STAG Industrial (STAG) 10-Q 6 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 01, 2014
Document and Entity Information	'	'
Entity Registrant Name	'STAG Industrial, Inc.	'
Entity Central Index Key	'0001479094	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	55,274,255
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Rental Property:	'	'
Land	$145,931	$134,399
Buildings	944,057	871,422
Tenant improvements	39,625	36,994
Building and land improvements	46,454	36,231
Less: accumulated depreciation	-88,138	-71,653
Total rental property, net	1,087,929	1,007,393
Cash and cash equivalents	6,031	6,690
Restricted cash	6,525	6,806
Tenant accounts receivable, net	14,387	13,790
Prepaid expenses and other assets	4,687	2,594
Interest rate swaps	1,077	3,924
Deferred financing fees, net	6,245	5,467
Leasing commissions, net	3,607	3,542
Goodwill	4,923	4,923
Due from related parties	156	185
Deferred leasing intangibles, net of accumulated amortization of $121,060 and $95,201, respectively	214,586	214,967
Total assets	1,350,153	1,270,281
Liabilities:	'	'
Mortgage notes payable	223,331	225,591
Unsecured credit facility	35,500	80,500
Unsecured term loans	300,000	250,000
Accounts payable, accrued expenses and other liabilities	17,386	18,574
Interest rate swaps	412	'
Tenant prepaid rent and security deposits	10,040	8,972
Dividends and distributions payable	6,003	5,166
Deferred leasing intangibles, net of accumulated amortization of $5,373 and $4,520, respectively	7,586	6,914
Total liabilities	600,258	595,717
Commitments and contingencies	'	'
Equity:	'	'
Common stock, par value $0.01 per share, 100,000,000 shares authorized, 55,153,982 and 44,764,377 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively	551	447
Additional paid-in capital	744,248	577,039
Common stock dividends in excess of earnings	-155,911	-116,877
Accumulated other comprehensive income	489	3,440
Total stockholders' equity	728,377	603,049
Noncontrolling interest	21,518	71,515
Total equity	749,895	674,564
Total liabilities and equity	1,350,153	1,270,281
Series A Preferred Stock	'	'
Equity:	'	'
Preferred stock	69,000	69,000
Series B Preferred Stock	'	'
Equity:	'	'
Preferred stock	$70,000	$70,000

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified			Series A Preferred Stock	Series A Preferred Stock	Series B Preferred Stock	Series B Preferred Stock
Deferred leasing intangibles assets, accumulated amortization	$121,060	$95,201	'	'	'	'
Deferred leasing intangibles liabilities, accumulated amortization	$5,373	$4,520	'	'	'	'
Preferred stock, par value (in dollars per share)	$0.01	$0.01	'	'	'	'
Preferred stock, shares authorized	10,000,000	10,000,000	'	'	'	'
Preferred stock, shares issued	'	'	2,760,000	2,760,000	2,800,000	2,800,000
Preferred stock, shares outstanding	'	'	2,760,000	2,760,000	2,800,000	2,800,000
Preferred stock, liquidation preference (in dollars per share)	'	'	$25	$25	$25	$25
Common stock, par value (in dollars per share)	$0.01	$0.01	'	'	'	'
Common stock, shares authorized	100,000,000	100,000,000	'	'	'	'
Common stock, shares issued	55,153,982	44,764,377	'	'	'	'
Common stock, shares outstanding	55,153,982	44,764,377	'	'	'	'

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenue	'	'	'	'
Rental income	$35,203	$28,105	$69,321	$54,039
Tenant recoveries	6,279	3,476	11,695	7,134
Other income	200	262	409	658
Total revenue	41,682	31,843	81,425	61,831
Expenses	'	'	'	'
Property	3,194	2,316	7,244	5,011
General and administrative	8,283	4,477	13,758	8,983
Real estate taxes and insurance	5,412	3,244	9,347	5,872
Property acquisition costs	688	1,269	1,247	1,845
Depreciation and amortization	20,769	16,244	40,623	31,642
Other expenses	193	161	430	245
Total expenses	38,539	27,711	72,649	53,598
Other income (expense)	'	'	'	'
Interest income	4	3	8	6
Interest expense	-5,813	-4,846	-11,479	-9,497
Offering costs	'	-27	'	-27
Total other income (expense)	-5,809	-4,870	-11,471	-9,518
Net loss from continuing operations	-2,666	-738	-2,695	-1,285
Discontinued operations	'	'	'	'
Income attributable to discontinued operations	'	90	'	219
Gain on sales of real estate	'	464	'	464
Total income attributable to discontinued operations	'	554	'	683
Gain on sale of real estate	'	'	50	'
Net loss	-2,666	-184	-2,645	-602
Less: loss attributable to noncontrolling interest after preferred stock dividends	-310	-357	-766	-623
Net income (loss) attributable to STAG Industrial, Inc.	-2,356	173	-1,879	21
Less: preferred stock dividends	2,712	2,519	5,424	4,071
Less: amount allocated to unvested restricted stockholders	83	64	171	133
Net loss attributable to common stockholders	($5,151)	($2,410)	($7,474)	($4,183)
Weighted average common shares outstanding - basic and diluted (in shares)	52,865,801	42,006,954	49,023,985	41,265,070
Loss per share - basic and diluted	'	'	'	'
Loss from continuing operations attributable to common stockholders (in dollars per share)	($0.10)	($0.07)	($0.15)	($0.11)
Income from discontinued operations attributable to common stockholders (in dollars per share)	'	$0.01	'	$0.01
Loss per share - basic and diluted (in dollars per share)	($0.10)	($0.06)	($0.15)	($0.10)

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Loss) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Consolidated Statements of Comprehensive Income (Loss)	'	'	'	'
Net loss	($2,666)	($184)	($2,645)	($602)
Other comprehensive income (loss):	'	'	'	'
Unrealized gain (loss) on interest rate swaps	-2,177	3,655	-3,260	3,666
Other comprehensive income (loss)	-2,177	3,655	-3,260	3,666
Comprehensive income (loss)	-4,843	3,471	-5,905	3,064
Net loss attributable to noncontrolling interest after preferred stock dividends	310	357	766	623
Other comprehensive (income) loss attributable to noncontrolling interest	125	-482	309	-489
Comprehensive income (loss) attributable to STAG Industrial, Inc.	($4,408)	$3,346	($4,830)	$3,198

Consolidated_Statements_of_Equ

Consolidated Statements of Equity (USD $)	Total	Total Stockholders' Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Common Stock Dividends in excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest - Unit holders in Operating Partnership
In Thousands, except Share data, unless otherwise specified
Balance at Dec. 31, 2012	$489,460	$427,605	$69,000	$357	$419,643	($61,024)	($371)	$61,855
Balance (in shares) at Dec. 31, 2012	'	'	'	35,698,582	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'
Proceeds from sales of common stock	117,739	117,739	'	64	117,675	'	'	'
Proceeds from sales of common stock (in shares)	'	'	'	6,433,352	'	'	'	'
Issuance of series B preferred stock	70,000	70,000	70,000	'	'	'	'	'
Offering costs	-7,847	-7,847	'	'	-7,847	'	'	'
Issuance of restricted stock, net	'	'	'	1	-1	'	'	'
Issuance of restricted stock, net (in shares)	'	'	'	96,287	'	'	'	'
Issuance of common stock (in shares)	'	'	'	5,269	'	'	'	'
Dividends and distributions, net	-33,593	-29,395	-4,071	'	'	-25,324	'	-4,198
Non-cash compensation	1,485	680	'	'	680	'	'	805
Issuance of units	11,499	'	'	'	'	'	'	11,499
Conversion of operating partnership units to common stock	'	23	'	'	23	'	'	-23
Conversion of operating partnership units to common stock (in shares)	'	'	'	2,186	'	'	'	'
Rebalancing of noncontrolling interest	'	-2,196	'	'	-2,196	'	'	2,196
Other comprehensive income (loss)	3,666	3,177	'	'	'	'	3,177	489
Net income (loss)	-602	21	4,071	'	'	-4,050	'	-623
Balance at Jun. 30, 2013	651,807	579,807	139,000	422	527,977	-90,398	2,806	72,000
Balance (in shares) at Jun. 30, 2013	'	'	'	42,235,676	'	'	'	'
Balance at Dec. 31, 2013	674,564	603,049	139,000	447	577,039	-116,877	3,440	71,515
Balance (in shares) at Dec. 31, 2013	'	'	'	44,764,377	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'
Proceeds from sales of common stock	119,365	119,365	'	52	119,313	'	'	'
Proceeds from sales of common stock (in shares)	'	'	'	5,188,072	'	'	'	'
Offering costs	-1,944	-1,944	'	'	-1,944	'	'	'
Issuance of restricted stock, net	'	'	'	1	-1	'	'	'
Issuance of restricted stock, net (in shares)	'	'	'	101,934	'	'	'	'
Issuance of common stock (in shares)	'	'	'	6,015	'	'	'	'
Dividends and distributions, net	-40,057	-37,155	-5,424	'	'	-31,731	'	-2,902
Non-cash compensation	4,214	1,098	'	'	1,098	'	'	3,116
Conversion of operating partnership units to common stock	'	54,476	'	51	54,425	'	'	-54,476
Conversion of operating partnership units to common stock (in shares)	'	'	'	5,093,584	'	'	'	'
Redemption of operating partnership units for cash	-342	'	'	'	'	'	'	-342
Rebalancing of noncontrolling interest	'	-5,682	'	'	-5,682	'	'	5,682
Other comprehensive income (loss)	-3,260	-2,951	'	'	'	'	-2,951	-309
Net income (loss)	-2,645	-1,879	5,424	'	'	-7,303	'	-766
Balance at Jun. 30, 2014	$749,895	$728,377	$139,000	$551	$744,248	($155,911)	$489	$21,518
Balance (in shares) at Jun. 30, 2014	'	'	'	55,153,982	'	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:	'	'
Net loss	($2,645)	($602)
Adjustment to reconcile net loss to net cash provided by operating activities:	'	'
Depreciation and amortization	40,623	32,045
Non-cash portion of interest expense	658	515
Intangible amortization in rental income, net	3,019	2,875
Straight-line rent adjustments, net	-1,622	-1,507
Dividends on forfeited equity compensation	128	'
Gain on sale of real estate	-50	-464
Non-cash compensation expense	4,245	1,485
Change in assets and liabilities:	'	'
Tenant accounts receivable, net	1,267	-77
Leasing commissions, net	-444	-1,420
Restricted cash	-500	-421
Prepaid expenses and other assets	-1,994	-1,633
Accounts payable, accrued expenses and other liabilities	-2,968	969
Tenant prepaid rent and security deposits	1,068	1,429
Due from related parties	29	550
Total adjustments	43,459	34,346
Net cash provided by operating activities	40,814	33,744
Cash flows from investing activities:	'	'
Additions of land and building improvements	-96,213	-120,458
Proceeds from sale of rental property, net	473	4,843
Restricted cash	781	-837
Cash paid for deal deposits, net	-178	-100
Additions to lease intangibles	-25,472	-38,422
Net cash used in investing activities	-120,609	-154,974
Cash flows from financing activities:	'	'
Proceeds from sale of Series B Preferred stock	'	70,000
Redemption of operating partnership units for cash	-342	'
Proceeds from unsecured credit facility	51,500	65,000
Repayment of unsecured credit facility	-96,500	-164,300
Proceeds from unsecured term loans	50,000	75,000
Repayment of mortgage notes payable	-2,208	-1,965
Payment of loan fees and costs	-1,386	-1,487
Dividends and distributions	-39,349	-27,634
Proceeds from sales of common stock	119,365	117,739
Offering costs	-1,944	-7,847
Restricted cash - escrow for dividends	'	-2,519
Net cash provided by financing activities	79,136	121,987
Increase (decrease) in cash and cash equivalents	-659	757
Cash and cash equivalents-beginning of period	6,690	19,006
Cash and cash equivalents-end of period	$6,031	$19,763

Organization_and_Description_o

Organization and Description of Business	6 Months Ended
	Jun. 30, 2014
Organization and Description of Business	'
Organization and Description of Business	'
	1. Organization and Description of Business
	STAG Industrial, Inc. (the “Company”) is an industrial real estate operating company focused on the acquisition and management of single-tenant industrial properties throughout the United States. The Company was formed as a Maryland corporation on July 21, 2010 and has elected to be treated as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). The Company intends to continue to qualify as a REIT. As of June 30, 2014 and December 31, 2013, the Company owned a 96.48% and 86.65%, respectively, limited partnership interest in the Operating Partnership.  As used herein, the “Company” refers to STAG Industrial, Inc. and its consolidated subsidiaries and partnerships except where context otherwise requires.
	As of June 30, 2014, the Company owned 221 buildings in 34 states with approximately 41.2 million square feet, consisting of 153 warehouse/distribution buildings, 48 light manufacturing buildings and 20 flex/office buildings.  The Company also owned two vacant land parcels adjacent to two of the Company’s buildings.  The Company’s buildings were 94.5% leased to 202 tenants as of June 30, 2014.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Summary of Significant Accounting Policies	'
Summary of Significant Accounting Policies	'
	2. Summary of Significant Accounting Policies
	Interim Financial Information
	The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Regulation S-X for interim financial information.  Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements.  In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair presentation in conformity with GAAP.  Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013.
	Basis of Presentation
	The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. The equity interests of other limited partners in the Operating Partnership held in the form of common units (“Noncontrolling Common Units” or “Common Units”) are reflected as noncontrolling interest.  All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis, for all periods presented.
	Adoption of New Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. Revenue from a lease contract with a tenant is not within the scope of this revenue standard. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.  ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations.
	In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which prospectively changed the definition of a discontinued operation to the disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.  The guidance also provides for additional disclosure requirements in connection with both discontinued operations and other dispositions not qualifying as discontinued operations.  While the new guidance is not effective until annual periods beginning December 15, 2014, and interim periods within those years, companies are permitted to early adopt the provision.  The Company has elected to early adopt this standard effective with the interim period beginning January 1, 2014.  Prior to January 1, 2014, properties identified as held for sale and/or disposed of were presented in discontinued operations for all periods presented.
	Consolidated Statements of Cash Flows—Supplemental Disclosures
	The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands):
		Six months			Six months
		ended			ended
		June 30,			June 30,
		2014			2013
	Supplemental cash flow information
	Cash paid for interest	$	10,858		$	8,720
	Supplemental schedule of non-cash investing and financing activities
	Non-cash investing activities included in additions of land and building improvements	$	(1,405	)	$	(11,277	)
	Issuance of units for acquisitions of properties	$	—		$	11,499
	Non-cash financing activities included in additions of deferred financing fees	$	(102	)	$	—
	Dividends and distributions declared but not paid	$	6,003		$	17,259
	Tenant Accounts Receivable, net
	Tenant accounts receivable, net on the Consolidated Balance Sheets, includes both tenant accounts receivable, net and accrued rental income, net. The Company provides an allowance for doubtful accounts against the portion of tenant accounts receivable that is estimated to be uncollectible. As of June 30, 2014 and December 31, 2013, the Company had an allowance for doubtful accounts of $48 thousand and $19 thousand, respectively.
	The Company accrues rental revenue earned, but not yet receivable, in accordance with GAAP. As of June 30, 2014 and December 31, 2013, the Company had accrued rental revenue of $11.2 million and $9.3 million, respectively. The Company maintains an allowance for estimated losses that may result from those revenues. If a tenant fails to make contractual payments beyond any allowance, the Company may recognize additional bad debt expense in future periods equal to the amount of unpaid rent and accrued rental revenue. As of June 30, 2014 and December 31, 2013, the Company had an allowance on accrued rental revenue of $0 and $0, respectively.
	As of June 30, 2014 and December 31, 2013, the Company had a total of approximately $5.0 million and $4.9 million, respectively, of total lease security deposits available in existing letters of credit, which are not reflected on the Company’s Consolidated Balance Sheets; and $3.0 million and $3.0 million, respectively, of lease security deposits available in cash.
	Deferred Costs
	Deferred financing fees include costs incurred in obtaining debt that are capitalized. The deferred financing fees are amortized to interest expense over the life of the respective loans on a basis which approximates the effective interest method.  Any unamortized amounts upon early repayment of debt are written off in the period of repayment. During the three and six months ended June 30, 2014 and June 30, 2013, amortization of deferred financing fees included in interest expense was $0.4 million, $0.7 million, $0.3 million and $0.6 million, respectively. Fully amortized deferred charges are removed upon maturity of the underlying debt.
	Revenue Recognition
	By the terms of their leases, certain tenants are obligated to pay directly the costs of their buildings’ insurance, real estate taxes, ground lease payments, and certain other expenses and these costs are not reflected on the Company’s Consolidated Financial Statements. To the extent any tenant responsible for these costs under its lease defaults on its lease or it is deemed probable that the tenant will fail to pay for such costs, the Company will record a liability for such obligations.   The Company estimates that real estate taxes, which are the responsibility of these certain tenants, were approximately $2.5 million, $5.0 million, $2.3 and $4.6 million for the three and six months ended June 30, 2014 and June 30, 2013, respectively. This would have been the maximum liability of the Company had the tenants not met its contractual obligations. The Company does not recognize recovery revenue related to leases where the tenant has assumed the cost for real estate taxes, insurance, ground lease payments and certain other expenses.
	Income Taxes
	The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 2011 and intends to continue to qualify as a REIT. As a REIT, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. The Company is generally not subject to corporate level income tax on the earnings distributed currently to its stockholders that it derives from its REIT qualifying activities. If the Company fails to qualify as a REIT in any taxable year, and is unable to avail itself of certain savings provisions set forth in the Code, all of the Company’s taxable income would be subject to federal income tax at regular corporate rates, including any applicable alternative minimum tax.
	The Company will not be required to make distributions with respect to income derived from the activities conducted through subsidiaries that the Company elects to treat as taxable REIT subsidiaries (“TRS”) for federal income tax purposes. Certain activities that the Company undertakes must be conducted by a TRS, such as performing non-customary services for its tenants and holding assets that it cannot hold directly. A TRS is subject to federal and state income taxes.  The Company’s TRS did not have any activity during the three and six months ended June 30, 2014 and June 30, 2013.
	The Company and certain of its subsidiaries are subject to certain state and local income, excise and franchise taxes. Taxes in the amount of $0.1 million, $0.3 million, $0.1 million and $0.2 million have been recorded in other expenses in the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2014 and June 30, 2013, respectively.
	The Company currently has no liabilities for uncertain tax positions.

