STAG Industrial (STAG) 10-Q 1 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 31, 2017
Document and Entity Information
Entity Registrant Name	STAG Industrial, Inc.
Entity Central Index Key	1,479,094
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		92,233,063
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Rental Property:
Land	$ 310,753	$ 272,162
Buildings and improvements, net of accumulated depreciation of $217,317 and $187,413, respectively	1,800,400	1,550,141
Intangible Assets, Net (Excluding Goodwill)	322,503	294,533
Total rental property, net	2,433,656	2,116,836
Cash and cash equivalents	7,676	12,192
Restricted cash	8,783	9,613
Tenant accounts receivable, net	26,695	25,223
Prepaid expenses and other assets	24,611	20,821
Interest rate swaps	1,701	1,471
Assets held for sale, net	3,561	0
Total assets	2,506,683	2,186,156
Liabilities:
Unsecured credit facility	130,000	28,000
Unsecured term loans, net	446,954	446,608
Unsecured notes, net	398,101	397,966
Mortgage notes, net	146,641	163,565
Accounts payable, accrued expenses and other liabilities	37,547	35,389
Interest rate swaps	2,955	2,438
Tenant prepaid rent and security deposits	19,305	15,195
Dividends and distributions payable	11,153	9,728
Deferred leasing intangibles, net of accumulated amortization of $12,278 and $10,450, respectively	21,897	20,341
Total liabilities	1,214,553	1,119,230
Commitments and contingencies
Equity:
Common stock, par value $0.01 per share, 150,000,000 shares authorized, 91,446,154 and 80,352,304 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively	914	804
Additional paid-in capital	1,572,943	1,293,706
Common stock dividends in excess of earnings	(474,756)	(410,978)
Accumulated other comprehensive loss	(1,781)	(1,496)
Total stockholders’ equity	1,242,320	1,027,036
Noncontrolling interest	49,810	39,890
Total equity	1,292,130	1,066,926
Total liabilities and equity	2,506,683	2,186,156
Series B Preferred Stock
Equity:
Preferred stock	70,000	70,000
Series C Preferred Stock
Equity:
Preferred stock	$ 75,000	$ 75,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Real Estate Investment Property, Accumulated Depreciation	$ 217,317	$ 187,413
Deferred leasing intangibles assets, accumulated amortization	257,790	237,456
Deferred leasing intangibles liabilities, accumulated amortization	$ 12,278	$ 10,450
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	15,000,000	15,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	150,000,000	150,000,000
Common Stock, shares issued	91,446,154	80,352,304
Common stock, shares outstanding	91,446,154	80,352,304
Series B Preferred Stock
Preferred stock, shares issued	2,800,000	2,800,000
Preferred stock, shares outstanding	2,800,000	2,800,000
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Series C Preferred Stock
Preferred stock, shares issued	3,000,000	3,000,000
Preferred stock, shares outstanding	3,000,000	3,000,000
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenue
Rental income	$ 61,726	$ 51,715	$ 120,948	$ 103,064
Tenant recoveries	10,401	8,454	20,586	17,896
Other income	66	73	139	154
Total revenue	72,193	60,242	141,673	121,114
Expenses
Property	13,635	11,759	26,911	24,414
General and administrative	7,939	7,751	16,710	18,770
Property acquisition costs	2,558	583	3,298	1,135
Depreciation and amortization	36,147	30,487	72,100	60,236
Asset Impairment Charges	0	11,231	0	11,231
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds	0	0	330	0
Other expenses	1,250	318	1,444	578
Total expenses	61,529	62,129	120,793	116,364
Other income (expense)
Interest income	3	2	8	5
Interest expense	(10,634)	(10,490)	(21,111)	(21,337)
Loss on extinguishment of debt	(2)	(839)	(2)	(1,973)
Gain on the sales of rental property, net	1,337	3,273	1,662	20,946
Total other income (expense)	(9,296)	(8,054)	(19,443)	(2,359)
Net income (loss) from continuing operations	1,368	(9,941)	1,437	2,391
Net income (loss)	1,368	(9,941)	1,437	2,391
Less: loss attributable to noncontrolling interest after preferred stock dividends	(44)	(718)	(145)	(232)
Net income (loss) attributable to STAG Industrial, Inc.	1,412	(9,223)	1,582	2,623
Less: preferred stock dividends	2,448	4,001	4,897	6,913
Less: amount allocated to participating securities	83	95	166	195
Net loss attributable to common stockholders	$ (1,119)	$ (13,319)	$ (3,481)	$ (4,485)
Weighted Average Number of Shares Outstanding, Basic	88,181,117	67,910,361	85,012,106	67,899,789
Income (Loss) from Continuing Operations, Per Basic and Diluted Share	$ (0.01)	$ (0.20)	$ (0.04)	$ (0.07)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,368	$ (9,941)	$ 1,437	$ 2,391
Other comprehensive loss:
Loss on interest rate swaps	(1,510)	(5,068)	(298)	(16,891)
Other comprehensive loss	(1,510)	(5,068)	(298)	(16,891)
Comprehensive income (loss)	(142)	(15,009)	1,139	(14,500)
Net loss attributable to noncontrolling interest after preferred stock dividends	44	718	145	232
Other comprehensive loss attributable to noncontrolling interest	62	261	13	868
Comprehensive income (loss) attributable to STAG Industrial, Inc.	$ (36)	$ (14,030)	$ 1,297	$ (13,400)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Common Stock Dividends in excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity	Noncontrolling Interest - Unit holders in Operating Partnership	Series C Preferred Stock
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 sale of stock		75,000
Offering costs	(2,655)			(2,655)			(2,655)
Issuance of restricted stock, net	1
Dividends and distributions, net	$ (57,450)	(6,913)			(47,386)		(54,299)	(3,151)
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	109,042
Non-cash compensation activity	$ 5,686			1,797			1,798	3,888
Rebalancing of noncontrolling interest				1,564			1,564	(1,564)
Other comprehensive loss	(16,891)					(16,023)	(16,023)	(868)
Net income (loss)	2,391	6,913			(4,290)		2,623	(232)
Balance at Jun. 30, 2016	863,938	214,000	$ 682	1,018,103	(383,947)	(18,373)	830,465	33,473
Balance (in shares) at Jun. 30, 2016			68,186,375
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
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
Increase (Decrease) in Stockholders' Equity
Proceeds from sale of stock	274,385		$ 107	274,278			274,385
Proceeds from sales of common stock (in shares)			10,756,543						3,000,000
Offering costs	(3,899)			(3,899)			(3,899)
Dividends and distributions, net	$ (68,811)	(4,897)			(60,269)		(65,166)	(3,645)
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	40,301
Non-cash compensation activity	$ 3,832			1,684			1,490	2,342
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures					(194)
Issuance of units	18,558							18,558
Rebalancing of noncontrolling interest				3,907			3,907	(3,907)
Other comprehensive loss	(298)					(285)	(285)	(13)
Net income (loss)	1,437	4,897			(3,315)		1,582	(145)
Balance at Jun. 30, 2017	$ 1,292,130	$ 145,000	$ 914	1,572,943	$ (474,756)	$ (1,781)	1,242,320	49,810
Balance (in shares) at Jun. 30, 2017			91,446,154
Increase (Decrease) in Stockholders' Equity
Stock Issued During Period, Value, Conversion of Units			$ 3	$ 3,267			$ 3,270	$ (3,270)
Stock Issued During Period, Shares, Conversion of Units			297,006

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ 1,368	$ (9,941)	$ 1,437	$ 2,391
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			72,100	60,236
Asset Impairment Charges	0	11,231	0	11,231
Loss on Involuntary Conversion			330	0
Non-cash portion of interest expense			980	780
Intangible amortization in rental income, net			2,555	3,187
Straight-line rent adjustments, net			(2,778)	(1,293)
Restricted Stock Award, Forfeitures, Dividends			2	3
Loss on extinguishment of debt	2	839	2	1,973
Gain on the sales of rental property, net			(1,662)	(20,946)
Non-cash compensation expense			4,775	5,649
Change in assets and liabilities:
Tenant accounts receivable, net			1,362	752
Restricted cash			73	(366)
Prepaid expenses and other assets			(6,317)	(3,693)
Accounts payable, accrued expenses and other liabilities			(543)	1,949
Tenant prepaid rent and security deposits			4,110	(93)
Total adjustments			74,989	59,369
Net cash provided by operating activities			76,426	61,760
Cash flows from investing activities:
Acquisitions of land and buildings and improvements			(303,624)	(70,875)
Additions of land and building and improvements			(14,238)	(11,201)
Proceeds from Sale of Buildings			10,309	48,670
Proceeds from Insurance Settlement, Investing Activities			639	0
Restricted cash			757	(5,805)
Acquisition deposits, net			820	(556)
Acquisitions of deferred leasing intangibles			(62,782)	(14,992)
Net cash used in investing activities			(368,119)	(54,759)
Cash flows from financing activities:
Proceeds from sale of series C preferred stock			0	75,000
Proceeds from unsecured credit facility			356,000	152,000
Repayment of unsecured credit facility			(254,000)	(144,000)
Repayment of mortgage notes			(17,033)	(31,955)
Payment of loan fees and costs			(43)	(73)
Payments of Debt Extinguishment Costs			(2)	(1,969)
Payments of Dividends			67,388	57,360
Proceeds from sales of common stock			274,385	0
Payments Related to Tax Withholding for Share-based Compensation			(969)	0
Offering costs			(3,773)	(2,650)
Net cash provided by (used in) financing activities			287,177	(11,007)
Decrease in cash and cash equivalents			(4,516)	(4,006)
Cash and cash equivalents—beginning of period			12,192	12,011	$ 12,011
Cash and cash equivalents—end of period	7,676	8,005	7,676	8,005	12,192
Supplemental disclosure:
Cash paid for interest, net of capitalized interest			20,479	18,627
Supplemental schedule of non-cash investing and financing activities
Other Significant Noncash Transaction, Value of Consideration Given			18,558	0
stag_Additionstobuildingandbuildingimprovements			503	1,004
Noncash or Part Noncash Acquisition, Fixed Assets Acquired			16,986	174
Acquisitions of deferred leasing intangibles			(2,001)	(44)
Partial Disposal of Building Due to Involuntary Conversion			424	0
Investing Other Receivables Due to Involuntary Conversion			(424)	0
Change in additions of land, building, and improvements included in accounts payable, accrued expenses, and other liabilities			(1,572)	(1,207)
Additions to building and other capital improvements from non-cash compensation			(16)	(13)
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses, and other liabilities			(141)	58
Dividends and distributions declared but not paid	$ 11,153	$ 8,327	$ 11,153	$ 8,327	$ 9,728

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business STAG Industrial, Inc. (the “Company”) is an industrial real estate operating company focused on the acquisition and operation of single-tenant, industrial properties throughout the United States. The Company was formed as a Maryland corporation and has elected to be treated and intends to continue to qualify as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). As of June 30, 2017 and December 31, 2016 , the Company owned a 95.7% and 95.7% , respectively, common equity interest in the Operating Partnership. The Company, through its wholly owned subsidiary, is the sole general partner of the Operating Partnership. As used herein, the “Company” refers to STAG Industrial, Inc. and its consolidated subsidiaries and partnerships, including the Operating Partnership, except where context otherwise requires. As of June 30, 2017 , the Company owned 342 buildings in 37 states with approximately 67.7 million rentable square feet, consisting of 274 warehouse/distribution buildings, 53 light manufacturing buildings, 14 flex/office buildings, and one building in redevelopment. The Company’s buildings were approximately 94.0% leased to 296 tenants as of June 30, 2017 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Interim Financial Information The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 . 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 Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 . These adjustments do not impact the Company’s cash balances for any of the reporting periods. The effects of this revision to the prior period consolidated financial statements are as follows (in thousands, except for per share data). Effect of Revision As of and For the Three and Six Months Ended June 30, 2016 As Previously Reported Adjustment As Revised Consolidated Balance Sheet, June 30, 2016 Total equity $ 860,398 $ 3,540 $ 863,938 Consolidated Statement of Operations, Three Months Ended June 30, 2016 Depreciation and amortization $ 31,018 $ (531 ) $ 30,487 Total expenses $ 62,660 $ (531 ) $ 62,129 Net loss $ (10,472 ) $ 531 $ (9,941 ) Net loss attributable to STAG Industrial, Inc. $ (9,727 ) $ 504 $ (9,223 ) Net loss attributable to common stockholders $ (13,823 ) $ 504 $ (13,319 ) Net loss per share attributable to common stockholders — basic and diluted $ (0.20 ) $ — $ (0.20 ) Consolidated Statement of Operations, Six Months Ended June 30, 2016 Depreciation and amortization $ 61,298 $ (1,062 ) $ 60,236 Total expenses $ 117,426 $ (1,062 ) $ 116,364 Net income $ 1,329 $ 1,062 $ 2,391 Net income attributable to STAG Industrial, Inc. $ 1,616 $ 1,007 $ 2,623 Net loss attributable to common stockholders $ (5,492 ) $ 1,007 $ (4,485 ) Net loss per share attributable to common stockholders — basic and diluted $ (0.08 ) $ 0.01 $ (0.07 ) Consolidated Statement of Comprehensive Income (Loss), Three Months Ended June 30, 2016 Comprehensive loss $ (15,540 ) $ 531 $ (15,009 ) Consolidated Statement of Comprehensive Income (Loss), Six Months Ended June 30, 2016 Comprehensive loss $ (15,562 ) $ 1,062 $ (14,500 ) Reclassifications and New Accounting Pronouncements Certain prior year amounts have been reclassified to conform to the current year presentation. In May of 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-09, Stock Compensation (Topic 718): Scope of Modification Accounting , which provides updated guidance about which changes to the terms or conditions of a share-based payment award would require an entity to apply modification accounting under the topic. 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 prospectively to an award modified on or after the adoption date. The adoption of ASU 2017-09 is not expected to materially impact the Company’s consolidated financial statements. The Company plans to adopt this standard effective January 1, 2018. In February of 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets , which provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The new standard was issued as part of the new revenue standard (ASU 2014-09, as discussed below), and defines “in substance nonfinancial asset,” unifies guidance related to partial sales of nonfinancial assets, eliminates rules specifically addressing sales of real estate, removes exceptions to the financial asset derecognition model, and clarifies the accounting for contributions of nonfinancial assets to joint ventures. As a result of the new guidance, the guidance specific to real estate sales in Subtopic 360-20 will be eliminated, and sales and partial sales of real estate assets will now be subject to the same derecognition model as all other nonfinancial assets. This standard is effective at the same time an entity adopts ASU 2014-09, and either the full retrospective approach or the modified retrospective approach may be used. The adoption of ASU 2017-05 is not expected to materially impact the Company’s consolidated financial statements. The Company plans to adopt this standard effective January 1, 2018. In January of 2017, the FASB issued 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. The Company elected to early adopt this standard effective January 1, 2017. The adoption of this standard did not have a material effect on 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. The Company expects that it will adopt the standard effective January 1, 2018. 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 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 $0.8 million and $2.0 million for the three and six months ended June 30, 2016 and a corresponding increase in net cash used in financing activities for the three and six months ended June 30, 2016 related to the payment of loan prepayment fees and costs. 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. The Company expects that it will adopt the standard effective January 1, 2018. 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 specifically excluded from the model's scope, 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. Tenant Accounts Receivable, net As of June 30, 2017 and December 31, 2016 , the Company had an allowance for doubtful accounts of approximately $0.3 million and $0.2 million , respectively. As of June 30, 2017 and December 31, 2016 , the Company had accrued rental income of approximately $21.2 million and $18.4 million , respectively. As of June 30, 2017 and December 31, 2016 , the Company had an allowance on accrued rental income of $0 and $0 , respectively. As of June 30, 2017 and December 31, 2016 , the Company had approximately $11.8 million and $9.0 million , respectively, of total lease security deposits available in the form of existing letters of credit, which are not reflected on the accompanying Consolidated Balance Sheets. As of June 30, 2017 and December 31, 2016 , the Company had approximately $6.7 million and $5.4 million , respectively, of lease security deposits available in cash, which are included in cash and cash equivalents on the accompanying Consolidated Balance Sheets, and approximately $0.4 million and $0.4 million , respectively, of lease security deposits available in cash, which are included in restricted cash on the accompanying Consolidated Balance Sheets. These funds may be used to settle tenant accounts receivables in the event of a default under the related lease. As of June 30, 2017 and December 31, 2016 , the Company's total liability associated with these lease security deposits was approximately $7.1 million and $5.8 million , respectively, and is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets. Related Parties As of June 30, 2017 and December 31, 2016 , the Company had approximately $13,000 and $48,000 , respectively, of amounts due from related parties, which are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. Revenue Recognition Tenant Recoveries The Company estimates that real estate taxes, which are the responsibility of certain tenants under the terms of their leases and are not reflected on the Company's consolidated financial statements, were approximately $3.0 million , $6.2 million , $2.6 million and $5.2 million for the three and six months ended June 30, 2017 and June 30, 2016 , respectively. These amounts would have been the maximum real estate tax expense of the Company, excluding any penalties or interest, had the tenants not met their contractual obligations for these periods. Termination Income On March 27, 2017, the tenant at the Buena Vista, VA property exercised its early lease termination option per the terms of the lease agreement. The option provided that the tenant's lease terminate effective March 31, 2018 and required the tenant to pay a termination fee of approximately $0.5 million . The termination fee is being recognized on a straight-line basis from March 27, 2017 through the relinquishment of the space on March 31, 2018. The termination fee income of approximately $0.1 million and $0.2 million is included in rental income on the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2017 . On February 9, 2017, the Company entered into a lease termination agreement with the tenant located at the Belvidere, IL building. The agreement provided that the tenant’s lease terminate effective February 9, 2017 and required the tenant to pay a termination fee of $54,000 . The full termination fee was recognized on February 9, 2017 and is included in rental income on the accompanying Consolidated Statements of Operations for the six months ended June 30, 2017 . Approximately $0.2 million and $0.4 million of termination fee income related to the Golden, CO property, the tenant at which exercised its termination option on December 21, 2016, is included in rental income on the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2017 . Taxes Federal Income Taxes The Company's taxable REIT subsidiaries recognized a net loss of approximately $0.2 million , $0.2 million , $20,000 and $31,000 for the three and six months ended June 30, 2017 and June 30, 2016 , respectively, which has been included on the accompanying Consolidated Statements of Operations. State and Local Income, Excise, and Franchise Tax State and local income, excise, and franchise taxes in the amount of $0.2 million , $0.4 million , $0.3 million and $0.5 million have been recorded in other expenses on the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2017 and June 30, 2016 , respectively. Uncertain Tax Positions As of June 30, 2017 and December 31, 2016 , there were no liabilities for uncertain tax positions. Concentrations of Credit Risk Management believes the current credit risk portfolio is reasonably well diversified and does not contain any unusual concentration of credit risk.

