Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 13, 2023 | Jun. 30, 2022 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 1-34907 | ||
Entity Registrant Name | STAG INDUSTRIAL, INC. | ||
Entity Central Index Key | 0001479094 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 27-3099608 | ||
Entity Address, Address Line One | One Federal Street | ||
Entity Address, Address Line Two | 23rd Floor | ||
Entity Address, City or Town | Boston, | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02110 | ||
City Area Code | 617 | ||
Local Phone Number | 574-4777 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | STAG | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5,526 | ||
Entity Common Stock, Shares Outstanding | 179,329,037 | ||
Documents Incorporated by Reference [Text Block] | Portions of the registrant’s definitive Proxy Statement with respect to its 2023 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the registrant’s fiscal year are incorporated by reference into Part II, Item 5 and Part III, Items 10, 11, 12, 13 and 14 hereof as noted therein. | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | Boston, Massachusetts | ||
Auditor Firm ID | 238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Rental Property: | ||
Land | $ 647,098,000 | $ 617,297,000 |
Buildings and improvements, net of accumulated depreciation of $763,128 and $611,867, respectively | 4,706,745,000 | 4,435,743,000 |
Deferred leasing intangibles, net of accumulated amortization of $328,848 and $282,038, respectively | 508,935,000 | 567,658,000 |
Total rental property, net | 5,862,778,000 | 5,620,698,000 |
Cash and cash equivalents | 25,884,000 | 18,981,000 |
Restricted cash | 905,000 | 4,215,000 |
Tenant accounts receivable | 115,509,000 | 93,600,000 |
Prepaid expenses and other assets | 71,733,000 | 60,953,000 |
Interest rate swaps | 72,223,000 | 5,220,000 |
Operating Lease, Right-of-Use Asset | 31,313,000 | 29,582,000 |
Assets held for sale, net | 4,643,000 | 0 |
Total assets | 6,184,988,000 | 5,833,249,000 |
Liabilities: | ||
Unsecured credit facility | 175,000,000 | 296,000,000 |
Unsecured term loans, net | 1,020,440,000 | 970,577,000 |
Unsecured notes, net | 1,295,442,000 | 896,941,000 |
Mortgage notes, net | 7,898,000 | 54,744,000 |
Accounts payable, accrued expenses and other liabilities | 97,371,000 | 76,475,000 |
Interest rate swaps | 0 | 17,052,000 |
Tenant prepaid rent and security deposits | 40,847,000 | 37,138,000 |
Dividends and distributions payable | 22,282,000 | 21,906,000 |
Deferred leasing intangibles, net of accumulated amortization of $24,593 and $21,136, respectively | 32,427,000 | 35,721,000 |
Operating Lease, Liability | 35,100,000 | 33,108,000 |
Total liabilities | 2,726,807,000 | 2,439,662,000 |
Commitments and contingencies (Note 11) | ||
Equity: | ||
Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at December 31, 2022 and December 31, 2021; none issued or outstanding | 0 | 0 |
Common stock, par value $0.01 per share, 300,000,000 shares authorized at December 31, 2022 and December 31, 2021, 179,248,980 and 177,769,342 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 1,792,000 | 1,777,000 |
Additional paid-in capital | 4,188,677,000 | 4,130,038,000 |
Cumulative dividends in excess of earnings | (876,145,000) | (792,332,000) |
Accumulated other comprehensive income (loss) | 70,500,000 | (11,783,000) |
Total stockholders’ equity | 3,384,824,000 | 3,327,700,000 |
Noncontrolling interest | 73,357,000 | 65,887,000 |
Total equity | 3,458,181,000 | 3,393,587,000 |
Total liabilities and equity | $ 6,184,988,000 | $ 5,833,249,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | |||
Rental income | $ 654,377 | $ 559,432 | $ 482,825 |
Other income | 2,968 | 2,727 | 586 |
Total revenue | 657,345 | 562,159 | 483,411 |
Expenses | |||
Property | 125,701 | 107,986 | 89,359 |
General and administrative | 46,958 | 48,629 | 40,072 |
Depreciation and amortization | 275,040 | 238,699 | 214,738 |
Loss on impairments | 1,783 | 0 | 5,577 |
Other expenses | 4,363 | 2,878 | 2,029 |
Total expenses | 453,845 | 398,192 | 351,775 |
Other income (expense) | |||
Interest and other income | 103 | 121 | 446 |
Interest expense | (78,018) | (63,484) | (62,343) |
Debt extinguishment and modification expenses | (838) | (2,152) | (834) |
Gain on involuntary conversion | 0 | 0 | 2,157 |
Gain on the sales of rental property, net | 57,487 | 97,980 | 135,733 |
Total other income (expense) | (21,266) | 32,465 | 75,159 |
Net income | 182,234 | 196,432 | 206,795 |
Less: income attributable to noncontrolling interest after preferred stock dividends | 3,908 | 4,098 | 4,648 |
Net income attributable to STAG Industrial, Inc. | 178,326 | 192,334 | 202,147 |
Less: preferred stock dividends | 0 | 1,289 | 5,156 |
Less: redemption of preferred stock | 0 | 2,582 | 0 |
Less: amount allocated to participating securities | 237 | 288 | 271 |
Net income attributable to common stockholders | $ 178,089 | $ 188,175 | $ 196,720 |
Weighted average common shares outstanding — basic | 178,753 | 163,442 | 148,791 |
Weighted average common shares outstanding — diluted | 178,940 | 164,090 | 149,215 |
Net income per share attributable to common stockholders — basic | $ 1 | $ 1.15 | $ 1.32 |
Net income per share attributable to common stockholders — diluted | $ 1 | $ 1.15 | $ 1.32 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 182,234 | $ 196,432 | $ 206,795 |
Other comprehensive income (loss): | |||
Income (loss) on interest rate swaps | 84,086 | 28,856 | (22,109) |
Other comprehensive income (loss) | 84,086 | 28,856 | (22,109) |
Comprehensive income | 266,320 | 225,288 | 184,686 |
Income attributable to noncontrolling interest after preferred stock dividends | (3,908) | (4,098) | (4,648) |
Other comprehensive (income) loss attributable to noncontrolling interest | (1,803) | (614) | 510 |
Comprehensive income attributable to STAG Industrial, Inc. | $ 260,609 | $ 220,576 | $ 180,548 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Cumulative Dividends in Excess of Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | Noncontrolling Interest - Unit holders in Operating Partnership |
Balance at Dec. 31, 2019 | $ 2,363,891 | $ 75,000 | $ 1,428 | $ 2,970,553 | $ (723,027) | $ (18,426) | $ 2,305,528 | $ 58,363 |
Balance (in shares) at Dec. 31, 2019 | 142,815,593 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Proceeds from sales of common stock | 438,484 | $ 146 | 438,338 | 438,484 | ||||
Proceeds from sales of common stock (in shares) | 14,580,577 | |||||||
Dividends, Common Stock | 220,801 | |||||||
Dividends | 220,801 | |||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 5,395 | |||||||
Dividends and Distributions, Net | (226,196) | |||||||
Non-cash compensation activity, net | 10,187 | 5,019 | 4,630 | 5,557 | ||||
Non-cash compensation activity (in shares) | 83,233 | |||||||
Non-cash compensation activity (in excess of earnings) | $ (1) | (390) | ||||||
Redemption of common units to common stock | $ (7) | (11,540) | (11,547) | $ (11,547) | ||||
Redemption of common units to common stock (in shares) | 730,420 | 0 | ||||||
Rebalancing of noncontrolling interest | (3,729) | (3,729) | $ 3,729 | |||||
Other comprehensive income | (22,109) | 21,599 | 21,599 | 510 | ||||
Net income | 206,795 | 202,147 | 202,147 | 4,648 | ||||
Balance at Dec. 31, 2020 | 2,771,052 | 75,000 | $ 1,582 | 3,421,721 | (742,071) | (40,025) | 2,716,207 | 54,845 |
Balance (in shares) at Dec. 31, 2020 | 158,209,823 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Proceeds from sales of common stock | 706,872 | $ 192 | 706,680 | 706,872 | ||||
Proceeds from sales of common stock (in shares) | 19,238,685 | |||||||
Redemption of preferred stock | 75,009 | 75,000 | 2,573 | 2,582 | 75,009 | |||
Dividends, Common Stock | 239,859 | |||||||
Dividends | 239,859 | |||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 8,293 | |||||||
Dividends and Distributions, Net | (248,152) | |||||||
Non-cash compensation activity, net | 13,536 | 3,024 | 2,871 | 10,665 | ||||
Non-cash compensation activity (in shares) | 149,516 | |||||||
Non-cash compensation activity (in excess of earnings) | $ (1) | (154) | ||||||
Redemption of common units to common stock | $ (2) | (2,852) | (2,854) | $ (2,854) | ||||
Redemption of common units to common stock (in shares) | 171,318 | 0 | ||||||
Rebalancing of noncontrolling interest | (6,812) | (6,812) | $ 6,812 | |||||
Other comprehensive income | 28,856 | (28,242) | (28,242) | (614) | ||||
Net income | 196,432 | 192,334 | 192,334 | 4,098 | ||||
Balance at Dec. 31, 2021 | 3,393,587 | 0 | $ 1,777 | 4,130,038 | (792,332) | (11,783) | 3,327,700 | 65,887 |
Balance (in shares) at Dec. 31, 2021 | 177,769,342 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Proceeds from sales of common stock | 54,944 | $ 13 | 54,931 | 54,944 | ||||
Proceeds from sales of common stock (in shares) | 1,328,335 | |||||||
Dividends, Common Stock | 261,359 | |||||||
Dividends | 261,359 | |||||||
Distribution Made to Limited Partner, Cash Distributions Declared | (5,832) | |||||||
Dividends and Distributions, Net | (267,191) | |||||||
Non-cash compensation activity, net | 10,521 | 2,832 | 2,053 | 8,468 | ||||
Non-cash compensation activity (in shares) | 52,809 | |||||||
Non-cash compensation activity (in excess of earnings) | $ (1) | (780) | ||||||
Redemption of common units to common stock | $ (1) | (1,856) | (1,857) | $ (1,857) | ||||
Redemption of common units to common stock (in shares) | 98,494 | 0 | ||||||
Rebalancing of noncontrolling interest | (980) | (980) | $ 980 | |||||
Other comprehensive income | 84,086 | 82,283 | 82,283 | 1,803 | ||||
Net income | 182,234 | 178,326 | 178,326 | 3,908 | ||||
Balance at Dec. 31, 2022 | $ 3,458,181 | $ 0 | $ 1,792 | $ 4,188,677 | $ (876,145) | $ 70,500 | $ 3,384,824 | $ 73,357 |
Balance (in shares) at Dec. 31, 2022 | 179,248,980 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 182,234 | $ 196,432 | $ 206,795 |
Adjustment to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 275,040 | 238,699 | 214,738 |
Loss on impairments | 1,783 | 0 | 5,577 |
Gain on involuntary conversion | 0 | 0 | (2,157) |
Non-cash portion of interest expense | 3,747 | 2,931 | 2,922 |
Amortization of above and below market leases, net | (352) | 2,051 | 4,341 |
Straight-line rent adjustments, net | (17,610) | (17,516) | (12,074) |
Debt extinguishment and modification expenses | 21 | 249 | 834 |
Gain on the sales of rental property, net | (57,487) | (97,980) | (135,733) |
Non-cash compensation expense | 12,068 | 14,955 | 11,681 |
Change in assets and liabilities: | |||
Tenant accounts receivable | (6,438) | (36) | (4,482) |
Prepaid expenses and other assets | (21,870) | (18,664) | (11,528) |
Accounts payable, accrued expenses and other liabilities | 13,531 | 6,763 | 7,157 |
Tenant prepaid rent and security deposits | 3,264 | 8,270 | 5,851 |
Total adjustments | 205,697 | 139,722 | 87,127 |
Net cash provided by operating activities | 387,931 | 336,154 | 293,922 |
Cash flows from investing activities: | |||
Acquisitions of land and buildings and improvements | (421,784) | (1,211,023) | (661,961) |
Additions of land and buildings and improvements | (111,653) | (39,503) | (55,741) |
Acquisitions of other assets | (2,134) | (1,004) | (450) |
Payment to acquire operating lease right-of-use assets | (3,541) | (5,627) | (3,984) |
Proceeds from sales of rental property, net | 135,348 | 187,972 | 273,560 |
Proceeds from involuntary conversion | 0 | 0 | 782 |
Acquisitions of tenant prepaid rent | 445 | 1,024 | 0 |
Acquisition deposits, net | 1,428 | (3,131) | 27 |
Acquisitions of deferred leasing intangibles | (49,174) | (154,755) | (110,840) |
Acquisition of operating lease liabilities | 3,541 | 5,627 | 3,984 |
Net cash used in investing activities | (447,524) | (1,220,420) | (554,623) |
Cash flows from financing activities: | |||
Proceeds from unsecured credit facility | 1,288,000 | 2,665,000 | 914,000 |
Repayment of unsecured credit facility | (1,409,000) | (2,476,000) | (953,000) |
Proceeds from unsecured term loans | 375,000 | 1,125,000 | 400,000 |
Repayment of unsecured term loans | (325,000) | (1,125,000) | (300,000) |
Proceeds from unsecured notes | 400,000 | 325,000 | 0 |
Repayment of mortgage notes | (46,943) | (2,225) | (2,983) |
Redemption of preferred stock | 0 | (75,000) | 0 |
Payment of loan fees and costs | (5,211) | (9,579) | (1,129) |
Payment of defeasance fees and other costs | 0 | 0 | (425) |
Dividends and distributions | (266,817) | (245,722) | (224,283) |
Proceeds from sales of common stock, net | 54,753 | 706,991 | 438,499 |
Repurchase and retirement of share-based compensation | (1,596) | (1,342) | (1,503) |
Net cash provided by financing activities | 63,186 | 887,123 | 269,176 |
Increase in cash and cash equivalents and restricted cash | 3,593 | 2,857 | 8,475 |
Cash and cash equivalents and restricted cash—beginning of period | 23,196 | 20,339 | 11,864 |
Cash and cash equivalents and restricted cash—end of period | 26,789 | 23,196 | 20,339 |
Supplemental disclosure: | |||
Cash paid for interest, net of capitalized interest | 72,740 | 58,392 | 58,704 |
Supplemental schedule of non-cash investing and financing activities | |||
Additions of land and buildings and improvements | 2,674 | 465 | 674 |
Transfer of other assets to building and other capital improvements | (2,674) | (465) | (674) |
Acquisitions of land and buildings and improvements | 0 | (5,990) | (2,202) |
Acquisitions of deferred leasing intangibles | 0 | (948) | (362) |
Change in additions of land, building, and improvements included in accounts payable, accrued expenses and other liabilities | (7,897) | (1,285) | (3,714) |
Additions to building and other capital improvements from non-cash compensation | 62 | 9 | 25 |
Assumption of mortgage notes | 0 | 5,103 | 0 |
Fair market value adjustment to mortgage notes acquired | 0 | (161) | 0 |
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses and other liabilities | (192) | (930) | (1,065) |
Dividends and distributions accrued | $ 22,282 | $ 21,906 | $ 19,379 |
Statement of Financial Position
Statement of Financial Position, Classified (Parentheticals) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Building and building, accumulated amortization | $ 763,128,000 | $ 611,867,000 |
Deferred leasing intangibles assets, accumulated amortization | 328,848,000 | 282,038,000 |
Deferred leasing intangibles liabilities, accumulated amortization | $ 24,593,000 | $ 21,136,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common Stock, shares issued | 179,248,980 | 177,769,342 |
Common stock, shares outstanding | 179,248,980 | 177,769,342 |
Preferred Stock, Value, Issued | $ 0 | $ 0 |
Series C Preferred Stock [Member] | ||
Preferred stock, liquidation preference (in dollars per share) | $ 0.01 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2022 | |
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 all of its properties and conducts substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). As of December 31, 2022 and 2021, the Company owned a 97.9% and 98.1%, respectively, of the common units of the limited partnership interests in the Operating Partnership. The Company is the sole member of the general partner of the Operating Partnership. As used herein, the “Company” refers to STAG Industrial, Inc. and its consolidated subsidiaries, including the Operating Partnership, except where context otherwise requires. As of December 31, 2022, the Company owned 562 industrial buildings in 41 states with approximately 111.7 million rentable square feet (square feet unaudited herein and throughout the Notes), consisting of 487 warehouse/distribution buildings, 74 light manufacturing buildings, and 1 flex/office building. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their consolidated 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 and restated (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. New Accounting Standards New Accounting Standards Adopted In December 2022, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which defers the sunset date of Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies. ASU 2022-06 had no impact on the Company’s consolidated financial statements for the year ended December 31, 2022. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Rental Property and Deferred Leasing Intangibles Rental property is carried at cost less accumulated depreciation and amortization. Expenditures for maintenance and repairs are expensed as incurred. Significant renovations and betterments that extend the economic useful lives of assets are capitalized. The Company capitalizes costs directly and indirectly related to the development, pre-development, redevelopment, or improvement of rental property. Real estate taxes, compensation costs of development personnel, insurance, interest, and other directly related costs during construction periods are capitalized as incurred, with depreciation commencing on the date the property is substantially completed. Such costs begin to be capitalized to the development projects from the point the Company is undergoing the necessary activities to get the development project ready for its intended use and cease when the development projects are substantially completed and held available for occupancy. Interest is capitalized based on actual capital expenditures from the period when development or redevelopment commences until the asset is ready for its intended use, at the weighted average borrowing rate of the Company’s unsecured indebtedness during the period. For properties classified as held for sale, the Company ceases depreciating and amortizing the rental property and values the rental property at the lower of depreciated and amortized cost or fair value less costs to dispose. The Company presents those properties classified as held for sale with any qualifying assets and liabilities associated with those properties as held for sale in the accompanying Consolidated Balance Sheets. Using information available at the time of acquisition, the Company allocates the purchase price of properties acquired based upon the fair value of the assets acquired and liabilities assumed, which generally consist of land, buildings, tenant improvements, mortgage debt assumed, and deferred leasing intangibles, which includes in-place leases, above market and below market leases, and tenant relationships. The process for determining the allocation to these components requires estimates and assumptions, including rental rates, discount rates and exit capitalization rates, and land value per square foot, as well as available market information, and is therefore subject to subjective analysis and uncertainty. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The portion of the purchase price that is allocated to above and below market leases is valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease term plus the term of any bargain renewal options. The purchase price is further allocated to in-place lease values and tenant relationships based on the Company’s evaluation of the specific characteristics of each tenant’s lease and its overall relationship with the respective tenant. The above and below market lease values are amortized into rental income over the remaining lease term. The value of in-place lease intangibles and tenant relationships are amortized over the remaining lease term (and expected renewal period of the respective lease for tenant relationships) as increases to depreciation and amortization expense. The remaining lease terms are adjusted for bargain renewal options or assumed exercises of early termination options, as applicable. If a tenant subsequently terminates its lease, any unamortized portion of above and below market leases is accelerated into rental income and the in-place lease value and tenant relationships are accelerated into depreciation and amortization expense over the shortened lease term. The purchase price allocated to deferred leasing intangible assets are included in rental property, net on the accompanying Consolidated Balance Sheets, and the purchase price allocated to deferred leasing intangible liabilities are included in deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets under the liabilities section. In determining the fair value of the debt assumed, the Company discounts the spread between the future contractual interest payments and hypothetical future interest payments on mortgage debt based on a current market rate. The associated fair market value debt adjustment is amortized through interest expense over the life of the debt on a basis which approximates the effective interest method. The Company evaluates the carrying value of all tangible and intangible rental property assets and deferred leasing intangible liabilities (collectively, the “property”) held for use for possible impairment when an event or change in circumstance has occurred that indicates their carrying value may not be recoverable. The evaluation includes estimating and reviewing anticipated future undiscounted cash flows to be derived from the property. If such cash flows are less than the property’s carrying value, an impairment charge is recognized to the extent by which the property’s carrying value exceeds the estimated fair value. Estimating future cash flows is highly subjective and is based in part on assumptions regarding anticipated hold period, future occupancy, rental rates, capital requirements, and exit capitalization rates that could differ from actual results. The discount rate used to present value the cash flows for determining fair value is also subjective. Depreciation expense is computed using the straight-line method based on the following estimated useful lives. Description Estimated Useful Life Building 40 Years Building and land improvements (maximum) 20 Years Tenant improvements Shorter of useful life or terms of related lease Fully depreciated or amortized tenant improvements, deferred leasing intangible assets, or deferred leasing intangible liabilities and the associated accumulated depreciation or amortization are written-off. The Company wrote-off fully depreciated or amortized tenant improvements, deferred leasing intangible assets, and deferred leasing intangible liabilities of approximately $3.4 million, $53.8 million, $4.9 million, respectively, for the year ended December 31, 2022 and approximately $7.5 million, $72.9 million, $2.4 million, respectively, for the year ended December 31, 2021. Leases For leases in which the Company is the lessee, the Company recognizes a right-of-use asset and corresponding lease liability on the accompanying Consolidated Balance Sheets equal to the present value of the fixed lease payments. In determining the operating right-of-use asset and lease liability for the Company’s operating leases, the Company estimates an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. The Company utilizes a market-based approach to estimate the incremental borrowing rate for each individual lease. Additionally, since the terms of the Company’s ground leases are significantly longer than the terms of borrowings available to the Company on a fully-collateralized basis, the estimate of this rate requires significant judgment, and considers factors such as yields on outstanding public debt and other market based pricing on longer duration financing instruments. Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less. The Company maintains cash and cash equivalents in United States banking institutions that may exceed amounts insured by the Federal Deposit Insurance Corporation. While the Company monitors the cash balances in its operating accounts, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts, and mitigates this risk by using nationally recognized banking institutions. Restricted Cash Restricted cash may include tenant security deposits, cash held in escrow for real estate taxes and capital improvements as required in various mortgage note agreements, and cash held by the Company’s transfer agent for preferred stock dividends, if any, that are distributed subsequent to period end. Restricted cash may also include cash held by qualified intermediaries to facilitate a like-kind exchange of real estate under Section 1031 of the Code. The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows. Reconciliation of cash and cash equivalents and restricted cash (in thousands) December 31, 2022 December 31, 2021 Cash and cash equivalents $ 25,884 $ 18,981 Restricted cash 905 4,215 Total cash and cash equivalents and restricted cash $ 26,789 $ 23,196 Deferred Costs Deferred financing fees and debt issuance costs include costs incurred in obtaining debt that are capitalized and are presented as a direct deduction from the carrying amount of the associated debt liability that is not a line-of-credit arrangement on the accompanying Consolidated Balance Sheets. Deferred financing fees and debt issuance costs related to line-of-credit arrangements are presented as an asset in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The deferred financing fees and debt issuance costs are amortized through interest expense over the life of the respective loans on a basis which approximates the effective interest method. Any unamortized amounts upon early repayment of debt are written off in the period of repayment as a loss on extinguishment of debt. Fully amortized deferred financing fees and debt issuance costs are written off upon maturity of the underlying debt. Leasing commissions include commissions and other direct and incremental costs incurred to obtain new tenant leases as well as to renew existing tenant leases, and are presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. Leasing commissions are capitalized and amortized over the terms of the related leases (and bargain renewal terms or assumed exercise of early termination options) using the straight-line method. If a lease terminates prior to the expiration of its initial term, any unamortized costs related to the lease are accelerated into amortization expense. Changes in leasing commissions are presented in the cash flows from operating activities section of the accompanying Consolidated Statements of Cash Flows. Goodwill The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill of the Company of approximately $4.9 million represents amounts allocated to the assembled workforce from the acquired management company, and is presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The Company’s goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis at December 31, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company takes a qualitative approach to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. The Company has recorded no impairments to goodwill through December 31, 2022. Use of Derivative Financial Instruments The Company records all derivatives on the accompanying Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. In accordance with fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting arrangements on a net basis by counterparty portfolio. Credit risk is the risk of failure of the counterparty to perform under the terms of the contract. The Company minimizes the credit risk in its derivative financial instruments by entering into transactions with various high-quality counterparties. The Company’s exposure to credit risk at any point is generally limited to amounts recorded as assets on the accompanying Consolidated Balance Sheets. Fair Value of Financial Instruments Financial instruments include cash and cash equivalents, restricted cash, tenant accounts receivable, interest rate swaps, accounts payable, accrued expenses, unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes. See Note 4 for the fair value of the Company’s indebtedness. See Note 5 for the fair value of the Company’s interest rate swaps. The Company adopted fair value measurement provisions for its financial instruments recorded at fair value. The guidance establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Offering Costs Underwriting commissions and direct offering costs have been reflected as a reduction of additional paid-in capital on the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. Indirect costs associated with equity offerings are expensed as incurred and included in general and administrative expenses on the accompanying Consolidated Statements of Operations. Dividends Earnings and profits, which determine the taxability of dividends to stockholders, will differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of gains on the sale of real property, revenue and expense recognition, and in the estimated useful lives and basis used to compute depreciation. In addition, the Company’s distributions may include a return of capital. To the extent that the Company makes distributions in excess of its current and accumulated earnings and profits, such distributions would generally be considered a return of capital for federal income tax purposes to the extent of the holder’s adjusted tax basis in its shares. A return of capital may not be taxable. A return of capital has the effect of reducing the holder’s adjusted tax basis in its investment, which may or may not be taxable to the holder. The Company paid dividends to holders of the 6.875% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share (“Series C Preferred Stock”), of approximately $1.3 million ($0.429688 per share) during the year ended December 31, 2021, of which $0.400294 per share was treated as ordinary income for tax purposes, $0.022149 per share was treated as unrecaptured section 1250 capital gain for tax purposes, and $0.007245 per share was treated as other capital gain for income tax purposes. The Company paid dividends to the holders of the Series C Preferred Stock of approximately $5.2 million ($1.71875 per share) during the year ended December 31, 2020, of which $1.349944 per share was treated as ordinary income for tax purposes, $0.100392 per share was treated as unrecaptured section 1250 capital gain for tax purposes, and $0.268414 per share was treated as other capital gain for income tax purposes. The following table summarizes the tax treatment of dividends per shares of common stock for federal income tax purposes. Year ended December 31, 2022 2021 2020 Federal Income Tax Treatment of Dividends per Common Share Per Share % Per Share % Per Share % Ordinary income $ 1.172486 80.4 % $ 1.119899 81.3 % $ 1.186648 78.5 % Return of capital 0.165158 11.3 % 0.175355 12.7 % — — % Unrecaptured section 1250 capital gain 0.014248 1.0 % 0.061970 4.5 % 0.088246 5.9 % Other capital gain 0.107278 7.3 % 0.020269 1.5 % 0.235943 15.6 % Total (1) $ 1.459170 100.0 % $ 1.377493 100.0 % $ 1.510837 100.0 % (1) The December 2020 monthly common stock dividend of $0.12 per share was partially included in the stockholder's 2020 tax year in the amount of $0.07167 per share, and the remainder was included in the stockholder's 2021 tax year. The December 2021 monthly common stock dividend of $0.120833 per share was included in the stockholder's 2022 tax year. The December 2022 monthly common stock dividend of 0.121667 per share will be included in the stockholder's 2023 tax year. Revenue Recognition All current leases are classified as operating leases and rental income is recognized on a straight-line basis over the term of the lease (and expected bargain renewal terms or assumed exercise of early termination options) when collectability is reasonably assured. Differences between rental income earned and amounts due under the lease are charged or credited, as applicable, to accrued rental income. The Company determined that for all leases where the Company is the lessor, that the timing and pattern of transfer of the non-lease components and associated lease components are the same, and that the lease components, if accounted for separately, would be classified as an operating lease. Accordingly, the Company has made an accounting policy election to recognize the combined component in accordance with Accounting Standards Codification Topic 842 as rental income on the accompanying Consolidated Statements of Operations. Rental income recognition commences when the tenant takes possession of or controls the physical use of the leased space and the leased space is substantially complete and ready for its intended use. In order to determine whether the leased space is substantially complete and ready for its intended use, the Company determines whether the Company or the tenant own the tenant improvements. When it is determined that the Company is the owner of the tenant improvements, rental income recognition begins when the tenant takes possession of or controls the physical use of the finished space, which is generally when the Company owned tenant improvements are completed. In instances when it is determined that the tenant is the owner of tenant improvements, rental income recognition begins when the tenant takes possession of or controls the physical use of the leased space. The Company evaluates its operating leases to determine if it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term. For those that are not probable of collection, the Company converts to the cash basis of accounting. If the Company subsequently determines that it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term, the Company will reinstate the accrued rent balance adjusting for the amount related to the period when the lease was accounted for on a cash basis. When the Company is the owner of tenant improvements or other capital items, the cost to construct the tenant improvements or other capital items, including costs paid for or reimbursed by the tenants, is recorded as capital assets. For these tenant improvements or other capital items, the amount funded by or reimbursed by the tenants are recorded as deferred revenue, which is amortized on a straight-line basis as income over the shorter of the useful life of the capital asset or the term of the related lease. Early lease termination fees are recorded in rental income on a straight-line basis from the notification date of such termination to the then remaining (not the original) lease term, if any, or upon collection if collection is not reasonably assured. Gain on the Sales of Rental Property, net The timing of the derecognition of a rental property and the corresponding recognition of gain on the sales of rental property, net is measured by various criteria related to the terms of the sale transaction, and if the Company has lost control of the property and the acquirer has gained control of the property after the transaction. If the derecognition criteria is met, the full gain is recognized. Incentive and Equity-Based Employee Compensation Plans The Company grants equity-based compensation awards to its employees and directors in the form of restricted shares of common stock, LTIP units, and performance units. See Notes 6, 7 and 8 for further discussion of restricted shares of common stock, LTIP units, and performance units , respectively. The Company measures equity-based compensation expense based on the fair value of the awards on the grant date and recognizes the expense ratably over the vesting period, and forfeitures are recognized in the period in which they occur. On January 7, 2021, the Company adopted the STAG Industrial, Inc. Employee Retirement Vesting Program (the “Vesting Program”) to provide supplemental retirement benefits for eligible employees. For those employees who are retirement eligible or will become retirement eligible during the applicable vesting period under the terms of the Vesting Program, the Company accelerates equity-based compensation through the employee’s six-month retirement notification period or retirement eligibility date, respectively. Related-Party Transactions The Company did not have any related-party transactions during the years ended December 31, 2022, 2021 and 2020. Taxes Federal Income Taxes The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 2011 and intends to continue to qualify as a REIT. As a REIT, the Company is generally not subject to corporate level federal income tax on the earnings distributed currently to its stockholders that it derives from its REIT qualifying activities. As a REIT, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. The Company will not be required to make distributions with respect to income derived from the activities conducted through subsidiaries that the Company elects to treat as taxable REIT subsidiaries (“TRS”) for federal income tax purposes, nor will it have to comply with income, assets, or ownership restrictions inside of the TRS. Certain activities that the Company undertakes must or should be conducted by a TRS, such as performing non-customary services for its tenants and holding assets that it cannot hold directly. A TRS is subject to federal and state income taxes. The Company’s TRS recognized a net income (loss) of approximately $0.1 million, $(8,000) and $0, for the years ended December 31, 2022, 2021 and 2020, respectively, which has been included on the accompanying Consolidated Statements of Operations. State and Local Income, Excise, and Franchise Tax The Company and certain of its subsidiaries are subject to certain state and local income, excise and franchise taxes. Taxes in the amount of approximately $2.1 million, $1.7 million and $1.7 million have been recorded in other expenses on the accompanying Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020, respectively. Uncertain Tax Positions Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of December 31, 2022, 2021 and 2020, there were no liabilities for uncertain tax positions. Earnings Per Share The Company uses the two-class method of computing earnings per common share, which is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net income per common share is computed by dividing net income available to common stockholders by the sum of the weighted average number of shares of common stock outstanding and any dilutive securities for the period. Segment Reporting The Company manages its operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions and, accordingly, has only one reporting and operating segment. Concentrations of Credit Risk Concentrations of credit risk relevant to the Company may arise when a number of financing arrangements, including revolving credit facilities or derivatives, are entered into with the same lenders or counterparties, and have similar economic features that would cause their inability to meet contractual obligations. The Company mitigates the concentration of credit risk as it relates to financing arrangements by entering into loan syndications with multiple, reputable financial institutions and diversifying its debt counterparties. The Company also reduces exposure by diversifying its derivatives across multiple counterparties who meet established credit and capital guidelines. |
