Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 14, 2017 | Jun. 30, 2016 | |
Document and Entity Information | |||
Entity Registrant Name | STAG Industrial, Inc. | ||
Entity Central Index Key | 1,479,094 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 1,618 | ||
Entity Common Stock, Shares Outstanding | 82,051,501 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Rental Property: | ||
Land | $ 272,162 | $ 228,919 |
Building and improvements, net of accumulated depreciation | 1,550,141 | 1,334,776 |
Intangible Assets, Net (Excluding Goodwill) | 294,533 | 276,272 |
Total rental property, net | 2,116,836 | 1,839,967 |
Cash and cash equivalents | 12,192 | 12,011 |
Restricted cash | 9,613 | 8,395 |
Tenant accounts receivable, net | 25,223 | 21,478 |
Prepaid expenses and other assets | 20,821 | 18,064 |
Interest rate swaps | 1,471 | 1,867 |
Total assets | 2,186,156 | 1,901,782 |
Liabilities: | ||
Unsecured credit facility | 28,000 | 56,000 |
Unsecured term loans | 446,608 | 296,618 |
Unsecured notes | 397,966 | 397,720 |
Mortgage notes | 163,565 | 229,910 |
Accounts payable, accrued expenses and other liabilities | 35,389 | 25,662 |
Interest rate swaps | 2,438 | 3,766 |
Tenant prepaid rent and security deposits | 15,195 | 14,628 |
Dividends and distributions payable | 9,728 | 8,234 |
Deferred leasing intangibles, net of accumulated amortization of $10,132 and $8,536, respectively | 20,341 | 11,387 |
Total liabilities | 1,119,230 | 1,043,925 |
Commitments and contingencies | ||
Equity: | ||
Common stock, par value $0.01 per share, 150,000,000 shares authorized, 72,460,009 and 68,077,333 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 804 | 681 |
Additional paid-in capital | 1,293,706 | 1,017,397 |
Common stock dividends in excess of earnings | (410,978) | (332,271) |
Accumulated other comprehensive loss | (1,496) | (2,350) |
Total stockholders’ equity | 1,027,036 | 822,457 |
Noncontrolling interest | 39,890 | 35,400 |
Total equity | 1,066,926 | 857,857 |
Total liabilities and equity | 2,186,156 | 1,901,782 |
Series A Preferred Stock | ||
Equity: | ||
Preferred stock | 0 | 69,000 |
Series B Preferred Stock | ||
Equity: | ||
Preferred stock | 70,000 | 70,000 |
Series C Preferred Stock [Member] | ||
Equity: | ||
Preferred stock | $ 75,000 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Building and building, accumulated amortization | $ 187,413 | $ 147,917 |
Deferred leasing intangibles assets, accumulated amortization | 237,456 | 200,758 |
Deferred leasing intangibles liabilities, accumulated amortization | $ 10,450 | $ 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 | 80,352,304 | 68,077,333 |
Common stock, shares outstanding | 80,352,304 | 68,077,333 |
Series A Preferred Stock | ||
Preferred stock, shares issued | 0 | 2,760,000 |
Preferred stock, shares outstanding | 0 | 2,760,000 |
Preferred stock, liquidation preference (in dollars per share) | $ 0 | $ 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 [Member] | ||
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 | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | |||
Rental income | $ 212,741 | $ 186,463 | $ 149,470 |
Tenant recoveries | 37,107 | 31,666 | 23,607 |
Other income | 395 | 504 | 739 |
Total revenue | 250,243 | 218,633 | 173,816 |
Expenses | |||
Property | 48,904 | 42,627 | 33,388 |
General and administrative | 33,395 | 28,750 | 26,396 |
Property acquisition costs | 4,567 | 4,757 | 4,390 |
Depreciation and amortization | 125,444 | 110,421 | 87,703 |
Loss on impairments | 16,845 | 29,272 | 2,840 |
Other expenses | 1,149 | 1,048 | 803 |
Total expenses | 230,304 | 216,875 | 155,520 |
Other income (expense) | |||
Interest Income, Deposits with Financial Institutions | 10 | 9 | 15 |
Interest expense | (42,923) | (36,098) | (25,109) |
Loss on extinguishment of debt | (3,261) | 0 | (686) |
Gain on sales of rental property | 61,823 | 4,986 | 2,799 |
Total other income (expense) | 15,649 | (31,103) | (22,981) |
Net income (loss) | 35,588 | (29,345) | (4,685) |
Less: loss attributable to noncontrolling interest after preferred stock dividends | 1,069 | (1,962) | (992) |
Net loss attributable to STAG Industrial, Inc. | 34,519 | (27,383) | (3,693) |
Less: preferred stock dividends | 13,897 | 10,848 | 10,848 |
Less: amount allocated to unvested restricted stockholders | 384 | 385 | 345 |
Net loss attributable to common stockholders | $ 20,238 | $ (38,616) | $ (14,886) |
Weighted Average Number of Shares Outstanding, Basic | 70,637,185 | 66,307,972 | 54,086,345 |
Weighted Average Number of Shares Outstanding, Diluted | 70,852,548 | 66,307,972 | 54,086,345 |
Loss per share - basic and diluted | |||
Income (loss) from continuing operations attributable to common stockholders (in dollars per share) | $ 0.29 | $ (0.58) | $ (0.28) |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.29 | $ (0.58) | $ (0.28) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 35,588 | $ (29,345) | $ (4,685) |
Other comprehensive income (loss): | |||
Income (loss) on interest rate swaps | 898 | (1,956) | (4,197) |
Other comprehensive income (loss) | 898 | (1,956) | (4,197) |
Comprehensive income (loss) | 36,486 | (31,301) | (8,882) |
Net loss attributable to noncontrolling interest after preferred stock dividends | (1,069) | 1,962 | 992 |
Other comprehensive (income) loss attributable to noncontrolling interest | (44) | 95 | 268 |
Comprehensive income (loss) attributable to STAG Industrial, Inc. | $ 35,373 | $ (29,244) | $ (7,622) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Series C Preferred Stock [Member] | Series A Preferred Stock | Preferred Stock | Common Stock | Additional Paid-in Capital | Common Stock Dividends in excess of Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | Total Stockholders' EquitySeries C Preferred Stock [Member] | Total Stockholders' EquitySeries A Preferred Stock | Noncontrolling Interest - Unit holders in Operating Partnership |
Balance at Dec. 31, 2013 | $ 674,564 | $ 139,000 | $ 447 | $ 577,039 | $ (116,877) | $ 3,440 | $ 603,049 | $ 71,515 | ||||
Balance (in shares) at Dec. 31, 2013 | 44,764,377 | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Proceeds from sales of common stock | 316,692 | $ 144 | 316,548 | 316,692 | ||||||||
Proceeds from sales of common stock (in shares) | 14,406,376 | |||||||||||
Offering costs | (8,899) | (8,899) | (8,899) | |||||||||
Issuance of restricted stock, net | $ 1 | (1) | ||||||||||
Issuance of restricted stock, net (in shares) | 101,412 | |||||||||||
Issuance of common stock (in shares) | 13,446 | |||||||||||
Issuance of equity pursuant to outperformance program | (475) | $ 1 | (1,491) | (1,490) | 1,015 | |||||||
Issuance of equity pursuant to outperformance program (in shares) | 43,657 | |||||||||||
Dividends and distributions, net | (86,700) | (10,848) | (71,491) | (82,339) | (4,361) | |||||||
Non-cash compensation | 7,279 | 1,924 | 1,924 | 5,355 | ||||||||
Redemption of common units to common stock | $ 51 | 54,681 | 54,732 | (54,732) | ||||||||
Redemption of common units to common stock (in shares) | 5,105,584 | |||||||||||
Redemption of operating partnership units for cash | (1,701) | (1,701) | ||||||||||
Rebalancing of noncontrolling interest | (11,550) | (11,550) | 11,550 | |||||||||
Other comprehensive income (loss) | (4,197) | (3,929) | (3,929) | (268) | ||||||||
Net income (loss) | (4,685) | 10,848 | (14,541) | (3,693) | (992) | |||||||
Balance at Dec. 31, 2014 | 891,878 | 139,000 | $ 644 | 928,251 | (202,909) | (489) | 864,497 | 27,381 | ||||
Balance (in shares) at Dec. 31, 2014 | 64,434,852 | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Proceeds from sales of common stock | 74,892 | $ 35 | 74,857 | 74,892 | ||||||||
Proceeds from sales of common stock (in shares) | 3,456,403 | |||||||||||
Offering costs | (1,229) | (1,229) | (1,229) | |||||||||
Issuance of restricted stock, net | $ 1 | (1) | ||||||||||
Issuance of restricted stock, net (in shares) | 79,384 | |||||||||||
Issuance of common stock (in shares) | 15,870 | |||||||||||
Dividends and distributions, net | (106,751) | (10,848) | (91,131) | (101,979) | (4,772) | |||||||
Non-cash compensation | 7,579 | 2,805 | 2,805 | 4,774 | ||||||||
Issuance of units | 22,853 | 22,853 | ||||||||||
Redemption of common units to common stock | $ 1 | 1,002 | 1,003 | (1,003) | ||||||||
Redemption of common units to common stock (in shares) | 90,824 | |||||||||||
Redemption of operating partnership units for cash | (64) | (64) | ||||||||||
Rebalancing of noncontrolling interest | 11,712 | 11,712 | (11,712) | |||||||||
Other comprehensive income (loss) | (1,956) | (1,861) | (1,861) | (95) | ||||||||
Net income (loss) | (29,345) | 10,848 | (38,231) | (27,383) | (1,962) | |||||||
Balance at Dec. 31, 2015 | 857,857 | 139,000 | $ 681 | 1,017,397 | (332,271) | (2,350) | 822,457 | 35,400 | ||||
Balance (in shares) at Dec. 31, 2015 | 68,077,333 | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Proceeds from sales of common stock | 282,669 | $ 75,000 | 75,000 | $ 121 | 282,548 | 282,669 | $ 75,000 | |||||
Proceeds from sales of common stock (in shares) | 3,000,000 | 12,090,038 | ||||||||||
Offering costs | (6,928) | (6,928) | (6,928) | |||||||||
Issuance of restricted stock, net | $ 1 | (1) | ||||||||||
Issuance of restricted stock, net (in shares) | 99,968 | |||||||||||
Issuance of common stock (in shares) | 16,473 | |||||||||||
Dividends and distributions, net | (118,933) | (13,897) | (99,329) | (113,226) | (5,707) | |||||||
Non-cash compensation | 9,775 | 3,691 | 3,691 | 6,084 | ||||||||
Stock Redeemed or Called During Period, Value | $ (69,000) | (69,000) | $ (69,000) | |||||||||
Redemption of common units to common stock | $ 1 | 616 | 617 | (617) | ||||||||
Redemption of common units to common stock (in shares) | 68,492 | |||||||||||
Rebalancing of noncontrolling interest | (3,617) | (3,617) | 3,617 | |||||||||
Other comprehensive income (loss) | 898 | 854 | 854 | 44 | ||||||||
Net income (loss) | 35,588 | 13,897 | 20,622 | 34,519 | 1,069 | |||||||
Balance at Dec. 31, 2016 | $ 1,066,926 | $ 145,000 | $ 804 | $ 1,293,706 | $ (410,978) | $ (1,496) | $ 1,027,036 | $ 39,890 | ||||
Balance (in shares) at Dec. 31, 2016 | 80,352,304 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 35,588 | $ (29,345) | $ (4,685) |
Adjustment to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 125,444 | 110,421 | 87,703 |
Loss on impairments | 16,845 | 29,272 | 2,840 |
Non-cash portion of interest expense | 1,632 | 1,262 | 1,337 |
Intangible amortization in rental income, net | 6,213 | 8,526 | 6,253 |
Straight-line rent adjustments, net | (1,817) | (3,134) | (3,347) |
Restricted Stock Award, Forfeitures, Dividends | 3 | 25 | 128 |
Loss on extinguishment of debt | 3,261 | 0 | 686 |
Gain on sales of rental property | (61,823) | (4,986) | (2,799) |
Non-cash compensation expense | 9,729 | 7,578 | 7,314 |
Change in assets and liabilities: | |||
Tenant accounts receivable, net | (1,435) | (1,334) | 435 |
Restricted cash | (365) | (40) | (127) |
Prepaid expenses and other assets | (4,580) | (3,155) | (2,588) |
Accounts payable, accrued expenses and other liabilities | 6,161 | 3,469 | 1,018 |
Tenant prepaid rent and security deposits | 567 | 3,148 | 2,508 |
Total adjustments | 99,835 | 151,052 | 101,361 |
Net cash provided by operating activities | 135,423 | 121,707 | 96,676 |
Cash flows from investing activities: | |||
Acquisitions of land and buildings and improvements | (377,559) | (291,949) | (333,983) |
Additions of land and building improvements | (30,485) | (16,329) | (11,891) |
Acquisitions of other assets | (158) | (565) | 0 |
Proceeds from sale of rental property, net | 152,079 | 22,163 | 12,980 |
Restricted cash | (853) | (1,449) | 27 |
Acquisition deposits, net | (560) | 1,420 | (2,020) |
Additions to lease intangibles | (89,576) | (85,329) | (86,826) |
Net cash used in investing activities | (347,112) | (372,038) | (421,713) |
Cash flows from financing activities: | |||
Proceeds from sale of Series C Preferred stock | 75,000 | 0 | 0 |
Redemption of Series A Preferred Stock | (69,000) | 0 | 0 |
Redemption of common units for cash | 0 | (64) | (1,701) |
Proceeds from unsecured credit facility | 513,000 | 300,750 | 426,500 |
Repayment of unsecured credit facility | (541,000) | (375,750) | (376,000) |
Proceeds from unsecured term loans | 150,000 | 150,000 | 200,000 |
Repayment of unsecured term loans | 0 | 0 | (300,000) |
Proceeds from unsecured notes | 0 | 220,000 | 180,000 |
Repayment of mortgage notes | (70,444) | (20,571) | (4,463) |
Settlement of forward swap contracts | 0 | 0 | (358) |
Payment of loan fees and costs | (715) | (3,672) | (4,431) |
Payments of Debt Extinguishment Costs | (3,278) | 0 | 0 |
Dividends and distributions | (117,441) | (105,892) | (84,640) |
Proceeds from sales of common stock | 282,669 | 74,892 | 316,692 |
Offering costs | (6,921) | (1,229) | (8,899) |
Withholding taxes for net settlement of outperformance program | 0 | 0 | (475) |
Net cash provided by financing activities | 211,870 | 238,464 | 342,225 |
Increase (decrease) in cash and cash equivalents | 181 | (11,867) | 17,188 |
Cash and cash equivalents-beginning of period | 12,011 | 23,878 | 6,690 |
Cash and cash equivalents-end of period | 12,192 | 12,011 | 23,878 |
Supplemental disclosure: | |||
Cash paid for interest | 39,367 | 32,440 | 22,675 |
Supplemental schedule of non-cash investing and financing activities | |||
Issuance of units for acquisitions of land and building and improvements and deferred leasing intangibles | 0 | (22,853) | 0 |
Contingent consideration for acquisition of land and building and improvements | 0 | (216) | 0 |
Contingent consideration for acquisition of deferred leasing intangibles | 0 | (84) | 0 |
Contingent consideration liability acquired | 0 | 300 | 0 |
Contribution of Property | 1,175 | 565 | 0 |
Transfer of other assets to building and other capital improvements | (3,572) | (38,339) | (3,743) |
Transfer of other assets to building and other capital improvements | 0 | (565) | 0 |
Acquisitions of deferred leasing intangibles | (1,008) | (11,199) | (593) |
Partial Disposal of Building Due to Involuntary Conversion | 779 | 0 | 0 |
Investing Other Receivables Due to Involuntary Conversion | (779) | 0 | 0 |
Change in additions of land and building and improvements included in accounts payable, accrued expenses, and other liabilities | (1,455) | (182) | (1,716) |
Capital Expenditures Incurred Through Issuance of Non-Cash Compensation | (18) | 0 | 0 |
Assumption of mortgage notes | 4,037 | 26,267 | 4,198 |
Noncash or Part Noncash Acquisition, Net Nonmonetary Assets Acquired (Liabilities Assumed) | 75 | 418 | 138 |
Change in loan fees and costs and offering costs included in accounts payable, accrued expenses, and other liabilities | 26 | 24 | (84) |
Dividends and distributions declared but not paid | $ 9,728 | $ 8,234 | $ 7,355 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 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 December 31, 2016 and December 31, 2015 , the Company owned a 95.7% 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 December 31, 2016 , the Company owned 314 buildings in 37 states with approximately 60.9 million rentable square feet (square feet unaudited herein and throughout Notes), consisting of 243 warehouse/distribution buildings, 54 light manufacturing buildings, 16 flex/office buildings, and one building in redevelopment. The Company’s buildings were approximately 94.7% leased to 275 tenants as of December 31, 2016 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies 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. Revision of Previously Reported Consolidated Financial Statements In connection with the preparation of the Company's consolidated financial statements for the year ended December 31, 2016, the Company identified an error in the estimated useful life of a building acquired in the fourth quarter of 2014. As a result of the error, depreciation expense had been overstated and thereby rental property, net and equity were understated. The Company concluded that the amounts were not material to any of its previously issued consolidated financial statements. Accordingly, the Company revised these balances in the accompanying consolidated financial statements as of and for the years ended December 31, 2015 and December 31, 2014 as outlined below. These adjustments do not impact the Company’s cash balances for any of the reporting periods. The effects of this revision to the consolidated financial statements are as follows (in thousands, except for per share data). Effect of Revision As of and For the Year Ended December 31, 2015 As Previously Reported Adjustment As Revised Consolidated Balance Sheet, December 31, 2015 Building and improvements, net of accumulated depreciation $ 1,332,298 $ 2,478 $ 1,334,776 Total assets (1) $ 1,899,304 $ 2,478 $ 1,901,782 Total equity $ 855,379 $ 2,478 $ 857,857 Consolidated Statement of Operations, Year Ended December 31, 2015 Depreciation and amortization $ 112,545 $ (2,124 ) $ 110,421 Total expenses $ 218,999 $ (2,124 ) $ 216,875 Net loss $ (31,469 ) $ 2,124 $ (29,345 ) Net loss attributable to STAG Industrial, Inc. $ (29,403 ) $ 2,020 $ (27,383 ) Net loss attributable to common stockholders $ (40,636 ) $ 2,020 $ (38,616 ) Loss per share attributable to common stockholders — basic and diluted $ (0.61 ) $ 0.03 $ (0.58 ) Consolidated Statement of Comprehensive Income (Loss), Year Ended December 31, 2015 Comprehensive loss $ (33,425 ) $ 2,124 $ (31,301 ) (1) The as previously reported balance for total assets has been retrospectively adjusted to include the effect of the change in accounting principle for the adoption of ASU 2015-03, as discussed in "New Accounting Pronouncements" below. Effect of Revision As of and For the Year Ended December 31, 2014 As Previously Reported Adjustment As Revised Consolidated Balance Sheet, December 31, 2014 Total assets (1) $ 1,623,448 $ 354 $ 1,623,802 Total equity $ 891,524 $ 354 $ 891,878 Consolidated Statement of Operations, Year Ended December 31, 2014 Depreciation and amortization $ 88,057 $ (354 ) $ 87,703 Total expenses $ 155,874 $ (354 ) $ 155,520 Net loss $ (5,039 ) $ 354 $ (4,685 ) Net loss attributable to STAG Industrial, Inc. $ (4,025 ) $ 332 $ (3,693 ) Net loss attributable to common stockholders $ (15,218 ) $ 332 $ (14,886 ) Loss per share attributable to common stockholders — basic and diluted $ (0.28 ) $ — $ (0.28 ) Consolidated Statement of Comprehensive Income (Loss), Year Ended December 31, 2014 Comprehensive loss $ (9,236 ) $ 354 $ (8,882 ) (1) The as previously reported balance for total assets has been retrospectively adjusted to include the effect of the change in accounting principle for the adoption of ASU 2015-03, as discussed in "New Accounting Pronouncements" below. New Accounting Pronouncements In January of 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The new standard removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This standard is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted for interim or goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of ASU 2017-04 is not expected to materially impact the Company’s consolidated financial statements. In January of 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The new standard provides a screen to determine when a set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired or disposed of is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This standard is effective for annual periods beginning after December 15, 2017 and interim periods within those periods, with early adoption permitted, and should be applied prospectively on or after the effective date. Upon the adoption of ASU 2017-01, it is expected that the majority of the Company's acquisitions will be accounted for as asset acquisitions, whereas under the current guidance the majority of the Company's acquisitions have been accounted for as business combinations. The most significant difference between the two accounting models that will impact the Company's consolidated financial statements is that in an asset acquisition, property acquisition costs are generally a component of the consideration transferred to acquire a group of assets and are capitalized as a component of the cost of the assets, whereas in a business combination, property acquisition costs are expensed and not included as part of the consideration transferred. The Company plans to adopt this standard effective January 1, 2018. In November of 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . The new standard requires that the statement of cash flows explain the changes during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This standard is effective for fiscal years beginning after December 15, 2017 and interim periods within those years, with early adoption permitted, and should be applied using a retrospective transition method to each period presented. Upon the adoption of ASU 2016-18, the Company will reconcile both cash and cash equivalents and restricted cash in the accompanying Statements of Cash Flows, whereas under the current guidance the Company explains the changes during the period for cash and cash equivalents only. In August of 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which provides clarified guidance on the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. This standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those years, with early adoption permitted. The Company has elected to early adopt this standard effective July 1, 2016, and the effects of this standard were applied retrospectively to all prior periods presented. The effect of the change in accounting principle was an increase in net cash provided by operating activities of approximately $2.0 million for the six months ended June 30, 2016 and a corresponding increase in net cash used in financing activities for the six months ended June 30, 2016 related to the payment of loan prepayment fees and costs. In March of 2016, the FASB issued 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 flows. 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). Topic 842 supersedes the previous leases standard, Topic 840, Leases . 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, which will result in the recording of a right of use asset and the related lease liability. 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, and expects to adopt the standard effective January 1, 2019. 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 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 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 Company adopted this standard effective for the annual period ended December 31, 2016 and this standard did not have a material effect on the 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. While lease contracts with customers, which constitute a vast majority of the Company's revenues, are a specific scope exception, certain of the Company's revenue streams may be impacted by the new guidance. Once the new guidance setting forth principles for the recognition, measurement, presentation and disclosure of leases (ASU 2016-02, as discussed above) goes into effect, the new revenue standard may apply to executory costs and other components of revenue due under leases that are deemed to be non-lease components (such as common area maintenance and provision of utilities), even when the revenue for such activities is not separately stipulated in the lease. In that case, revenue from these items previously recognized on a straight-line basis under current lease guidance would be recognized under the new revenue guidance as the related services are delivered. As a result, while the total revenue recognized over time would not differ under the new guidance, the recognition pattern would be different. The Company is in the process of evaluating the significance of the difference in the recognition pattern that would result from this change. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. The Company has not decided which method of adoption it will use. 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, and expects that it will adopt the standard effective January 1, 2018. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Rental Property and Deferred Leasing Intangibles Rental property is carried at cost less accumulated depreciation and amortization. Expenditures for maintenance and repairs are expensed as incurred. Significant renovations and betterments that extend the economic useful lives of assets are capitalized. 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 project 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. For properties classified as held for sale, the Company ceases depreciating and amortizing the rental property and values the rental property at the lower of depreciated and amortized cost or fair value, less costs to dispose. The Company presents those properties classified as held for sale with any qualifying assets and liabilities associated with those properties as held for sale in the accompanying Consolidated Balance Sheets. The Company allocates the purchase price of business combinations of properties based upon the fair value of the assets and liabilities acquired, which generally consist of land, buildings, tenant improvements, mortgage debt assumed, and deferred leasing intangibles, which includes in-place leases, above market and below market leases, and tenant relationships. The portion of the purchase price that is allocated to above and below market leases is valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease term plus the term of any bargain renewal options. The above and below market lease values are amortized into rental income over the remaining term plus the terms of bargain renewal options or assumed exercise of early termination options of the respective leases. The purchase price is further allocated to in-place lease values and tenant relationships based on the Company's evaluation of the specific characteristics of each tenant’s lease and its overall relationship with the respective tenant. The value of in-place lease intangibles and tenant relationships, which are included as components of deferred leasing intangibles, are amortized over the remaining lease term (and expected renewal periods of the respective lease for tenant relationships or assumed exercise of early termination options for in-place lease intangibles) as increases or decreases to depreciation and amortization expense. If a tenant terminates its lease, the unamortized portion of above and below market leases is accelerated into rental income and the in-place lease value and tenant relationships are accelerated into depreciation or amortization expense over the shortened lease term. The purchase price allocated to deferred leasing intangible assets are included in rental property on the accompanying Consolidated Balance Sheets and the purchase price allocated to deferred leasing intangible liabilities are included in deferred leasing intangibles on the accompanying Consolidated Balance Sheets under the liabilities section. In determining the fair value of the debt assumed, the Company discounts the spread between the future contractual interest payments and hypothetical future interest payments on mortgage debt based on a current market rate. The associated fair market value debt adjustment is amortized through interest expense over the life of the debt on a basis which approximates the effective interest method. Using information available at the time of acquisition, the Company allocates the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. The Company may adjust the preliminary purchase price allocations after obtaining more information about asset valuations and liabilities assumed. The Company evaluates the carrying value of all tangible and intangible rental property assets held for use for possible impairment when an event or change in circumstance has occurred that indicates their carrying value may not be recoverable. The evaluation includes estimating and reviewing anticipated future undiscounted cash flows to be derived from the asset and the ultimate sale of the asset. If such cash flows are less than the asset’s carrying value, an impairment charge is recognized to the extent by which the asset’s carrying value exceeds the estimated fair value. Estimating future cash flows is highly subjective and such estimates could differ from actual results. Depreciation and amortization expense is computed using the straight-line method based on the following lives. Building 40 Years Building and land improvements Up to 20 years Tenant improvements Shorter of useful life or terms of related lease Above and below market leases and other deferred leasing intangibles Terms of the related lease plus terms of bargain renewal options or assumed exercise of early termination options Tenant relationships Terms of the related lease plus estimated renewal period Assumed debt fair value premium/discount Terms of the related loan Fully depreciated or amortized assets or liabilities and the associated accumulated depreciation or amortization are written-off. The Company wrote-off tenant improvements, deferred leasing intangible assets, and deferred leasing intangible liabilities of $2.6 million , $17.9 million , $0 , respectively, for the year ended December 31, 2016 and $1.2 million , $10.3 million , $0.8 million , respectively, for the year ended December 31, 2015 . Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less. The Company maintains cash and cash equivalents in United States banking institutions that may exceed amounts insured by the Federal Deposit Insurance Corporation. While the Company monitors the cash balances in its operating accounts, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts, and mitigates this risk by using nationally recognized banking institutions. Restricted Cash Restricted cash may include tenant security deposits and cash held in escrow for real estate taxes and capital improvements as required in various mortgage loan agreements. Restricted cash also may include amounts held by the Company’s transfer agent for preferred stock dividends that are distributed subsequent to period end. 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 December 31, 2016 and December 31, 2015 , the Company had an allowance for doubtful accounts of approximately $0.2 million and $0.1 million , respectively. The Company accrues rental income earned, but not yet receivable, in accordance with GAAP. As of December 31, 2016 and December 31, 2015 , the Company had accrued rental income of approximately $18.4 million and $16.1 million , respectively. The Company maintains an allowance for estimated losses that may result from those revenues. As of December 31, 2016 and December 31, 2015 , the Company had an allowance on accrued rental income of $0 and $0 , respectively. As of December 31, 2016 and December 31, 2015 , the Company had approximately $9.0 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 December 31, 2016 and December 31, 2015 , the Company had approximately $5.4 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 December 31, 2016 and December 31, 2015 , the Company's total liability associated with these lease security deposits was approximately $5.8 million and $4.5 million , respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets. Deferred Costs Deferred financing fees and debt issuance costs include costs incurred in obtaining debt that are capitalized and are presented as a direct deduction from the carry amount of the associated debt liability that is not a line-of-credit arrangement on the accompanying Consolidated Balance Sheets. Deferred financing fees and debt issuance costs related to line-of-credit arrangements are presented as an asset in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The deferred financing fees and debt issuance costs are amortized through interest expense over the life of the respective loans on a basis which approximates the effective interest method. Any unamortized amounts upon early repayment of debt are written off in the period of repayment as a loss on extinguishment of debt. Fully amortized deferred financing fees and debt issuance costs are removed from the books upon maturity of the underlying debt. Leasing commissions include commissions, compensation costs of leasing personnel, and other direct and incremental costs incurred to obtain new tenant leases as well as to renew existing tenant leases, and are presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. Leasing commission are capitalized and amortized over the terms of the related leases (and bargain renewal terms or assumed exercise of early termination options) using the straight-line method. If a lease terminates prior to the expiration of its initial term, any unamortized costs related to the lease are accelerated into amortization expense. Changes in leasing commissions are presented in the cash flows from operating activities section of the accompanying Consolidated Statements of Cash Flows. Goodwill The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill of the Company of $4.9 million represents amounts allocated to the assembled workforce from the acquired management company, and is presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The Company’s goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis at December 31, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company takes a qualitative approach to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. The Company has recorded no impairments to goodwill through December 31, 2016 . Use of Derivative Financial Instruments The Company records all derivatives on the accompanying Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. In accordance with fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting arrangements on a net basis by counterparty portfolio. Credit risk is the risk of failure of the counterparty to perform under the terms of the contract. The Company minimizes the credit risk in the interest rate swaps by entering into transactions with various high-quality counterparties. The Company’s exposure to credit risk at any point is generally limited to amounts recorded as assets on the accompanying Consolidated Balance Sheets. Fair Value of Financial Instruments Financial instruments include cash and cash equiva |
Rental Property
Rental Property | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Real Estate | Rental Property The following table summarizes the components of rental property, net as of December 31, 2016 and December 31, 2015 . Rental Property, net (in thousands) December 31, 2016 December 31, 2015 Land $ 272,162 $ 228,919 Buildings, net of accumulated depreciation of $125,971 and $101,819, respectivel y 1,408,406 1,234,838 Tenant improvements, net of accumulated depreciation of $28,388 and $26,283, respectively 24,974 23,586 Building and land improvements, net of accumulated depreciation of $33,054 and $19,815, respectivel y 107,463 74,694 Construction in progress 9,298 1,658 Deferred leasing intangibles, net of accumulated amortization of $237,456 and $200,758, respectively 294,533 276,272 Total rental property, net $ 2,116,836 $ 1,839,967 Acquisitions The following tables summarize the acquisitions of the Company during the years ended December 31, 2016 and December 31, 2015 . Year ended December 31, 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 Columbia, SC 185,600 1 7,300 Graniteville, SC 450,000 1 15,675 Fountain Inn, SC 168,087 1 7,025 Langhorne, PA 217,000 2 11,250 Warren, MI 268,000 1 18,700 New Castle, DE 485,987 1 27,500 Westborough, MA 121,700 1 7,885 Cedar Hill, TX 420,000 1 19,100 Forest Park, GA 799,200 2 24,915 Rock Hill, SC 315,520 1 9,850 Gardiner, ME 265,000 1 16,800 Three months ended September 30, 2016 3,696,094 13 166,000 Langhorne, PA 172,647 1 9,500 Grove City, OH 175,512 1 5,400 Olathe, KS 496,373 1 23,194 Houston, TX 223,599 1 13,444 Itasca, IL 202,000 1 20,641 Kenosha, WI 175,052 1 5,975 Oklahoma City, OK 80,400 1 3,400 San Antonio, TX 247,861 1 12,050 Wood Dale, IL 137,607 1 8,565 Hartland, WI 121,050 1 7,400 Earth City, MO 116,783 1 5,450 Spartanburg, SC 572,038 1 20,762 West Columbia, SC 119,852 1 5,725 West Chicago, IL 305,874 5 10,400 DeForest, WI 254,431 1 7,800 Montgomery, AL 332,000 1 8,750 West Chester, OH 269,868 1 11,150 West Columbia, SC 176,400 1 11,850 Brooklyn Park, MN 200,720 1 20,532 East Windsor, CT 126,111 1 7,725 Three months ended December 31, 2016 4,506,178 24 219,713 Year ended December 31, 2016 10,302,665 47 $ 471,798 Year ended December 31, 2015 Location of Property Square Feet Buildings Purchase Price (in thousands) Burlington, NJ 503,490 1 $ 34,883 Greenville, SC 157,500 1 4,800 North Haven, CT 824,727 3 57,400 Three months ended March 31, 2015 1,485,717 5 97,083 Plymouth, MI 125,214 1 6,000 Oakwood Village, OH 75,000 1 4,398 Stoughton, MA 250,213 2 10,675 Oklahoma City, OK 223,340 1 12,135 Clinton, TN 166,000 1 5,000 Knoxville, TN 108,400 1 4,750 Fairborn, OH 258,680 1 9,100 El Paso, TX 126,456 1 9,700 Phoenix, AZ 102,747 1 9,500 Charlotte, NC 123,333 1 7,500 Machesney Park, IL 80,000 1 5,050 Three months ended June 30, 2015 1,639,383 12 83,808 Macedonia, OH 201,519 1 12,192 Novi, MI 125,060 1 8,716 Grand Junction, CO 82,800 1 5,254 Tulsa, OK 175,000 1 13,000 Chattanooga, TN 646,200 3 21,160 Libertyville, IL 287,102 2 11,121 Greer, SC 290,000 4 9,025 Piedmont, SC 400,000 3 12,000 Belvidere, IL 100,000 1 5,938 Conyers, GA 201,403 1 9,880 Three months ended September 30, 2015 2,509,084 18 108,286 Durham, NC 80,600 1 4,200 Charlotte, NC 124,680 1 5,423 Shreveport, LA 420,259 1 11,000 Dayton, OH 205,761 1 8,803 West Allis, WI 241,977 4 9,900 Loudon, TN 104,000 1 5,375 Garland, TX 164,914 1 7,600 Laurens, SC 125,000 1 5,535 Lancaster, PA 240,529 1 9,350 Grand Rapids, MI 301,317 1 9,400 Burlington, NJ 1,048,631 1 61,500 Three months ended December 31, 2015 3,057,668 14 138,086 Year ended December 31, 2015 8,691,852 49 $ 427,263 The following table summarizes the allocation of the consideration paid at the date of acquisition during the years ended December 31, 2016 and December 31, 2015 , respectively, for the acquired assets and liabilities in connection with the acquisitions identified in the tables above. Year ended December 31, 2016 Year ended December 31, 2015 Acquired Assets and Liabilities Purchase price (in thousands) Weighted average amortization period (years) of intangibles at acquisition Purchase price (in thousands) Weighted average amortization period (years) of intangibles at acquisition Land $ 59,630 N/A $ 45,117 N/A Buildings 283,758 N/A 256,970 N/A Tenant improvements 8,670 N/A 7,705 N/A Building and land improvements 29,073 N/A 20,712 N/A Deferred leasing intangibles - In-place leases 62,533 8.2 58,109 5.6 Deferred leasing intangibles - Tenant relationships 30,446 10.4 31,390 8.0 Deferred leasing intangibles - Above market leases 10,576 9.2 11,135 7.3 Deferred leasing intangibles - Below market leases (12,971 ) 8.5 (4,022 ) 5.2 Above market assumed debt adjustment (75 ) 7.2 (418 ) 1.4 Other assets 158 N/A 565 N/A Total purchase price 471,798 427,263 Less: Mortgage notes assumed (4,037 ) (26,267 ) Less: Contingent consideration — (300 ) (1) Net assets acquired $ 467,761 $ 400,696 (1) In connection with the acquisition of the property located in West Allis, WI, the Company withheld $0.3 million that was otherwise due and payable to the seller. Under the terms of the purchase and sale agreement, the Company will pay the full amount to the seller by December 4, 2020, subject to the performance of the tenant under the in-place lease agreement. On September 29, 2016, the Company assumed a mortgage note of approximately $4.0 million in connection with the acquisition of the property located in Rock Hill, SC. On September 29, 2015, the Company assumed a mortgage note of approximately $5.7 million in connection with the acquisition of the property located in Conyers, GA. On June 25, 2015, the Company assumed a mortgage note of approximately $4.9 million in connection with the acquisition of the property located in Charlotte, NC. For a discussion of the method used to determine the fair value of the mortgage notes, see Note 4. On January 22, 2015, the Company acquired a property located in Burlington, NJ for approximately $34.9 million . As consideration for the property acquired, the Company (i) granted 812,676 Other Common Units with a fair value of approximately $21.9 million , (ii) paid approximately $1.2 million in cash, (iii) and assumed an approximately $11.8 million mortgage note. The mortgage note was paid in full immediately subsequent to the acquisition. On December 11, 2015, the Company acquired a property located in Laurens, SC for approximately $5.5 million . As consideration for the property acquired, the Company (i) granted 51,607 Other Common Units with a fair value of approximately $1.0 million , (ii) paid approximately $0.6 million in cash, (iii) and assumed an approximately $3.9 million mortgage note. The mortgage note was paid in full immediately subsequent to the acquisition. For a discussion of the method used to determine the fair value of the Other Common Units issued, see Note 7. The table below sets forth the results of operations for the years ended December 31, 2016 and December 31, 2015 for the properties acquired during the years ended December 31, 2016 and December 31, 2015 , respectively, included in the Company’s Consolidated Statements of Operations from the date of acquisition. Results of Operations (in thousands) Year ended December 31, 2016 Year ended December 31, 2015 Revenue $ 13,105 $ 17,879 Property acquisition costs $ 4,386 $ 4,382 Net loss $ 3,560 $ 3,052 The following tables set forth pro forma information for the years ended December 31, 2016 and December 31, 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) Year ended December 31, 2016 Total revenue $ 277,811 Net income $ 46,139 (2) Net income attributable to common stockholders $ 30,269 Pro Forma (in thousands) (3) Year ended December 31, 2015 Total revenue $ 282,235 Net loss $ 42,617 (2) Net loss attributable to common stockholders $ 53,850 (1) The unaudited pro forma information for the year ended December 31, 2016 is presented as if the properties acquired during the year ended December 31, 2016 had occurred at January 1, 2015 , the beginning of the reporting period prior to acquisition. (2) The net loss for the year ended December 31, 2016 excludes approximately $4.4 million of property acquisition costs related to the acquisition of buildings that closed during the year ended December 31, 2016 , and the net loss for the year ended December 31, 2015 was adjusted to include these acquisition costs. Net loss for the year ended December 31, 2015 excludes approximately $4.4 million of property acquisition costs related to the acquisition of buildings that closed during the year ended December 31, 2015 . (3) The unaudited pro forma information for the year ended December 31, 2015 is presented as if the properties acquired during the year ended December 31, 2016 and the properties acquired during the year ended December 31, 2015 had occurred at January 1, 2015 and January 1, 2014 , respectively, the beginning of the reporting period prior to acquisition. Dispositions During the year ended December 31, 2016 , the Company sold 24 buildings comprised of approximately 4.2 million square feet with a net book value of approximately $90.3 million to third parties. These buildings contributed approximately $11.2 million to revenue (exclusive of termination income and acceleration of straight line rent) and approximately $1.3 million to net income (exclusive of termination income, acceleration of straight line rent, loss on impairments, loss on extinguishment of debt, and gain on the sales of rental property, net) for the year ended December 31, 2016 . Net proceeds from the sales of rental property were approximately $152.1 million and the Company recognized a gain on the sales of rental property, net of approximately $61.8 million for the year ended December 31, 2016 . All of the dispositions were accounted for under the full accrual method. During the year ended December 31, 2015 , the Company sold six buildings comprised of approximately 0.8 million square feet with a net book value of approximately $17.2 million to third parties. These buildings contributed approximately $2.0 million to revenue (exclusive of termination income and acceleration of straight line rent and above market rent) and approximately $0.8 million to net income (exclusive of loss on impairments, gain on the sales of rental property, net, termination income, and acceleration of straight line rent and lease intangibles) for the year ended December 31, 2015 . Net proceeds from the sales of rental property were approximately $22.2 million and the Company recognized a gain on the sales of rental property, net of approximately $5.0 million for the year ended December 31, 2015 . All of the dispositions were accounted for under the full accrual method. During the year ended December 31, 2014 , the Company sold four buildings comprised of approximately 0.4 million square feet with a net book value of approximately $10.2 million to third parties. These buildings contributed approximately $1.2 million to revenue (exclusive of termination income and acceleration of straight line rent and above market rent) and approximately $0.2 million to net income (exclusive of gain on the sales of rental property, net, loss on impairments, termination income and acceleration of straight line rent and above market rent) for the year ended December 31, 2014 . Net proceeds from the sales of rental property were approximately $13.0 million and the Company recognized a gain on the sales of rental property, net of approximately $2.8 million for the year ended December 31, 2014 . All of the dispositions were accounted for under the full accrual method. Loss on Impairments The Company regularly reviews its portfolio and identifies properties for potential disposition. The Company reviews its current properties for disposition to realize value created in the portfolio and enhance the quality of the portfolio by disposing of underperforming assets. As a result of this regular review, several properties were tested for impairment due to the change in the Company's estimated hold period of those properties. The following table summarizes the Company's loss on impairments for assets held and used during the year ended December 31, 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 (3) Executed purchase and sale agreement Jackson, MS 1 Change in estimated hold period (3) Executed purchase and sale agreement Mishawaka, IN 1 Market leasing conditions (3) Discounted cash flows (4) Newark, DE 1 Market leasing conditions Discounted cash flows (4) Seville, OH 2 Market leasing conditions Discounted cash flows (4) Sparks, MD 2 Change in estimated hold period Discounted cash flows (4) Three months ended June 30, 2016 $ 10,598 $ 11,231 Boardman, OH 1 Change in estimated hold period Discounted cash flows (5) Holland, MI 1 Change in estimated hold period (3) Discounted cash flows (5) Pensacola, FL 1 Change in estimated hold period (3) Discounted cash flows (5) Three months ended December 31, 2016 $ 4,360 $ 5,614 Year ended December 31, 2016 $ 14,958 $ 16,845 (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 year ended December 31, 2016. (4) 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% . (5) Level 3 inputs used to determine fair value for the properties impaired for the three months ended December 31, 2016 : discount rate of 12.0% and exit capitalization rates ranging from 10.0% to 12.0% . The following table summarizes the Company's loss on impairments for assets held and used during the year ended December 31, 2015 . 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) Hazelwood, MO 1 Change in estimated hold period (3) Executed purchase and sale agreement Three months ended June 30, 2015 $ 4,400 $ 2,645 Canton, OH 1 Change in estimated hold period (4) Discounted cash flows (5) Jefferson, NC 1 Change in estimated hold period (3) Market transactions for comparable properties Milwaukee, WI 1 Change in estimated hold period (3) Market transactions for comparable properties Three months ended September 30, 2015 6,515 5,733 Canton, OH 1 Change in estimated hold period (6) Market transactions for comparable properties (7) Cincinnati, OH 1 Change in estimated hold period Discounted cash flows (8) Dayton, OH 1 Change in estimated hold period (6) Discounted cash flows (8) Gloversville, NY 1 Change in estimated hold period (6) Discounted cash flows (8) Jackson, MS 1 Change in estimated hold period (6) Discounted cash flows (8) Jackson, MS 1 Change in estimated hold period (6) Discounted cash flows (8) Rapid City, SD 1 Change in estimated hold period Discounted cash flows (8) Sergeant Bluff, IA 1 Change in estimated hold period Discounted cash flows (8) Sparks, MD 2 Change in estimated hold period Discounted cash flows (8) Three months ended December 31, 2015 22,238 20,894 Year ended December 31, 2015 $ 33,153 $ 29,272 (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 year ended December 31, 2015. (4) The letter of intent for the property included various contingencies, and was terminated subsequent to September 30, 2015. (5) Level 3 inputs used to determine fair value: discount rate of 9.0% and exit capitalization rate of 12.0% (6) This property was sold during the year ended December 31, 2016. (7) The future cash flows of the existing building were not estimated to generate a net positive cash flow. Accordingly, the property was valued at its highest and best use as a vacant/developable land parcel. Market transactions for comparable properties were utilized to estimate a land value. Estimated fair market value of the property represents the land value, less estimated expense of demolition of the building, plus estimated salvage value. (8) Level 3 inputs used to determine fair value for the properties impaired for the three months ended December 31, 2015: discount rates ranged from 8.5% to 16.0% and exit capitalization rates ranged from 8.0% to 14.0% . On October 29, 2014, the Company entered into a lease termination agreement with the tenant located at the Tavares, FL property. The agreement provided that the tenant’s lease termination was contingent upon the sale of the property and required the tenant to pay a termination fee of approximately $2.4 million , including reimbursement of costs related to the sale of the property. The tenant’s termination, which was effective December 30, 2014, triggered the Company to test the property for impairment. 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. Accordingly, the property was written down to its estimated fair value of approximately $2.5 million based on pricing obtained from third party market participants and the Company recorded an impairment loss of approximately $2.8 million . This loss was recorded in loss on impairments on the accompanying Consolidated Statements of Operations for the three months ended December 31, 2014. The fair value of the property is based on Level 3 inputs and this is a non-recurring fair value measurement. Involuntary Conversion On September 1, 2016 the Company had an involuntary conversion event, and the Company recorded an estimated loss on involuntary conversion of approximately $2.8 million for the year ended December 31, 2016. The Company's insurance policy provides coverage for these losses, and accordingly the loss on involuntary conversion was fully offset by the expected insurance proceeds. As of December 31, 2016, the remaining proceeds receivable from the insurance company are estimated to be approximately $1.4 million , which are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. Deferred Leasing Intangibles The following table summarizes the deferred leasing intangibles on the accompanying Consolidated Balance Sheets as of December 31, 2016 and December 31, 2015 . December 31, 2016 December 31, 2015 Deferred Leasing Intangibles (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Above market leases $ 70,668 $ (32,868 ) $ 37,800 $ 69,815 $ (31,554 ) $ 38,261 Other intangible lease assets 461,321 (204,588 ) 256,733 407,215 (169,204 ) 238,011 Total deferred leasing intangible assets $ 531,989 $ (237,456 ) $ 294,533 $ 477,030 $ (200,758 ) $ 276,272 Below market leases $ 30,791 $ (10,450 ) $ 20,341 $ 19,923 $ (8,536 ) $ 11,387 Total deferred leasing intangible liabilities $ 30,791 $ (10,450 ) $ 20,341 $ 19,923 $ (8,536 ) $ 11,387 The following table sets forth the amortization expense and the net decrease to rental income for the amortization of deferred leasing intangibles during the years ended December 31, 2016 , December 31, 2015 and December 31, 2014 . Year ended December 31, Deferred Leasing Intangibles Amortization (in thousands) 2016 2015 2014 Net decrease to rental income related to above and below market lease amortization $ 6,213 $ 8,526 $ 6,254 Amortization expense related to other intangible lease assets $ 66,291 $ 60,834 $ 50,319 The following table sets forth the amortization of deferred leasing intangibles over the next five years as of December 31, 2016 . Year Amortization Expense Related to Other Intangible Lease Assets (in thousands) Net Decrease to Rental Income Related to Above and Below Market Lease Amortization (in thousands) 2017 $ 63,474 $ 4,514 2018 $ 50,375 $ 3,383 2019 $ 38,258 $ 2,813 2020 $ 29,681 $ 2,402 2021 $ 20,915 $ 1,288 |