Rental Property

Rental Property	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Rental Property	Rental Property The following table summarizes the components of rental property as of June 30, 2017 and December 31, 2016 . Rental Property (in thousands) June 30, 2017 December 31, 2016 Land $ 310,753 $ 272,162 Buildings, net of accumulated depreciation of $143,410 and $125,971, respectivel y 1,636,660 (1) 1,408,406 (1) Tenant improvements, net of accumulated depreciation of $30,179 and $28,388, respectively 27,939 24,974 Building and land improvements, net of accumulated depreciation of $43,728 and $33,054, respectivel y 127,214 107,463 Construction in progress 8,587 9,298 Deferred leasing intangibles, net of accumulated amortization of $257,790 and $237,456, respectively 322,503 294,533 Total rental property, net $ 2,433,656 $ 2,116,836 (1) Includes one building in redevelopment. Acquisitions The following table summarizes the acquisitions of the Company during the three and six months ended June 30, 2017 . Location of Property Square Feet Buildings Purchase Price Jacksonville, FL 1,025,720 4 $ 34,264 Sparks, NV 174,763 1 8,380 Salisbury, NC 288,000 1 8,250 Franklin Township, NJ 183,000 1 12,800 Milford, CT 200,000 1 12,762 Bedford Heights, OH 173,034 1 7,622 Redford, MI 135,728 1 7,769 Warren, MI 154,377 1 7,940 Three months ended March 31, 2017 2,334,622 11 $ 99,787 Waukegan, IL 261,075 2 $ 13,850 Gaffney, SC 226,968 1 7,200 Dayton, OH 569,966 1 29,750 Belvidere, IL 336,204 1 22,867 San Diego, CA 205,440 1 19,362 Edwardsville, KS 270,869 1 16,270 Pedricktown, NJ 245,749 1 16,000 Walton, KY 224,921 1 11,450 Rock Hill, SC 275,000 1 6,675 Laredo, TX 206,810 1 13,500 Clinton, PA 297,200 1 23,650 Batavia, IL 102,500 1 5,900 Wallingford, CT 105,000 1 8,200 Rockwall, TX 389,546 1 28,600 Houston, TX 232,800 3 25,000 Lebanon, PA 211,358 1 7,950 Maple Grove, MN 108,628 1 10,031 Romulus, MI 303,760 1 19,351 Three months ended June 30, 2017 4,573,794 21 $ 285,606 Six months ended June 30, 2017 6,908,416 32 $ 385,393 The following table summarizes the allocation of the consideration paid at the date of acquisition during the six months ended June 30, 2017 for the acquired assets and liabilities in connection with the acquisitions identified in the table above. Acquired Assets and Liabilities Purchase Price (in thousands) Weighted Average Amortization Period (years) of Intangibles at Acquisition Land $ 39,900 N/A Buildings 251,574 N/A Tenant improvements 6,382 N/A Building and land improvements 22,754 N/A Deferred leasing intangibles - In-place leases 40,857 8.9 Deferred leasing intangibles - Tenant relationships 16,260 11.2 Deferred leasing intangibles - Above market leases 11,478 11.5 Deferred leasing intangibles - Below market leases (3,812 ) 9.0 Total purchase price $ 385,393 On May 31, 2017 , the Company acquired a property located in San Diego, CA for approximately $19.4 million . As partial consideration for the property acquired, the Company granted 687,827 Other Common Units with a fair value of approximately $18.6 million . 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 three and six months ended June 30, 2017 , for the properties acquired during the six months ended June 30, 2017 , included in the Company’s Consolidated Statements of Operations from the date of acquisition. Results of Operations (in thousands) Three months ended June 30, 2017 Six months ended June 30, 2017 Total revenue $ 4,174 $ 5,611 Property acquisition costs $ 2,615 $ 3,208 Net loss $ 2,430 $ 3,099 The following tables set forth pro forma information for the six months ended June 30, 2017 and June 30, 2016 . The below pro forma information does not purport to represent what the actual results of operations of the Company would have been had the acquisitions outlined above occurred on the first day of the applicable reporting period, nor do they purport to predict the results of operations of future periods. The pro forma information has not been adjusted for property sales. Pro Forma (in thousands) (1) Six months ended June 30, 2017 Six months ended June 30, 2016 Total revenue $ 151,746 $ 135,955 Net income (loss) (2) $ 5,757 $ (4,201 ) Net income (loss) attributable to common stockholders $ 658 $ (10,738 ) (1) The unaudited pro forma information for the six months ended June 30, 2017 and June 30, 2016 is presented as if the properties acquired during the six months ended June 30, 2017 and June 30, 2016 were completed on January 1, 2016 and January 1, 2015 , respectively. (2) The net income for the six months ended June 30, 2017 excludes approximately $3.2 million of property acquisition costs related to the acquisition of buildings that closed during the six months ended June 30, 2017 , and the net income for the six months ended June 30, 2016 was adjusted to include these acquisition costs. Net income for the six months ended June 30, 2016 excludes approximately $1.0 million of property acquisition costs related to the acquisition of buildings that closed during the six months ended June 30, 2016 . Dispositions During the six months ended June 30, 2017 , the Company sold four buildings comprised of approximately 0.2 million square feet with a net book value of approximately $8.6 million to third parties. These buildings contributed approximately $15,000 to revenue (exclusive of acceleration of straight line rent) and approximately $0.1 million to net loss (exclusive of acceleration of straight line rent and gain on the sales of rental property, net) for the six months ended June 30, 2017 . Net proceeds from the sales of rental property were approximately $10.3 million and the Company recognized a gain on the sales of rental property, net of approximately $1.7 million for the six months ended June 30, 2017 . These dispositions were accounted for under the full accrual method. Assets Held for Sale As of June 30, 2017 , the related land, building and improvements, net, and deferred leasing intangibles, net, for two buildings located in Milwaukee, WI were classified as assets held for sale, net on the accompanying Consolidated Balance Sheets. Involuntary Conversion During the three and six months ended June 30, 2017 , the Company wrote down a building in the amount of approximately $0.2 million and $0.8 million , respectively, related to the involuntary conversion event that occurred on September 1, 2016. The cumulative write down of the building since the involuntary conversion event is approximately $1.5 million as of June 30, 2017 . The Company recognized a loss on involuntary conversion of approximately $0 and $0.3 million during the three and six months ended June 30, 2017 , respectively. As of June 30, 2017 , the remaining proceeds receivable from the insurance company are estimated to be approximately $0.8 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 June 30, 2017 and December 31, 2016 . June 30, 2017 December 31, 2016 Deferred Leasing Intangibles (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Above market leases $ 78,476 $ (34,009 ) $ 44,467 $ 70,668 $ (32,868 ) $ 37,800 Other intangible lease assets 501,817 (223,781 ) 278,036 461,321 (204,588 ) 256,733 Total deferred leasing intangible assets $ 580,293 $ (257,790 ) $ 322,503 $ 531,989 $ (237,456 ) $ 294,533 Below market leases $ 34,175 $ (12,278 ) $ 21,897 $ 30,791 $ (10,450 ) $ 20,341 Total deferred leasing intangible liabilities $ 34,175 $ (12,278 ) $ 21,897 $ 30,791 $ (10,450 ) $ 20,341 The following table sets forth the amortization expense and the net decrease to rental income for the amortization of deferred leasing intangibles during the three and six months ended June 30, 2017 and June 30, 2016 . Three months ended June 30, Six months ended June 30, Deferred Leasing Intangibles Amortization (in thousands) 2017 2016 2017 2016 Net decrease to rental income related to above and below market lease amortization $ 1,259 $ 1,521 $ 2,555 $ 3,187 Amortization expense related to other intangible lease assets $ 17,420 $ 16,346 $ 35,813 $ 32,259 The following table sets forth the amortization of deferred leasing intangibles over the next five years as of June 30, 2017 . 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) Remainder of 2017 $ 34,702 $ 2,583 2018 $ 58,161 $ 4,211 2019 $ 45,676 $ 3,506 2020 $ 35,970 $ 3,104 2021 $ 26,620 $ 1,854

Debt

Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt The following table sets forth a summary of the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes as of June 30, 2017 and December 31, 2016 . Loan Principal Outstanding as of June 30, 2017 (in thousands) Principal Outstanding as of December 31, 2016 (in thousands) Interest (1) Current Maturity Prepayment Terms (2) Unsecured credit facility: Unsecured Credit Facility (3) $ 130,000 $ 28,000 L + 1.15% Dec-18-2019 i Total unsecured credit facility 130,000 28,000 Unsecured term loans: Unsecured Term Loan C 150,000 150,000 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 450,000 450,000 Less: Total unamortized deferred financing fees and debt issuance costs (3,046 ) (3,392 ) Total carrying value unsecured term loans 446,954 446,608 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 (1,899 ) (2,034 ) Total carrying value unsecured notes 398,101 397,966 Mortgage notes (secured debt): Union Fidelity Life Insurance Company — 5,384 5.81 % Apr-30-2017 iii Webster Bank, National Association — 2,853 3.66 % May-29-2017 iv Webster Bank, National Association — 3,073 3.64 % May-31-2017 iv Wells Fargo, National Association — 4,043 5.90 % Aug-1-2017 v Connecticut General Life Insurance Company -1 Facility 35,012 35,320 6.50 % Feb-1-2018 vi Connecticut General Life Insurance Company -2 Facility 36,539 36,892 5.75 % Feb-1-2018 vi Connecticut General Life Insurance Company -3 Facility 16,004 16,141 5.88 % Feb-1-2018 vi Wells Fargo Bank, National Association CMBS Loan 55,778 56,608 4.31 % Dec-1-2022 vii Thrivent Financial for Lutherans 3,960 4,012 4.78 % Dec-15-2023 iv Total mortgage notes 147,293 164,326 Total unamortized fair market value premiums 66 112 Less: Total unamortized deferred financing fees and debt issuance costs (718 ) (873 ) Total carrying value mortgage notes 146,641 163,565 Total / weighted average interest rate (4) $ 1,121,696 $ 1,036,139 3.62 % (1) Current interest rate as of June 30, 2017 . At June 30, 2017 , the one-month LIBOR (“L”) was 1.22389% . The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for the Company's unsecured credit facility and unsecured term loans is based on the Company's consolidated leverage ratio, as defined in the respective loan agreements. (2) Prepayment terms consist of (i) pre-payable with no penalty; (ii) pre-payable with penalty; (iii) pre-payable without penalty two months prior to the maturity date; (iv) pre-payable without penalty three 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 . Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $2.0 million and $2.3 million is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of June 30, 2017 and December 31, 2016 , respectively. (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 commitment on the unsecured credit facility as of June 30, 2017 was approximately $314.4 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 $5.4 million and $5.7 million as of June 30, 2017 and December 31, 2016 , respectively, and is included in accounts payable, accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets. The table below sets forth the costs included in interest expense related to the Company's debt arrangements on the accompanying Consolidated Statement of Operations for the three and six months ended June 30, 2017 and June 30, 2016 . Three months ended June 30, Six months ended June 30, Costs Included in Interest Expense (in thousands) 2017 2016 2017 2016 Amortization of deferred financing fees and debt issuance costs and fair market value premiums $ 504 $ 401 $ 1,007 $ 780 Facility fees and unused fees $ 278 $ 344 $ 553 $ 688 On May 30, 2017, the mortgage note held with Wells Fargo, National Association, in which the property located in Yorkville, WI served as collateral for the mortgage note, was paid in full. On March 3, 2017, the mortgage note held with Webster Bank, National Association, in which the property located in East Windsor, CT served as collateral for the mortgage note, was paid in full. On March 1, 2017, the mortgage note held with Webster Bank, National Association, in which the property located in Portland, ME served as collateral for the mortgage note, was paid in full. On March 1, 2017, the mortgage note held with Union Fidelity Life Insurance Company, in which the property located in Hazelwood, MO served as collateral for the mortgage note, was paid in full. Financial Covenant Considerations The Company was in compliance with all financial and other covenants as of June 30, 2017 and December 31, 2016 related to its unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes. The real estate net book value of the properties that are collateral for the Company’s debt arrangements was approximately $207.3 million and $229.9 million at June 30, 2017 and December 31, 2016 , respectively, and is limited to senior, property-level secured debt financing arrangements. Fair Value of Debt The fair value of the Company’s debt was determined by discounting the future cash flows using the current rates at which loans would be made to borrowers with similar credit ratings for loans with similar remaining maturities, similar terms, and similar loan-to-value ratios. The discount rates ranged from approximately 1.77% to 4.23% and 1.92% to 4.85% at June 30, 2017 and December 31, 2016 , respectively, and were applied to each individual debt instrument. The applicable fair value guidance establishes a three tier value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The fair value of the Company’s debt is based on Level 3 inputs. The following table presents the aggregate principal outstanding of the Company’s debt and the corresponding estimate of fair value as of June 30, 2017 and December 31, 2016 (in thousands). June 30, 2017 December 31, 2016 Principal Outstanding Fair Value Principal Outstanding Fair Value Unsecured credit facility $ 130,000 $ 130,000 $ 28,000 $ 28,000 Unsecured term loans 450,000 450,000 450,000 450,000 Unsecured notes 400,000 417,932 400,000 399,091 Mortgage notes 147,293 149,236 164,326 166,099 Total principal amount 1,127,293 $ 1,147,168 1,042,326 $ 1,043,190 Add: Total unamortized fair market value premiums 66 112 Less: Total unamortized deferred financing fees and debt issuance costs (5,663 ) (6,299 ) Total carrying value $ 1,121,696 $ 1,036,139

