Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 04, 2020 | Jun. 28, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-34603 | ||
Entity Registrant Name | Terreno Realty Corporation | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 27-1262675 | ||
Entity Address, Address Line One | 101 Montgomery Street | ||
Entity Address, Address Line Two | Suite 200 | ||
Entity Address, City or Town | San Francisco | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94104 | ||
City Area Code | 415 | ||
Local Phone Number | 655-4580 | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | TRNO | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Smaller Reporting Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,180,085,144 | ||
Entity Common Stock, Shares Outstanding (in shares) | 67,388,281 | ||
Entity Central Index Key | 0001476150 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Documents Incorporated by Reference | Part III of this Annual Report on Form 10-K incorporates by reference portions of Terreno Realty Corporation’s Proxy Statement for its 2020 Annual Meeting of Stockholders, which the registrant anticipates will be filed with the Securities and Exchange Commission no later than 120 days after the end of its 2019 fiscal year pursuant to Regulation 14A. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investments in real estate | ||
Land | $ 1,055,146 | $ 833,995 |
Buildings and improvements | 909,201 | 837,816 |
Construction in progress | 101,253 | 94,695 |
Intangible assets | 88,594 | 79,270 |
Total investments in properties | 2,154,194 | 1,845,776 |
Accumulated depreciation and amortization | (208,279) | (169,772) |
Net investments in real estate | 1,945,915 | 1,676,004 |
Cash and cash equivalents | 110,082 | 31,004 |
Restricted cash | 2,657 | 3,475 |
Senior secured loan, net | 15,858 | 54,492 |
Other assets, net | 33,952 | 31,529 |
Total assets | 2,108,464 | 1,796,504 |
Liabilities | ||
Credit facility | 0 | 19,000 |
Term loans payable, net | 99,583 | 149,067 |
Senior unsecured notes, net | 347,674 | 248,263 |
Mortgage loans payable, net | 44,318 | 45,767 |
Security deposits | 14,149 | 11,933 |
Intangible liabilities, net | 28,127 | 23,093 |
Dividends payable | 18,158 | 14,643 |
Performance share awards payable | 11,633 | 12,048 |
Accounts payable and other liabilities | 27,699 | 24,893 |
Total liabilities | 591,341 | 548,707 |
Commitments and contingencies (Note 14) | ||
Stockholders’ equity | ||
Common stock: $0.01 par value, 400,000,000 shares authorized, and 67,252,787 and 61,013,711 shares issued and outstanding, respectively | 673 | 610 |
Additional paid-in capital | 1,514,266 | 1,233,763 |
Retained earnings | 2,621 | 14,185 |
Accumulated other comprehensive loss | (437) | (761) |
Total stockholders’ equity | 1,517,123 | 1,247,797 |
Total liabilities and equity | $ 2,108,464 | $ 1,796,504 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 67,252,787 | 61,013,711 |
Common stock, shares outstanding (in shares) | 67,252,787 | 61,013,711 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUES | |||
Rental revenues and tenant expense reimbursements | $ 171,022 | $ 151,657 | $ 132,484 |
Total revenues | 171,022 | 151,657 | 132,484 |
COSTS AND EXPENSES | |||
Property operating expenses | 44,201 | ||
Property operating expenses | 39,988 | 35,874 | |
Depreciation and amortization | 44,015 | 40,816 | 37,870 |
General and administrative | 23,924 | 21,503 | 19,681 |
Acquisition costs | 45 | 124 | 10 |
Total costs and expenses | 112,185 | 102,431 | 93,435 |
OTHER INCOME (EXPENSE) | |||
Interest and other income | 3,815 | 3,664 | 169 |
Interest expense, including amortization | (16,338) | (18,211) | (16,777) |
Loss on extinguishment of debt | (189) | 0 | 0 |
Gain on sales of real estate investments | 9,391 | 28,610 | 30,654 |
Total other income (expense) | (3,321) | 14,063 | 14,046 |
Net income | 55,516 | 63,289 | 53,095 |
Redemption of preferred stock | 0 | 0 | (1,767) |
Preferred stock dividends | 0 | 0 | (1,961) |
Net income, net of redemption of preferred stock and preferred stock dividends | 55,516 | 63,289 | 49,367 |
Allocation to participating securities | (351) | (401) | (352) |
Net income available to common stockholders, net of redemption of preferred stock and preferred stock dividends | $ 55,165 | $ 62,888 | $ 49,015 |
EARNINGS PER COMMON SHARE – BASIC AND DILUTED: | |||
Net income available to common stockholders - basic, net of redemption of preferred stock and preferred stock dividends (in dollars per share) | $ 0.86 | $ 1.09 | $ 0.95 |
Net income available to common stockholders - diluted, net of redemption of preferred stock and preferred stock dividends (in dollars per share) | $ 0.85 | $ 1.09 | $ 0.95 |
Basic Weighted Average Common Shares Outstanding (in shares) | 64,428,406 | 57,486,399 | 51,357,719 |
Diluted Weighted Average Common Shares Outstanding (in shares) | 64,722,976 | 57,486,399 | 51,357,719 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 55,516 | $ 63,289 | $ 53,095 |
Other comprehensive income (loss): cash flow hedge adjustment | 324 | ||
Other comprehensive income (loss): cash flow hedge adjustment | 285 | (148) | |
Comprehensive income | $ 55,840 | $ 63,574 | $ 52,947 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] |
Beginning balance (in shares) at Dec. 31, 2016 | 47,414,365 | |||||
Beginning balance at Dec. 31, 2016 | $ 811,805 | $ 46,000 | $ 474 | $ 766,229 | $ 0 | $ (898) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 53,095 | 53,095 | ||||
Issuance of common stock, net of issuance costs (in shares) | 8,066,150 | |||||
Issuance of common stock, net of issuance costs | 256,724 | $ 79 | 256,645 | |||
Repurchase of common stock (in shares) | (144,025) | |||||
Repurchase of common stock | (3,436) | (3,436) | ||||
Redemption of preferred stock | (46,038) | (46,000) | 1,729 | (1,767) | ||
Issuance of restricted stock (in shares) | 32,247 | |||||
Stock-based compensation | 2,017 | 2,017 | ||||
Common stock dividends | (44,564) | (44,564) | ||||
Preferred stock dividends | (1,961) | (1,961) | ||||
Other comprehensive income (loss) | (148) | (148) | ||||
Ending balance (in shares) at Dec. 31, 2017 | 55,368,737 | |||||
Ending balance at Dec. 31, 2017 | 1,027,494 | 0 | $ 553 | 1,023,184 | 4,803 | (1,046) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 63,289 | 63,289 | ||||
Issuance of common stock, net of issuance costs (in shares) | 5,698,326 | |||||
Issuance of common stock, net of issuance costs | 212,221 | $ 57 | 212,164 | |||
Repurchase of common stock (in shares) | (107,267) | |||||
Repurchase of common stock | (3,870) | (3,870) | ||||
Issuance of restricted stock (in shares) | 53,915 | |||||
Stock-based compensation | 2,285 | 2,285 | ||||
Common stock dividends | (53,907) | (53,907) | ||||
Other comprehensive income (loss) | 285 | 285 | ||||
Ending balance (in shares) at Dec. 31, 2018 | 61,013,711 | |||||
Ending balance at Dec. 31, 2018 | 1,247,797 | 0 | $ 610 | 1,233,763 | 14,185 | (761) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 55,516 | 55,516 | ||||
Issuance of common stock, net of issuance costs (in shares) | 6,271,863 | |||||
Issuance of common stock, net of issuance costs | 280,499 | $ 63 | 280,436 | |||
Repurchase of common stock (in shares) | (143,886) | |||||
Repurchase of common stock | (3,959) | (3,959) | ||||
Issuance of restricted stock (in shares) | 111,099 | |||||
Stock-based compensation | 4,026 | 4,026 | ||||
Common stock dividends | (67,080) | (67,080) | ||||
Other comprehensive income (loss) | 324 | 324 | ||||
Ending balance (in shares) at Dec. 31, 2019 | 67,252,787 | |||||
Ending balance at Dec. 31, 2019 | $ 1,517,123 | $ 0 | $ 673 | $ 1,514,266 | $ 2,621 | $ (437) |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Issuance costs | $ 4,593 | $ 3,489 | $ 4,202 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 55,516 | $ 63,289 | $ 53,095 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Straight-line rents | (2,597) | (3,459) | (3,657) |
Amortization of lease intangibles | (4,682) | (3,694) | (2,161) |
Depreciation and amortization | 44,015 | 40,816 | 37,870 |
Loss on extinguishment of debt | 189 | 0 | 0 |
Gain on sales of real estate investments | (9,391) | (28,610) | (30,654) |
Deferred financing cost amortization | 1,562 | 1,442 | 1,193 |
Deferred senior secured loan fee amortization | (531) | (392) | 0 |
Stock-based compensation | 10,644 | 9,270 | 8,732 |
Changes in assets and liabilities | |||
Other assets | (1,579) | (1,531) | 584 |
Accounts payable and other liabilities | 1,542 | 468 | 4,496 |
Net cash provided by operating activities | 94,688 | 77,599 | 69,498 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Cash paid for property acquisitions | (238,661) | (221,806) | (297,109) |
Proceeds from sales of real estate investments, net | 47,133 | 79,594 | 75,396 |
Additions to construction in progress | (27,884) | (9,668) | 0 |
Additions to buildings, improvements and leasing costs | (32,070) | (28,977) | (27,405) |
Cash paid for senior secured loan | 0 | (55,000) | 0 |
Origination and other fees received on senior secured loan | 0 | 900 | 0 |
Net cash used in investing activities | (251,482) | (234,957) | (249,118) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Issuance of common stock | 278,058 | 208,949 | 255,295 |
Issuance costs on issuance of common stock | (4,023) | (3,030) | (3,764) |
Repurchase of common stock | (3,959) | (3,870) | (3,436) |
Repurchase of preferred stock | 0 | 0 | (46,000) |
Borrowings on credit facility | 17,000 | 204,000 | 93,000 |
Payments on credit facility | (36,000) | (185,000) | (144,500) |
Payments on term loans payable | (50,000) | 0 | 0 |
Borrowings on senior unsecured notes | 100,000 | 0 | 100,000 |
Payments on mortgage loans payable | (1,514) | (19,201) | (1,916) |
Payment of deferred financing costs | (943) | (1,366) | (872) |
Dividends paid to common stockholders | (63,565) | (51,445) | (41,866) |
Dividends paid to preferred stockholders | 0 | 0 | (1,999) |
Net cash provided by financing activities | 235,054 | 149,037 | 203,942 |
Net increase (decrease) in cash and cash equivalents and restricted cash | 78,260 | (8,321) | 24,322 |
Cash and cash equivalents and restricted cash | 34,479 | 42,800 | 18,478 |
Cash and cash equivalents and restricted cash at end of year | 112,739 | 34,479 | 42,800 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Cash paid for interest, net of capitalized interest | 18,351 | 19,787 | 13,839 |
Supplemental disclosures of non-cash transactions | |||
Accounts payable related to capital improvements | 12,498 | 10,712 | 6,996 |
Redemption of preferred stock | 0 | 0 | 1,729 |
Non-cash repayment of senior secured loan | (39,085) | 0 | 0 |
Lease liability arising from recognition of right-of-use asset | 647 | ||
Reconciliation of cash paid for property acquisitions | |||
Acquisition of properties | 250,506 | 227,058 | 319,666 |
Assumption of other assets and liabilities | (11,845) | (5,252) | (22,557) |
Net cash paid for property acquisitions | $ 238,661 | $ 221,806 | $ 297,109 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 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, expected investment and related expected redevelopment costs and number of properties and improved land parcels disclosed in these notes to the consolidated financial statements are unaudited. As of December 31, 2019, the Company owned 220 buildings aggregating approximately 13.3 million square feet, 19 improved land parcels consisting of approximately 77.6 acres and four properties 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 | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation. The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying consolidated financial statements include all of the Company’s accounts and its subsidiaries and all intercompany balances and transactions have been eliminated in consolidation. Use of Estimates. The preparation of the 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 years ended December 31, 2019, 2018 or 2017. 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 year ended December 31, 2019 and 2018. Property Acquisitions. Effective January 1, 2017, the Company adopted Accounting Standards Codification (“ASC”) 2017-01, 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 . Upon 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 $4.7 million, $3.7 million and $2.2 million, for the years ended December 31, 2019, 2018 and 2017, respectively. 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 December 31, 2019 is 8.0 years. As of December 31, 2019 and 2018, the Company’s intangible assets and liabilities, including properties held for sale (if any), consisted of the following (dollars in thousands): December 31, 2019 December 31, 2018 Gross Accumulated Net Gross Accumulated Net In-place leases $ 84,425 $ (59,504) $ 24,921 $ 75,101 $ (51,239) $ 23,862 Above-market leases 4,169 (3,853) 316 4,169 (3,610) 559 Below-market leases (44,099) 15,972 (28,127) (34,485) 11,392 (23,093) Total $ 44,495 $ (47,385) $ (2,890) $ 44,785 $ (43,457) $ 1,328 Projected net amortization of the intangible assets and liabilities for the next five years and thereafter as of December 31, 2019 is as follows (dollars in thousands): 2020 $ 2,887 2021 1,742 2022 949 2023 277 2024 (131) Thereafter (8,614) Total $ (2,890) 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 (See “Note 5 – Held for Sale/Disposed Assets”). 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 (dollars in thousands): For the Year Ended December 31, 2019 2018 2017 Beginning Cash and cash equivalents at beginning of year $ 31,004 $ 35,710 $ 14,208 Restricted cash 3,475 7,090 4,270 Cash and cash equivalents and restricted cash 34,479 42,800 18,478 Ending Cash and cash equivalents at end of year 110,082 31,004 35,710 Restricted cash 2,657 3,475 7,090 Cash and cash equivalents and restricted cash 112,739 34,479 42,800 Net increase (decrease) in cash and cash equivalents and restricted cash $ 78,260 $ (8,321) $ 24,322 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 December 31, 2019 and 2018, approximately $27.4 million and $25.7 million, respectively, of straight-line rent and accounts receivable, net of allowances of approximately $0.2 million for both years ended December 31, 2019 and 2018, respectively, were included as a component of other assets in the accompanying consolidated balance sheets. Effective January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”), using the modified retrospective approach, which requires a cumulative effect adjustment as of the date of the Company's adoption. Under the modified retrospective approach, an entity may also elect to apply this standard to either (i) all contracts as of January 1, 2018 or (ii) only to contracts that were not completed as of January 1, 2018. A completed contract is a contract for which all (or substantially all) of the revenue was recognized under legacy GAAP that was in effect before the date of initial application. The Company elected to apply this standard only to contracts that were not completed as of January 1, 2018. Based on the Company’s evaluation of contracts within the scope of ASU No. 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 ("ASC 610-20") (see below). Effective January 1, 2018, the Company adopted the guidance of ASC 610-20, 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 (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 will 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. 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 Company's 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 $8.3 million and $6.9 million as of December 31, 2019 and 2018, 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, (“ASC 740-10”), 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 December 31, 2019 and 2018, 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's 2019 Equity Incentive Plan (the "2019 Plan") 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”) under its Amended and Restated Long-Term Incentive Plan (as amended and restated the "Amended LTIP"), which the Company amended and restated on January 8, 2019, 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 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. Under the Amended LTIP, each participant’s Performance Share award granted on or after January 1, 2019 will be expressed as a number of shares of common stock and settled in shares of common stock. Target awards were previously expressed as a dollar amount and settled in shares of common stock. Commencing with Performance Share awards granted on or after January 1, 2019, the grant date fair value of the Performance Share awards will be determined under current accounting treatment using a Monte Carlo simulation model on the date of grant and recognized on a straight-line basis over the performance period. For Performance Share awards granted prior to January 1, 2019, 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 granted prior to January 1, 2019 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, which varies quarter to quarter based on the Company’s relative share price performance, and are included as a component of Performance Share awards payable in the accompanying consolidated balance sheets. Use of Derivative Financial Instruments. ASC 815, Derivatives and Hedging (See “Note 9 – Derivative Financial Instruments”) , 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 December 31, 2019, the Company had two interest rate caps to hedge the variable cash flows associated with its existing $100.0 million variable-rate term loan. The caps have a notional value of $100.0 million and will effectively cap the annual interest rate at 4.0% plus 1.20% to 1.70%, depending on leverage, with respect to $50.0 million for the period from December 1, 2014 (effective date) to May 4, 2021 and $50.0 million for the period from September 1, 2015 (effective date) to February 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 December 31, 2019 and 2018, the fair value of the interest rate caps was approximately $0 and $25,000, respectively. Fair Value of Financial Instruments . ASC 820, Fair Value Measurements and Disclosures (See “Note 10 – Fair Value Measurements”), 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 February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02, Leases (Topic 842) (“ASU No. 2016-02”). The amendments in ASU No. 2016-02 change the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU No. 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption of ASU No. 2016-02 was permitted. ASU No. 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Upon adoption of ASU No. 2016-02 on January 1, 2019, the Company adopted the package of practical expedients for all leases that commenced before the effective date of January 1, 2019. Accordingly, the Company did not 1) reassess whether any expired or existing contracts are or contain leases, 2) reassess the lease classification for any expired or existing lease, and 3) reassess initial direct costs for any existing leases. The Company did not elect the practical expedient related to using hindsight to reevaluate the lease term. ASU No. 2016-02 requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) a right-of-use asset (“ROU asset”), which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU No. 2016-02 also requires lessees to classify leases as either a finance or operating lease based on whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification is used to evaluate whether the lease expense should be recognized based on an effective interest method as a finance lease or on a straight-line basis over the term of the lease as an operating lease. The Company is the lessee of one office space, which was classified as an operating lease under Topic 840. As the Company elected the package of practical expedients as described above, the classification of existing leases was not reassessed and as such, this lease continues to be accounted for as an operating lease. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), Targeted Improvements (“ASU No. 2018-11”), which provides lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue recognition standard (Topic 606) and if certain conditions are met. Upon adoption of ASU No. 2016-02, the Company adopted this practical expedient, specifically related to its tenant reimbursements which would otherwise be accounted for under the new revenue recognition standard. The Company believes the two conditions have been met for tenant reimbursements as 1) the timing and pattern of transfer of the nonlease components and associated lease components are the same and 2) the non-lease component is not the predominant component in the arrangement. In addition, ASU No. 2018-11 provides an additional optional transition method to allow entities to apply the new lease accounting standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings. An entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new lease accounting standard will continue to be reported under the current lease accounting standards of Topic 840. The Company adopted this transition method upon adoption of ASU No. 2016-02 on January 1, 2019. There was no cumulative-effect adjustment to the opening balance of retained earnings upon adoption. In December 2018, the FASB issued ASU No. 2018-20, Leases (Topic 842), Narrow-Scope Improvements for Lessors (“ASU No. 2018-20”), which permits lessors, as an accounting policy election, to not evaluate whether certain sales taxes and other similar taxes are lessor costs or lessee costs and instead to account for these costs as if they were lessee costs. In addition, ASU No. 2018-20 requires lessors to 1) exclude lessor costs paid directly by lessees to third parties on the lessor’s behalf from variable payments and 2) include lessor costs that are reimbursed by the lessee in the measurement of variable lease revenue and the associated expense. The amendments also clarify that lessors are required to allocate the variable payments to the lease and non-lease components and follow the recognition guidance in Topic 842 for the lease component and other applicable guidance, such as ASU No. 2014-09, for the non-lease component. As a result of the adoption of ASU No. 2016-02, ASU No. 2018-11, and ASC No. 2018-20, there was no material impact to the Company’s consolidated financial statements as a lessor or lessee. In accordance with the guidance, the Company has combined rental revenues and tenant expense reimbursements on the Company’s consolidated statements of operations. The Company does not currently capitalize internal leasing costs. In addition, on January 1, 2019, the Company recognized a lease liability of approximately $0.9 million and a related ROU asset of approximately $0.8 million on its consolidated balance sheets, based on the present value of lease payments for the remaining term of the Company’s corporate office lease, which was approximately 3.5 years as of |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | 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 December 31, 2019, the Company owned 62 buildings aggregating approximately 3.6 million square feet and nine improved land parcels consisting of approximately 48.7 acres located in Northern New Jersey/New York City, which accounted for a combined percentage of approximately 30.9% of its annualized base rent. Such annualized base rent percentages are based on contractual base rent from leases in effect as of December 31, 2019, 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 years ended December 31, 2019, 2018 and 2017. |
Investments in Real Estate