Debt
Debt | 12 Months Ended |
Dec. 31, 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 December 31, 2016 and December 31, 2015 . Loan Principal outstanding as of December 31, 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) $ 28,000 $ 56,000 L + 1.15% Dec-18-2019 i Total unsecured credit facility 28,000 56,000 Unsecured term loans: Unsecured Term Loan C 150,000 — L + 1.30% Sep-29-2020 i Unsecured Term Loan B 150,000 150,000 L + 1.30% Mar-21-2021 i Unsecured Term Loan A 150,000 150,000 L + 1.30% Mar-31-2022 i Total unsecured term loans 450,000 300,000 Less: Total unamortized deferred financing fees and debt issuance costs (3,392 ) (3,382 ) Total carrying value unsecured term loans 446,608 296,618 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 (2,034 ) (2,280 ) Total carrying value unsecured notes 397,966 397,720 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. 5,384 5,754 5.81 % Apr-30-2017 iv Principal Life Insurance Company — 5,676 5.73 % May-05-2017 iii Webster Bank, National Association 2,853 2,945 3.66 % May-29-2017 iii Webster Bank, National Association 3,073 3,172 3.64 % May-31-2017 iii Wells Fargo, National Association 4,043 4,115 5.90 % Aug-1-2017 v Connecticut General Life Insurance Company -1 Facility 35,320 57,171 6.50 % Feb-1-2018 vi Connecticut General Life Insurance Company -2 Facility 36,892 58,085 5.75 % Feb-1-2018 vi Connecticut General Life Insurance Company -3 Facility 16,141 16,401 5.88 % Feb-1-2018 vi Wells Fargo, National Association CMBS Loan 56,608 63,897 4.31 % Dec-1-2022 vii Thrivent Financial for Lutherans 4,012 — 4.78 % Dec-15-2023 iii Total mortgage notes 164,326 230,733 Total unamortized fair market value premiums 112 447 Less: Total unamortized deferred financing fees and debt issuance costs (873 ) (1,270 ) Total carrying value mortgage notes 163,565 229,910 Total / weighted average interest rate (4) $ 1,036,139 $ 980,248 3.75 % (1) Current interest rate as of December 31, 2016 . At December 31, 2016 and December 31, 2015 , the one-month LIBOR (“L”) was 0.77167% and 0.42950% , respectively. 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. (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 currently $450.0 million . (4) The weighted average interest rate was calculated using the fixed interest rate swapped on the current notional amount of $450.0 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 unsecured credit facility as of December 31, 2016 was approximately $418.5 million , including issued letters of credit. 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 approximately $5.7 million and $3.8 million as of December 31, 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 $2.3 million and $3.0 million as of December 31, 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 December 31, 2016 and December 31, 2015 , respectively. For the years ended December 31, 2016 , December 31, 2015 , and December 31, 2014 , amortization of deferred financing fees and debt issuance costs included in interest expense in the accompanying Consolidated Statements of Operations was approximately $1.9 million , $1.5 million and $1.3 million , respectively. Also included in interest expense is approximately $1.0 million , $0.7 million , and $0.1 million of facility fees related to the Company's unsecured credit facility for the years ended December 31, 2016 , December 31, 2015 , and December 31, 2014 , respectively. 2016 Debt Activity On December 29, 2016, the Company drew the unsecured term loan with Wells Fargo, National Association and other lenders ("Unsecured Term Loan C") in the amount of $150.0 million . The Company incurred approximately $0.3 million and $26,000 in unused fees related to the Unsecured Term Loan C for the years ended December 31, 2016 and December 31, 2015, respectively. On December 20, 2016, the Company amended and restated the unsecured term loans with Wells Fargo, National Association and other lenders ("Unsecured Term Loan A" and "Unsecured Term Loan B"). The transaction reduced the spread over the applicable rate, which is based on the Company's consolidated leverage ratio, as defined in the loan agreement, with no changes to maturity dates or other material terms of the loan. The spread over the LIBOR for the Unsecured Term Loan A was reduced from 1.65% to 1.30%, and the spread over the LIBOR for the Unsecured Term Loan B was reduced from 1.70% to 1.30%, assuming the most recently reported consolidated leverage ratios. On December 8, 2016, the mortgage note held with Connecticut General Life Insurance Company (Facility 2) was partially paid in the amount of approximately $3.6 million in connection with the sale of the Georgetown, KY 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 $0.1 million were written off to loss on extinguishment of debt in the accompanying Consolidated Statements of Operations during the year ended December 31, 2016 . On November 14, 2016, the mortgage note held with Connecticut General Life Insurance Company (Facility 2) was partially paid in the amount of approximately $6.2 million in connection with the sale of the Conyers, GA 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 $0.2 million were written off to loss on extinguishment of debt in the accompanying Consolidated Statements of Operations during the year ended December 31, 2016 . On November 14, 2016, the mortgage note held with Connecticut General Life Insurance Company (Facility 1) was partially paid in the amount of approximately $21.0 million in connection with the sale of the Charlotte, NC 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 Statements of Operations during the year ended December 31, 2016 . On November 14, 2016, the mortgage note held with Principal Life Insurance Company, for which the property located in Conyers, GA served as collateral for the mortgage note, was paid in full. The prepayment fees and associated unamortized deferred financing fees and debt issuance costs of approximately $0.1 million were written off to loss on extinguishment of debt in the accompanying Consolidated Statements of Operations during the year ended December 31, 2016 . On September 29, 2016, the Company assumed a mortgage note held with Thrivent Financial for Lutherans of approximately $4.0 million in connection with the acquisition of the property located in Rock Hill, SC, which serves as collateral for the debt. The debt matures on December 15, 2023 and bears interest at 4.78% per annum. The assumed debt was recorded at fair value and a fair value premium of approximately $0.1 million was recorded. The fair value of debt was determined by discounting the future cash flows using the then current rate of approximately 4.45% at which loans would be made to borrowers with similar credit ratings for loans with similar remaining maturities, similar terms, and similar loan-to-value ratios. The fair value of the debt is based on Level 3 inputs and is a nonrecurring fair value measurement. 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 year ended December 31, 2016 . On May 18, 2016, the mortgage note held with National Life Insurance Company, for which the property located in Charlotte, NC served as collateral, was paid in full. On May 5, 2016, the mortgage note held with Webster Bank, National Association, for which the property located in Norton, MA served as collateral, 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 year ended December 31, 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 year ended December 31, 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 year ended December 31, 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 year ended December 31, 2016 . On March 1, 2016 the mortgage note held with Sun Life Assurance Company of Canada (U.S.), for which the property located in Gahanna, OH served as collateral, was paid in full. 2015 Debt Activity On January 22, 2015, the Company assumed a mortgage note of approximately $11.8 million in connection with the acquisition of the Burlington, NJ property. The mortgage note was paid in full immediately subsequent to the acquisition. On February 20, 2015, the Company issued $100 million of its 4.32% Series D 10 -year unsecured notes ("Series D Unsecured Notes") and $20 million of its 4.42% Series E 12 -year unsecured notes ("Series E Unsecured Notes"). On June 25, 2015, the Company assumed a mortgage note with National Life Insurance Company of approximately $4.9 million in connection with the acquisition of the property located in Charlotte, NC, which serves as collateral for the debt. The debt matures on August 10, 2016 and bears interest at 5.75% per annum. The assumed debt was recorded at fair value and a fair value premium of approximately $0.1 million was recorded. The fair value of debt was determined by discounting the future cash flows using the then current rate of approximately 3.05% at which loans would be made to borrowers with similar credit ratings for loans with similar remaining maturities, similar terms, and similar loan-to-value ratios. The fair value of the debt is based on Level 3 inputs and is a non-recurring fair value measurement. On September 29, 2015, the Company assumed a mortgage note with Principal Life Insurance Company of approximately $5.7 million in connection with the acquisition of the property located in Conyers, GA, which serves as collateral for the debt. The debt matures on May 5, 2017 and bears interest at 5.73% per annum. The assumed debt was recorded at fair value and a fair value premium of approximately $0.3 million was recorded. The fair value of debt was determined by discounting the future cash flows using the then current rate of approximately 2.64% at which loans would be made to borrowers with similar credit ratings for loans with similar remaining maturities, similar terms, and similar loan-to-value ratios. The fair value of the debt is based on Level 3 inputs and is a non-recurring fair value measurement. On September 29, 2015, the Company entered into an amendment to the current unsecured credit facility with Wells Fargo, N.A. ("Unsecured Credit Facility") to increase the capacity thereunder to $450.0 million . Additionally, the accordion feature that allows the Company to request an increase in the aggregate commitments (subject to satisfaction of conditions and lender consent) was increased, such that if the accordion were exercised in full, total capacity would be $800.0 million . The material terms of the agreement, including the financial covenants, were unchanged. The Company incurred approximately $1.0 million in deferred financing fees, which are amortized over the remaining term of the Unsecured Credit Facility. On September 29, 2015, the Company closed the $150.0 million Unsecured Term Loan C with the following terms. Applicable Terms Unsecured Term Loan C Maturity Date: Sep-29-2020 Eurodollar Rate (1) : L + 130.0 bps - 190.0 bps Base Rate (1) : Base rate + 30.0 bps - 90.0 bps Unused Fees (2) : 17.5 bps Annual Fee: $50,000 (1) The spread over the applicable rate is currently based on the Company's consolidated leverage ratio, as defined in the loan agreement. (2) The unused fees began to accrue on November 29, 2015 and were due and payable monthly until all commitments were drawn. The Unsecured Term Loan C has an accordion feature that allows the Company to increase its borrowing capacity to $250.0 million , subject to the satisfaction of certain conditions and lender consents. The Company incurred $1.0 million in deferred financing fees associated with the closing of the Unsecured Term Loan C, which are amortized over its five year term. The agreement includes a delayed draw feature that allowed the Company to draw up to six advances of at least $25.0 million each. As noted above, the Company drew the full $150.0 million of the Unsecured Term Loan C on December 29, 2016. The Company and certain wholly owned subsidiaries of the Operating Partnership are guarantors of the Unsecured Term Loan C. The agreement also contains financial covenants substantially similar to the financial covenants in the Unsecured Credit Facility. On December 1, 2015, the Company entered into a Note Purchase Agreement (“NPA”) for a $100.0 million private placement by the Operating Partnership of $100.0 million senior unsecured notes (“Series F Unsecured Notes”). Pursuant to the NPA, borrowings under the Series F Unsecured Notes bear interest at a fixed rate of 3.98% . The Series F Unsecured Notes were issued on December 15, 2015. Upon all the funds being drawn, the Company paid a placement fee equal to 0.50% of the principal amount of the securities purchased by investors. The Company and certain wholly owned subsidiaries of the Operating Partnership are guarantors of the Series F Unsecured Note and the obligations under the Series F Unsecured Notes rank pari passu to the Company’s unsecured senior indebtedness, which includes the Wells Fargo Unsecured Credit Facility and unsecured term loans. The Company incurred approximately $0.6 million in deferred financing fees associated with the Series F Unsecured Notes, which are amortized over the seven year term. On December 1, 2015, the Company amended the terms of the NPAs entered into on April 16, 2014 and December 18, 2014. The second amendment to the April 16, 2014 NPA and the first amendment to the December 18, 2014 NPA amended certain provisions to conform them to the provisions in the NPA entered into on December 1, 2015. On December 11, 2015, the Company assumed a mortgage note of approximately $3.9 million in connection with the acquisition of the Laurens, SC property. The mortgage note was paid in full immediately subsequent to the acquisition. On December 16, 2015, the Company drew the Unsecured Term Loan B in the amount of $150.0 million . Financial Covenant Considerations The Company’s ability to borrow under the unsecured credit facility, unsecured term loans, and unsecured notes are subject to its ongoing compliance with a number of customary financial covenants, including: • a maximum consolidated leverage ratio of not greater than 0.60 :1.00; • a maximum secured leverage ratio of not greater than 0.40 :1.00; • a maximum unencumbered leverage ratio of not greater than 0.60 :1.00; • a maximum secured recourse debt level of not greater than 0.075 :1.00; • a minimum fixed charge ratio of not less than 1.50 :1.00; • a minimum unsecured interest coverage ratio of not less than 1.75 :1.00; and • a minimum tangible net worth covenant test. The unsecured notes are also subject to a minimum interest coverage ratio of not less than 1.50 :1.00. The Company was in compliance with all such applicable restrictions and financial covenants as of December 31, 2016 and December 31, 2015 . 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. Each of the Company’s mortgage notes has specific properties and assignments of rents and leases that are collateral for these loans. These debt facilities contain certain financial and other covenants. The Company was in compliance with all such applicable restrictions and financial covenants as of December 31, 2016 and December 31, 2015 . The real estate net book value of the properties that are collateral for the Company’s mortgage notes was approximately $229.9 million and $268.8 million at December 31, 2016 and December 31, 2015 , respectively, and is limited to senior, property-level secured debt financing arrangements. The 17 properties held as collateral for the facilities with Connecticut General Life Insurance Company are cross-defaulted and cross-collateralized among the respective facilities. Fair Value of Debt The fair value of the Company’s debt is 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 1.92% to 4.85% and 1.58% to 4.82% at December 31, 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. 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 December 31, 2016 and December 31, 2015 (in thousands). December 31, 2016 December 31, 2015 Principal Outstanding Fair Value Principal Outstanding Fair Value Unsecured credit facility $ 28,000 $ 28,000 $ 56,000 $ 56,000 Unsecured term loans 450,000 450,000 300,000 303,457 Unsecured notes 400,000 399,091 400,000 392,054 Mortgage notes 164,326 166,099 230,733 237,327 Total principal amount 1,042,326 $ 1,043,190 986,733 $ 988,838 Add: Total unamortized fair market value premiums 112 447 Less: Total unamortized deferred financing fees and debt issuance costs (6,299 ) (6,932 ) Total carrying value $ 1,036,139 $ 980,248 Future Principal Payments of Debt The following table reflects the Company’s aggregate future principal payments of the Company’s debt at December 31, 2016 . Year Future Principal Payments of Debt (in thousands) 2017 $ 18,737 2018 88,578 2019 29,926 2020 152,006 2021 152,103 Thereafter 600,976 Total aggregate principal payments 1,042,326 Total unamortized fair market value premiums 112 Less: Total unamortized deferred financing fees and debt issuance costs (6,299 ) Total carrying value $ 1,036,139 |
Use of Derivative Financial Ins
Use of Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 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 December 31, 2016 . Interest Rate Trade Date Effective Date Notional Amount Fair Value Pay Fixed Interest Rate Receive Variable Interest Rate Maturity Date PNC Bank, N.A. Sep-14-2012 Oct-10-2012 $ 10,000 $ 6 0.7945 % One-month L Sep-10-2017 Bank of America, N.A. Sep-14-2012 Oct-10-2012 $ 10,000 $ 6 0.7945 % One-month L Sep-10-2017 UBS AG Sep-14-2012 Oct-10-2012 $ 10,000 $ 6 0.7945 % One-month L Sep-10-2017 Royal Bank of Canada Sep-14-2012 Oct-10-2012 $ 10,000 $ 6 0.7945 % One-month L Sep-10-2017 RJ Capital Services, Inc. Sep-14-2012 Oct-10-2012 $ 10,000 $ 5 0.7975 % One-month L Sep-10-2017 Bank of America, N.A. Sep-20-2012 Oct-10-2012 $ 25,000 $ 21 0.7525 % One-month L Sep-10-2017 RJ Capital Services, Inc. Sep-24-2012 Oct-10-2012 $ 25,000 $ 26 0.7270 % One-month L Sep-10-2017 Regions Bank Mar-01-2013 Mar-01-2013 $ 25,000 $ 131 1.3300 % One-month L Feb-14-2020 Capital One, N.A. Jun-13-2013 Jul-01-2013 $ 50,000 $ (274 ) 1.6810 % One-month L Feb-14-2020 Capital One, N.A. Jun-13-2013 Aug-01-2013 $ 25,000 $ (154 ) 1.7030 % One-month L Feb-14-2020 Regions Bank Sep-30-2013 Feb-03-2014 $ 25,000 $ (378 ) 1.9925 % One-month L Feb-14-2020 The Toronto-Dominion Bank Oct-14-2015 Sep-29-2016 $ 25,000 $ 217 1.3830 % One-month L Sep-29-2020 PNC Bank, N.A. Oct-14-2015 Sep-29-2016 $ 50,000 $ 421 1.3906 % One-month L Sep-29-2020 Regions Bank Oct-14-2015 Sep-29-2016 $ 35,000 $ 292 1.3858 % One-month L Sep-29-2020 U.S. Bank, N.A. Oct-14-2015 Sep-29-2016 $ 25,000 $ 207 1.3950 % One-month L Sep-29-2020 Capital One, N.A. Oct-14-2015 Sep-29-2016 $ 15,000 $ 123 1.3950 % One-month L Sep-29-2020 Royal Bank of Canada Jan-08-2015 Mar-20-2015 $ 25,000 $ (16 ) 1.7090 % One-month L Mar-21-2021 The Toronto-Dominion Bank Jan-08-2015 Mar-20-2015 $ 25,000 $ (18 ) 1.7105 % One-month L Mar-21-2021 The Toronto-Dominion Bank Jan-08-2015 Sep-10-2017 $ 100,000 $ (1,240 ) 2.2255 % One-month L Mar-21-2021 Wells Fargo, N.A. Jan-08-2015 Mar-20-2015 $ 25,000 $ 4 1.8280 % One-month L Mar-31-2022 The Toronto-Dominion Bank Jan-08-2015 Feb-14-2020 $ 25,000 $ (50 ) 2.4535 % One-month L Mar-31-2022 Regions Bank Jan-08-2015 Feb-14-2020 $ 50,000 $ (133 ) 2.4750 % One-month L Mar-31-2022 Capital One, N.A. Jan-08-2015 Feb-14-2020 $ 50,000 $ (175 ) 2.5300 % One-month L Mar-31-2022 On October 24, 2014, the Company entered into two forward starting interest rate swap agreements for a total notional amount of $170.0 million to hedge the risk of changes in the interest-related cash flows associated with the potential issuance of long-term debt. The forward starting swaps were designated as cash flow hedges of interest rate risk and were terminated on November 21, 2014. The Company paid a termination payment of approximately $0.4 million to the two counterparties. The forward starting interest rate swaps effectively removed the exposure to the variability in future cash flows of the Series D Unsecured Notes, and the $80 million series C 12 -year unsecured notes ("Series C Unsecured Notes") and Series E Unsecured Notes at 2.452% and 2.615% , respectively. The settlement value of approximately $0.4 million was recorded in accumulated other comprehensive loss in the Consolidated Balance Sheets and will be amortized through interest expense over the life of the respective unsecured notes. The Series C Unsecured Notes were issued on December 30, 2014 and the Series D Unsecured Notes and the Series E Unsecured Notes were issued on February 20, 2015 (refer to Note 4 for further details). The fair value of the interest rate swaps outstanding as of December 31, 2016 and December 31, 2015 was as follows. Balance Sheet Line Item (in thousands) Notional Amount December 31, 2016 Fair Value December 31, 2016 Notional Amount December 31, 2015 Fair Value December 31, 2015 Interest rate swaps-Asset $ 300,000 $ 1,471 $ 275,000 $ 1,867 Interest rate swaps-Liability $ 375,000 $ (2,438 ) $ 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. For the year ended December 31, 2016 , the Company recorded a gain of $0.1 million of hedge ineffectiveness in interest expense due to short-term, partial mismatches in notional amounts. For the years ended December 31, 2015 and December 31, 2014 , the Company did not record any hedge ineffectiveness related to the hedged derivatives. The Company estimates that approximately $2.4 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 years ended December 31, 2016 , December 31, 2015 , and December 31, 2014 , (in thousands). Year ended December 31, 2016 2015 2014 Amount of loss recognized in accumulated other comprehensive loss on interest rate swaps (effective portion) $ 2,244 $ 5,387 $ 6,705 Amount of loss reclassified from accumulated other comprehensive loss into income (loss) as interest expense (effective portion) $ 3,142 $ 3,431 $ 2,508 Amount of gain recognized in interest expense (ineffective portion and amount excluded from effectiveness testing) $ 66 $ — $ — 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 December 31, 2016 , the fair values of 13 of the 23 of the Company’s interest rate swaps were in an asset position of approximately $1.5 million and 10 interest rate swaps were in a liability position of approximately $2.5 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 asset position and net liability position was approximately $13,000 and $0.1 million , respectively, as of December 31, 2016 . Accrued interest expense for the Company's interest rate swaps was approximately $40,000 as of December 31, 2016 and is included in accounts payable, accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets. As of December 31, 2016 , the Company has not posted any collateral related to these agreements. If the Company had breached any of its provisions at December 31, 2016 , it could have been required to settle its obligations under the agreement of the interest rate swaps in a liability position plus accrued interest for approximately $2.6 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 December 31, 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 December 31, 2016 and December 31, 2015 . Fair Value Measurements as of Balance Sheet Line Item (in thousands) Fair Value December 31, 2016 Level 1 Level 2 Level 3 Interest rate swaps-Asset $ 1,471 $ — $ 1,471 $ — Interest rate swaps-Liability $ (2,438 ) $ — $ (2,438 ) $ — 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 | 12 Months Ended |
Dec. 31, 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 the Series C Preferred Stock, $0.01 par value per share, at a price to the public of $25.00 per share. On November 2, 2016, the Company redeemed all of the Series A Preferred Stock. The table below sets forth the Company’s outstanding preferred stock issuances as of December 31, 2016 . Preferred Stock Issuances Issuance Date Number of Shares Price and Liquidation Value Per Share Interest Rate 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 Series A Preferred Stock, Series B Preferred Stock, and Series C 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. The Preferred Stock Issuances rank on parity with each other 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 Series B Preferred Stock or the Series C Preferred Stock prior to 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 Issuances during the years ended December 31, 2016 and December 31, 2015 . Quarter Ended 2016 Declaration Date Series A Series B Series C Payment Date December 31 November 2, 2016 (1) $ 0.19375 (1) $ 0.4140625 $ 0.4296875 December 30, 2016 September 30 August 1, 2016 0.56250 0.4140625 0.4296875 September 30, 2016 June 30 May 2, 2016 0.56250 0.4140625 0.4965300 (2) June 30, 2016 March 31 February 22, 2016 0.56250 0.4140625 — March 31, 2016 Total $ 1.88125 $ 1.6562500 $ 1.3559050 (1) On September 26, 2016 the board of directors approved the redemption of the Series A Preferred Stock. On November 2, 2016 the Company redeemed all of the Series A Preferred Stock, at a cash redemption price of $25.00 per share, plus accrued and unpaid dividends to but excluding the redemption date, without interest. (2) 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. 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 February 15, 2017 , the Company’s board of directors declared the Series B Preferred Stock and the Series C Preferred Stock dividend for the quarter ending March 31, 2017 at a quarterly rate of $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 programs as of December 31, 2016 . ATM Stock Offering Program (in thousands) Date Maximum Aggregate Offering Price Aggregate Common Stock Available as of December 31, 2016 (in thousands) 2016 $228 million ATM November 8, 2016 $ 228,218 $ 117,331 The tables below set forth the activity for the ATM common stock offering programs during the years ended December 31, 2016 and December 31, 2015 (in thousands, except share data). Year ended December 31, 2016 ATM Stock Offering Program Shares Weighted Average Price Per Share Gross Sales Net 2016 $228 million ATM 4,763,838 $ 23.28 $ 110,887 $ 1,550 $ 109,337 2016 $200 million ATM (1) 7,326,200 $ 23.45 171,782 2,429 169,353 Total/weighted average 12,090,038 $ 23.38 $ 282,669 $ 3,979 $ 278,690 (1) This program ended before December 31, 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) This program ended before December 31, 2016 . Dividends The tables below set forth the dividends attributable to the common stock that were declared or paid during the years ended December 31, 2016 and December 31, 2015 , respectively. Month Ended 2016 Declaration Date Record Date Per Share Payment Date December 31 August 1, 2016 December 30, 2016 $ 0.115833 January 17, 2017 November 30 August 1, 2016 November 30, 2016 0.115833 December 15, 2016 October 31 August 1, 2016 October 31, 2016 0.115833 November 15, 2016 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 $ 1.389996 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 November 2, 2016 , the Company’s board of directors declared the common stock dividend for the months ending January 31, 2017 , February 28, 2017 and March 31, 2017 at a monthly rate of $0.116667 per share of common stock. On February 15, 2017 , the Company’s board of directors declared the common stock dividend for the months ending April 30, 2017 , May 31, 2017 and June 30, 2017 at a monthly rate of $0.116667 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 beginning in 2017. Refer to Note 14 for details on restricted shares of common stock granted on January 6, 2017. 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 years ended December 31, 2016 and 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 December 31, 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 December 31, 2016 was approximately $3.3 million and is expected to be recognized over a weighted average period of approximately 2.1 years . The following table summarizes the fair value at vesting date for the restricted shares of common stock vested during the years ended December 31, 2016 , December 31, 2015 and December 31, 2014 . Year ended December 31, 2016 2015 2014 Vested restricted shares of common stock 98,746 72,185 51,885 Fair value of vested restricted shares of common stock (in thousands) $ 1,813 $ 1,751 $ 1,123 |
Noncontrolling Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2016 and 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 Conversions from LTIP units to Other Common Units (209,985 ) 209,985 — N/A Redemptions from Other Common Units to common stock — (68,492 ) (68,492 ) N/A Balance at December 31, 2016 1,576,516 2,057,365 3,633,881 4.3 % 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. Refer to Note 14 for details on the LTIP units granted on January 6, 2017.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. 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's unvested LTIP units in the amount of approximately $1.6 million , which is included in general and administrative expenses for the year ended December 31, 2016 on the accompanying Consolidated Statements of Operations. Additionally, the unrecognized compensation expense associated with Mr. Jervis's 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 year ended December 31, 2016 on the accompanying Consolidated Statements of Operations. On May 4, 2015, the Company and the Operating Partnership and Benjamin S. Butcher, the Company’s Chief Executive Officer, President and Chairman of the Board, entered into an amended and restated employment agreement. The amended and restated agreement is for an initial term of three years . The agreement automatically extends for successive one year terms unless, not fewer than 60 days before the term’s end, either party provides a notice of non-renewal to the other party. In connection with the amended and restated agreement, the compensation committee of the board of directors granted Mr. Butcher a retention award of 100,000 LTIP units that vest one-half on the third anniversary of the grant and one-sixth on the fourth, fifth and sixth anniversaries. On September 8, 2014, the Company executed an employment agreement, effective October 27, 2014, with Jeffrey M. Sullivan to serve as the Company’s Executive Vice President, General Counsel, and Secretary for a term of three years commencing on January 1, 2015. During the period October 27, 2014 to December 31, 2014, Mr. Sullivan acted as a special legal advisor to the Company. On October 27, 2014, pursuant to the 2011 Plan, the Company awarded an initial LTIP unit grant equal in value to approximately $0.1 million , which equated to 4,006 LTIP units that will vest over five years in equal installments on a quarterly basis beginning on December 31, 2014 . Additionally on October 27, 2014, pursuant to the 2011 Plan, Mr. Sullivan was granted LTIP units equal in value to $0.6 million , which equated to 26,596 LTIP units, which will vest at the end of the initial term of the employment agreement on December 31, 2017. On September 8, 2014, Kathryn Arnone, Executive Vice President, General Counsel and Secretary of the Company, informed the board of directors of her decision to resign from the Company effective December 31, 2014 . On December 15, 2014, Ms. Arnone informed the board of directors that she was resigning immediately. In connection with her resignation, and pursuant to the terms of the LTIP unit agreements (which terms provide for acceleration of vesting in the case of employment termination due to illness), her outstanding unvested LTIP units vested immediately upon her resignation. The Company accelerated the expense recognition of Ms. Arnone’s unvested LTIP units in the amount of approximately $0.9 million , which is included in general and administrative expenses for the year ended December 31, 2014 on the accompanying Consolidated Statements of Operations. On May 12, 2014, the Company executed an employment agreement with Geoffrey G. Jervis to serve as the Company’s Chief Financial Officer, Executive Vice President and Treasurer for a term of three years. On July 1, 2014, pursuant to the 2011 Plan, the Company awarded an initial LTIP unit grant equal in value to approximately $0.3 million , which equated to 14,850 LTIP units that will vest over five years in equal installments on a quarterly basis beginning on September 30, 2014. Additionally on July 1, 2014, pursuant to the 2011 Plan, Mr. Jervis was granted LTIP units equal in value to $1.2 million , which equated to 52,106 LTIP units, which will vest at the end of a three years term, running concurrently with the initial term of the employment agreement, which ends on June 30, 2017. Subsequent to December 31, 2015, the Company and Mr. Jervis agreed that Mr. Jervis’s employment with the Company would terminate effective February 25, 2016; as discussed above. On February 7, 2014, Gregory W. Sullivan, the Company’s former Chief Financial Officer, Executive Vice President and Treasurer, notified the Company of his intention not to renew his contract at its expiration on April 20, 2014 and he tendered his resignation from his position on April 21, 2014. On April 21, 2014, Mr. Sullivan and the Company executed a consulting agreement, which had an effective date of April 29, 2014, pursuant to which Mr. Sullivan would act as a senior financial advisor to the Company for one year . The consulting agreement modified the vesting terms of Mr. Sullivan’s LTIP units previously granted to him as well as the vesting provisions of his share of the Company’s 2011 Outperformance Program (“2011 OPP”) (refer to Note 12 for further details on the 2011 OPP) that was measured on September 19, 2014. At the time of Mr. Sullivan’s contract expiration, he had 82,804 unvested LTIP units and a 14% allocation of the 2011 OPP. The modification to the terms of Mr. Sullivan’s LTIP units and his share of the previously unrecognized compensation expense associated with the 2011 OPP were considered a Type III modification, with non-substantive services, in accordance with GAAP. Accordingly, his unvested LTIP units and his share of the previously unrecognized compensation expense associated with 2011 OPP were valued on the effective date of the consulting agreement for approximately $2.0 million and $0.2 million , respectively, and these amounts were expensed upon the effective date of the consulting agreement and included in general and administrative expenses during the year ended December 31, 2014 on the accompanying Consolidated Statements of Operations. The Company expensed dividends in the amount of approximately $0.1 million previously paid to Mr. Sullivan on the unvested LTIP units and this amount is also included in general and administrative expenses during the year ended December 31, 2014 on the accompanying Consolidated Statements of Operations. Additionally the Company incurred approximately $0.7 million of general and administrative expenses during the year ended December 31, 2014 related to his salary, bonus and other benefits that will be received over the term of the consulting agreement. 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 years ended December 31, 2016 and December 31, 2015 . LTIP Units Assumptions Grant date February 22, 2016 January 8, 2016 January 6, 2016 May 4, 2015 January 12, 2015 October 27, 2014 July 1, 2014 January 2, 2014 Expected term (years) 10 10 10 10 10 10 10 10 Expected volatility 22.0 % 22.0 % 22.0 % 20.0 % 20.0 % 20 % 40 % 40 % Expected dividend yield 6.0 % 6.0 % 6.0 % 6.0 % 6.0 % 6.0 % 6.0 % 6.0 % Risk-free interest rate 1.01 % 1.28 % 1.36 % 0.66 % 0.62 % 0.48 % 0.79 % 0.79 % Fair value of LTIP units at issuance (in thousands) $ 277 $ 2,254 $ 390 $ 2,038 $ 5,450 $ 690 $ 1,542 $ 4,329 LTIP units at issuance 18,386 135,546 22,464 100,000 223,069 30,602 66,956 224,424 Fair value unit price per LTIP unit at issuance $ 15.07 $ 16.63 $ 17.36 $ 20.38 $ 24.43 $ 22.56 $ 23.03 $ 19.29 The following table summarizes activity related to the Company’s unvested LTIP units for the years ended December 31, 2016 and 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 (307,883 ) Forfeited — Balance at December 31, 2016 403,423 The unrecognized compensation expense associated with the Company’s LTIP units at December 31, 2016 was approximately $6.6 million and is expected to be recognized over a weighted average period of approximately 2.5 years . The following table summarizes the fair value at vesting date for the LTIP units vested during years ended December 31, 2016 , December 31, 2015 , and December 31, 2014 . Year ended December 31, 2016 2015 2014 Vested LTIP units 307,883 237,046 639,445 Fair value of vested LTIP units (in thousands) $ 6,393 $ 4,853 $ 14,063 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. As partial consideration for a property acquired on January 22, 2015, the Company granted 812,676 Other Common Units with a fair value of approximately $21.9 million based on the Company’s NYSE closing stock price on January 22, 2015. As partial consideration for another property acquired on December 11, 2015, the Company granted 51,607 Other Common Units with a fair value of approximately $1.0 million based on the Company’s NYSE closing stock price on December 11, 2015. The number of Other Common Units granted was calculated based on the trailing 10 -day average common stock closing price ending on the business day that immediately preceded the grant date. The fair value of the shares of the Other Common Units granted was calculated based on the closing stock price per the NYSE on the grant date multiplied by the number of Other Common Units granted. The issuance of the Other Common Units was effected in reliance upon an exemption from registration provided by Section 4(2) under the Securities Act of 1933, as amended. The Company relied on the exemption based on representations given by the holders of the Other Common Units. |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Plan | Equity Incentive Plan On April 1, 2011, the Company adopted, and the Company’s stockholders approved, the 2011 Plan. The 2011 Plan provides for the issuance of equity-based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock awards and other awards based on shares of the Company’s common stock, such as LTIP units in the Operating Partnership, that may be made by the Company directly to the executive officers, directors, employees and other individuals providing bona fide services to or for the Company. Subject to certain adjustments identified within the 2011 Plan, the aggregate number of shares of the Company’s common stock that may be awarded under the 2011 Plan is 3,642,461 shares. Under the 2011 Plan, each LTIP unit awarded will be equivalent to an award of one share of common stock reserved under the 2011 Plan, thereby reducing the number of shares of common stock available for other equity awards on a one-for-one basis. The 2011 Plan may be terminated, amended, modified or suspended at any time by the board of directors, subject to stockholder approval as required by law or stock exchange rules. The 2011 Plan expires on March 31, 2021. On September 20, 2011, the compensation committee of the Company’s board of directors approved the 2011 OPP under the 2011 Plan to provide key employees of the Company or its affiliates with incentives to contribute to the growth and financial success of the Company. On September 19, 2014, the Company’s three year measurement period pursuant to the 2011 OPP concluded. It was determined that the Company’s total stockholder return exceeded the threshold percentage and return hurdle and the maximum pool amount of $10.0 million was awarded to the participants. The compensation committee of the Company’s board of directors approved the issuance of 397,590 vested LTIP units and 43,657 vested shares of common stock to participants of the 2011 OPP. 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 stockholders. 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 measuring period, the performance units convert into shares of common stock, or, at the Company's election and with the award recipient's consent, LTIP units or other securities, 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 or, at the Company's election and with the award recipient's consent, LTIP units or other securities (“Award Shares”), the recipient will receive additional Award Shares 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 Award 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 approximately $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 ratably from the grant date over the respective vesting periods. Refer to Note 14 for details on performance units granted on January 6, 2017. On January 12, 2015, the compensation committee of the board of directors of the Company approved the 2015 Outperformance Program (the “2015 OPP”) under the 2011 Plan, to provide certain key employees of the Company or its affiliates with incentives to contribute to the growth and financial success of the Company and its affiliates. Recipients of awards under the 2015 OPP will share in an outperformance pool if the Company’s total stockholder return, including both share appreciation and dividends, exceeds an absolute hurdle over a three year measurement period from January 1, 2015 to January 1, 2018 (the “measurement period”), based on a beginning value of $24.49 per share of the Company’s common stock, as well as a relative hurdle based on the MSCI US REIT Index. Provided the Company’s increase in cumulative absolute total stockholder return over the measurement period equals or exceeds 25% (the “threshold percentage”), the outperformance pool consists of 10% of the excess total stockholder return above an absolute total stockholder return hurdle. The hurdle is equal to the total return of the MSCI US REIT Index plus five percentage points over the measurement period. The aggregate reward for all recipients collectively is capped at the lesser of (i) 0.24% of the product of the total number of shares of common stock and Noncontrolling Common Units outstanding on January 1, 2018 and the average common stock price of the Company for the 20 trading days ending immediately prior to January 1, 2018, and (ii) $15.4 million . Each participant’s award under the 2015 OPP is designated as a specified percentage of the aggregate outperformance pool. If the threshold percentage and return hurdle were achieved at the end of the measurement period, the outperformance pool will be calculated and then allocated to the award recipients. The 2015 OPP provides that awards will be paid in the form of fully vested shares of the Company’s common stock, or, at the Company's election and with the award recipient’s consent, other securities or cash. The 2015 OPP awards were valued at approximately $1.6 million utilizing a Monte Carlo simulation to estimate the probability of the conditions being satisfied. The Monte Carlo simulation used a statistical formula underlying the Black-Scholes and binomial formulas and such simulation was run approximately 500,000 times. For each simulation, the payoff is calculated at the settlement date, which is then discounted to the award date at a risk-free interest rate. The average of the values over all simulations is the expected value of the award on the award date. Assumptions used in the valuations included (i) factors associated with the underlying performance of the Company’s stock price and total stockholder return over the term of the awards including total stock return volatility and risk-free interest and (ii) factors associated with the relative performance of the Company’s stock price and total stockholder return when compared to the MSCI US REIT Index. The valuation was performed in a risk-neutral framework, so no assumption was made with respect to an equity risk premium. The fair value of the 2015 OPP awards was estimated on the date of grant using the following assumptions in the Monte Carlo valuation: expected price volatility for the Company and the MSCI US REIT Index of 20% and 13.6% , respectively, and a risk free rate of 0.9814% . The expense associated with the value of the 2015 OPP awards will be amortized ratably over the measurement period. The unrecognized compensation expense associated with the 2015 OPP and the performance units at December 31, 2016 was approximately $0.5 million and $1.9 million , respectively, and is expected to be recognized over a weighted average period of approximately 1.0 year and 2.4 years , respectively. Equity Non-cash Compensation Expense The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statement of Operations for the amortization of restricted shares of common stock, LTIP units, the 2015 OPP, the 2011 OPP, performance units, and the Company’s board of directors’ compensation. Year ended December 31, Non-cash compensation expense (in thousands) 2016 2015 2014 Restricted stock $ 2,157 $ 1,932 $ 1,164 LTIP units 6,089 (1) 4,774 5,353 (2) Outperformance programs 465 523 456 (3) Performance units 672 — — Board of directors compensation (4) 346 349 341 Total non-cash compensation expense $ 9,729 $ 7,578 $ 7,314 (1) Inclusive of approximately $1.6 million of non-cash compensation expense during the year ended December 31, 2016 associated with the severance cost of an executive officer as discussed Note 7. (2) Inclusive of approximately $2.0 million of non-cash compensation during the year ended December 31, 2014 associated with the accounting for a consulting agreement with a former executive officer discussed in Note 7. Inclusive of approximately $0.9 million of non-cash compensation during the year ended December 31, 2014 associated with the accounting for a former executive officer's acceleration of LTIP units discussed in Note 7. (3) Inclusive of approximately $0.2 million of non-cash compensation during the year ended December 31, 2014 associated with the accounting for a consulting agreement with a former executive officer discussed in Note 7. (4) All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the years ended December 31, 2016 , December 31, 2015 , and December 31, 2014 . 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. At December 31, 2016 and December 31, 2015 , the number of shares available for issuance under the 2011 Plan were 1,156,578 and 1,449,415 , respectively. The number of shares available for issuance under the 2011 Plan do not include an allocation for the performance units or the 2015 OPP as the awards were not determinable as of December 31, 2016 or December 31, 2015 . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 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. 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, and these awards must be included in the computation of earnings per share pursuant to the two-class method. During the years ended December 31, 2016 , December 31, 2015 and December 31, 2014 , there were 276,367 ; 280,839 ; and 268,894 , respectively, unvested shares of restricted stock on a weighted average basis that were considered participating securities. During the year ended December 31, 2016 , there were 92,251 and 123,112 of unvested shares of restricted stock and performance units, respectively, on a weighted average basis that were dilutive. There were no dilutive shares during the years ended December 31, 2015 and December 31, 2014 . During the years ended December 31, 2015 and December 31, 2014 , there were 70,149 and 110,048 shares of unvested restricted common stock on a weighted average basis, respectively, that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS because to do so would have been antidilutive for those periods. The following table sets forth the computation of basic and diluted earnings per common share for the years ended December 31, 2016 , December 31, 2015 and December 31, 2014 . Year ended December 31, Earnings Per Share (in thousands, except share data) 2016 2015 2014 Numerator Net income (loss) $ 35,588 $ (29,345 ) $ (4,685 ) Less: preferred stock dividends 13,897 10,848 10,848 Less: amount allocated to participating securities 384 385 345 Less: income (loss) attributable to noncontrolling interest after preferred stock dividends 1,069 (1,962 ) (992 ) Net income (loss) attributable to common stockholders $ 20,238 $ (38,616 ) $ (14,886 ) Denominator Weighted average common shares outstanding — basic 70,637,185 66,307,972 54,086,345 Weighted average common shares outstanding — diluted 70,852,548 66,307,972 54,086,345 Net income (loss) per share — basic and diluted Net income (loss) per share attributable to common stockholders — basic $ 0.29 $ (0.58 ) $ (0.28 ) Net income (loss) per share attributable to common stockholders — diluted $ 0.29 $ (0.58 ) $ (0.28 ) |
