STAG Industrial (STAG) 10-Q 28 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 23, 2015
Entity Registrant Name	STAG Industrial, Inc.
Entity Central Index Key	1,479,094
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Common
Entity Common Stock, Shares Outstanding		68,077,333
Series A Preferred Stock
Entity Common Stock, Shares Outstanding		2,760,000
Series B Preferred Stock
Entity Common Stock, Shares Outstanding		2,800,000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Rental Property:
Land	$ 219,775	$ 191,238
Buildings and improvements, net of accumulated depreciation of $140,023 and $105,789, respectively	1,272,288	1,118,938
Deferred leasing intangibles, net of accumulated amortization of $189,937 and $146,026, respectively	264,115	247,904
Total rental property, net	1,756,178	1,558,080
Cash and cash equivalents	12,496	23,878
Restricted cash	8,540	6,906
Tenant accounts receivable, net	20,475	16,833
Prepaid expenses and other assets	26,518	22,661
Interest rate swaps	0	959
Total assets	1,824,207	1,629,317
Liabilities:
Unsecured credit facility	177,750	131,000
Unsecured term loans	150,000	150,000
Unsecured notes	300,000	180,000
Mortgage notes	232,568	225,347
Accounts payable, accrued expenses and other liabilities	29,849	21,558
Interest rate swaps	6,956	873
Tenant prepaid rent and security deposits	13,208	11,480
Dividends and distributions payable	8,228	7,355
Deferred leasing intangibles, net of accumulated amortization of $8,397 and $6,565, respectively	10,712	10,180
Total liabilities	$ 929,271	$ 737,793
Commitments and contingencies (Note 10)
Equity:
Common stock, par value $0.01 per share, 100,000,000 shares authorized, 68,077,112 and 64,434,825 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	$ 681	$ 644
Additional paid-in capital	1,015,127	928,242
Common stock dividends in excess of earnings	(289,413)	(203,241)
Accumulated other comprehensive loss	(7,165)	(489)
Total stockholders’ equity	858,230	864,156
Noncontrolling interest	36,706	27,368
Total equity	894,936	891,524
Total liabilities and equity	1,824,207	1,629,317
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 ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Buildings and improvements, accumulated depreciation	$ 140,023	$ 105,789
Deferred leasing intangibles assets, accumulated amortization	189,937	146,026
Deferred leasing intangibles liabilities, accumulated amortization	$ 8,397	$ 6,565
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
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	68,077,112	64,434,825
Common stock, shares outstanding	68,077,112	64,434,825
Series A Preferred Stock
Preferred stock, shares issued	2,760,000	2,760,000
Preferred stock, shares outstanding	2,760,000	2,760,000
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Series B Preferred Stock
Preferred stock, shares issued	2,800,000	2,800,000
Preferred stock, shares outstanding	2,800,000	2,800,000
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue
Rental income	$ 47,731	$ 36,774	$ 136,201	$ 106,095
Tenant recoveries	8,063	5,399	23,135	17,094
Other income	127	185	410	594
Total revenue	55,921	42,358	159,746	123,783
Expenses
Property	10,949	7,694	31,265	24,285
General and administrative	6,429	5,704	21,453	19,462
Property acquisition costs	1,006	2,190	2,511	3,437
Depreciation and amortization	28,656	21,983	82,042	62,606
Loss on impairments	5,733	0	8,378	0
Other expenses	226	181	892	611
Total expenses	52,999	37,752	146,541	110,401
Other income (expense)
Interest income	2	3	7	11
Interest expense	(9,317)	(6,462)	(26,260)	(17,941)
Gain on sales of rental property	1,713	2,104	1,713	2,153
Total other income (expense)	(7,602)	(4,355)	(24,540)	(15,777)
Net income (loss) from continuing operations	(4,680)	251	(11,335)	(2,395)
Net income (loss)	(4,680)	251	(11,335)	(2,395)
Less: loss attributable to noncontrolling interest after preferred stock dividends	(359)	(90)	(951)	(784)
Net income (loss) attributable to STAG Industrial, Inc.	(4,321)	341	(10,384)	(1,611)
Less: preferred stock dividends	2,712	2,712	8,136	8,136
Less: amount allocated to unvested restricted stockholders	95	87	291	258
Net loss attributable to common stockholders	$ (7,128)	$ (2,458)	$ (18,811)	$ (10,005)
Weighted average common shares outstanding — basic and diluted	67,799,700	55,354,125	65,803,304	51,157,219
Loss per share — basic and diluted
Loss from continuing operations attributable to common stockholders (in dollars per share)	$ (0.11)	$ (0.04)	$ (0.29)	$ (0.20)
Loss per share - basic and diluted (in dollars per share)	$ (0.11)	$ (0.04)	$ (0.29)	$ (0.20)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (4,680)	$ 251	$ (11,335)	$ (2,395)
Other comprehensive income (loss):
Income (loss) on interest rate swaps	(7,636)	1,300	(7,019)	(1,959)
Other comprehensive income (loss)	(7,636)	1,300	(7,019)	(1,959)
Comprehensive income (loss)	(12,316)	1,551	(18,354)	(4,354)
Net loss attributable to noncontrolling interest after preferred stock dividends	359	90	951	784
Other comprehensive (income) loss attributable to noncontrolling interest	371	(47)	343	146
Comprehensive income (loss) attributable to STAG Industrial, Inc.	$ (11,586)	$ 1,594	$ (17,060)	$ (3,424)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Common Stock Dividends in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity	Noncontrolling Interest - Unit holders in Operating Partnership
Balance, beginning of period at Dec. 31, 2013	$ 674,564	$ 139,000	$ 447	$ 577,039	$ (116,877)	$ 3,440	$ 603,049	$ 71,515
Balance, beginning of period (in shares) at Dec. 31, 2013			44,764,377
Increase (Decrease) in Stockholders' Equity
Proceeds from sale of common stock	164,077		$ 72	164,005			164,077
Proceeds from sale of common stock (in shares)			7,191,537
Offering costs	(2,731)			(2,731)			(2,731)
Issuance of restricted stock, net			$ 1	(1)
Issuance of restricted stock, net (in shares)			101,934
Issuance of common stock (in shares)			9,488
Issuance of equity pursuant to outperformance program	(475)		$ 1	(1,491)			(1,490)	1,015
Issuance of equity pursuant to outperformance program (in shares)			43,657
Dividends and distributions, net	(61,935)	(8,136)			(50,227)		(58,363)	(3,572)
Non-cash compensation	5,306			1,546			1,546	3,760
Redemption of common units to common stock			$ 51	54,681			54,732	(54,732)
Redemption of common units to common stock (in shares)			5,105,584
Redemption of common units for cash	(342)							(342)
Rebalancing of noncontrolling interest				(9,530)			(9,530)	9,530
Other comprehensive income (loss)	(1,959)					(1,813)	(1,813)	(146)
Net income (loss)	(2,395)	8,136			(9,747)		(1,611)	(784)
Balance, end of period at Sep. 30, 2014	774,110	139,000	$ 572	783,518	(176,851)	1,627	747,866	26,244
Balance, end of period (in shares) at Sep. 30, 2014			57,216,577
Balance, beginning of period at Dec. 31, 2013	674,564	139,000	$ 447	577,039	(116,877)	3,440	603,049	71,515
Balance, beginning of period (in shares) at Dec. 31, 2013			44,764,377
Balance, end of period at Dec. 31, 2014	891,524	139,000	$ 644	928,242	(203,241)	(489)	864,156	27,368
Balance, end of period (in shares) at Dec. 31, 2014			64,434,852
Increase (Decrease) in Stockholders' Equity
Proceeds from sale of common stock	74,892		$ 35	74,857			74,892
Proceeds from sale of common stock (in shares)			3,456,403
Offering costs	(1,229)			(1,229)			(1,229)
Issuance of restricted stock, net			$ 1	(1)
Issuance of restricted stock, net (in shares)			83,756
Issuance of common stock (in shares)			11,277
Dividends and distributions, net	(79,402)	(8,136)			(67,652)		(75,788)	(3,614)
Non-cash compensation	5,667			2,115			2,115	3,552
Redemption of common units to common stock			$ 1	1,002			1,003	(1,003)
Redemption of common units to common stock (in shares)			90,824
Redemption of common units for cash	(64)							(64)
Issuance of units	21,902							21,902
Rebalancing of noncontrolling interest				10,141			10,141	(10,141)
Other comprehensive income (loss)	(7,019)					(6,676)	(6,676)	(343)
Net income (loss)	(11,335)	8,136			(18,520)		(10,384)	(951)
Balance, end of period at Sep. 30, 2015	$ 894,936	$ 139,000	$ 681	$ 1,015,127	$ (289,413)	$ (7,165)	$ 858,230	$ 36,706
Balance, end of period (in shares) at Sep. 30, 2015			68,077,112

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Cash flows from operating activities:
Net loss	$ (4,680)	$ 251	$ (11,335)	$ (2,395)
Adjustment to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			82,042	62,606
Non-cash portion of interest expense			907	1,009
Intangible amortization in rental income, net			6,331	4,600
Straight-line rent adjustments, net			(2,318)	(2,314)
Dividends on forfeited equity compensation			15	128
Loss on impairments			8,378	0
Gain on sales of rental property			(1,713)	(2,153)
Non-cash compensation expense			5,667	5,337
Change in assets and liabilities:
Tenant accounts receivable, net			(1,477)	934
Restricted cash			(582)	(596)
Prepaid expenses and other assets			(4,407)	(3,218)
Accounts payable, accrued expenses and other liabilities			6,821	1,426
Tenant prepaid rent and security deposits			1,728	1,033
Total adjustments			101,392	68,792
Net cash provided by operating activities			90,057	66,397
Cash flows from investing activities:
Acquisitions of land and buildings and improvements			(188,263)	(228,063)
Additions to building and other capital improvements			(10,053)	(5,038)
Proceeds from sales of rental property, net			9,186	7,492
Restricted cash			(1,052)	734
Acquisition deposits, net			1,425	(1,920)
Acquisitions of deferred leasing intangibles			(56,102)	(61,413)
Net cash used in investing activities			(244,859)	(288,208)
Cash flows from financing activities:
Redemption of common units for cash			(64)	(342)
Proceeds from unsecured credit facility			190,750	187,500
Repayment of unsecured credit facility			(144,000)	(162,000)
Proceeds from unsecured term loans			0	50,000
Proceeds from unsecured notes			120,000	50,000
Repayment of mortgage notes payable			(15,370)	(3,321)
Payment of loan fees and costs			(3,019)	(1,718)
Dividends and distributions			(78,541)	(60,663)
Proceeds from sales of common stock			74,892	164,077
Offering costs			(1,228)	(2,647)
Withholding taxes for settlement of outperformance program			0	(475)
Net cash provided by financing activities			143,420	220,411
Decrease in cash and cash equivalents			(11,382)	(1,400)
Cash and cash equivalents-beginning of period			23,878	6,690	$ 6,690
Cash and cash equivalents-end of period	12,496	5,290	12,496	5,290	23,878
Supplemental disclosure:
Cash paid for interest			22,445	16,286
Supplemental schedule of non-cash investing and financing activities
Issuance of units for acquisitions of land and buildings and improvements			16,873	0
Issuance of units for acquisitions of deferred leasing intangibles			5,029	0
Additions to building and other capital improvements			(565)	0
Transfer of other assets to building and other capital improvements			565	0
Acquisitions of land and buildings and improvements			(34,460)	0
Acquisitions of deferred leasing intangibles			(10,203)	0
Change in additions of land and building and improvements included in accounts payable, accrued expenses, and other liabilities			(1,687)	(3,913)
Assumption of mortgage notes payable			22,343	0
Fair market value adjustment to mortgage notes payable acquired			418	0
Change in loan fees and costs and offering costs included in accounts payable, accrued expenses, and other liabilities			(64)	(159)
Dividends and distributions declared but not paid	$ 8,228	$ 6,565	$ 8,228	$ 6,565	$ 7,355

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business STAG Industrial, Inc. (the “Company”) is an industrial real estate operating company focused on the acquisition and operation of single-tenant, industrial properties throughout the United States. The Company was formed as a Maryland corporation and has elected to be treated and intends to continue to qualify 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”). As of September 30, 2015 and December 31, 2014 , the Company owned a 95.14% and 96.36% , respectively, common equity interest in the Operating Partnership. The Company, through its wholly owned subsidiary, is the sole general partner of the Operating Partnership. As used herein, the “Company” refers to STAG Industrial, Inc. and its consolidated subsidiaries and partnerships, including the Operating Partnership, except where context otherwise requires. As of September 30, 2015 , the Company owned 281 buildings in 37 states with approximately 52.1 million square feet, consisting of 210 warehouse/distribution buildings, 50 light manufacturing buildings and 21 flex/office buildings. The Company also owned six vacant land parcels adjacent to six of the Company’s buildings. Subject to receipt of any required governmental permits, these vacant parcels may be used for building expansion or otherwise sold as developable parcels. The Company’s buildings were approximately 95.7% leased to 256 tenants as of September 30, 2015 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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, 2014 . Basis of Presentation The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units ("Other Common Units") and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended (the “2011 Plan”). 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. Reclassifications and New Accounting Pronouncements Certain prior year amounts have been reclassified to conform to the current year presentation. In September of 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-16, Simplifying the Accounting for Measurement Period Adjustments (Topic 805) . ASU 2015-16 requires an acquirer in a business combination to recognize provisional amounts when measurements were incomplete as of the end of a reporting period as an adjustment in the reporting period in which the provisional amount is determined. Prior to this standard, the acquirer was required to adjust such provisional amounts by restating prior period financial statements. ASU 2015-16 is effective for the annual period ending December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The Company has elected to early adopt this standard effective with the interim period beginning July 1, 2015 and this standard did not have a material effect on the consolidated financial statements. In April of 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30) . ASU 2015-03 requires incremental debt issuance costs paid to third parties other than the lender to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability. Prior to this standard, debt issuance costs paid to third parties other than the lender were presented as an asset on the balance sheet. ASU 2015-03 is effective for the annual period ending December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. Upon the adoption of ASU 2015-03, the Company will present debt issuance costs paid to third parties other than the lender as a direct deduction from the carrying value of the associated debt liability. In August of 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Subtopic 835-30) , which clarified the presentation of debt issuance costs related to credit facility arrangements, given the absence of authoritative guidance within ASU 2015-03. Under ASU 2015-15, debt issuance costs paid to third parties other than the lender related to credit facilities may be presented in the balance sheet as an asset, regardless of whether there are any outstanding borrowings on the credit facility. Upon the adoption of ASU 2015-15, the Company will continue to present debt issuance costs paid to third parties other than the lender related to a credit facility as an asset on the accompanying Consolidated Balance Sheets. In August of 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern . ASU 2014-15 requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ending December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The adoption of ASU 2014-15 is not expected to materially impact the Company’s consolidated financial statements. In May of 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . 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, 2017. Early adoption is permitted for the first interim period within annual reporting periods beginning after December 15, 2016. 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. 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 September 30, 2015 and December 31, 2014 , the Company had an allowance for doubtful accounts of $0.1 million and $0.1 million , respectively. The Company accrues rental income earned, but not yet receivable, in accordance with GAAP. As of September 30, 2015 and December 31, 2014 , the Company had accrued rental income of $14.9 million and $12.8 million , respectively. The Company maintains an allowance for estimated losses that may result from those revenues. As of September 30, 2015 and December 31, 2014 , the Company had an allowance for estimated losses on accrued rental income of $0 and $0 , respectively. As of September 30, 2015 and December 31, 2014 , the Company had a total of approximately $6.2 million and $6.7 million , respectively, of total lease security deposits available in the form of existing letters of credit, which are not reflected on the accompanying Consolidated Balance Sheets. As of September 30, 2015 and December 31, 2014 , the Company had approximately $4.1 million and $3.1 million , respectively, of lease security deposits available in cash, which are included in cash and cash equivalents on the accompanying Consolidated Balance Sheets, and $0.4 million and $0.4 million , respectively, of lease security deposits available in cash, which are included in restricted cash on the accompanying Consolidated Balance Sheets. These funds may be used to settle tenant accounts receivables in the event of a default under the related lease. As of September 30, 2015 and December 31, 2014 , the Company's total liability associated with these lease security deposits was $4.5 million and $3.5 million , respectively, and is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets. Related Parties As of September 30, 2015 and December 31, 2014 , the Company had approximately $0.1 million and $0.1 million , respectively, of amounts due from related parties, which are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. Revenue Recognition Tenant Recoveries By the terms of their leases, certain tenants are obligated to pay directly the costs of their properties’ insurance, real estate taxes, ground lease payments, and certain other expenses, and these costs are not reflected on the Company’s consolidated financial statements. 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. To the extent any tenant responsible for these costs under its respective 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 obligation. The Company estimates that real estate taxes, which are the responsibility of these certain tenants, were approximately $2.7 million , $7.8 million , $2.6 million and $7.6 million for the three and nine months ended September 30, 2015 and September 30, 2014 , respectively. These amounts would have been the maximum expense of the Company had the tenants not met their contractual obligations for these periods. Termination Income On December 17, 2014, the Company entered into a first lease amendment with the tenant located at the Belfast, ME buildings. The terms of the lease amendment renewed 90,051 square feet of the premise and early terminated the remaining 228,928 square feet effective November 30, 2015. The tenant is required to pay a termination fee for the returned premise on or before October 31, 2015 in the amount of $2.1 million . The Company received the termination fee payment in full on September 23, 2015. This termination fee along with the reimbursement of certain miscellaneous costs per the lease amendment was being recorded on a straight-line basis from December 17, 2014 through the relinquishment of the space on November 30, 2015. On May 18, 2015, the Company entered into a second lease amendment with the tenant. The terms of the second lease amendment accelerated the termination of 35,295 square feet to April 30, 2015. The Company recognized the termination fee associated with the 35,295 square feet through the shortened lease life of April 30, 2015. The Company continues to recognize the remaining termination fee over the shortened lease life of the remaining 193,633 square feet through November 30, 2015. The termination fee of $0.5 million and $1.7 million for the three and nine months ended September 30, 2015 , respectively, is included in rental income on the accompanying Consolidated Statements of Operations. Taxes Federal 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. 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. 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 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, nor will it have to comply with income, assets, or ownership restrictions inside of the TRS. Certain activities that the Company undertakes must or should 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. On August 25, 2015, the Company's TRS acquired two vacant land parcels in connection with the Libertyville, IL acquisition. During the three and nine months ended September 30, 2015 , the Company's TRS recognized a net loss of $7,000 and $7,000 , respectively, which has been included on the accompanying Consolidated Statements of Operations. State and Local Income, Excise, and Franchise Tax The Company and certain of its subsidiaries are subject to certain state and local income, excise, and franchise taxes. Taxes in the amount of $0.2 million , $0.8 million , $0.2 million and $0.4 million have been recorded in other expenses in the accompanying Consolidated Statements of Operations for the three and nine months ended September 30, 2015 and September 30, 2014 , respectively. Uncertain Tax Positions Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of September 30, 2015 and December 31, 2014 , there were no liabilities for uncertain tax positions.