Investments in Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Investments in Real Estate | Investments in Real EstateDuring the year ended December 31, 2019, the Company acquired 17 industrial buildings containing approximately 0.7 million square feet and four improved land parcels containing approximately 22.6 acres. The total aggregate initial investment, including acquisition costs, was approximately $289.6 million, of which $224.1 million was recorded to land, $53.9 million to buildings and improvements, $11.6 million to intangible assets. Additionally, the Company assumed $10.0 million in intangible liabilities. The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2019: Property Name Location Acquisition Date Number of Buildings Square Feet Purchase Price (in thousands) 1 49th Street Queens, NY Februrary 12, 2019 1 19,000 $ 24,017 81 N Hackensack 2 Kearny, NJ March 8, 2019 — — 25,000 48 3rd and 286 Central 3 Kearny, NJ March 29, 2019 1 28,124 14,085 Minnesota and Tennessee San Francisco, CA May 28, 2019 2 119,089 47,775 51 Kero 4 Carlstadt, NJ August 7, 2019 — — 4,025 Anderson Los Angeles, CA August 19, 2019 5 53,016 18,100 Auburn 400 Auburn, WA August 21, 2019 1 70,345 9,450 Morgan Brooklyn, NY August 29, 2019 2 195,598 80,500 20th Street Oakland, CA August 30, 2019 1 92,884 23,752 Slauson Santa Fe Springs, CA August 30, 2019 2 29,927 5,331 East Marginal 5 Seattle, WA November 15, 2019 — — 2,850 Whelan East Rutherford, NJ December 13, 2019 1 50,305 12,000 917 Valley Puyallup, WA December 19, 2019 1 40,816 6,725 Total 17 699,104 $ 273,610 1 The total aggregate investment was approximately $289.6 million, including $6.0 million in closing costs and acquisition costs. 2 Represents an improved land parcel containing approximately 16.8 acres. 3 Also includes an improved land parcel containing approximately 2.9 acres. 4 Represents an improved land parcel containing approximately 2.0 acres. 5 Represents an improved land parcel containing approximately 0.9 acres. The Company recorded revenues and net income for the year ended December 31, 2019 of approximately $7.6 million and $3.0 million, respectively, related to the 2019 acquisitions. During the year ended December 31, 2018, the Company acquired 17 industrial buildings containing approximately 1.0 million square feet and five improved land parcels containing approximately 19.9 acres, including two buildings and one improved land parcel under redevelopment that upon completion will contain approximately 0.5 million square feet with a total expected investment of approximately $112.9 million (unaudited), including redevelopment costs of approximately $36.8 million. The total aggregate initial investment, including acquisition costs, was approximately $227.1 million, of which $154.5 million was recorded to land, $64.0 million to buildings and improvements, $8.6 million to intangible assets. Additionally, the Company assumed $4.7 million in intangible liabilities. The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2018: Property Name Location Acquisition Date Number of Buildings Square Feet Purchase Price (in thousands) 1 Vermont Torrance, CA January 31, 2018 1 99,629 $ 17,500 Woodside Queens, NY March 6, 2018 1 83,294 25,170 1st Avenue South Seattle, WA March 6, 2018 1 234,720 42,000 Wicks Blvd San Leandro, CA April 27, 2018 1 11,300 2,600 85 Doremus 2 Newark, NJ May 7, 2018 — — 6,300 East Valley Renton, WA May 7, 2018 1 39,005 5,950 Merced 3 San Leandro, CA August 2, 2018 4 225,344 36,000 San Clemente Hayward, CA September 7, 2018 1 54,000 9,000 Whitney 4 San Leandro, CA September 17, 2018 3 128,073 22,790 Commerce Carlstadt, NJ October 17, 2018 1 24,000 3,480 Kent 192 5 Seattle, WA October 24, 2018 — — 12,434 6th Ave Seattle, WA October 31, 2018 1 50,270 12,558 Walnut II Compton, CA November 7, 2018 1 60,040 11,108 Shoemaker 6 Santa Fe Springs, CA November 14, 2018 — — 6,400 Hotchkiss II Fremont, CA December 20, 2018 1 29,214 6,200 Total 17 1,038,889 $ 219,490 1 The total aggregate investment was approximately $227.1 million, including $2.9 million in closing costs and acquisition costs. 2 Represents an improved land parcel containing approximately 3.5 acres. 3 Also includes an improved land parcel containing approximately 1.2 acres. 4 Also includes improved land parcel containing approximately 0.2 acres. 5 Represents an improved land parcel containing approximately 12.7 acres. 6 Represents an improved land parcel containing approximately 2.3 acres. The Company recorded revenues and net income for the year ended December 31, 2018 of approximately $4.8 million and $1.7 million, respectively, related to the 2018 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. five |
Held for Sale_Disposed Assets
Held for Sale/Disposed Assets | 12 Months Ended |
Dec. 31, 2019 | |
Held For Sale/Disposed Assets [Abstract] | |
Held for Sale/Disposed Assets | 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 December 31, 2019, the Company did not have any properties held for sale. During the year ended December 31, 2019, the Company sold one property in the Los Angeles market for a sales price of approximately $12.4 million, resulting in a gain of approximately $4.5 million, one redevelopment property in the Miami market for a sales price of approximately $14.0 million, resulting in a gain of approximately $1.8 million, and two properties located in the Washington, D.C. market for an aggregate sales price of approximately $22.5 million, resulting in an aggregate gain of approximately $3.1 million. During the year ended December 31, 2018, the Company sold one property located in the |
Senior Secured Loan
Senior Secured Loan | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Senior Secured Loan | Senior Secured LoanAs of December 31, 2019, the Company had a Senior Secured Loan outstanding with a two |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt On September 12, 2019, the Company entered into a note purchase agreement with certain institutional investors in a private placement transaction pursuant to which it issued $100.0 million of ten 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 $250.0 million revolving credit facility and the $100.0 million term loan or (ii) 60.0% of the value of the unencumbered properties. Interest on the Facility, including the term loan, 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 1.05% to 1.50% (1.05% as of December 31, 2019) for the revolving credit facility and 1.20% to 1.70% (1.20% as December 31, 2019) for 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 facility fee in an amount ranging from 0.15% to 0.30% depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value. 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 December 31, 2019 and 2018. 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 2020 and 2021. As of December 31, 2019, the Company had two mortgage loans payable, net of deferred financing costs, totaling approximately $44.3 million, which bear interest at a weighted average fixed annual rate of 4.1%. As of December 31, 2018, the Company had three mortgage loans payable, net of deferred financing costs, totaling approximately $45.8 million, which bore interest at a weighted average fixed annual interest rate of 4.1%. As of December 31, 2019 and 2018, the total gross book value of the properties securing the debt was approximately $114.9 million and $153.7 million, respectively. The scheduled principal payments of the Company’s debt as of December 31, 2019 were as follows (dollars in thousands): Credit Facility Term Loans Senior Unsecured Notes Mortgage Loans Payable Total Debt 2020 $ — $ — $ — $ 33,077 $ 33,077 2021 — — — 11,271 11,271 2022 — 100,000 50,000 — 150,000 2023 — — — 2024 — — 100,000 — 100,000 Thereafter — — 200,000 — 200,000 Total Debt — 100,000 350,000 44,348 494,348 Deferred financing costs, net — (417) (2,326) (30) (2,773) Total Debt, net $ — $ 99,583 $ 347,674 $ 44,318 $ 491,575 Weighted Average Interest Rate n/a 3.0 % 3.8 % 4.1 % 3.7 % |
Leasing
Leasing | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leasing | Leasing The following is a schedule of minimum future cash rentals on tenant operating leases in effect as of December 31, 2019. The schedule does not reflect future rental revenues from the renewal or replacement of existing leases and excludes property operating expense reimbursements (dollars in thousands): 2020 $ 130,321 2021 115,704 2022 98,104 2023 78,567 2024 60,999 Thereafter 149,665 Total $ 633,360 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 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 December 31, 2019, the Company had two interest rate caps to hedge the variable cash flows associated with its existing $100.0 million variable-rate term loan. The caps have a notional value of $100.0 million and will effectively cap the annual interest rate payable at 4.0% plus 1.20% to 1.70%, depending on leverage, with respect to $50.0 million for the period from December 1, 2014 (effective date) to May 4, 2021 and $50.0 million for the period from September 1, 2015 (effective date) to February 3, 2020. As of December 31, 2018, the Company had three interest rate caps to hedge the variable cash flows associated with its existing $150.0 million 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 1.20% to 1.70%, depending on leverage, with respect to $50.0 million for the period from December 1, 2014 (effective date) to May 4, 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 loan(s), 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): Effective Date Maturity Date Interest Rate Strike Fair Value Notional Amount December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Derivative Instrument Assets: Interest Rate Cap 12/1/2014 5/4/2021 4.0 % $ — $ 25 $ 50,000 $ 50,000 Interest Rate Cap 9/1/2015 4/1/2019 4.0 % — — — 50,000 Interest Rate Cap 9/1/2015 2/3/2020 4.0 % — 1 50,000 50,000 Total $ — $ 26 $ 100,000 $ 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 years ended December 31, 2019 and 2018 (dollars in thousands): For the Year Ended December 31, 2019 2018 Interest rate caps in cash flow hedging relationships: Amount of gain recognized in AOCI on derivatives (effective portion) $ (26) $ 289 Amount of gain reclassified from AOCI into interest expense (effective portion) $ 350 $ 289 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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 December 31, 2019 and 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 December 31, 2019 and 2018 (dollars in thousands): Fair Value Measurement Using Total Fair Value Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Interest rate caps at: December 31, 2019 $ — $ — $ — $ — December 31, 2018 $ 26 $ — $ 26 $ — Financial Instruments Disclosed at Fair Value As of December 31, 2019 and 2018, 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 December 31, 2019 and 2018 (dollars in thousands): Fair Value Measurement Using Total Fair Value Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Value Assets Senior Secured Loan at: December 31, 2019 $ 15,915 $ — $ 15,915 $ — $ 15,858 December 31, 2018 $ 55,000 $ — $ 55,000 $ — $ 54,492 Liabilities Debt at: December 31, 2019 $ 503,028 $ — $ 503,028 $ — $ 491,575 December 31, 2018 $ 455,159 $ — $ 455,159 $ — $ 462,097 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | 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. The Company has an at-the-market equity offering program (the “$300 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 $300.0 million ($148.9 million remaining as of December 31, 2019) in amounts and at times to be determined by the Company from time to time. Prior to the implementation of the $300 Million ATM Program, the Company had a $250.0 million ATM program (the “$250 Million ATM Program”), which was substantially utilized as of May 2019 and is no longer active, and a $200.0 million ATM program (the “$200 Million ATM Program”), which was fully utilized as of June 30, 2018 and is no longer active. Actual sales under the $300 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. The Company intends to use the net proceeds from the offering of the shares under the $300 Million ATM Program, if any, for general corporate purposes, which may include future acquisitions and repayment of indebtedness, including borrowings under the Facility. During the year ended December 31, 2019, the Company issued an aggregate of 6,064,576 shares of common stock at a weighted average offering price of $45.85 per share under the $300 Million ATM Program and the $250 Million ATM Program, resulting in net proceeds of approximately $274.0 million and paying total compensation to the applicable sales agents of approximately $4.0 million. During the year ended December 31, 2018, the Company issued an aggregate of 5,492,707 shares of common stock at a weighted average offering price of $38.04 per share under the $250 Million ATM Program and the $200 Million ATM Program, resulting in net proceeds of approximately $205.9 million and paying total compensation to the applicable sales agents of approximately $3.0 million. As of December 31, 2019 and 2018, the Company had shares of common stock having an aggregate offering price of up to $148.9 million available for issuance under the $300 Million ATM Program and $129.9 million available for issuance under the $250 Million ATM Program, respectively. The Company’s has a share repurchase program authorizing the Company to repurchase up to 3,000,000 shares of its outstanding common stock from time to time through December 31, 2020. 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 December 31, 2019, the Company has not repurchased any shares of stock pursuant to its share repurchase authorization. On April 30, 2019, the Company’s stockholders approved the 2019 Plan, which replaces the Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”). The 2019 Plan permits the grant of restricted stock awards, performance share awards and unrestricted stock awards. The maximum number of shares of the Company’s common stock that may be issued under the 2019 Plan is 1,898,961, which consists of (i) 1,510,079 shares initially reserved and available for issuance under the 2019 Plan and (ii) 388,882 shares underlying outstanding awards under the 2010 Plan, which if forfeited, canceled or otherwise terminated under the 2010 Plan shall be added to the shares available for issuance under the 2019 Plan. No further awards will be made under the 2010 Plan. In connection with the annual meeting of stockholders on April 30, 2019, the Company granted a total of 11,200 shares of unrestricted common stock to its independent directors under the 2019 Plan with a grant date fair value per share of $44.65. 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 $0.5 million in compensation costs for the year ended December 31, 2019 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 (the “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. The Company recognized a charge of approximately $1.8 million during the year ended December 31, 2017 representing the write-off of original issuance costs related to the redemption of the Series A Preferred Stock. As of December 31, 2019, there were 1,898,961 shares of common stock authorized for issuance as restricted stock grants, unrestricted stock awards or Performance Share awards under the 2019 Plan, of which 1,460,991 were remaining and 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 December 31, 2019 ranged from $14.20 to $50.10. The fair value of the restricted stock that was granted during the year ended December 31, 2019 was approximately $5.2 million and the vesting period for the restricted stock is five 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 years ended December 31, 2019, 2018 and 2017. Restricted Stock Activity: Shares Weighted Average Grant Date Fair Value Non-vested shares outstanding as of December 31, 2016 395,281 $ 20.48 Granted 32,247 26.52 Forfeited (50,008) 21.60 Vested (20,337) 18.06 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 December 31, 2018 383,930 22.98 Granted 111,099 46.99 Forfeited (52,892) 31.02 Vested (15,367) 23.90 Non-vested shares outstanding as of December 31, 2019 426,770 $ 28.20 The following is a vesting schedule of the total non-vested shares of restricted stock outstanding as of December 31, 2019: Non-vested Shares Vesting Schedule Number of Shares 2020 295,936 2021 8,135 2022 7,101 2023 32,016 2024 83,582 Thereafter — Total Non-vested Shares 426,770 Long-Term Incentive Plan: As of December 31, 2019, there are three open performance measurement periods for the Performance Share awards: January 1, 2017 to December 31, 2019, January 1, 2018 to December 31, 2020 and January 1, 2019 to December 31, 2021. During the year ended December 31, 2019, the Company issued 196,087 shares of common stock at a price of $36.55 per share related to the Performance Share awards for the performance period from January 1, 2016 to December 31, 2018. The expense related to the open Performance Share awards granted prior to January 1, 2019 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 granted prior to January 1, 2019 (dollars in thousands): Fair Value Accrual Expense For the Year Ended December 31, Performance Share Period December 31, 2019 December 31, 2019 2019 2018 2017 January 1, 2018 - December 31, 2020 $ 6,521 $ 4,343 $ 3,208 $ 1,135 $ — January 1, 2017 - December 31, 2019 1 7,290 7,290 3,217 2,540 1,532 January 1, 2016 - December 31, 2018 — — — 3,388 2,189 January 1, 2015 - December 31, 2017 — — — — 2,994 Total $ 13,811 $ 11,633 $ 6,425 $ 7,063 $ 6,715 1 Subsequent to December 31, 2019, the compensation committee determined that approximately $7.3 million was earned under the Long-Term Incentive Plan with respect to the performance period that ended on December 31, 2019 and a total of 135,494 shares of common stock were issued to the executives. Under the Amended LTIP, which the Company amended and restated on January 8, 2019, each participant’s Performance Share target award for target awards granted on or after January 1, 2019 will be expressed as a number of shares of common stock and settled in shares of common stock. Target awards were previously expressed as a dollar amount and settled in shares of common stock. Commencing with Performance Share awards granted on or after January 1, 2019, the grant date fair value of the Performance Share awards will be determined under current accounting treatment using a Monte Carlo simulation model on the date of grant and recognized on a straight-line basis over the performance period. The following table summarizes certain information with respect to the Performance Share awards granted on or after January 1, 2019 (dollars in thousands): Expense For the Year Ended December 31, Performance Share Period Fair Value on Date of Grant 2019 2018 2017 January 1, 2019 - December 31, 2021 $ 4,829 $ 1,610 $ — $ — Dividends: The following table sets forth the cash dividends paid or payable per share during the years ended December 31, 2019 and 2018: For the Three Months Ended Security Dividend per Share Declaration Date Record Date Date Paid March 31, 2019 Common stock $ 0.24 February 5, 2019 March 29, 2019 April 12, 2019 June 30, 2019 Common stock $ 0.24 April 30, 2019 July 5, 2019 July 19, 2019 September 30, 2019 Common stock $ 0.27 July 26, 2019 October 4, 2019 October 18, 2019 December 31, 2019 Common stock $ 0.27 October 29, 2019 December 31, 2019 January 14, 2020 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 December 31, 2018 Common stock $ 0.24 October 31, 2018 December 18, 2018 January 11, 2019 On July 19, 2017, the Company redeemed all 1,840,000 outstanding shares of the 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. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 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 anti-dilutive securities or dilutive restricted stock awards outstanding for the years ended December 31, 2019, 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 402,380, 368,912 and 375,924 of weighted average unvested restricted shares outstanding for the years ended December 31, 2019, 2018 and 2017, respectively. Performance Share awards which may be payable in shares of the Company’s common stock after the conclusion of each pre-established performance measurement period are included as contingently issuable shares in the calculation of diluted weighted average common shares of stock outstanding assuming the reporting period is the end of the measurement period, and the effect is dilutive. Diluted shares related to the Performance Share awards were 294,570 and 0 for the years ended December 31, 2019 and 2018, respectively. |
Quarterly Results of Operations
Quarterly Results of Operations – Unaudited | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations – Unaudited | Quarterly Results of Operations – Unaudited The following tables summarize the Company’s quarterly financial information. 2019 Quarter Ended March 31 June 30 September 30 December 31 (in thousands, except share and per share data) Total revenues $ 40,880 $ 41,730 $ 43,397 $ 45,015 Total costs and expenses (27,071) (28,115) (27,275) (29,724) Total other income and (expenses) 1,723 (3,236) (1,338) (470) Net income 15,532 10,379 14,784 14,821 Net income available to common stockholders $ 15,434 $ 10,315 $ 14,689 $ 14,727 Earnings per Common Share – Basic and Diluted: Net income available to common stockholders, basic 1 $ 0.25 $ 0.16 $ 0.22 $ 0.22 Net income available to common stockholders, diluted 1 $ 0.25 $ 0.16 $ 0.22 $ 0.22 Basic Weighted Average Common Shares Outstanding 61,456,965 63,780,645 65,724,426 66,706,245 Diluted Weighted Average Common Shares Outstanding 61,604,250 64,075,215 66,018,996 67,000,815 2018 Quarter Ended March 31 June 30 September 30 December 31 (in thousands, except share and per share data) Total revenues $ 37,107 $ 37,238 $ 37,899 $ 39,413 Total costs and expenses (25,708) (25,099) (24,712) (26,912) Total other income and (expenses) (1,342) 7,998 (3,065) 10,471 Net income 10,057 20,137 10,122 22,972 Net income available to common stockholders $ 9,992 $ 20,012 $ 10,056 $ 22,827 Earnings per Common Share – Basic and Diluted: Net income available to common stockholders, basic 1 $ 0.18 $ 0.35 $ 0.17 $ 0.38 Net income available to common stockholders, diluted 1 $ 0.18 $ 0.35 $ 0.17 $ 0.38 Basic Weighted Average Common Shares Outstanding 55,127,580 56,698,959 58,369,252 59,689,965 Diluted Weighted Average Common Shares Outstanding 55,127,580 56,698,959 58,369,252 59,689,965 1 The above quarterly income per share calculations are based on the weighted average number of common shares outstanding during each quarter. The income per share calculation for the years ended December 31, 2019 and 2018 in the consolidated statements of operations is based on the weighted average number of common shares outstanding for the years ended December 31, 2019 and 2018. The sum of the quarterly financial data may vary from the years ended December 31, 2019 and 2018 data due to rounding. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation . The Company is not involved in any material litigation nor, to its knowledge, is any material litigation threatened against it. In the normal course of business, from time to time, the Company may be involved in legal actions relating to the ownership and operations of its properties. Management does not expect that the liabilities, if any, that may ultimately result from such legal actions will have a material effect on the consolidated financial position, results of operations or cash flows of the Company. Environmental Matters. The industrial properties that the Company owns and will acquire are subject to various federal, state and local environmental laws. Under these laws, courts and government agencies have the authority to require the Company, as owner of a contaminated property, to clean up the property, even if it did not know of or was not responsible for the contamination. These laws also apply to persons who owned a property at the time it became contaminated, and therefore it is possible the Company could incur these costs even after the Company sells some of the properties it acquires. In addition to the costs of cleanup, environmental contamination can affect the value of a property and, therefore, an owner’s ability to borrow using the property as collateral or to sell the property. Under applicable environmental laws, courts and government agencies also have the authority to require that a person who sent waste to a waste disposal facility, such as a landfill or an incinerator, pay for the clean-up of that facility if it becomes contaminated and threatens human health or the environment. Furthermore, various court decisions have established that third parties may recover damages for injury caused by property contamination. For instance, a person exposed to asbestos at one of the Company’s properties may seek to recover damages if he or she suffers injury from the asbestos. Lastly, some of these environmental laws restrict the use of a property or place conditions on various activities. An example would be laws that require a business using chemicals to manage them carefully and to notify local officials that the chemicals are being used. The Company could be responsible for any of the costs discussed above. The costs to clean up a contaminated property, to defend against a claim, or to comply with environmental laws could be material and could adversely affect the funds available for distribution to its stockholders. The Company generally obtains “Phase I environmental site assessments”, or ESAs, on each property prior to acquiring it. However, these ESAs may not reveal all environmental costs that might have a material adverse effect on the Company’s business, assets, results of operations or liquidity and may not identify all potential environmental liabilities. The Company utilizes local third-party property managers for day-to-day property management and will rely on these third parties to operate its industrial properties in compliance with applicable federal, state and local environmental laws in their daily operation of the respective properties and to promptly notify the Company of any environmental contaminations or similar issues. As a result, the Company may become subject to material environmental liabilities of which it is unaware. The Company can make no assurances that (1) future laws or regulations will not impose material environmental liabilities on it, or (2) the environmental condition of the Company’s industrial properties will not be affected by the condition of the properties in the vicinity of its industrial properties (such as the presence of leaking underground storage tanks) or by third parties unrelated to the Company. The Company was not aware of any significant or material exposures as of December 31, 2019 or 2018. General Uninsured Losses. The Company carries property and rental loss, liability and terrorism insurance. The Company believes that the policy terms, conditions, limits and deductibles are adequate and appropriate under the circumstances, given the relative risk of loss, the cost of such coverage and current industry practice. In addition, the Company’s properties are located, or may in the future be located, in areas that are subject to earthquake and flood activity. As a result, the Company has obtained, as applicable, limited earthquake and flood insurance on those properties. There are, however, certain types of extraordinary losses, such as those due to acts of war that may be either uninsurable or not economically insurable. Although the Company has obtained coverage for certain acts of terrorism, with policy specifications and insured limits that it believes are commercially reasonable, there can be no assurance that the Company will be able to collect under such policies. Should an uninsured loss occur, the Company could lose its investment in, and anticipated profits and cash flows from, a property. The Company was not aware of any significant or material exposures as of December 31, 2019 or 2018. Contractual Commitments. As of February 6, 2020, the Company had two outstanding contracts with third-party sellers to acquire one industrial property consisting of approximately 66,000 square feet and one improved land parcel containing approximately 2.78 acres. There is no assurance that the Company will acquire the property and improved land parcel 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 property and improved land parcel the Company has under contract: Market Number of Square Feet Purchase Price Assumed Debt Los Angeles 1 65,670 $ 18,000 $ — Northern New Jersey/New York City — — — — San Francisco Bay Area 1 — — 12,000 — Seattle — — — — Miami — — — — Washington, D.C. — — — — Total 1 65,670 $ 30,000 $ — 1 Represents one improved land parcel containing approximately 2.78 acres. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 6, 2020, the Company repaid a $32.7 million mortgage loan payable that was to mature in March 2020 and bore interest at 3.65%. On February 5, 2020, the Company’s board of directors declared a cash dividend in the amount of $0.27 per share of its common stock payable on April 10, 2020 to the stockholders of record as of the close of business on March 27, 2020. |