Future Minimum Rents
Future Minimum Rents | 12 Months Ended |
Dec. 31, 2016 | |
Leases, Operating [Abstract] | |
Future Minimum Rents | Future Minimum Rents The Company’s properties are leased to tenants under triple net, modified, and gross leases. Minimum contractual lease payments receivable, excluding tenant reimbursement of expenses, under non-cancelable operating leases in effect as of December 31, 2016 are approximately as follows. Year Future Minimum Rents (in thousands) 2017 $ 223,309 2018 $ 187,615 2019 $ 149,273 2020 $ 120,461 2021 $ 87,797 Thereafter $ 301,177 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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. On April 18, 2012, the Company entered into an agreement with affiliates of Columbus Nova Real Estate Acquisition Group, Inc. ("Columbus Nova") to source sale leaseback transactions for potential acquisitions by the Company. The agreement called for various fees to be paid to Columbus Nova for its services including acquisition fees, credit monitoring fees, and a one-time incentive fee if certain performance thresholds are met. As of December 31, 2016 and December 31, 2015 , respectively, the fair value of the incentive fee was zero . The fair value was calculated using the following key Level 3 inputs: discount rate of 8.0% to 12.0% and 9.5% as of December 31, 2016 and December 31, 2015 , respectively, and exit capitalization rate of 7.0% to 12.0% and 9.8% as of December 31, 2016 and December 31, 2015 , respectively. The Company has letters of credit of approximately $3.5 million related to development projects and its corporate office lease as of December 31, 2016 . Ground and Operating Lease Agreements Future minimum rental payments under the terms of the fixed non-cancelable ground leases and operating leases, including any bargain renewal terms, under which the Company is the lessee as of December 31, 2016 are as follows. Year Future Minimum Rental Payments (1) (in thousands) 2017 $ 1,427 2018 $ 1,539 2019 $ 1,577 2020 $ 1,588 2021 $ 681 Thereafter $ 6,336 (1) Future minimum rental payments do not include estimates of CPI rent changes required by certain lease agreements. Therefore, actual minimum rental payments may differ than those presented. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Effective April 20, 2011, the Company adopted a 401(k) Defined Contribution Savings Plan (the “Plan”) for its employees. Under the Plan, as amended, employees, as defined, are eligible to participate in the Plan after they have completed three months of service. The Company provides a discretionary match of 50% of the employee’s contributions annually up to 6.0% of the employee’s annual compensation, subject to a cap imposed by federal tax law. The Company’s aggregate matching contribution for the years ended December 31, 2016 , December 31, 2015 and December 31, 2014 was approximately $0.4 million , $0.2 million and $0.2 million , respectively. The Company’s contribution is subject to a three year vesting schedule, such that employees who have been with the Company for three years are fully vested in past and future contributions. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions The Company’s initial public offering (“IPO”) on April 20, 2011, represented the roll-up of the substantial majority of the assets of several private, externally-advised real estate funds investing in single-tenant industrial real estate in the United States, including the fund identified below as Fund III. The roll-up included the affiliated management companies that advised the funds and excluded the assets of another affiliated real estate fund that also invested in industrial real estate; including the fund identified below as Fund II. In connection with the IPO, a wholly owned subsidiary of the Company, STAG Industrial Management, LLC (the “Manager”), entered into service agreements with the funds that participated in the IPO and remained in existence and the fund that did not participate in the IPO. The Manager is performing certain asset management services for STAG Investments II, LLC (“Fund II”), a private, fully-invested fund that is an affiliate of the Company and owned seven buildings with approximately 2.2 million rentable square feet as of December 31, 2016 . The Manager is paid an annual asset management fee based on the equity investment in the Fund II assets, which is 1.25% of the equity investment. In June 2013, Fund II and the Company amended the service agreement to exclude disposition services from the asset management services to be performed by the Company and results in a concomitant reduction in the asset management fee. The Company recognized asset management fee income of approximately $0.2 million , $0.4 million and $0.6 million for the years ended December 31, 2016 , December 31, 2015 and December 31, 2014 , respectively, which is included in other income on the accompanying Consolidated Statements of Operations. As of December 31, 2016 and December 31, 2015 , the Company had a receivable in the amount of approximately $48,000 and $0.1 million , respectively, related to the asset management fee income included within prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The Company’s “predecessor” for accounting purposes is STAG Predecessor Group, which is not a legal entity, but a collection of real estate entities that were owned by STAG Investments III, LLC (“Fund III”) prior to the Company’s IPO. At the time of the formation transactions in connection with the IPO, three vacant properties owned by Fund III were not contributed to the Company (the “Option Properties”). The Manager had entered into a services agreement with Fund III pursuant to which it would manage the Option Properties for an annual fee of $30,000 per property, and would provide the limited administrative services (including preparation of reports for the Fund III lender and investors, bookkeeping, tax and accounting services) that Fund III will require, for an annual fee of $20,000 . As the last remaining Option Property was sold in 2013, the Manager only received the annual fee of $20,000 until Fund III’s liquidation. Fund III ceased operations and was liquidated on December 31, 2014 and, as a result, the Manager no longer receives an annual fee. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events GAAP requires an entity to disclose certain events that occur after the balance sheet date but before financial statements are issued or are available to be issued (“subsequent events”). There are two types of subsequent events. The first type consists of events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements (“recognized subsequent events”). No significant recognized subsequent events were noted. The second type consists of events that provide evidence about conditions that did not exist at the date of the balance sheet but arose subsequent to that date (“non-recognized subsequent events”). The following non-recognized subsequent events are noted. On January 6, 2017, the Company granted 75,001 restricted shares of common stock to certain employees of the Company pursuant to the 2011 Plan. The restricted shares of common stock granted will vest in four equal installments on January 1 of each year beginning in 2018. The fair value of the restricted shares of common stock at the date of grant was $24.41 per share. On January 6, 2017, the Company granted 16,836 LTIP units to non-employee, independent directors, and 109,403 LTIP units to certain executive officers and senior employees pursuant to the 2011 Plan. The LTIP units granted to non-employee, independent directors will vest on January 1, 2018. The LTIP units granted to certain executive officers and senior employees will vest quarterly over four years , with the first vesting date being March 31, 2017. The fair value of the LTIP units at the date of grant was approximately $2.9 million , as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using an expected term of ten years, a weighted average volatility factor of 23.0% , a weighted average expected dividend yield of 6.0% , and a weighted average risk-free interest rate of 1.61% . The fair value of the LTIP units are based on Level 3 inputs and are non-recurring fair value measurements. On January 6, 2017, the Company granted performance units to certain executive officers and senior employees pursuant to the 2011 Plan. The terms of the January 6, 2017 performance units grant is substantially the same as the March 8, 2016 performance units grant as discussed in Note 8, except that the measuring period commences on January 1, 2017 and ends on December 31, 2019. The fair value of the performance units at the date of grant was approximately $2.9 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 expected dividend yield of 6.0% , and a weighted average risk-free interest rate of 1.61% . The fair value of the performance units are based on Level 3 inputs and are non-recurring fair value measurements. |
Schedule 2 - Valuation and Qual
Schedule 2 - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | STAG Industrial, Inc. Schedule II—Valuation and Qualifying Accounts December 31, 2016 (in thousands) Allowance for Doubtful Receivables and Accrued Rent Reserves STAG Industrial, Inc. Beginning of Period Costs and Expenses Amounts Written Off Balance at End of Period December 31, 2016 $ 106 $ 125 $ (43 ) $ 188 December 31, 2015 $ 104 $ 190 $ (188 ) $ 106 December 31, 2014 $ 19 $ 104 $ (19 ) $ 104 |
Schedule 3 - Real Estate and Ac
Schedule 3 - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III - Real Estate and Accumulated Depreciation Disclosure | STAG Industrial, Inc. Schedule III—Real Estate and Accumulated Depreciation December 31, 2016 (in thousands) Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2016 City/State Encumbrances (1) Building & Improvements (2) Land Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (3) Acq Date Albion, IN $ — 93 67 $ — $ 93 $ 67 $ 160 $ (24 ) 2006 Albion, IN — 932 103 — 932 $ 103 $ 1,035 (246 ) 2006 Albion, IN — 1,107 55 — 1,107 $ 55 $ 1,162 (292 ) 2006 Albion, IN — 970 332 — 970 $ 332 $ 1,302 (256 ) 2006 Albion, IN — 1,397 52 — 1,397 $ 52 $ 1,449 (368 ) 2006 Albion, IN — 1,528 126 — 1,528 $ 126 $ 1,654 (403 ) 2006 Kendallville, IN — 1,510 142 — 1,510 $ 142 $ 1,652 (398 ) 2006 Albion, IN — 710 187 — 710 $ 187 $ 897 (187 ) 2006 Alexandria, MN — 5,855 960 151 6,006 $ 960 $ 6,966 (900 ) 2011 Allentown, PA — 7,336 1,962 783 8,119 $ 1,962 $ 10,081 (865 ) 2014 Appleton, WI — 3,765 495 360 4,125 $ 495 $ 4,620 (1,030 ) 2007 Arlington, TX — 2,374 413 304 2,678 $ 413 $ 3,091 (589 ) 2007 Arlington, TX — 6,151 1,246 — 6,151 $ 1,246 $ 7,397 (837 ) 2012 Avon, CT — 2,750 336 — 2,750 $ 336 $ 3,086 (369 ) 2012 Belfast, ME — 10,331 1,883 487 10,818 $ 1,883 $ 12,701 (1,641 ) 2011 Belvidere, IL — 4,176 442 — 4,176 $ 442 $ 4,618 (224 ) 2015 Belvidere, IL — 3,956 733 — 3,956 $ 733 $ 4,689 (428 ) 2013 Belvidere, IL — 3,436 1,310 — 3,436 $ 1,310 $ 4,746 (514 ) 2013 Belvidere, IL — 3,517 538 114 3,631 $ 538 $ 4,169 (325 ) 2013 Belvidere, IL — 6,899 670 — 6,899 $ 670 $ 7,569 (690 ) 2013 Belvidere, IL — 4,321 668 — 4,321 $ 668 $ 4,989 (493 ) 2013 Belvidere, IL — 3,730 866 — 3,730 $ 866 $ 4,596 (450 ) 2013 Belvidere, IL — 2,808 586 22 2,830 $ 586 $ 3,416 (375 ) 2013 Belvidere, IL — 8,340 1,542 552 8,892 $ 1,542 $ 10,434 (1,043 ) 2013 Belvidere, IL — 71 216 — 71 $ 216 $ 287 (71 ) 2013 Biddeford, ME — 8,164 1,369 3,916 12,080 $ 1,369 $ 13,449 (179 ) 2016 Boardman, OH — 3,473 282 773 4,246 $ 282 $ 4,528 (1,033 ) 2007 Boardman, OH — 841 49 149 990 $ 49 $ 1,039 (531 ) 2007 Brooklyn Park, MN — 11,988 1,926 — 11,988 $ 1,926 $ 13,914 (33 ) 2016 Buena Vista, VA — 2,500 534 635 3,135 $ 534 $ 3,669 (417 ) 2012 Buffalo, NY — 2,924 146 — 2,924 $ 146 $ 3,070 (373 ) 2012 Burlington, NJ — 42,652 5,135 55 42,707 $ 5,135 $ 47,842 (1,980 ) 2015 Burlington, NJ — 19,577 4,030 1,231 20,808 $ 4,030 $ 24,838 (1,268 ) 2015 Calhoun, GA — 2,764 388 — 2,764 $ 388 $ 3,152 (216 ) 2014 Camarillo, CA — 10,785 7,242 237 11,022 $ 7,242 $ 18,264 (943 ) 2014 Camarillo, CA — 19,857 7,989 25 19,882 $ 7,989 $ 27,871 (1,589 ) 2014 Catoosa, OK — 3,937 — — 3,937 $ — $ 3,937 (450 ) 2013 Cedar Hill, TX — 11,971 4,066 — 11,971 $ 4,066 $ 16,037 (222 ) 2016 Charlotte, NC (10,291 ) 9,461 3,535 1,197 10,658 $ 3,535 $ 14,193 (2,199 ) 2011 Charlotte, NC — 2,443 805 4 2,447 $ 805 $ 3,252 (244 ) 2014 Charlotte, NC — 3,554 386 19 3,573 $ 386 $ 3,959 (341 ) 2014 Charlotte, NC — 3,961 515 — 3,961 $ 515 $ 4,476 (157 ) 2015 Charlotte, NC — 4,445 678 — 4,445 $ 678 $ 5,123 (112 ) 2016 Chattanooga, TN — 2,321 187 — 2,321 $ 187 $ 2,508 (155 ) 2015 Chattanooga, TN — 4,730 380 13 4,743 $ 380 $ 5,123 (316 ) 2015 Chattanooga, TN — 8,459 424 — 8,459 $ 424 $ 8,883 (645 ) 2015 Cheektowaga, NY — 2,757 216 793 3,550 $ 216 $ 3,766 (599 ) 2011 Chesterfield, MI — 1,169 207 62 1,231 $ 207 $ 1,438 (390 ) 2007 Chesterfield, MI — 798 150 89 887 $ 150 $ 1,037 (206 ) 2007 Chesterfield, MI — 802 151 224 1,026 $ 151 $ 1,177 (261 ) 2007 Chesterfield, MI — 5,304 942 1,952 7,256 $ 942 $ 8,198 (1,821 ) 2007 Chester, VA — 3,402 775 — 3,402 $ 775 $ 4,177 (448 ) 2014 Chicopee, MA — 5,867 504 — 5,867 $ 504 $ 6,371 (825 ) 2012 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2016 City/State Encumbrances (1) Building & Improvements (2) Land Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (3) Acq Date Chippewa Falls, WI — 2,303 133 — 2,303 $ 133 $ 2,436 (347 ) 2011 Chippewa Falls, WI — 544 44 — 544 44 588 (80 ) 2011 Cincinnati, OH — 3,637 238 1,412 5,049 238 5,287 (1,785 ) 2007 Cleveland, TN (2,464 ) 3,161 554 84 3,245 554 3,799 (543 ) 2011 Clinton, TN — 3,302 403 — 3,302 403 3,705 (307 ) 2015 Columbus, OH — 3,123 489 167 3,290 489 3,779 (433 ) 2014 Columbia, SC — 5,171 783 — 5,171 783 5,954 (122 ) 2016 West Columbia, SC — 6,988 715 401 7,389 715 8,104 (792 ) 2013 Dallas, GA — 1,712 475 — 1,712 475 2,187 (252 ) 2012 LaGrange, GA — 3,175 240 331 3,506 240 3,746 (619 ) 2011 Danville, KY — 11,814 965 3,644 15,458 965 16,423 (2,273 ) 2011 Daytona Beach, FL — 875 1,237 1,704 2,579 1,237 3,816 (630 ) 2007 Dayton, OH — 5,896 331 375 6,271 331 6,602 (319 ) 2015 DeForest, WI — 5,402 1,131 — 5,402 1,131 6,533 (20 ) 2016 DeKalb, IL — 4,568 489 — 4,568 489 5,057 (530 ) 2013 De Pere, WI — 6,144 525 — 6,144 525 6,669 (861 ) 2012 Duncan, SC — 11,258 1,002 726 11,984 1,002 12,986 (1,635 ) 2012 Duncan, SC — 6,739 709 71 6,810 709 7,519 (833 ) 2012 Durham, SC — 2,700 753 31 2,731 753 3,484 (161 ) 2015 Earth City, MO — 2,806 1,123 — 2,806 1,123 3,929 (25 ) 2016 Edgefield, SC — 938 220 750 1,688 220 1,908 (255 ) 2012 Elizabethtown, PA — 5,363 1,000 — 5,363 1,000 6,363 (414 ) 2014 Elkhart, IN — 210 25 143 353 25 378 (58 ) 2007 Elkhart, IN — 3,567 422 452 4,019 422 4,441 (931 ) 2007 El Paso, TX — 9,099 1,248 — 9,099 1,248 10,347 (733 ) 2014 El Paso, TX — 7,905 1,124 — 7,905 1,124 9,029 (767 ) 2014 El Paso, TX — 14,159 1,854 91 14,250 1,854 16,104 (1,205 ) 2014 El Paso, TX — 9,897 1,581 — 9,897 1,581 11,478 (767 ) 2014 El Paso, TX — 5,893 1,136 — 5,893 1,136 7,029 (340 ) 2015 El Paso, TX — 3,096 — 1,006 4,102 — 4,102 (567 ) 2012 Erlanger, KY — 3,826 635 6 3,832 635 4,467 (132 ) 2016 East Troy, WI — 4,962 304 — 4,962 304 5,266 (382 ) 2014 East Windsor, CT — 5,711 400 — 5,711 400 6,111 (22 ) 2016 East Windsor, CT (3,073 ) 4,713 348 528 5,241 348 5,589 (1,088 ) 2012 Fairborn, OH — 5,650 867 — 5,650 867 6,517 (477 ) 2015 Fairfield, OH — 2,842 948 — 2,842 948 3,790 (142 ) 2016 Farmington, NY — 5,342 410 20 5,362 410 5,772 (1,312 ) 2007 Forest Park, GA — 9,527 1,733 35 9,562 1,733 11,295 (142 ) 2016 Forest Park, GA — 8,189 1,715 — 8,189 1,715 9,904 (106 ) 2016 Fort Wayne, IN — 3,142 112 — 3,142 112 3,254 (245 ) 2014 Franklin, IN — 12,042 2,479 13 12,055 2,479 14,534 (1,940 ) 2012 Fort Worth, TX (1,889 ) 2,965 389 709 3,674 389 4,063 (563 ) 2011 Gahanna, OH — 4,191 1,265 1,258 5,449 1,265 6,714 (1,055 ) 2011 Gardiner, ME — 8,983 948 — 8,983 948 9,931 (141 ) 2016 Garland, TX — 5,425 1,344 294 5,719 1,344 7,063 (644 ) 2014 Garland, TX — 6,058 1,542 536 6,594 1,542 8,136 (296 ) 2015 Germantown, WI — 6,035 1,186 — 6,035 1,186 7,221 (660 ) 2014 Gloversville, NY (736 ) 1,299 117 — 1,299 117 1,416 (169 ) 2012 Gloversville, NY (1,189 ) 2,613 151 — 2,613 151 2,764 (359 ) 2012 Gloversville, NY (849 ) 1,514 154 13 1,527 154 1,681 (220 ) 2012 Golden, CO — 6,164 742 67 6,231 742 6,973 (669 ) 2013 Goshen, IN (5,224 ) 6,509 1,442 415 6,924 1,442 8,366 (1,186 ) 2011 Grand Junction, CO — 4,002 314 — 4,002 314 4,316 (196 ) 2015 Grand Rapids, MI — 7,532 169 5 7,537 169 7,706 (383 ) 2015 Graniteville, SC — 8,389 1,629 — 8,389 1,629 10,018 (228 ) 2016 Greenwood, SC (1,529 ) 1,848 166 — 1,848 166 2,014 (236 ) 2012 Greenwood, SC (1,302 ) 1,232 169 4 1,236 169 1,405 (198 ) 2012 Greenville, SC — 3,379 309 — 3,379 309 3,688 (220 ) 2015 Greer, SC — 1,434 129 144 1,578 129 1,707 (78 ) 2015 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2016 City/State Encumbrances (1) Building & Improvements (2) Land Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (3) Acq Date Greer, SC — 1,748 128 39 1,787 128 1,915 (95 ) 2015 Greer, SC — 471 153 10 481 153 634 (31 ) 2015 Greer, SC — 3,016 306 99 3,115 306 3,421 (180 ) 2015 Fountain Inn, SC — 4,438 719 — 4,438 719 5,157 (152 ) 2016 Grove City, OH — 3,974 730 — 3,974 730 4,704 (60 ) 2016 Gurnee, IL — 11,380 1,716 19 11,399 1,716 13,115 (845 ) 2014 Gurnee, IL — 4,902 1,337 468 5,370 1,337 6,707 (935 ) 2012 Hampstead, MD — 34,969 780 — 34,969 780 35,749 (3,588 ) 2013 Harrisonburg, VA — 11,179 1,455 144 11,323 1,455 12,778 (1,285 ) 2012 Hartland, WI — 4,634 1,526 — 4,634 1,526 6,160 (36 ) 2016 Harvard, IL — 2,980 1,157 — 2,980 1,157 4,137 (637 ) 2013 Hazelwood, MO (5,384 ) 5,815 1,382 1,207 7,022 1,382 8,404 (1,292 ) 2011 Hebron, KY — 4,601 370 — 4,601 370 4,971 (446 ) 2014 Holland, MI (3,159 ) 3,475 279 60 3,535 279 3,814 (580 ) 2012 Holland, MI — 2,176 224 229 2,405 224 2,629 (925 ) 2007 Houston, TX — 7,790 2,255 9 7,799 2,255 10,054 (886 ) 2013 Houston, TX — 4,906 1,428 17 4,923 1,428 6,351 (594 ) 2014 Houston, TX — 5,019 565 750 5,769 565 6,334 (671 ) 2014 Houston, TX — 8,448 2,546 — 8,448 2,546 10,994 (53 ) 2016 Huntersville, NC — 3,123 1,061 39 3,162 1,061 4,223 (390 ) 2012 Idaho Falls, ID — 2,735 356 — 2,735 356 3,091 (380 ) 2013 Independence, VA (1,421 ) 2,212 226 83 2,295 226 2,521 (415 ) 2012 Itasca, IL — 12,216 2,428 — 12,216 2,428 14,644 (95 ) 2016 Jackson, TN — 2,374 230 213 2,587 230 2,817 (374 ) 2012 Janesville, WI — 17,477 828 245 17,722 828 18,550 (2,115 ) 2013 Jefferson City, TN — 8,494 1,350 — 8,494 1,350 9,844 (1,365 ) 2014 Johnstown, NY (736 ) 1,304 178 — 1,304 178 1,482 (184 ) 2012 Johnstown, NY (1,076 ) 1,592 216 — 1,592 216 1,808 (185 ) 2012 Johnstown, NY (878 ) 978 151 — 978 151 1,129 (171 ) 2012 Johnstown, NY (1,642 ) 1,467 140 — 1,467 140 1,607 (208 ) 2012 Kansas City, MO — 5,539 703 92 5,631 703 6,334 (584 ) 2012 Kenosha, WI — 3,991 797 — 3,991 797 4,788 (36 ) 2016 Kentwood, MI — 2,478 407 — 2,478 407 2,885 (309 ) 2013 Knoxville, TN — 3,201 447 — 3,201 447 3,648 (263 ) 2015 Lafayette, IN (1,217 ) 2,205 295 36 2,241 295 2,536 (267 ) 2012 Lafayette, IN (2,067 ) 3,554 410 38 3,592 410 4,002 (540 ) 2012 Lafayette, IN (4,246 ) 8,135 906 252 8,387 906 9,293 (1,182 ) 2012 Lancaster, PA — 5,480 1,520 — 5,480 1,520 7,000 (527 ) 2015 Langhorne, PA — 3,868 1,370 — 3,868 1,370 5,238 (86 ) 2016 Langhorne, PA — 3,105 1,308 — 3,105 1,308 4,413 (84 ) 2016 Langhorne, PA — 6,372 1,884 — 6,372 1,884 8,256 (61 ) 2016 Lansing, MI (7,263 ) 8,164 501 — 8,164 501 8,665 (1,353 ) 2011 Lansing, MI — 4,077 580 — 4,077 580 4,657 (564 ) 2012 Lansing, MI (5,662 ) 7,162 429 — 7,162 429 7,591 (936 ) 2012 Lansing, MI — 5,209 907 — 5,209 907 6,116 (619 ) 2013 Laurens, SC — 4,254 151 — 4,254 151 4,405 (181 ) 2015 Lenexa, KS — 7,610 2,368 — 7,610 2,368 9,978 (938 ) 2014 Lewiston, ME — 5,515 173 1,318 6,833 173 7,006 (1,769 ) 2007 Lexington, NC — 3,968 232 633 4,601 232 4,833 (717 ) 2011 Libertyville, IL — 6,455 421 80 6,535 421 6,956 (377 ) 2015 Libertyville, IL — 770 143 9 779 143 922 (155 ) 2015 Londonderry, NH — 6,683 730 — 6,683 730 7,413 (767 ) 2013 Longmont, CO — 9,647 1,529 350 9,997 1,529 11,526 (859 ) 2014 Loudon, TN — 3,751 170 — 3,751 170 3,921 (181 ) 2015 Louisville, KY (3,354 ) 3,875 386 520 4,395 386 4,781 (866 ) 2011 Louisville, KY (5,351 ) 6,182 616 632 6,814 616 7,430 (1,336 ) 2011 Macedonia, OH — 8,195 1,690 10 8,205 1,690 9,895 (487 ) 2015 Machesney Park, IL — 3,742 300 — 3,742 300 4,042 (261 ) 2015 Madison, TN (5,688 ) 6,159 1,655 1,681 7,840 1,655 9,495 (1,488 ) 2011 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2016 City/State Encumbrances (1) Building & Improvements (2) Land Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (3) Acq Date Malden, MA — 2,817 366 — 2,817 366 3,183 (691 ) 2007 Malden, MA — 3,961 507 — 3,961 507 4,468 (972 ) 2007 Marion, IA — 2,257 691 49 2,306 691 2,997 (338 ) 2013 Marion, IN (2,887 ) 2,934 243 563 3,497 243 3,740 (391 ) 2012 Marshall, MI — 1,051 199 — 1,051 199 1,250 (181 ) 2013 Mascot, TN — 3,228 284 — 3,228 284 3,512 (178 ) 2016 Mascot, TN — 3,452 385 65 3,517 385 3,902 (525 ) 2013 Salem, OH — 7,674 858 252 7,926 858 8,784 (1,761 ) 2006 Mason, OH — 4,730 673 — 4,730 673 5,403 (476 ) 2014 Mayville, WI — 4,118 547 330 4,448 547 4,995 (1,142 ) 2007 Mebane, NC — 4,570 481 457 5,027 481 5,508 (596 ) 2012 Mebane, NC — 4,148 443 — 4,148 443 4,591 (548 ) 2012 Mebane, NC — 4,999 358 — 4,999 358 5,357 (577 ) 2013 Mechanicsburg, PA — 5,172 1,482 635 5,807 1,482 7,289 (648 ) 2014 Mechanicsburg, PA — 7,144 1,800 — 7,144 1,800 8,944 (654 ) 2014 New Kingston, PA — 8,687 2,041 — 8,687 2,041 10,728 (786 ) 2014 Mechanicsburg, PA — 8,008 1,452 — 8,008 1,452 9,460 (719 ) 2014 Milwaukee, WI — 4,090 456 46 4,136 456 4,592 (978 ) 2007 Montgomery, AL — 7,523 418 — 7,523 418 7,941 (25 ) 2016 Montgomery, IL — 12,485 2,190 1,755 14,240 2,190 16,430 (1,573 ) 2012 Mooresville, NC (5,888 ) 7,411 701 216 7,627 701 8,328 (1,312 ) 2011 Mountain Home, NC — 2,472 523 — 2,472 523 2,995 (230 ) 2014 Murfreesboro, TN — 2,863 722 — 2,863 722 3,585 (338 ) 2014 Nashua, NH — 8,682 1,431 — 8,682 1,431 10,113 (942 ) 2014 Nashville, TN — 3,601 547 — 3,601 547 4,148 (391 ) 2013 Newark, DE — 1,478 197 392 1,870 197 2,067 (480 ) 2007 Newark, DE — 1,891 232 194 2,085 232 2,317 (612 ) 2007 New Berlin, WI — 6,500 1,068 141 6,641 1,068 7,709 (886 ) 2013 New Castle, DE — 17,767 2,616 — 17,767 2,616 20,383 (338 ) 2016 New Hope, MN — 1,970 1,919 — 1,970 1,919 3,889 (345 ) 2013 Lopatcong, NJ — 9,154 1,554 193 9,347 1,554 10,901 (476 ) 2011 Piscataway, NJ — 5,655 640 620 6,275 640 6,915 (1,480 ) 2011 Newton, NC — 3,814 732 86 3,900 732 4,632 (573 ) 2011 North Haven, CT — 39,911 4,086 1,384 41,295 4,086 45,381 (3,132 ) 2015 North Jackson, OH — 4,427 1,528 — 4,427 1,528 5,955 (469 ) 2013 North Jackson, OH (7,435 ) 5,795 486 170 5,965 486 6,451 (734 ) 2011 Norcorss, GA — 2,586 1,589 — 2,586 1,589 4,175 (132 ) 2016 Norton, MA — 6,740 2,839 — 6,740 2,839 9,579 (1,192 ) 2011 Novi, MI (2,774 ) 3,879 252 — 3,879 252 4,131 (659 ) 2012 Novi, MI — 6,035 626 — 6,035 626 6,661 (310 ) 2015 Oakwood Village, OH — 3,091 343 — 3,091 343 3,434 (254 ) 2015 Ocala, FL — 13,296 731 952 14,248 731 14,979 (1,409 ) 2013 O'Fallon, MO (2,634 ) 2,676 1,242 266 2,942 1,242 4,184 (500 ) 2011 O'Hara, PA (15,909 ) 18,875 1,435 4,999 23,874 1,435 25,309 (3,036 ) 2012 Oklahoma City, OK — 2,211 746 — 2,211 746 2,957 (23 ) 2016 Oklahoma City, OK — 9,199 1,614 1,354 10,553 1,614 12,167 (488 ) 2015 Olathe, KS — 20,763 2,431 — 20,763 2,431 23,194 (195 ) 2016 Orlando, FL — 4,839 1,339 — 4,839 1,339 6,178 (588 ) 2013 Orlando, FL — 1,996 721 — 1,996 721 2,717 (292 ) 2012 Pensacola, FL — 2,989 145 111 3,100 145 3,245 (1,215 ) 2007 Phenix City, AL (1,585 ) 1,493 276 140 1,633 276 1,909 (249 ) 2012 Phoenix, AZ — 5,770 1,653 — 5,770 1,653 7,423 (340 ) 2015 Piedmont, SC — 4,152 231 — 4,152 231 4,383 (216 ) 2015 Piedmont, SC — 2,127 158 — 2,127 158 2,285 (115 ) 2015 Piedmont, SC — 2,302 204 — 2,302 204 2,506 (195 ) 2015 Pineville, NC — 1,380 392 — 1,380 392 1,772 (227 ) 2012 Plymouth, MI — 4,670 365 — 4,670 365 5,035 (339 ) 2015 Pocatello, ID — 3,472 399 135 3,607 399 4,006 (1,064 ) 2007 Portage, IN — 5,416 — — 5,416 — 5,416 (613 ) 2012 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2016 City/State Encumbrances (1) Building & Improvements (2) Land Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (3) Acq Date Portland, TN — 8,353 1,662 66 8,419 1,662 10,081 (1,387 ) 2012 Portland, ME (2,853 ) 3,727 891 — 3,727 891 4,618 (507 ) 2012 Rapid City, SD — 10,662 2,071 836 11,498 2,071 13,569 (3,477 ) 2007 Reading, PA — 5,401 1,708 67 5,468 1,708 7,176 (176 ) 2016 Muhlenberg TWP, PA — 14,064 843 132 14,196 843 15,039 (1,982 ) 2012 Reno, NV — 3,461 1,372 — 3,461 1,372 4,833 (357 ) 2014 Rock Hill, SC (4,012 ) 6,297 1,411 — 6,297 1,411 7,708 (114 ) 2016 Rogers, MN (10,014 ) 11,787 1,671 238 12,025 1,671 13,696 (2,925 ) 2011 Rogers, AR — 8,280 1,072 99 8,379 1,072 9,451 (1,391 ) 2011 Rural Hall, NC — 5,664 439 147 5,811 439 6,250 (1,103 ) 2011 Salem, OR (2,741 ) 3,150 599 640 3,790 599 4,389 (603 ) 2011 Salem, OR (1,231 ) 1,452 266 433 1,885 266 2,151 (340 ) 2011 San Antonio, TX — 10,395 1,568 — 10,395 1,568 11,963 (61 ) 2016 Sauk Village, IL — 5,405 877 64 5,469 877 6,346 (621 ) 2013 Savage, MN — 3,996 3,194 493 4,489 3,194 7,683 (662 ) 2014 Savannah, GA — 13,219 439 — 13,219 439 13,658 (1,193 ) 2014 Sergeant Bluff, IA — 6,188 247 273 6,461 247 6,708 (3,667 ) 2007 Seville, OH — 4,536 766 171 4,707 766 5,473 (949 ) 2011 Shannon, GA — 12,969 393 — 12,969 393 13,362 (1,150 ) 2013 South Holland, IL — 3,900 714 — 3,900 714 4,614 (652 ) 2013 Shreveport, LA — 6,265 1,804 136 6,401 1,804 8,205 (460 ) 2015 Simpsonville, SC — 2,960 957 117 3,077 957 4,034 (442 ) 2012 Simpsonville, SC — 3,418 470 127 3,545 470 4,015 (462 ) 2012 Smithfield, NC — 4,694 613 12 4,706 613 5,319 (706 ) 2011 Smyrna, GA — 3,286 264 — 3,286 264 3,550 (485 ) 2012 South Bend, IN — 4,834 411 — 4,834 411 5,245 (666 ) 2012 Sparks, MD — 1,945 358 65 2,010 358 2,368 (751 ) 2007 Spartanburg, SC — 15,100 1,867 — 15,100 1,867 16,967 (122 ) 2016 Spartanburg, SC — 3,694 342 — 3,694 342 4,036 (370 ) 2014 Spartanburg, SC — 5,797 493 294 6,091 493 6,584 (728 ) 2012 Springfield, OH — 6,432 574 — 6,432 574 7,006 (745 ) 2013 Statham, GA — 6,130 588 200 6,330 588 6,918 (747 ) 2012 Sterling Heights, MI (1,529 ) 4,197 513 415 4,612 513 5,125 (548 ) 2012 Stoughton, MA — 2,613 2,256 824 3,437 2,256 5,693 (606 ) 2015 Stoughton, MA — 1,216 538 — 1,216 538 1,754 (174 ) 2015 Streetsboro, OH (5,493 ) 5,481 2,161 214 5,695 2,161 7,856 (1,340 ) 2011 Strongsville, OH — 5,853 491 23 5,876 491 6,367 (573 ) 2014 Sun Prairie, WI — 5,809 2,360 2,377 8,186 2,360 10,546 (1,176 ) 2011 Toledo, OH — 6,831 213 — 6,831 213 7,044 (976 ) 2012 Burlington, NJ — — 3,267 167 167 3,267 3,434 — 2015 Libertyville, IL — — 369 2 2 369 371 — 2015 Libertyville, IL — — 397 2 2 397 399 — 2015 Tulsa, OK — 8,242 966 — 8,242 966 9,208 (405 ) 2015 Twinsburg, OH — 8,027 590 — 8,027 590 8,617 (1,590 ) 2007 Visalia, CA — 21,839 4,346 — 21,839 4,346 26,185 (646 ) 2016 Vonore, TN (7,707 ) 8,243 2,355 85 8,328 2,355 10,683 (1,571 ) 2011 Waco, TX — 1,394 — 274 1,668 — 1,668 (244 ) 2011 West Allis, WI — 1,905 462 — 1,905 462 2,367 (97 ) 2015 West Allis, WI — 1,860 444 — 1,860 444 2,304 (91 ) 2015 West Allis, WI — 929 252 — 929 252 1,181 (48 ) 2015 West Allis, WI — 1,039 251 — 1,039 251 1,290 (51 ) 2015 Walker, MI (3,685 ) 4,872 855 118 4,990 855 5,845 (949 ) 2011 Ware Shoals, SC (251 ) 197 133 — 197 133 330 (29 ) 2012 Warren, MI — 14,473 1,290 — 14,473 1,290 15,763 (234 ) 2016 West Chester, OH — 8,868 936 — 8,868 936 9,804 (27 ) 2016 West Chicago, IL — 2,036 768 — 2,036 768 2,804 (8 ) 2016 West Chicago, IL — 674 382 — 674 382 1,056 (6 ) 2016 West Chicago, IL — 768 450 — 768 450 1,218 (5 ) 2016 West Chicago, IL — 895 369 — 895 369 1,264 (6 ) 2016 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2016 City/State Encumbrances (1) Building & Improvements (2) Land Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (3) Acq Date West Chicago, IL — 904 216 — 904 216 1,120 (4 ) 2016 West Chicago, IL — 6,247 915 59 6,306 915 7,221 (225 ) 2016 West Columbia, SC — 9,570 488 — 9,570 488 10,058 (29 ) 2016 West Columbia, SC — 4,646 551 — 4,646 551 5,197 (33 ) 2016 Westborough, MA — 5,808 661 — 5,808 661 6,469 (68 ) 2016 Hamilton, OH — 8,585 1,046 — 8,585 1,046 9,631 (1,290 ) 2014 Wichita, KS (1,529 ) 1,815 88 11 1,826 88 1,914 (214 ) 2012 Wichita, KS (1,671 ) 1,839 107 57 1,896 107 2,003 (257 ) 2012 Wichita, KS (764 ) 833 76 131 964 76 1,040 (109 ) 2012 Williamsport, PA — 9,059 688 — 9,059 688 9,747 (1,150 ) 2013 Winston-Salem, NC — 11,054 610 16 11,070 610 11,680 (949 ) 2014 Wood Dale, IL — 5,042 1,226 — 5,042 1,226 6,268 (30 ) 2016 Woodstock, IL — 3,796 496 — 3,796 496 4,292 (520 ) 2012 Yorkville, WI (4,044 ) 4,915 416 — 4,915 416 5,331 (339 ) 2014 Bardstown, KY — 2,398 379 — 2,398 379 2,777 (617 ) 2007 Total $ (164,326 ) $ 1,673,800 $ 272,162 $ 63,754 $ 1,737,554 $ 272,162 $ 2,009,716 $ (187,413 ) (1) Balance excludes the unamortized balance of fair market value premiums of approximately $0.1 million and unamortized deferred financing fees and debt issuance costs of approximately $6.3 million . (2) The initial costs of building and improvements is the acquisition costs less asset impairment write-downs and disposals of building and tenant improvements. (3) Depreciation expense is computed using the straight-line method based on the following lives: Building 40 Years Building and land improvements Up to 20 years Tenant improvements Shorter of useful life or terms of related lease As of December 31, 2016 , the aggregate cost for federal income tax purposes of investments in real estate was approximately $2.6 billion . Year ended December 31, 2016 2015 2014 Real Estate: Balance at beginning of period $ 1,711,612 $ 1,415,965 $ 1,079,046 Additions during period Other acquisitions 381,131 330,504 337,726 Improvements, etc. 33,133 16,851 13,608 Other additions — — — Deductions during period Cost of real estate sold (97,342 ) (21,443 ) (10,539 ) Write-off of tenant improvements (2,585 ) (1,205 ) (1,036 ) Asset impairments and involuntary conversion (16,233 ) (29,060 ) (2,840 ) Balance at the end of the period $ 2,009,716 $ 1,711,612 $ 1,415,965 Accumulated Depreciation: Balance at beginning of period $ 147,917 $ 105,435 $ 71,653 Additions during period Depreciation and amortization expense 57,391 48,186 36,356 Other additions — — — Deductions during period Disposals (17,895 ) (5,704 ) (2,574 ) Balance at the end of the period $ 187,413 $ 147,917 $ 105,435 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Related-Party Transactions | Related-Party Transactions The Company’s initial public offering (“IPO”) on April 20, 2011, represented the roll-up of the substantial majority of the assets of several private, externally-advised real estate funds investing in single-tenant industrial real estate in the United States, including the fund identified below as Fund III. The roll-up included the affiliated management companies that advised the funds and excluded the assets of another affiliated real estate fund that also invested in industrial real estate; including the fund identified below as Fund II. In connection with the IPO, a wholly owned subsidiary of the Company, STAG Industrial Management, LLC (the “Manager”), entered into service agreements with the funds that participated in the IPO and remained in existence and the fund that did not participate in the IPO. The Manager is performing certain asset management services for STAG Investments II, LLC (“Fund II”), a private, fully-invested fund that is an affiliate of the Company and owned seven buildings with approximately 2.2 million rentable square feet as of December 31, 2016 . The Manager is paid an annual asset management fee based on the equity investment in the Fund II assets, which is 1.25% of the equity investment. In June 2013, Fund II and the Company amended the service agreement to exclude disposition services from the asset management services to be performed by the Company and results in a concomitant reduction in the asset management fee. The Company recognized asset management fee income of approximately $0.2 million , $0.4 million and $0.6 million for the years ended December 31, 2016 , December 31, 2015 and December 31, 2014 , respectively, which is included in other income on the accompanying Consolidated Statements of Operations. As of December 31, 2016 and December 31, 2015 , the Company had a receivable in the amount of approximately $48,000 and $0.1 million , respectively, related to the asset management fee income included within prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The Company’s “predecessor” for accounting purposes is STAG Predecessor Group, which is not a legal entity, but a collection of real estate entities that were owned by STAG Investments III, LLC (“Fund III”) prior to the Company’s IPO. At the time of the formation transactions in connection with the IPO, three vacant properties owned by Fund III were not contributed to the Company (the “Option Properties”). The Manager had entered into a services agreement with Fund III pursuant to which it would manage the Option Properties for an annual fee of $30,000 per property, and would provide the limited administrative services (including preparation of reports for the Fund III lender and investors, bookkeeping, tax and accounting services) that Fund III will require, for an annual fee of $20,000 . As the last remaining Option Property was sold in 2013, the Manager only received the annual fee of $20,000 until Fund III’s liquidation. Fund III ceased operations and was liquidated on December 31, 2014 and, as a result, the Manager no longer receives an annual fee. |
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. |
Accounting Changes and Error Corrections [Text Block] | Revision of Previously Reported Consolidated Financial Statements In connection with the preparation of the Company's consolidated financial statements for the year ended December 31, 2016, the Company identified an error in the estimated useful life of a building acquired in the fourth quarter of 2014. As a result of the error, depreciation expense had been overstated and thereby rental property, net and equity were understated. The Company concluded that the amounts were not material to any of its previously issued consolidated financial statements. Accordingly, the Company revised these balances in the accompanying consolidated financial statements as of and for the years ended December 31, 2015 and December 31, 2014 as outlined below. These adjustments do not impact the Company’s cash balances for any of the reporting periods. The effects of this revision to the consolidated financial statements are as follows (in thousands, except for per share data). Effect of Revision As of and For the Year Ended December 31, 2015 As Previously Reported Adjustment As Revised Consolidated Balance Sheet, December 31, 2015 Building and improvements, net of accumulated depreciation $ 1,332,298 $ 2,478 $ 1,334,776 Total assets (1) $ 1,899,304 $ 2,478 $ 1,901,782 Total equity $ 855,379 $ 2,478 $ 857,857 Consolidated Statement of Operations, Year Ended December 31, 2015 Depreciation and amortization $ 112,545 $ (2,124 ) $ 110,421 Total expenses $ 218,999 $ (2,124 ) $ 216,875 Net loss $ (31,469 ) $ 2,124 $ (29,345 ) Net loss attributable to STAG Industrial, Inc. $ (29,403 ) $ 2,020 $ (27,383 ) Net loss attributable to common stockholders $ (40,636 ) $ 2,020 $ (38,616 ) Loss per share attributable to common stockholders — basic and diluted $ (0.61 ) $ 0.03 $ (0.58 ) Consolidated Statement of Comprehensive Income (Loss), Year Ended December 31, 2015 Comprehensive loss $ (33,425 ) $ 2,124 $ (31,301 ) (1) The as previously reported balance for total assets has been retrospectively adjusted to include the effect of the change in accounting principle for the adoption of ASU 2015-03, as discussed in "New Accounting Pronouncements" below. Effect of Revision As of and For the Year Ended December 31, 2014 As Previously Reported Adjustment As Revised Consolidated Balance Sheet, December 31, 2014 Total assets (1) $ 1,623,448 $ 354 $ 1,623,802 Total equity $ 891,524 $ 354 $ 891,878 Consolidated Statement of Operations, Year Ended December 31, 2014 Depreciation and amortization $ 88,057 $ (354 ) $ 87,703 Total expenses $ 155,874 $ (354 ) $ 155,520 Net loss $ (5,039 ) $ 354 $ (4,685 ) Net loss attributable to STAG Industrial, Inc. $ (4,025 ) $ 332 $ (3,693 ) Net loss attributable to common stockholders $ (15,218 ) $ 332 $ (14,886 ) Loss per share attributable to common stockholders — basic and diluted $ (0.28 ) $ — $ (0.28 ) Consolidated Statement of Comprehensive Income (Loss), Year Ended December 31, 2014 Comprehensive loss $ (9,236 ) $ 354 $ (8,882 ) (1) The as previously reported balance for total assets has been retrospectively adjusted to include the effect of the change in accounting principle for the adoption of ASU 2015-03, as discussed in "New Accounting Pronouncements" below. |
Adoption of New Accounting Pronouncements | New Accounting Pronouncements In January of 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The new standard removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This standard is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted for interim or goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of ASU 2017-04 is not expected to materially impact the Company’s consolidated financial statements. In January of 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The new standard provides a screen to determine when a set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired or disposed of is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This standard is effective for annual periods beginning after December 15, 2017 and interim periods within those periods, with early adoption permitted, and should be applied prospectively on or after the effective date. Upon the adoption of ASU 2017-01, it is expected that the majority of the Company's acquisitions will be accounted for as asset acquisitions, whereas under the current guidance the majority of the Company's acquisitions have been accounted for as business combinations. The most significant difference between the two accounting models that will impact the Company's consolidated financial statements is that in an asset acquisition, property acquisition costs are generally a component of the consideration transferred to acquire a group of assets and are capitalized as a component of the cost of the assets, whereas in a business combination, property acquisition costs are expensed and not included as part of the consideration transferred. The Company plans to adopt this standard effective January 1, 2018. In November of 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . The new standard requires that the statement of cash flows explain the changes during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This standard is effective for fiscal years beginning after December 15, 2017 and interim periods within those years, with early adoption permitted, and should be applied using a retrospective transition method to each period presented. Upon the adoption of ASU 2016-18, the Company will reconcile both cash and cash equivalents and restricted cash in the accompanying Statements of Cash Flows, whereas under the current guidance the Company explains the changes during the period for cash and cash equivalents only. In August of 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which provides clarified guidance on the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. This standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those years, with early adoption permitted. The Company has elected to early adopt this standard effective July 1, 2016, and the effects of this standard were applied retrospectively to all prior periods presented. The effect of the change in accounting principle was an increase in net cash provided by operating activities of approximately $2.0 million for the six months ended June 30, 2016 and a corresponding increase in net cash used in financing activities for the six months ended June 30, 2016 related to the payment of loan prepayment fees and costs. In March of 2016, the FASB issued 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 flows. 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). Topic 842 supersedes the previous leases standard, Topic 840, Leases . 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, which will result in the recording of a right of use asset and the related lease liability. 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, and expects to adopt the standard effective January 1, 2019. 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 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 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 Company adopted this standard effective for the annual period ended December 31, 2016 and this standard did not have a material effect on the 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. While lease contracts with customers, which constitute a vast majority of the Company's revenues, are a specific scope exception, certain of the Company's revenue streams may be impacted by the new guidance. Once the new guidance setting forth principles for the recognition, measurement, presentation and disclosure of leases (ASU 2016-02, as discussed above) goes into effect, the new revenue standard may apply to executory costs and other components of revenue due under leases that are deemed to be non-lease components (such as common area maintenance and provision of utilities), even when the revenue for such activities is not separately stipulated in the lease. In that case, revenue from these items previously recognized on a straight-line basis under current lease guidance would be recognized under the new revenue guidance as the related services are delivered. As a result, while the total revenue recognized over time would not differ under the new guidance, the recognition pattern would be different. The Company is in the process of evaluating the significance of the difference in the recognition pattern that would result from this change. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. The Company has not decided which method of adoption it will use. 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, and expects that it will adopt the standard effective January 1, 2018. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Rental Property | Rental Property and Deferred Leasing Intangibles Rental property is carried at cost less accumulated depreciation and amortization. Expenditures for maintenance and repairs are expensed as incurred. Significant renovations and betterments that extend the economic useful lives of assets are capitalized. 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 project 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. |
Discontinued Operations | For properties classified as held for sale, the Company ceases depreciating and amortizing the rental property and values the rental property at the lower of depreciated and amortized cost or fair value, less costs to dispose. The Company presents those properties classified as held for sale with any qualifying assets and liabilities associated with those properties as held for sale in the accompanying Consolidated Balance Sheets. |
Business Combinations | The Company allocates the purchase price of business combinations of properties based upon the fair value of the assets and liabilities acquired, which generally consist of land, buildings, tenant improvements, mortgage debt assumed, and deferred leasing intangibles, which includes in-place leases, above market and below market leases, and tenant relationships. The portion of the purchase price that is allocated to above and below market leases is valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease term plus the term of any bargain renewal options. The above and below market lease values are amortized into rental income over the remaining term plus the terms of bargain renewal options or assumed exercise of early termination options of the respective leases. The purchase price is further allocated to in-place lease values and tenant relationships based on the Company's evaluation of the specific characteristics of each tenant’s lease and its overall relationship with the respective tenant. The value of in-place lease intangibles and tenant relationships, which are included as components of deferred leasing intangibles, are amortized over the remaining lease term (and expected renewal periods of the respective lease for tenant relationships or assumed exercise of early termination options for in-place lease intangibles) as increases or decreases to depreciation and amortization expense. If a tenant terminates its lease, the unamortized portion of above and below market leases is accelerated into rental income and the in-place lease value and tenant relationships are accelerated into depreciation or amortization expense over the shortened lease term. The purchase price allocated to deferred leasing intangible assets are included in rental property on the accompanying Consolidated Balance Sheets and the purchase price allocated to deferred leasing intangible liabilities are included in deferred leasing intangibles on the accompanying Consolidated Balance Sheets under the liabilities section. In determining the fair value of the debt assumed, the Company discounts the spread between the future contractual interest payments and hypothetical future interest payments on mortgage debt based on a current market rate. The associated fair market value debt adjustment is amortized through interest expense over the life of the debt on a basis which approximates the effective interest method. Using information available at the time of acquisition, the Company allocates the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. The Company may adjust the preliminary purchase price allocations after obtaining more information about asset valuations and liabilities assumed. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets | The Company evaluates the carrying value of all tangible and intangible rental property assets held for use for possible impairment when an event or change in circumstance has occurred that indicates their carrying value may not be recoverable. The evaluation includes estimating and reviewing anticipated future undiscounted cash flows to be derived from the asset and the ultimate sale of the asset. If such cash flows are less than the asset’s carrying value, an impairment charge is recognized to the extent by which the asset’s carrying value exceeds the estimated fair value. Estimating future cash flows is highly subjective and such estimates could differ from actual results. |