Rental Property

Rental Property	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Rental Property	Rental Property The following table summarizes the components of rental property as of September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Land $ 219,775 $ 191,238 Buildings, net of accumulated depreciation of $97,525 and $75,116, respectively 1,178,956 1,042,086 Tenant improvements, net of accumulated depreciation of $25,525 and $20,943, respectively 23,439 22,619 Building and land improvements, net of accumulated depreciation of $16,973 and $9,730, respectively 69,893 54,233 Deferred leasing intangibles, net of accumulated amortization of $189,937 and $146,026, respectively 264,115 247,904 Total rental property, net $ 1,756,178 $ 1,558,080 Acquisitions The following table summarizes the acquisitions of the Company during the nine months ended September 30, 2015 : Location of property Square Feet Buildings Purchase Price (in thousands) Burlington, NJ (1) 503,490 1 $ 34,883 Greenville, SC 157,500 1 4,800 North Haven, CT 824,727 3 57,400 Three months ended March 31, 2015 1,485,717 5 $ 97,083 Plymouth, MI 125,214 1 6,000 Oakwood Village, OH 75,000 1 4,398 Stoughton, MA 250,213 2 10,675 Oklahoma City, OK 223,340 1 12,135 Clinton, TN (1) 166,000 1 5,000 Knoxville, TN 108,400 1 4,750 Fairborn, OH 258,680 1 9,100 El Paso, TX 126,456 1 9,700 Phoenix, AZ 102,747 1 9,500 Charlotte, NC 123,333 1 7,500 Machesney Park, IL 80,000 1 5,050 Three months ended June 30, 2015 1,639,383 12 $ 83,808 Macedonia, OH 201,519 1 12,192 Novi, MI 125,060 1 8,716 Grand Junction, CO 82,800 1 5,254 Tulsa, OK 175,000 1 13,000 Chattanooga, TN 646,200 3 21,160 Libertyville, IL (1) 287,102 2 11,121 Greer, SC 290,000 4 9,025 Piedmont, SC 400,000 3 12,000 Belvidere, IL 100,000 1 5,938 Conyers, GA 201,403 1 9,880 Three months ended September 30, 2015 2,509,084 18 $ 108,286 Nine months ended September 30, 2015 5,634,184 35 $ 289,177 (1) The Company also acquired a vacant land parcel adjacent to each of the buildings acquired. Subject to receipt of any required governmental permits, these vacant parcels may be used for building expansion or otherwise sold as developable parcels. The following table summarizes the allocation of the consideration paid at the date of acquisition during the nine months ended September 30, 2015 for the acquired assets and liabilities in connection with the acquisitions identified in the table above. Acquired assets and liabilities (dollars in thousands) Nine Months Ended Weighted Average Amortization Period (years) Intangibles Land $ 31,618 N/A Buildings 172,858 N/A Tenant improvements 5,449 N/A Building and land improvements 12,799 N/A Deferred leasing intangibles - In-place leases 40,011 5.9 Deferred leasing intangibles - Tenant relationships 21,736 8.2 Deferred leasing intangibles - Above market leases 7,159 8.5 Deferred leasing intangibles - Below market leases (2,600 ) 5.4 Above market assumed debt adjustment (418 ) 1.4 Other assets 565 N/A Total purchase price $ 289,177 Less: Mortgage notes assumed (22,343 ) N/A Net assets acquired $ 266,834 On January 22, 2015, the Company acquired a property located in Burlington, NJ for approximately $34.9 million . As consideration for the property acquired, the Company (i) granted 812,676 Other Common Units with a fair value of approximately $21.9 million , (ii) paid $1.2 million in cash, (iii) and assumed an $11.8 million mortgage note. The mortgage note was paid in full immediately subsequent to the acquisition. For a discussion of the method used to determine the fair value of the Other Common Units issued, see Note 7. On June 25, 2015, the Company assumed a mortgage note of approximately $4.9 million in connection with the acquisition of the property located in Charlotte, NC. On September 29, 2015, the Company assumed a mortgage note of approximately $5.7 million in connection with the acquisition of the property located in Conyers, GA. For a discussion of the method used to determine the fair value of the mortgage notes, see Note 4. The table below sets forth the results of operations for the properties acquired during the three and nine months ended September 30, 2015 , respectively, included in the Company’s Consolidated Statements of Operations from the date of acquisition: Results of operations (in thousands) Three months ended September 30, 2015 Nine months ended September 30, 2015 Revenue $ 5,712 $ 9,783 Property acquisition costs $ 882 $ 2,156 Net loss $ (288 ) $ (1,362 ) The following tables set forth pro forma information for the three and nine months ended September 30, 2015 and September 30, 2014 , respectively. The below pro forma information does not 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 predict the results of operations of future periods. The pro forma information has not been adjusted for property sales. Nine months ended September 30, 2015 Pro Forma (in thousands) (1) Total revenue $ 171,476 Net loss $ (8,511 ) (2) Net loss attributable to common stockholders $ (16,124 ) Nine months ended September 30, 2014 Pro Forma (in thousands) (3) Total revenue $ 160,083 Net loss $ (6,544 ) (2) Net loss attributable to common stockholders $ (13,845 ) (1) The pro forma information for the nine months ended September 30, 2015 is presented as if the acquisition of the properties acquired during the nine months ended September 30, 2015 had occurred at January 1, 2014, the beginning of the reporting period prior to acquisition. (2) The net loss for the nine months ended September 30, 2015 excludes $2.2 million of property acquisition costs related to the acquisition of properties that closed during the nine months ended September 30, 2015 , and the net loss for the nine months ended September 30, 2014 was adjusted to include these acquisition costs. Net loss for the nine months ended September 30, 2014 excludes $3.3 million of property acquisition costs related to the acquisition of buildings that closed during the nine months ended September 30, 2014 . (3) The pro forma information for the nine months ended September 30, 2014 is presented as if the acquisition of the properties acquired during the nine months ended September 30, 2015 and the properties acquired during the nine months ended September 30, 2014 had occurred at January 1, 2014 and January 1, 2013, respectively, the beginning of the reporting period prior to acquisition. Dispositions The following tables summarize the dispositions made by the Company during the nine months ended September 30, 2015 (in millions, except for square feet and building count). All of the dispositions were accounted for under the full accrual method. Property Location Square Feet Buildings Carrying Value Sales Price Net Proceeds Gain (Loss) on Sale Hazelwood, MO 242,630 1 $ 4.4 $ 4.4 $ 4.3 $ (0.1 ) Round Rock, TX 79,180 1 3.1 5.2 4.9 1.8 Nine months ended September 30, 2015 321,810 2 $ 7.5 $ 9.6 $ 9.2 $ 1.7 Loss on Impairments The Company recorded a loss on impairment for the three months ended June 30, 2015 related to a vacant building in Hazelwood, MO. The Company entered into a purchase and sale agreement to sell this property prior to June 30, 2015 to a third party market participant. The Company tested the property for impairment at December 31, 2014 and no impairment was noted. The Company updated the impairment calculation quarterly for changes in assumptions as necessary. The Company tested the property for impairment as of June 30, 2015 and it was determined that the carrying value of the asset group, based on the Company’s assessment of the various hold and sell scenarios, was not recoverable from the estimated future undiscounted cash flows. Accordingly, the property was written down to its estimated fair value of $4.4 million and the Company recorded an impairment loss of $2.6 million for the three months ended June 30, 2015. This loss was recorded in loss on impairments on the accompanying Consolidated Statements of Operations. The fair value of the property was based on unobservable inputs ("Level 3") and this was a non-recurring fair value measurement. This property was sold during the three months ended September 30, 2015. The Company recorded a loss on impairment for the three months ended September 30, 2015 related to the property located in Canton, OH. The Company entered into a letter of intent to sell this property prior to September 30, 2015 to a third party market participant. The Company tested the property for impairment as of September 30, 2015 and it was determined that the carrying value of the asset group, based on the Company’s assessment of the various hold and sell scenarios, was not recoverable from the estimated future undiscounted cash flows. Accordingly, the property was written down to its estimated fair value of $1.6 million and the Company recorded an impairment loss of $2.9 million based on a discounted cash flow analysis. This loss was recorded in loss on impairments on the accompanying Consolidated Statements of Operations. The fair value of the property is based on Level 3 inputs and this is a non-recurring fair value measurement. The fair value was calculated using the following key Level 3 inputs: discount rate of 9.0% and exit capitalization rate of 12.0% . The letter of intent for the property included various contingencies, and was terminated subsequent to September 30, 2015. The Company recorded a loss on impairment for the three months ended September 30, 2015 related to the property located in Jefferson, NC. The Company entered into a purchase and sale agreement to sell this property prior to September 30, 2015 to a third party market participant. The Company tested the property for impairment as of September 30, 2015 and it was determined that the carrying value of the asset group, based on the Company’s assessment of the various hold and sell scenarios, was not recoverable from the estimated future undiscounted cash flows. Accordingly, the property was written down to its estimated fair value of $1.0 million based on pricing from market transactions for comparable properties and the Company recorded an impairment loss of $1.4 million . This loss was recorded in loss on impairments on the accompanying Consolidated Statements of Operations. The fair value of the property is based on Level 3 inputs and this is a non-recurring fair value measurement. Since the purchase and sale agreement for the property includes various contingencies, the Company can make no assurance that it will sell the property or, if it does, what the timing of the sale will be. The Company recorded a loss on impairment for the three months ended September 30, 2015 related to the property located in Milwaukee, WI. The Company entered into a letter of intent to sell this property prior to September 30, 2015 to a third party market participant. The Company tested the property for impairment as of September 30, 2015 and it was determined that the carrying value of the asset group, based on the Company’s assessment of the various hold and sell scenarios, was not recoverable from the estimated future undiscounted cash flows. Accordingly, the property was written down to its estimated fair value of $3.9 million based on pricing from market transactions for comparable properties and the Company recorded an impairment loss of $1.4 million . This loss was recorded in loss on impairments on the accompanying Consolidated Statements of Operations. The fair value of the property is based on Level 3 inputs and this is a non-recurring fair value measurement. Since the letter of intent for the property includes various contingencies, the Company can make no assurance that it will sell the property or, if it does, what the timing of the sale will be. Deferred Leasing Intangibles The Company allocates the purchase price of business combinations of properties based upon the fair value of the assets and liabilities acquired, which generally consist of land, buildings, tenant improvements, mortgage debt assumed, and deferred leasing intangibles which includes in‑place leases, above market and below market leases, and tenant relationships. The portion of the purchase price that is allocated to above and below market leases is valued based on the present value of the difference between prevailing market rates and the in‑place rates measured over a period equal to the remaining term of the lease term plus the term of any bargain renewal options. The above and below market lease values are amortized into rental income over the remaining term plus the terms of bargain renewal options of the respective leases. The purchase price is further allocated to in‑place lease values and tenant relationships based on the Company’s evaluation of the specific characteristics of each tenant’s lease and its overall relationship with the respective tenant. The value of in‑place lease intangibles and tenant relationships, which are included as components of deferred leasing intangibles, are amortized over the remaining lease term (and expected renewal periods of the respective lease for tenant relationships) as increases or decreases to depreciation and amortization expense. If a tenant terminates its lease, the unamortized portion of above and below market leases are accelerated into rental income and the in‑place lease value and tenant relationships are accelerated into depreciation or amortization expense over the shortened lease term. The purchase price allocated to deferred leasing intangible assets are included in rental property on the accompanying Consolidated Balance Sheets and the purchase price allocated to deferred leasing intangible liabilities are included in the deferred leasing intangibles on the accompanying Consolidated Balance Sheets under the liabilities section. Deferred leasing intangibles on the accompanying Consolidated Balance Sheets consist of the following (in thousands): September 30, 2015 December 31, 2014 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Above market leases $ 68,569 $ (31,360 ) $ 37,209 63,830 $ (25,381 ) $ 38,449 Other intangible lease assets 385,483 (158,577 ) 226,906 $ 330,100 (120,645 ) 209,455 Total deferred leasing intangible assets $ 454,052 $ (189,937 ) $ 264,115 $ 393,930 $ (146,026 ) $ 247,904 Below market leases $ 19,109 $ (8,397 ) $ 10,712 $ 16,745 $ (6,565 ) $ 10,180 Total deferred leasing intangible liabilities $ 19,109 $ (8,397 ) $ 10,712 $ 16,745 $ (6,565 ) $ 10,180 The following table sets forth the amortization expense and the net decrease to rental revenue for the amortization of deferred leasing intangibles during the three and nine months ended September 30, 2015 and September 30, 2014 , respectively (in millions): Three months ended September 30, Nine months ended September 30, Deferred Leasing Intangibles Amortization 2015 2014 2015 2014 Net decrease to rental revenue related to above and below market lease amortization $ 2.0 $ 1.6 $ 6.3 $ 4.6 Amortization expense of other intangible lease assets $ 15.3 $ 12.5 $ 44.3 $ 36.1 As of September 30, 2015 , the amortization of deferred leasing intangibles over the next five years is as follows (in thousands): Amortization Expense of Other Intangible Lease Assets Net Decrease to Rental Revenue of Above and Below Market Lease Amortization Remainder of 2015 $ 15,416 $ 1,952 2016 $ 54,544 $ 5,986 2017 $ 44,670 $ 4,284 2018 $ 34,870 $ 3,004 2019 $ 25,055 $ 2,666

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt The following table sets forth a summary of the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes and mortgage notes as of September 30, 2015 and December 31, 2014 (dollars in thousands): Loan Principal outstanding as of September 30, 2015 Principal outstanding as of December 31, 2014 Interest Rate (2) Current Maturity Pre-payment Terms (3) Unsecured credit facility: $450 Million Wells Fargo Unsecured Credit Facility (1) $ 177,750 $ 131,000 L + 1.15% Dec-18-2019 i Total unsecured credit facility $ 177,750 $ 131,000 Unsecured term loans: $150 Million Wells Fargo Unsecured Term Loan A $ 150,000 $ 150,000 L + 1.65% Mar-31-2022 ii $150 Million Wells Fargo Unsecured Term Loan B — — L + 1.70% Mar-21-2021 ii $150 Million Wells Fargo Unsecured Term Loan C — — L + 1.30% Sep-29-2020 i Total unsecured term loans $ 150,000 $ 150,000 Unsecured notes: $50 Million Series A Unsecured Notes $ 50,000 $ 50,000 4.98 % Oct-1-2024 ii $50 Million Series B Unsecured Notes 50,000 50,000 4.98 % Jul-1-2026 ii $80 Million Series C Unsecured Notes 80,000 80,000 4.42 % Dec-30-2026 ii $100 Million Series D Unsecured Notes 100,000 — 4.32 % Feb-20-2025 ii $20 Million Series E Unsecured Notes 20,000 — 4.42 % Feb-20-2027 ii Total unsecured notes $ 300,000 $ 180,000 Mortgage notes (secured debt): Sun Life Assurance Company of Canada (U.S.) $ 3,285 (4) $ 3,445 (4) 6.05 % Jun-1-2016 iii Webster Bank, National Association 5,555 5,677 4.22 % Aug-4-2016 iii National Life Insurance Company 4,817 (4) — 5.75 % Aug-10-2016 iii Union Fidelity Life Insurance Company 5,843 (4) 6,103 (4) 5.81 % Apr-30-2017 iv Principal Life Insurance Company 5,705 (4) — 5.73 % May-05-2017 iii Webster Bank, National Association 2,968 3,035 3.66 % May-29-2017 iii Webster Bank, National Association 3,197 3,268 3.64 % May-31-2017 iii Wells Fargo, National Association 4,131 (4) 4,182 (4) 5.90 % Aug-1-2017 v Connecticut General Life Insurance Company -1 Facility 57,396 58,050 6.50 % Feb-1-2018 vi Connecticut General Life Insurance Company -2 Facility 58,335 59,065 5.75 % Feb-1-2018 vi Connecticut General Life Insurance Company -3 Facility 16,464 16,647 5.88 % Feb-1-2018 vi Wells Fargo Bank, National Association CMBS Loan 64,315 65,567 4.31 % Dec-1-2022 vii Total mortgage notes $ 232,011 $ 225,039 Total unamortized fair market value premiums 557 (5) 308 (5) Total carrying value mortgage notes $ 232,568 $ 225,347 Total / weighted average interest rate (6) $ 860,318 $ 686,347 4.09 % ____________________________________________________________________________ (1) On September 29, 2015, the capacity of the unsecured credit facility was increased from $300.0 million to $450.0 million . (2) Current interest rates as of September 30, 2015 . At September 30, 2015 and December 31, 2014 , the one-month LIBOR (“L”) was 0.19300% and 0.17125% , respectively. The current interest rates presented in the table above are not adjusted to include the amortization of deferred financing fees incurred in obtaining debt or the unamortized fair market value premiums. (3) Prepayment terms consist of (i) pre-payable with no penalty; (ii) pre-payable with penalty; (iii) pre-payable without penalty three months prior to the maturity date; (iv) pre-payable without penalty two months prior to the maturity date; (v) pre-payable without penalty three months prior to the maturity date, however can be defeased; (vi) pre-payable without penalty six months prior to the maturity date; and (vii) pre-payable without penalty three months prior to the maturity date, however can be defeased beginning January 1, 2016. (4) The principal outstanding does not include an unamortized fair market value premium. (5) Represents total unamortized fair market value premium for the mortgage notes referenced by Note (4) above. (6) The weighted average interest rate was calculated using the fixed interest rate swapped on the current notional amount of $300 million of debt, and is not adjusted to include the amortization of deferred financing fees incurred in obtaining debt or the unamortized fair market value premiums. The aggregate undrawn nominal commitments on the combined unsecured credit facility and unsecured term loans as of September 30, 2015 was $572.3 million . Our actual borrowing capacity at any given point in time may be less and is restricted to a maximum amount based on the Company's unencumbered assets. On January 22, 2015, the Company assumed a mortgage note of approximately $11.8 million in connection with the acquisition of the Burlington, NJ property. The mortgage note was paid in full immediately subsequent to the acquisition. On February 20, 2015, the Company issued $100 million of its 4.32% Series D 10 -year unsecured notes and $20 million of its 4.42% Series E 12 -year unsecured notes. On June 25, 2015, the Company assumed a mortgage note with National Life Insurance Company of approximately $4.9 million in connection with the acquisition of the property located in Charlotte, NC, which serves as collateral for the debt. The debt matures on August 10, 2016 and bears interest at 5.75% per annum. The assumed debt was recorded at fair value and a fair value premium of approximately $0.1 million was recorded. The fair value of debt was determined by discounting the future cash flows using the current rate of approximately 3.05% 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 fair value of the debt is based on Level 3 inputs and is a non-recurring fair value measurement. On September 29, 2015, the Company assumed a mortgage note with Principal Life Insurance Company of approximately $5.7 million in connection with the acquisition of the property located in Conyers, GA, which serves as collateral for the debt. The debt matures on May 5, 2017 and bears interest at 5.73% per annum. The assumed debt was recorded at fair value and a fair value premium of approximately $0.3 million was recorded. The fair value of debt was determined by discounting the future cash flows using the current rate of approximately 2.64% 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 fair value of the debt is based on Level 3 inputs and is a non-recurring fair value measurement. On September 29, 2015, the Company entered into an amendment to the unsecured credit facility to increase the capacity thereunder to $450.0 million . Additionally, the accordion feature that allows the Company to request an increase in the aggregate commitments subject to satisfaction of conditions and lender consent was increased, such that if the accordion was exercised in full, total capacity would be $800.0 million . The material terms of the agreement, including the financial covenants, are unchanged. The Company incurred $1.0 million in deferred financing fees, which will be amortized over the remaining term of the unsecured credit facility. On September 29, 2015, the Company closed a $150.0 million unsecured term loan with Wells Fargo, N.A. ("Wells Fargo Unsecured Term Loan C") with the following terms: Applicable Terms Wells Fargo Unsecured Term Loan C Maturity Date: Sep-29-2020 Eurodollar Rate (1) : L + 130.0 bps - 190.0 bps Base Rate (1) : Base rate + 30.0 bps - 90.0 bps Terminated Commitments Fees (2) : 50.0 bps Unused Fees (3) : 17.5 bps Annual Fee: $50,000 (1) The spread over the applicable rate is based on the Company's consolidated leverage ratio, as defined in the loan agreement. (2) The Company has until September 29, 2016 to draw the full $150.0 million . (3) The unused fees will begin to accrue on November 29, 2015 and are due and payable monthly until the earlier of all commitments having been drawn or September 29, 2016. The Wells Fargo Unsecured Term Loan C has an accordion feature that allows the Company to increase its borrowing capacity to $250.0 million , subject to the satisfaction of certain conditions and bank approval. The Company incurred $1.0 million in deferred financing fees associated with the closing of the Wells Fargo Unsecured Term Loan C, which will be amortized over its five year term. The agreement includes a delayed draw feature that allows the Company to draw up to six advances of at least $25.0 million each. The Company and certain wholly owned subsidiaries of the Operating Partnership are guarantors of the Wells Fargo Unsecured Term Loan C. The agreement also contains financial covenants substantially similar to the financial covenants in the unsecured credit facility. Deferred financing fees, net of accumulated amortization were $9.7 million and $7.8 million as of September 30, 2015 and December 31, 2014 , respectively, and are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. During the three and nine months ended September 30, 2015 and September 30, 2014 , amortization of deferred financing fees included in interest expense was $0.4 million , $1.1 million , $0.4 million and $1.1 million , respectively. Financial Covenant Considerations The Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes are subject to ongoing compliance with a number of financial and other covenants. The Company was in compliance with all financial covenants as of September 30, 2015 and December 31, 2014 . 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 1.34% to 4.39% and 1.32% to 4.27% at September 30, 2015 and December 31, 2014 , 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 principal outstanding of the Company’s debt and the corresponding estimate of fair value as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Principal Outstanding Fair Value Principal Outstanding Fair Value Unsecured credit facility $ 177,750 $ 177,750 $ 131,000 $ 131,000 Unsecured term loans 150,000 150,000 150,000 150,000 Unsecured notes 300,000 306,005 180,000 187,587 Mortgage notes 232,011 241,592 225,039 237,602 Total principal amount $ 859,761 $ 875,347 $ 686,039 $ 706,189 Total unamortized fair market value premium 557 308 Total carrying value $ 860,318 $ 686,347