Schedule III Real Estate Invest
Schedule III Real Estate Investments and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Real Estate Investments and Accumulated Depreciation | Schedule III Real Estate Investments and Accumulated Depreciation As of December 31, 2019 (in thousands) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at December 31, 2019 Property Name No. of Bldgs. Location Encumbrances Land Buildings & Improvements Land Buildings & Improvements Total Accumulated Year Acquired Year Constructed Los Angeles 104th Street 1 Los Angeles, CA $ — $ 3,701 $ 976 $ — $ 3,701 $ 976 $ 4,677 $ 58 2017 1951 139th Street 2 Carson, CA — 21,236 15,783 2 21,236 15,785 37,021 847 2017 1965/2003 630 Glasgow 1 Inglewood, CA — 2,245 1,855 400 2,245 2,255 4,500 658 2011 1988 747 Glasgow 1 Inglewood, CA — 1,759 1,555 297 1,759 1,852 3,611 366 2014 1981 14611 Broadway 1 Gardena, CA — 4,757 1,243 1,020 4,757 2,263 7,020 880 2013 1962 19601 Hamilton 1 Torrance, CA — 7,409 4,072 744 7,409 4,816 12,225 1,141 2011 1985 709 Hindry 1 Inglewood, CA — 2,105 2,972 168 2,105 3,140 5,245 296 2016 1984 Acacia 1 Compton, CA — 5,143 1,985 625 5,143 2,610 7,753 470 2017 1972 Anderson 5 Los Angeles, CA — 17,095 1,271 323 17,095 1,594 18,689 14 2019 1912-1987 Dominguez — Los Angeles, CA — 11,370 1,535 1,504 11,370 3,039 14,409 152 2017 — Garfield 5 Commerce, CA 21,333 27,539 22,694 3,738 27,539 26,432 53,971 7,343 2012 2002 Hawthorne 8 Hawthorne, CA — 17,226 10,069 1,509 17,226 11,578 28,804 782 2017 1952/1986 Las Hermanas 1 Compton, CA — 3,330 751 673 3,330 1,424 4,754 254 2014 1970 Lynwood 3 Lynwood, CA — 43,885 — — 43,885 — 43,885 — 2017 1988 Manhattan Beach 1 Redondo Beach, CA — 7,874 5,641 443 7,874 6,084 13,958 1,347 2012 1963/1970 Shoemaker — Santa Fe Springs, CA — 4,759 1,099 25 4,759 1,124 5,883 43 2018 1986/1997 Slauson 2 Santa Fe Springs, CA — 4,679 697 45 4,679 742 5,421 8 2019 1967/1973 South Main 2 Carson, CA — 16,371 7,045 17,043 16,371 24,088 40,459 6,122 2012/2014 2016 South Main III 1 Gardena, CA — 11,521 12,467 — 11,521 12,467 23,988 849 2017 2016 Telegraph Springs 2 Santa Fe Springs, CA — 7,063 7,236 241 7,063 7,477 14,540 529 2017 2007 Vermont 1 Torrance, CA — 10,173 7,105 221 10,173 7,326 17,499 365 2018 1978 1215 Walnut 1 Compton, CA — 6,130 2,522 10 6,130 2,532 8,662 174 2017 1969/1990 Walnut II 1 Compton, CA — 6,097 5,069 595 6,097 5,664 11,761 169 2018 1969 Northern New Jersey/ New York City 1 Dodge Drive 1 West Caldwell, NJ — 3,819 2,982 1,628 3,819 4,610 8,429 1,459 2013 1985 17 Madison 1 Fairfield, NJ — 974 1,647 543 974 2,190 3,164 590 2013 1979 20 Pulaski 1 Bayonne, NJ — 4,003 4,946 1,201 4,003 6,147 10,150 1,235 2014 1965 22 Madison 1 Fairfield, NJ — 1,365 1,607 885 1,365 2,492 3,857 203 2015 1979 48th 3rd and 286 Central 1 Kearny, NJ — 12,061 1,664 — 12,061 1,664 13,725 41 2019 1978/1983 49th Street 1 Queens, NY — 21,674 2,999 1,125 21,674 4,124 25,798 104 2019 1966 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at December 31, 2019 Property Name No. of Bldgs. Location Encumbrances Land Buildings & Improvements Land Buildings & Improvements Total Accumulated Year Acquired Year Constructed 50 Kero 2 Carlstadt, NJ — 10,343 3,876 3,100 10,343 6,976 17,319 455 2017 1970 51 Kero — Carlstadt, NJ — 3,236 589 1 3,236 590 3,826 7 2019 1956-1966 74th North Bergen 1 North Bergen, NJ — 2,933 1,817 353 2,933 2,170 5,103 255 2016 1973 81 N. Hackensack — Kearny, NJ — 25,901 — — 25,901 — 25,901 — 2019 85 Doremus — Newark, NJ — 5,918 513 — 5,918 513 6,431 28 2018 0 341 Michele 1 Carlstadt, NJ — 2,372 4,798 891 2,372 5,689 8,061 993 2013 1973 422 Frelinghuysen — Newark, NJ — 16,728 — 6,781 16,728 6,781 23,509 317 2017 — 465 Meadow 1 Carlstadt, NJ — 713 1,618 229 713 1,847 2,560 378 2013 1972 550 Delancy 1 Newark, NJ — 9,230 4,855 1,970 9,230 6,825 16,055 1,237 2013 2 620 Division 1 Elizabeth, NJ — 6,491 3,568 3,405 6,491 6,973 13,464 2,708 2011 1980 7777 West Side 1 North Bergen, NJ — 4,525 8,856 — 4,525 8,856 13,381 616 2017 1967 900 Hart 1 Piscataway, NJ — 3,202 3,866 1,301 3,202 5,167 8,369 898 2014 1983 901 North — Elizabeth, NJ — 8,035 913 829 8,035 1,742 9,777 352 2016 2016 Avenue A 4 Carlstadt, NJ — 7,516 4,660 684 7,516 5,344 12,860 476 2017 1951/1957 Belleville 1 Kearny, NJ 11,728 12,845 18,041 1,332 12,845 19,373 32,218 4,250 2011 2006 Commerce 1 Carlstadt, NJ — 1,656 1,544 128 1,656 1,672 3,328 54 2018 1969 Dell 1 Carlstadt, NJ — 6,641 771 548 6,641 1,319 7,960 243 2011 1972 Ethel 2 Piscataway, NJ — 2,748 3,801 1,441 2,748 5,242 7,990 1,197 2013 1981/1984 Interstate 2 South Brunswick, NJ — 13,686 12,135 11,104 13,686 23,239 36,925 5,582 2010/2013 1999/2014 JFK Airgate 4 Queens, NY — 18,282 32,933 4,928 18,282 37,861 56,143 7,596 2013 1986/1991 Manor 1 East Rutherford, NJ — 4,076 5,262 1,674 4,076 6,936 11,012 878 2015 1968 Melanie Lane 3 East Hanover, NJ — 5,931 13,178 2,932 5,931 16,110 22,041 3,344 2013 1980/1998 Middlebrook 18 Bound Brook, NJ — 16,442 10,241 12,016 16,442 22,257 38,699 7,842 2010 1958/1976 Morgan 2 Brooklyn, NY — 71,051 10,888 203 71,051 11,091 82,142 106 2019 1960/1980 & 1967 New Dutch 1 Fairfield, NJ — 4,773 2,004 — 4,773 2,004 6,777 160 2017 1976 Paterson Plank 1 Carlstadt, NJ — 4,127 455 88 4,127 543 4,670 79 2016 1998 Schoolhouse 1 Somerset, NJ — 2,375 5,705 295 2,375 6,000 8,375 589 2016 2009 Stockton — Newark, NJ — 12,327 1,282 222 12,327 1,504 13,831 255 2017 0 Terminal Way 2 Avenel, NJ — 3,537 3,598 124 3,537 3,722 7,259 507 2014 1950/1968 Whelan 1 East Rutherford, NJ — 6,366 5,704 — 6,366 5,704 12,070 6 2019 2005 Wilson 1 Newark, NJ — 2,016 484 813 2,016 1,297 3,313 235 2016 1970 Woodside 1 Queens, NY — 23,987 3,796 3,944 23,987 7,740 31,727 305 2018 2018 San Francisco Bay Area 20th Street 1 Oakland, CA — 18,092 6,730 1,017 18,092 7,747 25,839 70 2019 1970 & 2003 238/242 Lawrence 2 South San Francisco, CA — 6,674 2,655 1,546 6,674 4,201 10,875 1,412 2010 1986 240 Littlefield 1 South San Francisco, CA — 5,107 3,293 2,852 5,107 6,145 11,252 1,038 2013 2013 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at December 31, 2019 Property Name No. of Bldgs. Location Encumbrances Land Buildings & Improvements Land Buildings & Improvements Total Accumulated Year Acquired Year Constructed 299 Lawrence 1 South San Francisco, CA — 1,352 1,198 423 1,352 1,621 2,973 620 2010 1968 631 Brennan 1 San Jose, CA — 1,932 2,245 561 1,932 2,806 4,738 691 2012 1975 Ahern 2 Union City, CA — 3,246 2,749 871 3,246 3,620 6,866 1,184 2010 1986 Ahern II 1 Union City, CA — 2,467 4,527 201 2,467 4,728 7,195 710 2015 1997 Burroughs 3 San Leandro, CA — 5,400 7,092 1,379 5,400 8,471 13,871 1,288 2014 1966 Caribbean 3 Sunnyvale, CA — 17,483 14,493 2,658 17,483 17,151 34,634 3,709 2012 1980/1981 Carlton Court 1 South San Francisco, CA — 2,036 1,475 162 2,036 1,637 3,673 421 2012 1981 Clawiter 1 Hayward, CA 4,045 5,964 1,159 167 5,964 1,326 7,290 247 2011 1967 Hotchkiss 1 Fremont, CA — 4,163 3,152 865 4,163 4,017 8,180 291 2017 1997 Hotchkiss II 1 Fremont, CA — 3,042 3,081 347 3,042 3,428 6,470 87 2018 1997 Merced 4 San Leandro, CA — 25,621 9,318 576 25,621 9,894 35,515 484 2018 1958 221 Michele 1 South San Francisco, CA — 2,710 2,540 659 2,710 3,199 5,909 309 2016 1979 Minnesota and Tennessee 2 San Francisco, CA — 34,738 13,141 190 34,738 13,331 48,069 112 2019 San Clemente 1 Hayward, CA — 5,126 3,938 138 5,126 4,076 9,202 146 2018 1982 West 140th 2 San Leandro, CA — 9,578 6,297 3,745 9,578 10,042 19,620 996 2016 1959 Whitney 3 San Leandro, CA — 13,821 9,016 2,123 13,821 11,139 24,960 533 2018 1974 Wicks 1 San Leandro, CA — 2,224 298 — 2,224 298 2,522 15 2018 1976 Central Pacific Business Park I 3 Union City, CA — 8,468 14,165 1,061 8,468 15,226 23,694 2,381 2014 1989 Central Pacific Business Park II 4 Union City, CA — 13,642 23,658 5,219 13,642 28,877 42,519 4,732 2015 2015 Seattle 79 Ave South 1 Kent, WA — 1,267 1,503 594 1,267 2,097 3,364 428 2014 2000 917 Valley 1 Puyallup, WA — 2,203 4,551 — 2,203 4,551 6,754 5 2019 2006 3401 Lind 1 Renton, WA — 2,999 6,707 465 2,999 7,172 10,171 1,045 2014 1984/2012 4225 2nd Avenue 1 Seattle, WA — 4,236 4,049 2,012 4,236 6,061 10,297 790 2015 1957 4930 3rd Avenue South 1 Seattle, WA — 3,984 2,424 783 3,984 3,207 7,191 364 2016 1964 17600 West Valley Highway 1 Tukwila, WA — 3,361 5,260 1,193 3,361 6,453 9,814 1,630 2012 1986 Auburn 400 1 Auburn, WA — 4,415 5,234 — 4,415 5,234 9,649 52 2019 2000 Auburn 1307 1 Auburn, WA — 4,253 5,034 249 4,253 5,283 9,536 867 2014 2002 Dawson 1 Seattle, WA — 3,902 278 396 3,902 674 4,576 41 2017 1964 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at December 31, 2019 Property Name No. of Bldgs. Location Encumbrances Land Buildings & Improvements Land Buildings & Improvements Total Accumulated Year Acquired Year Constructed Denver 1 Seattle, WA — 3,203 1,345 489 3,203 1,834 5,037 278 2016 1953 East Valley 1 Renton, WA — 2,693 2,959 40 2,693 2,999 5,692 126 2018 1991 East Marginal — Renton, WA — 2,618 380 — 2,618 380 2,998 1 2019 1991 Hanford 1 Seattle, WA — 3,821 2,250 471 3,821 2,721 6,542 176 2017 1952 Kent 188 1 Kent, WA — 3,251 4,719 1,248 3,251 5,967 9,218 1,737 2010 1979 Kent 190 1 Kent, WA — 4,560 5,561 355 4,560 5,916 10,476 840 2015 1992/1999 Kent 202 1 Kent, WA — 5,761 9,114 2,810 5,761 11,924 17,685 1,709 2015 1981 Kent 216 1 Kent, WA — 3,672 5,408 912 3,672 6,320 9,992 1,104 2014 1996 Kent Corporate Park 4 Kent, WA — 5,032 6,916 1,907 5,032 8,823 13,855 1,269 2015 1980/1981 Lucile 1 Seattle, WA — 4,498 3,504 1,342 4,498 4,846 9,344 586 2017 1976 Lund 1 Auburn, WA — 2,573 4,399 82 2,573 4,481 7,054 467 2016 1999 Olympic 1 Tukwila, WA — 1,499 1,431 536 1,499 1,967 3,466 432 2015 1978 SeaTac 8th Avenue 1 Burien, WA — 2,501 4,020 1,150 2,501 5,170 7,671 1,142 2013 1988 SW 34th 1 Renton, WA — 2,912 3,289 498 2,912 3,787 6,699 632 2014 1996/2010 Valley Corporate 2 Kent, WA 7,242 5,264 9,096 1,991 5,264 11,087 16,351 2,567 2011 1987 Miami 26th Street 1 Miami, FL — 3,444 4,558 1,178 3,444 5,736 9,180 956 2012 1973 48th Avenue 2 Miami Gardens, FL — 4,322 2,187 574 4,322 2,761 7,083 547 2011 1987 60th Avenue 1 Miami Lakes, FL — 6,203 1,567 7,346 6,203 8,913 15,116 3,091 2010 1971/2011 70th Avenue 1 Miami, FL — 1,434 2,333 198 1,434 2,531 3,965 596 2011 1999 70th Avenue II 1 Miami, FL — 2,152 3,418 524 2,152 3,942 6,094 400 2016 1969 70th Avenue III 1 Miami, FL — 2,543 3,167 690 2,543 3,857 6,400 319 2016 1974 70th Avenue IV 1 Miami, FL — 1,119 1,456 151 1,119 1,607 2,726 125 2017 1969 70th Avenue V 1 Miami, FL — 5,036 3,419 1,526 5,036 4,945 9,981 149 2017 1974 74th Avenue 1 Miami, FL — 2,327 3,538 614 2,327 4,152 6,479 363 2016 1986 78th Avenue 1 Doral, FL — 2,445 1,755 2,604 2,445 4,359 6,804 1,121 2012 1977 81st Street 2 Medley, FL — 2,938 5,242 1,311 2,938 6,553 9,491 1,040 2015 1996/2003 94th Avenue 1 Doral, FL — 3,000 3,580 336 3,000 3,916 6,916 247 2017 1989 107th Avenue 1 Medley, FL — 2,787 2,036 506 2,787 2,542 5,329 608 2013 2001 101st Road 1 Medley, FL — 2,647 3,258 468 2,647 3,726 6,373 781 2013 2012 131st Street 1 Medley, FL — 2,903 5,729 500 2,903 6,229 9,132 1,026 2014 1999 12950 SW South River 1 Medley, FL — 1,971 4,029 368 1,971 4,397 6,368 429 2016 2000 Americas Gateway 6 Doral, FL — 11,152 11,721 3,276 11,152 14,997 26,149 3,402 2013 1978/1982 Miami International Trade Center 4 Medley, FL — 5,063 10,958 1,260 5,063 12,218 17,281 1,623 2015 1996 Washington, D.C. 75th Ave 5 Landover, MD — 10,658 18,615 4,226 10,658 22,829 33,487 3,457 2014 1987/1990 2920 V Street 1 Washington, D.C. — 2,248 1,670 1,499 2,248 3,169 5,417 223 2017 1958 3601 Pennsy 1 Landover, MD — 2,331 4,375 1,425 2,331 5,800 8,131 966 2013 1996 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at December 31, 2019 Property Name No. of Bldgs. Location Encumbrances Land Buildings & Improvements Land Buildings & Improvements Total Accumulated Year Acquired Year Constructed 4230 Forbes 1 Lanham, MD — 1,736 2,395 853 1,736 3,248 4,984 511 2013 2003 9070 Junction 1 Annapolis Junction, MD — 3,538 6,670 2,838 3,538 9,508 13,046 2,099 2015 1997 Business Parkway 1 Lanham, MD — 3,038 3,007 4 3,038 3,011 6,049 261 2016 2002 Hampton Overlook 3 Capitol Heights, MD — 4,602 7,521 826 4,602 8,347 12,949 804 2016 1989/1990 New Ridge — Hanover, MD — 5,689 1,567 190 5,689 1,757 7,446 178 2016 0 Parkway 1 Hanover, MD — 4,543 12,094 372 4,543 12,466 17,009 2,062 2014 1968/2012 Troy Hill 1 Elkridge, MD — 1,409 5,033 495 1,409 5,528 6,937 1,140 2012 2003 V Street 6 Washington, D.C. — 67,132 41,299 13,342 67,132 54,641 121,773 8,187 2015 1955/1963 Subtotal 220 44,348 1,055,146 717,086 192,127 1,055,146 909,201 1,964,347 144,922 Unamortized net premiums — — — — — — — — — Unamortized net deferred financing costs — (30) — — — — — — — Intangible assets — — — — — — — 88,594 63,357 Total 220 $ 44,318 $ 1,055,146 $ 717,086 $ 192,127 $ 1,055,146 $ 909,201 $ 2,052,941 $ 208,279 Terreno Realty Corporation Schedule III Real Estate Investments and Accumulated Depreciation – (Continued) As of December 31, 2019 (in thousands) A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2019 and 2018 is as follows: 2019 2018 Investment in Properties Balance at beginning of year $ 1,845,776 $ 1,636,930 Acquisition of properties 289,591 227,058 Disposition of properties (41,560) (56,985) Construction in progress 28,154 7,434 Improvements, net of write-offs 32,233 31,339 Balance at end of year $ 2,154,194 $ 1,845,776 2019 2018 Accumulated Depreciation Balance at beginning of year $ 169,772 $ 139,814 Amortization of lease intangible assets 10,123 5,269 Depreciation expense 33,630 30,442 Disposition of properties and write-offs (5,246) (5,753) Balance at end of year $ 208,279 $ 169,772 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying consolidated financial statements include all of the Company’s accounts and its subsidiaries and all intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates. The preparation of the 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 |
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. |
Property Acquisitions | Property Acquisitions. Effective January 1, 2017, the Company adopted Accounting Standards Codification (“ASC”) 2017-01, 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 . Upon 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. |
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 (See “Note 5 – Held for Sale/Disposed Assets”). 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. |
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 December 31, 2019 and 2018, approximately $27.4 million and $25.7 million, respectively, of straight-line rent and accounts receivable, net of allowances of approximately $0.2 million for both years ended December 31, 2019 and 2018, respectively, were included as a component of other assets in the accompanying consolidated balance sheets. Effective January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”), using the modified retrospective approach, which requires a cumulative effect adjustment as of the date of the Company's adoption. Under the modified retrospective approach, an entity may also elect to apply this standard to either (i) all contracts as of January 1, 2018 or (ii) only to contracts that were not completed as of January 1, 2018. A completed contract is a contract for which all (or substantially all) of the revenue was recognized under legacy GAAP that was in effect before the date of initial application. The Company elected to apply this standard only to contracts that were not completed as of January 1, 2018. Based on the Company’s evaluation of contracts within the scope of ASU No. 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 ("ASC 610-20") (see below). |
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 Company's 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 |
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, (“ASC 740-10”), 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 December 31, 2019 and 2018, 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's 2019 Equity Incentive Plan (the "2019 Plan") 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”) under its Amended and Restated Long-Term Incentive Plan (as amended and restated the "Amended LTIP"), which the Company amended and restated on January 8, 2019, 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 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. Under the Amended LTIP, each participant’s Performance Share award granted on or after January 1, 2019 will be expressed as a number of shares of common stock and settled in shares of common stock. Target awards were previously expressed as a dollar amount and settled in shares of common stock. Commencing with Performance Share awards granted on or after January 1, 2019, the grant date fair value of the Performance Share awards will be determined under current accounting treatment using a Monte Carlo simulation model on the date of grant and recognized on a straight-line basis over the performance period. For Performance Share awards granted prior to January 1, 2019, 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 granted prior to January 1, 2019 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, which varies quarter to quarter based on the Company’s relative share price performance, and are included as a component of Performance Share awards payable in the accompanying consolidated balance sheets. |
Use Of Derivative Financial Instruments | Use of Derivative Financial Instruments. ASC 815, Derivatives and Hedging (See “Note 9 – Derivative Financial Instruments”) , 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. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments . ASC 820, Fair Value Measurements and Disclosures (See “Note 10 – Fair Value Measurements”), 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 February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02, Leases (Topic 842) (“ASU No. 2016-02”). The amendments in ASU No. 2016-02 change the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU No. 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption of ASU No. 2016-02 was permitted. ASU No. 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Upon adoption of ASU No. 2016-02 on January 1, 2019, the Company adopted the package of practical expedients for all leases that commenced before the effective date of January 1, 2019. Accordingly, the Company did not 1) reassess whether any expired or existing contracts are or contain leases, 2) reassess the lease classification for any expired or existing lease, and 3) reassess initial direct costs for any existing leases. The Company did not elect the practical expedient related to using hindsight to reevaluate the lease term. ASU No. 2016-02 requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) a right-of-use asset (“ROU asset”), which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU No. 2016-02 also requires lessees to classify leases as either a finance or operating lease based on whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification is used to evaluate whether the lease expense should be recognized based on an effective interest method as a finance lease or on a straight-line basis over the term of the lease as an operating lease. The Company is the lessee of one office space, which was classified as an operating lease under Topic 840. As the Company elected the package of practical expedients as described above, the classification of existing leases was not reassessed and as such, this lease continues to be accounted for as an operating lease. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), Targeted Improvements (“ASU No. 2018-11”), which provides lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue recognition standard (Topic 606) and if certain conditions are met. Upon adoption of ASU No. 2016-02, the Company adopted this practical expedient, specifically related to its tenant reimbursements which would otherwise be accounted for under the new revenue recognition standard. The Company believes the two conditions have been met for tenant reimbursements as 1) the timing and pattern of transfer of the nonlease components and associated lease components are the same and 2) the non-lease component is not the predominant component in the arrangement. In addition, ASU No. 2018-11 provides an additional optional transition method to allow entities to apply the new lease accounting standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings. An entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new lease accounting standard will continue to be reported under the current lease accounting standards of Topic 840. The Company adopted this transition method upon adoption of ASU No. 2016-02 on January 1, 2019. There was no cumulative-effect adjustment to the opening balance of retained earnings upon adoption. In December 2018, the FASB issued ASU No. 2018-20, Leases (Topic 842), Narrow-Scope Improvements for Lessors (“ASU No. 2018-20”), which permits lessors, as an accounting policy election, to not evaluate whether certain sales taxes and other similar taxes are lessor costs or lessee costs and instead to account for these costs as if they were lessee costs. In addition, ASU No. 2018-20 requires lessors to 1) exclude lessor costs paid directly by lessees to third parties on the lessor’s behalf from variable payments and 2) include lessor costs that are reimbursed by the lessee in the measurement of variable lease revenue and the associated expense. The amendments also clarify that lessors are required to allocate the variable payments to the lease and non-lease components and follow the recognition guidance in Topic 842 for the lease component and other applicable guidance, such as ASU No. 2014-09, for the non-lease component. As a result of the adoption of ASU No. 2016-02, ASU No. 2018-11, and ASC No. 2018-20, there was no material impact to the Company’s consolidated financial statements as a lessor or lessee. In accordance with the guidance, the Company has combined rental revenues and tenant expense reimbursements on the Company’s consolidated statements of operations. The Company does not currently capitalize internal leasing costs. In addition, on January 1, 2019, the Company recognized a lease liability of approximately $0.9 million and a related ROU asset of approximately $0.8 million on its consolidated balance sheets, based on the present value of lease payments for the remaining term of the Company’s corporate office lease, which was approximately 3.5 years as of the adoption date. As the rate implicit in the lease was not readily determinable, the discount rate applied to measure the lease liability and ROU asset was based on the Company’s incremental borrowing rate of 2.70% as of the adoption date. The lease liability is included as a component of accounts payable and other liabilities and the ROU asset is included as a component of other assets in the accompanying consolidated balance sheets. All operating lease expense is recognized on a straight-line basis over the lease term. As of December 31, 2019, the lease liability was approximately $0.6 million and the ROU asset was approximately $0.6 million. |