Use of Derivative Financial Ins

Use of Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Use of Derivative Financial Instruments	Use of Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company’s use of derivative instruments is limited to the utilization of interest rate swaps to manage interest rate risk exposure on existing and future liabilities and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and related costs associated with the Company’s operating and financial structure. The following table details the Company’s outstanding interest rate swaps as of June 30, 2017 . 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 $ 8 0.7945 % One-month L Sep-10-2017 Bank of America, N.A. Sep-14-2012 Oct-10-2012 $ 10,000 $ 8 0.7945 % One-month L Sep-10-2017 UBS AG Sep-14-2012 Oct-10-2012 $ 10,000 $ 8 0.7945 % One-month L Sep-10-2017 Royal Bank of Canada Sep-14-2012 Oct-10-2012 $ 10,000 $ 8 0.7945 % One-month L Sep-10-2017 RJ Capital Services, Inc. Sep-14-2012 Oct-10-2012 $ 10,000 $ 8 0.7975 % One-month L Sep-10-2017 Bank of America, N.A. Sep-20-2012 Oct-10-2012 $ 25,000 $ 23 0.7525 % One-month L Sep-10-2017 RJ Capital Services, Inc. Sep-24-2012 Oct-10-2012 $ 25,000 $ 24 0.7270 % One-month L Sep-10-2017 Regions Bank Mar-01-2013 Mar-01-2013 $ 25,000 $ 177 1.3300 % One-month L Feb-14-2020 Capital One, N.A. Jun-13-2013 Jul-01-2013 $ 50,000 $ (102 ) 1.6810 % One-month L Feb-14-2020 Capital One, N.A. Jun-13-2013 Aug-01-2013 $ 25,000 $ (65 ) 1.7030 % One-month L Feb-14-2020 Regions Bank Sep-30-2013 Feb-03-2014 $ 25,000 $ (254 ) 1.9925 % One-month L Feb-14-2020 The Toronto-Dominion Bank Oct-14-2015 Sep-29-2016 $ 25,000 $ 238 1.3830 % One-month L Sep-29-2020 PNC Bank, N.A. Oct-14-2015 Sep-29-2016 $ 50,000 $ 466 1.3906 % One-month L Sep-29-2020 Regions Bank Oct-14-2015 Sep-29-2016 $ 35,000 $ 329 1.3858 % One-month L Sep-29-2020 U.S. Bank, N.A. Oct-14-2015 Sep-29-2016 $ 25,000 $ 230 1.3950 % One-month L Sep-29-2020 Capital One, N.A. Oct-14-2015 Sep-29-2016 $ 15,000 $ 137 1.3950 % One-month L Sep-29-2020 Royal Bank of Canada Jan-08-2015 Mar-20-2015 $ 25,000 $ 19 1.7090 % One-month L Mar-21-2021 The Toronto-Dominion Bank Jan-08-2015 Mar-20-2015 $ 25,000 $ 17 1.7105 % One-month L Mar-21-2021 The Toronto-Dominion Bank Jan-08-2015 Sep-10-2017 $ 100,000 $ (1,605 ) 2.2255 % One-month L Mar-21-2021 Wells Fargo, N.A. Jan-08-2015 Mar-20-2015 $ 25,000 $ 1 1.8280 % One-month L Mar-31-2022 The Toronto-Dominion Bank Jan-08-2015 Feb-14-2020 $ 25,000 $ (166 ) 2.4535 % One-month L Mar-31-2022 Regions Bank Jan-08-2015 Feb-14-2020 $ 50,000 $ (355 ) 2.4750 % One-month L Mar-31-2022 Capital One, N.A. Jan-08-2015 Feb-14-2020 $ 50,000 $ (408 ) 2.5300 % One-month L Mar-31-2022 The fair value of the interest rate swaps outstanding as of June 30, 2017 and December 31, 2016 was as follows. Balance Sheet Line Item (in thousands) Notional Amount June 30, 2017 Fair Value Notional Amount December 31, 2016 Fair Value December 31, 2016 Interest rate swaps-Asset $ 350,000 $ 1,701 $ 300,000 $ 1,471 Interest rate swaps-Liability $ 325,000 $ (2,955 ) $ 375,000 $ (2,438 ) 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 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. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings into interest expense. During the three and six months ended June 30, 2017 and June 30, 2016 , the Company recorded a gain (loss) of approximately $(0.1) million , $27,000 , $0 and $0 , respectively, of hedge ineffectiveness in earnings due to short-term, partial mismatches in notional amounts. Amounts reported in accumulated other comprehensive loss related to derivatives designated as qualifying cash flow hedges will be reclassified to interest expense as interest payments are made on the Company's variable rate debt. The Company estimates that approximately $1.3 million will be reclassified from accumulated other comprehensive loss as an increase to interest expense over the next 12 months. The table below details the location in the financial statements of the gain or loss recognized on interest rate swaps designated as cash flow hedges for the three and six months ended June 30, 2017 and June 30, 2016 (in thousands). Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Amount of loss recognized in accumulated other comprehensive loss on interest rate swaps (effective portion) $ 1,956 $ 5,797 $ 1,442 $ 18,365 Amount of loss reclassified from accumulated other comprehensive loss into income (loss) as interest expense (effective portion) $ 446 $ 729 $ 1,144 $ 1,474 Amount of gain (loss) recognized in interest expense (ineffective portion) $ (129 ) $ — $ 27 $ — Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of June 30, 2017 , derivatives that were in a net liability position and subject to credit-risk-related contingent features had a termination value of approximately $2.1 million , which includes accrued interest but excludes any adjustment for nonperformance risk. As of June 30, 2017 , the Company had not breached the provisions of these agreements and has not posted any collateral related to these agreements. If the Company had breached any of its provisions at June 30, 2017 , 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 $2.1 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 Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of June 30, 2017 and December 31, 2016 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The following sets forth the Company’s financial instruments that are accounted for at fair value on a recurring basis as of June 30, 2017 and December 31, 2016 . Fair Value Measurements as of Balance Sheet Line Item (in thousands) Fair Value Level 1 Level 2 Level 3 Interest rate swaps-Asset $ 1,701 $ — $ 1,701 $ — Interest rate swaps-Liability $ (2,955 ) $ — $ (2,955 ) $ — 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 ) $ —

Equity

Equity	6 Months Ended
	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
Equity	Equity Preferred Stock The table below sets forth the Company’s outstanding preferred stock issuances as of June 30, 2017 . Preferred Stock Issuances Issuance Date Number of Shares Liquidation Value Per Share Interest Rate 6.625% Series B Cumulative Redeemable Preferred Stock ("Series B Preferred Stock") April 16, 2013 2,800,000 $ 25.00 6.625 % 6.875% Series C Cumulative Redeemable Preferred Stock ("Series C Preferred Stock") March 17, 2016 3,000,000 $ 25.00 6.875 % The tables below set forth the dividends attributable to the Company's outstanding preferred stock issuances during the six months ended June 30, 2017 and the year ended December 31, 2016 . Quarter Ended 2017 Declaration Date Series B Series C Payment Date June 30 May 1, 2017 $ 0.4140625 $ 0.4296875 June 30, 2017 March 31 February 15, 2017 0.4140625 0.4296875 March 31, 2017 Total $ 0.8281250 $ 0.8593750 Quarter Ended 2016 Declaration Date Series A Preferred Stock Per Share Series B Preferred Stock Per Share Series C Preferred Stock Per Share 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 November 2, 2016, the Company redeemed all of the outstanding shares of the 9.0% Series A Cumulative Redeemable 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. On July 31, 2017 , the Company’s board of directors declared the Series B Preferred Stock and Series C Preferred Stock dividend for the quarter ending September 30, 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 program as of June 30, 2017 . ATM Stock Offering Program Date Maximum Aggregate Offering Price (in thousands) Aggregate Common Stock Available as of 2017 $300 million ATM April 7, 2017 $ 300,000 $ 142,831 The tables below set forth the activity under the ATM common stock offering programs during the six months ended June 30, 2017 and the year ended December 31, 2016 , respectively (in thousands, except share data). Six months ended June 30, 2017 ATM Stock Offering Program Shares Weighted Average Price Per Share Gross Sales Net 2017 $300 million ATM 5,956,759 $ 26.38 $ 157,169 $ 1,851 $ 155,318 2016 $228 million ATM (1) 4,799,784 $ 24.42 $ 117,216 $ 1,604 $ 115,612 Total/weighted average 10,756,543 $ 25.51 $ 274,385 $ 3,455 $ 270,930 (1) This program ended before June 30, 2017 . Year ended December 31, 2016 ATM Stock Offering Program Shares Weighted Average Price Per Share Gross Sales Net 2016 $228 million ATM (1) 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) These programs ended before June 30, 2017 . Subsequent to June 30, 2017 , the Company sold 783,718 shares under its ATM common stock offering programs for gross proceeds of approximately $21.3 million . Dividends The table below sets forth the dividends attributable to the common stock that were declared or paid during the six months ended June 30, 2017 and the year ended December 31, 2016 . Month Ended 2017 Declaration Date Record Date Per Share Payment Date September 30 May 1, 2017 September 29, 2017 $ 0.117500 October 16, 2017 August 31 May 1, 2017 August 31, 2017 0.117500 September 15, 2017 July 31 May 1, 2017 July 31, 2017 0.117500 August 15, 2017 June 30 February 15, 2017 June 30, 2017 0.116667 July 17, 2017 May 31 February 15, 2017 May 31, 2017 0.116667 June 15, 2017 April 30 February 15, 2017 April 28, 2017 0.116667 May 15, 2017 March 31 November 2, 2016 March 31, 2017 0.116667 April 17, 2017 February 28 November 2, 2016 February 28, 2017 0.116667 March 15, 2017 January 31 November 2, 2016 January 31, 2017 0.116667 February 15, 2017 Total $ 1.052502 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 On July 31, 2017 , the Company’s board of directors declared the common stock dividend for the months ending October 31, 2017 , November 30, 2017 and December 31, 2017 at a monthly rate of $0.1175 per share of common stock. Restricted Stock-Based Compensation Restricted shares of common stock granted on January 6, 2017, subject to the recipient’s continued employment, will vest in four equal installments on January 1 of each year beginning in 2018. The following table summarizes activity related to the Company’s unvested restricted shares of common stock for the six months ended June 30, 2017 and the year ended December 31, 2016 . Unvested Restricted Shares of Common Stock Shares Balance at December 31, 2015 271,115 Granted 101,289 (1) Vested (98,746 ) Forfeited (1,321 ) Balance at December 31, 2016 272,337 Granted 75,001 (2) Vested (109,209 ) Forfeited (922 ) Balance at June 30, 2017 237,207 (1) The grant date fair value per share was $17.98 . (2) The grant date fair value per share was $24.41 . The unrecognized compensation expense associated with the Company’s restricted shares of common stock at June 30, 2017 was approximately $3.9 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 for the restricted shares of common stock vested during the three and six months ended June 30, 2017 and June 30, 2016 . Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Vested restricted shares of common stock — 14,410 109,209 98,746 Fair value of vested restricted shares of common stock (in thousands) $ — $ 291 $ 2,615 $ 1,813

Noncontrolling Interest

Noncontrolling Interest	6 Months Ended
	Jun. 30, 2017
Noncontrolling Interest [Abstract]
Noncontrolling Interest	Noncontrolling Interest The table below summarizes the activity for noncontrolling interest in the Company for the six months ended June 30, 2017 and the year ended December 31, 2016 . LTIP Units Other Common Units Total Noncontrolling Common Units Noncontrolling Interest Balance at December 31, 2015 1,610,105 1,915,872 3,525,977 4.9 % Granted/Issued 176,396 — 176,396 N/A Forfeited — — — 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 % Granted/Issued 126,239 687,827 814,066 N/A Forfeited — — — N/A Conversions from LTIP units to Other Common Units (227,831 ) 227,831 — N/A Redemptions from Other Common Units to common stock — (297,006 ) (297,006 ) N/A Balance at June 30, 2017 1,474,924 2,676,017 4,150,941 4.3 % LTIP Units LTIP units granted on January 6, 2017 to independent directors, subject to the recipient’s continued service, will vest on January 1, 2018. LTIP units granted on January 6, 2017 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 having been March 31, 2017. The fair value of the LTIP units at the date of grant was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. 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 granted during the six months ended June 30, 2017 . LTIP Units Assumptions Grant date January 6, 2017 Expected term (years) 10 Expected volatility 23.0 % Expected dividend yield 6.0 % Risk-free interest rate 1.61 % Fair value of LTIP units at issuance (in thousands) $ 2,924 LTIP units at issuance 126,239 Fair value unit price per LTIP unit at issuance $ 23.16 The following table summarizes activity related to the Company’s unvested LTIP units for the six months ended June 30, 2017 and the year ended December 31, 2016 . Unvested LTIP Units LTIP Units Balance at December 31, 2015 534,910 Granted 176,396 Vested (307,883 ) Forfeited — Balance at December 31, 2016 403,423 Granted 126,239 Vested (112,874 ) Forfeited — Balance at June 30, 2017 416,788 The unrecognized compensation expense associated with the Company’s LTIP units at June 30, 2017 was approximately $7.1 million and is expected to be recognized over a weighted average period of approximately 2.6 years . The following table summarizes the fair value at vesting for the LTIP units vested during the three and six months ended June 30, 2017 and June 30, 2016 . Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Vested LTIP units 45,204 45,874 112,874 216,151 Fair value of vested LTIP units (in thousands) $ 1,248 $ 1,092 $ 2,911 $ 4,181 Other Common Units As partial consideration for a property acquired on May 31, 2017 , the Company granted 687,827 Other Common Units with a fair value of approximately $18.6 million . The number of Other Common Units granted was calculated based on the trailing five -day average common stock closing price ending on the second business day that immediately preceded the grant date. The fair value of the Other Common Units granted was calculated based on the Company's closing stock price on the New York Stock Exchange 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(a)(2) under the Securities Act of 1933, as amended, and Regulation D promulgated thereunder. The Company relied on the exemption based on representations given by the holders of the Other Common Units. Subject to certain restrictions, the Other Common Units may be redeemed for cash or, at the Company’s election, common stock on a one-for-one basis, subject to adjustment, as provided in the operating partnership agreement.