Use of Derivative Financial Ins

Use of Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Use of Derivative Financial Instruments	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 exposure on existing and future liabilities and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and related costs associated with the Company’s operating and financial structure. The following table details the Company’s outstanding interest rate swaps as of September 30, 2015 (in thousands): Interest Rate Derivative Counterparty Trade Date Effective Date Current Notional Amount Fair Value Pay Fixed Interest Rate Receive Variable Interest Rate Maturity Date PNC Bank, N.A. Sep-14-2012 Oct-10-2012 $ 10,000 $ (32 ) 0.7945 % One-month L Sep-10-2017 Bank of America, N.A. Sep-14-2012 Oct-10-2012 10,000 $ (32 ) 0.7945 % One-month L Sep-10-2017 UBS AG Sep-14-2012 Oct-10-2012 10,000 $ (32 ) 0.7945 % One-month L Sep-10-2017 Royal Bank of Canada Sep-14-2012 Oct-10-2012 10,000 $ (32 ) 0.7945 % One-month L Sep-10-2017 RJ Capital Services, Inc. Sep-14-2012 Oct-10-2012 10,000 $ (32 ) 0.7975 % One-month L Sep-10-2017 Bank of America, N.A. Sep-20-2012 Oct-10-2012 25,000 $ (58 ) 0.7525 % One-month L Sep-10-2017 RJ Capital Services, Inc. Sep-24-2012 Oct-10-2012 25,000 $ (46 ) 0.7270 % One-month L Sep-10-2017 Regions Bank Mar-01-2013 Mar-01-2013 25,000 $ (217 ) 1.3300 % One-month L Feb-14-2020 Capital One, N.A. Jun-13-2013 Jul-01-2013 50,000 $ (1,175 ) 1.6810 % One-month L Feb-14-2020 Capital One, N.A. Jun-13-2013 Aug-01-2013 25,000 $ (611 ) 1.7030 % One-month L Feb-14-2020 Regions Bank Sep-30-2013 Feb-03-2014 25,000 $ (929 ) 1.9925 % One-month L Feb-14-2020 Royal Bank of Canada Jan-08-2015 Mar-20-2015 25,000 $ (527 ) 1.7090 % One-month L Mar-21-2021 The Toronto-Dominion Bank Jan-08-2015 Mar-20-2015 25,000 $ (507 ) 1.7105 % One-month L Mar-21-2021 Wells Fargo Bank, N.A. Jan-08-2015 Mar-20-2015 25,000 $ (535 ) 1.8280 % One-month L Mar-31-2022 The Toronto-Dominion Bank Jan-08-2015 Sep-10-2017 — (1) $ (1,641 ) 2.2255 % One-month L Mar-21-2021 The Toronto-Dominion Bank Jan-08-2015 Feb-14-2020 — (1) $ (82 ) 2.4535 % One-month L Mar-31-2022 Regions Bank Jan-08-2015 Feb-14-2020 — (1) $ (230 ) 2.4750 % One-month L Mar-31-2022 Capital One, N.A. Jan-08-2015 Feb-14-2020 — (1) $ (238 ) 2.5300 % One-month L Mar-31-2022 Total $ 300,000 ____________________________________________________________________________ (1) These interest rate swaps are forward starting swaps and thus have no current notional amounts outstanding. The total notional amount of these interest rate swaps is $225.0 million . Subsequent to September 30, 2015, on October 14, 2015, the Company entered into five interest rate swap agreements for a total notional amount of $150.0 million to hedge the risk of changes in the interest related cash flows associated with the Wells Fargo Unsecured Term Loan C. The swaps were designated as cash flow hedges. The fair value of the interest rate swaps outstanding as of September 30, 2015 and December 31, 2014 was as follows (in thousands): Balance Sheet Line Item Current Notional Amount September 30, 2015(1) Fair Value September 30, 2015 Current Notional Amount December 31, 2014 Fair Value December 31, 2014 Interest rate swaps-Asset $ — $ — $ 125,000 $ 959 Interest rate swaps-Liability $ 300,000 $ (6,956 ) $ 100,000 $ (873 ) ____________________________________________________________________________ (1) Four of the interest rate swaps have no current notional amount outstanding. 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. The Company uses interest rate swaps to fix the rate of its long term variable rate debt. 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 and will be reclassified to interest expense in the period that the hedged forecasted transaction affects earnings on the Company’s variable rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings into interest expense. During the three and nine months ended September 30, 2015 and September 30, 2014 , the Company recorded a loss of $0.1 million , $0 , $0 and $0 , respectively, of hedge ineffectiveness in interest expense due to short-term, partial mismatches in notional amounts. The loss on ineffectiveness recorded for the three months ended September 30, 2015 is the reversal of a gain on ineffectiveness recognized during the three months ended June 30, 2015. The Company estimates that an additional $3.1 million will be reclassified from accumulated other comprehensive 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 nine months ended September 30, 2015 and September 30, 2014 , respectively (in thousands): Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Amount of (gain)/loss recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion) $ 8,564 $ (656 ) $ 9,540 $ 3,825 Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion) $ 928 $ 644 $ 2,521 $ 1,866 Amount of loss recognized in interest expense (ineffective portion and amount excluded from effectiveness testing) $ 92 $ — $ — $ — Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of September 30, 2015 , the fair values of all of the Company’s 18 interest rate swaps were in a liability position of $7.2 million , excluding any adjustment for nonperformance risk related to these agreements. The adjustment for nonperformance risk included in the fair value of the Company’s net liability position was $0.2 million as of September 30, 2015 . Accrued interest expense for all interest rate swaps was $0.3 million as of September 30, 2015 . As of September 30, 2015 , the Company had not posted any collateral related to these agreements. If the Company had breached any of its provisions at September 30, 2015 , it could have been required to settle its obligations under the agreement of the interest rate swaps in a liability position at their termination value of $7.5 million . Fair Value of Interest Rate Swaps The Company’s 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. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of September 30, 2015 and December 31, 2014 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The following sets forth the Company’s financial instruments that are accounted for at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 (in thousands): Fair Value Measurements as of September 30, 2015 Using(1) Balance Sheet Line Item Fair Value September 30, 2015 Level 1 Level 2 Level 3 Interest rate swaps-Asset $ — $ — $ — $ — Interest rate swaps-Liability $ (6,956 ) $ — $ (6,956 ) $ — ____________________________________________________________________________ (1) Level 1 defined as quoted prices in active markets for identical assets. Level 2 defined as significant other observable inputs. Level 3 defined as unobservable inputs. Fair Value Measurements as of December 31, 2014 Using(1) Balance Sheet Line Item Fair Value December 31, 2014 Level 1 Level 2 Level 3 Interest rate swaps-Asset $ 959 $ — $ 959 $ — Interest rate swaps-Liability $ (873 ) $ — $ (873 ) $ — ____________________________________________________________________________ (1) Level 1 defined as quoted prices in active markets for identical assets. Level 2 defined as significant other observable inputs. Level 3 defined as unobservable inputs.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity	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. The table below sets forth the Company’s two outstanding preferred stock issuances as of September 30, 2015 : Issuance Date Number of Shares Price and Liquidation Value per share Interest rate Series A Cumulative Redeemable Preferred Stock (1) November 2, 2011 2,760,000 $ 25.00 9.000 % Series B Cumulative Redeemable Preferred Stock (2) April 16, 2013 2,800,000 $ 25.00 6.625 % ____________________________________________________________________________ (1) Herein defined as the “Series A Preferred Stock” (2) Herein defined as the “Series B Preferred Stock” 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 and Series B Preferred Stock rank on parity with each other and both rank 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 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. The table below sets forth the dividends attributable to the Series A Preferred Stock and Series B Preferred Stock, respectively, during the nine months ended September 30, 2015 and the year ended December 31, 2014 : Quarter Ended 2015 Declaration Date Series A Preferred Stock Per Share Series B Preferred Stock Per Share Payment Date September 30 July 21, 2015 $ 0.5625 $ 0.4140625 September 30, 2015 June 30 May 4, 2015 0.5625 0.4140625 June 30, 2015 March 31 February 20, 2015 0.5625 0.4140625 March 31, 2015 Total $ 1.6875 $ 1.2421875 Quarter Ended 2014 Declaration Date Series A Preferred Stock Per Share Series B Preferred Stock Per Share Payment Date December 31 October 30, 2014 $ 0.5625 $ 0.4140625 December 31, 2014 September 30 July 29, 2014 0.5625 0.4140625 September 30, 2014 June 30 May 5, 2014 0.5625 0.4140625 June 30, 2014 March 31 February 21, 2014 0.5625 0.4140625 March 31, 2014 Total $ 2.2500 $ 1.6562500 On October 22, 2015, the Company’s board of directors declared the Series A Preferred Stock and the Series B Preferred Stock dividend for the quarter ending December 31, 2015 at a quarterly rate of $0.5625 per share and $0.4140625 per share of preferred stock, respectively. Common Stock The Company utilizes its at-the-market (“ATM”) program as its primary source of equity capital. As a supplement to the ATM activity, the Company has executed discrete marketed overnight common stock offerings. The Company will continue to rely on the ATM in the future as its primary source of equity. The following sets forth the Company’s ATM common stock offering program as of September 30, 2015 , from which it may from time to time sell its common stock through sales agents: ATM Stock Offering Program (in thousands) Date Maximum Aggregate Offering Price Aggregate Common Stock Available as of September 30, 2015 2014 $200 million ATM September 10, 2014 $ 200,000 $ 107,380 The table below sets forth the activity for the ATM common stock offering programs during the nine months ended September 30, 2015 and the year ended December 31, 2014 , respectively (in millions, except share data): Nine months ended September 30, 2015 ATM Stock Offering Program Shares Sold Weighted Average Price Per Share Gross Proceeds Sales Agents’ Fee Net Proceeds 2014 $200 million ATM 2,661,403 $ 21.63 $ 57.6 $ 0.9 $ 56.7 2014 $150 million ATM 795,000 $ 21.79 17.3 0.2 17.1 Total/weighted average 3,456,403 $ 21.67 $ 74.9 $ 1.1 $ 73.8 Year ended December 31, 2014 ATM Stock Offering Program Shares Sold Weighted Average Price Per Share Gross Proceeds Sales Agents’ Fee Net Proceeds 2014 $200 million ATM 1,658,795 $ 21.13 $ 35.0 $ 0.5 $ 34.5 2014 $150 million ATM 5,760,651 $ 23.03 132.7 2.0 130.7 2012 $75 million ATM 661,930 $ 22.47 14.9 0.2 14.7 Total/weighted average 8,081,376 $ 22.60 $ 182.6 $ 2.7 $ 179.9 Dividends The table below sets forth the dividends attributable to the common stock during the nine months ended September 30, 2015 and the year ended December 31, 2014 , respectively: Month Ended 2015 Declaration Date Per Share Payment Date September 30 May 4, 2015 $ 0.1150 October 15, 2015 August 31 May 4, 2015 0.1150 September 15, 2015 July 31 May 4, 2015 0.1150 August 17, 2015 June 30 February 20, 2015 0.1125 July 15, 2015 May 31 February 20, 2015 0.1125 June 15, 2015 April 30 February 20, 2015 0.1125 May 15, 2015 March 31 October 30, 2014 0.1125 April 15, 2015 February 28 October 30, 2014 0.1125 March 16, 2015 January 31 October 30, 2014 0.1125 February 17, 2015 Total $ 1.0200 Month Ended 2014 Declaration Date Per Share Payment Date December 31 July 29, 2014 $ 0.110 January 15, 2015 November 30 July 29, 2014 0.110 December 15, 2014 October 31 July 29, 2014 0.110 November 17, 2014 September 30 May 5, 2014 0.110 October 15, 2014 August 31 May 5, 2014 0.110 September 15, 2014 July 31 May 5, 2014 0.110 August 15, 2014 June 30 February 21, 2014 0.105 July 15, 2014 May 31 February 21, 2014 0.105 June 16, 2014 April 30 February 21, 2014 0.105 May 15, 2014 March 31 December 18, 2013 0.105 April 15, 2014 February 28 December 18, 2013 0.105 March 17, 2014 January 31 December 18, 2013 0.105 February 17, 2014 Total $ 1.2900 On July 21, 2015, the Company’s board of directors declared the common stock dividend for the months ending October 31, 2015, November 30, 2015 and December 31, 2015 at a monthly rate of $0.1150 per share of common stock. On October 22, 2015, the Company’s board of directors declared the common stock dividend for the months ending January 31, 2016, February 29, 2016 and March 31, 2016 at a monthly rate of $0.115833 per share of common stock. Board of Director’s Compensation The Company’s independent directors are paid annual fees of $50,000 each for serving as members of the Company’s board of directors, plus certain lead director or chair fees. Lead director fees and chair fees range from $7,500 to $15,000 . As discussed in Note 7, the independent directors also received an annual LTIP unit grants of $65,000 each on January 12, 2015. 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 serving on various committees during 2015 and 2014. The shares of common stock are issued to the independent directors pursuant to 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 the nine months ended September 30, 2015 and the year ended December 31, 2014 : Service During Quarter Ended 2015 Grant Date Shares Fair Value September 30 October 15, 2015 4,593 $ 89,000 June 30 July 15, 2015 4,248 $ 89,000 March 31 April 15, 2015 3,731 84,000 Total 12,572 $ 262,000 Service During Quarter Ended 2014 Grant Date Shares Fair Value December 31 January 15, 2015 3,298 $ 87,000 September 30 October 15, 2014 3,958 88,000 June 30 July 15, 2014 3,473 83,000 March 31 April 15, 2014 3,471 83,000 Total 14,200 $ 341,000 Restricted Stock-Based Compensation Pursuant to the 2011 Plan, the Company grants shares of restricted common stock to certain employees of the Company. The shares of restricted common stock are subject to time-based vesting. Shares of restricted common stock granted on January 12, 2015, subject to the recipient’s continued employment, will vest in three equal installments on each anniversary date of the grant. Holders of restricted stock have voting rights and rights to receive dividends. Restricted stock may not be sold, assigned, transferred, pledged or otherwise disposed of and is subject to a risk of forfeiture prior to the expiration of the applicable vesting period. The following table summarizes activity related to the Company’s unvested restricted common stock: Shares Unvested at December 31, 2013 214,389 Granted 103,149 (1) Vested (51,885) Forfeited (1,737) Unvested at December 31, 2014 263,916 Granted 94,290 (2) Vested (72,185) Forfeited (10,534) Unvested at September 30, 2015 275,487 ____________________________________________________________________________ (1) The grant date fair value per share was $20.13 . (2) The grant date fair value per share was $26.17 . The unrecognized compensation expense associated with the Company’s restricted common stock at September 30, 2015 was $4.2 million . The following table summarizes the fair value at vesting date for the restricted common stock vested during the period (in millions, except share data): For the For the Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Vested shares of restricted common stock — — 72,185 51,885 Fair value of vested restricted common stock $ — $ — $ 1.8 $ 1.1

Noncontrolling Interest

Noncontrolling Interest	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest [Abstract]
Noncontrolling Interest	Noncontrolling Interest The Company is structured as an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its Operating Partnership. The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. Noncontrolling interest in the Company consists of LTIP units and Other Common Units in the Operating Partnership that are not owned by the Company. The table below summarizes the activity for the nine months ended September 30, 2015 and the year ended December 31, 2014 : LTIP Units Other Common Units Total Noncontrolling Common Units Noncontrolling Interest Balance at December 31, 2013 599,464 6,299,186 6,898,650 13.35 % Issuance/grant 719,572 — 719,572 N/A Forfeitures — — — N/A Conversions from LTIP units to Other Common Units (12,000 ) 12,000 — N/A Redemptions from Other Common Units to common stock — (5,105,584 ) (5,105,584 ) N/A Redemption of Other Common Units for cash — (80,789 ) (80,789 ) N/A Balance at December 31, 2014 1,307,036 1,124,813 2,431,849 3.64 % Issuance/grant 323,069 812,676 1,135,745 N/A Conversions from LTIP units to Other Common Units (20,000 ) 20,000 — N/A Redemptions from Other Common Units to common stock — (90,824 ) (90,824 ) N/A Redemption of Other Common Units for cash — (2,400 ) (2,400 ) N/A Balance at September 30, 2015 1,610,105 1,864,265 3,474,370 4.86 % 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. LTIP Units Pursuant to the 2011 Plan, the Company may grant LTIP units. LTIP units are granted to certain executive officers and senior employees of the Company as part of their compensation, and to independent directors for their service. 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 of the board of directors may determine, including continued employment or service, computation of financial metrics and achievement of pre-established performance goals and objectives. LTIP units granted on January 12, 2015 to certain executive officers and senior employees, subject to the recipient’s continued employment, will vest quarterly over three years . LTIP units granted on January 12, 2015 to independent directors, subject to the recipient’s continued service, will vest on the one year anniversary date of the grant. Vested LTIP units can be converted to Other Common Units on a one-for-one basis once a material equity transaction has occurred that results in the accretion of the members’ capital account to the economic equivalent of an Other Common Unit. All LTIP units, whether vested or not, will receive the same monthly per unit distributions as Other Common Units, which equal per share dividends on common stock. On May 4, 2015, the Company and the Operating Partnership and Benjamin S. Butcher, the Company’s Chief Executive Officer, President and Chairman of the Board, entered into an amended and restated employment agreement. The amended and restated agreement is for an initial term of three years . The agreement automatically extends for successive one -year terms unless, not fewer than 60 days before the term’s end, either party provides a notice of non-renewal to the other party. In connection with the amended and restated agreement, the compensation committee of the board of directors granted Mr. Butcher a retention award of 100,000 LTIP units that vest one-half on the third anniversary of the grant and one-sixth on the fourth, fifth and sixth anniversaries. The LTIP units issued under the 2011 Plan were valued using the Monte Carlo lattice binomial option-pricing model at the grant date. The fair value of the LTIP units are based on Level 3 inputs and are non-recurring fair value measurements. The table below sets forth the assumptions used in valuing such LTIP units for nine months ended September 30, 2015 . Assumptions Grant date May 4, 2015 January 12, 2015 Expected term 10 years 10 years Expected volatility 20.0 % 20.0 % Expected dividend yield 6.0 % 6.0 % Risk-free interest rate 0.6590 % 0.6159 % Fair value of LTIP units at issuance (in millions) $ 2.0 $ 5.4 LTIP units at issuance 100,000 223,069 Fair value unit price per LTIP unit at issuance $ 20.38 $ 24.43 The following table summarizes activity related to the Company’s unvested LTIP units: LTIP Units Unvested at December 31, 2013 368,760 Granted/Issued 719,572 (1) Vested (639,445 ) (1) Forfeited — Unvested at December 31, 2014 448,887 Granted 323,069 Vested (188,789 ) Forfeited — Unvested at September 30, 2015 583,167 (2) ____________________________________________________________________________ (1) On September 23, 2014, the Company issued 397,590 LTIP units, related to the settlement of the 2011 Outperformance Program. (2) The unrecognized compensation expense associated with the Company’s LTIP units at September 30, 2015 was $10.9 million . The following table summarizes the fair value at vesting date for the LTIP units vested during the period (in millions, except unit data): For the For the Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Vested LTIP units 48,257 436,583 188,789 545,311 Fair value of vested LTIP units $ 0.9 $ 9.2 $ 4.0 $ 11.8 Other Common Units Other Common Units and shares of the Company’s common stock have essentially the same economic characteristics in that Other Common Units directly, and shares of the Company’s common stock indirectly, through the Company’s interest in the Operating Partnership, share equally in the total net income or loss distributions of the Operating Partnership. Subject to certain restrictions, investors who own Other Common Units have the right to cause the Operating Partnership to redeem any or all of their Other 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. The market value of a share of common stock is calculated as the average common stock closing price on the NYSE for the 10 trading days immediately preceding the redemption notice date. Each Other Common Unit receives the same monthly distribution as a share of common stock. As partial consideration for a property acquired on January 22, 2015, the Company granted 812,676 Other Common Units with a fair value of approximately $21.9 million based on the Company’s NYSE closing stock price on January 22, 2015. The number of Other Common Units granted was calculated based on the trailing 10 -day average common stock closing price ending on the business day that immediately preceded the grant date. The fair value of the shares of the Other Common Units granted was calculated based on the closing stock price per the NYSE on the grant date multiplied by the number of Other Common Units granted. The issuance of the Other 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 Other Common Units.