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) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of intangible assets and liabilities | As of December 31, 2019 and 2018, the Company’s intangible assets and liabilities, including properties held for sale (if any), consisted of the following (dollars in thousands): December 31, 2019 December 31, 2018 Gross Accumulated Net Gross Accumulated Net In-place leases $ 84,425 $ (59,504) $ 24,921 $ 75,101 $ (51,239) $ 23,862 Above-market leases 4,169 (3,853) 316 4,169 (3,610) 559 Below-market leases (44,099) 15,972 (28,127) (34,485) 11,392 (23,093) Total $ 44,495 $ (47,385) $ (2,890) $ 44,785 $ (43,457) $ 1,328 |
Schedule of expected amortization of intangible assets and liabilities | Projected net amortization of the intangible assets and liabilities for the next five years and thereafter as of December 31, 2019 is as follows (dollars in thousands): 2020 $ 2,887 2021 1,742 2022 949 2023 277 2024 (131) Thereafter (8,614) Total $ (2,890) |
Schedule of depreciation and useful lives of real estate and intangible assets | 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 |
Schedule of cash and cash equivalents and restricted cash | The following summarizes the reconciliation of cash and cash equivalents and restricted cash as presented in the accompanying consolidated statements of cash flows (dollars in thousands): For the Year Ended December 31, 2019 2018 2017 Beginning Cash and cash equivalents at beginning of year $ 31,004 $ 35,710 $ 14,208 Restricted cash 3,475 7,090 4,270 Cash and cash equivalents and restricted cash 34,479 42,800 18,478 Ending Cash and cash equivalents at end of year 110,082 31,004 35,710 Restricted cash 2,657 3,475 7,090 Cash and cash equivalents and restricted cash 112,739 34,479 42,800 Net increase (decrease) in cash and cash equivalents and restricted cash $ 78,260 $ (8,321) $ 24,322 |
Schedule of cash and cash equivalents and restricted cash | The following summarizes the reconciliation of cash and cash equivalents and restricted cash as presented in the accompanying consolidated statements of cash flows (dollars in thousands): For the Year Ended December 31, 2019 2018 2017 Beginning Cash and cash equivalents at beginning of year $ 31,004 $ 35,710 $ 14,208 Restricted cash 3,475 7,090 4,270 Cash and cash equivalents and restricted cash 34,479 42,800 18,478 Ending Cash and cash equivalents at end of year 110,082 31,004 35,710 Restricted cash 2,657 3,475 7,090 Cash and cash equivalents and restricted cash 112,739 34,479 42,800 Net increase (decrease) in cash and cash equivalents and restricted cash $ 78,260 $ (8,321) $ 24,322 |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Schedule of wholly-owned industrial properties | The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2019: Property Name Location Acquisition Date Number of Buildings Square Feet Purchase Price (in thousands) 1 49th Street Queens, NY Februrary 12, 2019 1 19,000 $ 24,017 81 N Hackensack 2 Kearny, NJ March 8, 2019 — — 25,000 48 3rd and 286 Central 3 Kearny, NJ March 29, 2019 1 28,124 14,085 Minnesota and Tennessee San Francisco, CA May 28, 2019 2 119,089 47,775 51 Kero 4 Carlstadt, NJ August 7, 2019 — — 4,025 Anderson Los Angeles, CA August 19, 2019 5 53,016 18,100 Auburn 400 Auburn, WA August 21, 2019 1 70,345 9,450 Morgan Brooklyn, NY August 29, 2019 2 195,598 80,500 20th Street Oakland, CA August 30, 2019 1 92,884 23,752 Slauson Santa Fe Springs, CA August 30, 2019 2 29,927 5,331 East Marginal 5 Seattle, WA November 15, 2019 — — 2,850 Whelan East Rutherford, NJ December 13, 2019 1 50,305 12,000 917 Valley Puyallup, WA December 19, 2019 1 40,816 6,725 Total 17 699,104 $ 273,610 1 The total aggregate investment was approximately $289.6 million, including $6.0 million in closing costs and acquisition costs. 2 Represents an improved land parcel containing approximately 16.8 acres. 3 Also includes an improved land parcel containing approximately 2.9 acres. 4 Represents an improved land parcel containing approximately 2.0 acres. 5 Represents an improved land parcel containing approximately 0.9 acres. Property Name Location Acquisition Date Number of Buildings Square Feet Purchase Price (in thousands) 1 Vermont Torrance, CA January 31, 2018 1 99,629 $ 17,500 Woodside Queens, NY March 6, 2018 1 83,294 25,170 1st Avenue South Seattle, WA March 6, 2018 1 234,720 42,000 Wicks Blvd San Leandro, CA April 27, 2018 1 11,300 2,600 85 Doremus 2 Newark, NJ May 7, 2018 — — 6,300 East Valley Renton, WA May 7, 2018 1 39,005 5,950 Merced 3 San Leandro, CA August 2, 2018 4 225,344 36,000 San Clemente Hayward, CA September 7, 2018 1 54,000 9,000 Whitney 4 San Leandro, CA September 17, 2018 3 128,073 22,790 Commerce Carlstadt, NJ October 17, 2018 1 24,000 3,480 Kent 192 5 Seattle, WA October 24, 2018 — — 12,434 6th Ave Seattle, WA October 31, 2018 1 50,270 12,558 Walnut II Compton, CA November 7, 2018 1 60,040 11,108 Shoemaker 6 Santa Fe Springs, CA November 14, 2018 — — 6,400 Hotchkiss II Fremont, CA December 20, 2018 1 29,214 6,200 Total 17 1,038,889 $ 219,490 1 The total aggregate investment was approximately $227.1 million, including $2.9 million in closing costs and acquisition costs. 2 Represents an improved land parcel containing approximately 3.5 acres. 3 Also includes an improved land parcel containing approximately 1.2 acres. 4 Also includes improved land parcel containing approximately 0.2 acres. 5 Represents an improved land parcel containing approximately 12.7 acres. 6 Represents an improved land parcel containing approximately 2.3 acres. Market Number of Square Feet Purchase Price Assumed Debt Los Angeles 1 65,670 $ 18,000 $ — Northern New Jersey/New York City — — — — San Francisco Bay Area 1 — — 12,000 — Seattle — — — — Miami — — — — Washington, D.C. — — — — Total 1 65,670 $ 30,000 $ — 1 Represents one improved land parcel containing approximately 2.78 acres. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of principal payments | The scheduled principal payments of the Company’s debt as of December 31, 2019 were as follows (dollars in thousands): Credit Facility Term Loans Senior Unsecured Notes Mortgage Loans Payable Total Debt 2020 $ — $ — $ — $ 33,077 $ 33,077 2021 — — — 11,271 11,271 2022 — 100,000 50,000 — 150,000 2023 — — — 2024 — — 100,000 — 100,000 Thereafter — — 200,000 — 200,000 Total Debt — 100,000 350,000 44,348 494,348 Deferred financing costs, net — (417) (2,326) (30) (2,773) Total Debt, net $ — $ 99,583 $ 347,674 $ 44,318 $ 491,575 Weighted Average Interest Rate n/a 3.0 % 3.8 % 4.1 % 3.7 % |
Leasing (Tables)
Leasing (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of minimum future cash rentals on tenant operating leases | The following is a schedule of minimum future cash rentals on tenant operating leases in effect as of December 31, 2019. The schedule does not reflect future rental revenues from the renewal or replacement of existing leases and excludes property operating expense reimbursements (dollars in thousands): 2020 $ 130,321 2021 115,704 2022 98,104 2023 78,567 2024 60,999 Thereafter 149,665 Total $ 633,360 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments designated as hedging instruments | The following table presents a summary of the Company’s derivative instruments designated as hedging instruments (dollars in thousands): Effective Date Maturity Date Interest Rate Strike Fair Value Notional Amount December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Derivative Instrument Assets: Interest Rate Cap 12/1/2014 5/4/2021 4.0 % $ — $ 25 $ 50,000 $ 50,000 Interest Rate Cap 9/1/2015 4/1/2019 4.0 % — — — 50,000 Interest Rate Cap 9/1/2015 2/3/2020 4.0 % — 1 50,000 50,000 Total $ — $ 26 $ 100,000 $ 150,000 |
Schedule of effects of derivative financial instruments on consolidated statements of operations | The following table presents the effect of the Company’s derivative financial instruments on its accompanying consolidated statements of operations for years ended December 31, 2019 and 2018 (dollars in thousands): For the Year Ended December 31, 2019 2018 Interest rate caps in cash flow hedging relationships: Amount of gain recognized in AOCI on derivatives (effective portion) $ (26) $ 289 Amount of gain reclassified from AOCI into interest expense (effective portion) $ 350 $ 289 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value assets measured on a recurring basis | The following sets forth the Company’s financial instruments that are accounted for at fair value on a recurring basis as of December 31, 2019 and 2018 (dollars in thousands): Fair Value Measurement Using Total Fair Value Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Interest rate caps at: December 31, 2019 $ — $ — $ — $ — December 31, 2018 $ 26 $ — $ 26 $ — |
Schedule of carrying value and fair value of senior secured loan and debt | The following table sets forth the carrying value and the estimated fair value of the Company’s Senior Secured Loan and debt as of December 31, 2019 and 2018 (dollars in thousands): Fair Value Measurement Using Total Fair Value Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Value Assets Senior Secured Loan at: December 31, 2019 $ 15,915 $ — $ 15,915 $ — $ 15,858 December 31, 2018 $ 55,000 $ — $ 55,000 $ — $ 54,492 Liabilities Debt at: December 31, 2019 $ 503,028 $ — $ 503,028 $ — $ 491,575 December 31, 2018 $ 455,159 $ — $ 455,159 $ — $ 462,097 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of total restricted shares granted | 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 years ended December 31, 2019, 2018 and 2017. Restricted Stock Activity: Shares Weighted Average Grant Date Fair Value Non-vested shares outstanding as of December 31, 2016 395,281 $ 20.48 Granted 32,247 26.52 Forfeited (50,008) 21.60 Vested (20,337) 18.06 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 December 31, 2018 383,930 22.98 Granted 111,099 46.99 Forfeited (52,892) 31.02 Vested (15,367) 23.90 Non-vested shares outstanding as of December 31, 2019 426,770 $ 28.20 |
Vesting schedule of the total non-vested shares of restricted stock outstanding | The following is a vesting schedule of the total non-vested shares of restricted stock outstanding as of December 31, 2019: Non-vested Shares Vesting Schedule Number of Shares 2020 295,936 2021 8,135 2022 7,101 2023 32,016 2024 83,582 Thereafter — Total Non-vested Shares 426,770 |
Schedule of certain information with respect to the Performance Share awards | The following table summarizes certain information with respect to the Performance Share awards granted prior to January 1, 2019 (dollars in thousands): Fair Value Accrual Expense For the Year Ended December 31, Performance Share Period December 31, 2019 December 31, 2019 2019 2018 2017 January 1, 2018 - December 31, 2020 $ 6,521 $ 4,343 $ 3,208 $ 1,135 $ — January 1, 2017 - December 31, 2019 1 7,290 7,290 3,217 2,540 1,532 January 1, 2016 - December 31, 2018 — — — 3,388 2,189 January 1, 2015 - December 31, 2017 — — — — 2,994 Total $ 13,811 $ 11,633 $ 6,425 $ 7,063 $ 6,715 1 Subsequent to December 31, 2019, the compensation committee determined that approximately $7.3 million was earned under the Long-Term Incentive Plan with respect to the performance period that ended on December 31, 2019 and a total of 135,494 shares of common stock were issued to the executives. The following table summarizes certain information with respect to the Performance Share awards granted on or after January 1, 2019 (dollars in thousands): Expense For the Year Ended December 31, Performance Share Period Fair Value on Date of Grant 2019 2018 2017 January 1, 2019 - December 31, 2021 $ 4,829 $ 1,610 $ — $ — |
Schedule of cash dividends paid or payable per share | The following table sets forth the cash dividends paid or payable per share during the years ended December 31, 2019 and 2018: For the Three Months Ended Security Dividend per Share Declaration Date Record Date Date Paid March 31, 2019 Common stock $ 0.24 February 5, 2019 March 29, 2019 April 12, 2019 June 30, 2019 Common stock $ 0.24 April 30, 2019 July 5, 2019 July 19, 2019 September 30, 2019 Common stock $ 0.27 July 26, 2019 October 4, 2019 October 18, 2019 December 31, 2019 Common stock $ 0.27 October 29, 2019 December 31, 2019 January 14, 2020 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 December 31, 2018 Common stock $ 0.24 October 31, 2018 December 18, 2018 January 11, 2019 |
Quarterly Results of Operatio_2
Quarterly Results of Operations – Unaudited (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | The following tables summarize the Company’s quarterly financial information. 2019 Quarter Ended March 31 June 30 September 30 December 31 (in thousands, except share and per share data) Total revenues $ 40,880 $ 41,730 $ 43,397 $ 45,015 Total costs and expenses (27,071) (28,115) (27,275) (29,724) Total other income and (expenses) 1,723 (3,236) (1,338) (470) Net income 15,532 10,379 14,784 14,821 Net income available to common stockholders $ 15,434 $ 10,315 $ 14,689 $ 14,727 Earnings per Common Share – Basic and Diluted: Net income available to common stockholders, basic 1 $ 0.25 $ 0.16 $ 0.22 $ 0.22 Net income available to common stockholders, diluted 1 $ 0.25 $ 0.16 $ 0.22 $ 0.22 Basic Weighted Average Common Shares Outstanding 61,456,965 63,780,645 65,724,426 66,706,245 Diluted Weighted Average Common Shares Outstanding 61,604,250 64,075,215 66,018,996 67,000,815 2018 Quarter Ended March 31 June 30 September 30 December 31 (in thousands, except share and per share data) Total revenues $ 37,107 $ 37,238 $ 37,899 $ 39,413 Total costs and expenses (25,708) (25,099) (24,712) (26,912) Total other income and (expenses) (1,342) 7,998 (3,065) 10,471 Net income 10,057 20,137 10,122 22,972 Net income available to common stockholders $ 9,992 $ 20,012 $ 10,056 $ 22,827 Earnings per Common Share – Basic and Diluted: Net income available to common stockholders, basic 1 $ 0.18 $ 0.35 $ 0.17 $ 0.38 Net income available to common stockholders, diluted 1 $ 0.18 $ 0.35 $ 0.17 $ 0.38 Basic Weighted Average Common Shares Outstanding 55,127,580 56,698,959 58,369,252 59,689,965 Diluted Weighted Average Common Shares Outstanding 55,127,580 56,698,959 58,369,252 59,689,965 1 The above quarterly income per share calculations are based on the weighted average number of common shares outstanding during each quarter. The income per share calculation for the years ended December 31, 2019 and 2018 in the consolidated statements of operations is based on the weighted average number of common shares outstanding for the years ended December 31, 2019 and 2018. The sum of the quarterly financial data may vary from the years ended December 31, 2019 and 2018 data due to rounding. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of properties under contract | The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2019: Property Name Location Acquisition Date Number of Buildings Square Feet Purchase Price (in thousands) 1 49th Street Queens, NY Februrary 12, 2019 1 19,000 $ 24,017 81 N Hackensack 2 Kearny, NJ March 8, 2019 — — 25,000 48 3rd and 286 Central 3 Kearny, NJ March 29, 2019 1 28,124 14,085 Minnesota and Tennessee San Francisco, CA May 28, 2019 2 119,089 47,775 51 Kero 4 Carlstadt, NJ August 7, 2019 — — 4,025 Anderson Los Angeles, CA August 19, 2019 5 53,016 18,100 Auburn 400 Auburn, WA August 21, 2019 1 70,345 9,450 Morgan Brooklyn, NY August 29, 2019 2 195,598 80,500 20th Street Oakland, CA August 30, 2019 1 92,884 23,752 Slauson Santa Fe Springs, CA August 30, 2019 2 29,927 5,331 East Marginal 5 Seattle, WA November 15, 2019 — — 2,850 Whelan East Rutherford, NJ December 13, 2019 1 50,305 12,000 917 Valley Puyallup, WA December 19, 2019 1 40,816 6,725 Total 17 699,104 $ 273,610 1 The total aggregate investment was approximately $289.6 million, including $6.0 million in closing costs and acquisition costs. 2 Represents an improved land parcel containing approximately 16.8 acres. 3 Also includes an improved land parcel containing approximately 2.9 acres. 4 Represents an improved land parcel containing approximately 2.0 acres. 5 Represents an improved land parcel containing approximately 0.9 acres. Property Name Location Acquisition Date Number of Buildings Square Feet Purchase Price (in thousands) 1 Vermont Torrance, CA January 31, 2018 1 99,629 $ 17,500 Woodside Queens, NY March 6, 2018 1 83,294 25,170 1st Avenue South Seattle, WA March 6, 2018 1 234,720 42,000 Wicks Blvd San Leandro, CA April 27, 2018 1 11,300 2,600 85 Doremus 2 Newark, NJ May 7, 2018 — — 6,300 East Valley Renton, WA May 7, 2018 1 39,005 5,950 Merced 3 San Leandro, CA August 2, 2018 4 225,344 36,000 San Clemente Hayward, CA September 7, 2018 1 54,000 9,000 Whitney 4 San Leandro, CA September 17, 2018 3 128,073 22,790 Commerce Carlstadt, NJ October 17, 2018 1 24,000 3,480 Kent 192 5 Seattle, WA October 24, 2018 — — 12,434 6th Ave Seattle, WA October 31, 2018 1 50,270 12,558 Walnut II Compton, CA November 7, 2018 1 60,040 11,108 Shoemaker 6 Santa Fe Springs, CA November 14, 2018 — — 6,400 Hotchkiss II Fremont, CA December 20, 2018 1 29,214 6,200 Total 17 1,038,889 $ 219,490 1 The total aggregate investment was approximately $227.1 million, including $2.9 million in closing costs and acquisition costs. 2 Represents an improved land parcel containing approximately 3.5 acres. 3 Also includes an improved land parcel containing approximately 1.2 acres. 4 Also includes improved land parcel containing approximately 0.2 acres. 5 Represents an improved land parcel containing approximately 12.7 acres. 6 Represents an improved land parcel containing approximately 2.3 acres. Market Number of Square Feet Purchase Price Assumed Debt Los Angeles 1 65,670 $ 18,000 $ — Northern New Jersey/New York City — — — — San Francisco Bay Area 1 — — 12,000 — Seattle — — — — Miami — — — — Washington, D.C. — — — — Total 1 65,670 $ 30,000 $ — 1 Represents one improved land parcel containing approximately 2.78 acres. |
Organization (Details)
Organization (Details) ft² in Millions | 12 Months Ended |
Dec. 31, 2019ft²abuildingpropertymarketland_parcel | |
Real Estate Properties [Line Items] | |
Number of markets | market | 6 |
Number of properties | property | 220 |
Area of real estate property | a | 77.6 |
Buildings [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | building | 220 |
Improved land parcels [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | land_parcel | 19 |
Area of real estate property | ft² | 13.3 |
Redevelopment property [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | property | 4 |
Area of real estate property | ft² | 0.5 |
Significant Accounting Polici_4
Significant Accounting Policies - Narrative (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($)segmentderivative_instrument | Dec. 31, 2018USD ($)derivative_instrument | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | |
Accounting Policies [Abstract] | ||||
Property impairment charges | $ 0 | $ 0 | $ 0 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amortization of above and below-market leases | $ 4,700,000 | 3,700,000 | $ 2,200,000 | |
Remaining weighted average lease term related to these intangible assets and liabilities | 8 years | |||
Straight-line rent and accounts receivables, net of allowances | $ 27,400,000 | 25,700,000 | ||
Straight-line rent and accounts receivables, allowances | 200,000 | 200,000 | ||
Deferred financing cost accumulated amortization | 8,300,000 | 6,900,000 | ||
Unrecognized tax benefits | $ 0 | 0 | ||
Performance measurement period | 3 years | |||
Derivative [Line Items] | ||||
Interest rate cap notional value | $ 100,000,000 | |||
Interest rate cap fair value | 0 | 25,000 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating lease, liability | 600,000 | |||
Operating lease, ROU asset | $ 600,000 | |||
Number of reportable segments | segment | 1 | |||
Interest rate cap [Member] | ||||
Derivative [Line Items] | ||||
Interest rate cap notional value | $ 100,000,000 | $ 150,000,000 | ||
Derivative cap interest rate | 4.00% | 4.00% | ||
Interest rate cap [Member] | Minimum [Member] | ||||
Derivative [Line Items] | ||||
Derivative, basis spread on variable rate | 1.20% | 1.20% | ||
Interest rate cap [Member] | Maximum [Member] | ||||
Derivative [Line Items] | ||||
Derivative, basis spread on variable rate | 1.70% | 1.70% | ||
Interest Rate Cap, Maturity 5/4/2021 [Member] | ||||
Derivative [Line Items] | ||||
Interest rate cap notional value | $ 50,000,000 | |||
Derivative cap interest rate | 4.00% | |||
Interest Rate Cap, Maturity 4/1/2019 [Member] | ||||
Derivative [Line Items] | ||||
Interest rate cap notional value | $ 50,000,000 | |||
Derivative cap interest rate | 4.00% | |||
Interest Rate Cap, Maturity 2/3/2020 [Member] | ||||
Derivative [Line Items] | ||||
Interest rate cap notional value | $ 50,000,000 | |||
Derivative cap interest rate | 4.00% | |||
Interest rate [Member] | Interest rate cap [Member] | Minimum [Member] | ||||
Derivative [Line Items] | ||||
Derivative, basis spread on variable rate | 1.20% | |||
Interest rate [Member] | Interest rate cap [Member] | Maximum [Member] | ||||
Derivative [Line Items] | ||||
Derivative, basis spread on variable rate | 1.70% | |||
Senior Secured Loan Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Impairment charges | $ 0 | $ 0 | ||
Cash flow hedging [Member] | Interest rate cap [Member] | ||||
Derivative [Line Items] | ||||
Number of interest rate cap transactions | derivative_instrument | 2 | 3 | ||
Accounting Standards Update 2016-02 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating lease, liability | $ 900,000 | |||
Operating lease, ROU asset | $ 800,000 | |||
Operating lease, weighted average remaining lease term | 3 years 6 months | |||
Operating lease, weighted average discount rate | 2.70% |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 88,594 | $ 79,270 |
Below-market leases, gross | (44,099) | (34,485) |
Finite-lived intangible assets (liabilities), gross | 44,495 | 44,785 |
Below-market lease, accumulated amortization | 15,972 | 11,392 |
Finite-lived intangible assets (liabilities), accumulated amortization | (47,385) | (43,457) |
Below-market leases, net | (28,127) | (23,093) |
Total | (2,890) | 1,328 |
In-place leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 84,425 | 75,101 |
Finite-lived intangible assets, accumulated amortization | (59,504) | (51,239) |
Finite-lived intangible assets, net | 24,921 | 23,862 |
Above-market leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 4,169 | 4,169 |
Finite-lived intangible assets, accumulated amortization | (3,853) | (3,610) |
Finite-lived intangible assets, net | $ 316 | $ 559 |
Significant Accounting Polici_6
Significant Accounting Policies - Schedule of Expected Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
2020 | $ 2,887 | |
2021 | 1,742 | |
2022 | 949 | |
2023 | 277 | |
2024 | (131) | |
Thereafter | (8,614) | |
Total | $ (2,890) | $ 1,328 |
Significant Accounting Polici_7
Significant Accounting Policies - Schedule of Depreciation and Useful Lives of Real Estate and Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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 |
Significant Accounting Polici_8
Significant Accounting Policies - Summary of the Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | |||
Cash and cash equivalents at beginning of year | $ 31,004 | $ 35,710 | $ 14,208 |
Restricted cash at beginning of year | 3,475 | 7,090 | 4,270 |
Cash and cash equivalents and restricted cash | 34,479 | 42,800 | 18,478 |
Cash and cash equivalents at end of year | 110,082 | 31,004 | 35,710 |
Restricted cash at end of year | 2,657 | 3,475 | 7,090 |
Cash and cash equivalents and restricted cash at end of year | 112,739 | 34,479 | 42,800 |