Equity Incentive Plan

Equity Incentive Plan	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Plan	Equity Incentive Plan On January 6, 2017, 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, 2017 and ends on December 31, 2019 (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 the 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 determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the performance units are based on Level 3 inputs and are non-recurring fair value measurements. The table below sets forth the assumptions used in valuing the performance units granted during the six months ended June 30, 2017 . Performance Units Assumptions Grant date January 6, 2017 Expected volatility 23.0 % Expected dividend yield 6.0 % Risk-free interest rate 1.61 % Fair value of performance units grant (in thousands) $ 2,882 The performance unit equity compensation expense is recognized into earnings ratably from the grant date over the respective vesting periods. The unrecognized compensation expense associated with the Company's performance units and outperformance program (collectively, "Performance-based Compensation Plans") at June 30, 2017 was approximately $4.2 million and is expected to be recognized over a weighted average period of approximately 2.4 years . Non-cash Compensation Expense The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, Performance-based Compensation Plans, and the Company’s board of directors’ compensation for the three and six months ended June 30, 2017 and June 30, 2016 . Three months ended June 30, Six months ended June 30, Non-Cash Compensation Expense (in thousands) 2017 2016 2017 2016 Restricted shares of common stock $ 590 $ 534 $ 1,182 $ 1,092 LTIP units 1,171 1,098 2,341 3,893 (1) Performance-based Compensation Plans 537 322 1,074 494 Board of directors compensation (2) 90 90 178 170 Total non-cash compensation expense $ 2,388 $ 2,044 $ 4,775 $ 5,649 (1) Inclusive of approximately $1.6 million of non-cash compensation expense during the six months ended June 30, 2016 associated with the severance cost of a former executive officer. (2) All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three and six months ended June 30, 2017 and June 30, 2016 . The number of shares of common stock granted is calculated based on the trailing 10 days average common stock price ending on the third business day preceding the grant date.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share During the three and six months ended June 30, 2017 and June 30, 2016 , there were 237,382 , 238,598 , 275,426 and 280,442 , respectively, unvested shares of restricted stock on a weighted average basis that were considered participating securities. The following tables set forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2017 and June 30, 2016 . Three months ended June 30, Six months ended June 30, Earnings Per Share (in thousands, except share data) 2017 2016 2017 2016 Numerator Net income (loss) $ 1,368 $ (9,941 ) $ 1,437 $ 2,391 Less: preferred stock dividends 2,448 4,001 4,897 6,913 Less: amount allocated to participating securities 83 95 166 195 Less: loss attributable to noncontrolling interest after preferred stock dividends (44 ) (718 ) (145 ) (232 ) Net loss attributable to common stockholders $ (1,119 ) $ (13,319 ) $ (3,481 ) $ (4,485 ) Denominator Weighted average common shares outstanding — basic and diluted (1) 88,181,117 67,910,361 85,012,106 67,899,789 Net loss per share Net loss per share — basic and diluted $ (0.01 ) $ (0.20 ) $ (0.04 ) $ (0.07 ) (1) During the three and six months ended June 30, 2017 and June 30, 2016 , there were 237,382 , 238,598 , 275,426 and 280,442 , respectively, unvested shares of restricted common stock on a weighted average basis that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period. During the three and six months ended June 30, 2017 and June 30, 2016 , there were 670,419 , 666,213 , 258,904 , and 163,593 , respectively, unvested Performance-based Compensation Plans on a weighted average basis that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance subject to deductible requirements. Management believes that the ultimate settlement of these actions will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows. The Company is subject to a one-time incentive fee based on aggregate performance thresholds of the acquired buildings sourced by Columbus Nova Real Estate Acquisition Group, LLC. The measurement period for the incentive fee ended on May 31, 2017. The final valuation of the incentive fee is subject to three independent appraisals and is expected to be finalized during the three months ending September 30, 2017. As of June 30, 2017 and December 31, 2016 , the estimated fair value of the incentive fee was approximately $0.9 million and $0 , respectively, and is included in accounts payable, accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets. Incentive fee expense of approximately $0.9 million , $0.9 million , $0 , and $0 for the three and six months ended June 30, 2017 and June 30, 2016 , respectively, is included in other expenses on the accompanying Consolidated Statements of Operations. The estimated fair value as of June 30, 2017 was calculated using the direct cap method under the income approach using capitalization rates of 6.5% to 9.25% , which are Level 3 inputs. The estimated fair value as of December 31, 2016 was calculated using the discounted cash flow method under the income approach using the following Level 3 inputs: discount rates of 8.0% to 12.0% and exit capitalization rates of 7.0% to 12.0% . The Company has letters of credit of approximately $5.6 million as of June 30, 2017 related to development projects and certain lease agreements in which the Company is the lessee.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The following non-recognized subsequent events were noted. On July 28, 2017 , the Company entered into a $150.0 million unsecured term loan agreement. The new unsecured term loan bears a current interest rate of LIBOR plus a spread of 1.3% at current leverage levels and matures on January 4, 2023 . On July 28, 2017, the Company entered into an amendment to its unsecured credit facility agreement and amendments to its unsecured term loan agreements to conform certain provisions to the new term loan agreement. On July 20, 2017 , the Company entered into five interest rate swaps with a total notional amount of $150.0 million to fix LIBOR at 1.8488% on the new unsecured term loan. The interest rate swaps will become effective on October 30, 2017 and expire on January 4, 2023 . On August 1, 2017 , the three mortgage notes held with Connecticut General Life Insurance Company in which multiple properties served as collateral for the mortgage notes, were paid in full.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Quarterly Financial Information	Interim Financial Information The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 .
Related-Party Transactions	Related Parties As of June 30, 2017 and December 31, 2016 , the Company had approximately $13,000 and $48,000 , respectively, of amounts due from related parties, which are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.
Basis of Presentation	Basis of Presentation The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units ("Other Common Units") and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended (the “2011 Plan”). All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented.
Accounting Changes and Error Corrections	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 Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 . These adjustments do not impact the Company’s cash balances for any of the reporting periods. The effects of this revision to the prior period consolidated financial statements are as follows (in thousands, except for per share data). Effect of Revision As of and For the Three and Six Months Ended June 30, 2016 As Previously Reported Adjustment As Revised Consolidated Balance Sheet, June 30, 2016 Total equity $ 860,398 $ 3,540 $ 863,938 Consolidated Statement of Operations, Three Months Ended June 30, 2016 Depreciation and amortization $ 31,018 $ (531 ) $ 30,487 Total expenses $ 62,660 $ (531 ) $ 62,129 Net loss $ (10,472 ) $ 531 $ (9,941 ) Net loss attributable to STAG Industrial, Inc. $ (9,727 ) $ 504 $ (9,223 ) Net loss attributable to common stockholders $ (13,823 ) $ 504 $ (13,319 ) Net loss per share attributable to common stockholders — basic and diluted $ (0.20 ) $ — $ (0.20 ) Consolidated Statement of Operations, Six Months Ended June 30, 2016 Depreciation and amortization $ 61,298 $ (1,062 ) $ 60,236 Total expenses $ 117,426 $ (1,062 ) $ 116,364 Net income $ 1,329 $ 1,062 $ 2,391 Net income attributable to STAG Industrial, Inc. $ 1,616 $ 1,007 $ 2,623 Net loss attributable to common stockholders $ (5,492 ) $ 1,007 $ (4,485 ) Net loss per share attributable to common stockholders — basic and diluted $ (0.08 ) $ 0.01 $ (0.07 ) Consolidated Statement of Comprehensive Income (Loss), Three Months Ended June 30, 2016 Comprehensive loss $ (15,540 ) $ 531 $ (15,009 ) Consolidated Statement of Comprehensive Income (Loss), Six Months Ended June 30, 2016 Comprehensive loss $ (15,562 ) $ 1,062 $ (14,500 )
Reclassification	Certain prior year amounts have been reclassified to conform to the current year presentation.
Adoption of New Accounting Pronouncements	In May of 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-09, Stock Compensation (Topic 718): Scope of Modification Accounting , which provides updated guidance about which changes to the terms or conditions of a share-based payment award would require an entity to apply modification accounting under the topic. 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 prospectively to an award modified on or after the adoption date. The adoption of ASU 2017-09 is not expected to materially impact the Company’s consolidated financial statements. The Company plans to adopt this standard effective January 1, 2018. In February of 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets , which provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The new standard was issued as part of the new revenue standard (ASU 2014-09, as discussed below), and defines “in substance nonfinancial asset,” unifies guidance related to partial sales of nonfinancial assets, eliminates rules specifically addressing sales of real estate, removes exceptions to the financial asset derecognition model, and clarifies the accounting for contributions of nonfinancial assets to joint ventures. As a result of the new guidance, the guidance specific to real estate sales in Subtopic 360-20 will be eliminated, and sales and partial sales of real estate assets will now be subject to the same derecognition model as all other nonfinancial assets. This standard is effective at the same time an entity adopts ASU 2014-09, and either the full retrospective approach or the modified retrospective approach may be used. The adoption of ASU 2017-05 is not expected to materially impact the Company’s consolidated financial statements. The Company plans to adopt this standard effective January 1, 2018. In January of 2017, the FASB issued 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. The Company elected to early adopt this standard effective January 1, 2017. The adoption of this standard did not have a material effect on 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. The Company expects that it will adopt the standard effective January 1, 2018. 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 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 $0.8 million and $2.0 million for the three and six months ended June 30, 2016 and a corresponding increase in net cash used in financing activities for the three and six months ended June 30, 2016 related to the payment of loan prepayment fees and costs. 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. The Company expects that it will adopt the standard effective January 1, 2018. 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 specifically excluded from the model's scope, 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.

Summary of Significant Accoun20

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	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 Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 . These adjustments do not impact the Company’s cash balances for any of the reporting periods. The effects of this revision to the prior period consolidated financial statements are as follows (in thousands, except for per share data). Effect of Revision As of and For the Three and Six Months Ended June 30, 2016 As Previously Reported Adjustment As Revised Consolidated Balance Sheet, June 30, 2016 Total equity $ 860,398 $ 3,540 $ 863,938 Consolidated Statement of Operations, Three Months Ended June 30, 2016 Depreciation and amortization $ 31,018 $ (531 ) $ 30,487 Total expenses $ 62,660 $ (531 ) $ 62,129 Net loss $ (10,472 ) $ 531 $ (9,941 ) Net loss attributable to STAG Industrial, Inc. $ (9,727 ) $ 504 $ (9,223 ) Net loss attributable to common stockholders $ (13,823 ) $ 504 $ (13,319 ) Net loss per share attributable to common stockholders — basic and diluted $ (0.20 ) $ — $ (0.20 ) Consolidated Statement of Operations, Six Months Ended June 30, 2016 Depreciation and amortization $ 61,298 $ (1,062 ) $ 60,236 Total expenses $ 117,426 $ (1,062 ) $ 116,364 Net income $ 1,329 $ 1,062 $ 2,391 Net income attributable to STAG Industrial, Inc. $ 1,616 $ 1,007 $ 2,623 Net loss attributable to common stockholders $ (5,492 ) $ 1,007 $ (4,485 ) Net loss per share attributable to common stockholders — basic and diluted $ (0.08 ) $ 0.01 $ (0.07 ) Consolidated Statement of Comprehensive Income (Loss), Three Months Ended June 30, 2016 Comprehensive loss $ (15,540 ) $ 531 $ (15,009 ) Consolidated Statement of Comprehensive Income (Loss), Six Months Ended June 30, 2016 Comprehensive loss $ (15,562 ) $ 1,062 $ (14,500 )

Rental Property (Tables)

Rental Property (Tables)	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Schedule of components of rental property	The following table summarizes the components of rental property as of June 30, 2017 and December 31, 2016 . Rental Property (in thousands) June 30, 2017 December 31, 2016 Land $ 310,753 $ 272,162 Buildings, net of accumulated depreciation of $143,410 and $125,971, respectivel y 1,636,660 (1) 1,408,406 (1) Tenant improvements, net of accumulated depreciation of $30,179 and $28,388, respectively 27,939 24,974 Building and land improvements, net of accumulated depreciation of $43,728 and $33,054, respectivel y 127,214 107,463 Construction in progress 8,587 9,298 Deferred leasing intangibles, net of accumulated amortization of $257,790 and $237,456, respectively 322,503 294,533 Total rental property, net $ 2,433,656 $ 2,116,836 (1) Includes one building in redevelopment.
Schedule of real estate properties acquired	The following table summarizes the acquisitions of the Company during the three and six months ended June 30, 2017 . Location of Property Square Feet Buildings Purchase Price Jacksonville, FL 1,025,720 4 $ 34,264 Sparks, NV 174,763 1 8,380 Salisbury, NC 288,000 1 8,250 Franklin Township, NJ 183,000 1 12,800 Milford, CT 200,000 1 12,762 Bedford Heights, OH 173,034 1 7,622 Redford, MI 135,728 1 7,769 Warren, MI 154,377 1 7,940 Three months ended March 31, 2017 2,334,622 11 $ 99,787 Waukegan, IL 261,075 2 $ 13,850 Gaffney, SC 226,968 1 7,200 Dayton, OH 569,966 1 29,750 Belvidere, IL 336,204 1 22,867 San Diego, CA 205,440 1 19,362 Edwardsville, KS 270,869 1 16,270 Pedricktown, NJ 245,749 1 16,000 Walton, KY 224,921 1 11,450 Rock Hill, SC 275,000 1 6,675 Laredo, TX 206,810 1 13,500 Clinton, PA 297,200 1 23,650 Batavia, IL 102,500 1 5,900 Wallingford, CT 105,000 1 8,200 Rockwall, TX 389,546 1 28,600 Houston, TX 232,800 3 25,000 Lebanon, PA 211,358 1 7,950 Maple Grove, MN 108,628 1 10,031 Romulus, MI 303,760 1 19,351 Three months ended June 30, 2017 4,573,794 21 $ 285,606 Six months ended June 30, 2017 6,908,416 32 $ 385,393
Summary of allocation of the consideration paid for the acquired assets and liabilities in connection with the acquisition of buildings at the date of acquisition	The following table summarizes the allocation of the consideration paid at the date of acquisition during the six months ended June 30, 2017 for the acquired assets and liabilities in connection with the acquisitions identified in the table above. Acquired Assets and Liabilities Purchase Price (in thousands) Weighted Average Amortization Period (years) of Intangibles at Acquisition Land $ 39,900 N/A Buildings 251,574 N/A Tenant improvements 6,382 N/A Building and land improvements 22,754 N/A Deferred leasing intangibles - In-place leases 40,857 8.9 Deferred leasing intangibles - Tenant relationships 16,260 11.2 Deferred leasing intangibles - Above market leases 11,478 11.5 Deferred leasing intangibles - Below market leases (3,812 ) 9.0 Total purchase price $ 385,393
Schedule of pro forma information for acquired properties	The table below sets forth the results of operations for the three and six months ended June 30, 2017 , for the properties acquired during the six months ended June 30, 2017 , included in the Company’s Consolidated Statements of Operations from the date of acquisition. Results of Operations (in thousands) Three months ended June 30, 2017 Six months ended June 30, 2017 Total revenue $ 4,174 $ 5,611 Property acquisition costs $ 2,615 $ 3,208 Net loss $ 2,430 $ 3,099 The following tables set forth pro forma information for the six months ended June 30, 2017 and June 30, 2016 . The below pro forma information does not purport to represent what the actual results of operations of the Company would have been had the acquisitions outlined above occurred on the first day of the applicable reporting period, nor do they purport to predict the results of operations of future periods. The pro forma information has not been adjusted for property sales. Pro Forma (in thousands) (1) Six months ended June 30, 2017 Six months ended June 30, 2016 Total revenue $ 151,746 $ 135,955 Net income (loss) (2) $ 5,757 $ (4,201 ) Net income (loss) attributable to common stockholders $ 658 $ (10,738 ) (1) The unaudited pro forma information for the six months ended June 30, 2017 and June 30, 2016 is presented as if the properties acquired during the six months ended June 30, 2017 and June 30, 2016 were completed on January 1, 2016 and January 1, 2015 , respectively. (2) The net income for the six months ended June 30, 2017 excludes approximately $3.2 million of property acquisition costs related to the acquisition of buildings that closed during the six months ended June 30, 2017 , and the net income for the six months ended June 30, 2016 was adjusted to include these acquisition costs. Net income for the six months ended June 30, 2016 excludes approximately $1.0 million of property acquisition costs related to the acquisition of buildings that closed during the six months ended June 30, 2016 .
Schedule of Finite-Lived Intangible Assets and Below Market Leases	The following table summarizes the deferred leasing intangibles on the accompanying Consolidated Balance Sheets as of June 30, 2017 and December 31, 2016 . June 30, 2017 December 31, 2016 Deferred Leasing Intangibles (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Above market leases $ 78,476 $ (34,009 ) $ 44,467 $ 70,668 $ (32,868 ) $ 37,800 Other intangible lease assets 501,817 (223,781 ) 278,036 461,321 (204,588 ) 256,733 Total deferred leasing intangible assets $ 580,293 $ (257,790 ) $ 322,503 $ 531,989 $ (237,456 ) $ 294,533 Below market leases $ 34,175 $ (12,278 ) $ 21,897 $ 30,791 $ (10,450 ) $ 20,341 Total deferred leasing intangible liabilities $ 34,175 $ (12,278 ) $ 21,897 $ 30,791 $ (10,450 ) $ 20,341 The following table sets forth the amortization expense and the net decrease to rental income for the amortization of deferred leasing intangibles during the three and six months ended June 30, 2017 and June 30, 2016 . Three months ended June 30, Six months ended June 30, Deferred Leasing Intangibles Amortization (in thousands) 2017 2016 2017 2016 Net decrease to rental income related to above and below market lease amortization $ 1,259 $ 1,521 $ 2,555 $ 3,187 Amortization expense related to other intangible lease assets $ 17,420 $ 16,346 $ 35,813 $ 32,259
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table sets forth the amortization of deferred leasing intangibles over the next five years as of June 30, 2017 . 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) Remainder of 2017 $ 34,702 $ 2,583 2018 $ 58,161 $ 4,211 2019 $ 45,676 $ 3,506 2020 $ 35,970 $ 3,104 2021 $ 26,620 $ 1,854
Below Market Lease, Future Amortization Income	The following table sets forth the amortization of deferred leasing intangibles over the next five years as of June 30, 2017 . 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) Remainder of 2017 $ 34,702 $ 2,583 2018 $ 58,161 $ 4,211 2019 $ 45,676 $ 3,506 2020 $ 35,970 $ 3,104 2021 $ 26,620 $ 1,854

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Interest Income and Interest Expense Disclosure [Table Text Block]	The table below sets forth the costs included in interest expense related to the Company's debt arrangements on the accompanying Consolidated Statement of Operations for the three and six months ended June 30, 2017 and June 30, 2016 . Three months ended June 30, Six months ended June 30, Costs Included in Interest Expense (in thousands) 2017 2016 2017 2016 Amortization of deferred financing fees and debt issuance costs and fair market value premiums $ 504 $ 401 $ 1,007 $ 780 Facility fees and unused fees $ 278 $ 344 $ 553 $ 688
Summary of the mortgage notes payable, unsecured term loans and credit facility	The following table sets forth a summary of the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes as of June 30, 2017 and December 31, 2016 . Loan Principal Outstanding as of June 30, 2017 (in thousands) Principal Outstanding as of December 31, 2016 (in thousands) Interest (1) Current Maturity Prepayment Terms (2) Unsecured credit facility: Unsecured Credit Facility (3) $ 130,000 $ 28,000 L + 1.15% Dec-18-2019 i Total unsecured credit facility 130,000 28,000 Unsecured term loans: Unsecured Term Loan C 150,000 150,000 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 450,000 450,000 Less: Total unamortized deferred financing fees and debt issuance costs (3,046 ) (3,392 ) Total carrying value unsecured term loans 446,954 446,608 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 (1,899 ) (2,034 ) Total carrying value unsecured notes 398,101 397,966 Mortgage notes (secured debt): Union Fidelity Life Insurance Company — 5,384 5.81 % Apr-30-2017 iii Webster Bank, National Association — 2,853 3.66 % May-29-2017 iv Webster Bank, National Association — 3,073 3.64 % May-31-2017 iv Wells Fargo, National Association — 4,043 5.90 % Aug-1-2017 v Connecticut General Life Insurance Company -1 Facility 35,012 35,320 6.50 % Feb-1-2018 vi Connecticut General Life Insurance Company -2 Facility 36,539 36,892 5.75 % Feb-1-2018 vi Connecticut General Life Insurance Company -3 Facility 16,004 16,141 5.88 % Feb-1-2018 vi Wells Fargo Bank, National Association CMBS Loan 55,778 56,608 4.31 % Dec-1-2022 vii Thrivent Financial for Lutherans 3,960 4,012 4.78 % Dec-15-2023 iv Total mortgage notes 147,293 164,326 Total unamortized fair market value premiums 66 112 Less: Total unamortized deferred financing fees and debt issuance costs (718 ) (873 ) Total carrying value mortgage notes 146,641 163,565 Total / weighted average interest rate (4) $ 1,121,696 $ 1,036,139 3.62 % (1) Current interest rate as of June 30, 2017 . At June 30, 2017 , the one-month LIBOR (“L”) was 1.22389% . The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for the Company's unsecured credit facility and unsecured term loans is based on the Company's consolidated leverage ratio, as defined in the respective loan agreements. (2) Prepayment terms consist of (i) pre-payable with no penalty; (ii) pre-payable with penalty; (iii) pre-payable without penalty two months prior to the maturity date; (iv) pre-payable without penalty three 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 . Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $2.0 million and $2.3 million is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of June 30, 2017 and December 31, 2016 , respectively. (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	The following table presents the aggregate principal outstanding of the Company’s debt and the corresponding estimate of fair value as of June 30, 2017 and December 31, 2016 (in thousands). June 30, 2017 December 31, 2016 Principal Outstanding Fair Value Principal Outstanding Fair Value Unsecured credit facility $ 130,000 $ 130,000 $ 28,000 $ 28,000 Unsecured term loans 450,000 450,000 450,000 450,000 Unsecured notes 400,000 417,932 400,000 399,091 Mortgage notes 147,293 149,236 164,326 166,099 Total principal amount 1,127,293 $ 1,147,168 1,042,326 $ 1,043,190 Add: Total unamortized fair market value premiums 66 112 Less: Total unamortized deferred financing fees and debt issuance costs (5,663 ) (6,299 ) Total carrying value $ 1,121,696 $ 1,036,139