Equity Incentive Plan

Equity Incentive Plan	9 Months Ended
	Sep. 30, 2015
Compensation Related Costs [Abstract]
Equity Incentive Plan	Equity Incentive Plan Outperformance Program On January 12, 2015, the compensation committee of the board of directors of the Company approved the 2015 Outperformance Program (the “2015 OPP”) under the 2011 Plan, to provide certain key employees of the Company or its affiliates with incentives to contribute to the growth and financial success of the Company and its affiliates. Recipients of awards under the 2015 OPP will share in an outperformance pool if the Company’s total stockholder return, including both share appreciation and dividends, exceeds an absolute hurdle over a three ‑year measurement period from January 1, 2015 to January 1, 2018 (the “measurement period”), based on a beginning value of $24.49 per share of the Company’s common stock, as well as a relative hurdle based on the MSCI US REIT Index. Provided the Company’s increase in cumulative absolute total stockholder return over the measurement period equals or exceeds 25% (the “threshold percentage”), the outperformance pool consists of 10% of the excess total stockholder return above an absolute total stockholder return hurdle. The hurdle is equal to the total return of the MSCI US REIT Index plus five percentage points over the measurement period. The aggregate reward for all recipients collectively is capped at the lesser of (i) 0.24% of the product of the total number of shares of common stock and Noncontrolling Common Units outstanding on January 1, 2018 and the average common stock price of the Company for the 20 trading days ending immediately prior to January 1, 2018, and (ii) $15.4 million . Each participant’s award under the 2015 OPP is designated as a specified percentage of the aggregate outperformance pool. If the threshold percentage and return hurdle were achieved at the end of the measurement period, the outperformance pool will be calculated and then allocated to the award recipients. The 2015 OPP provides that awards will be paid in the form of fully vested shares of the Company’s common stock, or, at the Company's election and with the award recipient’s consent, other securities or cash. The 2015 OPP awards were valued at approximately $1.6 million utilizing a Monte Carlo simulation to estimate the probability of the conditions being satisfied. The Monte Carlo simulation used a statistical formula underlying the Black‑Scholes and binomial formulas and such simulation was run approximately 500,000 times. For each simulation, the payoff is calculated at the settlement date, which is then discounted to the award date at a risk‑free interest rate. The average of the values over all simulations is the expected value of the award on the award date. Assumptions used in the valuations included (i) factors associated with the underlying performance of the Company’s stock price and total stockholder return over the term of the performance awards including total stock return volatility and risk‑free interest and (ii) factors associated with the relative performance of the Company’s stock price and total stockholder return when compared to the MSCI US REIT Index. The valuation was performed in a risk‑neutral framework, so no assumption was made with respect to an equity risk premium. The fair value of the 2015 OPP awards was estimated on the date of grant using the following assumptions in the Monte Carlo valuation: expected price volatility for the Company and the MSCI US REIT Index of 20% and 13.6% , respectively, and a risk free rate of 0.9814% . The expense associated with the value of the 2015 OPP awards will be amortized on a straight-line basis over the measurement period. Equity Compensation Expense The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statement of Operations for the amortization of restricted stock, LTIP units, the 2015 OPP, the 2011 Outperformance Program that concluded on September 19, 2014, and the Company’s board of directors’ compensation: For the For the Three months ended September 30, Nine months ended September 30, Equity compensation expense (in millions) 2015 2014 2015 2014 Restricted stock $ 0.5 $ 0.3 $ 1.4 $ 0.9 LTIP units 1.2 0.6 3.6 3.8 (1) Outperformance programs 0.1 0.1 0.4 0.5 (2) Board of directors compensation (3) 0.1 0.1 0.3 0.3 Total equity compensation expense $ 1.9 $ 1.1 $ 5.7 $ 5.5 ____________________________________________________________________________ (1) Inclusive of $2.0 million of non-cash compensation during the nine months ended September 30, 2014 associated with the accounting for a consulting agreement with a former executive officer. (2) Inclusive of $0.2 million of non-cash compensation during the nine months ended September 30, 2014 associated with the accounting for a consulting agreement with a former executive officer. (3) All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three and nine months ended September 30, 2015 and September 30, 2014 .

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company uses the two‑class method of computing earnings per common share, which is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. 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, unless and until a forfeiture occurs. During the three and nine months ended September 30, 2015 and September 30, 2014 , there were 275,663 , 284,020 , 264,438 and 270,530 , respectively, unvested shares of restricted stock on a weighted average basis that were considered participating securities, which were not dilutive. The following tables set forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2015 and September 30, 2014 , respectively (in thousands, except share data). Three months ended September 30, 2015 Numerator Net loss $ (4,680 ) Less: preferred stock dividends 2,712 Less: amount allocated to unvested restricted stockholders 95 Less: loss attributable to noncontrolling interest after preferred stock dividends (359 ) Loss attributable to common stockholders $ (7,128 ) Denominator Weighted average common shares outstanding—basic and diluted 67,799,700 Loss per share—basic and diluted $ (0.11 ) Nine months ended September 30, 2015 Numerator Net loss $ (11,335 ) Less: preferred stock dividends 8,136 Less: amount allocated to unvested restricted stockholders 291 Less: loss attributable to noncontrolling interest after preferred stock dividends (951 ) Loss from continuing operations attributable to common stockholders $ (18,811 ) Denominator Weighted average common shares outstanding—basic and diluted 65,803,304 Loss per share—basic and diluted $ (0.29 ) Three months ended September 30, 2014 Numerator Net income $ 251 Less: preferred stock dividends 2,712 Less: amount allocated to unvested restricted stockholders 87 Less: loss attributable to noncontrolling interest after preferred stock dividends (90 ) Loss from continuing operations attributable to common stockholders $ (2,458 ) Denominator Weighted average common shares outstanding—basic and diluted 55,354,125 Loss per share—basic and diluted $ (0.04 ) Nine months ended September 30, 2014 Numerator Net loss $ (2,395 ) Less: preferred stock dividends 8,136 Less: amount allocated to unvested restricted stockholders 258 Less: loss attributable to noncontrolling interest after preferred stock dividends (784 ) Loss from continuing operations attributable to common stockholders $ (10,005 ) Denominator Weighted average common shares outstanding—basic and diluted 51,157,219 Loss per share—basic and diluted $ (0.20 )

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 September 30, 2015 and December 31, 2014 , the fair value of the incentive fee was zero . The fair value was calculated using the following key Level 3 inputs: discount rate of approximately 9.5% and exit capitalization rate of 9.8% .

Concentrations of Credit Risk

Concentrations of Credit Risk	9 Months Ended
	Sep. 30, 2015
Summary of Credit Derivatives [Abstract]
Concentrations of Credit Risk	Concentrations of Credit Risk Concentrations of credit risk relevant to the Company may arise when a number of financing arrangements, including revolving credit facilities or derivatives, are entered into with the same lenders or counterparties, and have similar economic features that would cause their inability to meet contractual obligations. Concentration of credit risk may also arise when a number of tenants 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 mitigates the concentration of credit risk as it relates to financing arrangements by entering into loan syndications with multiple, reputable financial institutions and diversifying its debt counterparties. The Company also reduces exposure by diversifying its derivatives across multiple counterparties who meet established credit and capital guidelines. Concentrations of credit risk relevant to the Company may arise when the Company enters into leases with multiple tenants concentrated in the same industry, or into a significant lease or multiple leases with a single tenant. 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 approximately 2.7% of annualized base rental revenue, defined as the contractual monthly base rent as of September 30, 2015 multiplied by 12. If a tenant is in a free rent period as of September 30, 2015 , the annualized base rental revenue is calculated based on the first contractual monthly base rent amount multiplied by 12. The Company has tenants concentrated in various industries that may experience adverse effects from certain economic conditions and the Company could be adversely affected if such tenants default on their leases. The Company has tenants concentrated in three industries, Air Freight & Logistics , Automotive , and Industrial Equipment, Component & Metals . There is no tenant industry in the Company’s portfolio that is greater than approximately 11.8% of annualized base rental revenue as of September 30, 2015 .

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events GAAP requires an entity to disclose certain events that occur after the balance sheet date but before financial statements are issued (“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”). Other than the Company entering into five new interest rate swaps (see Note 5), no significant non-recognized subsequent events were noted.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	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, 2014 . Basis of Presentation The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units ("Other Common Units") and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended (the “2011 Plan”). 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.
Reclassifications	Certain prior year amounts have been reclassified to conform to the current year presentation.
Adoption of New Accounting Pronouncements	In September of 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-16, Simplifying the Accounting for Measurement Period Adjustments (Topic 805) . ASU 2015-16 requires an acquirer in a business combination to recognize provisional amounts when measurements were incomplete as of the end of a reporting period as an adjustment in the reporting period in which the provisional amount is determined. Prior to this standard, the acquirer was required to adjust such provisional amounts by restating prior period financial statements. ASU 2015-16 is effective for the annual period ending December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The Company has elected to early adopt this standard effective with the interim period beginning July 1, 2015 and this standard did not have a material effect on the consolidated financial statements. In April of 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30) . ASU 2015-03 requires incremental debt issuance costs paid to third parties other than the lender to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability. Prior to this standard, debt issuance costs paid to third parties other than the lender were presented as an asset on the balance sheet. ASU 2015-03 is effective for the annual period ending December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. Upon the adoption of ASU 2015-03, the Company will present debt issuance costs paid to third parties other than the lender as a direct deduction from the carrying value of the associated debt liability. In August of 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Subtopic 835-30) , which clarified the presentation of debt issuance costs related to credit facility arrangements, given the absence of authoritative guidance within ASU 2015-03. Under ASU 2015-15, debt issuance costs paid to third parties other than the lender related to credit facilities may be presented in the balance sheet as an asset, regardless of whether there are any outstanding borrowings on the credit facility. Upon the adoption of ASU 2015-15, the Company will continue to present debt issuance costs paid to third parties other than the lender related to a credit facility as an asset on the accompanying Consolidated Balance Sheets. In August of 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern . ASU 2014-15 requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ending December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The adoption of ASU 2014-15 is not expected to materially impact the Company’s consolidated financial statements. In May of 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . 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, 2017. Early adoption is permitted for the first interim period within annual reporting periods beginning after December 15, 2016. 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.
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 September 30, 2015 and December 31, 2014 , the Company had an allowance for doubtful accounts of $0.1 million and $0.1 million , respectively. The Company accrues rental income earned, but not yet receivable, in accordance with GAAP. As of September 30, 2015 and December 31, 2014 , the Company had accrued rental income of $14.9 million and $12.8 million , respectively. The Company maintains an allowance for estimated losses that may result from those revenues. As of September 30, 2015 and December 31, 2014 , the Company had an allowance for estimated losses on accrued rental income of $0 and $0 , respectively. As of September 30, 2015 and December 31, 2014 , the Company had a total of approximately $6.2 million and $6.7 million , respectively, of total lease security deposits available in the form of existing letters of credit, which are not reflected on the accompanying Consolidated Balance Sheets. As of September 30, 2015 and December 31, 2014 , the Company had approximately $4.1 million and $3.1 million , respectively, of lease security deposits available in cash, which are included in cash and cash equivalents on the accompanying Consolidated Balance Sheets, and $0.4 million and $0.4 million , respectively, of lease security deposits available in cash, which are included in restricted cash on the accompanying Consolidated Balance Sheets. These funds may be used to settle tenant accounts receivables in the event of a default under the related lease. As of September 30, 2015 and December 31, 2014 , the Company's total liability associated with these lease security deposits was $4.5 million and $3.5 million , respectively, and is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets.
Revenue Recognition	Revenue Recognition Tenant Recoveries By the terms of their leases, certain tenants are obligated to pay directly the costs of their properties’ insurance, real estate taxes, ground lease payments, and certain other expenses, and these costs are not reflected on the Company’s consolidated financial statements. 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. To the extent any tenant responsible for these costs under its respective 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 obligation. The Company estimates that real estate taxes, which are the responsibility of these certain tenants, were approximately $2.7 million , $7.8 million , $2.6 million and $7.6 million for the three and nine months ended September 30, 2015 and September 30, 2014 , respectively. These amounts would have been the maximum expense of the Company had the tenants not met their contractual obligations for these periods. Termination Income On December 17, 2014, the Company entered into a first lease amendment with the tenant located at the Belfast, ME buildings. The terms of the lease amendment renewed 90,051 square feet of the premise and early terminated the remaining 228,928 square feet effective November 30, 2015. The tenant is required to pay a termination fee for the returned premise on or before October 31, 2015 in the amount of $2.1 million . The Company received the termination fee payment in full on September 23, 2015. This termination fee along with the reimbursement of certain miscellaneous costs per the lease amendment was being recorded on a straight-line basis from December 17, 2014 through the relinquishment of the space on November 30, 2015. On May 18, 2015, the Company entered into a second lease amendment with the tenant. The terms of the second lease amendment accelerated the termination of 35,295 square feet to April 30, 2015. The Company recognized the termination fee associated with the 35,295 square feet through the shortened lease life of April 30, 2015. The Company continues to recognize the remaining termination fee over the shortened lease life of the remaining 193,633 square feet through November 30, 2015. The termination fee of $0.5 million and $1.7 million for the three and nine months ended September 30, 2015 , respectively, is included in rental income on the accompanying Consolidated Statements of Operations.
Taxes	Taxes Federal 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. 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. 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 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, nor will it have to comply with income, assets, or ownership restrictions inside of the TRS. Certain activities that the Company undertakes must or should 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. On August 25, 2015, the Company's TRS acquired two vacant land parcels in connection with the Libertyville, IL acquisition. During the three and nine months ended September 30, 2015 , the Company's TRS recognized a net loss of $7,000 and $7,000 , respectively, which has been included on the accompanying Consolidated Statements of Operations. State and Local Income, Excise, and Franchise Tax The Company and certain of its subsidiaries are subject to certain state and local income, excise, and franchise taxes. Taxes in the amount of $0.2 million , $0.8 million , $0.2 million and $0.4 million have been recorded in other expenses in the accompanying Consolidated Statements of Operations for the three and nine months ended September 30, 2015 and September 30, 2014 , respectively. Uncertain Tax Positions Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of September 30, 2015 and December 31, 2014 , there were no liabilities for uncertain tax positions.
Deferred Leasing Intangibles	Deferred Leasing Intangibles The Company allocates the purchase price of business combinations of properties based upon the fair value of the assets and liabilities acquired, which generally consist of land, buildings, tenant improvements, mortgage debt assumed, and deferred leasing intangibles which includes in‑place leases, above market and below market leases, and tenant relationships. The portion of the purchase price that is allocated to above and below market leases is valued based on the present value of the difference between prevailing market rates and the in‑place rates measured over a period equal to the remaining term of the lease term plus the term of any bargain renewal options. The above and below market lease values are amortized into rental income over the remaining term plus the terms of bargain renewal options of the respective leases. The purchase price is further allocated to in‑place lease values and tenant relationships based on the Company’s evaluation of the specific characteristics of each tenant’s lease and its overall relationship with the respective tenant. The value of in‑place lease intangibles and tenant relationships, which are included as components of deferred leasing intangibles, are amortized over the remaining lease term (and expected renewal periods of the respective lease for tenant relationships) as increases or decreases to depreciation and amortization expense. If a tenant terminates its lease, the unamortized portion of above and below market leases are accelerated into rental income and the in‑place lease value and tenant relationships are accelerated into depreciation or amortization expense over the shortened lease term. The purchase price allocated to deferred leasing intangible assets are included in rental property on the accompanying Consolidated Balance Sheets and the purchase price allocated to deferred leasing intangible liabilities are included in the deferred leasing intangibles on the accompanying Consolidated Balance Sheets under the liabilities section.