Depreciation and Amortization | Depreciation and amortization expense is computed using the straight-line method based on the following lives. Building 40 Years Building and land improvements Up to 20 years Tenant improvements Shorter of useful life or terms of related lease Above and below market leases and other deferred leasing intangibles Terms of the related lease plus terms of bargain renewal options or assumed exercise of early termination options Tenant relationships Terms of the related lease plus estimated renewal period Assumed debt fair value premium/discount Terms of the related loan Fully depreciated or amortized assets or liabilities and the associated accumulated depreciation or amortization are written-off. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less. The Company maintains cash and cash equivalents in United States banking institutions that may exceed amounts insured by the Federal Deposit Insurance Corporation. While the Company monitors the cash balances in its operating accounts, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts, and mitigates this risk by using nationally recognized banking institutions. Restricted Cash Restricted cash may include tenant security deposits and cash held in escrow for real estate taxes and capital improvements as required in various mortgage loan agreements. Restricted cash also may include amounts held by the Company’s transfer agent for preferred stock dividends that are distributed subsequent to period end. |
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. |
Deferred Costs | Deferred Costs Deferred financing fees and debt issuance costs include costs incurred in obtaining debt that are capitalized and are presented as a direct deduction from the carry amount of the associated debt liability that is not a line-of-credit arrangement on the accompanying Consolidated Balance Sheets. Deferred financing fees and debt issuance costs related to line-of-credit arrangements are presented as an asset in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The deferred financing fees and debt issuance costs are amortized through interest expense over the life of the respective loans on a basis which approximates the effective interest method. Any unamortized amounts upon early repayment of debt are written off in the period of repayment as a loss on extinguishment of debt. Fully amortized deferred financing fees and debt issuance costs are removed from the books upon maturity of the underlying debt. Leasing commissions include commissions, compensation costs of leasing personnel, and other direct and incremental costs incurred to obtain new tenant leases as well as to renew existing tenant leases, and are presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. Leasing commission are capitalized and amortized over the terms of the related leases (and bargain renewal terms or assumed exercise of early termination options) using the straight-line method. If a lease terminates prior to the expiration of its initial term, any unamortized costs related to the lease are accelerated into amortization expense. Changes in leasing commissions are presented in the cash flows from operating activities section of the accompanying Consolidated Statements of Cash Flows. |
Goodwill | Goodwill The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill of the Company of $4.9 million represents amounts allocated to the assembled workforce from the acquired management company, and is presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The Company’s goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis at December 31, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company takes a qualitative approach to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. The Company has recorded no impairments to goodwill through December 31, 2016 . |
Use of Derivative Financial Instruments | Use of Derivative Financial Instruments The Company records all derivatives on the accompanying Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. In accordance with fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting arrangements on a net basis by counterparty portfolio. Credit risk is the risk of failure of the counterparty to perform under the terms of the contract. The Company minimizes the credit risk in the interest rate swaps by entering into transactions with various high-quality counterparties. The Company’s exposure to credit risk at any point is generally limited to amounts recorded as assets on the accompanying Consolidated Balance Sheets. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Financial instruments include cash and cash equivalents, restricted cash, tenant accounts receivable, interest rate swaps, accounts payable, accrued expenses, unsecured credit facility, unsecured term loans, unsecured notes and mortgage notes. The fair values of the cash and cash equivalents, restricted cash, tenant accounts receivable, accounts payable and accrued expenses approximate their carrying or contract values because of the short term maturity of these instruments. See Note 4 for the fair values of the Company’s debt. See Note 5 for the fair values of the Company’s interest rate swaps. The Company adopted fair value measurement provisions for its financial instruments recorded at fair value. The 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. |
Offering Costs | Offering Costs Underwriting commissions and direct offering costs have been reflected as a reduction of additional paid-in capital. Indirect costs associated with equity offerings are expensed as incurred and included in general and administrative expenses on the accompanying Consolidated Statements of Operations. |
Dividends | Dividends Earnings and profits, which determine the taxability of dividends to stockholders, will differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of gains on the sale of real property, revenue and expense recognition, and in the estimated useful lives and basis used to compute depreciation. In addition, the Company's distributions include a return of capital. To the extent that the Company makes distributions in excess of its current and accumulated earnings and profits, such distributions would generally be considered a return of capital for federal income tax purposes to the extent of the holder’s adjusted tax basis in its shares. A return of capital is not taxable, but it has the effect of reducing the holder’s adjusted tax basis in its investment. |
Revenue Recognition | Revenue Recognition All current leases are classified as operating leases and rental income is recognized on a straight-line basis over the term of the lease (and expected bargain renewal terms or assumed exercise of early termination options) when collectability is reasonably assured. Differences between rental income earned and amounts due under the lease are charged or credited, as applicable, to accrued rental income. Additional rents from expense reimbursements for insurance, real estate taxes and certain other expenses are recognized in the period in which the related expenses are incurred. The Company earns revenue from asset management fees, which are included on the accompanying Consolidated Statements of Operations in other income. The Company recognizes revenue from asset management fees when the related fees are earned and are realized or realizable. 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 is 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 $10.9 million for the year ended December 31, 2016 , $10.2 million for the year ended December 31, 2015 , and $10.2 million for the year ended December 31, 2014 . 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 Early lease termination fees are recorded in rental income on a straight-line basis from the notification date of such termination to the then remaining (not the original) lease term, if any, or upon collection if collection is not reasonably assured. |
Gain on Sales of Rental Property | Gain on the Sales of Rental Property, net The timing of the recognition of gain on the sales of rental property, net is measured against various criteria related to the terms of the transaction and continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, the Company defers some or all of the gain recognition and accounts for the continued operations of the property by applying the finance, leasing, profit sharing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria are met. |
Incentive and Equity-Based Employee Compensation Plans | Incentive and Equity-Based Employee Compensation Plans The Company grants equity-based compensation awards to its employees and directors in the form of restricted shares of common stock, LTIP units, outperformance programs, and performance units. See Notes 6, 7 and 8 for further discussion of restricted shares of common stock, LTIP units, and the outperformance programs and performance units, respectively. The Company measures equity-based compensation expense based on the fair value of the awards on the grant date and recognizes the expense ratably over the vesting period, and forfeitures are recognized in the period in which they occur. |
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. On August 25, 2015, the Company's TRS acquired two vacant land parcels in connection with the Libertyville, IL acquisition. The Company's TRS recognized a net loss of approximately $0.1 million and $25,000 , for the years ended December 31, 2016 and December 31, 2015 , respectively, which has been included on the accompanying Consolidated Statements of Operations. The TRS did not have any activity during the year ended December 31, 2014 . The following table reconciles net income (loss) to taxable income for the years ended December 31, 2016 , December 31, 2015 and December 31, 2014 . Year ended December 31, Reconciliation of Net Income (Loss) to Taxable Income (in thousands) 2016 2015 2014 Net income (loss) $ 35,588 $ (29,345 ) $ (4,685 ) Book/tax differences from depreciation and amortization 66,763 60,959 49,672 Above/below market lease amortization 6,213 8,526 6,253 Loss on impairments 16,845 29,272 2,840 Book/tax difference on termination income 678 (1,815 ) 1,994 Book/tax difference on property acquisition costs 4,498 4,400 4,279 Loss on extinguishment of debt (17 ) — 686 Book/tax difference on accrued bonus payment 1,170 (337 ) 941 Book/tax difference on bad debt expense 83 2 104 Book/tax difference on non-cash compensation 7,188 4,662 4,706 Book/tax difference on gain on the sales of rental property, net (53,580 ) (10,653 ) (4,695 ) Straight-line rent adjustments, net (2,495 ) (3,405 ) (3,255 ) Book/tax difference on non-cash portion of interest expense 1,631 1,266 979 Book/tax difference on prepaid rent of Sec. 467 leases (274 ) 1,887 — Other book/tax differences, net 284 180 78 Loss attributable to noncontrolling interest (4,069 ) (3,011 ) (3,414 ) Taxable income subject to distribution requirement (1) $ 80,506 $ 62,588 $ 56,483 (1) The Company distributed in excess of 100% of its taxable income to its stockholders during the years ended December 31, 2016 , December 31, 2015 and December 31, 2014 , respectively. 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 $1.0 million , $0.9 million and $0.6 million have been recorded in other expenses on the accompanying Consolidated Statements of Operations for the years ended December 31, 2016 , December 31, 2015 and December 31, 2014 , respectively. Uncertain Tax Positions Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of December 31, 2016 , December 31, 2015 and December 31, 2014 , there were no liabilities for uncertain tax positions. |
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. Under the two-class method, basic earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur from shares issuable in connection with awards under incentive and equity-based compensation plans. |
Segment Reporting | Segment Reporting The Company manages its operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions and, accordingly, has only one reporting and operating segment. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of error correction and prior period adjustments | The Company concluded that the amounts were not material to any of its previously issued consolidated financial statements. Accordingly, the Company revised these balances in the accompanying consolidated financial statements as of and for the years ended December 31, 2015 and December 31, 2014 as outlined below. These adjustments do not impact the Company’s cash balances for any of the reporting periods. The effects of this revision to the consolidated financial statements are as follows (in thousands, except for per share data). Effect of Revision As of and For the Year Ended December 31, 2015 As Previously Reported Adjustment As Revised Consolidated Balance Sheet, December 31, 2015 Building and improvements, net of accumulated depreciation $ 1,332,298 $ 2,478 $ 1,334,776 Total assets (1) $ 1,899,304 $ 2,478 $ 1,901,782 Total equity $ 855,379 $ 2,478 $ 857,857 Consolidated Statement of Operations, Year Ended December 31, 2015 Depreciation and amortization $ 112,545 $ (2,124 ) $ 110,421 Total expenses $ 218,999 $ (2,124 ) $ 216,875 Net loss $ (31,469 ) $ 2,124 $ (29,345 ) Net loss attributable to STAG Industrial, Inc. $ (29,403 ) $ 2,020 $ (27,383 ) Net loss attributable to common stockholders $ (40,636 ) $ 2,020 $ (38,616 ) Loss per share attributable to common stockholders — basic and diluted $ (0.61 ) $ 0.03 $ (0.58 ) Consolidated Statement of Comprehensive Income (Loss), Year Ended December 31, 2015 Comprehensive loss $ (33,425 ) $ 2,124 $ (31,301 ) (1) The as previously reported balance for total assets has been retrospectively adjusted to include the effect of the change in accounting principle for the adoption of ASU 2015-03, as discussed in "New Accounting Pronouncements" below. Effect of Revision As of and For the Year Ended December 31, 2014 As Previously Reported Adjustment As Revised Consolidated Balance Sheet, December 31, 2014 Total assets (1) $ 1,623,448 $ 354 $ 1,623,802 Total equity $ 891,524 $ 354 $ 891,878 Consolidated Statement of Operations, Year Ended December 31, 2014 Depreciation and amortization $ 88,057 $ (354 ) $ 87,703 Total expenses $ 155,874 $ (354 ) $ 155,520 Net loss $ (5,039 ) $ 354 $ (4,685 ) Net loss attributable to STAG Industrial, Inc. $ (4,025 ) $ 332 $ (3,693 ) Net loss attributable to common stockholders $ (15,218 ) $ 332 $ (14,886 ) Loss per share attributable to common stockholders — basic and diluted $ (0.28 ) $ — $ (0.28 ) Consolidated Statement of Comprehensive Income (Loss), Year Ended December 31, 2014 Comprehensive loss $ (9,236 ) $ 354 $ (8,882 ) (1) The as previously reported balance for total assets has been retrospectively adjusted to include the effect of the change in accounting principle for the adoption of ASU 2015-03, as discussed in "New Accounting Pronouncements" below. |
Schedule of estimated useful lives of PP&E | Depreciation and amortization expense is computed using the straight-line method based on the following lives. Building 40 Years Building and land improvements Up to 20 years Tenant improvements Shorter of useful life or terms of related lease Above and below market leases and other deferred leasing intangibles Terms of the related lease plus terms of bargain renewal options or assumed exercise of early termination options Tenant relationships Terms of the related lease plus estimated renewal period Assumed debt fair value premium/discount Terms of the related loan |
Schedule of estimated useful lives of finite-lived intangible assets | Depreciation and amortization expense is computed using the straight-line method based on the following lives. Building 40 Years Building and land improvements Up to 20 years Tenant improvements Shorter of useful life or terms of related lease Above and below market leases and other deferred leasing intangibles Terms of the related lease plus terms of bargain renewal options or assumed exercise of early termination options Tenant relationships Terms of the related lease plus estimated renewal period Assumed debt fair value premium/discount Terms of the related loan |
Schedule of tax treatment of common dividends per share for federal income tax | The tax treatment of common dividends per share for federal income tax purposes is as follows. Year ended December 31, 2016 2015 2014 Per Share % Per Share % Per Share % Ordinary income $ 0.944038 68.0 % $ 0.777244 57.2 % $ 0.843245 65.9 % Return of capital 0.445125 32.0 % 0.582756 42.8 % 0.436755 34.1 % Total (1) $ 1.389163 100.0 % $ 1.36000 100.0 % $ 1.280000 100.0 % (1) The December 2014 monthly common stock dividend of $0.11 per share was included in the stockholder’s 2015 tax year. The December 2015 monthly common stock dividend of $0.115 per share was included in the stockholder’s 2016 tax year. The December 2016 monthly common stock dividend of $0.115833 per share will be included in the stockholder’s 2017 tax year. The tables below set forth the dividends attributable to the common stock that were declared or paid during the years ended December 31, 2016 and December 31, 2015 , respectively. Month Ended 2016 Declaration Date Record Date Per Share Payment Date December 31 August 1, 2016 December 30, 2016 $ 0.115833 January 17, 2017 November 30 August 1, 2016 November 30, 2016 0.115833 December 15, 2016 October 31 August 1, 2016 October 31, 2016 0.115833 November 15, 2016 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 $ 1.389996 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 The tables below set forth the dividends attributable to the Preferred Stock Issuances during the years ended December 31, 2016 and December 31, 2015 . Quarter Ended 2016 Declaration Date Series A Series B Series C Payment Date December 31 November 2, 2016 (1) $ 0.19375 (1) $ 0.4140625 $ 0.4296875 December 30, 2016 September 30 August 1, 2016 0.56250 0.4140625 0.4296875 September 30, 2016 June 30 May 2, 2016 0.56250 0.4140625 0.4965300 (2) June 30, 2016 March 31 February 22, 2016 0.56250 0.4140625 — March 31, 2016 Total $ 1.88125 $ 1.6562500 $ 1.3559050 (1) On September 26, 2016 the board of directors approved the redemption of the Series A Preferred Stock. On November 2, 2016 the Company redeemed all of the Series A Preferred Stock, at a cash redemption price of $25.00 per share, plus accrued and unpaid dividends to but excluding the redemption date, without interest. (2) 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. 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 |
Schedule of reconciliation of net income (loss) to taxable income | The following table reconciles net income (loss) to taxable income for the years ended December 31, 2016 , December 31, 2015 and December 31, 2014 . Year ended December 31, Reconciliation of Net Income (Loss) to Taxable Income (in thousands) 2016 2015 2014 Net income (loss) $ 35,588 $ (29,345 ) $ (4,685 ) Book/tax differences from depreciation and amortization 66,763 60,959 49,672 Above/below market lease amortization 6,213 8,526 6,253 Loss on impairments 16,845 29,272 2,840 Book/tax difference on termination income 678 (1,815 ) 1,994 Book/tax difference on property acquisition costs 4,498 4,400 4,279 Loss on extinguishment of debt (17 ) — 686 Book/tax difference on accrued bonus payment 1,170 (337 ) 941 Book/tax difference on bad debt expense 83 2 104 Book/tax difference on non-cash compensation 7,188 4,662 4,706 Book/tax difference on gain on the sales of rental property, net (53,580 ) (10,653 ) (4,695 ) Straight-line rent adjustments, net (2,495 ) (3,405 ) (3,255 ) Book/tax difference on non-cash portion of interest expense 1,631 1,266 979 Book/tax difference on prepaid rent of Sec. 467 leases (274 ) 1,887 — Other book/tax differences, net 284 180 78 Loss attributable to noncontrolling interest (4,069 ) (3,011 ) (3,414 ) Taxable income subject to distribution requirement (1) $ 80,506 $ 62,588 $ 56,483 (1) The Company distributed in excess of 100% of its taxable income to its stockholders during the years ended December 31, 2016 , December 31, 2015 and December 31, 2014 , respectively. |
Rental Property (Tables)
Rental Property (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Schedule of components of rental property | The following table summarizes the components of rental property, net as of December 31, 2016 and December 31, 2015 . Rental Property, net (in thousands) December 31, 2016 December 31, 2015 Land $ 272,162 $ 228,919 Buildings, net of accumulated depreciation of $125,971 and $101,819, respectivel y 1,408,406 1,234,838 Tenant improvements, net of accumulated depreciation of $28,388 and $26,283, respectively 24,974 23,586 Building and land improvements, net of accumulated depreciation of $33,054 and $19,815, respectivel y 107,463 74,694 Construction in progress 9,298 1,658 Deferred leasing intangibles, net of accumulated amortization of $237,456 and $200,758, respectively 294,533 276,272 Total rental property, net $ 2,116,836 $ 1,839,967 |
Schedule of real estate properties acquired | The following tables summarize the acquisitions of the Company during the years ended December 31, 2016 and December 31, 2015 . Year ended December 31, 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 Columbia, SC 185,600 1 7,300 Graniteville, SC 450,000 1 15,675 Fountain Inn, SC 168,087 1 7,025 Langhorne, PA 217,000 2 11,250 Warren, MI 268,000 1 18,700 New Castle, DE 485,987 1 27,500 Westborough, MA 121,700 1 7,885 Cedar Hill, TX 420,000 1 19,100 Forest Park, GA 799,200 2 24,915 Rock Hill, SC 315,520 1 9,850 Gardiner, ME 265,000 1 16,800 Three months ended September 30, 2016 3,696,094 13 166,000 Langhorne, PA 172,647 1 9,500 Grove City, OH 175,512 1 5,400 Olathe, KS 496,373 1 23,194 Houston, TX 223,599 1 13,444 Itasca, IL 202,000 1 20,641 Kenosha, WI 175,052 1 5,975 Oklahoma City, OK 80,400 1 3,400 San Antonio, TX 247,861 1 12,050 Wood Dale, IL 137,607 1 8,565 Hartland, WI 121,050 1 7,400 Earth City, MO 116,783 1 5,450 Spartanburg, SC 572,038 1 20,762 West Columbia, SC 119,852 1 5,725 West Chicago, IL 305,874 5 10,400 DeForest, WI 254,431 1 7,800 Montgomery, AL 332,000 1 8,750 West Chester, OH 269,868 1 11,150 West Columbia, SC 176,400 1 11,850 Brooklyn Park, MN 200,720 1 20,532 East Windsor, CT 126,111 1 7,725 Three months ended December 31, 2016 4,506,178 24 219,713 Year ended December 31, 2016 10,302,665 47 $ 471,798 Year ended December 31, 2015 Location of Property Square Feet Buildings Purchase Price (in thousands) Burlington, NJ 503,490 1 $ 34,883 Greenville, SC 157,500 1 4,800 North Haven, CT 824,727 3 57,400 Three months ended March 31, 2015 1,485,717 5 97,083 Plymouth, MI 125,214 1 6,000 Oakwood Village, OH 75,000 1 4,398 Stoughton, MA 250,213 2 10,675 Oklahoma City, OK 223,340 1 12,135 Clinton, TN 166,000 1 5,000 Knoxville, TN 108,400 1 4,750 Fairborn, OH 258,680 1 9,100 El Paso, TX 126,456 1 9,700 Phoenix, AZ 102,747 1 9,500 Charlotte, NC 123,333 1 7,500 Machesney Park, IL 80,000 1 5,050 Three months ended June 30, 2015 1,639,383 12 83,808 Macedonia, OH 201,519 1 12,192 Novi, MI 125,060 1 8,716 Grand Junction, CO 82,800 1 5,254 Tulsa, OK 175,000 1 13,000 Chattanooga, TN 646,200 3 21,160 Libertyville, IL 287,102 2 11,121 Greer, SC 290,000 4 9,025 Piedmont, SC 400,000 3 12,000 Belvidere, IL 100,000 1 5,938 Conyers, GA 201,403 1 9,880 Three months ended September 30, 2015 2,509,084 18 108,286 Durham, NC 80,600 1 4,200 Charlotte, NC 124,680 1 5,423 Shreveport, LA 420,259 1 11,000 Dayton, OH 205,761 1 8,803 West Allis, WI 241,977 4 9,900 Loudon, TN 104,000 1 5,375 Garland, TX 164,914 1 7,600 Laurens, SC 125,000 1 5,535 Lancaster, PA 240,529 1 9,350 Grand Rapids, MI 301,317 1 9,400 Burlington, NJ 1,048,631 1 61,500 Three months ended December 31, 2015 3,057,668 14 138,086 Year ended December 31, 2015 8,691,852 49 $ 427,263 |
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 years ended December 31, 2016 and December 31, 2015 , respectively, for the acquired assets and liabilities in connection with the acquisitions identified in the tables above. Year ended December 31, 2016 Year ended December 31, 2015 Acquired Assets and Liabilities Purchase price (in thousands) Weighted average amortization period (years) of intangibles at acquisition Purchase price (in thousands) Weighted average amortization period (years) of intangibles at acquisition Land $ 59,630 N/A $ 45,117 N/A Buildings 283,758 N/A 256,970 N/A Tenant improvements 8,670 N/A 7,705 N/A Building and land improvements 29,073 N/A 20,712 N/A Deferred leasing intangibles - In-place leases 62,533 8.2 58,109 5.6 Deferred leasing intangibles - Tenant relationships 30,446 10.4 31,390 8.0 Deferred leasing intangibles - Above market leases 10,576 9.2 11,135 7.3 Deferred leasing intangibles - Below market leases (12,971 ) 8.5 (4,022 ) 5.2 Above market assumed debt adjustment (75 ) 7.2 (418 ) 1.4 Other assets 158 N/A 565 N/A Total purchase price 471,798 427,263 Less: Mortgage notes assumed (4,037 ) (26,267 ) Less: Contingent consideration — (300 ) (1) Net assets acquired $ 467,761 $ 400,696 (1) In connection with the acquisition of the property located in West Allis, WI, the Company withheld $0.3 million that was otherwise due and payable to the seller. Under the terms of the purchase and sale agreement, the Company will pay the full amount to the seller by December 4, 2020, subject to the performance of the tenant under the in-place lease agreement. |
Schedule of pro forma information for acquired properties | The table below sets forth the results of operations for the years ended December 31, 2016 and December 31, 2015 for the properties acquired during the years ended December 31, 2016 and December 31, 2015 , respectively, included in the Company’s Consolidated Statements of Operations from the date of acquisition. Results of Operations (in thousands) Year ended December 31, 2016 Year ended December 31, 2015 Revenue $ 13,105 $ 17,879 Property acquisition costs $ 4,386 $ 4,382 Net loss $ 3,560 $ 3,052 The following tables set forth pro forma information for the years ended December 31, 2016 and December 31, 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) Year ended December 31, 2016 Total revenue $ 277,811 Net income $ 46,139 (2) Net income attributable to common stockholders $ 30,269 Pro Forma (in thousands) (3) Year ended December 31, 2015 Total revenue $ 282,235 Net loss $ 42,617 (2) Net loss attributable to common stockholders $ 53,850 (1) The unaudited pro forma information for the year ended December 31, 2016 is presented as if the properties acquired during the year ended December 31, 2016 had occurred at January 1, 2015 , the beginning of the reporting period prior to acquisition. (2) The net loss for the year ended December 31, 2016 excludes approximately $4.4 million of property acquisition costs related to the acquisition of buildings that closed during the year ended December 31, 2016 , and the net loss for the year ended December 31, 2015 was adjusted to include these acquisition costs. Net loss for the year ended December 31, 2015 excludes approximately $4.4 million of property acquisition costs related to the acquisition of buildings that closed during the year ended December 31, 2015 . (3) The unaudited pro forma information for the year ended December 31, 2015 is presented as if the properties acquired during the year ended December 31, 2016 and the properties acquired during the year ended December 31, 2015 had occurred at January 1, 2015 and January 1, 2014 , respectively, the beginning of the reporting period prior to acquisition. |
Schedule of Finite-Lived Intangible Assets and Below Market Leases | December 31, 2016 December 31, 2015 Deferred Leasing Intangibles (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Above market leases $ 70,668 $ (32,868 ) $ 37,800 $ 69,815 $ (31,554 ) $ 38,261 Other intangible lease assets 461,321 (204,588 ) 256,733 407,215 (169,204 ) 238,011 Total deferred leasing intangible assets $ 531,989 $ (237,456 ) $ 294,533 $ 477,030 $ (200,758 ) $ 276,272 Below market leases $ 30,791 $ (10,450 ) $ 20,341 $ 19,923 $ (8,536 ) $ 11,387 Total deferred leasing intangible liabilities $ 30,791 $ (10,450 ) $ 20,341 $ 19,923 $ (8,536 ) $ 11,387 The following table sets forth the amortization expense and the net decrease to rental income for the amortization of deferred leasing intangibles during the years ended December 31, 2016 , December 31, 2015 and December 31, 2014 . Year ended December 31, Deferred Leasing Intangibles Amortization (in thousands) 2016 2015 2014 Net decrease to rental income related to above and below market lease amortization $ 6,213 $ 8,526 $ 6,254 Amortization expense related to other intangible lease assets $ 66,291 $ 60,834 $ 50,319 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | December 31, 2016 . Year Amortization Expense Related to Other Intangible Lease Assets (in thousands) Net Decrease to Rental Income Related to Above and Below Market Lease Amortization (in thousands) 2017 $ 63,474 $ 4,514 2018 $ 50,375 $ 3,383 2019 $ 38,258 $ 2,813 2020 $ 29,681 $ 2,402 2021 $ 20,915 $ 1,288 |
Below Market Lease, Future Amortization Income | December 31, 2016 . Year Amortization Expense Related to Other Intangible Lease Assets (in thousands) Net Decrease to Rental Income Related to Above and Below Market Lease Amortization (in thousands) 2017 $ 63,474 $ 4,514 2018 $ 50,375 $ 3,383 2019 $ 38,258 $ 2,813 2020 $ 29,681 $ 2,402 2021 $ 20,915 $ 1,288 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | On September 29, 2015, the Company closed the $150.0 million Unsecured Term Loan C with the following terms. Applicable Terms Unsecured Term Loan C Maturity Date: Sep-29-2020 Eurodollar Rate (1) : L + 130.0 bps - 190.0 bps Base Rate (1) : Base rate + 30.0 bps - 90.0 bps Unused Fees (2) : 17.5 bps Annual Fee: $50,000 (1) The spread over the applicable rate is currently based on the Company's consolidated leverage ratio, as defined in the loan agreement. (2) The unused fees began to accrue on November 29, 2015 and were due and payable monthly until all commitments were drawn. |
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 December 31, 2016 and December 31, 2015 . Loan Principal outstanding as of December 31, 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) $ 28,000 $ 56,000 L + 1.15% Dec-18-2019 i Total unsecured credit facility 28,000 56,000 Unsecured term loans: Unsecured Term Loan C 150,000 — L + 1.30% Sep-29-2020 i Unsecured Term Loan B 150,000 150,000 L + 1.30% Mar-21-2021 i Unsecured Term Loan A 150,000 150,000 L + 1.30% Mar-31-2022 i Total unsecured term loans 450,000 300,000 Less: Total unamortized deferred financing fees and debt issuance costs (3,392 ) (3,382 ) Total carrying value unsecured term loans 446,608 296,618 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 (2,034 ) (2,280 ) Total carrying value unsecured notes 397,966 397,720 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. 5,384 5,754 5.81 % Apr-30-2017 iv Principal Life Insurance Company — 5,676 5.73 % May-05-2017 iii Webster Bank, National Association 2,853 2,945 3.66 % May-29-2017 iii Webster Bank, National Association 3,073 3,172 3.64 % May-31-2017 iii Wells Fargo, National Association 4,043 4,115 5.90 % Aug-1-2017 v Connecticut General Life Insurance Company -1 Facility 35,320 57,171 6.50 % Feb-1-2018 vi Connecticut General Life Insurance Company -2 Facility 36,892 58,085 5.75 % Feb-1-2018 vi Connecticut General Life Insurance Company -3 Facility 16,141 16,401 5.88 % Feb-1-2018 vi Wells Fargo, National Association CMBS Loan 56,608 63,897 4.31 % Dec-1-2022 vii Thrivent Financial for Lutherans 4,012 — 4.78 % Dec-15-2023 iii Total mortgage notes 164,326 230,733 Total unamortized fair market value premiums 112 447 Less: Total unamortized deferred financing fees and debt issuance costs (873 ) (1,270 ) Total carrying value mortgage notes 163,565 229,910 Total / weighted average interest rate (4) $ 1,036,139 $ 980,248 3.75 % (1) Current interest rate as of December 31, 2016 . At December 31, 2016 and December 31, 2015 , the one-month LIBOR (“L”) was 0.77167% and 0.42950% , respectively. 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. (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 currently $450.0 million . (4) The weighted average interest rate was calculated using the fixed interest rate swapped on the current notional amount of $450.0 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 | December 31, 2016 and December 31, 2015 (in thousands). December 31, 2016 December 31, 2015 Principal Outstanding Fair Value Principal Outstanding Fair Value Unsecured credit facility $ 28,000 $ 28,000 $ 56,000 $ 56,000 Unsecured term loans 450,000 450,000 300,000 303,457 Unsecured notes 400,000 399,091 400,000 392,054 Mortgage notes 164,326 166,099 230,733 237,327 Total principal amount 1,042,326 $ 1,043,190 986,733 $ 988,838 Add: Total unamortized fair market value premiums 112 447 Less: Total unamortized deferred financing fees and debt issuance costs (6,299 ) (6,932 ) Total carrying value $ 1,036,139 $ 980,248 |
Schedule of aggregate future principal payments of debt | The following table reflects the Company’s aggregate future principal payments of the Company’s debt at December 31, 2016 . Year Future Principal Payments of Debt (in thousands) 2017 $ 18,737 2018 88,578 2019 29,926 2020 152,006 2021 152,103 Thereafter 600,976 Total aggregate principal payments 1,042,326 Total unamortized fair market value premiums 112 Less: Total unamortized deferred financing fees and debt issuance costs (6,299 ) Total carrying value $ 1,036,139 |
Use of Derivative Financial I28
Use of Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | The following table details the Company’s outstanding interest rate swaps as of December 31, 2016 . Interest Rate Trade Date Effective Date Notional Amount Fair Value Pay Fixed Interest Rate Receive Variable Interest Rate Maturity Date PNC Bank, N.A. Sep-14-2012 Oct-10-2012 $ 10,000 $ 6 0.7945 % One-month L Sep-10-2017 Bank of America, N.A. Sep-14-2012 Oct-10-2012 $ 10,000 $ 6 0.7945 % One-month L Sep-10-2017 UBS AG Sep-14-2012 Oct-10-2012 $ 10,000 $ 6 0.7945 % One-month L Sep-10-2017 Royal Bank of Canada Sep-14-2012 Oct-10-2012 $ 10,000 $ 6 0.7945 % One-month L Sep-10-2017 RJ Capital Services, Inc. Sep-14-2012 Oct-10-2012 $ 10,000 $ 5 0.7975 % One-month L Sep-10-2017 Bank of America, N.A. Sep-20-2012 Oct-10-2012 $ 25,000 $ 21 0.7525 % One-month L Sep-10-2017 RJ Capital Services, Inc. Sep-24-2012 Oct-10-2012 $ 25,000 $ 26 0.7270 % One-month L Sep-10-2017 Regions Bank Mar-01-2013 Mar-01-2013 $ 25,000 $ 131 1.3300 % One-month L Feb-14-2020 Capital One, N.A. Jun-13-2013 Jul-01-2013 $ 50,000 $ (274 ) 1.6810 % One-month L Feb-14-2020 Capital One, N.A. Jun-13-2013 Aug-01-2013 $ 25,000 $ (154 ) 1.7030 % One-month L Feb-14-2020 Regions Bank Sep-30-2013 Feb-03-2014 $ 25,000 $ (378 ) 1.9925 % One-month L Feb-14-2020 The Toronto-Dominion Bank Oct-14-2015 Sep-29-2016 $ 25,000 $ 217 1.3830 % One-month L Sep-29-2020 PNC Bank, N.A. Oct-14-2015 Sep-29-2016 $ 50,000 $ 421 1.3906 % One-month L Sep-29-2020 Regions Bank Oct-14-2015 Sep-29-2016 $ 35,000 $ 292 1.3858 % One-month L Sep-29-2020 U.S. Bank, N.A. Oct-14-2015 Sep-29-2016 $ 25,000 $ 207 1.3950 % One-month L Sep-29-2020 Capital One, N.A. Oct-14-2015 Sep-29-2016 $ 15,000 $ 123 1.3950 % One-month L Sep-29-2020 Royal Bank of Canada Jan-08-2015 Mar-20-2015 $ 25,000 $ (16 ) 1.7090 % One-month L Mar-21-2021 The Toronto-Dominion Bank Jan-08-2015 Mar-20-2015 $ 25,000 $ (18 ) 1.7105 % One-month L Mar-21-2021 The Toronto-Dominion Bank Jan-08-2015 Sep-10-2017 $ 100,000 $ (1,240 ) 2.2255 % One-month L Mar-21-2021 Wells Fargo, N.A. Jan-08-2015 Mar-20-2015 $ 25,000 $ 4 1.8280 % One-month L Mar-31-2022 The Toronto-Dominion Bank Jan-08-2015 Feb-14-2020 $ 25,000 $ (50 ) 2.4535 % One-month L Mar-31-2022 Regions Bank Jan-08-2015 Feb-14-2020 $ 50,000 $ (133 ) 2.4750 % One-month L Mar-31-2022 Capital One, N.A. Jan-08-2015 Feb-14-2020 $ 50,000 $ (175 ) 2.5300 % One-month L Mar-31-2022 |
Schedule of interest rate swaps | The fair value of the interest rate swaps outstanding as of December 31, 2016 and December 31, 2015 was as follows. Balance Sheet Line Item (in thousands) Notional Amount December 31, 2016 Fair Value December 31, 2016 Notional Amount December 31, 2015 Fair Value December 31, 2015 Interest rate swaps-Asset $ 300,000 $ 1,471 $ 275,000 $ 1,867 Interest rate swaps-Liability $ 375,000 $ (2,438 ) $ 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 years ended December 31, 2016 , December 31, 2015 , and December 31, 2014 , (in thousands). Year ended December 31, 2016 2015 2014 Amount of loss recognized in accumulated other comprehensive loss on interest rate swaps (effective portion) $ 2,244 $ 5,387 $ 6,705 Amount of loss reclassified from accumulated other comprehensive loss into income (loss) as interest expense (effective portion) $ 3,142 $ 3,431 $ 2,508 Amount of gain recognized in interest expense (ineffective portion and amount excluded from effectiveness testing) $ 66 $ — $ — |
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 December 31, 2016 and December 31, 2015 . Fair Value Measurements as of Balance Sheet Line Item (in thousands) Fair Value December 31, 2016 Level 1 Level 2 Level 3 Interest rate swaps-Asset $ 1,471 $ — $ 1,471 $ — Interest rate swaps-Liability $ (2,438 ) $ — $ (2,438 ) $ — 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) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class | The table below sets forth the Company’s outstanding preferred stock issuances as of December 31, 2016 . Preferred Stock Issuances Issuance Date Number of Shares Price and Liquidation Value Per Share Interest Rate 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 tax treatment of common dividends per share for federal income tax purposes is as follows. Year ended December 31, 2016 2015 2014 Per Share % Per Share % Per Share % Ordinary income $ 0.944038 68.0 % $ 0.777244 57.2 % $ 0.843245 65.9 % Return of capital 0.445125 32.0 % 0.582756 42.8 % 0.436755 34.1 % Total (1) $ 1.389163 100.0 % $ 1.36000 100.0 % $ 1.280000 100.0 % (1) The December 2014 monthly common stock dividend of $0.11 per share was included in the stockholder’s 2015 tax year. The December 2015 monthly common stock dividend of $0.115 per share was included in the stockholder’s 2016 tax year. The December 2016 monthly common stock dividend of $0.115833 per share will be included in the stockholder’s 2017 tax year. The tables below set forth the dividends attributable to the common stock that were declared or paid during the years ended December 31, 2016 and December 31, 2015 , respectively. Month Ended 2016 Declaration Date Record Date Per Share Payment Date December 31 August 1, 2016 December 30, 2016 $ 0.115833 January 17, 2017 November 30 August 1, 2016 November 30, 2016 0.115833 December 15, 2016 October 31 August 1, 2016 October 31, 2016 0.115833 November 15, 2016 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 $ 1.389996 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 The tables below set forth the dividends attributable to the Preferred Stock Issuances during the years ended December 31, 2016 and December 31, 2015 . Quarter Ended 2016 Declaration Date Series A Series B Series C Payment Date December 31 November 2, 2016 (1) $ 0.19375 (1) $ 0.4140625 $ 0.4296875 December 30, 2016 September 30 August 1, 2016 0.56250 0.4140625 0.4296875 September 30, 2016 June 30 May 2, 2016 0.56250 0.4140625 0.4965300 (2) June 30, 2016 March 31 February 22, 2016 0.56250 0.4140625 — March 31, 2016 Total $ 1.88125 $ 1.6562500 $ 1.3559050 (1) On September 26, 2016 the board of directors approved the redemption of the Series A Preferred Stock. On November 2, 2016 the Company redeemed all of the Series A Preferred Stock, at a cash redemption price of $25.00 per share, plus accrued and unpaid dividends to but excluding the redemption date, without interest. (2) 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. 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 |
Schedule of stock sale activity | The following sets forth the Company’s at-the market ("ATM") common stock offering programs as of December 31, 2016 . ATM Stock Offering Program (in thousands) Date Maximum Aggregate Offering Price Aggregate Common Stock Available as of December 31, 2016 (in thousands) 2016 $228 million ATM November 8, 2016 $ 228,218 $ 117,331 The tables below set forth the activity for the ATM common stock offering programs during the years ended December 31, 2016 and December 31, 2015 (in thousands, except share data). Year ended December 31, 2016 ATM Stock Offering Program Shares Weighted Average Price Per Share Gross Sales Net 2016 $228 million ATM 4,763,838 $ 23.28 $ 110,887 $ 1,550 $ 109,337 2016 $200 million ATM (1) 7,326,200 $ 23.45 171,782 2,429 169,353 Total/weighted average 12,090,038 $ 23.38 $ 282,669 $ 3,979 $ 278,690 (1) This program ended before December 31, 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) This program ended before December 31, 2016 . |
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 years ended December 31, 2016 and 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 December 31, 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 years ended December 31, 2016 , December 31, 2015 and December 31, 2014 . Year ended December 31, 2016 2015 2014 Vested restricted shares of common stock 98,746 72,185 51,885 Fair value of vested restricted shares of common stock (in thousands) $ 1,813 $ 1,751 $ 1,123 |
Noncontrolling Interest (Tables
Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling interest activity | The table below summarizes the activity for noncontrolling interest in the Company for the years ended December 31, 2016 and 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 Conversions from LTIP units to Other Common Units (209,985 ) 209,985 — N/A Redemptions from Other Common Units to common stock — (68,492 ) (68,492 ) N/A Balance at December 31, 2016 1,576,516 2,057,365 3,633,881 4.3 % |
Schedule of assumptions for valuing units issued | 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 years ended December 31, 2016 and December 31, 2015 . LTIP Units Assumptions Grant date February 22, 2016 January 8, 2016 January 6, 2016 May 4, 2015 January 12, 2015 October 27, 2014 July 1, 2014 January 2, 2014 Expected term (years) 10 10 10 10 10 10 10 10 Expected volatility 22.0 % 22.0 % 22.0 % 20.0 % 20.0 % 20 % 40 % 40 % Expected dividend yield 6.0 % 6.0 % 6.0 % 6.0 % 6.0 % 6.0 % 6.0 % 6.0 % Risk-free interest rate 1.01 % 1.28 % 1.36 % 0.66 % 0.62 % 0.48 % 0.79 % 0.79 % Fair value of LTIP units at issuance (in thousands) $ 277 $ 2,254 $ 390 $ 2,038 $ 5,450 $ 690 $ 1,542 $ 4,329 LTIP units at issuance 18,386 135,546 22,464 100,000 223,069 30,602 66,956 224,424 Fair value unit price per LTIP unit at issuance $ 15.07 $ 16.63 $ 17.36 $ 20.38 $ 24.43 $ 22.56 $ 23.03 $ 19.29 |
Schedule of activity related to share-based compensation | The following table summarizes activity related to the Company’s unvested LTIP units for the years ended December 31, 2016 and 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 (307,883 ) Forfeited — Balance at December 31, 2016 403,423 The following table summarizes the fair value at vesting date for the LTIP units vested during years ended December 31, 2016 , December 31, 2015 , and December 31, 2014 . Year ended December 31, 2016 2015 2014 Vested LTIP units 307,883 237,046 639,445 Fair value of vested LTIP units (in thousands) $ 6,393 $ 4,853 $ 14,063 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Equity Compensation Expense | Year ended December 31, Non-cash compensation expense (in thousands) 2016 2015 2014 Restricted stock $ 2,157 $ 1,932 $ 1,164 LTIP units 6,089 (1) 4,774 5,353 (2) Outperformance programs 465 523 456 (3) Performance units 672 — — Board of directors compensation (4) 346 349 341 Total non-cash compensation expense $ 9,729 $ 7,578 $ 7,314 (1) Inclusive of approximately $1.6 million of non-cash compensation expense during the year ended December 31, 2016 associated with the severance cost of an executive officer as discussed Note 7. (2) Inclusive of approximately $2.0 million of non-cash compensation during the year ended December 31, 2014 associated with the accounting for a consulting agreement with a former executive officer discussed in Note 7. Inclusive of approximately $0.9 million of non-cash compensation during the year ended December 31, 2014 associated with the accounting for a former executive officer's acceleration of LTIP units discussed in Note 7. (3) Inclusive of approximately $0.2 million of non-cash compensation during the year ended December 31, 2014 associated with the accounting for a consulting agreement with a former executive officer discussed in Note 7. (4) All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the years ended December 31, 2016 , December 31, 2015 , and December 31, 2014 . 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) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per common share | The following table sets forth the computation of basic and diluted earnings per common share for the years ended December 31, 2016 , December 31, 2015 and December 31, 2014 . Year ended December 31, Earnings Per Share (in thousands, except share data) 2016 2015 2014 Numerator Net income (loss) $ 35,588 $ (29,345 ) $ (4,685 ) Less: preferred stock dividends 13,897 10,848 10,848 Less: amount allocated to participating securities 384 385 345 Less: income (loss) attributable to noncontrolling interest after preferred stock dividends 1,069 (1,962 ) (992 ) Net income (loss) attributable to common stockholders $ 20,238 $ (38,616 ) $ (14,886 ) Denominator Weighted average common shares outstanding — basic 70,637,185 66,307,972 54,086,345 Weighted average common shares outstanding — diluted 70,852,548 66,307,972 54,086,345 Net income (loss) per share — basic and diluted Net income (loss) per share attributable to common stockholders — basic $ 0.29 $ (0.58 ) $ (0.28 ) Net income (loss) per share attributable to common stockholders — diluted $ 0.29 $ (0.58 ) $ (0.28 ) |
Future Minimum Rents (Tables)
Future Minimum Rents (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases, Operating [Abstract] | |
Schedule of minimum lease payments receivable | Minimum contractual lease payments receivable, excluding tenant reimbursement of expenses, under non-cancelable operating leases in effect as of December 31, 2016 are approximately as follows. Year Future Minimum Rents (in thousands) 2017 $ 223,309 2018 $ 187,615 2019 $ 149,273 2020 $ 120,461 2021 $ 87,797 Thereafter $ 301,177 Future minimum rental payments under the terms of the fixed non-cancelable ground leases and operating leases, including any bargain renewal terms, under which the Company is the lessee as of December 31, 2016 are as follows. Year Future Minimum Rental Payments (1) (in thousands) 2017 $ 1,427 2018 $ 1,539 2019 $ 1,577 2020 $ 1,588 2021 $ 681 Thereafter $ 6,336 (1) Future minimum rental payments do not include estimates of CPI rent changes required by certain lease agreements. Therefore, actual minimum rental payments may differ than those presented. |
Commitments and Contingencies C
Commitments and Contingencies Commitment and Contingencies - (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of minimum lease payments receivable | Minimum contractual lease payments receivable, excluding tenant reimbursement of expenses, under non-cancelable operating leases in effect as of December 31, 2016 are approximately as follows. Year Future Minimum Rents (in thousands) 2017 $ 223,309 2018 $ 187,615 2019 $ 149,273 2020 $ 120,461 2021 $ 87,797 Thereafter $ 301,177 Future minimum rental payments under the terms of the fixed non-cancelable ground leases and operating leases, including any bargain renewal terms, under which the Company is the lessee as of December 31, 2016 are as follows. Year Future Minimum Rental Payments (1) (in thousands) 2017 $ 1,427 2018 $ 1,539 2019 $ 1,577 2020 $ 1,588 2021 $ 681 Thereafter $ 6,336 (1) Future minimum rental payments do not include estimates of CPI rent changes required by certain lease agreements. Therefore, actual minimum rental payments may differ than those presented. |
Organization and Description 35
Organization and Description of Business (Details) ft² in Millions | 12 Months Ended | |
Dec. 31, 2016ft²tenantstatebuilding | Dec. 31, 2015 | |
Real Estate Properties [Line Items] | ||
Ownership interest in Operating Partnership (as a percent) | 95.70% | 95.10% |
Number of properties | 314 | |
Number of states in which the entity owned buildings | state | 37 | |
Area (in square feet) | ft² | 60.9 | |
Percentage of buildings leased to tenants | 94.70% | |
Number of tenants | tenant | 275 | |
Warehouse - Distribution buildings | ||
Real Estate Properties [Line Items] | ||
Number of properties | 243 | |
Light Manufacturing buildings | ||
Real Estate Properties [Line Items] | ||
Number of properties | 54 | |
Office/Flex buildings | ||
Real Estate Properties [Line Items] | ||
Number of properties | 16 | |
Redevelopment Property | ||
Real Estate Properties [Line Items] | ||
Number of properties | 1 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Effects of Revision (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Building and improvements, net of accumulated depreciation | $ 1,550,141 | $ 1,334,776 | ||
Total assets | 2,186,156 | 1,901,782 | $ 1,623,802 | |
Total equity | 1,066,926 | 857,857 | 891,878 | $ 674,564 |
Depreciation and amortization | 125,444 | 110,421 | 87,703 | |
Total expenses | 230,304 | 216,875 | 155,520 | |
Net loss | 35,588 | (29,345) | (4,685) | |
Net loss attributable to STAG Industrial, Inc. | 34,519 | (27,383) | (3,693) | |
Net loss attributable to common stockholders | 20,238 | $ (38,616) | $ (14,886) | |
Loss per share attributable to common stockholders — basic and diluted (in dollars per share) | $ (580) | $ (280) | ||
Comprehensive loss | $ 36,486 | $ (31,301) | $ (8,882) | |
As Previously Reported | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Building and improvements, net of accumulated depreciation | 1,332,298 | |||
