STAG Industrial (STAG) 10-Q 2 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 29, 2016
Document and Entity Information
Entity Registrant Name	STAG Industrial, Inc.
Entity Central Index Key	1,479,094
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		71,401,517
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Rental Property:
Land	$ 234,785	$ 228,919
Buildings and improvements, net of accumulated depreciation of $171,458 and $150,395, respectively	1,339,752	1,332,298
Intangible Assets, Net (Excluding Goodwill)	256,393	276,272
Total rental property, net	1,830,930	1,837,489
Cash and cash equivalents	8,005	12,011
Restricted cash	14,566	8,395
Tenant accounts receivable, net	21,702	21,478
Prepaid expenses and other assets	20,741	18,064
Interest rate swaps	0	1,867
Assets held for sale, net	6,617	0
Total assets	1,902,561	1,899,304
Liabilities:
Unsecured credit facility	64,000	56,000
Unsecured term loans, net	296,922	296,618
Unsecured notes, net	397,843	397,720
Mortgage notes, net	197,919	229,910
Accounts payable, accrued expenses and other liabilities	29,666	25,662
Interest rate swaps	18,808	3,766
Tenant prepaid rent and security deposits	14,535	14,628
Dividends and distributions payable	8,327	8,234
Deferred leasing intangibles, net of accumulated amortization of $9,304 and $8,536, respectively	14,143	11,387
Total liabilities	1,042,163	1,043,925
Commitments and contingencies
Equity:
Common stock, par value $0.01 per share, 150,000,000 shares authorized, 68,186,375 and 68,077,333 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively	682	681
Additional paid-in capital	1,018,105	1,017,394
Common stock dividends in excess of earnings	(387,306)	(334,623)
Accumulated other comprehensive loss	(18,373)	(2,350)
Total stockholders’ equity	827,108	820,102
Noncontrolling interest	33,290	35,277
Total equity	860,398	855,379
Total liabilities and equity	1,902,561	1,899,304
Series A Preferred Stock
Equity:
Preferred stock	69,000	69,000
Series B Preferred Stock
Equity:
Preferred stock	70,000	70,000
Series C Preferred Stock
Equity:
Preferred stock	$ 75,000	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Building and building, accumulated amortization	$ 171,458	$ 150,395
Deferred leasing intangibles assets, accumulated amortization	225,601	200,758
Deferred leasing intangibles liabilities, accumulated amortization	$ 9,304	$ 8,536
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	15,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	150,000,000	100,000,000
Common Stock, shares issued	68,186,375	68,077,333
Common stock, shares outstanding	68,186,375	68,077,333
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
Series C Preferred Stock
Preferred stock, shares issued	3,000,000	0
Preferred stock, shares outstanding	3,000,000	0
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue
Rental income	$ 51,715	$ 45,220	$ 103,064	$ 88,470
Tenant recoveries	8,454	7,485	17,896	15,072
Other income	73	131	154	283
Total revenue	60,242	52,836	121,114	103,825
Expenses
Property	11,759	10,071	24,414	20,316
General and administrative	7,751	7,495	18,770	15,024
Property acquisition costs	583	1,187	1,135	1,505
Depreciation and amortization	31,018	27,257	61,298	53,386
Asset Impairment Charges	11,231	2,645	11,231	2,645
Other expenses	318	478	578	666
Total expenses	62,660	49,133	117,426	93,542
Other income (expense)
Interest income	2	2	5	5
Interest expense	(10,490)	(8,933)	(21,337)	(16,943)
Loss on extinguishment of debt	(839)	0	(1,973)	0
Gain on the sales of rental property	3,273	0	20,946	0
Total other income (expense)	(8,054)	(8,931)	(2,359)	(16,938)
Net income (loss) from continuing operations	(10,472)	(5,228)	1,329	(6,655)
Net income (loss)	(10,472)	(5,228)	1,329	(6,655)
Less: loss attributable to noncontrolling interest after preferred stock dividends	(745)	(397)	(287)	(592)
Net income (loss) attributable to STAG Industrial, Inc.	(9,727)	(4,831)	1,616	(6,063)
Less: preferred stock dividends	4,001	2,712	6,913	5,424
Less: amount allocated to participating securities	95	95	195	196
Net loss attributable to common stockholders	$ (13,823)	$ (7,638)	$ (5,492)	$ (11,683)
Weighted average common shares outstanding - basic and diluted (in shares)	67,910,361	65,285,388	67,899,789	64,788,561
Loss per share — basic and diluted
Earnings Per Share, Basic and Diluted	$ (0.20)	$ (0.12)	$ (0.08)	$ (0.18)
Income (Loss) from Continuing Operations, Per Basic and Diluted Share	$ (0.20)	$ (0.12)	$ (0.08)	$ (0.18)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (10,472)	$ (5,228)	$ 1,329	$ (6,655)
Other comprehensive income (loss):
Income (loss) on interest rate swaps	(5,068)	4,621	(16,891)	616
Other comprehensive income (loss)	(5,068)	4,621	(16,891)	616
Comprehensive loss	(15,540)	(607)	(15,562)	(6,039)
Net loss attributable to noncontrolling interest after preferred stock dividends	745	397	287	592
Other comprehensive (income) loss attributable to noncontrolling interest	261	(232)	868	(30)
Comprehensive loss attributable to STAG Industrial, Inc.	$ (14,534)	$ (442)	$ (14,407)	$ (5,477)

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 at Dec. 31, 2014	$ 891,524	$ 139,000	$ 644	$ 928,242	$ (203,241)	$ (489)	$ 864,156	$ 27,368
Balance (in shares) at Dec. 31, 2014			64,434,852
Increase (Decrease) in Stockholders' Equity
Proceeds from sale of stock	71,826		$ 33	71,793			71,826
Proceeds from sales of common stock (in shares)			3,305,397
Offering costs	(1,154)			(1,154)			(1,154)
Issuance of restricted stock, net			$ 1	(1)
Issuance of restricted stock, net (in shares)			87,336
Issuance of common stock (in shares)			7,029
Dividends and distributions, net	(52,006)	(5,424)			(44,169)		(49,593)	(2,413)
Non-cash compensation	3,747			1,417			1,417	2,330
Redemption of common units for cash	(64)							(64)
Issuance of units	21,902							21,902
Rebalancing of noncontrolling interest				9,080			9,080	(9,080)
Other comprehensive loss	616					586	586	30
Net income (loss)	(6,655)	5,424			(11,487)		(6,063)	(592)
Balance at Jun. 30, 2015	929,736	139,000	$ 679	1,010,379	(258,897)	97	891,258	38,478
Balance (in shares) at Jun. 30, 2015			67,925,438
Increase (Decrease) in Stockholders' Equity
Stock Issued During Period, Value, Conversion of Units			$ 1	1,002			1,003	(1,003)
Stock Issued During Period, Shares, Conversion of Units			90,824
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	64							64
Balance at Dec. 31, 2014	891,524	139,000	$ 644	928,242	(203,241)	(489)	864,156	27,368
Balance (in shares) at Dec. 31, 2014			64,434,852
Balance at Dec. 31, 2015	855,379	139,000	$ 681	1,017,394	(334,623)	(2,350)	820,102	35,277
Balance (in shares) at Dec. 31, 2015			68,077,333
Increase (Decrease) in Stockholders' Equity
Proceeds from sale of stock	75,000	75,000					75,000
Offering costs	(2,655)			(2,655)			(2,655)
Issuance of restricted stock, net			$ 1	(1)
Issuance of restricted stock, net (in shares)			99,968
Issuance of common stock (in shares)			9,074
Dividends and distributions, net	(57,450)	(6,913)			(47,386)		(54,299)	(3,151)
Non-cash compensation	5,686			1,798			1,798	3,888
Rebalancing of noncontrolling interest				1,569			1,569	(1,569)
Other comprehensive loss	(16,891)					(16,023)	(16,023)	(868)
Net income (loss)	1,329	6,913			(5,297)		1,616	(287)
Balance at Jun. 30, 2016	$ 860,398	$ 214,000	$ 682	$ 1,018,105	$ (387,306)	$ (18,373)	$ 827,108	$ 33,290
Balance (in shares) at Jun. 30, 2016			68,186,375

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Statement of Cash Flows [Abstract]
Other Significant Noncash Transaction, Value of Consideration Given	$ 0	$ 21,902
Proceeds from (Repayments of) Notes Payable	0	120,000
Cash flows from operating activities:
Net income (loss)	1,329	(6,655)
Adjustment to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	61,298	53,386
Asset Impairment Charges	11,231	2,645
Non-cash portion of interest expense	780	507
Intangible amortization in rental income, net	3,187	4,280
Straight-line rent adjustments, net	(1,293)	(2,708)
Restricted Stock Award, Forfeitures, Dividends	3	11
Loss on extinguishment of debt	4	0
Gain on the sales of rental property	(20,946)	0
Non-cash compensation expense	5,649	3,747
Change in assets and liabilities:
Tenant accounts receivable, net	752	37
Restricted cash	(366)	(508)
Prepaid expenses and other assets	(3,693)	(3,152)
Accounts payable, accrued expenses and other liabilities	1,949	1,753
Tenant prepaid rent and security deposits	(93)	605
Total adjustments	58,462	60,603
Net cash provided by operating activities	59,791	53,948
Cash flows from investing activities:
Acquisitions of land and buildings and improvements	(70,875)	(108,893)
Additions of land and building and improvements	(11,201)	(4,594)
Payments to Acquire Other Productive Assets	0	565
Proceeds from Sale of Buildings	48,670	0
Restricted cash	(5,805)	(545)
Acquisition deposits, net	(556)	1,095
Acquisitions of deferred leasing intangibles	(14,992)	(32,907)
Net cash used in investing activities	(54,759)	(146,409)
Cash flows from financing activities:
Proceeds from sale of series C preferred stock	75,000	0
Redemption of common units for cash	0	(64)
Proceeds from unsecured credit facility	152,000	100,000
Repayment of unsecured credit facility	(144,000)	(144,000)
Repayment of mortgage notes	(31,955)	(14,124)
Payment of loan fees and costs	(73)	(1,038)
Payments of Dividends	57,360	51,339
Proceeds from sales of common stock	0	71,827
Offering costs	(2,650)	(1,149)
Net cash provided by (used in) financing activities	(9,038)	80,113
Decrease in cash and cash equivalents	(4,006)	(12,348)
Cash and cash equivalents—beginning of period	12,011	23,878
Cash and cash equivalents—end of period	8,005	11,530
Supplemental disclosure:
Cash paid for interest, net of capitalized interest	18,627	14,412
Supplemental schedule of non-cash investing and financing activities
Acquisitions of land and buildings and improvements		(29,731)
Acquisitions of deferred leasing intangibles	(44)	(8,940)
Change in additions of land, building, and improvements included in accounts payable, accrued expenses, and other liabilities	(1,207)	(646)
Additions to building and improvements from non-cash compensation expense	(13)	0
Assumption of mortgage notes	0	16,624
Noncash or Part Noncash Acquisition, Net Nonmonetary Assets Acquired (Liabilities Assumed)	0	145
Change in loan fees and costs and offering costs included in accounts payable, accrued expenses, and other liabilities	58	82
Dividends and distributions declared but not paid	$ 8,327	$ 8,032