Related-Party Transactions | Related-Party Transactions The Company did not have any related-party transactions during the years ended December 31, 2022, 2021 and 2020. |
Rental Property
Rental Property | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Real Estate | Rental Property The following table summarizes the components of rental property, net as of December 31, 2022 and 2021. Rental Property (in thousands) December 31, 2022 December 31, 2021 Land $ 647,098 $ 617,297 Buildings, net of accumulated depreciation of $513,053 and $406,670, respectively 4,232,964 4,035,210 Tenant improvements, net of accumulated depreciation of $31,578 and $26,065, respectively 44,526 43,999 Building and land improvements, net of accumulated depreciation of $218,497 and $179,132, respectively 339,274 320,041 Construction in progress 89,981 36,493 Deferred leasing intangibles, net of accumulated amortization of $328,848 and $282,038, respectively 508,935 567,658 Total rental property, net $ 5,862,778 $ 5,620,698 Acquisitions The following tables summarize the acquisitions of the Company during the years ended December 31, 2022 and 2021. The Company accounted for all of its acquisitions as asset acquisitions. Year ended December 31, 2022 Market (1) Date Acquired Square Feet Number of Buildings Purchase Price Kansas City, MO January 6, 2022 702,000 1 $ 60,428 Chicago, IL January 31, 2022 72,499 1 8,128 Columbus, OH February 8, 2022 138,213 1 11,492 Cleveland, OH February 8, 2022 136,800 1 13,001 Nashville, TN March 10, 2022 109,807 1 12,810 Greenville/Spartanburg, SC March 10, 2022 289,103 1 28,274 Memphis, TN March 18, 2022 195,622 1 15,828 Greenville/Spartanburg, SC March 18, 2022 155,717 1 16,390 Three months ended March 31, 2022 1,799,761 8 166,351 Atlanta, GA April 1, 2022 210,858 1 21,119 Minneapolis/St. Paul, MN April 4, 2022 160,000 1 13,472 West Michigan, MI April 14, 2022 211,125 2 12,274 Pittsburgh, PA April 19, 2022 400,000 1 50,178 Greenville/Spartanburg, SC (2) April 22, 2022 — — 5,559 Birmingham, AL May 5, 2022 67,168 1 7,871 South Bay/San Jose, CA June 7, 2022 175,325 1 29,630 Washington, DC June 29, 2022 140,555 1 20,257 Hampton Roads, VA June 29, 2022 102,512 1 10,561 Three months ended June 30, 2022 1,467,543 9 170,921 Atlanta, GA July 15, 2022 159,048 1 10,062 Fresno, CA July 25, 2022 232,072 1 30,121 El Paso, TX July 26, 2022 326,166 4 37,792 Portland, OR September 12, 2022 78,000 1 11,281 Louisville, KY September 21, 2022 563,032 1 38,064 Three months ended September 30, 2022 1,358,318 8 127,320 Chicago, IL December 28, 2022 115,491 1 8,055 Three months ended December 31, 2022 115,491 1 8,055 Year ended December 31, 2022 4,741,113 26 $ 472,647 (1) As defined by CoStar Realty Information Inc. If the building is located outside of a CoStar defined market, the city and state is reflected. (2) The Company acquired vacant land parcels. Year ended December 31, 2021 Market (1) Date Acquired Square Feet Number of Buildings Purchase Price Omaha/Council Bluffs, NE-IA January 21, 2021 370,000 1 $ 24,922 Minneapolis/St. Paul, MN February 24, 2021 80,655 1 10,174 Long Island, NY February 25, 2021 64,224 1 8,516 Sacramento, CA February 25, 2021 267,284 1 25,917 Little Rock/N. Little Rock March 1, 2021 300,160 1 24,317 Cleveland, OH March 18, 2021 170,000 1 6,382 Three months ended March 31, 2021 1,252,323 6 100,228 Indianapolis, IN May 17, 2021 154,440 1 13,655 Baltimore, MD May 17, 2021 46,851 1 6,228 Detroit, MI June 1, 2021 248,040 1 23,786 Green Bay, WI June 7, 2021 152,000 1 7,249 Phoenix, AZ June 14, 2021 41,504 1 8,670 Cleveland, OH June 17, 2021 179,577 1 19,602 Reno/Sparks, NV June 30, 2021 183,435 1 13,892 Washington, DC June 30, 2021 193,420 1 17,521 Stockton/Modesto, CA June 30, 2021 150,000 1 16,118 Three months ended June 30, 2021 1,349,267 9 126,721 Chicago, IL July 19, 2021 109,355 2 13,341 Chicago, IL July 20, 2021 207,223 1 23,345 Columbia, SC July 27, 2021 194,290 1 14,546 South Bay/San Jose, CA August 9, 2021 75,954 1 26,820 Columbus, OH August 19, 2021 814,265 2 75,422 Salt Lake City, UT August 19, 2021 177,071 1 35,141 Greenville/Spartanburg, SC August 23, 2021 209,461 1 15,317 Indianapolis, IN August 26, 2021 78,600 1 5,707 Birmingham, AL August 26, 2021 595,176 1 36,850 Sacramento, CA August 30, 2021 114,597 1 15,388 Chicago, IL September 2, 2021 95,482 1 11,799 Chicago, IL September 16, 2021 506,096 4 50,661 Milwaukee/Madison, WI September 16, 2021 157,438 1 13,650 Denver, CO September 24, 2021 195,674 2 39,136 Milwaukee/Madison, WI September 28, 2021 156,482 1 10,807 Chicago, IL September 29, 2021 110,035 1 10,585 Boston, MA September 29, 2021 247,056 2 28,704 Three months ended September 30, 2021 4,044,255 24 427,219 Omaha/Council Bluffs, NE-IA October 6, 2021 99,616 2 8,669 El Paso, TX October 8, 2021 276,360 1 27,844 St. Louis, MO October 12, 2021 121,223 1 12,991 South Bay/San Jose, CA October 12, 2021 31,172 1 11,691 Chicago, IL October 13, 2021 56,676 1 5,735 Dallas/Ft. Worth, TX October 13, 2021 202,140 2 25,913 Sacramento, CA October 25, 2021 82,174 1 10,275 Detroit, MI November 1, 2021 126,720 1 18,291 Philadelphia, PA November 3, 2021 385,399 1 25,909 West Michigan, MI November 9, 2021 159,900 1 19,649 Philadelphia, PA November 9, 2021 109,504 1 8,071 Minneapolis/St. Paul, MN November 10, 2021 316,636 1 30,583 Chicago, IL November 12, 2021 579,338 4 62,948 Philadelphia, PA November 12, 2021 128,959 1 26,446 Sacramento, CA December 1, 2021 67,200 1 7,721 Des Moines, IA December 9, 2021 200,957 1 22,866 Greenville/Spartanburg, SC December 17, 2021 231,626 1 31,169 Milwaukee/Madison, WI December 17, 2021 192,800 1 23,327 Sacramento, CA December 21, 2021 188,830 2 27,616 Sacramento, CA (2) December 22, 2021 — — 28,930 Des Moines, IA December 23, 2021 179,459 1 13,556 Philadelphia, PA December 23, 2021 589,580 1 53,790 Nashville, TN December 23, 2021 58,672 1 7,271 Westchester/S. Connecticut, CT/NY December 23, 2021 167,700 1 16,700 Washington, DC December 28, 2021 1,231,200 2 140,668 Minneapolis/St. Paul, MN December 28, 2021 83,000 1 11,058 Chicago, IL December 29, 2021 102,000 1 9,742 Omaha/Council Bluffs, NE-IA December 30, 2021 178,368 1 17,888 Atlanta, GA December 31, 2021 103,720 1 11,083 Three months ended December 31, 2021 6,250,929 35 718,400 Year ended December 31, 2021 12,896,774 74 $ 1,372,568 (1) As defined by CoStar Realty Information Inc. If the building is located outside of a CoStar defined market, the city and state is reflected. (2) The Company acquired a building under development. The following table summarizes the allocation of the consideration paid at the date of acquisition during the years ended December 31, 2022 and 2021, for the acquired assets and liabilities in connection with the acquisitions identified in the tables above. Year ended December 31, 2022 Year ended December 31, 2021 Acquired Assets and Liabilities Purchase price (in thousands) Weighted average amortization period (years) of intangibles at acquisition Purchase price (in thousands) Weighted average amortization period (years) of intangibles at acquisition Land $ 39,346 N/A $ 137,827 N/A Buildings 360,209 N/A 988,456 N/A Tenant improvements 2,640 N/A 7,356 N/A Building and land improvements 19,589 N/A 58,504 N/A Construction in progress — N/A 24,581 N/A Other assets 2,134 N/A 1,004 N/A Operating lease right-of-use assets 3,541 N/A 5,627 N/A Deferred leasing intangibles - In-place leases 34,321 7.9 103,051 7.8 Deferred leasing intangibles - Tenant relationships 18,418 11.1 52,579 10.6 Deferred leasing intangibles - Above market leases 2,456 11.6 10,764 11.4 Deferred leasing intangibles - Below market leases (6,021) 7.5 (10,691) 6.1 Operating lease liabilities (3,541) N/A (5,627) N/A Below market assumed debt adjustment — N/A 161 18.8 Tenant prepaid rent (445) N/A (1,024) N/A Total purchase price 472,647 1,372,568 Less: Mortgage note assumed — (5,103) Net assets acquired $ 472,647 $ 1,367,465 On February 25, 2021, the Company assumed a mortgage note of approximately $5.1 million in connection with the acquisition of the property located in Long Island, NY. For a discussion of the method used to determine the fair value of the mortgage note, see Note 4. Dispositions The following table summarizes the Company’s dispositions for the years ended December 31, 2022, 2021, and 2020. Year ended December 31, Sales of rental property, net (dollars in thousands) 2022 2021 2020 Number of buildings 8 22 7 Number of land parcels 1 — — Building square feet (in millions) 1.8 2.7 3.4 2022 dispositions contribution to net income (1) $ 1,008 $ 4,699 $ 4,764 2021 dispositions contribution to net income (1) $ — $ 862 $ 3,645 2020 dispositions contribution to net income (1) $ — $ — $ 1,788 Proceeds from sales of rental property, net $ 135,348 $ 187,972 $ 273,560 Net book value $ 77,861 $ 89,992 $ 137,827 Gain on the sales of rental property, net $ 57,487 $ 97,980 $ 135,733 (1) Exclusive of any loss on impairments, gain on involuntary conversion, and gain on the sales of rental property, net. All of the dispositions were sold to third parties and were accounted for under the full accrual method. Assets Held for Sale As of December 31, 2022, the related land and building and improvements, net of approximately $0.6 million and $4.1 million, respectively, for one building was classified as assets held for sale, net on the accompanying Consolidated Balance Sheets. This building contributed approximately $0.4 million, $0.4 million, and $0.3 million to net income during the years ended December 31, 2022, 2021 and 2020, respectively. Subsequent to December 31, 2022, in January 2023, this building was sold to a third party. Gain on Involuntary Conversion The Company recognized a gain on involuntary conversion of approximately $0, $0, and $2.2 million during the years ended December 31, 2022, 2021 and 2020, respectively. The gain on involuntary conversion during the year ended December 31, 2020 related to an eminent domain taking of a portion of a parcel of land. Loss on Impairments The following table summarizes the Company’s loss on impairments for assets held and used during the years ended December 31, 2022 and 2020. The Company did not recognize a loss on impairments during the year ended December 31, 2021. Market (1) Buildings Event or Change in Circumstance Leading to Impairment Evaluation (2) Valuation technique utilized to estimate fair value Fair Value (3) Loss on Impairments (in thousands) Hartford, CT 1 Change in estimated hold period Discounted cash flows (4) $ 834 $ 1,783 Year ended December 31, 2022 $ 1,783 Williamsport, PA 1 Change in estimated hold period (5) Discounted cash flows (6) $ 5,019 $ 3,172 Albion, IN 5 Change in estimated hold period (7) Discounted cash flows (8) $ 1,252 $ 2,405 Year ended December 31, 2020 $ 5,577 (1) As defined by CoStar. If the building is located outside of a CoStar defined market, the city and state is reflected. (2) The Company tested the asset group for impairment utilizing a probability weighted recovery analysis of certain scenarios, and it was determined that the carrying value of the property and intangibles were not recoverable from the estimated future undiscounted cash flows. (3) The estimated fair value of the property is based on Level 3 inputs and is a non-recurring fair value measurement. Level 3 is defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. (4) Level 3 inputs used to determine fair value for the property impaired: discount rate of 10.0% and exit capitalization rate of 8.5%. (5) This property was sold during the year ended December 31, 2022. (6) Level 3 inputs used to determine fair value for the property impaired: discount rate of 10.5% and exit capitalization rate of 10.0%. (7) Four of the buildings were sold during the year ended December 31, 2021. (8) Level 3 inputs used to determine fair value for the property impaired: discount rate of 11.0% and exit capitalization rate of 10.0%. Deferred Leasing Intangibles The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of December 31, 2022 and 2021. December 31, 2022 December 31, 2021 Deferred Leasing Intangibles (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Above market leases $ 86,172 $ (34,954) $ 51,218 $ 91,565 $ (32,110) $ 59,455 Other intangible lease assets 751,611 (293,894) 457,717 758,131 (249,928) 508,203 Total deferred leasing intangible assets $ 837,783 $ (328,848) $ 508,935 $ 849,696 $ (282,038) $ 567,658 Below market leases $ 57,020 $ (24,593) $ 32,427 $ 56,857 $ (21,136) $ 35,721 Total deferred leasing intangible liabilities $ 57,020 $ (24,593) $ 32,427 $ 56,857 $ (21,136) $ 35,721 The following table summarizes the amortization expense and the net increase (decrease) to rental income for the amortization of deferred leasing intangibles during the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Deferred Leasing Intangibles Amortization (in thousands) 2022 2021 2020 Net increase (decrease) to rental income related to above and below market lease amortization $ 329 $ (2,073) $ (4,363) Amortization expense related to other intangible lease assets $ 95,901 $ 88,729 $ 83,160 The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years as of December 31, 2022. Year Amortization Expense Related to Other Intangible Lease Assets (in thousands) Net Increase (Decrease) to Rental Income Related to Above and Below Market Lease Amortization (in thousands) 2023 $ 84,098 $ 249 2024 $ 72,640 $ (418) 2025 $ 63,443 $ (252) 2026 $ 54,351 $ (968) 2027 $ 42,957 $ (1,778) |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes as of December 31, 2022 and 2021. Loan Principal Outstanding as of December 31, 2022 (in thousands) Principal Outstanding as of December 31, 2021 (in thousands) Interest (1)(2) Maturity Date Prepayment Terms (3) Unsecured credit facility: Unsecured Credit Facility (4) $ 175,000 $ 296,000 Term SOFR + 0.855% October 23, 2026 i Total unsecured credit facility 175,000 296,000 Unsecured term loans: Unsecured Term Loan D (5) — 150,000 2.85 % January 4, 2023 i Unsecured Term Loan E (5) — 175,000 3.77 % January 15, 2024 i Unsecured Term Loan F 200,000 200,000 2.94 % January 12, 2025 i Unsecured Term Loan G 300,000 300,000 1.09 % February 5, 2026 i Unsecured Term Loan A 150,000 150,000 2.14 % March 15, 2027 i Unsecured Term Loan H 187,500 — 3.75 % January 25, 2028 i Unsecured Term Loan I 187,500 — 2.89 % January 25, 2028 i Total unsecured term loans 1,025,000 975,000 Total unamortized deferred financing fees and debt issuance costs (4,560) (4,423) Total carrying value unsecured term loans, net 1,020,440 970,577 Unsecured notes: Series F Unsecured Notes (6) 100,000 100,000 3.98 % January 5, 2023 ii Series A Unsecured Notes 50,000 50,000 4.98 % October 1, 2024 ii Series D Unsecured Notes 100,000 100,000 4.32 % February 20, 2025 ii Series G Unsecured Notes 75,000 75,000 4.10 % June 13, 2025 ii Series B Unsecured Notes 50,000 50,000 4.98 % July 1, 2026 ii Series C Unsecured Notes 80,000 80,000 4.42 % December 30, 2026 ii Series E Unsecured Notes 20,000 20,000 4.42 % February 20, 2027 ii Series H Unsecured Notes 100,000 100,000 4.27 % June 13, 2028 ii Series I Unsecured Notes 275,000 275,000 2.80 % September 29, 2031 ii Series K Unsecured Notes 400,000 — 4.12 % June 28, 2032 ii Series J Unsecured Notes 50,000 50,000 2.95 % September 28, 2033 ii Total unsecured notes 1,300,000 900,000 Total unamortized deferred financing fees and debt issuance costs (4,558) (3,059) Total carrying value unsecured notes, net 1,295,442 896,941 Mortgage notes (secured debt): Wells Fargo Bank, National Association CMBS Loan — 46,610 4.31 % December 1, 2022 iii Thrivent Financial for Lutherans 3,296 3,430 4.78 % December 15, 2023 iv United of Omaha Life Insurance Company 4,744 4,943 3.71 % October 1, 2039 ii Total mortgage notes 8,040 54,983 Net unamortized fair market value discount (137) (136) Total unamortized deferred financing fees and debt issuance costs (5) (103) Total carrying value mortgage notes, net 7,898 54,744 Total / weighted average interest rate (6) $ 2,498,780 2,218,262 3.39 % (1) Interest rate as of December 31, 2022. At December 31, 2022, the one-month Term Secured Overnight Financing Rate (“Term SOFR”) was 4.35806%. 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 or discounts. The spread over the applicable rate for the Company’s unsecured credit facility and unsecured term loans is based on the Company’s debt rating and leverage ratio, as defined in the respective loan agreements. (2) The unsecured credit facility has a stated rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.775%, less a sustainability-related interest rate adjustment of 0.02%. The unsecured term loans A, F, and G have a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.85%, less a sustainability-related interest rate adjustment of 0.02%. The unsecured term loans H and I have a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.85%. As of December 31, 2022, one-month Term SOFR for the Unsecured Term Loans A, F, G, H, and I was swapped to a fixed rate of 1.31%, 2.11%, 0.26%, 2.90%, and 2.04%, respectively (which includes the 0.10% adjustment). One-month Term SOFR for the Unsecured Term Loan G will be swapped to a fixed rate of 0.95% effective April 18, 2023. One-month Term SOFR for the Unsecured Term Loan I will be swapped to a fixed rate of 2.66% effective January 4, 2023. One-month Term SOFR for the Unsecured Term Loan H will be swapped to a fixed rate of 2.50% effective January 12, 2024. (3) Prepayment terms consist of (i) pre-payable with no penalty; (ii) pre-payable with penalty; (iii) pre-payable without penalty three months prior to the maturity date, subject to defeasance; and (iv) pre-payable without penalty three months prior to the maturity date. (4) The capacity of the unsecured credit facility is $1.0 billion. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $5.2 million and $5.2 million are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of December 31, 2022 and December 31, 2021, respectively. The initial maturity date is October 24, 2025, or such later date which may be extended pursuant to two six (5) The Unsecured Term Loan D and the Unsecured Term Loan E were repaid in full on July 26, 2022 in connection with the execution of the Unsecured Term Loan H and the Unsecured Term Loan I. (6) Subsequent to December 31, 2022, on January 5, 2023, the Series F Unsecured Notes were repaid in full. Refer to Note 13 for additional details. (7) The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $1,025.0 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 or discounts. The aggregate undrawn nominal commitment on the unsecured credit facility as of December 31, 2022 was approximately $821.4 million, including issued letters of credit. The Company’s actual borrowing capacity at any given point in time may be less or restricted to a maximum amount based on the Company’s debt covenant compliance. Total accrued interest for the Company’s indebtedness was approximately $13.1 million and $8.6 million as of December 31, 2022 and 2021, respectively, and is included in accounts payable, accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets. The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Costs Included in Interest Expense (in thousands) 2022 2021 2020 Amortization of deferred financing fees and debt issuance costs and fair market value premiums/discounts $ 3,747 $ 2,931 $ 2,922 Facility, unused, and other fees $ 1,548 $ 1,642 $ 1,311 2022 Debt Activity On October 3, 2022, the Company achieved a 2022 public disclosure assessment score of “A” from the Global Real Estate Sustainability Benchmark (GRESB). The improved score triggered a sustainability-related interest rate adjustment for the Unsecured Term Loan A, Unsecured Term Loan F, Unsecured Term Loan G, and Unsecured Credit Facility. The interest rate adjustment, a 0.02% interest rate reduction for each instrument, went into effect on October 17, 2022 and will end on June 29, 2024, in accordance with the respective loan agreements. On September 1, 2022, the mortgage note associated with the Wells Fargo Bank, National Association CMBS Loan was repaid in full. On September 1, 2022, the Company entered into separate amended and restated loan agreements for the Unsecured Term Loan A, the Unsecured Term Loan F, and the Unsecured Term Loan G (“Amended and Restated Unsecured Term Loans”), to provide that borrowings under the Amended and Restated Unsecured Term Loans bear a current annual interest rate of one-month Term SOFR, plus an adjustment of 0.10% and a spread of 0.85%, based on the Company’s debt rating and leverage ratio (as defined in the applicable loan agreement). Other than the interest rate provisions described above, the material terms of the Amended and Restated Unsecured Term Loans, including the maturity dates, remain unchanged. On July 26, 2022, the Company entered into an amended and restated credit agreement for the unsecured credit facility (the “July 2022 Credit Agreement”), which provided for an increase in the aggregate commitments available for borrowing under the unsecured credit facility from $750.0 million to up to $1.0 billion. The July 2022 Credit Agreement also provided for the replacement of one-month LIBOR for one-month Term SOFR, plus a 0.10% adjustment. In connection with the July 2022 Credit Agreement, the Company incurred approximately $1.4 million in costs which are being deferred and amortized through the maturity date of the unsecured credit facility. The unamortized fees will continue to be deferred and amortized through the maturity date. Other than the increase in the borrowing commitments and the interest rate provisions described above, the material terms of the unsecured credit facility remain unchanged. On July 26, 2022, the Company entered into (i) an unsecured term loan agreement with Wells Fargo Bank, National Association and the other lenders party thereto, providing for a new senior unsecured term loan in the original principal amount of $187.5 million (“Unsecured Term Loan H”) and (ii) an unsecured term loan agreement with Bank of America, N.A., and the other lenders party thereto, providing for a new senior unsecured term loan in the original principal amount of $187.5 million (“Unsecured Term Loan I”). In connection with the new unsecured term loans, the $150.0 million Unsecured Term Loan D and the $175.0 million Unsecured Term Loan E were repaid in full. Each of the Unsecured Term Loan H and the Unsecured Term Loan I bears a current annual interest rate of one-month Term SOFR, plus a 0.10% adjustment and a spread of 0.85% based on the Company’s debt rating and leverage ratio (as defined in the applicable loan agreement), and matures on January 25, 2028. In connection with the new unsecured term loans, the Company incurred approximately $1.2 million in costs which are being deferred and amortized through the maturity dates on the unsecured term loans. The Company also recognized debt extinguishment and modification expenses of approximately $0.8 million related to unamortized deferred financing fees and debt issuance costs related to the Unsecured Term Loan D and the Unsecured Term Loan E and other third-party costs. On April 28, 2022, the Company entered into a note purchase agreement (the “April 2022 NPA”) for the private placement by the Operating Partnership of $400.0 million senior unsecured notes (the “Series K Unsecured Notes”) maturing June 28, 2032, with a fixed annual interest rate of 4.12%. The April 2022 NPA contains a number of financial covenants substantially similar to the financial covenants contained in the Company’s unsecured credit facility and other unsecured notes, plus a financial covenant that requires the Company to maintain a minimum interest coverage ratio of not less than 1.50:1.00. The Operating Partnership issued the Series K Unsecured Notes on June 28, 2022. The Company and certain wholly owned subsidiaries of the Operating Partnership are guarantors of the Series K Unsecured Notes. 2021 Debt Activity On October 26, 2021, the Company entered into an amendment to the unsecured credit facility (the “October 2021 Credit Facility Amendment”). The October 2021 Credit Facility Amendment provides for an extension of the maturity date to October 24, 2025, with two six On October 26, 2021, the Company entered into an amendment to the Unsecured Term Loan A (the “Amendment to Unsecured Term Loan A”). The Amendment to Unsecured Term Loan A provides for an extension of the maturity date to March 15, 2027 and a reduced current interest rate of LIBOR plus a spread of 0.85% based on the Company’s current debt rating (as defined in the loan agreement) and leverage level. In connection with the Amendment to Unsecured Term Loan A, the Company incurred approximately $0.6 million in costs which are being deferred and amortized through the new maturity date. The Company also incurred approximately $0.2 million of modification expenses which were recognized in debt extinguishment and modification expenses in the accompanying Consolidated Statements of Operations. Other than the maturity and interest rate provisions described above, the material terms of the Unsecured Term Loan A remain unchanged. On October 26, 2021, the Company entered into amendments to the Unsecured Term Loan E, the Unsecured Term Loan F, and the Unsecured Term Loan G (“Term Loan Amendments”) that provide for reduced current interest rates on each of the loans of LIBOR plus a spread of 0.85% based on the Company’s current debt rating (as defined in each loan agreement) and leverage level. In connection with the Term Loan Amendments, the Company incurred approximately $0.6 million in costs which are being deferred and amortized through the respective maturity dates. The Company also incurred approximately $1.2 million of modification expenses which were recognized in debt extinguishment and modification expenses in the accompanying Consolidated Statements of Operations. Other than the interest rate provisions described above, the material terms of the Unsecured Term Loan E, the Unsecured Term Loan F, and the Unsecured Term Loan G remain unchanged. On October 26, 2021, the Company entered into an amendment to the Unsecured Term Loan D to conform certain provisions of such loan agreement to the unsecured credit facility. On July 8, 2021, the Company entered into a note purchase agreement (the “July 2021 NPA”) for the private placement by the Operating Partnership of $275.0 million senior unsecured notes (the “Series I Unsecured Notes”) maturing September 29, 2031, with a fixed annual interest rate of 2.80%, and $50.0 million senior unsecured notes (the “Series J Unsecured Notes”) maturing September 28, 2033, with a fixed annual interest rate of 2.95%. The July 2021 NPA contains a number of financial covenants substantially similar to the financial covenants contained in the Company’s unsecured credit facility and other unsecured notes, plus a financial covenant that requires the Company to maintain a minimum interest coverage ratio of not less than 1.50:1.00. The Operating Partnership issued the Series I Unsecured Notes and Series J Unsecured Notes on September 28, 2021. The Company and certain wholly owned subsidiaries of the Operating Partnership are guarantors of the unsecured notes. On February 25, 2021, the Company assumed a mortgage note with United of Omaha Life Insurance Company of approximately $5.1 million in connection with the acquisition of the property located in Long Island, NY, which serves as collateral for the debt. The debt matures on October 1, 2039 and bears interest at 3.71% per annum. The assumed debt was recorded at fair value and a fair value discount of approximately $0.2 million was recorded. The fair value of debt was determined by discounting the future cash flows using the current rate of approximately 4.10% at which loans would be made to borrowers with similar credit ratings for loans with similar maturities, terms, and loan-to-value ratios. The fair value of the debt is based on Level 3 inputs and is a nonrecurring fair value measurement. On February 5, 2021, the Company entered into an amendment to the unsecured credit facility (the “Credit Facility Amendment”). The Credit Facility Amendment provided for an increase in the aggregate commitments available for borrowing under the unsecured credit facility from $500 million to up to $750 million. In connection with the Credit Facility Amendment, the Company incurred approximately $1.2 million in costs which are being deferred and amortized through the maturity date of the unsecured credit facility. Other than the increase in the borrowing commitments, the material terms of the unsecured credit facility remain unchanged. On February 5, 2021, the Company entered into an amendment to the Unsecured Term Loan G (the “Amendment to Unsecured Term Loan G”). The Amendment to Unsecured Term Loan G provided for an extension of the maturity date to February 5, 2026 and a reduced stated interest rate of one-month LIBOR plus a spread that ranges from 0.85% to 1.65% for LIBOR borrowings based on the Company’s debt ratings. The Amendment to Unsecured Term Loan G also amended the provision for a minimum interest rate, or floor, for LIBOR borrowings to 0.00% and for Base Rate borrowings to 1.00%. In connection with the Amendment to Unsecured Term Loan G, the Company incurred approximately $1.6 million in costs which are being deferred and amortized through the new maturity date of February 5, 2026. The Company also incurred approximately $0.7 million of modification expenses which were recognized in debt extinguishment and modification expenses in the accompanying Consolidated Statements of Operations. Additionally, the Company reversed the previously accrued extension fees of approximately $1.1 million from the amendment to the Unsecured Term Loan G that was entered into on April 17, 2020, which resulted in a decrease to interest expense of approximately $0.3 million. Other than the maturity and interest rate provisions described above, the material terms of the Unsecured Term Loan G remain unchanged. Financial Covenant Considerations The Company’s ability to borrow under the unsecured credit facility, unsecured term loans, and unsecured notes are subject to its ongoing compliance with a number of customary financial covenants, including: • a maximum consolidated leverage ratio of not greater than 0.60:1.00; • a maximum secured leverage ratio of not greater than 0.40:1.00; • a maximum unencumbered leverage ratio of not greater than 0.60:1.00; • a minimum fixed charge ratio of not less than or equal to 1.50:1.00; • a minimum unsecured interest coverage ratio of not less than or equal to 1.75:1.00; and • with respect to the unsecured notes, a minimum interest coverage ratio of not less than 1.50:1.00. The Company was in compliance with all such applicable restrictions and financial and other covenants as of December 31, 2022 and 2021 related to its unsecured credit facility, unsecured term loans, and unsecured notes. In the event of a default under the unsecured credit facility or the unsecured term loans, the Company’s dividend distributions are limited to the minimum amount necessary for the Company to maintain its status as a REIT. Each of the Company’s mortgage notes has specific properties and assignments of rents and leases that are collateral for these loans. The Wells Fargo Bank, National Association CMBS debt facility contained certain financial and other covenants and was repaid in full in 2022. The Company was in compliance with all such applicable restrictions and financial and other covenants as of December 31, 2021, related to the Wells Fargo Bank, National Association CMBS loan. The real estate net book value of the properties that are collateral for the Company’s debt arrangements was approximately $14.8 million and $88.5 million at December 31, 2022 and 2021, respectively, and is limited to senior, property-level secured debt financing arrangements. Fair Value of Debt The following table summarizes the aggregate principal amount outstanding under the Company’s debt arrangements and the corresponding estimate of fair value as of December 31, 2022 and 2021. The fair value of the Company’s debt is based on Level 3 inputs. December 31, 2022 December 31, 2021 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Unsecured credit facility $ 175,000 $ 175,000 $ 296,000 $ 296,000 Unsecured term loans 1,025,000 1,025,000 975,000 975,224 Unsecured notes 1,300,000 1,150,283 900,000 937,183 Mortgage notes 8,040 6,855 54,983 56,323 Total principal amount 2,508,040 $ 2,357,138 2,225,983 $ 2,264,730 Net unamortized fair market value discount (137) (136) Total unamortized deferred financing fees and debt issuance costs (9,123) (7,585) Total carrying value $ 2,498,780 $ 2,218,262 Future Principal Payments of Debt The following table summarizes the Company’s aggregate future principal payments of the Company’s debt at December 31, 2022. Year Future Principal Payments of Debt 2023 $ 103,502 2024 50,215 2025 550,223 2026 430,231 2027 170,240 Thereafter 1,203,629 Total aggregate principal payments $ 2,508,040 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 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 summarizes the Company’s outstanding interest rate swaps as of December 31, 2022. All of the Company’s interest rate swaps are designated as qualifying cash flow hedges. Interest Rate Derivative Counterparty Trade Date Effective Date Notional Amount Fair Value Pay Fixed Interest Rate Receive Variable Interest Rate Maturity Date The Toronto-Dominion Bank Jul-20-2017 Jul-28-2022 $ 25,000 $ 5 1.8830 % One-month Term SOFR Jan-04-2023 Royal Bank of Canada Jul-20-2017 Jul-28-2022 $ 25,000 $ 5 1.8980 % One-month Term SOFR Jan-04-2023 Wells Fargo Bank, N.A. Jul-20-2017 Jul-28-2022 $ 25,000 $ 5 1.8750 % One-month Term SOFR Jan-04-2023 PNC Bank, N.A. Jul-20-2017 Jul-28-2022 $ 25,000 $ 5 1.8860 % One-month Term SOFR Jan-04-2023 PNC Bank, N.A. Jul-20-2017 Jul-28-2022 $ 50,000 $ 10 1.8850 % One-month Term SOFR Jan-04-2023 The Toronto-Dominion Bank Apr-20-2020 Aug-10-2022 $ 75,000 $ 981 0.2660 % One-month Term SOFR Apr-18-2023 Wells Fargo Bank, N.A. Apr-20-2020 Aug-10-2022 $ 75,000 $ 984 0.2520 % One-month Term SOFR Apr-18-2023 The Toronto-Dominion Bank Apr-20-2020 Aug-10-2022 $ 75,000 $ 981 0.2660 % One-month Term SOFR Apr-18-2023 Wells Fargo Bank, N.A. Apr-20-2020 Aug-10-2022 $ 75,000 $ 984 0.2520 % One-month Term SOFR Apr-18-2023 Bank of Montreal Jul-24-2018 Jul-26-2022 $ 50,000 $ 999 2.9160 % One-month Term SOFR Jan-12-2024 The Toronto-Dominion Bank Jul-24-2018 Jul-26-2022 $ 50,000 $ 1,003 2.9080 % One-month Term SOFR Jan-12-2024 PNC Bank, N.A. Jul-24-2018 Jul-26-2022 $ 50,000 $ 997 2.9190 % One-month Term SOFR Jan-12-2024 U.S. Bank, N.A. Jul-24-2018 Jul-26-2022 $ 25,000 $ 500 2.9120 % One-month Term SOFR Jan-12-2024 Wells Fargo Bank, N.A. May-02-2019 Aug-15-2022 $ 50,000 $ 2,179 2.2360 % One-month Term SOFR Jan-15-2025 U.S. Bank, N.A. May-02-2019 Aug-15-2022 $ 50,000 $ 2,182 2.2380 % One-month Term SOFR Jan-15-2025 Regions Bank May-02-2019 Aug-15-2022 $ 50,000 $ 2,177 2.2389 % One-month Term SOFR Jan-15-2025 Bank of Montreal Jul-16-2019 Aug-15-2022 $ 50,000 $ 2,700 1.7100 % One-month Term SOFR Jan-15-2025 U.S. Bank, N.A. Feb-17-2021 Apr-18-2023 $ 150,000 $ 12,024 0.9520 % One-month Term SOFR Feb-5-2026 Wells Fargo Bank, N.A. Feb-17-2021 Apr-18-2023 $ 75,000 $ 6,003 0.9460 % One-month Term SOFR Feb-5-2026 The Toronto-Dominion Bank Feb-17-2021 Apr-18-2023 $ 75,000 $ 6,050 0.9355 % One-month Term SOFR Feb-5-2026 Regions Bank Oct-26-2021 Aug-01-2022 $ 50,000 $ 4,953 1.3090 % One-month Term SOFR Mar-15-2027 Bank of Montreal Oct-26-2021 Aug-01-2022 $ 50,000 $ 4,976 1.3090 % One-month Term SOFR Mar-15-2027 PNC Bank, N.A. Oct-26-2021 Aug-01-2022 $ 50,000 $ 4,952 1.3150 % One-month Term SOFR Mar-15-2027 PNC Bank, N.A. Jul-27-2022 Jan-04-2023 $ 50,000 $ 2,623 2.6420 % One-month Term SOFR Jan-25-2028 The Toronto-Dominion Bank Jul-27-2022 Jan-04-2023 $ 50,000 $ 2,614 2.6530 % One-month Term SOFR Jan-25-2028 Regions Bank Jul-27-2022 Jan-04-2023 $ 50,000 $ 2,583 2.6550 % One-month Term SOFR Jan-25-2028 U.S. Bank, N.A. Jul-27-2022 Jan-12-2024 $ 75,000 $ 2,668 2.4865 % One-month Term SOFR Jan-25-2028 The Toronto-Dominion Bank Jul-27-2022 Jan-12-2024 $ 50,000 $ 1,778 2.4910 % One-month Term SOFR Jan-25-2028 Wells Fargo Bank, N.A. Jul-27-2022 Jan-12-2024 $ 50,000 $ 1,756 2.4930 % One-month Term SOFR Jan-25-2028 PNC Bank, N.A. Jul-27-2022 Jul-27-2022 $ 50,000 $ 2,546 2.6790 % One-month Term SOFR Jan-25-2028 In connection with the Amended and Restated Unsecured Term Loans that were entered into on September 1, 2022, as discussed in Note 4, the Company transitioned all of its outstanding interest rate swaps to one-month Term SOFR. The Company made various Accounting Standards Codification Topic 848 elections related to changes in critical terms of the hedging relationships due to reference rate reform to not result in a dedesignation of these hedging relationships. As of December 31, 2022, all of the Company's interest rate swap agreements were indexed to one-month Term SOFR. The following table summarizes the fair value of the interest rate swaps outstanding as of December 31, 2022 and 2021. Balance Sheet Line Item (in thousands) Notional Amount December 31, 2022 Fair Value December 31, 2022 Notional Amount December 31, 2021 Fair Value December 31, 2021 Interest rate swaps-Asset $ 1,650,000 $ 72,223 $ 600,000 $ 5,220 Interest rate swaps-Liability $ — $ — $ 825,000 $ (17,052) Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate swaps are to add stability to interest expense and to manage its exposure to interest rate movements. The Company uses interest rate swaps to fix the rate of its long term variable rate debt. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified to interest expense in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (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 $39.8 million will be reclassified from accumulated other comprehensive income (loss) as a decrease to interest expense over the next 12 months. The following table summarizes the effect of cash flow hedge accounting and the location of the amounts related to the Company’s derivatives in the consolidated financial statements for the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Effect of Cash Flow Hedge Accounting (in thousands) 2022 2021 2020 Income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps $ 85,726 $ 12,520 $ (35,548) Income (loss) reclassified from accumulated other comprehensive income (loss) into income as interest expense $ 1,640 $ (16,336) $ (13,439) Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 78,018 $ 63,484 $ 62,343 Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. As of December 31, 2022, the Company had not breached the provisions of these agreements and had not posted any collateral related to these agreements. Fair Value of Interest Rate Swaps The Company’s valuation of the interest rate swaps is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs including interest rate curves. The fair values of interest rate swaps are determined by using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company or its counterparties. However, as of December 31, 2022 and 2021, 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 table summarizes the Company’s financial instruments that were recorded at fair value on a recurring basis as of December 31, 2022 and 2021. Fair Value Measurements as of December 31, 2022 Using Balance Sheet Line Item (in thousands) Fair Value December 31, 2022 Level 1 Level 2 Level 3 Interest rate swaps-Asset $ 72,223 $ — $ 72,223 $ — Interest rate swaps-Liability $ — $ — $ — $ — Fair Value Measurements as of December 31, 2021 Using Balance Sheet Line Item (in thousands) Fair Value December 31, 2021 Level 1 Level 2 Level 3 Interest rate swaps-Asset $ 5,220 $ — $ 5,220 $ — Interest rate swaps-Liability $ (17,052) $ — $ (17,052) $ — |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Equity | Equity Preferred Stock The Company is authorized to issue up to 20,000,000 shares of preferred stock, par value $0.01 per share. As of December 31, 2022 and December 31, 2021, there were no shares of preferred stock issued or outstanding. On March 1, 2021, the Company gave notice to redeem all 3,000,000 issued and outstanding shares of the Series C Preferred Stock on March 31, 2021. The Company redeemed the Series C Preferred Stock on March 31, 2021 at a cash redemption price of $25.00 per share, plus accrued and unpaid dividends to, but excluding, the redemption date. The Company recognized a deemed dividend to the holders of the Series C Preferred Stock of approximately $2.6 million on the accompanying Consolidated Statements of Operations for the year ended December 31, 2021 related to redemption costs and the original issuance costs of the Series C Preferred Stock. Common Stock The Company is authorized to issue up to 300,000,000 shares of common stock, par value $0.01 per share. The following table summarizes the terms of the Company’s at-the-market (“ATM”) common stock offering program as of December 31, 2022. ATM Common Stock Offering Program Date Maximum Aggregate Offering Price (in thousands) Aggregate Available as of December 31, 2022 (in thousands) 2022 $750 million ATM February 17, 2022 $ 750,000 $ 750,000 The following tables summarize the activity for the ATM common stock offering program during the year ended December 31, 2022 and 2021 (in thousands, except share data). Year ended December 31, 2022 ATM Common Stock Offering Program Shares Weighted Average Price Per Share Net Proceeds (in thousands) 2019 $600 million ATM (1) 128,335 $ 45.03 $ 5,721 Total/weighted average 128,335 $ 45.03 $ 5,721 (1) This program ended during the quarter ended March 31, 2022. Year ended December 31, 2021 ATM Common Stock Offering Program (1) Shares Weighted Average Price Per Share Net Proceeds (in thousands) 2019 $600 million ATM (2) 5,110,002 $ 37.53 $ 189,974 Total/weighted average 5,110,002 $ 37.53 $ 189,974 (1) Excludes shares of common stock sold under the ATM common stock offering program on a forward basis or issued upon physical settlement of the related forward sale agreements during the period. (2) This program ended during the quarter ended March 31, 2022. On November 3, 2021, the Company completed an underwritten public offering of an aggregate of 8,000,000 shares of common stock at a price to the underwriters of $41.99 per share, consisting of (i) 5,250,000 shares offered directly by the Company and (ii) 2,750,000 shares offered by the forward dealer in connection with certain forward sales agreements. The offering closed on November 8, 2021 and the Company received net proceeds from the sale of shares offered directly by the Company of approximately $220.4 million. On December 1, 2021, the underwriters exercised their option to purchase an additional 1,200,000 offered by the forward dealer in connection with certain forward sales agreements for an offering price of $41.87 per share and the underwriters’ option closed on December 3, 2021. On December 27, 2021, the Company partially physically settled the forward sales agreement by issuing 2,750,000 shares of common stock and received net proceeds of approximately $115.0 million. On March 29, 2022, the Company physically settled in full the forward sales agreement by issuing 1,200,000 shares of common stock for net proceeds of approximately $49.7 million, or $41.39 per share. On April 5, 2021, the Company sold 1,446,760 shares on a forward basis under the ATM common stock offering program at a price of $34.56 per share, or $50.0 million, and $34.2144 per share net of sales agent fees. The Company does not initially receive any proceeds from the sale of shares on a forward basis. On September 29, 2021, the Company physically settled in full the forward sales agreements under the ATM common stock offering program by issuing 1,446,760 shares of common stock and received net proceeds of approximately $48.4 million, or $33.4585 per share. On November 16, 2020, the Company completed an underwritten public offering of an aggregate of 8,000,000 shares of common stock offered by the forward dealer in connection with certain forward sale agreements at a price to the underwriters of $30.02 per share. On December 15, 2020, the underwriters exercised their option to purchase an additional 1,200,000 shares for an offering price of $29.90 per share. The offering closed on November 19, 2020 and the underwriters’ option closed on December 17, 2020. On December 23, 2020, the Company partially physically settled the forward sales agreements by issuing 4,518,077 shares of common stock and received net proceeds of approximately $135.0 million. On September 29, 2021, the Company physically settled in full the forward sales agreements by issuing the remaining 4,681,923 shares of common stock and received net proceeds of approximately $133.8 million, or $28.5791 per share. On January 13, 2020, the Company completed an underwritten public offering of an aggregate of 10,062,500 shares of common stock at a price to the underwriters of $30.9022 per share, consisting of (i) 5,600,000 shares offered directly by the Company and (ii) 4,462,500 shares offered by the forward dealer in connection with certain forward sale agreements (including 1,312,500 shares offered pursuant to the underwriters’ option to purchase additional shares, which option was exercised in full). The offering closed on January 16, 2020 and the Company received net proceeds from the sale of shares offered directly by the Company of approximately $173.1 million. On December 23, 2020, the Company physically settled the forward sales agreements in full by issuing 4,462,500 shares of common stock and received net proceeds of approximately $131.2 million. Restricted Stock-Based Compensation Pursuant to the 2011 Plan, the Company grants restricted shares of common stock to certain employees of the Company. The restricted shares of common stock are subject to time-based vesting. Restricted shares of common stock granted in 2022, 2021, and 2020, subject to the recipient’s continued employment, will vest over four years in equal installments on January 1 of each year beginning in 2023, 2022, and 2021, respectively. Refer to Note 8 for details on restricted shares of common stock granted in connection with the settlement of certain performance units. Holders of restricted shares of common stock have voting rights and rights to receive dividends. Restricted shares of common stock may not be sold, assigned, transferred, pledged or otherwise disposed of and are subject to a risk of forfeiture prior to the expiration of the applicable vesting period. The following table summarizes activity related to the Company’s unvested restricted shares of common stock during the years ended December 31, 2022, 2021 and 2020. Unvested Restricted Shares of Common Stock Shares Weighted Average Grant Date Fair Value per Share Balance at December 31, 2019 193,045 $ 24.38 Granted 75,419 $ 31.60 Vested (1) (81,408) $ 23.46 Forfeited (2,166) $ 26.92 Balance at December 31, 2020 184,890 $ 27.70 Granted 90,304 $ 29.77 Vested (1) (79,140) $ 27.01 Forfeited (10,339) $ 30.32 Balance at December 31, 2021 185,715 $ 28.86 Granted 58,580 $ 44.19 Vested (1) (73,556) $ 28.03 Forfeited (14,036) $ 36.16 Balance at December 31, 2022 156,703 $ 34.32 (1) The Company repurchased and retired 25,836, 27,706, and 34,117, restricted shares of common stock that vested during the years ended December 31, 2022, 2021, and 2020, respectively. The unrecognized compensation expense associated with the Company’s restricted shares of common stock at December 31, 2022 was approximately $3.0 million and is expected to be recognized over a weighted average period of approximately 2.4 years. The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Vested Restricted Shares of Common Stock 2022 2021 2020 Vested restricted shares of common stock 73,556 79,140 81,408 Fair value of vested restricted shares of common stock (in thousands) $ 3,528 $ 2,581 $ 2,568 |
Noncontrolling Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | Noncontrolling Interest The following table summarizes the activity for noncontrolling interest in the Company during the years ended December 31, 2022, 2021 and 2020. Noncontrolling Interest LTIP Units Other Total Noncontrolling Interest Percentage Balance at December 31, 2019 1,697,358 2,039,494 3,736,852 2.5 % Granted/Issued 278,806 — 278,806 N/A Forfeited — — — N/A Conversions from LTIP units to Other Common Units (283,741) 283,741 — N/A Redemptions from Other Common Units to common stock — (730,420) (730,420) N/A Balance at December 31, 2020 1,692,423 1,592,815 3,285,238 2.0 % Granted/Issued 405,844 — 405,844 N/A Forfeited — — — N/A Conversions from LTIP units to Other Common Units (149,143) 149,143 — N/A Redemptions from Other Common Units to common stock — (171,318) (171,318) N/A Balance at December 31, 2021 1,949,124 1,570,640 3,519,764 1.9 % Granted/Issued 470,237 — 470,237 N/A Forfeited (6,791) — (6,791) N/A Conversions from LTIP units to Other Common Units (98,494) 98,494 — N/A Redemptions from Other Common Units to common stock — (98,494) (98,494) N/A Balance at December 31, 2022 2,314,076 1,570,640 3,884,716 2.1 % The Company adjusts the carrying value of noncontrolling interest to reflect its share of the book value of the Operating Partnership when there has been a change in the Company’s ownership of the Operating Partnership. Such adjustments are recorded to additional paid-in capital as a rebalancing of noncontrolling interest on the accompanying Consolidated Statements of Equity. LTIP Units LTIP units are granted to certain executive officers and senior employees of the Company as part of their compensation, and to independent directors for their service. LTIP units are valued by reference to the value of the Company’s common stock and are subject to such conditions and restrictions as the compensation committee of the board of directors may determine, including continued employment or service. Vested LTIP units can be converted to Other Common Units on a one-for-one basis once an equity transaction has occurred that results in the accretion of the member’s capital account to the economic equivalent of an Other Common Unit. All LTIP units, whether vested or not, will receive the same monthly per unit distributions as Other Common Units, which equal per share dividends on common stock. LTIP units granted in January 2022, 2021, and 2020 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, 2022, 2021, and 2020, respectively. LTIP units granted in January 2022, 2021, and 2020 to independent directors, subject to the recipient’s continued service, will vest on January 1, 2023, 2022, and 2021, respectively. Refer to Note 8 for a discussion of the LTIP units granted in January 2023, 2022, and 2021, pursuant to the January 2020, 2019, and 2018 performance units, respectively. 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 is based on Level 3 inputs and is a non-recurring fair value measurement. The following table summarizes the assumptions used in valuing such LTIP units granted during the years ended December 31, 2022, 2021 and 2020 (excluding those LTIP units granted pursuant to the settlements of performance units; refer to Note 8 for details). Year ended December 31, LTIP Units Granted and Assumptions 2022 2021 2020 Grant date January 10, 2022 January 7, 2021 January 8, 2020 Expected term (years) 10 10 10 Expected stock price volatility 34.0 % 34.0 % 18.0 % Expected dividend yield 4.0 % 5.0 % 5.75 % Risk-free interest rate 1.204 % 0.229 % 1.61 % Fair value of LTIP units at issuance (in thousands) $ 4,385 $ 4,316 $ 4,030 LTIP units at issuance 104,241 153,430 136,741 Fair value unit price per LTIP unit at issuance $ 42.07 $ 28.13 $ 29.47 The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching a three-year time period. On August 17, 2021, the Company and David G. King, the Company’s Executive Vice President and Director of Real Estate Operations, agreed that Mr. King’s employment with the Company would terminate effective September 17, 2021. Pursuant to the terms and conditions of the executive employment agreement and the several LTIP unit agreements and performance award agreements between the Company and Mr. King, Mr. King received a severance package from the Company, including a lump sum cash payment, the continuation of certain insurance benefits, immediate vesting of outstanding LTIP units and eligibility to receive a pro-rated award payment for outstanding performance units. Accordingly, the Company accelerated the expense recognition of Mr. King's unvested LTIP units in the amount of approximately $0.5 million, which is included in general and administrative expenses for the year ended December 31, 2021 on the accompanying Consolidated Statements of Operations. Additionally, the unrecognized compensation expense associated with Mr. King’s performance units will not be recognized. The Company also incurred approximately $1.6 million related to the lump sum cash payment and continuation of certain insurance benefits, which is included in general and administrative expenses during the year ended December 31, 2021 on the accompanying Consolidated Statements of Operations. On October 15, 2021, Mr. King received 57,100 shares of common stock for his pro-rated award payment for outstanding performance units. The following table summarizes activity related to the Company’s unvested LTIP units during the years ended December 31, 2022, 2021 and 2020. Unvested LTIP Units LTIP Units Weighted Average Grant Date Fair Value per Share Balance at December 31, 2019 227,348 $ 23.37 Granted 278,806 $ 29.47 Vested (294,706) $ 26.87 Forfeited — $ — Balance at December 31, 2020 211,448 $ 26.54 Granted 405,844 $ 28.13 Vested (427,184) $ 27.47 Forfeited — $ — Balance at December 31, 2021 190,108 $ 27.84 Granted 470,237 $ 42.07 Vested (513,438) $ 38.67 Forfeited (6,791) $ 34.02 Balance at December 31, 2022 140,116 $ 35.60 The unrecognized compensation expense associated with the Company’s LTIP units at December 31, 2022 was approximately $2.6 million and is expected to be recognized over a weighted average period of approximately 2.4 years. The following table summarizes the fair value at vesting for the LTIP units that vested during years ended December 31, 2022, 2021 and 2020. Year ended December 31, Vested LTIP units 2022 2021 2020 Vested LTIP units 513,438 427,184 294,706 Fair value of vested LTIP units (in thousands) $ 21,662 $ 16,390 $ 8,805 Other Common Units Other Common Units and shares of the Company’s common stock have essentially the same economic characteristics in that Other Common Units directly, and shares of the Company’s common stock indirectly, through the Company’s interest in the Operating Partnership, share equally in the total net income or loss distributions of the Operating Partnership. Subject to certain restrictions, investors who own Other Common Units have the right to cause the Operating Partnership to redeem any or all of their Other Common Units for cash equal to the then-current value of one share of the Company’s common stock, or, at the Company’s election, shares of common stock on a one-for-one basis. When redeeming the Other Common Unit for cash, the value of a share of common stock is calculated as the average common stock closing price on the NYSE for the 10 days immediately preceding the redemption notice date. Each Other Common Unit receives the same monthly distribution as a share of common stock. |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plan | Equity Incentive Plan The 2011 Plan provides for the issuance of equity-based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock awards and other awards based on shares of the Company’s common stock, such as LTIP units in the Operating Partnership, that may be made by the Company directly to the executive officers, directors, employees, and other individuals providing bona fide services to or for the Company. Subject to certain adjustments identified within the 2011 Plan, the aggregate number of shares of the Company’s common stock that may be awarded under the 2011 Plan is 6,642,461 shares. Under the 2011 Plan, each LTIP unit awarded will be equivalent to an award of one share of common stock reserved under the 2011 Plan, thereby reducing the number of shares of common stock available for other equity awards on a one-for-one basis. The 2011 Plan may be terminated, amended, modified or suspended at any time by the board of directors, subject to stockholder approval as required by law or stock exchange rules. The 2011 Plan expires on April 30, 2028. Under the 2011 Plan, the Company grants performance units to certain key employees of the Company. The ultimate value of the performance units depends on the Company’s total stockholder return (“TSR”) over a three-year period (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 (“Award Shares”), at a rate depending on the Company’s TSR over the measuring period as compared to three different benchmarks and on the absolute amount of the Company’s TSR. A recipient of performance units may receive as few as zero shares or as many as 250% of the number of target units, plus deemed dividends. The target amount of the performance units is nominally allocated as: (i) 25% to the Company’s TSR compared to the TSR of an industry peer group; (ii) 25% to the Company’s TSR compared to the TSR of a size-based peer group; and (iii) 50% to the Company’s TSR compared to the TSR of the companies in the MSCI US REIT index. No dividends are paid to the recipient during the measuring period. At the end of the measuring period, if the Company’s TSR is such that the recipient earns 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 Award Shares are immediately vested at the end of the measuring period. In January 2022, 2021, and 2020, the Company granted performance units approved by the compensation committee of the board of directors, under the 2011 Plan to certain key employees of the Company. The measuring periods commenced on January 1, 2022, 2021, and 2020, respectively, and end on December 31, 2024, 2023, and 2022, respectively. The fair value of the performance units as of the grant date was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the performance units is based on Level 3 inputs and non-recurring fair value measurements. The performance unit equity compensation expense is recognized ratably from the grant date into earnings over the respective vesting periods. The following table summarizes the assumptions used in valuing the performance units granted during the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Performance Units Granted Assumptions 2022 2021 2020 Grant date January 10, 2022 January 7, 2021 January 8, 2020 Expected stock price volatility 34.1 % 34.4 % 17.4 % Expected dividend yield 4.0 % 5.0 % 5.75 % Risk-free interest rate 1.1979 % 0.2271 % 1.59 % Fair value of performance units grant (in thousands) $ 6,289 $ 5,522 $ 5,389 The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching the three-year time period of the performance period. During the years ended December 31, 2022, 2021, and 2020, it was determined that the Company’s total stockholder return exceeded the threshold percentage and return hurdle for each of the 2020, 2019, and 2018 performance units, respectively. The following table summarizes the compensation committee of the board of directors approved issuances of LTIP units and shares of common stock for the conclusion of the measuring periods for performance units for the years ended December 31, 2022, 2021, and 2020. Settlement of Performance Units in LTIP Units or Shares of Common Stock 2020 Performance Units 2019 Performance Units 2018 Performance Units (1) Measuring period conclusion date December 31, 2022 December 31, 2021 December 31, 2020 Issuance date January 11, 2023 January 10, 2022 January 7, 2021 Vested LTIP units 167,844 365,996 127,671 Vested shares of common stock 40,660 27,934 44,591 Shares of common stock repurchased and retired 875 8,257 17,731 (1) The compensation committee of the board of directors also approved the issuance of 124,743 LTIP units and 6,352 restricted shares of common stock that vested in one year on December 31, 2021. The unrecognized compensation expense associated with the Company’s performance units at December 31, 2022 was approximately $5.0 million and is expected to be recognized over a weighted average period of approximately 1.7 years. At December 31, 2022 and 2021, the number of shares available for issuance under the 2011 Plan were 1,269,097 and 1,634,019, respectively. The number of shares available for issuance under the 2011 Plan as of December 31, 2022 do not include an allocation for the 2022 and 2021 performance units as the awards were not determinable as of December 31, 2022. The number of shares available for issuance under the 2011 Plan as of December 31, 2021 do not include an allocation for the 2021 and 2020 performance units as the awards were not determinable as of December 31, 2021. Non-cash Compensation Expense The following table summarizes the amounts 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 units, and the Company’s director compensation for the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Non-Cash Compensation Expense (in thousands) 2022 2021 2020 Restricted shares of common stock $ 2,103 $ 2,236 $ 1,924 LTIP units 3,996 6,489 (1) 3,903 Performance units 5,423 5,730 5,358 Director compensation (2) 504 488 496 Total non-cash compensation expense $ 12,026 $ 14,943 $ 11,681 (1) Inclusive of approximately $0.5 million non-cash compensation expense during the year ended December 31, 2021 associated with the severance cost of an executive officer, as discussed in Note 7. (2) All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the years ended December 31, 2022, 2021 and 2020. The number of shares of common stock granted was calculated based on the trailing 10 days average common stock price on the third business day preceding the grant date. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Leases Lessor Leases The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee. The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Rental Income (in thousands) 2022 2021 2020 Fixed lease payments $ 500,267 $ 424,356 $ 371,088 Variable lease payments 135,888 118,584 103,389 Straight-line rental income 17,893 18,565 12,711 Net increase (decrease) to rental income related to above and below market lease amortization 329 (2,073) (4,363) Total rental income $ 654,377 $ 559,432 $ 482,825 As of December 31, 2022 and December 31, 2021, the Company had accrued rental income of approximately $91.2 million and $75.8 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets. As of December 31, 2022 and December 31, 2021, the Company’s total liability associated with tenant lease security deposits was approximately $19.1 million and $15.2 million, respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets. The following table summarizes the maturity of fixed lease payments under the Company’s leases as of December 31, 2022. Year Maturity of Fixed Lease Payments (in thousands) 2023 $ 519,937 2024 $ 482,016 2025 $ 424,221 2026 $ 347,440 2027 $ 271,204 Thereafter $ 844,941 Lessee Leases The Company has operating leases in which it is the lessee for its ground leases and corporate office leases. These leases have remaining lease terms of approximately 0.4 years to 47.7 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities. The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2022 and December 31, 2021. Operating Lease Term and Discount Rate December 31, 2022 December 31, 2021 Weighted average remaining lease term (years) 31.2 29.0 Weighted average discount rate 6.7 % 6.6 % The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Operating Lease Cost (in thousands) 2022 2021 2020 Operating lease cost included in property expense attributable to ground leases $ 2,372 $ 1,740 $ 1,424 Operating lease cost included in general and administrative expense attributable to corporate office leases 1,747 1,735 1,592 Total operating lease cost $ 4,119 $ 3,475 $ 3,016 The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Operating Leases (in thousands) 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 3,784 $ 2,426 $ 2,355 Right-of-use assets obtained in exchange for new lease liabilities $ — $ 146 $ 7,718 The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of December 31, 2022. Year Maturity of Operating Lease Liabilities (1) (in thousands) 2023 $ 3,875 2024 3,914 2025 3,959 2026 2,993 2027 2,023 Thereafter 81,962 Total lease payments 98,726 Less: Imputed interest (63,626) Present value of operating lease liabilities $ 35,100 (1) Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented. |
Lessor, Operating Leases [Text Block] | Leases Lessor Leases The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee. The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Rental Income (in thousands) 2022 2021 2020 Fixed lease payments $ 500,267 $ 424,356 $ 371,088 Variable lease payments 135,888 118,584 103,389 Straight-line rental income 17,893 18,565 12,711 Net increase (decrease) to rental income related to above and below market lease amortization 329 (2,073) (4,363) Total rental income $ 654,377 $ 559,432 $ 482,825 As of December 31, 2022 and December 31, 2021, the Company had accrued rental income of approximately $91.2 million and $75.8 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets. As of December 31, 2022 and December 31, 2021, the Company’s total liability associated with tenant lease security deposits was approximately $19.1 million and $15.2 million, respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets. The following table summarizes the maturity of fixed lease payments under the Company’s leases as of December 31, 2022. Year Maturity of Fixed Lease Payments (in thousands) 2023 $ 519,937 2024 $ 482,016 2025 $ 424,221 2026 $ 347,440 2027 $ 271,204 Thereafter $ 844,941 Lessee Leases The Company has operating leases in which it is the lessee for its ground leases and corporate office leases. These leases have remaining lease terms of approximately 0.4 years to 47.7 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities. The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2022 and December 31, 2021. Operating Lease Term and Discount Rate December 31, 2022 December 31, 2021 Weighted average remaining lease term (years) 31.2 29.0 Weighted average discount rate 6.7 % 6.6 % The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Operating Lease Cost (in thousands) 2022 2021 2020 Operating lease cost included in property expense attributable to ground leases $ 2,372 $ 1,740 $ 1,424 Operating lease cost included in general and administrative expense attributable to corporate office leases 1,747 1,735 1,592 Total operating lease cost $ 4,119 $ 3,475 $ 3,016 The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Operating Leases (in thousands) 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 3,784 $ 2,426 $ 2,355 Right-of-use assets obtained in exchange for new lease liabilities $ — $ 146 $ 7,718 The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of December 31, 2022. Year Maturity of Operating Lease Liabilities (1) (in thousands) 2023 $ 3,875 2024 3,914 2025 3,959 2026 2,993 2027 2,023 Thereafter 81,962 Total lease payments 98,726 Less: Imputed interest (63,626) Present value of operating lease liabilities $ 35,100 (1) Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per ShareUnder the two-class method of computing earnings per share, restricted shares of common stock are considered participating securities as these stock-based awards contain non-forfeitable rights to dividends, unless and until a forfeiture occurs, and these awards must be included in the computation of earnings per share pursuant to the two-class method. During the years ended December 31, 2022, 2021 and 2020, there were 161,704, 198,171 and 187,283, respectively, unvested shares of restricted stock on a weighted average basis that were considered participating securities. Participating securities are included in the computation of diluted earnings per share using the treasury stock method if the impact is more dilutive than the two-class method. Other potentially dilutive shares of common stock from the Company’s performance units and forward sales agreements are considered when calculating diluted earnings per share. The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per common share for the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Earnings Per Share (in thousands, except per share data) 2022 2021 2020 Numerator Net income attributable to common stockholders $ 178,089 $ 188,175 $ 196,720 Denominator Weighted average common shares outstanding — basic 178,753 163,442 148,791 Effect of dilutive securities (1) Share-based compensation 187 640 412 Shares issuable under forward sales agreements — 8 12 Weighted average common shares outstanding — diluted 178,940 164,090 149,215 Net income per share — basic and diluted Net income per share attributable to common stockholders — basic $ 1.00 $ 1.15 $ 1.32 Net income per share attributable to common stockholders — diluted $ 1.00 $ 1.15 $ 1.32 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
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 has letters of credit of approximately $3.6 million as of December 31, 2022 related to construction projects and certain other agreements. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit PlansEffective April 20, 2011, the Company adopted a 401(k) Defined Contribution Savings Plan (the “Plan”) for its employees. Under the Plan, as amended, employees, as defined, are eligible to participate in the Plan after they have completed three months of service. The Company provides a discretionary match of 50% of the employee’s contributions annually up to 6.0% of the employee’s annual compensation, subject to a cap imposed by federal tax law. The Company’s aggregate matching contribution for the years ended December 31, 2022, 2021 and 2020 was approximately $0.5 million, $0.5 million and $0.3 million, respectively. The Company’s contribution is subject to vest over three years, such that employees who have been with the Company for three years are fully vested in past and future contributions. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company identified the following events subsequent to December 31, 2022 that are not recognized in the financial statements. On January 5, 2023, the Company redeemed in full at maturity the $100.0 million in aggregate principal amount of the Series F Unsecured Notes with a fixed interest rate of 3.98%. On January 11, 2023, the Company granted 55,954 restricted shares of common stock to certain employees of the Company pursuant to the 2011 Plan. The restricted shares of common stock granted will vest over four years in equal installments on January 1 of each year beginning January 1, 2024. The fair value of the restricted shares of common stock at the date of grant was $34.73 per share. On January 11, 2023, the Company granted 26,392 LTIP units to non-employee, independent directors and 112,634 LTIP units to certain executive officers and senior employees pursuant to the 2011 Plan. The LTIP units granted to non-employee, independent directors will vest on January 1, 2024. The LTIP units granted to certain executive officers and senior employees will vest in equal quarterly installments over four years, with the first vesting date being March 31, 2023. The aggregate fair value of the LTIP units at the date of grant was approximately $4.6 million, as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using an expected term of ten years, a weighted average volatility factor of 37.0%, a weighted average expected dividend yield of 4.0%, and a weighted average risk-free interest rate of 3.9%. The fair value of the LTIP units is based on Level 3 inputs and is a non-recurring fair value measurement. On January 11, 2023, the Company granted performance units to certain executive officers and senior employees pursuant to the 2011 Plan. The terms of the January 11, 2023 performance units are substantially the same as the performance units discussed in Note 8, except that the measuring period commenced on January 1, 2023 and ends on December 31, 2025, and the size-based peer group was eliminated. The target amount of the performance units granted on January 11, 2023 is nominally allocated as: (i) 50% to the Company’s TSR compared to the TSR of an industry peer group; and (ii) 50% to the Company’s TSR compared to the TSR of the companies in the MSCI US REIT index. The aggregate fair value of the performance units at the date of grant was approximately $4.5 million, as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a weighted average volatility factor of 37.4%, a weighted average expected dividend yield of 4.0%, and a weighted average risk-free interest rate of 3.906%. The fair value of the performance units is based on Level 3 inputs and is a non-recurring fair value measurement. |
Schedule 3 - Real Estate and Ac