Net increase (decrease) in cash and cash equivalents and restricted cash | $ 78,260 | $ (8,321) | $ 24,322 |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details) ft² in Millions | Dec. 31, 2019aft²property |
Real Estate Properties [Line Items] | |
Number of properties | 220 |
Area of real estate property | a | 77.6 |
Northern New Jersey/New York City [Member] | |
Real Estate Properties [Line Items] | |
Percentage accounted by properties of its annualized base rent | 30.90% |
Northern New Jersey/New York City [Member] | Office building [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 62 |
Area of real estate property | ft² | 3.6 |
Northern New Jersey/New York City [Member] | Land parcels [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 9 |
Area of real estate property | a | 48.7 |
Investments in Real Estate - Na
Investments in Real Estate - Narrative (Details) ft² in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($)ft²apropertyland_parcel | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)ft²apropertyland_parcelbuilding | Dec. 31, 2018USD ($)ft²aland_parcelbuilding | Dec. 31, 2017USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Revenues | $ 45,015,000 | $ 43,397,000 | $ 41,730,000 | $ 40,880,000 | $ 39,413,000 | $ 37,899,000 | $ 37,238,000 | $ 37,107,000 | $ 171,022,000 | $ 151,657,000 | $ 132,484,000 |
Net income | $ 14,821,000 | $ 14,784,000 | $ 10,379,000 | $ 15,532,000 | $ 22,972,000 | $ 10,122,000 | $ 20,137,000 | $ 10,057,000 | $ 55,516,000 | 63,289,000 | 53,095,000 |
Number of properties | property | 220 | 220 | |||||||||
Area of real estate property | a | 77.6 | 77.6 | |||||||||
Capitalized interest associated with redevelopment activities | $ 3,200,000 | 2,500,000 | $ 0 | ||||||||
Miami [Member] | Disposed of by Sale [Member] | Disposed assets [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Proceeds from sale of property | 14,000,000 | 28,600,000 | |||||||||
Gain on sale of property | $ 1,800,000 | $ 13,100,000 | |||||||||
Improved land parcels [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Number of properties | land_parcel | 19 | 19 | |||||||||
Area of real estate property | ft² | 13,300 | 13,300 | |||||||||
Redevelopment property [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Number of properties | property | 4 | 4 | |||||||||
Asset acquisition, consideration transferred | $ 120,400,000 | ||||||||||
Area of real estate property | ft² | 500 | 500 | |||||||||
Asset acquisitions, real estate redevelopment costs | $ 52,400,000 | ||||||||||
Redevelopment property [Member] | 1775 NW 70th Avenue [Member] | Miami [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Asset acquisition, consideration transferred | $ 10,000,000 | ||||||||||
Area of real estate property | ft² | 65 | 65 | |||||||||
Asset acquisitions, lease term | 5 years | ||||||||||
Asset acquisitions 2019 [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Asset acquisitions, assets acquired and liabilities assumed, net | $ 289,600,000 | ||||||||||
Asset acquisition, intangible assets acquired | 11,600,000 | ||||||||||
Asset acquisition, intangible liabilities | 10,000,000 | ||||||||||
Revenues | 7,600,000 | ||||||||||
Net income | $ 3,000,000 | ||||||||||
Asset acquisitions 2019 [Member] | Industrial property [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Number of properties acquired | building | 17 | ||||||||||
Area of real estate property acquired | ft² | 700 | ||||||||||
Asset acquisitions 2019 [Member] | Improved land parcels [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Number of properties acquired | land_parcel | 4 | ||||||||||
Area of real estate property acquired | a | 22.6 | ||||||||||
Asset acquisitions 2019 [Member] | Land [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Asset acquisition, property additions | $ 224,100,000 | ||||||||||
Asset acquisitions 2019 [Member] | Building [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Asset acquisition, property additions | $ 53,900,000 | ||||||||||
Asset acquisitions 2018 [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Area of real estate property acquired | ft² | 500 | ||||||||||
Asset acquisitions, assets acquired and liabilities assumed, net | $ 227,100,000 | ||||||||||
Asset acquisition, intangible assets acquired | 8,600,000 | ||||||||||
Asset acquisition, intangible liabilities | 4,700,000 | ||||||||||
Revenues | 4,800,000 | ||||||||||
Net income | 1,700,000 | ||||||||||
Asset acquisition, consideration transferred | 112,900,000 | ||||||||||
Asset acquisitions, real estate redevelopment costs | $ 36,800,000 | ||||||||||
Asset acquisitions 2018 [Member] | Industrial property [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Number of properties acquired | building | 17 | ||||||||||
Area of real estate property acquired | ft² | 1,000 | ||||||||||
Asset acquisitions 2018 [Member] | Improved land parcels [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Number of properties acquired | land_parcel | 5 | ||||||||||
Area of real estate property acquired | a | 19.9 | ||||||||||
Asset acquisitions 2018 [Member] | Redevelopment, building [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Number of properties acquired | building | 2 | ||||||||||
Asset acquisitions 2018 [Member] | Redevelopment, land parcel [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Number of properties acquired | land_parcel | 1 | ||||||||||
Asset acquisitions 2018 [Member] | Land [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Asset acquisition, property additions | $ 154,500,000 | ||||||||||
Asset acquisitions 2018 [Member] | Building [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Asset acquisition, property additions | $ 64,000,000 |
Investments in Real Estate - Su
Investments in Real Estate - Summary of Wholly Owned Industrial Properties Acquired (Details) $ in Thousands | Dec. 19, 2019USD ($)ft²building | Dec. 13, 2019USD ($)ft²building | Nov. 15, 2019USD ($)ft²abuilding | Aug. 30, 2019USD ($)ft²building | Aug. 29, 2019USD ($)ft²building | Aug. 21, 2019USD ($)ft²building | Aug. 19, 2019USD ($)ft²building | Aug. 07, 2019USD ($)ft²abuilding | May 28, 2019USD ($)ft²building | Mar. 29, 2019USD ($)aft²building | Mar. 08, 2019USD ($)aft²building | Feb. 12, 2019USD ($)ft²building | Dec. 20, 2018USD ($)ft²building | Nov. 14, 2018USD ($)aft²building | Nov. 07, 2018USD ($)ft²building | Oct. 31, 2018USD ($)ft²building | Oct. 24, 2018USD ($)aft²building | Oct. 17, 2018USD ($)ft²building | Sep. 17, 2018USD ($)aft²building | Sep. 07, 2018USD ($)ft²building | Aug. 02, 2018USD ($)aft²building | May 07, 2018USD ($)ft²abuilding | Apr. 27, 2018USD ($)ft²building | Mar. 06, 2018USD ($)ft²building | Jan. 31, 2018USD ($)ft²building | Dec. 31, 2019USD ($)ft²abuildingpropertyland_parcel | Dec. 31, 2018USD ($)ft²building |
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | property | 220 | ||||||||||||||||||||||||||
Area of real estate property | a | 77.6 | ||||||||||||||||||||||||||
Improved land parcels [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | land_parcel | 19 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 13,300,000 | ||||||||||||||||||||||||||
Asset acquisitions 2019 [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Asset acquisitions, assets acquired and liabilities assumed, net | $ 289,600 | ||||||||||||||||||||||||||
Asset acquisition | $ 6,000 | ||||||||||||||||||||||||||
Asset acquisitions 2018 [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Purchase price | $ 112,900 | ||||||||||||||||||||||||||
Asset acquisitions, assets acquired and liabilities assumed, net | 227,100 | ||||||||||||||||||||||||||
Asset acquisition | $ 2,900 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2019 [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 17 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 699,104 | ||||||||||||||||||||||||||
Purchase price | $ 273,610 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2019 [Member] | 49th Street [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 1 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 19,000 | ||||||||||||||||||||||||||
Purchase price | $ 24,017 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2019 [Member] | 81 First N Hackensack [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 0 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 0 | ||||||||||||||||||||||||||
Purchase price | $ 25,000 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2019 [Member] | 81 First N Hackensack [Member] | Improved land parcels [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Area of real estate property | a | 16.8 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2019 [Member] | 48th 3rd and 286 [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 1 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 28,124 | ||||||||||||||||||||||||||
Purchase price | $ 14,085 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2019 [Member] | 48th 3rd and 286 [Member] | Improved land parcels [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Area of real estate property | a | 2.9 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2019 [Member] | Minnesota and Tennessee [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 2 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 119,089 | ||||||||||||||||||||||||||
Purchase price | $ 47,775 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2019 [Member] | 51 Kero [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 0 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 0 | ||||||||||||||||||||||||||
Purchase price | $ 4,025 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2019 [Member] | 51 Kero [Member] | Improved land parcels [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Area of real estate property | a | 2 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2019 [Member] | Anderson [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 5 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 53,016 | ||||||||||||||||||||||||||
Purchase price | $ 18,100 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2019 [Member] | Auburn 400 [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 1 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 70,345 | ||||||||||||||||||||||||||
Purchase price | $ 9,450 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2019 [Member] | Morgan [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 2 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 195,598 | ||||||||||||||||||||||||||
Purchase price | $ 80,500 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2019 [Member] | 20th Street [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 1 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 92,884 | ||||||||||||||||||||||||||
Purchase price | $ 23,752 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2019 [Member] | Slauson [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 2 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 29,927 | ||||||||||||||||||||||||||
Purchase price | $ 5,331 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2019 [Member] | East Marginal [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 0 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 0 | ||||||||||||||||||||||||||
Purchase price | $ 2,850 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2019 [Member] | East Marginal [Member] | Improved land parcels [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Area of real estate property | a | 0.9 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2019 [Member] | Whelan [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 1 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 50,305 | ||||||||||||||||||||||||||
Purchase price | $ 12,000 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2019 [Member] | 917 Valley [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 1 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 40,816 | ||||||||||||||||||||||||||
Purchase price | $ 6,725 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2018 [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 17 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 1,038,889 | ||||||||||||||||||||||||||
Purchase price | $ 219,490 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2018 [Member] | Vermont [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 1 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 99,629 | ||||||||||||||||||||||||||
Purchase price | $ 17,500 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2018 [Member] | Woodside [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 1 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 83,294 | ||||||||||||||||||||||||||
Purchase price | $ 25,170 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2018 [Member] | 1st Avenue South [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 1 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 234,720 | ||||||||||||||||||||||||||
Purchase price | $ 42,000 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2018 [Member] | Wicks Blvd [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 1 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 11,300 | ||||||||||||||||||||||||||
Purchase price | $ 2,600 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2018 [Member] | 85 Doremus [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 0 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 0 | ||||||||||||||||||||||||||
Purchase price | $ 6,300 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2018 [Member] | 85 Doremus [Member] | Improved land parcels [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Area of real estate property | a | 3.5 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2018 [Member] | East Valley [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 1 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 39,005 | ||||||||||||||||||||||||||
Purchase price | $ 5,950 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2018 [Member] | Merced [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 4 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 225,344 | ||||||||||||||||||||||||||
Purchase price | $ 36,000 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2018 [Member] | Merced [Member] | Improved land parcels [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Area of real estate property | a | 1.2 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2018 [Member] | San Clemente [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 1 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 54,000 | ||||||||||||||||||||||||||
Purchase price | $ 9,000 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2018 [Member] | Whitney [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 3 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 128,073 | ||||||||||||||||||||||||||
Purchase price | $ 22,790 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2018 [Member] | Whitney [Member] | Improved land parcels [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Area of real estate property | a | 0.2 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2018 [Member] | Commerce [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 1 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 24,000 | ||||||||||||||||||||||||||
Purchase price | $ 3,480 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2018 [Member] | Kent 192 [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 0 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 0 | ||||||||||||||||||||||||||
Purchase price | $ 12,434 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2018 [Member] | Kent 192 [Member] | Improved land parcels [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Area of real estate property | a | 12.7 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2018 [Member] | 6th Ave [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 1 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 50,270 | ||||||||||||||||||||||||||
Purchase price | $ 12,558 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2018 [Member] | Walnut II [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 1 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 60,040 | ||||||||||||||||||||||||||
Purchase price | $ 11,108 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2018 [Member] | Shoemaker [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 0 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 0 | ||||||||||||||||||||||||||
Purchase price | $ 6,400 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2018 [Member] | Shoemaker [Member] | Improved land parcels [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Area of real estate property | a | 2.3 | ||||||||||||||||||||||||||
Wholly Owned Properties [Member] | Asset acquisitions 2018 [Member] | Hotchkiss II [Member] | |||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||
Number of properties | building | 1 | ||||||||||||||||||||||||||
Area of real estate property | ft² | 29,214 | ||||||||||||||||||||||||||
Purchase price | $ 6,200 |
Held for Sale_Disposed Assets (
Held for Sale/Disposed Assets (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | |
Held For Sale Assets [Line Items] | ||
Number of properties | property | 220 | |
Held-for-sale [Member] | ||
Held For Sale Assets [Line Items] | ||
Number of properties | property | 0 | |
Disposed of by Sale [Member] | Disposed assets [Member] | Los Angeles [Member] | ||
Held For Sale Assets [Line Items] | ||
Number of properties sold | property | 1 | 1 |
Proceeds from sale of property | $ 12.4 | $ 33.2 |
Gain on sale of property | $ 4.5 | $ 12.2 |
Disposed of by Sale [Member] | Disposed assets [Member] | Miami [Member] | ||
Held For Sale Assets [Line Items] | ||
Number of properties sold | property | 1 | 2 |
Proceeds from sale of property | $ 14 | $ 28.6 |
Gain on sale of property | $ 1.8 | $ 13.1 |
Disposed of by Sale [Member] | Disposed assets [Member] | Washington D.C. [Member] | ||
Held For Sale Assets [Line Items] | ||
Number of properties sold | property | 2 | 1 |
Proceeds from sale of property | $ 22.5 | $ 20.3 |
Gain on sale of property | $ 3.1 | $ 3.3 |
Senior Secured Loan (Details)
Senior Secured Loan (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)propertyland_parcel | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of properties | property | 220 | |
Improved land parcels [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of properties | land_parcel | 19 | |
Senior Secured Loan Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan, term | 2 years | |
Loan, stated interest rate | 8.00% | |
Purchase price | $ 39.1 | |
Non-cash repayment of senior secured loan | 39.1 | |
Loan outstanding, net of deferred income | 15.9 | $ 54.5 |
Loan, deferred income | 0.1 | 0.5 |
Interest receivable | $ 0.3 | $ 0.4 |
Senior Secured Loan Receivable [Member] | Improved land parcels [Member] | Real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of properties | land_parcel | 7 | |
Senior Secured Loan Receivable [Member] | Improved land parcels [Member] | Real estate one [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of properties | property | 1 | |
Senior Secured Loan Receivable [Member] | Improved land parcels [Member] | Real estate two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of properties | property | 2 |
Debt - Narrative (Details)
Debt - Narrative (Details) | Sep. 12, 2019USD ($) | Dec. 31, 2019USD ($)derivative_instrumentloan | Dec. 31, 2018USD ($)loanderivative_instrument | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | $ (189,000) | $ 0 | $ 0 | |
Credit facility, amount outstanding | 0 | 19,000,000 | ||
Interest rate cap notional value | $ 100,000,000 | |||
Weighted average fixed annual rate | 3.70% | |||
Interest rate cap [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate cap notional value | $ 100,000,000 | $ 150,000,000 | ||
Credit facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Unencumbered properties, percent | 60.00% | |||
Cash flow hedging [Member] | Interest rate cap [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of interest rate cap transactions | derivative_instrument | 2 | 3 | ||
Senior unsecured notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted average fixed annual rate | 3.80% | |||
Senior unsecured notes [Member] | December 2029 senior unsecured notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 100,000,000 | $ 100,000,000 | ||
Debt instrument, term | 10 years | |||
Debt instrument, interest rate | 3.14% | |||
Senior unsecured notes [Member] | September 2022 senior unsecured notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 50,000,000 | |||
Senior unsecured notes [Member] | July 2024 senior unsecured notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 100,000,000 | |||
Senior unsecured notes [Member] | July 2026 senior unsecured notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 50,000,000 | |||
Senior unsecured notes [Member] | October 2027 senior unsecured notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 50,000,000 | |||
Term loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 150,000,000 | |||
Weighted average fixed annual rate | 3.00% | |||
Term loan [Member] | Credit facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.20% | |||
Term loan [Member] | Credit facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.20% | |||
Term loan [Member] | Credit facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.70% | |||
Term loan [Member] | August 2021 term loan [Member] | Credit facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 50,000,000 | |||
Loss on extinguishment of debt | $ (200,000) | |||
Term loan [Member] | January 2022 term loan [Member] | Credit facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 100,000,000 | |||
Line of credit [Member] | Credit facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity, higher borrowing capacity option | $ 600,000,000 | |||
Line of credit [Member] | Credit facility [Member] | Federal Funds Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.50% | |||
Line of credit [Member] | Credit facility [Member] | Thirty-day LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.25% | |||
Line of credit [Member] | Credit facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.05% | |||
Line of credit [Member] | Credit facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, facility fee, percentage | 0.15% | |||
Line of credit [Member] | Credit facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.05% | |||
Line of credit [Member] | Credit facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, facility fee, percentage | 0.30% | |||
Line of credit [Member] | Credit facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.50% | |||
Line of credit [Member] | October 2022 unsecured revolving credit facility [Member] | Credit facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 250,000,000 | |||
Line of credit [Member] | August 2020 unsecured revolving credit facility [Member] | Credit facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, amount outstanding | $ 0 | $ 19,000,000 | ||
Mortgage loans payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of mortgage loans payable | loan | 2 | 3 | ||
Weighted average fixed annual rate | 4.10% | 4.10% | ||
Secured loan | $ 44,300,000 | $ 45,800,000 | ||
Total net investment book value of properties securing the debt | $ 114,900,000 | $ 153,700,000 |
Debt - Schedule of Principal Pa
Debt - Schedule of Principal Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Maturities of Long-term Debt [Abstract] | ||
2020 | $ 33,077 | |
2021 | 11,271 | |
2022 | 150,000 | |
2023 | 0 | |
2024 | 100,000 | |
Thereafter | 200,000 | |
Total Debt | 494,348 | |
Deferred financing costs, net | (2,773) | |
Total Debt, net | $ 491,575 | |
Weighted Average Interest Rate | 3.70% | |
Credit Facility [Member] | ||
Maturities of Long-term Debt [Abstract] | ||
2020 | $ 0 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Total Debt | 0 | |
Deferred financing costs, net | 0 | |
Total Debt, net | 0 | |
Term Loans [Member] | ||
Maturities of Long-term Debt [Abstract] | ||
2020 | 0 | |
2021 | 0 | |
2022 | 100,000 | |
2023 | ||
2024 | 0 | |
Thereafter | 0 | |
Total Debt | 100,000 | |
Deferred financing costs, net | (417) | |
Total Debt, net | $ 99,583 | |
Weighted Average Interest Rate | 3.00% | |
Senior Unsecured Notes [Member] | ||
Maturities of Long-term Debt [Abstract] | ||
2020 | $ 0 | |
2021 | 0 | |
2022 | 50,000 | |
2023 | ||
2024 | 100,000 | |
Thereafter | 200,000 | |
Total Debt | 350,000 | |
Deferred financing costs, net | (2,326) | |
Total Debt, net | $ 347,674 | |
Weighted Average Interest Rate | 3.80% | |
Mortgage Loans Payable [Member] | ||
Maturities of Long-term Debt [Abstract] | ||
2020 | $ 33,077 | |
2021 | 11,271 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Total Debt | 44,348 | |
Deferred financing costs, net | (30) | |
Total Debt, net | $ 44,318 | |