Rental Property (Tables)

Rental Property (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Schedule of components of rental property	The following table summarizes the components of rental property as of September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Land $ 219,775 $ 191,238 Buildings, net of accumulated depreciation of $97,525 and $75,116, respectively 1,178,956 1,042,086 Tenant improvements, net of accumulated depreciation of $25,525 and $20,943, respectively 23,439 22,619 Building and land improvements, net of accumulated depreciation of $16,973 and $9,730, respectively 69,893 54,233 Deferred leasing intangibles, net of accumulated amortization of $189,937 and $146,026, respectively 264,115 247,904 Total rental property, net $ 1,756,178 $ 1,558,080
Schedule of real estate properties acquired	The following table summarizes the acquisitions of the Company during the nine months ended September 30, 2015 : Location of property Square Feet Buildings Purchase Price (in thousands) Burlington, NJ (1) 503,490 1 $ 34,883 Greenville, SC 157,500 1 4,800 North Haven, CT 824,727 3 57,400 Three months ended March 31, 2015 1,485,717 5 $ 97,083 Plymouth, MI 125,214 1 6,000 Oakwood Village, OH 75,000 1 4,398 Stoughton, MA 250,213 2 10,675 Oklahoma City, OK 223,340 1 12,135 Clinton, TN (1) 166,000 1 5,000 Knoxville, TN 108,400 1 4,750 Fairborn, OH 258,680 1 9,100 El Paso, TX 126,456 1 9,700 Phoenix, AZ 102,747 1 9,500 Charlotte, NC 123,333 1 7,500 Machesney Park, IL 80,000 1 5,050 Three months ended June 30, 2015 1,639,383 12 $ 83,808 Macedonia, OH 201,519 1 12,192 Novi, MI 125,060 1 8,716 Grand Junction, CO 82,800 1 5,254 Tulsa, OK 175,000 1 13,000 Chattanooga, TN 646,200 3 21,160 Libertyville, IL (1) 287,102 2 11,121 Greer, SC 290,000 4 9,025 Piedmont, SC 400,000 3 12,000 Belvidere, IL 100,000 1 5,938 Conyers, GA 201,403 1 9,880 Three months ended September 30, 2015 2,509,084 18 $ 108,286 Nine months ended September 30, 2015 5,634,184 35 $ 289,177 (1) The Company also acquired a vacant land parcel adjacent to each of the buildings acquired. Subject to receipt of any required governmental permits, these vacant parcels may be used for building expansion or otherwise sold as developable parcels.
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 summarizes the allocation of the consideration paid at the date of acquisition during the nine months ended September 30, 2015 for the acquired assets and liabilities in connection with the acquisitions identified in the table above. Acquired assets and liabilities (dollars in thousands) Nine Months Ended Weighted Average Amortization Period (years) Intangibles Land $ 31,618 N/A Buildings 172,858 N/A Tenant improvements 5,449 N/A Building and land improvements 12,799 N/A Deferred leasing intangibles - In-place leases 40,011 5.9 Deferred leasing intangibles - Tenant relationships 21,736 8.2 Deferred leasing intangibles - Above market leases 7,159 8.5 Deferred leasing intangibles - Below market leases (2,600 ) 5.4 Above market assumed debt adjustment (418 ) 1.4 Other assets 565 N/A Total purchase price $ 289,177 Less: Mortgage notes assumed (22,343 ) N/A Net assets acquired $ 266,834
Summary of the results of operations of buildings acquired during the period	The table below sets forth the results of operations for the properties acquired during the three and nine months ended September 30, 2015 , respectively, included in the Company’s Consolidated Statements of Operations from the date of acquisition: Results of operations (in thousands) Three months ended September 30, 2015 Nine months ended September 30, 2015 Revenue $ 5,712 $ 9,783 Property acquisition costs $ 882 $ 2,156 Net loss $ (288 ) $ (1,362 )
Schedule of pro forma information for acquired properties	The following tables set forth pro forma information for the three and nine months ended September 30, 2015 and September 30, 2014 , respectively. The below pro forma information does not 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 predict the results of operations of future periods. The pro forma information has not been adjusted for property sales. Nine months ended September 30, 2015 Pro Forma (in thousands) (1) Total revenue $ 171,476 Net loss $ (8,511 ) (2) Net loss attributable to common stockholders $ (16,124 ) Nine months ended September 30, 2014 Pro Forma (in thousands) (3) Total revenue $ 160,083 Net loss $ (6,544 ) (2) Net loss attributable to common stockholders $ (13,845 ) (1) The pro forma information for the nine months ended September 30, 2015 is presented as if the acquisition of the properties acquired during the nine months ended September 30, 2015 had occurred at January 1, 2014, the beginning of the reporting period prior to acquisition. (2) The net loss for the nine months ended September 30, 2015 excludes $2.2 million of property acquisition costs related to the acquisition of properties that closed during the nine months ended September 30, 2015 , and the net loss for the nine months ended September 30, 2014 was adjusted to include these acquisition costs. Net loss for the nine months ended September 30, 2014 excludes $3.3 million of property acquisition costs related to the acquisition of buildings that closed during the nine months ended September 30, 2014 . (3) The pro forma information for the nine months ended September 30, 2014 is presented as if the acquisition of the properties acquired during the nine months ended September 30, 2015 and the properties acquired during the nine months ended September 30, 2014 had occurred at January 1, 2014 and January 1, 2013, respectively, the beginning of the reporting period prior to acquisition.
Schedule of dispositions	The following tables summarize the dispositions made by the Company during the nine months ended September 30, 2015 (in millions, except for square feet and building count). All of the dispositions were accounted for under the full accrual method. Property Location Square Feet Buildings Carrying Value Sales Price Net Proceeds Gain (Loss) on Sale Hazelwood, MO 242,630 1 $ 4.4 $ 4.4 $ 4.3 $ (0.1 ) Round Rock, TX 79,180 1 3.1 5.2 4.9 1.8 Nine months ended September 30, 2015 321,810 2 $ 7.5 $ 9.6 $ 9.2 $ 1.7
Schedule of deferred leasing intangibles	Deferred leasing intangibles on the accompanying Consolidated Balance Sheets consist of the following (in thousands): September 30, 2015 December 31, 2014 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Above market leases $ 68,569 $ (31,360 ) $ 37,209 63,830 $ (25,381 ) $ 38,449 Other intangible lease assets 385,483 (158,577 ) 226,906 $ 330,100 (120,645 ) 209,455 Total deferred leasing intangible assets $ 454,052 $ (189,937 ) $ 264,115 $ 393,930 $ (146,026 ) $ 247,904 Below market leases $ 19,109 $ (8,397 ) $ 10,712 $ 16,745 $ (6,565 ) $ 10,180 Total deferred leasing intangible liabilities $ 19,109 $ (8,397 ) $ 10,712 $ 16,745 $ (6,565 ) $ 10,180
Schedule of amortization expense and change in rental revenue for deferred lease intangibles	The following table sets forth the amortization expense and the net decrease to rental revenue for the amortization of deferred leasing intangibles during the three and nine months ended September 30, 2015 and September 30, 2014 , respectively (in millions): Three months ended September 30, Nine months ended September 30, Deferred Leasing Intangibles Amortization 2015 2014 2015 2014 Net decrease to rental revenue related to above and below market lease amortization $ 2.0 $ 1.6 $ 6.3 $ 4.6 Amortization expense of other intangible lease assets $ 15.3 $ 12.5 $ 44.3 $ 36.1
Schedule of amortization related to deferred leasing intangibles over the next five years	As of September 30, 2015 , the amortization of deferred leasing intangibles over the next five years is as follows (in thousands): Amortization Expense of Other Intangible Lease Assets Net Decrease to Rental Revenue of Above and Below Market Lease Amortization Remainder of 2015 $ 15,416 $ 1,952 2016 $ 54,544 $ 5,986 2017 $ 44,670 $ 4,284 2018 $ 34,870 $ 3,004 2019 $ 25,055 $ 2,666

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Instrument [Line Items]
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 borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes and mortgage notes as of September 30, 2015 and December 31, 2014 (dollars in thousands): Loan Principal outstanding as of September 30, 2015 Principal outstanding as of December 31, 2014 Interest Rate (2) Current Maturity Pre-payment Terms (3) Unsecured credit facility: $450 Million Wells Fargo Unsecured Credit Facility (1) $ 177,750 $ 131,000 L + 1.15% Dec-18-2019 i Total unsecured credit facility $ 177,750 $ 131,000 Unsecured term loans: $150 Million Wells Fargo Unsecured Term Loan A $ 150,000 $ 150,000 L + 1.65% Mar-31-2022 ii $150 Million Wells Fargo Unsecured Term Loan B — — L + 1.70% Mar-21-2021 ii $150 Million Wells Fargo Unsecured Term Loan C — — L + 1.30% Sep-29-2020 i Total unsecured term loans $ 150,000 $ 150,000 Unsecured notes: $50 Million Series A Unsecured Notes $ 50,000 $ 50,000 4.98 % Oct-1-2024 ii $50 Million Series B Unsecured Notes 50,000 50,000 4.98 % Jul-1-2026 ii $80 Million Series C Unsecured Notes 80,000 80,000 4.42 % Dec-30-2026 ii $100 Million Series D Unsecured Notes 100,000 — 4.32 % Feb-20-2025 ii $20 Million Series E Unsecured Notes 20,000 — 4.42 % Feb-20-2027 ii Total unsecured notes $ 300,000 $ 180,000 Mortgage notes (secured debt): Sun Life Assurance Company of Canada (U.S.) $ 3,285 (4) $ 3,445 (4) 6.05 % Jun-1-2016 iii Webster Bank, National Association 5,555 5,677 4.22 % Aug-4-2016 iii National Life Insurance Company 4,817 (4) — 5.75 % Aug-10-2016 iii Union Fidelity Life Insurance Company 5,843 (4) 6,103 (4) 5.81 % Apr-30-2017 iv Principal Life Insurance Company 5,705 (4) — 5.73 % May-05-2017 iii Webster Bank, National Association 2,968 3,035 3.66 % May-29-2017 iii Webster Bank, National Association 3,197 3,268 3.64 % May-31-2017 iii Wells Fargo, National Association 4,131 (4) 4,182 (4) 5.90 % Aug-1-2017 v Connecticut General Life Insurance Company -1 Facility 57,396 58,050 6.50 % Feb-1-2018 vi Connecticut General Life Insurance Company -2 Facility 58,335 59,065 5.75 % Feb-1-2018 vi Connecticut General Life Insurance Company -3 Facility 16,464 16,647 5.88 % Feb-1-2018 vi Wells Fargo Bank, National Association CMBS Loan 64,315 65,567 4.31 % Dec-1-2022 vii Total mortgage notes $ 232,011 $ 225,039 Total unamortized fair market value premiums 557 (5) 308 (5) Total carrying value mortgage notes $ 232,568 $ 225,347 Total / weighted average interest rate (6) $ 860,318 $ 686,347 4.09 % ____________________________________________________________________________ (1) On September 29, 2015, the capacity of the unsecured credit facility was increased from $300.0 million to $450.0 million . (2) Current interest rates as of September 30, 2015 . At September 30, 2015 and December 31, 2014 , the one-month LIBOR (“L”) was 0.19300% and 0.17125% , respectively. The current interest rates presented in the table above are not adjusted to include the amortization of deferred financing fees incurred in obtaining debt or the unamortized fair market value premiums. (3) Prepayment terms consist of (i) pre-payable with no penalty; (ii) pre-payable with penalty; (iii) pre-payable without penalty three months prior to the maturity date; (iv) pre-payable without penalty two months prior to the maturity date; (v) pre-payable without penalty three months prior to the maturity date, however can be defeased; (vi) pre-payable without penalty six months prior to the maturity date; and (vii) pre-payable without penalty three months prior to the maturity date, however can be defeased beginning January 1, 2016. (4) The principal outstanding does not include an unamortized fair market value premium. (5) Represents total unamortized fair market value premium for the mortgage notes referenced by Note (4) above. (6) The weighted average interest rate was calculated using the fixed interest rate swapped on the current notional amount of $300 million of debt, and is not adjusted to include the amortization of deferred financing fees incurred in obtaining debt or the unamortized fair market value premiums.
Schedule of aggregate carrying value of the debt and the corresponding estimate of fair value	The following table presents the aggregate principal outstanding of the Company’s debt and the corresponding estimate of fair value as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Principal Outstanding Fair Value Principal Outstanding Fair Value Unsecured credit facility $ 177,750 $ 177,750 $ 131,000 $ 131,000 Unsecured term loans 150,000 150,000 150,000 150,000 Unsecured notes 300,000 306,005 180,000 187,587 Mortgage notes 232,011 241,592 225,039 237,602 Total principal amount $ 859,761 $ 875,347 $ 686,039 $ 706,189 Total unamortized fair market value premium 557 308 Total carrying value $ 860,318 $ 686,347
$150 Million Wells Fargo Unsecured Term Loan C
Debt Instrument [Line Items]
Summary of the mortgage notes payable, unsecured term loans and credit facility	On September 29, 2015, the Company closed a $150.0 million unsecured term loan with Wells Fargo, N.A. ("Wells Fargo Unsecured Term Loan C") with the following terms: Applicable Terms Wells Fargo Unsecured Term Loan C Maturity Date: Sep-29-2020 Eurodollar Rate (1) : L + 130.0 bps - 190.0 bps Base Rate (1) : Base rate + 30.0 bps - 90.0 bps Terminated Commitments Fees (2) : 50.0 bps Unused Fees (3) : 17.5 bps Annual Fee: $50,000 (1) The spread over the applicable rate is based on the Company's consolidated leverage ratio, as defined in the loan agreement. (2) The Company has until September 29, 2016 to draw the full $150.0 million . (3) The unused fees will begin to accrue on November 29, 2015 and are due and payable monthly until the earlier of all commitments having been drawn or September 29, 2016.

Use of Derivative Financial I23

Use of Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate swaps	The following table details the Company’s outstanding interest rate swaps as of September 30, 2015 (in thousands): Interest Rate Derivative Counterparty Trade Date Effective Date Current Notional Amount Fair Value Pay Fixed Interest Rate Receive Variable Interest Rate Maturity Date PNC Bank, N.A. Sep-14-2012 Oct-10-2012 $ 10,000 $ (32 ) 0.7945 % One-month L Sep-10-2017 Bank of America, N.A. Sep-14-2012 Oct-10-2012 10,000 $ (32 ) 0.7945 % One-month L Sep-10-2017 UBS AG Sep-14-2012 Oct-10-2012 10,000 $ (32 ) 0.7945 % One-month L Sep-10-2017 Royal Bank of Canada Sep-14-2012 Oct-10-2012 10,000 $ (32 ) 0.7945 % One-month L Sep-10-2017 RJ Capital Services, Inc. Sep-14-2012 Oct-10-2012 10,000 $ (32 ) 0.7975 % One-month L Sep-10-2017 Bank of America, N.A. Sep-20-2012 Oct-10-2012 25,000 $ (58 ) 0.7525 % One-month L Sep-10-2017 RJ Capital Services, Inc. Sep-24-2012 Oct-10-2012 25,000 $ (46 ) 0.7270 % One-month L Sep-10-2017 Regions Bank Mar-01-2013 Mar-01-2013 25,000 $ (217 ) 1.3300 % One-month L Feb-14-2020 Capital One, N.A. Jun-13-2013 Jul-01-2013 50,000 $ (1,175 ) 1.6810 % One-month L Feb-14-2020 Capital One, N.A. Jun-13-2013 Aug-01-2013 25,000 $ (611 ) 1.7030 % One-month L Feb-14-2020 Regions Bank Sep-30-2013 Feb-03-2014 25,000 $ (929 ) 1.9925 % One-month L Feb-14-2020 Royal Bank of Canada Jan-08-2015 Mar-20-2015 25,000 $ (527 ) 1.7090 % One-month L Mar-21-2021 The Toronto-Dominion Bank Jan-08-2015 Mar-20-2015 25,000 $ (507 ) 1.7105 % One-month L Mar-21-2021 Wells Fargo Bank, N.A. Jan-08-2015 Mar-20-2015 25,000 $ (535 ) 1.8280 % One-month L Mar-31-2022 The Toronto-Dominion Bank Jan-08-2015 Sep-10-2017 — (1) $ (1,641 ) 2.2255 % One-month L Mar-21-2021 The Toronto-Dominion Bank Jan-08-2015 Feb-14-2020 — (1) $ (82 ) 2.4535 % One-month L Mar-31-2022 Regions Bank Jan-08-2015 Feb-14-2020 — (1) $ (230 ) 2.4750 % One-month L Mar-31-2022 Capital One, N.A. Jan-08-2015 Feb-14-2020 — (1) $ (238 ) 2.5300 % One-month L Mar-31-2022 Total $ 300,000 ____________________________________________________________________________ (1) These interest rate swaps are forward starting swaps and thus have no current notional amounts outstanding. The total notional amount of these interest rate swaps is $225.0 million .
Schedule of fair value and notional amounts of outstanding derivative positions	The fair value of the interest rate swaps outstanding as of September 30, 2015 and December 31, 2014 was as follows (in thousands): Balance Sheet Line Item Current Notional Amount September 30, 2015(1) Fair Value September 30, 2015 Current Notional Amount December 31, 2014 Fair Value December 31, 2014 Interest rate swaps-Asset $ — $ — $ 125,000 $ 959 Interest rate swaps-Liability $ 300,000 $ (6,956 ) $ 100,000 $ (873 ) ____________________________________________________________________________ (1) Four of the interest rate swaps have no current notional amount outstanding.
Schedule of the location in the financial statements of the gain or loss recognized on interest rate swaps	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 nine months ended September 30, 2015 and September 30, 2014 , respectively (in thousands): Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Amount of (gain)/loss recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion) $ 8,564 $ (656 ) $ 9,540 $ 3,825 Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion) $ 928 $ 644 $ 2,521 $ 1,866 Amount of loss recognized in interest expense (ineffective portion and amount excluded from effectiveness testing) $ 92 $ — $ — $ —
Schedule of financial instruments 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 September 30, 2015 and December 31, 2014 (in thousands): Fair Value Measurements as of September 30, 2015 Using(1) Balance Sheet Line Item Fair Value September 30, 2015 Level 1 Level 2 Level 3 Interest rate swaps-Asset $ — $ — $ — $ — Interest rate swaps-Liability $ (6,956 ) $ — $ (6,956 ) $ — ____________________________________________________________________________ (1) Level 1 defined as quoted prices in active markets for identical assets. Level 2 defined as significant other observable inputs. Level 3 defined as unobservable inputs. Fair Value Measurements as of December 31, 2014 Using(1) Balance Sheet Line Item Fair Value December 31, 2014 Level 1 Level 2 Level 3 Interest rate swaps-Asset $ 959 $ — $ 959 $ — Interest rate swaps-Liability $ (873 ) $ — $ (873 ) $ — ____________________________________________________________________________ (1) Level 1 defined as quoted prices in active markets for identical assets. Level 2 defined as significant other observable inputs. Level 3 defined as unobservable inputs.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity
Schedule of grants of common stock to independent directors	The table below sets forth the grants of common stock for the members’ service during the nine months ended September 30, 2015 and the year ended December 31, 2014 : Service During Quarter Ended 2015 Grant Date Shares Fair Value September 30 October 15, 2015 4,593 $ 89,000 June 30 July 15, 2015 4,248 $ 89,000 March 31 April 15, 2015 3,731 84,000 Total 12,572 $ 262,000 Service During Quarter Ended 2014 Grant Date Shares Fair Value December 31 January 15, 2015 3,298 $ 87,000 September 30 October 15, 2014 3,958 88,000 June 30 July 15, 2014 3,473 83,000 March 31 April 15, 2014 3,471 83,000 Total 14,200 $ 341,000
Schedule of activity related to unvested restricted stock awards	The following table summarizes activity related to the Company’s unvested restricted common stock: Shares Unvested at December 31, 2013 214,389 Granted 103,149 (1) Vested (51,885) Forfeited (1,737) Unvested at December 31, 2014 263,916 Granted 94,290 (2) Vested (72,185) Forfeited (10,534) Unvested at September 30, 2015 275,487 ____________________________________________________________________________ (1) The grant date fair value per share was $20.13 . (2) The grant date fair value per share was $26.17 .
Schedule of fair value at vesting date for awards vesting during the period	The following table summarizes the fair value at vesting date for the LTIP units vested during the period (in millions, except unit data): For the For the Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Vested LTIP units 48,257 436,583 188,789 545,311 Fair value of vested LTIP units $ 0.9 $ 9.2 $ 4.0 $ 11.8
Restricted stock
Stockholders' Equity
Schedule of fair value at vesting date for awards vesting during the period	The following table summarizes the fair value at vesting date for the restricted common stock vested during the period (in millions, except share data): For the For the Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Vested shares of restricted common stock — — 72,185 51,885 Fair value of vested restricted common stock $ — $ — $ 1.8 $ 1.1
Series A and B Preferred Stock
Stockholders' Equity
Schedule of stock issuances	The table below sets forth the Company’s two outstanding preferred stock issuances as of September 30, 2015 : Issuance Date Number of Shares Price and Liquidation Value per share Interest rate Series A Cumulative Redeemable Preferred Stock (1) November 2, 2011 2,760,000 $ 25.00 9.000 % Series B Cumulative Redeemable Preferred Stock (2) April 16, 2013 2,800,000 $ 25.00 6.625 % ____________________________________________________________________________ (1) Herein defined as the “Series A Preferred Stock” (2) Herein defined as the “Series B Preferred Stock”
Schedule of dividends	The table below sets forth the dividends attributable to the Series A Preferred Stock and Series B Preferred Stock, respectively, during the nine months ended September 30, 2015 and the year ended December 31, 2014 : Quarter Ended 2015 Declaration Date Series A Preferred Stock Per Share Series B Preferred Stock Per Share Payment Date September 30 July 21, 2015 $ 0.5625 $ 0.4140625 September 30, 2015 June 30 May 4, 2015 0.5625 0.4140625 June 30, 2015 March 31 February 20, 2015 0.5625 0.4140625 March 31, 2015 Total $ 1.6875 $ 1.2421875 Quarter Ended 2014 Declaration Date Series A Preferred Stock Per Share Series B Preferred Stock Per Share Payment Date December 31 October 30, 2014 $ 0.5625 $ 0.4140625 December 31, 2014 September 30 July 29, 2014 0.5625 0.4140625 September 30, 2014 June 30 May 5, 2014 0.5625 0.4140625 June 30, 2014 March 31 February 21, 2014 0.5625 0.4140625 March 31, 2014 Total $ 2.2500 $ 1.6562500
Common Stock
Stockholders' Equity
Schedule of dividends	The table below sets forth the dividends attributable to the common stock during the nine months ended September 30, 2015 and the year ended December 31, 2014 , respectively: Month Ended 2015 Declaration Date Per Share Payment Date September 30 May 4, 2015 $ 0.1150 October 15, 2015 August 31 May 4, 2015 0.1150 September 15, 2015 July 31 May 4, 2015 0.1150 August 17, 2015 June 30 February 20, 2015 0.1125 July 15, 2015 May 31 February 20, 2015 0.1125 June 15, 2015 April 30 February 20, 2015 0.1125 May 15, 2015 March 31 October 30, 2014 0.1125 April 15, 2015 February 28 October 30, 2014 0.1125 March 16, 2015 January 31 October 30, 2014 0.1125 February 17, 2015 Total $ 1.0200 Month Ended 2014 Declaration Date Per Share Payment Date December 31 July 29, 2014 $ 0.110 January 15, 2015 November 30 July 29, 2014 0.110 December 15, 2014 October 31 July 29, 2014 0.110 November 17, 2014 September 30 May 5, 2014 0.110 October 15, 2014 August 31 May 5, 2014 0.110 September 15, 2014 July 31 May 5, 2014 0.110 August 15, 2014 June 30 February 21, 2014 0.105 July 15, 2014 May 31 February 21, 2014 0.105 June 16, 2014 April 30 February 21, 2014 0.105 May 15, 2014 March 31 December 18, 2013 0.105 April 15, 2014 February 28 December 18, 2013 0.105 March 17, 2014 January 31 December 18, 2013 0.105 February 17, 2014 Total $ 1.2900
Common Stock | At The Market (ATM) Program
Stockholders' Equity
Schedule of stock issuances	The table below sets forth the activity for the ATM common stock offering programs during the nine months ended September 30, 2015 and the year ended December 31, 2014 , respectively (in millions, except share data): Nine months ended September 30, 2015 ATM Stock Offering Program Shares Sold Weighted Average Price Per Share Gross Proceeds Sales Agents’ Fee Net Proceeds 2014 $200 million ATM 2,661,403 $ 21.63 $ 57.6 $ 0.9 $ 56.7 2014 $150 million ATM 795,000 $ 21.79 17.3 0.2 17.1 Total/weighted average 3,456,403 $ 21.67 $ 74.9 $ 1.1 $ 73.8 Year ended December 31, 2014 ATM Stock Offering Program Shares Sold Weighted Average Price Per Share Gross Proceeds Sales Agents’ Fee Net Proceeds 2014 $200 million ATM 1,658,795 $ 21.13 $ 35.0 $ 0.5 $ 34.5 2014 $150 million ATM 5,760,651 $ 23.03 132.7 2.0 130.7 2012 $75 million ATM 661,930 $ 22.47 14.9 0.2 14.7 Total/weighted average 8,081,376 $ 22.60 $ 182.6 $ 2.7 $ 179.9
Schedule of "at the market" ("ATM") stock offering programs	The following sets forth the Company’s ATM common stock offering program as of September 30, 2015 , from which it may from time to time sell its common stock through sales agents: ATM Stock Offering Program (in thousands) Date Maximum Aggregate Offering Price Aggregate Common Stock Available as of September 30, 2015 2014 $200 million ATM September 10, 2014 $ 200,000 $ 107,380