Schedule 3 - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III - Real Estate and Accumulated Depreciation Disclosure | STAG Industrial, Inc. Schedule III—Real Estate and Accumulated Depreciation December 31, 2022 ( in thousands) Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2022 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Alabama Birmingham 103 Shades Creek Circle $ — $ 6,779 $ 1,307 $ 97 $ 6,876 $ 1,307 $ 8,183 $ (472) 2020 Birmingham 2991 Shannon Oxmoor Road — 5,828 1,341 — 5,828 1,341 7,169 (375) 2020 Birmingham 101 39th Street North — 6,239 590 — 6,239 590 6,829 (129) 2022 Birmingham 101 Shades Creek Circle — 3,958 836 167 4,125 836 4,961 (281) 2020 Montgomery 4300 Alatex Road — 7,523 418 1,789 9,312 418 9,730 (2,269) 2016 Moody 2415 Highway 78 East — 31,546 2,293 262 31,808 2,293 34,101 (1,595) 2021 Phenix City 16 Downing Drive — 1,415 276 280 1,695 276 1,971 (525) 2012 Arizona Avondale 925 N. 127th Avenue — 13,163 1,674 28 13,191 1,674 14,865 (2,260) 2017 Chandler 464 E. Chilton Drive — 9,728 2,847 671 10,399 2,847 13,246 (676) 2020 Gilbert 335 South Hamilton Court — 5,784 2,107 240 6,024 2,107 8,131 (302) 2021 Mesa 7447 E. Ray Road — 7,930 1,277 311 8,241 1,277 9,518 (534) 2020 Tucson 6161 South Palo Verde Road — 8,037 996 107 8,144 996 9,140 (1,357) 2018 Arkansas Bryant 3700 Bryant Crossing Drive — 17,386 1,143 — 17,386 1,143 18,529 (990) 2021 Rogers 8th and Easy Street — 7,878 1,072 1,625 9,503 1,072 10,575 (2,669) 2011 California Fresno 2624 E. Edgar Avenue — 23,590 3,049 — 23,590 3,049 26,639 (392) 2022 Hollister 2401 Bert Drive — 26,049 2,913 — 26,049 2,913 28,962 (431) 2022 Lodi 1170 South Guild Avenue — 34,550 4,975 — 34,550 4,975 39,525 (2,301) 2020 McClellan 4841 Urbani Avenue — 14,582 1,048 — 14,582 1,048 15,630 (1,320) 2020 Morgan Hill 18695 Madrone Parkway — 7,608 2,562 — 7,608 2,562 10,170 (280) 2021 Morgan Hill 18255 Sutter Boulevard — 19,849 3,943 — 19,849 3,943 23,792 (833) 2021 Rancho Cordova 2587 Mercantile Drive — 4,346 678 33 4,379 678 5,057 (269) 2020 Rancho Cordova 2431 Mercantile Drive — 4,747 498 322 5,069 498 5,567 (405) 2020 Roseville 8825 Washington Boulevard — 11,411 2,140 — 11,411 2,140 13,551 (561) 2021 Sacramento 1635 Main Avenue — 8,609 845 160 8,769 845 9,614 (574) 2020 Sacramento 5440 Stationers Way — 21,258 2,203 150 21,408 2,203 23,611 (1,355) 2021 Sacramento 5601 Warehouse Way — 8,137 1,347 804 8,941 1,347 10,288 (332) 2021 Sacramento 8500 Carbide Court — 5,231 1,614 — 5,231 1,614 6,845 (190) 2021 Sacramento 8440 Florin Road — 12,184 3,921 — 12,184 3,921 16,105 (517) 2021 Sacramento 900 National Drive — 7,560 1,479 — 7,560 1,479 9,039 (273) 2021 Sacramento 7728 Wilbur Way — 9,225 857 — 9,225 857 10,082 (1,016) 2019 San Diego 2055 Dublin Drive — 14,895 2,290 322 15,217 2,290 17,507 (2,631) 2017 Stockton 4091 Gold River Lane — 4,133 663 — 4,133 663 4,796 (282) 2020 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2022 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Stockton 3841 Metro Drive — 12,552 1,806 524 13,076 1,806 14,882 (644) 2021 Stockton 3843 Gold River Lane — 4,136 660 — 4,136 660 4,796 (281) 2020 West Sacramento 3525 Carlin Drive — 33,707 4,350 — 33,707 4,350 38,057 — 2021 Colorado Grand Junction 2139 Bond Street — 4,002 314 — 4,002 314 4,316 (924) 2015 Johnstown 4150 Ronald Reagan Boulevard — 14,964 1,133 27 14,991 1,133 16,124 (1,341) 2019 Longmont 4300 Godding Hollow Parkway — 5,322 734 903 6,225 734 6,959 (837) 2018 Loveland 4550 Byrd Drive — 16,591 3,452 136 16,727 3,452 20,179 (623) 2021 Loveland 4510 Byrd Drive — 14,134 3,047 2,928 17,062 3,047 20,109 (623) 2021 Connecticut Avon 60 Security Drive — 1,282 107 239 1,521 107 1,628 (802) 2012 East Windsor 4 Craftsman Road — 5,711 400 191 5,902 400 6,302 (1,296) 2016 East Windsor 24 Thompson Road — 4,571 348 1,182 5,753 348 6,101 (1,854) 2012 Milford 200 Research Drive — 13,853 1,650 236 14,089 1,650 15,739 (501) 2021 Milford 40 Pepes Farm Road — 10,040 1,264 1,038 11,078 1,264 12,342 (2,308) 2017 North Haven 300 Montowese Avenue Extension — 39,253 4,086 4,513 43,766 4,086 47,852 (10,599) 2015 Wallingford 5 Sterling Drive — 6,071 585 317 6,388 585 6,973 (1,138) 2017 Delaware New Castle 400 Lukens Drive — 17,767 2,616 198 17,965 2,616 20,581 (4,735) 2016 Florida Daytona Beach 530 Fentress Boulevard — 875 1,237 2,381 3,256 1,237 4,493 (1,504) 2007 Fort Myers 16341 Domestic Avenue — 22,005 2,729 — 22,005 2,729 24,734 (1,332) 2020 Jacksonville 775 Whittaker Road — 3,391 451 415 3,806 451 4,257 (835) 2017 Jacksonville 9601 North Main Street — 7,803 650 640 8,443 650 9,093 (1,712) 2017 Jacksonville 550 Gun Club Road — 7,837 674 1,557 9,394 674 10,068 (1,953) 2017 Jacksonville 555 Zoo Parkway — 7,025 596 1,016 8,041 596 8,637 (1,634) 2017 Jacksonville 9779 Pritchard Road — 14,319 1,284 1,418 15,737 1,284 17,021 (1,705) 2019 Lake Worth 2230 4th Avenue North — 2,530 1,533 — 2,530 1,533 4,063 (182) 2020 Lake Worth 3600 23rd Avenue South — 4,729 1,502 — 4,729 1,502 6,231 (311) 2020 Lake Worth 2269 4th Avenue North — 4,751 2,254 — 4,751 2,254 7,005 (337) 2020 Lakeland 4675 Drane Field Road — 13,060 1,099 — 13,060 1,099 14,159 (883) 2020 Ocala 650 Southwest 27th Avenue — 13,257 731 2,902 16,159 731 16,890 (4,002) 2013 Orlando 1854 Central Florida Parkway — 4,814 1,339 1,530 6,344 1,339 7,683 (1,422) 2013 Orlando 7050 Overland Road — 1,996 721 — 1,996 721 2,717 (674) 2012 Tampa 4330 Williams Road — 6,390 829 71 6,461 829 7,290 (787) 2019 West Palm Beach 4268 Westroads Drive — 6,835 2,906 600 7,435 2,906 10,341 (481) 2020 Georgia Atlanta 4200 SW Shirley Drive — 8,382 1,679 542 8,924 1,679 10,603 (124) 2022 Augusta 1816 Tobacco Road — 6,249 937 — 6,249 937 7,186 (1,127) 2018 Buford 4823 Roy Carlson Boulevard — 9,195 1,061 985 10,180 1,061 11,241 (300) 2021 Calhoun 103 Enterprise Drive — 2,743 388 79 2,822 388 3,210 (678) 2014 Dallas 351 Thomas D. Murphy Drive — 1,712 475 — 1,712 475 2,187 (599) 2012 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2022 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Forest Park 5345 Old Dixie Highway — 8,189 1,715 1,396 9,585 1,715 11,300 (2,129) 2016 Lithonia 1995 Lithonia Industrial Boulevard — 18,052 943 197 18,249 943 19,192 (395) 2022 Norcross 4075 Blue Ridge Industrial Parkway — 2,415 1,589 2,485 4,900 1,589 6,489 (744) 2016 Savannah 1086 Oracal Parkway — 13,034 439 119 13,153 439 13,592 (3,174) 2014 Shannon 212 Burlington Drive — 12,949 393 154 13,103 393 13,496 (3,247) 2013 Smyrna 3500 Highlands Parkway — 3,092 264 1,722 4,814 264 5,078 (1,065) 2012 Statham 1965 Statham Drive — 6,130 588 1,258 7,388 588 7,976 (2,187) 2012 Stone Mountain 1635 Stone Ridge Drive — 2,548 612 780 3,328 612 3,940 (663) 2017 Idaho Idaho Falls 3900 South American Way — 2,712 356 71 2,783 356 3,139 (773) 2013 Illinois Bartlett 1590 W. Stearns Road — 19,493 2,198 449 19,942 2,198 22,140 (910) 2021 Batavia 1100 North Raddant Road — 7,763 1,124 — 7,763 1,124 8,887 (505) 2020 Batavia 1862 Suncast Lane — 4,427 598 274 4,701 598 5,299 (191) 2021 Batavia 1100 Paramount Parkway — 4,238 618 — 4,238 618 4,856 (845) 2017 Belvidere 3458 Morreim Drive — 4,083 442 255 4,338 442 4,780 (1,107) 2015 Belvidere 775 Logistics Drive — 16,914 2,341 31 16,945 2,341 19,286 (3,377) 2017 Belvidere 725 Landmark Drive — 3,485 538 121 3,606 538 4,144 (896) 2013 Belvidere 888 Landmark Drive — 6,824 670 78 6,902 670 7,572 (1,687) 2013 Belvidere 3915 & 3925 Morreim Drive — 4,291 668 — 4,291 668 4,959 (1,095) 2013 Belvidere 725 & 729 Logistics Drive — 3,699 866 274 3,973 866 4,839 (1,123) 2013 Belvidere 857 Landmark Drive — 8,269 1,542 1,665 9,934 1,542 11,476 (2,648) 2013 Belvidere 984 Landmark Drive — 71 216 — 71 216 287 (71) 2013 Cary 680 Industrial Drive — 3,331 498 16 3,347 498 3,845 (228) 2020 Crystal Lake 220 Exchange Drive — 8,465 1,343 69 8,534 1,343 9,877 (409) 2021 Crystal Lake 300 Exchange Drive — 9,742 1,568 — 9,742 1,568 11,310 (467) 2021 Crystal Lake 450 Congress Parkway — 8,861 1,456 8 8,869 1,456 10,325 (452) 2021 Crystal Lake 215 Exchange Drive — 10,737 1,790 — 10,737 1,790 12,527 (504) 2021 DeKalb 1085 Peace Road — 4,505 489 — 4,505 489 4,994 (1,296) 2013 Elgin 1360 Madeline Lane — 19,754 1,135 60 19,814 1,135 20,949 (668) 2021 Elgin 1385 Madeline Lane — 15,366 1,057 213 15,579 1,057 16,636 (565) 2021 Elgin 1690 Cambridge Drive — 3,332 270 — 3,332 270 3,602 (121) 2021 Elmhurst 934 North Church Road — 6,326 874 — 6,326 874 7,200 (194) 2022 Gurnee 3818 Grandville Avenue & 1200 Northwestern Avenue — 11,231 1,716 1,272 12,503 1,716 14,219 (3,019) 2014 Harvard 875 West Diggins Street — 2,875 1,157 695 3,570 1,157 4,727 (1,115) 2013 Hodgkins 6600 River Road — 30,599 2,570 — 30,599 2,570 33,169 (1,877) 2020 Hodgkins 6620 River Road — 6,163 3,127 — 6,163 3,127 9,290 (291) 2021 Itasca 1251 W. Ardmore Avenue — 3,621 1,223 — 3,621 1,223 4,844 (162) 2021 Itasca 1500 Bryn Mawr Avenue — 3,871 2,073 — 3,871 2,073 5,944 (193) 2021 Itasca 1800 Bruning Drive — 12,216 2,428 1,224 13,440 2,428 15,868 (3,270) 2016 Lisle 4925 Indiana Avenue — 8,368 2,302 — 8,368 2,302 10,670 (1,017) 2019 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2022 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Machesney Park 7166 Greenlee Drive — 3,525 300 43 3,568 300 3,868 (829) 2015 McHenry 831/833 Ridgeview Drive — 3,818 576 120 3,938 576 4,514 (703) 2018 McHenry 921 Ridgeview Drive — 4,010 448 27 4,037 448 4,485 (675) 2018 Montgomery 2001 Baseline Road — — 173 — — 173 173 — 2018 Montgomery 2001 Baseline Road — 12,373 2,190 2,996 15,369 2,190 17,559 (4,302) 2012 Saint Charles 3810-3820 Stern Avenue — 7,028 1,321 — 7,028 1,321 8,349 (248) 2021 Saint Charles 3850 Ohio Avenue — 5,976 1,160 — 5,976 1,160 7,136 (20) 2022 Sauk Village 21399 Torrence Avenue — 5,405 877 676 6,081 877 6,958 (1,563) 2013 Schaumburg 710 East State Parkway — 4,086 689 177 4,263 689 4,952 (364) 2020 Vernon Hills 888 Forest Edge Drive — 9,383 2,416 465 9,848 2,416 12,264 (381) 2021 Waukegan 3751 Sunset Avenue — 5,030 1,004 — 5,030 1,004 6,034 (941) 2017 West Chicago 1300 Northwest Avenue — 2,036 768 772 2,808 768 3,576 (858) 2016 West Chicago 1400 Northwest Avenue — 668 382 282 950 382 1,332 (238) 2016 West Chicago 1450 Northwest Avenue — 768 450 272 1,040 450 1,490 (283) 2016 West Chicago 1145 & 1149 Howard — 842 369 392 1,234 369 1,603 (295) 2016 West Chicago 1270 Nuclear Drive — 892 216 315 1,207 216 1,423 (280) 2016 West Chicago 1726-1850 Blackhawk Drive — 6,135 915 1,283 7,418 915 8,333 (1,801) 2016 West Dundee 901-907 Wesemann Drive — 12,640 948 45 12,685 948 13,633 (491) 2021 Wood Dale 321 Forster Avenue — 4,982 1,226 — 4,982 1,226 6,208 (957) 2016 Woodstock 1005 Courtaulds Drive — 3,796 496 183 3,979 496 4,475 (1,264) 2012 Indiana Albion 600 South 7th Street — 407 53 — 407 53 460 (318) 2006 Albion 1514 Progress Drive — 1,443 126 — 1,443 126 1,569 (562) 2006 Elkhart 2701 Marina Drive — 210 25 143 353 25 378 (133) 2007 Elkhart 23590 County Road 6 — 3,519 422 1,175 4,694 422 5,116 (1,649) 2007 Fort Wayne 3424 Centennial Drive — 3,076 112 3 3,079 112 3,191 (739) 2014 Goshen 2600 College Avenue — 5,998 1,442 1,824 7,822 1,442 9,264 (2,386) 2011 Greenwood 2441 E. Main Street — 12,745 911 — 12,745 911 13,656 (656) 2021 Indianapolis 7701 West New York Street — 3,931 620 — 3,931 620 4,551 (179) 2021 Jeffersonville 101 Jacobs Way — 35,174 2,891 — 35,174 2,891 38,065 (375) 2022 Lafayette 1520 Kepner Drive — 2,205 295 65 2,270 295 2,565 (618) 2012 Lafayette 1540-1530 Kepner Drive — 3,405 410 372 3,777 410 4,187 (1,008) 2012 Lafayette 1521 Kepner Drive — 7,920 906 514 8,434 906 9,340 (2,389) 2012 Lebanon 100 Purity Drive — 21,160 1,654 — 21,160 1,654 22,814 (3,000) 2018 Lebanon 800 Edwards Drive — 36,091 2,359 — 36,091 2,359 38,450 (3,531) 2019 Lebanon 121 N. Enterprise Boulevard — 50,300 2,948 — 50,300 2,948 53,248 (4,466) 2019 Marion 2201 E. Loew Road — 2,934 243 718 3,652 243 3,895 (1,164) 2012 Portage 6515 Ameriplex Drive — 28,094 1,626 425 28,519 1,626 30,145 (3,331) 2019 Portage 725 George Nelson Drive — 5,416 — — 5,416 — 5,416 (1,474) 2012 South Bend 3310 William Richardson Court — 4,718 411 294 5,012 411 5,423 (1,434) 2012 Yoder 2909 Pleasant Center Road — 24,504 941 665 25,169 941 26,110 (2,480) 2020 Iowa Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2022 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Ankeny 5910 Southeast Rio Circle — 13,709 846 105 13,814 846 14,660 (1,352) 2019 Ankeny 6150 Southeast Rio Circle — 19,104 1,421 — 19,104 1,421 20,525 (618) 2021 Council Bluffs 1209 31st Avenue — 4,438 414 — 4,438 414 4,852 (759) 2017 Des Moines 3915 Delaware Avenue — 9,342 1,685 28 9,370 1,685 11,055 (363) 2021 Des Moines 1900 E. 17th Street — 4,477 556 — 4,477 556 5,033 (767) 2018 Marion 6301 North Gateway Drive — 2,229 691 188 2,417 691 3,108 (772) 2013 Kansas Edwardsville 9601 Woodend Road — 13,007 1,360 544 13,551 1,360 14,911 (2,695) 2017 Lenexa 9700 Lackman Road — 9,649 1,759 33 9,682 1,759 11,441 (1,105) 2019 Lenexa 14000 Marshall Drive — 7,610 2,368 — 7,610 2,368 9,978 (2,755) 2014 Olathe 1202 South Lone Elm Road — 16,272 1,193 67 16,339 1,193 17,532 (1,826) 2019 Olathe 16231 South Lone Elm Road — 20,763 2,431 4,199 24,962 2,431 27,393 (6,257) 2016 Wichita 2655/2755 South Eastmoor Street — 1,815 88 10 1,825 88 1,913 (512) 2012 Wichita 2652 South Eastmoor Street — 1,839 107 183 2,022 107 2,129 (625) 2012 Wichita 2510 South Eastmoor Street — 833 76 181 1,014 76 1,090 (428) 2012 Kentucky Bardstown 300 Spencer Mattingly Lane — 2,295 379 125 2,420 379 2,799 (896) 2007 Danville 1355 Lebanon Road — 11,593 965 4,325 15,918 965 16,883 (4,958) 2011 Erlanger 1500-1532 Interstate Drive — 3,791 635 346 4,137 635 4,772 (985) 2016 Florence 9200 Brookfield Court — 7,914 863 88 8,002 863 8,865 (1,196) 2019 Florence 1100 Burlington Pike — 10,858 3,109 282 11,140 3,109 14,249 (2,334) 2018 Hebron 2151 Southpark Drive — 4,526 370 773 5,299 370 5,669 (1,356) 2014 Louisville 6350 Ladd Avenue — 3,615 386 1,326 4,941 386 5,327 (1,345) 2011 Louisville 6400 Ladd Avenue — 5,767 616 1,745 7,512 616 8,128 (2,035) 2011 Louisiana Baton Rouge 6565 Exchequer Drive — 5,871 1,619 626 6,497 1,619 8,116 (835) 2019 Baton Rouge 6735 Exchequer Drive — 6,682 2,567 — 6,682 2,567 9,249 (987) 2019 Baton Rouge 12100 Little Cayman Avenue — 15,402 1,962 42 15,444 1,962 17,406 (2,443) 2018 Shreveport 7540 Bert Kouns Industrial Loop — 5,572 1,804 1,276 6,848 1,804 8,652 (1,457) 2015 Maine Biddeford 1 Baker's Way — 8,164 1,369 4,849 13,013 1,369 14,382 (3,241) 2016 Gardiner 47 Market Street — 8,983 948 23 9,006 948 9,954 (2,429) 2016 Lewiston 19 Mollison Way — 5,374 173 1,064 6,438 173 6,611 (2,442) 2007 Portland 125 Industrial Way — 3,648 891 284 3,932 891 4,823 (1,008) 2012 Maryland Elkridge 6685 Santa Barbara Court — 8,776 2,982 38 8,814 2,982 11,796 (1,095) 2019 Hagerstown 11835 Newgate Boulevard — 55,177 6,036 — 55,177 6,036 61,213 (1,978) 2021 Hagerstown 11841 Newgate Boulevard — 55,448 6,174 133 55,581 6,174 61,755 (2,060) 2021 Hagerstown 105 Enterprise Lane — 11,213 3,472 — 11,213 3,472 14,685 (683) 2021 Hampstead 630 Hanover Pike — 34,933 780 2,738 37,671 780 38,451 (9,145) 2013 Hunt Valley 11100 Gilroy Road — 4,904 538 — 4,904 538 5,442 (253) 2021 White Marsh 6210 Days Cove Road — 6,912 963 774 7,686 963 8,649 (978) 2018 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2022 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Massachusetts Chicopee 2189 Westover Road — 5,614 504 3,145 8,759 504 9,263 (1,651) 2012 Hudson 4 Robert Bonazzoli Avenue — 12,662 723 76 12,738 723 13,461 (513) 2021 Malden 219 Medford Street — 2,817 366 — 2,817 366 3,183 (1,124) 2007 Malden 243 Medford Street — 3,961 507 — 3,961 507 4,468 (1,580) 2007 Middleborough 16 Leona Drive — 7,243 2,397 — 7,243 2,397 9,640 (1,337) 2019 Norton 202 South Washington Street — 6,105 2,839 250 6,355 2,839 9,194 (1,872) 2011 South Easton 55 Bristol Drive — 5,826 403 481 6,307 403 6,710 (957) 2017 Sterling 15 Chocksett Road — 10,797 1,472 — 10,797 1,472 12,269 (453) 2021 Stoughton 100 Campanelli Parkway — 2,613 2,256 1,660 4,273 2,256 6,529 (1,564) 2015 Stoughton 12 Campanelli Parkway — 1,138 538 293 1,431 538 1,969 (446) 2015 Westborough 35 Otis Street — 5,733 661 23 5,756 661 6,417 (1,104) 2016 Michigan Belleville 8200 Haggerty Road — 6,484 724 616 7,100 724 7,824 (1,321) 2017 Canton 47440 Michigan Avenue — 23,732 2,378 180 23,912 2,378 26,290 (2,401) 2020 Chesterfield 50501 E. Russell Schmidt — 1,099 207 12 1,111 207 1,318 (440) 2007 Chesterfield 50371 E. Russell Schmidt — 798 150 477 1,275 150 1,425 (428) 2007 Chesterfield 50271 E. Russell Schmidt — 802 151 210 1,012 151 1,163 (458) 2007 Chesterfield 50900 E. Russell Schmidt — 5,006 942 2,365 7,371 942 8,313 (2,931) 2007 Grand Rapids 5445 International Parkway — 7,082 1,241 43 7,125 1,241 8,366 (548) 2020 Grand Rapids 5079 33rd Street — 4,907 892 — 4,907 892 5,799 (136) 2022 Grand Rapids 5333 33rd Street — 3,460 1,052 — 3,460 1,052 4,512 (127) 2022 Grand Rapids 5050 Kendrick Street, SE — 7,332 169 34 7,366 169 7,535 (1,809) 2015 Holland 4757 128th Avenue — 3,273 279 208 3,481 279 3,760 (949) 2012 Kentwood 4660 East Paris Avenue, SE — 7,955 307 29 7,984 307 8,291 (1,047) 2019 Kentwood 4647 60th Street SE — 16,933 1,256 1,803 18,736 1,256 19,992 (694) 2021 Kentwood 4070 East Paris Avenue — 2,436 407 120 2,556 407 2,963 (664) 2013 Lansing 7009 West Mount Hope Highway — 7,706 501 7,357 15,063 501 15,564 (3,602) 2011 Lansing 2780 Sanders Road — 3,961 580 43 4,004 580 4,584 (1,092) 2012 Lansing 5640 Pierson Highway — 7,056 429 100 7,156 429 7,585 (2,084) 2012 Lansing 2051 South Canal Road — 5,176 907 — 5,176 907 6,083 (1,413) 2013 Livonia 38150 Plymouth Road — 7,032 1,390 582 7,614 1,390 9,004 (1,331) 2018 Livonia 38220 Plymouth Road — 8,918 848 987 9,905 848 10,753 (1,229) 2018 Marshall 1511 George Brown Drive — 1,042 199 130 1,172 199 1,371 (369) 2013 Novi 22925 Venture Drive — 3,649 252 363 4,012 252 4,264 (1,090) 2012 Novi 25250 Regency Drive — 6,035 626 23 6,058 626 6,684 (1,530) 2015 Novi 43800 Gen Mar Drive — 16,918 1,381 925 17,843 1,381 19,224 (2,571) 2018 Plymouth 14835 Pilot Drive — 4,620 365 250 4,870 365 5,235 (1,165) 2015 Redford 12100 Inkster Road — 6,114 728 50 6,164 728 6,892 (1,615) 2017 Romulus 9800 Inkster Road — 14,942 1,254 — 14,942 1,254 16,196 (2,643) 2018 Romulus 27651 Hildebrandt Road — 14,949 1,080 289 15,238 1,080 16,318 (2,948) 2017 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2022 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Sterling Heights 42600 Merrill Street — 4,191 1,133 1,385 5,576 1,133 6,709 (1,454) 2012 Walker 2640 Northridge Drive — 4,593 855 342 4,935 855 5,790 (1,444) 2011 Warren 13301 Stephens Road — 5,820 502 116 5,936 502 6,438 (1,136) 2017 Warren 27027 Mound Road — 17,584 1,984 — 17,584 1,984 19,568 (1,684) 2020 Warren 25295 Guenther Road — 19,273 531 — 19,273 531 19,804 (986) 2021 Warren 7500 Tank Avenue — 16,035 1,290 — 16,035 1,290 17,325 (3,658) 2016 Wixom 48238 Frank Street — 14,433 293 — 14,433 293 14,726 (509) 2021 Zeeland 750 E. Riley Avenue — 12,100 487 — 12,100 487 12,587 (1,745) 2019 Minnesota Blaine 3705 95th Avenue NE — 16,873 2,258 — 16,873 2,258 19,131 (2,160) 2019 Bloomington 11300 Hampshire Avenue South — 8,582 1,702 23 8,605 1,702 10,307 (1,502) 2018 Brooklyn Park 6688 93rd Avenue North — 11,988 1,926 — 11,988 1,926 13,914 (2,396) 2016 Carlos 4750 County Road 13 NE — 5,855 960 151 6,006 960 6,966 (1,962) 2011 Eagan 3355 Discovery Road — 15,290 2,526 — 15,290 2,526 17,816 (2,070) 2019 Inver Grove Height 8450 Courthouse Boulevard — 6,964 2,595 — 6,964 2,595 9,559 (416) 2021 Maple Grove 6250 Sycamore Lane North — 6,634 969 473 7,107 969 8,076 (1,450) 2017 Maple Grove 8175 Jefferson Highway — 10,397 2,327 143 10,540 2,327 12,867 (918) 2020 Mendota Heights 2250 Pilot Knob Road — 3,492 1,494 1,062 4,554 1,494 6,048 (1,037) 2018 New Hope 5520 North Highway 169 — 1,902 1,919 449 2,351 1,919 4,270 (675) 2013 Newport 710 Hastings Avenue — 8,367 1,765 — 8,367 1,765 10,132 (284) 2021 Oakdale 550 Hale Avenue — 6,556 647 202 6,758 647 7,405 (1,039) 2019 Oakdale 585-595 Hale Avenue — 5,022 1,396 298 5,320 1,396 6,716 (897) 2018 Plymouth 9800 13th Avenue North — 4,978 1,599 — 4,978 1,599 6,577 (1,013) 2018 Plymouth 6050 Nathan Lane — 5,855 1,109 24 5,879 1,109 6,988 (723) 2019 Plymouth 6075 Trenton Lane North — 6,919 1,569 — 6,919 1,569 8,488 (824) 2019 Savage 14399 Huntington Avenue — 3,836 3,194 1,253 5,089 3,194 8,283 (1,614) 2014 Shakopee 5101/4901 Valley Industrial Boulevard — 11,596 584 — 11,596 584 12,180 (314) 2022 Shakopee 1451 Dean Lakes Trail — 12,496 927 61 12,557 927 13,484 (1,223) 2019 Saint Paul 1700 Wynne Avenue — 23,675 2,258 — 23,675 2,258 25,933 (905) 2021 South Saint Paul 411 Farwell Avenue — 14,975 2,378 498 15,473 2,378 17,851 (2,626) 2018 Mississippi Southaven 228 Access Drive — 28,566 1,000 26 28,592 1,000 29,592 (1,985) 2020 Missouri Berkeley 8901 Springdale Avenue — 9,859 1,423 — 9,859 1,423 11,282 (410) 2021 Earth City 1 American Eagle Plaza — 2,751 1,123 60 2,811 1,123 3,934 (674) 2016 Fenton 2501 & 2509 Cassens Drive — 9,358 791 — 9,358 791 10,149 (1,044) 2019 Hazelwood 7275 Hazelwood Avenue — 5,030 1,382 1,599 6,629 1,382 8,011 (1,959) 2011 Kansas City 4001 North Norfleet Road — 48,342 4,239 — 48,342 4,239 52,581 (1,579) 2022 O'Fallon 6705 Keaton Corporate Parkway — 3,606 1,233 401 4,007 1,233 5,240 (949) 2017 O'Fallon 3801 Lloyd King Drive — 2,579 1,242 829 3,408 1,242 4,650 (1,053) 2011 Nebraska Bellevue 10601 S 15th Street — 20,384 1,691 — 20,384 1,691 22,075 (1,385) 2021 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2022 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired La Vista 11720 Peel Circle — 14,679 1,232 — 14,679 1,232 15,911 (512) 2021 Omaha 10488 S. 136th Street — 13,736 1,602 52 13,788 1,602 15,390 (1,588) 2019 Omaha 9995 I Street — 3,202 572 164 3,366 572 3,938 (363) 2019 Omaha 10025 I Street — 2,449 579 133 2,582 579 3,161 (351) 2019 Omaha 9931 South 136th Street — 2,636 828 221 2,857 828 3,685 (127) 2021 Omaha 9950 South 134th Street — 3,398 868 — 3,398 868 4,266 (135) 2021 Nevada Fernley 190 Resource Drive — 11,401 1,034 — 11,401 1,034 12,435 (612) 2021 Las Vegas 730 Pilot Road — 12,390 2,615 236 12,626 2,615 15,241 (2,079) 2018 Las Vegas 3450 West Teco Avenue — 3,259 770 117 3,376 770 4,146 (566) 2017 Paradise 4565 Wynn Road — 4,514 949 — 4,514 949 5,463 (516) 2019 Paradise 6460 Arville Street — 3,415 1,465 251 3,666 1,465 5,131 (538) 2019 Reno 9025 Moya Boulevard — 3,356 1,372 107 3,463 1,372 4,835 (960) 2014 Sparks 325 E. Nugget Avenue — 6,328 938 977 7,305 938 8,243 (1,789) 2017 New Hampshire Londonderry 29 Jack's Bridge Road/Clark Road — 6,683 730 — 6,683 730 7,413 (1,949) 2013 Nashua 80 Northwest Boulevard — 8,470 1,431 487 8,957 1,431 10,388 (2,380) 2014 New Jersey Branchburg 291 Evans Way — 10,852 2,367 149 11,001 2,367 13,368 (1,093) 2019 Burlington 8 Campus Drive — 15,797 3,267 266 16,063 3,267 19,330 (964) 2015 Burlington 6 Campus Drive — 19,577 4,030 1,356 20,933 4,030 24,963 (5,011) 2015 Franklin Township 17 & 20 Veronica Avenue — 8,264 2,272 1,555 9,819 2,272 12,091 (2,157) 2017 Lumberton 101 Mount Holly Bypass — 6,372 1,121 — 6,372 1,121 7,493 (1,036) 2019 Moorestown 550 Glen Avenue — 5,678 466 80 5,758 466 6,224 (793) 2019 Moorestown 600 Glen Court — 4,749 510 40 4,789 510 5,299 (750) 2019 Mt. Laurel 103 Central Avenue — 6,695 616 942 7,637 616 8,253 (538) 2020 Pedricktown One Gateway Boulevard — 10,250 2,414 4,544 14,794 2,414 17,208 (2,172) 2017 Swedesboro 2165 Center Square Road — 5,129 1,212 818 5,947 1,212 7,159 (1,046) 2017 Westampton 800 Highland Drive — 27,336 3,647 — 27,336 3,647 30,983 (676) 2021 New Mexico Santa Teresa 150 Earhardt Drive — 8,906 723 — 8,906 723 9,629 (131) 2022 New York Buffalo 1236-50 William Street — 2,924 146 — 2,924 146 3,070 (862) 2012 Cheektowaga 40-60 Industrial Parkway — 2,699 216 1,032 3,731 216 3,947 (1,280) 2011 Farmington 5786 Collett Road — 5,282 410 896 6,178 410 6,588 (2,200) 2007 Gloversville 125 Belzano Drive — 1,299 117 7 1,306 117 1,423 (404) 2012 Gloversville 122 Belzano Drive — 2,559 151 73 2,632 151 2,783 (751) 2012 Gloversville 109 Belzano Drive — 1,486 154 164 1,650 154 1,804 (480) 2012 Johnstown 123 Union Avenue — 1,592 216 33 1,625 216 1,841 (445) 2012 Johnstown 231 Enterprise Drive — 955 151 96 1,051 151 1,202 (369) 2012 Johnstown 150 Enterprise Avenue — 1,440 140 — 1,440 140 1,580 (470) 2012 Rochester 2883 Brighton Henrietta Townline Road — 6,979 619 601 7,580 619 8,199 (543) 2020 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2022 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Rochester 1350 Scottsville Road — 6,746 208 — 6,746 208 6,954 (638) 2020 Ronkonkoma 845 South 1st Street (4,744) 6,091 1,213 40 6,131 1,213 7,344 (381) 2021 North Carolina Catawba 3389 Catawba Industrial Place — 8,166 1,692 — 8,166 1,692 9,858 (593) 2020 Charlotte 1401 Tar Heel Road — 3,842 515 63 3,905 515 4,420 (759) 2015 Charlotte 2027 Gateway Boulevard — 3,654 913 30 3,684 913 4,597 (555) 2018 Charlotte 3115 Beam Road — 4,839 369 179 5,018 369 5,387 (392) 2020 Durham 2702 Weck Drive — 2,589 753 138 2,727 753 3,480 (632) 2015 Garner 2337 US Highway 70E — 11,790 3,420 — 11,790 3,420 15,210 (832) 2020 Greensboro 415 Westcliff Road — 6,383 691 208 6,591 691 7,282 (957) 2018 Huntersville 13201 Reese Boulevard Unit 100 — 3,123 1,061 980 4,103 1,061 5,164 (1,077) 2012 Lexington 200 Woodside Drive — 3,863 232 1,345 5,208 232 5,440 (1,601) 2011 Mebane 7412 Oakwood Street — 4,570 481 552 5,122 481 5,603 (1,548) 2012 Mebane 7600 Oakwood Street — 4,148 443 — 4,148 443 4,591 (1,302) 2012 Mebane 7110 E. Washington Street — 4,981 358 1,338 6,319 358 6,677 (1,514) 2013 Mocksville 171 Enterprise Way — 5,582 1,091 459 6,041 1,091 7,132 (771) 2019 Mooresville 119 Super Sport Drive — 17,889 4,195 334 18,223 4,195 22,418 (3,038) 2017 Mooresville 313 Mooresville Boulevard — 6,968 701 466 7,434 701 8,135 (2,269) 2011 Mountain Home 199 N. Egerton Road — 2,359 523 — 2,359 523 2,882 (571) 2014 Newton 1500 Prodelin Drive — 7,338 732 1,283 8,621 732 9,353 (2,069) 2011 Pineville 10519 Industrial Drive — 1,179 392 — 1,179 392 1,571 (312) 2012 Rural Hall 300 Forum Parkway — 5,375 439 1,007 6,382 439 6,821 (2,035) 2011 Salisbury 990 Cedar Springs Road — 5,009 1,535 2,625 7,634 1,535 9,169 (1,659) 2017 Smithfield 3250 Highway 70 Business West — 10,397 613 72 10,469 613 11,082 (2,023) 2011 Troutman 279 & 281 Old Murdock Road — 13,392 802 297 13,689 802 14,491 (2,243) 2018 Winston-Salem 2655 Annapolis Drive — 10,716 610 16 10,732 610 11,342 (2,863) 2014 Youngsville 200 K-Flex Way — 16,150 1,836 — 16,150 1,836 17,986 (2,296) 2018 Ohio Bedford Heights 26801 Fargo Avenue — 5,267 837 955 6,222 837 7,059 (1,514) 2017 Boardman 365 McClurg Road — 3,473 282 872 4,345 282 4,627 (1,785) 2007 Canal Winchester 6200-6250 Winchester Boulevard — 37,431 6,403 — 37,431 6,403 43,834 (1,649) 2021 Canal Winchester 6260-6300 Winchester Boulevard — 19,432 3,708 359 19,791 3,708 23,499 (970) 2021 Columbus 1605 Westbelt Drive — 5,222 337 125 5,347 337 5,684 (1,054) 2017 Columbus 5330 Crosswinds Drive — 45,112 3,410 (269) 44,843 3,410 48,253 (3,038) 2020 Columbus 200 McCormick Boulevard — 8,960 988 — 8,960 988 9,948 (282) 2022 Columbus 3900-3990 Business Park Drive — 2,976 489 657 3,633 489 4,122 (1,028) 2014 Dayton 2815 South Gettysburg Avenue — 5,896 331 529 6,425 331 6,756 (1,681) 2015 Etna 8591 Mink Street SW — 73,402 2,939 107 73,509 2,939 76,448 (5,287) 2020 Fairborn 1340 E Dayton Yellow Springs Road — 5,569 867 272 5,841 867 6,708 (1,749) 2015 Fairfield 4275 Thunderbird Lane — 2,788 948 822 3,610 948 4,558 (904) 2016 Fairfield 3840 Port Union Road — 5,337 1,086 252 5,589 1,086 6,675 (1,054) 2018 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2022 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Gahanna 1120 Morrison Road — 3,806 1,265 2,244 6,050 1,265 7,315 (1,810) 2011 Groveport 5830 Green Pointe Drive South — 10,828 642 236 11,064 642 11,706 (1,968) 2017 Hilliard 4251 Leap Road — 7,412 550 896 8,308 550 8,858 (1,574) 2017 Macedonia 8295 Bavaria Drive — 10,219 1,001 — 10,219 1,001 11,220 (297) 2022 Macedonia 1261 Highland Road — 8,063 1,690 292 8,355 1,690 10,045 (2,025) 2015 Maple Heights 16645 Granite Road — 4,357 922 — 4,357 922 5,279 (268) 2021 Mason 7258 Innovation Way — 4,582 673 — 4,582 673 5,255 (1,172) 2014 North Jackson 500 South Bailey Road — 4,356 1,528 511 4,867 1,528 6,395 (1,300) 2013 North Jackson 382 Rosemont Road — 7,681 486 1,269 8,950 486 9,436 (2,011) 2011 Oakwood Village 26350 Broadway — 3,041 343 178 3,219 343 3,562 (828) 2015 Salem 800 Pennsylvania Avenue — 7,674 858 1,112 8,786 858 9,644 (3,281) 2006 Seville 276 West Greenwich Road — 1,591 273 103 1,694 273 1,967 (582) 2011 Streetsboro 9777 Mopar Drive — 4,909 2,161 1,157 6,066 2,161 8,227 (1,671) 2011 Strongsville 14450 Foltz Industrial Parkway — 16,487 1,315 — 16,487 1,315 17,802 (791) 2021 Strongsville 12930 Darice Parkway — 5,750 491 963 6,713 491 7,204 (1,635) 2014 Toledo 1800 Jason Street — 6,487 213 250 6,737 213 6,950 (1,894) 2012 Twinsburg 8601 Independence Parkway — 19,772 3,855 — 19,772 3,855 23,627 (1,426) 2020 Twinsburg 7990 Bavaria Road — 8,027 590 87 8,114 590 8,704 (2,829) 2007 West Chester 9696 International Boulevard — 8,868 936 — 8,868 936 9,804 (1,890) 2016 West Jefferson 1550 West Main Street — 70,213 2,015 31 70,244 2,015 72,259 (8,480) 2019 Oklahoma Oklahoma City 4949 Southwest 20th Street — 2,211 746 124 2,335 746 3,081 (764) 2016 Oklahoma City 5101 South Council Road — 9,199 1,614 1,466 10,665 1,614 12,279 (2,526) 2015 Tulsa 11607 E. 43rd Street North — 8,242 966 — 8,242 966 9,208 (2,119) 2015 Tulsa 10757 East Ute Street — 7,167 644 125 7,292 644 7,936 (694) 2020 Oregon Salem 4060 Fairview Industrial Drive — 3,039 599 780 3,819 599 4,418 (1,154) 2011 Salem 4050 Fairview Industrial Drive — 1,372 266 529 1,901 266 2,167 (588) 2011 Wilsonville 9400 SW Barber Street — 10,142 696 18 10,160 696 10,856 (100) 2022 Pennsylvania Allentown 7132 Daniels Drive — 7,199 1,962 2,130 9,329 1,962 11,291 (2,433) 2014 Burgettstown 157 Starpointe Boulevard — 23,416 1,248 178 23,594 1,248 24,842 (3,065) 2019 Charleroi 200 Simko Boulevard — 10,539 935 47 10,586 935 11,521 (1,598) 2018 Clinton 2300 Sweeney Drive — 19,339 — 25 19,364 — 19,364 (3,654) 2017 Clinton 2251 Sweeney Drive — 12,390 — — 12,390 — 12,390 (1,830) 2018 Clinton 2300 Sweeney Drive Extension — 16,840 — 931 17,771 — 17,771 (2,249) 2018 Clinton 1200 Clifford Ball Drive — 10,524 — — 10,524 — 10,524 (795) 2020 Clinton 1111 Clifford Ball Drive — 5,668 — — 5,668 — 5,668 (436) 2020 Clinton 1300 Clifford Ball Drive — 18,152 — — 18,152 — 18,152 (1,308) 2020 Clinton 1100 Clifford Ball Drive — 40,282 — — 40,282 — 40,282 (1,097) 2022 Croydon 3001 State Road — 4,655 829 — 4,655 829 5,484 (726) 2018 Elizabethtown 11 and 33 Industrial Road — 5,315 1,000 732 6,047 1 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their consolidated 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 and restated (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. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Rental Property | Rental Property and Deferred Leasing Intangibles Rental property is carried at cost less accumulated depreciation and amortization. Expenditures for maintenance and repairs are expensed as incurred. Significant renovations and betterments that extend the economic useful lives of assets are capitalized. The Company capitalizes costs directly and indirectly related to the development, pre-development, redevelopment, or improvement of rental property. Real estate taxes, compensation costs of development personnel, insurance, interest, and other directly related costs during construction periods are capitalized as incurred, with depreciation commencing on the date the property is substantially completed. Such costs begin to be capitalized to the development projects from the point the Company |
Rental Property Held for Sale | For properties classified as held for sale, the Company ceases depreciating and amortizing the rental property and values the rental property at the lower of depreciated and amortized cost or fair value less costs to dispose. The Company presents those properties classified as held for sale with any qualifying assets and liabilities associated with those properties as held for sale in the accompanying Consolidated Balance Sheets. |
Business Combinations | Using information available at the time of acquisition, the Company allocates the purchase price of properties acquired based upon the fair value of the assets acquired and liabilities assumed, which generally consist of land, buildings, tenant improvements, mortgage debt assumed, and deferred leasing intangibles, which includes in-place leases, above market and below market leases, and tenant relationships. The process for determining the allocation to these components requires estimates and assumptions, including rental rates, discount rates and exit capitalization rates, and land value per square foot, as well as available market information, and is therefore subject to subjective analysis and uncertainty. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The portion of the purchase price that is allocated to above and below market leases is valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease term plus the term of any bargain renewal options. The purchase price is further allocated to in-place lease values and tenant relationships based on the Company’s evaluation of the specific characteristics of each tenant’s lease and its overall relationship with the respective tenant. The above and below market lease values are amortized into rental income over the remaining lease term. The value of in-place lease intangibles and tenant relationships are amortized over the remaining lease term (and expected renewal period of the respective lease for tenant relationships) as increases to depreciation and amortization expense. The remaining lease terms are adjusted for bargain renewal options or assumed exercises of early termination options, as applicable. If a tenant subsequently terminates its lease, any unamortized portion of above and below market leases is accelerated into rental income and the in-place lease value and tenant relationships are accelerated into depreciation and amortization expense over the shortened lease term. The purchase price allocated to deferred leasing intangible assets are included in rental property, net on the accompanying Consolidated Balance Sheets, and the purchase price allocated to deferred leasing intangible liabilities are included in deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets under the liabilities section. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets | The Company evaluates the carrying value of all tangible and intangible rental property assets and deferred leasing intangible liabilities (collectively, the “property”) held for use for possible impairment when an event or change in circumstance has occurred that indicates their carrying value may not be recoverable. The evaluation includes estimating and reviewing anticipated future undiscounted cash flows to be derived from the property. If such cash flows are less than the property’s carrying value, an impairment charge is recognized to the extent by which the property’s carrying value exceeds the estimated fair value. Estimating future cash flows is highly subjective and is based in part on assumptions regarding anticipated hold period, future occupancy, rental rates, capital requirements, and exit capitalization rates that could differ from actual results. The discount rate used to present value the cash flows for determining fair value is also subjective. |
Depreciation and Amortization | Depreciation expense is computed using the straight-line method based on the following estimated useful lives. Description Estimated Useful Life Building 40 Years Building and land improvements (maximum) 20 Years Tenant improvements Shorter of useful life or terms of related lease |
Lessee, Leases | LeasesFor leases in which the Company is the lessee, the Company recognizes a right-of-use asset and corresponding lease liability on the accompanying Consolidated Balance Sheets equal to the present value of the fixed lease payments. In determining the operating right-of-use asset and lease liability for the Company’s operating leases, the Company estimates an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. The Company utilizes a market-based approach to estimate the incremental borrowing rate for each individual lease. Additionally, since the terms of the Company’s ground leases are significantly longer than the terms of borrowings available to the Company on a fully-collateralized basis, the estimate of this rate requires significant judgment, and considers factors such as yields on outstanding public debt and other market based pricing on longer duration financing instruments. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less. The Company maintains cash and cash equivalents in United States banking institutions that may exceed amounts insured by the Federal Deposit Insurance Corporation. While the Company monitors the cash balances in its operating accounts, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts, and mitigates this risk by using nationally recognized banking institutions. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents | Restricted Cash Restricted cash may include tenant security deposits, cash held in escrow for real estate taxes and capital improvements as required in various mortgage note agreements, and cash held by the Company’s transfer agent for preferred stock dividends, if any, that are distributed subsequent to period end. Restricted cash may also include cash held by qualified intermediaries to facilitate a like-kind exchange of real estate under Section 1031 of the Code. The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows. Reconciliation of cash and cash equivalents and restricted cash (in thousands) December 31, 2022 December 31, 2021 Cash and cash equivalents $ 25,884 $ 18,981 Restricted cash 905 4,215 Total cash and cash equivalents and restricted cash $ 26,789 $ 23,196 |
Deferred Costs | Deferred Costs Deferred financing fees and debt issuance costs include costs incurred in obtaining debt that are capitalized and are presented as a direct deduction from the carrying amount of the associated debt liability that is not a line-of-credit arrangement on the accompanying Consolidated Balance Sheets. Deferred financing fees and debt issuance costs related to line-of-credit arrangements are presented as an asset in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The deferred financing fees and debt issuance costs are amortized through interest expense over the life of the respective loans on a basis which approximates the effective interest method. Any unamortized amounts upon early repayment of debt are written off in the period of repayment as a loss on extinguishment of debt. Fully amortized deferred financing fees and debt issuance costs are written off upon maturity of the underlying debt. Leasing commissions include commissions and other direct and incremental costs incurred to obtain new tenant leases as well as to renew existing tenant leases, and are presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. Leasing commissions are capitalized and amortized over the terms of the related leases (and bargain renewal terms or assumed exercise of early termination options) using the straight-line method. If a lease terminates prior to the expiration of its initial term, any unamortized costs related to the lease are accelerated into amortization expense. Changes in leasing commissions are presented in the cash flows from operating activities section of the accompanying Consolidated Statements of Cash Flows. |
Goodwill | Goodwill The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill of the Company of approximately $4.9 million represents amounts allocated to the assembled workforce from the acquired management company, and is presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The Company’s goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis at December 31, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company takes a qualitative approach to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. The Company has recorded no impairments to goodwill through December 31, 2022. |
Use of Derivative Financial Instruments | Use of Derivative Financial Instruments The Company records all derivatives on the accompanying Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Financial instruments include cash and cash equivalents, restricted cash, tenant accounts receivable, interest rate swaps, accounts payable, accrued expenses, unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes. See Note 4 for the fair value of the Company’s indebtedness. See Note 5 for the fair value of the Company’s interest rate swaps. |
Commissions, Policy | Offering Costs Underwriting commissions and direct offering costs have been reflected as a reduction of additional paid-in capital on the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. Indirect costs associated with equity offerings are expensed as incurred and included in general and administrative expenses on the accompanying Consolidated Statements of Operations. |
Dividends | Dividends Earnings and profits, which determine the taxability of dividends to stockholders, will differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of gains on the sale of real property, revenue and expense recognition, and in the estimated useful lives and basis used to compute depreciation. In addition, the Company’s distributions may include a return of capital. To the extent that the Company makes distributions in excess of its |
Revenue | Revenue Recognition All current leases are classified as operating leases and rental income is recognized on a straight-line basis over the term of the lease (and expected bargain renewal terms or assumed exercise of early termination options) when collectability is reasonably assured. Differences between rental income earned and amounts due under the lease are charged or credited, as applicable, to accrued rental income. The Company determined that for all leases where the Company is the lessor, that the timing and pattern of transfer of the non-lease components and associated lease components are the same, and that the lease components, if accounted for separately, would be classified as an operating lease. Accordingly, the Company has made an accounting policy election to recognize the combined component in accordance with Accounting Standards Codification Topic 842 as rental income on the accompanying Consolidated Statements of Operations. Rental income recognition commences when the tenant takes possession of or controls the physical use of the leased space and the leased space is substantially complete and ready for its intended use. In order to determine whether the leased space is substantially complete and ready for its intended use, the Company determines whether the Company or the tenant own the tenant improvements. When it is determined that the Company is the owner of the tenant improvements, rental income recognition begins when the tenant takes possession of or controls the physical use of the finished space, which is generally when the Company owned tenant improvements are completed. In instances when it is determined that the tenant is the owner of tenant improvements, rental income recognition begins when the tenant takes possession of or controls the physical use of the leased space. The Company evaluates its operating leases to determine if it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term. For those that are not probable of collection, the Company converts to the cash basis of accounting. If the Company subsequently determines that it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term, the Company will reinstate the accrued rent balance adjusting for the amount related to the period when the lease was accounted for on a cash basis. When the Company is the owner of tenant improvements or other capital items, the cost to construct the tenant improvements or other capital items, including costs paid for or reimbursed by the tenants, is recorded as capital assets. For these tenant improvements or other capital items, the amount funded by or reimbursed by the tenants are recorded as deferred revenue, which is amortized on a straight-line basis as income over the shorter of the useful life of the capital asset or the term of the related lease. Early lease termination fees are recorded in rental income on a straight-line basis from the notification date of such termination to the then remaining (not the original) lease term, if any, or upon collection if collection is not reasonably assured. |
