopment, renovation or expansion commences until the asset is ready for its intended use, at the weighted average borrowing rate during the period. Investments in Real Estate. Investments in real estate, including tenant improvements, leasehold improvements and leasing costs, are stated at cost, less accumulated depreciation, unless circumstances indicate that the cost cannot be recovered, in which case, an adjustment to the carrying value of the property is made to reduce it to its estimated fair value. The Company also reviews the impact of above and below-market leases, in-place leases and lease origination costs for acquisitions and records an intangible asset or liability accordingly. Impairment. Carrying values for financial reporting purposes are reviewed for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of a property may not be fully recoverable. Examples of such events or changes in circumstances may include classifying an asset to be held for sale, changing the intended hold period or when an asset remains vacant significantly longer than expected. The intended use of an asset either held for sale or held for use can significantly impact how impairment is measured. If an asset is intended to be held for the long-term, the recoverability is based on the undiscounted future cash flows. If the asset carrying value is not supported on an undiscounted future cash flow basis, then the asset carrying value is measured against the lower of cost or the present value of expected cash flows over the expected hold period. An impairment charge to earnings is recognized for the excess of the asset’s carrying value over the lower of cost or the present values of expected cash flows over the expected hold period. If an asset is intended to be sold, impairment is determined using the estimated fair value less costs to sell. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions, among other things, regarding current and future economic and market conditions and the availability of capital. The Company determines the estimated fair values based on its assumptions regarding rental rates, lease-up and holding periods, as well as sales prices. When available, current market information is used to determine capitalization and rental growth rates. If available, current comparative sales values may also be used to establish fair value. When market information is not readily available, the inputs are based on the Company’s understanding of market conditions and the experience of the Company’s management team. Actual results could differ significantly from the Company’s estimates. The discount rates used in the fair value estimates represent a rate commensurate with the indicated holding period with a premium layered on for risk. There were no impairment charges recorded to the carrying values of the Company’s properties during the three or nine months ended September 30, 2018 or 2017. Loans He ld-for-Investment. Loans that are held-for-investment are carried at cost, net of loan fees and origination costs, as applicable, unless the loans are deemed impaired. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of loans that are held-for-investment. The Company evaluates its senior secured loan (the “Senior Secured Loan”), which is classified as held-for-investment, for impairment quarterly. If the Senior Secured Loan is considered to be impaired, the Company records an allowance through the provision for Senior Secured Loan losses to reduce the carrying value of the Senior Secured Loan to the present value of expected future cash flows discounted at the Senior Secured Loan’s contractual effective rate or the fair value of the collateral, if repayment is expected solely from the collateral. Actual losses, if any, could differ significantly from the Company’s estimates. There were no impairment charges recorded to the carrying value of the Senior Secured Loan during the three or nine months ended September 30, 2018 or 2017. Property Acquisitions. Effective January 1, 2017, the Company adopted Accounting Standards Update (“ ASU”) 2017-1, Business Combinations (Topic 805): Clarifying the Definition of a Business which requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the integrated set of assets and activities is not considered a business. To be a business, the set of acquired activities and assets must include inputs and one or more substantive processes that together contribute to the ability to create outputs. The Company has determined that its real estate property acquisitions will generally be accounted for as asset acquisitions under the clarified definition. Prior to January 1, 2017, the Company generally accounted for property acquisitions as business combinations, in accordance with Accounting Standards Codification (“ ASC”) 805, Business Combinations . U pon acquisition of a property the Company estimates the fair value of acquired tangible assets (consisting generally of land, buildings and improvements) and intangible assets and liabilities (consisting generally of the above and below-market leases and the origination value of all in-place leases). The Company determines fair values using Level 3 inputs such as replacement cost, estimated cash flow projections and other valuation techniques and applying appropriate discount and capitalization rates based on available market information. Mortgage loans assumed in connection with acquisitions are recorded at their fair value using current market interest rates for similar debt at the date of acquisition. Acquisition-related costs associated with asset acquisitions are capitalized to individual tangible and intangible assets and liabilities assumed on a relative fair value basis and acquisition-related costs associated with business combinations are expensed as incurred. The fair value of the tangible assets is determined by valuing the property as if it were vacant. Land values are derived from current comparative sales values, when available, or management’s estimates of the fair value based on market conditions and the experience of the Company’s management team. Building and improvement values are calculated as replacement cost less depreciation, or management’s estimates of the fair value of these assets using discounted cash flow analyses or similar methods. The fair value of the above and below-market leases is based on the present value of the difference between the contractual amounts to be received pursuant to the acquired leases (using a discount rate that reflects the risks associated with the acquired leases) and the Company’s estimate of the market lease rates measured over a period equal to the remaining term of the leases plus the term of any below-market fixed rate renewal options. The above and below-market lease values are amortized to rental revenues over the remaining initial term plus the term of any below-market fixed rate renewal options that are considered bargain renewal options of the respective leases. The total net impact to rental revenues due to the amortization of above and below-market leases was a net increase of approximately $0.9 million and $0.7 million, respectively, for the three months ended September 30, 2018 and 2017, and approximately $2.7 million and $1.5 million, respectively, for the nine months ended September 30, 2018 and 2017. The origination value of in-place leases is based on costs to execute similar leases, including commissions and other related costs. The origination value of in-place leases also includes real estate taxes, insurance and an estimate of lost rental revenue at market rates during the estimated time required to lease up the property from vacant to the occupancy level at the date of acquisition. The remaining weighted average lease term related to these intangible assets and liabilities as of September 30, 2018 is 9.0 years . As of September 30, 2018 and December 31, 2017, the Company’s intangible assets and liabilities, including properties held for sale (if any), consisted of the following (dollars in thousands): September 30, 2018 December 31, 2017 Gross Accumulated Amortization Net Gross Accumulated Amortization Net In-place leases $ 75,644 $ (50,457) $ 25,187 $ 71,502 $ (45,885) $ 25,617 Above-market leases 4,170 (3,543) 627 4,527 (3,695) 832 Below-market leases (34,613) 10,550 (24,063) (30,386) 8,025 (22,361) Total $ 45,201 $ (43,450) $ 1,751 $ 45,643 $ (41,555) $ 4,088 Depreciation and Useful Lives of Real Estate and Intangible Assets. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the related assets or liabilities. The following table reflects the standard depreciable lives typically used to compute depreciation and amortization. However, such depreciable lives may be different based on the estimated useful life of such assets or liabilities. Description Standard Depreciable Life Land Not depreciated Building 40 years Building Improvements 5 -40 years Tenant Improvements Shorter of lease term or useful life Leasing Costs Lease term In-place leases Lease term Above/Below-Market Leases Lease term Held for Sale Assets. The Company considers a property to be held for sale when it meets the criteria established under ASC 360, Property, Plant and Equipment (Note 5). Properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. Cash and Cash Equivalents. Cash and cash equivalents consists of cash held in a major banking institution and other highly liquid short-term investments with original maturities of three months or less. Cash equivalents are generally invested in U.S. government securities, government agency securities or money market accounts. Restricted Cash. Restricted cash includes cash held in escrow in connection with property acquisitions and reserves for certain capital improvements, leasing, interest and real estate tax and insurance payments as required by certain mortgage loan obligations. The following summarizes the reconciliation of cash and cash equivalents and restricted cash as presented in the accompanying consolidated statements of cash flows: For the Nine Months Ended September 30, 2018 2017 Beginning Cash and cash equivalents at beginning of period $ 35,710 $ 14,208 Restricted cash 7,090 4,270 Cash and cash equivalents and restricted cash 42,800 18,478 Ending Cash and cash equivalents at end of period 3,587 109,058 Restricted cash 4,466 4,265 Cash and cash equivalents and restricted cash 8,053 113,323 Net (decrease) increase in cash and cash equivalents and restricted cash $ (34,747) $ 94,845 Revenue Recognition. The Company records rental revenue from operating leases on a straight-line basis over the term of the leases and maintains an allowance for estimated losses that may result from the inability of its tenants to make required payments. If tenants fail to make contractual lease payments that are greater than the Company’s allowance for doubtful accounts, security deposits and letters of credit, then the Company may have to recognize additional doubtful account charges in future periods. The Company monitors the liquidity and creditworthiness of its tenants on an on-going basis by reviewing their financial condition periodically as appropriate. Each period the Company reviews its outstanding accounts receivable, including straight-line rents, for doubtful accounts and provides allowances as needed. The Company also records lease termination fees when a tenant has executed a definitive termination agreement with the Company and the payment of the termination fee is not subject to any conditions that must be met or waived before the fee is due to the Company. If a tenant remains in the leased space following the execution of a definitive termination agreement, the applicable termination will be deferred and recognized over the term of such tenant’s occupancy. Tenant expense reimbursement income includes payments and amounts due from tenants pursuant to their leases for real estate taxes, insurance and other recoverable property operating expenses and is recognized as revenues during the same period the related expenses are incurred. As of September 30, 2018 and December 31, 2017, approximately $25.2 million and $23.0 million, respectively, of straight-line rent and accounts receivable, net of allowances of approximately $0.2 million and $0.1 million as of September 30, 2018 and December 31, 2017, respectively, were included as a component of other assets in the accompanying consolidated balance sheets. Deferred Financing Costs. Costs incurred in connection with financings are capitalized and amortized to interest expense using the effective interest method over the term of the related loan. Deferred financing costs associated with the revolving credit facility are classified as an asset and deferred financing costs associated with debt liabilities are reported as a direct deduction from the carrying amount of the debt liability in the accompanying consolidated balance sheets. Deferred financing costs related to the revolving credit facility and debt liabilities are shown at cost, net of accumulated amortization in the aggregate of approximately $6.6 million and $5.7 million as of September 30, 2018 and December 31, 2017, respectively. Income Taxes. The Company elected to be taxed as a REIT under the Code and operates as such beginning with its taxable year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If it fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the IRS grants it relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes it is organized and operates in such a manner as to qualify for treatment as a REIT. ASC 740-10, Income Taxes, provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740-10 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. As of September 30 , 2018 and December 31, 2017, the Company did not have any unrecognized tax benefits and does not believe that there will be any material changes in unrecognized tax positions over the next 12 months. The Company’s tax returns are subject to examination by federal, state and local tax jurisdictions beginning with the 2010 calendar year. Stock-Based Compensation and Other Long-Term Incentive Compensation. The Company follows the provisions of ASC 718, Compensation-Stock Compensation, to account for its stock-based compensation plan, which requires that the compensation cost relating to stock-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. The Company has adopted the Amended and Restated 2010 Equity Incentive Plan, which provides for the grant of restricted stock awards, performance share awards, unrestricted shares or any combination of the foregoing. Stock-based compensation is recognized as a general and administrative expense in the accompanying consolidated statements of operations and measured at the fair value of the award on the date of grant. The Company estimates the forfeiture rate based on historical experience as well as expected behavior. The amount of the expense may be subject to adjustment in future periods depending on the specific characteristics of the stock-based award. In addition, the Company has awarded long-term incentive target awards (the “Performance Share awards”) to its executives that may be payable in shares of the Company’s common stock after the conclusion of each pre-established performance measurement period, which is generally three years. The amount that may be earned under the Performance Share awards is variable depending on the relative total shareholder return of the Company’s common stock as compared to the total shareholder return of the MSCI U.S. REIT Index (RMS) and the FTSE Nareit Equity Industrial Index over the pre-established performance measurement period. The Company estimates the fair value of the Performance Share awards using a Monte Carlo simulation model on the date of grant and at each reporting period. The Performance Share awards are recognized as compensation expense over the requisite performance period based on the fair value of the Performance Share awards at the balance sheet date and vary quarter to quarter based on the Company’s relative share price performance. Use of Derivative Financial Instruments. ASC 815, Derivatives and Hedging (Note 8), provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why the Company uses derivative instruments, (b) how the Company accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect the Company's financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company's objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments. The Company records all derivatives on the accompanying consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. As of September 30, 2018 , the Company had three interest rate caps to hedge the variable cash flows associated with its existing $150.0 million of variable-rate term loans. The caps have a notional value of $150.0 million and will effectively cap the annual interest rate at 4.0% plus 1.30% to 1.85% , depending on leverage, with respect to $50.0 million for the period from December 1, 2014 (effective date) to May 1, 2021 , $50.0 million for the period from September 1, 2015 (effective date) to April 1, 2019 , and $50.0 million for the period from September 1, 2015 (effective date) to Febr uary 3, 2020 . The Company records all derivative instruments on a gross basis in other assets on the accompanying consolidated balance sheets, and accordingly, there are no offsetting amounts that net assets against liabilities. As of September 30, 2018 and December 31, 2017, the fair value of the interest rate caps was approximately $ 0.1 million and $30,000 , respectively. Fair Value of Financial Instruments . ASC 820, Fair Value Measurements and Disclosures (Note 9), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also provides guidance for using fair value to measure financial assets and liabilities. ASC 820 requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3). New Accounting Standards. In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, which created ASC Topic 606, Revenue from Contracts with Customers, which is their final standard on revenue from contracts with customers. ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenues arising from contracts with customers. The effective date of ASU 2014-09 was deferred by the issuance of ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, by one year to make the guidance of ASU 2014-09 effective for annual reporting periods beginning after December 15, 2017, including interim periods therein. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which clarifies how to apply the implementation guidance on principal versus agent considerations related to the sale of goods or services to a customer as updated by ASU 2014-09. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which clarifies two aspects of Topic 606: (1) identifying performance obligations and (2) the licensing implementation guidance, while retaining the related principles for those areas. The effective date and transition requirements for ASU 2016-10 are the same as the effective date and transition requirements in ASU 2015-14. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , which makes narrow scope amendments to Topic 606, including implementation issues on collectability, non-cash consideration and completed contracts at transition. In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers , which make additional narrow scope amendments to Topic 606, including loan guarantee fees, impairment testing of contract costs, provisions for losses on construction-type and production-type contracts. The FASB allows two adoption methods under ASU 2014-09. Under one method, a company will apply the rules to contracts in all reporting periods presented, subject to certain allowable exceptions. Under the other method, a company will apply the rules to all contracts existing as of January 1, 2018, recognizing in beginning retained earnings an adjustment for the cumulative effect of the change and providing additional disclosures comparing results to previous rules ("modified retrospective method"). Based on the Company’s evaluation of contracts within the scope of ASU 2014-09, the guidance impacts revenue related to the sales of real estate, which is evaluated in conjunction with ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (see below). The Company’s rental revenues and recoveries earned from leasing operating properties are excluded from this standard and will be assessed with the adoption of ASU 2016-02, Leases (see below). The Company adopted ASU 2014-09 as of January 1, 2018 using the modified retrospective method. As a result of adoption of the standard, there was no material impact to the Company’s consolidated financial statements. Effective January 1, 2018, the Company adopted the guidance of ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets , which applies to sales or transfers to noncustomers of nonfinancial assets or in substance nonfinancial assets that do not meet the definition of a business. Generally, the Company’s sales of real estate would be considered a sale of a nonfinancial asset as defined by ASC 610-20. ASC 610-20 refers to the revenue recognition principles under ASU 2014-09, Revenue from Contracts with Customers (see above). Under ASC 610-20, if the Company determines it does not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, the Company would derecognize the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer. As a result of adoption of the standard, there was no material impact to the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The ASU increases transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. The standard requires that non-lease components, such as tenant expense reimbursement revenues, be accounted for in accordance with ASU 2014-09, Revenue from Contracts with Customers (see above), which could change the classification and timing of its non-lease components. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those years, which for the Company would be the first quarter of 2019, and early adoption is permitted. The standard is not expected to have a material effect on the Company’s financial statements from a lessee perspective. In July 2018, the FASB issued ASU 2018-11 , Leases (Topic 842): Targeted Improvements , which allows lessors to elect a practical expedient by class of underlying assets to not separate non-lease components from the lease component if certain conditions are met. The lessor’s practical expedient election would be limited to circumstances in which the non-lease components otherwise would be accounted for under the new revenue guidance and both (i) the timing and pattern of transfer are the same for the non-lease component and the related lease component and (ii) the non-lease component is not the predominant component of the arrangement. The Company expects to elect the practical expedient which would allow the Company the ability to combine the lease and non-lease components if the underlying asset meets the criteria above. ASU 2018-11 also includes an optional transition method in addition to the existing requirements for transition to the new standard by recognizing a cumulative effect adjustment to the opening balance sheet of retained earnings in the period of adoption. Consequently, a company’s reporting for the comparative periods presented in the financial statements would continue to be in accordance with current GAAP (Topic 840). The Company plans to elect this practical expedient as well. The Company plans to adopt the provisions of ASU No. 2016-02 and ASU No. 2018-11 effective January 1, 2019 using the modified retrospective approach and plans to apply the package of practical expedients available to the Company upon adoption. The Company is currently assessing the potential changes to its accounting and whether such changes will have a material impact on its consolidated financial statements and condensed notes to its consolidated financial statements, as well as its business processes, controls and systems. The Company does not expect that these changes will have a material effect on its financial position or results of operations. The Company does not currently capitalize internal leasing costs. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which provides clarified guidance on the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years and early adoption was permitted. The Company adopted ASU 2016-15 as of January 1, 2018. As a result of adoption of the standard, there was no material impact to the Company’s consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting , which provides |
Concentration Of Credit Risk
Concentration Of Credit Risk | 9 Months Ended |
Sep. 30, 2018 | |
Concentration Of Credit Risk [Abstract] | |
Concentration Of Credit Risk | Note 3. Concentration of Credit Risk Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents. The Company may maintain deposits in federally insured financial institutions in excess of federally insured limits. However, the Company’s management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. As of September 30, 2018 , the Company owned 55 buildings aggregating approximately 3.1 million square feet and five land parcels consisting of approximately 26.9 acres located in Northern New Jersey/New York City, which accounted for a combined percentage of approximately 25.4% of its annualized base rent, and 36 buildings aggregating approximately 2.7 million square feet and three land parcels consisting of approximately 8.0 acres located in Los Angeles, which accounted for a combined percentage of approximately 18.7% of its annualized base rent. Such annualized base rent percentages are based on contractual base rent from leases in effect as of September 30, 2018 , excluding any partial or full rent abatements. Other real estate companies compete with the Company in its real estate markets. This results in competition for tenants to occupy space. The existence of competing properties could have a material impact on the Company’s ability to lease space and on the level of rent that can be achieved. The Company had no tenants that accounted for greater than 10% of its rental revenues for the nine months ended September 30, 2018 . |
Investments In Real Estate
Investments In Real Estate | 9 Months Ended |
Sep. 30, 2018 | |
Investments In Real Estate [Abstract] | |
Investments In Real Estate | Note 4. Investments in Real Estate During the three months ended September 30, 2018 , the Company acquired eight industrial buildings containing approximately 407,000 square feet and two improved land parcels containing approximately 1.4 acres. The total aggregate initial investment, including acquisition costs, was approximately $70.4 million, of which $44.6 million was recorded to land, $22.3 million to buildings and improvements, $3.5 million to intangible assets and $1.9 million to intangible liabilities. During the nine months ended September 30, 2018 , the Company acquired 13 industrial buildings containing approximately 875,000 square feet, including two buildings under redevelopment that upon completion will contain approximately 318,000 square feet with a total expected investment of approximately $95.6 million, including redevelopment costs of approximately $27.8 million, and three improved land parcels containing approximately 5.0 acres. The total aggregate initial investment, including acquisition costs, was approximately $174.1 million, of which $119.0 million was recorded to land, $47.7 million to buildings and improvements, $7.4 million to intangible assets and $4.6 million to intangible liabilities. The Company recorded revenues and net income for the three months ended September 30, 2018 of approximately $1.2 million and $ 0.4 million, respectively, and recorded revenues and net income for the nine months ended September 30, 2018 of approximately $2.3 million and $0.8 million, respectively, related to the 2018 acquisitions. During the three months ended September 30, 2017, the Company acquired eight industrial buildings containing approximately 258,000 square feet and one improved land parcel containing approximately 1.1 acres. The total aggregate initial investment, including acquisition costs, was approximately $53.9 million, of which $32.6 million was recorded to land, $18.5 million to buildings and improvements, $2.8 million to intangible assets and $1.4 million to intangible liabilities. During the nine months ended September 30, 2017, the Company acquired 21 industrial buildings containing approximately 1,156,000 square feet and three improved land parcels containing approximately 18.9 acres. The total aggregate initial investment, including acquisition costs, was approximately $209.8 million, of which $144.9 million was recorded to land, $55.2 million to buildings and improvements, $9.7 million to intangible assets and $18.7 million to intangible liabilities. The Company recorded revenues and net income for the three months ended September 30, 2017 of approximately $2.6 million and $1.0 million, respectively, and recorded revenues and net income for the nine months ended September 30, 2017 of approximately $3.9 million and $1.6 million, respectively, related to the 2017 acquisitions. The above assets and liabilities were recorded at fair value, which uses Level 3 inputs. The properties were acquired from unrelated third parties using existing cash on hand, proceeds from property sales, issuance of common stock and borrowings on the revolving credit facility. During 2018, the Company began redevelopment on four buildings that upon completion will contain approximately 0.5 million square feet with a total expected investment of approximately $119.0 million, including redevelopment costs of approximately $32.7 million. The Company capitalized interest associated with redevelopment and expansion activities of approximately $0.8 million and $0 , respectively, during the three months ended September 30, 2018 and 2017, and approximately $1.6 million and $0 , respectively, during the nine months ended September 30, 2018 and 2017. Pro Forma Financial Information: The following supplementary pro forma financial information presents the results of operations of the Company for the three and nine months ended September 30 , 2018 and 2017 as if all of the Company’s acquisitions during the nine months ended September 30 , 2018 occurred on January 1, 2017. The following pro forma results for the three and nine months ended September 30, 2018 and 2017 have been presented for comparative purposes only and are not necessarily indicative of the results of operations that would have actually occurred had all transactions taken place on January 1, 2017, or of future results of operations (dollars in thousands, except per share data). For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Total revenues $ 38,533 $ 35,094 $ 115,701 $ 103,582 Net income available to common stockholders, net of redemption of preferred stock and preferred stock dividends 10,365 19,292 41,246 39,975 Basic and diluted net income available to common stockholders per share, net of redemption of preferred stock and preferred stock dividends $ 0.18 $ 0.37 $ 0.73 $ 0.80 |
Held For Sale_Disposed Assets
Held For Sale/Disposed Assets | 9 Months Ended |
Sep. 30, 2018 | |
Held For Sale/Disposed Assets [Abstract] | |
Held For Sale/Disposed Assets | Note 5. Held for Sale/Disposed Assets The Company considers a property to be held for sale when it meets the criteria established under ASC 360, Property, Plant, and Equipment . Properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. As of September 30, 2018 , the Company has entered into an agreement with a third-party purchaser to sell one building located in the Miami market for a sales price of approximately $4.3 million (net book value of approximately $2.5 million). The sale of the building is subject to various closing conditions. The following summarizes the condensed results of operations of the building held for sale as of September 30, 2018 for the three and nine months ended September 30, 2018 and 2017 (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Rental revenues $ 98 $ 98 $ 293 $ 293 Tenant expense reimbursements 14 13 41 40 Property operating expenses (17) (16) (50) (49) Depreciation and amortization (10) (26) (63) (78) Income from operations $ 85 $ 69 $ 221 $ 206 During the nine months ended September 30, 2018, the Company sold one property located in the Washington, D.C. market for a sales price of approximately $20.3 million, resulting in a gain of approximately $3.3 million, and one property located in the Miami market for a sales price of approximately $24.3 million, resulting in a gain of approximately $11.7 million. During the nine months ended September 30, 2017, the Company sold one property located in the Los Angeles market for a sales price of approximately $25.3 million, resulting in a gain of approximately $10.1 million, and two properties located in the Washington, D.C. market for an aggregate sales price of approximately $40.5 million, resulting in an aggregate gain of approximately $15.4 million. |
Senior Secured Loan
Senior Secured Loan | 9 Months Ended |
Sep. 30, 2018 | |
Senior Secured Loan [Abstract] | |