Real_Estate

Real Estate	6 Months Ended
	Jun. 30, 2014
Real Estate	'
Real Estate	'
	3. Real Estate
	The following table summarizes the acquisitions of the Company during the six months ended June 30, 2014 and the year ended December 31, 2013:
	Six Months Ended June 30, 2014
	Property Location	Date Acquired		Square Feet		Buildings
	Allentown, PA	2/27/14		289,900		1
	Nashua, NH	2/28/14		337,391		1
	Strongsville, OH	3/14/14		161,984		1
	Columbus, OH	3/26/14		186,000		1
	Savannah, GA	4/15/14		504,200		1
	Garland, TX	4/17/14		253,900		1
	West Chester, OH	4/29/14		245,000		1
	Calhoun, GA	5/14/14		151,200		1
	Hebron, KY	5/15/14		109,000		1
	Houston, TX	5/29/14		151,260		1
	East Troy, WI	6/24/14		149,624		1
	Jefferson City, TN	6/30/14		486,109		1
	New Berlin, WI	6/30/14		80,665		1
	Total			3,106,233		13
	Year Ended December 31, 2013
	Property Location	Date		Square		Buildings
		Acquired		Feet
	Orangeburg, SC	2/7/13		319,000		1
	Golden, CO	2/27/13		227,500		1
	Columbia, SC	2/28/13		273,280		1
	DeKalb, IL	3/15/13		146,740		1
	Ocala, FL	3/26/13		619,466		1
	Londonderry, NH	3/28/13		125,060		1
	Marion, IA	3/28/13		95,500		1
	Mishawaka, IN	4/5/13		308,884		1
	Southfield, MI(1)	4/9/13		113,000		1
	Houston, TX	4/9/13		201,574		1
	Idaho Falls, ID	4/11/13		90,300		1
	Mt. Prospect, IL	5/14/13		87,380		1
	Williamsport, PA	5/31/13		250,000		1
	Belvidere, IL(2)	6/19/13		1,006,960		8
	Kentwood, MI	6/26/13		85,157		1
	Marshall, MI	6/26/13		57,025		1
	Nashville, TN	7/18/13		150,000		1
	Catoosa, OK	7/31/13		100,100		1
	New Berlin, WI	8/16/13		205,063		1
	Hampstead, MD	8/21/13		1,035,249		1
	New Hope, MN	9/20/13		107,348		1
	Springfield, OH	9/26/13		350,500		1
	Orlando, FL	10/8/13		215,900		1
	North Jackson, OH	11/6/13		209,835		1
	Mebane, NC	11/14/13		383,500		1
	Shannon, GA	11/26/13		568,516		1
	Lansing, MI	12/11/13		160,000		1
	Harvard, IL	12/17/13		126,304		1
	Sauk Village, IL	12/17/13		375,785		1
	South Holland, IL	12/17/13		202,902		1
	Mascot, TN	12/19/13		130,560		1
	Janesville, WI	12/27/13		700,000		1
	Total			9,028,388		39
	(1)     The Company owns a 5.4 acre vacant land parcel adjacent to this building.
	(2)     The Company owns a 2.0 acre vacant land parcel adjacent to one of these buildings.  Title to the land was conveyed to its own legal entity within the Company for nominal consideration during the three months ended June 30, 2014.
	The following table (in thousands) summarizes the allocation of the consideration paid during the six months ended June 30, 2014 and the year ended December 31, 2013, respectively, for the acquired assets and liabilities in connection with the acquisitions of buildings at the date of acquisition identified in the tables above:
		Six months			Weighted Average		Year Ended			Weighted Average
		Ended June 30,			Amortization		December 31,			Amortization
		2014			Period (years)		2013			Period (years)
					Lease Intangibles					Lease Intangibles
	Land	$	11,591		N/A		$	31,310		N/A
	Buildings	73,071			N/A		223,420			N/A
Tenant improvements	2,485			N/A		2,526			N/A
Building and land improvements	5,255			N/A		9,133			N/A
Above market leases	2,837			4.9		8,219			5.8
Below market leases	(1,868		)	4.7		(2,538		)	7.2
In-place leases	16,797			4.8		50,005			5.8
Tenant relationships	7,706			7.7		21,257			8.2
Net assets acquired	$	117,874				$	343,332
As partial consideration for eight buildings acquired on June 19, 2013, the Company granted 555,758 Common Units in the Operating Partnership with a fair value of approximately $11.5 million based on the Company’s New York Stock Exchange (“NYSE”) closing stock price on June 19, 2013.  The issuance of the Common Units was effected in reliance upon an exemption from registration provided by Section 4(2) under the Securities Act of 1933, as amended. The Company relied on the exemption based on representations given by the holders of the Common Units. The remaining purchase price of approximately $40.1 million was paid in cash.
The Company has included the results of operations for each of the 13 buildings acquired during the three months ended June 30, 2014 in its Consolidated Statements of Operations from the date of acquisition.  For the three and six months ended June 30, 2014, the entities acquired during the six months ended June 30, 2014 contributed $2.1 million and $2.4 million, respectively, to total revenue and $0.6 million and $1.1 million, respectively, to net loss, including $0.7 million and $1.2 million, respectively, to property acquisition costs.
The following tables set forth pro forma information for the six months ended June 30, 2014 and June 30, 2013.  The below pro forma information does not purport to represent what the actual results of operations of the Company would have been had the acquisitions outlined above occurred on the first day of the applicable reporting period, nor do they purport to predict the results of operations of future periods.  The pro forma information has not been adjusted for property sales.
Pro Forma	Six months ended
	June 30, 2014
	(in thousands, except share data) (1)
Total revenue	$	85,385
Net loss (2)	$	(284	)
Net loss attributable to common stockholders	$	(5,337	)
Weighted average shares outstanding	49,023,985
Loss per share attributable to common stockholders	$	(0.11	)
Pro Forma	Six months ended
	June 30, 2013
	(in thousands, except share data) (3)
Total revenue	$	74,138
Net income (2)	$	1,027
Net loss attributable to common stockholders	$	(2,771	)
Weighted average shares outstanding	41,265,070
Loss per share attributable to common stockholders	$	(0.07	)
(1)     The pro forma information for the six months ended June 30, 2014 is presented as if the acquisition of the buildings acquired during the six months ended June 30, 2014 had occurred at January 1, 2013, the beginning of the reporting period prior to acquisition.
(2)     The net loss for the six months ended June 30, 2014 excludes $1.2 million of property acquisition costs related to the acquisition of buildings that closed during the six months ended June 30, 2014, and the net income for the six months ended June 30, 2013 was adjusted to include these acquisition costs.  Net income for the six months ended June 30, 2013 excludes $1.7 million of property acquisition costs related to the acquisition of buildings that closed during the six months ended June 30, 2013.
(3)     The pro forma information for the six months ended June 30, 2013 is presented as if the acquisition of the buildings acquired during the six months ended June 30, 2014 and the buildings acquired during the six months ended June 30, 2013 had occurred at January 1, 2013 and January 1, 2012, respectively, the beginning of the reporting period prior to acquisition.
On March 25, 2014, the Company sold a 15,085 square feet warehouse/distribution building located in Lexington, VA.  The carrying value of the building prior to sale was $0.4 million.  The sales price was $0.5 million and the Company received net proceeds of $0.5 million.  A gain on sale of real estate of $50 thousand was recognized at closing under the full accrual method of gain recognition.  Based on the early adoption of the new discontinued operations guidance, the sale of this property did not represent a strategic shift by the Company and it has not been reflected as part of discontinued operations.
On June 12, 2013, the Company sold a 53,183 square feet flex/office building located in Pittsburgh, PA. The carrying value of the building prior to sale was $4.4 million. The sales price was $5.1 million and the Company received net proceeds of $4.8 million. A gain on sale of real estate of $0.5 million was recognized at closing under the full accrual method of gain recognition.  The building contributed $0.1 million and $0.2 million to total revenue and $0.5 and $0.6 to net income during the three and six months ended June 30, 2013, respectively.  The results of operations and the gain on sale are included in income (loss) attributable to discontinued operations on the accompanying Consolidated Statements of Operations.

Deferred_Leasing_Intangibles

Deferred Leasing Intangibles	6 Months Ended
	Jun. 30, 2014
Deferred Leasing Intangibles	'
Deferred Leasing Intangibles	'
	4. Deferred Leasing Intangibles
	Deferred leasing intangibles included in total assets consisted of the following (in thousands):
		June 30,			December 31,
		2014			2013
	In-place leases	$	155,239		$	142,518
	Less: Accumulated amortization	(63,443		)	(49,756		)
	In-place leases, net	91,796			92,762
	Above market leases	59,882			57,283
	Less: Accumulated amortization	(21,210		)	(17,232		)
	Above market leases, net	38,672			40,051
	Tenant relationships	84,585			77,260
	Less: Accumulated amortization	(24,400		)	(18,693		)
	Tenant relationships, net	60,185			58,567
	Leasing commissions	35,940			33,107
	Less: Accumulated amortization	(12,007		)	(9,520		)
	Leasing commissions, net	23,933			23,587
	Total deferred leasing intangibles, net	$	214,586		$	214,967
	Deferred leasing intangibles included in total liabilities consisted of the following (in thousands):
		June 30,			December 31,
		2014			2013
	Below market leases	$	12,959		$	11,434
	Less: Accumulated amortization	(5,373		)	(4,520		)
	Total deferred leasing intangibles, net	$	7,586		$	6,914
	Amortization expense, inclusive of results from discontinued operations, related to in-place leases, leasing commissions and tenant relationships of deferred leasing intangibles was $12.0 million, $23.5 million, $9.7 million and $19.1 million for the three and six months ended June 30, 2014 and June 30, 2013, respectively.  Rental income, inclusive of results from discontinued operations, related to net amortization of above and below market leases decreased by $1.5 million, $3.0 million, $1.5 million and $2.9 million for the three and six months ended June 30, 2014 and June 30, 2013, respectively.
	Amortization related to deferred leasing intangibles over the next five years is as follows (in thousands):
		Estimated Net Amortization			Net Decrease to Rental
		of In-Place Leases,			Income Related to Above and
		Leasing Commissions and			Below Market Leases
		Tenant Relationships
	Remainder of 2014	$	22,906		$	3,075
	2015	37,656			6,427
	2016	30,939			5,824
	2017	24,783			4,462
	2018	18,364			3,103

Debt

Debt	6 Months Ended
	Jun. 30, 2014
Debt	'
Debt	'
	5. Debt
	Payments on mortgage notes are generally due in monthly installments of principal amortization and interest. Payments on the Unsecured Term Loans and the Unsecured Credit Facility (each defined below) are generally due in monthly installments of interest.
	The following table sets forth a summary of the Company’s outstanding indebtedness, including mortgage notes payable and borrowings under the Company’s Unsecured Term Loans and Unsecured Credit Facility as of June 30, 2014 and December 31, 2013 (dollars in thousands):
	Loan	Interest Rate (1)		Principal			Principal			Current
				outstanding as			outstanding as			Maturity
				of			of
				June 30,			December 31,
				2014			2013
	Mortgage notes payable:
	Sun Life(2)	6.05%		$	3,682		$	3,817		Jun-1-2016
	Webster Bank(3)	4.22%		5,755			5,834			Aug-4-2016
	Union Fidelity(4)	5.81%		6,371			6,551			Apr-30-2017
	Webster Bank(5)	3.66%		3,078			3,121			May-29-2017
	Webster Bank(6)	3.64%		3,315			3,360			May-31-2017
	CIGNA-1 Facility(7)	6.50%		58,468			58,874			Feb-1-2018
	CIGNA-2 Facility(8)	5.75%		59,534			59,990			Feb-1-2018
	CIGNA-3 Facility(9)	5.88%		16,765			16,879			Oct-1-2019
	Wells Fargo CMBS Loan(10)	4.31%		66,363			67,165			Dec-1-2022
	Total mortgage notes payable			$	223,331		$	225,591
	Unsecured credit facility:
	Bank of America Unsecured Credit Facility(11)	LIBOR + 1.45%		35,500			80,500			Sept-10-2016
	Total unsecured credit facility			$	35,500		$	80,500
	Unsecured term loans:
	Bank of America Unsecured Term Loan(12)	LIBOR + 1.40%		150,000			150,000			Sept-10-2017
	Wells Fargo Unsecured Term Loan A(13)	LIBOR + 2.15%		150,000			100,000			Feb-14-2020
	Wells Fargo Unsecured Term Loan B(14)	LIBOR + 1.70%		—			—			Mar-21-2021
	Total unsecured term loans			$	300,000		$	250,000
	(1)     Current interest rate as of June 30, 2014.  At June 30, 2014 and December 31, 2013, the one-month LIBOR rate was 0.1552% and 0.1677%, respectively.
	(2)     This loan with Sun Life Assurance Company of Canada (U.S.) (“Sun Life”) was assumed on October 14, 2011 in connection with the acquisition of a building located in Gahanna, OH. The property is collateral for this loan. The principal outstanding includes an unamortized fair market value premium of $0.1 million and $0.2 million as of June 30, 2014 and December 31, 2013, respectively.
	(3)     This loan with Webster Bank, National Association (“Webster Bank”) was entered into on August 4, 2011 in connection with the acquisition of a building located in Norton, MA.  The property is collateral for this loan.
	(4)     This loan with Union Fidelity Life Insurance Co. (“Union Fidelity”) was assumed on July 28, 2011 in connection with the acquisition of a building in St. Louis, MO.  The property is collateral for this loan. The principal outstanding includes an unamortized fair market value premium of $0.1 million and $0.1 million as of June 30, 2014 and December 31, 2013, respectively.
	(5)     This loan with Webster Bank was entered into on May 29, 2012 in connection with the acquisition of a building located in Portland, ME.  The property is collateral for this loan.
	(6)     This loan with Webster Bank was entered into on May 31, 2012 in connection with the acquisition of a building located in East Windsor, CT.  The property is collateral for this loan.
	(7)     This Connecticut General Life Insurance Company (“CIGNA”) credit facility was entered into in July 2010 (the “CIGNA-1 Facility”). This loan has various buildings serving as collateral and has no remaining borrowing capacity as of June 30, 2014.
	(8)     This CIGNA credit facility was entered into in October 2010 (the “CIGNA-2 Facility”). This loan has various buildings serving as collateral and has no remaining borrowing capacity as of June 30, 2014.
	(9)     This CIGNA credit facility was entered into in July 2011 (“CIGNA-3 Facility”). This loan has various buildings serving as collateral and has no remaining borrowing capacity as of June 30, 2014.
	(10) This Wells Fargo Bank, National Association (“Wells Fargo”) loan (“CMBS Loan”) was entered into on November 8, 2012 and is a non-recourse loan with 28 buildings serving as collateral.
	(11) The spread over LIBOR for this Bank of America, N.A. (“Bank of America”) unsecured revolving credit facility (“Unsecured Credit Facility”) is based on the Company’s consolidated leverage. The spread was 1.45% as of June 30, 2014 and December 31, 2013.  The Company paid unused fees of $0.1 million, $0.2 million, $0.2 million and $0.3 million for the three and six months ended June 30, 2014 and June 30, 2013, respectively.  The borrowing capacity as of June 30, 2014 was $164.3 million, assuming current leverage levels.
	(12) This Bank of America unsecured term loan (“Bank of America Unsecured Term Loan”) was entered into on September 10, 2012. The spread over LIBOR is based on the Company’s consolidated leverage ratio. The spread was 1.40% as of June 30, 2014 and December 31, 2013. The Company swapped the one-month LIBOR for a fixed rate for $100.0 million of the $150.0 million outstanding on the Bank of America Unsecured Term Loan. The net settlements of the swaps commenced on the effective date of the swaps, October 10, 2012 (see Note 6 for further details).  There was no remaining borrowing capacity as of June 30, 2014.
	(13) This Wells Fargo unsecured term loan (“Wells Fargo Unsecured Term Loan A”) was entered into on February 14, 2013. The spread over LIBOR is based on the Company’s consolidated leverage. The spread was 2.15% as of June 30, 2014 and December 31, 2013.  As of June 30, 2014, the Company swapped the one-month LIBOR for a fixed rate for $125.0 million of the $150.0 million outstanding on the Wells Fargo Unsecured Term Loan A (see Note 6 for further details).  There was no remaining borrowing capacity as of June 30, 2014 as the Company drew upon the remaining $50.0 million on January 30, 2014.  During the three and six months ended June 30, 2014 and the period February 14, 2013 to June 30, 2013, the Company incurred an unused commitment fee of $14 thousand, $14 thousand and $0.2 million, respectively.
	(14) This Wells Fargo unsecured term loan (“Wells Fargo Unsecured Term Loan B”) was entered into on March 21, 2014. The spread over LIBOR is based on the Company’s consolidated leverage. The spread was 1.70% as of June 30, 2014. The remaining capacity as of June 30, 2014 was $150.0 million.
	On March 21, 2014, the Company closed the Wells Fargo Unsecured Term Loan B, a $150.0 million unsecured term loan with Wells Fargo with a maturity date of March 21, 2021.  Borrowings under the Wells Fargo Unsecured Term Loan B bear interest at a floating rate equal to the one-month LIBOR plus a spread that will range from 1.70% to 2.30%, based on the Company’s consolidated leverage ratio.  The Wells Fargo Unsecured Term Loan B has an accordion feature that allows the Company to increase its borrowing capacity to $250.0 million, subject to the satisfaction of certain conditions. The Company incurred $1.2 million in deferred financing fees associated with the closing of the Wells Fargo Unsecured Term Loan B, which will be amortized over its seven year term. The Company also incurs an annual fee of $50 thousand, which is amortized over each respective year of the term.  The Company has one year from the closing date to draw the funds. As of June 30, 2014, the Company has not drawn funds on this unsecured term loan. The Wells Fargo Unsecured Term Loan B has an unused commitment fee equal to 0.225% of its unused portion, which is paid monthly in arrears.  The unused commitment fee began to accrue on May 21, 2014.  During the period May 21, 2014 to June 30, 2014, the Company incurred an unused commitment fee of $39 thousand.
	On April 16, 2014, the Company entered into a Note Purchase Agreement (“NPA”) for a $100.0 million private placement by the Operating Partnership of $50.0 million Series A 10-Year Unsecured Senior Notes (“Series A Unsecured Senior Notes”) and $50.0 million Series B 12-Year Unsecured Senior Notes (“Series B Unsecured Senior Notes”)  (together, the Series A Unsecured Senior Notes and the Series B Unsecured Senior Notes are referred to herein as, the “Unsecured Senior Notes”).  Pursuant to the NPA, borrowings under the Unsecured Senior Notes bear interest at a fixed rate of 4.98% and, subject to customary closing conditions, must be issued (i) between July 1, 2014 and July 3, 2014 for the Series B Unsecured Senior Notes and (ii) between October 1, 2014 and October 3, 2014 for the Series A Unsecured Senior Notes.  Upon the funds being drawn, Bank of America, as agent, will receive a placement fee equal to 0.4% of the principal amount of the securities purchased by investors.  Subsequent to June, 30, 2014, on July 1, 2014, the Company issued the Series B Unsecured Senior Notes.  The Company and certain wholly owned subsidiaries of the Operating Partnership are guarantors of the Unsecured Senior Notes and the obligations under the Unsecured Senior Notes rank pari passu to the Company’s unsecured senior indebtedness, which includes the Unsecured Credit Facility and Unsecured Term Loans (as defined below).
	Financial Covenant Considerations
	The Company’s ability to borrow under the Unsecured Credit Facility, the Bank of America Unsecured Term Loan, Wells Fargo Unsecured Term Loan A and the Wells Fargo Unsecured Term Loan B (collectively, the Bank of America Unsecured Term Loan, the Wells Fargo Unsecured Term Loan A and the Wells Fargo Unsecured Term Loan B are the “Unsecured Term Loans”) is subject to its ongoing compliance with a number of customary financial covenants, including:
	·         a maximum consolidated leverage ratio of not greater than 0.60:1.00;
	·         a maximum secured leverage ratio of not greater than 0.45:1.00;
	·         a maximum unencumbered leverage ratio of not greater than 0.60:100;
	·         a maximum secured recourse debt level of not greater than 7.5%;
	·         a minimum fixed charge ratio of not less than 1.50:1.00;
	·         a minimum tangible net worth covenant test; and
	·         various thresholds on Company level investments.
	The Unsecured Senior Notes are also subject to the above covenants as well as a minimum interest coverage ratio of not less than 1.50:1.00.  The Company was in compliance with all such applicable restrictions and financial covenants as of June 30, 2014.  In the event of a default under the Unsecured Credit Facility or Unsecured Term Loans, the Company’s dividend distributions are limited to the minimum amount necessary for the Company to maintain its status as a REIT. The total borrowing capacity on the combined Unsecured Credit Facility and the Unsecured Term Loans as of June 30, 2014 was $270.1 million, assuming current leverage levels.
	Each of the Sun Life loan, the Webster Bank loans, the Union Fidelity loan, the CIGNA-1 Facility, the CIGNA-2 Facility, the CIGNA-3 Facility and the CMBS Loan have specific properties and assignments of rents from leases that are collateral for these loans. These debt facilities contain certain financial and other covenants. The Company was in compliance with all financial covenants as of June 30, 2014 and December 31, 2013. The 21 properties held as collateral for the CIGNA-1, CIGNA-2, and CIGNA-3 facilities are cross-defaulted and cross-collateralized among the respective facilities.
	Fair Value of Debt
	The fair value of the Company’s debt was determined by discounting the future cash flows using the current rates at which loans would be made to borrowers with similar credit ratings for loans with similar remaining maturities, similar terms, and similar loan-to-value ratios. The discount rates ranged from 1.56% to 5.15% and 1.57% to 5.24% at June 30, 2014 and December 31, 2013, respectively, and were applied to each individual debt instrument. The fair value of the Company’s debt is based on Level 3 inputs. The following table presents the aggregate carrying value of the Company’s debt and the corresponding estimate of fair value as of June 30, 2014 and December 31, 2013 (in thousands):
		June 30, 2014						December 31, 2013
		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
	Mortgage notes payable	$	223,331		$	228,845		$	225,591		$	228,996
	Unsecured Credit Facility	$	35,500		$	35,500		$	80,500		$	80,500
	Bank of America Unsecured Term Loan	$	150,000		$	149,186		$	150,000		$	148,781
	Wells Fargo Unsecured Term Loan A	$	150,000		$	150,050		$	100,000		$	97,302