Gain on Sales of Rental Property | Gain on the Sales of Rental Property, netThe timing of the derecognition of a rental property and the corresponding recognition of gain on the sales of rental property, net is measured by various criteria related to the terms of the sale transaction, and if the Company has lost control of the property and the acquirer has gained control of the property after the transaction. If the derecognition criteria is met, the full gain is recognized. |
Incentive and Equity-Based Employee Compensation Plans | Incentive and Equity-Based Employee Compensation Plans The Company grants equity-based compensation awards to its employees and directors in the form of restricted shares of common stock, LTIP units, and performance units. See Notes 6, 7 and 8 for further discussion of restricted shares of common stock, LTIP units, and performance units , respectively. The Company measures equity-based compensation expense based on the fair value of the awards on the grant date and recognizes the expense ratably over the vesting period, and forfeitures are recognized in the period in which they occur. |
Taxes | Taxes Federal Income Taxes The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 2011 and intends to continue to qualify as a REIT. As a REIT, the Company is generally not subject to corporate level federal income tax on the earnings distributed currently to its stockholders that it derives from its REIT qualifying activities. As a REIT, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. The Company will not be required to make distributions with respect to income derived from the activities conducted through subsidiaries that the Company elects to treat as taxable REIT subsidiaries (“TRS”) for federal income tax purposes, nor will it have to comply with income, assets, or ownership restrictions inside of the TRS. Certain activities that the Company undertakes must or should be conducted by a TRS, such as performing non-customary services for its tenants and holding assets that it cannot hold directly. A TRS is subject to federal and state income taxes. The Company’s TRS recognized a net income (loss) of approximately $0.1 million, $(8,000) and $0, for the years ended December 31, 2022, 2021 and 2020, respectively, which has been included on the accompanying Consolidated Statements of Operations. State and Local Income, Excise, and Franchise Tax The Company and certain of its subsidiaries are subject to certain state and local income, excise and franchise taxes. Taxes in the amount of approximately $2.1 million, $1.7 million and $1.7 million have been recorded in other expenses on the accompanying Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020, respectively. Uncertain Tax Positions Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of December 31, 2022, 2021 and 2020, there were no liabilities for uncertain tax positions. |
Earnings Per Share | Earnings Per ShareThe Company uses the two-class method of computing earnings per common share, which is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net income per common share is computed by dividing net income available to common stockholders by the sum of the weighted average number of shares of common stock outstanding and any dilutive securities for the period. |
Segment Reporting | Segment Reporting The Company manages its operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions and, accordingly, has only one reporting and operating segment. |
Concentrations of Credit Risk | Concentrations of Credit Risk Concentrations of credit risk relevant to the Company may arise when a number of financing arrangements, including revolving credit facilities or derivatives, are entered into with the same lenders or counterparties, and have similar economic features that would cause their inability to meet contractual obligations. The Company mitigates the concentration of credit risk as it relates to financing arrangements by entering into loan syndications with multiple, reputable financial institutions and diversifying its debt counterparties. The Company also reduces exposure by diversifying its derivatives across multiple counterparties who meet established credit and capital guidelines. |
Adoption of New Accounting Pronouncements | New Accounting Standards New Accounting Standards Adopted In December 2022, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which defers the sunset date of Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies. ASU 2022-06 had no impact on the Company’s consolidated financial statements for the year ended December 31, 2022. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of estimated useful lives of PP&E | Depreciation expense is computed using the straight-line method based on the following estimated useful lives. Description Estimated Useful Life Building 40 Years Building and land improvements (maximum) 20 Years Tenant improvements Shorter of useful life or terms of related lease |
Schedule of Cash, Cash Equivalents and Restricted Cash | Reconciliation of cash and cash equivalents and restricted cash (in thousands) December 31, 2022 December 31, 2021 Cash and cash equivalents $ 25,884 $ 18,981 Restricted cash 905 4,215 Total cash and cash equivalents and restricted cash $ 26,789 $ 23,196 |
Schedule of tax treatment of common dividends per share for federal income tax | The Company paid dividends to holders of the 6.875% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share (“Series C Preferred Stock”), of approximately $1.3 million ($0.429688 per share) during the year ended December 31, 2021, of which $0.400294 per share was treated as ordinary income for tax purposes, $0.022149 per share was treated as unrecaptured section 1250 capital gain for tax purposes, and $0.007245 per share was treated as other capital gain for income tax purposes. The Company paid dividends to the holders of the Series C Preferred Stock of approximately $5.2 million ($1.71875 per share) during the year ended December 31, 2020, of which $1.349944 per share was treated as ordinary income for tax purposes, $0.100392 per share was treated as unrecaptured section 1250 capital gain for tax purposes, and $0.268414 per share was treated as other capital gain for income tax purposes. The following table summarizes the tax treatment of dividends per shares of common stock for federal income tax purposes. Year ended December 31, 2022 2021 2020 Federal Income Tax Treatment of Dividends per Common Share Per Share % Per Share % Per Share % Ordinary income $ 1.172486 80.4 % $ 1.119899 81.3 % $ 1.186648 78.5 % Return of capital 0.165158 11.3 % 0.175355 12.7 % — — % Unrecaptured section 1250 capital gain 0.014248 1.0 % 0.061970 4.5 % 0.088246 5.9 % Other capital gain 0.107278 7.3 % 0.020269 1.5 % 0.235943 15.6 % Total (1) $ 1.459170 100.0 % $ 1.377493 100.0 % $ 1.510837 100.0 % (1) The December 2020 monthly common stock dividend of $0.12 per share was partially included in the stockholder's 2020 tax year in the amount of $0.07167 per share, and the remainder was included in the stockholder's 2021 tax year. The December 2021 monthly common stock dividend of $0.120833 per share was included in the stockholder's 2022 tax year. The December 2022 monthly common stock dividend of 0.121667 per share will be included in the stockholder's 2023 tax year. |
Rental Property (Tables)
Rental Property (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties | The following table summarizes the components of rental property, net as of December 31, 2022 and 2021. Rental Property (in thousands) December 31, 2022 December 31, 2021 Land $ 647,098 $ 617,297 Buildings, net of accumulated depreciation of $513,053 and $406,670, respectively 4,232,964 4,035,210 Tenant improvements, net of accumulated depreciation of $31,578 and $26,065, respectively 44,526 43,999 Building and land improvements, net of accumulated depreciation of $218,497 and $179,132, respectively 339,274 320,041 Construction in progress 89,981 36,493 Deferred leasing intangibles, net of accumulated amortization of $328,848 and $282,038, respectively 508,935 567,658 Total rental property, net $ 5,862,778 $ 5,620,698 |
Schedule of rental property acquired | The following tables summarize the acquisitions of the Company during the years ended December 31, 2022 and 2021. The Company accounted for all of its acquisitions as asset acquisitions. Year ended December 31, 2022 Market (1) Date Acquired Square Feet Number of Buildings Purchase Price Kansas City, MO January 6, 2022 702,000 1 $ 60,428 Chicago, IL January 31, 2022 72,499 1 8,128 Columbus, OH February 8, 2022 138,213 1 11,492 Cleveland, OH February 8, 2022 136,800 1 13,001 Nashville, TN March 10, 2022 109,807 1 12,810 Greenville/Spartanburg, SC March 10, 2022 289,103 1 28,274 Memphis, TN March 18, 2022 195,622 1 15,828 Greenville/Spartanburg, SC March 18, 2022 155,717 1 16,390 Three months ended March 31, 2022 1,799,761 8 166,351 Atlanta, GA April 1, 2022 210,858 1 21,119 Minneapolis/St. Paul, MN April 4, 2022 160,000 1 13,472 West Michigan, MI April 14, 2022 211,125 2 12,274 Pittsburgh, PA April 19, 2022 400,000 1 50,178 Greenville/Spartanburg, SC (2) April 22, 2022 — — 5,559 Birmingham, AL May 5, 2022 67,168 1 7,871 South Bay/San Jose, CA June 7, 2022 175,325 1 29,630 Washington, DC June 29, 2022 140,555 1 20,257 Hampton Roads, VA June 29, 2022 102,512 1 10,561 Three months ended June 30, 2022 1,467,543 9 170,921 Atlanta, GA July 15, 2022 159,048 1 10,062 Fresno, CA July 25, 2022 232,072 1 30,121 El Paso, TX July 26, 2022 326,166 4 37,792 Portland, OR September 12, 2022 78,000 1 11,281 Louisville, KY September 21, 2022 563,032 1 38,064 Three months ended September 30, 2022 1,358,318 8 127,320 Chicago, IL December 28, 2022 115,491 1 8,055 Three months ended December 31, 2022 115,491 1 8,055 Year ended December 31, 2022 4,741,113 26 $ 472,647 (1) As defined by CoStar Realty Information Inc. If the building is located outside of a CoStar defined market, the city and state is reflected. (2) The Company acquired vacant land parcels. Year ended December 31, 2021 Market (1) Date Acquired Square Feet Number of Buildings Purchase Price Omaha/Council Bluffs, NE-IA January 21, 2021 370,000 1 $ 24,922 Minneapolis/St. Paul, MN February 24, 2021 80,655 1 10,174 Long Island, NY February 25, 2021 64,224 1 8,516 Sacramento, CA February 25, 2021 267,284 1 25,917 Little Rock/N. Little Rock March 1, 2021 300,160 1 24,317 Cleveland, OH March 18, 2021 170,000 1 6,382 Three months ended March 31, 2021 1,252,323 6 100,228 Indianapolis, IN May 17, 2021 154,440 1 13,655 Baltimore, MD May 17, 2021 46,851 1 6,228 Detroit, MI June 1, 2021 248,040 1 23,786 Green Bay, WI June 7, 2021 152,000 1 7,249 Phoenix, AZ June 14, 2021 41,504 1 8,670 Cleveland, OH June 17, 2021 179,577 1 19,602 Reno/Sparks, NV June 30, 2021 183,435 1 13,892 Washington, DC June 30, 2021 193,420 1 17,521 Stockton/Modesto, CA June 30, 2021 150,000 1 16,118 Three months ended June 30, 2021 1,349,267 9 126,721 Chicago, IL July 19, 2021 109,355 2 13,341 Chicago, IL July 20, 2021 207,223 1 23,345 Columbia, SC July 27, 2021 194,290 1 14,546 South Bay/San Jose, CA August 9, 2021 75,954 1 26,820 Columbus, OH August 19, 2021 814,265 2 75,422 Salt Lake City, UT August 19, 2021 177,071 1 35,141 Greenville/Spartanburg, SC August 23, 2021 209,461 1 15,317 Indianapolis, IN August 26, 2021 78,600 1 5,707 Birmingham, AL August 26, 2021 595,176 1 36,850 Sacramento, CA August 30, 2021 114,597 1 15,388 Chicago, IL September 2, 2021 95,482 1 11,799 Chicago, IL September 16, 2021 506,096 4 50,661 Milwaukee/Madison, WI September 16, 2021 157,438 1 13,650 Denver, CO September 24, 2021 195,674 2 39,136 Milwaukee/Madison, WI September 28, 2021 156,482 1 10,807 Chicago, IL September 29, 2021 110,035 1 10,585 Boston, MA September 29, 2021 247,056 2 28,704 Three months ended September 30, 2021 4,044,255 24 427,219 Omaha/Council Bluffs, NE-IA October 6, 2021 99,616 2 8,669 El Paso, TX October 8, 2021 276,360 1 27,844 St. Louis, MO October 12, 2021 121,223 1 12,991 South Bay/San Jose, CA October 12, 2021 31,172 1 11,691 Chicago, IL October 13, 2021 56,676 1 5,735 Dallas/Ft. Worth, TX October 13, 2021 202,140 2 25,913 Sacramento, CA October 25, 2021 82,174 1 10,275 Detroit, MI November 1, 2021 126,720 1 18,291 Philadelphia, PA November 3, 2021 385,399 1 25,909 West Michigan, MI November 9, 2021 159,900 1 19,649 Philadelphia, PA November 9, 2021 109,504 1 8,071 Minneapolis/St. Paul, MN November 10, 2021 316,636 1 30,583 Chicago, IL November 12, 2021 579,338 4 62,948 Philadelphia, PA November 12, 2021 128,959 1 26,446 Sacramento, CA December 1, 2021 67,200 1 7,721 Des Moines, IA December 9, 2021 200,957 1 22,866 Greenville/Spartanburg, SC December 17, 2021 231,626 1 31,169 Milwaukee/Madison, WI December 17, 2021 192,800 1 23,327 Sacramento, CA December 21, 2021 188,830 2 27,616 Sacramento, CA (2) December 22, 2021 — — 28,930 Des Moines, IA December 23, 2021 179,459 1 13,556 Philadelphia, PA December 23, 2021 589,580 1 53,790 Nashville, TN December 23, 2021 58,672 1 7,271 Westchester/S. Connecticut, CT/NY December 23, 2021 167,700 1 16,700 Washington, DC December 28, 2021 1,231,200 2 140,668 Minneapolis/St. Paul, MN December 28, 2021 83,000 1 11,058 Chicago, IL December 29, 2021 102,000 1 9,742 Omaha/Council Bluffs, NE-IA December 30, 2021 178,368 1 17,888 Atlanta, GA December 31, 2021 103,720 1 11,083 Three months ended December 31, 2021 6,250,929 35 718,400 Year ended December 31, 2021 12,896,774 74 $ 1,372,568 (1) As defined by CoStar Realty Information Inc. If the building is located outside of a CoStar defined market, the city and state is reflected. (2) The Company acquired a building under development. |
Summary of allocation of the consideration paid for the acquired assets and liabilities in connection with the acquisition of buildings at the date of acquisition | The following table summarizes the allocation of the consideration paid at the date of acquisition during the years ended December 31, 2022 and 2021, for the acquired assets and liabilities in connection with the acquisitions identified in the tables above. Year ended December 31, 2022 Year ended December 31, 2021 Acquired Assets and Liabilities Purchase price (in thousands) Weighted average amortization period (years) of intangibles at acquisition Purchase price (in thousands) Weighted average amortization period (years) of intangibles at acquisition Land $ 39,346 N/A $ 137,827 N/A Buildings 360,209 N/A 988,456 N/A Tenant improvements 2,640 N/A 7,356 N/A Building and land improvements 19,589 N/A 58,504 N/A Construction in progress — N/A 24,581 N/A Other assets 2,134 N/A 1,004 N/A Operating lease right-of-use assets 3,541 N/A 5,627 N/A Deferred leasing intangibles - In-place leases 34,321 7.9 103,051 7.8 Deferred leasing intangibles - Tenant relationships 18,418 11.1 52,579 10.6 Deferred leasing intangibles - Above market leases 2,456 11.6 10,764 11.4 Deferred leasing intangibles - Below market leases (6,021) 7.5 (10,691) 6.1 Operating lease liabilities (3,541) N/A (5,627) N/A Below market assumed debt adjustment — N/A 161 18.8 Tenant prepaid rent (445) N/A (1,024) N/A Total purchase price 472,647 1,372,568 Less: Mortgage note assumed — (5,103) Net assets acquired $ 472,647 $ 1,367,465 |
Impaired Assets to be Disposed of by Method Other than Sale [Table Text Block] | The following table summarizes the Company’s loss on impairments for assets held and used during the years ended December 31, 2022 and 2020. The Company did not recognize a loss on impairments during the year ended December 31, 2021. Market (1) Buildings Event or Change in Circumstance Leading to Impairment Evaluation (2) Valuation technique utilized to estimate fair value Fair Value (3) Loss on Impairments (in thousands) Hartford, CT 1 Change in estimated hold period Discounted cash flows (4) $ 834 $ 1,783 Year ended December 31, 2022 $ 1,783 Williamsport, PA 1 Change in estimated hold period (5) Discounted cash flows (6) $ 5,019 $ 3,172 Albion, IN 5 Change in estimated hold period (7) Discounted cash flows (8) $ 1,252 $ 2,405 Year ended December 31, 2020 $ 5,577 (1) As defined by CoStar. If the building is located outside of a CoStar defined market, the city and state is reflected. (2) The Company tested the asset group for impairment utilizing a probability weighted recovery analysis of certain scenarios, and it was determined that the carrying value of the property and intangibles were not recoverable from the estimated future undiscounted cash flows. (3) The estimated fair value of the property is based on Level 3 inputs and is a non-recurring fair value measurement. Level 3 is defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. (4) Level 3 inputs used to determine fair value for the property impaired: discount rate of 10.0% and exit capitalization rate of 8.5%. (5) This property was sold during the year ended December 31, 2022. (6) Level 3 inputs used to determine fair value for the property impaired: discount rate of 10.5% and exit capitalization rate of 10.0%. (7) Four of the buildings were sold during the year ended December 31, 2021. (8) Level 3 inputs used to determine fair value for the property impaired: discount rate of 11.0% and exit capitalization rate of 10.0%. |
Schedule of Finite-Lived Intangible Assets | The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of December 31, 2022 and 2021. December 31, 2022 December 31, 2021 Deferred Leasing Intangibles (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Above market leases $ 86,172 $ (34,954) $ 51,218 $ 91,565 $ (32,110) $ 59,455 Other intangible lease assets 751,611 (293,894) 457,717 758,131 (249,928) 508,203 Total deferred leasing intangible assets $ 837,783 $ (328,848) $ 508,935 $ 849,696 $ (282,038) $ 567,658 Below market leases $ 57,020 $ (24,593) $ 32,427 $ 56,857 $ (21,136) $ 35,721 Total deferred leasing intangible liabilities $ 57,020 $ (24,593) $ 32,427 $ 56,857 $ (21,136) $ 35,721 The following table summarizes the amortization expense and the net increase (decrease) to rental income for the amortization of deferred leasing intangibles during the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Deferred Leasing Intangibles Amortization (in thousands) 2022 2021 2020 Net increase (decrease) to rental income related to above and below market lease amortization $ 329 $ (2,073) $ (4,363) Amortization expense related to other intangible lease assets $ 95,901 $ 88,729 $ 83,160 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years as of December 31, 2022. Year Amortization Expense Related to Other Intangible Lease Assets (in thousands) Net Increase (Decrease) to Rental Income Related to Above and Below Market Lease Amortization (in thousands) 2023 $ 84,098 $ 249 2024 $ 72,640 $ (418) 2025 $ 63,443 $ (252) 2026 $ 54,351 $ (968) 2027 $ 42,957 $ (1,778) |
Below Market Lease, Future Amortization Income | The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years as of December 31, 2022. Year Amortization Expense Related to Other Intangible Lease Assets (in thousands) Net Increase (Decrease) to Rental Income Related to Above and Below Market Lease Amortization (in thousands) 2023 $ 84,098 $ 249 2024 $ 72,640 $ (418) 2025 $ 63,443 $ (252) 2026 $ 54,351 $ (968) 2027 $ 42,957 $ (1,778) |
Disposal Groups, Including Discontinued Operations | The following table summarizes the Company’s dispositions for the years ended December 31, 2022, 2021, and 2020. Year ended December 31, Sales of rental property, net (dollars in thousands) 2022 2021 2020 Number of buildings 8 22 7 Number of land parcels 1 — — Building square feet (in millions) 1.8 2.7 3.4 2022 dispositions contribution to net income (1) $ 1,008 $ 4,699 $ 4,764 2021 dispositions contribution to net income (1) $ — $ 862 $ 3,645 2020 dispositions contribution to net income (1) $ — $ — $ 1,788 Proceeds from sales of rental property, net $ 135,348 $ 187,972 $ 273,560 Net book value $ 77,861 $ 89,992 $ 137,827 Gain on the sales of rental property, net $ 57,487 $ 97,980 $ 135,733 (1) Exclusive of any loss on impairments, gain on involuntary conversion, and gain on the sales of rental property, net. All of the dispositions were sold to third parties and were accounted for under the full accrual method. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of the mortgage notes payable, unsecured term loans and credit facility | The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes as of December 31, 2022 and 2021. Loan Principal Outstanding as of December 31, 2022 (in thousands) Principal Outstanding as of December 31, 2021 (in thousands) Interest (1)(2) Maturity Date Prepayment Terms (3) Unsecured credit facility: Unsecured Credit Facility (4) $ 175,000 $ 296,000 Term SOFR + 0.855% October 23, 2026 i Total unsecured credit facility 175,000 296,000 Unsecured term loans: Unsecured Term Loan D (5) — 150,000 2.85 % January 4, 2023 i Unsecured Term Loan E (5) — 175,000 3.77 % January 15, 2024 i Unsecured Term Loan F 200,000 200,000 2.94 % January 12, 2025 i Unsecured Term Loan G 300,000 300,000 1.09 % February 5, 2026 i Unsecured Term Loan A 150,000 150,000 2.14 % March 15, 2027 i Unsecured Term Loan H 187,500 — 3.75 % January 25, 2028 i Unsecured Term Loan I 187,500 — 2.89 % January 25, 2028 i Total unsecured term loans 1,025,000 975,000 Total unamortized deferred financing fees and debt issuance costs (4,560) (4,423) Total carrying value unsecured term loans, net 1,020,440 970,577 Unsecured notes: Series F Unsecured Notes (6) 100,000 100,000 3.98 % January 5, 2023 ii Series A Unsecured Notes 50,000 50,000 4.98 % October 1, 2024 ii Series D Unsecured Notes 100,000 100,000 4.32 % February 20, 2025 ii Series G Unsecured Notes 75,000 75,000 4.10 % June 13, 2025 ii Series B Unsecured Notes 50,000 50,000 4.98 % July 1, 2026 ii Series C Unsecured Notes 80,000 80,000 4.42 % December 30, 2026 ii Series E Unsecured Notes 20,000 20,000 4.42 % February 20, 2027 ii Series H Unsecured Notes 100,000 100,000 4.27 % June 13, 2028 ii Series I Unsecured Notes 275,000 275,000 2.80 % September 29, 2031 ii Series K Unsecured Notes 400,000 — 4.12 % June 28, 2032 ii Series J Unsecured Notes 50,000 50,000 2.95 % September 28, 2033 ii Total unsecured notes 1,300,000 900,000 Total unamortized deferred financing fees and debt issuance costs (4,558) (3,059) Total carrying value unsecured notes, net 1,295,442 896,941 Mortgage notes (secured debt): Wells Fargo Bank, National Association CMBS Loan — 46,610 4.31 % December 1, 2022 iii Thrivent Financial for Lutherans 3,296 3,430 4.78 % December 15, 2023 iv United of Omaha Life Insurance Company 4,744 4,943 3.71 % October 1, 2039 ii Total mortgage notes 8,040 54,983 Net unamortized fair market value discount (137) (136) Total unamortized deferred financing fees and debt issuance costs (5) (103) Total carrying value mortgage notes, net 7,898 54,744 Total / weighted average interest rate (6) $ 2,498,780 2,218,262 3.39 % (1) Interest rate as of December 31, 2022. At December 31, 2022, the one-month Term Secured Overnight Financing Rate (“Term SOFR”) was 4.35806%. 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 or discounts. The spread over the applicable rate for the Company’s unsecured credit facility and unsecured term loans is based on the Company’s debt rating and leverage ratio, as defined in the respective loan agreements. (2) The unsecured credit facility has a stated rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.775%, less a sustainability-related interest rate adjustment of 0.02%. The unsecured term loans A, F, and G have a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.85%, less a sustainability-related interest rate adjustment of 0.02%. The unsecured term loans H and I have a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.85%. As of December 31, 2022, one-month Term SOFR for the Unsecured Term Loans A, F, G, H, and I was swapped to a fixed rate of 1.31%, 2.11%, 0.26%, 2.90%, and 2.04%, respectively (which includes the 0.10% adjustment). One-month Term SOFR for the Unsecured Term Loan G will be swapped to a fixed rate of 0.95% effective April 18, 2023. One-month Term SOFR for the Unsecured Term Loan I will be swapped to a fixed rate of 2.66% effective January 4, 2023. One-month Term SOFR for the Unsecured Term Loan H will be swapped to a fixed rate of 2.50% effective January 12, 2024. (3) Prepayment terms consist of (i) pre-payable with no penalty; (ii) pre-payable with penalty; (iii) pre-payable without penalty three months prior to the maturity date, subject to defeasance; and (iv) pre-payable without penalty three months prior to the maturity date. (4) The capacity of the unsecured credit facility is $1.0 billion. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $5.2 million and $5.2 million are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of December 31, 2022 and December 31, 2021, respectively. The initial maturity date is October 24, 2025, or such later date which may be extended pursuant to two six (5) The Unsecured Term Loan D and the Unsecured Term Loan E were repaid in full on July 26, 2022 in connection with the execution of the Unsecured Term Loan H and the Unsecured Term Loan I. (6) Subsequent to December 31, 2022, on January 5, 2023, the Series F Unsecured Notes were repaid in full. Refer to Note 13 for additional details. (7) The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $1,025.0 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 or discounts. |
Interest Income and Interest Expense Disclosure [Table Text Block] | The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Costs Included in Interest Expense (in thousands) 2022 2021 2020 Amortization of deferred financing fees and debt issuance costs and fair market value premiums/discounts $ 3,747 $ 2,931 $ 2,922 Facility, unused, and other fees $ 1,548 $ 1,642 $ 1,311 |
Schedule of aggregate carrying value of the debt and the corresponding estimate of fair value | as of December 31, 2022 and 2021. The fair value of the Company’s debt is based on Level 3 inputs. December 31, 2022 December 31, 2021 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Unsecured credit facility $ 175,000 $ 175,000 $ 296,000 $ 296,000 Unsecured term loans 1,025,000 1,025,000 975,000 975,224 Unsecured notes 1,300,000 1,150,283 900,000 937,183 Mortgage notes 8,040 6,855 54,983 56,323 Total principal amount 2,508,040 $ 2,357,138 2,225,983 $ 2,264,730 Net unamortized fair market value discount (137) (136) Total unamortized deferred financing fees and debt issuance costs (9,123) (7,585) Total carrying value $ 2,498,780 $ 2,218,262 |
Schedule of aggregate future principal payments of debt | The following table summarizes the Company’s aggregate future principal payments of the Company’s debt at December 31, 2022. Year Future Principal Payments of Debt 2023 $ 103,502 2024 50,215 2025 550,223 2026 430,231 2027 170,240 Thereafter 1,203,629 Total aggregate principal payments $ 2,508,040 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | The following table summarizes the Company’s outstanding interest rate swaps as of December 31, 2022. All of the Company’s interest rate swaps are designated as qualifying cash flow hedges. Interest Rate Derivative Counterparty Trade Date Effective Date Notional Amount Fair Value Pay Fixed Interest Rate Receive Variable Interest Rate Maturity Date The Toronto-Dominion Bank Jul-20-2017 Jul-28-2022 $ 25,000 $ 5 1.8830 % One-month Term SOFR Jan-04-2023 Royal Bank of Canada Jul-20-2017 Jul-28-2022 $ 25,000 $ 5 1.8980 % One-month Term SOFR Jan-04-2023 Wells Fargo Bank, N.A. Jul-20-2017 Jul-28-2022 $ 25,000 $ 5 1.8750 % One-month Term SOFR Jan-04-2023 PNC Bank, N.A. Jul-20-2017 Jul-28-2022 $ 25,000 $ 5 1.8860 % One-month Term SOFR Jan-04-2023 PNC Bank, N.A. Jul-20-2017 Jul-28-2022 $ 50,000 $ 10 1.8850 % One-month Term SOFR Jan-04-2023 The Toronto-Dominion Bank Apr-20-2020 Aug-10-2022 $ 75,000 $ 981 0.2660 % One-month Term SOFR Apr-18-2023 Wells Fargo Bank, N.A. Apr-20-2020 Aug-10-2022 $ 75,000 $ 984 0.2520 % One-month Term SOFR Apr-18-2023 The Toronto-Dominion Bank Apr-20-2020 Aug-10-2022 $ 75,000 $ 981 0.2660 % One-month Term SOFR Apr-18-2023 Wells Fargo Bank, N.A. Apr-20-2020 Aug-10-2022 $ 75,000 $ 984 0.2520 % One-month Term SOFR Apr-18-2023 Bank of Montreal Jul-24-2018 Jul-26-2022 $ 50,000 $ 999 2.9160 % One-month Term SOFR Jan-12-2024 The Toronto-Dominion Bank Jul-24-2018 Jul-26-2022 $ 50,000 $ 1,003 2.9080 % One-month Term SOFR Jan-12-2024 PNC Bank, N.A. Jul-24-2018 Jul-26-2022 $ 50,000 $ 997 2.9190 % One-month Term SOFR Jan-12-2024 U.S. Bank, N.A. Jul-24-2018 Jul-26-2022 $ 25,000 $ 500 2.9120 % One-month Term SOFR Jan-12-2024 Wells Fargo Bank, N.A. May-02-2019 Aug-15-2022 $ 50,000 $ 2,179 2.2360 % One-month Term SOFR Jan-15-2025 U.S. Bank, N.A. May-02-2019 Aug-15-2022 $ 50,000 $ 2,182 2.2380 % One-month Term SOFR Jan-15-2025 Regions Bank May-02-2019 Aug-15-2022 $ 50,000 $ 2,177 2.2389 % One-month Term SOFR Jan-15-2025 Bank of Montreal Jul-16-2019 Aug-15-2022 $ 50,000 $ 2,700 1.7100 % One-month Term SOFR Jan-15-2025 U.S. Bank, N.A. Feb-17-2021 Apr-18-2023 $ 150,000 $ 12,024 0.9520 % One-month Term SOFR Feb-5-2026 Wells Fargo Bank, N.A. Feb-17-2021 Apr-18-2023 $ 75,000 $ 6,003 0.9460 % One-month Term SOFR Feb-5-2026 The Toronto-Dominion Bank Feb-17-2021 Apr-18-2023 $ 75,000 $ 6,050 0.9355 % One-month Term SOFR Feb-5-2026 Regions Bank Oct-26-2021 Aug-01-2022 $ 50,000 $ 4,953 1.3090 % One-month Term SOFR Mar-15-2027 Bank of Montreal Oct-26-2021 Aug-01-2022 $ 50,000 $ 4,976 1.3090 % One-month Term SOFR Mar-15-2027 PNC Bank, N.A. Oct-26-2021 Aug-01-2022 $ 50,000 $ 4,952 1.3150 % One-month Term SOFR Mar-15-2027 PNC Bank, N.A. Jul-27-2022 Jan-04-2023 $ 50,000 $ 2,623 2.6420 % One-month Term SOFR Jan-25-2028 The Toronto-Dominion Bank Jul-27-2022 Jan-04-2023 $ 50,000 $ 2,614 2.6530 % One-month Term SOFR Jan-25-2028 Regions Bank Jul-27-2022 Jan-04-2023 $ 50,000 $ 2,583 2.6550 % One-month Term SOFR Jan-25-2028 U.S. Bank, N.A. Jul-27-2022 Jan-12-2024 $ 75,000 $ 2,668 2.4865 % One-month Term SOFR Jan-25-2028 The Toronto-Dominion Bank Jul-27-2022 Jan-12-2024 $ 50,000 $ 1,778 2.4910 % One-month Term SOFR Jan-25-2028 Wells Fargo Bank, N.A. Jul-27-2022 Jan-12-2024 $ 50,000 $ 1,756 2.4930 % One-month Term SOFR Jan-25-2028 PNC Bank, N.A. Jul-27-2022 Jul-27-2022 $ 50,000 $ 2,546 2.6790 % One-month Term SOFR Jan-25-2028 |
Schedule of interest rate swaps | The following table summarizes the fair value of the interest rate swaps outstanding as of December 31, 2022 and 2021. Balance Sheet Line Item (in thousands) Notional Amount December 31, 2022 Fair Value December 31, 2022 Notional Amount December 31, 2021 Fair Value December 31, 2021 Interest rate swaps-Asset $ 1,650,000 $ 72,223 $ 600,000 $ 5,220 Interest rate swaps-Liability $ — $ — $ 825,000 $ (17,052) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the effect of cash flow hedge accounting and the location of the amounts related to the Company’s derivatives in the consolidated financial statements for the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Effect of Cash Flow Hedge Accounting (in thousands) 2022 2021 2020 Income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps $ 85,726 $ 12,520 $ (35,548) Income (loss) reclassified from accumulated other comprehensive income (loss) into income as interest expense $ 1,640 $ (16,336) $ (13,439) Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 78,018 $ 63,484 $ 62,343 |
Schedule of financial instruments accounted for at fair value on a recurring basis | The following table summarizes the Company’s financial instruments that were recorded at fair value on a recurring basis as of December 31, 2022 and 2021. Fair Value Measurements as of December 31, 2022 Using Balance Sheet Line Item (in thousands) Fair Value December 31, 2022 Level 1 Level 2 Level 3 Interest rate swaps-Asset $ 72,223 $ — $ 72,223 $ — Interest rate swaps-Liability $ — $ — $ — $ — Fair Value Measurements as of December 31, 2021 Using Balance Sheet Line Item (in thousands) Fair Value December 31, 2021 Level 1 Level 2 Level 3 Interest rate swaps-Asset $ 5,220 $ — $ 5,220 $ — Interest rate swaps-Liability $ (17,052) $ — $ (17,052) $ — |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of stock sale activity | The following table summarizes the terms of the Company’s at-the-market (“ATM”) common stock offering program as of December 31, 2022. ATM Common Stock Offering Program Date Maximum Aggregate Offering Price (in thousands) Aggregate Available as of December 31, 2022 (in thousands) 2022 $750 million ATM February 17, 2022 $ 750,000 $ 750,000 The following tables summarize the activity for the ATM common stock offering program during the year ended December 31, 2022 and 2021 (in thousands, except share data). Year ended December 31, 2022 ATM Common Stock Offering Program Shares Weighted Average Price Per Share Net Proceeds (in thousands) 2019 $600 million ATM (1) 128,335 $ 45.03 $ 5,721 Total/weighted average 128,335 $ 45.03 $ 5,721 |
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 during the years ended December 31, 2022, 2021 and 2020. Unvested Restricted Shares of Common Stock Shares Weighted Average Grant Date Fair Value per Share Balance at December 31, 2019 193,045 $ 24.38 Granted 75,419 $ 31.60 Vested (1) (81,408) $ 23.46 Forfeited (2,166) $ 26.92 Balance at December 31, 2020 184,890 $ 27.70 Granted 90,304 $ 29.77 Vested (1) (79,140) $ 27.01 Forfeited (10,339) $ 30.32 Balance at December 31, 2021 185,715 $ 28.86 Granted 58,580 $ 44.19 Vested (1) (73,556) $ 28.03 Forfeited (14,036) $ 36.16 Balance at December 31, 2022 156,703 $ 34.32 (1) The Company repurchased and retired 25,836, 27,706, and 34,117, restricted shares of common stock that vested during the years ended December 31, 2022, 2021, and 2020, respectively. |
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 that vested during the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Vested Restricted Shares of Common Stock 2022 2021 2020 Vested restricted shares of common stock 73,556 79,140 81,408 Fair value of vested restricted shares of common stock (in thousands) $ 3,528 $ 2,581 $ 2,568 Year ended December 31, Performance Units Granted Assumptions 2022 2021 2020 Grant date January 10, 2022 January 7, 2021 January 8, 2020 Expected stock price volatility 34.1 % 34.4 % 17.4 % Expected dividend yield 4.0 % 5.0 % 5.75 % Risk-free interest rate 1.1979 % 0.2271 % 1.59 % Fair value of performance units grant (in thousands) $ 6,289 $ 5,522 $ 5,389 |
Noncontrolling Interest (Tables
Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling interest activity | The following table summarizes the activity for noncontrolling interest in the Company during the years ended December 31, 2022, 2021 and 2020. Noncontrolling Interest LTIP Units Other Total Noncontrolling Interest Percentage Balance at December 31, 2019 1,697,358 2,039,494 3,736,852 2.5 % Granted/Issued 278,806 — 278,806 N/A Forfeited — — — N/A Conversions from LTIP units to Other Common Units (283,741) 283,741 — N/A Redemptions from Other Common Units to common stock — (730,420) (730,420) N/A Balance at December 31, 2020 1,692,423 1,592,815 3,285,238 2.0 % Granted/Issued 405,844 — 405,844 N/A Forfeited — — — N/A Conversions from LTIP units to Other Common Units (149,143) 149,143 — N/A Redemptions from Other Common Units to common stock — (171,318) (171,318) N/A Balance at December 31, 2021 1,949,124 1,570,640 3,519,764 1.9 % Granted/Issued 470,237 — 470,237 N/A Forfeited (6,791) — (6,791) N/A Conversions from LTIP units to Other Common Units (98,494) 98,494 — N/A Redemptions from Other Common Units to common stock — (98,494) (98,494) N/A Balance at December 31, 2022 2,314,076 1,570,640 3,884,716 2.1 % |
Schedule of share-based payment award, LTIP unit awards, valuation assumptions | The following table summarizes the assumptions used in valuing such LTIP units granted during the years ended December 31, 2022, 2021 and 2020 (excluding those LTIP units granted pursuant to the settlements of performance units; refer to Note 8 for details). Year ended December 31, LTIP Units Granted and Assumptions 2022 2021 2020 Grant date January 10, 2022 January 7, 2021 January 8, 2020 Expected term (years) 10 10 10 Expected stock price volatility 34.0 % 34.0 % 18.0 % Expected dividend yield 4.0 % 5.0 % 5.75 % Risk-free interest rate 1.204 % 0.229 % 1.61 % Fair value of LTIP units at issuance (in thousands) $ 4,385 $ 4,316 $ 4,030 LTIP units at issuance 104,241 153,430 136,741 Fair value unit price per LTIP unit at issuance $ 42.07 $ 28.13 $ 29.47 The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching a three-year time period. |
Schedule of activity related to unvested LTIP unit awards | The following table summarizes activity related to the Company’s unvested LTIP units during the years ended December 31, 2022, 2021 and 2020. Unvested LTIP Units LTIP Units Weighted Average Grant Date Fair Value per Share Balance at December 31, 2019 227,348 $ 23.37 Granted 278,806 $ 29.47 Vested (294,706) $ 26.87 Forfeited — $ — Balance at December 31, 2020 211,448 $ 26.54 Granted 405,844 $ 28.13 Vested (427,184) $ 27.47 Forfeited — $ — Balance at December 31, 2021 190,108 $ 27.84 Granted 470,237 $ 42.07 Vested (513,438) $ 38.67 Forfeited (6,791) $ 34.02 Balance at December 31, 2022 140,116 $ 35.60 |