Senior Secured Loan | Note 6. Senior Secured Loan On May 7, 2018, the Company made a Senior Secured Loan of $55.0 million with a two -year term that bears interest at a fixed annual interest rate of 8.0% and matures in May 2020. The Senior Secured Loan is secured by a portfolio of nine improved land parcels primarily located in Newark and Kearny, New Jersey. One of the properties securing the Senior Secured Loan may be put to the Company as partial repayment of the Senior Secured Loan. This property, and two of the other properties, may be called by the Company as partial or full repayment of the Senior Secured Loan at previously agreed upon values. In addition, per the terms of the Senior Secured Loan, the borrower may repay the loan at any time with either cash or deeds in lieu, with the deeds subject to the Company’s approval. As of September 30, 2018, the borrower has offered repayment with deeds in lieu on two of the three option properties for an aggregate purchase price of approximately $39.1 million. As of November 1, 2018, the Company has entered into two non-binding letters of intent to acquire two of the three option properties for approximately $39.1 million. In the normal course of its business, the Company enters into non-binding letters of intent to purchase properties from third parties that may obligate the Company to make payments or perform other obligations upon the occurrence of certain events, including the execution of a purchase and sale agreement and satisfactory completion of various due diligence matters. There can be no assurance that the Company will enter into purchase and sale agreements with respect to these properties or otherwise complete any such prospective purchases on the terms described or at all. As of September 30, 2018 and December 31, 2017, there was approximately $54. 3 million and $0, respectively, net of deferred loan fees of approximately $0.7 million and $0 , respectively, outstanding on the Senior Secured Loan and approximately $0.4 million and $0 , respectively, of interest receivable outstanding on the Senior Secured Loan. Interest receivable is included as a component of other assets in the accompanying consolidated balance sheets. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt [Abstract] | |
Debt | Note 7. Debt As of September 30, 2018, the Company had $50.0 million of senior unsecured notes that mature in September 2022 , $100.0 million of senior unsecured notes that mature in July 2024 , $50.0 million of senior unsecured notes that mature in July 2026 , $50.0 million of senior unsecured notes that mature in October 2027 (collectively, the “Senior Unsecured Notes”), and a credit facility (the “Facility”), which consists of a $200.0 million unsecured revolving credit facility that matures in August 2020 , a $50.0 million term loan that matures in August 2021 and a $100.0 million term loan that matures in January 2022 . As of September 30, 2018 and December 31, 2017, there was $21.9 million and $0 , respectively, of borrowings outstanding on the revolving credit facility and $150.0 million and $150.0 million, respectively, of borrowings outstanding on the term loans. As of both September 30, 2018 and December 31, 2017, the Company had three interest rate caps to hedge the variable cash flows associated with its existing $150.0 million of variable-rate term loans. See “Note 8-Derivative Financial Instruments” for more information regarding the Company’s interest rate caps. The following summary of the Facility is as of September 30, 2018. The aggregate amount of the Facility may be increased to a total of up to $600.0 million, subject to the approval of the administrative agent and the identification of lenders willing to make available additional amounts. Outstanding borrowings under the Facility are limited to the lesser of (i) the sum of the $150.0 million of term loans and the $200.0 million revolving credit facility, or (ii) 60.0% of the value of the unencumbered properties. Interest on the Facility, including the term loans, is generally to be paid based upon, at the Company’s option, either (i) LIBOR plus the applicable LIBOR margin or (ii) the applicable base rate which is the greatest of the administrative agent’s prime rate, 0.50% above the federal funds effective rate, or thirty-day LIBOR plus the applicable LIBOR margin for LIBOR rate loans under the Facility plus 1.25% . The applicable LIBOR margin will range from 1.35% to 1.90% ( 1.35% as of September 30 , 2018 ) for the revolving credit facility and 1.30% to 1.85% ( 1.30% as of September 30, 2018 ) for the $50.0 million term loan that matures in August 2021 and the $100.0 million term loan that matures in January 2022, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value. The Facility requires quarterly payments of an annual unused facility fee in an amount equal to 0.20% or 0.25% depending on the unused portion of the revolving credit facility. The Facility and the Senior Unsecured Notes are guaranteed by the Company and by substantially all of the current and to-be-formed subsidiaries of the Company that own an unencumbered property. The Facility and the Senior Unsecured Notes are unsecured by the Company’s properties or by interests in the subsidiaries that hold such properties. The Facility and the Senior Unsecured Notes include a series of financial and other covenants with which the Company must comply. The Company was in compliance with the covenants under the Facility and the Senior Unsecured Notes as of September 30, 2018 and December 31, 2017. The Company has mortgage loans payable which are collateralized by certain of the properties and require monthly interest and principal payments until maturity and are generally non-recourse. The mortgage loans mature between 2019 and 2021 . As of September 30, 2018, the Company had three mortgage loans payable, net of deferred financing costs, totaling approximately $63.5 million, which bear interest at a weighted average fixed annual rate of 4.0% . As of December 31, 2017, the Company had three mortgage loans payable, net of deferred financing costs, totaling approximately $64.8 million, which bore interest at a weighted average fixed annual interest rate of 4.0% . As of September 30, 2018 and December 31, 2017, the total gross book value of the properties securing the debt was approximately $154.1 million and $153.7 million, respectively. The scheduled principal payments of the Company’s debt as of September 30, 2018 were as follows (dollars in thousands): Credit Facility Term Loans Senior Unsecured Notes Mortgage Loans Payable Total Debt 2018 (3 months) $ - $ - $ - $ 485 $ 485 2019 - - - 18,805 18,805 2020 21,850 - - 33,077 54,927 2021 - 50,000 - 11,271 61,271 2022 - 100,000 50,000 - 150,000 Thereafter - - 200,000 - 200,000 Total Debt 21,850 150,000 250,000 63,638 485,488 Deferred financing costs, net - (886) (1,812) (136) (2,834) Total Debt, net $ 21,850 $ 149,114 $ 248,188 $ 63,502 $ 482,654 Weighted Average Interest Rate 3.5% 3.4% 4.1% 4.0% 3.8% |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | Note 8. Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of its known or expected cash payments principally related to its borrowings. Derivative Instruments The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate caps as part of its interest rate risk management strategy. Interest rate caps involve the receipt of variable amounts from a counterparty at the end of each period in which the interest rate exceeds the agreed fixed price. The Company does not use derivatives for trading or speculative purposes. The Company requires that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. As a result, there is no significant ineffectiveness from any of its derivative activities. The accounting for changes in fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative that is designated and that qualifies as a cash flow hedge, the effective portion of the change in fair value of the derivative is initially recorded in accumulated other comprehensive income (loss) (“AOCI”). Amounts recorded in AOCI are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. As of September 30, 2018, the Company had t hree interest rate caps to hedge the variable cash flows associated with its existing $150.0 million of variable-rate term loans. The caps have a notional value of $150.0 million and will effectively cap the annual interest rate payable at 4.0% plus 1.30% to 1.85%, depending on leverage, with respect to $50.0 million for the period from December 1, 2014 (effective date) to May 1, 2021, $50.0 million for the period from September 1, 2015 (effective date) to April 1, 2019 and $50.0 million for the period from September 1, 2015 (effective date) to February 3, 2020. The Company is required to make certain monthly variable rate payments on the term loans, while the applicable counterparty is obligated to make certain monthly floating rate payments based on LIBOR to the Company in the event LIBOR is greater than 4.0%, referencing the same notional amount. The Company records all derivative instruments on a gross basis in other assets on the accompanying consolidated balance sheets, and accordingly, there are no offsetting amounts that net assets against liabilities. The following table presents a summary of the Company’s derivative instruments designated as hedging instruments (dollars in thousands): Fair Value Notional Amount Derivative Instrument Effective Date Maturity Date Interest Rate Strike September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 Assets: Interest Rate Cap 12/1/2014 5/4/2021 4.0% $ 47 $ 26 $ 50,000 $ 50,000 Interest Rate Cap 9/1/2015 4/1/2019 4.0% - 1 50,000 50,000 Interest Rate Cap 9/1/2015 2/3/2020 4.0% 4 3 50,000 50,000 Total $ 51 $ 30 $ 150,000 $ 150,000 The effective portion of changes in the fair value of derivatives designated and qualified as cash flow hedges is recorded in AOCI and will be reclassified to interest expense in the period that the hedged forecasted transaction affects earnings on the Company’s variable rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings into interest expense. The following table presents the effect of the Company's derivative financial instruments on its accompanying consolidated statements of operations for the three and nine months ended September 30, 2018 and 2017 (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Interest rate caps in cash flow hedging relationships: Amount of gain recognized in AOCI on derivatives (effective portion) $ 80 $ 29 $ 211 $ 63 Amount of gain reclassified from AOCI into interest expense (effective portion) $ 80 $ 29 $ 211 $ 63 The Company estimates that approximately $0.3 million will be reclassified from AOCI as an increase to interest expense over the next twelve months. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 9. Fair Value Measurements ASC 820 requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3). Recurring Measurements – Interest Rate Contracts Fair Value of Interest Rate Caps Currently, the Company uses interest rate cap agreements to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. As of September 30 , 2018 , the Company applied the provisions of this standard to the valuation of its interest rate caps. The following sets forth the Company's financial instruments that are accounted for at fair value on a recurring basis as of September 30 , 2018 and December 31, 2017 (dollars in thousands): Fair Value Measurement Using Quoted Price in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Assets Total Fair Value (Level 1) (Level 2) (Level 3) Interest rate caps at: September 30, 2018 $ 51 $ - $ 51 $ - December 31, 2017 $ 30 $ - $ 30 $ - Financial Instruments Disclosed at Fair Value As of September 30, 2018 and December 31, 2017, the fair values of cash and cash equivalents, accounts receivable and accounts payable approximated their carrying values because of the short-term nature of these investments or liabilities based on Level 1 inputs. The fair values of the Company’s derivative instruments were evaluated based on Level 2 inputs. The fair values of the Company’s mortgage loans payable and Senior Unsecured Notes were estimated by calculating the present value of principal and interest payments, based on borrowing rates available to the Company, which are Level 2 inputs, adjusted with a credit spread, as applicable, and assuming the loans are outstanding through maturity. The fair value of the Company’s Facility approximated its carrying value because the variable interest rates approximate market borrowing rates available to the Company, which are Level 2 inputs. The fair value of the Company’s Senior Secured Loan approximated its carrying value because the interest rate approximates the market lending rate available to the borrower, which is a Level 2 input. The following table sets forth the carrying value and the estimated fair value of the Company’s Senior Secured Loan and debt as of September 30 , 2018 and December 31, 2017 (dollars in thousands): Fair Value Measurement Using Quoted Price in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Assets Total Fair Value (Level 1) (Level 2) (Level 3) Carrying Value Senior Secured Loan at: September 30, 2018 $ 55,000 $ - $ 55,000 $ - $ 54,345 December 31, 2017 $ - $ - $ - $ - $ - Liabilities Debt at: September 30, 2018 $ 468,541 $ - $ 468,541 $ - $ 482,654 December 31, 2017 $ 459,048 $ - $ 459,048 $ - $ 461,683 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 10. Stockholders’ Equity The Company’s authorized capital stock consists of 400,000,000 shares of common stock, $0.01 par value per share, and 100,000,000 shares of preferred stock, $0.01 par value per share. T he Company has an at-the-market equity offering program (the “$250 Million ATM Program”) pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $250.0 million ( $202.9 million remaining as of September 30, 2018) in amounts and at times to be determined by the Company from time to time. Prior to the implementation of the $250 Million ATM Program, the Company had a $200.0 million ATM program (the “$200 Million ATM Program”), which was substantially utilized as of June 30, 2018 and which is no longer active, and a $150.0 million ATM program (the “$150 Million ATM Program”), which was fully utilized as of June 30, 2017. Actual sales under the $250 Million ATM Program, if any, will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions, the trading price of the Company’s common stock, determinations by the Company of the appropriate sources of funding for the Company and potential uses of funding available to the Company. During the three and nine months ended September 30, 2018 , the Company issued an aggregate of 729,667 and 3,615,068 shares, respectively, of common stock at a weighted average offering price of $38.22 and $37.59 per share, respectively, under the $250 Million ATM Program and the $200 Million ATM Program, resulting in net proceeds of approximately $27.5 million and $133.9 million, respectively, and paying total compensation to the applicable sales agents of approximately $0.4 million and $2.0 million, respectively. During the three and nine months ended September 30, 2017 , the Company issued an aggregate of 2,206,685 and 7,042,771 shares, respectively, of common stock at a weighted average offering price of $35.84 and $31.87 per share, respectively, under the $200 Million ATM Program and the $150 Million ATM Program, resulting in net proceeds of approximately $77.9 million and $221.2 million, respectively, and paying total compensation to the applicable sales agents of approximately $1.1 million and $3.3 million, respectively. The Company has a share repurchase program authorizing the Company to repurchase up to 2,000,000 shares of its outstanding common stock from time to time through December 31, 2018. Purchases made pursuant to the program will be made in either the open market or in privately negotiated transactions as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The program may be suspended or discontinued at any time. As of September 30, 2018 , the Company has no t repurchased any shares of stock pursuant to its share repurchase authorization. In connection with the Annual Meeting of stockholders on May 1, 2018, the Company granted a total of 9,656 shares of unrestricted common stock to its independent directors under the Company’s Amended and Restated 2010 Equity Incentive Plan (the “Plan”) with a grant date fair value per share of $37.29 . The grant date fair value of the unrestricted common stock was determined using the closing price of the Company’s common stock on the date of the grant. The Company recognized approximately $0.4 million in compensation costs for both the three and nine months ended September 30, 2018 related to this issuance. On July 19, 2017 , the Company redeemed all 1,840,000 outstanding shares of the 7.75% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”) for cash at a redemption price of $25.00 per share, plus an amount per share of $0.096875 representing all accrued and unpaid dividends per share from July 1, 2017 to, but excluding, July 19, 2017. As of both September 30, 2018 and December 31, 2017 , no shares of Series A Preferred Stock were issued and outstanding. As of September 30 , 2018, there were 1,705,000 shares of common stock authorized for issuance as restricted stock grants, unrestricted stock awards or Performance Share awards under the Plan, of which 335,490 were remaining available for issuance. The grant date fair value per share of restricted stock awards issued during the period from February 16, 2010 (commencement of operations) to September 30, 2018 ranged from $14.20 to $37.16 . The fair value of the restricted stock that was granted during the nine months ended September 30, 2018 was approximately $ 1.9 million and the vesting period for the restricted stock is five years. As of September 30 , 2018, the Company had approximately $5.1 million of total