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 and December 31, 2015 , the Company owned a 94.8% and 95.1% , 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 June 30, 2016 , the Company owned 290 buildings in 38 states with approximately 55.0 million rentable square feet, consisting of 226 warehouse/distribution buildings, 45 light manufacturing buildings and 19 flex/office buildings. The Company’s buildings were approximately 94.9% leased to 261 tenants as of June 30, 2016 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
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, 2015. 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 March of 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2016-09, Stock Compensation (Topic 718) , which addresses certain aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, forfeitures, and classification on the statement of cash flow. This standard is effective for fiscal years beginning after December 15, 2016, and interim periods within those years, with early adoption permitted. The Company has elected to early adopt this standard effective January 1, 2016. As a result, the Company's policy is to recognize forfeitures in the period which they occur, whereas the former guidance required the Company to estimate expected forfeitures. The adoption of this standard did not have a material effect on the consolidated financial statements. In February of 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 is expected to impact the Company’s consolidated financial statements as the Company has certain operating and land lease arrangements for which it is the lessee. Topic 842 supersedes the previous leases standard, Topic 840, Leases . The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The new standard must be adopted using a modified retrospective transition and will require application of the new guidance at the beginning of the earliest comparative period. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-02 will have on the Company’s financial position or results of operations. In April of 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30) . ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the 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 that debt issuance costs related to line-of-credit arrangements may be presented as an asset and amortized over the term of the line-of-credit arrangement regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted this standard effective January 1, 2016. As a result, debt issuance costs related to the debt liabilities that are not line-of-credit arrangements are included as a direct deduction from the related debt liability and those related to line-of-credit arrangements continue to be included as an asset within prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The effects of this standard were applied retrospectively to all prior periods presented. The effect of the change in accounting principle was the reduction of unsecured term loans by approximately $3.4 million , unsecured notes by approximately $2.3 million , and mortgage notes by approximately $1.3 million and a corresponding reduction of prepaid expenses and other assets by approximately $6.9 million as of December 31, 2015. In February of 2015, the FASB issued ASU 2015-02, Amendments to Consolidation Analysis (Topic 810) , which amends the current consolidation model. On January 1, 2016, the Company adopted this standard, modifying the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Operating Partnership will be a variable interest entity of the Company. As the Operating Partnership is already consolidated in the financial statements of the Company, the identification of this entity as a variable interest entity had no impact on the consolidated financial statements of the Company. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. In addition, there were no voting interest entities under prior existing guidance determined to be variable interest entities under the revised guidance. In January of 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10) . The amendments in ASU 2016-01 address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The standard primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. ASU 2016-01 is effective for the annual periods beginning after December 31, 2017 and for annual periods and interim periods within those years. Early adoption is permitted for all financial statements of fiscal years and interim periods that have not yet been issued. The adoption of ASU 2016-01 is not expected to materially impact the Company’s consolidated financial statements. 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. Rental Property The Company capitalizes costs directly and indirectly related to the development, pre-development, redevelopment, or improvement of rental property. Real estate taxes, compensation costs of development personnel, insurance, interest, and other directly related costs during construction periods are capitalized as incurred and depreciated commencing with the date the property is substantially completed. Such costs begin to be capitalized to the development projects from the point the Company is undergoing the necessary activities to get the development ready for its intended use and cease when the development projects are substantially completed and held available for occupancy. Interest is capitalized based on actual capital expenditures from the period when development or redevelopment commences until the asset is ready for its intended use, at the weighted average borrowing rate of the Company's unsecured indebtedness during the period. Tenant Accounts Receivable, net Tenant accounts receivable, net on the accompanying Consolidated Balance Sheets includes both tenant accounts receivable, net and accrued rental income, net. The Company provides an allowance for doubtful accounts against the portion of tenant accounts receivable that is estimated to be uncollectible. As of June 30, 2016 and December 31, 2015 , the Company had an allowance for doubtful accounts of approximately $0.1 million and $0.1 million , respectively. The Company accrues rental income earned, but not yet receivable, in accordance with GAAP. As of June 30, 2016 and December 31, 2015 , the Company had accrued rental income of approximately $17.1 million and $16.1 million , respectively. The Company maintains an allowance for estimated losses that may result from those revenues. As of June 30, 2016 and December 31, 2015 , the Company had an allowance on accrued rental income of $0 and $0 , respectively. As of June 30, 2016 and December 31, 2015 , the Company had approximately $5.9 million and $6.1 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 June 30, 2016 and December 31, 2015 , the Company had approximately $4.1 million and $4.1 million , respectively, of lease security deposits available in cash, which are included in cash and cash equivalents on the accompanying Consolidated Balance Sheets, and approximately $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 June 30, 2016 and December 31, 2015 , the Company's total liability associated with these lease security deposits was approximately $4.5 million and $4.5 million , respectively, and is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets. Related Parties As of June 30, 2016 and December 31, 2015 , 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 $2.6 million , $5.2 million , $2.7 million and $5.2 million for the three and six months ended June 30, 2016 and June 30, 2015 , respectively. These amounts would have been the maximum real estate tax expense of the Company, excluding any penalties or interest, had the tenants not met their contractual obligations for these periods. Termination Income On October 20, 2015, the tenant at the Dayton, OH property exercised its early lease termination option per the terms of the lease agreement. The option provided that the tenant's lease terminate effective October 31, 2016 and required the tenant to pay a termination fee of approximately $0.2 million . The termination fee is being recognized on a straight-line basis from October 20, 2015 through the relinquishment of the space on October 31, 2016 and approximately $0.1 million and $0.1 million is included in rental income on the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2016 , respectively. 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 June 24, 2016, the Operating Partnership, through its wholly owned subsidiary, transferred a vacant land parcel located in Burlington, NJ to the Company's TRS. The Company's TRS recognized a net loss of approximately $20,000 , $31,000 , $0 and $0 , for the three and six months ended June 30, 2016 and June 30, 2015 , 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 $0.3 million , $0.5 million , $0.4 million and $0.5 million have been recorded in other expenses on the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2016 and June 30, 2015 , 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 June 30, 2016 and December 31, 2015 , there were no liabilities for uncertain tax positions. 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. 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. Concentration of credit risk may also 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, or tenants are located in the same geographic region, or have similar economic features that would cause their inability to meet contractual obligations, including those to the Company, to be similarly affected. The Company regularly monitors its tenant base to assess potential concentrations of credit risk through financial statement review, tenant management calls, and press releases. Management believes the current credit risk portfolio is reasonably well diversified and does not contain any unusual concentration of credit risk.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Real Estate	Real Estate The following table summarizes the components of rental property as of June 30, 2016 and December 31, 2015 . Rental Property (in thousands) June 30, 2016 December 31, 2015 Land $ 234,785 $ 228,919 Buildings, net of accumulated depreciation of $116,976 and $104,297, respectivel y 1,234,001 1,232,360 Tenant improvements, net of accumulated depreciation of $28,782 and $26,283, respectively 20,939 23,586 Building and land improvements, net of accumulated depreciation of $25,700 and $19,815, respectivel y 76,302 74,694 Construction in progress 8,510 1,658 Deferred leasing intangibles, net of accumulated amortization of $225,601 and $200,758, respectively 256,393 276,272 Total rental property, net $ 1,830,930 $ 1,837,489 Acquisitions The following tables summarize the acquisitions of the Company during the three and six months ended June 30, 2016 . Location of Property Square Feet Buildings Purchase Price (in thousands) Biddeford, ME 265,126 2 $ 12,452 Fairfield, OH 206,448 1 5,330 Mascot, TN 130,560 1 4,500 Erlanger, KY 108,620 1 5,600 Three months ended March 31, 2016 710,754 5 $ 27,882 West Chicago, IL 249,470 1 $ 8,663 Visalia, CA 635,281 1 27,921 Norcross, GA 152,036 1 5,508 Reading, PA 248,000 1 9,594 Charlotte, NC 104,852 1 6,517 Three months ended June 30, 2016 1,389,639 5 $ 58,203 Six months ended June 30, 2016 2,100,393 10 $ 86,085 The following table summarizes the allocation of the consideration paid at the date of acquisition during the six months ended June 30, 2016 for the acquired assets and liabilities in connection with the acquisitions identified in the table above. Acquired Assets and Liabilities Purchase Price (in thousands) Weighted Average Amortization Period (years) of Intangibles at Acquisition Land $ 12,472 N/A Buildings 52,364 N/A Tenant improvements 1,055 N/A Building and land improvements 5,158 N/A Deferred leasing intangibles - In-place leases 11,855 6.0 Deferred leasing intangibles - Tenant relationships 6,838 8.1 Deferred leasing intangibles - Above market leases 692 3.2 Deferred leasing intangibles - Below market leases (4,349 ) 9.2 Total purchase price $ 86,085 The table below sets forth the results of operations for three and six months ended June 30, 2016 , for the properties acquired during the six months ended June 30, 2016 , included in the Company’s Consolidated Statements of Operations from the date of acquisition. Results of Operations (in thousands) Three months ended June 30, 2016 Six months ended June 30, 2016 Revenue $ 1,280 $ 1,406 Property acquisition costs $ 504 $ 1,025 Net loss $ 385 $ 961 The following tables set forth pro forma information for the six months ended June 30, 2016 and June 30, 2015 . The below pro forma information does not purport to represent what the actual results of operations of the Company would have been had the acquisitions outlined above occurred on the first day of the applicable reporting period, nor do they purport to predict the results of operations of future periods. The pro forma information has not been adjusted for property sales. Pro Forma (in thousands) (1) Six months ended June 30, 2016 Total revenue $ 123,601 Net income $ 3,601 (2) Net loss attributable to common stockholders $ 3,337 Pro Forma (in thousands) (3) Six months ended June 30, 2015 Total revenue $ 111,848 Net loss $ 7,520 (2) Net loss attributable to common stockholders $ 12,505 (1) The unaudited pro forma information for the six months ended June 30, 2016 is presented as if the properties acquired during the six months ended June 30, 2016 had occurred at January 1, 2015, the beginning of the reporting period prior to acquisition. (2) The net income for the six months ended June 30, 2016 excludes approximately $1.0 million of property acquisition costs related to the acquisition of buildings that closed during the six months ended June 30, 2016 , and the net loss for the six months ended June 30, 2015 was adjusted to include these acquisition costs. Net loss for the six months ended June 30, 2015 excludes approximately $1.3 million of property acquisition costs related to the acquisition of buildings that closed during the six months ended June 30, 2015 . (3) The unaudited pro forma information for the six months ended June 30, 2015 is presented as if the properties acquired during the six months ended June 30, 2016 and the properties acquired during the six months ended June 30, 2015 had occurred at January 1, 2015 and January 1, 2014, respectively, the beginning of the reporting period prior to acquisition. Dispositions During the six months ended June 30, 2016 , the Company sold 11 buildings comprised of approximately 1.8 million square feet with a net book value of approximately $27.8 million to third-parties. These buildings contributed approximately $1.5 million to revenue and approximately $9,000 to net loss (exclusive of loss on impairments, loss on extinguishment of debt, and gain on the sales of rental property). Net proceeds from the sales of rental property were approximately $48.7 million and the Company recognized a gain on the sales of rental property of approximately $20.9 million for the six months ended June 30, 2016 . All of the dispositions were accounted for under the full accrual method. Assets Held for Sale As of June 30, 2016 , the related land, building and improvements, net, and deferred leasing intangibles, net, for one property located in Pittsburgh, PA was classified as assets held for sale on the accompanying Consolidated Balance Sheets. Loss on Impairments The following table summarizes the loss on impairments of the Company during the three and six months ended June 30, 2016 . Property Location Buildings Event or Change in Circumstance Leading to Impairment Evaluation (1) Valuation technique utilized to estimate fair value Fair Value (2) Loss on Impairments (in thousands) Fairfield, VA 1 Change in estimated hold period (3) Executed purchase and sale agreement Jackson, MS 1 Change in estimated hold period (4) Executed purchase and sale agreement Jackson, MS 1 Change in estimated hold period (4) Executed purchase and sale agreement Mishawaka, IN 1 Market leasing conditions Discounted cash flows (5) Newark, DE 1 Market leasing conditions Discounted cash flows (5) Seville, OH 2 Market leasing conditions Discounted cash flows (5) Sparks, MD 2 Change in estimated hold period Discounted cash flows (5) Three months ended June 30, 2016 $ 10,598 $ 11,231 (1) The Company tested the asset group for impairment utilizing a probability weighted recovery analysis of certain scenarios, and it was determined that the carrying value of the property and intangibles were not recoverable from the estimated future undiscounted cash flows. (2) The estimated fair value of the property is based on Level 3 inputs and is a non-recurring fair value measurement. (3) This property was sold during the three months ended June 30, 2016. (4) This property was sold subsequent to June 30, 2016. (5) Level 3 inputs used to determine fair value for the properties impaired for the three months ended June 30, 2016: discount rates ranged from 8.5% to 13.0% and exit capitalization rates ranged from 8.5% to 12.0% . Deferred Leasing Intangibles The following table summarizes the deferred leasing intangibles on the accompanying Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015 . June 30, 2016 December 31, 2015 Deferred Leasing Intangibles (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Above market leases $ 68,848 $ (35,109 ) $ 33,739 $ 69,815 $ (31,554 ) $ 38,261 Other intangible lease assets 413,146 (190,492 ) 222,654 407,215 (169,204 ) 238,011 Total deferred leasing intangible assets $ 481,994 $ (225,601 ) $ 256,393 $ 477,030 $ (200,758 ) $ 276,272 Below market leases $ 23,447 $ (9,304 ) $ 14,143 $ 19,923 $ (8,536 ) $ 11,387 Total deferred leasing intangible liabilities $ 23,447 $ (9,304 ) $ 14,143 $ 19,923 $ (8,536 ) $ 11,387 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 six months ended June 30, 2016 and June 30, 2015 . Three months ended June 30, Six months ended June 30, Deferred Leasing Intangibles Amortization (in thousands) 2016 2015 2016 2015 Net decrease to rental revenue related to above and below market lease amortization $ 1,521 $ 2,215 $ 3,187 $ 4,280 Amortization expense related to other intangible lease assets $ 16,346 $ 14,693 $ 32,259 $ 28,969 The following table sets forth the amortization of deferred leasing intangibles over the next five years as of June 30, 2016 . Year Amortization Expense Related to Other Intangible Lease Assets (in thousands) Net Decrease to Rental Revenue Related to Above and Below Market Lease Amortization (in thousands) Remainder of 2016 $ 30,235 $ 2,814 2017 $ 52,599 $ 4,334 2018 $ 41,602 $ 3,101 2019 $ 30,551 $ 2,809 2020 $ 23,371 $ 2,673

Debt

Debt	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 and December 31, 2015 . Loan Principal Outstanding as of June 30, 2016 (in thousands) Principal Outstanding as of December 31, 2015 (in thousands) Interest (1) Current Maturity Prepayment Terms (2) Unsecured credit facility: Unsecured Credit Facility (3) $ 64,000 $ 56,000 L + 1.15% Dec-18-2019 i Total unsecured credit facility 64,000 56,000 Unsecured term loans: Unsecured Term Loan C (4) — — L + 1.30% Sep-29-2020 i Unsecured Term Loan B 150,000 150,000 L + 1.70% Mar-21-2021 ii Unsecured Term Loan A 150,000 150,000 L + 1.65% Mar-31-2022 ii Total unsecured term loans 300,000 300,000 Less: Total unamortized deferred financing fees and debt issuance costs (3,078 ) (3,382 ) Total carrying value unsecured term loans 296,922 296,618 Unsecured notes: Series F Unsecured Notes 100,000 100,000 3.98 % Jan-05-2023 ii Series A Unsecured Notes 50,000 50,000 4.98 % Oct-1-2024 ii Series D Unsecured Notes 100,000 100,000 4.32 % Feb-20-2025 ii Series B Unsecured Notes 50,000 50,000 4.98 % Jul-1-2026 ii Series C Unsecured Notes 80,000 80,000 4.42 % Dec-30-2026 ii Series E Unsecured Notes 20,000 20,000 4.42 % Feb-20-2027 ii Total unsecured notes 400,000 400,000 Less: Total unamortized deferred financing fees and debt issuance costs (2,157 ) (2,280 ) Total carrying value unsecured notes 397,843 397,720 Mortgage notes (secured debt): Sun Life Assurance Company of Canada (U.S.) — 3,229 6.05 % Jun-1-2016 iii Webster Bank, National Association — 5,513 4.22 % Aug-4-2016 iii National Life Insurance Company — 4,775 5.75 % Aug-10-2016 iii Union Fidelity Life Insurance Co. 5,571 5,754 5.81 % Apr-30-2017 iv Principal Life Insurance Company 5,588 5,676 5.73 % May-05-2017 iii Webster Bank, National Association 2,900 2,945 3.66 % May-29-2017 iii Webster Bank, National Association 3,123 3,172 3.64 % May-31-2017 iii Wells Fargo, National Association 4,079 4,115 5.90 % Aug-1-2017 v Connecticut General Life Insurance Company-1 Facility 56,710 57,171 6.50 % Feb-1-2018 vi Connecticut General Life Insurance Company-2 Facility 47,134 58,085 5.75 % Feb-1-2018 vi Connecticut General Life Insurance Company-3 Facility 16,273 16,401 5.88 % Feb-1-2018 vi Wells Fargo Bank, National Association CMBS Loan 57,400 63,897 4.31 % Dec-1-2022 vii Total mortgage notes 198,778 230,733 Add: Total unamortized fair market value premiums 212 447 Less: Total unamortized deferred financing fees and debt issuance costs (1,071 ) (1,270 ) Total carrying value mortgage notes 197,919 229,910 Total / weighted average interest rate (5) $ 956,684 $ 980,248 4.04 % (1) Current interest rate as of June 30, 2016 . At June 30, 2016 , the one-month LIBOR (“L”) was 0.46505% . The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for the Company's unsecured credit facility and unsecured term loans is based on the Company's consolidated leverage ratio, as defined in the respective loan agreements. (2) 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. (3) The capacity of the unsecured credit facility is $450.0 million . (4) Capacity of $150.0 million , in which the Company has until December 29, 2016 to draw the full amount. (5) The weighted average interest rate was calculated using the fixed interest rate swapped on the current notional amount of $300.0 million of debt, and is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The aggregate undrawn nominal commitments on the combined unsecured credit facility and unsecured term loans as of June 30, 2016 was approximately $536.0 million . The Company's actual borrowing capacity at any given point in time may be less and is restricted to a maximum amount based on the Company's debt covenant compliance. Total accrued interest for the Company's indebtedness was $5.7 million and $3.8 million as of June 30, 2016 and December 31, 2015 , respectively, and is included in accounts payable, accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets. Deferred financing fees and debt issuance costs, net of accumulated amortization included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets were approximately $2.7 million and $3.0 million as of June 30, 2016 and December 31, 2015 , respectively. Deferred financing fees and debt issuance costs, net of accumulated amortization included as a direct deduction from the related debt liability on the accompanying Consolidated Balance Sheets were approximately $6.3 million and $6.9 million as of June 30, 2016 and December 31, 2015 , respectively. For the three and six months ended June 30, 2016 and June 30, 2015 , amortization of deferred financing fees and debt issuance costs included in interest expense was approximately $0.4 million , $0.9 million , $0.3 million and $0.6 million , respectively. On June 22, 2016, the mortgage note held with Wells Fargo, National Association (CMBS loan) was partially defeased in the amount of approximately $1.5 million in connection with the sale of the Gloversville, NY property which had served as partial collateral for the mortgage note. The associated defeasance fees and unamortized deferred financing fees and debt issuance costs of approximately $0.3 million were written off to loss on extinguishment of debt in the accompanying Consolidated Statement of Operations for the three and six months ended June 30, 2016 . On May 18, 2016, the mortgage note held with National Life Insurance Company, in which the property located in Charlotte, NC served as collateral for the mortgage note, was paid in full. On May 5, 2016, the mortgage note held with Webster Bank National Association, in which the property located in Norton, MA served as collateral for the mortgage note, was paid in full. On April 26, 2016, the mortgage note held with Wells Fargo, National Association (CMBS loan) was partially defeased in the amount of approximately $1.7 million in connection with the sale of the Parsons, KS property which had served as partial collateral for the mortgage note. The associated defeasance fees and unamortized deferred financing fees and debt issuance costs of approximately $0.2 million were written off to loss on extinguishment of debt in the accompanying Consolidated Statement of Operations for the three and six months ended June 30, 2016 . On April 26, 2016, the mortgage note held with Wells Fargo, National Association (CMBS loan) was partially defeased in the amount of approximately $1.8 million in connection with the sale of the Kansas City, KS property which had served as partial collateral for the mortgage note. The associated defeasance fees and unamortized deferred financing fees and debt issuance costs of approximately $0.3 million were written off to loss on extinguishment of debt in the accompanying Consolidated Statement of Operations for the three and six months ended June 30, 2016 . On March 17, 2016, the mortgage note held with Connecticut General Life Insurance Company (Facility 2) was partially paid in the amount of approximately $10.5 million in connection with the sale of the Gresham, OR property which had served as partial collateral for the mortgage note. The prepayment fees and associated unamortized deferred financing fees and debt issuance costs of approximately $0.9 million were written off to loss on extinguishment of debt in the accompanying Consolidated Statement of Operations during the six months ended June 30, 2016 . On March 3, 2016, the mortgage note held with Wells Fargo, National Association (CMBS loan) was partially defeased in the amount of approximately $1.2 million in connection with the sale of the Wichita, KS property which had served as partial collateral for the mortgage note. The associated defeasance fees and unamortized deferred financing fees and debt issuance costs of approximately $0.2 million were written off to loss on extinguishment of debt in the accompanying Consolidated Statement of Operations during the six months ended June 30, 2016 . On March 1, 2016 the mortgage note held with Sun Life Assurance Company of Canada (U.S.), in which the property located in Gahanna, OH served as collateral for the mortgage note, was paid in full. Financial Covenant Considerations The Company’s ability to borrow under the unsecured credit facility and the unsecured term loans are subject to its ongoing compliance with a number of financial and other covenants. The Company's unsecured notes and mortgage notes also contain covenants. The Company was in compliance with all such applicable restrictions and financial covenants as of June 30, 2016 and December 31, 2015 . The real estate net book value of the properties that are collateral for the Company’s debt arrangements was approximately $255.1 million and $268.8 million at June 30, 2016 and December 31, 2015 , respectively, and is limited to senior, property level secured debt financing arrangements. In the event of a default under the unsecured credit facility or the unsecured term loans, the Company’s dividend distributions are limited to the minimum amount necessary for the Company to maintain its status as a REIT. 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 approximately 1.67% to 3.89% and 1.58% to 4.82% at June 30, 2016 and December 31, 2015 , respectively, and were applied to each individual debt instrument. The applicable fair value guidance establishes a three tier value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. 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 June 30, 2016 and December 31, 2015 (in thousands). June 30, 2016 December 31, 2015 Principal Outstanding Fair Value Principal Outstanding Fair Value Unsecured credit facility $ 64,000 $ 63,891 $ 56,000 $ 56,000 Unsecured term loans 300,000 301,578 300,000 303,457 Unsecured notes 400,000 420,702 400,000 392,054 Mortgage notes 198,778 204,721 230,733 237,327 Total principal amount 962,778 $ 990,892 986,733 $ 988,838 Add: Total unamortized fair market value premiums 212 447 Less: Total unamortized deferred financing fees and debt issuance costs (6,306 ) (6,932 ) Total carrying value $ 956,684 $ 980,248