Use_of_Derivative_Financial_In

Use of Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2014
Use of Derivative Financial Instruments	'
Use of Derivative Financial Instruments	'
	6. Use of Derivative Financial Instruments
	Risk Management Objective of Using Derivatives
	The Company’s use of derivative instruments is limited to the utilization of interest rate swaps to manage interest rate risk exposures and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure, as well as to hedge specific transactions.
	The following table details the Company’s outstanding interest rate swaps as of June 30, 2014 (collectively, the “Unsecured Term Loan Swaps”) (in thousands):
	Interest Rate	Trade Date		Notional			Fixed Interest		Variable Interest		Maturity Date
	Derivative Counterparty			Amount			Rate		Rate
	PNC Bank, National Association	Sept-14-2012		$	10,000	-1	0.7945	%	One-month LIBOR		September 10, 2017
	Bank of America	Sept-14-2012		$	10,000	-1	0.7945	%	One-month LIBOR		September 10, 2017
	UBS AG	Sept-14-2012		$	10,000	-1	0.7945	%	One-month LIBOR		September 10, 2017
	Royal Bank of Canada	Sept-14-2012		$	10,000	-1	0.7945	%	One-month LIBOR		September 10, 2017
	RJ Capital Services, Inc.	Sept-14-2012		$	10,000	-1	0.7975	%	One-month LIBOR		September 10, 2017
	Bank of America	Sept-20-2012		$	25,000	-1	0.7525	%	One-month LIBOR		September 10, 2017
	RJ Capital Services, Inc.	Sept-24-2012		$	25,000	-1	0.727	%	One-month LIBOR		September 10, 2017
	Regions Bank	March-1-2013		$	25,000	-2	1.33	%	One-month LIBOR		February 14, 2020
	Capital One, N.A.	June-13-2013		$	25,000	-2	1.703	%	One-month LIBOR		February 14, 2020
	Capital One, N.A.	June-13-2013		$	50,000	-2	1.681	%	One-month LIBOR		February 14, 2020
	Regions Bank	Sept-30-2013		$	25,000	-2	1.9925	%	One-month LIBOR		February 14, 2020
	(1)     Fixes the interest rate of the Bank of America Unsecured Term Loan
	(2)     Fixes the interest rate of the Wells Fargo Unsecured Term Loan A
	The fair value of the interest rate swaps outstanding as of June 30, 2014 and December 31, 2013 was as follows (in thousands):
		Balance Sheet		Notional			Fair Value			Notional Amount			Fair Value
		Location		Amount			June 30,			December 31,			December 31,
				June 30,			2014			2013			2013
				2014
	Unsecured Term Loan Swaps	Interest Rate Swaps-Asset		$	175,000		$	1,077		$	225,000		$	3,924
	Unsecured Term Loan Swaps	Interest Rate Swaps-Liability		$	50,000		$	(412	)	$	—		$	—
	Cash Flow Hedges of Interest Rate Risk
	The Company’s objectives in using interest rate swaps are to add stability to interest expense and to manage its exposure to interest rate movements.  Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.
	The effective portion of changes in the fair value of derivatives designated and qualified as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three and six months ended June 30, 2014 and June 30, 2013, the Company did not record any hedge ineffectiveness related to the hedged derivatives.
	Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The Company estimates that an additional $2.5 million will be reclassified from accumulated other comprehensive income (loss) as an increase to interest expense over the next 12 months.
	The table below details the location in the financial statements of the gain or loss recognized on interest rate swaps designated as cash flow hedges for the three and six months ended June 30, 2014 and June 30, 2013, respectively (in thousands):
		Three months ended June 30,						Six months ended June 30,
		2014			2013			2014			2013
	Amount of income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion)	$	(2,815	)	$	3,440		$	(4,482	)	$	3,286
	Amount of loss reclassified from accumulated other comprehensive income (loss) into income (loss) as interest expense (effective portion)	$	638		$	215		$	1,222		$	380
	Amount of loss recognized in income on swaps (ineffective portion and amount excluded from effectiveness testing)	$	—		$	—		$	—		$	—
	The Company is exposed to credit risk in the event of non-performance by the counterparties to the interest rate swaps.  The Company attempts to minimize this risk by limiting counterparties to major banks and investment brokers who meet established credit and capital guidelines.
	Credit-risk-related Contingent Features
	As of June 30, 2014, the fair values of ten of the 11 of the Company’s interest rate swaps were in an asset position of $1.2 million and one interest rate swap was in a liability position of $0.4 million, excluding any adjustment for nonperformance risk related to these agreements.  After adjusting the Company’s interest rate swaps for nonperformance risk, the fair values of nine of the 11 interest rate swaps were in an asset position and two were in a liability position. The adjustment for nonperformance risk included in the fair value of the Company’s net asset position and net liability position was $0.1 million and $34 thousand, respectively, as of June 30, 2014. Accrued interest expense for all 11 swaps was $0.2 million as of June 30, 2014.  As of June 30, 2014, the Company has not posted any collateral related to these agreements.  If the Company had breached any of its provisions at June 30, 2014, it could have been required to settle its obligations under the agreement of the interest rate swap in a liability position at its termination value of $0.4 million.
	Fair Value of Interest Rate Swaps
	The valuation of the interest rate swaps is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs including interest rate curves. The fair values of interest rate swaps are determined by using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. As of June 30, 2014 and December 31, 2013, the Company applied the provisions of this standard to the valuation of its interest rate swaps.
	The following sets forth the Company’s financial instruments that are accounted for at fair value on a recurring basis as of June 30, 2014 and December 31, 2013 (in thousands):
					Fair Value Measurements as of
					June 30, 2014 Using:
		June 30,			Quoted Prices			Significant			Unobservable
		2014			In Active			Other			Inputs
					Markets for			Observable			(Level 3)
					Identical Assets			Inputs
					(Level 1)			(Level 2)
	Assets (liabilities):
	Interest Rate Swaps	$	1,077		$	—		$	1,077		$	—
	Interest Rate Swaps	$	(412	)	$	—		$	(412	)	$	—
					Fair Value Measurements as of
					December 31, 2013 Using:
		December 31,			Quoted Prices			Significant			Unobservable
		2013			In Active			Other			Inputs
					Markets for			Observable			(Level 3)
					Identical Assets			Inputs
					(Level 1)			(Level 2)
	Assets:
	Interest Rate Swaps	$	3,924		$	—		$	3,924		$	—

Stockholders_Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2014
Stockholders' Equity	'
Stockholders' Equity	'
	7. Stockholders’ Equity
	Preferred Stock
	Pursuant to its charter, the Company is authorized to issue 10,000,000 shares of preferred stock, par value $0.01 per share. On November 2, 2011, the Company completed an underwritten public offering of 2,760,000 shares (including 360,000 shares issued pursuant to the full exercise of the underwriters’ option) of 9.0% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (the “Series A Preferred Stock”), at a price to the public of $25.00 per share.  On April 16, 2013, the Company completed an underwritten public offering of 2,800,000 shares (including 300,000 shares issued pursuant to the full exercise of the underwriters’ option) of 6.625% Series B Cumulative Redeemable Preferred Stock, $0.01 par value per share (the “Series B Preferred Stock”), at a price to the public of $25.00 per share.  Dividends on the Series A Preferred Stock and Series B Preferred Stock are payable quarterly in arrears on or about the last day of March, June, September and December of each year. The Series A Preferred Stock ranks senior to the Company’s common stock with respect to dividend rights and rights upon the liquidation, dissolution or winding up of the Company.  The Series B Preferred Stock ranks senior to the Company’s common stock and on parity with the Company’s Series A Preferred Stock with respect to dividend rights and rights upon the liquidation, dissolution or winding up of the Company.  The Series A Preferred Stock and Series B Preferred Stock have no stated maturity date and are not subject to mandatory redemption or any sinking fund. Generally, the Company is not permitted to redeem the Series A Preferred Stock and Series B Preferred Stock prior to November 2, 2016 and April 16, 2018, respectively, except in limited circumstances relating to the Company’s ability to qualify as a REIT and in certain other circumstances related to a change of control (as defined in the articles supplementary for the Series A Preferred Stock and Series B Preferred Stock).
	The table below sets forth the dividends attributable to the Series A Preferred Stock during the six months ended June 30, 2014 and the year ended December 31, 2013:
	Amount Declared During Quarter Ended 2014	Declaration Date	Per Share			Date Paid
	June 30	May 5, 2014	$	0.5625		June 30, 2014
	March 31	February 21, 2014	0.5625			March 31, 2014
	Total 2014		$	1.125
	Amount Declared During Quarter Ended 2013	Declaration Date	Per Share			Date Paid
	December 31	November 1, 2013	$	0.5625		December 31, 2013
	September 30	August 2, 2013	0.5625			September 30, 2013
	June 30	May 6, 2013	0.5625			July 1, 2013
	March 31	March 1, 2013	0.5625			April 1, 2013
	Total 2013		$	2.25
	The table below sets forth the dividends attributable to the Series B Preferred Stock during the six months ended June 30, 2014 and the year ended December 31, 2013:
	Amount Declared During Quarter Ended 2014	Declaration Date	Per Share			Date Paid
	June 30	May 5, 2014	$	0.4140625		June 30, 2014
	March 31	February 21, 2014	0.4140625			March 31, 2014
	Total 2014		$	0.828125
	Amount Declared During Quarter Ended 2013	Declaration Date	Per Share			Date Paid
	December 31	November 1, 2013	$	0.4140625		December 31, 2013
	September 30	August 2, 2013	0.4140625			September 30, 2013
	June 30 (prorated for April 16, 2013 to June 30, 2013)	May 6, 2013	0.34505			July 1, 2013
	Total 2013		$	1.173175
	Common Stock
	During the three and six months ended June 30, 2014, the Company sold 189,735 and 661,930 shares of common stock, respectively, under its “at the market” stock offering program that commenced on December 14, 2012 (“2012 ATM”). During the three and six months ended June 30, 2014, the Company received net proceeds of $4.4 million and $14.7 million, reflecting gross proceeds of $4.5 million and $14.9 million, net of the sales agents’ fees of approximately $0.1 million and $0.2 million, respectively. The Company used the net proceeds to fund acquisitions, to repay indebtedness, and for working capital and other general corporate purposes.  As of June 30, 2014, there was no remaining common stock available to be sold under the 2012 ATM.
	On March 10, 2014, the Company established a new “at the market” stock offering program (“2014 ATM”) through which it may sell from time to time up to an aggregate of $150.0 million of its common stock through sales agents.  During the three months ended June 30, 2014 and the period March 10, 2014 through June 30, 2014, the Company sold 1,566,878 and 4,526,142 shares of common stock, respectively, under its 2014 ATM resulting in net proceeds of $36.7 million and $102.9 million, reflecting gross proceeds of $37.3 million and $104.5 million, net of the sales agents’ fees of approximately $0.6 million and $1.6 million, respectively.  The Company used the net proceeds for acquisitions, repayment of debt, and general corporate purposes. As of June 30, 2014, there was approximately $45.5 million of common stock available to be sold under the 2014 ATM.
	The table below sets forth the dividends attributable to the common stock during the six months ended June 30, 2014 and the year ended December 31, 2013:
	Amount Declared During 2014	Declaration Date	Per Share			Date Paid
	Month ended June 30	February 21, 2014	$	0.105		July 15, 2014
	Month ended May 31	February 21, 2014	0.105			June 16, 2014
	Month ended April 30	February 21, 2014	0.105			May 15, 2014
	Month ended March 31	December 18, 2013	0.105			April 15, 2014
	Month ended February 28	December 18, 2013	0.105			March 17, 2014
	Month ended January 31	December 18, 2013	0.105			February 17, 2014
	Total 2014		$	0.63
	Amount Declared During 2013	Declaration Date	Per Share			Date Paid
	Month ended December 31	September 24, 2013	$	0.1		January 15, 2014
	Month ended November 30	September 24, 2013	0.1			December 16, 2013
	Month ended October 31	September 24, 2013	0.1			November 15, 2013
	Quarter ended September 30	August 2, 2013	0.3			October 15, 2013
	Quarter ended June 30	May 6, 2013	0.3			July 15, 2013
	Quarter ended March 31	March 1, 2013	0.3			April 15, 2013
	Total 2013		$	1.2
	On May 5, 2014, the Company’s board of directors declared the common stock dividend for the months ending July 31, 2014, August 31, 2014 and September 30, 2014 at a monthly rate of $0.11 per share of common stock, which represented a 5% increase over the prior monthly dividend.
	All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their fees for serving as members of the board and/or chairmen of various committees during 2014 and 2013. The shares of common stock are issued to the independent directors pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended (the “2011 Plan”).  The number of shares of common stock granted is calculated based on the trailing 10-day average common stock price ending on the third business day preceding the grant date. The fair value of the shares of the common stock granted is calculated based on the closing stock price per the NYSE on the grant date multiplied by the number of shares of common stock granted. The table below sets forth the grants of common stock for the members’ service during quarters ended in 2014 and 2013 as below:
	Service During Quarter Ended 2014	Grant Date	Shares		Fair Value
	June 30	July 15, 2014	3,473		$	83,000
	March 31	April 15, 2014	3,471		83,000
	Total 2014		6,944		$	166,000
	Service During Quarter Ended 2013	Grant Date	Shares		Fair Value
	December 31	January 15, 2014	2,554		$	52,000
	September 30	October 15, 2013	2,607		53,000
	June 30	July 15, 2013	2,602		53,000
	March 31	April 15, 2013	2,418		52,000
	Total 2013		10,181		$	210,000
	Restricted Stock-Based Compensation
	On January 2, 2014, the Company granted 103,149 shares of time-based restricted common stock to certain employees of the Company pursuant to the 2011 Plan, with a fair value at issuance of $2.1 million (based on the Company’s NYSE closing stock price on January 2, 2014 of $20.13 per share).
	During the six months ended June 30, 2014 and June 30, 2013, 51,885 and 32,012 shares of restricted common stock had vested with a fair value at vesting of $1.1 million and $0.6 million, respectively.  The Company recognizes non-cash compensation expense ratably over the vesting period, and accordingly, the Company recognized $0.3 million, $0.6 million, $0.2 million and $0.4 million in non-cash compensation expense for the three and six months ended June 30, 2014 and June 30, 2013, respectively. Unrecognized compensation expense for the remaining life of the awards was $4.0 million and $2.5 million as of June 30, 2014 and December 31, 2013, respectively.  During the six months ended June 30, 2014 and June 30, 2013, there were 1,215 and 9,981 forfeitures of shares of restricted common stock, respectively.