Schedule of vested LTIP unit award activity | The following table summarizes the fair value at vesting for the LTIP units that vested during years ended December 31, 2022, 2021 and 2020. Year ended December 31, Vested LTIP units 2022 2021 2020 Vested LTIP units 513,438 427,184 294,706 Fair value of vested LTIP units (in thousands) $ 21,662 $ 16,390 $ 8,805 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [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 that vested during the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Vested Restricted Shares of Common Stock 2022 2021 2020 Vested restricted shares of common stock 73,556 79,140 81,408 Fair value of vested restricted shares of common stock (in thousands) $ 3,528 $ 2,581 $ 2,568 Year ended December 31, Performance Units Granted Assumptions 2022 2021 2020 Grant date January 10, 2022 January 7, 2021 January 8, 2020 Expected stock price volatility 34.1 % 34.4 % 17.4 % Expected dividend yield 4.0 % 5.0 % 5.75 % Risk-free interest rate 1.1979 % 0.2271 % 1.59 % Fair value of performance units grant (in thousands) $ 6,289 $ 5,522 $ 5,389 |
Summary of Equity Compensation Expense | The following table summarizes the amounts 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 units, and the Company’s director compensation for the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Non-Cash Compensation Expense (in thousands) 2022 2021 2020 Restricted shares of common stock $ 2,103 $ 2,236 $ 1,924 LTIP units 3,996 6,489 (1) 3,903 Performance units 5,423 5,730 5,358 Director compensation (2) 504 488 496 Total non-cash compensation expense $ 12,026 $ 14,943 $ 11,681 (1) Inclusive of approximately $0.5 million non-cash compensation expense during the year ended December 31, 2021 associated with the severance cost of an executive officer, as discussed in Note 7. (2) All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the years ended December 31, 2022, 2021 and 2020. The number of shares of common stock granted was calculated based on the trailing 10 days average common stock price on the third business day preceding the grant date. |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award | The following table summarizes the compensation committee of the board of directors approved issuances of LTIP units and shares of common stock for the conclusion of the measuring periods for performance units for the years ended December 31, 2022, 2021, and 2020. Settlement of Performance Units in LTIP Units or Shares of Common Stock 2020 Performance Units 2019 Performance Units 2018 Performance Units (1) Measuring period conclusion date December 31, 2022 December 31, 2021 December 31, 2020 Issuance date January 11, 2023 January 10, 2022 January 7, 2021 Vested LTIP units 167,844 365,996 127,671 Vested shares of common stock 40,660 27,934 44,591 Shares of common stock repurchased and retired 875 8,257 17,731 (1) The compensation committee of the board of directors also approved the issuance of 124,743 LTIP units and 6,352 restricted shares of common stock that vested in one year on December 31, 2021. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Operating Lease, Lease Income [Table Text Block] | years ended December 31, 2022, 2021 and 2020. Year ended December 31, Rental Income (in thousands) 2022 2021 2020 Fixed lease payments $ 500,267 $ 424,356 $ 371,088 Variable lease payments 135,888 118,584 103,389 Straight-line rental income 17,893 18,565 12,711 Net increase (decrease) to rental income related to above and below market lease amortization 329 (2,073) (4,363) Total rental income $ 654,377 $ 559,432 $ 482,825 |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | The following table summarizes the maturity of fixed lease payments under the Company’s leases as of December 31, 2022. Year Maturity of Fixed Lease Payments (in thousands) 2023 $ 519,937 2024 $ 482,016 2025 $ 424,221 2026 $ 347,440 2027 $ 271,204 Thereafter $ 844,941 |
Lease, Cost [Table Text Block] | The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2022 and December 31, 2021. Operating Lease Term and Discount Rate December 31, 2022 December 31, 2021 Weighted average remaining lease term (years) 31.2 29.0 Weighted average discount rate 6.7 % 6.6 % The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Operating Lease Cost (in thousands) 2022 2021 2020 Operating lease cost included in property expense attributable to ground leases $ 2,372 $ 1,740 $ 1,424 Operating lease cost included in general and administrative expense attributable to corporate office leases 1,747 1,735 1,592 Total operating lease cost $ 4,119 $ 3,475 $ 3,016 The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Operating Leases (in thousands) 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 3,784 $ 2,426 $ 2,355 Right-of-use assets obtained in exchange for new lease liabilities $ — $ 146 $ 7,718 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of December 31, 2022. Year Maturity of Operating Lease Liabilities (1) (in thousands) 2023 $ 3,875 2024 3,914 2025 3,959 2026 2,993 2027 2,023 Thereafter 81,962 Total lease payments 98,726 Less: Imputed interest (63,626) Present value of operating lease liabilities $ 35,100 (1) Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per common share | The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per common share for the years ended December 31, 2022, 2021 and 2020. Year ended December 31, Earnings Per Share (in thousands, except per share data) 2022 2021 2020 Numerator Net income attributable to common stockholders $ 178,089 $ 188,175 $ 196,720 Denominator Weighted average common shares outstanding — basic 178,753 163,442 148,791 Effect of dilutive securities (1) Share-based compensation 187 640 412 Shares issuable under forward sales agreements — 8 12 Weighted average common shares outstanding — diluted 178,940 164,090 149,215 Net income per share — basic and diluted Net income per share attributable to common stockholders — basic $ 1.00 $ 1.15 $ 1.32 Net income per share attributable to common stockholders — diluted $ 1.00 $ 1.15 $ 1.32 |
Organization and Description _2
Organization and Description of Business (Details) ft² in Millions | 12 Months Ended | |
Dec. 31, 2022 ft² building state | Dec. 31, 2021 | |
Real Estate Properties [Line Items] | ||
Number of properties | 562 | |
Number of states in which the entity owned buildings | state | 41 | |
Area (in square feet) | ft² | 111.7 | |
STAG Industrial Inc. [Member] | ||
Real Estate Properties [Line Items] | ||
Ownership interest in Operating Partnership (as a percent) | 97.90% | 98.10% |
Warehouse - Distribution buildings | ||
Real Estate Properties [Line Items] | ||
Number of properties | 487 | |
Light Manufacturing buildings | ||
Real Estate Properties [Line Items] | ||
Number of properties | 74 | |
Office/Flex buildings | ||
Real Estate Properties [Line Items] | ||
Number of properties | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Rental Property and Deferred Lease Intangibles (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Rental Property and Depreciation | ||
Write-off of fully amortized deferred leasing intangible assets | $ 53.8 | $ 72.9 |
Write-off of fully amortized deferred leasing intangible liabilities | $ 4.9 | 2.4 |
Buildings, net of accumulated depreciation of $513,053 and $406,670, respectively | ||
Rental Property and Depreciation | ||
Useful life | 40 years | |
Building and land improvements | Maximum | ||
Rental Property and Depreciation | ||
Useful life | 20 years | |
Tenant improvements, net of accumulated depreciation of $31,578 and $26,065, respectively | ||
Rental Property and Depreciation | ||
Write-off of fully depreciated real estate | $ 3.4 | $ 7.5 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 25,884 | $ 18,981 | ||
Restricted cash | 905 | 4,215 | ||
Cash and cash equivalents and restricted cash—end of period | $ 26,789 | $ 23,196 | $ 20,339 | $ 11,864 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Goodwill (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Goodwill [Line Items] | |
Goodwill | $ 4,900,000 |
Goodwill impairment loss | $ 0 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends, Common Stock [Abstract] | ||||||
Ordinary income (in dollars per share) | $ 1.172486 | $ 1.119899 | $ 1.186648 | |||
Ordinary income (as a percent) | 80.40% | 81.30% | 78.50% | |||
Return of capital (in dollars per share) | $ 0.165158 | $ 0.175355 | $ 0 | |||
Return of capital (as a percent) | 11.30% | 12.70% | 0% | |||
Unrecaptured section 1250 capital gain (in dollars per share) | $ 0.014248 | $ 0.061970 | $ 0.088246 | |||
Unrecaptured section 1250 capital gain (as percent) | 1% | 4.50% | 5.90% | |||
Other capital gain (in dollars per share) | $ 0.107278 | $ 0.020269 | $ 0.235943 | |||
Other capital gain (as percent) | 7.30% | 1.50% | 15.60% | |||
Total (in dollars per share) | $ 1.459170 | $ 1.377493 | $ 1.510837 | |||
Tax Year 2020 [Member] | ||||||
Dividends, Common Stock [Abstract] | ||||||
Dividend declared (in dollars per share) | $ 0.12 | |||||
Latest Tax Year [Member] | ||||||
Dividends, Common Stock [Abstract] | ||||||
Dividend declared (in dollars per share) | $ 0.121667 | |||||
Tax Year 2022 | ||||||
Dividends, Common Stock [Abstract] | ||||||
Dividend declared (in dollars per share) | $ 0.120833 | |||||
Tax Year 2021 | ||||||
Dividends, Common Stock [Abstract] | ||||||
Dividend declared (in dollars per share) | $ 0.07167 | |||||
Series C Preferred Stock | ||||||
Dividends, Preferred Stock [Abstract] | ||||||
Preferred stock dividends paid | $ 1.3 | $ 5.2 | ||||
Dividend paid on preferred stock (in dollars per share) | $ 0.429688 | $ 1.71875 | ||||
Dividends, Common Stock [Abstract] | ||||||
Ordinary income (in dollars per share) | 0.400294 | 1.349944 | ||||
Unrecaptured section 1250 capital gain (in dollars per share) | 0.022149 | 0.100392 | ||||
Other capital gain (in dollars per share) | $ 0.007245 | $ 0.268414 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Related Party (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Asset management fees recognized | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||
Net income | $ 182,234,000 | $ 196,432,000 | $ 206,795,000 |
Liabilities for uncertain tax positions | 0 | 0 | 0 |
State and local income, excise and franchise taxes | 2,100,000 | 1,700,000 | 1,700,000 |
Taxable Real Estate Investment Trust Subsidy [Member] | |||
Business Acquisition [Line Items] | |||
Net income | $ 100,000 | $ (8,000) | $ 0 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Segments (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting [Abstract] | |||
Number of Reportable Segments | 1 | 1 | 1 |
Number of Operating Segments | 1 | 1 | 1 |
Rental Property - Summary (Deta
Rental Property - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real Estate Properties [Line Items] | ||
Land | $ 647,098 | $ 617,297 |
Building and building, accumulated amortization | 763,128 | 611,867 |
Buildings, net of accumulated depreciation of $513,053 and $406,670, respectively | 4,232,964 | 4,035,210 |
Tenant improvements, net of accumulated depreciation of $31,578 and $26,065, respectively | 44,526 | 43,999 |
Building and land improvements, net of accumulated depreciation of $218,497 and $179,132, respectively | 339,274 | 320,041 |
Construction in progress | 89,981 | 36,493 |
Deferred leasing intangibles assets, accumulated amortization | 328,848 | 282,038 |
Deferred leasing intangibles, net of accumulated amortization of $328,848 and $282,038, respectively | 508,935 | 567,658 |
Total rental property, net | 5,862,778 | 5,620,698 |
Buildings, net of accumulated depreciation of $513,053 and $406,670, respectively | ||
Real Estate Properties [Line Items] | ||
Building and building, accumulated amortization | 513,053 | 406,670 |
Tenant improvements, net of accumulated depreciation of $31,578 and $26,065, respectively | ||
Real Estate Properties [Line Items] | ||
Building and building, accumulated amortization | 31,578 | 26,065 |
Building and land improvements, net of accumulated depreciation of $218,497 and $179,132, respectively | ||
Real Estate Properties [Line Items] | ||
Building and building, accumulated amortization | $ 218,497 | $ 179,132 |
Rental Property - Acquisitions
Rental Property - Acquisitions (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2022 USD ($) ft² building | Sep. 30, 2022 USD ($) ft² building | Jun. 30, 2022 USD ($) ft² building | Mar. 31, 2022 USD ($) ft² building buildings | Dec. 31, 2021 USD ($) ft² building | Sep. 30, 2021 USD ($) ft² building | Jun. 30, 2021 USD ($) ft² building | Mar. 31, 2021 USD ($) ft² building | Dec. 31, 2021 USD ($) ft² building | |
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 111,700,000 | ||||||||
Number of properties | building | 562 | ||||||||
Acquisitions 2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 4,741,113 | ||||||||
Number of properties | building | 26 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 472,647 | ||||||||
Acquisitions Q1 2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 1,799,761 | ||||||||
Number of properties | buildings | 8 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 166,351 | ||||||||
Kansas City, MO, 1-06-22 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 702,000 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 60,428 | ||||||||
Elmhurst, IL, 1-31-2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 72,499 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 8,128 | ||||||||
Columbus, OH, 2-8-22 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 138,213 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 11,492 | ||||||||
Macedonia, OH, 2-08-2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 136,800 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 13,001 | ||||||||
Murfreesboro, TN, 3-10-2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 109,807 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 12,810 | ||||||||
Piedmont, SC, 3-10-2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 289,103 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 28,274 | ||||||||
Memphis, TN, 3-18-2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 195,622 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 15,828 | ||||||||
Piedmont, SC, 3-18-2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 155,717 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 16,390 | ||||||||
Acquisitions Q2 2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 1,467,543 | ||||||||
Number of properties | building | 9 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 170,921 | ||||||||
Lithonia, GA, 4-1-2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 210,858 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 21,119 | ||||||||
Shakopee, MN, 4-4-2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 160,000 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 13,472 | ||||||||
Grand Rapids, 4-14-2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 211,125 | ||||||||
Number of properties | building | 2 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 12,274 | ||||||||
Clinton, PA, 4-19-2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 400,000 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 50,178 | ||||||||
Greenville/ Spartanburg, SC, 4-22-2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 0 | ||||||||
Number of properties | building | 0 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 5,559 | ||||||||
Birmingham, AL, 5-5-2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 67,168 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 7,871 | ||||||||
Hollister, CA, 6-7-2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 175,325 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 29,630 | ||||||||
Fredericksburg, VA, 6-29-2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 140,555 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 20,257 | ||||||||
Norfolk, VA, 6-29-2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 102,512 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 10,561 | ||||||||
Acquisitions Q3 2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 1,358,318 | ||||||||
Number of properties | building | 8 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 127,320 | ||||||||
Atlanta, GA, 7-15-2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 159,048 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 10,062 | ||||||||
Fresno, CA, 7-25-2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 232,072 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 30,121 | ||||||||
El Paso, TX, 7-26-2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 326,166 | ||||||||
Number of properties | building | 4 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 37,792 | ||||||||
Portland, OR, 9-12-2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 78,000 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 11,281 | ||||||||
Louisville, KY, 9-21-2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 563,032 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 38,064 | ||||||||
Acquisitions Q4 2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 115,491 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 8,055 | ||||||||
Saint Charles, IL, 12-28-2022 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 115,491 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 8,055 | ||||||||
Acquistions 2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 12,896,774 | 12,896,774 | |||||||
Number of properties | building | 74 | 74 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 1,372,568 | ||||||||
Acquistions Q1 2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 1,252,323 | ||||||||
Number of properties | building | 6 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 100,228 | ||||||||
Bellevue, NE - 1-21-21 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 370,000 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 24,922 | ||||||||
Inver Grove Heigh, MN - 2-24-21 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 80,655 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 10,174 | ||||||||
Ronkonkoma, NY - 2-25-21 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 64,224 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 8,516 | ||||||||
Sacramento, CA - 2-25-21 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 267,284 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 25,917 | ||||||||
Bryant, AR - 3-1-21 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 300,160 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 24,317 | ||||||||
Maple Heights, OH - 3-18-21 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 170,000 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 6,382 | ||||||||
Acquistions Q2 2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 1,349,267 | ||||||||
Number of properties | building | 9 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 126,721 | ||||||||
Greenwood, IN - 5-17-21 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 154,440 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 13,655 | ||||||||
Hunt Valley, MD, 5-17-21 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 46,851 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 6,228 | ||||||||
Warren, MI - 6-1-1 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 248,040 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 23,786 | ||||||||
Appleton, WI - 6-7-1 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 152,000 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 7,249 | ||||||||
Gilbert, AZ - 6-14-21 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 41,504 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 8,670 | ||||||||
Strongsville, OH - 6-17-21 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 179,577 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 19,602 | ||||||||
Fernley, NV - 6-30-21 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 183,435 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 13,892 | ||||||||
Hagerstown, MD, 06-30-21 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 193,420 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 17,521 | ||||||||
Stockton, CA - 6-30-21 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 150,000 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 16,118 | ||||||||
Acquistions Q3 2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 4,044,255 | ||||||||
Number of properties | building | 24 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 427,219 | ||||||||
Itasca, IL, 07-19-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 109,355 | ||||||||
Number of properties | building | 2 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 13,341 | ||||||||
Bartlett, IL, 07-20-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 207,223 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 23,345 | ||||||||
West Columbia, SC, 07-27-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 194,290 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 14,546 | ||||||||
Morgan Hill, CA, 08-09-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 75,954 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 26,820 | ||||||||
Canal Winchester, OH, 8-19-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 814,265 | ||||||||
Number of properties | building | 2 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 75,422 | ||||||||
Provo, UT, 08-19-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 177,071 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 35,141 | ||||||||
Duncan, SC, 8-23-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 209,461 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 15,317 | ||||||||
Indianapolis, IN 08-26-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 78,600 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 5,707 | ||||||||
Moody, AL, 8-26-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 595,176 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 36,850 | ||||||||
Roseville, CA, 08-30-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 114,597 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 15,388 | ||||||||
Vernon Hills, IL, 09-02-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 95,482 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 11,799 | ||||||||
Crystal Lake, IL, 09-16-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 506,096 | ||||||||
Number of properties | building | 4 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 50,661 | ||||||||
Mukwonago, WI, 9-16-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 157,438 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 13,650 | ||||||||
Loveland, CO , 9-24-21 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 195,674 | ||||||||
Number of properties | building | 2 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 39,136 | ||||||||
Franklin, WI, 9-28-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 156,482 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 10,807 | ||||||||
Hodgkins, IL, 09-29-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 110,035 | ||||||||
Number of properties | building | 1 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 10,585 | ||||||||
Hudson, MA, 09-29-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 247,056 | ||||||||
Number of properties | building | 2 | ||||||||
Asset Acquisition, Consideration Transferred | $ | $ 28,704 | ||||||||
Acquisitions Q4 2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 6,250,929 | 6,250,929 | |||||||
Number of properties | building | 35 | 35 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 718,400 | ||||||||
Omaha, NE, 10-06-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 99,616 | 99,616 | |||||||
Number of properties | building | 2 | 2 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 8,669 | ||||||||
El Paso, TX, 10-06-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 276,360 | 276,360 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 27,844 | ||||||||
Berkeley, MO 10-12-21 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 121,223 | 121,223 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 12,991 | ||||||||
Morgan Hill, CA, 10-12-21 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 31,172 | 31,172 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 11,691 | ||||||||
Batavia, CA 10-13-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 56,676 | 56,676 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 5,735 | ||||||||
Grapevine, TX, 10-13-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 202,140 | 202,140 | |||||||
Number of properties | building | 2 | 2 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 25,913 | ||||||||
Sacramento, CA 10-25-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 82,174 | 82,174 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 10,275 | ||||||||
Wixom, MN, 11-01-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 126,720 | 126,720 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 18,291 | ||||||||
York, PA, 11-03-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 385,399 | 385,399 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 25,909 | ||||||||
Kentwood, MI, 11-09-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 159,900 | 159,900 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 19,649 | ||||||||
York, PA, 11-09-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 109,504 | 109,504 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 8,071 | ||||||||
St. Paul, MN, 11-10-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 316,636 | 316,636 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 30,583 | ||||||||
Elgin, IL, 11-12-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 579,338 | 579,338 | |||||||
Number of properties | building | 4 | 4 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 62,948 | ||||||||
Westampton, NJ, 11-12-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 128,959 | 128,959 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 26,446 | ||||||||
Sacramento, CA 12-01-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 67,200 | 67,200 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 7,721 | ||||||||
Ankeny, IA 12-09-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 200,957 | 200,957 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 22,866 | ||||||||
Greer, SC, 12-17-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 231,626 | 231,626 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 31,169 | ||||||||
New Berlin, WI, 12-17-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 192,800 | 192,800 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 23,327 | ||||||||
Sacramento, CA 12-21-2021 (6) | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 188,830 | 188,830 | |||||||
Number of properties | building | 2 | 2 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 27,616 | ||||||||
West Sacramento, CA 12-22-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 0 | 0 | |||||||
Number of properties | building | 0 | 0 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 28,930 | ||||||||
Des Moines, IA 12-23-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 179,459 | 179,459 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 13,556 | ||||||||
Hazleton, PA, 12-23-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 589,580 | 589,580 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 53,790 | ||||||||
Lebanon, TN, 12-23-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 58,672 | 58,672 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 7,271 | ||||||||
Milford, CT, 12-23-2021 (2) | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 167,700 | 167,700 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 16,700 | ||||||||
Hagerstown, MD - 12-28-21 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 1,231,200 | 1,231,200 | |||||||
Number of properties | building | 2 | 2 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 140,668 | ||||||||
Newport, MN, 12-28-21 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 83,000 | 83,000 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 11,058 | ||||||||
Saint Charles, IL, 12-29-21 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 102,000 | 102,000 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 9,742 | ||||||||
La Vista, NE, 12-30-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 178,368 | 178,368 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 17,888 | ||||||||
Buford, GA , 12-31-2021 | |||||||||
Asset Acquisition [Line Items] | |||||||||
Area (in square feet) | 103,720 | 103,720 | |||||||
Number of properties | building | 1 | 1 | |||||||
Asset Acquisition, Consideration Transferred | $ | $ 11,083 |
Rental Property - Acquisition_2
Rental Property - Acquisitions - Allocation of Consideration (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 25, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allocation of the consideration paid for the acquired assets and liabilities | ||||
Land | $ 39,346 | $ 137,827 | ||
Buildings | 360,209 | 988,456 | ||
Tenant improvements | 2,640 | 7,356 | ||
Building and land improvements | 19,589 | 58,504 | ||
Construction in progress | 0 | 24,581 | ||
Other assets | 2,134 | 1,004 | ||
Operating Lease, Right-of-Use Asset | 31,313 | 29,582 | ||
Operating Lease, Liability | (35,100) | (33,108) | ||
Below market assumed debt adjustment | 0 | 161 | ||
Tenant prepaid rent | (445) | (1,024) | ||
Total purchase price | 472,647 | 1,372,568 | ||
Less: Mortgage note assumed | 0 | (5,103) | ||
Net assets acquired | 472,647 | $ 1,367,465 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt, Fair Value Adjustment, Weighted Average Useful Life | 18 years 9 months 18 days | |||
Assumption of mortgage notes | 0 | $ 5,103 | $ 0 | |
Ronkonkoma, NY - 2-25-21 | ||||
Allocation of the consideration paid for the acquired assets and liabilities | ||||
Assumption of mortgage notes | $ 5,100 | |||
Acquisitions 2021 | ||||
Allocation of the consideration paid for the acquired assets and liabilities | ||||
Operating Lease, Right-of-Use Asset | 3,541 | |||
Operating Lease, Liability | (3,541) | |||
Acquisitions 2020 | ||||
Allocation of the consideration paid for the acquired assets and liabilities | ||||
Operating Lease, Right-of-Use Asset | 5,627 | |||
Operating Lease, Liability | (5,627) | |||
In-place leases | ||||
Allocation of the consideration paid for the acquired assets and liabilities | ||||
Deferred leasing intangibles | $ (34,321) | $ (103,051) | ||
Weighted average amortization period of lease intangibles | 7 years 10 months 24 days | 7 years 9 months 18 days | ||
Tenant relationships | ||||
Allocation of the consideration paid for the acquired assets and liabilities | ||||
Deferred leasing intangibles | $ (18,418) | $ (52,579) | ||
Weighted average amortization period of lease intangibles | 11 years 1 month 6 days | 10 years 7 months 6 days | ||
Above market leases | ||||
Allocation of the consideration paid for the acquired assets and liabilities | ||||
Deferred leasing intangibles | $ (2,456) | $ (10,764) | ||
Weighted average amortization period of lease intangibles | 11 years 7 months 6 days | 11 years 4 months 24 days | ||
Below market leases | ||||
Allocation of the consideration paid for the acquired assets and liabilities | ||||
Deferred leasing intangibles | $ 6,021 | $ 10,691 | ||
Weighted average amortization period of lease intangibles | 7 years 6 months | 6 years 1 month 6 days |
Rental Property - Disposals (De
Rental Property - Disposals (Details) $ in Thousands, ft² in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) ft² building | Dec. 31, 2021 USD ($) ft² building | Dec. 31, 2020 USD ($) ft² building | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties | building | 562 | ||
Area (in square feet) | ft² | 111.7 | ||
Total rental property, net | $ 5,862,778 | $ 5,620,698 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties | building | 8 | 22 | 7 |
Area (in square feet) | ft² | 1.8 | 2.7 | 3.4 |
Total rental property, net | $ 77,861 | $ 89,992 | $ 137,827 |
Net proceeds from sales of rental property | 135,348 | 187,972 | 273,560 |
Gain (Loss) on Sale | $ 57,487 | $ 97,980 | $ 135,733 |
Land [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties | building | 1 | 0 | 0 |
2020 Disposals [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Contribution to net income (loss) | $ 0 | $ 0 | $ 1,788 |
2021 Disposals | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Contribution to net income (loss) | 0 | 862 | 3,645 |
2022 Disposals | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Contribution to net income (loss) | $ 1,008 | $ 4,699 | $ 4,764 |
Rental Property - Held for Sale
Rental Property - Held for Sale (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) building | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Long Lived Assets Held-for-sale [Line Items] | |||
Assets held for sale, net | $ 4,643 | $ 0 | |
Number of properties | building | 562 | ||
Building and Building Improvements [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Assets held for sale, net | $ 4,100 | ||
Land and Land Improvements | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Assets held for sale, net | $ 600 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Number of properties | building | 1 | ||
Contribution to net income (loss) | $ 400 | $ 400 | $ 300 |
Rental Property - Involuntary C
Rental Property - Involuntary Conversion (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | |||
Gain on involuntary conversion | $ 0 | $ 0 | $ 2,157,000 |
Operating Income (Loss) [Member] | |||
Loss Contingencies [Line Items] | |||
Gain on involuntary conversion | $ 0 | $ 0 | $ 2,200,000 |
Rental Property - Loss on Impai
Rental Property - Loss on Impairments (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 USD ($) building | Dec. 31, 2021 USD ($) building | Sep. 30, 2021 USD ($) building | Sep. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) building | Dec. 31, 2021 USD ($) building | Dec. 31, 2020 building | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||||
Number of Buildings Impaired | 1 | 5 | 1 | ||||
Number of properties | 562 | ||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||||
Number of Buildings Impaired | 4 | ||||||
Number of properties | 22 | 8 | 22 | 7 | |||
Fair Value, Nonrecurring [Member] | |||||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||||
Impaired Real Estate Assets, Fair Value Disclosure | $ | $ 834 | $ 1,252 | $ 5,019 | $ 5,019 | $ 834 | $ 1,252 | |
Fair Value, Nonrecurring [Member] | Measurement Input, Discount Rate | |||||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||||
Real Estate Property, Measurement Input | 0.110 | 0.105 | 0.100 | ||||
Fair Value, Nonrecurring [Member] | Measurement Input, Cap Rate | |||||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||||
Real Estate Property, Measurement Input | 0.100 | 0.100 | 0.085 | ||||
Operating Income (Loss) [Member] | |||||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||||
Loss on impairment | $ | $ 1,783 | $ 2,405 | $ 3,172 | $ 1,783 | $ 5,577 |
Rental Property - Deferred Leas
Rental Property - Deferred Leasing Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Deferred leasing intangibles, gross | $ 837,783 | $ 849,696 | |
Deferred leasing intangibles assets, accumulated amortization | (328,848) | (282,038) | |
Deferred leasing intangibles, net | 508,935 | 567,658 | |
Below market lease, gross | 57,020 | 56,857 | |
Below market lease, accumulated amortization | (24,593) | (21,136) | |
Below market lease, net | 32,427 | 35,721 | |
Net increase (decrease) to rental income related to above and below market lease amortization | 329 | (2,073) | $ (4,363) |
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract] | |||
2023 | 249 | ||
2024 | (418) | ||
2025 | (252) | ||
2026 | (968) | ||
2027 | (1,778) | ||
Other intangible lease assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Deferred leasing intangibles, gross | 751,611 | 758,131 | |
Deferred leasing intangibles assets, accumulated amortization | (293,894) | (249,928) | |
Deferred leasing intangibles, net | 457,717 | 508,203 | |
Amortization expense related to other intangible lease assets | 95,901 | 88,729 | $ 83,160 |
Estimated Net Amortization of In-Place Leases, Leasing Commissions and Tenant Relationships | |||
2023 | 84,098 | ||
2024 | 72,640 | ||
2025 | 63,443 | ||
2026 | 54,351 | ||
2027 | 42,957 | ||
Above market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Deferred leasing intangibles, gross | 86,172 | 91,565 | |
Deferred leasing intangibles assets, accumulated amortization | (34,954) | (32,110) | |
Deferred leasing intangibles, net | $ 51,218 | $ 59,455 |
Debt - Summary (Details)
Debt - Summary (Details) | 12 Months Ended | 20 Months Ended | |||||||||||
Sep. 01, 2022 | Jul. 26, 2022 USD ($) | Oct. 26, 2021 extention Rate | Feb. 05, 2021 Rate | Dec. 31, 2020 Rate | Dec. 31, 2022 USD ($) extention Rate | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jun. 29, 2024 | Jan. 12, 2024 | Apr. 18, 2023 Rate | Jan. 04, 2023 | Sep. 30, 2022 USD ($) | |
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 2,508,040,000 | $ 2,225,983,000 | |||||||||||
Debt Issuance Costs, Net | 9,123,000 | 7,585,000 | |||||||||||
Principal outstanding | $ 2,498,780,000 | 2,218,262,000 | |||||||||||
Weighted average interest rate | Rate | 3.39% | ||||||||||||
Remaining borrowing capacity | $ 821,400,000 | ||||||||||||
Amortization of deferred financing fees and debt issuance costs and fair market value premiums/discounts | $ 2,922,000 | ||||||||||||
Interest Rate Swaps | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Notional amount fixed and used to calculate interest | 1,025,000,000 | ||||||||||||
Interest Expense [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amortization of deferred financing fees and debt issuance costs and fair market value premiums/discounts | 3,747,000 | 2,931,000 | |||||||||||
Facility, unused, and other fees | 1,548,000 | 1,642,000 | $ 1,311,000 | ||||||||||
Accounts Payable and Accrued Liabilities [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest payable | $ 13,100,000 | 8,600,000 | |||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate | 4.35806% | ||||||||||||
Unsecured Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal outstanding | $ 175,000,000 | 296,000,000 | |||||||||||
Debt Instrument, Maturity Date | Oct. 23, 2026 | ||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.02% | ||||||||||||
Unsecured Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | Rate | 0.855% | ||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | (0.10%) | ||||||||||||
Unsecured Term Loan A | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date | Mar. 15, 2027 | ||||||||||||
Unsecured Term Loan A | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | Rate | 0.85% | ||||||||||||
Unsecured Term Loan D(5) | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date | Jan. 04, 2023 | ||||||||||||