unrecognized compensation costs related to restricted stock issuances, which is expected to be recognized over a remaining weighted average period of approximately 4.2 years. The Company recognized compensation costs of approximately $0.5 million for both the three months ended September 30, 2018 and 2017, and approximately $1.4 million for both the nine months ended September 30, 2018 and 2017 related to the restricted stock issuances. The following is a summary of the total restricted shares granted to the Company’s executive officers and employees with the related weighted average grant date fair value share prices for the nine months ended September 30, 2018: Restricted Stock Activity: Shares Weighted Average Grant Date Fair Value Non-vested shares outstanding as of December 31, 2017 357,183 $ 21.01 Granted 53,915 34.63 Forfeited (11,830) 20.30 Vested (15,338) 20.21 Non-vested shares outstanding as of September 30, 2018 383,930 $ 22.98 The following is a vesting schedule of the total non-vested shares of restricted stock outstanding as of September 30 , 2018 : Non-vested Shares Vesting Schedule Number of Shares 2018 (3 months) - 2019 24,372 2020 303,433 2021 13,750 2022 10,068 Thereafter 32,307 Total Non-vested Shares 383,930 Long-Term Incentive Plan: As of September 30 , 2018 , there are three open performance measurement periods for the Performance Share awards: January 1, 2016 to December 31, 2018, January 1, 2017 to December 31, 2019 and January 1, 2018 to December 31, 2020. During the nine months ended September 30, 2018 , the Company issued 195,963 shares of common stock at a price of $34.50 per share related to the Performance Share awards for the performance period from January 1, 2015 to December 31, 2017. The expense related to the open Performance Share awards varies quarter to quarter based on the Company’s relative share price performance. The following table summarizes certain information with respect to the Performance Share awards (dollars in thousands): Expense Expense Fair Value Accrual For the Three Months Ended September 30, For the Nine Months Ended September 30, Performance Share Period September 30, 2018 September 30, 2018 2018 2017 2018 2017 January 1, 2018 - December 31, 2020 $ 3,175 $ 791 $ 268 $ - $ 791 $ - January 1, 2017 - December 31, 2019 5,471 3,188 546 518 1,655 1,193 January 1, 2016 - December 31, 2018 5,820 5,331 487 633 1,880 1,988 January 1, 2015 - December 31, 2017 - - - 784 - 2,387 Total $ 14,466 $ 9,310 $ 1,301 $ 1,935 $ 4,326 $ 5,568 Dividends: The following table sets forth the cash dividends paid or payable per share during the nine months ended September 30, 2018 : For the Three Months Ended Security Dividend per Share Declaration Date Record Date Date Paid March 31, 2018 Common stock $ 0.22 February 6, 2018 March 28, 2018 April 12, 2018 June 30, 2018 Common stock $ 0.22 May 1, 2018 July 6, 2018 July 20, 2018 September 30, 2018 Common stock $ 0.24 August 1, 2018 October 5, 2018 October 19, 2018 |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Net Income (Loss) Per Share [Abstract] | |
Net Income (Loss) Per Share | Note 11. Net Income (Loss) Per Share Pursuant to ASC 260-10-45, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities , unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The two-class method of computing earnings per share allocates earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. The Company’s non-vested shares of restricted stock are considered participating securities since these share-based awards contain non-forfeitable rights to dividends irrespective of whether the awards ultimately vest or expire. The Company had no dilutive restricted stock awards outstanding for both the three and nine months ended September 30 , 2018 and 2017. In accordance with the Company’s policies of determining whether instruments granted in share-based payment transactions are participating securities and accounting for earnings per share, the net income (loss) per common share is adjusted for earnings distributed through declared dividends (if any) and allocated to all participating securities (weighted average common shares outstanding and unvested restricted shares outstanding) under the two-class method. Under this method, allocations were made to 374,862 and 374,842 of weighted average unvested restricted shares outstanding for the three months ended September 30, 2018 and 2017, respectively, and 363,850 and 381,321 of weighted average unvested restricted shares outstanding for the nine months ended September 30, 2018 and 2017, respectively. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note 12. Commitments and Contingencies Contractual Commitments. As of November 1, 2018, the Company has two outstanding contracts with third-party sellers to acquire two industrial properties consisting of approximately 60,000 square feet and one improved land parcel containing approximately 2.3 acres. There is no assurance that the Company will acquire the properties under contract because the proposed acquisitions are subject to the completion of satisfactory due diligence and various closing conditions. The following table summarizes certain information with respect to the properties the Company has under contract: Market Number of Buildings Square Feet Purchase Price (in thousands) Assumed Debt (in thousands) Los Angeles 1 1 60,040 $ 17,508 $ - Northern New Jersey/New York City - - - - San Francisco Bay Area - - - - Seattle - - - - Miami - - - - Washington, D.C. - - - - Total 1 60,040 $ 17,508 $ - 1 Includes one improved land parcel containing approximately 2.3 acres. As of November 1, 2018, the Company has executed four non-binding letters of intent with third-party sellers to acquire fou r industrial properties consisting of approximately 37,000 square feet and two improved land parcels containing approximately 24.3 acres. The total anticipated purchase price for these industrial properties is approximately $51.0 million. In the normal course of its business, the Company enters into non-binding letters of intent to purchase properties from third parties that may obligate the Company to make payments or perform other obligations upon the occurrence of certain events, including the execution of a purchase and sale agreement and satisfactory completion of various due diligence matters. There can be no assurance that the Company will enter into purchase and sale agreements with respect to these properties or otherwise complete any such prospective purchases on the terms described or at all. As of November 1, 2018, the Company has two outstanding contracts with third-party purchasers to sell two properties for an aggregate sales price of approximately $38.8 million (aggregate net book value of approximately $23.0 million). There is no assurance the Company will sell the properties under contract because the proposed dispositions are subject to the purchaser’s completion of satisfactory due diligence and various closing conditions. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 13. Subsequent Events On October 17, 2018, the Company acquired one industrial building located in Carlstadt, New Jersey containing approximately 24,000 square feet for a purchase price of approximately $3.5 million. The property was acquired from an unrelated third party using existing cash on hand. On October 19, 2018, the Company entered into a Fifth Amended and Restated Senior Credit Agreement to, among other things, increase the unsecured revolving credit facility from $200.0 million to $250.0 million and extend the revolving credit facility’s maturity to October 2022 (previously August 2020). On October 24, 2018, the Company acquired one improved land parcel located in Kent, Washington containing approximately 12.7 acres for a total purchase price of approximately $12.4 million. The property is under redevelopment and upon completion will contain approximately 220,000 square feet with a total expected investment of approximately $33.9 million, including redevelopment costs of approximately $21.1 million. The property was acquired from an unrelated third party using proceeds from borrowings on the Company’s revolving credit facility. On October 31 , 201 8 , the Company’s board of directors approved an extension of the share repurchase program authorizing the Company to repurchase up to 3,000,000 shares (previously 2,000,000 shares) of its outstanding common stock from time to time through December 31, 20 20 . On October 31, 2018 , the Company’s board of directors declared a cash dividend in the amount of $0.24 per share of its common stock payable on January 11, 2019 to the stockholders of record as of the close of business on December 18, 2018 . On October 31, 2018, the Company acquired one industrial building located in Seattle, Washington for a total purchase price of approximately $12.6 million. The property is under redevelopment and upon completion will contain approximately 50,000 square feet with a total expected investment of approximately $15.3 million, including redevelopment costs of approximately $2.6 million. The property was acquired from an unrelated third party using proceeds from borrowings on the Company’s revolving credit facility. |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2018 | |
Significant Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of Presentation. The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for annual financial statements. In management’s opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The interim consolidated financial statements include all of the Company’s accounts and its subsidiaries and all intercompany balances and transactions have been eliminated in consolidation. The financial statements should be read in conjunction with the financial statements contained in the Company’s 2017 Annual Report on Form 10-K and the notes thereto, which was filed with the Securities and Exchange Commission on February 7, 2018. |
Use Of Estimates | Use of Estimates. The preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. |
Capitalization Of Costs | Capitalization of Costs. The Company capitalizes costs directly related to the redevelopment, renovation and expansion of its investment in real estate. Costs associated with such projects are capitalized as incurred. If the project is abandoned, these costs are expensed during the period in which the redevelopment, renovation or expansion project is abandoned. Costs considered for capitalization include, but are not limited to, construction costs, interest, real estate taxes and insurance, if appropriate. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. Costs incurred for maintaining and repairing properties, which do not extend their useful lives, are expensed as incurred. Interest is capitalized based on actual capital expenditures from the period when redevelopment, renovation or expansion commences until the asset is ready for its intended use, at the weighted average borrowing rate during the period. |
Investments In Real Estate | Investments in Real Estate. Investments in real estate, including tenant improvements, leasehold improvements and leasing costs, are stated at cost, less accumulated depreciation, unless circumstances indicate that the cost cannot be recovered, in which case, an adjustment to the carrying value of the property is made to reduce it to its estimated fair value. The Company also reviews the impact of above and below-market leases, in-place leases and lease origination costs for acquisitions and records an intangible asset or liability accordingly. |
Impairment | Impairment. Carrying values for financial reporting purposes are reviewed for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of a property may not be fully recoverable. Examples of such events or changes in circumstances may include classifying an asset to be held for sale, changing the intended hold period or when an asset remains vacant significantly longer than expected. The intended use of an asset either held for sale or held for use can significantly impact how impairment is measured. If an asset is intended to be held for the long-term, the recoverability is based on the undiscounted future cash flows. If the asset carrying value is not supported on an undiscounted future cash flow basis, then the asset carrying value is measured against the lower of cost or the present value of expected cash flows over the expected hold period. An impairment charge to earnings is recognized for the excess of the asset’s carrying value over the lower of cost or the present values of expected cash flows over the expected hold period. If an asset is intended to be sold, impairment is determined using the estimated fair value less costs to sell. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions, among other things, regarding current and future economic and market conditions and the availability of capital. The Company determines the estimated fair values based on its assumptions regarding rental rates, lease-up and holding periods, as well as sales prices. When available, current market information is used to determine capitalization and rental growth rates. If available, current comparative sales values may also be used to establish fair value. When market information is not readily available, the inputs are based on the Company’s understanding of market conditions and the experience of the Company’s management team. Actual results could differ significantly from the Company’s estimates. The discount rates used in the fair value estimates represent a rate commensurate with the indicated holding period with a premium layered on for risk. There were no impairment charges recorded to the carrying values of the Company’s properties during the three or nine months ended September 30, 2018 or 2017. |
Loans Held-for-Investment | Loans Held-for-Investment. Loans that are held-for-investment are carried at cost, net of loan fees and origination costs, as applicable, unless the loans are deemed impaired. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of loans that are held-for-investment. The Company evaluates its senior secured loan (the “Senior Secured Loan”), which is classified as held-for-investment, for impairment quarterly. If the Senior Secured Loan is considered to be impaired, the Company records an allowance through the provision for Senior Secured Loan losses to reduce the carrying value of the Senior Secured Loan to the present value of expected future cash flows discounted at the Senior Secured Loan’s contractual effective rate or the fair value of the collateral, if repayment is expected solely from the collateral. Actual losses, if any, could differ significantly from the Company’s estimates. There were no impairment charges recorded to the carrying value of the Senior Secured Loan during the three or nine months ended September 30, 2018 or 2017. |