Noncontrolling_Interest

Noncontrolling Interest	6 Months Ended
	Jun. 30, 2014
Noncontrolling Interest	'
Noncontrolling Interest	'
	8. Noncontrolling Interest
	Noncontrolling interests in the Operating Partnership are interests in the Operating Partnership that are not owned by the Company. As of June 30, 2014, noncontrolling interests consisted of 1,189,813 Common Units and 823,888 LTIP units, which in total represented an approximately 3.52% limited partnership interest in the Operating Partnership.  As of December 31, 2013, noncontrolling interests consisted of 6,299,186 Common Units and 599,464 LTIP units, which in total represented an approximately 13.35% limited partnership interest in the Operating Partnership. The Company adjusts the carrying value of noncontrolling interest to reflect its share of the book value of the Operating Partnership when there has been a change in the Company’s ownership of the Operating Partnership. Such adjustments are recorded to additional paid-in capital as a rebalancing of noncontrolling interest on the accompanying Consolidated Statements of Equity.
	Common Units
	Common Units and shares of the Company’s common stock have essentially the same economic characteristics in that Common Units and shares of the Company’s common stock share equally in the total net income or loss distributions of the Operating Partnership. Investors who own Common Units have the right to cause the Operating Partnership to redeem any or all of their Common Units for cash equal to the then-current market value of one share of the Company’s common stock, or, at the Company’s election, shares of common stock on a one-for-one basis. Each Common Unit will receive the same monthly distribution as a share of common stock. During the six months ended June 30, 2014, 5,093,584 Common Units were redeemed on a one-for-one basis for shares of common stock and 15,789 Common Units were redeemed for $0.3 million.  During the six months ended June 30, 2013, 2,186 Common Units were redeemed on a one-for-one basis for shares of common stock.
	As partial consideration for eight buildings acquired on June 19, 2013, the Company granted 555,758 Common Units in the Operating Partnership with a fair value of approximately $11.5 million based on the Company’s NYSE closing stock price on June 19, 2013.  The issuance of the Common Units was effected in reliance upon an exemption from registration provided by Section 4(2) under the Securities Act of 1933, as amended. The Company relied on the exemption based on representations given by the holders of the Common Units.
	LTIP Units
	Pursuant to the 2011 Plan, the Company may grant LTIP units in the Operating Partnership.  LTIP units are valued by reference to the value of the Company’s common stock and are subject to such conditions and restrictions as the compensation committee may determine, including continued employment or service, computation of financial metrics and achievement of pre-established performance goals and objectives. Vested LTIP units can be converted to Common Units in the Operating Partnership on a one-for-one basis once a material equity transaction has occurred that results in the accretion of the member’s capital account to the economic equivalent of the Common Unit.  As of June 30, 2014, all of the outstanding LTIP units have met the aforementioned criteria and holders have the ability to convert the LTIP units to Common Units. All LTIP units, whether vested or not, will receive the same monthly per unit distributions as Common Units, which equal per share dividends on common stock.
	On January 2, 2014, the Company granted a total of 203,691 LTIP units to certain executive officers and 20,733 LTIP units to its non-employee, independent directors pursuant to the 2011 Plan. The fair value of the LTIP units at issuance was approximately $4.3 million, which was determined by a lattice binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 40%, a risk-free interest rate of 0.79%, an expected annual dividend yield of 6.0% and terms of ten years.
	On January 3, 2013, the Company granted a total of 173,044 LTIP units to certain executive officers and 14,525 LTIP units to its non-employee, independent directors pursuant to the 2011 Plan. The fair value of the LTIP units at issuance was approximately $3.3 million, which was determined by a lattice binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 45%, a risk-free interest rate of 1.97%, an expected annual dividend yield of 6.0% and a term of ten years.
	On February 7, 2014, Gregory W. Sullivan, the Company’s former Chief Financial Officer, Executive Vice President and Treasurer, notified the Company of his intention not to renew his contract at its expiration on April 20, 2014 and he tendered his resignation from his position on April 21, 2014.  On April 21, 2014, Mr. Sullivan and the Company executed a Consulting Agreement, which had an effective date of April 29, 2014, pursuant to which Mr. Sullivan will act as a Senior Financial Advisor to the Company for one year.  The Consulting Agreement modified the vesting terms of Mr. Sullivan’s LTIP units previously granted to him as well as the vesting provisions of his share of the Company’s 2011 Outperformance Program (“OPP”) that will be measured on September 19, 2014.  At the time of Mr. Sullivan’s contract expiration, he had 82,804 unvested LTIP units and a 14% allocation of the OPP.  The modification to the terms of Mr. Sullivan’s LTIP units and his share of the previously unrecognized compensation expense associated with the OPP were considered a Type III modification, with non-substantive services.  Accordingly, his unvested LTIP units and his share of the previously unrecognized compensation expense associated with OPP were valued on the effective date of the Consulting Agreement for $2.0 million and $0.2 million, respectively, and these amounts were expensed upon the effective date of the Consulting Agreement and included in general and administrative expenses on the accompanying Consolidated Statements of Operations.  The Company expensed dividends in the amount of $0.1 million previously paid to Mr. Sullivan on the unvested LTIP units and this amount is also included in general and administrative expenses on the accompanying Consolidated Statements of Operations.  Additionally, the Company incurred $0.7 million of general and administrative expenses during the three months ended June 30, 2014 related to his salary, bonus and other benefits that will be received over the term of the Consulting Agreement.
	During the six months ended June 30, 2014, there were no LTIP units redeemed for Common Units. During the six months ended June 30, 2013, there were 1,656 LTIP units redeemed for Common Units.  During the six months ended June 30, 2014 and June 30, 2013, 108,728 and 59,926 LTIP units had vested with fair values at vesting of $2.6 million and $1.2 million, respectively.  The Company recognized $1.2 million and $0.8 million in non-cash compensation expense for the six months ended June 30, 2014 and June 30, 2013, respectively, exclusive of $2.0 million of non-cash compensation during the six months ended June 30, 2014 associated with the accounting for Mr. Sullivan’s Consulting Agreement discussed above. Unrecognized compensation expense was $7.0 million and $5.2 million at June 30, 2014 and December 31, 2013, respectively.

Earnings_Per_Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2014
Earnings Per Share	'
Earnings Per Share	'
	9. Earnings Per Share
	A participating security is defined by GAAP as an unvested stock-based payment award containing non-forfeitable rights to dividends and must be included in the computation of earnings per share pursuant to the two-class method. Unvested restricted stock awards are considered participating securities as these stock-based awards contain non-forfeitable rights to dividends irrespective of whether the awards ultimately vest or expire. During the three and six months ended June 30, 2014 and June 30, 2013, there were 267,659, 273,626, 217,806 and 223,555, respectively, unvested shares of restricted stock on a weighted average basis that were considered participating securities, which were not dilutive. For purposes of calculating basic and diluted earnings per share, awards under the OPP are considered contingently issuable shares. Because the OPP awards require the Company to outperform absolute and relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, the Company excludes the awards from the basic and diluted earnings per share calculation. As of June 30, 2014 and June 30, 2013, the absolute and relative return thresholds were met; however, the OPP awards have been excluded from the diluted earnings per share calculation for the three and six months ended June 30, 2014 and June 30, 2013 as they were anti-dilutive. In no event will the 2011 OPP awards be earned and paid out unless the absolute and relative performance thresholds are met on September 19, 2014.
	The following tables set forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2014 and June 30, 2013, respectively (in thousands, except share data).
		Three months ended
		June 30, 2014
	Numerator
	Net loss from continuing operations	$	(2,666	)
	Less: preferred stock dividends	2,712
	Less: amount allocated to unvested restricted stockholders	83
	Less: loss attributable to noncontrolling interest after preferred stock dividends	(310		)
	Loss from continuing operations attributable to common stockholders	$	(5,151	)
	Denominator
	Weighted average common shares outstanding—basic and diluted	52,865,801
	Loss per share—basic and diluted	$	(0.10	)
		Six months ended
		June 30, 2014
	Numerator
	Net loss from continuing operations	$	(2,695	)
	Add: gain on sale of real estate		50
	Less: preferred stock dividends	5,424
	Less: amount allocated to unvested restricted stockholders	171
	Less: loss attributable to noncontrolling interest after preferred stock dividends	(766		)
	Loss from continuing operations attributable to common stockholders	$	(7,474	)
	Denominator
	Weighted average common shares outstanding—basic and diluted	49,023,985
	Loss per share—basic and diluted	$	(0.15	)
		Three months ended
		June 30, 2013
	Numerator
	Net loss from continuing operations	$	(738	)
	Less: preferred stock dividends	2,519
	Less: amount allocated to unvested restricted stockholders	64
	Less: loss attributable to noncontrolling interest after preferred stock dividends	(430		)
	Loss from continuing operations attributable to common stockholders	$	(2,891	)
	Income attributable to discontinued operations	$	554
	Less: income attributable to noncontrolling interest after preferred stock dividends	73
	Income from discontinued operations attributable to common stockholders	$	481
	Denominator
	Weighted average common shares outstanding—basic and diluted	42,006,954
	Loss from continuing operations attributable to common stockholders	$	(0.07	)
	Income from discontinued operations attributable to common stockholders	$	0.01
	Loss per share—basic and diluted	$	(0.06	)
		Six months ended
		June 30, 2013
	Numerator
	Net loss from continuing operations	$	(1,285	)
	Less: preferred stock dividends	4,071
	Less: amount allocated to unvested restricted stockholders	133
	Less: loss attributable to noncontrolling interest after preferred stock dividends	(714		)
	Loss from continuing operations attributable to common stockholders	$	(4,775	)
	Income attributable to discontinued operations	$	683
	Less: income attributable to noncontrolling interest after preferred stock dividends	91
	Income from discontinued operations attributable to common stockholders	$	592
	Denominator
	Weighted average common shares outstanding—basic and diluted	41,265,070
	Loss from continuing operations attributable to common stockholders	$	(0.11	)
	Income from discontinued operations attributable to common stockholders	$	0.01
	Loss per share—basic and diluted	$	(0.10	)

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies	'
Commitments and Contingencies	'
	10. Commitments and Contingencies
	The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance subject to deductible requirements. Management believes that the ultimate settlement of these actions will not have a material adverse effect on the Company’s financial position, results of operations or cash flows.
	The Company is subject to a one-time incentive fee based on aggregate performance thresholds of the acquired buildings sourced by Columbus Nova Real Estate Acquisition Group, LLC.  At June 30, 2014 and December 31, 2013, the fair value of the incentive fee was zero.

Concentrations_of_Credit_Risk

Concentrations of Credit Risk	6 Months Ended
	Jun. 30, 2014
Concentrations of Credit Risk	'
Concentrations of Credit Risk	'
	11. Concentrations of Credit Risk
	Concentrations of credit risk arise when a number of tenants related to the Company’s investments or rental operations are engaged in similar business activities, are located in the same geographic region, or have similar economic features that would cause their inability to meet contractual obligations, including those to the Company, to be similarly affected. The Company regularly monitors its tenant base to assess potential concentrations of credit risk. Management believes the current credit risk portfolio is reasonably well diversified and does not contain any unusual concentration of credit risk. No single tenant accounted for more than 5% of rental income for the three and six months ended June 30, 2014 and June 30, 2013.

Subsequent_Events

Subsequent Events	6 Months Ended
	Jun. 30, 2014
Subsequent Events	'
Subsequent Events	'
	12.  Subsequent Events
	GAAP requires an entity to disclose events that occur after the balance sheet date but before financial statements are issued or are available to be issued (“subsequent events”) as well as the date through which an entity has evaluated subsequent events. There are two types of subsequent events. The first type consists of events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements (“recognized subsequent events”). No significant recognized subsequent events were noted. The second type consists of events that provide evidence about conditions that did not exist at the date of the balance sheet but arose subsequent to that date (“non-recognized subsequent events”).
	The following non-recognized subsequent events are noted:
	On May 12, 2014, the Company executed an Employment Agreement with Geoffrey G. Jervis to serve as the Company’s Chief Financial Officer, Executive Vice President and Treasurer for a term of three years.  On July 1, 2014, pursuant to the 2011 Plan, the Company awarded an initial LTIP unit grant equal in value to approximately $0.3 million, which equated to 14,850 LTIP units that will vest over five years in equal installments on a quarterly basis beginning on September 30, 2014.  Additionally on July 1, 2014, pursuant to the 2011 Plan, Mr. Jervis was granted LTIP units equal in value to $1.2 million, which equated to 52,106 LTIP units, which will vest at the end of a three-year term, running concurrently with the initial term of the Employment Agreement.  The fair value at issuance of each grant was determined by a lattice binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 40%, a risk-free interest rate of 0.79%, an expected annual dividend yield of 6.0% and terms of ten years.
	On July 1, 2014, the Company issued the Series B Unsecured Senior Notes in the amount of $50.0 million (see Note 5 for further details).