Use of Derivative Financial I23

Use of Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate swaps	The fair value of the interest rate swaps outstanding as of June 30, 2017 and December 31, 2016 was as follows. Balance Sheet Line Item (in thousands) Notional Amount June 30, 2017 Fair Value Notional Amount December 31, 2016 Fair Value December 31, 2016 Interest rate swaps-Asset $ 350,000 $ 1,701 $ 300,000 $ 1,471 Interest rate swaps-Liability $ 325,000 $ (2,955 ) $ 375,000 $ (2,438 ) The following table details the Company’s outstanding interest rate swaps as of June 30, 2017 . 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 $ 8 0.7945 % One-month L Sep-10-2017 Bank of America, N.A. Sep-14-2012 Oct-10-2012 $ 10,000 $ 8 0.7945 % One-month L Sep-10-2017 UBS AG Sep-14-2012 Oct-10-2012 $ 10,000 $ 8 0.7945 % One-month L Sep-10-2017 Royal Bank of Canada Sep-14-2012 Oct-10-2012 $ 10,000 $ 8 0.7945 % One-month L Sep-10-2017 RJ Capital Services, Inc. Sep-14-2012 Oct-10-2012 $ 10,000 $ 8 0.7975 % One-month L Sep-10-2017 Bank of America, N.A. Sep-20-2012 Oct-10-2012 $ 25,000 $ 23 0.7525 % One-month L Sep-10-2017 RJ Capital Services, Inc. Sep-24-2012 Oct-10-2012 $ 25,000 $ 24 0.7270 % One-month L Sep-10-2017 Regions Bank Mar-01-2013 Mar-01-2013 $ 25,000 $ 177 1.3300 % One-month L Feb-14-2020 Capital One, N.A. Jun-13-2013 Jul-01-2013 $ 50,000 $ (102 ) 1.6810 % One-month L Feb-14-2020 Capital One, N.A. Jun-13-2013 Aug-01-2013 $ 25,000 $ (65 ) 1.7030 % One-month L Feb-14-2020 Regions Bank Sep-30-2013 Feb-03-2014 $ 25,000 $ (254 ) 1.9925 % One-month L Feb-14-2020 The Toronto-Dominion Bank Oct-14-2015 Sep-29-2016 $ 25,000 $ 238 1.3830 % One-month L Sep-29-2020 PNC Bank, N.A. Oct-14-2015 Sep-29-2016 $ 50,000 $ 466 1.3906 % One-month L Sep-29-2020 Regions Bank Oct-14-2015 Sep-29-2016 $ 35,000 $ 329 1.3858 % One-month L Sep-29-2020 U.S. Bank, N.A. Oct-14-2015 Sep-29-2016 $ 25,000 $ 230 1.3950 % One-month L Sep-29-2020 Capital One, N.A. Oct-14-2015 Sep-29-2016 $ 15,000 $ 137 1.3950 % One-month L Sep-29-2020 Royal Bank of Canada Jan-08-2015 Mar-20-2015 $ 25,000 $ 19 1.7090 % One-month L Mar-21-2021 The Toronto-Dominion Bank Jan-08-2015 Mar-20-2015 $ 25,000 $ 17 1.7105 % One-month L Mar-21-2021 The Toronto-Dominion Bank Jan-08-2015 Sep-10-2017 $ 100,000 $ (1,605 ) 2.2255 % One-month L Mar-21-2021 Wells Fargo, N.A. Jan-08-2015 Mar-20-2015 $ 25,000 $ 1 1.8280 % One-month L Mar-31-2022 The Toronto-Dominion Bank Jan-08-2015 Feb-14-2020 $ 25,000 $ (166 ) 2.4535 % One-month L Mar-31-2022 Regions Bank Jan-08-2015 Feb-14-2020 $ 50,000 $ (355 ) 2.4750 % One-month L Mar-31-2022 Capital One, N.A. Jan-08-2015 Feb-14-2020 $ 50,000 $ (408 ) 2.5300 % One-month L Mar-31-2022
Schedule of the location in the financial statements of the gain or loss recognized on interest rate swaps	The table below details the location in the financial statements of the gain or loss recognized on interest rate swaps designated as cash flow hedges for the three and six months ended June 30, 2017 and June 30, 2016 (in thousands). Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Amount of loss recognized in accumulated other comprehensive loss on interest rate swaps (effective portion) $ 1,956 $ 5,797 $ 1,442 $ 18,365 Amount of loss reclassified from accumulated other comprehensive loss into income (loss) as interest expense (effective portion) $ 446 $ 729 $ 1,144 $ 1,474 Amount of gain (loss) recognized in interest expense (ineffective portion) $ (129 ) $ — $ 27 $ —
Schedule of financial instruments accounted for at fair value on a recurring basis	The following sets forth the Company’s financial instruments that are accounted for at fair value on a recurring basis as of June 30, 2017 and December 31, 2016 . Fair Value Measurements as of Balance Sheet Line Item (in thousands) Fair Value Level 1 Level 2 Level 3 Interest rate swaps-Asset $ 1,701 $ — $ 1,701 $ — Interest rate swaps-Liability $ (2,955 ) $ — $ (2,955 ) $ — 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 ) $ —

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
Schedule of Stock by Class	Preferred Stock Issuances Issuance Date Number of Shares Liquidation Value Per Share Interest Rate 6.625% Series B Cumulative Redeemable Preferred Stock ("Series B Preferred Stock") April 16, 2013 2,800,000 $ 25.00 6.625 % 6.875% Series C Cumulative Redeemable Preferred Stock ("Series C Preferred Stock") March 17, 2016 3,000,000 $ 25.00 6.875 %
Schedule of dividends	The tables below set forth the dividends attributable to the Company's outstanding preferred stock issuances during the six months ended June 30, 2017 and the year ended December 31, 2016 . Quarter Ended 2017 Declaration Date Series B Series C Payment Date June 30 May 1, 2017 $ 0.4140625 $ 0.4296875 June 30, 2017 March 31 February 15, 2017 0.4140625 0.4296875 March 31, 2017 Total $ 0.8281250 $ 0.8593750 Quarter Ended 2016 Declaration Date Series A Preferred Stock Per Share Series B Preferred Stock Per Share Series C Preferred Stock Per Share 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 Dividends The table below sets forth the dividends attributable to the common stock that were declared or paid during the six months ended June 30, 2017 and the year ended December 31, 2016 . Month Ended 2017 Declaration Date Record Date Per Share Payment Date September 30 May 1, 2017 September 29, 2017 $ 0.117500 October 16, 2017 August 31 May 1, 2017 August 31, 2017 0.117500 September 15, 2017 July 31 May 1, 2017 July 31, 2017 0.117500 August 15, 2017 June 30 February 15, 2017 June 30, 2017 0.116667 July 17, 2017 May 31 February 15, 2017 May 31, 2017 0.116667 June 15, 2017 April 30 February 15, 2017 April 28, 2017 0.116667 May 15, 2017 March 31 November 2, 2016 March 31, 2017 0.116667 April 17, 2017 February 28 November 2, 2016 February 28, 2017 0.116667 March 15, 2017 January 31 November 2, 2016 January 31, 2017 0.116667 February 15, 2017 Total $ 1.052502 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
Schedule of stock sale activity	The following sets forth the Company’s at-the market ("ATM") common stock offering program as of June 30, 2017 . ATM Stock Offering Program Date Maximum Aggregate Offering Price (in thousands) Aggregate Common Stock Available as of 2017 $300 million ATM April 7, 2017 $ 300,000 $ 142,831 The tables below set forth the activity under the ATM common stock offering programs during the six months ended June 30, 2017 and the year ended December 31, 2016 , respectively (in thousands, except share data). Six months ended June 30, 2017 ATM Stock Offering Program Shares Weighted Average Price Per Share Gross Sales Net 2017 $300 million ATM 5,956,759 $ 26.38 $ 157,169 $ 1,851 $ 155,318 2016 $228 million ATM (1) 4,799,784 $ 24.42 $ 117,216 $ 1,604 $ 115,612 Total/weighted average 10,756,543 $ 25.51 $ 274,385 $ 3,455 $ 270,930 (1) This program ended before June 30, 2017 . Year ended December 31, 2016 ATM Stock Offering Program Shares Weighted Average Price Per Share Gross Sales Net 2016 $228 million ATM (1) 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) These programs ended before June 30, 2017 .
Schedule of activity related to unvested restricted stock awards	The following table summarizes activity related to the Company’s unvested restricted shares of common stock for the six months ended June 30, 2017 and the year ended December 31, 2016 . Unvested Restricted Shares of Common Stock Shares Balance at December 31, 2015 271,115 Granted 101,289 (1) Vested (98,746 ) Forfeited (1,321 ) Balance at December 31, 2016 272,337 Granted 75,001 (2) Vested (109,209 ) Forfeited (922 ) Balance at June 30, 2017 237,207 (1) The grant date fair value per share was $17.98 . (2) The grant date fair value per share was $24.41 .
Schedule of fair value at vesting date for awards vesting during the period	The following table summarizes the fair value at vesting for the restricted shares of common stock vested during the three and six months ended June 30, 2017 and June 30, 2016 . Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Vested restricted shares of common stock — 14,410 109,209 98,746 Fair value of vested restricted shares of common stock (in thousands) $ — $ 291 $ 2,615 $ 1,813 The table below sets forth the assumptions used in valuing such LTIP units granted during the six months ended June 30, 2017 . LTIP Units Assumptions Grant date January 6, 2017 Expected term (years) 10 Expected volatility 23.0 % Expected dividend yield 6.0 % Risk-free interest rate 1.61 % Fair value of LTIP units at issuance (in thousands) $ 2,924 LTIP units at issuance 126,239 Fair value unit price per LTIP unit at issuance $ 23.16 The table below sets forth the assumptions used in valuing the performance units granted during the six months ended June 30, 2017 . Performance Units Assumptions Grant date January 6, 2017 Expected volatility 23.0 % Expected dividend yield 6.0 % Risk-free interest rate 1.61 % Fair value of performance units grant (in thousands) $ 2,882

Noncontrolling Interest (Tables

Noncontrolling Interest (Tables)	6 Months Ended
	Jun. 30, 2017
Noncontrolling Interest [Abstract]
Noncontrolling interest activity	The table below summarizes the activity for noncontrolling interest in the Company for the six months ended June 30, 2017 and the year ended December 31, 2016 . LTIP Units Other Common Units Total Noncontrolling Common Units Noncontrolling Interest Balance at December 31, 2015 1,610,105 1,915,872 3,525,977 4.9 % Granted/Issued 176,396 — 176,396 N/A Forfeited — — — 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 % Granted/Issued 126,239 687,827 814,066 N/A Forfeited — — — N/A Conversions from LTIP units to Other Common Units (227,831 ) 227,831 — N/A Redemptions from Other Common Units to common stock — (297,006 ) (297,006 ) N/A Balance at June 30, 2017 1,474,924 2,676,017 4,150,941 4.3 %
Schedule of fair value at vesting date for awards vesting during the period	The following table summarizes the fair value at vesting for the restricted shares of common stock vested during the three and six months ended June 30, 2017 and June 30, 2016 . Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Vested restricted shares of common stock — 14,410 109,209 98,746 Fair value of vested restricted shares of common stock (in thousands) $ — $ 291 $ 2,615 $ 1,813 The table below sets forth the assumptions used in valuing such LTIP units granted during the six months ended June 30, 2017 . LTIP Units Assumptions Grant date January 6, 2017 Expected term (years) 10 Expected volatility 23.0 % Expected dividend yield 6.0 % Risk-free interest rate 1.61 % Fair value of LTIP units at issuance (in thousands) $ 2,924 LTIP units at issuance 126,239 Fair value unit price per LTIP unit at issuance $ 23.16 The table below sets forth the assumptions used in valuing the performance units granted during the six months ended June 30, 2017 . Performance Units Assumptions Grant date January 6, 2017 Expected volatility 23.0 % Expected dividend yield 6.0 % Risk-free interest rate 1.61 % Fair value of performance units grant (in thousands) $ 2,882
Schedule of activity related to share-based compensation	The following table summarizes the fair value at vesting for the LTIP units vested during the three and six months ended June 30, 2017 and June 30, 2016 . Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Vested LTIP units 45,204 45,874 112,874 216,151 Fair value of vested LTIP units (in thousands) $ 1,248 $ 1,092 $ 2,911 $ 4,181 The following table summarizes activity related to the Company’s unvested LTIP units for the six months ended June 30, 2017 and the year ended December 31, 2016 . Unvested LTIP Units LTIP Units Balance at December 31, 2015 534,910 Granted 176,396 Vested (307,883 ) Forfeited — Balance at December 31, 2016 403,423 Granted 126,239 Vested (112,874 ) Forfeited — Balance at June 30, 2017 416,788

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of fair value at vesting date for awards vesting during the period	The following table summarizes the fair value at vesting for the restricted shares of common stock vested during the three and six months ended June 30, 2017 and June 30, 2016 . Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Vested restricted shares of common stock — 14,410 109,209 98,746 Fair value of vested restricted shares of common stock (in thousands) $ — $ 291 $ 2,615 $ 1,813 The table below sets forth the assumptions used in valuing such LTIP units granted during the six months ended June 30, 2017 . LTIP Units Assumptions Grant date January 6, 2017 Expected term (years) 10 Expected volatility 23.0 % Expected dividend yield 6.0 % Risk-free interest rate 1.61 % Fair value of LTIP units at issuance (in thousands) $ 2,924 LTIP units at issuance 126,239 Fair value unit price per LTIP unit at issuance $ 23.16 The table below sets forth the assumptions used in valuing the performance units granted during the six months ended June 30, 2017 . Performance Units Assumptions Grant date January 6, 2017 Expected volatility 23.0 % Expected dividend yield 6.0 % Risk-free interest rate 1.61 % Fair value of performance units grant (in thousands) $ 2,882
Summary of Equity Compensation Expense	The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, Performance-based Compensation Plans, and the Company’s board of directors’ compensation for the three and six months ended June 30, 2017 and June 30, 2016 . Three months ended June 30, Six months ended June 30, Non-Cash Compensation Expense (in thousands) 2017 2016 2017 2016 Restricted shares of common stock $ 590 $ 534 $ 1,182 $ 1,092 LTIP units 1,171 1,098 2,341 3,893 (1) Performance-based Compensation Plans 537 322 1,074 494 Board of directors compensation (2) 90 90 178 170 Total non-cash compensation expense $ 2,388 $ 2,044 $ 4,775 $ 5,649 (1) Inclusive of approximately $1.6 million of non-cash compensation expense during the six months ended June 30, 2016 associated with the severance cost of a former executive officer. (2) All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three and six months ended June 30, 2017 and June 30, 2016 . The number of shares of common stock granted is calculated based on the trailing 10 days average common stock price ending on the third business day preceding the grant date.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per common share	The following tables set forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2017 and June 30, 2016 . Three months ended June 30, Six months ended June 30, Earnings Per Share (in thousands, except share data) 2017 2016 2017 2016 Numerator Net income (loss) $ 1,368 $ (9,941 ) $ 1,437 $ 2,391 Less: preferred stock dividends 2,448 4,001 4,897 6,913 Less: amount allocated to participating securities 83 95 166 195 Less: loss attributable to noncontrolling interest after preferred stock dividends (44 ) (718 ) (145 ) (232 ) Net loss attributable to common stockholders $ (1,119 ) $ (13,319 ) $ (3,481 ) $ (4,485 ) Denominator Weighted average common shares outstanding — basic and diluted (1) 88,181,117 67,910,361 85,012,106 67,899,789 Net loss per share Net loss per share — basic and diluted $ (0.01 ) $ (0.20 ) $ (0.04 ) $ (0.07 ) (1) During the three and six months ended June 30, 2017 and June 30, 2016 , there were 237,382 , 238,598 , 275,426 and 280,442 , respectively, unvested shares of restricted common stock on a weighted average basis that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period. During the three and six months ended June 30, 2017 and June 30, 2016 , there were 670,419 , 666,213 , 258,904 , and 163,593 , respectively, unvested Performance-based Compensation Plans on a weighted average basis that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period.