Noncontrolling Interest (Tables

Noncontrolling Interest (Tables)	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest
Summary of activity in noncontrolling interests	The table below summarizes the activity for the nine months ended September 30, 2015 and the year ended December 31, 2014 : LTIP Units Other Common Units Total Noncontrolling Common Units Noncontrolling Interest Balance at December 31, 2013 599,464 6,299,186 6,898,650 13.35 % Issuance/grant 719,572 — 719,572 N/A Forfeitures — — — N/A Conversions from LTIP units to Other Common Units (12,000 ) 12,000 — N/A Redemptions from Other Common Units to common stock — (5,105,584 ) (5,105,584 ) N/A Redemption of Other Common Units for cash — (80,789 ) (80,789 ) N/A Balance at December 31, 2014 1,307,036 1,124,813 2,431,849 3.64 % Issuance/grant 323,069 812,676 1,135,745 N/A Conversions from LTIP units to Other Common Units (20,000 ) 20,000 — N/A Redemptions from Other Common Units to common stock — (90,824 ) (90,824 ) N/A Redemption of Other Common Units for cash — (2,400 ) (2,400 ) N/A Balance at September 30, 2015 1,610,105 1,864,265 3,474,370 4.86 %
Schedule of fair value at vesting date for awards vesting during the period	The following table summarizes the fair value at vesting date for the LTIP units vested during the period (in millions, except unit data): For the For the Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Vested LTIP units 48,257 436,583 188,789 545,311 Fair value of vested LTIP units $ 0.9 $ 9.2 $ 4.0 $ 11.8
2011 Equity Incentive Plan | LTIP Units
Noncontrolling Interest
Schedule of assumptions for valuing units issued	The table below sets forth the assumptions used in valuing such LTIP units for nine months ended September 30, 2015 . Assumptions Grant date May 4, 2015 January 12, 2015 Expected term 10 years 10 years Expected volatility 20.0 % 20.0 % Expected dividend yield 6.0 % 6.0 % Risk-free interest rate 0.6590 % 0.6159 % Fair value of LTIP units at issuance (in millions) $ 2.0 $ 5.4 LTIP units at issuance 100,000 223,069 Fair value unit price per LTIP unit at issuance $ 20.38 $ 24.43
Schedule of activity related to share-based compensation	The following table summarizes activity related to the Company’s unvested LTIP units: LTIP Units Unvested at December 31, 2013 368,760 Granted/Issued 719,572 (1) Vested (639,445 ) (1) Forfeited — Unvested at December 31, 2014 448,887 Granted 323,069 Vested (188,789 ) Forfeited — Unvested at September 30, 2015 583,167 (2) ____________________________________________________________________________ (1) On September 23, 2014, the Company issued 397,590 LTIP units, related to the settlement of the 2011 Outperformance Program. (2) The unrecognized compensation expense associated with the Company’s LTIP units at September 30, 2015 was $10.9 million .

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2015
Compensation Related Costs [Abstract]
Summary of Equity Compensation Expense	The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statement of Operations for the amortization of restricted stock, LTIP units, the 2015 OPP, the 2011 Outperformance Program that concluded on September 19, 2014, and the Company’s board of directors’ compensation: For the For the Three months ended September 30, Nine months ended September 30, Equity compensation expense (in millions) 2015 2014 2015 2014 Restricted stock $ 0.5 $ 0.3 $ 1.4 $ 0.9 LTIP units 1.2 0.6 3.6 3.8 (1) Outperformance programs 0.1 0.1 0.4 0.5 (2) Board of directors compensation (3) 0.1 0.1 0.3 0.3 Total equity compensation expense $ 1.9 $ 1.1 $ 5.7 $ 5.5 ____________________________________________________________________________ (1) Inclusive of $2.0 million of non-cash compensation during the nine months ended September 30, 2014 associated with the accounting for a consulting agreement with a former executive officer. (2) Inclusive of $0.2 million of non-cash compensation during the nine months ended September 30, 2014 associated with the accounting for a consulting agreement with a former executive officer. (3) All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three and nine months ended September 30, 2015 and September 30, 2014 .

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
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 nine months ended September 30, 2015 and September 30, 2014 , respectively (in thousands, except share data). Three months ended September 30, 2015 Numerator Net loss $ (4,680 ) Less: preferred stock dividends 2,712 Less: amount allocated to unvested restricted stockholders 95 Less: loss attributable to noncontrolling interest after preferred stock dividends (359 ) Loss attributable to common stockholders $ (7,128 ) Denominator Weighted average common shares outstanding—basic and diluted 67,799,700 Loss per share—basic and diluted $ (0.11 ) Nine months ended September 30, 2015 Numerator Net loss $ (11,335 ) Less: preferred stock dividends 8,136 Less: amount allocated to unvested restricted stockholders 291 Less: loss attributable to noncontrolling interest after preferred stock dividends (951 ) Loss from continuing operations attributable to common stockholders $ (18,811 ) Denominator Weighted average common shares outstanding—basic and diluted 65,803,304 Loss per share—basic and diluted $ (0.29 ) Three months ended September 30, 2014 Numerator Net income $ 251 Less: preferred stock dividends 2,712 Less: amount allocated to unvested restricted stockholders 87 Less: loss attributable to noncontrolling interest after preferred stock dividends (90 ) Loss from continuing operations attributable to common stockholders $ (2,458 ) Denominator Weighted average common shares outstanding—basic and diluted 55,354,125 Loss per share—basic and diluted $ (0.04 ) Nine months ended September 30, 2014 Numerator Net loss $ (2,395 ) Less: preferred stock dividends 8,136 Less: amount allocated to unvested restricted stockholders 258 Less: loss attributable to noncontrolling interest after preferred stock dividends (784 ) Loss from continuing operations attributable to common stockholders $ (10,005 ) Denominator Weighted average common shares outstanding—basic and diluted 51,157,219 Loss per share—basic and diluted $ (0.20 )

Organization and Description 28

Organization and Description of Business (Details) ft² in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2015ft²tenantstatepropertybuilding	Dec. 31, 2014
Real estate properties
Number of properties	281
Number of states in which the entity owned buildings | state	37
Area (in square feet) | ft²	52.1
Percentage of buildings leased to tenants	95.70%
Number of tenants | tenant	256
Warehouse - Distribution buildings
Real estate properties
Number of properties	210
Light Manufacturing buildings
Real estate properties
Number of properties	50
Flex - Office buildings
Real estate properties
Number of properties	21
Land
Real estate properties
Number of properties | property	6
Building
Real estate properties
Number of properties | property	6
STAG Industrial Operating Partnership, L.P.
Real estate properties
Ownership interest in Operating Partnership (as a percent)	95.14%	96.36%

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Tenant Accounts Receivable (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Tenant Accounts Receivable, net
Allowance for doubtful accounts	$ 0.1	$ 0.1
Accrued rental revenue	14.9	12.8
Allowance on accrued rental revenue	0	0
Lease security deposits available in existing letters of credit	$ 6.2	6.7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Minimum Percentage of Ordinary Taxable Income Distribution Requirement	90.00%
Cash and cash equivalents
Accounts, Notes, Loans and Financing Receivable [Line Items]
Lease security deposits	$ 4.1	3.1
Restricted cash
Accounts, Notes, Loans and Financing Receivable [Line Items]
Lease security deposits	0.4	0.4
Tenant prepaid rent and security deposits
Accounts, Notes, Loans and Financing Receivable [Line Items]
Lease security deposit liability	4.5	3.5
Prepaid expenses and other assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Due from related parties	$ 0.1	$ 0.1

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Revenue Recognition (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)ft²	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)ft²	Sep. 30, 2014USD ($)	May. 18, 2015ft²	Dec. 17, 2014USD ($)ft²
Revenue Recognition
Estimated amount of real estate taxes, which are the responsibility of tenants | $	$ 2.7	$ 2.6	$ 7.8	$ 7.6
Area (in square feet)	52,100,000		52,100,000
Belfast, ME
Revenue Recognition
Area (in square feet)						90,051
Square feet terminated under lease amendment					35,295	228,928
Termination fee payable by tenant on or before October 31, 2015 | $						$ 2.1
Area of real estate property remaining through November 30, 2015	193,633
Belfast, ME | Rental income
Revenue Recognition
Lease termination fee income | $	$ 0.5		$ 1.7

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Taxes (Details)	Aug. 25, 2015property	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Entity Information [Line Items]
Net income (loss)		$ (4,680,000)	$ 251,000	$ (11,335,000)	$ (2,395,000)
Liabilities for uncertain tax positions		0		0		$ 0
State and local income, excise and franchise taxes		200,000	$ 200,000	800,000	$ 400,000
Taxable REIT Subsidiaries
Entity Information [Line Items]
Number of properties acquired | property	2
Net income (loss)		$ 7,000		$ 7,000

Rental Property - Summary (Deta

Rental Property - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Components of rental property
Total rental property, net	$ 1,756,178	$ 1,558,080
Accumulated depreciation	140,023	105,789
Deferred leasing intangibles
Components of rental property
Total rental property, net	264,115	247,904
Accumulated amortization	189,937	146,026
Land
Components of rental property
Total rental property, net	219,775	191,238
Building
Components of rental property
Total rental property, net	1,178,956	1,042,086
Accumulated depreciation	97,525	75,116
Tenant improvements
Components of rental property
Total rental property, net	23,439	22,619
Accumulated depreciation	25,525	20,943
Building and land improvements
Components of rental property
Total rental property, net	69,893	54,233
Accumulated depreciation	$ 16,973	$ 9,730

Rental Property - Acquisitions

Rental Property - Acquisitions (Details) $ in Thousands	Jan. 22, 2015USD ($)	Sep. 30, 2015USD ($)ft²building	Jun. 30, 2015USD ($)ft²building	Mar. 31, 2015USD ($)ft²building	Sep. 30, 2015USD ($)ft²building
Acquired during the period
Area (in square feet)		52,100,000			52,100,000
2015 Q1 Acquisitions
Acquired during the period
Area (in square feet)				1,485,717
Number of buildings acquired | building				5
Purchase price | $				$ 97,083
Burlington, NJ
Acquired during the period
Area (in square feet)				503,490
Number of buildings acquired | building				1
Purchase price | $	$ 34,900			$ 34,883
Greenville, SC
Acquired during the period
Area (in square feet)				157,500
Number of buildings acquired | building				1
Purchase price | $				$ 4,800
North Haven, CT
Acquired during the period
Area (in square feet)				824,727
Number of buildings acquired | building				3
Purchase price | $				$ 57,400
2015 Q2 Acquisitions
Acquired during the period
Area (in square feet)			1,639,383
Number of buildings acquired | building			12
Purchase price | $			$ 83,808
Plymouth, MI
Acquired during the period
Area (in square feet)			125,214
Number of buildings acquired | building			1
Purchase price | $			$ 6,000
Oakwood, OH
Acquired during the period
Area (in square feet)			75,000
Number of buildings acquired | building			1
Purchase price | $			$ 4,398
Stoughton, MA
Acquired during the period
Area (in square feet)			250,213
Number of buildings acquired | building			2
Purchase price | $			$ 10,675
Oklahoma City, OK
Acquired during the period
Area (in square feet)			223,340
Number of buildings acquired | building			1
Purchase price | $			$ 12,135
Clinton, TN
Acquired during the period
Area (in square feet)			166,000
Number of buildings acquired | building			1
Purchase price | $			$ 5,000
Knoxville, TN
Acquired during the period
Area (in square feet)			108,400
Number of buildings acquired | building			1
Purchase price | $			$ 4,750
Fairborn, OH
Acquired during the period
Area (in square feet)			258,680
Number of buildings acquired | building			1
Purchase price | $			$ 9,100
El Paso, TX
Acquired during the period
Area (in square feet)			126,456
Number of buildings acquired | building			1
Purchase price | $			$ 9,700
Phoenix, AZ
Acquired during the period
Area (in square feet)			102,747
Number of buildings acquired | building			1
Purchase price | $			$ 9,500
Charlotte, NC
Acquired during the period
Area (in square feet)			123,333
Number of buildings acquired | building			1
Purchase price | $			$ 7,500
Machesney Park, IL
Acquired during the period
Area (in square feet)			80,000
Number of buildings acquired | building			1
Purchase price | $			$ 5,050
2015 Q3 Acquisitions
Acquired during the period
Area (in square feet)		2,509,084			2,509,084
Number of buildings acquired | building		18
Purchase price | $		$ 108,286
Macedonia, OH
Acquired during the period
Area (in square feet)		201,519			201,519
Number of buildings acquired | building		1
Purchase price | $		$ 12,192
Novi, MI
Acquired during the period
Area (in square feet)		125,060			125,060
Number of buildings acquired | building		1
Purchase price | $		$ 8,716
Grand Junction, CO
Acquired during the period
Area (in square feet)		82,800			82,800
Number of buildings acquired | building		1
Purchase price | $		$ 5,254
Tulsa, OK
Acquired during the period
Area (in square feet)		175,000			175,000
Number of buildings acquired | building		1
Purchase price | $		$ 13,000
Chattanooga, TN
Acquired during the period
Area (in square feet)		646,200			646,200
Number of buildings acquired | building		3
Purchase price | $		$ 21,160
Libertyville, IL
Acquired during the period
Area (in square feet)		287,102			287,102
Number of buildings acquired | building		2
Purchase price | $		$ 11,121
Greer, SC
Acquired during the period
Area (in square feet)		290,000			290,000
Number of buildings acquired | building		4
Purchase price | $		$ 9,025
Piedmont, SC
Acquired during the period
Area (in square feet)		400,000			400,000
Number of buildings acquired | building		3
Purchase price | $		$ 12,000
Belvidere, IL
Acquired during the period
Area (in square feet)		100,000			100,000
Number of buildings acquired | building		1
Purchase price | $		$ 5,938
Conyers, GA
Acquired during the period
Area (in square feet)		201,403			201,403
Number of buildings acquired | building		1
Purchase price | $		$ 9,880
2015 Q3 YTD Acquisitions
Acquired during the period
Area (in square feet)		5,634,184			5,634,184
Number of buildings acquired | building					35
Purchase price | $					$ 289,177

Rental Property - Acquisition34

Rental Property - Acquisitions - Allocation of Consideration (Details) - USD ($) $ in Thousands	Sep. 29, 2015	Jun. 25, 2015	Jan. 22, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2015	Sep. 30, 2014
Consideration transferred
Assumption of mortgage notes payable							$ 22,343	$ 0
Burlington, NJ
Consideration transferred
Purchase price			$ 34,900			$ 34,883
Redemption of units for cash (in shares)			812,676
Fair value of common units issued			$ 21,900
Purchase price paid in cash			1,200
Mortgage note payable assumed			$ 11,800
Charlotte, NC
Consideration transferred
Purchase price					$ 7,500
Assumption of mortgage notes payable		$ 4,900
Conyers, GA
Consideration transferred
Purchase price				$ 9,880
Assumption of mortgage notes payable	$ 5,700
2015 Acquisitions
Allocation of the consideration paid for the acquired assets and liabilities
Land				31,618			31,618
Buildings				172,858			172,858
Tenant improvements				5,449			5,449
Building and land Improvements				12,799			12,799
Above/below market assumed debt adjustments				(418)			(418)
Other assets				565			565
Total: Aggregate purchase price				289,177			289,177
Less: Mortgage note payable assumed				(22,343)			(22,343)
Net assets acquired				266,834			$ 266,834
Weighted average amortization period (years) intangibles							1 year 4 months 24 days
Common Units | Burlington, NJ
Consideration transferred
Redemption of units for cash (in shares)			812,676
Fair value of common units issued			$ 21,900
In-place leases | 2015 Acquisitions
Allocation of the consideration paid for the acquired assets and liabilities
Amortizable intangible assets				40,011			$ 40,011
Weighted average amortization period (years) intangibles							5 years 10 months 24 days
Tenant relationships | 2015 Acquisitions
Allocation of the consideration paid for the acquired assets and liabilities
Amortizable intangible assets				21,736			$ 21,736
Weighted average amortization period (years) intangibles							8 years 2 months 12 days
Above market leases | 2015 Acquisitions
Allocation of the consideration paid for the acquired assets and liabilities
Amortizable intangible assets				7,159			$ 7,159
Weighted average amortization period (years) intangibles							8 years 6 months
Below market leases | 2015 Acquisitions
Allocation of the consideration paid for the acquired assets and liabilities
Below market leases				$ (2,600)			$ (2,600)
Weighted average amortization period (years) intangibles							5 years 4 months 24 days