Total assets | 1,899,304 | 1,623,448 | ||
Total equity | 855,379 | 891,524 | ||
Depreciation and amortization | 112,545 | 88,057 | ||
Total expenses | 218,999 | 155,874 | ||
Net loss | (31,469) | (5,039) | ||
Net loss attributable to STAG Industrial, Inc. | (29,403) | (4,025) | ||
Net loss attributable to common stockholders | $ (40,636) | $ (15,218) | ||
Loss per share attributable to common stockholders — basic and diluted (in dollars per share) | $ (610) | $ (280) | ||
Comprehensive loss | $ (33,425) | $ (9,236) | ||
Adjustment | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Building and improvements, net of accumulated depreciation | 2,478 | |||
Total assets | 2,478 | 354 | ||
Total equity | 2,478 | 354 | ||
Depreciation and amortization | (2,124) | (354) | ||
Total expenses | (2,124) | (354) | ||
Net loss | 2,124 | 354 | ||
Net loss attributable to STAG Industrial, Inc. | 2,020 | 332 | ||
Net loss attributable to common stockholders | $ 2,020 | $ 332 | ||
Loss per share attributable to common stockholders — basic and diluted (in dollars per share) | $ 30 | $ 0 | ||
Comprehensive loss | $ 2,124 | $ 354 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net Cash Provided by (Used in) Financing Activities | $ 211,870 | $ 238,464 | $ 342,225 |
Net income (loss) | 35,588 | (29,345) | (4,685) |
Net Cash Provided by (Used in) Operating Activities | 135,423 | 121,707 | $ 96,676 |
Debt Issuance Costs, Net | 6,299 | 6,900 | |
Prepaid Expenses and Other Assets | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Issuance Costs, Net | 2,300 | 3,000 | |
ASU 2015-03 | Secured Debt | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Issuance Costs, Net | 1,270 | ||
ASU 2015-03 | Loans Payable [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Issuance Costs, Net | 3,382 | ||
ASU 2015-03 | Notes Payable [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Issuance Costs, Net | 2,280 | ||
ASU 2015-03 | Prepaid Expenses and Other Assets | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Issuance Costs, Net | $ (6,932) | ||
New Accounting Pronouncement, Early Adoption, Effect [Member] | Accounting Standards Update 2016-15 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net Cash Provided by (Used in) Financing Activities | 1,973 | ||
Net Cash Provided by (Used in) Operating Activities | $ 1,973 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Real Estate and Deferred Lease Intangibles (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($) | |
Rental Property and Depreciation | ||
Number of operating segments | segment | 1 | |
Write-off of tenant improvements | $ 2,585 | $ 1,205 |
Write-off of deferred leasing intangible assets | 17,900 | 10,300 |
Write-off of deferred leasing intangible liabilities | $ 0 | $ 800 |
Building | ||
Rental Property and Depreciation | ||
Useful life | 40 years | |
Building and land improvements | Maximum | ||
Rental Property and Depreciation | ||
Useful life | 20 years |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Tenant Accounts Receivable (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 21, 2016 | Dec. 31, 2015 | |
Tenant Accounts Receivable, net | |||
Lease security deposits available in existing letters of credit | $ 9 | $ 6.1 | |
Cash and Cash Equivalents | |||
Tenant Accounts Receivable, net | |||
Security deposit | 5.4 | 4.1 | |
Restricted Cash | |||
Tenant Accounts Receivable, net | |||
Security deposit | 0.4 | 0.4 | |
Security Deposits | |||
Tenant Accounts Receivable, net | |||
Lease security deposits available in cash | 5.8 | 4.5 | |
Accrued Income Receivable [Member] | |||
Tenant Accounts Receivable, net | |||
Allowance for doubtful accounts | 0.2 | 0.1 | |
Accrued Rental Income | |||
Tenant Accounts Receivable, net | |||
Allowance for doubtful accounts | 0 | 0 | |
Accrued rental revenue | 18.4 | $ 16.1 | |
Golden, CO, Q1 2013 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Lease Termination Fee Receivable | $ 0.9 | ||
Rental income | Golden, CO, Q1 2013 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gain (Loss) on Contract Termination | $ 0.1 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Goodwill (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Goodwill [Line Items] | |
Goodwill impairment loss | $ 0 |
Prepaid Expenses and Other Assets | |
Goodwill [Line Items] | |
Goodwill | $ 4,900,000 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 30, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Dividends, Common Stock [Abstract] | |||||||||||||
Ordinary income (in dollars per share) | $ 0.944038 | $ 0.777244 | $ 0.8432 | ||||||||||
Return of capital (in dollars per share) | 0.445125 | 0.582756 | 0.4368 | ||||||||||
Total (in dollars per share) | $ 1.38916 | $ 1.360000 | $ 1.2800 | ||||||||||
Ordinary income (as a percent) | 68.00% | 57.20% | 65.90% | ||||||||||
Return of capital (as a percent) | 32.00% | 42.80% | 34.10% | ||||||||||
Tax Year 2015 | |||||||||||||
Dividends, Common Stock [Abstract] | |||||||||||||
Dividend declared (in dollars per share) | $ 0.11 | ||||||||||||
Tax Year 2016 | |||||||||||||
Dividends, Common Stock [Abstract] | |||||||||||||
Dividend declared (in dollars per share) | $ 0.115 | ||||||||||||
Tax Year 2017 [Member] | |||||||||||||
Dividends, Common Stock [Abstract] | |||||||||||||
Dividend declared (in dollars per share) | $ 0.116 | ||||||||||||
Series A Preferred Stock | |||||||||||||
Dividends, Preferred Stock [Abstract] | |||||||||||||
Series A Preferred stock dividends paid | $ 5.2 | $ 6.2 | $ 6.2 | ||||||||||
Dividend paid on preferred stock (in dollars per share) | $ 0.19375 | $ 0.56250 | $ 0.56250 | $ 0.56250 | $ 0.5625 | $ 0.5625 | $ 0.5625 | $ 0.5625 | $ 1.88125 | $ 2.2500 | $ 2.25 | ||
Series B Preferred Stock | |||||||||||||
Dividends, Preferred Stock [Abstract] | |||||||||||||
Series A Preferred stock dividends paid | $ 4.6 | $ 4.6 | $ 4.6 | ||||||||||
Dividend paid on preferred stock (in dollars per share) | 0.4140625 | 0.4140625 | 0.4140625 | 0.4140625 | $ 0.4140625 | $ 0.4140625 | $ 0.4140625 | $ 0.4140625 | $ 1.6562500 | $ 1.6562500 | $ 1.656250 | ||
Series C Preferred Stock [Member] | |||||||||||||
Dividends, Preferred Stock [Abstract] | |||||||||||||
Series A Preferred stock dividends paid | $ 4.1 | ||||||||||||
Dividend paid on preferred stock (in dollars per share) | $ 0.4296875 | $ 0.4296875 | $ 0.4965300 | $ 0 | $ 1.3559050 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Revenue Recognition (Details) $ in Millions | May 18, 2015ft² | Dec. 17, 2014USD ($)ft² | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Oct. 20, 2015USD ($) | Oct. 19, 2015USD ($) | Oct. 29, 2014USD ($) |
Revenue Recognition | ||||||||
Estimated amount of real estate taxes, which are the responsibility of tenants | $ 10.9 | $ 10.2 | $ 10.2 | |||||
Dayton, OH, Q4 2007 | ||||||||
Revenue Recognition | ||||||||
Lease Termination Fee Receivable | $ 0.2 | |||||||
Dayton, OH, Q4 2007 | Rental income | ||||||||
Revenue Recognition | ||||||||
Gain (Loss) on Contract Termination | $ 0.2 | 0.1 | ||||||
Southfield, MI, Q2 2013 | ||||||||
Revenue Recognition | ||||||||
Lease Termination Fee Receivable | $ 0.9 | |||||||
Belfast, ME, Q4 2008 | ||||||||
Revenue Recognition | ||||||||
Area (in square feet) | ft² | 90,051 | |||||||
Square feet terminated under amendment effective November 30, 2015 | ft² | 193,633 | 228,928 | ||||||
Lease Termination Fee Receivable | $ 2.1 | |||||||
Operating Leases of Lessor, Lease Area, Accelerated Early Termination | ft² | 35,295 | |||||||
Belfast, ME, Q4 2008 | Rental income | ||||||||
Revenue Recognition | ||||||||
Gain (Loss) on Contract Termination | $ 2 | $ 0.1 | ||||||
Tavares, FL, Q2 2011 | ||||||||
Revenue Recognition | ||||||||
Lease Termination Fee Receivable | $ 2.4 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Taxes (Details) | Aug. 25, 2015parcel | Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | ||||
Net income (loss) | $ 35,588,000 | $ (29,345,000) | $ (4,685,000) | |
Reconciliation of net loss to taxable income | ||||
Net income (loss) | 35,588,000 | (29,345,000) | (4,685,000) | |
Book/Tax differences from depreciation and amortization | 66,763,000 | 60,959,000 | 49,672,000 | |
Above/Below market lease amortization | 6,213,000 | 8,526,000 | 6,253,000 | |
Loss on Impairments | 16,845,000 | 29,272,000 | 2,840,000 | |
Formation transaction costs | 678,000 | (1,815,000) | 1,994,000 | |
Book/Tax difference on property acquisition costs | 4,498,000 | 4,400,000 | 4,279,000 | |
Loss on extinguishment of debt | (17,000) | 0 | 686,000 | |
Accrued bonus payment | 1,170,000 | (337,000) | 941,000 | |
Book/Tax difference on bad debt expense | 83,000 | 2,000 | 104,000 | |
Book/Tax difference on non-cash compensation | 7,188,000 | 4,662,000 | 4,706,000 | |
Book/Tax difference on gain on sale of real estate | (53,580,000) | (10,653,000) | (4,695,000) | |
Straight-line rent adjustments, net | (2,495,000) | (3,405,000) | (3,255,000) | |
Book/Tax difference on non-cash portion of interest expense | 1,631,000 | 1,266,000 | 979,000 | |
Book/tax difference on prepaid rent of Sec. 467 leases | (274,000) | 1,887,000 | 0 | |
Other book/tax differences, net | 284,000 | 180,000 | 78,000 | |
Loss attributable to noncontrolling interest | (4,069,000) | (3,011,000) | (3,414,000) | |
Taxable income subject to distribution requirement | $ 80,506,000 | $ 62,588,000 | $ 56,483,000 | |
Distribution of taxable income (as a percent), in excess of | 100.00% | 100.00% | 100.00% | |
State and local income, excise and franchise taxes | $ 1,000,000 | $ 900,000 | $ 600,000 | |
Liabilities for uncertain tax positions | $ 0 | 0 | $ 0 | |
Segment Reporting | ||||
Number of reportable segments | segment | 1 | |||
Number of operating segments | segment | 1 | |||
Libertyville, IL, Q3 2015 | ||||
Business Acquisition [Line Items] | ||||
Number of vacant land parcels acquired | parcel | 2 | |||
Taxable Real Estate Investment Trust Subsidy [Member] | ||||
Business Acquisition [Line Items] | ||||
Net income (loss) | $ (100,000) | (25,000) | ||
Reconciliation of net loss to taxable income | ||||
Net income (loss) | $ (100,000) | $ (25,000) |
Rental Property - Summary (Deta
Rental Property - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Rental property, net | $ 2,116,836 | $ 1,839,967 |
Deferred leasing intangibles assets, accumulated amortization | (237,456) | (200,758) |
Land | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Rental property, net | 272,162 | 228,919 |
Building | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Rental property, net | 1,408,406 | 1,234,838 |
Rental property, accumulated depreciation | 125,971 | 101,819 |
Tenant improvements | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Rental property, net | 24,974 | 23,586 |
Rental property, accumulated depreciation | 28,388 | 26,283 |
Building and land improvements | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Rental property, net | 107,463 | 74,694 |
Rental property, accumulated depreciation | 33,054 | 19,815 |
Construction in Progress [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Rental property, net | 9,298 | 1,658 |
Deferred leasing intangibles | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Rental property, net | $ 294,533 | $ 276,272 |
Rental Property - Acquisitions
Rental Property - Acquisitions (Details) $ in Thousands | Dec. 11, 2015USD ($) | Jan. 22, 2015USD ($) | Dec. 31, 2016USD ($)ft²building | Sep. 30, 2016USD ($)ft²building | Jun. 30, 2016USD ($)ft²abuilding | Mar. 31, 2016USD ($)ft²abuilding | Dec. 31, 2015USD ($)ft²building | Sep. 30, 2015USD ($)ft²building | Jun. 30, 2015USD ($)ft²building | Mar. 31, 2015USD ($)ft²building | Dec. 31, 2016USD ($)ft²building | Dec. 31, 2015USD ($)ft²building |
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 60,900,000 | 60,900,000 | ||||||||||
Acquisitions 2,016 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 10,302,665 | 10,302,665 | ||||||||||
Number of buildings acquired | building | 47 | |||||||||||
Purchase price | $ | $ 471,798 | |||||||||||
Acquisitions Q1 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | a | 710,754 | |||||||||||
Number of buildings acquired | building | 5 | |||||||||||
Purchase price | $ | $ 27,882 | |||||||||||
Fairfield, OH, Q1 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 206,448 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 5,330 | |||||||||||
Mascot, TN, Q1 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 130,560 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 4,500 | |||||||||||
Erlanger, KY, Q1 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 108,620 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 5,600 | |||||||||||
Biddeford, ME, Q1 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 265,126 | |||||||||||
Number of buildings acquired | building | 2 | |||||||||||
Purchase price | $ | $ 12,452 | |||||||||||
Acquisitions Q2 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | a | 1,389,639 | |||||||||||
Number of buildings acquired | building | 5 | |||||||||||
Purchase price | $ | $ 58,203 | |||||||||||
Reading, PA, Q2 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 248,000 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 9,594 | |||||||||||
Charlotte, NC, Q2 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 104,852 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 6,517 | |||||||||||
West Chicago, IL, Q2 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 249,470 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 8,663 | |||||||||||
Visalia, CA Q2 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 635,281 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 27,921 | |||||||||||
Norcross, GA, Q2 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 152,036 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 5,508 | |||||||||||
Acquisitions Q3 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 3,696,094 | |||||||||||
Number of buildings acquired | building | 13 | |||||||||||
Purchase price | $ | $ 166,000 | |||||||||||
Columbia, SC, Q3 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 185,600 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 7,300 | |||||||||||
Graniteville, SC, Q3 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 450,000 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 15,675 | |||||||||||
Fountain Inn, SC, Q3 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 168,087 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 7,025 | |||||||||||
Langhorne, PA, Q3 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 217,000 | |||||||||||
Number of buildings acquired | building | 2 | |||||||||||
Purchase price | $ | $ 11,250 | |||||||||||
Warren, MI, Q3 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 268,000 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 18,700 | |||||||||||
New Castle, DE, Q3 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 485,987 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 27,500 | |||||||||||
Westborough, MA, Q3 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 121,700 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 7,885 | |||||||||||
Cedar Hill, TX, Q3 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 420,000 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 19,100 | |||||||||||
Forest Park, GA, Q3 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 799,200 | |||||||||||
Number of buildings acquired | building | 2 | |||||||||||
Purchase price | $ | $ 24,915 | |||||||||||
Rock Hill, SC, Q3 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 315,520 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 9,850 | |||||||||||
Gardiner, ME, Q3 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 265,000 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 16,800 | |||||||||||
Acquisitions Q4 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 4,506,178 | 4,506,178 | ||||||||||
Number of buildings acquired | building | 24 | |||||||||||
Purchase price | $ | $ 219,713 | |||||||||||
Langhorne, PA, Q4 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 172,647 | 172,647 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 9,500 | |||||||||||
Grove City, OH, Q4 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 175,512 | 175,512 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 5,400 | |||||||||||
Olathe, KS, Q4 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 496,373 | 496,373 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 23,194 | |||||||||||
Houston, TX, Q4 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 223,599 | 223,599 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 13,444 | |||||||||||
Itasca, IL, Q4 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 202,000 | 202,000 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 20,641 | |||||||||||
Kenosha, WI, Q4 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 175,052 | 175,052 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 5,975 | |||||||||||
Oklahoma City, OK, Q4 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 80,400 | 80,400 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 3,400 | |||||||||||
San Antonio, TX, Q4 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 247,861 | 247,861 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 12,050 | |||||||||||
Wood Dale, IL, Q4 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 137,607 | 137,607 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 8,565 | |||||||||||
Hartland, WI, Q4 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 121,050 | 121,050 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 7,400 | |||||||||||
Earth City, MO, Q4 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 116,783 | 116,783 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 5,450 | |||||||||||
Spartanburg, SC, Q4 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 572,038 | 572,038 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 20,762 | |||||||||||
West Columbia, SC, Q4 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 119,852 | 119,852 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 5,725 | |||||||||||
West Chicago, IL, Q4 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 305,874 | 305,874 | ||||||||||
Number of buildings acquired | building | 5 | |||||||||||
Purchase price | $ | $ 10,400 | |||||||||||
Deforest, WI, Q4 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 254,431 | 254,431 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 7,800 | |||||||||||
Montgomery, AL, Q4 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 332,000 | 332,000 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 8,750 | |||||||||||
West Chester, OH, Q4 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 269,868 | 269,868 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 11,150 | |||||||||||
West Columbia2, SC, Q4 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 176,400 | 176,400 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 11,850 | |||||||||||
Brooklyn Park, MN, Q4 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 200,720 | 200,720 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 20,532 | |||||||||||
East Windsor, Q4, 2016 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 126,111 | 126,111 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 7,725 | |||||||||||
2015 Acquisitions | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 8,691,852 | 8,691,852 | ||||||||||
Number of buildings acquired | building | 49 | |||||||||||
Purchase price | $ | $ 427,263 | |||||||||||
Acquisitions Q1 2015 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 1,485,717 | |||||||||||
Number of buildings acquired | building | 5 | |||||||||||
Purchase price | $ | $ 97,083 | |||||||||||
Burlington, NJ, Q1 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 503,490 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 34,900 | $ 34,883 | ||||||||||
Greenville, SC, Q1 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 157,500 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 4,800 | |||||||||||
North Haven, CT, Q1 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 824,727 | |||||||||||
Number of buildings acquired | building | 3 | |||||||||||
Purchase price | $ | $ 57,400 | |||||||||||
Acquisitions Q2 2015 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 1,639,383 | |||||||||||
Number of buildings acquired | building | 12 | |||||||||||
Purchase price | $ | $ 83,808 | |||||||||||
Plymouth, MI, Q2 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 125,214 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 6,000 | |||||||||||
Oakwood Village, OH, Q2 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 75,000 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 4,398 | |||||||||||
Stoughton, MA, Q2 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 250,213 | |||||||||||
Number of buildings acquired | building | 2 | |||||||||||
Purchase price | $ | $ 10,675 | |||||||||||
Oklahoma City, OK, Q2 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 223,340 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 12,135 | |||||||||||
Clinton, TN, Q2 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 166,000 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 5,000 | |||||||||||
Knoxville, TN, Q2 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 108,400 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 4,750 | |||||||||||
Fairborn, OH, Q2 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 258,680 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 9,100 | |||||||||||
El Paso, TX, Q2 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 126,456 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 9,700 | |||||||||||
Phoenix, AZ, Q2 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 102,747 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 9,500 | |||||||||||
Charlotte, NC, Q2 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 123,333 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 7,500 | |||||||||||
Machesney Park, IL, Q2 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 80,000 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 5,050 | |||||||||||
Acquisitions Q3 2015 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 2,509,084 | |||||||||||
Number of buildings acquired | building | 18 | |||||||||||
Purchase price | $ | $ 108,286 | |||||||||||
Macedonia, OH, Q3 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 201,519 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 12,192 | |||||||||||
Novi, MI, Q3 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 125,060 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 8,716 | |||||||||||
Grand Junction, CO, Q3 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 82,800 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 5,254 | |||||||||||
Tulsa, OK, Q3 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 175,000 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 13,000 | |||||||||||
Chattanooga, TN, Q3 2015 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 646,200 | |||||||||||
Number of buildings acquired | building | 3 | |||||||||||
Purchase price | $ | $ 21,160 | |||||||||||
Libertyville, IL, Q3 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 287,102 | |||||||||||
Number of buildings acquired | building | 2 | |||||||||||
Purchase price | $ | $ 11,121 | |||||||||||
Greer, SC, Q3 2015 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 290,000 | |||||||||||
Number of buildings acquired | building | 4 | |||||||||||
Purchase price | $ | $ 9,025 | |||||||||||
Piedmont, SC, Q3 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 400,000 | |||||||||||
Number of buildings acquired | building | 3 | |||||||||||
Purchase price | $ | $ 12,000 | |||||||||||
Belvidere, IL, Q3 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 100,000 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 5,938 | |||||||||||
Conyers, GA, Q3 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 201,403 | |||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 9,880 | |||||||||||
Acquisitions Q4 2015 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 3,057,668 | 3,057,668 | ||||||||||
Number of buildings acquired | building | 14 | |||||||||||
Purchase price | $ | $ 138,086 | |||||||||||
Durham, NC, Q4 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 80,600 | 80,600 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 4,200 | |||||||||||
Charlotte, NC, Q4 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 124,680 | 124,680 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 5,423 | |||||||||||
Shreveport, LA, Q4 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 420,259 | 420,259 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 11,000 | |||||||||||
Dayton, OH, Q4 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 205,761 | 205,761 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 8,803 | |||||||||||
West Allis, WI, Q4 2015 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 241,977 | 241,977 | ||||||||||
Number of buildings acquired | building | 4 | |||||||||||
Purchase price | $ | $ 9,900 | |||||||||||
Loudon, TN, Q4 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 104,000 | 104,000 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 5,375 | |||||||||||
Garland, TX Q4 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 164,914 | 164,914 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 7,600 | |||||||||||
Laurens, SC, Q4 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 125,000 | 125,000 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 5,500 | $ 5,535 | ||||||||||
Lancaster, PA, Q4 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 240,529 | 240,529 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 9,350 | |||||||||||
Grand Rapids, MI, Q4 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 301,317 | 301,317 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 9,400 | |||||||||||
Burlington, NJ, Q4 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area (in square feet) | ft² | 1,048,631 | 1,048,631 | ||||||||||
Number of buildings acquired | building | 1 | |||||||||||
Purchase price | $ | $ 61,500 |
Rental Property - Acquisition46
Rental Property - Acquisitions - Allocation of Consideration (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
In-place leases | ||
Allocation of the consideration paid for the acquired assets and liabilities | ||
Deferred leasing intangibles | $ 62,533 | $ 58,109 |
Acquisitions 2,016 | ||
Allocation of the consideration paid for the acquired assets and liabilities | ||
Land | 59,630 | |
Buildings | 283,758 | |
Tenant improvements | 8,670 | |
Building and land Improvements | 29,073 | |
Below market leases | $ (12,971) | |
Acquired Below Market Leases, Weighted Average Useful Life | 8 years 5 months 18 days | |
Above market assumed debt adjustment | $ (75) | |
Other assets | 158 | |
Total purchase price | 471,798 | |
Less: Mortgage notes assumed | (4,037) | |
Less: Contingent consideration | 0 | |
Net assets acquired | $ 467,761 | |
Weighted average amortization period of above market debt adjustment | 7 years 2 months | |
Acquisitions 2016 | In-place leases | ||
Allocation of the consideration paid for the acquired assets and liabilities | ||
Weighted average amortization period of lease intangibles | 8 years 2 months 18 days | |
Acquisitions 2016 | Tenant relationships | ||
Allocation of the consideration paid for the acquired assets and liabilities | ||
Deferred leasing intangibles | $ 30,446 | |
Weighted average amortization period of lease intangibles | 10 years 4 months 18 days | |
Acquisitions 2016 | Above market leases | ||
Allocation of the consideration paid for the acquired assets and liabilities | ||
Deferred leasing intangibles | $ 10,576 | |
Weighted average amortization period of lease intangibles | 9 years 2 months | |
2015 Acquisitions | ||
Allocation of the consideration paid for the acquired assets and liabilities | ||
Land | 45,117 | |
Buildings | 256,970 | |
Tenant improvements | 7,705 | |
Building and land Improvements | 20,712 | |
Below market leases | $ (4,022) | |
Acquired Below Market Leases, Weighted Average Useful Life | 5 years 2 months 12 days | |
Above market assumed debt adjustment | $ (418) | |
Other assets | 565 | |
Total purchase price | 427,263 | |
Less: Mortgage notes assumed | (26,267) | |
Less: Contingent consideration | (300) | |
Net assets acquired | $ 400,696 | |
Weighted average amortization period of above market debt adjustment | 1 year 4 months 18 days | |
2015 Acquisitions | In-place leases | ||
Allocation of the consideration paid for the acquired assets and liabilities | ||
Weighted average amortization period of lease intangibles | 5 years 6 months 20 days | |
2015 Acquisitions | Tenant relationships | ||
Allocation of the consideration paid for the acquired assets and liabilities | ||
Deferred leasing intangibles | $ 31,390 | |
Weighted average amortization period of lease intangibles | 8 years | |
2015 Acquisitions | Above market leases | ||
Allocation of the consideration paid for the acquired assets and liabilities | ||
Deferred leasing intangibles | $ 11,135 | |
Weighted average amortization period of lease intangibles | 7 years 3 months 18 days |
Rental Property - Narrative (De
Rental Property - Narrative (Details) - USD ($) $ in Thousands | Sep. 29, 2016 | Dec. 11, 2015 | Sep. 29, 2015 | Jun. 25, 2015 | Jan. 22, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||||||||||||
Property acquisition costs | $ 4,567 | $ 4,757 | $ 4,390 | ||||||||||
2015 Acquisitions | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Revenue | 17,879 | ||||||||||||
Fair value of incentive fee | $ 300 | 300 | |||||||||||
Purchase price | 427,263 | ||||||||||||
Property acquisition costs | 4,382 | ||||||||||||
Net income (loss) | $ (3,052) | ||||||||||||
Rock Hill, SC, Q3 2016 [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Purchase price | $ 9,850 | ||||||||||||
Mortgage note assumed | $ 4,000 | ||||||||||||
Burlington, NJ, Q1 2015 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Purchase price | $ 34,900 | $ 34,883 | |||||||||||
Other common units issued for property acquisition (in units) | 812,676 | ||||||||||||
Other common units issued for property acquisition, fair value | $ 21,900 | ||||||||||||
Purchase price paid in cash | 1,200 | ||||||||||||
Mortgage note assumed | $ 11,800 | ||||||||||||
Laurens, SC, Q4 2015 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Purchase price | $ 5,500 | $ 5,535 | |||||||||||
Other common units issued for property acquisition (in units) | 51,607 | ||||||||||||
Other common units issued for property acquisition, fair value | $ 1,000 | ||||||||||||
Purchase price paid in cash | 600 | ||||||||||||
Mortgage note assumed | $ 3,900 | ||||||||||||
Charlotte, NC, Q2 2015 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Purchase price | $ 7,500 | ||||||||||||
Mortgage note assumed | $ 4,900 | ||||||||||||
Conyers, GA, Q3 2015 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Purchase price | $ 9,880 | ||||||||||||
Mortgage note assumed | $ 5,700 | ||||||||||||
Other Common Units | Burlington, NJ, Q1 2015 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Other common units issued for property acquisition (in units) | 812,676 | ||||||||||||
Other common units issued for property acquisition, fair value | $ 21,900 | ||||||||||||
Other Common Units | Laurens, SC, Q4 2015 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Other common units issued for property acquisition (in units) | 51,607 | ||||||||||||
Other common units issued for property acquisition, fair value | $ 1,000 |
Rental Property - Acquisition48
Rental Property - Acquisitions - Pro Forma (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||
Property acquisition costs | $ 4,567 | $ 4,757 | $ 4,390 |
Series of Individually Immaterial Business Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Property acquisition costs | 4,386 | 4,400 | |
Acquisitions 2,016 | |||
Business Acquisition [Line Items] | |||
Revenue | 13,105 | ||
Property acquisition costs | 4,386 | ||
Net income (loss) | (3,560) | ||
Pro forma information | |||
Total revenue | 277,811 | 282,235 | |
Net loss (2) | 46,139 | (42,617) | |
Net loss attributable to common stockholders | $ (30,269) | (53,850) | |
2015 Acquisitions | |||
Business Acquisition [Line Items] | |||
Revenue | 17,879 | ||
Property acquisition costs | 4,382 | ||
Net income (loss) | $ (3,052) |
Rental Property - Disposals (De
Rental Property - Disposals (Details) $ in Thousands, ft² in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)ft²building | Dec. 31, 2015USD ($)ft²building | Dec. 31, 2014USD ($)ft²building | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Area (in square feet) | ft² | 60.9 | ||
Carrying value of property sold | $ 2,116,836 | $ 1,839,967 | |
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 | 4.2 | 0.8 | 0.4 |
Number of buildings disposed | building | 24 | 6 | 4 |
Carrying value of property sold | $ 90,300 | $ 17,200 | $ 10,200 |
Net proceeds from sales of rental property | 152,079 | 22,163 | 12,980 |
Gain (Loss) on Sale | 61,823 | 4,986 | 2,799 |
Contribution to revenue | 11,200 | 2,000 | 1,200 |
Net income (loss) before gain on sale of rental property | $ 1,300 | $ 800 | $ 200 |
Rental Property - Loss on Impai
Rental Property - Loss on Impairments (Details) | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2016USD ($)Rate | Jun. 30, 2016USD ($)Rate | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2014USD ($) | Oct. 29, 2014USD ($) | |
2016 Impairments [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | $ 16,845,000 | |||||||
2016 Impairments [Member] | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | $ 14,958,000 | 14,958,000 | ||||||
Q2 2016 Impairments [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | $ 11,231,000 | |||||||
Q2 2016 Impairments [Member] | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | $ 10,598,000 | |||||||
Q2 2016 Impairments [Member] | Level 3 Inputs | Income Approach Valuation Technique | Minimum | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Discount rate at which cash flows are discounted (as a percent) | Rate | 8.50% | |||||||
Fair value inputs, exit capitalization rate (as a percent) | Rate | 8.50% | |||||||
Q2 2016 Impairments [Member] | Level 3 Inputs | Income Approach Valuation Technique | Maximum | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Discount rate at which cash flows are discounted (as a percent) | Rate | 13.00% | |||||||
Fair value inputs, exit capitalization rate (as a percent) | 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 | ||||||||
Number of Buildings Impaired | 1 | |||||||
stag_FairfieldVAQ32007 [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
Tavares, FL, Q2 2011 | 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 | $ 2,800,000 | |||||||
Termination fee payable by tenant | $ 2,400,000 | |||||||
Fair value of impaired property | $ 2,500,000 | |||||||
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 | ||||||||
Number of Buildings Impaired | 1 | |||||||
stag_JacksonMSOne [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
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 | ||||||||
Number of Buildings Impaired | 1 | |||||||
stag_JacksonMSTwo [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
stag_MishawakaINQ22013 [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | ||||||||
Number of Buildings Impaired | 1 | |||||||
stag_MishawakaINQ22013 [Member] | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
Newark, DE, Q4 2007, Two | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | ||||||||
Number of Buildings Impaired | 1 | |||||||
Newark, DE, Q4 2007, Two | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
Seville, OH, Q4 2007 | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | ||||||||
Number of Buildings Impaired | 2 | |||||||
Seville, OH, Q4 2007 | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
stag_SparksMDQ42007 [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | ||||||||
Number of Buildings Impaired | 2 | |||||||
stag_SparksMDQ42007 [Member] | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
Q4 2016 Impairments [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | 5,614,000 | |||||||
Q4 2016 Impairments [Member] | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | $ 4,360,000 | 4,360,000 | ||||||
Q4 2016 Impairments [Member] | Level 3 Inputs | Income Approach Valuation Technique | Minimum | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value inputs, exit capitalization rate (as a percent) | Rate | 10.00% | |||||||
Q4 2016 Impairments [Member] | Level 3 Inputs | Income Approach Valuation Technique | Maximum | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Discount rate at which cash flows are discounted (as a percent) | Rate | 12.00% | |||||||
Fair value inputs, exit capitalization rate (as a percent) | Rate | 12.00% | |||||||
Boardman, OH, Q4 2007, Two | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | ||||||||
Number of Buildings Impaired | 1 | |||||||
Boardman, OH, Q4 2007, Two | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
Holland, MI, Q4 2007 | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | ||||||||
Number of Buildings Impaired | 1 | |||||||
Holland, MI, Q4 2007 | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
Pensacola, FL, Q4 2007, One | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | ||||||||
Number of Buildings Impaired | 1 | |||||||
Pensacola, FL, Q4 2007, One | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
2015 Impairments | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | $ 29,272,000 | |||||||
2015 Impairments | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | $ 33,153,000 | |||||||
Q2 2015 Impairment | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | $ 4,400,000 | |||||||
Loss on impairment | 2,645,000 | |||||||
St. Louis, MO, Q3 2011 | 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 | ||||||||
Number of Buildings Impaired | 1 | |||||||
St. Louis, MO, Q3 2011 | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
Q3 2015 Impairments | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | $ 5,733,000 | |||||||
Q3 2015 Impairments | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | 6,515,000 | |||||||
Jefferson, NC, Q2 2011 | 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 | ||||||||
Number of Buildings Impaired | 1 | |||||||
Jefferson, NC, Q2 2011 | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
Milwaukee, WI, Q2 2011 | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | ||||||||
Number of Buildings Impaired | 1 | |||||||
Milwaukee, WI, Q2 2011 | Disposal Group, Held-for-sale, Not Discontinued Operations | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
Q4 2015 Impairments | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | 20,894,000 | |||||||
Q4 2015 Impairments | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | 22,238,000 | |||||||
Q4 2015 Impairments | Level 3 Inputs | Income Approach Valuation Technique | Minimum | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Discount rate at which cash flows are discounted (as a percent) | 8.50% | |||||||
Fair value inputs, exit capitalization rate (as a percent) | 8.00% | |||||||
Q4 2015 Impairments | Level 3 Inputs | Income Approach Valuation Technique | Maximum | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Discount rate at which cash flows are discounted (as a percent) | 16.00% | |||||||
Fair value inputs, exit capitalization rate (as a percent) | 14.00% | |||||||
Canton, OH, Q4 2007 | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Discount rate at which cash flows are discounted (as a percent) | 9.00% | |||||||
Fair value inputs, exit capitalization rate (as a percent) | 12.00% | |||||||
Canton, OH, Q4 2007 | 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 | ||||||||
Number of Buildings Impaired | 1 | |||||||
Canton, OH, Q4 2007 | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
Canton, OH, Q4 2007 | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | ||||||||
Number of Buildings Impaired | 1 | |||||||
Canton, OH, Q4 2007 | Disposal Group, Held-for-sale, Not Discontinued Operations | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
Cincinnati, OH, Q3 2007 | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | ||||||||
Number of Buildings Impaired | 1 | |||||||
Cincinnati, OH, Q3 2007 | Disposal Group, Held-for-sale, Not Discontinued Operations | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
Dayton, OH, Q4 2007 | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | ||||||||
Number of Buildings Impaired | 1 | |||||||
Dayton, OH, Q4 2007 | Disposal Group, Held-for-sale, Not Discontinued Operations | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
Gloversville, NY, Q4 2012, Three | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | ||||||||
Number of Buildings Impaired | 1 | |||||||
Gloversville, NY, Q4 2012, Three | Disposal Group, Held-for-sale, Not Discontinued Operations | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
Jackson, MS, One | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | ||||||||
Number of Buildings Impaired | 1 | |||||||
Jackson, MS, One | Disposal Group, Held-for-sale, Not Discontinued Operations | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
Jackson, MS, Two | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | ||||||||
Number of Buildings Impaired | 1 | |||||||
Jackson, MS, Two | Disposal Group, Held-for-sale, Not Discontinued Operations | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
Rapid City, SD, Q4 2007 | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | ||||||||
Number of Buildings Impaired | 1 | |||||||
Rapid City, SD, Q4 2007 | Disposal Group, Held-for-sale, Not Discontinued Operations | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
Sergeant Bluff, IA, Q4 2007 | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | ||||||||
Number of Buildings Impaired | 1 | |||||||
Sergeant Bluff, IA, Q4 2007 | Disposal Group, Held-for-sale, Not Discontinued Operations | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
Sparks, MD, Q4 2007 | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on impairment | ||||||||
Number of Buildings Impaired | 2 | |||||||
Sparks, MD, Q4 2007 | Disposal Group, Held-for-sale, Not Discontinued Operations | Level 3 Inputs | Income Approach Valuation Technique | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value | ||||||||
Involuntary Conversion [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss Contingency, Loss in Period | 2,800,000 | |||||||
Insurance Settlements Receivable, Current | $ 1,400,000 | $ 1,400,000 |
Rental Property - Deferred Leas
Rental Property - Deferred Leasing Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Above market lease, gross | $ 531,989 | $ 477,030 | |
Deferred leasing intangibles assets, accumulated amortization | (237,456) | (200,758) | |
Above market lease, net | 294,533 | 276,272 | |
Below market lease, gross | 30,791 | 19,923 | |
Below market lease, accumulated amortization | (10,450) | (8,536) | |
Below market lease, net | 20,341 | 11,387 | |
Net decrease to rental revenue related to above and below market lease amortization | 6,213 | 8,526 | $ 6,254 |
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract] | |||
Above and Below Market Leases, Amortization Income (Expense), Next 12 months | 4,514 | ||
2,018 | 3,383 | ||
2,019 | 2,813 | ||
2,020 | 2,402 | ||
2,021 | 1,288 | ||
Above market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Above market lease, gross | 70,668 | 69,815 | |
Deferred leasing intangibles assets, accumulated amortization | (32,868) | (31,554) | |
Above market lease, net | 37,800 | 38,261 | |
Other intangible lease assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Above market lease, gross | 461,321 | 407,215 | |
Deferred leasing intangibles assets, accumulated amortization | (204,588) | (169,204) | |
Above market lease, net | 256,733 | 238,011 | |
Amortization expense related to other intangible lease assets | 66,291 | $ 60,834 | $ 50,319 |
Estimated Net Amortization of In-Place Leases, Leasing Commissions and Tenant Relationships | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 63,474 | ||
2,018 | 50,375 | ||
2,019 | 38,258 | ||
2,020 | 29,681 | ||
2,021 | $ 20,915 |
Debt - Summary (Details)
Debt - Summary (Details) - USD ($) | Dec. 29, 2016 | Dec. 20, 2016 | Dec. 19, 2016 | Dec. 16, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 01, 2015 | Sep. 29, 2015 | Feb. 20, 2015 | Dec. 18, 2014 | Oct. 24, 2014 |
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | $ 1,036,139,000 | $ 980,248,000 | ||||||||||
Long-term Debt, Gross | 1,042,326,000 | |||||||||||
Unamortized fair market value premium | $ 112,000 | |||||||||||
Weighted average interest rate | 3.75% | |||||||||||
Remaining borrowing capacity | $ 418,500,000 | |||||||||||
Debt Issuance Costs, Net | 6,299,000 | 6,900,000 | ||||||||||
Amortization of deferred financing fees | 1,900,000 | 1,500,000 | $ 1,300,000 | |||||||||
Proceeds from unsecured notes | 0 | 220,000,000 | 180,000,000 | |||||||||
Accounts Payable, Accrued Expenses and Other Liabilities [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest payable | 5,700,000 | 3,800,000 | ||||||||||
Prepaid Expenses and Other Assets | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Issuance Costs, Net | 2,300,000 | $ 3,000,000 | ||||||||||
Interest Rate Swaps | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notional amount | $ 450,000,000 | $ 170,000,000 | ||||||||||
One Month Libor [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Variable rate basis reference rate (as a percent) | 0.77167% | 0.4295% | ||||||||||
Unsecured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | $ 446,608,000 | |||||||||||
Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 163,565,000 | $ 229,910,000 | ||||||||||
Long-term Debt, Gross | 164,326,000 | 230,733,000 | ||||||||||
Unamortized fair market value premium | 112,000 | 447,000 | ||||||||||
Debt Issuance Costs, Net | 873,000 | 1,270,000 | ||||||||||
Term Loan [Member] | Unsecured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 296,618,000 | |||||||||||
Long-term Debt, Gross | 450,000,000 | 300,000,000 | ||||||||||
Debt Issuance Costs, Net | 3,392,000 | 3,382,000 | ||||||||||
$150 Million Wells Fargo Unsecured Term Loan A [Member] | Unsecured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt, Gross | $ 150,000,000 | 150,000,000 | ||||||||||
$150 Million Wells Fargo Unsecured Term Loan A [Member] | Unsecured Debt | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate margin (as a percent) | 1.30% | 1.65% | 1.30% | |||||||||
$150 Million Wells Fargo Unsecured Term Loan B [Member] | Unsecured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt, Gross | $ 150,000,000 | 150,000,000 | ||||||||||
Proceeds from unsecured notes | $ 150,000,000 | |||||||||||
$150 Million Wells Fargo Unsecured Term Loan B [Member] | Unsecured Debt | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate margin (as a percent) | 1.30% | 1.70% | 1.30% | |||||||||
$150 Million Wells Fargo Unsecured Term Loan C [Member] | Unsecured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt, Gross | $ 150,000,000 | 0 | ||||||||||
Face amount of debt | $ 150,000,000 | |||||||||||
Proceeds from unsecured notes | $ 150,000,000 | |||||||||||
Debt Instrument, Unused Borrowing Capacity, Fee | $ 300,000 | 26,000 | ||||||||||
$150 Million Wells Fargo Unsecured Term Loan C [Member] | Unsecured Debt | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate margin (as a percent) | 1.30% | |||||||||||
Unsecured Notes [Member] | Unsecured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | $ 397,966,000 | 397,720,000 | ||||||||||
Long-term Debt, Gross | 400,000,000 | 400,000,000 | ||||||||||
Debt Issuance Costs, Net | $ 2,034,000 | 2,280,000 | ||||||||||
$50 Million Series A Unsecured Notes [Member] | Unsecured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 4.98% | |||||||||||
Long-term Debt, Gross | $ 50,000,000 | 50,000,000 | ||||||||||
$50 Million Series B Unsecured Notes [Member] | Unsecured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 4.98% | |||||||||||
Long-term Debt, Gross | $ 50,000,000 | 50,000,000 | ||||||||||
$80 Million Series C Unsecured Notes [Member] | Unsecured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | $ 80,000,000 | |||||||||||
Stated interest rate | 4.42% | |||||||||||
Long-term Debt, Gross | $ 80,000,000 | 80,000,000 | ||||||||||
$100 Million Series D Unsecured Notes [Member] | Unsecured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 4.32% | 4.32% | ||||||||||
Long-term Debt, Gross | $ 100,000,000 | 100,000,000 | ||||||||||
Face amount of debt | $ 100,000,000 | |||||||||||
$20 Million Series E Unsecured Notes [Member] | Unsecured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 4.42% | 4.42% | ||||||||||
Long-term Debt, Gross | $ 20,000,000 | 20,000,000 | ||||||||||
Face amount of debt | $ 20,000,000 | |||||||||||
$100 Million Series F Unsecured Notes [Member] | Unsecured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 3.98% | 3.98% | ||||||||||
Long-term Debt, Gross | $ 100,000,000 | 100,000,000 | ||||||||||
Face amount of debt | $ 100,000,000 | |||||||||||
Sun Life Assurance Company of Canada (U.S) Due June 1, 2016 [Member] | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 6.05% | |||||||||||
Long-term Debt, Gross | $ 0 | 3,229,000 | ||||||||||
Webster Bank, National Association due August 4, 2016 [Member] | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 4.22% | |||||||||||
Long-term Debt, Gross | $ 0 | 5,513,000 | ||||||||||
National Life Insurance Company Due August 10, 2016 [Member] | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 5.75% | |||||||||||