Unsecured Term Loan E(5) | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date | Jan. 15, 2024 | ||||||||||||
Unsecured Term Loan F | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date | Jan. 12, 2025 | ||||||||||||
Series F Unsecured Notes(6) | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date | Jan. 05, 2023 | ||||||||||||
Series A Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date | Oct. 01, 2024 | ||||||||||||
Series D Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date | Feb. 20, 2025 | ||||||||||||
Series G Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date | Jun. 13, 2025 | ||||||||||||
Series B Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date | Jul. 01, 2026 | ||||||||||||
Series C Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date | Dec. 30, 2026 | ||||||||||||
Series E Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date | Feb. 20, 2027 | ||||||||||||
Series H Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date | Jun. 13, 2028 | ||||||||||||
Wells Fargo Bank, National Association CMBS Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date | Dec. 01, 2022 | ||||||||||||
Thrivent Financial for Lutherans | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date | Dec. 15, 2023 | ||||||||||||
$300 Million Unsecured Term Loan G [Member] | LIBOR | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | Rate | 0.85% | ||||||||||||
$300 Million Unsecured Term Loan G [Member] | Base Rate [Member] | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | Rate | 1% | ||||||||||||
$275 Million Series I Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date | Sep. 29, 2031 | ||||||||||||
$50 Million Series J Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date | Sep. 28, 2033 | ||||||||||||
United of Omaha Life Insurance Company | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date | Oct. 01, 2039 | ||||||||||||
$400 Million Series K Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date | Jun. 28, 2032 | ||||||||||||
$187.5 Million Unsecured Term Loan H | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | Rate | 0.85% | ||||||||||||
Term Loans | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | Rate | 0.85% | ||||||||||||
Term Loans A,F,G | Forecast [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.02% | ||||||||||||
Term Loans A,F,G | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | Rate | 0.85% | ||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | (0.10%) | ||||||||||||
Term Loans H, I | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | (0.10%) | ||||||||||||
Unsecured Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal outstanding | $ 175,000,000 | 296,000,000 | |||||||||||
Maximum borrowing capacity | $ 1,000,000,000 | $ 1,000,000,000 | $ 750,000,000 | ||||||||||
Number Of Extensions | extention | 2 | 2 | |||||||||||
Extension Period | 6 months | 6 months | |||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | (0.10%) | ||||||||||||
Unsecured Credit Facility | Prepaid Expenses and Other Assets | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Issuance Costs, Net | $ 5,200,000 | 5,200,000 | |||||||||||
Unsecured Credit Facility | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | Rate | 0.775% | ||||||||||||
Unsecured Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | 0.775% | ||||||||||||
Unsecured Term Loans | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 1,025,000,000 | 975,000,000 | |||||||||||
Debt Issuance Costs, Net | 4,560,000 | 4,423,000 | |||||||||||
Unsecured Term Loans | Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal outstanding | 1,020,440,000 | 970,577,000 | |||||||||||
Unsecured Term Loans | Unsecured Term Loan A | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 150,000,000 | 150,000,000 | |||||||||||
Stated interest rate | Rate | 2.14% | ||||||||||||
Fixed Interest Rate (as a percent) | Rate | 1.31% | ||||||||||||
Unsecured Term Loans | Unsecured Term Loan D(5) | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 0 | 150,000,000 | |||||||||||
Stated interest rate | Rate | 2.85% | ||||||||||||
Unsecured Term Loans | Unsecured Term Loan E(5) | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 0 | 175,000,000 | |||||||||||
Stated interest rate | Rate | 3.77% | ||||||||||||
Unsecured Term Loans | Unsecured Term Loan F | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 200,000,000 | 200,000,000 | |||||||||||
Stated interest rate | Rate | 2.94% | ||||||||||||
Fixed Interest Rate (as a percent) | Rate | 2.11% | ||||||||||||
Unsecured Term Loans | $300 Million Unsecured Term Loan G [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 300,000,000 | 300,000,000 | |||||||||||
Stated interest rate | Rate | 1.09% | ||||||||||||
Debt Instrument, Maturity Date | Feb. 05, 2026 | ||||||||||||
Fixed Interest Rate (as a percent) | Rate | 0.26% | ||||||||||||
Unsecured Term Loans | $300 Million Unsecured Term Loan G [Member] | Forecast [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Fixed Interest Rate (as a percent) | Rate | 0.95% | ||||||||||||
Unsecured Term Loans | $187.5 Million Unsecured Term Loan H | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 187,500,000 | $ 187,500,000 | 0 | ||||||||||
Stated interest rate | Rate | 3.75% | ||||||||||||
Debt Instrument, Maturity Date | Jan. 25, 2028 | ||||||||||||
Fixed Interest Rate (as a percent) | 2.90% | ||||||||||||
Unsecured Term Loans | $187.5 Million Unsecured Term Loan H | Forecast [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Fixed Interest Rate (as a percent) | 2.50% | ||||||||||||
Unsecured Term Loans | $187.5 Million Unsecured Term Loan I | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 187,500,000 | $ 187,500,000 | 0 | ||||||||||
Stated interest rate | Rate | 2.89% | ||||||||||||
Debt Instrument, Maturity Date | Jan. 25, 2028 | ||||||||||||
Fixed Interest Rate (as a percent) | 2.04% | ||||||||||||
Unsecured Term Loans | $187.5 Million Unsecured Term Loan I | Forecast [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Fixed Interest Rate (as a percent) | 2.66% | ||||||||||||
Unsecured Term Loans | Term Loans A,F,G | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | (0.10%) | ||||||||||||
Unsecured Term Loans | Term Loans A,F,G | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | 0.85% | ||||||||||||
Unsecured Term Loans | Term Loans H, I | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | 0.85% | ||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | (0.10%) | ||||||||||||
Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 1,300,000,000 | 900,000,000 | |||||||||||
Debt Issuance Costs, Net | 4,558,000 | 3,059,000 | |||||||||||
Unsecured Notes | Unsecured Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal outstanding | 1,295,442,000 | 896,941,000 | |||||||||||
Unsecured Notes | Series F Unsecured Notes(6) | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 100,000,000 | 100,000,000 | |||||||||||
Stated interest rate | Rate | 3.98% | ||||||||||||
Unsecured Notes | Series A Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 50,000,000 | 50,000,000 | |||||||||||
Stated interest rate | Rate | 4.98% | ||||||||||||
Unsecured Notes | Series D Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 100,000,000 | 100,000,000 | |||||||||||
Stated interest rate | Rate | 4.32% | ||||||||||||
Unsecured Notes | Series G Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 75,000,000 | 75,000,000 | |||||||||||
Stated interest rate | Rate | 4.10% | ||||||||||||
Unsecured Notes | Series B Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 50,000,000 | 50,000,000 | |||||||||||
Stated interest rate | Rate | 4.98% | ||||||||||||
Unsecured Notes | Series C Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 80,000,000 | 80,000,000 | |||||||||||
Stated interest rate | Rate | 4.42% | ||||||||||||
Unsecured Notes | Series E Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 20,000,000 | 20,000,000 | |||||||||||
Stated interest rate | Rate | 4.42% | ||||||||||||
Unsecured Notes | Series H Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 100,000,000 | 100,000,000 | |||||||||||
Stated interest rate | Rate | 4.27% | ||||||||||||
Unsecured Notes | $275 Million Series I Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 275,000,000 | 275,000,000 | |||||||||||
Stated interest rate | Rate | 2.80% | ||||||||||||
Unsecured Notes | $50 Million Series J Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 50,000,000 | 50,000,000 | |||||||||||
Stated interest rate | Rate | 2.95% | ||||||||||||
Unsecured Notes | $400 Million Series K Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 400,000,000 | 0 | |||||||||||
Stated interest rate | Rate | 4.12% | ||||||||||||
Mortgage Loans Payable | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 8,040,000 | 54,983,000 | |||||||||||
Debt Instrument, Unamortized Discount (Premium), Net | (137,000) | (136,000) | |||||||||||
Debt Issuance Costs, Net | 5,000 | 103,000 | |||||||||||
Principal outstanding | 7,898,000 | 54,744,000 | |||||||||||
Mortgage Loans Payable | Wells Fargo Bank, National Association CMBS Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 0 | 46,610,000 | |||||||||||
Stated interest rate | Rate | 4.31% | ||||||||||||
Penalty free prepayment period | 3 months | ||||||||||||
Mortgage Loans Payable | Thrivent Financial for Lutherans | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 3,296,000 | 3,430,000 | |||||||||||
Stated interest rate | Rate | 4.78% | ||||||||||||
Penalty free prepayment period | 3 months | ||||||||||||
Mortgage Loans Payable | United of Omaha Life Insurance Company | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 4,744,000 | $ 4,943,000 | |||||||||||
Stated interest rate | Rate | 3.71% |
Debt - 2022 Activity (Details)
Debt - 2022 Activity (Details) $ in Thousands | 12 Months Ended | ||||||||||||
Sep. 01, 2022 | Jul. 26, 2022 USD ($) | Oct. 26, 2021 USD ($) extention Rate | Feb. 25, 2021 USD ($) Rate | Feb. 05, 2021 USD ($) Rate | Dec. 31, 2020 Rate | Dec. 31, 2022 USD ($) extention Rate | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Sep. 30, 2022 USD ($) | Apr. 28, 2022 USD ($) Rate | Jul. 08, 2021 USD ($) Rate | Apr. 17, 2020 USD ($) | |
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 2,508,040 | $ 2,225,983 | |||||||||||
Assumption of mortgage notes | 0 | 5,103 | $ 0 | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | Rate | 0.15% | ||||||||||||
Gain (Loss) on Extinguishment of Debt | 838 | 2,152 | $ 834 | ||||||||||
Fair Value, Nonrecurring [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | Rate | 4.10% | ||||||||||||
Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 1,300,000 | 900,000 | |||||||||||
Interest coverage ratio | Rate | 150% | ||||||||||||
Unsecured Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number Of Extensions | extention | 2 | 2 | |||||||||||
Extension Period | 6 months | 6 months | |||||||||||
Debt Issuance Costs, Gross | $ 1,400 | $ 1,200 | |||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.10% | ||||||||||||
Maximum borrowing capacity | $ 1,000,000 | $ 1,000,000 | $ 750,000 | ||||||||||
Unsecured Term Loans | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | 1,025,000 | 975,000 | |||||||||||
Debt Issuance Costs, Gross | 1,200 | ||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 800 | ||||||||||||
LIBOR | Unsecured Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | Rate | 0.775% | ||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate | 4.35806% | ||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Unsecured Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | 0.775% | ||||||||||||
Unsecured Term Loan E | Unsecured Term Loans | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 0 | 175,000 | |||||||||||
Stated interest rate | Rate | 3.77% | ||||||||||||
Unsecured Term Loan F | Unsecured Term Loans | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 200,000 | 200,000 | |||||||||||
Stated interest rate | Rate | 2.94% | ||||||||||||
$300 Million Unsecured Term Loan G [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Write off of Deferred Debt Issuance Cost | $ 700 | ||||||||||||
Debt Issuance Costs, Gross | $ 1,600 | ||||||||||||
Deferred Financing Accrued Extension Fee | $ 1,100 | ||||||||||||
$300 Million Unsecured Term Loan G [Member] | Interest Expense [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Write off of Deferred Debt Issuance Cost | 300 | ||||||||||||
$300 Million Unsecured Term Loan G [Member] | Unsecured Term Loans | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 300,000 | 300,000 | |||||||||||
Stated interest rate | Rate | 1.09% | ||||||||||||
$300 Million Unsecured Term Loan G [Member] | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate, Floor | Rate | 0% | ||||||||||||
$300 Million Unsecured Term Loan G [Member] | LIBOR | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | Rate | 0.85% | ||||||||||||
$300 Million Unsecured Term Loan G [Member] | LIBOR | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | Rate | 1.65% | ||||||||||||
$300 Million Unsecured Term Loan G [Member] | Base Rate [Member] | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | Rate | 1% | ||||||||||||
$275 Million Series Unsecured Notes | Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 275,000 | ||||||||||||
Stated interest rate | Rate | 2.80% | ||||||||||||
$50 Million Unsecured Notes | Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 50,000 | ||||||||||||
Stated interest rate | Rate | 2.95% | ||||||||||||
United of Omaha Life Insurance Company | Ronkonkoma, NY - 2-25-21 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Assumption of mortgage notes | $ 5,100 | ||||||||||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 200 | ||||||||||||
Unsecured Term Loan A | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Write off of Deferred Debt Issuance Cost | $ 200 | ||||||||||||
Debt Issuance Costs, Gross | $ 600 | ||||||||||||
Unsecured Term Loan A | Unsecured Term Loans | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 150,000 | 150,000 | |||||||||||
Stated interest rate | Rate | 2.14% | ||||||||||||
Unsecured Term Loan A | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | Rate | 0.85% | ||||||||||||
Term Loans | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Write off of Deferred Debt Issuance Cost | $ 1,200 | ||||||||||||
Debt Issuance Costs, Gross | $ 600 | ||||||||||||
Term Loans | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | Rate | 0.85% | ||||||||||||
Unsecured Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Write off of Deferred Debt Issuance Cost | $ 100 | ||||||||||||
Debt Issuance Costs, Gross | $ 3,700 | ||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | (0.02%) | ||||||||||||
Unsecured Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | Rate | 0.855% | ||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.10% | ||||||||||||
Term Loans A,F,G | Unsecured Term Loans | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.10% | ||||||||||||
Term Loans A,F,G | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | Rate | 0.85% | ||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.10% | ||||||||||||
Term Loans A,F,G | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Unsecured Term Loans | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | 0.85% | ||||||||||||
$187.5 Million Unsecured Term Loan H | Unsecured Term Loans | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 187,500 | $ 187,500 | 0 | ||||||||||
Stated interest rate | Rate | 3.75% | ||||||||||||
$187.5 Million Unsecured Term Loan H | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | Rate | 0.85% | ||||||||||||
Term Loans H, I | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.10% | ||||||||||||
Term Loans H, I | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Unsecured Term Loans | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | 0.85% | ||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.10% | ||||||||||||
$187.5 Million Unsecured Term Loan I | Unsecured Term Loans | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 187,500 | $ 187,500 | 0 | ||||||||||
Stated interest rate | Rate | 2.89% | ||||||||||||
$400 Million Unsecured Notes | Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 400,000 | ||||||||||||
Stated interest rate | Rate | 4.12% | ||||||||||||
$400 Million Series K Unsecured Notes | Unsecured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 400,000 | $ 0 | |||||||||||
Stated interest rate | Rate | 4.12% | ||||||||||||
Interest coverage ratio | 1.50 |
Debt - 2021 Activity (Details)
Debt - 2021 Activity (Details) - USD ($) $ in Millions | Oct. 26, 2021 | Dec. 31, 2022 | Sep. 30, 2022 | Jul. 26, 2022 |
Debt Instrument [Line Items] | ||||
Remaining borrowing capacity | $ 821.4 | |||
Unsecured Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 1,000 | $ 750 | $ 1,000 | |
Unsecured Credit Facility | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Interest rate margin (as a percent) | 0.775% |
Debt - Financial Covenants (Det
Debt - Financial Covenants (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Covenant and other disclosures | ||
Net book value of properties that are collateral for debt arrangements | $ 14.8 | $ 88.5 |
Debt Instrument, Covenant Compliance | The Company was in compliance with all such applicable restrictions and financial and other covenants | The Company was in compliance with all such applicable restrictions and financial and other covenants |
Unsecured Debt | ||
Covenant and other disclosures | ||
Interest coverage ratio | 150% | |
Wells Fargo Bank, National Association CMBS Loan | ||
Covenant and other disclosures | ||
Debt Instrument, Covenant Compliance | The Company was in compliance with all such applicable restrictions and financial and other covenants | |
Credit Facility, Term Loans & Notes | Unsecured Debt | ||
Covenant and other disclosures | ||
Consolidated leverage ratio | 60% | |
Secured leverage ratio | 40% | |
Unencumbered leverage ratio | 60% | |
Fixed charge ratio | 150% | |
Unsecured interest ratio | 175% |
Debt - Fair Value (Details)
Debt - Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 2,508,040 | $ 2,225,983 |
Debt Issuance Costs, Net | 9,123 | 7,585 |
Principal outstanding | 2,498,780 | 2,218,262 |
Long-term Debt, Fair Value | 2,357,138 | 2,264,730 |
Unsecured Credit Facility | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 175,000 | 296,000 |
Long-term Debt, Fair Value | 175,000 | 296,000 |
Unsecured Term Loans | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 1,025,000 | 975,000 |
Long-term Debt, Fair Value | 1,025,000 | 975,224 |
Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 1,300,000 | 900,000 |
Long-term Debt, Fair Value | 1,150,283 | 937,183 |
Mortgage Loans Payable | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 8,040 | 54,983 |
Long-term Debt, Fair Value | 6,855 | 56,323 |
Debt Instrument, Unamortized Discount (Premium), Net | $ (137) | $ (136) |
Debt - Future Principal Payment
Debt - Future Principal Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Aggregate future principal payments of mortgage notes payable, Unsecured credit facility | ||
2023 | $ 103,502 | |
2024 | 50,215 | |
2025 | 550,223 | |
2026 | 430,231 | |
2027 | 170,240 | |
Thereafter | 1,203,629 | |
Total aggregate principal payments | $ 2,508,040 | $ 2,225,983 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Risk Management and Unsecured Loan Swaps (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Interest Rate Derivative, The Toronto-Dominion Bank, October 30, 2017 [Member] | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 25,000 |
Derivative Asset, Fair Value, Gross Asset | $ 5 |
Fixed Interest Rate (as a percent) | 1.883% |
Interest Rate Derivative, Royal Bank of Canada, October 30, 2017 [Member] | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 25,000 |
Derivative Asset, Fair Value, Gross Asset | $ 5 |
Fixed Interest Rate (as a percent) | 1.898% |
Interest Rate Derivative, Wells Fargo Bank, October 30, 2017 [Member] | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 25,000 |
Derivative Asset, Fair Value, Gross Asset | $ 5 |
Fixed Interest Rate (as a percent) | 1.875% |
Interest Rate Derivative, PNC Bank, $25m, October 30, 2017 [Member] | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 25,000 |
Derivative Asset, Fair Value, Gross Asset | $ 5 |
Fixed Interest Rate (as a percent) | 1.886% |
Interest Rate Derivative, PNC Bank, $50m, October 30, 2017 [Member] | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 50,000 |
Derivative Asset, Fair Value, Gross Asset | $ 10 |
Fixed Interest Rate (as a percent) | 1.885% |
Interest Rate Derivative, The Toronto-Dominion Bank, July 26, 2019 [Member] | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 75,000 |
Derivative Asset, Fair Value, Gross Asset | $ 981 |
Fixed Interest Rate (as a percent) | 0.266% |
Interest Rate Derivative, Wells Fargo Bank, July 15, 2020 [Member] | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 75,000 |
Derivative Asset, Fair Value, Gross Asset | $ 984 |
Fixed Interest Rate (as a percent) | 0.252% |
Interest Rate Derivative, TD Bank, $75m, Sep 29, 2020 [Member] | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 75,000 |
Derivative Asset, Fair Value, Gross Asset | $ 981 |
Fixed Interest Rate (as a percent) | 0.266% |
Interest Rate Derivative, Wells Fargo Bank, $75m, Sep 29, 2020 [Member] | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 75,000 |
Derivative Asset, Fair Value, Gross Asset | $ 984 |
Fixed Interest Rate (as a percent) | 0.252% |
Interest Rate Derivative, TD Bank, $75m, March 19, 2021 [Member] | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 50,000 |
Derivative Asset, Fair Value, Gross Asset | $ 999 |
Fixed Interest Rate (as a percent) | 2.916% |
Interest Rate Derivative, PNC Bank, April 1, 2022 | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 50,000 |
Derivative Asset, Fair Value, Gross Asset | $ 1,003 |
Fixed Interest Rate (as a percent) | 2.908% |
Interest Rate Derivative, Bank of Montreal, July 26, 2019 [Member] | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 50,000 |
Derivative Asset, Fair Value, Gross Asset | $ 997 |
Fixed Interest Rate (as a percent) | 2.919% |
Interest Rate Derivative, US Bank, July 26, 2019 [Member] | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 25,000 |
Derivative Asset, Fair Value, Gross Asset | $ 500 |
Fixed Interest Rate (as a percent) | 2.912% |
Interest Rate Derivative, Wells Fargo Bank, $75m, March 19, 2021 [Member] | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 50,000 |
Derivative Asset, Fair Value, Gross Asset | $ 2,179 |
Fixed Interest Rate (as a percent) | 2.236% |
Interest Rate Derivative, US Bank, July 15, 2020 [Member] | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 50,000 |
Derivative Asset, Fair Value, Gross Asset | $ 2,182 |
Fixed Interest Rate (as a percent) | 2.238% |
Interest Rate Derivative, Regions Bank, July 15, 2020 [Member] | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 50,000 |
Derivative Asset, Fair Value, Gross Asset | $ 2,177 |
Fixed Interest Rate (as a percent) | 2.2389% |
Interest Rate Derivative, Bank of Montreal, July 15, 2020 [Member] | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 50,000 |
Derivative Asset, Fair Value, Gross Asset | $ 2,700 |
Fixed Interest Rate (as a percent) | 1.71% |
Interest Rate Derivative, US Bank N.A, April 18, 2023 | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 150,000 |
Derivative Asset, Fair Value, Gross Asset | $ 12,024 |
Fixed Interest Rate (as a percent) | 0.952% |
Interest Rate Derivative, Wells Fargo Bank, April 18, 2023 | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 75,000 |
Derivative Asset, Fair Value, Gross Asset | $ 6,003 |
Fixed Interest Rate (as a percent) | 0.946% |
Interest Rate Derivative, The Toronto-Dominion Bank, April 18, 2023 | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 75,000 |
Derivative Asset, Fair Value, Gross Asset | $ 6,050 |
Fixed Interest Rate (as a percent) | 0.9355% |
Interest Rate Derivative, Regions Bank, April 1, 2022 | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 50,000 |
Derivative Asset, Fair Value, Gross Asset | $ 4,953 |
Fixed Interest Rate (as a percent) | 1.309% |
Interest Rate Derivative, Ban of Montreal, April 1, 2022 | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 50,000 |
Derivative Asset, Fair Value, Gross Asset | $ 4,976 |
Fixed Interest Rate (as a percent) | 1.309% |
Interest Rate Derivative, PNC Bank, July 26, 2019 [Member] | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 50,000 |
Derivative Asset, Fair Value, Gross Asset | $ 4,952 |
Fixed Interest Rate (as a percent) | 1.315% |
Interest Rate Derivative, PNC Bank, July 27, 2022 | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 50,000 |
Derivative Asset, Fair Value, Gross Asset | $ 2,623 |
Fixed Interest Rate (as a percent) | 2.642% |
Interest Rate Derivative, TD Bank, July 27, 2022 | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 50,000 |
Derivative Asset, Fair Value, Gross Asset | $ 2,614 |
Fixed Interest Rate (as a percent) | 2.653% |
Interest Rate Derivative, Regions Bank, July 27, 2022 | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 50,000 |
Derivative Asset, Fair Value, Gross Asset | $ 2,583 |
Fixed Interest Rate (as a percent) | 2.655% |
Interest Rate Derivative, US Bank, July 27, 2022 | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 75,000 |
Derivative Asset, Fair Value, Gross Asset | $ 2,668 |
Fixed Interest Rate (as a percent) | 2.4865% |
Interest Rate Derivative, TD Bank, July 27, 2022(2) | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 50,000 |
Derivative Asset, Fair Value, Gross Asset | $ 1,778 |
Fixed Interest Rate (as a percent) | 2.491% |
Interest Rate Derivative, Wells Fargo Bank, July 27, 2022 | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 50,000 |
Derivative Asset, Fair Value, Gross Asset | $ 1,756 |
Fixed Interest Rate (as a percent) | 2.493% |
Interest Rate Derivative, PNC Bank, July 27, 2022(2) | |
Unsecured Term Loan Swaps | |
Notional amount assets | $ 50,000 |
Derivative Asset, Fair Value, Gross Asset | $ 2,546 |
Fixed Interest Rate (as a percent) | 2.679% |
Derivative Financial Instrume_4
Derivative Financial Instruments - FV of Interest Rate Swaps (Details) - Interest Rate Swaps - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair value of the interest rate swaps outstanding | ||
Notional amount assets | $ 1,650,000 | $ 600,000 |
Fair value - assets | 72,223 | 5,220 |
Notional amount liabilities | 0 | 825,000 |
Fair Value - liabilities | $ 0 | $ (17,052) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Cash Flow Hedges and Contingent Features (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded | $ 78,018 | $ 63,484 | $ 62,343 |
Interest Rate Swaps | |||
Derivative [Line Items] | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | (39,800) | ||
Income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps | 85,726 | 12,520 | (35,548) |
Income (loss) reclassified from accumulated other comprehensive income (loss) into income as interest expense | 1,640 | (16,336) | (13,439) |
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded | $ 78,018 | $ 63,484 | $ 62,343 |
Derivative Financial Instrume_6
Derivative Financial Instruments - FV on Recurring Basis (Details) - Interest Rate Swaps - Fair value on recurring basis - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets (liabilities): | ||
Interest Rate Swaps - Asset | $ 72,223 | $ 5,220 |
Interest Rate Swaps - Liabilities | 0 | (17,052) |
Level 1 | ||
Assets (liabilities): | ||
Interest Rate Swaps - Asset | 0 | 0 |
Interest Rate Swaps - Liabilities | 0 | 0 |
Level 2 | ||
Assets (liabilities): | ||
Interest Rate Swaps - Asset | 72,223 | 5,220 |
Interest Rate Swaps - Liabilities | 0 | (17,052) |
Level 3 Inputs | ||
Assets (liabilities): | ||
Interest Rate Swaps - Asset | 0 | 0 |
Interest Rate Swaps - Liabilities | $ 0 | $ 0 |
Equity - Preferred Stock (Detai
Equity - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Mar. 01, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | |
Class of Stock [Line Items] | |||||
Preferred Stock Redemption Premium | $ 0 | $ 2,582 | $ 0 | ||
Preferred stock, shares issued | 0 | 0 | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Preferred stock, shares outstanding | 0 | 0 | |||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | |||
Series C Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Stock Redeemed or Called During Period, Shares | 3,000,000 | ||||
Preferred Stock Redemption Premium | $ 2,600 | ||||
Preferred stock, liquidation preference (in dollars per share) | $ 0.01 | ||||
Preferred Stock, Redemption Price Per Share | $ 25 |
Equity - Common Stock ATM (Deta
Equity - Common Stock ATM (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||
Mar. 29, 2022 | Dec. 27, 2021 | Nov. 08, 2021 | Sep. 29, 2021 | Dec. 23, 2020 | Dec. 22, 2020 | Jan. 13, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 03, 2021 | |
Class of Stock [Line Items] | ||||||||||
Sale of Stock, Consideration Received on Transaction | $ 115,000 | $ 220,400 | $ 135,000 | $ 131,200 | $ 173,100 | |||||
Shares Issued, Price Per Share | $ 30.9022 | $ 41.99 | ||||||||
Common Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Sale of Stock, Price Per Share | $ 41.39 | $ 28.5791 | ||||||||
Sale of Stock, Consideration Received on Transaction | $ 49,700 | $ 133,800 | ||||||||
At The Market Program 2019 $600 Million [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common Stock Value Authorized under Stock Offering Program | $ 750,000 | |||||||||
At The Market Program 2019 $600 Million [Member] | Common Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Aggregate value of common stock available to be sold under the ATM | $ 750,000 | |||||||||
Number of shares sold | 128,335 | 5,110,002 | ||||||||
Sale of Stock, Price Per Share | $ 33.4585 | |||||||||
Sale of Stock, Consideration Received on Transaction | $ 48,400 | $ 5,721 | $ 189,974 | |||||||
Weighted Average [Member] | At The Market Program 2019 $600 Million [Member] | Common Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Sale of Stock, Price Per Share | $ 45.03 | $ 37.53 |
Equity - Public Common Stock Of
Equity - Public Common Stock Offerings (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||||||
Mar. 29, 2022 | Dec. 27, 2021 | Dec. 01, 2021 | Nov. 08, 2021 | Nov. 03, 2021 | Sep. 29, 2021 | Apr. 05, 2021 | Dec. 23, 2020 | Dec. 22, 2020 | Nov. 16, 2020 | Jan. 13, 2020 | Apr. 01, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 10,062,500 | |||||||||||||
Shares Issued, Price Per Share | $ 41.99 | $ 30.9022 | ||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 115,000 | $ 220,400 | $ 135,000 | $ 131,200 | $ 173,100 | |||||||||
Common Stock, shares issued | 4,518,077 | 4,462,500 | 179,248,980 | 177,769,342 | ||||||||||
Common Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 5,250,000 | 5,600,000 | ||||||||||||
Forward Contract Indexed to Issuer's Equity, Indexed Shares | 2,750,000 | 8,000,000 | 4,462,500 | |||||||||||
Sale of Stock, Consideration Received on Transaction | $ 49,700 | $ 133,800 | ||||||||||||
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share | $ 30.02 | |||||||||||||
Common Stock, shares issued | 1,200,000 | 4,681,923 | ||||||||||||
Sale of Stock, Price Per Share | $ 41.39 | $ 28.5791 | ||||||||||||
Common Stock | Over-Allotment Option [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Forward Contract Indexed to Issuer's Equity, Indexed Shares | 1,200,000 | 1,312,500 | ||||||||||||
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share | $ 41.87 | $ 29.90 | ||||||||||||
Common Stock | At The Market Program 2019 $600 Million [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Forward Contract Indexed to Issuer's Equity, Indexed Shares | 1,446,760 | |||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 48,400 | $ 5,721 | $ 189,974 | |||||||||||
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share | $ 34.56 | |||||||||||||
Forward Contract Indexed to Issuer's Equity, Settlement Alternatives, Cash, at Fair Value | $ 50,000 | |||||||||||||
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share, Net | $ 34.2144 | |||||||||||||
Common Stock, shares issued | 1,446,760 | |||||||||||||
Sale of Stock, Price Per Share | $ 33.4585 |
Equity - Restricted Stock (Deta
Equity - Restricted Stock (Details) - Restricted stock - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||
Jan. 10, 2022 | Jan. 07, 2021 | Feb. 13, 2020 | Jan. 08, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period (in years) | 4 years | 4 years | 4 years | 4 years | ||||
Shares | ||||||||
Unvested at beginning of period (in shares) | 185,715 | 184,890 | 193,045 | |||||
Granted (in shares) | 58,580 | 90,304 | 75,419 | |||||
Vested (in shares) | (73,556) | (79,140) | (81,408) | |||||
Forfeited (in shares) | (14,036) | (10,339) | (2,166) | |||||
Unvested at end of period (in shares) | 156,703 | 185,715 | 184,890 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 44.19 | $ 29.77 | $ 31.60 | |||||
Stock Repurchased and Retired During Period, Shares | 27,706 | 25,836 | 34,117 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 34.32 | $ 28.86 | $ 27.70 | $ 24.38 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 28.03 | 27.01 | 23.46 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 36.16 | $ 30.32 | $ 26.92 | |||||
Unrecognized compensation costs | $ 3,000 | |||||||
Unrecognized compensation costs, period for recognition | 2 years 4 months 24 days | |||||||
Vested (in shares) | (73,556) | (79,140) | (81,408) | |||||
Fair value of shares vested | $ 3,528 | $ 2,581 | $ 2,568 |
Noncontrolling Interest - Summa
Noncontrolling Interest - Summary (Details) - $ / shares | 6 Months Ended | 12 Months Ended | ||||||
Jan. 10, 2022 | Jan. 07, 2021 | Jan. 08, 2020 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Limited Partner - Noncontrolling Interest | ||||||||
Noncontrolling interest | ||||||||
Noncontrolling interest ownership percentage | 2.10% | 1.90% | 2% | 2.50% | ||||
Noncontrolling Interest - Unit holders in Operating Partnership | ||||||||
Noncontrolling interest | ||||||||
Units outstanding, balance at beginning of period (in units) | 3,519,764 | 3,519,764 | 3,285,238 | 3,736,852 | ||||
Granted/Issued | 470,237 | 405,844 | 278,806 | |||||
Forfeited | (6,791) | 0 | 0 | |||||
Redemption of common units to common stock (in shares) | 0 | 0 | 0 | |||||
Redemptions from Other Common Units to common stock | (98,494) | (171,318) | (730,420) | |||||
Units outstanding, balance at end of period (in units) | 3,884,716 | 3,519,764 | 3,285,238 | |||||
LTIP Units | Noncontrolling Interest - Unit holders in Operating Partnership | ||||||||
Noncontrolling interest | ||||||||
Units outstanding, balance at beginning of period (in units) | 1,949,124 | 1,949,124 | 1,692,423 | 1,697,358 | ||||
Granted/Issued | 470,237 | 405,844 | 278,806 | |||||
Forfeited | (6,791) | 0 | 0 | |||||
Redemption of common units to common stock (in shares) | 98,494 | 149,143 | 283,741 | |||||
Redemptions from Other Common Units to common stock | 0 | 0 | 0 | |||||
Units outstanding, balance at end of period (in units) | 2,314,076 | 1,949,124 | 1,692,423 | |||||
Other Common Units | Noncontrolling Interest - Unit holders in Operating Partnership | ||||||||
Noncontrolling interest | ||||||||
Units outstanding, balance at beginning of period (in units) | 1,570,640 | 1,570,640 | 1,592,815 | 2,039,494 | ||||
Granted/Issued | 0 | 0 | 0 | |||||
Forfeited | 0 | 0 | 0 | |||||
Redemption of common units to common stock (in shares) | 98,494 | 149,143 | 283,741 | |||||
Redemptions from Other Common Units to common stock | (98,494) | (171,318) | (730,420) | |||||
Units outstanding, balance at end of period (in units) | 1,570,640 | 1,570,640 | 1,592,815 | |||||
LTIP Units | ||||||||
Noncontrolling interest | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 42.07 | $ 28.13 | $ 29.47 | $ 42.07 | $ 28.13 | $ 29.47 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 34.02 | $ 0 | $ 0 |
Noncontrolling Interest - LTIP
Noncontrolling Interest - LTIP Units Narrative (Details) - LTIP Units | 12 Months Ended | |||
Jan. 10, 2022 | Jan. 07, 2021 | Jan. 08, 2020 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unit conversion ratio | 1 | |||
Award vesting period | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 4 years | 4 years | 4 years | |
Director [Member] | Award vesting period | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 1 year | 1 year | 1 year |
Noncontrolling Interest - FV As
Noncontrolling Interest - FV Assumptions (Details) - LTIP Units - USD ($) | 6 Months Ended | 12 Months Ended | |||||
Jan. 10, 2022 | Jan. 07, 2021 | Jan. 08, 2020 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Assumptions | |||||||
Expected term (years) | 10 years | 10 years | 10 years | ||||
Expected volatility | 34% | 34% | 18% | ||||
Expected dividend yield | 4% | 5% | 5.75% | ||||
Risk-free interest rate | 1.204% | 0.229% | 1.61% | ||||
Fair value of LTIP units at issuance (in thousands) | $ 4,385,000 | $ 4,316,000 | $ 4,030,000 | ||||
Granted | 104,241 | 153,430 | 136,741 | 470,237 | 405,844 | 278,806 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 42.07 | $ 28.13 | $ 29.47 | $ 42.07 | $ 28.13 | $ 29.47 |
Noncontrolling Interest - 2021
Noncontrolling Interest - 2021 Activity (Details) - USD ($) $ in Millions | 12 Months Ended | |
Oct. 15, 2021 | Dec. 31, 2021 | |
LTIP Units | ||
Noncontrolling Interest [Abstract] | ||
Share-based Payment Arrangement, Accelerated Cost | $ 0.5 | |
Noncontrolling Interest [Line Items] | ||
Share-based Payment Arrangement, Accelerated Cost | 0.5 | |
Executive Vice President | ||
Noncontrolling Interest [Abstract] | ||
Labor and Related Expense | 1.6 | |
Noncontrolling Interest [Line Items] | ||
Labor and Related Expense | 1.6 | |
Executive Vice President | LTIP Units | ||
Noncontrolling Interest [Abstract] | ||
Share-based Payment Arrangement, Accelerated Cost | 0.5 | |
Noncontrolling Interest [Line Items] | ||
Share-based Payment Arrangement, Accelerated Cost | $ 0.5 | |
Executive Vice President | Common Stock | ||
Noncontrolling Interest [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | 57,100 | |
Noncontrolling Interest [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | 57,100 |
Noncontrolling Interest - LTI_2
Noncontrolling Interest - LTIP Units (Details) - LTIP Units - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||||||
Jan. 10, 2022 | Jan. 07, 2021 | Jan. 08, 2020 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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, Nonvested, Weighted Average Grant Date Fair Value | $ 35.60 | $ 27.84 | $ 26.54 | $ 23.37 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 42.07 | $ 28.13 | $ 29.47 | $ 42.07 | 28.13 | 29.47 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 38.67 | 27.47 | 26.87 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 34.02 | $ 0 | $ 0 | |||||