Use of Derivative Financial Ins

Use of Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 . Interest Rate Trade Date Effective Date Notional Amount (in thousands) Fair Value (in thousands) Pay Fixed Interest Rate Receive Variable Interest Rate Maturity Date PNC Bank, N.A. Sep-14-2012 Oct-10-2012 $ 10,000 $ (35 ) 0.7945 % One-month L Sep-10-2017 Bank of America, N.A. Sep-14-2012 Oct-10-2012 $ 10,000 $ (35 ) 0.7945 % One-month L Sep-10-2017 UBS AG Sep-14-2012 Oct-10-2012 $ 10,000 $ (35 ) 0.7945 % One-month L Sep-10-2017 Royal Bank of Canada Sep-14-2012 Oct-10-2012 $ 10,000 $ (35 ) 0.7945 % One-month L Sep-10-2017 RJ Capital Services, Inc. Sep-14-2012 Oct-10-2012 $ 10,000 $ (36 ) 0.7975 % One-month L Sep-10-2017 Bank of America, N.A. Sep-20-2012 Oct-10-2012 $ 25,000 $ (76 ) 0.7525 % One-month L Sep-10-2017 RJ Capital Services, Inc. Sep-24-2012 Oct-10-2012 $ 25,000 $ (68 ) 0.7270 % One-month L Sep-10-2017 Regions Bank Mar-01-2013 Mar-01-2013 $ 25,000 $ (564 ) 1.3300 % One-month L Feb-14-2020 Capital One, N.A. Jun-13-2013 Jul-01-2013 $ 50,000 $ (1,753 ) 1.6810 % One-month L Feb-14-2020 Capital One, N.A. Jun-13-2013 Aug-01-2013 $ 25,000 $ (896 ) 1.7030 % One-month L Feb-14-2020 Regions Bank Sep-30-2013 Feb-03-2014 $ 25,000 $ (1,156 ) 1.9925 % One-month L Feb-14-2020 The Toronto-Dominion Bank Oct-14-2015 Sep-29-2016 $ 25,000 $ (587 ) 1.3830 % One-month L Sep-29-2020 PNC Bank, N.A. Oct-14-2015 Sep-29-2016 $ 50,000 $ (1,188 ) 1.3906 % One-month L Sep-29-2020 Regions Bank Oct-14-2015 Sep-29-2016 $ 35,000 $ (830 ) 1.3858 % One-month L Sep-29-2020 U.S. Bank, N.A. Oct-14-2015 Sep-29-2016 $ 25,000 $ (598 ) 1.3950 % One-month L Sep-29-2020 Capital One, N.A. Oct-14-2015 Sep-29-2016 $ 15,000 $ (360 ) 1.3950 % One-month L Sep-29-2020 Royal Bank of Canada Jan-08-2015 Mar-20-2015 $ 25,000 $ (1,031 ) 1.7090 % One-month L Mar-21-2021 The Toronto-Dominion Bank Jan-08-2015 Mar-20-2015 $ 25,000 $ (1,031 ) 1.7105 % One-month L Mar-21-2021 The Toronto-Dominion Bank Jan-08-2015 Sep-10-2017 $ 100,000 $ (4,407 ) 2.2255 % One-month L Mar-21-2021 Wells Fargo Bank, N.A. Jan-08-2015 Mar-20-2015 $ 25,000 $ (1,253 ) 1.8280 % One-month L Mar-31-2022 The Toronto-Dominion Bank Jan-08-2015 Feb-14-2020 $ 25,000 $ (546 ) 2.4535 % One-month L Mar-31-2022 Regions Bank Jan-08-2015 Feb-14-2020 $ 50,000 $ (1,121 ) 2.4750 % One-month L Mar-31-2022 Capital One, N.A. Jan-08-2015 Feb-14-2020 $ 50,000 $ (1,167 ) 2.5300 % One-month L Mar-31-2022 The fair value of the interest rate swaps outstanding as of June 30, 2016 and December 31, 2015 was as follows. Balance Sheet Line Item (in thousands) Notional Amount June 30, 2016 Fair Value Notional Amount December 31, 2015 Fair Value December 31, 2015 Interest rate swaps-Asset $ — $ — $ 275,000 $ 1,867 Interest rate swaps-Liability $ 675,000 $ (18,808 ) $ 400,000 $ (3,766 ) 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 loss 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 six months ended June 30, 2016 and June 30, 2015 , the Company recorded a gain of $0 , $0 , $0.1 million and $0.1 million , respectively, of hedge ineffectiveness in earnings due to short-term, partial mismatches in notional amounts. The Company estimates that approximately $3.8 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 six months ended June 30, 2016 and June 30, 2015 , (in thousands). Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Amount of income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion) $ (5,797 ) $ 3,695 $ (18,365 ) $ (976 ) Amount of loss reclassified from accumulated other comprehensive income (loss) into income (loss) as interest expense (effective portion) $ 729 $ 926 $ 1,474 $ 1,592 Amount of gain recognized in interest expense (ineffective portion and amount excluded from effectiveness testing) $ — $ 92 $ — $ 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 June 30, 2016 , the fair values of all of the Company's 23 interest rate swaps were in a liability position of approximately $19.6 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 approximately $0.8 million as of June 30, 2016 . Accrued interest expense for the Company's interest rate swaps was approximately $0.1 million as of June 30, 2016 and is included in accounts payable, accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets. As of June 30, 2016 , the Company has not posted any collateral related to these agreements. If the Company had breached any of its provisions at June 30, 2016 , it could have been required to settle its obligations under the agreement of the interest rate swaps in a liability position at its termination value of approximately $19.7 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 June 30, 2016 and December 31, 2015 , 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 June 30, 2016 and December 31, 2015 . Fair Value Measurements as of Balance Sheet Line Item (in thousands) Fair Value Level 1 Level 2 Level 3 Interest rate swaps-Asset $ — $ — $ — $ — Interest rate swaps-Liability $ (18,808 ) $ — $ (18,808 ) $ — Fair Value Measurements as of Balance Sheet Line Item (in thousands) Fair Value December 31, 2015 Level 1 Level 2 Level 3 Interest rate swaps-Asset $ 1,867 $ — $ 1,867 $ — Interest rate swaps-Liability $ (3,766 ) $ — $ (3,766 ) $ —

Equity

Equity	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Equity	Equity Preferred Stock Pursuant to its charter, the Company is authorized to issue 15,000,000 shares of preferred stock, par value $0.01 per share. On March 17, 2016, the Company completed an underwritten public offering of 3,000,000 shares of 6.875% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share, at a price to the public of $25.00 per share. The table below sets forth the Company’s outstanding preferred stock issuances as of June 30, 2016 . Preferred Stock Issuances Issuance Date Number of Shares Price and Liquidation Value Per Share Interest Rate Series A Cumulative Redeemable Preferred Stock November 2, 2011 2,760,000 $ 25.00 9.000 % Series B Cumulative Redeemable Preferred Stock April 16, 2013 2,800,000 $ 25.00 6.625 % Series C Cumulative Redeemable Preferred Stock March 17, 2016 3,000,000 $ 25.00 6.875 % Dividends on the 9.0% Series A Cumulative Redeemable Preferred Stock, 6.625% Series B Cumulative Redeemable Preferred Stock, and 6.875% Series C Cumulative Redeemable Preferred Stock (collectively, the "Preferred Stock Issuances") are payable quarterly in arrears on or about the last day of March, June, September, and December of each year. Dividends for the Series C Preferred Stock were accrued and cumulative from and including March 17, 2016 to the first payment date on June 30, 2016. The Preferred Stock Issuances rank on parity and 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 Preferred Stock Issuances 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 9.0% Series A Cumulative Redeemable Preferred Stock, 6.625% Series B Cumulative Redeemable Preferred Stock, and 6.875% Series C Cumulative Redeemable Preferred Stock prior to November 2, 2016, April 16, 2018, and March 17, 2021, 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 tables below set forth the dividends attributable to the Preferred Stock Issuance s during the six months ended June 30, 2016 and the year ended December 31, 2015 : Quarter Ended 2016 Declaration Date Series A Series B Series C Payment Date June 30 May 2, 2016 $ 0.5625 $ 0.4140625 $ 0.49653 (1) June 30, 2016 March 31 February 22, 2016 0.5625 0.4140625 — March 31, 2016 Total $ 1.1250 $ 0.8281250 $ 0.49653 (1) Represents the period from March 17, 2016 through June 30, 2016. Quarter Ended 2015 Declaration Date Series A Series B Payment Date December 31 October 22, 2015 $ 0.5625 $ 0.4140625 December 31, 2015 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 $ 2.2500 $ 1.6562500 On August 1, 2016 , the Company’s board of directors declared the Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock dividend for the quarter ending September 30, 2016 at a quarterly rate of $0.5625 per share, $0.4140625 per share, and $0.4296875 per share, respectively. Common Stock The following sets forth the Company’s at-the market ("ATM") common stock offering program as of June 30, 2016 . ATM Stock Offering Program (in thousands) Date Maximum Aggregate Offering Price (in thousands) Aggregate Common Stock Available as of 2016 $200 million ATM May 13, 2016 $ 200,000 $ 200,000 The table below sets forth the activity for the ATM common stock offering programs during the year ended December 31, 2015 (in thousands, except share data). There was no activity for the ATM common stock offering programs during six months ended June 30, 2016 . Year ended December 31, 2015 ATM Stock Offering Program Shares Weighted Average Price Per Share Gross Sales Net 2014 $200 million ATM (1) 2,661,403 $ 21.63 $ 57,571 $ 864 $ 56,707 2014 $150 million ATM (1) 795,000 $ 21.79 17,321 260 17,061 Total/weighted average 3,456,403 $ 21.67 $ 74,892 $ 1,124 $ 73,768 (1) Expired as of June 30, 2016 . Subsequent to June 30, 2016 , the Company sold 3,201,500 shares under its 2016 $200 million ATM common stock offering program for gross proceeds of $76.1 million . The net proceeds of $75.0 million were used to repay amounts outstanding under the Company's unsecured credit facility. Dividends The table below sets forth the dividends attributable to the common stock that were declared or paid during the six months ended June 30, 2016 and the year ended December 31, 2015 . Month Ended 2016 Declaration Date Record Date Per Share Payment Date September 30 May 2, 2016 September 30, 2016 $ 0.115833 October 17, 2016 August 31 May 2, 2016 August 31, 2016 0.115833 September 15, 2016 July 31 May 2, 2016 July 29, 2016 0.115833 August 15, 2016 June 30 February 22, 2016 June 30, 2016 0.115833 July 15, 2016 May 31 February 22, 2016 May 31, 2016 0.115833 June 15, 2016 April 30 February 22, 2016 April 29, 2016 0.115833 May 16, 2016 March 31 October 22, 2015 March 31, 2016 0.115833 April 15, 2016 February 29 October 22, 2015 February 29, 2016 0.115833 March 15, 2016 January 31 October 22, 2015 January 29, 2016 0.115833 February 16, 2016 Total $ 1.042497 Month Ended 2015 Declaration Date Record Date Per Share Payment Date December 31 July 21, 2015 December 31, 2015 $ 0.1150 January 15, 2016 November 30 July 21, 2015 November 30, 2015 0.1150 December 15, 2015 October 31 July 21, 2015 October 30, 2015 0.1150 November 16, 2015 September 30 May 4, 2015 September 30, 2015 0.1150 October 15, 2015 August 31 May 4, 2015 August 31, 2015 0.1150 September 15, 2015 July 31 May 4, 2015 July 31, 2015 0.1150 August 17, 2015 June 30 February 20, 2015 June 30, 2015 0.1125 July 15, 2015 May 31 February 20, 2015 May 29, 2015 0.1125 June 15, 2015 April 30 February 20, 2015 April 30, 2015 0.1125 May 15, 2015 March 31 October 30, 2014 March 31, 2015 0.1125 April 15, 2015 February 28 October 30, 2014 February 27, 2015 0.1125 March 16, 2015 January 31 October 30, 2014 January 31, 2015 0.1125 February 17, 2015 Total $ 1.3650 On August 1, 2016 , the Company’s board of directors declared the common stock dividend for the months ending October 31, 2016 , November 30, 2016 and December 31, 2016 at a monthly rate of $0.115833 per share of common stock. Restricted Stock-Based Compensation Pursuant to the 2011 Plan, the Company grants restricted shares of common stock to certain employees of the Company. The restricted shares of common stock are subject to time-based vesting. Restricted shares of common stock granted on January 8, 2016, subject to the recipient’s continued employment, will vest in four equal installments on January 1 of each year. Holders of restricted shares of common stock have voting rights and rights to receive dividends. Restricted shares of common stock may not be sold, assigned, transferred, pledged or otherwise disposed of and are 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 shares of common stock for the six months ended June 30, 2016 and the year ended December 31, 2015 . Unvested Restricted Shares of Common Stock Shares Balance at December 31, 2014 263,916 Granted 94,290 (1) Vested (72,185 ) Forfeited (14,906 ) Balance at December 31, 2015 271,115 Granted 101,289 (2) Vested (98,746 ) Forfeited (1,321 ) Balance at June 30, 2016 272,337 (1) The grant date fair value per share was $26.17 . (2) The grant date fair value per share was $17.98 . The unrecognized compensation expense associated with the Company’s restricted shares of common stock at June 30, 2016 was approximately $4.3 million and is expected to be recognized over a weighted average period of approximately 2.4 years . The following table summarizes the fair value at vesting date for the restricted shares of common stock vested during the three and six months ended June 30, 2016 and June 30, 2015 . Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Vested restricted shares of common stock 14,410 14,657 98,746 72,185 Fair value of vested restricted shares of common stock (in thousands) $ 291 $ 326 $ 1,813 $ 1,751

Noncontrolling Interest

Noncontrolling Interest	6 Months Ended
	Jun. 30, 2016
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. The table below summarizes the activity for noncontrolling interest in the Company for the six months ended June 30, 2016 and the year ended December 31, 2015 . LTIP Units Other Common Units Total Noncontrolling Common Units Noncontrolling Interest Balance at December 31, 2014 1,307,036 1,124,813 2,431,849 3.6 % Granted/Issued 323,069 864,283 1,187,352 N/A Forfeitures — — — 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 December 31, 2015 1,610,105 1,915,872 3,525,977 4.9 % Granted/Issued 176,396 — 176,396 N/A Forfeitures — — — N/A Balance at June 30, 2016 1,786,501 1,915,872 3,702,373 5.2 % 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 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. LTIP units granted on January 6, 2016 to independent directors, subject to the recipient’s continued service, will vest on January 1, 2017. LTIP units granted on January 8, 2016 to certain senior executive officers and senior employees, subject to the recipient’s continued employment, will vest quarterly over four years, with the first vesting date being March 31, 2016. LTIP units granted on February 22, 2016 to certain senior executive officers, subject to the recipient’s continued employment, will vest quarterly over four years, with the first vesting date being March 31, 2016. 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 member’s 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. 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 the six months ended June 30, 2016 . Assumptions Grant date February 22, 2016 January 8, 2016 January 6, 2016 Expected term (years) 10 10 10 Expected volatility 22.0 % 22.0 % 22.0 % Expected dividend yield 6.0 % 6.0 % 6.0 % Risk-free interest rate 1.01 % 1.28 % 1.36 % Fair value of LTIP units at issuance (in thousands) $ 277 $ 2,254 $ 390 LTIP units at issuance 18,386 135,546 22,464 Fair value unit price per LTIP unit at issuance $ 15.07 $ 16.63 $ 17.36 On January 25, 2016, the Company and Geoffrey G. Jervis, the Company’s Chief Financial Officer, Executive Vice President and Treasurer, agreed that Mr. Jervis’s employment with the Company would terminate effective February 25, 2016. Pursuant to the terms and conditions of the executive employment agreement and LTIP Unit agreements between the Company and Mr. Jervis, and the Company’s 2015 Outperformance Program ("OPP"), Mr. Jervis received a lump sum cash payment, the continuation of certain insurance benefits, immediate vesting of outstanding LTIP units, and eligibility to receive a pro-rated award payment under the OPP. Accordingly, the Company accelerated the expense recognition of Mr. Jervis' unvested LTIP units in the amount of approximately $1.6 million , which is included in general and administrative expenses for the six months ended June 30, 2016 on the accompanying Consolidated Statements of Operations. Additionally, the unrecognized compensation expense associated with Mr. Jervis' participation in the OPP after February 25, 2016 will not be recognized. The Company also incurred approximately $1.5 million related to the lump sum cash payment and continuation of certain insurance benefits, which is included in general and administrative expenses during the six months ended June 30, 2016 on the accompanying Consolidated Statements of Operations. The following table summarizes activity related to the Company’s unvested LTIP units for the six months ended June 30, 2016 and the year ended December 31, 2015 . Unvested LTIP Units LTIP Units Balance at December 31, 2014 448,887 Granted 323,069 Vested (237,046 ) Forfeited — Balance at December 31, 2015 534,910 Granted 176,396 Vested (216,151 ) Forfeited — Balance at June 30, 2016 495,155 The unrecognized compensation expense associated with the Company’s LTIP units at June 30, 2016 was approximately $8.8 million and is expected to be recognized over a weighted average period of approximately 2.7 years . The following table summarizes the fair value at vesting date for the LTIP units vested during the three and six months ended June 30, 2016 and June 30, 2015 . Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Vested LTIP units 45,874 89,112 216,151 140,532 Fair value of vested LTIP units (in thousands) $ 1,092 $ 1,875 $ 4,181 $ 3,084 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 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 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 will receive the same monthly distribution as a share of common stock.