Organization and Description 28

Organization and Description of Business (Details) ft² in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2017ft²tenantstatebuilding	Dec. 31, 2016
Real Estate Properties [Line Items]
Ownership interest in Operating Partnership (as a percent)	95.70%	95.70%
Number of properties	342
Number of states in which the entity owned buildings | state	37
Area (in square feet) | ft²	67.7
Percentage of buildings leased to tenants	94.00%
Number of tenants | tenant	296
Warehouse - Distribution buildings
Real Estate Properties [Line Items]
Number of properties	274
Light Manufacturing buildings
Real Estate Properties [Line Items]
Number of properties	53
Flex/Office Buildings
Real Estate Properties [Line Items]
Number of properties	14
Other Property [Member]
Real Estate Properties [Line Items]
Number of properties	1

Summary of Significant Accoun29

Summary of Significant Accounting Policies Summary of Significant Accounting Polices - Effect of Revision (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 1,292,130	$ 863,938	$ 1,292,130	$ 863,938	$ 1,066,926	$ 857,857
Depreciation and amortization	36,147	30,487	72,100	60,236
Costs and Expenses	61,529	62,129	120,793	116,364
Net income (loss)	1,368	(9,941)	1,437	2,391
Net Income (Loss) Attributable to Parent	1,412	(9,223)	1,582	2,623
Net income (loss) attributable to common stockholders	$ (1,119)	$ (13,319)	$ (3,481)	$ (4,485)
Income (Loss) from Continuing Operations, Per Basic and Diluted Share	$ (0.01)	$ (0.20)	$ (0.04)	$ (0.07)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ (142)	$ (15,009)	$ 1,139	$ (14,500)
Scenario, Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest		3,540		3,540
Depreciation and amortization		(531)		(1,062)
Costs and Expenses		(531)		(1,062)
Net income (loss)		531		1,062
Net Income (Loss) Attributable to Parent		504		1,007
Net income (loss) attributable to common stockholders		$ 504		$ 1,007
Income (Loss) from Continuing Operations, Per Basic and Diluted Share		$ 0		$ 0.01
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest		$ 531		$ 1,062
Scenario, Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest		860,398		860,398
Depreciation and amortization		31,018		61,298
Costs and Expenses		62,660		117,426
Net income (loss)		(10,472)		1,329
Net Income (Loss) Attributable to Parent		(9,727)		1,616
Net income (loss) attributable to common stockholders		$ (13,823)		$ (5,492)
Income (Loss) from Continuing Operations, Per Basic and Diluted Share		$ (0.20)		$ (0.08)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest		$ (15,540)		$ (15,562)

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Reclassifications and New Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Cash Provided by (Used in) Operating Activities			$ 76,426	$ 61,760
Net cash provided by (used in) financing activities			287,177	(11,007)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ (142)	$ (15,009)	1,139	(14,500)
Prepaid Expenses and Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees, net	$ 2,000		$ 2,000		$ 2,300
Adjustments for New Accounting Principle, Early Adoption [Member] | Accounting Standards Update 2016-15 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Cash Provided by (Used in) Operating Activities		800		1,973
Net cash provided by (used in) financing activities		(800)		(1,969)
Scenario, Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest		531		1,062
Scenario, Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest		$ (15,540)		$ (15,562)

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Tenant Accounts Receivable (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Tenant Accounts Receivable, net
Lease security deposits available in existing letters of credit	$ 11,800,000	$ 9,000,000
Cash and Cash Equivalents
Tenant Accounts Receivable, net
Security deposit	6,700,000	5,400,000
Restricted Cash
Tenant Accounts Receivable, net
Security deposit	400,000	400,000
Security Deposits
Tenant Accounts Receivable, net
Lease security deposits available in cash	7,100,000	5,800,000
Prepaid Expenses and Other Assets
Tenant Accounts Receivable, net
Due from related parties	13,000	48,000
Accrued Income Receivable [Member]
Tenant Accounts Receivable, net
Allowance for doubtful accounts	300,000	200,000
Accrued Rental Income
Tenant Accounts Receivable, net
Allowance for doubtful accounts	0	0
Accrued rental revenue	$ 21,200,000	$ 18,400,000

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Mar. 27, 2017	Feb. 09, 2017
Revenue Recognition
Estimated amount of real estate taxes, which are the responsibility of tenants	$ 3,000,000	$ 2,600,000	$ 6,200,000	$ 5,200,000
Net income (loss)	1,368,000	(9,941,000)	1,437,000	2,391,000
State and local income, excise and franchise taxes	200,000	$ 300,000	400,000	$ 500,000
Buena Vista, VA, Q3 2012 [Member]
Revenue Recognition
Lease termination fee receivable					$ 500,000
Buena Vista, VA, Q3 2012 [Member] | Rental income
Revenue Recognition
Gain (Loss) on Contract Termination	100,000		200,000
Belvidere, IL, Q2 2013, Six [Member]
Revenue Recognition
Lease termination fee receivable						$ 54,000
Belvidere, IL, Q2 2013, Six [Member] | Rental income
Revenue Recognition
Gain (Loss) on Contract Termination			54,000
Golden, CO, Q1 2013 [Member] | Rental income
Revenue Recognition
Gain (Loss) on Contract Termination	$ 200,000		$ 400,000

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Business Acquisition [Line Items]
Net income (loss)	$ 1,368,000	$ (9,941,000)	$ 1,437,000	$ 2,391,000
State and local income, excise and franchise taxes	200,000	300,000	400,000	500,000
Liabilities for uncertain tax positions	0		0		$ 0
Real Estate Investment Trust
Business Acquisition [Line Items]
Net income (loss)	$ (200,000)	$ (20,000)	$ (200,000)	$ (31,000)

Rental Property - Summary (Deta

Rental Property - Summary (Details) $ in Thousands	Jun. 30, 2017USD ($)building	Dec. 31, 2016USD ($)
Property Subject to or Available for Operating Lease [Line Items]
Number of properties | building	342
Rental property, net	$ 2,433,656	$ 2,116,836
Land
Property Subject to or Available for Operating Lease [Line Items]
Rental property, net	310,753	272,162
Building
Property Subject to or Available for Operating Lease [Line Items]
Rental property, net	1,636,660	1,408,406
Rental property, accumulated depreciation	143,410	125,971
Tenant improvements
Property Subject to or Available for Operating Lease [Line Items]
Rental property, net	27,939	24,974
Rental property, accumulated depreciation	30,179	28,388
Building and land improvements
Property Subject to or Available for Operating Lease [Line Items]
Rental property, net	127,214	107,463
Rental property, accumulated depreciation	43,728	33,054
Construction in progress
Property Subject to or Available for Operating Lease [Line Items]
Rental property, net	8,587	9,298
Deferred leasing intangibles
Property Subject to or Available for Operating Lease [Line Items]
Rental property, net	$ 322,503	294,533
Rental property, accumulated depreciation		$ 237,456
Other Property [Member]
Property Subject to or Available for Operating Lease [Line Items]
Number of properties | building	1

Rental Property - Acquisitions

Rental Property - Acquisitions (Details) $ in Thousands	May 31, 2017USD ($)	Jun. 30, 2017USD ($)ft²building	Mar. 31, 2017USD ($)ft²building	Jun. 30, 2017USD ($)ft²building
Business Acquisition [Line Items]
Area (in square feet)		67,700,000		67,700,000
Acquisitions 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)		6,908,416		6,908,416
Number of Buildings Acquired | building				32
Business Combination, Consideration Transferred | $				$ 385,393
AcquisitionsQ12017 [Member]
Business Acquisition [Line Items]
Area (in square feet)			2,334,622
Number of Buildings Acquired | building			11
Business Combination, Consideration Transferred | $			$ 99,787
Jacksonville, FL, Q1 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)			1,025,720
Number of Buildings Acquired | building			4
Business Combination, Consideration Transferred | $			$ 34,264
Sparks, NV, Q1 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)			174,763
Number of Buildings Acquired | building			1
Business Combination, Consideration Transferred | $			$ 8,380
Salisbury, NC, Q1 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)			288,000
Number of Buildings Acquired | building			1
Business Combination, Consideration Transferred | $			$ 8,250
Franklin Township, NJ, Q1 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)			183,000
Number of Buildings Acquired | building			1
Business Combination, Consideration Transferred | $			$ 12,800
Milford, CT, Q1 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)			200,000
Number of Buildings Acquired | building			1
Business Combination, Consideration Transferred | $			$ 12,762
Bedford Heights, OH, Q1 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)			173,034
Number of Buildings Acquired | building			1
Business Combination, Consideration Transferred | $			$ 7,622
Redford, MI, Q1 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)			135,728
Number of Buildings Acquired | building			1
Business Combination, Consideration Transferred | $			$ 7,769
Warren, MI, Q1 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)			154,377
Number of Buildings Acquired | building			1
Business Combination, Consideration Transferred | $			$ 7,940
AcquisitionsQ22017 [Member]
Business Acquisition [Line Items]
Area (in square feet)		4,573,794		4,573,794
Number of Buildings Acquired | building		21
Business Combination, Consideration Transferred | $		$ 285,606
Waukegan, IL, Q2 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)		261,075		261,075
Number of Buildings Acquired | building		2
Business Combination, Consideration Transferred | $		$ 13,850
Gaffney, SC, Q2 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)		226,968		226,968
Number of Buildings Acquired | building		1
Business Combination, Consideration Transferred | $		$ 7,200
Dayton, OH, Q2 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)		569,966		569,966
Number of Buildings Acquired | building		1
Business Combination, Consideration Transferred | $		$ 29,750
Belvidere, IL, Q2 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)		336,204		336,204
Number of Buildings Acquired | building		1
Business Combination, Consideration Transferred | $		$ 22,867
San Diego, CA, Q2 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)		205,440		205,440
Number of Buildings Acquired | building		1
Business Combination, Consideration Transferred | $	$ 19,362	$ 19,362
Edwardsville, KS, Q2 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)		270,869		270,869
Number of Buildings Acquired | building		1
Business Combination, Consideration Transferred | $		$ 16,270
Pedricktown, NJ, Q2 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)		245,749		245,749
Number of Buildings Acquired | building		1
Business Combination, Consideration Transferred | $		$ 16,000
Walton, KY, Q2 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)		224,921		224,921
Number of Buildings Acquired | building		1
Business Combination, Consideration Transferred | $		$ 11,450
Rock HIll, SC, Q2 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)		275,000		275,000
Number of Buildings Acquired | building		1
Business Combination, Consideration Transferred | $		$ 6,675
Laredo, TX, Q2 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)		206,810		206,810
Number of Buildings Acquired | building		1
Business Combination, Consideration Transferred | $		$ 13,500
Clinton, PA, Q2 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)		297,200		297,200
Number of Buildings Acquired | building		1
Business Combination, Consideration Transferred | $		$ 23,650
Rockwall, TX, Q2 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)		389,546		389,546
Number of Buildings Acquired | building		1
Business Combination, Consideration Transferred | $		$ 28,600
Batavia, IL, Q2 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)		102,500		102,500
Number of Buildings Acquired | building		1
Business Combination, Consideration Transferred | $		$ 5,900
Romulus, MI, Q2 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)		303,760		303,760
Number of Buildings Acquired | building		1
Business Combination, Consideration Transferred | $		$ 19,351
Wallingford, CT, Q2 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)		105,000		105,000
Number of Buildings Acquired | building		1
Business Combination, Consideration Transferred | $		$ 8,200
Houston, TX, Q2 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)		232,800		232,800
Number of Buildings Acquired | building		3
Business Combination, Consideration Transferred | $		$ 25,000
Lebanon, PA, Q2 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)		211,358		211,358
Number of Buildings Acquired | building		1
Business Combination, Consideration Transferred | $		$ 7,950
Maple Grove, MN, Q2 2017 [Member]
Business Acquisition [Line Items]
Area (in square feet)		108,628		108,628
Number of Buildings Acquired | building		1
Business Combination, Consideration Transferred | $		$ 10,031

Rental Property - Acquisition36

Rental Property - Acquisitions - Allocation of Consideration (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
In-place leases
Allocation of the consideration paid for the acquired assets and liabilities
Deferred leasing intangibles	$ 40,857
Acquisitions 2017 [Member]
Allocation of the consideration paid for the acquired assets and liabilities
Land	39,900
Buildings	251,574
Tenant improvements	6,382
Building and land Improvements	22,754
Below market leases	(3,812)
Total purchase price	$ 385,393
Weighted average amortization period of below market leases	9 years
Acquisitions 2017 [Member] | In-place leases
Allocation of the consideration paid for the acquired assets and liabilities
Weighted average amortization period of lease intangibles	8 years 10 months 15 days
Acquisitions 2017 [Member] | Tenant relationships
Allocation of the consideration paid for the acquired assets and liabilities
Deferred leasing intangibles	$ 16,260
Weighted average amortization period of lease intangibles	11 years 2 months 20 days
Acquisitions 2017 [Member] | Above market leases
Allocation of the consideration paid for the acquired assets and liabilities
Deferred leasing intangibles	$ 11,478
Weighted average amortization period of lease intangibles	11 years 5 months 31 days

Rental Property Rental Property

Rental Property Rental Property - Narrative (Details) - San Diego, CA, Q2 2017 [Member] - USD ($) $ in Thousands	May 31, 2017	Jun. 30, 2017
Real Estate [Line Items]
Business Combination, Consideration Transferred	$ 19,362	$ 19,362
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	687,827
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned	$ 18,600
Other Common Units
Real Estate [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	687,827
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned	$ 18,600

Rental Property - Acquisition38

Rental Property - Acquisitions - Pro Forma (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Business Acquisition [Line Items]
Property acquisition costs	$ 2,558	$ 583	$ 3,298	$ 1,135
Acquisitions 2017 [Member]
Business Acquisition [Line Items]
Revenue	4,174		5,611
Property acquisition costs	2,615		3,208
Net income (loss)	$ 2,430		3,099
Pro forma information
Total revenue			151,746	135,955
Net loss			5,757	(4,201)
Net loss attributable to common stockholders			658	(10,738)
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Property acquisition costs			$ 3,208	$ 1,000

Rental Property - Disposals (De

Rental Property - Disposals (Details) ft² in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2017USD ($)	Jun. 30, 2017USD ($)ft²propertybuilding	Dec. 31, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area (in square feet) | ft²		67.7
Carrying value of property sold		$ 2,433,656,000	$ 2,116,836,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area (in square feet) | ft²		0.2
Number of buildings disposed | building		4
Carrying value of property sold		$ 8,600,000
Net proceeds from sales of rental property		10,309,000
Gain (Loss) on Sale		1,662,000
Contribution to revenue	$ 15,000
Net income (loss) before gain on sale of rental property		$ 100,000
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties held-for-sale | property		2

Rental Property Rental Proper40

Rental Property Rental Property - Involuntary Conversion (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
Loss Contingencies [Line Items]
Partial Disposal of Building Due to Involuntary Conversion		$ 424	$ 0
Storm Damage [Member]
Loss Contingencies [Line Items]
Partial Disposal of Building Due to Involuntary Conversion	$ 200	800
Cumulative Partial Disposal of Building Due to Involuntary Conversion	1,500	1,500
Loss Contingency, Loss in Period	0	330
Insurance Settlements Receivable, Current	$ 800	$ 800

Rental Property - Deferred Leas

Rental Property - Deferred Leasing Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Above market lease, gross	$ 580,293		$ 580,293		$ 531,989
Deferred leasing intangibles assets, accumulated amortization	(257,790)		(257,790)		(237,456)
Above market lease, net	322,503		322,503		294,533
Below market lease, gross	34,175		34,175		30,791
Below market lease, accumulated amortization	(12,278)		(12,278)		(10,450)
Below market lease, net	21,897		21,897		20,341
Net decrease to rental revenue related to above and below market lease amortization	1,259	$ 1,521	2,555	$ 3,187
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
2,017	2,583		2,583
2,017	4,211		4,211
2,018	3,506		3,506
2,019	3,104		3,104
2,020	1,854		1,854
Above market leases
Finite-Lived Intangible Assets [Line Items]
Above market lease, gross	78,476		78,476		70,668
Deferred leasing intangibles assets, accumulated amortization	(34,009)		(34,009)		(32,868)
Above market lease, net	44,467		44,467		37,800
Other intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Above market lease, gross	501,817		501,817		461,321
Deferred leasing intangibles assets, accumulated amortization	(223,781)		(223,781)		(204,588)
Above market lease, net	278,036		278,036		$ 256,733
Amortization expense related to other intangible lease assets	17,420	$ 16,346	35,813	$ 32,259
Estimated Net Amortization of In-Place Leases, Leasing Commissions and Tenant Relationships
2,017	34,702		34,702
2,017	58,161		58,161
2,018	45,676		45,676
2,019	35,970		35,970
2,020	$ 26,620		$ 26,620

Debt - Summary (Details)