Long-term Debt, Gross | $ 0 | 4,775,000 | ||||||||||
Union Fidelity Life Insurance Co Due April 30, 2017 [Member] | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 5.81% | |||||||||||
Long-term Debt, Gross | $ 5,384,000 | 5,754,000 | ||||||||||
Penalty free prepayment period | 2 months | |||||||||||
Principal Life Insurance Company Due May 05, 2017 [Member] | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 5.73% | |||||||||||
Long-term Debt, Gross | $ 0 | 5,676,000 | ||||||||||
Webster Bank, National Association due May 29, 2017 [Member] | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 3.66% | |||||||||||
Long-term Debt, Gross | $ 2,853,000 | 2,945,000 | ||||||||||
Webster Bank, National Association due May 31, 2017 [Member] | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 3.64% | |||||||||||
Long-term Debt, Gross | $ 3,073,000 | 3,172,000 | ||||||||||
Wells Fargo, National Association Due August 1, 2017 [Member] | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 5.90% | |||||||||||
Long-term Debt, Gross | $ 4,043,000 | 4,115,000 | ||||||||||
Penalty free prepayment period | 3 months | |||||||||||
Connecticut General Life Insurance Company - Facility 1 [Member] | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 6.50% | |||||||||||
Long-term Debt, Gross | $ 35,320,000 | 57,171,000 | ||||||||||
Connecticut General Life Insurance Company - Facility 2 | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 5.75% | |||||||||||
Long-term Debt, Gross | $ 36,892,000 | 58,085,000 | ||||||||||
Connecticut Genereal Life Insurance Company - Facility 3 [Member] | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 5.88% | |||||||||||
Long-term Debt, Gross | $ 16,141,000 | 16,401,000 | ||||||||||
Wells Fargo Bank, National Association CMBS Loan [Member] | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 4.31% | |||||||||||
Long-term Debt, Gross | $ 56,608,000 | 63,897,000 | ||||||||||
Penalty free prepayment period | 3 months | |||||||||||
Sun Life Assurance Company Of Canada, Webster Bank National Association, and Principal LIfe Insurance Company [Member] | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Penalty free prepayment period | 3 months | |||||||||||
Connecticut General Life Insurance Company Facilities [Member] | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Penalty free prepayment period | 6 months | |||||||||||
Thrivent Financial for Lutherans Due December 15, 2023 [Member] | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 4.78% | |||||||||||
Long-term Debt, Gross | $ 4,012,000 | 0 | ||||||||||
Line of Credit [Member] | Unsecured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 28,000,000 | 56,000,000 | ||||||||||
Line of Credit [Member] | $450 Million Wells Fargo Unsecured Credit Facility [Member] | Unsecured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 28,000,000 | 56,000,000 | ||||||||||
Maximum borrowing capacity | $ 450,000,000 | $ 450,000,000 | ||||||||||
Line of Credit [Member] | $450 Million Wells Fargo Unsecured Credit Facility [Member] | Unsecured Debt | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate margin (as a percent) | 1.15% | |||||||||||
Interest Expense [Member] | Line of Credit [Member] | $450 Million Wells Fargo Unsecured Credit Facility [Member] | Unsecured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Facility fee | $ 1,000,000 | $ 700,000 | $ 100,000 |
Debt - 2016 Activity (Details)
Debt - 2016 Activity (Details) | Dec. 29, 2016USD ($) | Dec. 20, 2016Rate | Dec. 19, 2016Rate | Dec. 08, 2016USD ($) | Nov. 14, 2016USD ($) | Sep. 29, 2016USD ($) | Jun. 22, 2016USD ($) | Apr. 26, 2016USD ($) | Mar. 17, 2016USD ($) | Mar. 03, 2016USD ($) | Dec. 16, 2015USD ($) | Dec. 11, 2015USD ($) | Dec. 01, 2015USD ($) | Sep. 29, 2015USD ($)advance | Jun. 25, 2015USD ($) | Feb. 20, 2015USD ($) | Jan. 22, 2015USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2016 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||||||||
Assumption of mortgage notes | $ 4,037,000 | $ 26,267,000 | $ 4,198,000 | |||||||||||||||||||
Proceeds from unsecured notes | 0 | 220,000,000 | 180,000,000 | |||||||||||||||||||
Debt Issuance Costs, Net | $ 6,299,000 | 6,299,000 | 6,900,000 | |||||||||||||||||||
Amortization of deferred financing fees | $ 1,900,000 | 1,500,000 | 1,300,000 | |||||||||||||||||||
Unsecured Debt | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Deferred finance costs | 600,000 | |||||||||||||||||||||
Unsecured Debt | $150 Million Wells Fargo Unsecured Term Loan A [Member] | LIBOR | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest rate margin (as a percent) | 1.30% | 1.65% | 1.30% | |||||||||||||||||||
Unsecured Debt | $100 Million Series D Unsecured Notes [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Face amount of debt | $ 100,000,000 | |||||||||||||||||||||
Stated interest rate | 4.32% | 4.32% | 4.32% | |||||||||||||||||||
Debt instrument maturity term | 10 years | |||||||||||||||||||||
Unsecured Debt | $20 Million Series E Unsecured Notes [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Face amount of debt | $ 20,000,000 | |||||||||||||||||||||
Stated interest rate | 4.42% | 4.42% | 4.42% | |||||||||||||||||||
Debt instrument maturity term | 12 years | |||||||||||||||||||||
Unsecured Debt | $450 Million Wells Fargo Unsecured Credit Facility [Member] | Line of Credit [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Maximum borrowing capacity | $ 450,000,000 | $ 450,000,000 | $ 450,000,000 | |||||||||||||||||||
Debt instrument, increase limit | 800,000,000 | |||||||||||||||||||||
Deferred finance costs | 1,000,000 | |||||||||||||||||||||
Unsecured Debt | $450 Million Wells Fargo Unsecured Credit Facility [Member] | Line of Credit [Member] | LIBOR | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest rate margin (as a percent) | 1.15% | |||||||||||||||||||||
Unsecured Debt | $450 Million Wells Fargo Unsecured Credit Facility [Member] | Line of Credit [Member] | Interest Expense [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Facility fee | $ 1,000,000 | 700,000 | $ 100,000 | |||||||||||||||||||
Unsecured Debt | $150 Million Wells Fargo Unsecured Term Loan C [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Face amount of debt | $ 150,000,000 | |||||||||||||||||||||
Debt instrument maturity term | 5 years | |||||||||||||||||||||
Deferred finance costs | $ 1,000,000 | |||||||||||||||||||||
Unused commitment fee (as a percent) | 0.175% | |||||||||||||||||||||
Line of credit, accordion feature, increase limit | $ 250,000,000 | |||||||||||||||||||||
Line of Credit Facility, Accordion Feature, Number of Advances | advance | 6 | |||||||||||||||||||||
Debt instrument, accordion feature, increase limit, minimum advance amount | $ 25,000,000 | |||||||||||||||||||||
Proceeds from unsecured notes | $ 150,000,000 | |||||||||||||||||||||
Annual fee | $ 50,000 | |||||||||||||||||||||
Unsecured Debt | $150 Million Wells Fargo Unsecured Term Loan C [Member] | LIBOR | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest rate margin (as a percent) | 1.30% | |||||||||||||||||||||
Unsecured Debt | $150 Million Wells Fargo Unsecured Term Loan C [Member] | Minimum | Eurodollar [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest rate margin (as a percent) | 1.30% | |||||||||||||||||||||
Unsecured Debt | $150 Million Wells Fargo Unsecured Term Loan C [Member] | Minimum | Base Rate | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest rate margin (as a percent) | 0.30% | |||||||||||||||||||||
Unsecured Debt | $150 Million Wells Fargo Unsecured Term Loan C [Member] | Maximum | Eurodollar [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest rate margin (as a percent) | 1.90% | |||||||||||||||||||||
Unsecured Debt | $150 Million Wells Fargo Unsecured Term Loan C [Member] | Maximum | Base Rate | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest rate margin (as a percent) | 0.90% | |||||||||||||||||||||
Unsecured Debt | $100 Million Series F Unsecured Notes [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Face amount of debt | $ 100,000,000 | |||||||||||||||||||||
Stated interest rate | 3.98% | 3.98% | 3.98% | |||||||||||||||||||
Debt instrument maturity term | 7 years | |||||||||||||||||||||
Placement fee (as a percent) | 0.50% | |||||||||||||||||||||
Unsecured Debt | $150 Million Wells Fargo Unsecured Term Loan B [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Proceeds from unsecured notes | $ 150,000,000 | |||||||||||||||||||||
Unsecured Debt | $150 Million Wells Fargo Unsecured Term Loan B [Member] | LIBOR | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest rate margin (as a percent) | 1.30% | 1.70% | 1.30% | |||||||||||||||||||
Secured Debt | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Issuance Costs, Net | $ 873,000 | $ 873,000 | $ 1,270,000 | |||||||||||||||||||
Secured Debt | National Life Insurance Company Due August 10, 2016 [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Stated interest rate | 5.75% | 5.75% | ||||||||||||||||||||
Secured Debt | Principal Life Insurance Company Due May 05, 2017 [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Stated interest rate | 5.73% | 5.73% | ||||||||||||||||||||
Write off of Deferred Debt Issuance Cost | $ 100,000 | |||||||||||||||||||||
Secured Debt | Thrivent Financial for Lutherans Due December 15, 2023 [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Stated interest rate | 4.78% | 4.78% | ||||||||||||||||||||
Secured Debt | Wells Fargo Bank, National Association CMBS Loan [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Stated interest rate | 4.31% | 4.31% | ||||||||||||||||||||
Extinguishment of Debt, Amount | $ 1,500,000 | $ 1,200,000 | ||||||||||||||||||||
Write off of Deferred Debt Issuance Cost | $ 200,000 | |||||||||||||||||||||
Secured Debt | Connecticut General Life Insurance Company - Facility 2 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Stated interest rate | 5.75% | 5.75% | ||||||||||||||||||||
Extinguishment of Debt, Amount | $ 3,600,000 | $ 6,200,000 | $ 10,500,000 | |||||||||||||||||||
Write off of Deferred Debt Issuance Cost | $ 900,000 | |||||||||||||||||||||
Secured Debt | Connecticut General Life Insurance Company - Facility 1 [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Stated interest rate | 6.50% | 6.50% | ||||||||||||||||||||
Extinguishment of Debt, Amount | $ 21,000,000 | |||||||||||||||||||||
Write off of Deferred Debt Issuance Cost | $ 900,000 | |||||||||||||||||||||
Rock Hill, SC, Q3 2016 [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Mortgage note assumed | $ 4,000,000 | |||||||||||||||||||||
Rock Hill, SC, Q3 2016 [Member] | Secured Debt | Thrivent Financial for Lutherans Due December 15, 2023 [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Assumption of mortgage notes | $ 4,000,000 | |||||||||||||||||||||
Stated interest rate | 4.78% | |||||||||||||||||||||
Liability, fair value adjustment | $ 100,000 | |||||||||||||||||||||
Discount rate at which cash flows are discounted (as a percent) | 4.45% | |||||||||||||||||||||
Burlington, NJ, Q1 2015 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Mortgage note assumed | $ 11,800,000 | |||||||||||||||||||||
Burlington, NJ, Q1 2015 | Mortgages [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Assumption of mortgage notes | $ 11,800,000 | |||||||||||||||||||||
Charlotte, NC, Q2 2015 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Mortgage note assumed | $ 4,900,000 | |||||||||||||||||||||
Charlotte, NC, Q2 2015 | Secured Debt | National Life Insurance Company Due August 10, 2016 [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Assumption of mortgage notes | $ 4,900,000 | |||||||||||||||||||||
Stated interest rate | 5.75% | |||||||||||||||||||||
Liability, fair value adjustment | $ 100,000 | |||||||||||||||||||||
Discount rate at which cash flows are discounted (as a percent) | 3.05% | |||||||||||||||||||||
Conyers, GA, Q3 2015 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Mortgage note assumed | $ 5,700,000 | |||||||||||||||||||||
Conyers, GA, Q3 2015 | Secured Debt | Principal Life Insurance Company Due May 05, 2017 [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Assumption of mortgage notes | $ 5,700,000 | |||||||||||||||||||||
Stated interest rate | 5.73% | |||||||||||||||||||||
Liability, fair value adjustment | $ 300,000 | |||||||||||||||||||||
Discount rate at which cash flows are discounted (as a percent) | 2.64% | |||||||||||||||||||||
Laurens, SC, Q4 2015 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Mortgage note assumed | $ 3,900,000 | |||||||||||||||||||||
Georgetown, KY, Q4 2011 | Secured Debt | Connecticut General Life Insurance Company - Facility 2 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Write off of Deferred Debt Issuance Cost | 100,000 | |||||||||||||||||||||
Parsons, KS, Q4 2012 | Secured Debt | Wells Fargo Bank, National Association CMBS Loan [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Extinguishment of Debt, Amount | $ 1,700,000 | |||||||||||||||||||||
Write off of Deferred Debt Issuance Cost | 200,000 | |||||||||||||||||||||
Kansas City, KS, Q4 2012 | Secured Debt | Wells Fargo Bank, National Association CMBS Loan [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Extinguishment of Debt, Amount | $ 1,800,000 | |||||||||||||||||||||
Write off of Deferred Debt Issuance Cost | 300,000 | |||||||||||||||||||||
Conyers, GA, Q3 2011 | Secured Debt | Connecticut General Life Insurance Company - Facility 2 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Write off of Deferred Debt Issuance Cost | $ 200,000 | |||||||||||||||||||||
Gloversville, NY, Q4 2012, Three | Secured Debt | Wells Fargo Bank, National Association CMBS Loan [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Write off of Deferred Debt Issuance Cost | $ 300,000 |
Debt - 2015 Activity (Details)
Debt - 2015 Activity (Details) - USD ($) $ in Thousands | Dec. 01, 2015 | Feb. 20, 2015 | Dec. 18, 2014 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 29, 2015 |
Debt Instrument [Line Items] | ||||||||
Assumption of mortgage notes | $ 4,037 | $ 26,267 | $ 4,198 | |||||
Unamortized fair market value premium | 112 | |||||||
Amortization of deferred financing fees | 1,900 | 1,500 | $ 1,300 | |||||
Debt Issuance Costs, Net | 6,299 | 6,900 | ||||||
Principal outstanding | 1,036,139 | 980,248 | ||||||
Secured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Unamortized fair market value premium | 112 | 447 | ||||||
Debt Issuance Costs, Net | 873 | 1,270 | ||||||
Principal outstanding | 163,565 | 229,910 | ||||||
Unsecured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred finance costs | 600 | |||||||
Principal outstanding | 446,608 | |||||||
Unsecured Debt | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal outstanding | $ 28,000 | 56,000 | ||||||
$80 Million Series C Unsecured Notes [Member] | Unsecured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument maturity term | 12 years | |||||||
Stated interest rate | 4.42% | |||||||
Principal outstanding | $ 80,000 | |||||||
$100 Million Series D Unsecured Notes [Member] | Unsecured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount of debt | $ 100,000 | |||||||
Debt instrument maturity term | 10 years | |||||||
Stated interest rate | 4.32% | 4.32% | ||||||
$20 Million Series E Unsecured Notes [Member] | Unsecured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount of debt | $ 20,000 | |||||||
Debt instrument maturity term | 12 years | |||||||
Stated interest rate | 4.42% | 4.42% | ||||||
$50 Million Series A Unsecured Notes [Member] | Unsecured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 4.98% | |||||||
$50 Million Series B Unsecured Notes [Member] | Unsecured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 4.98% | |||||||
Wells Fargo, National Association Due August 1, 2017 [Member] | Secured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 5.90% | |||||||
$450 Million Wells Fargo Unsecured Credit Facility [Member] | Unsecured Debt | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred finance costs | $ 1,000 | |||||||
Principal outstanding | $ 28,000 | $ 56,000 | ||||||
$100 Million Series F Unsecured Notes [Member] | Unsecured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount of debt | $ 100,000 | |||||||
Debt instrument maturity term | 7 years | |||||||
Stated interest rate | 3.98% | 3.98% | ||||||
Placement fee (as a percent) | 0.50% |
Debt - Financial Covenants (Det
Debt - Financial Covenants (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($) | |
Covenant and other disclosures | ||
Net book value of properties that are collateral for debt arrangements | $ | $ 229.9 | $ 268.8 |
Credit Facility and Term Loans [Member] | Unsecured Debt | ||
Covenant and other disclosures | ||
Consolidated leverage ratio | 0.60 | |
Secured leverage ratio | 0.40 | |
Unencumbered leverage ratio | 0.60 | |
Secured recourse debt level | 0.075 | |
Fixed charge ratio | 1.50 | |
Unsecured interest ratio | 1.75 | |
Interest coverage ratio | 1.50 | |
Connecticut General Life Insurance Company Facilities [Member] | Secured Debt | ||
Covenant and other disclosures | ||
Number of properties serving as collateral | property | 17 |
Debt - Fair Value (Details)
Debt - Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,042,326 | |
Unamortized fair market value premium | 112 | |
Debt Issuance Costs, Net | 6,299 | $ 6,900 |
Principal outstanding | 1,036,139 | 980,248 |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 446,608 | |
Unsecured Debt | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 450,000 | 300,000 |
Debt Issuance Costs, Net | 3,392 | 3,382 |
Principal outstanding | 296,618 | |
Unsecured Debt | Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 400,000 | 400,000 |
Debt Issuance Costs, Net | 2,034 | 2,280 |
Principal outstanding | 397,966 | 397,720 |
Unsecured Debt | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 28,000 | 56,000 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 164,326 | 230,733 |
Unamortized fair market value premium | 112 | 447 |
Debt Issuance Costs, Net | 873 | 1,270 |
Principal outstanding | 163,565 | 229,910 |
Carrying Amount | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 1,042,326 | 986,733 |
Unamortized fair market value premium | 112 | 447 |
Debt Issuance Costs, Net | 6,299 | 6,932 |
Principal outstanding | 1,036,139 | 980,248 |
Carrying Amount | Unsecured Debt | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 450,000 | 300,000 |
Carrying Amount | Unsecured Debt | Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 400,000 | 400,000 |
Carrying Amount | Unsecured Debt | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 28,000 | 56,000 |
Carrying Amount | Secured Debt | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 164,326 | 230,733 |
Level 3 Inputs | Fair Value | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | 1,043,190 | 988,838 |
Level 3 Inputs | Fair Value | Unsecured Debt | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | 450,000 | 303,457 |
Level 3 Inputs | Fair Value | Unsecured Debt | Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | 399,091 | 392,054 |
Level 3 Inputs | Fair Value | Unsecured Debt | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | 28,000 | 56,000 |
Level 3 Inputs | Fair Value | Secured Debt | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | $ 166,099 | $ 237,327 |
Minimum | Level 3 Inputs | Long-term Debt [Member] | Income Approach Valuation Technique | ||
Debt Instrument [Line Items] | ||
Discount rate at which cash flows are discounted (as a percent) | 1.92% | 1.58% |
Maximum | Level 3 Inputs | Long-term Debt [Member] | Income Approach Valuation Technique | ||
Debt Instrument [Line Items] | ||
Discount rate at which cash flows are discounted (as a percent) | 4.85% | 4.82% |
Debt - Future Principal Payment
Debt - Future Principal Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Aggregate future principal payments of mortgage notes payable, Unsecured credit facility | ||
2,017 | $ 18,737 | |
2,018 | 88,578 | |
2,019 | 29,926 | |
2,020 | 152,006 | |
2,021 | 152,103 | |
Thereafter | 600,976 | |
Total aggregate principal payments | 1,042,326 | |
Unamortized fair market value premium | 112 | |
Debt Issuance Costs, Net | $ (6,299) | $ (6,900) |
Use of Derivative Financial I58
Use of Derivative Financial Instruments - Risk Management and Unsecured Loan Swaps (Details) $ in Thousands | Dec. 18, 2014USD ($) | Nov. 21, 2014USD ($)itemRate | Dec. 31, 2016USD ($)derivative | Dec. 31, 2015USD ($) | Oct. 24, 2014USD ($)derivative |
Derivatives - other information | |||||
Principal outstanding | $ 1,036,139 | $ 980,248 | |||
Unsecured Debt | |||||
Derivatives - other information | |||||
Principal outstanding | 446,608 | ||||
Interest Rate Swaps | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 450,000 | $ 170,000 | |||
Derivatives - other information | |||||
Total number of interest rate swaps | derivative | 23 | 2 | |||
Termination fee | $ 400 | ||||
Number of counterparties to whom termination fees is paid | item | 2 | ||||
Settlement value | $ 400 | ||||
Interest Rate Swaps | Series D Unsecured Notes | |||||
Unsecured Term Loan Swaps | |||||
Fixed Interest Rate (as a percent) | Rate | 2.452% | ||||
Interest Rate Swaps | Series C Unsecured Notes | |||||
Unsecured Term Loan Swaps | |||||
Fixed Interest Rate (as a percent) | Rate | 2.615% | ||||
Interest Rate Derivative, PNC Bank, October 10, 2012 [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 10,000 | ||||
Fair value | $ 6 | ||||
Fixed Interest Rate (as a percent) | 0.7945% | ||||
Interest Rate Derivative, Bank of America, October 10, 2012 [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 10,000 | ||||
Fair value | $ 6 | ||||
Fixed Interest Rate (as a percent) | 0.7945% | ||||
Interest Rate Derivative, UBS AG, October 10, 2012 [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 10,000 | ||||
Fair value | $ 6 | ||||
Fixed Interest Rate (as a percent) | 0.7945% | ||||
Interest Rate Derivative, Royal Bank of Canada, October 10, 2012 [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 10,000 | ||||
Fair value | $ 6 | ||||
Fixed Interest Rate (as a percent) | 0.7945% | ||||
Interest Rate Derivative, RJ Capital Services, Inc, October 10, 2012, One [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 10,000 | ||||
Fair value | $ 5 | ||||
Fixed Interest Rate (as a percent) | 0.7975% | ||||
Interest Rate Derivative, Bank of America, October 10, 2012, Two [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 25,000 | ||||
Fair value | $ 21 | ||||
Fixed Interest Rate (as a percent) | 0.7525% | ||||
Interest Rate Derivative, RJ Capital Services, October 10, 2012, Two [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 25,000 | ||||
Fair value | $ 26 | ||||
Fixed Interest Rate (as a percent) | 0.727% | ||||
Interest Rate Derivative, Regions Bank, March 01, 2013 [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 25,000 | ||||
Fair value | $ 131 | ||||
Fixed Interest Rate (as a percent) | 1.33% | ||||
Interest Rate Derivative, Capital One, June 01, 2013 [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 50,000 | ||||
Fair value | $ (274) | ||||
Fixed Interest Rate (as a percent) | 1.681% | ||||
Interest Rate Derivative, Capital One, August 01, 2013 [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 25,000 | ||||
Fair value | $ (154) | ||||
Fixed Interest Rate (as a percent) | 1.703% | ||||
Interest Rate Derivative, Regions Bank, February 03, 2014 [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 25,000 | ||||
Fair value | $ (378) | ||||
Fixed Interest Rate (as a percent) | 1.9925% | ||||
Interest Rate Derivative, Royal Bank of Canada, March 20, 2015 [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 25,000 | ||||
Fair value | $ (16) | ||||
Fixed Interest Rate (as a percent) | 1.709% | ||||
Interest Rate Derivative, The Toronto-Dominion Bank, March 20, 2015 [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 25,000 | ||||
Fair value | $ (18) | ||||
Fixed Interest Rate (as a percent) | 1.7105% | ||||
Interest Rate Derivative, Wells Fargo Bank, March 20, 2015 [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 25,000 | ||||
Fair value | $ 4 | ||||
Fixed Interest Rate (as a percent) | 1.828% | ||||
Interest Rate Derivative, The Toronto-Dominion Bank, September 10, 2017 [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 100,000 | ||||
Fair value | $ (1,240) | ||||
Fixed Interest Rate (as a percent) | 2.2255% | ||||
Interest Rate Derivative, The Toronto-Dominion Bank, February 14, 2020 [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 25,000 | ||||
Fair value | $ (50) | ||||
Fixed Interest Rate (as a percent) | 2.4535% | ||||
Interest Rate Derivative, Regions Bank, February 14, 2020 [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 50,000 | ||||
Fair value | $ (133) | ||||
Fixed Interest Rate (as a percent) | 2.475% | ||||
Interest Rate Derivative, Capital One, February 14, 2020 [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 50,000 | ||||
Fair value | $ (175) | ||||
Fixed Interest Rate (as a percent) | 2.53% | ||||
Interest Rate Derivative, The Toronto-Dominion Bank, September 29, 2016 [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 25,000 | ||||
Fair value | $ 217 | ||||
Fixed Interest Rate (as a percent) | 1.383% | ||||
Interest Rate Derivative, PNC Bank, September 29, 2016 [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 50,000 | ||||
Fair value | $ 421 | ||||
Fixed Interest Rate (as a percent) | 1.3906% | ||||
Interest Rate Derivative, Regions Bank, September 29, 2016 [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 35,000 | ||||
Fair value | $ 292 | ||||
Fixed Interest Rate (as a percent) | 1.3858% | ||||
Interest Rate Derivative, US Bank, September 29, 2016 [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 25,000 | ||||
Fair value | $ 207 | ||||
Fixed Interest Rate (as a percent) | 1.395% | ||||
Interest Rate Derivative, Capital One, September 29, 2016 [Member] | |||||
Unsecured Term Loan Swaps | |||||
Notional amount | $ 15,000 | ||||
Fair value | $ 123 | ||||
Fixed Interest Rate (as a percent) | 1.395% | ||||
$80 Million Series C Unsecured Notes [Member] | Unsecured Debt | |||||
Derivatives - other information | |||||
Principal outstanding | $ 80,000 | ||||
Debt instrument maturity term | 12 years |
Use of Derivative Financial I59
Use of Derivative Financial Instruments - FV of Interest Rate Swaps (Details) - Interest Rate Swaps - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair value of the interest rate swaps outstanding | ||
Gain (loss) on cash flow hedge ineffectiveness, net | $ 66 | |
Notional amount assets | 300,000 | $ 275,000 |
Fair value - assets | 1,471 | 1,867 |
Notional amount liabilities | 375,000 | 400,000 |
Fair Value - liabilities | $ (2,438) | $ (3,766) |
Use of Derivative Financial I60
Use of Derivative Financial Instruments - Cash Flow Hedges and Contingent Features (Details) - Interest Rate Swaps | 12 Months Ended | |||
Dec. 31, 2016USD ($)derivative | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Oct. 24, 2014derivative | |
Cash Flow Hedges of Interest Rate Risk | ||||
Gain (loss) on cash flow hedge ineffectiveness, net | $ 66,000 | |||
Additional amount reclassified from accumulated other comprehensive income (loss) as an increase to interest expense over the next twelve months | 2,400,000 | |||
Amount of income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion) | 2,244,000 | $ 5,387,000 | $ 6,705,000 | |
Amount of loss reclassified from accumulated other comprehensive income (loss) into income (loss) as interest expense (effective portion) | 3,142,000 | 3,431,000 | 2,508,000 | |
Amount of gain (loss) recognized in interest expense (ineffective portion and amount excluded from effectiveness testing) | $ 66,000 | $ 0 | $ 0 | |
Credit-risk-related Contingent Features | ||||
Number of interest rate swaps in asset position | derivative | 13 | |||
Total number of interest rate swaps | derivative | 23 | 2 | ||
Fair values of the interest rate swaps in a net asset position | $ 1,500,000 | |||
Number of interest rate swaps in liability position | derivative | 10 | |||
Fair values of the interest rate swaps in a net liability position | $ 2,500,000 | |||
Value of adjustment for nonperformance risk related to net asset position | (13,000) | |||
Value of adjustment for nonperformance risk related to net liability position | 100,000 | |||
Termination value required to settle obligations under agreements | 2,600,000 | |||
Accounts Payable, Accrued Expenses and Other Liabilities [Member] | ||||
Credit-risk-related Contingent Features | ||||
Accrued interest on interest rate swaps | $ 40,000 |
Use of Derivative Financial I61
Use of Derivative Financial Instruments - FV on Recurring Basis (Details) - Interest Rate Swaps - Fair value on recurring basis - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets (liabilities): | ||
Interest Rate Swaps - Asset | $ 1,471 | $ 1,867 |
Interest Rate Swaps - Liabilities | (2,438) | (3,766) |
Level 1 | ||
Assets (liabilities): | ||
Interest Rate Swaps - Asset | 0 | 0 |
Interest Rate Swaps - Liabilities | 0 | 0 |
Level 2 | ||
Assets (liabilities): | ||
Interest Rate Swaps - Asset | 1,471 | 1,867 |
Interest Rate Swaps - Liabilities | (2,438) | (3,766) |
Level 3 | ||
Assets (liabilities): | ||
Interest Rate Swaps - Asset | 0 | 0 |
Interest Rate Swaps - Liabilities | $ 0 | $ 0 |
Equity - Preferred Stock (Detai
Equity - Preferred Stock (Details) - $ / shares | Feb. 15, 2017 | Dec. 30, 2016 | Nov. 02, 2016 | Sep. 30, 2016 | 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 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | |||||||||||||||||||||
Preferred stock, shares authorized | 10,000,000 | 15,000,000 | 10,000,000 | ||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
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 | |||||||||||||||||||
Dividend rate (as a percent) | 6.875% | ||||||||||||||||||||
Dividend declared (in dollars per share) | $ 0.4296875 | $ 0.4296875 | $ 0.4965300 | $ 1.3559050 | |||||||||||||||||
Dividend paid on preferred stock (in dollars per share) | $ 0.4296875 | $ 0.4296875 | $ 0.4965300 | $ 0 | 1.3559050 | ||||||||||||||||
Series C Preferred Stock [Member] | Non-recognized Subsequent Event | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Dividend declared (in dollars per share) | $ 0.4296875 | ||||||||||||||||||||
Series A Preferred Stock | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Preferred Stock, Redemption Price Per Share | 25 | ||||||||||||||||||||
Dividend declared (in dollars per share) | 0.19375 | 0.56250 | 0.56250 | $ 0.56250 | $ 0.5625 | $ 0.5625 | $ 0.5625 | $ 0.5625 | 1.88125 | 2.2500 | |||||||||||
Dividend paid on preferred stock (in dollars per share) | 0.19375 | 0.56250 | 0.56250 | 0.56250 | 0.5625 | $ 0.5625 | $ 0.5625 | $ 0.5625 | $ 1.88125 | 2.2500 | $ 2.25 | ||||||||||
Series B Preferred Stock | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Number of shares sold | 2,800,000 | ||||||||||||||||||||
Issue price (in dollars per share) | $ 25 | ||||||||||||||||||||
Dividend rate (as a percent) | 6.625% | ||||||||||||||||||||
Dividend declared (in dollars per share) | $ 0.4140625 | $ 0.4140625 | $ 0.4140625 | $ 0.4140625 | $ 0.4140625 | $ 0.4140625 | $ 0.4140625 | $ 0.4140625 | $ 1.6562500 | 1.6562500 | |||||||||||
Dividend paid on preferred stock (in dollars per share) | $ 0.4140625 | $ 0.4140625 | $ 0.4140625 | $ 0.4140625 | $ 0.4140625 | $ 0.4140625 | $ 0.4140625 | $ 0.4140625 | $ 1.6562500 | $ 1.6562500 | $ 1.656250 | ||||||||||
Series B Preferred Stock | Non-recognized Subsequent Event | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Dividend declared (in dollars per share) | $ 0.4140625 |
Equity - Common Stock (Details)
Equity - Common Stock (Details) - USD ($) | Feb. 15, 2017 | Jan. 17, 2017 | Dec. 15, 2016 | Nov. 15, 2016 | Nov. 02, 2016 | Oct. 17, 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 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Proceeds from sales of common stock | $ 282,669,000 | $ 74,892,000 | $ 316,692,000 | |||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Dividends paid (in dollars per share) | $ 0.115833 | $ 0.115833 | $ 0.115833 | $ 0.115833 | $ 0.115833 | $ 0.115833 | $ 0.115833 | $ 0.115833 | $ 0.115833 | $ 0.115833 | $ 0.115833 | $ 0.1150 | $ 0.1150 | $ 0.1150 | $ 0.1150 | $ 0.1150 | $ 0.1150 | $ 0.1125 | $ 0.1125 | $ 0.1125 | $ 0.1125 | $ 0.1125 | $ 0.1125 | $ 1.389996 | $ 1.3650 | |||||||||||||
Dividend declared (in dollars per share) | $ 0.116667 | $ 0.115833 | $ 0.115833 | $ 0.115833 | $ 0.115833 | $ 0.1150 | $ 0.1150 | $ 0.1125 | $ 0.1125 | $ 1.389996 | $ 1.3650 | |||||||||||||||||||||||||||
At The Market Program 2016 $228 Million [Member] | Common Stock | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Number of shares sold | 4,763,838 | |||||||||||||||||||||||||||||||||||||
Maximum aggregate offering price under at-the-market program | $ 228,218,000 | |||||||||||||||||||||||||||||||||||||
Aggregate value of common stock available to be sold under the ATM | 117,331,000 | |||||||||||||||||||||||||||||||||||||
Proceeds from sales of common stock | 110,887,000 | |||||||||||||||||||||||||||||||||||||
Sales agents' fee | 1,550,000 | |||||||||||||||||||||||||||||||||||||
Net proceeds | $ 109,337,000 | |||||||||||||||||||||||||||||||||||||
At The Market Program 2016 $200 Million [Member] | Common Stock | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Number of shares sold | 7,326,200 | |||||||||||||||||||||||||||||||||||||
Proceeds from sales of common stock | $ 171,782,000 | |||||||||||||||||||||||||||||||||||||
Sales agents' fee | 2,429,000 | |||||||||||||||||||||||||||||||||||||
Net proceeds | $ 169,353,000 | |||||||||||||||||||||||||||||||||||||
2014 $200 million ATM | Common Stock | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
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] | ||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Number of shares sold | 12,090,038 | |||||||||||||||||||||||||||||||||||||
Proceeds from sales of common stock | $ 282,669,000 | |||||||||||||||||||||||||||||||||||||
Sales agents' fee | 3,979,000 | |||||||||||||||||||||||||||||||||||||
Net proceeds | $ 278,690,000 | |||||||||||||||||||||||||||||||||||||
At The Market (ATM) Program | Common Stock | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Number of shares sold | 3,456,403 | |||||||||||||||||||||||||||||||||||||
Proceeds from sales of common stock | $ 74,892,000 | |||||||||||||||||||||||||||||||||||||
Sales agents' fee | 1,124,000 | |||||||||||||||||||||||||||||||||||||
Net proceeds | $ 73,768,000 | |||||||||||||||||||||||||||||||||||||
Weighted Average [Member] | At The Market Program 2016 $228 Million [Member] | Common Stock | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Issue price (in dollars per share) | $ 23.28 | |||||||||||||||||||||||||||||||||||||
Weighted Average [Member] | At The Market Program 2016 $200 Million [Member] | Common Stock | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Issue price (in dollars per share) | 23.45 | |||||||||||||||||||||||||||||||||||||
Weighted Average [Member] | 2014 $200 million ATM | Common Stock | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Issue price (in dollars per share) | $ 21.63 | |||||||||||||||||||||||||||||||||||||
Weighted Average [Member] | 2014 $150 million ATM | Common Stock | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Issue price (in dollars per share) | 21.79 | |||||||||||||||||||||||||||||||||||||
Weighted Average [Member] | At The Market (ATM) Program | Common Stock | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Issue price (in dollars per share) | $ 23.38 | $ 21.67 | ||||||||||||||||||||||||||||||||||||
Non-recognized Subsequent Event | Common Stock | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Dividends paid (in dollars per share) | $ 0.115833 | |||||||||||||||||||||||||||||||||||||
Dividend declared (in dollars per share) | $ 0.116667 |
Equity - Restricted Stock (Deta
Equity - Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shares | |||
Unvested at beginning of period (in shares) | 534,910 | ||
Unvested at end of period (in shares) | 403,423 | 534,910 | |
2011 Equity Incentive Plan | Restricted stock | |||
Shares | |||
Unvested at beginning of period (in shares) | 271,115 | 263,916 | |
Granted (in shares) | 101,289 | 94,290 | |
Vested (in shares) | (98,746) | (72,185) | (51,885) |
Forfeited (in shares) | (1,321) | (14,906) | |
Unvested at end of period (in shares) | 272,337 | 271,115 | 263,916 |
Grant date fair value (in dollars per share) | $ 17.98 | $ 26.17 | |
Unrecognized compensation costs | $ 3,300 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 1 month 13 days | ||
Number of shares vested | 98,746 | 72,185 | 51,885 |
Fair value of shares vested | $ 1,813 | $ 1,751 | $ 1,123 |
Granted on January 8, 2016 [Member] | 2011 Equity Incentive Plan | Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 4 years |
Noncontrolling Interest (Detail
Noncontrolling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Noncontrolling interest | |||
Noncontrolling interest ownership percentage | 4.30% | 4.90% | 3.60% |
Summary of nonvested share-based compensation activity | |||
Unvested at beginning of period (in shares) | 534,910 | ||
Unvested at end of period (in shares) | 403,423 | 534,910 | |
2011 Equity Incentive Plan | LTIP Units | |||
Summary of nonvested share-based compensation activity | |||
Unvested at beginning of period (in shares) | 448,887 | ||
Granted (in shares) | 176,396 | 323,069 | |
Vested (in shares) | (307,883) | (237,046) | (639,445) |
Unvested at end of period (in shares) | 448,887 | ||
Fair value of shares vested | $ 6,393 | $ 4,853 | $ 14,063 |
Noncontrolling Interest - Unit holders in Operating Partnership | |||
Noncontrolling interest | |||
Units outstanding, balance at beginning of period (in units) | 3,525,977 | 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 | 0 | |
Redemptions from Other Common Units to common stock (in units) | (68,492) | (90,824) | |
Redemption of Other Common Units for cash (in units) | (2,400) | ||
Units outstanding, balance at end of period (in units) | 3,633,881 | 3,525,977 | 2,431,849 |
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 | |
Granted/Issued (in units) | 176,396 | 323,069 | |
Forfeitures (in units) | 0 | 0 | |
Conversions from LTIP units to Other Common Units (in units) | (209,985) | (20,000) | |
Redemptions from Other Common Units to common stock (in units) | 0 | 0 | |
Redemption of Other Common Units for cash (in units) | 0 | ||
Units outstanding, balance at end of period (in units) | 1,576,516 | 1,610,105 | 1,307,036 |
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 | |
Granted/Issued (in units) | 0 | 864,283 | |
Forfeitures (in units) | 0 | 0 | |
Conversions from LTIP units to Other Common Units (in units) | 209,985 | 20,000 | |
Redemptions from Other Common Units to common stock (in units) | (68,492) | (90,824) | |
Redemption of Other Common Units for cash (in units) | (2,400) | ||
Units outstanding, balance at end of period (in units) | 2,057,365 | 1,915,872 | 1,124,813 |
Noncontrolling Interest - LTIP
Noncontrolling Interest - LTIP Units Narrative (Details) $ in Thousands | Feb. 22, 2016shares | Jan. 08, 2016shares | May 04, 2015shares | Oct. 27, 2014USD ($)shares | Jul. 01, 2014USD ($)shares | May 12, 2014 | Apr. 21, 2014 | Apr. 20, 2014shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Unvested shares outstanding (in shares) | shares | 403,423 | 534,910 | |||||||||
General and Administrative Expenses | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based compensation | $ 9,729 | $ 7,578 | $ 7,314 | ||||||||
Benjamin S. Butcher | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Term of contract extension | 1 year | ||||||||||
Nonrenewal notice period | 60 days | ||||||||||
Contract term | 3 years | ||||||||||
Benjamin S. Butcher | Vest on 3rd anniversary | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||||||||
Benjamin S. Butcher | Vest on 4th anniversary | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 16.67% | ||||||||||
Benjamin S. Butcher | Vest on 5th anniversary | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 16.67% | ||||||||||
Benjamin S. Butcher | Vest on 6th anniversary | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 16.67% | ||||||||||
Executive Vice President [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Contract term | 3 years | ||||||||||
Gregory W. Sullivan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Contract term | 3 years | ||||||||||
Gregory W. Sullivan | General and Administrative Expenses | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Salary, bonus and other benefits | 1,500 | ||||||||||
Former Chief Financial Officer 2014 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Period of which the former CFO will provide consultation services | 1 year | ||||||||||
Former Chief Financial Officer 2014 [Member] | General and Administrative Expenses | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Salary, bonus and other benefits | 700 | ||||||||||
Kathryn Arnone | General and Administrative Expenses | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based compensation | 900 | ||||||||||
LTIP Units | General and Administrative Expenses | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based compensation | $ 6,089 | $ 4,774 | 5,353 | ||||||||
LTIP Units | Benjamin S. Butcher | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted (in shares) | shares | 100,000 | ||||||||||
LTIP Units | Former Chief Financial Officer 2014 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Amount of dividend paid | $ 100 | ||||||||||
2011 Equity Incentive Plan | LTIP Units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | 0 | 0 | |||||||||
Granted (in shares) | shares | 176,396 | 323,069 | |||||||||
Unvested shares outstanding (in shares) | shares | 448,887 | ||||||||||
Unrecognized compensation costs | $ 6,600 | ||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 5 months 20 days | ||||||||||
2011 Equity Incentive Plan | LTIP Units | Executive officers | Awards vest over five years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Unit conversion ratio | 1 | ||||||||||
2011 Equity Incentive Plan | LTIP Units | Executive Vice President [Member] | Awards vest over five years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period (in years) | 5 years | ||||||||||
Granted (in shares) | shares | 4,006 | ||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 100 | ||||||||||
2011 Equity Incentive Plan | LTIP Units | Executive Vice President [Member] | Awards vest over three years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted (in shares) | shares | 26,596 | ||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 600 | ||||||||||
2011 Equity Incentive Plan | LTIP Units | Gregory W. Sullivan | Awards vest over five years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period (in years) | 3 years | ||||||||||
Granted (in shares) | shares | 14,850 | ||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 1,200 | ||||||||||
2011 Equity Incentive Plan | LTIP Units | Gregory W. Sullivan | Awards vest over three years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period (in years) | 5 years | ||||||||||
Granted (in shares) | shares | 52,106 | ||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 300 | ||||||||||
2011 Equity Incentive Plan | LTIP Units | Gregory W. Sullivan | General and Administrative Expenses | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based compensation | $ 1,600 | ||||||||||
2011 Equity Incentive Plan | LTIP Units | Former Chief Financial Officer 2014 [Member] | General and Administrative Expenses | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based compensation | $ 2,000 | ||||||||||
2011 Equity Incentive Plan | LTIP Units | Kathryn Arnone | General and Administrative Expenses | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based compensation | 900 | ||||||||||
2011 Outperformance Program | LTIP Units | Former Chief Financial Officer 2014 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Unvested shares outstanding (in shares) | shares | 82,804 | ||||||||||
2011 Outperformance Program | LTIP Units | Former Chief Financial Officer 2014 [Member] | General and Administrative Expenses | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based compensation | 2,000 | ||||||||||
2011 Outperformance Program | Performance Shares [Member] | Former Chief Financial Officer 2014 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Percentage of interests in the OPP awarded | 14.00% | ||||||||||
2011 Outperformance Program | Performance Shares [Member] | Former Chief Financial Officer 2014 [Member] | General and Administrative Expenses | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based compensation | 200 | ||||||||||
Grant Date January 8, 2016 [Member] | 2011 Equity Incentive Plan | LTIP Units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted (in shares) | shares | 135,546 | ||||||||||
Grant Date January 8, 2016 [Member] | 2011 Equity Incentive Plan | LTIP Units | Executive officers | Awards vest over five years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period (in years) | 4 years | ||||||||||
Grant Date February 22, 2016 [Member] | 2011 Equity Incentive Plan | LTIP Units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted (in shares) | shares | 18,386 | ||||||||||
Grant Date February 22, 2016 [Member] | 2011 Equity Incentive Plan | LTIP Units | Executive officers | Awards vest over three years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period (in years) | 4 years | ||||||||||
Awarded in 2015 [Member] | Performance Shares [Member] | General and Administrative Expenses | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based compensation | $ 465 | $ 523 | $ 456 | ||||||||
Awarded in 2015 [Member] | 2011 Equity Incentive Plan | LTIP Units | Gregory W. Sullivan | General and Administrative Expenses | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based compensation | 1,600 | ||||||||||
Awarded in 2015 [Member] | 2011 Equity Incentive Plan | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Unrecognized compensation costs | $ 500 | ||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 18 days |
Noncontrolling Interest Noncont
Noncontrolling Interest Noncontrolling Interest - FV Assumptions (Details) - LTIP Units - 2011 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands | Feb. 22, 2016 | Jan. 08, 2016 | Jan. 06, 2016 | May 04, 2015 | Jan. 12, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
Assumptions | |||||||
Units at issuance (in shares) | 176,396 | 323,069 | |||||
Grant Date February 22, 2016 [Member] | |||||||
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 May 04, 2015 | |||||||
Assumptions | |||||||
Expected term | 10 years | ||||||
Expected volatility (as a percent) | 20.00% | ||||||
Expected dividend yield (as a percent) | 6.00% | ||||||
Risk-free interest rate (as a percent) | 0.66% | ||||||
Fair value of units at issuance | $ 2,038 | ||||||
Units at issuance (in shares) | 100,000 | ||||||
Fair value share price per unit (in dollars per share) | $ 20.38 | ||||||
Grant Date January 02 2014 | |||||||
Assumptions | |||||||
Expected term | 10 years | ||||||
Expected volatility (as a percent) | 20.00% | ||||||
Expected dividend yield (as a percent) | 6.00% | ||||||
Risk-free interest rate (as a percent) | 0.62% | ||||||
Fair value of units at issuance | $ 5,450 | ||||||
Units at issuance (in shares) | 223,069 | ||||||
Fair value share price per unit (in dollars per share) | $ 24.43 | ||||||
Grant Date October 27, 2014 [Member] | |||||||
Assumptions | |||||||
Expected term | 10 years | ||||||
Expected volatility (as a percent) | 20.00% | ||||||
Expected dividend yield (as a percent) | 6.00% | ||||||
Risk-free interest rate (as a percent) | 0.48% | ||||||
Fair value of units at issuance | $ 690 | ||||||
Units at issuance (in shares) | 30,602 | ||||||
Fair value share price per unit (in dollars per share) | $ 22.56 | ||||||
Grant Date July 01, 2014 [Member] | |||||||
Assumptions | |||||||
Expected term | 10 years | ||||||
Expected volatility (as a percent) | 40.00% | ||||||
Expected dividend yield (as a percent) | 6.00% | ||||||
Risk-free interest rate (as a percent) | 0.79% | ||||||
Fair value of units at issuance | $ 1,542 | ||||||
Units at issuance (in shares) | 66,956 | ||||||
Fair value share price per unit (in dollars per share) | $ 23.03 | ||||||
Grant Date January 02, 2014 [Member] | |||||||
Assumptions | |||||||
Expected term | 10 years | ||||||
Expected volatility (as a percent) | 40.00% | ||||||
Expected dividend yield (as a percent) | 6.00% | ||||||
Risk-free interest rate (as a percent) | 0.79% | ||||||
Fair value of units at issuance | $ 4,329 | ||||||
Units at issuance (in shares) | 224,424 | ||||||
Fair value share price per unit (in dollars per share) | $ 19.29 | ||||||
Grant Date January 8, 2016 [Member] | |||||||
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 [Member] | |||||||
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 |
Noncontrolling Interest - Other
Noncontrolling Interest - Other Common Units (Details) $ in Millions | Dec. 11, 2015USD ($)shares | Jan. 22, 2015USD ($)shares | Dec. 31, 2016shares |
Other Common Units | |||
Noncontrolling Interest [Line Items] | |||
Redemption right of investor to cause the Operating Partnership to redeem its units equivalent to current market value of number of shares of entity's common stock (in shares) | 1 | ||
Unit conversion ratio | 1 | ||
Burlington, NJ, Q1 2015 | |||
Noncontrolling Interest [Line Items] | |||
Other common units issued for property acquisition (in units) | 812,676 | ||
Other common units issued for property acquisition, fair value | $ | $ 21.9 | ||