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2014
Summary of Significant Accounting Policies	'
Basis of Presentation	'
	Basis of Presentation
	The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. The equity interests of other limited partners in the Operating Partnership held in the form of common units (“Noncontrolling Common Units” or “Common Units”) are reflected as noncontrolling interest.  All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis, for all periods presented.
Adoption of New Accounting Pronouncements	'
	Adoption of New Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. Revenue from a lease contract with a tenant is not within the scope of this revenue standard. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.  ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations.
	In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which prospectively changed the definition of a discontinued operation to the disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.  The guidance also provides for additional disclosure requirements in connection with both discontinued operations and other dispositions not qualifying as discontinued operations.  While the new guidance is not effective until annual periods beginning December 15, 2014, and interim periods within those years, companies are permitted to early adopt the provision.  The Company has elected to early adopt this standard effective with the interim period beginning January 1, 2014.  Prior to January 1, 2014, properties identified as held for sale and/or disposed of were presented in discontinued operations for all periods presented.
Consolidated Statements of Cash Flows-Supplemental Disclosures	'
	Consolidated Statements of Cash Flows—Supplemental Disclosures
	The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands):
		Six months			Six months
		ended			ended
		June 30,			June 30,
		2014			2013
	Supplemental cash flow information
	Cash paid for interest	$	10,858		$	8,720
	Supplemental schedule of non-cash investing and financing activities
	Non-cash investing activities included in additions of land and building improvements	$	(1,405	)	$	(11,277	)
	Issuance of units for acquisitions of properties	$	—		$	11,499
	Non-cash financing activities included in additions of deferred financing fees	$	(102	)	$	—
	Dividends and distributions declared but not paid	$	6,003		$	17,259
Tenant Accounts Receivable, net	'
	Tenant Accounts Receivable, net
	Tenant accounts receivable, net on the Consolidated Balance Sheets, includes both tenant accounts receivable, net and accrued rental income, net. The Company provides an allowance for doubtful accounts against the portion of tenant accounts receivable that is estimated to be uncollectible. As of June 30, 2014 and December 31, 2013, the Company had an allowance for doubtful accounts of $48 thousand and $19 thousand, respectively.
	The Company accrues rental revenue earned, but not yet receivable, in accordance with GAAP. As of June 30, 2014 and December 31, 2013, the Company had accrued rental revenue of $11.2 million and $9.3 million, respectively. The Company maintains an allowance for estimated losses that may result from those revenues. If a tenant fails to make contractual payments beyond any allowance, the Company may recognize additional bad debt expense in future periods equal to the amount of unpaid rent and accrued rental revenue. As of June 30, 2014 and December 31, 2013, the Company had an allowance on accrued rental revenue of $0 and $0, respectively.
	As of June 30, 2014 and December 31, 2013, the Company had a total of approximately $5.0 million and $4.9 million, respectively, of total lease security deposits available in existing letters of credit, which are not reflected on the Company’s Consolidated Balance Sheets; and $3.0 million and $3.0 million, respectively, of lease security deposits available in cash.
Deferred Costs	'
	Deferred Costs
	Deferred financing fees include costs incurred in obtaining debt that are capitalized. The deferred financing fees are amortized to interest expense over the life of the respective loans on a basis which approximates the effective interest method.  Any unamortized amounts upon early repayment of debt are written off in the period of repayment. During the three and six months ended June 30, 2014 and June 30, 2013, amortization of deferred financing fees included in interest expense was $0.4 million, $0.7 million, $0.3 million and $0.6 million, respectively. Fully amortized deferred charges are removed upon maturity of the underlying debt.
Revenue Recognition	'
	Revenue Recognition
	By the terms of their leases, certain tenants are obligated to pay directly the costs of their buildings’ insurance, real estate taxes, ground lease payments, and certain other expenses and these costs are not reflected on the Company’s Consolidated Financial Statements. To the extent any tenant responsible for these costs under its lease defaults on its lease or it is deemed probable that the tenant will fail to pay for such costs, the Company will record a liability for such obligations.   The Company estimates that real estate taxes, which are the responsibility of these certain tenants, were approximately $2.5 million, $5.0 million, $2.3 and $4.6 million for the three and six months ended June 30, 2014 and June 30, 2013, respectively. This would have been the maximum liability of the Company had the tenants not met its contractual obligations. The Company does not recognize recovery revenue related to leases where the tenant has assumed the cost for real estate taxes, insurance, ground lease payments and certain other expenses.
Income Taxes	'
	Income Taxes
	The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 2011 and intends to continue to qualify as a REIT. As a REIT, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. The Company is generally not subject to corporate level income tax on the earnings distributed currently to its stockholders that it derives from its REIT qualifying activities. If the Company fails to qualify as a REIT in any taxable year, and is unable to avail itself of certain savings provisions set forth in the Code, all of the Company’s taxable income would be subject to federal income tax at regular corporate rates, including any applicable alternative minimum tax.
	The Company will not be required to make distributions with respect to income derived from the activities conducted through subsidiaries that the Company elects to treat as taxable REIT subsidiaries (“TRS”) for federal income tax purposes. Certain activities that the Company undertakes must be conducted by a TRS, such as performing non-customary services for its tenants and holding assets that it cannot hold directly. A TRS is subject to federal and state income taxes.  The Company’s TRS did not have any activity during the three and six months ended June 30, 2014 and June 30, 2013.
	The Company and certain of its subsidiaries are subject to certain state and local income, excise and franchise taxes. Taxes in the amount of $0.1 million, $0.3 million, $0.1 million and $0.2 million have been recorded in other expenses in the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2014 and June 30, 2013, respectively.
	The Company currently has no liabilities for uncertain tax positions.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2014
Summary of Significant Accounting Policies	'
Schedule of supplemental disclosures related to the Consolidated Statements of Cash Flows	'
	The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands):
		Six months			Six months
		ended			ended
		June 30,			June 30,
		2014			2013
	Supplemental cash flow information
	Cash paid for interest	$	10,858		$	8,720
	Supplemental schedule of non-cash investing and financing activities
	Non-cash investing activities included in additions of land and building improvements	$	(1,405	)	$	(11,277	)
	Issuance of units for acquisitions of properties	$	—		$	11,499
	Non-cash financing activities included in additions of deferred financing fees	$	(102	)	$	—
	Dividends and distributions declared but not paid	$	6,003		$	17,259

Real_Estate_Tables

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2014
Real Estate	'
Summary of acquisitions of the Company	'
	Six Months Ended June 30, 2014
	Property Location	Date Acquired		Square Feet		Buildings
	Allentown, PA	2/27/14		289,900		1
	Nashua, NH	2/28/14		337,391		1
	Strongsville, OH	3/14/14		161,984		1
	Columbus, OH	3/26/14		186,000		1
	Savannah, GA	4/15/14		504,200		1
	Garland, TX	4/17/14		253,900		1
	West Chester, OH	4/29/14		245,000		1
	Calhoun, GA	5/14/14		151,200		1
	Hebron, KY	5/15/14		109,000		1
	Houston, TX	5/29/14		151,260		1
	East Troy, WI	6/24/14		149,624		1
	Jefferson City, TN	6/30/14		486,109		1
	New Berlin, WI	6/30/14		80,665		1
	Total			3,106,233		13
	Year Ended December 31, 2013
	Property Location	Date		Square		Buildings
		Acquired		Feet
	Orangeburg, SC	2/7/13		319,000		1
	Golden, CO	2/27/13		227,500		1
	Columbia, SC	2/28/13		273,280		1
	DeKalb, IL	3/15/13		146,740		1
	Ocala, FL	3/26/13		619,466		1
	Londonderry, NH	3/28/13		125,060		1
	Marion, IA	3/28/13		95,500		1
	Mishawaka, IN	4/5/13		308,884		1
	Southfield, MI(1)	4/9/13		113,000		1
	Houston, TX	4/9/13		201,574		1
	Idaho Falls, ID	4/11/13		90,300		1
	Mt. Prospect, IL	5/14/13		87,380		1
	Williamsport, PA	5/31/13		250,000		1
	Belvidere, IL(2)	6/19/13		1,006,960		8
	Kentwood, MI	6/26/13		85,157		1
	Marshall, MI	6/26/13		57,025		1
	Nashville, TN	7/18/13		150,000		1
	Catoosa, OK	7/31/13		100,100		1
	New Berlin, WI	8/16/13		205,063		1
	Hampstead, MD	8/21/13		1,035,249		1
	New Hope, MN	9/20/13		107,348		1
	Springfield, OH	9/26/13		350,500		1
	Orlando, FL	10/8/13		215,900		1
	North Jackson, OH	11/6/13		209,835		1
	Mebane, NC	11/14/13		383,500		1
	Shannon, GA	11/26/13		568,516		1
	Lansing, MI	12/11/13		160,000		1
	Harvard, IL	12/17/13		126,304		1
	Sauk Village, IL	12/17/13		375,785		1
	South Holland, IL	12/17/13		202,902		1
	Mascot, TN	12/19/13		130,560		1
	Janesville, WI	12/27/13		700,000		1
	Total			9,028,388		39
	(1)     The Company owns a 5.4 acre vacant land parcel adjacent to this building.
	(2)     The Company owns a 2.0 acre vacant land parcel adjacent to one of these buildings.  Title to the land was conveyed to its own legal entity within the Company for nominal consideration during the three months ended June 30, 2014.
Summary of allocation of the consideration paid for the acquired assets and liabilities in connection with the acquisition of buildings at the date of acquisition	'
	The following table (in thousands) summarizes the allocation of the consideration paid during the six months ended June 30, 2014 and the year ended December 31, 2013, respectively, for the acquired assets and liabilities in connection with the acquisitions of buildings at the date of acquisition identified in the tables above:
		Six months			Weighted Average		Year Ended			Weighted Average
		Ended June 30,			Amortization		December 31,			Amortization
		2014			Period (years)		2013			Period (years)
					Lease Intangibles					Lease Intangibles
	Land	$	11,591		N/A		$	31,310		N/A
	Buildings	73,071			N/A		223,420			N/A
	Tenant improvements	2,485			N/A		2,526			N/A
	Building and land improvements	5,255			N/A		9,133			N/A
	Above market leases	2,837			4.9		8,219			5.8
	Below market leases	(1,868		)	4.7		(2,538		)	7.2
	In-place leases	16,797			4.8		50,005			5.8
	Tenant relationships	7,706			7.7		21,257			8.2
	Net assets acquired	$	117,874				$	343,332
Schedule of pro forma information presented as if, the acquisitions of the buildings had occurred at the beginning of the previous fiscal period	'
	Pro Forma	Six months ended
		June 30, 2014
		(in thousands, except share data) (1)
	Total revenue	$	85,385
	Net loss (2)	$	(284	)
	Net loss attributable to common stockholders	$	(5,337	)
	Weighted average shares outstanding	49,023,985
	Loss per share attributable to common stockholders	$	(0.11	)
	Pro Forma	Six months ended
		June 30, 2013
		(in thousands, except share data) (3)
	Total revenue	$	74,138
	Net income (2)	$	1,027
	Net loss attributable to common stockholders	$	(2,771	)
	Weighted average shares outstanding	41,265,070
	Loss per share attributable to common stockholders	$	(0.07	)
	(1)     The pro forma information for the six months ended June 30, 2014 is presented as if the acquisition of the buildings acquired during the six months ended June 30, 2014 had occurred at January 1, 2013, the beginning of the reporting period prior to acquisition.
	(2)     The net loss for the six months ended June 30, 2014 excludes $1.2 million of property acquisition costs related to the acquisition of buildings that closed during the six months ended June 30, 2014, and the net income for the six months ended June 30, 2013 was adjusted to include these acquisition costs.  Net income for the six months ended June 30, 2013 excludes $1.7 million of property acquisition costs related to the acquisition of buildings that closed during the six months ended June 30, 2013.
	(3)     The pro forma information for the six months ended June 30, 2013 is presented as if the acquisition of the buildings acquired during the six months ended June 30, 2014 and the buildings acquired during the six months ended June 30, 2013 had occurred at January 1, 2013 and January 1, 2012, respectively, the beginning of the reporting period prior to acquisition.

Deferred_Leasing_Intangibles_T

Deferred Leasing Intangibles (Tables)	6 Months Ended
	Jun. 30, 2014
Deferred Leasing Intangibles	'
Schedule of deferred leasing intangibles included in total assets	'
	Deferred leasing intangibles included in total assets consisted of the following (in thousands):
		June 30,			December 31,
		2014			2013
	In-place leases	$	155,239		$	142,518
	Less: Accumulated amortization	(63,443		)	(49,756		)
	In-place leases, net	91,796			92,762
	Above market leases	59,882			57,283
	Less: Accumulated amortization	(21,210		)	(17,232		)
	Above market leases, net	38,672			40,051
	Tenant relationships	84,585			77,260
	Less: Accumulated amortization	(24,400		)	(18,693		)
	Tenant relationships, net	60,185			58,567
	Leasing commissions	35,940			33,107
	Less: Accumulated amortization	(12,007		)	(9,520		)
	Leasing commissions, net	23,933			23,587
	Total deferred leasing intangibles, net	$	214,586		$	214,967
Schedule of deferred leasing intangibles included in total liabilities	'
	Deferred leasing intangibles included in total liabilities consisted of the following (in thousands):
		June 30,			December 31,
		2014			2013
	Below market leases	$	12,959		$	11,434
	Less: Accumulated amortization	(5,373		)	(4,520		)
	Total deferred leasing intangibles, net	$	7,586		$	6,914
Schedule of amortization related to deferred leasing intangibles over the next five years	'
	Amortization related to deferred leasing intangibles over the next five years is as follows (in thousands):
		Estimated Net Amortization			Net Decrease to Rental
		of In-Place Leases,			Income Related to Above and
		Leasing Commissions and			Below Market Leases
		Tenant Relationships
	Remainder of 2014	$	22,906		$	3,075
	2015	37,656			6,427
	2016	30,939			5,824
	2017	24,783			4,462
	2018	18,364			3,103

Debt_Tables

Debt (Tables)	6 Months Ended
	Jun. 30, 2014
Debt	'
Summary of the mortgage notes payable, unsecured term loans and credit facility	'
	The following table sets forth a summary of the Company’s outstanding indebtedness, including mortgage notes payable and borrowings under the Company’s Unsecured Term Loans and Unsecured Credit Facility as of June 30, 2014 and December 31, 2013 (dollars in thousands):
	Loan	Interest Rate (1)		Principal			Principal			Current
				outstanding as			outstanding as			Maturity
				of			of
				June 30,			December 31,
				2014			2013
	Mortgage notes payable:
	Sun Life(2)	6.05%		$	3,682		$	3,817		Jun-1-2016
	Webster Bank(3)	4.22%		5,755			5,834			Aug-4-2016
	Union Fidelity(4)	5.81%		6,371			6,551			Apr-30-2017
	Webster Bank(5)	3.66%		3,078			3,121			May-29-2017
	Webster Bank(6)	3.64%		3,315			3,360			May-31-2017
	CIGNA-1 Facility(7)	6.50%		58,468			58,874			Feb-1-2018
	CIGNA-2 Facility(8)	5.75%		59,534			59,990			Feb-1-2018
	CIGNA-3 Facility(9)	5.88%		16,765			16,879			Oct-1-2019
	Wells Fargo CMBS Loan(10)	4.31%		66,363			67,165			Dec-1-2022
	Total mortgage notes payable			$	223,331		$	225,591
	Unsecured credit facility:
	Bank of America Unsecured Credit Facility(11)	LIBOR + 1.45%		35,500			80,500			Sept-10-2016
	Total unsecured credit facility			$	35,500		$	80,500
	Unsecured term loans:
	Bank of America Unsecured Term Loan(12)	LIBOR + 1.40%		150,000			150,000			Sept-10-2017
	Wells Fargo Unsecured Term Loan A(13)	LIBOR + 2.15%		150,000			100,000			Feb-14-2020
	Wells Fargo Unsecured Term Loan B(14)	LIBOR + 1.70%		—			—			Mar-21-2021
	Total unsecured term loans			$	300,000		$	250,000
	(1)     Current interest rate as of June 30, 2014.  At June 30, 2014 and December 31, 2013, the one-month LIBOR rate was 0.1552% and 0.1677%, respectively.
	(2)     This loan with Sun Life Assurance Company of Canada (U.S.) (“Sun Life”) was assumed on October 14, 2011 in connection with the acquisition of a building located in Gahanna, OH. The property is collateral for this loan. The principal outstanding includes an unamortized fair market value premium of $0.1 million and $0.2 million as of June 30, 2014 and December 31, 2013, respectively.
	(3)     This loan with Webster Bank, National Association (“Webster Bank”) was entered into on August 4, 2011 in connection with the acquisition of a building located in Norton, MA.  The property is collateral for this loan.
	(4)     This loan with Union Fidelity Life Insurance Co. (“Union Fidelity”) was assumed on July 28, 2011 in connection with the acquisition of a building in St. Louis, MO.  The property is collateral for this loan. The principal outstanding includes an unamortized fair market value premium of $0.1 million and $0.1 million as of June 30, 2014 and December 31, 2013, respectively.
	(5)     This loan with Webster Bank was entered into on May 29, 2012 in connection with the acquisition of a building located in Portland, ME.  The property is collateral for this loan.
	(6)     This loan with Webster Bank was entered into on May 31, 2012 in connection with the acquisition of a building located in East Windsor, CT.  The property is collateral for this loan.
	(7)     This Connecticut General Life Insurance Company (“CIGNA”) credit facility was entered into in July 2010 (the “CIGNA-1 Facility”). This loan has various buildings serving as collateral and has no remaining borrowing capacity as of June 30, 2014.
	(8)     This CIGNA credit facility was entered into in October 2010 (the “CIGNA-2 Facility”). This loan has various buildings serving as collateral and has no remaining borrowing capacity as of June 30, 2014.
	(9)     This CIGNA credit facility was entered into in July 2011 (“CIGNA-3 Facility”). This loan has various buildings serving as collateral and has no remaining borrowing capacity as of June 30, 2014.
	(10) This Wells Fargo Bank, National Association (“Wells Fargo”) loan (“CMBS Loan”) was entered into on November 8, 2012 and is a non-recourse loan with 28 buildings serving as collateral.
	(11) The spread over LIBOR for this Bank of America, N.A. (“Bank of America”) unsecured revolving credit facility (“Unsecured Credit Facility”) is based on the Company’s consolidated leverage. The spread was 1.45% as of June 30, 2014 and December 31, 2013.  The Company paid unused fees of $0.1 million, $0.2 million, $0.2 million and $0.3 million for the three and six months ended June 30, 2014 and June 30, 2013, respectively.  The borrowing capacity as of June 30, 2014 was $164.3 million, assuming current leverage levels.
	(12) This Bank of America unsecured term loan (“Bank of America Unsecured Term Loan”) was entered into on September 10, 2012. The spread over LIBOR is based on the Company’s consolidated leverage ratio. The spread was 1.40% as of June 30, 2014 and December 31, 2013. The Company swapped the one-month LIBOR for a fixed rate for $100.0 million of the $150.0 million outstanding on the Bank of America Unsecured Term Loan. The net settlements of the swaps commenced on the effective date of the swaps, October 10, 2012 (see Note 6 for further details).  There was no remaining borrowing capacity as of June 30, 2014.
	(13) This Wells Fargo unsecured term loan (“Wells Fargo Unsecured Term Loan A”) was entered into on February 14, 2013. The spread over LIBOR is based on the Company’s consolidated leverage. The spread was 2.15% as of June 30, 2014 and December 31, 2013.  As of June 30, 2014, the Company swapped the one-month LIBOR for a fixed rate for $125.0 million of the $150.0 million outstanding on the Wells Fargo Unsecured Term Loan A (see Note 6 for further details).  There was no remaining borrowing capacity as of June 30, 2014 as the Company drew upon the remaining $50.0 million on January 30, 2014.  During the three and six months ended June 30, 2014 and the period February 14, 2013 to June 30, 2013, the Company incurred an unused commitment fee of $14 thousand, $14 thousand and $0.2 million, respectively.
	(14) This Wells Fargo unsecured term loan (“Wells Fargo Unsecured Term Loan B”) was entered into on March 21, 2014. The spread over LIBOR is based on the Company’s consolidated leverage. The spread was 1.70% as of June 30, 2014. The remaining capacity as of June 30, 2014 was $150.0 million.
Schedule of aggregate carrying value of the debt and the corresponding estimate of fair value	'
	The following table presents the aggregate carrying value of the Company’s debt and the corresponding estimate of fair value as of June 30, 2014 and December 31, 2013 (in thousands):
		June 30, 2014						December 31, 2013
		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
	Mortgage notes payable	$	223,331		$	228,845		$	225,591		$	228,996
	Unsecured Credit Facility	$	35,500		$	35,500		$	80,500		$	80,500
	Bank of America Unsecured Term Loan	$	150,000		$	149,186		$	150,000		$	148,781
	Wells Fargo Unsecured Term Loan A	$	150,000		$	150,050		$	100,000		$	97,302