Debt - Summary (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Principal outstanding	$ 1,121,696	$ 1,036,139
Weighted average interest rate	3.62%
Interest Rate Swaps
Debt Instrument [Line Items]
Notional amount	$ 450,000
One Month LIBOR
Debt Instrument [Line Items]
Variable rate basis reference rate (as a percent)	1.22389%
Secured Debt
Debt Instrument [Line Items]
Principal outstanding	$ 146,641	163,565
Long-term debt, gross	147,293	164,326
Unamortized debt issuance costs	(718)	(873)
Unamortized fair market value premium	66	112
Term Loan | Unsecured Debt
Debt Instrument [Line Items]
Principal outstanding	446,954	446,608
Long-term debt, gross	450,000	450,000
Unamortized debt issuance costs	(3,046)	(3,392)
$150 Million Wells Fargo Unsecured Term Loan C | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 150,000	150,000
$150 Million Wells Fargo Unsecured Term Loan C | Unsecured Debt | LIBOR
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1.30%
$150 Million Wells Fargo Unsecured Term Loan B | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 150,000	150,000
$150 Million Wells Fargo Unsecured Term Loan B | Unsecured Debt | LIBOR
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1.30%
$150 Million Wells Fargo Unsecured Term Loan A | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 150,000	150,000
$150 Million Wells Fargo Unsecured Term Loan A | Unsecured Debt | LIBOR
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1.30%
Unsecured Notes | Unsecured Debt
Debt Instrument [Line Items]
Principal outstanding	$ 398,101	397,966
Long-term debt, gross	400,000	400,000
Unamortized debt issuance costs	(1,899)	(2,034)
$100 Million Series F Unsecured Notes | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 100,000	100,000
Stated interest rate	3.98%
$50 Million Series A Unsecured Notes | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 50,000	50,000
Stated interest rate	4.98%
$100 Million Series D Unsecured Notes | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 100,000	100,000
Stated interest rate	4.32%
$50 Million Series B Unsecured Notes | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 50,000	50,000
Stated interest rate	4.98%
$80 Million Series C Unsecured Notes | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 80,000	80,000
Stated interest rate	4.42%
$20 Million Series E Unsecured Notes | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 20,000	20,000
Stated interest rate	4.42%
Union Fidelity Life Insurance Co Due April 30, 2017 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	5,384
Stated interest rate	5.81%
Penalty free prepayment period	2 months
Webster Bank, National Association due May 29, 2017 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	2,853
Stated interest rate	3.66%
Webster Bank, National Association due May 31, 2017 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	3,073
Stated interest rate	3.64%
Wells Fargo, National Association Due August 1, 2017 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	4,043
Stated interest rate	5.90%
Penalty free prepayment period	3 months
Connecticut General Life Insurance Company - Facility 1 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 35,012	35,320
Stated interest rate	6.50%
Connecticut General Life Insurance Company - Facility 2 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 36,539	36,892
Stated interest rate	5.75%
Connecticut General Life Insurance Company - Facility 3 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 16,004	16,141
Stated interest rate	5.88%
Wells Fargo Bank, National Association CMBS Loan | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 55,778	56,608
Stated interest rate	4.31%
Penalty free prepayment period	3 months
Thrivent Financial for Lutherans Due December 15, 2023 [Member] | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,960	4,012
Stated interest rate	4.78%
Connecticut General Life Insurance Company Facilities | Secured Debt
Debt Instrument [Line Items]
Penalty free prepayment period	6 months
Line of Credit | Unsecured Debt
Debt Instrument [Line Items]
Principal outstanding	$ 130,000	28,000
Line of Credit | $450 Million Wells Fargo Unsecured Credit Facility | Unsecured Debt
Debt Instrument [Line Items]
Principal outstanding	130,000	$ 28,000
Maximum borrowing capacity	$ 450,000
Line of Credit | $450 Million Wells Fargo Unsecured Credit Facility | Unsecured Debt | LIBOR
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1.15%

Debt - 2017 Activity (Details)

Debt - 2017 Activity (Details) - USD ($)	May 30, 2017	Mar. 03, 2017	Mar. 01, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Unused borrowing capacity				$ 314,400,000		$ 314,400,000
Amortization of deferred financing fees				504,000	$ 401,000	1,007,000	$ 780,000
Net book value of properties that are collateral for debt arrangements				207,300,000		207,300,000		$ 229,900,000
Secured Debt
Debt Instrument [Line Items]
Deferred financing fees, net				$ 718,000		$ 718,000		873,000
Wells Fargo, National Association Due August 1, 2017 | Secured Debt
Debt Instrument [Line Items]
Penalty free prepayment period						3 months
Stated interest rate				5.90%		5.90%
Webster Bank, National Association due May 31, 2017 [Member] | Secured Debt
Debt Instrument [Line Items]
Penalty free prepayment period						3 months
Thrivent Financial for Lutherans Due December 15, 2023 [Member] | Secured Debt
Debt Instrument [Line Items]
Stated interest rate				4.78%		4.78%
Connecticut General Life Insurance Company - Facility 2 | Secured Debt
Debt Instrument [Line Items]
Stated interest rate				5.75%		5.75%
Wells Fargo Bank, National Association CMBS Loan | Secured Debt
Debt Instrument [Line Items]
Penalty free prepayment period						3 months
Stated interest rate				4.31%		4.31%
Webster Bank, National Association due May 31, 2017 | Secured Debt
Debt Instrument [Line Items]
Stated interest rate				3.64%		3.64%
Webster Bank, National Association due May 29, 2017 | Secured Debt
Debt Instrument [Line Items]
Stated interest rate				3.66%		3.66%
Union Fidelity Life Insurance Co Due April 30, 2017 | Secured Debt
Debt Instrument [Line Items]
Penalty free prepayment period						2 months
Stated interest rate				5.81%		5.81%
Prepaid Expenses and Other Assets
Debt Instrument [Line Items]
Deferred financing fees, net				$ 2,000,000		$ 2,000,000		2,300,000
Accounts Payable, Accrued Expenses and Other Liabilities
Debt Instrument [Line Items]
Interest payable				5,400,000		5,400,000		$ 5,700,000
Yorkville, WI, Q4 2014 [Member] | Wells Fargo, National Association Due August 1, 2017 | Secured Debt
Debt Instrument [Line Items]
Repayments of Debt	$ 1
East Windsor, Q4, 2016 [Member] | Webster Bank, National Association due May 31, 2017 | Secured Debt
Debt Instrument [Line Items]
Repayments of Debt		$ 1
Portland, ME, Q1 2012, 1 [Member] | Webster Bank, National Association due May 29, 2017 | Secured Debt
Debt Instrument [Line Items]
Repayments of Debt			$ 1
Hazelwood, MO, Q3 2011 [Member] | Union Fidelity Life Insurance Co Due April 30, 2017 | Secured Debt
Debt Instrument [Line Items]
Repayments of Debt			$ 1
Interest Expense [Member] | Line of Credit | $450 Million Wells Fargo Unsecured Credit Facility | Unsecured Debt
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Amount				$ 278,000	$ 344,000	$ 553,000	$ 688,000

Debt - Fair Value (Details)

Debt - Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Principal outstanding	$ 1,121,696	$ 1,036,139
Unsecured Debt | Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	450,000	450,000
Unamortized debt issuance costs	(3,046)	(3,392)
Principal outstanding	446,954	446,608
Unsecured Debt | Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	400,000	400,000
Unamortized debt issuance costs	(1,899)	(2,034)
Principal outstanding	398,101	397,966
Unsecured Debt | Line of Credit
Debt Instrument [Line Items]
Principal outstanding	130,000	28,000
Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	147,293	164,326
Unamortized fair market value premium	66	112
Unamortized debt issuance costs	(718)	(873)
Principal outstanding	146,641	163,565
Reported Value Measurement [Member]
Debt Instrument [Line Items]
Long-term debt, gross	1,127,293	1,042,326
Unamortized fair market value premium	66	112
Unamortized debt issuance costs	(5,663)	(6,299)
Principal outstanding	1,121,696	1,036,139
Reported Value Measurement [Member] | Unsecured Debt | Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	450,000	450,000
Reported Value Measurement [Member] | Unsecured Debt | Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	400,000	400,000
Reported Value Measurement [Member] | Unsecured Debt | Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	130,000	28,000
Reported Value Measurement [Member] | Secured Debt | Mortgages
Debt Instrument [Line Items]
Long-term debt, gross	147,293	164,326
Fair Value, Inputs, Level 3 | Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	1,147,168	1,043,190
Fair Value, Inputs, Level 3 | Fair Value | Unsecured Debt | Term Loan
Debt Instrument [Line Items]
Long-term debt, fair value	450,000	450,000
Fair Value, Inputs, Level 3 | Fair Value | Unsecured Debt | Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, fair value	417,932	399,091
Fair Value, Inputs, Level 3 | Fair Value | Unsecured Debt | Line of Credit
Debt Instrument [Line Items]
Long-term debt, fair value	130,000	28,000
Fair Value, Inputs, Level 3 | Fair Value | Secured Debt | Mortgages
Debt Instrument [Line Items]
Long-term debt, fair value	$ 149,236	$ 166,099
Minimum | Fair Value, Inputs, Level 3 | Long-term Debt | Income Approach Valuation Technique
Debt Instrument [Line Items]
Fair Value Inputs, Discount Rate	1.77%	1.92%
Maximum | Fair Value, Inputs, Level 3 | Long-term Debt | Income Approach Valuation Technique
Debt Instrument [Line Items]
Fair Value Inputs, Discount Rate	4.23%	4.85%

Use of Derivative Financial I45

Use of Derivative Financial Instruments - Risk Management and Unsecured Loan Swaps (Details) $ in Thousands	Jun. 30, 2017USD ($)
Interest Rate Swaps
Unsecured Term Loan Swaps
Notional amount	$ 450,000
Interest Rate Derivative, PNC Bank, October 10, 2012
Unsecured Term Loan Swaps
Notional amount	10,000
Fair value	$ 8
Fixed Interest Rate (as a percent)	0.7945%
Interest Rate Derivative, Bank of America, October 10, 2012
Unsecured Term Loan Swaps
Notional amount	$ 10,000
Fair value	$ 8
Fixed Interest Rate (as a percent)	0.7945%
Interest Rate Derivative, UBS AG, October 10, 2012
Unsecured Term Loan Swaps
Notional amount	$ 10,000
Fair value	$ 8
Fixed Interest Rate (as a percent)	0.7945%
Interest Rate Derivative, Royal Bank of Canada, October 10, 2012
Unsecured Term Loan Swaps
Notional amount	$ 10,000
Fair value	$ 8
Fixed Interest Rate (as a percent)	0.7945%
Interest Rate Derivative, RJ Capital Services, Inc, October 10, 2012, One
Unsecured Term Loan Swaps
Notional amount	$ 10,000
Fair value	$ 8
Fixed Interest Rate (as a percent)	0.7975%
Interest Rate Derivative, Bank of America, October 10, 2012, Two
Unsecured Term Loan Swaps
Notional amount	$ 25,000
Fair value	$ 23
Fixed Interest Rate (as a percent)	0.7525%
Interest Rate Derivative, RJ Capital Services, October 10, 2012, Two
Unsecured Term Loan Swaps
Notional amount	$ 25,000
Fair value	$ 24
Fixed Interest Rate (as a percent)	0.727%
Interest Rate Derivative, Regions Bank, March 01, 2013
Unsecured Term Loan Swaps
Notional amount	$ 25,000
Fair value	$ 177
Fixed Interest Rate (as a percent)	1.33%
Interest Rate Derivative, Capital One, June 01, 2013
Unsecured Term Loan Swaps
Notional amount	$ 50,000
Fair value	$ (102)
Fixed Interest Rate (as a percent)	1.681%
Interest Rate Derivative, Capital One, August 01, 2013
Unsecured Term Loan Swaps
Notional amount	$ 25,000
Fair value	$ (65)
Fixed Interest Rate (as a percent)	1.703%
Interest Rate Derivative, Regions Bank, February 03, 2014
Unsecured Term Loan Swaps
Notional amount	$ 25,000
Fair value	$ (254)
Fixed Interest Rate (as a percent)	1.9925%
Interest Rate Derivative, The Toronto-Dominion Bank, September 29, 2016
Unsecured Term Loan Swaps
Notional amount	$ 25,000
Fair value	$ 238
Fixed Interest Rate (as a percent)	1.383%
Interest Rate Derivative, PNC Bank, September 29, 2016
Unsecured Term Loan Swaps
Notional amount	$ 50,000
Fair value	$ 466
Fixed Interest Rate (as a percent)	1.3906%
Interest Rate Derivative, Regions Bank, September 29, 2016
Unsecured Term Loan Swaps
Notional amount	$ 35,000
Fair value	$ 329
Fixed Interest Rate (as a percent)	1.3858%
Interest Rate Derivative, US Bank, September 29, 2016
Unsecured Term Loan Swaps
Notional amount	$ 25,000
Fair value	$ 230
Fixed Interest Rate (as a percent)	1.395%
Interest Rate Derivative, Capital One, September 29, 2016
Unsecured Term Loan Swaps
Notional amount	$ 15,000
Fair value	$ 137
Fixed Interest Rate (as a percent)	1.395%
Interest Rate Derivative, Royal Bank of Canada, March 20, 2015
Unsecured Term Loan Swaps
Notional amount	$ 25,000
Fair value	$ 19
Fixed Interest Rate (as a percent)	1.709%
Interest Rate Derivative, The Toronto-Dominion Bank, March 20, 2015
Unsecured Term Loan Swaps
Notional amount	$ 25,000
Fair value	$ 17
Fixed Interest Rate (as a percent)	1.7105%
Interest Rate Derivative, The Toronto-Dominion Bank, September 10, 2017
Unsecured Term Loan Swaps
Notional amount	$ 100,000
Fair value	$ (1,605)
Fixed Interest Rate (as a percent)	2.2255%
Interest Rate Derivative, Wells Fargo Bank, March 20, 2015
Unsecured Term Loan Swaps
Notional amount	$ 25,000
Fair value	$ 1
Fixed Interest Rate (as a percent)	1.828%
Interest Rate Derivative, The Toronto-Dominion Bank, February 14, 2020
Unsecured Term Loan Swaps
Notional amount	$ 25,000
Fair value	$ (166)
Fixed Interest Rate (as a percent)	2.4535%
Interest Rate Derivative, Regions Bank, February 14, 2020
Unsecured Term Loan Swaps
Notional amount	$ 50,000
Fair value	$ (355)
Fixed Interest Rate (as a percent)	2.475%
Interest Rate Derivative, Capital One, February 14, 2020
Unsecured Term Loan Swaps
Notional amount	$ 50,000
Fair value	$ (408)
Fixed Interest Rate (as a percent)	2.53%

Use of Derivative Financial I46

Use of Derivative Financial Instruments - FV of Interest Rate Swaps (Details) - Interest Rate Swaps - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair value of the interest rate swaps outstanding
Notional amount assets	$ 350,000	$ 300,000
Fair value - assets	1,701	1,471
Notional amount liabilities	325,000	375,000
Fair Value - liabilities	$ (2,955)	$ (2,438)

Use of Derivative Financial I47

Use of Derivative Financial Instruments - Cash Flow Hedges and Contingent Features (Details) - Interest Rate Swaps - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Risk Management Objective of Using Derivatives
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net		$ 0	$ 27,000	$ 0	$ (129,000)
Cash Flow Hedges of Interest Rate Risk
Additional amount reclassified from accumulated other comprehensive income (loss) as an increase to interest expense over the next twelve months	$ 1,300,000		1,300,000
Amount of income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion)	1,956,000	5,797,000	1,442,000	18,365,000
Amount of loss reclassified from accumulated other comprehensive income (loss) into income (loss) as interest expense (effective portion)	446,000	729,000	1,144,000	1,474,000
Amount of gain (loss) recognized in interest expense (ineffective portion and amount excluded from effectiveness testing)	(129,000)	$ 0	27,000	$ 0
Credit-risk-related Contingent Features
Termination value required to settle obligations under agreements	$ 2,100,000		$ 2,100,000

Use of Derivative Financial I48

Use of Derivative Financial Instruments - FV on Recurring Basis (Details) - Interest Rate Swaps - Fair value on recurring basis - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets (liabilities):
Interest rate swaps-Asset	$ 1,701	$ 1,471
Interest rate swaps-Liability	(2,955)	(2,438)
Level 1
Assets (liabilities):
Interest rate swaps-Asset	0	0
Interest rate swaps-Liability	0	0
Level 2
Assets (liabilities):
Interest rate swaps-Asset	1,701	1,471
Interest rate swaps-Liability	(2,955)	(2,438)
Level 3
Assets (liabilities):
Interest rate swaps-Asset	0	0
Interest rate swaps-Liability	$ 0	$ 0