Equity Incentive Plan

Equity Incentive Plan	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Plan	Equity Incentive Plan On March 8, 2016, the Company granted performance units, approved by the compensation committee of the board of directors, under the 2011 Plan to provide certain key employees of the Company with incentives designed to align those key employees' interests more closely with those of the shareholders. The ultimate value of the performance units depends on the Company’s total stockholder return ("TSR") over a three -year period commencing January 1, 2016 and ending on December 31, 2018 (the "measuring period"). At the end of the three -year measuring period, the performance units convert into shares of common stock at a rate depending on the Company’s TSR over the measuring period as compared to three different benchmarks and on the absolute amount of the Company’s TSR. A recipient of performance units may receive as few as zero shares or as many as 250% of the number of target units, plus deemed dividends. The target amount of the performance units is nominally allocated as: i) 25% to the Company’s TSR compared to the TSR of an industry peer group; ii) 25% to the Company’s TSR compared to the TSR of a size-based peer group; and iii) 50% to the Company’s TSR compared to the TSR of the companies in the MSCI US REIT index. No dividends are paid to the recipient during the measuring period. At the end of the measuring period, if the Company’s TSR is such that the recipient earns shares of common stock (“Award Shares”), the recipient will receive additional common stock relating to dividends deemed to have been paid and reinvested on the Award Shares. The Company, in the discretion of the compensation committee of the board of directors, may pay the cash value of the deemed dividends instead of issuing additional shares. The number of Award Shares is determined at the end of the measuring period, and one-half of the Award Shares and all dividend shares vest immediately. The other one-half of the Award Shares will be restricted (subject to forfeiture) and vest one year after the end of the measuring period. The fair value of the performance units at the date of grant was $2.6 million , as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a weighted average volatility factor of 23.0% , a weighted average risk-free interest rate of 1.0849% , and a weighted average expected dividend yield of 6.0% . The performance unit equity compensation expense is recognized into earnings on a straight-line basis from the grant date over the respective vesting periods. The unrecognized compensation expense associated with the OPP and the performance plan at June 30, 2016 was approximately $0.7 million and $2.4 million , respectively, and is expected to be recognized over a weighted average period of approximately 1.5 years and 2.9 years , respectively. Non-cash Compensation Expense The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, the OPP, performance units, and the Company’s board of directors’ compensation. Three months ended June 30, Six months ended June 30, Non-Cash Compensation Expense (in thousands) 2016 2015 2016 2015 Restricted stock $ 534 $ 492 $ 1,092 $ 984 LTIP units 1,098 1,193 3,893 (1) 2,330 Outperformance program 116 131 235 262 Performance units 206 — 259 — Board of directors compensation (2) 90 84 170 171 Total non-cash compensation expense $ 2,044 $ 1,900 $ 5,649 $ 3,747 (1) Inclusive of approximately $1.6 million of non-cash compensation expense during the six months ended June 30, 2016 associated with the severance cost of an executive officer as discussed Note 7. (2) 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 six months ended June 30, 2016 and June 30, 2015 . The number of shares of common stock granted is calculated based on the trailing 10 days average common stock price ending on the third business day preceding the grant date.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2016
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 six months ended June 30, 2016 and June 30, 2015 , there were 275,426 , 280,442 , 286,280 and 288,269 , 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 six months ended June 30, 2016 and June 30, 2015 . Earnings Per Share (in thousands, except share data) Three months ended June 30, 2016 Numerator Net loss $ (10,472 ) Less: preferred stock dividends 4,001 Less: amount allocated to participating securities 95 Less: loss attributable to noncontrolling interest after preferred stock dividends (745 ) Net loss attributable to common stockholders $ (13,823 ) Denominator Weighted average common shares outstanding — basic and diluted 67,910,361 Loss per share — basic and diluted $ (0.20 ) Earnings Per Share (in thousands, except share data) Six months ended June 30, 2016 Numerator Net income $ 1,329 Less: preferred stock dividends 6,913 Less: amount allocated to participating securities 195 Less: loss attributable to noncontrolling interest after preferred stock dividends (287 ) Net loss attributable to common stockholders $ (5,492 ) Denominator Weighted average common shares outstanding — basic and diluted 67,899,789 Loss per share — basic and diluted $ (0.08 ) Earnings Per Share (in thousands, except share data) Three months ended June 30, 2015 Numerator Net loss $ (5,228 ) Less: preferred stock dividends 2,712 Less: amount allocated to participating securities 95 Less: loss attributable to noncontrolling interest after preferred stock dividends (397 ) Net loss attributable to common stockholders $ (7,638 ) Denominator Weighted average common shares outstanding — basic and diluted 65,285,388 Loss per share — basic and diluted $ (0.12 ) Earnings Per Share (in thousands, except share data) Six months ended June 30, 2015 Numerator Net loss $ (6,655 ) Less: preferred stock dividends 5,424 Less: amount allocated to participating securities 196 Less: loss attributable to noncontrolling interest after preferred stock dividends (592 ) Net loss attributable to common stockholders $ (11,683 ) Denominator Weighted average common shares outstanding — basic and diluted 64,788,561 Loss per share — basic and diluted $ (0.18 )

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
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. As of June 30, 2016 and December 31, 2015 , 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% . The Company has letters of credit of approximately $3.5 million related to development projects and its corporate office lease as of June 30, 2016 .

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events No significant recognized or non-recognized subsequent events were noted.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Quarterly Financial Information [Text Block]	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, 2015.
Related Party Transactions Disclosure [Text Block]	Related Parties As of June 30, 2016 and December 31, 2015 , 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.
Basis of Presentation	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.
Reclassification	Certain prior year amounts have been reclassified to conform to the current year presentation.
Adoption of New Accounting Pronouncements	In March of 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2016-09, Stock Compensation (Topic 718) , which addresses certain aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, forfeitures, and classification on the statement of cash flow. This standard is effective for fiscal years beginning after December 15, 2016, and interim periods within those years, with early adoption permitted. The Company has elected to early adopt this standard effective January 1, 2016. As a result, the Company's policy is to recognize forfeitures in the period which they occur, whereas the former guidance required the Company to estimate expected forfeitures. The adoption of this standard did not have a material effect on the consolidated financial statements. In February of 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 is expected to impact the Company’s consolidated financial statements as the Company has certain operating and land lease arrangements for which it is the lessee. Topic 842 supersedes the previous leases standard, Topic 840, Leases . The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The new standard must be adopted using a modified retrospective transition and will require application of the new guidance at the beginning of the earliest comparative period. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-02 will have on the Company’s financial position or results of operations. In April of 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30) . ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the 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 that debt issuance costs related to line-of-credit arrangements may be presented as an asset and amortized over the term of the line-of-credit arrangement regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted this standard effective January 1, 2016. As a result, debt issuance costs related to the debt liabilities that are not line-of-credit arrangements are included as a direct deduction from the related debt liability and those related to line-of-credit arrangements continue to be included as an asset within prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The effects of this standard were applied retrospectively to all prior periods presented. The effect of the change in accounting principle was the reduction of unsecured term loans by approximately $3.4 million , unsecured notes by approximately $2.3 million , and mortgage notes by approximately $1.3 million and a corresponding reduction of prepaid expenses and other assets by approximately $6.9 million as of December 31, 2015. In February of 2015, the FASB issued ASU 2015-02, Amendments to Consolidation Analysis (Topic 810) , which amends the current consolidation model. On January 1, 2016, the Company adopted this standard, modifying the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Operating Partnership will be a variable interest entity of the Company. As the Operating Partnership is already consolidated in the financial statements of the Company, the identification of this entity as a variable interest entity had no impact on the consolidated financial statements of the Company. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. In addition, there were no voting interest entities under prior existing guidance determined to be variable interest entities under the revised guidance. In January of 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10) . The amendments in ASU 2016-01 address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The standard primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. ASU 2016-01 is effective for the annual periods beginning after December 31, 2017 and for annual periods and interim periods within those years. Early adoption is permitted for all financial statements of fiscal years and interim periods that have not yet been issued. The adoption of ASU 2016-01 is not expected to materially impact the Company’s consolidated financial statements. 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.
Rental Property	Rental Property The Company capitalizes costs directly and indirectly related to the development, pre-development, redevelopment, or improvement of rental property. Real estate taxes, compensation costs of development personnel, insurance, interest, and other directly related costs during construction periods are capitalized as incurred and depreciated commencing with the date the property is substantially completed. Such costs begin to be capitalized to the development projects from the point the Company is undergoing the necessary activities to get the development ready for its intended use and cease when the development projects are substantially completed and held available for occupancy. Interest is capitalized based on actual capital expenditures from the period when development or redevelopment commences until the asset is ready for its intended use, at the weighted average borrowing rate of the Company's unsecured indebtedness during the period.
Tenant Accounts Receivable, net	Tenant Accounts Receivable, net Tenant accounts receivable, net on the accompanying 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.
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.
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 June 24, 2016, the Operating Partnership, through its wholly owned subsidiary, transferred a vacant land parcel located in Burlington, NJ to the Company's TRS. The Company's TRS recognized a net loss of approximately $20,000 , $31,000 , $0 and $0 , for the three and six months ended June 30, 2016 and June 30, 2015 , 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 $0.3 million , $0.5 million , $0.4 million and $0.5 million have been recorded in other expenses on the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2016 and June 30, 2015 , 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 June 30, 2016 and December 31, 2015 , there were no liabilities for uncertain tax positions.

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Schedule of components of rental property	The following table summarizes the components of rental property as of June 30, 2016 and December 31, 2015 . Rental Property (in thousands) June 30, 2016 December 31, 2015 Land $ 234,785 $ 228,919 Buildings, net of accumulated depreciation of $116,976 and $104,297, respectivel y 1,234,001 1,232,360 Tenant improvements, net of accumulated depreciation of $28,782 and $26,283, respectively 20,939 23,586 Building and land improvements, net of accumulated depreciation of $25,700 and $19,815, respectivel y 76,302 74,694 Construction in progress 8,510 1,658 Deferred leasing intangibles, net of accumulated amortization of $225,601 and $200,758, respectively 256,393 276,272 Total rental property, net $ 1,830,930 $ 1,837,489
Schedule of real estate properties acquired	The following tables summarize the acquisitions of the Company during the three and six months ended June 30, 2016 . Location of Property Square Feet Buildings Purchase Price (in thousands) Biddeford, ME 265,126 2 $ 12,452 Fairfield, OH 206,448 1 5,330 Mascot, TN 130,560 1 4,500 Erlanger, KY 108,620 1 5,600 Three months ended March 31, 2016 710,754 5 $ 27,882 West Chicago, IL 249,470 1 $ 8,663 Visalia, CA 635,281 1 27,921 Norcross, GA 152,036 1 5,508 Reading, PA 248,000 1 9,594 Charlotte, NC 104,852 1 6,517 Three months ended June 30, 2016 1,389,639 5 $ 58,203 Six months ended June 30, 2016 2,100,393 10 $ 86,085
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 six months ended June 30, 2016 for the acquired assets and liabilities in connection with the acquisitions identified in the table above. Acquired Assets and Liabilities Purchase Price (in thousands) Weighted Average Amortization Period (years) of Intangibles at Acquisition Land $ 12,472 N/A Buildings 52,364 N/A Tenant improvements 1,055 N/A Building and land improvements 5,158 N/A Deferred leasing intangibles - In-place leases 11,855 6.0 Deferred leasing intangibles - Tenant relationships 6,838 8.1 Deferred leasing intangibles - Above market leases 692 3.2 Deferred leasing intangibles - Below market leases (4,349 ) 9.2 Total purchase price $ 86,085
Schedule of pro forma information for acquired properties	The table below sets forth the results of operations for three and six months ended June 30, 2016 , for the properties acquired during the six months ended June 30, 2016 , included in the Company’s Consolidated Statements of Operations from the date of acquisition. Results of Operations (in thousands) Three months ended June 30, 2016 Six months ended June 30, 2016 Revenue $ 1,280 $ 1,406 Property acquisition costs $ 504 $ 1,025 Net loss $ 385 $ 961 The following tables set forth pro forma information for the six months ended June 30, 2016 and June 30, 2015 . The below pro forma information does not purport to represent what the actual results of operations of the Company would have been had the acquisitions outlined above occurred on the first day of the applicable reporting period, nor do they purport to predict the results of operations of future periods. The pro forma information has not been adjusted for property sales. Pro Forma (in thousands) (1) Six months ended June 30, 2016 Total revenue $ 123,601 Net income $ 3,601 (2) Net loss attributable to common stockholders $ 3,337 Pro Forma (in thousands) (3) Six months ended June 30, 2015 Total revenue $ 111,848 Net loss $ 7,520 (2) Net loss attributable to common stockholders $ 12,505 (1) The unaudited pro forma information for the six months ended June 30, 2016 is presented as if the properties acquired during the six months ended June 30, 2016 had occurred at January 1, 2015, the beginning of the reporting period prior to acquisition. (2) The net income for the six months ended June 30, 2016 excludes approximately $1.0 million of property acquisition costs related to the acquisition of buildings that closed during the six months ended June 30, 2016 , and the net loss for the six months ended June 30, 2015 was adjusted to include these acquisition costs. Net loss for the six months ended June 30, 2015 excludes approximately $1.3 million of property acquisition costs related to the acquisition of buildings that closed during the six months ended June 30, 2015 . (3) The unaudited pro forma information for the six months ended June 30, 2015 is presented as if the properties acquired during the six months ended June 30, 2016 and the properties acquired during the six months ended June 30, 2015 had occurred at January 1, 2015 and January 1, 2014, respectively, the beginning of the reporting period prior to acquisition.
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	During the six months ended June 30, 2016 , the Company sold 11 buildings comprised of approximately 1.8 million square feet with a net book value of approximately $27.8 million to third-parties. These buildings contributed approximately $1.5 million to revenue and approximately $9,000 to net loss (exclusive of loss on impairments, loss on extinguishment of debt, and gain on the sales of rental property). Net proceeds from the sales of rental property were approximately $48.7 million and the Company recognized a gain on the sales of rental property of approximately $20.9 million for the six months ended June 30, 2016 . All of the dispositions were accounted for under the full accrual method.
Schedule of Finite-Lived Intangible Assets and Below Market Leases	The following table summarizes the deferred leasing intangibles on the accompanying Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015 . June 30, 2016 December 31, 2015 Deferred Leasing Intangibles (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Above market leases $ 68,848 $ (35,109 ) $ 33,739 $ 69,815 $ (31,554 ) $ 38,261 Other intangible lease assets 413,146 (190,492 ) 222,654 407,215 (169,204 ) 238,011 Total deferred leasing intangible assets $ 481,994 $ (225,601 ) $ 256,393 $ 477,030 $ (200,758 ) $ 276,272 Below market leases $ 23,447 $ (9,304 ) $ 14,143 $ 19,923 $ (8,536 ) $ 11,387 Total deferred leasing intangible liabilities $ 23,447 $ (9,304 ) $ 14,143 $ 19,923 $ (8,536 ) $ 11,387 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 six months ended June 30, 2016 and June 30, 2015 . Three months ended June 30, Six months ended June 30, Deferred Leasing Intangibles Amortization (in thousands) 2016 2015 2016 2015 Net decrease to rental revenue related to above and below market lease amortization $ 1,521 $ 2,215 $ 3,187 $ 4,280 Amortization expense related to other intangible lease assets $ 16,346 $ 14,693 $ 32,259 $ 28,969
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table sets forth the amortization of deferred leasing intangibles over the next five years as of June 30, 2016 . Year Amortization Expense Related to Other Intangible Lease Assets (in thousands) Net Decrease to Rental Revenue Related to Above and Below Market Lease Amortization (in thousands) Remainder of 2016 $ 30,235 $ 2,814 2017 $ 52,599 $ 4,334 2018 $ 41,602 $ 3,101 2019 $ 30,551 $ 2,809 2020 $ 23,371 $ 2,673
Below Market Lease, Future Amortization Income	The following table sets forth the amortization of deferred leasing intangibles over the next five years as of June 30, 2016 . Year Amortization Expense Related to Other Intangible Lease Assets (in thousands) Net Decrease to Rental Revenue Related to Above and Below Market Lease Amortization (in thousands) Remainder of 2016 $ 30,235 $ 2,814 2017 $ 52,599 $ 4,334 2018 $ 41,602 $ 3,101 2019 $ 30,551 $ 2,809 2020 $ 23,371 $ 2,673