Property Acquisitions | Property Acquisitions. Effective January 1, 2017, the Company adopted Accounting Standards Update (“ ASU”) 2017-1, Business Combinations (Topic 805): Clarifying the Definition of a Business which requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the integrated set of assets and activities is not considered a business. To be a business, the set of acquired activities and assets must include inputs and one or more substantive processes that together contribute to the ability to create outputs. The Company has determined that its real estate property acquisitions will generally be accounted for as asset acquisitions under the clarified definition. Prior to January 1, 2017, the Company generally accounted for property acquisitions as business combinations, in accordance with Accounting Standards Codification (“ ASC”) 805, Business Combinations . U pon acquisition of a property the Company estimates the fair value of acquired tangible assets (consisting generally of land, buildings and improvements) and intangible assets and liabilities (consisting generally of the above and below-market leases and the origination value of all in-place leases). The Company determines fair values using Level 3 inputs such as replacement cost, estimated cash flow projections and other valuation techniques and applying appropriate discount and capitalization rates based on available market information. Mortgage loans assumed in connection with acquisitions are recorded at their fair value using current market interest rates for similar debt at the date of acquisition. Acquisition-related costs associated with asset acquisitions are capitalized to individual tangible and intangible assets and liabilities assumed on a relative fair value basis and acquisition-related costs associated with business combinations are expensed as incurred. The fair value of the tangible assets is determined by valuing the property as if it were vacant. Land values are derived from current comparative sales values, when available, or management’s estimates of the fair value based on market conditions and the experience of the Company’s management team. Building and improvement values are calculated as replacement cost less depreciation, or management’s estimates of the fair value of these assets using discounted cash flow analyses or similar methods. The fair value of the above and below-market leases is based on the present value of the difference between the contractual amounts to be received pursuant to the acquired leases (using a discount rate that reflects the risks associated with the acquired leases) and the Company’s estimate of the market lease rates measured over a period equal to the remaining term of the leases plus the term of any below-market fixed rate renewal options. The above and below-market lease values are amortized to rental revenues over the remaining initial term plus the term of any below-market fixed rate renewal options that are considered bargain renewal options of the respective leases. The total net impact to rental revenues due to the amortization of above and below-market leases was a net increase of approximately $0.9 million and $0.7 million, respectively, for the three months ended September 30, 2018 and 2017, and approximately $2.7 million and $1.5 million, respectively, for the nine months ended September 30, 2018 and 2017. The origination value of in-place leases is based on costs to execute similar leases, including commissions and other related costs. The origination value of in-place leases also includes real estate taxes, insurance and an estimate of lost rental revenue at market rates during the estimated time required to lease up the property from vacant to the occupancy level at the date of acquisition. The remaining weighted average lease term related to these intangible assets and liabilities as of September 30, 2018 is 9.0 years . As of September 30, 2018 and December 31, 2017, the Company’s intangible assets and liabilities, including properties held for sale (if any), consisted of the following (dollars in thousands): September 30, 2018 December 31, 2017 Gross Accumulated Amortization Net Gross Accumulated Amortization Net In-place leases $ 75,644 $ (50,457) $ 25,187 $ 71,502 $ (45,885) $ 25,617 Above-market leases 4,170 (3,543) 627 4,527 (3,695) 832 Below-market leases (34,613) 10,550 (24,063) (30,386) 8,025 (22,361) Total $ 45,201 $ (43,450) $ 1,751 $ 45,643 $ (41,555) $ 4,088 |
Depreciation And Useful Lives Of Real Estate And Intangible Assets | Depreciation and Useful Lives of Real Estate and Intangible Assets. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the related assets or liabilities. The following table reflects the standard depreciable lives typically used to compute depreciation and amortization. However, such depreciable lives may be different based on the estimated useful life of such assets or liabilities. Description Standard Depreciable Life Land Not depreciated Building 40 years Building Improvements 5 -40 years Tenant Improvements Shorter of lease term or useful life Leasing Costs Lease term In-place leases Lease term Above/Below-Market Leases Lease term |
Held for Sale Assets | Held for Sale Assets. The Company considers a property to be held for sale when it meets the criteria established under ASC 360, Property, Plant and Equipment (Note 5). Properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. |
Cash And Cash Equivalents | Cash and Cash Equivalents. Cash and cash equivalents consists of cash held in a major banking institution and other highly liquid short-term investments with original maturities of three months or less. Cash equivalents are generally invested in U.S. government securities, government agency securities or money market accounts. |
Restricted Cash | Restricted Cash. Restricted cash includes cash held in escrow in connection with property acquisitions and reserves for certain capital improvements, leasing, interest and real estate tax and insurance payments as required by certain mortgage loan obligations. The following summarizes the reconciliation of cash and cash equivalents and restricted cash as presented in the accompanying consolidated statements of cash flows: For the Nine Months Ended September 30, 2018 2017 Beginning Cash and cash equivalents at beginning of period $ 35,710 $ 14,208 Restricted cash 7,090 4,270 Cash and cash equivalents and restricted cash 42,800 18,478 Ending Cash and cash equivalents at end of period 3,587 109,058 Restricted cash 4,466 4,265 Cash and cash equivalents and restricted cash 8,053 113,323 Net (decrease) increase in cash and cash equivalents and restricted cash $ (34,747) $ 94,845 |
Revenue Recognition | Revenue Recognition. The Company records rental revenue from operating leases on a straight-line basis over the term of the leases and maintains an allowance for estimated losses that may result from the inability of its tenants to make required payments. If tenants fail to make contractual lease payments that are greater than the Company’s allowance for doubtful accounts, security deposits and letters of credit, then the Company may have to recognize additional doubtful account charges in future periods. The Company monitors the liquidity and creditworthiness of its tenants on an on-going basis by reviewing their financial condition periodically as appropriate. Each period the Company reviews its outstanding accounts receivable, including straight-line rents, for doubtful accounts and provides allowances as needed. The Company also records lease termination fees when a tenant has executed a definitive termination agreement with the Company and the payment of the termination fee is not subject to any conditions that must be met or waived before the fee is due to the Company. If a tenant remains in the leased space following the execution of a definitive termination agreement, the applicable termination will be deferred and recognized over the term of such tenant’s occupancy. Tenant expense reimbursement income includes payments and amounts due from tenants pursuant to their leases for real estate taxes, insurance and other recoverable property operating expenses and is recognized as revenues during the same period the related expenses are incurred. As of September 30, 2018 and December 31, 2017, approximately $25.2 million and $23.0 million, respectively, of straight-line rent and accounts receivable, net of allowances of approximately $0.2 million and $0.1 million as of September 30, 2018 and December 31, 2017, respectively, were included as a component of other assets in the accompanying consolidated balance sheets. |
Deferred Financing Costs | Deferred Financing Costs. Costs incurred in connection with financings are capitalized and amortized to interest expense using the effective interest method over the term of the related loan. Deferred financing costs associated with the revolving credit facility are classified as an asset and deferred financing costs associated with debt liabilities are reported as a direct deduction from the carrying amount of the debt liability in the accompanying consolidated balance sheets. Deferred financing costs related to the revolving credit facility and debt liabilities are shown at cost, net of accumulated amortization in the aggregate of approximately $6.6 million and $5.7 million as of September 30, 2018 and December 31, 2017, respectively. |
Income Taxes | Income Taxes. The Company elected to be taxed as a REIT under the Code and operates as such beginning with its taxable year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If it fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the IRS grants it relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes it is organized and operates in such a manner as to qualify for treatment as a REIT. ASC 740-10, Income Taxes, provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740-10 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. As of September 30 , 2018 and December 31, 2017, the Company did not have any unrecognized tax benefits and does not believe that there will be any material changes in unrecognized tax positions over the next 12 months. The Company’s tax returns are subject to examination by federal, state and local tax jurisdictions beginning with the 2010 calendar year. |
Stock-Based Compensation And Other Long-Term Incentive Compensation | Stock-Based Compensation and Other Long-Term Incentive Compensation. The Company follows the provisions of ASC 718, Compensation-Stock Compensation, to account for its stock-based compensation plan, which requires that the compensation cost relating to stock-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. The Company has adopted the Amended and Restated 2010 Equity Incentive Plan, which provides for the grant of restricted stock awards, performance share awards, unrestricted shares or any combination of the foregoing. Stock-based compensation is recognized as a general and administrative expense in the accompanying consolidated statements of operations and measured at the fair value of the award on the date of grant. The Company estimates the forfeiture rate based on historical experience as well as expected behavior. The amount of the expense may be subject to adjustment in future periods depending on the specific characteristics of the stock-based award. In addition, the Company has awarded long-term incentive target awards (the “Performance Share awards”) to its executives that may be payable in shares of the Company’s common stock after the conclusion of each pre-established performance measurement period, which is generally three years. The amount that may be earned under the Performance Share awards is variable depending on the relative total shareholder return of the Company’s common stock as compared to the total shareholder return of the MSCI U.S. REIT Index (RMS) and the FTSE Nareit Equity Industrial Index over the pre-established performance measurement period. The Company estimates the fair value of the Performance Share awards using a Monte Carlo simulation model on the date of grant and at each reporting period. The Performance Share awards are recognized as compensation expense over the requisite performance period based on the fair value of the Performance Share awards at the balance sheet date and vary quarter to quarter based on the Company’s relative share price performance. |
Use Of Derivative Financial Instruments | Use of Derivative Financial Instruments. ASC 815, Derivatives and Hedging (Note 8), provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why the Company uses derivative instruments, (b) how the Company accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect the Company's financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company's objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments. The Company records all derivatives on the accompanying consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. As of September 30, 2018 , the Company had three interest rate caps to hedge the variable cash flows associated with its existing $150.0 million of variable-rate term loans. The caps have a notional value of $150.0 million and will effectively cap the annual interest rate at 4.0% plus 1.30% to 1.85% , depending on leverage, with respect to $50.0 million for the period from December 1, 2014 (effective date) to May 1, 2021 , $50.0 million for the period from September 1, 2015 (effective date) to April 1, 2019 , and $50.0 million for the period from September 1, 2015 (effective date) to Febr uary 3, 2020 . The Company records all derivative instruments on a gross basis in other assets on the accompanying consolidated balance sheets, and accordingly, there are no offsetting amounts that net assets against liabilities. As of September 30, 2018 and December 31, 2017, the fair value of the interest rate caps was approximately $ 0.1 million and $30,000 , respectively. |
Fair Value Of Financial Instruments | Fair Value of Financial Instruments . ASC 820, Fair Value Measurements and Disclosures (Note 9), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also provides guidance for using fair value to measure financial assets and liabilities. ASC 820 requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3). |
New Accounting Standards | New Accounting Standards. In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, which created ASC Topic 606, Revenue from Contracts with Customers, which is their final standard on revenue from contracts with customers. ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenues arising from contracts with customers. The effective date of ASU 2014-09 was deferred by the issuance of ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, by one year to make the guidance of ASU 2014-09 effective for annual reporting periods beginning after December 15, 2017, including interim periods therein. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which clarifies how to apply the implementation guidance on principal versus agent considerations related to the sale of goods or services to a customer as updated by ASU 2014-09. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which clarifies two aspects of Topic 606: (1) identifying performance obligations and (2) the licensing implementation guidance, while retaining the related principles for those areas. The effective date and transition requirements for ASU 2016-10 are the same as the effective date and transition requirements in ASU 2015-14. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , which makes narrow scope amendments to Topic 606, including implementation issues on collectability, non-cash consideration and completed contracts at transition. In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers , which make additional narrow scope amendments to Topic 606, including loan guarantee fees, impairment testing of contract costs, provisions for losses on construction-type and production-type contracts. The FASB allows two adoption methods under ASU 2014-09. Under one method, a company will apply the rules to contracts in all reporting periods presented, subject to certain allowable exceptions. Under the other method, a company will apply the rules to all contracts existing as of January 1, 2018, recognizing in beginning retained earnings an adjustment for the cumulative effect of the change and providing additional disclosures comparing results to previous rules ("modified retrospective method"). Based on the Company’s evaluation of contracts within the scope of ASU 2014-09, the guidance impacts revenue related to the sales of real estate, which is evaluated in conjunction with ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (see below). The Company’s rental revenues and recoveries earned from leasing operating properties are excluded from this standard and will be assessed with the adoption of ASU 2016-02, Leases (see below). The Company adopted ASU 2014-09 as of January 1, 2018 using the modified retrospective method. As a result of adoption of the standard, there was no material impact to the Company’s consolidated financial statements. Effective January 1, 2018, the Company adopted the guidance of ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets , which applies to sales or transfers to noncustomers of nonfinancial assets or in substance nonfinancial assets that do not meet the definition of a business. Generally, the Company’s sales of real estate would be considered a sale of a nonfinancial asset as defined by ASC 610-20. ASC 610-20 refers to the revenue recognition principles under ASU 2014-09, Revenue from Contracts with Customers (see above). Under ASC 610-20, if the Company determines it does not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, the Company would derecognize the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer. As a result of adoption of the standard, there was no material impact to the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The ASU increases transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. The standard requires that non-lease components, such as tenant expense reimbursement revenues, be accounted for in accordance with ASU 2014-09, Revenue from Contracts with Customers (see above), which could change the classification and timing of its non-lease components. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those years, which for the Company would be the first quarter of 2019, and early adoption is permitted. The standard is not expected to have a material effect on the Company’s financial statements from a lessee perspective. In July 2018, the FASB issued ASU 2018-11 , Leases (Topic 842): Targeted Improvements , which allows lessors to elect a practical expedient by class of underlying assets to not separate non-lease components from the lease component if certain conditions are met. The lessor’s practical expedient election would be limited to circumstances in which the non-lease components otherwise would be accounted for under the new revenue guidance and both (i) the timing and pattern of transfer are the same for the non-lease component and the related lease component and (ii) the non-lease component is not the predominant component of the arrangement. The Company expects to elect the practical expedient which would allow the Company the ability to combine the lease and non-lease components if the underlying asset meets the criteria above. ASU 2018-11 also includes an optional transition method in addition to the existing requirements for transition to the new standard by recognizing a cumulative effect adjustment to the opening balance sheet of retained earnings in the period of adoption. Consequently, a company’s reporting for the comparative periods presented in the financial statements would continue to be in accordance with current GAAP (Topic 840). The Company plans to elect this practical expedient as well. The Company plans to adopt the provisions of ASU No. 2016-02 and ASU No. 2018-11 effective January 1, 2019 using the modified retrospective approach and plans to apply the package of practical expedients available to the Company upon adoption. The Company is currently assessing the potential changes to its accounting and whether such changes will have a material impact on its consolidated financial statements and condensed notes to its consolidated financial statements, as well as its business processes, controls and systems. The Company does not expect that these changes will have a material effect on its financial position or results of operations. The Company does not currently capitalize internal leasing costs. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which provides clarified guidance on the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years and early adoption was permitted. The Company adopted ASU 2016-15 as of January 1, 2018. As a result of adoption of the standard, there was no material impact to the Company’s consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting , which provides clarified guidance regarding when changes to the terms or conditions of a share-based payment must be accounted for as a modification. The guidance will be applied prospectively to awards modified on or after the adoption date. ASU 2017-09 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years and early adoption was permitted. The Company adopted ASU 2017-09 as of January 1, 2018. As a result of adoption of the standard, there was no material impact to the Company’s consolidated financial statements. |