Rental Property - Acquisition35

Rental Property - Acquisitions - Pro Forma (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Results of operations of acquired properties
Property acquisition costs	$ 1,006	$ 2,190	$ 2,511	$ 3,437
Pro forma information
Total revenue			171,476	160,083
Net income (loss)			(8,511)	(6,544)
Net loss attributable to common stockholders			(16,124)	(13,845)
2015 Acquisitions
Results of operations of acquired properties
Revenue	5,712		9,783
Property acquisition costs	882		2,156
Net loss	$ (288)		(1,362)
Acquisition-related costs adjustments | 2015 Acquisitions
Pro forma information
Net income (loss)			$ 2,200
Acquisition-related costs adjustments | 2014 Acquisitions
Pro forma information
Net income (loss)				$ 3,300

Rental Property - Dispositions

Rental Property - Dispositions (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)ft²building	Sep. 30, 2014USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area (in square feet) | ft²	52,100,000
Number of buildings sold | building	2
Carrying value of disposed assets	$ 7,500
Sales price	9,600
Net Proceeds	9,186	$ 7,492
Gain (loss) on sale	$ 1,700
Hazelwood, MO
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area (in square feet) | ft²	242,630
Number of buildings sold | building	1
Carrying value of disposed assets	$ 4,400
Sales price	4,400
Net Proceeds	4,300
Gain (loss) on sale	$ (100)
Round Rock, TX
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area (in square feet) | ft²	79,180
Number of buildings sold | building	1
Carrying value of disposed assets	$ 3,100
Sales price	5,200
Net Proceeds	4,900
Gain (loss) on sale	$ 1,800
2015 Disposals
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area (in square feet) | ft²	321,810

Rental Property Rental Property

Rental Property Rental Property - Loss on Impairments (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on impairments	$ 5,733		$ 0	$ 8,378	$ 0
Hazelwood, MO
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated fair value		$ 4,400
Loss on impairments		$ 2,600
Canton, OH
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated fair value	1,600			1,600
Loss on impairments	$ 2,900
Fair value inputs, discount rate	9.00%
Fair value inputs, exit capitalization rate (as a percent)	12.00%
Jefferson, NC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated fair value	$ 1,000			1,000
Loss on impairments	1,400
Milwaukee, WI
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated fair value	3,900			$ 3,900
Loss on impairments	$ 1,400

Rental Property - Deferred Leas

Rental Property - Deferred Leasing Intangibles - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Deferred leasing intangibles, assets
Gross	$ 454,052	$ 393,930
Less: Accumulated amortization	(189,937)	(146,026)
Net	264,115	247,904
Deferred leasing intangibles, liabilities
Gross	19,109	16,745
Less: Accumulated amortization	(8,397)	(6,565)
Net	10,712	10,180
Above market leases
Deferred leasing intangibles, assets
Gross	68,569	63,830
Less: Accumulated amortization	(31,360)	(25,381)
Net	37,209	38,449
Other Intangible Lease Assets
Deferred leasing intangibles, assets
Gross	385,483	330,100
Less: Accumulated amortization	(158,577)	(120,645)
Net	226,906	209,455
Below market leases
Deferred leasing intangibles, liabilities
Gross	19,109	16,745
Less: Accumulated amortization	(8,397)	(6,565)
Net	$ 10,712	$ 10,180

Rental Property - Deferred Le39

Rental Property - Deferred Leasing Intangibles - Income Statement Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Above and Below Market Leases
Deferred leasing intangibles
Net decrease to rental revenue related to above and below market lease amortization	$ 2,000	$ 1,600	$ 6,300	$ 4,600
Net Decrease to Rental Income Related to Above and Below Market Leases
Remainder of 2015			1,952
2,016			5,986
2,017			4,284
2,018			3,004
2,019			2,666
Other Intangible Lease Assets
Deferred leasing intangibles
Other intangible lease assets amortization expense	15,300	$ 12,500	44,300	$ 36,100
Estimated Net Amortization of In-Place Leases, Leasing Commissions and Tenant Relationships
Remainder of 2015	15,416		15,416
2,016	54,544		54,544
2,017	44,670		44,670
2,018	34,870		34,870
2,019	$ 25,055		$ 25,055

Debt - Summary (Details)

Debt - Summary (Details) - USD ($)	Dec. 31, 2014	Sep. 30, 2015	Sep. 29, 2015	Sep. 28, 2015	Feb. 20, 2015
Debt Instrument [Line Items]
Long-term debt	$ 686,347,000	$ 860,318,000
Weighted-average interest rate (as a percent)		4.09%
Notional amount		$ 300,000,000
One-Month LIBOR
Debt Instrument [Line Items]
Interest rate margin (as a percent)	0.17125%	0.193%
Unsecured line of credit
Debt Instrument [Line Items]
Long-term debt	$ 131,000,000	$ 177,750,000
Unsecured term loans | Unsecured line of credit
Debt Instrument [Line Items]
Long-term debt	150,000,000	150,000,000
Unsecured notes
Debt Instrument [Line Items]
Long-term debt	180,000,000	300,000,000
Mortgage notes
Debt Instrument [Line Items]
Long-term debt	225,347,000	232,568,000
Long-term debt, gross	225,039,000	232,011,000
Total unamortized fair market value premium	308,000	557,000
$450 Million Wells Fargo Unsecured Credit Facility | Unsecured line of credit
Debt Instrument [Line Items]
Long-term debt	131,000,000	177,750,000
Debt instrument, face amount		$ 450,000,000
Line of credit facility, maximum borrowing capacity			$ 450,000,000	$ 300,000,000
$450 Million Wells Fargo Unsecured Credit Facility | Unsecured line of credit | LIBOR
Debt Instrument [Line Items]
Interest rate margin (as a percent)		1.15%
$150 Million Wells Fargo Unsecured Term Loan A | Unsecured term loans | Unsecured line of credit
Debt Instrument [Line Items]
Long-term debt	150,000,000	$ 150,000,000
Debt instrument, face amount		$ 150,000,000
$150 Million Wells Fargo Unsecured Term Loan A | Unsecured term loans | Unsecured line of credit | LIBOR
Debt Instrument [Line Items]
Interest rate margin (as a percent)		1.65%
$150 Million Wells Fargo Unsecured Term Loan B | Unsecured term loans | Unsecured line of credit
Debt Instrument [Line Items]
Long-term debt	0	$ 0
Debt instrument, face amount		$ 150,000,000
$150 Million Wells Fargo Unsecured Term Loan B | Unsecured term loans | Unsecured line of credit | LIBOR
Debt Instrument [Line Items]
Interest rate margin (as a percent)		1.70%
$150 Million Wells Fargo Unsecured Term Loan C | Unsecured term loans | Unsecured line of credit
Debt Instrument [Line Items]
Long-term debt	0	$ 0
Debt instrument, face amount		$ 150,000,000	$ 150,000,000
$150 Million Wells Fargo Unsecured Term Loan C | Unsecured term loans | Unsecured line of credit | LIBOR
Debt Instrument [Line Items]
Interest rate margin (as a percent)		1.30%
$50 Million Series A Unsecured Notes | Unsecured notes
Debt Instrument [Line Items]
Long-term debt	50,000,000	$ 50,000,000
Debt instrument, face amount		$ 50,000,000
Interest rate (as a percent)		4.98%
$50 Million Series B Unsecured Notes | Unsecured notes
Debt Instrument [Line Items]
Long-term debt	50,000,000	$ 50,000,000
Debt instrument, face amount		$ 50,000,000
Interest rate (as a percent)		4.98%
$80 Million Series C Unsecured Notes | Unsecured notes
Debt Instrument [Line Items]
Long-term debt	80,000,000	$ 80,000,000
Debt instrument, face amount		$ 80,000,000
Interest rate (as a percent)		4.42%
$100 Million Series D Unsecured Notes | Unsecured notes
Debt Instrument [Line Items]
Long-term debt	0	$ 100,000,000
Debt instrument, face amount		$ 100,000,000			$ 100,000,000
Interest rate (as a percent)		4.32%			4.32%
$20 Million Series E Unsecured Notes | Unsecured notes
Debt Instrument [Line Items]
Long-term debt	0	$ 20,000,000
Debt instrument, face amount		$ 20,000,000			$ 20,000,000
Interest rate (as a percent)		4.42%			4.42%
Sun Life Assurance Company of Canada (U.S.) | Mortgage notes
Debt Instrument [Line Items]
Interest rate (as a percent)		6.05%
Long-term debt, gross	3,445,000	$ 3,285,000
Webster Bank, National Association | Mortgage notes
Debt Instrument [Line Items]
Interest rate (as a percent)		4.22%
Long-term debt, gross	5,677,000	$ 5,555,000
National Life Insurance Company | Mortgage notes
Debt Instrument [Line Items]
Interest rate (as a percent)		5.75%
Long-term debt, gross	0	$ 4,817,000
Mortgage Loan From Union Fidelity Life Insurance Company [Member] | Mortgage notes
Debt Instrument [Line Items]
Interest rate (as a percent)		5.81%
Long-term debt, gross	6,103,000	$ 5,843,000
Prepayment terms - Penalty-free pre-payable period		2 months
Principal Life Insurance Company | Mortgage notes
Debt Instrument [Line Items]
Interest rate (as a percent)		5.73%
Long-term debt, gross	0	$ 5,705,000
Webster Bank, maturity date May 29, 2017 | Mortgage notes
Debt Instrument [Line Items]
Interest rate (as a percent)		3.66%
Long-term debt, gross	3,035,000	$ 2,968,000
Webster Bank, maturity date May 31, 2017 | Mortgage notes
Debt Instrument [Line Items]
Interest rate (as a percent)		3.64%
Long-term debt, gross	3,268,000	$ 3,197,000
Wells Fargo, National Association | Mortgage notes
Debt Instrument [Line Items]
Interest rate (as a percent)		5.90%
Long-term debt, gross	4,182,000	$ 4,131,000
CIGNA-1 Facility | Mortgage notes
Debt Instrument [Line Items]
Interest rate (as a percent)		6.50%
Long-term debt, gross	58,050,000	$ 57,396,000
CIGNA-2 Facility | Mortgage notes
Debt Instrument [Line Items]
Interest rate (as a percent)		5.75%
Long-term debt, gross	59,065,000	$ 58,335,000
CIGNA-3 Facility | Mortgage notes
Debt Instrument [Line Items]
Interest rate (as a percent)		5.88%
Long-term debt, gross	16,647,000	$ 16,464,000
CIGNA Facility | Mortgage notes
Debt Instrument [Line Items]
Prepayment terms - Penalty-free pre-payable period		6 months
Wells Fargo, CMBS Loan | Mortgage notes
Debt Instrument [Line Items]
Interest rate (as a percent)		4.31%
Long-term debt, gross	$ 65,567,000	$ 64,315,000
National Life Insurance Company and Principal Life Insurance Company | Mortgage notes
Debt Instrument [Line Items]
Prepayment terms - Penalty-free pre-payable period		3 months

Debt - Narrative (Details)

Debt - Narrative (Details)	Sep. 29, 2015USD ($)advance	Jun. 25, 2015USD ($)	Feb. 20, 2015USD ($)	Jan. 22, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 28, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Remaining borrowing capacity					$ 572,300,000		$ 572,300,000
Assumption of mortgage notes payable							22,343,000	$ 0
Deferred financing fees, net					9,700,000		9,700,000			$ 7,800,000
Amortization of financing costs					$ 400,000	$ 400,000	$ 1,100,000	$ 1,100,000
Conyers, GA
Debt Instrument [Line Items]
Assumption of mortgage notes payable	$ 5,700,000
Mortgage notes | Burlington, NJ
Debt Instrument [Line Items]
Assumption of mortgage notes payable				$ 11,800,000
Mortgage notes | National Life Insurance Company
Debt Instrument [Line Items]
Interest rate (as a percent)					5.75%		5.75%
Mortgage notes | National Life Insurance Company | Charlotte, NC
Debt Instrument [Line Items]
Assumption of mortgage notes payable		$ 4,900,000
Interest rate (as a percent)		5.75%
Fair value premium		$ 100,000
Discount rate at which cash flows are discounted (as a percent)		3.05%
Mortgage notes | Principal Life Insurance Company
Debt Instrument [Line Items]
Interest rate (as a percent)					5.73%		5.73%
Mortgage notes | Principal Life Insurance Company | Conyers, GA
Debt Instrument [Line Items]
Assumption of mortgage notes payable	$ 5,700,000
Interest rate (as a percent)	5.73%
Fair value premium	$ 300,000
Discount rate at which cash flows are discounted (as a percent)	2.64%
Unsecured notes | $100 Million Series D Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 100,000,000		$ 100,000,000		$ 100,000,000
Interest rate (as a percent)			4.32%		4.32%		4.32%
Debt instrument, term			10 years
Unsecured notes | $20 Million Series E Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 20,000,000		$ 20,000,000		$ 20,000,000
Interest rate (as a percent)			4.42%		4.42%		4.42%
Debt instrument, term			12 years
Unsecured line of credit | $450 Million Wells Fargo Unsecured Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount					$ 450,000,000		$ 450,000,000
Line of credit facility, maximum borrowing capacity	$ 450,000,000								$ 300,000,000
Line of credit facility, accordion feature, increase limit	800,000,000
Deferred financing fees	1,000,000
Unsecured line of credit | $450 Million Wells Fargo Unsecured Credit Facility | LIBOR
Debt Instrument [Line Items]
Interest rate margin (as a percent)							1.15%
Unsecured term loans | $150 Million Wells Fargo Unsecured Term Loan C | Unsecured line of credit
Debt Instrument [Line Items]
Debt instrument, face amount	150,000,000				$ 150,000,000		$ 150,000,000
Line of credit facility, accordion feature, increase limit	250,000,000
Deferred financing fees	$ 1,000,000
Commitment fee percentage	0.50%
Unused capacity fee percentage	0.175%
Annual fee	$ 50,000
Debt issuance costs, term	5 years
Line of credit facility, accordion feature, number of advances | advance	6
Line of credit facility, accordion feature, minimum advances	$ 25,000,000
Unsecured term loans | $150 Million Wells Fargo Unsecured Term Loan C | Unsecured line of credit | LIBOR
Debt Instrument [Line Items]
Interest rate margin (as a percent)							1.30%
Unsecured term loans | $150 Million Wells Fargo Unsecured Term Loan C | Unsecured line of credit | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1.30%
Unsecured term loans | $150 Million Wells Fargo Unsecured Term Loan C | Unsecured line of credit | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1.90%
Unsecured term loans | $150 Million Wells Fargo Unsecured Term Loan C | Unsecured line of credit | Base rate | Minimum
Debt Instrument [Line Items]
Interest rate margin (as a percent)	0.30%
Unsecured term loans | $150 Million Wells Fargo Unsecured Term Loan C | Unsecured line of credit | Base rate | Maximum
Debt Instrument [Line Items]
Interest rate margin (as a percent)	0.90%

Debt - Fair Value (Details)

Debt - Fair Value (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Fair Value of Debt
Total carrying value	$ 860,318	$ 686,347
Reported Value Measurement
Fair Value of Debt
Principal outstanding	859,761	686,039
Total unamortized fair market value premium	557	308
Total carrying value	860,318	686,347
Fair Value | Level 3 Inputs
Fair Value of Debt
Fair value	875,347	706,189
Unsecured line of credit
Fair Value of Debt
Total carrying value	177,750	131,000
Unsecured line of credit | Reported Value Measurement
Fair Value of Debt
Principal outstanding	177,750	131,000
Unsecured line of credit | Fair Value | Level 3 Inputs
Fair Value of Debt
Fair value	177,750	131,000
Unsecured term loans | Reported Value Measurement
Fair Value of Debt
Principal outstanding	150,000	150,000
Unsecured term loans | Fair Value | Level 3 Inputs
Fair Value of Debt
Fair value	150,000	150,000
Unsecured notes
Fair Value of Debt
Total carrying value	300,000	180,000
Unsecured notes | Reported Value Measurement
Fair Value of Debt
Principal outstanding	300,000	180,000
Unsecured notes | Fair Value | Level 3 Inputs
Fair Value of Debt
Fair value	306,005	187,587
Mortgage notes
Fair Value of Debt
Principal outstanding	232,011	225,039
Total unamortized fair market value premium	557	308
Total carrying value	232,568	225,347
Mortgage notes | Reported Value Measurement
Fair Value of Debt
Principal outstanding	232,011	225,039
Mortgage notes | Fair Value | Level 3 Inputs
Fair Value of Debt
Fair value	$ 241,592	$ 237,602
Minimum | Level 3 Inputs
Fair Value of Debt
Discount rate at which cash flows are discounted (as a percent)	1.34%	1.32%
Maximum | Level 3 Inputs
Fair Value of Debt
Discount rate at which cash flows are discounted (as a percent)	4.39%	4.27%

Use of Derivative Financial I43

Use of Derivative Financial Instruments - Risk Management and Unsecured Loan Swaps (Details)	Oct. 26, 2015derivative	Oct. 14, 2015USD ($)derivative	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Unsecured Term Loan Swaps
Notional amount			$ 300,000,000
Fair value - liabilities			(6,956,000)	$ (873,000)
Interest Rate Swaps
Unsecured Term Loan Swaps
Notional amount			225,000,000
PNC Bank, National Association, effective October 10, 2012
Unsecured Term Loan Swaps
Notional amount liabilities			10,000,000
Fair value - liabilities			$ (32,000)
Fixed interest rate (as a percent)			0.7945%
Bank of America, effective October 10, 2012
Unsecured Term Loan Swaps
Notional amount liabilities			$ 10,000,000
Fair value - liabilities			$ (32,000)
Fixed interest rate (as a percent)			0.7945%
UBS AG, effective October 10, 2012
Unsecured Term Loan Swaps
Notional amount liabilities			$ 10,000,000
Fair value - liabilities			$ (32,000)
Fixed interest rate (as a percent)			0.7945%
Royal Bank of Canada, effective October 10, 2012
Unsecured Term Loan Swaps
Notional amount liabilities			$ 10,000,000
Fair value - liabilities			$ (32,000)
Fixed interest rate (as a percent)			0.7945%
RJ Capital Services, Inc., effective October 10, 2012
Unsecured Term Loan Swaps
Notional amount liabilities			$ 10,000,000
Fair value - liabilities			$ (32,000)
Fixed interest rate (as a percent)			0.7975%
Bank of America, effective October 10, 2012
Unsecured Term Loan Swaps
Notional amount liabilities			$ 25,000,000
Fair value - liabilities			$ (58,000)
Fixed interest rate (as a percent)			0.7525%
RJ Capital Services, Inc., effective October 10, 2012
Unsecured Term Loan Swaps
Notional amount liabilities			$ 25,000,000
Fair value - liabilities			$ (46,000)
Fixed interest rate (as a percent)			0.727%
Regions Bank, effective March 1, 2013
Unsecured Term Loan Swaps
Notional amount liabilities			$ 25,000,000
Fair value - liabilities			$ (217,000)
Fixed interest rate (as a percent)			1.33%
Capital One, N.A., effective July 1, 2013
Unsecured Term Loan Swaps
Notional amount liabilities			$ 50,000,000
Fair value - liabilities			$ (1,175,000)
Fixed interest rate (as a percent)			1.681%
Capital One, N.A., effective August 1, 2013
Unsecured Term Loan Swaps
Notional amount liabilities			$ 25,000,000
Fair value - liabilities			$ (611,000)
Fixed interest rate (as a percent)			1.703%
Regions Bank, effective February 3, 2014
Unsecured Term Loan Swaps
Notional amount liabilities			$ 25,000,000
Fair value - liabilities			$ (929,000)
Fixed interest rate (as a percent)			1.9925%
Royal Bank of Canada, effective March 20, 2015
Unsecured Term Loan Swaps
Notional amount liabilities			$ 25,000,000
Fair value - liabilities			$ (527,000)
Fixed interest rate (as a percent)			1.709%
Toronto-Dominion Bank, effective March 20, 2015
Unsecured Term Loan Swaps
Notional amount liabilities			$ 25,000,000
Fair value - liabilities			$ (507,000)
Fixed interest rate (as a percent)			1.7105%
Wells Fargo Bank, effective March 20, 2015
Unsecured Term Loan Swaps
Notional amount liabilities			$ 25,000,000
Fair value - liabilities			$ (535,000)
Fixed interest rate (as a percent)			1.828%
Toronto-Dominion Bank, effective September 10, 2017
Unsecured Term Loan Swaps
Notional amount liabilities			$ 0
Fair value - liabilities			$ (1,641,000)
Fixed interest rate (as a percent)			2.2255%
Toronto-Dominion Bank, effective February 14, 2020
Unsecured Term Loan Swaps
Notional amount liabilities			$ 0
Fair value - liabilities			$ (82,000)
Fixed interest rate (as a percent)			2.4535%
Regions Bank, effective February 14, 2020
Unsecured Term Loan Swaps
Notional amount liabilities			$ 0
Fair value - liabilities			$ (230,000)
Fixed interest rate (as a percent)			2.475%
Capital One, N.A. effective February 14, 2020
Unsecured Term Loan Swaps
Notional amount liabilities			$ 0
Fair value - liabilities			$ (238,000)
Fixed interest rate (as a percent)			2.53%
Subsequent event
Unsecured Term Loan Swaps
Number of interest rate swaps | derivative	5	5
Notional amount		$ 150,000,000