Burlington, NJ, Q1 2015 | Other Common Units | |||
Noncontrolling Interest [Line Items] | |||
Other common units issued for property acquisition (in units) | 812,676 | ||
Other common units issued for property acquisition, fair value | $ | $ 21.9 | ||
Laurens, SC, Q4 2015 | |||
Noncontrolling Interest [Line Items] | |||
Other common units issued for property acquisition (in units) | 51,607 | ||
Other common units issued for property acquisition, fair value | $ | $ 1 | ||
Laurens, SC, Q4 2015 | Other Common Units | |||
Noncontrolling Interest [Line Items] | |||
Other common units issued for property acquisition (in units) | 51,607 | ||
Other common units issued for property acquisition, fair value | $ | $ 1 | ||
Laurens, SC, Q4 2015 and Burlington, NJ, Q1 2015 [Member] | |||
Noncontrolling Interest [Line Items] | |||
Average common stock closing price, trailing period | 10 days | ||
2011 Equity Incentive Plan | LTIP Units | Awards vest over five years | Executive officers | |||
Noncontrolling Interest [Line Items] | |||
Unit conversion ratio | 1 | ||
2011 Equity Incentive Plan | LTIP Units | Awards vest over five years | Executive officers | Other Common Units | |||
Noncontrolling Interest [Line Items] | |||
Vesting period (in years) | 10 days |
Equity Incentive Plan - Summary
Equity Incentive Plan - Summary (Details) $ / shares in Units, $ in Thousands | Mar. 08, 2016USD ($)benchmark | Jan. 12, 2015USD ($)simulation$ / shares | Sep. 19, 2014USD ($)shares | Apr. 01, 2011shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | May 06, 2013shares |
2011 Equity Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares of common stock that are available for issuance | shares | 1,156,578 | 1,449,415 | ||||||
Maximum number of common stock that can be awarded | shares | 3,642,461 | |||||||
Ratio by which number of shares available for grant is reduced for each LTIP unit awarded | 1 | |||||||
2011 Equity Incentive Plan | LTIP Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares of common stock equivalent to each LTIP unit (in shares) | shares | 1 | |||||||
Fair value of shares vested | $ 6,393 | $ 4,853 | $ 14,063 | |||||
Assumptions | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 6,600 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 5 months 20 days | |||||||
2011 Equity Incentive Plan | Restricted stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Fair value of shares vested | $ 1,813 | $ 1,751 | $ 1,123 | |||||
Assumptions | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 3,300 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 1 month 13 days | |||||||
2011 Outperformance Program | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Period of total stockholder return considered for performance measurement | 3 years | |||||||
Fair value of shares vested | $ 10,000 | |||||||
2011 Outperformance Program | LTIP Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vested shares issued | shares | 397,590 | |||||||
2011 Outperformance Program | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vested shares issued | shares | 43,657 | |||||||
2015 Outperformance Program | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Measurement period for outperformance pool plan threshold | 3 years | |||||||
Beginning value of the company's common stock (in dollars per share) | $ / shares | $ 24.49 | |||||||
Percentage of excess total stockholder return above relative total stockholder return hurdle | 10.00% | |||||||
Number of trading days used to calculate average common stock price | 20 days | |||||||
Assumptions | ||||||||
Value of awards | $ 1,600 | |||||||
Number of simulations run to determine the fair value of awards | simulation | 500,000 | |||||||
Expected volatility (as a percent) | 20.00% | |||||||
Risk-free interest rate (as a percent) | 0.9814% | |||||||
2015 Outperformance Program | Msci Us Reit Index | ||||||||
Assumptions | ||||||||
Expected volatility (as a percent) | 13.60% | |||||||
2015 Outperformance Program | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Threshold percentage of increase in cumulative absolute total stockholder return | 25.00% | |||||||
Percent added to index to calculate total return threshold | 5.00% | |||||||
2015 Outperformance Program | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Aggregate reward available to all recipients as a percent of total shares of common stock and noncontrolling common units outstanding | 0.24% | |||||||
Aggregate reward available to all recipients | $ 15,400 | |||||||
Awarded in 2016 [Member] | 2011 Equity Incentive Plan | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation by Share-based Payment Award, Number of Benchmarks | benchmark | 3 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Allocation for Total Stockholder Return Compared to Industry Peer Group | 25.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Allocation for Total Stockholder Return Compared to Size-Based Peer Group | 25.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Allocation for Total Stockholder Return Compared to Index | 50.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |||||||
Assumptions | ||||||||
Value of awards | $ 2,600 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 1,900 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 4 months 18 days | |||||||
Awarded in 2016 [Member] | 2011 Equity Incentive Plan | Performance Shares [Member] | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Target Units Awarded | 0.00% | |||||||
Awarded in 2016 [Member] | 2011 Equity Incentive Plan | Performance Shares [Member] | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Target Units Awarded | 250.00% | |||||||
Awarded in 2016 [Member] | 2011 Equity Incentive Plan | Performance Shares [Member] | Weighted Average [Member] | ||||||||
Assumptions | ||||||||
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 [Member] | 2011 Equity Incentive Plan | Performance Shares [Member] | ||||||||
Assumptions | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 500 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 18 days | |||||||
Vest on 4th anniversary | Awarded in 2016 [Member] | 2011 Equity Incentive Plan | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period (in years) | 1 year | |||||||
Assumptions | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||
Vest on 3rd anniversary | Awarded in 2016 [Member] | 2011 Equity Incentive Plan | Performance Shares [Member] | ||||||||
Assumptions | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% |
Equity Incentive Plan - Amortiz
Equity Incentive Plan - Amortization of Restricted Stock (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
General and Administrative Expenses | |||
Equity Incentive Plan | |||
Share-based compensation | $ 9,729 | $ 7,578 | $ 7,314 |
General and Administrative Expenses | Restricted stock | |||
Equity Incentive Plan | |||
Share-based compensation | 2,157 | 1,932 | 1,164 |
General and Administrative Expenses | LTIP Units | |||
Equity Incentive Plan | |||
Share-based compensation | 6,089 | 4,774 | 5,353 |
Independent Director | General and Administrative Expenses | |||
Equity Incentive Plan | |||
Share-based compensation | 346 | 349 | 341 |
Kathryn Arnone | General and Administrative Expenses | |||
Equity Incentive Plan | |||
Share-based compensation | 900 | ||
Awarded in 2015 [Member] | General and Administrative Expenses | Performance Shares [Member] | |||
Equity Incentive Plan | |||
Share-based compensation | 465 | 523 | 456 |
Awarded in 2016 [Member] | General and Administrative Expenses | Performance Shares [Member] | |||
Equity Incentive Plan | |||
Share-based compensation | $ 672 | $ 0 | 0 |
2011 Equity Incentive Plan | |||
Equity Incentive Plan | |||
Number of shares of common stock that are available for issuance | 1,156,578 | 1,449,415 | |
2011 Equity Incentive Plan | Gregory W. Sullivan | General and Administrative Expenses | LTIP Units | |||
Equity Incentive Plan | |||
Share-based compensation | $ 1,600 | ||
2011 Equity Incentive Plan | Kathryn Arnone | General and Administrative Expenses | LTIP Units | |||
Equity Incentive Plan | |||
Share-based compensation | 900 | ||
2011 Equity Incentive Plan | Former Chief Financial Officer 2014 [Member] | General and Administrative Expenses | LTIP Units | |||
Equity Incentive Plan | |||
Share-based compensation | 2,000 | ||
2011 Equity Incentive Plan | Awarded in 2015 [Member] | Gregory W. Sullivan | General and Administrative Expenses | LTIP Units | |||
Equity Incentive Plan | |||
Share-based compensation | $ 1,600 | ||
2011 Outperformance Program | Former Chief Financial Officer 2014 [Member] | General and Administrative Expenses | LTIP Units | |||
Equity Incentive Plan | |||
Share-based compensation | 2,000 | ||
2011 Outperformance Program | Former Chief Financial Officer 2014 [Member] | General and Administrative Expenses | Performance Shares [Member] | |||
Equity Incentive Plan | |||
Share-based compensation | $ 200 | ||
Common Stock | 2011 Equity Incentive Plan | |||
Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-baed Payment Award, Equity Instruments Other Than Options, Trailing Average Common Stock Price, Period | 10 days |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive participating securities | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0 | |
Restricted stock | |||
Antidilutive participating securities | |||
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights | 276,367 | 280,839 | 268,894 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 92,251 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 70,149 | 110,048 | |
Awarded in 2016 [Member] | Performance Shares [Member] | |||
Antidilutive participating securities | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 123,112 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Numerator and Denominator (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator | |||
Net income (loss) from continuing operations | $ 35,588 | $ (29,345) | $ (4,685) |
Less: preferred stock dividends | 13,897 | 10,848 | 10,848 |
Less: amount allocated to unvested restricted stockholders | 384 | 385 | 345 |
Less: loss attributable to noncontrolling interest after preferred stock dividends | 1,069 | (1,962) | (992) |
Net loss attributable to common stockholders | $ 20,238 | $ (38,616) | $ (14,886) |
Denominator | |||
Weighted average common shares outstanding - basic and diluted | 70,637,185 | 66,307,972 | 54,086,345 |
Weighted Average Number of Shares Outstanding, Diluted | 70,852,548 | 66,307,972 | 54,086,345 |
Income (loss) from continuing operations attributable to common stockholders (in dollars per share) | $ 0.29 | $ (0.58) | $ (0.28) |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.29 | $ (0.58) | $ (0.28) |
Future Minimum Rents (Details)
Future Minimum Rents (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Leases, Operating [Abstract] | |
2,016 | $ 223,309 |
2,017 | 187,615 |
2,018 | 149,273 |
2,019 | 120,461 |
2,020 | 87,797 |
Thereafter | $ 301,177 |
Commitments and Contingencies -
Commitments and Contingencies - Agreements (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition, Contingent Consideration [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 3,500,000 | |
Property Acquisition under Agreement with Columbus Nova [Member] | Incentive Fee [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Fair value of incentive fee | $ 0 | $ 0 |
Property Acquisition under Agreement with Columbus Nova [Member] | Incentive Fee [Member] | Level 3 Inputs | Market And Income Approach Valuation Technique [Member] | Contingent Consideration [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Discount rate at which cash flows are discounted (as a percent) | 9.50% | |
Fair value inputs, exit capitalization rate (as a percent) | 9.80% | |
Minimum | Property Acquisition under Agreement with Columbus Nova [Member] | Incentive Fee [Member] | Level 3 Inputs | Market And Income Approach Valuation Technique [Member] | Contingent Consideration [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Discount rate at which cash flows are discounted (as a percent) | 8.00% | |
Fair value inputs, exit capitalization rate (as a percent) | 7.00% | |
Maximum | Property Acquisition under Agreement with Columbus Nova [Member] | Incentive Fee [Member] | Level 3 Inputs | Market And Income Approach Valuation Technique [Member] | Contingent Consideration [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Discount rate at which cash flows are discounted (as a percent) | 12.00% | |
Fair value inputs, exit capitalization rate (as a percent) | 12.00% |
Commitments and Contingencies75
Commitments and Contingencies - Future Minimum Rental Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Future minimum rental payments | |
2,016 | $ 1,427 |
2,017 | 1,539 |
2,018 | 1,577 |
2,019 | 1,588 |
2,020 | 681 |
Thereafter | $ 6,336 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Period of service for employees to be eligible to participate in the defined contribution plan | 3 months | ||
Discretionary match (as a percent) | 50.00% | ||
Maximum percentage of employee's annual salary that the entity can contribute | 6.00% | ||
Aggregate matching contribution | $ 0.4 | $ 0.2 | $ 0.2 |
Vesting period | 3 years |
Related Party Transactions (Det
Related Party Transactions (Details) ft² in Millions | Apr. 20, 2011USD ($)property | Dec. 31, 2016USD ($)ft²building | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Related party transactions | |||||
Number of buildings owned | building | 314 | ||||
Affiliated Entity [Member] | |||||
Related party transactions | |||||
Due from related parties | $ 0 | $ 100,000 | |||
Affiliated Entity [Member] | S T A G Industrial Management L L C | |||||
Related party transactions | |||||
Annual asset management fee based on the equity investment (as a percent) | 1.25% | ||||
S T A G Investments I I I L L C | S T A G Investments I I I L L C | |||||
Related party transactions | |||||
Number of Vacant Real Estate Properties | property | 3 | ||||
Fund II | Affiliated Entity [Member] | |||||
Related party transactions | |||||
Number of buildings owned | building | 7 | ||||
Net rentable square feet | ft² | 2.2 | ||||
Property Management Fee [Member] | S T A G Investments I I I L L C | Affiliated Entity [Member] | S T A G Industrial Management L L C | |||||
Related party transactions | |||||
Annual management fee per property | $ 30,000 | ||||
Administrative Services Fee [Member] | S T A G Investments I I I L L C | Affiliated Entity [Member] | S T A G Industrial Management L L C | |||||
Related party transactions | |||||
Annual management fee per property | $ 20,000 | $ 20,000 | |||
Other Income [Member] | Affiliated Entity [Member] | |||||
Related party transactions | |||||
Asset management fees recognized | $ 200,000 | $ 400,000 | $ 600,000 |
Subsequent Events - LTIP and Ou
Subsequent Events - LTIP and Outperformance Program (Details) - 2011 Equity Incentive Plan $ / shares in Units, $ in Thousands | Jan. 06, 2017USD ($)installment$ / sharesshares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares |
LTIP Units | |||
Incentive Plans | |||
Granted (in shares) | 176,396 | 323,069 | |
Restricted stock | |||
Incentive Plans | |||
Granted (in shares) | 101,289 | 94,290 | |
Grant date fair value (in dollars per share) | $ / shares | $ 17.98 | $ 26.17 | |
Non-recognized Subsequent Event | LTIP Units | Nonemployee, Independent Directors | |||
Incentive Plans | |||
Granted (in shares) | 16,836 | ||
Non-recognized Subsequent Event | LTIP Units | Executive Officers and Senior Employees | |||
Incentive Plans | |||
Granted (in shares) | 109,403 | ||
Vesting period (in years) | 4 years | ||
Non-recognized Subsequent Event | Restricted stock | |||
Incentive Plans | |||
Grant date fair value (in dollars per share) | $ / shares | $ 24.41 | ||
Non-recognized Subsequent Event | Restricted stock | Certain Employees | |||
Incentive Plans | |||
Granted (in shares) | 75,001 | ||
Number of vesting installments | installment | 4 | ||
Awarded in 2017 [Member] | Non-recognized Subsequent Event | Performance Shares [Member] | |||
Incentive Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | ||
Value of awards | $ | $ 2,900 | ||
Granted on January 6, 2017 [Member] | Non-recognized Subsequent Event | LTIP Units | |||
Incentive Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ | $ 2,900 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | ||
Weighted Average [Member] | Awarded in 2017 [Member] | Non-recognized Subsequent Event | Performance Shares [Member] | |||
Incentive Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 23.00% | ||
Expected dividend yield (as a percent) | 6.00% | ||
Risk-free interest rate (as a percent) | 1.61% | ||
Weighted Average [Member] | Granted on January 6, 2017 [Member] | Non-recognized Subsequent Event | LTIP Units | |||
Incentive Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 23.00% | ||
Expected dividend yield (as a percent) | 6.00% | ||
Risk-free interest rate (as a percent) | 1.61% |
Schedule 2 - Valuation and Qu79
Schedule 2 - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Receivables and Accrued Rent Reserves - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation and Qualifying Accounts | |||
Beginning of Period | $ 106 | $ 104 | $ 19 |
Costs and Expenses | 125 | 190 | 104 |
Amounts Written Off | (43) | (188) | (19) |
Balance at End of Period | $ 188 | $ 106 | $ 104 |
Schedule 3 - Real Estate and 80
Schedule 3 - Real Estate and Accumulated Depreciation - Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ (164,326) | |||
Building and Tenant Improvements (initial cost) | 1,673,800 | |||
Land | 272,162 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 63,754 | |||
Building & Improvements | 1,737,554 | |||
Land | 272,162 | |||
Total | 2,009,716 | $ 1,711,612 | $ 1,415,965 | $ 1,079,046 |
Accumulated Depreciation | (187,413) | (147,917) | $ (105,435) | $ (71,653) |
Unamortized balance of historical fair value adjustments | 112 | |||
Debt Issuance Costs, Net | 6,299 | 6,900 | ||
Secured Debt | ||||
Real Estate and Accumulated Depreciation | ||||
Unamortized balance of historical fair value adjustments | 112 | 447 | ||
Debt Issuance Costs, Net | 873 | $ 1,270 | ||
Albion, IN, Q3 2006, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 93 | |||
Land | 67 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 93 | |||
Land | 67 | |||
Total | 160 | |||
Accumulated Depreciation | (24) | |||
Albion, IN, Q3 2006, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 932 | |||
Land | 103 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 932 | |||
Land | 103 | |||
Total | 1,035 | |||
Accumulated Depreciation | (246) | |||
Albion, IN, Q3 2006, Three | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,107 | |||
Land | 55 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,107 | |||
Land | 55 | |||
Total | 1,162 | |||
Accumulated Depreciation | (292) | |||
Albion, IN, Q3 2006, Four | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 970 | |||
Land | 332 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 970 | |||
Land | 332 | |||
Total | 1,302 | |||
Accumulated Depreciation | (256) | |||
Albion, IN, Q3 2006, Five | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,397 | |||
Land | 52 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,397 | |||
Land | 52 | |||
Total | 1,449 | |||
Accumulated Depreciation | (368) | |||
Albion, IN, Q3 2006, Six | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,528 | |||
Land | 126 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,528 | |||
Land | 126 | |||
Total | 1,654 | |||
Accumulated Depreciation | (403) | |||
Kendallville, IN, Q3 2006 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,510 | |||
Land | 142 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,510 | |||
Land | 142 | |||
Total | 1,652 | |||
Accumulated Depreciation | (398) | |||
Albion, IN, Q3 2006, Seven | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 710 | |||
Land | 187 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 710 | |||
Land | 187 | |||
Total | 897 | |||
Accumulated Depreciation | (187) | |||
Alexandria, MN, Q1 2008 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,855 | |||
Land | 960 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 151 | |||
Building & Improvements | 6,006 | |||
Land | 960 | |||
Total | 6,966 | |||
Accumulated Depreciation | (900) | |||
Allentown, PA, Q1 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,336 | |||
Land | 1,962 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 783 | |||
Building & Improvements | 8,119 | |||
Land | 1,962 | |||
Total | 10,081 | |||
Accumulated Depreciation | (865) | |||
Appleton, WI, Q3 2007 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,765 | |||
Land | 495 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 360 | |||
Building & Improvements | 4,125 | |||
Land | 495 | |||
Total | 4,620 | |||
Accumulated Depreciation | (1,030) | |||
Arlington, TX, Q2 2007 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,374 | |||
Land | 413 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 304 | |||
Building & Improvements | 2,678 | |||
Land | 413 | |||
Total | 3,091 | |||
Accumulated Depreciation | (589) | |||
Arlington, TX, Q2 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,151 | |||
Land | 1,246 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,151 | |||
Land | 1,246 | |||
Total | 7,397 | |||
Accumulated Depreciation | (837) | |||
Avon, CT, Q2 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,750 | |||
Land | 336 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,750 | |||
Land | 336 | |||
Total | 3,086 | |||
Accumulated Depreciation | (369) | |||
Belfast, ME, Q4 2008 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,331 | |||
Land | 1,883 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 487 | |||
Building & Improvements | 10,818 | |||
Land | 1,883 | |||
Total | 12,701 | |||
Accumulated Depreciation | (1,641) | |||
Belvidere, IL, Q3 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,176 | |||
Land | 442 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,176 | |||
Land | 442 | |||
Total | 4,618 | |||
Accumulated Depreciation | (224) | |||
Belvidere, IL, Q2 2013, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,956 | |||
Land | 733 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,956 | |||
Land | 733 | |||
Total | 4,689 | |||
Accumulated Depreciation | (428) | |||
Belvidere, IL, Q2 2013, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,436 | |||
Land | 1,310 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,436 | |||
Land | 1,310 | |||
Total | 4,746 | |||
Accumulated Depreciation | (514) | |||
Belvidere, IL, Q2 2013, Three | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,517 | |||
Land | 538 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 114 | |||
Building & Improvements | 3,631 | |||
Land | 538 | |||
Total | 4,169 | |||
Accumulated Depreciation | (325) | |||
Belvidere, IL, Q2 2013, Four | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,899 | |||
Land | 670 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,899 | |||
Land | 670 | |||
Total | 7,569 | |||
Accumulated Depreciation | (690) | |||
Belvidere, IL, Q2 2013, Five | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,321 | |||
Land | 668 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,321 | |||
Land | 668 | |||
Total | 4,989 | |||
Accumulated Depreciation | (493) | |||
Belvidere, IL, Q2 2013, Six | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,730 | |||
Land | 866 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,730 | |||
Land | 866 | |||
Total | 4,596 | |||
Accumulated Depreciation | (450) | |||
Belvidere, IL, Q2 2013, Seven | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,808 | |||
Land | 586 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 22 | |||
Building & Improvements | 2,830 | |||
Land | 586 | |||
Total | 3,416 | |||
Accumulated Depreciation | (375) | |||
Belvidere, IL, Q2 2013, Eight | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,340 | |||
Land | 1,542 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 552 | |||
Building & Improvements | 8,892 | |||
Land | 1,542 | |||
Total | 10,434 | |||
Accumulated Depreciation | (1,043) | |||
Belvidere, IL, Q2 2013, Nine | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 71 | |||
Land | 216 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 71 | |||
Land | 216 | |||
Total | 287 | |||
Accumulated Depreciation | (71) | |||
Biddeford, ME, Q1 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,164 | |||
Land | 1,369 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 3,916 | |||
Building & Improvements | 12,080 | |||
Land | 1,369 | |||
Total | 13,449 | |||
Accumulated Depreciation | (179) | |||
Boardman, OH, Q4 2007, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,473 | |||
Land | 282 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 773 | |||
Building & Improvements | 4,246 | |||
Land | 282 | |||
Total | 4,528 | |||
Accumulated Depreciation | (1,033) | |||
Boardman, OH, Q4 2007, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 841 | |||
Land | 49 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 149 | |||
Building & Improvements | 990 | |||
Land | 49 | |||
Total | 1,039 | |||
Accumulated Depreciation | (531) | |||
Brooklyn Park, MN, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 11,988 | |||
Land | 1,926 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 11,988 | |||
Land | 1,926 | |||
Total | 13,914 | |||
Accumulated Depreciation | (33) | |||
Buena Vista, VA, Q3 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,500 | |||
Land | 534 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 635 | |||
Building & Improvements | 3,135 | |||
Land | 534 | |||
Total | 3,669 | |||
Accumulated Depreciation | (417) | |||
Buffalo, NY, Q2 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,924 | |||
Land | 146 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,924 | |||
Land | 146 | |||
Total | 3,070 | |||
Accumulated Depreciation | (373) | |||
Burlington, NJ, Q4 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 42,652 | |||
Land | 5,135 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 55 | |||
Building & Improvements | 42,707 | |||
Land | 5,135 | |||
Total | 47,842 | |||
Accumulated Depreciation | (1,980) | |||
Burlington, NJ, Q1 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 19,577 | |||
Land | 4,030 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,231 | |||
Building & Improvements | 20,808 | |||
Land | 4,030 | |||
Total | 24,838 | |||
Accumulated Depreciation | (1,268) | |||
Calhoun, GA, Q2 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,764 | |||
Land | 388 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,764 | |||
Land | 388 | |||
Total | 3,152 | |||
Accumulated Depreciation | (216) | |||
Camarillo, CA, Q4 2014, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,785 | |||
Land | 7,242 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 237 | |||
Building & Improvements | 11,022 | |||
Land | 7,242 | |||
Total | 18,264 | |||
Accumulated Depreciation | (943) | |||
Camarillo, CA, Q4 2014, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 19,857 | |||
Land | 7,989 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 25 | |||
Building & Improvements | 19,882 | |||
Land | 7,989 | |||
Total | 27,871 | |||
Accumulated Depreciation | (1,589) | |||
Catoosa, OK, Q3 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,937 | |||
Land | 0 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,937 | |||
Land | 0 | |||
Total | 3,937 | |||
Accumulated Depreciation | (450) | |||
Cedar Hill, TX, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 11,971 | |||
Land | 4,066 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 11,971 | |||
Land | 4,066 | |||
Total | 16,037 | |||
Accumulated Depreciation | (222) | |||
Charlotte, NC, Q3 2010, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (10,291) | |||
Building and Tenant Improvements (initial cost) | 9,461 | |||
Land | 3,535 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,197 | |||
Building & Improvements | 10,658 | |||
Land | 3,535 | |||
Total | 14,193 | |||
Accumulated Depreciation | (2,199) | |||
Charlotte, NC, Q3 2014, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,443 | |||
Land | 805 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 4 | |||
Building & Improvements | 2,447 | |||
Land | 805 | |||
Total | 3,252 | |||
Accumulated Depreciation | (244) | |||
Charlotte, NC, Q3 2014, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,554 | |||
Land | 386 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 19 | |||
Building & Improvements | 3,573 | |||
Land | 386 | |||
Total | 3,959 | |||
Accumulated Depreciation | (341) | |||
Charlotte, NC, Q4 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,961 | |||
Land | 515 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,961 | |||
Land | 515 | |||
Total | 4,476 | |||
Accumulated Depreciation | (157) | |||
Charlotte, NC, Q2 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,445 | |||
Land | 678 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,445 | |||
Land | 678 | |||
Total | 5,123 | |||
Accumulated Depreciation | (112) | |||
Chattanooga, TN, Q3 2015, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,321 | |||
Land | 187 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,321 | |||
Land | 187 | |||
Total | 2,508 | |||
Accumulated Depreciation | (155) | |||
Chattanooga, TN, Q3 2015, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,730 | |||
Land | 380 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 13 | |||
Building & Improvements | 4,743 | |||
Land | 380 | |||
Total | 5,123 | |||
Accumulated Depreciation | (316) | |||
Chattanooga, TN, Q3 2015, Three | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,459 | |||
Land | 424 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,459 | |||
Land | 424 | |||
Total | 8,883 | |||
Accumulated Depreciation | (645) | |||
Cheektowaga, NY, Q3 2008 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,757 | |||
Land | 216 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 793 | |||
Building & Improvements | 3,550 | |||
Land | 216 | |||
Total | 3,766 | |||
Accumulated Depreciation | (599) | |||
Chesterfield, MI, Q2 2007, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,169 | |||
Land | 207 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 62 | |||
Building & Improvements | 1,231 | |||
Land | 207 | |||
Total | 1,438 | |||
Accumulated Depreciation | (390) | |||
Chesterfield, MI, Q2 2007, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 798 | |||
Land | 150 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 89 | |||
Building & Improvements | 887 | |||
Land | 150 | |||
Total | 1,037 | |||
Accumulated Depreciation | (206) | |||
Chesterfield, MI, Q2 2007, Three | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 802 | |||
Land | 151 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 224 | |||
Building & Improvements | 1,026 | |||
Land | 151 | |||
Total | 1,177 | |||
Accumulated Depreciation | (261) | |||
Chesterfield, MI, Q2 2007, Four | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,304 | |||
Land | 942 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,952 | |||
Building & Improvements | 7,256 | |||
Land | 942 | |||
Total | 8,198 | |||
Accumulated Depreciation | (1,821) | |||
Chester, VA, Q3 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,402 | |||
Land | 775 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,402 | |||
Land | 775 | |||
Total | 4,177 | |||
Accumulated Depreciation | (448) | |||
Chicopee, MA, Q4 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,867 | |||
Land | 504 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,867 | |||
Land | 504 | |||
Total | 6,371 | |||
Accumulated Depreciation | (825) | |||
Chippewa Falls, WI, Q4 2011, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,303 | |||
Land | 133 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,303 | |||
Land | 133 | |||
Total | 2,436 | |||
Accumulated Depreciation | (347) | |||
Chippewa Falls, WI, Q4 2011, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 544 | |||
Land | 44 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 544 | |||
Land | 44 | |||
Total | 588 | |||
Accumulated Depreciation | (80) | |||
Cincinnati, OH, Q3 2007 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,637 | |||
Land | 238 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,412 | |||
Building & Improvements | 5,049 | |||
Land | 238 | |||
Total | 5,287 | |||
Accumulated Depreciation | (1,785) | |||
Cleveland, TN, Q2 2011 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (2,464) | |||
Building and Tenant Improvements (initial cost) | 3,161 | |||
Land | 554 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 84 | |||
Building & Improvements | 3,245 | |||
Land | 554 | |||
Total | 3,799 | |||
Accumulated Depreciation | (543) | |||
Clinton, TN, Q2 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,302 | |||
Land | 403 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,302 | |||
Land | 403 | |||
Total | 3,705 | |||
Accumulated Depreciation | (307) | |||
Columbus, OH, Q1 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,123 | |||
Land | 489 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 167 | |||
Building & Improvements | 3,290 | |||
Land | 489 | |||
Total | 3,779 | |||
Accumulated Depreciation | (433) | |||
Columbia, SC, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,171 | |||
Land | 783 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,171 | |||
Land | 783 | |||
Total | 5,954 | |||
Accumulated Depreciation | (122) | |||
West Columbia, SC, Q1 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,988 | |||
Land | 715 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 401 | |||
Building & Improvements | 7,389 | |||
Land | 715 | |||
Total | 8,104 | |||
Accumulated Depreciation | (792) | |||
Dallas, GA, Q3 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,712 | |||
Land | 475 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,712 | |||
Land | 475 | |||
Total | 2,187 | |||
Accumulated Depreciation | (252) | |||
LaGrange, GA, Q4 2007 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,175 | |||
Land | 240 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 331 | |||
Building & Improvements | 3,506 | |||
Land | 240 | |||
Total | 3,746 | |||
Accumulated Depreciation | (619) | |||
Danville, KY, Q4 2007 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 11,814 | |||
Land | 965 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 3,644 | |||
Building & Improvements | 15,458 | |||
Land | 965 | |||
Total | 16,423 | |||
Accumulated Depreciation | (2,273) | |||
Daytona Beach, FL, Q1 2007 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 875 | |||
Land | 1,237 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,704 | |||
Building & Improvements | 2,579 | |||
Land | 1,237 | |||
Total | 3,816 | |||
Accumulated Depreciation | (630) | |||
Dayton, OH, Q4 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,896 | |||
Land | 331 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 375 | |||
Building & Improvements | 6,271 | |||
Land | 331 | |||
Total | 6,602 | |||
Accumulated Depreciation | (319) | |||
Deforest, WI, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,402 | |||
Land | 1,131 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,402 | |||
Land | 1,131 | |||
Total | 6,533 | |||
Accumulated Depreciation | (20) | |||
DeKalb, IL, Q1 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,568 | |||
Land | 489 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,568 | |||
Land | 489 | |||
Total | 5,057 | |||
Accumulated Depreciation | (530) | |||
De Pere, WI, Q3 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,144 | |||
Land | 525 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,144 | |||
Land | 525 | |||
Total | 6,669 | |||
Accumulated Depreciation | (861) | |||
Duncan, SC, Q3 2012, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 11,258 | |||
Land | 1,002 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 726 | |||
Building & Improvements | 11,984 | |||
Land | 1,002 | |||
Total | 12,986 | |||
Accumulated Depreciation | (1,635) | |||
Duncan, SC, Q3 2012, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,739 | |||
Land | 709 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 71 | |||
Building & Improvements | 6,810 | |||
Land | 709 | |||
Total | 7,519 | |||
Accumulated Depreciation | (833) | |||
Durham, NC, Q4 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,700 | |||
Land | 753 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 31 | |||
Building & Improvements | 2,731 | |||
Land | 753 | |||
Total | 3,484 | |||
Accumulated Depreciation | (161) | |||
Earth City, MO, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,806 | |||
Land | 1,123 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,806 | |||
Land | 1,123 | |||
Total | 3,929 | |||
Accumulated Depreciation | (25) | |||
Edgefield, SC, Q2 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 938 | |||
Land | 220 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 750 | |||
Building & Improvements | 1,688 | |||
Land | 220 | |||
Total | 1,908 | |||
Accumulated Depreciation | (255) | |||
Elizabethtown, PA, Q4 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,363 | |||
Land | 1,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,363 | |||
Land | 1,000 | |||
Total | 6,363 | |||
Accumulated Depreciation | (414) | |||
Elkhart, IN, Q3, 2007, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 210 | |||
Land | 25 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 143 | |||
Building & Improvements | 353 | |||
Land | 25 | |||
Total | 378 | |||
Accumulated Depreciation | (58) | |||
Elkhart, IN, Q3 2007, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,567 | |||
Land | 422 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 452 | |||
Building & Improvements | 4,019 | |||
Land | 422 | |||
Total | 4,441 | |||
Accumulated Depreciation | (931) | |||
El Paso, TX, Q3 2014, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,099 | |||
Land | 1,248 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 9,099 | |||
Land | 1,248 | |||
Total | 10,347 | |||
Accumulated Depreciation | (733) | |||
El Paso, TX, Q3 2014, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,905 | |||
Land | 1,124 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 7,905 | |||
Land | 1,124 | |||
Total | 9,029 | |||
Accumulated Depreciation | (767) | |||
El Paso, TX, Q3 2014, Three | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 14,159 | |||
Land | 1,854 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 91 | |||
Building & Improvements | 14,250 | |||
Land | 1,854 | |||
Total | 16,104 | |||
Accumulated Depreciation | (1,205) | |||
El Paso, TX, Q3 2014, Four | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,897 | |||
Land | 1,581 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 9,897 | |||
Land | 1,581 | |||
Total | 11,478 | |||
Accumulated Depreciation | (767) | |||
El Paso, TX, Q2 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,893 | |||
Land | 1,136 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,893 | |||
Land | 1,136 | |||
Total | 7,029 | |||
Accumulated Depreciation | (340) | |||
El Paso, TX, Q4, 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,096 | |||
Land | 0 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,006 | |||
Building & Improvements | 4,102 | |||
Land | 0 | |||
Total | 4,102 | |||
Accumulated Depreciation | (567) | |||
Erlanger, KY, Q1 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,826 | |||
Land | 635 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 6 | |||
Building & Improvements | 3,832 | |||
Land | 635 | |||
Total | 4,467 | |||
Accumulated Depreciation | (132) | |||
East Troy, WI, Q2 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,962 | |||
Land | 304 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,962 | |||
Land | 304 | |||
Total | 5,266 | |||
Accumulated Depreciation | (382) | |||
East Windsor, Q4, 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,711 | |||
Land | 400 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,711 | |||
Land | 400 | |||
Total | 6,111 | |||
Accumulated Depreciation | (22) | |||
East Windsor, CT, Q1 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (3,073) | |||
Building and Tenant Improvements (initial cost) | 4,713 | |||
Land | 348 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 528 | |||
Building & Improvements | 5,241 | |||
Land | 348 | |||
Total | 5,589 | |||
Accumulated Depreciation | (1,088) | |||
Fairborn, OH, Q2 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,650 | |||
Land | 867 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,650 | |||
Land | 867 | |||
Total | 6,517 | |||
Accumulated Depreciation | (477) | |||
Fairfield, OH, Q1 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,842 | |||
Land | 948 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,842 | |||
Land | 948 | |||
Total | 3,790 | |||
Accumulated Depreciation | (142) | |||
Farmington, NY, Q3 2007 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,342 | |||
Land | 410 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 20 | |||
Building & Improvements | 5,362 | |||
Land | 410 | |||
Total | 5,772 | |||
Accumulated Depreciation | (1,312) | |||
Forest Park1, GA, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,527 | |||
Land | 1,733 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 35 | |||
Building & Improvements | 9,562 | |||
Land | 1,733 | |||
Total | 11,295 | |||
Accumulated Depreciation | (142) | |||
Forest Park2, GA, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,189 | |||
Land | 1,715 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,189 | |||
Land | 1,715 | |||
Total | 9,904 | |||
Accumulated Depreciation | (106) | |||
Fort Wayne, IN, Q4 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,142 | |||
Land | 112 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,142 | |||
Land | 112 | |||
Total | 3,254 | |||
Accumulated Depreciation | (245) | |||
Franklin, IN, Q2 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 12,042 | |||
Land | 2,479 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 13 | |||
Building & Improvements | 12,055 | |||
Land | 2,479 | |||
Total | 14,534 | |||
Accumulated Depreciation | (1,940) | |||
Fort Worth, TX, Q2 2011 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (1,889) | |||
Building and Tenant Improvements (initial cost) | 2,965 | |||
Land | 389 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 709 | |||
Building & Improvements | 3,674 | |||
Land | 389 | |||
Total | 4,063 | |||
Accumulated Depreciation | (563) | |||
Gahanna, OH, Q4 2011 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,191 | |||
Land | 1,265 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,258 | |||
Building & Improvements | 5,449 | |||
Land | 1,265 | |||
Total | 6,714 | |||
Accumulated Depreciation | (1,055) | |||
Gardiner, ME, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,983 | |||
Land | 948 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,983 | |||
Land | 948 | |||
Total | 9,931 | |||
Accumulated Depreciation | (141) | |||
Garland, TX, Q2 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,425 | |||
Land | 1,344 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 294 | |||
Building & Improvements | 5,719 | |||
Land | 1,344 | |||
Total | 7,063 | |||
Accumulated Depreciation | (644) | |||
Garland, TX Q4 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,058 | |||
Land | 1,542 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 536 | |||
Building & Improvements | 6,594 | |||
Land | 1,542 | |||
Total | 8,136 | |||
Accumulated Depreciation | (296) | |||
Germantown, WI, Q4 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,035 | |||
Land | 1,186 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,035 | |||
Land | 1,186 | |||
Total | 7,221 | |||
Accumulated Depreciation | (660) | |||
Gloversville, NY, Q4 2012, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (736) | |||
Building and Tenant Improvements (initial cost) | 1,299 | |||
Land | 117 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,299 | |||
Land | 117 | |||
Total | 1,416 | |||
Accumulated Depreciation | (169) | |||
Gloversville, NY, Q4 2012, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (1,189) | |||
Building and Tenant Improvements (initial cost) | 2,613 | |||
Land | 151 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,613 | |||
Land | 151 | |||
Total | 2,764 | |||
Accumulated Depreciation | (359) | |||
Gloversville, NY, Q4 2012, Four | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (849) | |||
Building and Tenant Improvements (initial cost) | 1,514 | |||
Land | 154 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 13 | |||
Building & Improvements | 1,527 | |||
Land | 154 | |||
Total | 1,681 | |||
Accumulated Depreciation | (220) | |||
Golden, CO, Q1 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,164 | |||
Land | 742 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 67 | |||
Building & Improvements | 6,231 | |||
Land | 742 | |||
Total | 6,973 | |||
Accumulated Depreciation | (669) | |||
Goshen, IN, Q3 2010 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (5,224) | |||
Building and Tenant Improvements (initial cost) | 6,509 | |||
Land | 1,442 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 415 | |||
Building & Improvements | 6,924 | |||
Land | 1,442 | |||
Total | 8,366 | |||
Accumulated Depreciation | (1,186) | |||
Grand Junction, CO, Q3 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,002 | |||
Land | 314 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,002 | |||
Land | 314 | |||
Total | 4,316 | |||
Accumulated Depreciation | (196) | |||
Grand Rapids, MI, Q4 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,532 | |||
Land | 169 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 5 | |||
Building & Improvements | 7,537 | |||
Land | 169 | |||
Total | 7,706 | |||
Accumulated Depreciation | (383) | |||
Graniteville, SC, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,389 | |||
Land | 1,629 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,389 | |||
Land | 1,629 | |||
Total | 10,018 | |||
Accumulated Depreciation | (228) | |||
Greenwood, SC, Q4 2012, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (1,529) | |||
Building and Tenant Improvements (initial cost) | 1,848 | |||
Land | 166 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,848 | |||
Land | 166 | |||
Total | 2,014 | |||
Accumulated Depreciation | (236) | |||
Greenwood, SC, Q4 2012, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (1,302) | |||
Building and Tenant Improvements (initial cost) | 1,232 | |||
Land | 169 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 4 | |||
Building & Improvements | 1,236 | |||
Land | 169 | |||
Total | 1,405 | |||
Accumulated Depreciation | (198) | |||
Greenville, SC, Q1 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,379 | |||
Land | 309 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,379 | |||
Land | 309 | |||
Total | 3,688 | |||
Accumulated Depreciation | (220) | |||
Greer, SC Q3 2015, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,434 | |||
Land | 129 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 144 | |||
Building & Improvements | 1,578 | |||
Land | 129 | |||
Total | 1,707 | |||
Accumulated Depreciation | (78) | |||
Greer, SC Q3 2015, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,748 | |||
Land | 128 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 39 | |||
Building & Improvements | 1,787 | |||
Land | 128 | |||
Total | 1,915 | |||
Accumulated Depreciation | (95) | |||
Greer, SC Q3 2015, Three | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 471 | |||
Land | 153 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 10 | |||
Building & Improvements | 481 | |||
Land | 153 | |||
Total | 634 | |||
Accumulated Depreciation | (31) | |||
Greer, SC Q3 2015, Four | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,016 | |||
Land | 306 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 99 | |||
Building & Improvements | 3,115 | |||
Land | 306 | |||
Total | 3,421 | |||
Accumulated Depreciation | (180) | |||
Fountain Inn, SC, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,438 | |||
Land | 719 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,438 | |||
Land | 719 | |||
Total | 5,157 | |||
Accumulated Depreciation | (152) | |||
Grove City, OH, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,974 | |||
Land | 730 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,974 | |||
Land | 730 | |||
Total | 4,704 | |||
Accumulated Depreciation | (60) | |||
Gurnee, IL, Q4 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 11,380 | |||
Land | 1,716 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 19 | |||
Building & Improvements | 11,399 | |||
Land | 1,716 | |||
Total | 13,115 | |||
Accumulated Depreciation | (845) | |||
Gurnee, IL, Q3 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,902 | |||
Land | 1,337 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 468 | |||
Building & Improvements | 5,370 | |||
Land | 1,337 | |||
Total | 6,707 | |||
Accumulated Depreciation | (935) | |||
Hampstead, MD, Q3 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 34,969 | |||
Land | 780 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 34,969 | |||
Land | 780 | |||
Total | 35,749 | |||
Accumulated Depreciation | (3,588) | |||
Harrisonburg, VA, Q4 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 11,179 | |||
Land | 1,455 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 144 | |||
Building & Improvements | 11,323 | |||
Land | 1,455 | |||
Total | 12,778 | |||
Accumulated Depreciation | (1,285) | |||
Hartland, WI, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,634 | |||