Segment Disclosure | Segment Disclosure. ASC 280, Segment Reporting , establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. The Company has determined that it has one reportable segment, with activities related to investing in real estate. The Company’s investments in real estate are geographically diversified and the chief operating decision makers evaluate operating performance on an individual asset level. As each of the Company’s assets has similar economic characteristics, the assets have been aggregated into one reportable segment. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Significant Accounting Policies [Abstract] | |
Schedule Of Intangible Assets And Liabilities | September 30, 2018 December 31, 2017 Gross Accumulated Amortization Net Gross Accumulated Amortization Net In-place leases $ 75,644 $ (50,457) $ 25,187 $ 71,502 $ (45,885) $ 25,617 Above-market leases 4,170 (3,543) 627 4,527 (3,695) 832 Below-market leases (34,613) 10,550 (24,063) (30,386) 8,025 (22,361) Total $ 45,201 $ (43,450) $ 1,751 $ 45,643 $ (41,555) $ 4,088 |
Schedule Of Depreciation And Useful Lives Of Real Estate And Intangible Assets | Description Standard Depreciable Life Land Not depreciated Building 40 years Building Improvements 5 -40 years Tenant Improvements Shorter of lease term or useful life Leasing Costs Lease term In-place leases Lease term Above/Below-Market Leases Lease term |
Summary Of The Reconciliation Of Cash And Cash Equivalents And Restricted Cash | For the Nine Months Ended September 30, 2018 2017 Beginning Cash and cash equivalents at beginning of period $ 35,710 $ 14,208 Restricted cash 7,090 4,270 Cash and cash equivalents and restricted cash 42,800 18,478 Ending Cash and cash equivalents at end of period 3,587 109,058 Restricted cash 4,466 4,265 Cash and cash equivalents and restricted cash 8,053 113,323 Net (decrease) increase in cash and cash equivalents and restricted cash $ (34,747) $ 94,845 |
Investments In Real Estate (Tab
Investments In Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments In Real Estate [Abstract] | |
Schedule Of Pro Forma Financial Information | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Total revenues $ 38,533 $ 35,094 $ 115,701 $ 103,582 Net income available to common stockholders, net of redemption of preferred stock and preferred stock dividends 10,365 19,292 41,246 39,975 Basic and diluted net income available to common stockholders per share, net of redemption of preferred stock and preferred stock dividends $ 0.18 $ 0.37 $ 0.73 $ 0.80 |
Held For Sale_Disposed Assets (
Held For Sale/Disposed Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Held For Sale/Disposed Assets [Abstract] | |
Summary Of Operations Of The Property Held For Sale | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Rental revenues $ 98 $ 98 $ 293 $ 293 Tenant expense reimbursements 14 13 41 40 Property operating expenses (17) (16) (50) (49) Depreciation and amortization (10) (26) (63) (78) Income from operations $ 85 $ 69 $ 221 $ 206 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt [Abstract] | |
Schedule Of Principal Payments | Credit Facility Term Loans Senior Unsecured Notes Mortgage Loans Payable Total Debt 2018 (3 months) $ - $ - $ - $ 485 $ 485 2019 - - - 18,805 18,805 2020 21,850 - - 33,077 54,927 2021 - 50,000 - 11,271 61,271 2022 - 100,000 50,000 - 150,000 Thereafter - - 200,000 - 200,000 Total Debt 21,850 150,000 250,000 63,638 485,488 Deferred financing costs, net - (886) (1,812) (136) (2,834) Total Debt, net $ 21,850 $ 149,114 $ 248,188 $ 63,502 $ 482,654 Weighted Average Interest Rate 3.5% 3.4% 4.1% 4.0% 3.8% |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Financial Instruments [Abstract] | |
Summary Of Derivative Instruments Designated As Hedging Instruments | Fair Value Notional Amount Derivative Instrument Effective Date Maturity Date Interest Rate Strike September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 Assets: Interest Rate Cap 12/1/2014 5/4/2021 4.0% $ 47 $ 26 $ 50,000 $ 50,000 Interest Rate Cap 9/1/2015 4/1/2019 4.0% - 1 50,000 50,000 Interest Rate Cap 9/1/2015 2/3/2020 4.0% 4 3 50,000 50,000 Total $ 51 $ 30 $ 150,000 $ 150,000 |
Summary Of The Effect Of The Company's Derivative Financial Instruments On Its Accompanying Consolidated Statements Of Operations | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Interest rate caps in cash flow hedging relationships: Amount of gain recognized in AOCI on derivatives (effective portion) $ 80 $ 29 $ 211 $ 63 Amount of gain reclassified from AOCI into interest expense (effective portion) $ 80 $ 29 $ 211 $ 63 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Measurements [Abstract] | |
Financial Instruments That Are Accounted For At Fair Value On A Recurring Basis | Fair Value Measurement Using Quoted Price in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Assets Total Fair Value (Level 1) (Level 2) (Level 3) Interest rate caps at: September 30, 2018 $ 51 $ - $ 51 $ - December 31, 2017 $ 30 $ - $ 30 $ - |
Carrying Value And The Estimated Fair Value Of Company Debt | Fair Value Measurement Using Quoted Price in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Assets Total Fair Value (Level 1) (Level 2) (Level 3) Carrying Value Senior Secured Loan at: September 30, 2018 $ 55,000 $ - $ 55,000 $ - $ 54,345 December 31, 2017 $ - $ - $ - $ - $ - Liabilities Debt at: September 30, 2018 $ 468,541 $ - $ 468,541 $ - $ 482,654 December 31, 2017 $ 459,048 $ - $ 459,048 $ - $ 461,683 |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity [Abstract] | |
Restricted Stock Activity | Shares Weighted Average Grant Date Fair Value Non-vested shares outstanding as of December 31, 2017 357,183 $ 21.01 Granted 53,915 34.63 Forfeited (11,830) 20.30 Vested (15,338) 20.21 Non-vested shares outstanding as of September 30, 2018 383,930 $ 22.98 |
Vesting Schedule Of The Total Non-Vested Shares Of Restricted Stock Outstanding | Non-vested Shares Vesting Schedule Number of Shares 2018 (3 months) - 2019 24,372 2020 303,433 2021 13,750 2022 10,068 Thereafter 32,307 Total Non-vested Shares 383,930 |
Summary Of Certain Information With Respect To The Performance Share Awards | Expense Expense Fair Value Accrual For the Three Months Ended September 30, For the Nine Months Ended September 30, Performance Share Period September 30, 2018 September 30, 2018 2018 2017 2018 2017 January 1, 2018 - December 31, 2020 $ 3,175 $ 791 $ 268 $ - $ 791 $ - January 1, 2017 - December 31, 2019 5,471 3,188 546 518 1,655 1,193 January 1, 2016 - December 31, 2018 5,820 5,331 487 633 1,880 1,988 January 1, 2015 - December 31, 2017 - - - 784 - 2,387 Total $ 14,466 $ 9,310 $ 1,301 $ 1,935 $ 4,326 $ 5,568 |
Cash Dividends Paid Or Payable Per Share | For the Three Months Ended Security Dividend per Share Declaration Date Record Date Date Paid March 31, 2018 Common stock $ 0.22 February 6, 2018 March 28, 2018 April 12, 2018 June 30, 2018 Common stock $ 0.22 May 1, 2018 July 6, 2018 July 20, 2018 September 30, 2018 Common stock $ 0.24 August 1, 2018 October 5, 2018 October 19, 2018 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies [Abstract] | |
Summary Of Properties Under Contracts | Market Number of Buildings Square Feet Purchase Price (in thousands) Assumed Debt (in thousands) Los Angeles 1 1 60,040 $ 17,508 $ - Northern New Jersey/New York City - - - - San Francisco Bay Area - - - - Seattle - - - - Miami - - - - Washington, D.C. - - - - Total 1 60,040 $ 17,508 $ - 1 Includes one improved land parcel containing approximately 2.3 acres. |
Organization (Narrative) (Detai
Organization (Narrative) (Details) ft² in Millions | 9 Months Ended |
Sep. 30, 2018aft²segmentproperty | |
Organization [Line Items] | |
Number of markets | segment | 6 |
Number of properties | 203 |
Area of real estate property | ft² | 12.9 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Organization [Line Items] | |
Number of properties | 1 |
Land Improvements [Member] | |
Organization [Line Items] | |
Number of properties | 13 |
Area of real estate property | a | 52.9 |
Redevelopment Property [Member] | |
Organization [Line Items] | |
Number of properties | 4 |
Area of real estate property | ft² | 0.5 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)segmentitem | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Significant Accounting Policies Statement [Line Items] | |||||
Impairment charges | $ 0 | $ 0 | $ 0 | $ 0 | |
Amortization of above and below-market leases | 900,000 | 700,000 | $ 2,700,000 | 1,500,000 | |
Remaining weighted average lease term related to these intangible assets and liabilities | 9 years | ||||
Straight-line rent and accounts receivables, net of allowances | 25,200,000 | $ 25,200,000 | $ 23,000,000 | ||
Straight-line rent and accounts receivable, allowances | 200,000 | 200,000 | 100,000 | ||
Deferred financing cost accumulated amortization | 6,600,000 | 6,600,000 | 5,700,000 | ||
Unrecognized Tax Benefits | 0 | $ 0 | 0 | ||
Performance measurment period | 3 years | ||||
Number of interest rate cap transactions | item | 3 | ||||
Term loan notional amount associated with interest rate cap derivative | 150,000,000 | $ 150,000,000 | |||
Interest rate cap notional value | 150,000,000 | 150,000,000 | |||
Interest rate cap fair value | 100,000 | $ 100,000 | $ 30,000 | ||
Real Estate Investment [Member] | |||||
Significant Accounting Policies Statement [Line Items] | |||||
Number of reportable segments | segment | 1 | ||||
Senior Secured Loan [Member] | |||||
Significant Accounting Policies Statement [Line Items] | |||||
Impairment charges | 0 | $ 0 | $ 0 | $ 0 | |
Interest Rate Cap [Member] | |||||
Significant Accounting Policies Statement [Line Items] | |||||
Number of interest rate cap transactions | item | 3 | ||||
Term loan notional amount associated with interest rate cap derivative | 150,000,000 | $ 150,000,000 | |||
Interest rate cap notional value | $ 150,000,000 | $ 150,000,000 | |||
Derivative cap interest rate | 4.00% | 4.00% | |||
Interest Rate Cap, Maturity Date May 1, 2021 [Member] | January 2022 Term Loan [Member] | |||||
Significant Accounting Policies Statement [Line Items] | |||||
Term loan notional amount associated with interest rate cap derivative | $ 50,000,000 | $ 50,000,000 | |||
Effective Date | Dec. 1, 2014 | ||||
Maturity date | May 1, 2021 | ||||
Derivative cap interest rate | 4.00% | 4.00% | |||
Interest Rate Cap, Maturity Date April 1, 2019 [Member] | August 2021 Term Loan [Member] | |||||
Significant Accounting Policies Statement [Line Items] | |||||
Term loan notional amount associated with interest rate cap derivative | $ 50,000,000 | $ 50,000,000 | |||
Effective Date | Sep. 1, 2015 | ||||
Maturity date | Apr. 1, 2019 | ||||
Derivative cap interest rate | 4.00% | 4.00% | |||
Interest Rate Cap, Maturity Date February 3, 2020 [Member] | January 2022 Term Loan [Member] | |||||
Significant Accounting Policies Statement [Line Items] | |||||
Term loan notional amount associated with interest rate cap derivative | $ 50,000,000 | $ 50,000,000 | |||
Effective Date | Sep. 1, 2015 | ||||
Maturity date | Feb. 3, 2020 | ||||
Derivative cap interest rate | 4.00% | 4.00% | |||
Minimum [Member[ | Interest Rate Cap [Member] | |||||
Significant Accounting Policies Statement [Line Items] | |||||
Derivative, Range of Basis Spread on Variable Rate | 1.30% | 1.30% | |||
Maximum [Member] | Interest Rate Cap [Member] | |||||
Significant Accounting Policies Statement [Line Items] | |||||
Derivative, Range of Basis Spread on Variable Rate | 1.85% | 1.85% |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule Of Intangible Assets And Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Finite Lived Intangible Assets [Line Items] | ||
Total, Gross | $ 45,201 | $ 45,643 |
Accumulated Amortization | (43,450) | (41,555) |
Below-market leases, Net | (24,063) | (22,361) |
Total, Net | 1,751 | 4,088 |
In-Place Leases [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
In-place leases, Gross | 75,644 | 71,502 |
Accumulated Amortization | (50,457) | (45,885) |
Total, Net | 25,187 | 25,617 |
Above-Market Leases [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Above-market leases, Gross | 4,170 | 4,527 |
Above-market leases, Accumulated Amortization | (3,543) | (3,695) |
Total, Net | 627 | 832 |
Below-Market Leases [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Below-market leases, Gross | (34,613) | (30,386) |
Below-market leases, Accumulated Amortization | 10,550 | 8,025 |
Below-market leases, Net | $ (24,063) | $ (22,361) |
Significant Accounting Polici_6
Significant Accounting Policies (Schedule Of Depreciation And Useful Lives Of Real Estate And Intangible Assets) (Details) | 9 Months Ended |
Sep. 30, 2018 | |
Land [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Standard depreciable life | Not depreciated |
Building [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Standard depreciable life | 40 years |
Building Improvements [Member] | Minimum [Member[ | |
Finite Lived Intangible Assets [Line Items] | |
Standard depreciable life | 5 years |
Building Improvements [Member] | Maximum [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Standard depreciable life | 40 years |
Tenant Improvements [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Standard depreciable life | Shorter of lease term or useful life |
Leasing Costs [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Standard depreciable life | Lease term |
In-Place Leases [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Standard depreciable life | Lease term |
Above and Below Market Leases [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Standard depreciable life | Lease term |
Significant Accounting Polici_7
Significant Accounting Policies (Summary Of The Reconciliation Of Cash And Cash Equivalents And Restricted Cash) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Significant Accounting Policies [Abstract] | ||
Cash and cash equivalents at beginning of period | $ 35,710 | $ 14,208 |
Restricted cash at beginning of period | 7,090 | 4,270 |
Cash and cash equivalents and restricted cash at beginning of period | 42,800 | 18,478 |
Cash and cash equivalents at end of period | 3,587 | 109,058 |
Restricted cash at end of period | 4,466 | 4,265 |
Cash and cash equivalents and restricted cash at end of period | 8,053 | 113,323 |
Net (decrease) increase in cash and cash equivalents and restricted cash | $ (34,747) | $ 94,845 |
Concentration Of Credit Risk (N
Concentration Of Credit Risk (Narrative) (Details) ft² in Millions | 9 Months Ended |
Sep. 30, 2018aft²customerproperty | |
Real Estate Properties [Line Items] | |
Number of properties | 203 |
Area of real estate property | ft² | 12.9 |
Number of tenants accounting for more than 10% of rental revenues | customer | 0 |
Maximum [Member] | |