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
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 June 30, 2016 and December 31, 2015 . Loan Principal Outstanding as of June 30, 2016 (in thousands) Principal Outstanding as of December 31, 2015 (in thousands) Interest (1) Current Maturity Prepayment Terms (2) Unsecured credit facility: Unsecured Credit Facility (3) $ 64,000 $ 56,000 L + 1.15% Dec-18-2019 i Total unsecured credit facility 64,000 56,000 Unsecured term loans: Unsecured Term Loan C (4) — — L + 1.30% Sep-29-2020 i Unsecured Term Loan B 150,000 150,000 L + 1.70% Mar-21-2021 ii Unsecured Term Loan A 150,000 150,000 L + 1.65% Mar-31-2022 ii Total unsecured term loans 300,000 300,000 Less: Total unamortized deferred financing fees and debt issuance costs (3,078 ) (3,382 ) Total carrying value unsecured term loans 296,922 296,618 Unsecured notes: Series F Unsecured Notes 100,000 100,000 3.98 % Jan-05-2023 ii Series A Unsecured Notes 50,000 50,000 4.98 % Oct-1-2024 ii Series D Unsecured Notes 100,000 100,000 4.32 % Feb-20-2025 ii Series B Unsecured Notes 50,000 50,000 4.98 % Jul-1-2026 ii Series C Unsecured Notes 80,000 80,000 4.42 % Dec-30-2026 ii Series E Unsecured Notes 20,000 20,000 4.42 % Feb-20-2027 ii Total unsecured notes 400,000 400,000 Less: Total unamortized deferred financing fees and debt issuance costs (2,157 ) (2,280 ) Total carrying value unsecured notes 397,843 397,720 Mortgage notes (secured debt): Sun Life Assurance Company of Canada (U.S.) — 3,229 6.05 % Jun-1-2016 iii Webster Bank, National Association — 5,513 4.22 % Aug-4-2016 iii National Life Insurance Company — 4,775 5.75 % Aug-10-2016 iii Union Fidelity Life Insurance Co. 5,571 5,754 5.81 % Apr-30-2017 iv Principal Life Insurance Company 5,588 5,676 5.73 % May-05-2017 iii Webster Bank, National Association 2,900 2,945 3.66 % May-29-2017 iii Webster Bank, National Association 3,123 3,172 3.64 % May-31-2017 iii Wells Fargo, National Association 4,079 4,115 5.90 % Aug-1-2017 v Connecticut General Life Insurance Company-1 Facility 56,710 57,171 6.50 % Feb-1-2018 vi Connecticut General Life Insurance Company-2 Facility 47,134 58,085 5.75 % Feb-1-2018 vi Connecticut General Life Insurance Company-3 Facility 16,273 16,401 5.88 % Feb-1-2018 vi Wells Fargo Bank, National Association CMBS Loan 57,400 63,897 4.31 % Dec-1-2022 vii Total mortgage notes 198,778 230,733 Add: Total unamortized fair market value premiums 212 447 Less: Total unamortized deferred financing fees and debt issuance costs (1,071 ) (1,270 ) Total carrying value mortgage notes 197,919 229,910 Total / weighted average interest rate (5) $ 956,684 $ 980,248 4.04 % (1) Current interest rate as of June 30, 2016 . At June 30, 2016 , the one-month LIBOR (“L”) was 0.46505% . The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for the Company's unsecured credit facility and unsecured term loans is based on the Company's consolidated leverage ratio, as defined in the respective loan agreements. (2) 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. (3) The capacity of the unsecured credit facility is $450.0 million . (4) Capacity of $150.0 million , in which the Company has until December 29, 2016 to draw the full amount. (5) The weighted average interest rate was calculated using the fixed interest rate swapped on the current notional amount of $300.0 million of debt, and is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any 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 June 30, 2016 and December 31, 2015 (in thousands). June 30, 2016 December 31, 2015 Principal Outstanding Fair Value Principal Outstanding Fair Value Unsecured credit facility $ 64,000 $ 63,891 $ 56,000 $ 56,000 Unsecured term loans 300,000 301,578 300,000 303,457 Unsecured notes 400,000 420,702 400,000 392,054 Mortgage notes 198,778 204,721 230,733 237,327 Total principal amount 962,778 $ 990,892 986,733 $ 988,838 Add: Total unamortized fair market value premiums 212 447 Less: Total unamortized deferred financing fees and debt issuance costs (6,306 ) (6,932 ) Total carrying value $ 956,684 $ 980,248

Use of Derivative Financial I22

Use of Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 . Interest Rate Trade Date Effective Date Notional Amount (in thousands) Fair Value (in thousands) Pay Fixed Interest Rate Receive Variable Interest Rate Maturity Date PNC Bank, N.A. Sep-14-2012 Oct-10-2012 $ 10,000 $ (35 ) 0.7945 % One-month L Sep-10-2017 Bank of America, N.A. Sep-14-2012 Oct-10-2012 $ 10,000 $ (35 ) 0.7945 % One-month L Sep-10-2017 UBS AG Sep-14-2012 Oct-10-2012 $ 10,000 $ (35 ) 0.7945 % One-month L Sep-10-2017 Royal Bank of Canada Sep-14-2012 Oct-10-2012 $ 10,000 $ (35 ) 0.7945 % One-month L Sep-10-2017 RJ Capital Services, Inc. Sep-14-2012 Oct-10-2012 $ 10,000 $ (36 ) 0.7975 % One-month L Sep-10-2017 Bank of America, N.A. Sep-20-2012 Oct-10-2012 $ 25,000 $ (76 ) 0.7525 % One-month L Sep-10-2017 RJ Capital Services, Inc. Sep-24-2012 Oct-10-2012 $ 25,000 $ (68 ) 0.7270 % One-month L Sep-10-2017 Regions Bank Mar-01-2013 Mar-01-2013 $ 25,000 $ (564 ) 1.3300 % One-month L Feb-14-2020 Capital One, N.A. Jun-13-2013 Jul-01-2013 $ 50,000 $ (1,753 ) 1.6810 % One-month L Feb-14-2020 Capital One, N.A. Jun-13-2013 Aug-01-2013 $ 25,000 $ (896 ) 1.7030 % One-month L Feb-14-2020 Regions Bank Sep-30-2013 Feb-03-2014 $ 25,000 $ (1,156 ) 1.9925 % One-month L Feb-14-2020 The Toronto-Dominion Bank Oct-14-2015 Sep-29-2016 $ 25,000 $ (587 ) 1.3830 % One-month L Sep-29-2020 PNC Bank, N.A. Oct-14-2015 Sep-29-2016 $ 50,000 $ (1,188 ) 1.3906 % One-month L Sep-29-2020 Regions Bank Oct-14-2015 Sep-29-2016 $ 35,000 $ (830 ) 1.3858 % One-month L Sep-29-2020 U.S. Bank, N.A. Oct-14-2015 Sep-29-2016 $ 25,000 $ (598 ) 1.3950 % One-month L Sep-29-2020 Capital One, N.A. Oct-14-2015 Sep-29-2016 $ 15,000 $ (360 ) 1.3950 % One-month L Sep-29-2020 Royal Bank of Canada Jan-08-2015 Mar-20-2015 $ 25,000 $ (1,031 ) 1.7090 % One-month L Mar-21-2021 The Toronto-Dominion Bank Jan-08-2015 Mar-20-2015 $ 25,000 $ (1,031 ) 1.7105 % One-month L Mar-21-2021 The Toronto-Dominion Bank Jan-08-2015 Sep-10-2017 $ 100,000 $ (4,407 ) 2.2255 % One-month L Mar-21-2021 Wells Fargo Bank, N.A. Jan-08-2015 Mar-20-2015 $ 25,000 $ (1,253 ) 1.8280 % One-month L Mar-31-2022 The Toronto-Dominion Bank Jan-08-2015 Feb-14-2020 $ 25,000 $ (546 ) 2.4535 % One-month L Mar-31-2022 Regions Bank Jan-08-2015 Feb-14-2020 $ 50,000 $ (1,121 ) 2.4750 % One-month L Mar-31-2022 Capital One, N.A. Jan-08-2015 Feb-14-2020 $ 50,000 $ (1,167 ) 2.5300 % One-month L Mar-31-2022 The fair value of the interest rate swaps outstanding as of June 30, 2016 and December 31, 2015 was as follows. Balance Sheet Line Item (in thousands) Notional Amount June 30, 2016 Fair Value Notional Amount December 31, 2015 Fair Value December 31, 2015 Interest rate swaps-Asset $ — $ — $ 275,000 $ 1,867 Interest rate swaps-Liability $ 675,000 $ (18,808 ) $ 400,000 $ (3,766 )
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 six months ended June 30, 2016 and June 30, 2015 , (in thousands). Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Amount of income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion) $ (5,797 ) $ 3,695 $ (18,365 ) $ (976 ) Amount of loss reclassified from accumulated other comprehensive income (loss) into income (loss) as interest expense (effective portion) $ 729 $ 926 $ 1,474 $ 1,592 Amount of gain recognized in interest expense (ineffective portion and amount excluded from effectiveness testing) $ — $ 92 $ — $ 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 June 30, 2016 and December 31, 2015 . Fair Value Measurements as of Balance Sheet Line Item (in thousands) Fair Value Level 1 Level 2 Level 3 Interest rate swaps-Asset $ — $ — $ — $ — Interest rate swaps-Liability $ (18,808 ) $ — $ (18,808 ) $ — Fair Value Measurements as of Balance Sheet Line Item (in thousands) Fair Value December 31, 2015 Level 1 Level 2 Level 3 Interest rate swaps-Asset $ 1,867 $ — $ 1,867 $ — Interest rate swaps-Liability $ (3,766 ) $ — $ (3,766 ) $ —

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Schedule of Stock by Class	The table below sets forth the Company’s outstanding preferred stock issuances as of June 30, 2016 . Preferred Stock Issuances Issuance Date Number of Shares Price and Liquidation Value Per Share Interest Rate Series A Cumulative Redeemable Preferred Stock November 2, 2011 2,760,000 $ 25.00 9.000 % Series B Cumulative Redeemable Preferred Stock April 16, 2013 2,800,000 $ 25.00 6.625 % Series C Cumulative Redeemable Preferred Stock March 17, 2016 3,000,000 $ 25.00 6.875 %
Schedule of dividends	The tables below set forth the dividends attributable to the Preferred Stock Issuance s during the six months ended June 30, 2016 and the year ended December 31, 2015 : Quarter Ended 2016 Declaration Date Series A Series B Series C Payment Date June 30 May 2, 2016 $ 0.5625 $ 0.4140625 $ 0.49653 (1) June 30, 2016 March 31 February 22, 2016 0.5625 0.4140625 — March 31, 2016 Total $ 1.1250 $ 0.8281250 $ 0.49653 (1) Represents the period from March 17, 2016 through June 30, 2016. Quarter Ended 2015 Declaration Date Series A Series B Payment Date December 31 October 22, 2015 $ 0.5625 $ 0.4140625 December 31, 2015 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 $ 2.2500 $ 1.6562500 Dividends The table below sets forth the dividends attributable to the common stock that were declared or paid during the six months ended June 30, 2016 and the year ended December 31, 2015 . Month Ended 2016 Declaration Date Record Date Per Share Payment Date September 30 May 2, 2016 September 30, 2016 $ 0.115833 October 17, 2016 August 31 May 2, 2016 August 31, 2016 0.115833 September 15, 2016 July 31 May 2, 2016 July 29, 2016 0.115833 August 15, 2016 June 30 February 22, 2016 June 30, 2016 0.115833 July 15, 2016 May 31 February 22, 2016 May 31, 2016 0.115833 June 15, 2016 April 30 February 22, 2016 April 29, 2016 0.115833 May 16, 2016 March 31 October 22, 2015 March 31, 2016 0.115833 April 15, 2016 February 29 October 22, 2015 February 29, 2016 0.115833 March 15, 2016 January 31 October 22, 2015 January 29, 2016 0.115833 February 16, 2016 Total $ 1.042497 Month Ended 2015 Declaration Date Record Date Per Share Payment Date December 31 July 21, 2015 December 31, 2015 $ 0.1150 January 15, 2016 November 30 July 21, 2015 November 30, 2015 0.1150 December 15, 2015 October 31 July 21, 2015 October 30, 2015 0.1150 November 16, 2015 September 30 May 4, 2015 September 30, 2015 0.1150 October 15, 2015 August 31 May 4, 2015 August 31, 2015 0.1150 September 15, 2015 July 31 May 4, 2015 July 31, 2015 0.1150 August 17, 2015 June 30 February 20, 2015 June 30, 2015 0.1125 July 15, 2015 May 31 February 20, 2015 May 29, 2015 0.1125 June 15, 2015 April 30 February 20, 2015 April 30, 2015 0.1125 May 15, 2015 March 31 October 30, 2014 March 31, 2015 0.1125 April 15, 2015 February 28 October 30, 2014 February 27, 2015 0.1125 March 16, 2015 January 31 October 30, 2014 January 31, 2015 0.1125 February 17, 2015 Total $ 1.3650
Schedule of stock sale activity	The following sets forth the Company’s at-the market ("ATM") common stock offering program as of June 30, 2016 . ATM Stock Offering Program (in thousands) Date Maximum Aggregate Offering Price (in thousands) Aggregate Common Stock Available as of 2016 $200 million ATM May 13, 2016 $ 200,000 $ 200,000 The table below sets forth the activity for the ATM common stock offering programs during the year ended December 31, 2015 (in thousands, except share data). There was no activity for the ATM common stock offering programs during six months ended June 30, 2016 . Year ended December 31, 2015 ATM Stock Offering Program Shares Weighted Average Price Per Share Gross Sales Net 2014 $200 million ATM (1) 2,661,403 $ 21.63 $ 57,571 $ 864 $ 56,707 2014 $150 million ATM (1) 795,000 $ 21.79 17,321 260 17,061 Total/weighted average 3,456,403 $ 21.67 $ 74,892 $ 1,124 $ 73,768 (1) Expired as of June 30, 2016 . Subsequent to June 30, 2016 , the Company sold 3,201,500 shares under its 2016 $200 million ATM common stock offering program for gross proceeds of $76.1 million . The net proceeds of $75.0 million were used to repay amounts outstanding under the Company's unsecured credit facility.
Schedule of activity related to unvested restricted stock awards	The following table summarizes activity related to the Company’s unvested restricted shares of common stock for the six months ended June 30, 2016 and the year ended December 31, 2015 . Unvested Restricted Shares of Common Stock Shares Balance at December 31, 2014 263,916 Granted 94,290 (1) Vested (72,185 ) Forfeited (14,906 ) Balance at December 31, 2015 271,115 Granted 101,289 (2) Vested (98,746 ) Forfeited (1,321 ) Balance at June 30, 2016 272,337 (1) The grant date fair value per share was $26.17 . (2) The grant date fair value per share was $17.98 .
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 shares of common stock vested during the three and six months ended June 30, 2016 and June 30, 2015 . Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Vested restricted shares of common stock 14,410 14,657 98,746 72,185 Fair value of vested restricted shares of common stock (in thousands) $ 291 $ 326 $ 1,813 $ 1,751