Use_of_Derivative_Financial_In1

Use of Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2014
Use of Derivative Financial Instruments	'
Schedule of swaps designated as cash flow hedges of interest rate risk collectively referred to as Unsecured Term Loan Swaps	'
	The following table details the Company’s outstanding interest rate swaps as of June 30, 2014 (collectively, the “Unsecured Term Loan Swaps”) (in thousands):
	Interest Rate	Trade Date		Notional			Fixed Interest		Variable Interest		Maturity Date
	Derivative Counterparty			Amount			Rate		Rate
	PNC Bank, National Association	Sept-14-2012		$	10,000	-1	0.7945	%	One-month LIBOR		September 10, 2017
	Bank of America	Sept-14-2012		$	10,000	-1	0.7945	%	One-month LIBOR		September 10, 2017
	UBS AG	Sept-14-2012		$	10,000	-1	0.7945	%	One-month LIBOR		September 10, 2017
	Royal Bank of Canada	Sept-14-2012		$	10,000	-1	0.7945	%	One-month LIBOR		September 10, 2017
	RJ Capital Services, Inc.	Sept-14-2012		$	10,000	-1	0.7975	%	One-month LIBOR		September 10, 2017
	Bank of America	Sept-20-2012		$	25,000	-1	0.7525	%	One-month LIBOR		September 10, 2017
	RJ Capital Services, Inc.	Sept-24-2012		$	25,000	-1	0.727	%	One-month LIBOR		September 10, 2017
	Regions Bank	March-1-2013		$	25,000	-2	1.33	%	One-month LIBOR		February 14, 2020
	Capital One, N.A.	June-13-2013		$	25,000	-2	1.703	%	One-month LIBOR		February 14, 2020
	Capital One, N.A.	June-13-2013		$	50,000	-2	1.681	%	One-month LIBOR		February 14, 2020
	Regions Bank	Sept-30-2013		$	25,000	-2	1.9925	%	One-month LIBOR		February 14, 2020
	(1)     Fixes the interest rate of the Bank of America Unsecured Term Loan
	(2)     Fixes the interest rate of the Wells Fargo Unsecured Term Loan A
Summary of the fair value of interest rate swaps outstanding	'
	The fair value of the interest rate swaps outstanding as of June 30, 2014 and December 31, 2013 was as follows (in thousands):
		Balance Sheet		Notional			Fair Value			Notional Amount			Fair Value
		Location		Amount			June 30,			December 31,			December 31,
				June 30,			2014			2013			2013
				2014
	Unsecured Term Loan Swaps	Interest Rate Swaps-Asset		$	175,000		$	1,077		$	225,000		$	3,924
	Unsecured Term Loan Swaps	Interest Rate Swaps-Liability		$	50,000		$	(412	)	$	—		$	—
Schedule of location in the financial statements of the gain (loss) recognized on interest rate swaps designated as cash flow hedges	'
	The table below details the location in the financial statements of the gain or loss recognized on interest rate swaps designated as cash flow hedges for the three and six months ended June 30, 2014 and June 30, 2013, respectively (in thousands):
		Three months ended June 30,						Six months ended June 30,
		2014			2013			2014			2013
	Amount of income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion)	$	(2,815	)	$	3,440		$	(4,482	)	$	3,286
	Amount of loss reclassified from accumulated other comprehensive income (loss) into income (loss) as interest expense (effective portion)	$	638		$	215		$	1,222		$	380
	Amount of loss recognized in income on swaps (ineffective portion and amount excluded from effectiveness testing)	$	—		$	—		$	—		$	—
Schedule of interest rate swaps that are accounted for at fair value 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 June 30, 2014 and December 31, 2013 (in thousands):
					Fair Value Measurements as of
					June 30, 2014 Using:
		June 30,			Quoted Prices			Significant			Unobservable
		2014			In Active			Other			Inputs
					Markets for			Observable			(Level 3)
					Identical Assets			Inputs
					(Level 1)			(Level 2)
	Assets (liabilities):
	Interest Rate Swaps	$	1,077		$	—		$	1,077		$	—
	Interest Rate Swaps	$	(412	)	$	—		$	(412	)	$	—
					Fair Value Measurements as of
					December 31, 2013 Using:
		December 31,			Quoted Prices			Significant			Unobservable
		2013			In Active			Other			Inputs
					Markets for			Observable			(Level 3)
					Identical Assets			Inputs
					(Level 1)			(Level 2)
	Assets:
	Interest Rate Swaps	$	3,924		$	—		$	3,924		$	—

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2014
Stockholders' Equity	'
Schedule of grants of common stock for the members' service	'
	Service During Quarter Ended 2014	Grant Date	Shares		Fair Value
	June 30	July 15, 2014	3,473		$	83,000
	March 31	April 15, 2014	3,471		83,000
	Total 2014		6,944		$	166,000
	Service During Quarter Ended 2013	Grant Date	Shares		Fair Value
	December 31	January 15, 2014	2,554		$	52,000
	September 30	October 15, 2013	2,607		53,000
	June 30	July 15, 2013	2,602		53,000
	March 31	April 15, 2013	2,418		52,000
	Total 2013		10,181		$	210,000
Series A Preferred Stock	'
Stockholders' Equity	'
Schedule of dividends	'
	Amount Declared During Quarter Ended 2014	Declaration Date	Per Share			Date Paid
	June 30	May 5, 2014	$	0.5625		June 30, 2014
	March 31	February 21, 2014	0.5625			March 31, 2014
	Total 2014		$	1.125
	Amount Declared During Quarter Ended 2013	Declaration Date	Per Share			Date Paid
	December 31	November 1, 2013	$	0.5625		December 31, 2013
	September 30	August 2, 2013	0.5625			September 30, 2013
	June 30	May 6, 2013	0.5625			July 1, 2013
	March 31	March 1, 2013	0.5625			April 1, 2013
	Total 2013		$	2.25
Series B Preferred Stock	'
Stockholders' Equity	'
Schedule of dividends	'
	Amount Declared During Quarter Ended 2014	Declaration Date	Per Share			Date Paid
	June 30	May 5, 2014	$	0.4140625		June 30, 2014
	March 31	February 21, 2014	0.4140625			March 31, 2014
	Total 2014		$	0.828125
	Amount Declared During Quarter Ended 2013	Declaration Date	Per Share			Date Paid
	December 31	November 1, 2013	$	0.4140625		December 31, 2013
	September 30	August 2, 2013	0.4140625			September 30, 2013
	June 30 (prorated for April 16, 2013 to June 30, 2013)	May 6, 2013	0.34505			July 1, 2013
	Total 2013		$	1.173175
Common Shares	'
Stockholders' Equity	'
Schedule of dividends	'
	Amount Declared During 2014	Declaration Date	Per Share			Date Paid
	Month ended June 30	February 21, 2014	$	0.105		July 15, 2014
	Month ended May 31	February 21, 2014	0.105			June 16, 2014
	Month ended April 30	February 21, 2014	0.105			May 15, 2014
	Month ended March 31	December 18, 2013	0.105			April 15, 2014
	Month ended February 28	December 18, 2013	0.105			March 17, 2014
	Month ended January 31	December 18, 2013	0.105			February 17, 2014
	Total 2014		$	0.63
	Amount Declared During 2013	Declaration Date	Per Share			Date Paid
	Month ended December 31	September 24, 2013	$	0.1		January 15, 2014
	Month ended November 30	September 24, 2013	0.1			December 16, 2013
	Month ended October 31	September 24, 2013	0.1			November 15, 2013
	Quarter ended September 30	August 2, 2013	0.3			October 15, 2013
	Quarter ended June 30	May 6, 2013	0.3			July 15, 2013
	Quarter ended March 31	March 1, 2013	0.3			April 15, 2013
	Total 2013		$	1.2

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2014
Earnings Per Share	'
Schedule of computation of basic and diluted earnings per common share	'
	The following tables set forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2014 and June 30, 2013, respectively (in thousands, except share data).
		Three months ended
		June 30, 2014
	Numerator
	Net loss from continuing operations	$	(2,666	)
	Less: preferred stock dividends	2,712
	Less: amount allocated to unvested restricted stockholders	83
	Less: loss attributable to noncontrolling interest after preferred stock dividends	(310		)
	Loss from continuing operations attributable to common stockholders	$	(5,151	)
	Denominator
	Weighted average common shares outstanding—basic and diluted	52,865,801
	Loss per share—basic and diluted	$	(0.10	)
		Six months ended
		June 30, 2014
	Numerator
	Net loss from continuing operations	$	(2,695	)
	Add: gain on sale of real estate		50
	Less: preferred stock dividends	5,424
	Less: amount allocated to unvested restricted stockholders	171
	Less: loss attributable to noncontrolling interest after preferred stock dividends	(766		)
	Loss from continuing operations attributable to common stockholders	$	(7,474	)
	Denominator
	Weighted average common shares outstanding—basic and diluted	49,023,985
	Loss per share—basic and diluted	$	(0.15	)
		Three months ended
		June 30, 2013
	Numerator
	Net loss from continuing operations	$	(738	)
	Less: preferred stock dividends	2,519
	Less: amount allocated to unvested restricted stockholders	64
	Less: loss attributable to noncontrolling interest after preferred stock dividends	(430		)
	Loss from continuing operations attributable to common stockholders	$	(2,891	)
	Income attributable to discontinued operations	$	554
	Less: income attributable to noncontrolling interest after preferred stock dividends	73
	Income from discontinued operations attributable to common stockholders	$	481
	Denominator
	Weighted average common shares outstanding—basic and diluted	42,006,954
	Loss from continuing operations attributable to common stockholders	$	(0.07	)
	Income from discontinued operations attributable to common stockholders	$	0.01
	Loss per share—basic and diluted	$	(0.06	)
		Six months ended
		June 30, 2013
	Numerator
	Net loss from continuing operations	$	(1,285	)
	Less: preferred stock dividends	4,071
	Less: amount allocated to unvested restricted stockholders	133
	Less: loss attributable to noncontrolling interest after preferred stock dividends	(714		)
	Loss from continuing operations attributable to common stockholders	$	(4,775	)
	Income attributable to discontinued operations	$	683
	Less: income attributable to noncontrolling interest after preferred stock dividends	91
	Income from discontinued operations attributable to common stockholders	$	592
	Denominator
	Weighted average common shares outstanding—basic and diluted	41,265,070
	Loss from continuing operations attributable to common stockholders	$	(0.11	)
	Income from discontinued operations attributable to common stockholders	$	0.01
	Loss per share—basic and diluted	$	(0.10	)

Organization_and_Description_o1

Organization and Description of Business (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Organization and Description of Business	'	'
Number of buildings owned	221	'
Number of states in which the entity owned buildings	34	'
Area of building (in square feet)	41,200,000	'
Number of warehouse/distribution buildings	153	'
Number of light manufacturing buildings	48	'
Number of flex/office buildings	20	'
Number of vacant land parcels owned	2	'
Percentage of buildings leased to tenants	94.50%	'
Number of tenants to whom buildings are given on lease	202	'
STAG Industrial Operating Partnership, L.P.	'	'
Organization and Description of Business	'	'
Ownership interest in Operating Partnership (as a percent)	96.48%	86.65%

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Supplemental cash flow information	'	'	'
Cash paid for interest	$10,858	$8,720	'
Supplemental schedule of non-cash investing and financing activities	'	'	'
Non-cash investing activities included in additions of land and building improvements	-1,405	-11,277	'
Issuance of units for acquisitions of properties	'	11,499	'
Non-cash financing activities included in additions of deferred financing fees	-102	'	'
Dividends and distributions declared but not paid	$6,003	$17,259	$5,166

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Details 2) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Tenant Accounts Receivable, net	'	'	'	'	'
Allowance for doubtful accounts	$48,000	'	$48,000	'	$19,000
Accrued rental revenue	11,200,000	'	11,200,000	'	9,300,000
Allowance on accrued rental revenue	0	'	0	'	0
Lease security deposits available in existing letters of credit	5,000,000	'	5,000,000	'	4,900,000
Lease security deposits available in cash	3,000,000	'	3,000,000	'	3,000,000
Deferred Costs	'	'	'	'	'
Amortization of deferred financing fees	400,000	300,000	700,000	600,000	'
Revenue Recognition	'	'	'	'	'
Estimated amount of real estate taxes, which are the responsibility of tenants	$2,500,000	$2,300,000	$5,000,000	$4,600,000	'

Summary_of_Significant_Account5

Summary of Significant Accounting Policies (Details 3) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Taxes	'	'	'	'
Required minimum percentage distribution of ordinary taxable income to stockholders to qualify as a REIT (as a percent)	'	'	90.00%	'
State and local income, excise and franchise taxes	$0.10	$0.10	$0.30	$0.20
Liabilities for uncertain tax positions	$0	'	$0	'