Real Estate Properties [Line Items] | |
Revenue percentage from largest customer | 10.00% |
Northern New Jersey/New York City [Member] | |
Real Estate Properties [Line Items] | |
Percentage accounted by properties of its annualized base rent | 25.40% |
Los Angeles [Member] | |
Real Estate Properties [Line Items] | |
Percentage accounted by properties of its annualized base rent | 18.70% |
Office Building [Member] | Northern New Jersey/New York City [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 55 |
Area of real estate property | ft² | 3.1 |
Office Building [Member] | Los Angeles [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 36 |
Area of real estate property | ft² | 2.7 |
Land Parcels [Member] | Northern New Jersey/New York City [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 5 |
Area of real estate property | a | 26.9 |
Land Parcels [Member] | Los Angeles [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 3 |
Area of real estate property | a | 8 |
Investments In Real Estate (Nar
Investments In Real Estate (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($)aft²property | Sep. 30, 2017USD ($)aft²property | Sep. 30, 2018USD ($)aft²property | Sep. 30, 2017USD ($)aft²property | |
Finite Lived Intangible Assets [Line Items] | ||||
Number of properties | property | 203 | 203 | ||
Area of real estate property | ft² | 12,900,000 | 12,900,000 | ||
Recorded revenues | $ 37,899 | $ 33,640 | $ 112,244 | $ 97,859 |
2018 Acquisition [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Total expected investment, including redevelopment costs | 95,600 | |||
Total aggregate initial investment | 174,100 | |||
Land | 119,000 | |||
Building And Improvements | 47,700 | |||
Intangible assets | 7,400 | |||
Intangible liabilities | 4,600 | |||
Recorded revenues | 1,200 | 2,300 | ||
Recorded net income | $ 400 | 800 | ||
Redevelopment costs | $ 27,800 | |||
2017 Acquisition [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Total expected investment, including redevelopment costs | 209,800 | |||
Total aggregate initial investment | 53,900 | |||
Land | 32,600 | 144,900 | ||
Building And Improvements | 18,500 | 55,200 | ||
Intangible assets | 2,800 | 9,700 | ||
Intangible liabilities | 1,400 | 18,700 | ||
Recorded revenues | 2,600 | 3,900 | ||
Recorded net income | $ 1,000 | $ 1,600 | ||
Industrial Building [Member] | 2018 Acquisition [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Number of properties acquired | property | 8 | 13 | ||
Area of real estate property acquired | ft² | 407,000 | 875,000 | ||
Industrial Building [Member] | 2017 Acquisition [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Number of properties acquired | property | 8 | 21 | ||
Area of real estate property acquired | ft² | 258,000 | 1,156,000 | ||
Industrial Property And Land [Member] | 2018 Acquisition [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Total aggregate initial investment | $ 70,400 | |||
Land | 44,600 | |||
Building And Improvements | 22,300 | |||
Intangible assets | 3,500 | |||
Intangible liabilities | $ 1,900 | |||
Land Improvements [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Number of properties | property | 13 | 13 | ||
Area of real estate property | a | 52.9 | 52.9 | ||
Improved Land Parcels [Member] | 2018 Acquisition [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Number of properties acquired | property | 2 | 3 | ||
Area of real estate property acquired | a | 1.4 | 5 | ||
Improved Land Parcels [Member] | 2017 Acquisition [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Number of properties acquired | property | 1 | 3 | ||
Area of real estate property acquired | a | 1.1 | 18.9 | ||
Redevelopment Property [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Number of properties | property | 4 | 4 | ||
Area of real estate property | ft² | 500,000 | 500,000 | ||
Redevelopment Property [Member] | Industrial Distribution Building [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Number of properties | property | 4 | 4 | ||
Area of real estate property | ft² | 500,000 | 500,000 | ||
Total expected investment, including redevelopment costs | $ 119,000 | |||
Capitalized interest associated with redevelopment activities | $ 800 | $ 0 | 1,600 | $ 0 |
Redevelopment costs | $ 32,700 | |||
Redevelopment Property [Member] | Industrial Building [Member] | 2018 Acquisition [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Number of properties acquired | property | 2 | |||
Area of real estate property acquired | ft² | 318,000 |
Investments In Real Estate (Sch
Investments In Real Estate (Schedule Of Pro Forma Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Investments In Real Estate [Abstract] | ||||
Total revenues | $ 38,533 | $ 35,094 | $ 115,701 | $ 103,582 |
Net income available to common stockholders, net of redemption of preferred stock and preferred stock dividends | $ 10,365 | $ 19,292 | $ 41,246 | $ 39,975 |
Basic and diluted net income available to common stockholders per share, net of redemption of preferred stock and preferred stock dividends | $ 0.18 | $ 0.37 | $ 0.73 | $ 0.80 |
Held For Sale_Disposed Assets_2
Held For Sale/Disposed Assets (Narrative) (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018USD ($)property | Sep. 30, 2017USD ($)property | Dec. 31, 2017USD ($) | |
Held For Sale Assets [Line Items] | |||
Number of properties | property | 203 | ||
Net book value | $ 1,635,388 | $ 1,497,116 | |
Los Angeles [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||
Held For Sale Assets [Line Items] | |||
Number of properties sold | property | 1 | ||
Proceeds from sale of property | $ 25,300 | ||
Gain on sale of property | $ 10,100 | ||
Washington D.C. [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||
Held For Sale Assets [Line Items] | |||
Number of properties sold | property | 1 | 2 | |
Proceeds from sale of property | $ 20,300 | $ 40,500 | |
Gain on sale of property | $ 3,300 | $ 15,400 | |
Miami [Member] | Discontinued Operations, Held-for-sale [Member] | |||
Held For Sale Assets [Line Items] | |||
Number of properties | property | 1 | ||
Sales price of property held for sale | $ 4,300 | ||
Net book value | $ 2,500 | ||
Miami [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||
Held For Sale Assets [Line Items] | |||
Number of properties sold | property | 1 | ||
Proceeds from sale of property | $ 24,300 | ||
Gain on sale of property | $ 11,700 |
Held For Sale_Disposed Assets_3
Held For Sale/Disposed Assets (Summary Of Operations Of Properties Held for Sale) (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Rental revenues | $ 98 | $ 98 | $ 293 | $ 293 |
Tenant expense reimbursements | 14 | 13 | 41 | 40 |
Property operating expenses | (17) | (16) | (50) | (49) |
Depreciation and amortization | (10) | (26) | (63) | (78) |
Income from operations | $ 85 | $ 69 | $ 221 | $ 206 |
Senior Secured Loan (Narrative)
Senior Secured Loan (Narrative) (Details) $ in Thousands | Nov. 01, 2018USD ($)propertycontract | Sep. 30, 2018USD ($)property | Dec. 31, 2017USD ($) |
Senior secured loan | $ | $ 55,000 | ||
Senior secured loan, term | 2 years | ||
Senior secured loan, fixed annual interest rate | 8.00% | ||
Number of properties | 203 | ||
Senior secured loan, net | $ | $ 54,345 | ||
Senior secured loan, deferred loan fees | $ | 700 | $ 0 | |
Senior secured loan, interest receivable | $ | $ 400 | $ 0 | |
Collateral Pledged, May Be Called By The Company As Partial Or Full Repayment [Member] | |||
Number of properties | 3 | ||
Collateral Pledged, Repayment With Deeds In Lieu [Member] | |||
Number of properties | 2 | ||
Aggregate purchase price, deeds in lieu | $ | $ 39,100 | ||
Improved Land Parcels [Member] | New Jersey [Member] | Collateral Pledged [Member] | |||
Number of properties | 9 | ||
Improved Land Parcels [Member] | New Jersey [Member] | Collateral Pledged, May Be Put To The Company As Partial Repayment [Member] | |||
Number of properties | 1 | ||
Improved Land Parcels [Member] | New Jersey [Member] | Collateral Pledged, May Be Called By The Company As Partial Or Full Repayment [Member] | |||
Number of properties | 2 | ||
Non-binding Letter Of Intent [Member] | |||
Number of non-binding letters of intent | contract | 4 | ||
Total aggregate initial investment | $ | $ 51,000 | ||
Non-binding Letter Of Intent [Member] | Collateral Pledged, Repayment With Deeds In Lieu [Member] | |||
Number of non-binding letters of intent | contract | 2 | ||
Number of properties | 2 | ||
Total aggregate initial investment | $ | $ 39,100 | ||
Non-binding Letter Of Intent [Member] | Improved Land Parcels [Member] | |||
Number of properties | 2 | ||
Outstanding Contract With Third Party [Member] | |||
Outstanding contracts with a third-party | contract | 2 | ||
Number of properties | 2 | ||
Total aggregate initial investment | $ | $ 38,800 | ||
Outstanding Contract With Third Party [Member] | Improved Land Parcels [Member] | |||
Number of properties | 1 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018USD ($)itemloan | Dec. 31, 2017USD ($)loan | |
Debt Instrument [Line Items] | ||
Credit facility, amount outstanding | $ 21,850,000 | |
Number of interest rate cap transactions | item | 3 | |
Interest rate cap notional value | $ 150,000,000 | |
Weighted average fixed annual rate | 3.80% | |
$50.0 Million Term Loan Maturing August 1, 2021, And $100.0 Million Term Loan Maturing January, 1 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility, amount outstanding | $ 150,000,000 | $ 150,000,000 |
Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average fixed annual rate | 4.10% | |
Senior Unsecured Notes [Member] | July 2024 Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 100,000,000 | |
Debt Instrument, Maturity Date | Jul. 1, 2024 | |
Senior Unsecured Notes [Member] | September 2022 Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 50,000,000 | |
Debt Instrument, Maturity Date | Sep. 1, 2022 | |
Senior Unsecured Notes [Member] | July 2026 Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 50,000,000 | |
Debt Instrument, Maturity Date | Jul. 1, 2026 | |
Senior Unsecured Notes [Member] | October 2027 Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 50,000,000 | |
Debt Instrument, Maturity Date | Oct. 1, 2027 | |
Mortgage Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
Number of mortgage loans payable | loan | 3 | 3 |
Secured loan | $ 63,500,000 | $ 64,800,000 |
Weighted average fixed annual rate | 4.00% | 4.00% |
Total net investment book value of properties securing the debt | $ 154,100,000 | $ 153,700,000 |
Mortgage Loans Payable [Member] | Minimum [Member[ | ||
Debt Instrument [Line Items] | ||
Mortgage loans maturity, period | 2,019 | |
Mortgage Loans Payable [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage loans maturity, period | 2,021 | |
Facility [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility, maximum | $ 600,000,000 | |
Borrowing Base Properties Percentage | 60.00% | |
Effective rate | 1.35% | |
LIBOR margin | 1.25% | |
Credit facility, amount outstanding | $ 21,900,000 | $ 0 |
Facility [Member] | August 2020 Unsecured Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility, current | $ 200,000,000 | |
Maturity date, line of credit | Aug. 1, 2020 | |
Facility [Member] | August 2021 Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility, current | $ 50,000,000 | |
Maturity date, line of credit | Aug. 1, 2021 | |
Facility [Member] | January 2022 Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility, current | $ 100,000,000 | |
Maturity date, line of credit | Jan. 1, 2022 | |
Facility [Member] | $50.0 Million Term Loan Maturing August 1, 2021, And $100.0 Million Term Loan Maturing January, 1 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Effective rate | 1.30% | |
Facility [Member] | Federal Funds Rate [Member] | ||
Debt Instrument [Line Items] | ||
Effective rate | 0.50% | |
Facility [Member] | Minimum [Member[ | ||
Debt Instrument [Line Items] | ||
LIBOR margin | 1.35% | |
Unused facility fee rate | 0.20% | |
Facility [Member] | Minimum [Member[ | $50.0 Million Term Loan Maturing August 1, 2021, And $100.0 Million Term Loan Maturing January, 1 2022 [Member] | ||
Debt Instrument [Line Items] | ||
LIBOR margin | 1.30% | |
Facility [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
LIBOR margin | 1.90% | |
Unused facility fee rate | 0.25% | |
Facility [Member] | Maximum [Member] | $50.0 Million Term Loan Maturing August 1, 2021, And $100.0 Million Term Loan Maturing January, 1 2022 [Member] | ||
Debt Instrument [Line Items] | ||
LIBOR margin | 1.85% | |
Interest Rate Cap [Member] | ||
Debt Instrument [Line Items] | ||
Number of interest rate cap transactions | item | 3 | |
Interest rate cap notional value | $ 150,000,000 |
Debt (Schedule Of Principal Pay
Debt (Schedule Of Principal Payments) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
2018 (3 months) | $ 485 | |
2,019 | 18,805 | |
2,020 | 54,927 | |
2,021 | 61,271 | |
2,022 | 150,000 | |
Thereafter | 200,000 | |
Total Debt | 485,488 | |
Deferred financing costs, net | (2,834) | |
Total Debt, net | $ 482,654 | |
Weighted Average Interest Rate | 3.80% | |
Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
2,020 | $ 21,850 | |
Total Debt | 21,850 | |
Total Debt, net | $ 21,850 | |
Weighted Average Interest Rate | 3.50% | |
Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
2,021 | $ 50,000 | |
2,022 | 100,000 | |
Total Debt | 150,000 | |
Deferred financing costs, net | (886) | |
Total Debt, net | $ 149,114 | |
Weighted Average Interest Rate | 3.40% | |
Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
2,022 | $ 50,000 | |
Thereafter | 200,000 | |
Total Debt | 250,000 | |
Deferred financing costs, net | (1,812) | |
Total Debt, net | $ 248,188 | |
Weighted Average Interest Rate | 4.10% | |
Mortgage Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
2018 (3 months) | $ 485 | |
2,019 | 18,805 | |
2,020 | 33,077 | |
2,021 | 11,271 | |
Total Debt | 63,638 | |
Deferred financing costs, net | (136) | |
Total Debt, net | $ 63,502 | |
Weighted Average Interest Rate | 4.00% | 4.00% |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2018USD ($)item | Dec. 31, 2017USD ($) | |
Derivative [Line Items] | ||
Number of interest rate cap transactions | item | 3 | |
Term loan notional amount associated with interest rate cap derivative | $ 150,000,000 | |
Interest rate cap notional value | 150,000,000 | |
Derivative Asset, Notional Amount | 150,000,000 | $ 150,000,000 |
Estimate that will be reclassified from AOCI as an increase to interest expense over the next twelve months | $ 300,000 | |
Interest Rate Cap [Member] | ||
Derivative [Line Items] | ||
Number of interest rate cap transactions | item | 3 | |
Term loan notional amount associated with interest rate cap derivative | $ 150,000,000 | |
Interest rate cap notional value | $ 150,000,000 | |
Interest Rate Strike | 4.00% | |
Derivative, Cap Interest Rate | 4.00% | |
Interest Rate Cap [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative, Range of Basis Spread on Variable Rate | 1.85% | |
Interest Rate Cap [Member] | Minimum [Member[ | ||
Derivative [Line Items] | ||
Derivative, Range of Basis Spread on Variable Rate | 1.30% | |
August 2021 Term Loan [Member] | Interest Rate Cap, Maturity Date April 1, 2019 [Member] | ||
Derivative [Line Items] | ||
Term loan notional amount associated with interest rate cap derivative | $ 50,000,000 | |
Interest Rate Strike | 4.00% | |
Derivative Asset, Notional Amount | $ 50,000,000 | 50,000,000 |
Derivative, Cap Interest Rate | 4.00% | |
Derivative, Inception Date | Sep. 1, 2015 | |
Derivative, Maturity Date | Apr. 1, 2019 | |
January 2022 Term Loan [Member] | Interest Rate Cap, Maturity Date May 1, 2021 [Member] | ||
Derivative [Line Items] | ||
Term loan notional amount associated with interest rate cap derivative | $ 50,000,000 | |
Interest Rate Strike | 4.00% | |
Derivative Asset, Notional Amount | $ 50,000,000 | 50,000,000 |
Derivative, Cap Interest Rate | 4.00% | |
Derivative, Inception Date | Dec. 1, 2014 | |
Derivative, Maturity Date | May 4, 2021 | |
January 2022 Term Loan [Member] | Interest Rate Cap, Maturity Date February 3, 2020 [Member] | ||
Derivative [Line Items] | ||
Term loan notional amount associated with interest rate cap derivative | $ 50,000,000 | |
Interest Rate Strike | 4.00% | |
Derivative Asset, Notional Amount | $ 50,000,000 | $ 50,000,000 |
Derivative, Cap Interest Rate | 4.00% | |
Derivative, Inception Date | Sep. 1, 2015 | |
Derivative, Maturity Date | Feb. 3, 2020 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Summary Of Derivative Instruments Designated As Hedging Instruments) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Fair Value | $ 51 | $ 30 |
Notional Amount | $ 150,000 | 150,000 |
Interest Rate Cap [Member] | ||
Derivative [Line Items] | ||
Interest Rate Strike | 4.00% | |
August 2021 Term Loan [Member] | Interest Rate Cap, Maturity Date April 1, 2019 [Member] | ||
Derivative [Line Items] | ||
Effective Date | Sep. 1, 2015 | |
Maturity Date | Apr. 1, 2019 | |
Interest Rate Strike | 4.00% | |
Fair Value | 1 | |