Noncontrolling Interest (Tables

Noncontrolling Interest (Tables)	6 Months Ended
	Jun. 30, 2016
Noncontrolling Interest [Abstract]
Noncontrolling interest activity	The table below summarizes the activity for noncontrolling interest in the Company for the six months ended June 30, 2016 and the year ended December 31, 2015 . LTIP Units Other Common Units Total Noncontrolling Common Units Noncontrolling Interest Balance at December 31, 2014 1,307,036 1,124,813 2,431,849 3.6 % Granted/Issued 323,069 864,283 1,187,352 N/A Forfeitures — — — 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 December 31, 2015 1,610,105 1,915,872 3,525,977 4.9 % Granted/Issued 176,396 — 176,396 N/A Forfeitures — — — N/A Balance at June 30, 2016 1,786,501 1,915,872 3,702,373 5.2 %
Schedule of assumptions for valuing units issued	The table below sets forth the assumptions used in valuing such LTIP units for the six months ended June 30, 2016 . Assumptions Grant date February 22, 2016 January 8, 2016 January 6, 2016 Expected term (years) 10 10 10 Expected volatility 22.0 % 22.0 % 22.0 % Expected dividend yield 6.0 % 6.0 % 6.0 % Risk-free interest rate 1.01 % 1.28 % 1.36 % Fair value of LTIP units at issuance (in thousands) $ 277 $ 2,254 $ 390 LTIP units at issuance 18,386 135,546 22,464 Fair value unit price per LTIP unit at issuance $ 15.07 $ 16.63 $ 17.36
Schedule of activity related to share-based compensation	The following table summarizes the fair value at vesting date for the LTIP units vested during the three and six months ended June 30, 2016 and June 30, 2015 . Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Vested LTIP units 45,874 89,112 216,151 140,532 Fair value of vested LTIP units (in thousands) $ 1,092 $ 1,875 $ 4,181 $ 3,084 The following table summarizes activity related to the Company’s unvested LTIP units for the six months ended June 30, 2016 and the year ended December 31, 2015 . Unvested LTIP Units LTIP Units Balance at December 31, 2014 448,887 Granted 323,069 Vested (237,046 ) Forfeited — Balance at December 31, 2015 534,910 Granted 176,396 Vested (216,151 ) Forfeited — Balance at June 30, 2016 495,155

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Equity Compensation Expense	The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, the OPP, performance units, and the Company’s board of directors’ compensation. Three months ended June 30, Six months ended June 30, Non-Cash Compensation Expense (in thousands) 2016 2015 2016 2015 Restricted stock $ 534 $ 492 $ 1,092 $ 984 LTIP units 1,098 1,193 3,893 (1) 2,330 Outperformance program 116 131 235 262 Performance units 206 — 259 — Board of directors compensation (2) 90 84 170 171 Total non-cash compensation expense $ 2,044 $ 1,900 $ 5,649 $ 3,747 (1) Inclusive of approximately $1.6 million of non-cash compensation expense during the six months ended June 30, 2016 associated with the severance cost of an executive officer as discussed Note 7. (2) 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 six months ended June 30, 2016 and June 30, 2015 . The number of shares of common stock granted is calculated based on the trailing 10 days average common stock price ending on the third business day preceding the grant date.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
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 six months ended June 30, 2016 and June 30, 2015 . Earnings Per Share (in thousands, except share data) Three months ended June 30, 2016 Numerator Net loss $ (10,472 ) Less: preferred stock dividends 4,001 Less: amount allocated to participating securities 95 Less: loss attributable to noncontrolling interest after preferred stock dividends (745 ) Net loss attributable to common stockholders $ (13,823 ) Denominator Weighted average common shares outstanding — basic and diluted 67,910,361 Loss per share — basic and diluted $ (0.20 ) Earnings Per Share (in thousands, except share data) Six months ended June 30, 2016 Numerator Net income $ 1,329 Less: preferred stock dividends 6,913 Less: amount allocated to participating securities 195 Less: loss attributable to noncontrolling interest after preferred stock dividends (287 ) Net loss attributable to common stockholders $ (5,492 ) Denominator Weighted average common shares outstanding — basic and diluted 67,899,789 Loss per share — basic and diluted $ (0.08 ) Earnings Per Share (in thousands, except share data) Three months ended June 30, 2015 Numerator Net loss $ (5,228 ) Less: preferred stock dividends 2,712 Less: amount allocated to participating securities 95 Less: loss attributable to noncontrolling interest after preferred stock dividends (397 ) Net loss attributable to common stockholders $ (7,638 ) Denominator Weighted average common shares outstanding — basic and diluted 65,285,388 Loss per share — basic and diluted $ (0.12 ) Earnings Per Share (in thousands, except share data) Six months ended June 30, 2015 Numerator Net loss $ (6,655 ) Less: preferred stock dividends 5,424 Less: amount allocated to participating securities 196 Less: loss attributable to noncontrolling interest after preferred stock dividends (592 ) Net loss attributable to common stockholders $ (11,683 ) Denominator Weighted average common shares outstanding — basic and diluted 64,788,561 Loss per share — basic and diluted $ (0.18 )

Organization and Description 27

Organization and Description of Business (Details) ft² in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2016ft²tenantstatebuilding	Dec. 31, 2015
Real Estate Properties [Line Items]
Ownership interest in Operating Partnership (as a percent)	94.80%	95.10%
Number of properties	290
Number of states in which the entity owned buildings | state	38
Area (in square feet) | ft²	55
Percentage of buildings leased to tenants	94.90%
Number of tenants | tenant	261
Warehouse - Distribution buildings
Real Estate Properties [Line Items]
Number of properties	226
Light Manufacturing buildings
Real Estate Properties [Line Items]
Number of properties	45
Flex - Office buildings
Real Estate Properties [Line Items]
Number of properties	19

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Reclassifications and New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees, net	$ 6,306	$ 6,932
Prepaid Expenses and Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees, net	$ 2,700	3,000
Accounting Standards Updated 2015-03 | Loans Payable
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees, net		3,382
Accounting Standards Updated 2015-03 | Notes Payable
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees, net		2,280
Accounting Standards Updated 2015-03 | Secured Debt
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees, net		1,270
Accounting Standards Updated 2015-03 | Prepaid Expenses and Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees, net		$ (6,932)

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Tenant Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Tenant Accounts Receivable, net
Lease security deposits available in existing letters of credit	$ 5.9	$ 6.1
Cash and Cash Equivalents
Tenant Accounts Receivable, net
Security deposit	4.1	4.1
Restricted Cash
Tenant Accounts Receivable, net
Security deposit	0.4	0.4
Prepaid Rent
Tenant Accounts Receivable, net
Lease security deposits available in cash	4.5
Security Deposits
Tenant Accounts Receivable, net
Lease security deposits available in cash		4.5
Prepaid Expenses and Other Assets
Tenant Accounts Receivable, net
Due from related parties	0.1	0.1
Tenant Receivable
Tenant Accounts Receivable, net
Allowance for doubtful accounts	0.1	0.1
Accrued Rental Income
Tenant Accounts Receivable, net
Allowance for doubtful accounts	0	0
Accrued rental revenue	$ 17.1	$ 16.1

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Oct. 20, 2015
Revenue Recognition
Estimated amount of real estate taxes, which are the responsibility of tenants	$ 2.6	$ 2.7	$ 5.2	$ 5.2
Dayton, OH, Q4 2007
Revenue Recognition
Lease termination fee receivable					$ 0.2
Dayton, OH, Q4 2007 | Rental income
Revenue Recognition
Lease termination fee income	$ 0.1		$ 0.1

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Business Acquisition [Line Items]
Net income (loss)	$ (10,472,000)	$ (5,228,000)	$ 1,329,000	$ (6,655,000)
State and local income, excise and franchise taxes	300,000	400,000	500,000	500,000
Liabilities for uncertain tax positions	0		0		$ 0
Real Estate Investment Trust
Business Acquisition [Line Items]
Net income (loss)	$ (20,000)	$ 0	$ (31,000)	$ 0

Real Estate - Summary (Details)

Real Estate - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Property Subject to or Available for Operating Lease [Line Items]
Rental property, net	$ 1,830,930	$ 1,837,489
Land
Property Subject to or Available for Operating Lease [Line Items]
Rental property, net	234,785	228,919
Building
Property Subject to or Available for Operating Lease [Line Items]
Rental property, net	1,234,001	1,232,360
Rental property, accumulated depreciation	116,976	104,297
Tenant improvements
Property Subject to or Available for Operating Lease [Line Items]
Rental property, net	20,939	23,586
Rental property, accumulated depreciation	28,782	26,283
Building and land improvements
Property Subject to or Available for Operating Lease [Line Items]
Rental property, net	76,302	74,694
Rental property, accumulated depreciation	25,700	19,815
Construction in progress
Property Subject to or Available for Operating Lease [Line Items]
Rental property, net	8,510	1,658
Deferred leasing intangibles
Property Subject to or Available for Operating Lease [Line Items]
Rental property, net	256,393	276,272
Rental property, accumulated depreciation	$ 225,601	$ 200,758

Real Estate - Acquisitions (Det

Real Estate - Acquisitions (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)ft²building	Mar. 31, 2016USD ($)ft²building	Jun. 30, 2016USD ($)ft²building
Business Acquisition [Line Items]
Area (in square feet)	55,000,000		55,000,000
Acquisitions 2016 [Member]
Business Acquisition [Line Items]
Area (in square feet)	2,100,393		2,100,393
Number of buildings acquired | building			10
Purchase price | $			$ 86,085
Acquisitions Q1 2016 [Member]
Business Acquisition [Line Items]
Area (in square feet)		710,754
Number of buildings acquired | building		5
Purchase price | $		$ 27,882
Biddeford, ME
Business Acquisition [Line Items]
Area (in square feet)		265,126
Number of buildings acquired | building		2
Purchase price | $		$ 12,452
Fairfield, OH
Business Acquisition [Line Items]
Area (in square feet)		206,448
Number of buildings acquired | building		1
Purchase price | $		$ 5,330
Mascot, TN
Business Acquisition [Line Items]
Area (in square feet)		130,560
Number of buildings acquired | building		1
Purchase price | $		$ 4,500
Erlanger, KY
Business Acquisition [Line Items]
Area (in square feet)		108,620
Number of buildings acquired | building		1
Purchase price | $		$ 5,600
Acquisitions Q2 2016 [Member]
Business Acquisition [Line Items]
Area (in square feet)	1,389,639		1,389,639
Number of buildings acquired | building	5
Purchase price | $	$ 58,203
West Chicago, IL
Business Acquisition [Line Items]
Area (in square feet)	249,470		249,470
Number of buildings acquired | building	1
Purchase price | $	$ 8,663
Visalia, CA
Business Acquisition [Line Items]
Area (in square feet)	635,281		635,281
Number of buildings acquired | building	1
Purchase price | $	$ 27,921
Norcross, GA
Business Acquisition [Line Items]
Area (in square feet)	152,036		152,036
Number of buildings acquired | building	1
Purchase price | $	$ 5,508
Reading, PA
Business Acquisition [Line Items]
Area (in square feet)	248,000		248,000
Number of buildings acquired | building	1
Purchase price | $	$ 9,594
Charlotte, NC
Business Acquisition [Line Items]
Area (in square feet)	104,852		104,852
Number of buildings acquired | building	1
Purchase price | $	$ 6,517

Real Estate - Acquisitions - Al

Real Estate - Acquisitions - Allocation of Consideration (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
In-place leases
Allocation of the consideration paid for the acquired assets and liabilities
Deferred leasing intangibles	$ 11,855
Acquisitions 2016 [Member]
Allocation of the consideration paid for the acquired assets and liabilities
Land	12,472
Buildings	52,364
Tenant improvements	1,055
Building and land Improvements	5,158
Below market leases	(4,349)
Total purchase price	$ 86,085
Weighted average amortization period of below market leases	9 years 2 months
Acquisitions 2016 [Member] | In-place leases
Allocation of the consideration paid for the acquired assets and liabilities
Weighted average amortization period of lease intangibles	6 years
Acquisitions 2016 [Member] | Tenant relationships
Allocation of the consideration paid for the acquired assets and liabilities
Deferred leasing intangibles	$ 6,838
Weighted average amortization period of lease intangibles	8 years 1 month
Acquisitions 2016 [Member] | Above market leases
Allocation of the consideration paid for the acquired assets and liabilities
Deferred leasing intangibles	$ 692
Weighted average amortization period of lease intangibles	3 years 2 months

Real Estate - Acquisitions - Pr

Real Estate - Acquisitions - Pro Forma (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Business Acquisition [Line Items]
Property acquisition costs	$ 583	$ 1,187	$ 1,135	$ 1,505
Acquisitions 2016 [Member]
Business Acquisition [Line Items]
Revenue	1,280		1,406
Property acquisition costs	504		1,025
Net income (loss)	$ 385		961
Pro forma information
Total revenue			123,601
Net loss			(3,601)
Net loss attributable to common stockholders			3,337
Acquisitions 2,015
Pro forma information
Total revenue				111,848
Net loss				7,520
Net loss attributable to common stockholders				12,505
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Property acquisition costs			$ 1,025	$ 1,300

Real Estate - Disposals (Detail

Real Estate - Disposals (Details) ft² in Millions	6 Months Ended
	Jun. 30, 2016USD ($)ft²propertybuilding	Dec. 31, 2015USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area (in square feet) | ft²	55
Carrying value of property sold	$ 1,830,930,000	$ 1,837,489,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area (in square feet) | ft²	1.8
Number of buildings disposed | building	11
Carrying value of property sold	$ 27,800,000
Net proceeds from sales of rental property	48,670,000
Gain (Loss) on Sale	20,946,000
Contribution to revenue	1,500,000
Net income (loss) before gain on sale of rental property	$ 9,000
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties held-for-sale | property	1

Real Estate Real Estate - Loss

Real Estate Real Estate - Loss on Impairments (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2016USD ($)Rate
2016 Impairments [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on Impairment	$ 11,231
2016 Impairments [Member] | Income Approach Valuation Technique | Fair Value, Inputs, Level 3
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value Disclosure	$ 10,598
Q2 2016 Impairments [Member] | Income Approach Valuation Technique | Minimum | Fair Value, Inputs, Level 3
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value Inputs, Discount Rate | Rate	8.50%
Fair Value Inputs Exit Capitalization Rate | Rate	8.50%
Q2 2016 Impairments [Member] | Income Approach Valuation Technique | Maximum | Fair Value, Inputs, Level 3
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value Inputs, Discount Rate | Rate	13.00%
Fair Value Inputs Exit Capitalization Rate | Rate	12.00%
stag_FairfieldVAQ32007 [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on Impairment
stag_FairfieldVAQ32007 [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Income Approach Valuation Technique | Fair Value, Inputs, Level 3
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value Disclosure
stag_JacksonMSOne [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on Impairment
stag_JacksonMSOne [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Income Approach Valuation Technique | Fair Value, Inputs, Level 3
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value Disclosure
stag_JacksonMSTwo [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on Impairment
stag_JacksonMSTwo [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Income Approach Valuation Technique | Fair Value, Inputs, Level 3
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value Disclosure
stag_MishawakaINQ22013 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on Impairment
stag_MishawakaINQ22013 [Member] | Income Approach Valuation Technique | Fair Value, Inputs, Level 3
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value Disclosure
Newark, DE, Q4 2007, 2 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on Impairment
Newark, DE, Q4 2007, 2 [Member] | Income Approach Valuation Technique | Fair Value, Inputs, Level 3
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value Disclosure
Seville, OH, Q4 2007 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on Impairment
Seville, OH, Q4 2007 [Member] | Income Approach Valuation Technique | Fair Value, Inputs, Level 3
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value Disclosure
stag_SparksMDQ42007 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on Impairment
stag_SparksMDQ42007 [Member] | Income Approach Valuation Technique | Fair Value, Inputs, Level 3
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value Disclosure

Real Estate- Deferred Leasing I

Real Estate- Deferred Leasing Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Above market lease, gross	$ 481,994		$ 481,994		$ 477,030
Deferred leasing intangibles assets, accumulated amortization	(225,601)		(225,601)		(200,758)
Above market lease, net	256,393		256,393		276,272
Below market lease, gross	23,447		23,447		19,923
Below market lease, accumulated amortization	(9,304)		(9,304)		(8,536)
Below market lease, net	14,143		14,143		11,387
Net decrease to rental revenue related to above and below market lease amortization	1,521	$ 2,215	3,187	$ 4,280
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
2,016	2,814		2,814
2,017	4,334		4,334
2,018	3,101		3,101
2,019	2,809		2,809
2,020	2,673		2,673
Above market leases
Finite-Lived Intangible Assets [Line Items]
Above market lease, gross	68,848		68,848		69,815
Deferred leasing intangibles assets, accumulated amortization	(35,109)		(35,109)		(31,554)
Above market lease, net	33,739		33,739		38,261
Other intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Above market lease, gross	413,146		413,146		407,215
Deferred leasing intangibles assets, accumulated amortization	(190,492)		(190,492)		(169,204)
Above market lease, net	222,654		222,654		$ 238,011
Amortization expense related to other intangible lease assets	16,346	$ 14,693	32,259	$ 28,969
Estimated Net Amortization of In-Place Leases, Leasing Commissions and Tenant Relationships
2,016	30,235		30,235
2,017	52,599		52,599
2,018	41,602		41,602
2,019	30,551		30,551
2,020	$ 23,371		$ 23,371

Debt - Summary (Details)