Real_Estate_Details

Real Estate (Details) (USD $)	0 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 19, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Jun. 19, 2013
	property	sqft		property		property
				sqft		sqft
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	3,106,233	'	3,106,233	'	9,028,388	'
Number of buildings acquired	'	'	'	13	'	39	'
Allocation of the consideration paid for the acquired assets and liabilities	'	'	'	'	'	'	'
Land	'	$11,591,000	'	$11,591,000	'	$31,310,000	'
Buildings	'	73,071,000	'	73,071,000	'	223,420,000	'
Tenant improvements	'	2,485,000	'	2,485,000	'	2,526,000	'
Building and land Improvements	'	5,255,000	'	5,255,000	'	9,133,000	'
Net assets acquired	'	117,874,000	'	117,874,000	'	343,332,000	'
Number of buildings purchased through issuance of common stock	8	'	'	'	'	'	'
Number of common units issued as a consideration for purchase of building	555,758	'	'	'	'	'	'
Fair value of common units issued	'	'	'	'	'	'	11,500,000
Purchase price paid in cash	40,100,000	'	'	'	'	'	'
Property acquisition costs	'	688,000	1,269,000	1,247,000	1,845,000	'	'
Pro forma information	'	'	'	'	'	'	'
Total revenue	'	'	'	85,385,000	74,138,000	'	'
Net (loss) income	'	'	'	-284,000	1,027,000	'	'
Net loss attributable to common stockholders	'	'	'	-5,337,000	-2,771,000	'	'
Weighted average shares outstanding	'	'	'	49,023,985	41,265,070	'	'
Loss per share attributable to common stockholders (in dollars per share)	'	'	'	($0.11)	($0.07)	'	'
Above market leases	'	'	'	'	'	'	'
Allocation of the consideration paid for the acquired assets and liabilities	'	'	'	'	'	'	'
Amortizable intangible assets	'	2,837,000	'	2,837,000	'	8,219,000	'
Weighted Average Amortization Period of Lease Intangibles	'	'	'	'4 years 10 months 24 days	'	'5 years 9 months 18 days	'
Below market leases	'	'	'	'	'	'	'
Allocation of the consideration paid for the acquired assets and liabilities	'	'	'	'	'	'	'
Amortizable intangible assets	'	-1,868,000	'	-1,868,000	'	-2,538,000	'
Weighted Average Amortization Period of Lease Intangibles	'	'	'	'4 years 8 months 12 days	'	'7 years 2 months 12 days	'
In-place leases	'	'	'	'	'	'	'
Allocation of the consideration paid for the acquired assets and liabilities	'	'	'	'	'	'	'
Amortizable intangible assets	'	16,797,000	'	16,797,000	'	50,005,000	'
Weighted Average Amortization Period of Lease Intangibles	'	'	'	'4 years 9 months 18 days	'	'5 years 9 months 18 days	'
Tenant relationships	'	'	'	'	'	'	'
Allocation of the consideration paid for the acquired assets and liabilities	'	'	'	'	'	'	'
Amortizable intangible assets	'	7,706,000	'	7,706,000	'	21,257,000	'
Weighted Average Amortization Period of Lease Intangibles	'	'	'	'7 years 8 months 12 days	'	'8 years 2 months 12 days	'
Allentown, PA	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	289,900	'	289,900	'	'	'
Number of buildings acquired	'	'	'	1	'	'	'
Nashua, NH	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	337,391	'	337,391	'	'	'
Number of buildings acquired	'	'	'	1	'	'	'
Strongsville, OH	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	161,984	'	161,984	'	'	'
Number of buildings acquired	'	'	'	1	'	'	'
Columbus, OH	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	186,000	'	186,000	'	'	'
Number of buildings acquired	'	'	'	1	'	'	'
Savannah, GA	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	504,200	'	504,200	'	'	'
Number of buildings acquired	'	'	'	1	'	'	'
Garland, TX	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	253,900	'	253,900	'	'	'
Number of buildings acquired	'	'	'	1	'	'	'
West Chester, OH	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	245,000	'	245,000	'	'	'
Number of buildings acquired	'	'	'	1	'	'	'
Calhoun, GA	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	151,200	'	151,200	'	'	'
Number of buildings acquired	'	'	'	1	'	'	'
Hebron, KY	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	109,000	'	109,000	'	'	'
Number of buildings acquired	'	'	'	1	'	'	'
East Troy, WI	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	149,624	'	149,624	'	'	'
Number of buildings acquired	'	'	'	1	'	'	'
Jefferson City, TN	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	486,109	'	486,109	'	'	'
Number of buildings acquired	'	'	'	1	'	'	'
Orangeburg, SC	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	319,000	'
Number of buildings acquired	'	'	'	'	'	1	'
Golden, CO	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	227,500	'
Number of buildings acquired	'	'	'	'	'	1	'
Columbia, SC	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	273,280	'
Number of buildings acquired	'	'	'	'	'	1	'
DeKalb, IL	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	146,740	'
Number of buildings acquired	'	'	'	'	'	1	'
Ocala, FL	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	619,466	'
Number of buildings acquired	'	'	'	'	'	1	'
Londonderry, NH	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	125,060	'
Number of buildings acquired	'	'	'	'	'	1	'
Marion, IA	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	95,500	'
Number of buildings acquired	'	'	'	'	'	1	'
Mishawaka, IN	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	308,884	'
Number of buildings acquired	'	'	'	'	'	1	'
Southfield, MI	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	113,000	'
Number of buildings acquired	'	'	'	'	'	1	'
Area of land owned adjacent to building	'	'	'	'	'	5.4	'
Houston, TX	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	201,574	'
Number of buildings acquired	'	'	'	'	'	1	'
Houston, TX 3	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	151,260	'	151,260	'	'	'
Number of buildings acquired	'	'	'	1	'	'	'
Idaho Falls, ID	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	90,300	'
Number of buildings acquired	'	'	'	'	'	1	'
Mt. Prospect, IL	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	87,380	'
Number of buildings acquired	'	'	'	'	'	1	'
Williamsport, PA	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	250,000	'
Number of buildings acquired	'	'	'	'	'	1	'
Belvidere, IL	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	1,006,960	'
Number of buildings acquired	'	'	'	'	'	8	'
Area of land owned adjacent to building	'	'	'	'	'	2	'
Kentwood, MI	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	85,157	'
Number of buildings acquired	'	'	'	'	'	1	'
Marshall, MI	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	57,025	'
Number of buildings acquired	'	'	'	'	'	1	'
Nashville, TN	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	150,000	'
Number of buildings acquired	'	'	'	'	'	1	'
Catoosa, OK	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	100,100	'
Number of buildings acquired	'	'	'	'	'	1	'
New Berlin, WI	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	205,063	'
Number of buildings acquired	'	'	'	'	'	1	'
New Berlin, WI 2	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	80,665	'	80,665	'	'	'
Number of buildings acquired	'	'	'	1	'	'	'
Hampstead, MD	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	1,035,249	'
Number of buildings acquired	'	'	'	'	'	1	'
New Hope, MN	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	107,348	'
Number of buildings acquired	'	'	'	'	'	1	'
Springfield, OH	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	350,500	'
Number of buildings acquired	'	'	'	'	'	1	'
Orlando, FL	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	215,900	'
Number of buildings acquired	'	'	'	'	'	1	'
North Jackson, OH	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	209,835	'
Number of buildings acquired	'	'	'	'	'	1	'
Mebane, NC	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	383,500	'
Number of buildings acquired	'	'	'	'	'	1	'
Shannon, GA	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	568,516	'
Number of buildings acquired	'	'	'	'	'	1	'
Lansing, MI	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	160,000	'
Number of buildings acquired	'	'	'	'	'	1	'
Harvard, IL	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	126,304	'
Number of buildings acquired	'	'	'	'	'	1	'
Sauk Village, IL	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	375,785	'
Number of buildings acquired	'	'	'	'	'	1	'
South Holland, IL	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	202,902	'
Number of buildings acquired	'	'	'	'	'	1	'
Mascot, TN	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	130,560	'
Number of buildings acquired	'	'	'	'	'	1	'
Janesville, WI	'	'	'	'	'	'	'
Formation transactions	'	'	'	'	'	'	'
Area (in square feet)	'	'	'	'	'	700,000	'
Number of buildings acquired	'	'	'	'	'	1	'
Series of individually insignificant properties	'	'	'	'	'	'	'
Allocation of the consideration paid for the acquired assets and liabilities	'	'	'	'	'	'	'
Number of buildings acquired whose results of operations are included in the consolidated statement of operations	'	13	'	13	'	'	'
Total revenue	'	2,100,000	'	2,400,000	'	'	'
Net loss	'	600,000	'	1,100,000	'	'	'
Property acquisition costs	'	$700,000	'	$1,200,000	$1,700,000	'	'

Real_Estate_Details_2

Real Estate (Details 2) (USD $)	3 Months Ended	6 Months Ended			0 Months Ended		3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Mar. 25, 2014	Jun. 12, 2013	Jun. 30, 2013	Jun. 30, 2013	Jun. 12, 2013
					Property located in Lexington, VA	Property located in Pittsburgh, PA	Property located in Pittsburgh, PA	Property located in Pittsburgh, PA	Property located in Pittsburgh, PA
					sqft				sqft
Disposal of real estate properties	'	'	'	'	'	'	'	'	'
Net rentable square feet	'	'	'	'	15,085	'	'	'	53,183
Carrying value of property sold	'	$1,087,929,000	'	$1,007,393,000	$400,000	'	'	'	$4,400,000
Sales price	'	'	'	'	500,000	5,100,000	'	'	'
Net proceeds from sales of rental property	'	473,000	4,843,000	'	500,000	4,800,000	'	'	'
Gain on sale of real estate	'	'	'	'	'	500,000	'	'	'
Gain on sale of real estate	'	50,000	'	'	50,000	'	'	'	'
Total revenue	'	'	'	'	'	'	100,000	200,000	'
Net income	$554,000	'	$683,000	'	'	'	$500,000	$600,000	'

Deferred_Leasing_Intangibles_D

Deferred Leasing Intangibles (Details) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

In-place leases

In-place leases

Above market leases

Above market leases

Tenant relationships

Tenant relationships

Leasing commissions

Leasing commissions

Below market leases

Below market leases

In-place leases, lease commissions and tenant relationships

In-place leases, lease commissions and tenant relationships

In-place leases, lease commissions and tenant relationships

In-place leases, lease commissions and tenant relationships

Above and below market leases

Above and below market leases

Above and below market leases

Above and below market leases

Deferred leasing intangibles, assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gross

'

'

$155,239,000

$142,518,000

$59,882,000

$57,283,000

$84,585,000

$77,260,000

$35,940,000

$33,107,000

'

'

'

'

'

'

'

'

'

'

Less: Accumulated amortization

-121,060,000

-95,201,000

-63,443,000

-49,756,000

-21,210,000

-17,232,000

-24,400,000

-18,693,000

-12,007,000

-9,520,000

'

'

'

'

'

'

'

'

'

'

Net

214,586,000

214,967,000

91,796,000

92,762,000

38,672,000

40,051,000

60,185,000

58,567,000

23,933,000

23,587,000

'

'

'

'

'

'

'

'

'

'

Deferred leasing intangibles, liabilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gross

'

'

'

'

'

'

'

'

'

'

12,959,000

11,434,000

'

'

'

'

'

'

'

'

Less: Accumulated amortization

-5,373,000

-4,520,000

'

'

'

'

'

'

'

'

-5,373,000

-4,520,000

'

'

'

'

'

'

'

'

Net

7,586,000

6,914,000

'

'

'

'

'

'

'

'

7,586,000

6,914,000

'

'

'

'

'

'

'

'

Amortization expense

'

'

'

'

'

'

'

'

'

'

'

'

12,000,000

9,700,000

23,500,000

19,100,000

'

'

'

'

Net increase (decrease) to rental revenues related to net amortization of above (below) market leases

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,500,000

1,500,000

3,000,000

2,900,000

Estimated Net Amortization of In-Place Leases, Leasing Commissions and Tenant Relationships

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Remainder of 2014

'

'

'

'

'

'

'

'

'

'

'

'

22,906,000

'

22,906,000

'

'

'

'

'

2015

'

'

'

'

'

'

'

'

'

'

'

'

37,656,000

'

37,656,000

'

'

'

'

'

2016

'

'

'

'

'

'

'

'

'

'

'

'

30,939,000

'

30,939,000

'

'

'

'

'

2017

'

'

'

'

'

'

'

'

'

'

'

'

24,783,000

'

24,783,000

'

'

'

'

'

2018

'

'

'

'

'

'

'

'

'

'

'

'

18,364,000

'

18,364,000

'

'

'

'

'

Net Decrease to Rental Income Related to Above and Below Market Leases

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Remainder of 2014

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,075,000

'

2015

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,427,000

'

2016

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,824,000

'

2017

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,462,000

'

2018

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$3,103,000

'

Debt_Details

Debt (Details) (USD $)

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

6 Months Ended

12 Months Ended

3 Months Ended

4 Months Ended

6 Months Ended

12 Months Ended

0 Months Ended

1 Months Ended

6 Months Ended

0 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

0 Months Ended

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Nov. 08, 2012

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Dec. 31, 2013

Jan. 30, 2014

Mar. 21, 2014

Jun. 30, 2014

Jun. 30, 2014

Mar. 21, 2014

Mar. 21, 2014

Mar. 21, 2014

Jun. 30, 2014

Apr. 16, 2014

Jun. 30, 2014

Apr. 16, 2014

Apr. 16, 2014

Apr. 16, 2014

Apr. 16, 2014

Jun. 30, 2014

Minimum

Minimum

Maximum

Maximum

Mortgage notes payable:

Mortgage notes payable:

Sun Life

Sun Life

Webster Bank, maturity date Aug 4, 2016

Webster Bank, maturity date Aug 4, 2016

Union Fidelity

Union Fidelity

Webster Bank, maturity date May 29, 2017

Webster Bank, maturity date May 29, 2017

Webster Bank, maturity date May 31, 2017

Webster Bank, maturity date May 31, 2017

CIGNA-1 Facility

CIGNA-1 Facility

CIGNA-2 Facility

CIGNA-2 Facility

CIGNA-3 Facility

CIGNA-3 Facility

Wells Fargo, CMBS Loan

Wells Fargo, CMBS Loan

Wells Fargo, CMBS Loan

Unsecured credit facility:

Unsecured credit facility:

Unsecured credit facility:

Unsecured credit facility:

Bank of America Unsecured Credit Facility, due on September 10, 2016

Bank of America Unsecured Credit Facility, due on September 10, 2016

Bank of America Unsecured Credit Facility, due on September 10, 2016

Bank of America Unsecured Credit Facility, due on September 10, 2016

Bank of America Unsecured Credit Facility, due on September 10, 2016

CIGNA-1, CIGNA-2, and CIGNA-3 facilities

Unsecured term loans:

Unsecured term loans:

Bank of America, Unsecured Term Loan, due on September 10, 2017

Bank of America, Unsecured Term Loan, due on September 10, 2017

Wells Fargo, Unsecured Term Loan A, due on February 14, 2020

Wells Fargo, Unsecured Term Loan A, due on February 14, 2020

Wells Fargo, Unsecured Term Loan A, due on February 14, 2020

Wells Fargo, Unsecured Term Loan A, due on February 14, 2020

Wells Fargo, Unsecured Term Loan A, due on February 14, 2020

Wells Fargo, Unsecured Term Loan B, due on March 21, 2021

Wells Fargo, Unsecured Term Loan B, due on March 21, 2021

Wells Fargo, Unsecured Term Loan B, due on March 21, 2021

Wells Fargo, Unsecured Term Loan B, due on March 21, 2021

Wells Fargo, Unsecured Term Loan B, due on March 21, 2021

Wells Fargo, Unsecured Term Loan B, due on March 21, 2021

Unsecured Senior Notes

Unsecured Senior Notes

Unsecured Senior Notes

Series A 10 Year Unsecured Notes

Series A 10 Year Unsecured Notes

Series B 12 Year Unsecured Notes

Series B 12 Year Unsecured Notes

Unsecured credit facility and unsecured term loans

item

Minimum

Maximum

item

Minimum

Maximum

NPA

NPA

Minimum

NPA

NPA

NPA

NPA

LIBOR

LIBOR

Debt instruments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate base

'One-month LIBOR

'One-month LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'

'

'

'

'

'LIBOR

'

'

'

'LIBOR

'

'

'One-month LIBOR

'

'LIBOR

'

'

'

'

'

'

'

'

'

'

'

Interest rate margin (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.45%

'

1.45%

'

'

'

1.40%

1.40%

'

'

2.15%

2.15%

'

'

'

1.70%

'

1.70%

2.30%

'

'

'

'

'

'

'

'

Interest Rate (as a percent)

'

'

'

'

'

'

'

'

6.05%

'

4.22%

'

5.81%

'

3.66%

'

3.64%

'

6.50%

'

5.75%

'

5.88%

'

4.31%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.98%

'

'

'

'

'

'

One-month LIBOR rate (as a percent)

0.16%

0.17%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal outstanding

'

'

'

'

'

'

$223,331,000

$225,591,000

$3,682,000

$3,817,000

$5,755,000

$5,834,000

$6,371,000

$6,551,000

$3,078,000

$3,121,000

$3,315,000

$3,360,000

$58,468,000

$58,874,000

$59,534,000

$59,990,000

$16,765,000

$16,879,000

$66,363,000

$67,165,000

'

$35,500,000

$80,500,000

'

'

$35,500,000

'

$35,500,000

'

$80,500,000

'

$300,000,000

$250,000,000

$150,000,000

$150,000,000

$150,000,000

'

$150,000,000

$100,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

New or additional borrowings

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

150,000,000

'

'

'

100,000,000

'

'

50,000,000

'

50,000,000

'

Unamortized fair market value premium

'

'

'

'

'

'

'

'

100,000

200,000

'

'

100,000

100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of buildings owned by Company's serving as collateral

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

28

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unused commitment fees

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000

200,000

200,000

300,000

'

'

'

'

'

'

14,000

200,000

14,000

'

'

'

39,000

'

'

'

'

'

'

'

'

'

'

'

'

Variable rate received under agreement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'One-month LIBOR

'

'

'

'One-month LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Portion of unsecured term loan swapped from LIBOR for fixed rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000,000

'

'

'

125,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unsecured Term Loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

150,000,000

'

150,000,000

'

150,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

250,000,000

'

'

'

'

'

'

'

'

'

'

Consolidated leverage ratio

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.6

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Secured leverage ratio

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.45

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unencumbered leverage ratio

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.6

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Secured recourse debt level

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.5

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fixed charge ratio

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.5

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Discount rate at which cash flows are discounted (as a percent)

'

'

1.56%

1.57%

5.15%

5.24%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair value

'

'

'

'

'

'

228,845,000

228,996,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

35,500,000

'

35,500,000

'

80,500,000

'

'

'

149,186,000

148,781,000

150,050,000

'

150,050,000

97,302,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Remaining borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

0

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

0

'

0

'

50,000,000

'

150,000,000

150,000,000

'

'

'

'

'

'

'

'

'

'

'

Maximum borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

164,300,000

'

164,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

270,100,000

Unused commitment fee (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.23%

'

'

'

'

'

'

'

'

'

'

'

'

'

Deferred financing fees, net

6,245,000

5,467,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,200,000

'

'

'

'

'

'

'

'

'

'

Deferred financing fees amortization period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'7 years

'

'

'

'

'

'

'

'

'

'

'

'

'

Deferred annual fees

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$50,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Period for draw funds

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument maturity term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'10 years

'

'12 years

'

'

Placement fee (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.40%

'

'

'

'

'

'

'

Interest coverage ratio

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

150.00%

'

'

'

'

'

Number of properties held as collateral that are cross-collateralized

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

21

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Use_of_Derivative_Financial_In2