Weighted Average Interest Rate | 4.10% | 4.10% |
Leasing (Details)
Leasing (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
2020 | $ 130,321 |
2021 | 115,704 |
2022 | 98,104 |
2023 | 78,567 |
2024 | 60,999 |
Thereafter | 149,665 |
Total | $ 633,360 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($)derivative_instrument | Dec. 31, 2018USD ($)derivative_instrument | |
Derivative [Line Items] | ||
Interest rate cap notional value | $ 100,000,000 | |
Notional amount | 100,000,000 | $ 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] | ||
Interest rate cap notional value | $ 100,000,000 | $ 150,000,000 |
Derivative cap interest rate | 4.00% | 4.00% |
Interest rate cap [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative, basis spread on variable rate | 1.20% | 1.20% |
Interest rate cap [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative, basis spread on variable rate | 1.70% | 1.70% |
Interest Rate Cap, Maturity 5/4/2021 [Member] | ||
Derivative [Line Items] | ||
Interest rate cap notional value | $ 50,000,000 | |
Notional amount | $ 50,000,000 | $ 50,000,000 |
Derivative cap interest rate | 4.00% | |
Interest Rate Cap, Maturity 4/1/2019 [Member] | ||
Derivative [Line Items] | ||
Interest rate cap notional value | $ 50,000,000 | |
Notional amount | 50,000,000 | |
Derivative cap interest rate | 4.00% | |
Interest Rate Cap, Maturity 2/3/2020 [Member] | ||
Derivative [Line Items] | ||
Interest rate cap notional value | $ 50,000,000 | |
Notional amount | $ 50,000,000 | $ 50,000,000 |
Derivative cap interest rate | 4.00% | |
Cash flow hedging [Member] | Interest rate cap [Member] | ||
Derivative [Line Items] | ||
Number of interest rate cap transactions | derivative_instrument | 2 | 3 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Derivative Instruments Designated as Hedging Instruments (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Fair Value | $ 0 | $ 26,000 |
Notional Amount | $ 100,000,000 | $ 150,000,000 |
Interest rate cap [Member] | ||
Derivative [Line Items] | ||
Interest Rate Strike | 4.00% | 4.00% |
Interest Rate Cap, Maturity 5/4/2021 [Member] | ||
Derivative [Line Items] | ||
Interest Rate Strike | 4.00% | |
Fair Value | $ 0 | $ 25,000 |
Notional Amount | $ 50,000,000 | 50,000,000 |
Interest Rate Cap, Maturity 4/1/2019 [Member] | ||
Derivative [Line Items] | ||
Interest Rate Strike | 4.00% | |
Fair Value | $ 0 | 0 |
Notional Amount | 50,000,000 | |
Interest Rate Cap, Maturity 2/3/2020 [Member] | ||
Derivative [Line Items] | ||
Interest Rate Strike | 4.00% | |
Fair Value | $ 0 | 1,000 |
Notional Amount | $ 50,000,000 | $ 50,000,000 |
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 | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Amount of gain recognized in AOCI on derivatives (effective portion) | $ (26) | |
Amount of gain recognized in AOCI on derivatives (effective portion) | $ 289 | |
Amount of gain reclassified from AOCI to interest expense (effective portion) | $ 350 | |
Amount of gain reclassified from AOCI into interest expense (effective portion) | $ 289 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments that are Accounted for at Fair Value on a Recurring Basis (Details) - Interest rate cap [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | $ 0 | $ 26 |
Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 26 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | $ 0 | $ 0 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Value and the Estimated Fair Value of Company Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Secured Loan, fair value | $ 15,915 | $ 55,000 |
Senior Secured Loan, carrying value | 15,858 | 54,492 |
Debt, fair value | 503,028 | 455,159 |
Debt, carrying value | 491,575 | 462,097 |
Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Secured Loan, fair value | 0 | 0 |
Debt, fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Secured Loan, fair value | 15,915 | 55,000 |
Debt, fair value | 503,028 | 455,159 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Secured Loan, fair value | 0 | 0 |
Debt, fair value | $ 0 | $ 0 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) | Apr. 30, 2019$ / sharesshares | Jul. 19, 2017$ / sharesshares | Dec. 31, 2019USD ($)measurement_period$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2019USD ($)measurement_period$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, authorized (in shares) | shares | 400,000,000 | 400,000,000 | 400,000,000 | |||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||
Preferred stock, authorized (in shares) | shares | 100,000,000 | 100,000,000 | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||
Number of measurement periods | measurement_period | 3 | 3 | ||||
Net proceeds of common share issuance | $ 278,058,000 | $ 208,949,000 | $ 255,295,000 | |||
Shares repurchase program, authorized repurchase amount (in shares) | shares | 3,000,000 | 3,000,000 | ||||
Repurchased shares of stock pursuant to share repurchase authorization (in shares) | shares | 0 | |||||
Series A Preferred Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Preferred Stock, shares outstanding (in shares) | shares | 1,840,000 | |||||
Dividend rate | 7.75% | |||||
Redemption price of Series A Preferred Stock (in dollars per share) | $ / shares | $ 25 | |||||
Accrued and unpaid dividends (in dollars per share) | $ / shares | $ 0.096875 | |||||
Write-off of original issuance costs related to the redemption of the Series A Preferred Stock | $ 1,800,000 | |||||
2019 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation costs | $ 500,000 | |||||
Unrestricted Stock [Member] | 2019 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrestricted common stock granted (in shares) | shares | 11,200 | |||||
Grant date fair value (in dollars per share) | $ / shares | $ 44.65 | |||||
Restricted stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrestricted common stock granted (in shares) | shares | 111,099 | 53,915 | 32,247 | |||
Grant date fair value (in dollars per share) | $ / shares | $ 46.99 | $ 34.63 | $ 26.52 | |||
Compensation costs | $ 1,900,000 | $ 1,900,000 | $ 1,700,000 | |||
Fair value of the restricted stock granted | $ 5,200,000 | |||||
Vesting period for the restricted stock | 5 years | |||||
Total unrecognized compensation costs related to restricted stock issuances | $ 6,100,000 | $ 6,100,000 | ||||
Remaining weighted average period | 3 years 9 months 18 days | |||||
Restricted stock [Member] | 2019 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, authorized (in shares) | shares | 1,898,961 | |||||
Remaining balance of shares available (in shares) | shares | 1,510,079 | 1,460,991 | 1,460,991 | |||
Restricted stock [Member] | Amended and Restated 2010 Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Remaining balance of shares available (in shares) | shares | 388,882 | |||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation costs | $ 6,425,000 | 7,063,000 | $ 6,715,000 | |||
Performance Shares [Member] | Long-Term Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Issuance of common stock, net of issuance costs (in shares) | shares | 196,087 | |||||
Weighted average offering price per share (in dollars per share) | $ / shares | $ 36.55 | $ 36.55 | ||||
Minimum [Member] | Restricted stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grant date fair value (in dollars per share) | $ / shares | 14.20 | |||||
Maximum [Member] | Restricted stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grant date fair value (in dollars per share) | $ / shares | 50.10 | |||||
$300 Million ATM Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock aggregate offering price | $ 300,000,000 | |||||
Common stock aggregate offering price, remaining | $ 148,900,000 | |||||
Issuance of common stock, net of issuance costs (in shares) | shares | 6,064,576 | |||||
Weighted average offering price per share (in dollars per share) | $ / shares | $ 45.85 | $ 45.85 | ||||
$250 Million ATM Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock aggregate offering price | $ 250,000,000 | |||||
Common stock aggregate offering price, remaining | 129,900,000 | |||||
$200 Million ATM Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock aggregate offering price | $ 200,000,000 | |||||
$250 & $300 Million ATM Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Net proceeds of common share issuance | 274,000,000 | |||||
Total compensation to the applicable sales agents | $ 4,000,000 | |||||
$200 & $250 Million ATM Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Issuance of common stock, net of issuance costs (in shares) | shares | 5,492,707 | |||||
Weighted average offering price per share (in dollars per share) | $ / shares | $ 38.04 | |||||
Net proceeds of common share issuance | $ 205,900,000 | |||||
Total compensation to the applicable sales agents | $ 3,000,000 |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted Stock Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares | |||
Non-vested shares outstanding at end of period (in shares) | 426,770 | ||
Restricted stock [Member] | |||
Shares | |||
Non-vested shares outstanding at beginning of period (in shares) | 383,930 | 357,183 | 395,281 |
Granted (in shares) | 111,099 | 53,915 | 32,247 |
Forfeited (in shares) | (52,892) | (11,830) | (50,008) |
Vested (in shares) | (15,367) | (15,338) | (20,337) |
Non-vested shares outstanding at end of period (in shares) | 426,770 | 383,930 | 357,183 |
Weighted Average Grant Date Fair Value | |||
Non-vested shares outstanding at beginning of period (in dollars per share) | $ 22.98 | $ 21.01 | $ 20.48 |
Granted (in dollars per share) | 46.99 | 34.63 | 26.52 |
Forfeited (in dollars per share) | 31.02 | 20.30 | 21.60 |
Vested (in dollars per share) | 23.90 | 20.21 | 18.06 |
Non-vested shares outstanding at end of period (in dollars per share) | $ 28.20 | $ 22.98 | $ 21.01 |
Stockholders' Equity - Vesting
Stockholders' Equity - Vesting Schedule of the Total Non-Vested Shares of Restricted Stock Outstanding (Details) | Dec. 31, 2019shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Non-vested Shares (in shares) | 426,770 |
2020 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Non-vested Shares (in shares) | 295,936 |
2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Non-vested Shares (in shares) | 8,135 |
2022 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Non-vested Shares (in shares) | 7,101 |
2023 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Non-vested Shares (in shares) | 32,016 |
2024 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Non-vested Shares (in shares) | 83,582 |
Thereafter [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Non-vested Shares (in shares) | 0 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Certain Information with Respect to the Performance Share Awards (Details) - Performance Shares [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair Value | $ 13,811 | ||
Accrual | 11,633 | ||
Expense | $ 6,425 | $ 7,063 | $ 6,715 |
Long-Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of common stock, net of issuance costs (in shares) | 196,087 | ||
January 1, 2018 - December 31, 2020 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair Value | $ 6,521 | ||
Accrual | 4,343 | ||
Expense | 3,208 | 1,135 | |
January 1, 2017 - December 31, 2019 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair Value | 7,290 | ||
Accrual | 7,290 | ||
Expense | 3,217 | 2,540 | 1,532 |
January 1, 2016 - December 31, 2018 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expense | 3,388 | 2,189 | |
January 1, 2016 - December 31, 2018 [Member] | Long-Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accrual | $ 7,300 | ||
Issuance of common stock, net of issuance costs (in shares) | 135,494 | ||
January 1, 2015 - December 31, 2017 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expense | 2,994 | ||
January 1, 2019 - December 31, 2021 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair Value | $ 4,829 | ||
Expense | $ 1,610 | $ 0 | $ 0 |
Stockholder's Equity - Cash Div
Stockholder's Equity - Cash Dividends Paid or Payable per Share (Details) - $ / shares | 3 Months Ended | |||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||||||||
Dividend, common stock, declared (in dollars per share) | $ 0.27 | $ 0.27 | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.22 | $ 0.22 |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted average unvested restricted shares outstanding (in shares) | 402,380 | 368,912 | 375,924 |
Restricted stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Dilutive restricted stock awards outstanding (in shares) | 0 | 0 | 0 |
Performance Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Dilutive restricted stock awards outstanding (in shares) | 294,570 | 0 |
Quarterly Results of Operatio_3
Quarterly Results of Operations – Unaudited (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 45,015 | $ 43,397 | $ 41,730 | $ 40,880 | $ 39,413 | $ 37,899 | $ 37,238 | $ 37,107 | $ 171,022 | $ 151,657 | $ 132,484 |
Total costs and expenses | (29,724) | (27,275) | (28,115) | (27,071) | (26,912) | (24,712) | (25,099) | (25,708) | (112,185) | (102,431) | (93,435) |
Total other income and (expenses) | (470) | (1,338) | (3,236) | 1,723 | 10,471 | (3,065) | 7,998 | (1,342) | (3,321) | 14,063 | 14,046 |
Net income | 14,821 | 14,784 | 10,379 | 15,532 | 22,972 | 10,122 | 20,137 | 10,057 | 55,516 | 63,289 | 53,095 |
Net income, net of redemption of preferred stock and preferred stock dividends | $ 14,727 | $ 14,689 | $ 10,315 | $ 15,434 | $ 22,827 | $ 10,056 | $ 20,012 | $ 9,992 | $ 55,516 | $ 63,289 | $ 49,367 |
Earnings per Common Share – Basic and Diluted: | |||||||||||
Net income available to common stockholders, basic (in dollars per share) | $ 0.22 | $ 0.22 | $ 0.16 | $ 0.25 | $ 0.38 | $ 0.17 | $ 0.35 | $ 0.18 | $ 0.86 | $ 1.09 | $ 0.95 |
Net income available to common stockholders, diluted (in dollars per share) | $ 0.22 | $ 0.22 | $ 0.16 | $ 0.25 | $ 0.38 | $ 0.17 | $ 0.35 | $ 0.18 | $ 0.85 | $ 1.09 | $ 0.95 |
Basic Weighted Average Common Shares Outstanding (in shares) | 66,706,245 | 65,724,426 | 63,780,645 | 61,456,965 | 59,689,965 | 58,369,252 | 56,698,959 | 55,127,580 | 64,428,406 | 57,486,399 | 51,357,719 |
Diluted Weighted Average Common Shares Outstanding (in shares) | 67,000,815 | 66,018,996 | 64,075,215 | 61,604,250 | 59,689,965 | 58,369,252 | 56,698,959 | 55,127,580 | 64,722,976 | 57,486,399 | 51,357,719 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | Feb. 06, 2020USD ($)aft²propertylettercontract | Dec. 31, 2019USD ($)ft²apropertyland_parcel |
Other Commitments [Line Items] | ||
Number of properties | 220 | |
Area of real estate property | a | 77.6 | |
Improved land parcels [Member] | ||
Other Commitments [Line Items] | ||
Number of properties | land_parcel | 19 | |
Area of real estate property | ft² | 13,300,000 | |
Third-party seller [Member] | ||
Other Commitments [Line Items] | ||
Number of properties | 1 | |
Area of real estate property | ft² | 65,670 | |
Asset acquisitions, assets acquired and liabilities assumed, net | $ | $ 30,000 | |
Third-party seller [Member] | Washington D.C. [Member] | ||
Other Commitments [Line Items] | ||
Number of properties | 0 | |
Area of real estate property | ft² | 0 | |
Asset acquisitions, assets acquired and liabilities assumed, net | $ | $ 0 | |
Subsequent event [Member] | Third-party seller [Member] | ||
Other Commitments [Line Items] | ||
Outstanding contracts with a third-party | contract | 2 | |
Subsequent event [Member] | Third-party seller [Member] | Industrial property [Member] | ||
Other Commitments [Line Items] | ||
Number of properties | 1 | |
Area of real estate property | ft² | 66,000 | |
Subsequent event [Member] | Third-party seller [Member] | Improved land parcels [Member] | ||
Other Commitments [Line Items] | ||
Number of properties | 1 | |
Area of real estate property | a | 2.78 | |
Subsequent event [Member] | Third-Party seller, non-binding letter [Member] | Senior Secured Loan Receivable [Member] | Washington D.C. [Member] | ||
Other Commitments [Line Items] | ||
Number of non-binding letters of intent | letter | 1 | |
Subsequent event [Member] | Third-Party seller, non-binding letter [Member] | Industrial property [Member] | Washington D.C. [Member] | ||
Other Commitments [Line Items] | ||
Number of properties | 3 | |
Area of real estate property | ft² | 340,000 | |
Asset acquisitions, assets acquired and liabilities assumed, net | $ | $ 54,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Properties Under Contracts (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)ft²apropertyland_parcel | |
Real Estate Properties [Line Items] | |
Number of Buildings | property | 220 |
Area of real estate property | a | 77.6 |
Improved land parcels [Member] | |
Real Estate Properties [Line Items] | |
Number of Buildings | land_parcel | 19 |
Area of real estate property | ft² | 13,300,000 |
Third-party seller [Member] | |
Real Estate Properties [Line Items] | |
Number of Buildings | property | 1 |
Area of real estate property | ft² | 65,670 |
Purchase Price | $ 30,000 |
Assumed Debt | $ 0 |
Third-party seller [Member] | Los Angeles [Member] | |
Real Estate Properties [Line Items] | |
Number of Buildings | property | 1 |
Area of real estate property | ft² | 65,670 |
Purchase Price | $ 18,000 |
Assumed Debt | $ 0 |
Third-party seller [Member] | Northern New Jersey/New York City [Member] | |
Real Estate Properties [Line Items] | |
Number of Buildings | property | 0 |
Area of real estate property | ft² | 0 |
Purchase Price | $ 0 |
Assumed Debt | $ 0 |
Third-party seller [Member] | Northern New Jersey/New York City [Member] | Improved land parcels [Member] | |
Real Estate Properties [Line Items] | |
Number of Buildings | land_parcel | 1 |
Area of real estate property | a | 2.78 |
Third-party seller [Member] | San Francisco Bay Area [Member] | |
Real Estate Properties [Line Items] | |
Number of Buildings | property | 0 |
Area of real estate property | ft² | 0 |
Purchase Price | $ 12,000 |
Assumed Debt | $ 0 |
Third-party seller [Member] | Seattle [Member] | |
Real Estate Properties [Line Items] | |
Number of Buildings | property | 0 |
Area of real estate property | ft² | 0 |
Purchase Price | $ 0 |
Assumed Debt | $ 0 |
Third-party seller [Member] | Miami [Member] | |
Real Estate Properties [Line Items] | |
Number of Buildings | property | 0 |
Area of real estate property | ft² | 0 |
Purchase Price | $ 0 |
Assumed Debt | $ 0 |
Third-party seller [Member] | Washington D.C. [Member] | |
Real Estate Properties [Line Items] | |
Number of Buildings | property | 0 |
Area of real estate property | ft² | 0 |
Purchase Price | $ 0 |
Assumed Debt | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 05, 2020 | Jan. 06, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | |||||||||||||
Repayment on mortgage loans payable | $ 1,514 | $ 19,201 | $ 1,916 | ||||||||||
Dividend, common stock, declared (in dollars per share) | $ 0.27 | $ 0.27 | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.22 | $ 0.22 | |||||
Subsequent event [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Dividend, common stock, declared (in dollars per share) | $ 0.27 | ||||||||||||
Subsequent event [Member] | Mortgage loans payable [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Repayment on mortgage loans payable | $ 32,700 | ||||||||||||
Debt instrument, interest rate | 3.65% |
Schedule III Real Estate Inve_2
Schedule III Real Estate Investments and Accumulated Depreciation - Property Holdings (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 220 | ||
Encumbrances | $ 44,318 | ||
Initial Cost of Land | 1,055,146 | ||
Initial Cost of Buildings & Improvements | 717,086 | ||
Costs Capitalized Subsequent to Acquisition | 192,127 | ||
Gross carrying amount, Land | 1,055,146 | ||
Gross carrying amount, Building & Improvements | 909,201 | ||
Total | 2,052,941 | ||
Accumulated Depreciation | 208,279 | $ 169,772 | $ 139,814 |
Unamortized net deferred financing costs | (30) | ||
Real estate investment property, excluding unamortized net deferred financing costs [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 44,348 | ||
Real estate investment property, excluding intangible assets [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Total | 1,964,347 | ||
Accumulated Depreciation | 144,922 | ||
Real estate investment property, intangible assets [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Total | 88,594 | ||
Accumulated Depreciation | $ 63,357 | ||
Los Angeles [Member] | 104th St [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 3,701 | ||
Initial Cost of Buildings & Improvements | 976 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Gross carrying amount, Land | 3,701 | ||
Gross carrying amount, Building & Improvements | 976 | ||
Total | 4,677 | ||
Accumulated Depreciation | $ 58 | ||
Los Angeles [Member] | 139th Street [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 2 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 21,236 | ||
Initial Cost of Buildings & Improvements | 15,783 | ||
Costs Capitalized Subsequent to Acquisition | 2 | ||
Gross carrying amount, Land | 21,236 | ||
Gross carrying amount, Building & Improvements | 15,785 | ||
Total | 37,021 | ||
Accumulated Depreciation | $ 847 | ||
Los Angeles [Member] | 630 Glasgow [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,245 | ||
Initial Cost of Buildings & Improvements | 1,855 | ||
Costs Capitalized Subsequent to Acquisition | 400 | ||
Gross carrying amount, Land | 2,245 | ||
Gross carrying amount, Building & Improvements | 2,255 | ||
Total | 4,500 | ||
Accumulated Depreciation | $ 658 | ||
Los Angeles [Member] | 747 Glasgow [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 1,759 | ||
Initial Cost of Buildings & Improvements | 1,555 | ||
Costs Capitalized Subsequent to Acquisition | 297 | ||
Gross carrying amount, Land | 1,759 | ||
Gross carrying amount, Building & Improvements | 1,852 | ||
Total | 3,611 | ||
Accumulated Depreciation | $ 366 | ||
Los Angeles [Member] | 14611 Broadway [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 4,757 | ||
Initial Cost of Buildings & Improvements | 1,243 | ||
Costs Capitalized Subsequent to Acquisition | 1,020 | ||
Gross carrying amount, Land | 4,757 | ||
Gross carrying amount, Building & Improvements | 2,263 | ||
Total | 7,020 | ||
Accumulated Depreciation | $ 880 | ||
Los Angeles [Member] | 19601 Hamilton [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 7,409 | ||
Initial Cost of Buildings & Improvements | 4,072 | ||
Costs Capitalized Subsequent to Acquisition | 744 | ||
Gross carrying amount, Land | 7,409 | ||
Gross carrying amount, Building & Improvements | 4,816 | ||
Total | 12,225 | ||
Accumulated Depreciation | $ 1,141 | ||
Los Angeles [Member] | 709 Hindry [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,105 | ||
Initial Cost of Buildings & Improvements | 2,972 | ||
Costs Capitalized Subsequent to Acquisition | 168 | ||
Gross carrying amount, Land | 2,105 | ||
Gross carrying amount, Building & Improvements | 3,140 | ||
Total | 5,245 | ||
Accumulated Depreciation | $ 296 | ||
Los Angeles [Member] | Acacia [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 5,143 | ||
Initial Cost of Buildings & Improvements | 1,985 | ||
Costs Capitalized Subsequent to Acquisition | 625 | ||
Gross carrying amount, Land | 5,143 | ||
Gross carrying amount, Building & Improvements | 2,610 | ||
Total | 7,753 | ||
Accumulated Depreciation | $ 470 | ||
Los Angeles [Member] | Anderson [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 5 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 17,095 | ||
Initial Cost of Buildings & Improvements | 1,271 | ||
Costs Capitalized Subsequent to Acquisition | 323 | ||
Gross carrying amount, Land | 17,095 | ||
Gross carrying amount, Building & Improvements | 1,594 | ||
Total | 18,689 | ||
Accumulated Depreciation | $ 14 | ||
Los Angeles [Member] | Dominguez [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 0 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 11,370 | ||
Initial Cost of Buildings & Improvements | 1,535 | ||
Costs Capitalized Subsequent to Acquisition | 1,504 | ||
Gross carrying amount, Land | 11,370 | ||
Gross carrying amount, Building & Improvements | 3,039 | ||
Total | 14,409 | ||
Accumulated Depreciation | $ 152 | ||
Los Angeles [Member] | Garfield [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 5 | ||
Encumbrances | $ 21,333 | ||
Initial Cost of Land | 27,539 | ||
Initial Cost of Buildings & Improvements | 22,694 | ||
Costs Capitalized Subsequent to Acquisition | 3,738 | ||
Gross carrying amount, Land | 27,539 | ||
Gross carrying amount, Building & Improvements | 26,432 | ||
Total | 53,971 | ||
Accumulated Depreciation | $ 7,343 | ||
Los Angeles [Member] | Hawthorne [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 8 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 17,226 | ||
Initial Cost of Buildings & Improvements | 10,069 | ||