Debt - Summary (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Principal outstanding	$ 956,684,000	$ 980,248,000
Unamortized debt issuance costs	$ (6,306,000)	(6,932,000)
Weighted average interest rate	4.04%
Interest Rate Swaps
Debt Instrument [Line Items]
Notional amount	$ 300,000,000
One Month LIBOR
Debt Instrument [Line Items]
Variable rate basis reference rate (as a percent)	0.46505%
Secured Debt
Debt Instrument [Line Items]
Principal outstanding	$ 197,919,000	229,910,000
Long-term debt, gross	198,778,000	230,733,000
Unamortized debt issuance costs	(1,071,000)	(1,270,000)
Unamortized fair market value premium	212,000	447,000
Term Loan | Unsecured Debt
Debt Instrument [Line Items]
Principal outstanding	296,922,000	296,618,000
Long-term debt, gross	300,000,000	300,000,000
Unamortized debt issuance costs	(3,078,000)	(3,382,000)
$150 Million Wells Fargo Unsecured Term Loan C | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	0	0
Face amount of debt	$ 150,000,000
$150 Million Wells Fargo Unsecured Term Loan C | Unsecured Debt | LIBOR
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1.30%
$150 Million Wells Fargo Unsecured Term Loan B | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 150,000,000	150,000,000
$150 Million Wells Fargo Unsecured Term Loan B | Unsecured Debt | LIBOR
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1.70%
$150 Million Wells Fargo Unsecured Term Loan A | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 150,000,000	150,000,000
$150 Million Wells Fargo Unsecured Term Loan A | Unsecured Debt | LIBOR
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1.65%
Unsecured Notes | Unsecured Debt
Debt Instrument [Line Items]
Principal outstanding	$ 397,843,000	397,720,000
Long-term debt, gross	400,000,000	400,000,000
Unamortized debt issuance costs	(2,157,000)	(2,280,000)
$100 Million Series F Unsecured Notes | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 100,000,000	100,000,000
Stated interest rate	3.98%
$50 Million Series A Unsecured Notes | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 50,000,000	50,000,000
Stated interest rate	4.98%
$100 Million Series D Unsecured Notes | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 100,000,000	100,000,000
Stated interest rate	4.32%
$50 Million Series B Unsecured Notes | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 50,000,000	50,000,000
Stated interest rate	4.98%
$80 Million Series C Unsecured Notes | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 80,000,000	80,000,000
Stated interest rate	4.42%
$20 Million Series E Unsecured Notes | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 20,000,000	20,000,000
Stated interest rate	4.42%
Sun Life Assurance Company of Canada (U.S) Due June 1, 2016 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	3,229,000
Stated interest rate	6.05%
Webster Bank, National Association due August 4, 2016 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	5,513,000
Stated interest rate	4.22%
National Life Insurance Company Due August 10, 2016 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	4,775,000
Stated interest rate	5.75%
Union Fidelity Life Insurance Co Due April 30, 2017 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 5,571,000	5,754,000
Stated interest rate	5.81%
Penalty free prepayment period	2 months
Principal Life Insurance Company Due May 05, 2017 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 5,588,000	5,676,000
Stated interest rate	5.73%
Webster Bank, National Association due May 29, 2017 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,900,000	2,945,000
Stated interest rate	3.66%
Webster Bank, National Association due May 31, 2017 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,123,000	3,172,000
Stated interest rate	3.64%
Wells Fargo, National Association Due August 1, 2017 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 4,079,000	4,115,000
Stated interest rate	5.90%
Penalty free prepayment period	3 months
Connecticut General Life Insurance Company - Facility 1 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 56,710,000	57,171,000
Stated interest rate	6.50%
Connecticut General Life Insurance Company - Facility 2 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 47,134,000	58,085,000
Stated interest rate	5.75%
Connecticut General Life Insurance Company - Facility 3 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 16,273,000	16,401,000
Stated interest rate	5.88%
Wells Fargo Bank, National Association CMBS Loan | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 57,400,000	63,897,000
Stated interest rate	4.31%
Penalty free prepayment period	3 months
Sun Life Assurance Company Of Canada, Webster Bank National Association, and Principal LIfe Insurance Company | Secured Debt
Debt Instrument [Line Items]
Penalty free prepayment period	3 months
Connecticut General Life Insurance Company Facilities | Secured Debt
Debt Instrument [Line Items]
Penalty free prepayment period	6 months
Line of Credit | Unsecured Debt
Debt Instrument [Line Items]
Principal outstanding	$ 64,000,000	56,000,000
Line of Credit | $450 Million Wells Fargo Unsecured Credit Facility | Unsecured Debt
Debt Instrument [Line Items]
Principal outstanding	64,000,000	$ 56,000,000
Maximum borrowing capacity	$ 450,000,000
Line of Credit | $450 Million Wells Fargo Unsecured Credit Facility | Unsecured Debt | LIBOR
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1.15%

Debt - 2016 Activity (Details)

Debt - 2016 Activity (Details) - USD ($) $ in Thousands	Jun. 22, 2016	Apr. 26, 2016	Mar. 17, 2016	Mar. 03, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Unused borrowing capacity					$ 536,000		$ 536,000
Deferred financing fees, net					6,306		6,306		$ 6,932
Amortization of deferred financing fees					400	$ 300	900	$ 600
Loss on extinguishment of debt							4	$ 0
Net book value of properties that are collateral for debt arrangements					255,100		255,100		268,800
Secured Debt
Debt Instrument [Line Items]
Deferred financing fees, net					1,071		1,071		1,270
Connecticut General Life Insurance Company - Facility 2 | Secured Debt
Debt Instrument [Line Items]
Extinguishment of debt amount			$ 10,500
Loss on extinguishment of debt							900
Wells Fargo Bank, National Association CMBS Loan | Secured Debt
Debt Instrument [Line Items]
Extinguishment of debt amount	$ 1,500			$ 1,200
Loss on extinguishment of debt							200
Prepaid Expenses and Other Assets
Debt Instrument [Line Items]
Deferred financing fees, net					2,700		2,700		3,000
Accounts Payable, Accrued Expenses and Other Liabilities
Debt Instrument [Line Items]
Interest payable					5,700		5,700		$ 3,800
Gloversville, NY, Q4 2012, Three [Member] | Wells Fargo Bank, National Association CMBS Loan | Secured Debt
Debt Instrument [Line Items]
Loss on extinguishment of debt					300		300
Parsons, KS, Q4 2012 [Member] | Wells Fargo Bank, National Association CMBS Loan | Secured Debt
Debt Instrument [Line Items]
Extinguishment of debt amount		$ 1,700
Loss on extinguishment of debt					200		200
Kansas City, KS, Q4 2012 [Member] | Wells Fargo Bank, National Association CMBS Loan | Secured Debt
Debt Instrument [Line Items]
Extinguishment of debt amount		$ 1,800
Loss on extinguishment of debt					$ 300		$ 300

Debt - Fair Value (Details)

Debt - Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (6,306)	$ (6,932)
Principal outstanding	956,684	980,248
Unsecured Debt | Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	300,000	300,000
Unamortized debt issuance costs	(3,078)	(3,382)
Principal outstanding	296,922	296,618
Unsecured Debt | Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	400,000	400,000
Unamortized debt issuance costs	(2,157)	(2,280)
Principal outstanding	397,843	397,720
Unsecured Debt | Line of Credit
Debt Instrument [Line Items]
Principal outstanding	64,000	56,000
Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	198,778	230,733
Unamortized fair market value premium	212	447
Unamortized debt issuance costs	(1,071)	(1,270)
Principal outstanding	197,919	229,910
Carrying Amount
Debt Instrument [Line Items]
Long-term debt, gross	962,778	986,733
Unamortized fair market value premium	212	447
Unamortized debt issuance costs	(6,306)	(6,932)
Principal outstanding	956,684	980,248
Carrying Amount | Unsecured Debt | Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	300,000	300,000
Carrying Amount | Unsecured Debt | Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	400,000	400,000
Carrying Amount | Unsecured Debt | Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	64,000	56,000
Carrying Amount | Secured Debt | Mortgages
Debt Instrument [Line Items]
Long-term debt, gross	198,778	230,733
Fair Value, Inputs, Level 3 | Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	990,892	988,838
Fair Value, Inputs, Level 3 | Fair Value | Unsecured Debt | Term Loan
Debt Instrument [Line Items]
Long-term debt, fair value	301,578	303,457
Fair Value, Inputs, Level 3 | Fair Value | Unsecured Debt | Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, fair value	420,702	392,054
Fair Value, Inputs, Level 3 | Fair Value | Unsecured Debt | Line of Credit
Debt Instrument [Line Items]
Long-term debt, fair value	63,891	56,000
Fair Value, Inputs, Level 3 | Fair Value | Secured Debt | Mortgages
Debt Instrument [Line Items]
Long-term debt, fair value	$ 204,721	$ 237,327
Minimum | Fair Value, Inputs, Level 3 | Long-term Debt | Income Approach Valuation Technique
Debt Instrument [Line Items]
Fair Value Inputs, Discount Rate	1.67%	1.58%
Maximum | Fair Value, Inputs, Level 3 | Long-term Debt | Income Approach Valuation Technique
Debt Instrument [Line Items]
Fair Value Inputs, Discount Rate	3.89%	4.82%

Use of Derivative Financial I42

Use of Derivative Financial Instruments - Risk Management and Unsecured Loan Swaps (Details)	Jun. 30, 2016USD ($)
Interest Rate Swaps
Unsecured Term Loan Swaps
Notional amount	$ 300,000,000
Interest Rate Derivative, PNC Bank, October 10, 2012
Unsecured Term Loan Swaps
Notional amount	10,000,000
Fair value	$ (35,000)
Fixed Interest Rate (as a percent)	0.7945%
Interest Rate Derivative, Bank of America, October 10, 2012
Unsecured Term Loan Swaps
Notional amount	$ 10,000,000
Fair value	$ (35,000)
Fixed Interest Rate (as a percent)	0.7945%
Interest Rate Derivative, UBS AG, October 10, 2012
Unsecured Term Loan Swaps
Notional amount	$ 10,000,000
Fair value	$ (35,000)
Fixed Interest Rate (as a percent)	0.7945%
Interest Rate Derivative, Royal Bank of Canada, October 10, 2012
Unsecured Term Loan Swaps
Notional amount	$ 10,000,000
Fair value	$ (35,000)
Fixed Interest Rate (as a percent)	0.7945%
Interest Rate Derivative, RJ Capital Services, Inc, October 10, 2012, One
Unsecured Term Loan Swaps
Notional amount	$ 10,000,000
Fair value	$ (36,000)
Fixed Interest Rate (as a percent)	0.7975%
Interest Rate Derivative, Bank of America, October 10, 2012, Two
Unsecured Term Loan Swaps
Notional amount	$ 25,000,000
Fair value	$ (76,000)
Fixed Interest Rate (as a percent)	0.7525%
Interest Rate Derivative, RJ Capital Services, October 10, 2012, Two
Unsecured Term Loan Swaps
Notional amount	$ 25,000,000
Fair value	$ (68,000)
Fixed Interest Rate (as a percent)	0.727%
Interest Rate Derivative, Regions Bank, March 01, 2013
Unsecured Term Loan Swaps
Notional amount	$ 25,000,000
Fair value	$ (564,000)
Fixed Interest Rate (as a percent)	1.33%
Interest Rate Derivative, Capital One, June 01, 2013
Unsecured Term Loan Swaps
Notional amount	$ 50,000,000
Fair value	$ (1,753,000)
Fixed Interest Rate (as a percent)	1.681%
Interest Rate Derivative, Capital One, August 01, 2013
Unsecured Term Loan Swaps
Notional amount	$ 25,000,000
Fair value	$ (896,000)
Fixed Interest Rate (as a percent)	1.703%
Interest Rate Derivative, Regions Bank, February 03, 2014
Unsecured Term Loan Swaps
Notional amount	$ 25,000,000
Fair value	$ (1,156,000)
Fixed Interest Rate (as a percent)	1.9925%
Interest Rate Derivative, The Toronto-Dominion Bank, September 29, 2016
Unsecured Term Loan Swaps
Notional amount	$ 25,000,000
Fair value	$ (587,000)
Fixed Interest Rate (as a percent)	1.383%
Interest Rate Derivative, PNC Bank, September 29, 2016
Unsecured Term Loan Swaps
Notional amount	$ 50,000,000
Fair value	$ (1,188,000)
Fixed Interest Rate (as a percent)	1.3906%
Interest Rate Derivative, Regions Bank, September 29, 2016
Unsecured Term Loan Swaps
Notional amount	$ 35,000,000
Fair value	$ (830,000)
Fixed Interest Rate (as a percent)	1.3858%
Interest Rate Derivative, US Bank, September 29, 2016
Unsecured Term Loan Swaps
Notional amount	$ 25,000,000
Fair value	$ (598,000)
Fixed Interest Rate (as a percent)	1.395%
Interest Rate Derivative, Capital One, September 29, 2016
Unsecured Term Loan Swaps
Notional amount	$ 15,000,000
Fair value	$ (360,000)
Fixed Interest Rate (as a percent)	1.395%
Interest Rate Derivative, Royal Bank of Canada, March 20, 2015
Unsecured Term Loan Swaps
Notional amount	$ 25,000,000
Fair value	$ (1,031,000)
Fixed Interest Rate (as a percent)	1.709%
Interest Rate Derivative, The Toronto-Dominion Bank, March 20, 2015
Unsecured Term Loan Swaps
Notional amount	$ 25,000,000
Fair value	$ (1,031,000)
Fixed Interest Rate (as a percent)	1.7105%
Interest Rate Derivative, The Toronto-Dominion Bank, September 10, 2017
Unsecured Term Loan Swaps
Notional amount	$ 100,000,000
Fair value	$ (4,407,000)
Fixed Interest Rate (as a percent)	2.2255%
Interest Rate Derivative, Wells Fargo Bank, March 20, 2015
Unsecured Term Loan Swaps
Notional amount	$ 25,000,000
Fair value	$ (1,253,000)
Fixed Interest Rate (as a percent)	1.828%
Interest Rate Derivative, The Toronto-Dominion Bank, February 14, 2020
Unsecured Term Loan Swaps
Notional amount	$ 25,000,000
Fair value	$ (546,000)
Fixed Interest Rate (as a percent)	2.4535%
Interest Rate Derivative, Regions Bank, February 14, 2020
Unsecured Term Loan Swaps
Notional amount	$ 50,000,000
Fair value	$ (1,121,000)
Fixed Interest Rate (as a percent)	2.475%
Interest Rate Derivative, Capital One, February 14, 2020
Unsecured Term Loan Swaps
Notional amount	$ 50,000,000
Fair value	$ (1,167,000)
Fixed Interest Rate (as a percent)	2.53%

Use of Derivative Financial I43

Use of Derivative Financial Instruments - FV of Interest Rate Swaps (Details) - Interest Rate Swaps - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair value of the interest rate swaps outstanding
Notional amount assets	$ 0	$ 275,000
Fair value - assets	0	1,867
Notional amount liabilities	675,000	400,000
Fair Value - liabilities	$ (18,808)	$ (3,766)

Use of Derivative Financial I44

Use of Derivative Financial Instruments - Cash Flow Hedges and Contingent Features (Details) - Interest Rate Swaps $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)derivative	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)derivative	Jun. 30, 2015USD ($)
Cash Flow Hedges of Interest Rate Risk
Gain on Cash Flow Hedge Ineffectiveness	$ 0	$ 92	$ 0	$ 92
Additional amount reclassified from accumulated other comprehensive income (loss) as an increase to interest expense over the next twelve months	3,800		3,800
Amount of income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion)	(5,797)	3,695	(18,365)	(976)
Amount of loss reclassified from accumulated other comprehensive income (loss) into income (loss) as interest expense (effective portion)	729	926	1,474	1,592
Amount of gain (loss) recognized in interest expense (ineffective portion and amount excluded from effectiveness testing)	$ 0	$ 92	$ 0	$ 92
Credit-risk-related Contingent Features
Number of interest rate swaps in liability position | derivative	23		23
Fair values of the interest rate swaps in a net liability position	$ 19,600		$ 19,600
Value of adjustment for nonperformance risk related to net liability position	800		800
Termination value required to settle obligations under agreements	19,700		19,700
Accounts Payable, Accrued Expenses and Other Liabilities
Credit-risk-related Contingent Features
Accrued interest on interest rate swaps	$ 100		$ 100

Use of Derivative Financial I45

Use of Derivative Financial Instruments - FV on Recurring Basis (Details) - Interest Rate Swaps - Fair value on recurring basis - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets (liabilities):
Interest rate swaps-Asset	$ 0	$ 1,867
Interest rate swaps-Liability	(18,808)	(3,766)
Level 1
Assets (liabilities):
Interest rate swaps-Asset	0	0
Interest rate swaps-Liability	0	0
Level 2
Assets (liabilities):
Interest rate swaps-Asset	0	1,867
Interest rate swaps-Liability	(18,808)	(3,766)
Level 3
Assets (liabilities):
Interest rate swaps-Asset	0	0
Interest rate swaps-Liability	$ 0	$ 0