Use of Derivative Financial I44

Use of Derivative Financial Instruments - FV of Interest Rate Swaps (Details) $ in Thousands	Sep. 30, 2015USD ($)derivative	Dec. 31, 2014USD ($)
Fair value of the interest rate swaps outstanding
Fair value - assets	$ 0	$ 959
Fair value - liabilities	(6,956)	(873)
Unsecured Debt Swaps | Interest Rate Swaps
Fair value of the interest rate swaps outstanding
Notional amount assets	0	125,000
Fair value - assets	0	959
Notional amount liabilities	300,000	100,000
Fair value - liabilities	$ (6,956)	$ (873)
Number of interest rate swaps with no current notional amount | derivative	4

Use of Derivative Financial I45

Use of Derivative Financial Instruments - Cash Flow Hedges of Interest Rate Risk (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)derivative	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)derivative	Sep. 30, 2014USD ($)
Cash Flow Hedges of Interest Rate Risk
Gain (loss) on hedge ineffectiveness	$ (100,000)	$ 0	$ 0	$ 0
Additional amount reclassified from accumulated other comprehensive income (loss) as an increase to interest expense over the next twelve months	3,100,000		3,100,000
Amount of (gain)/loss recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion)	8,564,000	(656,000)	9,540,000	3,825,000
Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion)	928,000	644,000	2,521,000	1,866,000
Amount of loss recognized in interest expense (ineffective portion and amount excluded from effectiveness testing)	$ 92,000	$ 0	$ 0	$ 0
Interest Rate Swaps
Credit-risk-related Contingent Features
Number of interest rate swaps in liability position | derivative	18		18
Fair values of the interest rate swaps in a liability position	$ 7,200,000		$ 7,200,000
Value of adjustment for nonperformance risk related to net liability position	200,000		200,000
Accrued interest expense	300,000		300,000
Termination value required to settle obligations under agreements	$ 7,500,000		$ 7,500,000

Use of Derivative Financial I46

Use of Derivative Financial Instruments - FV on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets (liabilities):
Interest rate swaps	$ 0	$ 959
Interest rate swaps-Liability	(6,956)	(873)
Fair value on recurring basis
Assets (liabilities):
Interest rate swaps	0	959
Interest rate swaps-Liability	(6,956)	(873)
Fair value on recurring basis | Level 1
Assets (liabilities):
Interest rate swaps	0	0
Interest rate swaps-Liability	0	0
Fair value on recurring basis | Level 2
Assets (liabilities):
Interest rate swaps	0	959
Interest rate swaps-Liability	(6,956)	(873)
Fair value on recurring basis | Level 3
Assets (liabilities):
Interest rate swaps	0	0
Interest rate swaps-Liability	$ 0	$ 0

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred Stock (Details)	Oct. 22, 2015$ / shares	Sep. 30, 2015$ / sharesshares	Sep. 30, 2015$ / sharesshares	Jun. 30, 2015$ / shares	Mar. 31, 2015$ / shares	Dec. 31, 2014$ / sharesshares	Sep. 30, 2014$ / shares	Jun. 30, 2014$ / shares	Mar. 31, 2014$ / shares	Sep. 30, 2015series$ / sharesshares	Dec. 31, 2014$ / sharesshares
Stockholders' Equity
Authorized shares of preferred stock | shares		10,000,000	10,000,000			10,000,000				10,000,000	10,000,000
Par value per share		$ 0.01	$ 0.01			$ 0.01				$ 0.01	$ 0.01
Series A and B Preferred Stock
Stockholders' Equity
Number of outstanding stock issuances | series										2
Series A Preferred Stock
Stockholders' Equity
Number of shares | shares		2,760,000
Price per share (in dollars per share)		$ 25	25							$ 25
Interest rate (as a percent)		9.00%
Dividend declared (in dollars per share)			0.5625	$ 0.5625	$ 0.5625	0.5625	$ 0.5625	$ 0.5625	$ 0.5625	1.6875	2.25
Series B Preferred Stock
Stockholders' Equity
Number of shares | shares		2,800,000
Price per share (in dollars per share)		$ 25	25							25
Interest rate (as a percent)		6.625%
Dividend declared (in dollars per share)			$ 0.4140625	$ 0.4140625	$ 0.4140625	$ 0.4140625	$ 0.4140625	$ 0.4140625	$ 0.4140625	$ 1.2421875	$ 1.65625
Subsequent event | Series A Preferred Stock
Stockholders' Equity
Dividend declared (in dollars per share)	$ 0.5625
Subsequent event | Series B Preferred Stock
Stockholders' Equity
Dividend declared (in dollars per share)	$ 0.4140625

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details) - USD ($)	Oct. 22, 2015	Jul. 21, 2015	Sep. 30, 2015	Aug. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	May. 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Dec. 31, 2014	Nov. 30, 2014	Oct. 31, 2014	Sep. 30, 2014	Aug. 31, 2014	Jul. 31, 2014	Jun. 30, 2014	May. 31, 2014	Apr. 30, 2014	Mar. 31, 2014	Feb. 28, 2014	Jan. 31, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Stockholders' Equity
Net Proceeds																								$ 74,892,000	$ 164,077,000
Dividends declared (in dollars per share)		$ 0.1150
Subsequent event
Stockholders' Equity
Dividends declared (in dollars per share)	$ 0.115833
Common Stock
Stockholders' Equity
Dividends declared (in dollars per share)			$ 0.115	$ 0.115	$ 0.1150	$ 0.1125	$ 0.1125	$ 0.1125	$ 0.1125	$ 0.1125	$ 0.1125	$ 0.110	$ 0.110	$ 0.110	$ 0.110	$ 0.110	$ 0.110	$ 0.105	$ 0.105	$ 0.105	$ 0.105	$ 0.105	$ 0.105	$ 1.02		$ 1.29
Common Stock | 2014 $200 million ATM
Stockholders' Equity
Maximum aggregate offering price			$ 200,000,000																					$ 200,000,000
Aggregate common stock available			$ 107,380,000																					$ 107,380,000
Shares sold																								2,661,403		1,658,795
Weighted average price per share (in dollars per share)			$ 21.63									21.13												$ 21.63		$ 21.13
Gross Proceeds																								$ 57,600,000		$ 35,000,000
Sales Agents' Fees																								900,000		500,000
Net Proceeds																								$ 56,700,000		$ 34,500,000
Common Stock | 2014 $150 million ATM
Stockholders' Equity
Shares sold																								795,000		5,760,651
Weighted average price per share (in dollars per share)			21.79									23.03												$ 21.79		$ 23.03
Gross Proceeds																								$ 17,300,000		$ 132,700,000
Sales Agents' Fees																								200,000		2,000,000
Net Proceeds																								$ 17,100,000		$ 130,700,000
Common Stock | 2012 $75 million ATM
Stockholders' Equity
Shares sold																										661,930
Weighted average price per share (in dollars per share)												22.47														$ 22.47
Gross Proceeds																										$ 14,900,000
Sales Agents' Fees																										200,000
Net Proceeds																										$ 14,700,000
Common Stock | At The Market (ATM) Program
Stockholders' Equity
Shares sold																								3,456,403		8,081,376
Weighted average price per share (in dollars per share)			$ 21.67									$ 22.60												$ 21.67		$ 22.60
Gross Proceeds																								$ 74,900,000		$ 182,600,000
Sales Agents' Fees																								1,100,000		2,700,000
Net Proceeds																								$ 73,800,000		$ 179,900,000

Stockholders' Equity - Board Co

Stockholders' Equity - Board Compensation (Details) - USD ($)	3 Months Ended							9 Months Ended	12 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2015	Dec. 31, 2014
Common Stock | 2011 Equity Incentive Plan
Stockholders' Equity
Number of days of average trailing stock price used to calculate number of shares of common stock granted								10 days
Issuance of shares to directors for their services	4,593	4,248	3,731	3,298	3,958	3,473	3,471	12,572	14,200
Fair value of shares issued to directors for their services	$ 89,000	$ 89,000	$ 84,000	$ 87,000	$ 88,000	$ 83,000	$ 83,000	$ 262,000	$ 341,000
Independent Director
Stockholders' Equity
Annual directors fees								50,000
Independent Director | LTIP Units
Stockholders' Equity
Annual LTIP unit grants, value								65,000
Lead Director and Chair | Minimum
Stockholders' Equity
Annual directors fees								7,500
Lead Director and Chair | Maximum
Stockholders' Equity
Annual directors fees								$ 15,000

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock (Details) - 2011 Equity Incentive Plan - Restricted stock $ / shares in Units, $ in Millions	Jan. 12, 2015installment	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)shares	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2014USD ($)shares	Dec. 31, 2014$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equal vesting installments | installment	3
Shares
Unvested at beginning of period (in shares)				263,916	214,389	214,389
Granted (in shares)				94,290		103,149
Vested (in shares)		0	0	(72,185)	(51,885)	(51,885)
Forfeited (in shares)				(10,534)		(1,737)
Unvested at end of period (in shares)		275,487		275,487		263,916
Grant date fair value (in dollars per share) | $ / shares				$ 26.17		$ 20.13
Unrecognized Compensation Expense
Unrecognized compensation expense | $		$ 4.2		$ 4.2
Other information
Number of shares vested		0	0	72,185	51,885	51,885
Fair value of shares vested | $		$ 0	$ 0	$ 1.8	$ 1.1

Noncontrolling Interest (Detail

Noncontrolling Interest (Details) - Operating Partnership - Noncontrolling Interest - Unit holders in Operating Partnership - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Common Units
Noncontrolling interest
Ownership interest held by noncontrolling owners (as a percent)	4.86%	3.64%	13.35%
Noncontrolling interest
Balance, beginning of period (in shares)	2,431,849	6,898,650
Issuance/grant	1,135,745	719,572
Redemptions from Common Units to Common Stock	(90,824)	(5,105,584)
Redemption of Common Units for cash	(2,400)	(80,789)
Balance, end of period (in shares)	3,474,370	2,431,849
LTIP Units
Noncontrolling interest
Balance, beginning of period (in shares)	1,307,036	599,464
Issuance/grant	323,069	719,572
Conversions from LTIP units to Common Units	(20,000)	(12,000)
Balance, end of period (in shares)	1,610,105	1,307,036
Other Noncontrolling Common Units
Noncontrolling interest
Balance, beginning of period (in shares)	1,124,813	6,299,186
Issuance/grant	812,676
Conversions from LTIP units to Common Units	20,000	12,000
Redemptions from Common Units to Common Stock	(90,824)	(5,105,584)
Redemption of Common Units for cash	(2,400)	(80,789)
Balance, end of period (in shares)	1,864,265	1,124,813

Noncontrolling Interest - LTIP

Noncontrolling Interest - LTIP (Details)	May. 04, 2015shares	Jan. 12, 2015	Sep. 23, 2014shares	Sep. 30, 2015shares	Dec. 31, 2014shares
Benjamin S. Butcher
Incentive Plans
Term of employment agreement	3 years
Length of contract extension term	1 year
Nonrenewal notice period	60 days
LTIP Units | Benjamin S. Butcher
Incentive Plans
Granted (in shares)	100,000
LTIP Units | Benjamin S. Butcher | Awards vesting over six years - first vesting period
Incentive Plans
Vesting percentage	50.00%
LTIP Units | Benjamin S. Butcher | Awards vesting over six years - second vesting period
Incentive Plans
Vesting percentage	16.67%
2011 Equity Incentive Plan | LTIP Units
Share-based compensation
Conversion ratio of noncontrolling units				1
Incentive Plans
Granted (in shares)			397,590	323,069	719,572
2011 Equity Incentive Plan | LTIP Units | Executive officers | Awards vest over three years
Share-based compensation
Vesting period (in years)		3 years
2011 Equity Incentive Plan | LTIP Units | Directors
Share-based compensation
Vesting period (in years)		1 year

Noncontrolling Interest - Fair

Noncontrolling Interest - Fair Value Assumptions (Details) - LTIP Units - 2011 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Millions	Sep. 23, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Assumptions
Units at issuance (in shares)	397,590			323,069		719,572
Summary of share-based compensation activity
Unvested at beginning of period (in shares)				448,887	368,760	368,760
Granted (in shares)	397,590			323,069		719,572
Vested (in shares)		(48,257)	(436,583)	(188,789)	(545,311)	(639,445)
Unvested at end of period (in shares)		583,167		583,167		448,887
Unrecognized compensation expense		$ 10.9		$ 10.9
Fair value of shares vested		$ 0.9	$ 9.2	$ 4	$ 11.8
Vested (in shares)		48,257	436,583	188,789	545,311	639,445
Grant date of January 12, 2015
Assumptions
Expected term				10 years
Expected volatility (as a percent)				20.00%
Expected dividend yield (as a percent)				6.00%
Risk-free interest rate (as a percent)				0.6159%
Fair value of units at issuance				$ 5.4
Units at issuance (in shares)				223,069
Fair value share price per unit				$ 24.43
Summary of share-based compensation activity
Granted (in shares)				223,069
Grant date May 04, 2015
Assumptions
Expected term				10 years
Expected volatility (as a percent)				20.00%
Expected dividend yield (as a percent)				6.00%
Risk-free interest rate (as a percent)				0.659%
Fair value of units at issuance				$ 2
Units at issuance (in shares)				100,000
Fair value share price per unit				$ 20.38
Summary of share-based compensation activity
Granted (in shares)				100,000

Noncontrolling Interest - Acqui

Noncontrolling Interest - Acquisitions (Details) - USD ($) $ in Millions	Jan. 22, 2015	Sep. 30, 2015
Burlington, NJ
Noncontrolling interest
Number of common units issued as a consideration for purchase of properties	812,676
Fair value of common units issued	$ 21.9
Trailing-average stock price, number of days included	10 days
Operating Partnership | Noncontrolling Interest - Unit holders in Operating Partnership
Noncontrolling interest
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
Common Units | Burlington, NJ
Noncontrolling interest
Number of common units issued as a consideration for purchase of properties	812,676
Fair value of common units issued	$ 21.9
Common Units | Operating Partnership | Noncontrolling Interest - Unit holders in Operating Partnership
Noncontrolling interest
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

Equity Incentive Plan - Summary

Equity Incentive Plan - Summary (Details) - 2015 Outperformance Program $ / shares in Units, simulation in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)simulation$ / shares
Share-based compensation
Measurement period	3 years
Beginning value of the company's common stock (in dollars per share) | $ / shares	$ 24.49
Percentage of excess total stockholder return above relative total stockholder return hurdle	10.00%
Number of trading days used to calculate average common stock price	20 days
Assumptions
Value of awards	$ 1.6
Number of simulations run to determine the fair value of awards | simulation	500
Expected volatility (as a percent)	20.00%
Risk free rate (as a percent)	0.9814%
Minimum
Share-based compensation
Threshold percentage of increase in cumulative absolute total stockholder return	25.00%
Maximum
Share-based compensation
Shares of common stock awarded under the plan as a percentage of common stock issued and outstanding	0.24%
Amount of aggregate reward that can be earned by all recipients collectively	$ 15.4
MSCI US REIT Index
Share-based compensation
Percentage points added to base return rate in calculating relative total stockholder return hurdle	5.00%
Assumptions
MSCI US REIT Index (as a percent)	13.60%

Equity Incentive Plan - Amortiz

Equity Incentive Plan - Amortization of Restricted Stock (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
General and Administrative Expenses
Equity Incentive Plan
Total equity compensation expense	$ 1.9	$ 1.1	$ 5.7	$ 5.5
General and Administrative Expenses | Restricted stock
Equity Incentive Plan
Total equity compensation expense	0.5	0.3	1.4	0.9
General and Administrative Expenses | LTIP Units
Equity Incentive Plan
Total equity compensation expense	1.2	0.6	3.6	3.8
General and Administrative Expenses | OPP Awards
Equity Incentive Plan
Total equity compensation expense	0.1	0.1	0.4	0.5
Directors | General and Administrative Expenses
Equity Incentive Plan
Total equity compensation expense	$ 0.1	$ 0.1	$ 0.3	0.3
Consulting agreement with a former executive officer | LTIP Units
Equity Incentive Plan
Total equity compensation expense				2
Consulting agreement with a former executive officer | OPP Awards
Equity Incentive Plan
Total equity compensation expense				$ 0.2

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Restricted stock
Antidilutive participating securities
Unvested shares of restricted stock on a weighted average basis excluded from computation of earnings per share (in shares)	275,663	264,438	284,020	270,530

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Numerator and Denominator (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator
Net income (loss)	$ (4,680)	$ 251	$ (11,335)	$ (2,395)
Less: preferred stock dividends	2,712	2,712	8,136	8,136
Less: amount allocated to unvested restricted stockholders	95	87	291	258
Less: loss attributable to noncontrolling interest after preferred stock dividends	(359)	(90)	(951)	(784)
Loss from continuing operations attributable to common stockholders	$ (7,128)	$ (2,458)	$ (18,811)	$ (10,005)
Denominator
Weighted average common shares outstanding - basic and diluted	67,799,700	55,354,125	65,803,304	51,157,219
Loss per share - basic and diluted (in dollars per share)	$ (0.11)	$ (0.04)	$ (0.29)	$ (0.20)

Commitments and Contingencies -

Commitments and Contingencies - Agreements (Details) - One-time incentive fee - Columbus Nova - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Commitments and Contingencies
Fair value of incentive fee	$ 0	$ 0
Discount rate at which cash flows are discounted (as a percent)	9.50%	9.50%
Fair value inputs, exit capitalization rate (as a percent)	9.80%	9.80%

Concentrations of Credit Risk (

Concentrations of Credit Risk (Details)	9 Months Ended
	Sep. 30, 2015tenantindustryitem
Concentrations of credit risk
Number of tenants	256
Number of industries | item	3
Credit risk | Rental income | Minimum
Concentrations of credit risk
Number of tenants	0
Credit risk | Rental income | Maximum | Tenant
Concentrations of credit risk
Concentration risk percentage	2.70%
Customer Concentration Risk | Rental income
Concentrations of credit risk
Number of industries | industry	0
Customer Concentration Risk | Rental income | Maximum | Tenant industry
Concentrations of credit risk
Concentration risk percentage	11.80%

Subsequent Events (Details)

Subsequent Events (Details) - derivative	Oct. 26, 2015	Oct. 14, 2015
Subsequent event
Subsequent Event [Line Items]
Number of interest rate swaps	5	5