Costs Capitalized Subsequent to Acquisition | 1,509 | ||
Gross carrying amount, Land | 17,226 | ||
Gross carrying amount, Building & Improvements | 11,578 | ||
Total | 28,804 | ||
Accumulated Depreciation | $ 782 | ||
Los Angeles [Member] | Las Hermanas [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 3,330 | ||
Initial Cost of Buildings & Improvements | 751 | ||
Costs Capitalized Subsequent to Acquisition | 673 | ||
Gross carrying amount, Land | 3,330 | ||
Gross carrying amount, Building & Improvements | 1,424 | ||
Total | 4,754 | ||
Accumulated Depreciation | $ 254 | ||
Los Angeles [Member] | Lynwood [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 3 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 43,885 | ||
Initial Cost of Buildings & Improvements | 0 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Gross carrying amount, Land | 43,885 | ||
Gross carrying amount, Building & Improvements | 0 | ||
Total | 43,885 | ||
Accumulated Depreciation | $ 0 | ||
Los Angeles [Member] | Manhattan Beach [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 7,874 | ||
Initial Cost of Buildings & Improvements | 5,641 | ||
Costs Capitalized Subsequent to Acquisition | 443 | ||
Gross carrying amount, Land | 7,874 | ||
Gross carrying amount, Building & Improvements | 6,084 | ||
Total | 13,958 | ||
Accumulated Depreciation | $ 1,347 | ||
Los Angeles [Member] | Shoemaker [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 0 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 4,759 | ||
Initial Cost of Buildings & Improvements | 1,099 | ||
Costs Capitalized Subsequent to Acquisition | 25 | ||
Gross carrying amount, Land | 4,759 | ||
Gross carrying amount, Building & Improvements | 1,124 | ||
Total | 5,883 | ||
Accumulated Depreciation | $ 43 | ||
Los Angeles [Member] | Slauson [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 2 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 4,679 | ||
Initial Cost of Buildings & Improvements | 697 | ||
Costs Capitalized Subsequent to Acquisition | 45 | ||
Gross carrying amount, Land | 4,679 | ||
Gross carrying amount, Building & Improvements | 742 | ||
Total | 5,421 | ||
Accumulated Depreciation | $ 8 | ||
Los Angeles [Member] | South Main [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 2 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 16,371 | ||
Initial Cost of Buildings & Improvements | 7,045 | ||
Costs Capitalized Subsequent to Acquisition | 17,043 | ||
Gross carrying amount, Land | 16,371 | ||
Gross carrying amount, Building & Improvements | 24,088 | ||
Total | 40,459 | ||
Accumulated Depreciation | $ 6,122 | ||
Los Angeles [Member] | South Main III [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 11,521 | ||
Initial Cost of Buildings & Improvements | 12,467 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Gross carrying amount, Land | 11,521 | ||
Gross carrying amount, Building & Improvements | 12,467 | ||
Total | 23,988 | ||
Accumulated Depreciation | $ 849 | ||
Los Angeles [Member] | Telegraph Springs [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 2 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 7,063 | ||
Initial Cost of Buildings & Improvements | 7,236 | ||
Costs Capitalized Subsequent to Acquisition | 241 | ||
Gross carrying amount, Land | 7,063 | ||
Gross carrying amount, Building & Improvements | 7,477 | ||
Total | 14,540 | ||
Accumulated Depreciation | $ 529 | ||
Los Angeles [Member] | Vermont [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 10,173 | ||
Initial Cost of Buildings & Improvements | 7,105 | ||
Costs Capitalized Subsequent to Acquisition | 221 | ||
Gross carrying amount, Land | 10,173 | ||
Gross carrying amount, Building & Improvements | 7,326 | ||
Total | 17,499 | ||
Accumulated Depreciation | $ 365 | ||
Los Angeles [Member] | 1215 Walnut [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 6,130 | ||
Initial Cost of Buildings & Improvements | 2,522 | ||
Costs Capitalized Subsequent to Acquisition | 10 | ||
Gross carrying amount, Land | 6,130 | ||
Gross carrying amount, Building & Improvements | 2,532 | ||
Total | 8,662 | ||
Accumulated Depreciation | $ 174 | ||
Los Angeles [Member] | Walnut II [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 6,097 | ||
Initial Cost of Buildings & Improvements | 5,069 | ||
Costs Capitalized Subsequent to Acquisition | 595 | ||
Gross carrying amount, Land | 6,097 | ||
Gross carrying amount, Building & Improvements | 5,664 | ||
Total | 11,761 | ||
Accumulated Depreciation | $ 169 | ||
Northern New Jersey/New York City [Member] | 1 Dodge Drive [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 3,819 | ||
Initial Cost of Buildings & Improvements | 2,982 | ||
Costs Capitalized Subsequent to Acquisition | 1,628 | ||
Gross carrying amount, Land | 3,819 | ||
Gross carrying amount, Building & Improvements | 4,610 | ||
Total | 8,429 | ||
Accumulated Depreciation | $ 1,459 | ||
Northern New Jersey/New York City [Member] | 17 Madison [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 974 | ||
Initial Cost of Buildings & Improvements | 1,647 | ||
Costs Capitalized Subsequent to Acquisition | 543 | ||
Gross carrying amount, Land | 974 | ||
Gross carrying amount, Building & Improvements | 2,190 | ||
Total | 3,164 | ||
Accumulated Depreciation | $ 590 | ||
Northern New Jersey/New York City [Member] | 20 Pulaski [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 4,003 | ||
Initial Cost of Buildings & Improvements | 4,946 | ||
Costs Capitalized Subsequent to Acquisition | 1,201 | ||
Gross carrying amount, Land | 4,003 | ||
Gross carrying amount, Building & Improvements | 6,147 | ||
Total | 10,150 | ||
Accumulated Depreciation | $ 1,235 | ||
Northern New Jersey/New York City [Member] | 22 Madison [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 1,365 | ||
Initial Cost of Buildings & Improvements | 1,607 | ||
Costs Capitalized Subsequent to Acquisition | 885 | ||
Gross carrying amount, Land | 1,365 | ||
Gross carrying amount, Building & Improvements | 2,492 | ||
Total | 3,857 | ||
Accumulated Depreciation | $ 203 | ||
Northern New Jersey/New York City [Member] | 48th 3rd and 286 [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 12,061 | ||
Initial Cost of Buildings & Improvements | 1,664 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Gross carrying amount, Land | 12,061 | ||
Gross carrying amount, Building & Improvements | 1,664 | ||
Total | 13,725 | ||
Accumulated Depreciation | $ 41 | ||
Northern New Jersey/New York City [Member] | 49th Street [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 21,674 | ||
Initial Cost of Buildings & Improvements | 2,999 | ||
Costs Capitalized Subsequent to Acquisition | 1,125 | ||
Gross carrying amount, Land | 21,674 | ||
Gross carrying amount, Building & Improvements | 4,124 | ||
Total | 25,798 | ||
Accumulated Depreciation | $ 104 | ||
Northern New Jersey/New York City [Member] | 50 Kero [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 2 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 10,343 | ||
Initial Cost of Buildings & Improvements | 3,876 | ||
Costs Capitalized Subsequent to Acquisition | 3,100 | ||
Gross carrying amount, Land | 10,343 | ||
Gross carrying amount, Building & Improvements | 6,976 | ||
Total | 17,319 | ||
Accumulated Depreciation | $ 455 | ||
Northern New Jersey/New York City [Member] | 51 Kero [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 0 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 3,236 | ||
Initial Cost of Buildings & Improvements | 589 | ||
Costs Capitalized Subsequent to Acquisition | 1 | ||
Gross carrying amount, Land | 3,236 | ||
Gross carrying amount, Building & Improvements | 590 | ||
Total | 3,826 | ||
Accumulated Depreciation | $ 7 | ||
Northern New Jersey/New York City [Member] | 74th North Bergen [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,933 | ||
Initial Cost of Buildings & Improvements | 1,817 | ||
Costs Capitalized Subsequent to Acquisition | 353 | ||
Gross carrying amount, Land | 2,933 | ||
Gross carrying amount, Building & Improvements | 2,170 | ||
Total | 5,103 | ||
Accumulated Depreciation | $ 255 | ||
Northern New Jersey/New York City [Member] | 81 First N Hackensack [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 0 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 25,901 | ||
Initial Cost of Buildings & Improvements | 0 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Gross carrying amount, Land | 25,901 | ||
Gross carrying amount, Building & Improvements | 0 | ||
Total | 25,901 | ||
Accumulated Depreciation | $ 0 | ||
Northern New Jersey/New York City [Member] | 85 Doremus [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 0 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 5,918 | ||
Initial Cost of Buildings & Improvements | 513 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Gross carrying amount, Land | 5,918 | ||
Gross carrying amount, Building & Improvements | 513 | ||
Total | 6,431 | ||
Accumulated Depreciation | $ 28 | ||
Northern New Jersey/New York City [Member] | 341 Michele [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,372 | ||
Initial Cost of Buildings & Improvements | 4,798 | ||
Costs Capitalized Subsequent to Acquisition | 891 | ||
Gross carrying amount, Land | 2,372 | ||
Gross carrying amount, Building & Improvements | 5,689 | ||
Total | 8,061 | ||
Accumulated Depreciation | $ 993 | ||
Northern New Jersey/New York City [Member] | 422 Frelinghuysen [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 0 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 16,728 | ||
Initial Cost of Buildings & Improvements | 0 | ||
Costs Capitalized Subsequent to Acquisition | 6,781 | ||
Gross carrying amount, Land | 16,728 | ||
Gross carrying amount, Building & Improvements | 6,781 | ||
Total | 23,509 | ||
Accumulated Depreciation | $ 317 | ||
Northern New Jersey/New York City [Member] | 465 Meadow [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 713 | ||
Initial Cost of Buildings & Improvements | 1,618 | ||
Costs Capitalized Subsequent to Acquisition | 229 | ||
Gross carrying amount, Land | 713 | ||
Gross carrying amount, Building & Improvements | 1,847 | ||
Total | 2,560 | ||
Accumulated Depreciation | $ 378 | ||
Northern New Jersey/New York City [Member] | 550 Delancy [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 9,230 | ||
Initial Cost of Buildings & Improvements | 4,855 | ||
Costs Capitalized Subsequent to Acquisition | 1,970 | ||
Gross carrying amount, Land | 9,230 | ||
Gross carrying amount, Building & Improvements | 6,825 | ||
Total | 16,055 | ||
Accumulated Depreciation | $ 1,237 | ||
Northern New Jersey/New York City [Member] | 620 Division [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 6,491 | ||
Initial Cost of Buildings & Improvements | 3,568 | ||
Costs Capitalized Subsequent to Acquisition | 3,405 | ||
Gross carrying amount, Land | 6,491 | ||
Gross carrying amount, Building & Improvements | 6,973 | ||
Total | 13,464 | ||
Accumulated Depreciation | $ 2,708 | ||
Northern New Jersey/New York City [Member] | 7777 West Side [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 4,525 | ||
Initial Cost of Buildings & Improvements | 8,856 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Gross carrying amount, Land | 4,525 | ||
Gross carrying amount, Building & Improvements | 8,856 | ||
Total | 13,381 | ||
Accumulated Depreciation | $ 616 | ||
Northern New Jersey/New York City [Member] | 900 Hart [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 3,202 | ||
Initial Cost of Buildings & Improvements | 3,866 | ||
Costs Capitalized Subsequent to Acquisition | 1,301 | ||
Gross carrying amount, Land | 3,202 | ||
Gross carrying amount, Building & Improvements | 5,167 | ||
Total | 8,369 | ||
Accumulated Depreciation | $ 898 | ||
Northern New Jersey/New York City [Member] | 901 North [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 0 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 8,035 | ||
Initial Cost of Buildings & Improvements | 913 | ||
Costs Capitalized Subsequent to Acquisition | 829 | ||
Gross carrying amount, Land | 8,035 | ||
Gross carrying amount, Building & Improvements | 1,742 | ||
Total | 9,777 | ||
Accumulated Depreciation | $ 352 | ||
Northern New Jersey/New York City [Member] | Avenue A [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 4 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 7,516 | ||
Initial Cost of Buildings & Improvements | 4,660 | ||
Costs Capitalized Subsequent to Acquisition | 684 | ||
Gross carrying amount, Land | 7,516 | ||
Gross carrying amount, Building & Improvements | 5,344 | ||
Total | 12,860 | ||
Accumulated Depreciation | $ 476 | ||
Northern New Jersey/New York City [Member] | Belleville [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 11,728 | ||
Initial Cost of Land | 12,845 | ||
Initial Cost of Buildings & Improvements | 18,041 | ||
Costs Capitalized Subsequent to Acquisition | 1,332 | ||
Gross carrying amount, Land | 12,845 | ||
Gross carrying amount, Building & Improvements | 19,373 | ||
Total | 32,218 | ||
Accumulated Depreciation | $ 4,250 | ||
Northern New Jersey/New York City [Member] | Commerce [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 1,656 | ||
Initial Cost of Buildings & Improvements | 1,544 | ||
Costs Capitalized Subsequent to Acquisition | 128 | ||
Gross carrying amount, Land | 1,656 | ||
Gross carrying amount, Building & Improvements | 1,672 | ||
Total | 3,328 | ||
Accumulated Depreciation | $ 54 | ||
Northern New Jersey/New York City [Member] | Dell [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 6,641 | ||
Initial Cost of Buildings & Improvements | 771 | ||
Costs Capitalized Subsequent to Acquisition | 548 | ||
Gross carrying amount, Land | 6,641 | ||
Gross carrying amount, Building & Improvements | 1,319 | ||
Total | 7,960 | ||
Accumulated Depreciation | $ 243 | ||
Northern New Jersey/New York City [Member] | Ethel [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 2 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,748 | ||
Initial Cost of Buildings & Improvements | 3,801 | ||
Costs Capitalized Subsequent to Acquisition | 1,441 | ||
Gross carrying amount, Land | 2,748 | ||
Gross carrying amount, Building & Improvements | 5,242 | ||
Total | 7,990 | ||
Accumulated Depreciation | $ 1,197 | ||
Northern New Jersey/New York City [Member] | Interstate [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 2 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 13,686 | ||
Initial Cost of Buildings & Improvements | 12,135 | ||
Costs Capitalized Subsequent to Acquisition | 11,104 | ||
Gross carrying amount, Land | 13,686 | ||
Gross carrying amount, Building & Improvements | 23,239 | ||
Total | 36,925 | ||
Accumulated Depreciation | $ 5,582 | ||
Northern New Jersey/New York City [Member] | JFK Airgate [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 4 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 18,282 | ||
Initial Cost of Buildings & Improvements | 32,933 | ||
Costs Capitalized Subsequent to Acquisition | 4,928 | ||
Gross carrying amount, Land | 18,282 | ||
Gross carrying amount, Building & Improvements | 37,861 | ||
Total | 56,143 | ||
Accumulated Depreciation | $ 7,596 | ||
Northern New Jersey/New York City [Member] | Manor [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 4,076 | ||
Initial Cost of Buildings & Improvements | 5,262 | ||
Costs Capitalized Subsequent to Acquisition | 1,674 | ||
Gross carrying amount, Land | 4,076 | ||
Gross carrying amount, Building & Improvements | 6,936 | ||
Total | 11,012 | ||
Accumulated Depreciation | $ 878 | ||
Northern New Jersey/New York City [Member] | Melanie Lane [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 3 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 5,931 | ||
Initial Cost of Buildings & Improvements | 13,178 | ||
Costs Capitalized Subsequent to Acquisition | 2,932 | ||
Gross carrying amount, Land | 5,931 | ||
Gross carrying amount, Building & Improvements | 16,110 | ||
Total | 22,041 | ||
Accumulated Depreciation | $ 3,344 | ||
Northern New Jersey/New York City [Member] | Middlebrook [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 18 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 16,442 | ||
Initial Cost of Buildings & Improvements | 10,241 | ||
Costs Capitalized Subsequent to Acquisition | 12,016 | ||
Gross carrying amount, Land | 16,442 | ||
Gross carrying amount, Building & Improvements | 22,257 | ||
Total | 38,699 | ||
Accumulated Depreciation | $ 7,842 | ||
Northern New Jersey/New York City [Member] | Morgan [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 2 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 71,051 | ||
Initial Cost of Buildings & Improvements | 10,888 | ||
Costs Capitalized Subsequent to Acquisition | 203 | ||
Gross carrying amount, Land | 71,051 | ||
Gross carrying amount, Building & Improvements | 11,091 | ||
Total | 82,142 | ||
Accumulated Depreciation | $ 106 | ||
Northern New Jersey/New York City [Member] | New Dutch [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 4,773 | ||
Initial Cost of Buildings & Improvements | 2,004 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Gross carrying amount, Land | 4,773 | ||
Gross carrying amount, Building & Improvements | 2,004 | ||
Total | 6,777 | ||
Accumulated Depreciation | $ 160 | ||
Northern New Jersey/New York City [Member] | Paterson Plank [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 4,127 | ||
Initial Cost of Buildings & Improvements | 455 | ||
Costs Capitalized Subsequent to Acquisition | 88 | ||
Gross carrying amount, Land | 4,127 | ||
Gross carrying amount, Building & Improvements | 543 | ||
Total | 4,670 | ||
Accumulated Depreciation | $ 79 | ||
Northern New Jersey/New York City [Member] | Schoolhouse [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,375 | ||
Initial Cost of Buildings & Improvements | 5,705 | ||
Costs Capitalized Subsequent to Acquisition | 295 | ||
Gross carrying amount, Land | 2,375 | ||
Gross carrying amount, Building & Improvements | 6,000 | ||
Total | 8,375 | ||
Accumulated Depreciation | $ 589 | ||
Northern New Jersey/New York City [Member] | Stockton [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 0 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 12,327 | ||
Initial Cost of Buildings & Improvements | 1,282 | ||
Costs Capitalized Subsequent to Acquisition | 222 | ||
Gross carrying amount, Land | 12,327 | ||
Gross carrying amount, Building & Improvements | 1,504 | ||
Total | 13,831 | ||
Accumulated Depreciation | $ 255 | ||
Northern New Jersey/New York City [Member] | Terminal Way [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 2 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 3,537 | ||
Initial Cost of Buildings & Improvements | 3,598 | ||
Costs Capitalized Subsequent to Acquisition | 124 | ||
Gross carrying amount, Land | 3,537 | ||
Gross carrying amount, Building & Improvements | 3,722 | ||
Total | 7,259 | ||
Accumulated Depreciation | $ 507 | ||
Northern New Jersey/New York City [Member] | Whelan [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 6,366 | ||
Initial Cost of Buildings & Improvements | 5,704 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Gross carrying amount, Land | 6,366 | ||
Gross carrying amount, Building & Improvements | 5,704 | ||
Total | 12,070 | ||
Accumulated Depreciation | $ 6 | ||
Northern New Jersey/New York City [Member] | Wilson [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,016 | ||
Initial Cost of Buildings & Improvements | 484 | ||
Costs Capitalized Subsequent to Acquisition | 813 | ||
Gross carrying amount, Land | 2,016 | ||
Gross carrying amount, Building & Improvements | 1,297 | ||
Total | 3,313 | ||
Accumulated Depreciation | $ 235 | ||
Northern New Jersey/New York City [Member] | Woodside [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 23,987 | ||
Initial Cost of Buildings & Improvements | 3,796 | ||
Costs Capitalized Subsequent to Acquisition | 3,944 | ||
Gross carrying amount, Land | 23,987 | ||
Gross carrying amount, Building & Improvements | 7,740 | ||
Total | 31,727 | ||
Accumulated Depreciation | $ 305 | ||
San Francisco Bay Area [Member] | 20th Street [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 18,092 | ||
Initial Cost of Buildings & Improvements | 6,730 | ||
Costs Capitalized Subsequent to Acquisition | 1,017 | ||
Gross carrying amount, Land | 18,092 | ||
Gross carrying amount, Building & Improvements | 7,747 | ||
Total | 25,839 | ||
Accumulated Depreciation | $ 70 | ||
San Francisco Bay Area [Member] | 238/242 Lawrence [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 2 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 6,674 | ||
Initial Cost of Buildings & Improvements | 2,655 | ||
Costs Capitalized Subsequent to Acquisition | 1,546 | ||
Gross carrying amount, Land | 6,674 | ||
Gross carrying amount, Building & Improvements | 4,201 | ||
Total | 10,875 | ||
Accumulated Depreciation | $ 1,412 | ||
San Francisco Bay Area [Member] | 240 Littlefield [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 5,107 | ||
Initial Cost of Buildings & Improvements | 3,293 | ||
Costs Capitalized Subsequent to Acquisition | 2,852 | ||
Gross carrying amount, Land | 5,107 | ||
Gross carrying amount, Building & Improvements | 6,145 | ||
Total | 11,252 | ||
Accumulated Depreciation | $ 1,038 | ||
San Francisco Bay Area [Member] | 299 Lawrence [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 1,352 | ||
Initial Cost of Buildings & Improvements | 1,198 | ||
Costs Capitalized Subsequent to Acquisition | 423 | ||
Gross carrying amount, Land | 1,352 | ||
Gross carrying amount, Building & Improvements | 1,621 | ||
Total | 2,973 | ||
Accumulated Depreciation | $ 620 | ||
San Francisco Bay Area [Member] | 631 Brennan [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 1,932 | ||
Initial Cost of Buildings & Improvements | 2,245 | ||
Costs Capitalized Subsequent to Acquisition | 561 | ||
Gross carrying amount, Land | 1,932 | ||
Gross carrying amount, Building & Improvements | 2,806 | ||
Total | 4,738 | ||
Accumulated Depreciation | $ 691 | ||
San Francisco Bay Area [Member] | Ahern [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 2 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 3,246 | ||
Initial Cost of Buildings & Improvements | 2,749 | ||
Costs Capitalized Subsequent to Acquisition | 871 | ||
Gross carrying amount, Land | 3,246 | ||
Gross carrying amount, Building & Improvements | 3,620 | ||
Total | 6,866 | ||
Accumulated Depreciation | $ 1,184 | ||
San Francisco Bay Area [Member] | Ahern II [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,467 | ||
Initial Cost of Buildings & Improvements | 4,527 | ||
Costs Capitalized Subsequent to Acquisition | 201 | ||
Gross carrying amount, Land | 2,467 | ||
Gross carrying amount, Building & Improvements | 4,728 | ||
Total | 7,195 | ||
Accumulated Depreciation | $ 710 | ||
San Francisco Bay Area [Member] | Burroughs [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 3 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 5,400 | ||
Initial Cost of Buildings & Improvements | 7,092 | ||
Costs Capitalized Subsequent to Acquisition | 1,379 | ||
Gross carrying amount, Land | 5,400 | ||
Gross carrying amount, Building & Improvements | 8,471 | ||
Total | 13,871 | ||
Accumulated Depreciation | $ 1,288 | ||
San Francisco Bay Area [Member] | Caribbean [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 3 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 17,483 | ||
Initial Cost of Buildings & Improvements | 14,493 | ||
Costs Capitalized Subsequent to Acquisition | 2,658 | ||
Gross carrying amount, Land | 17,483 | ||
Gross carrying amount, Building & Improvements | 17,151 | ||
Total | 34,634 | ||
Accumulated Depreciation | $ 3,709 | ||
San Francisco Bay Area [Member] | Carlton Court [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,036 | ||
Initial Cost of Buildings & Improvements | 1,475 | ||
Costs Capitalized Subsequent to Acquisition | 162 | ||
Gross carrying amount, Land | 2,036 | ||
Gross carrying amount, Building & Improvements | 1,637 | ||
Total | 3,673 | ||
Accumulated Depreciation | $ 421 | ||
San Francisco Bay Area [Member] | Clawiter [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 4,045 | ||
Initial Cost of Land | 5,964 | ||
Initial Cost of Buildings & Improvements | 1,159 | ||
Costs Capitalized Subsequent to Acquisition | 167 | ||
Gross carrying amount, Land | 5,964 | ||
Gross carrying amount, Building & Improvements | 1,326 | ||
Total | 7,290 | ||
Accumulated Depreciation | $ 247 | ||
San Francisco Bay Area [Member] | Hotchkiss [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 4,163 | ||
Initial Cost of Buildings & Improvements | 3,152 | ||
Costs Capitalized Subsequent to Acquisition | 865 | ||
Gross carrying amount, Land | 4,163 | ||
Gross carrying amount, Building & Improvements | 4,017 | ||
Total | 8,180 | ||
Accumulated Depreciation | $ 291 | ||
San Francisco Bay Area [Member] | Hitchkiss II [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 3,042 | ||