Use of Derivative Financial Instruments (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014
Bank of America, Unsecured Term Loan, due on September 10, 2017	'
Unsecured Term Loan Swaps	'
Variable Interest Rate	'One-month LIBOR
Wells Fargo, Unsecured Term Loan A, due on February 14, 2020	'
Unsecured Term Loan Swaps	'
Variable Interest Rate	'One-month LIBOR
PNC Bank, National Association | Bank of America, Unsecured Term Loan, due on September 10, 2017	'
Unsecured Term Loan Swaps	'
Notional Amount	10,000
Fixed Interest Rate (as a percent)	0.79%
Variable Interest Rate	'One-month LIBOR
Bank of America | Bank of America, Unsecured Term Loan, due on September 10, 2017	'
Unsecured Term Loan Swaps	'
Notional Amount	10,000
Fixed Interest Rate (as a percent)	0.79%
Variable Interest Rate	'One-month LIBOR
UBS AG | Bank of America, Unsecured Term Loan, due on September 10, 2017	'
Unsecured Term Loan Swaps	'
Notional Amount	10,000
Fixed Interest Rate (as a percent)	0.79%
Variable Interest Rate	'One-month LIBOR
Royal Bank of Canada | Bank of America, Unsecured Term Loan, due on September 10, 2017	'
Unsecured Term Loan Swaps	'
Notional Amount	10,000
Fixed Interest Rate (as a percent)	0.79%
Variable Interest Rate	'One-month LIBOR
RJ Capital Services, Inc. | Bank of America, Unsecured Term Loan, due on September 10, 2017	'
Unsecured Term Loan Swaps	'
Notional Amount	10,000
Fixed Interest Rate (as a percent)	0.80%
Variable Interest Rate	'One-month LIBOR
Bank of America | Bank of America, Unsecured Term Loan, due on September 10, 2017	'
Unsecured Term Loan Swaps	'
Notional Amount	25,000
Fixed Interest Rate (as a percent)	0.75%
Variable Interest Rate	'One-month LIBOR
RJ Capital Services, Inc. | Bank of America, Unsecured Term Loan, due on September 10, 2017	'
Unsecured Term Loan Swaps	'
Notional Amount	25,000
Fixed Interest Rate (as a percent)	0.73%
Variable Interest Rate	'One-month LIBOR
Regions Bank | Wells Fargo, Unsecured Term Loan A, due on February 14, 2020	'
Unsecured Term Loan Swaps	'
Notional Amount	25,000
Fixed Interest Rate (as a percent)	1.33%
Variable Interest Rate	'One-month LIBOR
Capital One, N.A. | Wells Fargo, Unsecured Term Loan A, due on February 14, 2020	'
Unsecured Term Loan Swaps	'
Notional Amount	25,000
Fixed Interest Rate (as a percent)	1.70%
Variable Interest Rate	'One-month LIBOR
Capital One, N.A. | Wells Fargo, Unsecured Term Loan A, due on February 14, 2020	'
Unsecured Term Loan Swaps	'
Notional Amount	50,000
Fixed Interest Rate (as a percent)	1.68%
Variable Interest Rate	'One-month LIBOR
Regions Bank | Wells Fargo, Unsecured Term Loan A, due on February 14, 2020	'
Unsecured Term Loan Swaps	'
Notional Amount	25,000
Fixed Interest Rate (as a percent)	1.99%
Variable Interest Rate	'One-month LIBOR

Use_of_Derivative_Financial_In3

Use of Derivative Financial Instruments (Details 2) (Unsecured Term Loan Swaps, Interest Rate Swaps, Not Designated As Hedging Instruments, USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Unsecured Term Loan Swaps | Interest Rate Swaps | Not Designated As Hedging Instruments	'	'
Fair value of the interest rate swaps outstanding	'	'
Notional amount assets	$175,000	$225,000
Notional amount liabilities	50,000	'
Fair value assets	1,077	3,924
Fair value liabilities	($412)	'

Use_of_Derivative_Financial_In4

Use of Derivative Financial Instruments (Details 3) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
	item		item
Cash Flow Hedges of Interest Rate Risk	'	'	'	'
Additional amount reclassified from accumulated other comprehensive income (loss) as an increase to interest expense over the next twelve months	$2,500,000	'	$2,500,000	'
Amount of income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion)	-2,815,000	3,440,000	-4,482,000	3,286,000
Amount of loss reclassified from accumulated other comprehensive income (loss) into income (loss) as interest expense (effective portion)	638,000	215,000	1,222,000	380,000
Credit-risk-related Contingent Features	'	'	'	'
Number of interest rate swaps in asset position	10	'	10	'
Total number of interest rate swaps	11	'	11	'
Fair values of the interest rate swaps in a net asset position	1,200,000	'	1,200,000	'
Number of interest rate swaps in liability position	1	'	1	'
Fair values of the interest rate swaps in a net liability position	400,000	'	400,000	'
Number of interest rate swaps in asset position after adjustment for nonperformance risk	9	'	9	'
Number of interest rate swaps in liability position after adjustment for nonperformance risk	2	'	2	'
Value of adjustment for nonperformance risk related to net asset position	100,000	'	100,000	'
Value of adjustment for nonperformance risk related to net liability position	34,000	'	34,000	'
Accrued interest expense included in fair values of the interest rate swaps in a net asset position	200,000	'	200,000	'
Termination value required to settle obligations under agreements	$400,000	'	$400,000	'

Use_of_Derivative_Financial_In5

Use of Derivative Financial Instruments (Details 4) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets (liabilities):	'	'
Interest Rate Swaps - Assets	$1,077	$3,924
Interest Rate Swaps - Liabilities	-412	'
Fair value on recurring basis | Total	'	'
Assets (liabilities):	'	'
Interest Rate Swaps - Assets	1,077	3,924
Interest Rate Swaps - Liabilities	-412	'
Fair value on recurring basis | Significant Other Observable Inputs (Level 2)	'	'
Assets (liabilities):	'	'
Interest Rate Swaps - Assets	1,077	3,924
Interest Rate Swaps - Liabilities	($412)	'

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)

6 Months Ended

0 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

4 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Nov. 02, 2011

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Nov. 02, 2011

Apr. 16, 2013

Mar. 31, 2014

Jun. 30, 2013

Jun. 30, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2014

Dec. 31, 2013

Jul. 15, 2014

5-May-14

Apr. 16, 2014

Jan. 15, 2014

Oct. 15, 2013

Jul. 15, 2013

Apr. 15, 2013

Sep. 30, 2014

Aug. 31, 2014

Jul. 31, 2014

Jun. 30, 2014

31-May-14

Apr. 30, 2014

Mar. 31, 2014

Feb. 28, 2014

Jan. 31, 2014

Dec. 31, 2013

Nov. 30, 2013

Oct. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Mar. 10, 2014

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

Common Shares

2012 ATM

2012 ATM

2014 ATM

2014 ATM

2014 ATM

Stockholders' Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Authorized shares of preferred stock

10,000,000

'

10,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred stock, par value (in dollars per share)

$0.01

'

$0.01

'

'

'

'

'

'

'

'

'

$0.01

$0.01

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares sold

'

'

'

2,760,000

'

'

'

'

'

'

'

'

'

2,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

189,735

661,930

1,566,878

4,526,142

'

Shares issued pursuant to full exercise of the underwriters' option

'

'

'

360,000

'

'

'

'

'

'

'

'

'

300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividend rate (as a percent)

'

'

'

9.00%

'

'

'

'

'

'

'

'

'

6.63%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issue price (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

$25

$25

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds from sale of common stock

$119,365,000

$117,739,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$4,400,000

$14,700,000

$36,700,000

$102,900,000

'

Gross proceeds from sale of common stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,500,000

14,900,000

37,300,000

104,500,000

'

Sales agents' fees

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000

200,000

600,000

1,600,000

'

Aggregate value of common stock available to be sold under the ATM

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

0

45,500,000

45,500,000

'

Dividend declared (in dollars per share)

'

'

'

'

$0.56

$0.56

$0.56

$0.56

$0.56

$0.56

$1.13

$2.25

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividend declared (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.41

$0.35

$0.41

$0.41

$0.41

$0.83

$1.17

'

'

'

'

'

'

'

$0.11

$0.11

$0.11

$0.11

$0.11

$0.11

$0.11

$0.11

$0.11

$0.10

$0.10

$0.10

$0.30

$0.30

$0.30

$0.63

$1.20

'

'

'

'

'

Increase in dividend rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate value of common stock which may be sold through sales agents under the stock offering program

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

150,000,000

Issuance of shares to directors for their services

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,473

'

3,471

2,554

2,607

2,602

2,418

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,944

10,181

'

'

'

'

'

Fair value of shares issued to directors for their services

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$83,000

'

$83,000

$52,000

$53,000

$53,000

$52,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$166,000

$210,000

'

'

'

'

'

Number of days of average trailing stock price used to calculate number of shares of common stock granted

'10 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stockholders_Equity_Details_2

Stockholders' Equity (Details 2) (2011 Plan, Restricted stock, USD $)	0 Months Ended	3 Months Ended		6 Months Ended
In Millions, except Share data, unless otherwise specified	Jan. 02, 2014	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
2011 Plan | Restricted stock	'	'	'	'	'	'
Restricted Stock-Based Compensation	'	'	'	'	'	'
Number of shares granted	103,149	'	'	'	'	'
Fair value of shares granted, at issuance	$2.10	'	'	'	'	'
Fair value of shares granted (in dollars per share)	$20.13	'	'	'	'	'
Number of shares vested	'	'	'	51,885	32,012	'
Fair value of shares vested	'	'	'	1.1	0.6	'
Non-cash compensation expense recognized	'	0.3	0.2	0.6	0.4	'
Unrecognized compensation expense for remaining life of the awards	'	$4	'	$4	'	$2.50
Shares forfeited	'	'	'	1,215	9,981	'

Noncontrolling_Interest_Detail

Noncontrolling Interest (Details) (USD $)	0 Months Ended				6 Months Ended					6 Months Ended
In Millions, except Share data, unless otherwise specified	Jun. 19, 2013	Jun. 19, 2013	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014
	property		Operating Partnership	Operating Partnership	Common Units	Common Units	Common Units	LTIP Units	LTIP Units	LTIP Units
					Operating Partnership	Operating Partnership	Operating Partnership	Operating Partnership	Operating Partnership	Operating Partnership
										2011 Plan
Noncontrolling interest	'	'	'	'	'	'	'	'	'	'
Units held by noncontrolling interests (in shares)	'	'	'	'	1,189,813	'	6,299,186	823,888	599,464	'
Ownership interest held by noncontrolling owners (as a percent)	'	'	3.52%	13.35%	'	'	'	'	'	'
Redemption right of investor to cause the Operating Partnership to redeem its units equivalent to current market value of number of shares of entity's common stock (in shares)	'	'	'	'	1	'	'	'	'	'
Conversion ratio of noncontrolling units	'	'	'	'	1	1	'	'	'	1
Noncontrolling common units converted to common stock (in shares)	'	'	'	'	5,093,584	2,186	'	'	'	'
Noncontrolling common units redeemed for cash (in shares)	'	'	'	'	15,789	'	'	'	'	'
Value of noncontrolling common units redeemed	'	'	'	'	$0.30	'	'	'	'	'
Number of buildings purchased through issuance of common stock	8	'	'	'	'	'	'	'	'	'
Number of common units issued as a consideration for purchase of properties	555,758	'	'	'	'	'	'	'	'	'
Fair value of common units issued	'	$11.50	'	'	'	'	'	'	'	'

Noncontrolling_Interest_Detail1

Noncontrolling Interest (Details 2) (USD $)

3 Months Ended

6 Months Ended

0 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Apr. 21, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Apr. 29, 2014

Apr. 20, 2014

Apr. 29, 2014

Apr. 20, 2014

Jan. 02, 2014

Jan. 03, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jan. 02, 2014

Jan. 03, 2013

Jan. 02, 2014

Jan. 03, 2013

Gregory W. Sullivan

Gregory W. Sullivan

Gregory W. Sullivan

LTIP Units

LTIP Units

LTIP Units

LTIP Units

OPP awards

OPP awards

2011 Plan

2011 Plan

2011 Plan

2011 Plan

2011 Plan

2011 Plan

2011 Plan

2011 Plan

2011 Plan

Gregory W. Sullivan

Gregory W. Sullivan

Gregory W. Sullivan

Gregory W. Sullivan

LTIP Units

LTIP Units

LTIP Units

LTIP Units

LTIP Units

LTIP Units

LTIP Units

LTIP Units

LTIP Units

Executive officers

Executive officers

Non-employee, independent directors

Non-employee, independent directors

Share-based compensation

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Units granted (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

203,691

173,044

20,733

14,525

Fair value at vesting

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$2,600,000

$1,200,000

'

'

'

'

'

Fair value at the date of grant

'

'

'

'

'

'

'

'

'

'

'

'

'

4,300,000

3,300,000

'

'

'

'

'

'

'

Volatility factor (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

40.00%

45.00%

'

'

'

'

'

'

'

Risk-free interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

0.79%

1.97%

'

'

'

'

'

'

'

Expected annual dividend yield (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

6.00%

6.00%

'

'

'

'

'

'

'

Term

'

'

'

'

'

'

'

'

'

'

'

'

'

'10 years

'10 years

'

'

'

'

'

'

'

Period of which the former CFO will provide consultation services

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unvested units outstanding (in shares)

'

'

'

'

'

'

'

'

'

'

82,804

'

'

'

'

'

'

'

'

'

'

'

Percentage of interests in the OPP awarded

'

'

'

'

'

'

'

'

'

'

'

'

14.00%

'

'

'

'

'

'

'

'

'

Value of awards

'

'

'

'

'

'

'

'

'

2,000,000

'

200,000

'

'

'

'

'

'

'

'

'

'

Unrecognized compensation expense

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,000,000

'

5,200,000

'

'

'

'

General and administrative expense

8,283,000

4,477,000

13,758,000

8,983,000

'

700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Units vested (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

108,728

59,926

'

'

'

'

'

Units redeemed (in shares)

'

'

'

'

'

'

'

0

1,656

'

'

'

'

'

'

'

'

'

'

'

'

'

Non-cash compensation expense recognized

'

'

'

'

'

'

2,000,000

'

'

'

'

'

'

'

'

1,200,000

800,000

'

'

'

'

'

Amount of dividend paid

'

'

'

'

'

'

'

'

'

'

$100,000

'

'

'

'

'

'

'

'

'

'

'

Earnings_Per_Share_Details

Earnings Per Share (Details) (Unvested restricted stock)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Unvested restricted stock	'	'	'	'
Antidilutive participating securities	'	'	'	'
Unvested shares of restricted stock on a weighted average basis excluded from computation of earnings per share (in shares)	267,659	217,806	273,626	223,555

Earnings_Per_Share_Details_2

Earnings Per Share (Details 2) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Numerator	'	'	'	'
Net loss from continuing operations	($2,666)	($738)	($2,695)	($1,285)
Add: gain on sale of real estate	'	'	50	'
Less: preferred stock dividends	2,712	2,519	5,424	4,071
Less: amount allocated to unvested restricted stockholders	83	64	171	133
Less: loss attributable to noncontrolling interest after preferred stock dividends	-310	-430	-766	-714
Loss from continuing operations attributable to common stockholders	-5,151	-2,891	-7,474	-4,775
Income attributable to discontinued operations	'	554	'	683
Less: income attributable to noncontrolling interest after preferred stock dividends	'	73	'	91
Income from discontinued operations attributable to common stockholders	'	$481	'	$592
Denominator	'	'	'	'
Weighted average common shares outstanding - basic and diluted	52,865,801	42,006,954	49,023,985	41,265,070
Loss from continuing operations attributable to common stockholders (in dollars per share)	($0.10)	($0.07)	($0.15)	($0.11)
Income from discontinued operations attributable to common stockholders (in dollars per share)	'	$0.01	'	$0.01
Loss per share - basic and diluted (in dollars per share)	($0.10)	($0.06)	($0.15)	($0.10)

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (One-time incentive fee, Columbus Nova, USD $)	Jun. 30, 2014	Dec. 31, 2013
One-time incentive fee | Columbus Nova	'	'
Commitments and Contingencies	'	'
Fair value of incentive fee	$0	$0

Concentrations_of_Credit_Risk_

Concentrations of Credit Risk (Details) (Rental income, Credit risk)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Rental income | Credit risk	'	'	'	'
Concentrations of credit risk	'	'	'	'
Concentration risk percentage	5.00%	5.00%	5.00%	5.00%

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	0 Months Ended			0 Months Ended
In Millions, except Share data, unless otherwise specified	Jan. 02, 2014	Jan. 03, 2013	Jul. 01, 2014	Jul. 01, 2014	Jul. 01, 2014	Jul. 01, 2014	Jul. 01, 2014
	2011 Plan	2011 Plan	Subsequent event	Subsequent event	Subsequent event	Subsequent event	Subsequent event
	LTIP Units	LTIP Units	Series B Unsecured Senior Notes	Geoffrey G. Jervis	2011 Plan	2011 Plan	2011 Plan
					LTIP Units	LTIP Units	LTIP Units
					Geoffrey G. Jervis	Geoffrey G. Jervis	Geoffrey G. Jervis
						Awards vest over five years	Awards vest over three years
Subsequent events	'	'	'	'	'	'	'
Initial term of employment agreement	'	'	'	'3 years	'	'	'
Fair value at the date of grant	$4.30	$3.30	'	'	'	$0.30	$1.20
Units granted (in shares)	'	'	'	'	'	14,850	52,106
Vesting period	'	'	'	'	'	'5 years	'3 years
Volatility factor (as a percent)	40.00%	45.00%	'	'	40.00%	'	'
Risk-free interest rate (as a percent)	0.79%	1.97%	'	'	0.79%	'	'
Expected annual dividend yield (as a percent)	6.00%	6.00%	'	'	6.00%	'	'
Term	'10 years	'10 years	'	'	'10 years	'	'
Face amount of debt instrument	'	'	$50	'	'	'	'