Notional Amount | $ 50,000 | 50,000 |
January 2022 Term Loan [Member] | Interest Rate Cap, Maturity Date May 1, 2021 [Member] | ||
Derivative [Line Items] | ||
Effective Date | Dec. 1, 2014 | |
Maturity Date | May 4, 2021 | |
Interest Rate Strike | 4.00% | |
Fair Value | $ 47 | 26 |
Notional Amount | $ 50,000 | 50,000 |
January 2022 Term Loan [Member] | Interest Rate Cap, Maturity Date February 3, 2020 [Member] | ||
Derivative [Line Items] | ||
Effective Date | Sep. 1, 2015 | |
Maturity Date | Feb. 3, 2020 | |
Interest Rate Strike | 4.00% | |
Fair Value | $ 4 | 3 |
Notional Amount | $ 50,000 | $ 50,000 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Summary Of The Effect Of The Company's Derivative Financial Instruments On Its Accompanying Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Financial Instruments [Abstract] | ||||
Amount of gain recognized in AOCI on derivatives (effective portion) | $ 80 | $ 29 | $ 211 | $ 63 |
Amount of gain reclassified from AOCI into interest expense (effective portion) | $ 80 | $ 29 | $ 211 | $ 63 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments That Are Accounted For At Fair Value On A Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 51 | $ 30 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 51 | $ 30 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Value And The Estimated Fair Value Of Company Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Secured Loan, Total Fair Value | $ 55,000 | |
Senior Secured Loan, Carrying Value | 54,345 | |
Debt, Total Fair Value | 468,541 | $ 459,048 |
Debt, Carrying Value | 482,654 | 461,683 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Secured Loan, Total Fair Value | 55,000 | |
Debt, Total Fair Value | $ 468,541 | $ 459,048 |
Stockholder's Equity (Narrative
Stockholder's Equity (Narrative) (Details) - USD ($) | Jul. 19, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common stock, shares authorized | 400,000,000 | 400,000,000 | 400,000,000 | |||||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Preferred stock, shares | 100,000,000 | 100,000,000 | ||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | ||||||
Common stock, shares issued | 59,136,072 | 59,136,072 | 55,368,737 | |||||
Net proceeds of common share issuance | $ 135,879,000 | $ 224,469,000 | ||||||
Issuance of common stock, net of issuance costs | $ 140,345,000 | |||||||
Common stock, shares outstanding | 59,136,072 | 59,136,072 | 55,368,737 | |||||
Non-vested restricted stock awards | 383,930 | 383,930 | ||||||
Common Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares repurchase program, authorized repurchase amount, shares | 2,000,000 | 2,000,000 | ||||||
Repurchased shares of stock pursuant to share repurchase authorization | 0 | |||||||
Issuance of common stock, net of issuance costs, Shares | 3,820,687 | |||||||
Issuance of common stock, net of issuance costs | $ 39,000 | |||||||
Series A Preferred Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Preferred stock, shares issued | 0 | 0 | 0 | |||||
Preferred stock, shares outstanding | 0 | 0 | 0 | |||||
Dividend rate | 7.75% | |||||||
Redemption date of Series A Preferred Stock | Jul. 19, 2017 | |||||||
Number of shares redeemed | 1,840,000 | |||||||
Redemption price of Series A Preferred Stock | $ 25 | |||||||
Accrued and unpaid dividends | $ 0.096875 | |||||||
Remaining balance of shares available | 335,490 | 335,490 | ||||||
$250 Million ATM Program [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common stock aggregate offering price, remaining | $ 202,900,000 | |||||||
$200 Million ATM Program [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common stock aggregate offering price | $ 200,000,000 | |||||||
$150 Million ATM Program [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common stock aggregate offering price | $ 150,000,000 | |||||||
Weighted average offering price per share | $ 35.84 | $ 31.87 | ||||||
Issuance of common stock, net of issuance costs | $ 2,206,685 | $ 7,042,771 | ||||||
$200 & $150 Million ATM Program [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Net proceeds of common share issuance | 77,900,000 | 221,200,000 | ||||||
Total compensation to the applicable sales agents | 1,100,000 | 3,300,000 | ||||||
$250 & $200 Million ATM Programs [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Net proceeds of common share issuance | $ 27,500,000 | 133,900,000 | ||||||
Total compensation to the applicable sales agents | 400,000 | 2,000,000 | ||||||
Issuance of common stock, net of issuance costs | $ 729,667 | $ 3,615,068 | ||||||
LTIP [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted average offering price per share | $ 34.50 | |||||||
Issuance of common stock, net of issuance costs, Shares | 195,963 | |||||||
2010 Equity Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common stock, shares authorized | 1,705,000 | 1,705,000 | ||||||
Unrestricted Stock [Member] | Amended and Restated 2010 Equity Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrestricted common stock granted, shares | 9,656 | |||||||
Granted, Weighted Average Grant Date Fair Value | $ 37.29 | |||||||
Compensation costs | $ 400,000 | $ 400,000 | ||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Non-vested restricted stock awards | 383,930 | 383,930 | 357,183 | |||||
Unrestricted common stock granted, shares | 53,915 | |||||||
Granted, Weighted Average Grant Date Fair Value | $ 34.63 | |||||||
Compensation costs | $ 500,000 | $ 500,000 | $ 1,400,000 | $ 1,400,000 | ||||
Fair value of the restricted stock granted | $ 1,900,000 | |||||||
Vesting period for the restricted stock | 5 years | |||||||
Total unrecognized compensation costs related to restricted stock issuances | $ 5,100,000 | $ 5,100,000 | ||||||
Remaining weighted average period | 4 years 2 months 12 days | |||||||
Maximum [Member] | $250 Million ATM Program [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common stock aggregate offering price | $ 250,000,000 | |||||||
Maximum [Member] | 2010 Equity Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted, Weighted Average Grant Date Fair Value | $ 37.16 | |||||||
Minimum [Member[ | 2010 Equity Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted, Weighted Average Grant Date Fair Value | 14.20 | |||||||
Weighted Average [Member] | $250 & $200 Million ATM Programs [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted average offering price per share | $ 38.22 | $ 37.59 |
Stockholder's Equity (Restricte
Stockholder's Equity (Restricted Stock Activity) (Details) | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested shares outstanding at end of period, Shares | 383,930 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested shares outstanding at beginning of period, Shares | 357,183 |
Non-vested shares outstanding at beginning of period, Weighted Average Grant Date Fair Value | $ / shares | $ 21.01 |
Granted, Shares | 53,915 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 34.63 |
Forfeited, Shares | (11,830) |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | $ 20.30 |
Vested, Shares | (15,338) |
Vested, Weighted Average Grant Date Fair Value | $ / shares | $ 20.21 |
Non-vested shares outstanding at end of period, Shares | 383,930 |
Non-vested shares outstanding at end of period, Weighted Average Grant Date Fair Value | $ / shares | $ 22.98 |
Stockholder's Equity (Vesting S
Stockholder's Equity (Vesting Schedule Of The Total Non-Vested Shares Of Restricted Stock Outstanding) (Details) | Sep. 30, 2018shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Non-vested Shares | 383,930 |
2018 (3 Months) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Non-vested Shares | |
2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Non-vested Shares | 24,372 |
2020 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Non-vested Shares | 303,433 |
2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Non-vested Shares | 13,750 |
2022 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Non-vested Shares | 10,068 |
Thereafter [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Non-vested Shares | 32,307 |
Stockholders' Equity (Summary O
Stockholders' Equity (Summary Of Certain Information With Respect To The Performance Share Awards) (Details) - Performance Shares [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value | $ 14,466 | |||
Accrual | 9,310 | |||
Expense | $ 1,301 | $ 1,935 | 4,326 | $ 5,568 |
January 1, 2018 - December 31, 2020 [Member] | ||||
Fair Value | 3,175 | |||
Accrual | 791 | |||
Expense | 268 | 791 | ||
January 1, 2017 - December 31, 2019 [Member] | ||||
Fair Value | 5,471 | |||
Accrual | 3,188 | |||
Expense | 546 | 518 | 1,655 | 1,193 |
January 1, 2016 - December 31, 2018 [Member] | ||||
Fair Value | 5,820 | |||
Accrual | 5,331 | |||
Expense | $ 487 | 633 | $ 1,880 | 1,988 |
January 1, 2015 - December 31, 2017 [Member] | ||||
Expense | $ 784 | $ 2,387 |
Stockholder's Equity (Cash Divi
Stockholder's Equity (Cash Dividends Paid Or Payable Per Share) (Details) - Common Stock [Member] - $ / shares | 3 Months Ended | ||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Dividends Payable [Line Items] | |||
Dividend per Share, Common stock | $ 0.24 | $ 0.22 | $ 0.22 |
Declaration Date | Aug. 1, 2018 | May 1, 2018 | Feb. 6, 2018 |
Record Date | Oct. 5, 2018 | Jul. 6, 2018 | Mar. 28, 2018 |
Date Paid | Oct. 19, 2018 | Jul. 20, 2018 | Apr. 12, 2018 |
Net Income (Loss) Per Share (Na
Net Income (Loss) Per Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net Income (Loss) Per Share [Abstract] | ||||
Dilutive restricted stock awards outstanding securities not participate in losses | 0 | 0 | 0 | 0 |
Weighted average unvested restricted shares outstanding | 374,862 | 374,842 | 363,850 | 381,321 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) $ in Thousands | Nov. 01, 2018USD ($)aft²propertycontract | Sep. 30, 2018USD ($)ft²property | Dec. 31, 2017USD ($) |
Other Commitments [Line Items] | |||
Number of properties | 203 | ||
Area of real estate property | ft² | 12,900,000 | ||
Net book value | $ | $ 1,635,388 | $ 1,497,116 | |
Non-binding Letter Of Intent [Member] | |||
Other Commitments [Line Items] | |||
Number of non-binding letters of intent | contract | 4 | ||
Area of real estate property | ft² | 37,000 | ||
Total aggregate initial investment | $ | $ 51,000 | ||
Outstanding Contract With Third Party [Member] | |||
Other Commitments [Line Items] | |||
Outstanding contracts with a third-party | contract | 2 | ||
Number of properties | 2 | ||
Total aggregate initial investment | $ | $ 38,800 | ||
Net book value | $ | $ 23,000 | ||
Industrial Building [Member] | Outstanding Contract With Third Party [Member] | |||
Other Commitments [Line Items] | |||
Outstanding contracts with a third-party | contract | 2 | ||
Number of properties | 2 | ||
Area of real estate property | ft² | 60,000 | ||
Improved Land Parcels [Member] | Non-binding Letter Of Intent [Member] | |||
Other Commitments [Line Items] | |||
Number of properties | 2 | ||
Area of real estate property | a | 24.3 | ||
Improved Land Parcels [Member] | Outstanding Contract With Third Party [Member] | |||
Other Commitments [Line Items] | |||
Number of properties | 1 | ||
Area of real estate property | a | 2.3 | ||
Improved Land Parcels [Member] | Los Angeles [Member] | Outstanding Contract With Third Party [Member] | |||
Other Commitments [Line Items] | |||
Number of properties | 1 | ||
Area of real estate property | a | 2.3 |
Commitments And Contingencies_3
Commitments And Contingencies (Summary Of Properties Under Contracts) (Details) $ in Thousands | Nov. 01, 2018USD ($)aft²property | Sep. 30, 2018aft²property |
Real Estate Properties [Line Items] | ||
Number of properties | 203 | |
Area of real estate property | ft² | 12,900,000 | |
Commitments [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties | 1 | |
Area of real estate property | ft² | 60,040 | |
Purchase Price | $ | $ 17,508 | |
Los Angeles [Member] | Commitments [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties | 1 | |
Area of real estate property | ft² | 60,040 | |
Purchase Price | $ | $ 17,508 | |
Land Improvements [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties | 13 | |
Area of real estate property | a | 52.9 | |
Redevelopment Property [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties | 4 | |
Area of real estate property | ft² | 500,000 | |
Outstanding Contract With Third Party [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties | 2 | |
Outstanding Contract With Third Party [Member] | Industrial Building [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties | 2 | |
Area of real estate property | ft² | 60,000 | |
Outstanding Contract With Third Party [Member] | Improved Land Parcels [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties | 1 | |
Area of real estate property | a | 2.3 | |
Outstanding Contract With Third Party [Member] | Improved Land Parcels [Member] | Los Angeles [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties | 1 | |
Area of real estate property | a | 2.3 |
Subsequent Events (Details)
Subsequent Events (Details) | Oct. 31, 2018USD ($)ft²$ / sharesshares | Oct. 24, 2018USD ($)aft²property | Oct. 19, 2018USD ($) | Oct. 17, 2018USD ($)ft²property | Oct. 31, 2018USD ($)propertyshares | Sep. 30, 2018USD ($)aft²$ / sharespropertyshares | Jun. 30, 2018$ / shares | Mar. 31, 2018$ / shares | Sep. 30, 2018USD ($)aft²propertyshares |
Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividends Payable, Date Declared | Oct. 31, 2018 | ||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.24 | ||||||||
Dividends Payable, Date to be Paid | Jan. 11, 2019 | ||||||||
Dividends Payable, Date of Record | Dec. 18, 2018 | ||||||||
2018 Acquisition [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Total aggregate initial investment | $ 174,100,000 | ||||||||
Redevelopment costs | $ 27,800,000 | ||||||||
Industrial Building [Member] | 2018 Acquisition [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of properties acquired | property | 8 | 13 | |||||||
Area of real estate property acquired | ft² | 407,000 | 875,000 | |||||||
August 2020 Unsecured Revolving Credit Facility [Member] | Facility [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Credit facility, current | $ 200,000,000 | $ 200,000,000 | |||||||
Maturity date, line of credit | Aug. 1, 2020 | ||||||||
Octorber 2022 Unsecured Revolving Credit Facility [Member] | Facility [Member] | Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Credit facility, current | $ 250,000,000 | ||||||||
Maturity date, line of credit | Oct. 1, 2022 | ||||||||
Improved Land Parcels [Member] | 2018 Acquisition [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of properties acquired | property | 2 | 3 | |||||||
Area of real estate property acquired | a | 1.4 | 5 | |||||||
Redevelopment Property [Member] | Industrial Building [Member] | 2018 Acquisition [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of properties acquired | property | 2 | ||||||||
Area of real estate property acquired | ft² | 318,000 | ||||||||
New Jersey [Member] | Industrial Building [Member] | 2018 Acquisition [Member] | Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of properties acquired | property | 1 | ||||||||
Area of real estate property acquired | ft² | 24,000 | ||||||||
Total aggregate initial investment | $ 3,500,000 | ||||||||
Kent, Washington [Member] | Improved Land Parcels [Member] | Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of properties acquired | property | 1 | ||||||||
Area of real estate property acquired | a | 12.7 | ||||||||
Total aggregate initial investment | $ 12,400,000 | ||||||||
Kent, Washington [Member] | Redevelopment Property [Member] | Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Area of real estate property acquired | ft² | 220,000 | ||||||||
Total aggregate initial investment | $ 33,900,000 | ||||||||
Redevelopment costs | $ 21,100,000 | ||||||||
Seattle [Member] | Industrial Building [Member] | Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of properties acquired | property | 1 | ||||||||
Total aggregate initial investment | $ 12,600,000 | ||||||||
Seattle [Member] | Redevelopment Property [Member] | Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Area of real estate property acquired | ft² | 50,000 | ||||||||
Total aggregate initial investment | $ 15,300,000 | ||||||||
Redevelopment costs | $ 2,600,000 | ||||||||
Common Stock [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Shares repurchase program, authorized repurchase amount, shares | shares | 2,000,000 | 2,000,000 | |||||||
Dividends Payable, Date Declared | Aug. 1, 2018 | May 1, 2018 | Feb. 6, 2018 | ||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.24 | $ 0.22 | $ 0.22 | ||||||
Dividends Payable, Date to be Paid | Oct. 19, 2018 | Jul. 20, 2018 | Apr. 12, 2018 | ||||||
Dividends Payable, Date of Record | Oct. 5, 2018 | Jul. 6, 2018 | Mar. 28, 2018 | ||||||
Common Stock [Member] | Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Shares repurchase program, authorized repurchase amount, shares | shares | 3,000,000 | 3,000,000 |