Initial Cost of Buildings & Improvements | 3,081 | ||
Costs Capitalized Subsequent to Acquisition | 347 | ||
Gross carrying amount, Land | 3,042 | ||
Gross carrying amount, Building & Improvements | 3,428 | ||
Total | 6,470 | ||
Accumulated Depreciation | $ 87 | ||
San Francisco Bay Area [Member] | Merced [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 4 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 25,621 | ||
Initial Cost of Buildings & Improvements | 9,318 | ||
Costs Capitalized Subsequent to Acquisition | 576 | ||
Gross carrying amount, Land | 25,621 | ||
Gross carrying amount, Building & Improvements | 9,894 | ||
Total | 35,515 | ||
Accumulated Depreciation | $ 484 | ||
San Francisco Bay Area [Member] | 221 Michele [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,710 | ||
Initial Cost of Buildings & Improvements | 2,540 | ||
Costs Capitalized Subsequent to Acquisition | 659 | ||
Gross carrying amount, Land | 2,710 | ||
Gross carrying amount, Building & Improvements | 3,199 | ||
Total | 5,909 | ||
Accumulated Depreciation | $ 309 | ||
San Francisco Bay Area [Member] | Minnesota and Tennessee [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 2 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 34,738 | ||
Initial Cost of Buildings & Improvements | 13,141 | ||
Costs Capitalized Subsequent to Acquisition | 190 | ||
Gross carrying amount, Land | 34,738 | ||
Gross carrying amount, Building & Improvements | 13,331 | ||
Total | 48,069 | ||
Accumulated Depreciation | $ 112 | ||
San Francisco Bay Area [Member] | San Clemente [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 5,126 | ||
Initial Cost of Buildings & Improvements | 3,938 | ||
Costs Capitalized Subsequent to Acquisition | 138 | ||
Gross carrying amount, Land | 5,126 | ||
Gross carrying amount, Building & Improvements | 4,076 | ||
Total | 9,202 | ||
Accumulated Depreciation | $ 146 | ||
San Francisco Bay Area [Member] | West 140th [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 2 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 9,578 | ||
Initial Cost of Buildings & Improvements | 6,297 | ||
Costs Capitalized Subsequent to Acquisition | 3,745 | ||
Gross carrying amount, Land | 9,578 | ||
Gross carrying amount, Building & Improvements | 10,042 | ||
Total | 19,620 | ||
Accumulated Depreciation | $ 996 | ||
San Francisco Bay Area [Member] | Whitney [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 3 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 13,821 | ||
Initial Cost of Buildings & Improvements | 9,016 | ||
Costs Capitalized Subsequent to Acquisition | 2,123 | ||
Gross carrying amount, Land | 13,821 | ||
Gross carrying amount, Building & Improvements | 11,139 | ||
Total | 24,960 | ||
Accumulated Depreciation | $ 533 | ||
San Francisco Bay Area [Member] | Wicks [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,224 | ||
Initial Cost of Buildings & Improvements | 298 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Gross carrying amount, Land | 2,224 | ||
Gross carrying amount, Building & Improvements | 298 | ||
Total | 2,522 | ||
Accumulated Depreciation | $ 15 | ||
San Francisco Bay Area [Member] | Central Pacific Business Park I [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 3 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 8,468 | ||
Initial Cost of Buildings & Improvements | 14,165 | ||
Costs Capitalized Subsequent to Acquisition | 1,061 | ||
Gross carrying amount, Land | 8,468 | ||
Gross carrying amount, Building & Improvements | 15,226 | ||
Total | 23,694 | ||
Accumulated Depreciation | $ 2,381 | ||
San Francisco Bay Area [Member] | Central Pacific Business Park II [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 4 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 13,642 | ||
Initial Cost of Buildings & Improvements | 23,658 | ||
Costs Capitalized Subsequent to Acquisition | 5,219 | ||
Gross carrying amount, Land | 13,642 | ||
Gross carrying amount, Building & Improvements | 28,877 | ||
Total | 42,519 | ||
Accumulated Depreciation | $ 4,732 | ||
Seattle [Member] | 79th Ave South [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 1,267 | ||
Initial Cost of Buildings & Improvements | 1,503 | ||
Costs Capitalized Subsequent to Acquisition | 594 | ||
Gross carrying amount, Land | 1,267 | ||
Gross carrying amount, Building & Improvements | 2,097 | ||
Total | 3,364 | ||
Accumulated Depreciation | $ 428 | ||
Seattle [Member] | 917 Valley [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,203 | ||
Initial Cost of Buildings & Improvements | 4,551 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Gross carrying amount, Land | 2,203 | ||
Gross carrying amount, Building & Improvements | 4,551 | ||
Total | 6,754 | ||
Accumulated Depreciation | $ 5 | ||
Seattle [Member] | 3401 Lind [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,999 | ||
Initial Cost of Buildings & Improvements | 6,707 | ||
Costs Capitalized Subsequent to Acquisition | 465 | ||
Gross carrying amount, Land | 2,999 | ||
Gross carrying amount, Building & Improvements | 7,172 | ||
Total | 10,171 | ||
Accumulated Depreciation | $ 1,045 | ||
Seattle [Member] | 4225 2nd Avenue [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 4,236 | ||
Initial Cost of Buildings & Improvements | 4,049 | ||
Costs Capitalized Subsequent to Acquisition | 2,012 | ||
Gross carrying amount, Land | 4,236 | ||
Gross carrying amount, Building & Improvements | 6,061 | ||
Total | 10,297 | ||
Accumulated Depreciation | $ 790 | ||
Seattle [Member] | 4930 3rd Avenue South [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 3,984 | ||
Initial Cost of Buildings & Improvements | 2,424 | ||
Costs Capitalized Subsequent to Acquisition | 783 | ||
Gross carrying amount, Land | 3,984 | ||
Gross carrying amount, Building & Improvements | 3,207 | ||
Total | 7,191 | ||
Accumulated Depreciation | $ 364 | ||
Seattle [Member] | 17600 West Valley Highway [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 3,361 | ||
Initial Cost of Buildings & Improvements | 5,260 | ||
Costs Capitalized Subsequent to Acquisition | 1,193 | ||
Gross carrying amount, Land | 3,361 | ||
Gross carrying amount, Building & Improvements | 6,453 | ||
Total | 9,814 | ||
Accumulated Depreciation | $ 1,630 | ||
Seattle [Member] | Auburn 400 [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 4,415 | ||
Initial Cost of Buildings & Improvements | 5,234 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Gross carrying amount, Land | 4,415 | ||
Gross carrying amount, Building & Improvements | 5,234 | ||
Total | 9,649 | ||
Accumulated Depreciation | $ 52 | ||
Seattle [Member] | Auburn 1307 [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 4,253 | ||
Initial Cost of Buildings & Improvements | 5,034 | ||
Costs Capitalized Subsequent to Acquisition | 249 | ||
Gross carrying amount, Land | 4,253 | ||
Gross carrying amount, Building & Improvements | 5,283 | ||
Total | 9,536 | ||
Accumulated Depreciation | $ 867 | ||
Seattle [Member] | Dawson [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 3,902 | ||
Initial Cost of Buildings & Improvements | 278 | ||
Costs Capitalized Subsequent to Acquisition | 396 | ||
Gross carrying amount, Land | 3,902 | ||
Gross carrying amount, Building & Improvements | 674 | ||
Total | 4,576 | ||
Accumulated Depreciation | $ 41 | ||
Seattle [Member] | Denver [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 3,203 | ||
Initial Cost of Buildings & Improvements | 1,345 | ||
Costs Capitalized Subsequent to Acquisition | 489 | ||
Gross carrying amount, Land | 3,203 | ||
Gross carrying amount, Building & Improvements | 1,834 | ||
Total | 5,037 | ||
Accumulated Depreciation | $ 278 | ||
Seattle [Member] | East Valley [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,693 | ||
Initial Cost of Buildings & Improvements | 2,959 | ||
Costs Capitalized Subsequent to Acquisition | 40 | ||
Gross carrying amount, Land | 2,693 | ||
Gross carrying amount, Building & Improvements | 2,999 | ||
Total | 5,692 | ||
Accumulated Depreciation | $ 126 | ||
Seattle [Member] | East Marginal [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 0 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,618 | ||
Initial Cost of Buildings & Improvements | 380 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Gross carrying amount, Land | 2,618 | ||
Gross carrying amount, Building & Improvements | 380 | ||
Total | 2,998 | ||
Accumulated Depreciation | $ 1 | ||
Seattle [Member] | Hanford [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 3,821 | ||
Initial Cost of Buildings & Improvements | 2,250 | ||
Costs Capitalized Subsequent to Acquisition | 471 | ||
Gross carrying amount, Land | 3,821 | ||
Gross carrying amount, Building & Improvements | 2,721 | ||
Total | 6,542 | ||
Accumulated Depreciation | $ 176 | ||
Seattle [Member] | Kent 188 [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 3,251 | ||
Initial Cost of Buildings & Improvements | 4,719 | ||
Costs Capitalized Subsequent to Acquisition | 1,248 | ||
Gross carrying amount, Land | 3,251 | ||
Gross carrying amount, Building & Improvements | 5,967 | ||
Total | 9,218 | ||
Accumulated Depreciation | $ 1,737 | ||
Seattle [Member] | Kent 190 [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 4,560 | ||
Initial Cost of Buildings & Improvements | 5,561 | ||
Costs Capitalized Subsequent to Acquisition | 355 | ||
Gross carrying amount, Land | 4,560 | ||
Gross carrying amount, Building & Improvements | 5,916 | ||
Total | 10,476 | ||
Accumulated Depreciation | $ 840 | ||
Seattle [Member] | Kent 202 [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 5,761 | ||
Initial Cost of Buildings & Improvements | 9,114 | ||
Costs Capitalized Subsequent to Acquisition | 2,810 | ||
Gross carrying amount, Land | 5,761 | ||
Gross carrying amount, Building & Improvements | 11,924 | ||
Total | 17,685 | ||
Accumulated Depreciation | $ 1,709 | ||
Seattle [Member] | Kent 216th [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 3,672 | ||
Initial Cost of Buildings & Improvements | 5,408 | ||
Costs Capitalized Subsequent to Acquisition | 912 | ||
Gross carrying amount, Land | 3,672 | ||
Gross carrying amount, Building & Improvements | 6,320 | ||
Total | 9,992 | ||
Accumulated Depreciation | $ 1,104 | ||
Seattle [Member] | Kent Corporate Park [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 4 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 5,032 | ||
Initial Cost of Buildings & Improvements | 6,916 | ||
Costs Capitalized Subsequent to Acquisition | 1,907 | ||
Gross carrying amount, Land | 5,032 | ||
Gross carrying amount, Building & Improvements | 8,823 | ||
Total | 13,855 | ||
Accumulated Depreciation | $ 1,269 | ||
Seattle [Member] | Lucile [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 4,498 | ||
Initial Cost of Buildings & Improvements | 3,504 | ||
Costs Capitalized Subsequent to Acquisition | 1,342 | ||
Gross carrying amount, Land | 4,498 | ||
Gross carrying amount, Building & Improvements | 4,846 | ||
Total | 9,344 | ||
Accumulated Depreciation | $ 586 | ||
Seattle [Member] | Lund [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,573 | ||
Initial Cost of Buildings & Improvements | 4,399 | ||
Costs Capitalized Subsequent to Acquisition | 82 | ||
Gross carrying amount, Land | 2,573 | ||
Gross carrying amount, Building & Improvements | 4,481 | ||
Total | 7,054 | ||
Accumulated Depreciation | $ 467 | ||
Seattle [Member] | Olympic [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 1,499 | ||
Initial Cost of Buildings & Improvements | 1,431 | ||
Costs Capitalized Subsequent to Acquisition | 536 | ||
Gross carrying amount, Land | 1,499 | ||
Gross carrying amount, Building & Improvements | 1,967 | ||
Total | 3,466 | ||
Accumulated Depreciation | $ 432 | ||
Seattle [Member] | SeaTac 8th Ave [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,501 | ||
Initial Cost of Buildings & Improvements | 4,020 | ||
Costs Capitalized Subsequent to Acquisition | 1,150 | ||
Gross carrying amount, Land | 2,501 | ||
Gross carrying amount, Building & Improvements | 5,170 | ||
Total | 7,671 | ||
Accumulated Depreciation | $ 1,142 | ||
Seattle [Member] | SW 34th [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,912 | ||
Initial Cost of Buildings & Improvements | 3,289 | ||
Costs Capitalized Subsequent to Acquisition | 498 | ||
Gross carrying amount, Land | 2,912 | ||
Gross carrying amount, Building & Improvements | 3,787 | ||
Total | 6,699 | ||
Accumulated Depreciation | $ 632 | ||
Seattle [Member] | Valley Corporate [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 2 | ||
Encumbrances | $ 7,242 | ||
Initial Cost of Land | 5,264 | ||
Initial Cost of Buildings & Improvements | 9,096 | ||
Costs Capitalized Subsequent to Acquisition | 1,991 | ||
Gross carrying amount, Land | 5,264 | ||
Gross carrying amount, Building & Improvements | 11,087 | ||
Total | 16,351 | ||
Accumulated Depreciation | $ 2,567 | ||
Miami [Member] | 26th Street [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 3,444 | ||
Initial Cost of Buildings & Improvements | 4,558 | ||
Costs Capitalized Subsequent to Acquisition | 1,178 | ||
Gross carrying amount, Land | 3,444 | ||
Gross carrying amount, Building & Improvements | 5,736 | ||
Total | 9,180 | ||
Accumulated Depreciation | $ 956 | ||
Miami [Member] | 48th Avenue [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 2 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 4,322 | ||
Initial Cost of Buildings & Improvements | 2,187 | ||
Costs Capitalized Subsequent to Acquisition | 574 | ||
Gross carrying amount, Land | 4,322 | ||
Gross carrying amount, Building & Improvements | 2,761 | ||
Total | 7,083 | ||
Accumulated Depreciation | $ 547 | ||
Miami [Member] | 60th Avenue [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 6,203 | ||
Initial Cost of Buildings & Improvements | 1,567 | ||
Costs Capitalized Subsequent to Acquisition | 7,346 | ||
Gross carrying amount, Land | 6,203 | ||
Gross carrying amount, Building & Improvements | 8,913 | ||
Total | 15,116 | ||
Accumulated Depreciation | $ 3,091 | ||
Miami [Member] | 70th Avenue [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 1,434 | ||
Initial Cost of Buildings & Improvements | 2,333 | ||
Costs Capitalized Subsequent to Acquisition | 198 | ||
Gross carrying amount, Land | 1,434 | ||
Gross carrying amount, Building & Improvements | 2,531 | ||
Total | 3,965 | ||
Accumulated Depreciation | $ 596 | ||
Miami [Member] | 70th Avenue II [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,152 | ||
Initial Cost of Buildings & Improvements | 3,418 | ||
Costs Capitalized Subsequent to Acquisition | 524 | ||
Gross carrying amount, Land | 2,152 | ||
Gross carrying amount, Building & Improvements | 3,942 | ||
Total | 6,094 | ||
Accumulated Depreciation | $ 400 | ||
Miami [Member] | 70th Avenue III [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,543 | ||
Initial Cost of Buildings & Improvements | 3,167 | ||
Costs Capitalized Subsequent to Acquisition | 690 | ||
Gross carrying amount, Land | 2,543 | ||
Gross carrying amount, Building & Improvements | 3,857 | ||
Total | 6,400 | ||
Accumulated Depreciation | $ 319 | ||
Miami [Member] | 70th Avenue IV [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 1,119 | ||
Initial Cost of Buildings & Improvements | 1,456 | ||
Costs Capitalized Subsequent to Acquisition | 151 | ||
Gross carrying amount, Land | 1,119 | ||
Gross carrying amount, Building & Improvements | 1,607 | ||
Total | 2,726 | ||
Accumulated Depreciation | $ 125 | ||
Miami [Member] | 70th Avenue V [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 5,036 | ||
Initial Cost of Buildings & Improvements | 3,419 | ||
Costs Capitalized Subsequent to Acquisition | 1,526 | ||
Gross carrying amount, Land | 5,036 | ||
Gross carrying amount, Building & Improvements | 4,945 | ||
Total | 9,981 | ||
Accumulated Depreciation | $ 149 | ||
Miami [Member] | 74th Avenue [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,327 | ||
Initial Cost of Buildings & Improvements | 3,538 | ||
Costs Capitalized Subsequent to Acquisition | 614 | ||
Gross carrying amount, Land | 2,327 | ||
Gross carrying amount, Building & Improvements | 4,152 | ||
Total | 6,479 | ||
Accumulated Depreciation | $ 363 | ||
Miami [Member] | 78th Avenue [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,445 | ||
Initial Cost of Buildings & Improvements | 1,755 | ||
Costs Capitalized Subsequent to Acquisition | 2,604 | ||
Gross carrying amount, Land | 2,445 | ||
Gross carrying amount, Building & Improvements | 4,359 | ||
Total | 6,804 | ||
Accumulated Depreciation | $ 1,121 | ||
Miami [Member] | 81st Street [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 2 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,938 | ||
Initial Cost of Buildings & Improvements | 5,242 | ||
Costs Capitalized Subsequent to Acquisition | 1,311 | ||
Gross carrying amount, Land | 2,938 | ||
Gross carrying amount, Building & Improvements | 6,553 | ||
Total | 9,491 | ||
Accumulated Depreciation | $ 1,040 | ||
Miami [Member] | 94th Avenue [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 3,000 | ||
Initial Cost of Buildings & Improvements | 3,580 | ||
Costs Capitalized Subsequent to Acquisition | 336 | ||
Gross carrying amount, Land | 3,000 | ||
Gross carrying amount, Building & Improvements | 3,916 | ||
Total | 6,916 | ||
Accumulated Depreciation | $ 247 | ||
Miami [Member] | 107th Avenue [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,787 | ||
Initial Cost of Buildings & Improvements | 2,036 | ||
Costs Capitalized Subsequent to Acquisition | 506 | ||
Gross carrying amount, Land | 2,787 | ||
Gross carrying amount, Building & Improvements | 2,542 | ||
Total | 5,329 | ||
Accumulated Depreciation | $ 608 | ||
Miami [Member] | 101st Road [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,647 | ||
Initial Cost of Buildings & Improvements | 3,258 | ||
Costs Capitalized Subsequent to Acquisition | 468 | ||
Gross carrying amount, Land | 2,647 | ||
Gross carrying amount, Building & Improvements | 3,726 | ||
Total | 6,373 | ||
Accumulated Depreciation | $ 781 | ||
Miami [Member] | 131st Street [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,903 | ||
Initial Cost of Buildings & Improvements | 5,729 | ||
Costs Capitalized Subsequent to Acquisition | 500 | ||
Gross carrying amount, Land | 2,903 | ||
Gross carrying amount, Building & Improvements | 6,229 | ||
Total | 9,132 | ||
Accumulated Depreciation | $ 1,026 | ||
Miami [Member] | 12950 SW South River [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 1,971 | ||
Initial Cost of Buildings & Improvements | 4,029 | ||
Costs Capitalized Subsequent to Acquisition | 368 | ||
Gross carrying amount, Land | 1,971 | ||
Gross carrying amount, Building & Improvements | 4,397 | ||
Total | 6,368 | ||
Accumulated Depreciation | $ 429 | ||
Miami [Member] | Americas Gateway [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 6 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 11,152 | ||
Initial Cost of Buildings & Improvements | 11,721 | ||
Costs Capitalized Subsequent to Acquisition | 3,276 | ||
Gross carrying amount, Land | 11,152 | ||
Gross carrying amount, Building & Improvements | 14,997 | ||
Total | 26,149 | ||
Accumulated Depreciation | $ 3,402 | ||
Miami [Member] | Miami International Trade Center [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 4 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 5,063 | ||
Initial Cost of Buildings & Improvements | 10,958 | ||
Costs Capitalized Subsequent to Acquisition | 1,260 | ||
Gross carrying amount, Land | 5,063 | ||
Gross carrying amount, Building & Improvements | 12,218 | ||
Total | 17,281 | ||
Accumulated Depreciation | $ 1,623 | ||
Washington D.C. [Member] | 75th Ave [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 5 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 10,658 | ||
Initial Cost of Buildings & Improvements | 18,615 | ||
Costs Capitalized Subsequent to Acquisition | 4,226 | ||
Gross carrying amount, Land | 10,658 | ||
Gross carrying amount, Building & Improvements | 22,829 | ||
Total | 33,487 | ||
Accumulated Depreciation | $ 3,457 | ||
Washington D.C. [Member] | 2920 V Street [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,248 | ||
Initial Cost of Buildings & Improvements | 1,670 | ||
Costs Capitalized Subsequent to Acquisition | 1,499 | ||
Gross carrying amount, Land | 2,248 | ||
Gross carrying amount, Building & Improvements | 3,169 | ||
Total | 5,417 | ||
Accumulated Depreciation | $ 223 | ||
Washington D.C. [Member] | 3601 Pennsy [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 2,331 | ||
Initial Cost of Buildings & Improvements | 4,375 | ||
Costs Capitalized Subsequent to Acquisition | 1,425 | ||
Gross carrying amount, Land | 2,331 | ||
Gross carrying amount, Building & Improvements | 5,800 | ||
Total | 8,131 | ||
Accumulated Depreciation | $ 966 | ||
Washington D.C. [Member] | 4230 Forbes [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 1,736 | ||
Initial Cost of Buildings & Improvements | 2,395 | ||
Costs Capitalized Subsequent to Acquisition | 853 | ||
Gross carrying amount, Land | 1,736 | ||
Gross carrying amount, Building & Improvements | 3,248 | ||
Total | 4,984 | ||
Accumulated Depreciation | $ 511 | ||
Washington D.C. [Member] | 9070 Junction [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 3,538 | ||
Initial Cost of Buildings & Improvements | 6,670 | ||
Costs Capitalized Subsequent to Acquisition | 2,838 | ||
Gross carrying amount, Land | 3,538 | ||
Gross carrying amount, Building & Improvements | 9,508 | ||
Total | 13,046 | ||
Accumulated Depreciation | $ 2,099 | ||
Washington D.C. [Member] | Business Parkway [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 3,038 | ||
Initial Cost of Buildings & Improvements | 3,007 | ||
Costs Capitalized Subsequent to Acquisition | 4 | ||
Gross carrying amount, Land | 3,038 | ||
Gross carrying amount, Building & Improvements | 3,011 | ||
Total | 6,049 | ||
Accumulated Depreciation | $ 261 | ||
Washington D.C. [Member] | Hampton Overlook [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 3 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 4,602 | ||
Initial Cost of Buildings & Improvements | 7,521 | ||
Costs Capitalized Subsequent to Acquisition | 826 | ||
Gross carrying amount, Land | 4,602 | ||
Gross carrying amount, Building & Improvements | 8,347 | ||
Total | 12,949 | ||
Accumulated Depreciation | $ 804 | ||
Washington D.C. [Member] | New Ridge [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 0 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 5,689 | ||
Initial Cost of Buildings & Improvements | 1,567 | ||
Costs Capitalized Subsequent to Acquisition | 190 | ||
Gross carrying amount, Land | 5,689 | ||
Gross carrying amount, Building & Improvements | 1,757 | ||
Total | 7,446 | ||
Accumulated Depreciation | $ 178 | ||
Washington D.C. [Member] | Parkway [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 4,543 | ||
Initial Cost of Buildings & Improvements | 12,094 | ||
Costs Capitalized Subsequent to Acquisition | 372 | ||
Gross carrying amount, Land | 4,543 | ||
Gross carrying amount, Building & Improvements | 12,466 | ||
Total | 17,009 | ||
Accumulated Depreciation | $ 2,062 | ||
Washington D.C. [Member] | Troy Hill [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 1 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 1,409 | ||
Initial Cost of Buildings & Improvements | 5,033 | ||
Costs Capitalized Subsequent to Acquisition | 495 | ||
Gross carrying amount, Land | 1,409 | ||
Gross carrying amount, Building & Improvements | 5,528 | ||
Total | 6,937 | ||
Accumulated Depreciation | $ 1,140 | ||
Washington D.C. [Member] | V Street [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
No. of Bldgs. | property | 6 | ||
Encumbrances | $ 0 | ||
Initial Cost of Land | 67,132 | ||
Initial Cost of Buildings & Improvements | 41,299 | ||
Costs Capitalized Subsequent to Acquisition | 13,342 | ||
Gross carrying amount, Land | 67,132 | ||
Gross carrying amount, Building & Improvements | 54,641 | ||
Total | 121,773 | ||
Accumulated Depreciation | $ 8,187 |
Schedule III Real Estate Inve_3
Schedule III Real Estate Investments and Accumulated Depreciation - Summary of Activity for Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at beginning of year | $ 1,845,776 | $ 1,636,930 |
Acquisition of properties | 289,591 | 227,058 |
Disposition of properties | (41,560) | (56,985) |
Construction in progress | 28,154 | 7,434 |
Improvements, net of write-offs | 32,233 | 31,339 |
Balance at end of year | $ 2,154,194 | $ 1,845,776 |
Schedule III Real Estate Inve_4
Schedule III Real Estate Investments and Accumulated Depreciation - Summary of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||
Balance at beginning of year | $ 169,772 | $ 139,814 |
Amortization of lease intangible assets | 10,123 | 5,269 |
Depreciation expense | 33,630 | 30,442 |
Disposition of properties and write-offs | (5,246) | (5,753) |
Balance at end of year | $ 208,279 | $ 169,772 |