Equity - Preferred Stock (Detai

Equity - Preferred Stock (Details) - $ / shares	Aug. 01, 2016	Jun. 30, 2016	May 02, 2016	Mar. 31, 2016	Mar. 17, 2016	Feb. 22, 2016	Dec. 31, 2015	Oct. 22, 2015	Sep. 30, 2015	Jul. 21, 2015	Jun. 30, 2015	May 04, 2015	Mar. 31, 2015	Feb. 20, 2015	Jun. 30, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Preferred stock, shares authorized		15,000,000					10,000,000								15,000,000	10,000,000
Preferred stock, par value (in dollars per share)		$ 0.01					$ 0.01								$ 0.01	$ 0.01
Series B Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Dividends Per Share, Declared			$ 0.4140625			$ 0.4140625		$ 0.4140625		$ 0.4140625		$ 0.4140625		$ 0.4140625	0.828125	1.65625
Preferred Stock, Dividends, Per Share, Cash Paid		0.4140625		$ 0.4140625			0.4140625		$ 0.4140625		$ 0.4140625		$ 0.4140625		$ 0.828125	1.65625
Number of shares sold															2,800,000
Issue price (in dollars per share)		25													$ 25
Dividend rate (as a percent)															6.625%
Series B Preferred Stock | Non-recognized Subsequent Event
Class of Stock [Line Items]
Preferred Stock, Dividends Per Share, Declared	$ 0.4140625
Series C Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Dividends Per Share, Declared			0.49653												$ 0.49653
Preferred Stock, Dividends, Per Share, Cash Paid		0.49653													$ 0.49653
Preferred stock, par value (in dollars per share)					$ 0.01
Number of shares sold					3,000,000										3,000,000
Issue price (in dollars per share)		25			$ 25										$ 25
Dividend rate (as a percent)					6.875%										6.875%
Series C Preferred Stock | Non-recognized Subsequent Event
Class of Stock [Line Items]
Preferred Stock, Dividends Per Share, Declared	0.4296875
Series A Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Dividends Per Share, Declared			$ 0.5625			$ 0.5625		$ 0.5625		$ 0.5625		$ 0.5625		$ 0.5625	$ 1.125	2.25
Preferred Stock, Dividends, Per Share, Cash Paid		0.5625		$ 0.5625			$ 0.5625		$ 0.5625		$ 0.5625		$ 0.5625		$ 1.125	$ 2.25
Number of shares sold															2,760,000
Issue price (in dollars per share)		$ 25													$ 25
Dividend rate (as a percent)															9.00%
Series A Preferred Stock | Non-recognized Subsequent Event
Class of Stock [Line Items]
Preferred Stock, Dividends Per Share, Declared	$ 0.5625

Equity - Common Stock (Details)

Equity - Common Stock (Details) - USD ($)	Oct. 15, 2016	Sep. 15, 2016	Aug. 15, 2016	Aug. 01, 2016	Jul. 15, 2016	Jun. 15, 2016	May 16, 2016	May 02, 2016	Apr. 15, 2016	Mar. 15, 2016	Feb. 22, 2016	Feb. 16, 2016	Jan. 15, 2016	Dec. 15, 2015	Nov. 16, 2015	Oct. 22, 2015	Oct. 15, 2015	Sep. 15, 2015	Aug. 17, 2015	Jul. 21, 2015	Jul. 15, 2015	Jun. 15, 2015	May 15, 2015	May 04, 2015	Apr. 15, 2015	Mar. 16, 2015	Feb. 20, 2015	Feb. 17, 2015	Oct. 30, 2014	Jul. 29, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Class of Stock [Line Items]
Proceeds from sales of common stock																															$ 0	$ 71,827,000
Common Stock
Class of Stock [Line Items]
Dividend declared (in dollars per share)								$ 0.115833			$ 0.115833					$ 0.115833				$ 0.115				$ 0.115			$ 0.1125		$ 0.1125		$ 1.042497		$ 1.365
Dividends paid (in dollars per share)						$ 0.115833	$ 0.115833		$ 0.115833	$ 0.115833		$ 0.115833	$ 0.115	$ 0.115	$ 0.115		$ 0.115	$ 0.115	$ 0.115		$ 0.1125	$ 0.1125	$ 0.1125		$ 0.1125	$ 0.1125		$ 0.1125			$ 1.042497		$ 1.365
Common Stock | Scenario, Forecast
Class of Stock [Line Items]
Dividends paid (in dollars per share)	$ 0.115833	$ 0.115833	$ 0.115833		$ 0.115833
Common Stock | Non-recognized Subsequent Event
Class of Stock [Line Items]
Dividend declared (in dollars per share)				$ 0.115833
2016 $200 million ATM | Common Stock
Class of Stock [Line Items]
Maximum aggregate offering price under at-the-market program																															$ 200,000,000
Aggregate value of common stock available to be sold under the ATM																															200,000,000
2016 $200 million ATM | Common Stock | Non-recognized Subsequent Event
Class of Stock [Line Items]
Proceeds from sales of common stock																														$ 76,100,000
Net proceeds																														$ 75,000,000
2014 $200 million ATM | Common Stock
Class of Stock [Line Items]
Maximum aggregate offering price under at-the-market program																															200,000,000
Number of shares sold																																	2,661,403
Proceeds from sales of common stock																																	$ 57,571,000
Sales agents' fee																																	864,000
Net proceeds																																	$ 56,707,000
2014 $150 million ATM | Common Stock
Class of Stock [Line Items]
Maximum aggregate offering price under at-the-market program																															$ 150,000,000
Number of shares sold																																	795,000
Proceeds from sales of common stock																																	$ 17,321,000
Sales agents' fee																																	260,000
Net proceeds																																	$ 17,061,000
At The Market (ATM) Program | Common Stock
Class of Stock [Line Items]
Number of shares sold																															0		3,456,403
Proceeds from sales of common stock																																	$ 74,892,000
Sales agents' fee																																	1,124,000
Net proceeds																																	$ 73,768,000
At The Market (ATM) Program | Common Stock | Non-recognized Subsequent Event
Class of Stock [Line Items]
Number of shares sold																														3,201,500
Weighted Average | 2014 $200 million ATM | Common Stock
Class of Stock [Line Items]
Issue price (in dollars per share)																																	$ 21.63
Weighted Average | 2014 $150 million ATM | Common Stock
Class of Stock [Line Items]
Issue price (in dollars per share)																																	21.79
Weighted Average | At The Market (ATM) Program | Common Stock
Class of Stock [Line Items]
Issue price (in dollars per share)																																	$ 21.67

Equity - Restricted Stock (Deta

Equity - Restricted Stock (Details) - 2011 Equity Incentive Plan - Restricted stock $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)shares	Jun. 30, 2015USD ($)shares	Jun. 30, 2016USD ($)installment$ / sharesshares	Jun. 30, 2015USD ($)shares	Dec. 31, 2015$ / sharesshares
Shares
Unvested at beginning of period (in shares)			271,115	263,916	263,916
Granted (in shares)			101,289		94,290
Vested (in shares)	(14,410)	(14,657)	(98,746)	(72,185)	(72,185)
Forfeited (in shares)			(1,321)		(14,906)
Unvested at end of period (in shares)	272,337		272,337		271,115
Grant date fair value (in dollars per share) | $ / shares			$ 17.98		$ 26.17
Unrecognized compensation costs | $	$ 4,300		$ 4,300
Number of shares vested	14,410	14,657	98,746	72,185	72,185
Fair value of shares vested | $	$ 291	$ 326	$ 1,813	$ 1,751
Unrecognized compensation costs, period for recognition			2 years 4 months 13 days
Granted on January 8, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equal vesting installments | installment			4

Noncontrolling Interest (Detail

Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Noncontrolling interest
Noncontrolling interest ownership percentage	5.20%		5.20%		4.90%	3.60%
LTIP Units | 2011 Equity Incentive Plan
Summary of nonvested share-based compensation activity
Unvested at beginning of period (in shares)			534,910	448,887	448,887
Granted (in shares)			176,396		323,069
Vested (in shares)	(45,874)	(89,112)	(216,151)	(140,532)	(237,046)
Forfeited (in shares)			0		0
Unvested at end of period (in shares)	495,155		495,155		534,910
Fair value of shares vested	$ 1,092	$ 1,875	$ 4,181	$ 3,084
Noncontrolling Interest - Unit holders in Operating Partnership
Noncontrolling interest
Units outstanding, balance at beginning of period (in units)			3,525,977	2,431,849	2,431,849
Granted/Issued (in units)			176,396		1,187,352
Forfeitures (in units)			0		0
Conversions from LTIP units to Other Common Units (in units)					0
Redemptions from Other Common Units to common stock (in units)					(90,824)
Redemption of Other Common Units for cash (in units)					(2,400)
Units outstanding, balance at end of period (in units)	3,702,373		3,702,373		3,525,977
LTIP Units | Noncontrolling Interest - Unit holders in Operating Partnership
Noncontrolling interest
Units outstanding, balance at beginning of period (in units)			1,610,105	1,307,036	1,307,036
Granted/Issued (in units)			176,396		323,069
Forfeitures (in units)			0		0
Conversions from LTIP units to Other Common Units (in units)					(20,000)
Redemptions from Other Common Units to common stock (in units)					0
Redemption of Other Common Units for cash (in units)					0
Units outstanding, balance at end of period (in units)	1,786,501		1,786,501		1,610,105
Other Common Units | Noncontrolling Interest - Unit holders in Operating Partnership
Noncontrolling interest
Units outstanding, balance at beginning of period (in units)			1,915,872	1,124,813	1,124,813
Granted/Issued (in units)			0		864,283
Forfeitures (in units)			0		0
Conversions from LTIP units to Other Common Units (in units)					20,000
Redemptions from Other Common Units to common stock (in units)					(90,824)
Redemption of Other Common Units for cash (in units)					(2,400)
Units outstanding, balance at end of period (in units)	1,915,872		1,915,872		1,915,872

Noncontrolling Interest - LTIP

Noncontrolling Interest - LTIP Units Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)shares	Jun. 30, 2015USD ($)
Other Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit conversion ratio			1
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) | shares			1
General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 2,044	$ 1,900	$ 5,649	$ 3,747
Geoffrey G. Jervis | General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Salary, bonus and other benefits			1,500
LTIP Units | General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	1,098	$ 1,193	3,893	$ 2,330
2011 Equity Incentive Plan | LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 8,800		$ 8,800
Unrecognized compensation costs, period for recognition			2 years 8 months
2011 Equity Incentive Plan | LTIP Units | Geoffrey G. Jervis | General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation			$ 1,600
Awards vest over five years | 2011 Equity Incentive Plan | LTIP Units | Executive officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit conversion ratio			1
Awards vest over five years | 2011 Equity Incentive Plan | LTIP Units | Executive officers | Other Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			10 days
Grant Date January 8, 2016 | Awards vest over five years | 2011 Equity Incentive Plan | LTIP Units | Executive officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			4 years
Grant Date February 22, 2016 | Awards vest over three years | 2011 Equity Incentive Plan | LTIP Units | Executive officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			4 years
Awarded in 2015 | 2011 Equity Incentive Plan | LTIP Units | Geoffrey G. Jervis | General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation			$ 1,600

Noncontrolling Interest - FV As

Noncontrolling Interest - FV Assumptions (Details) - LTIP Units - 2011 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Assumptions
Units at issuance (in shares)	176,396	323,069
Grant Date February 22, 2016
Assumptions
Expected term	10 years
Expected volatility (as a percent)	22.00%
Expected dividend yield (as a percent)	6.00%
Risk-free interest rate (as a percent)	1.01%
Fair value of units at issuance	$ 277
Units at issuance (in shares)	18,386
Fair value share price per unit (in dollars per share)	$ 15.07
Grant Date January 8, 2016
Assumptions
Expected term	10 years
Expected volatility (as a percent)	22.00%
Expected dividend yield (as a percent)	6.00%
Risk-free interest rate (as a percent)	1.28%
Fair value of units at issuance	$ 2,254
Units at issuance (in shares)	135,546
Fair value share price per unit (in dollars per share)	$ 16.63
Grant Date January 6, 2016
Assumptions
Expected term	10 years
Expected volatility (as a percent)	22.00%
Expected dividend yield (as a percent)	6.00%
Risk-free interest rate (as a percent)	1.36%
Fair value of units at issuance	$ 390
Units at issuance (in shares)	22,464
Fair value share price per unit (in dollars per share)	$ 17.36

Equity Incentive Plan - Summary

Equity Incentive Plan - Summary (Details) - 2011 Equity Incentive Plan - Performance shares $ in Millions	Mar. 08, 2016USD ($)benchmark	Jun. 30, 2016USD ($)
Awarded in 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Measurement period for outperformance pool plan threshold	3 years
Number of benchmarks | benchmark	3
Allocation for Company TSR compared to industry peer group	25.00%
Allocation for Company TSR compared to size-based peer group	25.00%
Allocation for Company TSR compared to MSCI US REIT index	50.00%
Value of awards	$ 2.6
Unrecognized compensation costs		$ 2.4
Unrecognized compensation costs, period for recognition		2 years 10 months 20 days
Awarded in 2016 | Vest immediately after measurement period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percent	50.00%
Awarded in 2016 | Vest one year after measurement period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percent	50.00%
Vesting period (in years)	1 year
Awarded in 2016 | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of target units awarded	0.00%
Awarded in 2016 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of target units awarded	250.00%
Awarded in 2016 | Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility (as a percent)	23.00%
Risk-free interest rate (as a percent)	1.0849%
Expected dividend yield (as a percent)	6.00%
Awarded in 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs		$ 0.7
Unrecognized compensation costs, period for recognition		1 year 6 months

Equity Incentive Plan - Equity

Equity Incentive Plan - Equity Non-cash Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
2011 Equity Incentive Plan | Common Stock
Equity Incentive Plan
Number of days of average trailing stock price used to calculate number of shares of common stock granted			10 days
General and Administrative Expenses
Equity Incentive Plan
Share-based compensation	$ 2,044	$ 1,900	$ 5,649	$ 3,747
General and Administrative Expenses | Independent Director
Equity Incentive Plan
Share-based compensation	90	84	170	171
General and Administrative Expenses | Restricted stock
Equity Incentive Plan
Share-based compensation	534	492	1,092	984
General and Administrative Expenses | LTIP Units
Equity Incentive Plan
Share-based compensation	1,098	1,193	3,893	2,330
General and Administrative Expenses | LTIP Units | Geoffrey G. Jervis | 2011 Equity Incentive Plan
Equity Incentive Plan
Share-based compensation			1,600
General and Administrative Expenses | LTIP Units | Awarded in 2015 | Geoffrey G. Jervis | 2011 Equity Incentive Plan
Equity Incentive Plan
Share-based compensation			1,600
General and Administrative Expenses | Performance shares | Awarded in 2015
Equity Incentive Plan
Share-based compensation	116	131	235	262
General and Administrative Expenses | Performance shares | Awarded in 2016
Equity Incentive Plan
Share-based compensation	$ 206	$ 0	$ 259	$ 0

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Restricted stock
Antidilutive participating securities
Participating securities	275,426	286,280	280,442	288,269

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Numerator and Denominator (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator
Net income (loss) from continuing operations	$ (10,472)	$ (5,228)	$ 1,329	$ (6,655)
Less: preferred stock dividends	4,001	2,712	6,913	5,424
Less: amount allocated to participating securities	95	95	195	196
Less: loss attributable to noncontrolling interest after preferred stock dividends	(745)	(397)	(287)	(592)
Net loss attributable to common stockholders	$ (13,823)	$ (7,638)	$ (5,492)	$ (11,683)
Denominator
Weighted average common shares outstanding - basic and diluted (in shares)	67,910,361	65,285,388	67,899,789	64,788,561
Loss per share - basic and diluted (in dollars per share)	$ (0.20)	$ (0.12)	$ (0.08)	$ (0.18)

Commitments and Contingencies -

Commitments and Contingencies - Agreements (Details) - USD ($)	Dec. 31, 2015	Jun. 30, 2016
Business Acquisition, Contingent Consideration [Line Items]
Letters of credit outstanding		$ 3,500,000
Property Acquisition under Agreement with Columbus Nova | Incentive Fee
Business Acquisition, Contingent Consideration [Line Items]
Fair value of incentive fee	$ 0	$ 0
Property Acquisition under Agreement with Columbus Nova | Incentive Fee | Fair Value, Inputs, Level 3 | Market And Income Approach Valuation Technique | Contingent Consideration
Business Acquisition, Contingent Consideration [Line Items]
Fair Value Inputs, Discount Rate	9.50%	9.50%
Fair Value Inputs Exit Capitalization Rate	9.80%	9.80%

Uncategorized Items - stag-2016

Label	Element	Value
Noncash or Part Noncash Acquisition, Fixed Assets Acquired	us-gaap_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1	$ 174,000
stag_Additionstobuildingandbuildingimprovements	stag_Stag_Additionstobuildingandbuildingimprovements	0
stag_Additionstobuildingandbuildingimprovements	stag_Stag_Additionstobuildingandbuildingimprovements	$ 1,004,000