Land | 1,526 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,634 | |||
Land | 1,526 | |||
Total | 6,160 | |||
Accumulated Depreciation | (36) | |||
Harvard, IL, Q4 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,980 | |||
Land | 1,157 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,980 | |||
Land | 1,157 | |||
Total | 4,137 | |||
Accumulated Depreciation | (637) | |||
Hazelwood, MO, Q3 2011 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (5,384) | |||
Building and Tenant Improvements (initial cost) | 5,815 | |||
Land | 1,382 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,207 | |||
Building & Improvements | 7,022 | |||
Land | 1,382 | |||
Total | 8,404 | |||
Accumulated Depreciation | (1,292) | |||
Hebron, KY, Q2 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,601 | |||
Land | 370 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,601 | |||
Land | 370 | |||
Total | 4,971 | |||
Accumulated Depreciation | (446) | |||
Holland, MI, Q4 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (3,159) | |||
Building and Tenant Improvements (initial cost) | 3,475 | |||
Land | 279 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 60 | |||
Building & Improvements | 3,535 | |||
Land | 279 | |||
Total | 3,814 | |||
Accumulated Depreciation | (580) | |||
Holland, MI, Q4 2007 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,176 | |||
Land | 224 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 229 | |||
Building & Improvements | 2,405 | |||
Land | 224 | |||
Total | 2,629 | |||
Accumulated Depreciation | (925) | |||
Houston, TX, Q2 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,790 | |||
Land | 2,255 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 9 | |||
Building & Improvements | 7,799 | |||
Land | 2,255 | |||
Total | 10,054 | |||
Accumulated Depreciation | (886) | |||
Houston, TX, Q2 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,906 | |||
Land | 1,428 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 17 | |||
Building & Improvements | 4,923 | |||
Land | 1,428 | |||
Total | 6,351 | |||
Accumulated Depreciation | (594) | |||
Houston, TX, Q4 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,019 | |||
Land | 565 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 750 | |||
Building & Improvements | 5,769 | |||
Land | 565 | |||
Total | 6,334 | |||
Accumulated Depreciation | (671) | |||
Houston, TX, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,448 | |||
Land | 2,546 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,448 | |||
Land | 2,546 | |||
Total | 10,994 | |||
Accumulated Depreciation | (53) | |||
Huntersville, NC, Q3 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,123 | |||
Land | 1,061 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 39 | |||
Building & Improvements | 3,162 | |||
Land | 1,061 | |||
Total | 4,223 | |||
Accumulated Depreciation | (390) | |||
Idaho Falls, ID, Q2 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,735 | |||
Land | 356 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,735 | |||
Land | 356 | |||
Total | 3,091 | |||
Accumulated Depreciation | (380) | |||
Independence, VA, Q4 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (1,421) | |||
Building and Tenant Improvements (initial cost) | 2,212 | |||
Land | 226 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 83 | |||
Building & Improvements | 2,295 | |||
Land | 226 | |||
Total | 2,521 | |||
Accumulated Depreciation | (415) | |||
Itasca, IL, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 12,216 | |||
Land | 2,428 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 12,216 | |||
Land | 2,428 | |||
Total | 14,644 | |||
Accumulated Depreciation | (95) | |||
Jackson, TN, Q4 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,374 | |||
Land | 230 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 213 | |||
Building & Improvements | 2,587 | |||
Land | 230 | |||
Total | 2,817 | |||
Accumulated Depreciation | (374) | |||
Janesville, WI, Q4 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 17,477 | |||
Land | 828 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 245 | |||
Building & Improvements | 17,722 | |||
Land | 828 | |||
Total | 18,550 | |||
Accumulated Depreciation | (2,115) | |||
Jefferson City, TN, Q2 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,494 | |||
Land | 1,350 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,494 | |||
Land | 1,350 | |||
Total | 9,844 | |||
Accumulated Depreciation | (1,365) | |||
Johnstown, NY, Q4 2012, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (736) | |||
Building and Tenant Improvements (initial cost) | 1,304 | |||
Land | 178 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,304 | |||
Land | 178 | |||
Total | 1,482 | |||
Accumulated Depreciation | (184) | |||
Johnstown, NY, Q4 2012, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (1,076) | |||
Building and Tenant Improvements (initial cost) | 1,592 | |||
Land | 216 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,592 | |||
Land | 216 | |||
Total | 1,808 | |||
Accumulated Depreciation | (185) | |||
Johnstown, NY, Q4 2012, Three | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (878) | |||
Building and Tenant Improvements (initial cost) | 978 | |||
Land | 151 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 978 | |||
Land | 151 | |||
Total | 1,129 | |||
Accumulated Depreciation | (171) | |||
Johnstown, NY, Q4 2012, Four | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (1,642) | |||
Building and Tenant Improvements (initial cost) | 1,467 | |||
Land | 140 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,467 | |||
Land | 140 | |||
Total | 1,607 | |||
Accumulated Depreciation | (208) | |||
Kansas City, MO, Q4 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,539 | |||
Land | 703 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 92 | |||
Building & Improvements | 5,631 | |||
Land | 703 | |||
Total | 6,334 | |||
Accumulated Depreciation | (584) | |||
Kenosha, WI, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,991 | |||
Land | 797 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,991 | |||
Land | 797 | |||
Total | 4,788 | |||
Accumulated Depreciation | (36) | |||
Langhorne, PA, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,372 | |||
Land | 1,884 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,372 | |||
Land | 1,884 | |||
Total | 8,256 | |||
Accumulated Depreciation | (61) | |||
Kentwood, MI, Q2 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,478 | |||
Land | 407 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,478 | |||
Land | 407 | |||
Total | 2,885 | |||
Accumulated Depreciation | (309) | |||
Knoxville, TN, Q2 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,201 | |||
Land | 447 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,201 | |||
Land | 447 | |||
Total | 3,648 | |||
Accumulated Depreciation | (263) | |||
Lafayette, IN, Q4 2012, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (1,217) | |||
Building and Tenant Improvements (initial cost) | 2,205 | |||
Land | 295 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 36 | |||
Building & Improvements | 2,241 | |||
Land | 295 | |||
Total | 2,536 | |||
Accumulated Depreciation | (267) | |||
Lafayette, IN, Q4 2012, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (2,067) | |||
Building and Tenant Improvements (initial cost) | 3,554 | |||
Land | 410 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 38 | |||
Building & Improvements | 3,592 | |||
Land | 410 | |||
Total | 4,002 | |||
Accumulated Depreciation | (540) | |||
Lafayette, IN, Q4 2012, Three | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (4,246) | |||
Building and Tenant Improvements (initial cost) | 8,135 | |||
Land | 906 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 252 | |||
Building & Improvements | 8,387 | |||
Land | 906 | |||
Total | 9,293 | |||
Accumulated Depreciation | (1,182) | |||
Lancaster, PA, Q4 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,480 | |||
Land | 1,520 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,480 | |||
Land | 1,520 | |||
Total | 7,000 | |||
Accumulated Depreciation | (527) | |||
Langhorne1, PA, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,868 | |||
Land | 1,370 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,868 | |||
Land | 1,370 | |||
Total | 5,238 | |||
Accumulated Depreciation | (86) | |||
Langhorne2, PA, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,105 | |||
Land | 1,308 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,105 | |||
Land | 1,308 | |||
Total | 4,413 | |||
Accumulated Depreciation | (84) | |||
Lansing, MI, Q2 2011 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (7,263) | |||
Building and Tenant Improvements (initial cost) | 8,164 | |||
Land | 501 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,164 | |||
Land | 501 | |||
Total | 8,665 | |||
Accumulated Depreciation | (1,353) | |||
Lansing, MI, Q1 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,077 | |||
Land | 580 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,077 | |||
Land | 580 | |||
Total | 4,657 | |||
Accumulated Depreciation | (564) | |||
Lansing, MI, Q4 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (5,662) | |||
Building and Tenant Improvements (initial cost) | 7,162 | |||
Land | 429 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 7,162 | |||
Land | 429 | |||
Total | 7,591 | |||
Accumulated Depreciation | (936) | |||
Lansing, MI, Q4 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,209 | |||
Land | 907 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,209 | |||
Land | 907 | |||
Total | 6,116 | |||
Accumulated Depreciation | (619) | |||
Laurens, SC, Q4 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,254 | |||
Land | 151 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,254 | |||
Land | 151 | |||
Total | 4,405 | |||
Accumulated Depreciation | (181) | |||
Lenexa, KS, Q3 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,610 | |||
Land | 2,368 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 7,610 | |||
Land | 2,368 | |||
Total | 9,978 | |||
Accumulated Depreciation | (938) | |||
Lewiston, ME, Q4 2007 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,515 | |||
Land | 173 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,318 | |||
Building & Improvements | 6,833 | |||
Land | 173 | |||
Total | 7,006 | |||
Accumulated Depreciation | (1,769) | |||
Lexington, NC, Q1 2008 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,968 | |||
Land | 232 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 633 | |||
Building & Improvements | 4,601 | |||
Land | 232 | |||
Total | 4,833 | |||
Accumulated Depreciation | (717) | |||
Libertyville, IL, Q3 2015, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,455 | |||
Land | 421 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 80 | |||
Building & Improvements | 6,535 | |||
Land | 421 | |||
Total | 6,956 | |||
Accumulated Depreciation | (377) | |||
Libertyville, IL, Q3 2015, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 770 | |||
Land | 143 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 9 | |||
Building & Improvements | 779 | |||
Land | 143 | |||
Total | 922 | |||
Accumulated Depreciation | (155) | |||
Londonderry, NH, Q1 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,683 | |||
Land | 730 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,683 | |||
Land | 730 | |||
Total | 7,413 | |||
Accumulated Depreciation | (767) | |||
Longmont, CO, Q3 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,647 | |||
Land | 1,529 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 350 | |||
Building & Improvements | 9,997 | |||
Land | 1,529 | |||
Total | 11,526 | |||
Accumulated Depreciation | (859) | |||
Loudon, TN, Q4 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,751 | |||
Land | 170 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,751 | |||
Land | 170 | |||
Total | 3,921 | |||
Accumulated Depreciation | (181) | |||
Louisville, KY, Q3 2011, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (3,354) | |||
Building and Tenant Improvements (initial cost) | 3,875 | |||
Land | 386 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 520 | |||
Building & Improvements | 4,395 | |||
Land | 386 | |||
Total | 4,781 | |||
Accumulated Depreciation | (866) | |||
Louisville, KY, Q3 2011, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (5,351) | |||
Building and Tenant Improvements (initial cost) | 6,182 | |||
Land | 616 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 632 | |||
Building & Improvements | 6,814 | |||
Land | 616 | |||
Total | 7,430 | |||
Accumulated Depreciation | (1,336) | |||
Macedonia, OH, Q3 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,195 | |||
Land | 1,690 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 10 | |||
Building & Improvements | 8,205 | |||
Land | 1,690 | |||
Total | 9,895 | |||
Accumulated Depreciation | (487) | |||
Machesney Park, IL, Q2 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,742 | |||
Land | 300 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,742 | |||
Land | 300 | |||
Total | 4,042 | |||
Accumulated Depreciation | (261) | |||
Madison, TN, Q4 2010 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (5,688) | |||
Building and Tenant Improvements (initial cost) | 6,159 | |||
Land | 1,655 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,681 | |||
Building & Improvements | 7,840 | |||
Land | 1,655 | |||
Total | 9,495 | |||
Accumulated Depreciation | (1,488) | |||
Malden, MA, Q2 2007, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,817 | |||
Land | 366 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,817 | |||
Land | 366 | |||
Total | 3,183 | |||
Accumulated Depreciation | (691) | |||
Malden, MA, Q2 2007, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,961 | |||
Land | 507 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,961 | |||
Land | 507 | |||
Total | 4,468 | |||
Accumulated Depreciation | (972) | |||
Marion, IA, Q1 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,257 | |||
Land | 691 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 49 | |||
Building & Improvements | 2,306 | |||
Land | 691 | |||
Total | 2,997 | |||
Accumulated Depreciation | (338) | |||
Marion, IN, Q4 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (2,887) | |||
Building and Tenant Improvements (initial cost) | 2,934 | |||
Land | 243 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 563 | |||
Building & Improvements | 3,497 | |||
Land | 243 | |||
Total | 3,740 | |||
Accumulated Depreciation | (391) | |||
Marshall, MI, Q2 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,051 | |||
Land | 199 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,051 | |||
Land | 199 | |||
Total | 1,250 | |||
Accumulated Depreciation | (181) | |||
Mascot, TN, Q1 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,228 | |||
Land | 284 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,228 | |||
Land | 284 | |||
Total | 3,512 | |||
Accumulated Depreciation | (178) | |||
Mascot, TN, Q4 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,452 | |||
Land | 385 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 65 | |||
Building & Improvements | 3,517 | |||
Land | 385 | |||
Total | 3,902 | |||
Accumulated Depreciation | (525) | |||
Salem, OH, Q3 2006 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,674 | |||
Land | 858 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 252 | |||
Building & Improvements | 7,926 | |||
Land | 858 | |||
Total | 8,784 | |||
Accumulated Depreciation | (1,761) | |||
Mason, OH, Q3 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,730 | |||
Land | 673 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,730 | |||
Land | 673 | |||
Total | 5,403 | |||
Accumulated Depreciation | (476) | |||
Mayville, WI, Q3 2007 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,118 | |||
Land | 547 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 330 | |||
Building & Improvements | 4,448 | |||
Land | 547 | |||
Total | 4,995 | |||
Accumulated Depreciation | (1,142) | |||
Mebane, NC, Q3 2012, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,570 | |||
Land | 481 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 457 | |||
Building & Improvements | 5,027 | |||
Land | 481 | |||
Total | 5,508 | |||
Accumulated Depreciation | (596) | |||
Mebane, NC, Q3 2014, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,148 | |||
Land | 443 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,148 | |||
Land | 443 | |||
Total | 4,591 | |||
Accumulated Depreciation | (548) | |||
Mebane, NC, Q4 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,999 | |||
Land | 358 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,999 | |||
Land | 358 | |||
Total | 5,357 | |||
Accumulated Depreciation | (577) | |||
Mechanicsburg, PA, Q3 2014, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,172 | |||
Land | 1,482 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 635 | |||
Building & Improvements | 5,807 | |||
Land | 1,482 | |||
Total | 7,289 | |||
Accumulated Depreciation | (648) | |||
Mechanicsburg, PA, Q3 2014, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,144 | |||
Land | 1,800 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 7,144 | |||
Land | 1,800 | |||
Total | 8,944 | |||
Accumulated Depreciation | (654) | |||
New Kingston, PA, Q3 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,687 | |||
Land | 2,041 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,687 | |||
Land | 2,041 | |||
Total | 10,728 | |||
Accumulated Depreciation | (786) | |||
Mechanicsburg, PA, Q3 2014, Three | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,008 | |||
Land | 1,452 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,008 | |||
Land | 1,452 | |||
Total | 9,460 | |||
Accumulated Depreciation | (719) | |||
Milwaukee, WI, Q3 2007 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,090 | |||
Land | 456 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 46 | |||
Building & Improvements | 4,136 | |||
Land | 456 | |||
Total | 4,592 | |||
Accumulated Depreciation | (978) | |||
Montgomery, AL, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,523 | |||
Land | 418 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 7,523 | |||
Land | 418 | |||
Total | 7,941 | |||
Accumulated Depreciation | (25) | |||
Montgomery, IL, Q4 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 12,485 | |||
Land | 2,190 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,755 | |||
Building & Improvements | 14,240 | |||
Land | 2,190 | |||
Total | 16,430 | |||
Accumulated Depreciation | (1,573) | |||
Mooresville, NC, Q1 2011 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (5,888) | |||
Building and Tenant Improvements (initial cost) | 7,411 | |||
Land | 701 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 216 | |||
Building & Improvements | 7,627 | |||
Land | 701 | |||
Total | 8,328 | |||
Accumulated Depreciation | (1,312) | |||
Mountain Home, NC, Q3 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,472 | |||
Land | 523 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,472 | |||
Land | 523 | |||
Total | 2,995 | |||
Accumulated Depreciation | (230) | |||
Murfreesboro, TN, Q4 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,863 | |||
Land | 722 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,863 | |||
Land | 722 | |||
Total | 3,585 | |||
Accumulated Depreciation | (338) | |||
Nashua, NH, Q1 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,682 | |||
Land | 1,431 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,682 | |||
Land | 1,431 | |||
Total | 10,113 | |||
Accumulated Depreciation | (942) | |||
Nashville, TN, Q3 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,601 | |||
Land | 547 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,601 | |||
Land | 547 | |||
Total | 4,148 | |||
Accumulated Depreciation | (391) | |||
Newark, DE, Q4 2007, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,478 | |||
Land | 197 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 392 | |||
Building & Improvements | 1,870 | |||
Land | 197 | |||
Total | 2,067 | |||
Accumulated Depreciation | (480) | |||
Newark, DE, Q4 2007, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,891 | |||
Land | 232 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 194 | |||
Building & Improvements | 2,085 | |||
Land | 232 | |||
Total | 2,317 | |||
Accumulated Depreciation | (612) | |||
New Berlin, WI, Q3 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,500 | |||
Land | 1,068 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 141 | |||
Building & Improvements | 6,641 | |||
Land | 1,068 | |||
Total | 7,709 | |||
Accumulated Depreciation | (886) | |||
New Castle, DE, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 17,767 | |||
Land | 2,616 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 17,767 | |||
Land | 2,616 | |||
Total | 20,383 | |||
Accumulated Depreciation | (338) | |||
New Hope, MN, Q3 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,970 | |||
Land | 1,919 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,970 | |||
Land | 1,919 | |||
Total | 3,889 | |||
Accumulated Depreciation | (345) | |||
Lopatcong, NJ, Q4 2010 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,154 | |||
Land | 1,554 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 193 | |||
Building & Improvements | 9,347 | |||
Land | 1,554 | |||
Total | 10,901 | |||
Accumulated Depreciation | (476) | |||
Piscataway, NJ, Q4 2010 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,655 | |||
Land | 640 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 620 | |||
Building & Improvements | 6,275 | |||
Land | 640 | |||
Total | 6,915 | |||
Accumulated Depreciation | (1,480) | |||
Newton, NC, Q2 2010 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,814 | |||
Land | 732 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 86 | |||
Building & Improvements | 3,900 | |||
Land | 732 | |||
Total | 4,632 | |||
Accumulated Depreciation | (573) | |||
North Haven, CT, Q1 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 39,911 | |||
Land | 4,086 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,384 | |||
Building & Improvements | 41,295 | |||
Land | 4,086 | |||
Total | 45,381 | |||
Accumulated Depreciation | (3,132) | |||
North Jackson, OH, Q4 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,427 | |||
Land | 1,528 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,427 | |||
Land | 1,528 | |||
Total | 5,955 | |||
Accumulated Depreciation | (469) | |||
North Jackson, OH, Q4 2011 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (7,435) | |||
Building and Tenant Improvements (initial cost) | 5,795 | |||
Land | 486 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 170 | |||
Building & Improvements | 5,965 | |||
Land | 486 | |||
Total | 6,451 | |||
Accumulated Depreciation | (734) | |||
Norcross, GA, Q2 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,586 | |||
Land | 1,589 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,586 | |||
Land | 1,589 | |||
Total | 4,175 | |||
Accumulated Depreciation | (132) | |||
Norton, MA, Q3 2011 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,740 | |||
Land | 2,839 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,740 | |||
Land | 2,839 | |||
Total | 9,579 | |||
Accumulated Depreciation | (1,192) | |||
Novi, MI, Q4 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (2,774) | |||
Building and Tenant Improvements (initial cost) | 3,879 | |||
Land | 252 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,879 | |||
Land | 252 | |||
Total | 4,131 | |||
Accumulated Depreciation | (659) | |||
Novi, MI, Q3 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,035 | |||
Land | 626 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,035 | |||
Land | 626 | |||
Total | 6,661 | |||
Accumulated Depreciation | (310) | |||
Oakwood Village, OH, Q2 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,091 | |||
Land | 343 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,091 | |||
Land | 343 | |||
Total | 3,434 | |||
Accumulated Depreciation | (254) | |||
Ocala, FL, Q1 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 13,296 | |||
Land | 731 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 952 | |||
Building & Improvements | 14,248 | |||
Land | 731 | |||
Total | 14,979 | |||
Accumulated Depreciation | (1,409) | |||
O'fallen, MO, Q3 2010 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (2,634) | |||
Building and Tenant Improvements (initial cost) | 2,676 | |||
Land | 1,242 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 266 | |||
Building & Improvements | 2,942 | |||
Land | 1,242 | |||
Total | 4,184 | |||
Accumulated Depreciation | (500) | |||
O'hara, PA, Q4 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (15,909) | |||
Building and Tenant Improvements (initial cost) | 18,875 | |||
Land | 1,435 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 4,999 | |||
Building & Improvements | 23,874 | |||
Land | 1,435 | |||
Total | 25,309 | |||
Accumulated Depreciation | (3,036) | |||
Oklahoma City, OK, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,211 | |||
Land | 746 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,211 | |||
Land | 746 | |||
Total | 2,957 | |||
Accumulated Depreciation | (23) | |||
Oklahoma City, OK, Q2 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,199 | |||
Land | 1,614 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,354 | |||
Building & Improvements | 10,553 | |||
Land | 1,614 | |||
Total | 12,167 | |||
Accumulated Depreciation | (488) | |||
Olathe, KS, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 20,763 | |||
Land | 2,431 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 20,763 | |||
Land | 2,431 | |||
Total | 23,194 | |||
Accumulated Depreciation | (195) | |||
Orlando, FL, Q4 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,839 | |||
Land | 1,339 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,839 | |||
Land | 1,339 | |||
Total | 6,178 | |||
Accumulated Depreciation | (588) | |||
Orlando, FL, Q2 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,996 | |||
Land | 721 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,996 | |||
Land | 721 | |||
Total | 2,717 | |||
Accumulated Depreciation | (292) | |||
Pensacola, FL, Q4 2007, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,989 | |||
Land | 145 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 111 | |||
Building & Improvements | 3,100 | |||
Land | 145 | |||
Total | 3,245 | |||
Accumulated Depreciation | (1,215) | |||
Phenix City, AL, Q4 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (1,585) | |||
Building and Tenant Improvements (initial cost) | 1,493 | |||
Land | 276 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 140 | |||
Building & Improvements | 1,633 | |||
Land | 276 | |||
Total | 1,909 | |||
Accumulated Depreciation | (249) | |||
Phoenix, AZ, Q2 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,770 | |||
Land | 1,653 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,770 | |||
Land | 1,653 | |||
Total | 7,423 | |||
Accumulated Depreciation | (340) | |||
Piedmont, SC, Q3 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,152 | |||
Land | 231 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,152 | |||
Land | 231 | |||
Total | 4,383 | |||
Accumulated Depreciation | (216) | |||
Piedmont, SC, Q3 2015, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,127 | |||
Land | 158 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,127 | |||
Land | 158 | |||
Total | 2,285 | |||
Accumulated Depreciation | (115) | |||
Piedmont, SC, Q3 2015, Three | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,302 | |||
Land | 204 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,302 | |||
Land | 204 | |||
Total | 2,506 | |||
Accumulated Depreciation | (195) | |||
Pineville, NC, Q2, 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,380 | |||
Land | 392 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,380 | |||
Land | 392 | |||
Total | 1,772 | |||
Accumulated Depreciation | (227) | |||
Plymouth, MI, Q2 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,670 | |||
Land | 365 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,670 | |||
Land | 365 | |||
Total | 5,035 | |||
Accumulated Depreciation | (339) | |||
Pocatello, ID, Q4 2007 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,472 | |||
Land | 399 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 135 | |||
Building & Improvements | 3,607 | |||
Land | 399 | |||
Total | 4,006 | |||
Accumulated Depreciation | (1,064) | |||
Portage, IN, Q4 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,416 | |||
Land | 0 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,416 | |||
Land | 0 | |||
Total | 5,416 | |||
Accumulated Depreciation | (613) | |||
Portland, TN, Q1 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,353 | |||
Land | 1,662 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 66 | |||
Building & Improvements | 8,419 | |||
Land | 1,662 | |||
Total | 10,081 | |||
Accumulated Depreciation | (1,387) | |||
Portland, ME, Q1 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (2,853) | |||
Building and Tenant Improvements (initial cost) | 3,727 | |||
Land | 891 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,727 | |||
Land | 891 | |||
Total | 4,618 | |||
Accumulated Depreciation | (507) | |||
Rapid City, SD, Q4 2007 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,662 | |||
Land | 2,071 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 836 | |||
Building & Improvements | 11,498 | |||
Land | 2,071 | |||
Total | 13,569 | |||
Accumulated Depreciation | (3,477) | |||
Reading, PA, Q2 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,401 | |||
Land | 1,708 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 67 | |||
Building & Improvements | 5,468 | |||
Land | 1,708 | |||
Total | 7,176 | |||
Accumulated Depreciation | (176) | |||
Muhlenberg TWP, PA, Q2 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 14,064 | |||
Land | 843 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 132 | |||
Building & Improvements | 14,196 | |||
Land | 843 | |||
Total | 15,039 | |||
Accumulated Depreciation | (1,982) | |||
Reno, NV, Q3 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,461 | |||
Land | 1,372 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,461 | |||
Land | 1,372 | |||
Total | 4,833 | |||
Accumulated Depreciation | (357) | |||
Rock Hill, SC, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (4,012) | |||
Building and Tenant Improvements (initial cost) | 6,297 | |||
Land | 1,411 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,297 | |||
Land | 1,411 | |||
Total | 7,708 | |||
Accumulated Depreciation | (114) | |||
Rogers, MN, Q4 2010 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (10,014) | |||
Building and Tenant Improvements (initial cost) | 11,787 | |||
Land | 1,671 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 238 | |||
Building & Improvements | 12,025 | |||
Land | 1,671 | |||
Total | 13,696 | |||
Accumulated Depreciation | (2,925) | |||
Rogers, AR, Q4 2011 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,280 | |||
Land | 1,072 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 99 | |||
Building & Improvements | 8,379 | |||
Land | 1,072 | |||
Total | 9,451 | |||
Accumulated Depreciation | (1,391) | |||
Rural Hall, NC, Q3 2008 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,664 | |||
Land | 439 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 147 | |||
Building & Improvements | 5,811 | |||
Land | 439 | |||
Total | 6,250 | |||
Accumulated Depreciation | (1,103) | |||
Salem, OR, Q4 2010, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (2,741) | |||
Building and Tenant Improvements (initial cost) | 3,150 | |||
Land | 599 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 640 | |||
Building & Improvements | 3,790 | |||
Land | 599 | |||
Total | 4,389 | |||
Accumulated Depreciation | (603) | |||
Salem, OR, Q4 2010, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (1,231) | |||
Building and Tenant Improvements (initial cost) | 1,452 | |||
Land | 266 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 433 | |||
Building & Improvements | 1,885 | |||
Land | 266 | |||
Total | 2,151 | |||
Accumulated Depreciation | (340) | |||
San Antonio, TX, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,395 | |||
Land | 1,568 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 10,395 | |||
Land | 1,568 | |||
Total | 11,963 | |||
Accumulated Depreciation | (61) | |||
Sauk Village, IL, Q4 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,405 | |||
Land | 877 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 64 | |||
Building & Improvements | 5,469 | |||
Land | 877 | |||
Total | 6,346 | |||
Accumulated Depreciation | (621) | |||
Savage, MN, Q3 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,996 | |||
Land | 3,194 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 493 | |||
Building & Improvements | 4,489 | |||
Land | 3,194 | |||
Total | 7,683 | |||
Accumulated Depreciation | (662) | |||
Savannah, GA Q2 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 13,219 | |||
Land | 439 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 13,219 | |||
Land | 439 | |||
Total | 13,658 | |||
Accumulated Depreciation | (1,193) | |||
Sergeant Bluff, IA, Q4 2007 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,188 | |||
Land | 247 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 273 | |||
Building & Improvements | 6,461 | |||
Land | 247 | |||
Total | 6,708 | |||
Accumulated Depreciation | (3,667) | |||
Seville, OH, Q4 2007 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,536 | |||
Land | 766 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 171 | |||
Building & Improvements | 4,707 | |||
Land | 766 | |||
Total | 5,473 | |||
Accumulated Depreciation | (949) | |||
Shannon, GA, Q4, 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 12,969 | |||
Land | 393 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 12,969 | |||
Land | 393 | |||
Total | 13,362 | |||
Accumulated Depreciation | (1,150) | |||
South Holland, IL, Q4 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,900 | |||
Land | 714 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,900 | |||
Land | 714 | |||
Total | 4,614 | |||
Accumulated Depreciation | (652) | |||
Shreveport, LA, Q4 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,265 | |||
Land | 1,804 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 136 | |||
Building & Improvements | 6,401 | |||
Land | 1,804 | |||
Total | 8,205 | |||
Accumulated Depreciation | (460) | |||
Simpsonville, SC, Q3 2012, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,960 | |||
Land | 957 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 117 | |||
Building & Improvements | 3,077 | |||
Land | 957 | |||
Total | 4,034 | |||
Accumulated Depreciation | (442) | |||
Simpsonville, SC, Q3 2012, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,418 | |||
Land | 470 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 127 | |||
Building & Improvements | 3,545 | |||
Land | 470 | |||
Total | 4,015 | |||
Accumulated Depreciation | (462) | |||
Smithfield, NC, Q4 2011 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,694 | |||
Land | 613 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 12 | |||
Building & Improvements | 4,706 | |||
Land | 613 | |||
Total | 5,319 | |||
Accumulated Depreciation | (706) | |||
Smyrna, GA, Q4 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,286 | |||
Land | 264 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,286 | |||
Land | 264 | |||
Total | 3,550 | |||
Accumulated Depreciation | (485) | |||
South Bend, IN, Q1 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,834 | |||
Land | 411 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,834 | |||
Land | 411 | |||
Total | 5,245 | |||
Accumulated Depreciation | (666) | |||
Sparks, MD, Q4 2007 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,945 | |||
Land | 358 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 65 | |||
Building & Improvements | 2,010 | |||
Land | 358 | |||
Total | 2,368 | |||
Accumulated Depreciation | (751) | |||
Spartanburg, SC, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 15,100 | |||
Land | 1,867 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 15,100 | |||
Land | 1,867 | |||
Total | 16,967 | |||
Accumulated Depreciation | (122) | |||
Spartanburg, SC, Q4 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,694 | |||
Land | 342 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,694 | |||
Land | 342 | |||
Total | 4,036 | |||
Accumulated Depreciation | (370) | |||
Spartanburg, SC, Q2 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,797 | |||
Land | 493 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 294 | |||
Building & Improvements | 6,091 | |||
Land | 493 | |||
Total | 6,584 | |||
Accumulated Depreciation | (728) | |||
Springfield, OH, Q3 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,432 | |||
Land | 574 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,432 | |||
Land | 574 | |||
Total | 7,006 | |||
Accumulated Depreciation | (745) | |||
Statham, GA, Q4 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,130 | |||
Land | 588 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 200 | |||
Building & Improvements | 6,330 | |||
Land | 588 | |||
Total | 6,918 | |||
Accumulated Depreciation | (747) | |||
Sterling Heights, MI, Q4 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (1,529) | |||
Building and Tenant Improvements (initial cost) | 4,197 | |||
Land | 513 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 415 | |||
Building & Improvements | 4,612 | |||
Land | 513 | |||
Total | 5,125 | |||
Accumulated Depreciation | (548) | |||
Stoughton, MA, Q2 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,613 | |||
Land | 2,256 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 824 | |||
Building & Improvements | 3,437 | |||
Land | 2,256 | |||
Total | 5,693 | |||
Accumulated Depreciation | (606) | |||
Stoughton, MA, Q2 2015, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,216 | |||
Land | 538 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,216 | |||
Land | 538 | |||
Total | 1,754 | |||
Accumulated Depreciation | (174) | |||
Streetsboro, OH, Q4 2010 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (5,493) | |||
Building and Tenant Improvements (initial cost) | 5,481 | |||
Land | 2,161 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 214 | |||
Building & Improvements | 5,695 | |||
Land | 2,161 | |||
Total | 7,856 | |||
Accumulated Depreciation | (1,340) | |||
Strongsville, OH, Q1 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,853 | |||
Land | 491 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 23 | |||
Building & Improvements | 5,876 | |||
Land | 491 | |||
Total | 6,367 | |||
Accumulated Depreciation | (573) | |||
Sun Prairie, WI, Q3 2008 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,809 | |||
Land | 2,360 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2,377 | |||
Building & Improvements | 8,186 | |||
Land | 2,360 | |||
Total | 10,546 | |||
Accumulated Depreciation | (1,176) | |||
Toledo, OH, Q4 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,831 | |||
Land | 213 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,831 | |||
Land | 213 | |||
Total | 7,044 | |||
Accumulated Depreciation | (976) | |||
Burlington, NJ, Vacant Land [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 0 | |||
Land | 3,267 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 167 | |||
Building & Improvements | 167 | |||
Land | 3,267 | |||
Total | 3,434 | |||
Accumulated Depreciation | 0 | |||
Libertyville, IL, Q3 2015, Three | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 0 | |||
Land | 369 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2 | |||
Building & Improvements | 2 | |||
Land | 369 | |||
Total | 371 | |||
Accumulated Depreciation | 0 | |||
Libertyville, IL, Q3 2015, Four | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 0 | |||
Land | 397 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2 | |||
Building & Improvements | 2 | |||
Land | 397 | |||
Total | 399 | |||
Accumulated Depreciation | 0 | |||
Tulsa, OK, Q3 2015 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,242 | |||
Land | 966 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,242 | |||
Land | 966 | |||
Total | 9,208 | |||
Accumulated Depreciation | (405) | |||
Twinsburg, OH, Q4 2007 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,027 | |||
Land | 590 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,027 | |||
Land | 590 | |||
Total | 8,617 | |||
Accumulated Depreciation | (1,590) | |||
Visalia, CA Q2 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 21,839 | |||
Land | 4,346 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 21,839 | |||
Land | 4,346 | |||
Total | 26,185 | |||
Accumulated Depreciation | (646) | |||
Vonore, TN, Q4 2010 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (7,707) | |||
Building and Tenant Improvements (initial cost) | 8,243 | |||
Land | 2,355 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 85 | |||
Building & Improvements | 8,328 | |||
Land | 2,355 | |||
Total | 10,683 | |||
Accumulated Depreciation | (1,571) | |||
Waco, TX, Q2 2008 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,394 | |||
Land | 0 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 274 | |||
Building & Improvements | 1,668 | |||
Land | 0 | |||
Total | 1,668 | |||
Accumulated Depreciation | (244) | |||
West Allis, WI, Q4 2015, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,905 | |||
Land | 462 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,905 | |||
Land | 462 | |||
Total | 2,367 | |||
Accumulated Depreciation | (97) | |||
West Allis, WI, Q4 2015, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,860 | |||
Land | 444 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,860 | |||
Land | 444 | |||
Total | 2,304 | |||
Accumulated Depreciation | (91) | |||
West Allis, WI, Q4 2015, Three | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 929 | |||
Land | 252 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 929 | |||
Land | 252 | |||
Total | 1,181 | |||
Accumulated Depreciation | (48) | |||
West Allis, WI, Q4 2015, Four | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,039 | |||
Land | 251 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,039 | |||
Land | 251 | |||
Total | 1,290 | |||
Accumulated Depreciation | (51) | |||
Walker, MI, Q4 2010 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (3,685) | |||
Building and Tenant Improvements (initial cost) | 4,872 | |||
Land | 855 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 118 | |||
Building & Improvements | 4,990 | |||
Land | 855 | |||
Total | 5,845 | |||
Accumulated Depreciation | (949) | |||
Ware Shoals, SC, Q4 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (251) | |||
Building and Tenant Improvements (initial cost) | 197 | |||
Land | 133 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 197 | |||
Land | 133 | |||
Total | 330 | |||
Accumulated Depreciation | (29) | |||
Warren, MI, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 14,473 | |||
Land | 1,290 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 14,473 | |||
Land | 1,290 | |||
Total | 15,763 | |||
Accumulated Depreciation | (234) | |||
West Chester, OH, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,868 | |||
Land | 936 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,868 | |||
Land | 936 | |||
Total | 9,804 | |||
Accumulated Depreciation | (27) | |||
West Chicago1, IL, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,036 | |||
Land | 768 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,036 | |||
Land | 768 | |||
Total | 2,804 | |||
Accumulated Depreciation | (8) | |||
West Chicago2, IL, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 674 | |||
Land | 382 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 674 | |||
Land | 382 | |||
Total | 1,056 | |||
Accumulated Depreciation | (6) | |||
West Chicago3, IL, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 768 | |||
Land | 450 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 768 | |||
Land | 450 | |||
Total | 1,218 | |||
Accumulated Depreciation | (5) | |||
West Chicago4, IL, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 895 | |||
Land | 369 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 895 | |||
Land | 369 | |||
Total | 1,264 | |||
Accumulated Depreciation | (6) | |||
West Chicago5, IL, Q4 2016 [Member] [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 904 | |||
Land | 216 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 904 | |||
Land | 216 | |||
Total | 1,120 | |||
Accumulated Depreciation | (4) | |||
West Chicago, IL, Q2 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,247 | |||
Land | 915 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 59 | |||
Building & Improvements | 6,306 | |||
Land | 915 | |||
Total | 7,221 | |||
Accumulated Depreciation | (225) | |||
West Columbia1, SC, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,570 | |||
Land | 488 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 9,570 | |||
Land | 488 | |||
Total | 10,058 | |||
Accumulated Depreciation | (29) | |||
West Columbia2, SC, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,646 | |||
Land | 551 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,646 | |||
Land | 551 | |||
Total | 5,197 | |||
Accumulated Depreciation | (33) | |||
Westborough, MA, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,808 | |||
Land | 661 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,808 | |||
Land | 661 | |||
Total | 6,469 | |||
Accumulated Depreciation | (68) | |||
Hamilton, OH, Q2 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,585 | |||
Land | 1,046 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,585 | |||
Land | 1,046 | |||
Total | 9,631 | |||
Accumulated Depreciation | (1,290) | |||
Wichita, KS, Q4 2012, One | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (1,529) | |||
Building and Tenant Improvements (initial cost) | 1,815 | |||
Land | 88 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 11 | |||
Building & Improvements | 1,826 | |||
Land | 88 | |||
Total | 1,914 | |||
Accumulated Depreciation | (214) | |||
Wichita, KS, Q4 2012, Two | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (1,671) | |||
Building and Tenant Improvements (initial cost) | 1,839 | |||
Land | 107 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 57 | |||
Building & Improvements | 1,896 | |||
Land | 107 | |||
Total | 2,003 | |||
Accumulated Depreciation | (257) | |||
Wichita, KS, Q4 2012, Four | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (764) | |||
Building and Tenant Improvements (initial cost) | 833 | |||
Land | 76 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 131 | |||
Building & Improvements | 964 | |||
Land | 76 | |||
Total | 1,040 | |||
Accumulated Depreciation | (109) | |||
Williamsport, PA, Q2 2013 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,059 | |||
Land | 688 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 9,059 | |||
Land | 688 | |||
Total | 9,747 | |||
Accumulated Depreciation | (1,150) | |||
Winston-Salem, NC, Q4 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 11,054 | |||
Land | 610 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 16 | |||
Building & Improvements | 11,070 | |||
Land | 610 | |||
Total | 11,680 | |||
Accumulated Depreciation | (949) | |||
Wood Dale, IL, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,042 | |||
Land | 1,226 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,042 | |||
Land | 1,226 | |||
Total | 6,268 | |||
Accumulated Depreciation | (30) | |||
Woodstock, IL, Q4 2012 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,796 | |||
Land | 496 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,796 | |||
Land | 496 | |||
Total | 4,292 | |||
Accumulated Depreciation | (520) | |||
Yorkville, WI, Q4 2014 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (4,044) | |||
Building and Tenant Improvements (initial cost) | 4,915 | |||
Land | 416 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,915 | |||
Land | 416 | |||
Total | 5,331 | |||
Accumulated Depreciation | (339) | |||
Bardstown, KY, Q2 2007 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,398 | |||
Land | 379 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,398 | |||
Land | 379 | |||
Total | 2,777 | |||
Accumulated Depreciation | $ (617) |
Schedule 3 - Real Estate and 81
Schedule 3 - Real Estate and Accumulated Depreciation - Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Building | |
Real Estate and Accumulated Depreciation | |
Useful life | 40 years |
Building and land improvements | Maximum | |
Real Estate and Accumulated Depreciation | |
Useful life | 20 years |
Schedule 3 - Real Estate and 82
Schedule 3 - Real Estate and Accumulated Depreciation - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
SEC Schedule III, Real Estate, Federal Income Tax Basis | $ 2,600,000 | ||
RealEstate: | |||
Balance at beginning of period | 1,711,612 | $ 1,415,965 | $ 1,079,046 |
Additions during period | |||
Other acquisitions | 381,131 | 330,504 | 337,726 |
Improvements etc. | 33,133 | 16,851 | 13,608 |
Deductions during period | |||
Cost of real estate sold | (97,342) | (21,443) | (10,539) |
Write-off of tenant improvements | (2,585) | (1,205) | (1,036) |
Asset Impairments | (16,233) | (29,060) | (2,840) |
Balance at the end of the period | 2,009,716 | 1,711,612 | 1,415,965 |
Accumulated Depreciation: | |||
Balance at beginning of period | 147,917 | 105,435 | 71,653 |
Additions during period | |||
Depreciation and amortization expense | 57,391 | 48,186 | 36,356 |
Other additions | 0 | 0 | 0 |
Deductions during period | |||
Disposals | (17,895) | (5,704) | (2,574) |
Balance at the end of the period | $ 187,413 | $ 147,917 | $ 105,435 |