Equity - Preferred Stock (Detai

Equity - Preferred Stock (Details) - $ / shares	Jul. 31, 2017	Jun. 30, 2017	May 01, 2017	Mar. 31, 2017	Feb. 15, 2017	Dec. 30, 2016	Nov. 02, 2016	Sep. 30, 2016	Aug. 01, 2016	Jun. 30, 2016	May 02, 2016	Mar. 31, 2016	Feb. 22, 2016	Jun. 30, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Preferred stock, shares authorized		15,000,000												15,000,000	15,000,000
Preferred stock, par value (in dollars per share)		$ 0.01												$ 0.01	$ 0.01
Series B Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Dividends Per Share, Declared			$ 0.4140625		$ 0.4140625		$ 0.4140625		$ 0.4140625		$ 0.4140625		$ 0.4140625	0.8281250	1.6562500
Preferred Stock, Dividends, Per Share, Cash Paid		0.4140625		$ 0.4140625		$ 0.4140625		$ 0.4140625		$ 0.4140625		$ 0.4140625		$ 0.8281250	1.6562500
Number of shares sold														2,800,000
Issue price (in dollars per share)		25												$ 25
Dividend rate (as a percent)														6.625%
Series B Preferred Stock | Non-recognized Subsequent Event
Class of Stock [Line Items]
Preferred Stock, Dividends Per Share, Declared	$ 0.4140625
Series C Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Dividends Per Share, Declared			$ 0.4296875		$ 0.4296875		0.4296875		0.4296875		0.4965300		0	$ 0.8593750	1.3559050
Preferred Stock, Dividends, Per Share, Cash Paid		0.4296875		$ 0.4296875		0.4296875		0.4296875		0.4965300				$ 0.8593750	1.3559050
Number of shares sold														3,000,000
Issue price (in dollars per share)		$ 25												$ 25
Dividend rate (as a percent)														6.875%
Series C Preferred Stock | Non-recognized Subsequent Event
Class of Stock [Line Items]
Preferred Stock, Dividends Per Share, Declared	$ 0.4296875
Series A Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Dividends Per Share, Declared							0.19375		$ 0.56250		$ 0.56250		$ 0.56250		1.88125
Preferred Stock, Dividends, Per Share, Cash Paid						$ 0.19375		$ 0.56250		$ 0.56250		$ 0.56250			$ 1.88125
Preferred Stock, Redemption Price Per Share							$ 25

Equity - Common Stock (Details)

Equity - Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 16, 2017	Sep. 15, 2017	Aug. 15, 2017	Jul. 31, 2017	Jul. 17, 2017	Jun. 15, 2017	May 15, 2017	May 01, 2017	Apr. 17, 2017	Mar. 15, 2017	Feb. 15, 2017	Jan. 16, 2017	Dec. 15, 2016	Nov. 15, 2016	Nov. 02, 2016	Oct. 15, 2016	Sep. 15, 2016	Aug. 15, 2016	Aug. 01, 2016	Jul. 15, 2016	Jun. 15, 2016	May 16, 2016	May 02, 2016	Apr. 15, 2016	Mar. 15, 2016	Feb. 22, 2016	Feb. 16, 2016	Oct. 22, 2015	Jul. 20, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Apr. 07, 2017	Nov. 08, 2016	May 13, 2016
Class of Stock [Line Items]
Proceeds from sales of common stock																														$ 274,385	$ 0
Common Stock
Class of Stock [Line Items]
Dividend declared (in dollars per share)								$ 0.117500			$ 0.116667				$ 0.116667				$ 0.115833				$ 0.115833			$ 0.115833		$ 0.115833		$ 1.052502		$ 1.389996
Dividends paid (in dollars per share)						$ 0.116667	$ 0.116667		$ 0.116667	$ 0.116667	$ 0.116667	$ 0.115833	$ 0.115833	$ 0.115833		$ 0.115833	$ 0.115833	$ 0.115833		$ 0.115833	$ 0.115833	$ 0.115833		$ 0.115833	$ 0.115833		$ 0.115833			$ 1.052502		$ 1.389996
Common Stock | Scenario, Forecast
Class of Stock [Line Items]
Dividends paid (in dollars per share)	$ 0.117500	$ 0.117500	$ 0.117500		$ 0.116667
Common Stock | Non-recognized Subsequent Event
Class of Stock [Line Items]
Dividend declared (in dollars per share)				$ 0.1175
At The Market Program 2017 $300 Million [Domain] | Non-recognized Subsequent Event
Class of Stock [Line Items]
Number of shares sold																													783,718
Proceeds from sales of common stock																													$ 21,300
At The Market Program 2017 $300 Million [Domain] | Common Stock
Class of Stock [Line Items]
Common Stock Value Authorized under Stock Offering Program																														$ 300,000			$ 300,000
Aggregate value of common stock available to be sold under the ATM																														$ 142,831
Number of shares sold																														5,956,759
Proceeds from sales of common stock																														$ 157,169
Sales agents' fee																														1,851
Net proceeds																														$ 155,318
At The Market Program 2016 $228 Million [Member] | Common Stock
Class of Stock [Line Items]
Common Stock Value Authorized under Stock Offering Program																																		$ 228,000
Number of shares sold																														4,799,784		4,763,838
Proceeds from sales of common stock																														$ 117,216		$ 110,887
Sales agents' fee																														1,604		1,550
Net proceeds																														$ 115,612		$ 109,337
At The Market Program 2016 $200 Million [Member] | Common Stock
Class of Stock [Line Items]
Common Stock Value Authorized under Stock Offering Program																																			$ 200,000
Number of shares sold																																7,326,200
Proceeds from sales of common stock																																$ 171,782
Sales agents' fee																																2,429
Net proceeds																																$ 169,353
At The Market (ATM) Program | Common Stock
Class of Stock [Line Items]
Number of shares sold																														10,756,543		12,090,038
Proceeds from sales of common stock																														$ 274,385		$ 282,669
Sales agents' fee																														3,455		3,979
Net proceeds																														$ 270,930		$ 278,690
Weighted Average | At The Market Program 2017 $300 Million [Domain] | Common Stock
Class of Stock [Line Items]
Issue price (in dollars per share)																														$ 26.38
Weighted Average | At The Market Program 2016 $228 Million [Member] | Common Stock
Class of Stock [Line Items]
Issue price (in dollars per share)																														24.42		$ 23.28
Weighted Average | 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 | At The Market (ATM) Program | Common Stock
Class of Stock [Line Items]
Issue price (in dollars per share)																														$ 25.51		$ 23.38

Equity - Restricted Stock (Deta

Equity - Restricted Stock (Details) - 2011 Equity Incentive Plan - Restricted stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Shares
Unvested at beginning of period (in shares)			272,337	271,115	271,115
Granted (in shares)			75,001		101,289
Vested (in shares)	0	(14,410)	(109,209)	(98,746)	(98,746)
Forfeited (in shares)			(922)		(1,321)
Unvested at end of period (in shares)	237,207		237,207		272,337
Grant date fair value (in dollars per share)			$ 24.41		$ 17.98
Unrecognized compensation costs	$ 3,900		$ 3,900
Vested (in shares)	0	(14,410)	(109,209)	(98,746)	(98,746)
Fair value of shares vested	$ 0	$ 291	$ 2,615	$ 1,813
Unrecognized compensation costs, period for recognition			2 years 5 months 29 days
Granted on January 8, 2016
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	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Noncontrolling interest
Noncontrolling interest ownership percentage	4.30%		4.30%		4.30%	4.90%
LTIP Units | 2011 Equity Incentive Plan
Summary of nonvested share-based compensation activity
Unvested at beginning of period (in shares)			403,423	534,910	534,910
Granted (in shares)			126,239		176,396
Vested (in shares)	(45,204)	(45,874)	(112,874)	(216,151)	(307,883)
Forfeited (in shares)			0		0
Unvested at end of period (in shares)	416,788		416,788		403,423
Fair value of shares vested	$ 1,248	$ 1,092	$ 2,911	$ 4,181
Noncontrolling Interest - Unit holders in Operating Partnership
Noncontrolling interest
Units outstanding, balance at beginning of period (in units)			3,633,881	3,525,977	3,525,977
Granted/Issued (in units)			814,066		176,396
Forfeitures (in units)			0		0
Limited Partners' Capital Account, Units, Converted			0		0
Redemptions from Other Common Units to common stock (in units)			(297,006)		(68,492)
Units outstanding, balance at end of period (in units)	4,150,941		4,150,941		3,633,881
LTIP Units | Noncontrolling Interest - Unit holders in Operating Partnership
Noncontrolling interest
Units outstanding, balance at beginning of period (in units)			1,576,516	1,610,105	1,610,105
Granted/Issued (in units)			126,239		176,396
Forfeitures (in units)			0		0
Limited Partners' Capital Account, Units, Converted			227,831		209,985
Redemptions from Other Common Units to common stock (in units)			0		0
Units outstanding, balance at end of period (in units)	1,474,924		1,474,924		1,576,516
Other Common Units | Noncontrolling Interest - Unit holders in Operating Partnership
Noncontrolling interest
Units outstanding, balance at beginning of period (in units)			2,057,365	1,915,872	1,915,872
Granted/Issued (in units)			687,827		0
Forfeitures (in units)			0		0
Limited Partners' Capital Account, Units, Converted			(227,831)		(209,985)
Redemptions from Other Common Units to common stock (in units)			(297,006)		(68,492)
Units outstanding, balance at end of period (in units)	2,676,017		2,676,017		2,057,365

Noncontrolling Interest - LTIP

Noncontrolling Interest - LTIP Units Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)shares	Jun. 30, 2016USD ($)shares	Jun. 30, 2017USD ($)shares	Jun. 30, 2016USD ($)shares	Dec. 31, 2016shares
Other Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit conversion ratio			1
General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 2,388	$ 2,044	$ 4,775	$ 5,649
LTIP Units | General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 1,171	$ 1,098	$ 2,341	$ 3,893
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, Vested in Period | shares	45,204	45,874	112,874	216,151	307,883
Unrecognized compensation costs	$ 7,100		$ 7,100
Unrecognized compensation costs, period for recognition			2 years 6 months 29 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 1,248	$ 1,092	$ 2,911	$ 4,181
2011 Equity Incentive Plan | LTIP Units | Geoffrey G. Jervis | General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation				$ 1,600
Grant Date January 8, 2016 | Awards vest over five years | 2011 Equity Incentive Plan | LTIP Units | Executive officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			4 years

Noncontrolling Interest - FV As

Noncontrolling Interest - FV Assumptions (Details) - LTIP Units - 2011 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	Jan. 06, 2017	Jun. 30, 2017	Dec. 31, 2016
Assumptions
Units at issuance (in shares)		126,239	176,396
Grant Date February 22, 2016
Assumptions
Expected term	10 years
Expected volatility (as a percent)	23.00%
Expected dividend yield (as a percent)	6.00%
Risk-free interest rate (as a percent)	1.61%
Fair value of units at issuance	$ 2,924
Units at issuance (in shares)	126,239
Fair value share price per unit (in dollars per share)	$ 23.16

Noncontrolling Interest Noncont

Noncontrolling Interest Noncontrolling Interest - Other Common Units (Details) $ in Millions	May 31, 2017USD ($)shares	Jun. 30, 2017
San Diego, CA, Q2 2017 [Member]
Noncontrolling Interest [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	687,827
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $	$ 18.6
Business Acquisition, Equity Interest Issued or Issuable, Basis for Determining Value, Trailing Average Common Stock Price Period	5 days
Other Common Units
Noncontrolling Interest [Line Items]
Unit conversion ratio		1
Other Common Units | San Diego, CA, Q2 2017 [Member]
Noncontrolling Interest [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	687,827
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $	$ 18.6

Equity Incentive Plan - Summary

Equity Incentive Plan - Summary (Details) - 2011 Equity Incentive Plan - Performance shares $ in Thousands	Jan. 06, 2017USD ($)benchmark	Jun. 30, 2017USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs		$ 4,200
Unrecognized compensation costs, period for recognition		2 years 4 months 29 days
Awarded in 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Measurement period for outperformance pool plan threshold	3 years
Allocation for Company TSR compared to industry peer group	25.00%
Allocation for Company TSR compared to size-based peer group	25.00%
Allocation for Company TSR compared to MSCI US REIT index	50.00%
Value of awards	$ 2,882
Awarded in 2017 [Member] | Vest immediately after measurement period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percent	50.00%
Awarded in 2017 [Member] | Vest one year after measurement period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percent	50.00%
Vesting period (in years)	1 year
Awarded in 2017 [Member] | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of target units awarded	0.00%
Awarded in 2017 [Member] | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of target units awarded	250.00%
Awarded in 2017 [Member] | Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility (as a percent)	23.00%
Risk-free interest rate (as a percent)	1.61%
Expected dividend yield (as a percent)	6.00%
Awarded in 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of benchmarks | benchmark	3

Equity Incentive Plan Equity In

Equity Incentive Plan Equity Incentive Plan - Performance Plan Assumptions (Details) - Performance Shares [Member] - 2011 Equity Incentive Plan - Awarded in 2017 [Member] $ in Thousands	Jan. 06, 2017USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of awards	$ 2,882
Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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%

Equity Incentive Plan - Equity

Equity Incentive Plan - Equity Non-cash Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
2011 Equity Incentive Plan | Common Stock
Equity Incentive Plan
Number of days of average trailing stock price used to calculate number of shares of common stock granted			10 days
General and Administrative Expenses
Equity Incentive Plan
Share-based compensation	$ 2,388	$ 2,044	$ 4,775	$ 5,649
General and Administrative Expenses | Independent Director
Equity Incentive Plan
Share-based compensation	90	90	178	170
General and Administrative Expenses | Restricted stock
Equity Incentive Plan
Share-based compensation	590	534	1,182	1,092
General and Administrative Expenses | LTIP Units
Equity Incentive Plan
Share-based compensation	1,171	1,098	2,341	3,893
General and Administrative Expenses | LTIP Units | Geoffrey G. Jervis | 2011 Equity Incentive Plan
Equity Incentive Plan
Share-based compensation				1,600
General and Administrative Expenses | Performance shares
Equity Incentive Plan
Share-based compensation	$ 537	$ 322	$ 1,074	$ 494

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Restricted stock
Antidilutive participating securities
Participating securities	237,382	275,426	238,598	280,442

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Numerator and Denominator (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Numerator
Net income (loss) from continuing operations	$ 1,368	$ (9,941)	$ 1,437	$ 2,391
Less: preferred stock dividends	2,448	4,001	4,897	6,913
Less: amount allocated to participating securities	83	95	166	195
Less: loss attributable to noncontrolling interest after preferred stock dividends	(44)	(718)	(145)	(232)
Net income (loss) attributable to common stockholders	$ (1,119)	$ (13,319)	$ (3,481)	$ (4,485)
Denominator
Weighted Average Number of Shares Outstanding, Basic	88,181,117	67,910,361	85,012,106	67,899,789
Net loss per share — basic and diluted
Income (Loss) from Continuing Operations, Per Basic and Diluted Share	$ (0.01)	$ (0.20)	$ (0.04)	$ (0.07)
Restricted stock
Net loss per share — basic and diluted
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	237,382	275,426	238,598	280,442
Performance Shares [Member]
Net loss per share — basic and diluted
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	670,419	258,904	666,213	163,593

Commitments and Contingencies -

Commitments and Contingencies - Agreements (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Business Acquisition, Contingent Consideration [Line Items]
Other expenses	$ 1,250,000	$ 318,000	$ 1,444,000	$ 578,000
Letters of credit outstanding	5,600,000		$ 5,600,000
Minimum | Property Acquisition under Agreement with Columbus Nova | Incentive Fee | Fair Value, Inputs, Level 3 | Market And Income Approach Valuation Technique | Contingent Consideration
Business Acquisition, Contingent Consideration [Line Items]
Fair Value Inputs, Cap Rate			6.50%
Fair Value Inputs, Discount Rate					8.00%
Fair Value Inputs Exit Capitalization Rate					7.00%
Maximum | Property Acquisition under Agreement with Columbus Nova | Incentive Fee | Fair Value, Inputs, Level 3 | Market And Income Approach Valuation Technique | Contingent Consideration
Business Acquisition, Contingent Consideration [Line Items]
Fair Value Inputs, Cap Rate			9.25%
Fair Value Inputs, Discount Rate					12.00%
Fair Value Inputs Exit Capitalization Rate					12.00%
Other Expense [Member] | Property Acquisition under Agreement with Columbus Nova
Business Acquisition, Contingent Consideration [Line Items]
Other expenses	900,000	$ 0	$ 900,000	$ 0
Accounts Payable and Accrued Liabilities [Member] | Property Acquisition under Agreement with Columbus Nova
Business Acquisition, Contingent Consideration [Line Items]
Other Liabilities	$ 900,000		$ 900,000		$ 0

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events - Debt (Details)	Aug. 01, 2017USD ($)Mortgage_Notes	Jul. 28, 2017USD ($)	Jul. 20, 2017USD ($)derivative	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Non-recognized Subsequent Event
Subsequent Event [Line Items]
Number of Interest Rate Derivatives Held | derivative			5
Notional amount			$ 150,000,000
Fixed Interest Rate (as a percent)			1.8488%
Secured Debt
Subsequent Event [Line Items]
Long-term debt, gross				$ 147,293,000	$ 164,326,000
$150 Million Unsecured Term Loan D [Member] | Unsecured Debt | Non-recognized Subsequent Event
Subsequent Event [Line Items]
Long-term debt, gross		$ 150,000,000
Connecticut General Life Insurance Company Facilities | Secured Debt | Non-recognized Subsequent Event
Subsequent Event [Line Items]
Repayments of Debt	$ 3
Mortgage Loans on Real Estate, Number of Loans | Mortgage_Notes	3
LIBOR | $150 Million Unsecured Term Loan D [Member] | Unsecured Debt | Non-recognized Subsequent Event
Subsequent Event [Line Items]
Interest rate margin (as a percent)		1.30%