Unrecognized compensation costs | $ 2,600 | |||||||
Unrecognized compensation costs, period for recognition | 2 years 4 months 24 days | |||||||
Shares | ||||||||
Unvested at beginning of period (in shares) | 190,108 | 190,108 | 211,448 | 227,348 | ||||
Granted | 104,241 | 153,430 | 136,741 | 470,237 | 405,844 | 278,806 | ||
Vested | 513,438 | 427,184 | 294,706 | |||||
Forfeited | 6,791 | 0 | 0 | |||||
Unvested at end of period (in shares) | 140,116 | 190,108 | 211,448 | |||||
Fair value of shares vested | $ 21,662 | $ 16,390 | $ 8,805 | |||||
Award vesting period | ||||||||
Shares | ||||||||
Vesting period (in years) | 4 years | 4 years | 4 years | |||||
Award vesting period | Director [Member] | ||||||||
Shares | ||||||||
Vesting period (in years) | 1 year | 1 year | 1 year |
Noncontrolling Interest - Other
Noncontrolling Interest - Other Common Units (Details) | 12 Months Ended |
Dec. 31, 2022 shares | |
Other Common Units | |
Noncontrolling Interest [Line Items] | |
Redemption right of investor to cause the Operating Partnership to redeem its units equivalent to current market value of number of shares of entity's common stock (in shares) | 1 |
Unit conversion ratio | 1 |
San Diego, CA, Q2 2017 [Member] | |
Noncontrolling Interest [Line Items] | |
Other common units issued for property acquisition (in units) | 10 |
Equity Incentive Plan - Summary
Equity Incentive Plan - Summary (Details) | 12 Months Ended | |||
Jan. 10, 2022 | Jan. 07, 2021 | Jan. 08, 2020 | Dec. 31, 2022 benchmark shares | |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | 3 years | 3 years | |
2011 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of common stock that can be awarded | 6,642,461 | |||
Ratio by which number of shares available for grant is reduced for each LTIP unit awarded | 1 | |||
2011 Equity Incentive Plan | LTIP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares of common stock equivalent to each LTIP unit (in shares) | 1 | |||
2011 Equity Incentive Plan | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Benchmarks | benchmark | 3 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Allocation for Total Stockholder Return Compared to Industry Peer Group | 25% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Allocation for Total Stockholder Return Compared to Size-Based Peer Group | 25% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Allocation for Total Stockholder Return Compared to Index | 50% | |||
2011 Equity Incentive Plan | Performance Shares [Member] | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Target Units Awarded | 0% | |||
2011 Equity Incentive Plan | Performance Shares [Member] | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Target Units Awarded | 250% | |||
Vest on 1st anniversary | 2011 Equity Incentive Plan | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 day | 1 day | 1 day |
Equity Incentive Plan - Perform
Equity Incentive Plan - Performance Plan Assumptions (Details) $ in Thousands | 12 Months Ended | ||||
Jan. 11, 2023 USD ($) Rate shares | Jan. 10, 2022 USD ($) Rate shares | Jan. 07, 2021 USD ($) Rate | Jan. 08, 2020 USD ($) Rate | Dec. 31, 2022 benchmark | |
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected stock price volatility | 34.10% | 34.40% | 17.40% | ||
Expected dividend yield | 4% | 5% | 5.75% | ||
Risk-free interest rate | 1.1979% | 0.2271% | 1.59% | ||
Fair value of performance units grant (in thousands) | $ | $ 6,289 | $ 5,522 | $ 5,389 | ||
Vesting period (in years) | 3 years | 3 years | 3 years | ||
Performance Shares [Member] | Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected stock price volatility | 37.40% | ||||
Expected dividend yield | 4% | ||||
Risk-free interest rate | 3.906% | ||||
Fair value of performance units grant (in thousands) | $ | $ 4,500 | ||||
Vesting period (in years) | 3 years | ||||
Performance Shares [Member] | 2011 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Benchmarks | benchmark | 3 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Allocation for Total Stockholder Return Compared to Size-Based Peer Group | 25% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Allocation for Total Stockholder Return Compared to Industry Peer Group | 25% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Allocation for Total Stockholder Return Compared to Index | 50% | ||||
Performance Shares [Member] | 2011 Equity Incentive Plan | Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Allocation for Total Stockholder Return Compared to Industry Peer Group | 50% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Allocation for Total Stockholder Return Compared to Index | 50% | ||||
Performance Shares [Member] | 2011 Equity Incentive Plan | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Target Units Awarded | 0% | ||||
Performance Shares [Member] | 2011 Equity Incentive Plan | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Target Units Awarded | 250% | ||||
Performance Shares [Member] | 2011 Equity Incentive Plan | Vest on 1st anniversary | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period (in years) | 1 day | 1 day | 1 day | ||
LTIP Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected stock price volatility | 34% | 34% | 18% | ||
Expected dividend yield | 4% | 5% | 5.75% | ||
Risk-free interest rate | 1.204% | 0.229% | 1.61% | ||
LTIP Units | Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected stock price volatility | 37% | ||||
Expected dividend yield | 4% | ||||
Risk-free interest rate | 3.90% | ||||
LTIP Units | Performance Units Granted in 2019 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | shares | 365,996 | ||||
Stock Repurchased and Retired During Period, Shares | shares | 8,257 | ||||
LTIP Units | Performance Units Granted in 2020 | Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | shares | 167,844 | ||||
Stock Repurchased and Retired During Period, Shares | shares | 875 | ||||
Common Stock | Performance Units Granted in 2019 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | shares | 27,934 | ||||
Common Stock | Performance Units Granted in 2020 | Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | shares | 40,660 |
Equity Incentive Plan - Activit
Equity Incentive Plan - Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Jan. 11, 2023 | Jan. 10, 2022 | Jan. 07, 2021 | Feb. 13, 2020 | Jan. 08, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
2011 Equity Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,269,097 | 1,634,019 | ||||||
Performance Units Granted in 2018 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 1 year | |||||||
Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 3 years | 3 years | 3 years | |||||
Unrecognized compensation costs | $ 5,000 | |||||||
Unrecognized compensation costs, period for recognition | 1 year 8 months 12 days | |||||||
Common Stock | Performance Units Granted in 2018 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 44,591 | |||||||
Common Stock | Performance Units Granted in 2019 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 27,934 | |||||||
LTIP Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | 104,241 | 153,430 | 136,741 | 470,237 | 405,844 | 278,806 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 21,662 | $ 16,390 | $ 8,805 | |||||
Unrecognized compensation costs | $ 2,600 | |||||||
Unrecognized compensation costs, period for recognition | 2 years 4 months 24 days | |||||||
LTIP Units | Performance Units Granted in 2018 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 127,671 | |||||||
Stock Repurchased and Retired During Period, Shares | 17,731 | |||||||
Granted (in shares) | 124,743 | |||||||
LTIP Units | Performance Units Granted in 2019 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 365,996 | |||||||
Stock Repurchased and Retired During Period, Shares | 8,257 | |||||||
Restricted stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 4 years | 4 years | 4 years | 4 years | ||||
Stock Repurchased and Retired During Period, Shares | 27,706 | 25,836 | 34,117 | |||||
Granted (in shares) | 58,580 | 90,304 | 75,419 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 3,528 | $ 2,581 | $ 2,568 | |||||
Unrecognized compensation costs | $ 3,000 | |||||||
Unrecognized compensation costs, period for recognition | 2 years 4 months 24 days | |||||||
Restricted stock | Performance Units Granted in 2018 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | 6,352 | |||||||
Subsequent Event [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 3 years | |||||||
Subsequent Event [Member] | Restricted stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 4 years | |||||||
Granted (in shares) | 55,954 |
Equity Incentive Plan - Non-cas
Equity Incentive Plan - Non-cash Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
General and Administrative Expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | $ 12,026 | $ 14,943 | $ 11,681 |
Restricted stock | General and Administrative Expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | 2,103 | 2,236 | 1,924 |
LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based Payment Arrangement, Accelerated Cost | 500 | ||
LTIP Units | General and Administrative Expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | 3,996 | 6,489 | 3,903 |
Performance Shares [Member] | General and Administrative Expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | 5,423 | 5,730 | 5,358 |
Director [Member] | General and Administrative Expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | $ 504 | $ 488 | $ 496 |
Common Stock | Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based Compensation Arrangement by Share-baed Payment Award, Equity Instruments Other Than Options, Trailing Average Common Stock Price, Period | 10 days | 10 days | 10 days |
Leases - Rental Income (Details
Leases - Rental Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Fixed lease payments | $ 500,267 | $ 424,356 | $ 371,088 |
Variable lease payments | 135,888 | 118,584 | 103,389 |
Straight-line rental income | (17,893) | (18,565) | (12,711) |
Net increase (decrease) to rental income related to above and below market lease amortization | 329 | (2,073) | (4,363) |
Rental income | $ 654,377 | $ 559,432 | $ 482,825 |
Leases - Tenant Accounts Receiv
Leases - Tenant Accounts Receivable (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Security Deposit Liability | $ 19.1 | $ 15.2 |
Accrued Income Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Deferred Rent Receivables, Net | $ 91.2 | $ 75.8 |
Leases - Maturity of Fixed Leas
Leases - Maturity of Fixed Lease Payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 519,937 |
2024 | 482,016 |
2025 | 424,221 |
2026 | 347,440 |
2027 | 271,204 |
Thereafter | $ 844,941 |
Leases - Lessee Leases (Details
Leases - Lessee Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Weighted Average Remaining Lease Term | 31 years 2 months 12 days | 29 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 6.70% | 6.60% | |
Lease, Cost | $ 4,119 | $ 3,475 | $ 3,016 |
Operating Lease, Payments | 3,784 | 2,426 | 2,355 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 0 | 146 | 7,718 |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 4 months 24 days | ||
Lessee, Operating Lease, Renewal Term | 10 years | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 47 years 8 months 12 days | ||
Lessee, Operating Lease, Renewal Term | 20 years | ||
Operating Expense [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lease, Cost | $ 2,372 | 1,740 | 1,424 |
General and Administrative Expenses | |||
Lessee, Lease, Description [Line Items] | |||
Lease, Cost | $ 1,747 | $ 1,735 | $ 1,592 |
Leases - Maturity of Operating
Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 3,875 | |
2024 | 3,914 | |
2025 | 3,959 | |
2026 | 2,993 | |
2027 | 2,023 | |
Thereafter | 81,962 | |
Total lease payments | 98,726 | |
Less: Imputed interest | 63,626 | |
Operating Lease, Liability | $ 35,100 | $ 33,108 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Participating securities | 161,704 | 198,171 | 187,283 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Numerator and Denominator (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator | |||
Net income attributable to common stockholders | $ 178,089 | $ 188,175 | $ 196,720 |
Denominator | |||
Weighted average common shares outstanding — basic | 178,753 | 163,442 | 148,791 |
Shares issuable under forward sales agreements | 0 | 8 | 12 |
Weighted average common shares outstanding — diluted | 178,940 | 164,090 | 149,215 |
Net income per share attributable to common stockholders — basic | $ 1 | $ 1.15 | $ 1.32 |
Net income per share attributable to common stockholders — diluted | $ 1 | $ 1.15 | $ 1.32 |
Stock Compensation Plan [Member] | |||
Denominator | |||
Share-based compensation | 187 | 640 | 412 |
Restricted stock | |||
Denominator | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 162 | 198 | 187 |
Commitments and Contingencies -
Commitments and Contingencies - Agreements (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Letters of Credit Outstanding, Amount | $ 3.6 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||
Period of service for employees to be eligible to participate in the defined contribution plan | 3 months | ||
Discretionary match (as a percent) | 50% | ||
Maximum percentage of employee's annual salary that the entity can contribute | 6% | ||
Aggregate matching contribution | $ 0.5 | $ 0.5 | $ 0.3 |
Vesting period | 3 years |
Subsequent Events - Restricted
Subsequent Events - Restricted Stock (Details) - Restricted stock - $ / shares | 12 Months Ended | |||||||
Jan. 11, 2023 | Jan. 10, 2022 | Jan. 07, 2021 | Feb. 13, 2020 | Jan. 08, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subsequent Event [Line Items] | ||||||||
Granted (in shares) | 58,580 | 90,304 | 75,419 | |||||
Vesting period | 4 years | 4 years | 4 years | 4 years | ||||
Non-recognized Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Granted (in shares) | 55,954 | |||||||
Vesting period | 4 years | |||||||
Grant date fair value (in dollars per share) | $ 34.73 |
Subsequent Events - LTIP (Detai
Subsequent Events - LTIP (Details) - LTIP Units - USD ($) | 12 Months Ended | ||||||
Jan. 11, 2023 | Jan. 10, 2022 | Jan. 07, 2021 | Jan. 08, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subsequent Event [Line Items] | |||||||
Granted | 104,241 | 153,430 | 136,741 | 470,237 | 405,844 | 278,806 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 4,385,000 | $ 4,316,000 | $ 4,030,000 | ||||
Expected term (years) | 10 years | 10 years | 10 years | ||||
Expected stock price volatility | 34% | 34% | 18% | ||||
Expected dividend yield | 4% | 5% | 5.75% | ||||
Risk-free interest rate | 1.204% | 0.229% | 1.61% | ||||
Non-recognized Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 4,600,000 | ||||||
Expected stock price volatility | 37% | ||||||
Expected dividend yield | 4% | ||||||
Risk-free interest rate | 3.90% | ||||||
Director [Member] | Non-recognized Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Granted | 26,392 | ||||||
Vesting period | 1 year | ||||||
Expected term (years) | 10 years | ||||||
Executive officers | Non-recognized Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Granted | 112,634 | ||||||
Vesting period | 4 years |
Subsequent Events - Performance
Subsequent Events - Performance Units (Details) - USD ($) | 12 Months Ended | ||||
Jan. 11, 2023 | Jan. 10, 2022 | Jan. 07, 2021 | Jan. 08, 2020 | Dec. 31, 2022 | |
Performance Shares [Member] | |||||
Subsequent Event [Line Items] | |||||
Fair value of performance units grant (in thousands) | $ 6,289,000 | $ 5,522,000 | $ 5,389,000 | ||
Expected stock price volatility | 34.10% | 34.40% | 17.40% | ||
Expected dividend yield | 4% | 5% | 5.75% | ||
Risk-free interest rate | 1.1979% | 0.2271% | 1.59% | ||
Vesting period (in years) | 3 years | 3 years | 3 years | ||
Performance Shares [Member] | 2011 Equity Incentive Plan | |||||
Subsequent Event [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Allocation for Total Stockholder Return Compared to Industry Peer Group | 25% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Allocation for Total Stockholder Return Compared to Index | 50% | ||||
Performance Shares [Member] | Non-recognized Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Fair value of performance units grant (in thousands) | $ 4,500,000 | ||||
Expected stock price volatility | 37.40% | ||||
Expected dividend yield | 4% | ||||
Risk-free interest rate | 3.906% | ||||
Vesting period (in years) | 3 years | ||||
Performance Shares [Member] | Non-recognized Subsequent Event | 2011 Equity Incentive Plan | |||||
Subsequent Event [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Allocation for Total Stockholder Return Compared to Industry Peer Group | 50% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Allocation for Total Stockholder Return Compared to Index | 50% | ||||
LTIP Units | |||||
Subsequent Event [Line Items] | |||||
Expected stock price volatility | 34% | 34% | 18% | ||
Expected dividend yield | 4% | 5% | 5.75% | ||
Risk-free interest rate | 1.204% | 0.229% | 1.61% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 4,385,000 | $ 4,316,000 | $ 4,030,000 | ||
LTIP Units | Non-recognized Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Expected stock price volatility | 37% | ||||
Expected dividend yield | 4% | ||||
Risk-free interest rate | 3.90% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 4,600,000 |
Subsequent Events - Debt (Detai
Subsequent Events - Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Jan. 05, 2023 | Oct. 26, 2021 | Feb. 05, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2022 | Jul. 26, 2022 | |
Subsequent Event [Line Items] | ||||||||
Repayment of unsecured term loans | $ 325,000 | $ 1,125,000 | $ 300,000 | |||||
Minimum | $300 Million Unsecured Term Loan G [Member] | LIBOR | ||||||||
Subsequent Event [Line Items] | ||||||||
Interest rate margin (as a percent) | 0.85% | |||||||
Interest rate margin (as a percent) | 0.85% | |||||||
Minimum | $300 Million Unsecured Term Loan G [Member] | Base Rate [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Interest rate margin (as a percent) | 1% | |||||||
Interest rate margin (as a percent) | 1% | |||||||
Maximum | $300 Million Unsecured Term Loan G [Member] | LIBOR | ||||||||
Subsequent Event [Line Items] | ||||||||
Interest rate margin (as a percent) | 1.65% | |||||||
Interest rate margin (as a percent) | 1.65% | |||||||
Subsequent Event [Member] | Series F Unsecured Notes(6) | ||||||||
Subsequent Event [Line Items] | ||||||||
Repayment of unsecured term loans | $ 100,000 | |||||||
Unsecured Credit Facility | ||||||||
Subsequent Event [Line Items] | ||||||||
Maximum borrowing capacity | 1,000,000 | $ 750,000 | $ 1,000,000 | |||||
Maximum borrowing capacity | $ 1,000,000 | $ 750,000 | $ 1,000,000 | |||||
Unsecured Credit Facility | LIBOR | ||||||||
Subsequent Event [Line Items] | ||||||||
Interest rate margin (as a percent) | 0.775% | |||||||
Interest rate margin (as a percent) | 0.775% | |||||||
Unsecured Notes | Series F Unsecured Notes(6) | ||||||||
Subsequent Event [Line Items] | ||||||||
Stated interest rate | 3.98% | |||||||
Unsecured Notes | Subsequent Event [Member] | Series F Unsecured Notes(6) | ||||||||
Subsequent Event [Line Items] | ||||||||
Stated interest rate | 3.98% |
Schedule 3 - Real Estate and _2
Schedule 3 - Real Estate and Accumulated Depreciation - Properties (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ (8,040,000) | |||
Building and Tenant Improvements (initial cost) | 5,197,960,000 | |||
Land | 647,663,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 277,672,000 | |||
Building & Improvements | 5,475,632,000 | |||
Land | 647,663,000 | |||
Total | 6,123,295,000 | $ 5,664,907,000 | $ 4,521,301,000 | $ 3,959,883,000 |
Accumulated Depreciation | (764,809,000) | (611,867,000) | $ (495,466,000) | $ (393,506,000) |
Debt Issuance Costs, Net | (9,123,000) | (7,585,000) | ||
Montgomery, AL, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,523,000 | |||
Land | 418,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,789,000 | |||
Building & Improvements | 9,312,000 | |||
Land | 418,000 | |||
Total | 9,730,000 | |||
Accumulated Depreciation | (2,269,000) | |||
Phenix City, AL, Q4 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,415,000 | |||
Land | 276,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 280,000 | |||
Building & Improvements | 1,695,000 | |||
Land | 276,000 | |||
Total | 1,971,000 | |||
Accumulated Depreciation | (525,000) | |||
Rogers, AR, Q4 2011 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,878,000 | |||
Land | 1,072,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,625,000 | |||
Building & Improvements | 9,503,000 | |||
Land | 1,072,000 | |||
Total | 10,575,000 | |||
Accumulated Depreciation | (2,669,000) | |||
Avondale, AZ, Q4 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 13,163,000 | |||
Land | 1,674,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 28,000 | |||
Building & Improvements | 13,191,000 | |||
Land | 1,674,000 | |||
Total | 14,865,000 | |||
Accumulated Depreciation | (2,260,000) | |||
Tucson, AZ 12/13/18 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,037,000 | |||
Land | 996,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 107,000 | |||
Building & Improvements | 8,144,000 | |||
Land | 996,000 | |||
Total | 9,140,000 | |||
Accumulated Depreciation | (1,357,000) | |||
Sacramento, CA, 12-30-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,225,000 | |||
Land | 857,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 9,225,000 | |||
Land | 857,000 | |||
Total | 10,082,000 | |||
Accumulated Depreciation | (1,016,000) | |||
San Diego, CA, Q2 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 14,895,000 | |||
Land | 2,290,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 322,000 | |||
Building & Improvements | 15,217,000 | |||
Land | 2,290,000 | |||
Total | 17,507,000 | |||
Accumulated Depreciation | (2,631,000) | |||
Grand Junction, CO, Q3 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,002,000 | |||
Land | 314,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,002,000 | |||
Land | 314,000 | |||
Total | 4,316,000 | |||
Accumulated Depreciation | (924,000) | |||
Johnstown, CO, 12-18-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 14,964,000 | |||
Land | 1,133,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 27,000 | |||
Building & Improvements | 14,991,000 | |||
Land | 1,133,000 | |||
Total | 16,124,000 | |||
Accumulated Depreciation | (1,341,000) | |||
Longmont, CO , Q2 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,322,000 | |||
Land | 734,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 903,000 | |||
Building & Improvements | 6,225,000 | |||
Land | 734,000 | |||
Total | 6,959,000 | |||
Accumulated Depreciation | (837,000) | |||
Avon, CT, Q2 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,282,000 | |||
Land | 107,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 239,000 | |||
Building & Improvements | 1,521,000 | |||
Land | 107,000 | |||
Total | 1,628,000 | |||
Accumulated Depreciation | (802,000) | |||
East Windsor, Q4, 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,711,000 | |||
Land | 400,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 191,000 | |||
Building & Improvements | 5,902,000 | |||
Land | 400,000 | |||
Total | 6,302,000 | |||
Accumulated Depreciation | (1,296,000) | |||
East Windsor, CT, Q1 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,571,000 | |||
Land | 348,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,182,000 | |||
Building & Improvements | 5,753,000 | |||
Land | 348,000 | |||
Total | 6,101,000 | |||
Accumulated Depreciation | (1,854,000) | |||
Milford, CT, Q1 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,040,000 | |||
Land | 1,264,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,038,000 | |||
Building & Improvements | 11,078,000 | |||
Land | 1,264,000 | |||
Total | 12,342,000 | |||
Accumulated Depreciation | (2,308,000) | |||
North Haven, CT, Q1 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 39,253,000 | |||
Land | 4,086,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 4,513,000 | |||
Building & Improvements | 43,766,000 | |||
Land | 4,086,000 | |||
Total | 47,852,000 | |||
Accumulated Depreciation | (10,599,000) | |||
Wallingford, CT, Q2 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,071,000 | |||
Land | 585,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 317,000 | |||
Building & Improvements | 6,388,000 | |||
Land | 585,000 | |||
Total | 6,973,000 | |||
Accumulated Depreciation | (1,138,000) | |||
New Castle, DE, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 17,767,000 | |||
Land | 2,616,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 198,000 | |||
Building & Improvements | 17,965,000 | |||
Land | 2,616,000 | |||
Total | 20,581,000 | |||
Accumulated Depreciation | (4,735,000) | |||
Daytona Beach, FL, Q1 2007 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 875,000 | |||
Land | 1,237,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2,381,000 | |||
Building & Improvements | 3,256,000 | |||
Land | 1,237,000 | |||
Total | 4,493,000 | |||
Accumulated Depreciation | (1,504,000) | |||
Jacksonville 1, FL, Q1 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,391,000 | |||
Land | 451,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 415,000 | |||
Building & Improvements | 3,806,000 | |||
Land | 451,000 | |||
Total | 4,257,000 | |||
Accumulated Depreciation | (835,000) | |||
Jacksonville 2, FL, Q1 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,803,000 | |||
Land | 650,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 640,000 | |||
Building & Improvements | 8,443,000 | |||
Land | 650,000 | |||
Total | 9,093,000 | |||
Accumulated Depreciation | (1,712,000) | |||
Jacksonville 3, FL, Q1 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,837,000 | |||
Land | 674,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,557,000 | |||
Building & Improvements | 9,394,000 | |||
Land | 674,000 | |||
Total | 10,068,000 | |||
Accumulated Depreciation | (1,953,000) | |||
Jacksonville 4, FL, Q1 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,025,000 | |||
Land | 596,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,016,000 | |||
Building & Improvements | 8,041,000 | |||
Land | 596,000 | |||
Total | 8,637,000 | |||
Accumulated Depreciation | (1,634,000) | |||
Jacksonville, FL, 10-15-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 14,319,000 | |||
Land | 1,284,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,418,000 | |||
Building & Improvements | 15,737,000 | |||
Land | 1,284,000 | |||
Total | 17,021,000 | |||
Accumulated Depreciation | (1,705,000) | |||
Ocala, FL, Q1 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 13,257,000 | |||
Land | 731,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2,902,000 | |||
Building & Improvements | 16,159,000 | |||
Land | 731,000 | |||
Total | 16,890,000 | |||
Accumulated Depreciation | (4,002,000) | |||
Orlando, FL, Q4 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,814,000 | |||
Land | 1,339,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,530,000 | |||
Building & Improvements | 6,344,000 | |||
Land | 1,339,000 | |||
Total | 7,683,000 | |||
Accumulated Depreciation | (1,422,000) | |||
Orlando, FL, Q2 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,996,000 | |||
Land | 721,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,996,000 | |||
Land | 721,000 | |||
Total | 2,717,000 | |||
Accumulated Depreciation | (674,000) | |||
Tampa, FL, 8-5-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,390,000 | |||
Land | 829,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 71,000 | |||
Building & Improvements | 6,461,000 | |||
Land | 829,000 | |||
Total | 7,290,000 | |||
Accumulated Depreciation | (787,000) | |||
Augusta/Richmond County, GA, Q3 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,249,000 | |||
Land | 937,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,249,000 | |||
Land | 937,000 | |||
Total | 7,186,000 | |||
Accumulated Depreciation | (1,127,000) | |||
Calhoun, GA, Q2 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,743,000 | |||
Land | 388,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 79,000 | |||
Building & Improvements | 2,822,000 | |||
Land | 388,000 | |||
Total | 3,210,000 | |||
Accumulated Depreciation | (678,000) | |||
Dallas, GA, Q3 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,712,000 | |||
Land | 475,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,712,000 | |||
Land | 475,000 | |||
Total | 2,187,000 | |||
Accumulated Depreciation | (599,000) | |||
Forest Park2, GA, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,189,000 | |||
Land | 1,715,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,396,000 | |||
Building & Improvements | 9,585,000 | |||
Land | 1,715,000 | |||
Total | 11,300,000 | |||
Accumulated Depreciation | (2,129,000) | |||
Norcross, GA, Q2 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,415,000 | |||
Land | 1,589,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2,485,000 | |||
Building & Improvements | 4,900,000 | |||
Land | 1,589,000 | |||
Total | 6,489,000 | |||
Accumulated Depreciation | (744,000) | |||
Savannah, GA Q2 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 13,034,000 | |||
Land | 439,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 119,000 | |||
Building & Improvements | 13,153,000 | |||
Land | 439,000 | |||
Total | 13,592,000 | |||
Accumulated Depreciation | (3,174,000) | |||
Shannon, GA, Q4, 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 12,949,000 | |||
Land | 393,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 154,000 | |||
Building & Improvements | 13,103,000 | |||
Land | 393,000 | |||
Total | 13,496,000 | |||
Accumulated Depreciation | (3,247,000) | |||
Smyrna, GA, Q4 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,092,000 | |||
Land | 264,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,722,000 | |||
Building & Improvements | 4,814,000 | |||
Land | 264,000 | |||
Total | 5,078,000 | |||
Accumulated Depreciation | (1,065,000) | |||
Statham, GA, Q4 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,130,000 | |||
Land | 588,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,258,000 | |||
Building & Improvements | 7,388,000 | |||
Land | 588,000 | |||
Total | 7,976,000 | |||
Accumulated Depreciation | (2,187,000) | |||
Stone Mountain, GA, Q3 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,548,000 | |||
Land | 612,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 780,000 | |||
Building & Improvements | 3,328,000 | |||
Land | 612,000 | |||
Total | 3,940,000 | |||
Accumulated Depreciation | (663,000) | |||
Idaho Falls, ID, Q2 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,712,000 | |||
Land | 356,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 71,000 | |||
Building & Improvements | 2,783,000 | |||
Land | 356,000 | |||
Total | 3,139,000 | |||
Accumulated Depreciation | (773,000) | |||
Batavia, IL, Q2 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,238,000 | |||
Land | 618,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,238,000 | |||
Land | 618,000 | |||
Total | 4,856,000 | |||
Accumulated Depreciation | (845,000) | |||
Belvidere, IL, Q3 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,083,000 | |||
Land | 442,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 255,000 | |||
Building & Improvements | 4,338,000 | |||
Land | 442,000 | |||
Total | 4,780,000 | |||
Accumulated Depreciation | (1,107,000) | |||
Belvidere, IL, Q2 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 16,914,000 | |||
Land | 2,341,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 31,000 | |||
Building & Improvements | 16,945,000 | |||
Land | 2,341,000 | |||
Total | 19,286,000 | |||
Accumulated Depreciation | (3,377,000) | |||
Belvidere, IL, Q2 2013, Three [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,485,000 | |||
Land | 538,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 121,000 | |||
Building & Improvements | 3,606,000 | |||
Land | 538,000 | |||
Total | 4,144,000 | |||
Accumulated Depreciation | (896,000) | |||
Belvidere, IL, Q2 2013, Four [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,824,000 | |||
Land | 670,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 78,000 | |||
Building & Improvements | 6,902,000 | |||
Land | 670,000 | |||
Total | 7,572,000 | |||
Accumulated Depreciation | (1,687,000) | |||
Belvidere, IL, Q2 2013, Five [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,291,000 | |||
Land | 668,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,291,000 | |||
Land | 668,000 | |||
Total | 4,959,000 | |||
Accumulated Depreciation | (1,095,000) | |||
Belvidere, IL, Q2 2013, Six [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,699,000 | |||
Land | 866,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 274,000 | |||
Building & Improvements | 3,973,000 | |||
Land | 866,000 | |||
Total | 4,839,000 | |||
Accumulated Depreciation | (1,123,000) | |||
Belvidere, IL, Q2 2013, Eight [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,269,000 | |||
Land | 1,542,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,665,000 | |||
Building & Improvements | 9,934,000 | |||
Land | 1,542,000 | |||
Total | 11,476,000 | |||
Accumulated Depreciation | (2,648,000) | |||
Belvidere, IL, Q2 2013, Nine [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 71,000 | |||
Land | 216,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 71,000 | |||
Land | 216,000 | |||
Total | 287,000 | |||
Accumulated Depreciation | (71,000) | |||
DeKalb, IL, Q1 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,505,000 | |||
Land | 489,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,505,000 | |||
Land | 489,000 | |||
Total | 4,994,000 | |||
Accumulated Depreciation | (1,296,000) | |||
Gurnee, IL, Q4 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 11,231,000 | |||
Land | 1,716,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,272,000 | |||
Building & Improvements | 12,503,000 | |||
Land | 1,716,000 | |||
Total | 14,219,000 | |||
Accumulated Depreciation | (3,019,000) | |||
Harvard, IL, Q4 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,875,000 | |||
Land | 1,157,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 695,000 | |||
Building & Improvements | 3,570,000 | |||
Land | 1,157,000 | |||
Total | 4,727,000 | |||
Accumulated Depreciation | (1,115,000) | |||
Itasca, IL, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 12,216,000 | |||
Land | 2,428,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,224,000 | |||
Building & Improvements | 13,440,000 | |||
Land | 2,428,000 | |||
Total | 15,868,000 | |||
Accumulated Depreciation | (3,270,000) | |||
Lisle, IL, 10-10-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,368,000 | |||
Land | 2,302,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,368,000 | |||
Land | 2,302,000 | |||
Total | 10,670,000 | |||
Accumulated Depreciation | (1,017,000) | |||
Machesney Park, IL, Q2 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,525,000 | |||
Land | 300,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 43,000 | |||
Building & Improvements | 3,568,000 | |||
Land | 300,000 | |||
Total | 3,868,000 | |||
Accumulated Depreciation | (829,000) | |||
McHenry, IL, Q2 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,818,000 | |||
Land | 576,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 120,000 | |||
Building & Improvements | 3,938,000 | |||
Land | 576,000 | |||
Total | 4,514,000 | |||
Accumulated Depreciation | (703,000) | |||
McHenry, IL, 2, Q2 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,010,000 | |||
Land | 448,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 27,000 | |||
Building & Improvements | 4,037,000 | |||
Land | 448,000 | |||
Total | 4,485,000 | |||
Accumulated Depreciation | (675,000) | |||
Chicago, IL, Q3 2018 (2) [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 0 | |||
Land | 173,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 0 | |||
Land | 173,000 | |||
Total | 173,000 | |||
Accumulated Depreciation | 0 | |||
Montgomery, IL, Q4 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 12,373,000 | |||
Land | 2,190,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2,996,000 | |||
Building & Improvements | 15,369,000 | |||
Land | 2,190,000 | |||
Total | 17,559,000 | |||
Accumulated Depreciation | (4,302,000) | |||
Sauk Village, IL, Q4 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,405,000 | |||
Land | 877,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 676,000 | |||
Building & Improvements | 6,081,000 | |||
Land | 877,000 | |||
Total | 6,958,000 | |||
Accumulated Depreciation | (1,563,000) | |||
Waukegan 1, IL, Q2 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,030,000 | |||
Land | 1,004,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,030,000 | |||
Land | 1,004,000 | |||
Total | 6,034,000 | |||
Accumulated Depreciation | (941,000) | |||
West Chicago1, IL, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,036,000 | |||
Land | 768,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 772,000 | |||
Building & Improvements | 2,808,000 | |||
Land | 768,000 | |||
Total | 3,576,000 | |||
Accumulated Depreciation | (858,000) | |||
West Chicago2, IL, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 668,000 | |||
Land | 382,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 282,000 | |||
Building & Improvements | 950,000 | |||
Land | 382,000 | |||
Total | 1,332,000 | |||
Accumulated Depreciation | (238,000) | |||
West Chicago3, IL, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 768,000 | |||
Land | 450,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 272,000 | |||
Building & Improvements | 1,040,000 | |||
Land | 450,000 | |||
Total | 1,490,000 | |||
Accumulated Depreciation | (283,000) | |||
West Chicago4, IL, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 842,000 | |||
Land | 369,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 392,000 | |||
Building & Improvements | 1,234,000 | |||
Land | 369,000 | |||
Total | 1,603,000 | |||
Accumulated Depreciation | (295,000) | |||
West Chicago5, IL, Q4 2016 [Member] [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 892,000 | |||
Land | 216,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 315,000 | |||
Building & Improvements | 1,207,000 | |||
Land | 216,000 | |||
Total | 1,423,000 | |||
Accumulated Depreciation | (280,000) | |||
West Chicago, IL, Q2 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,135,000 | |||
Land | 915,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,283,000 | |||
Building & Improvements | 7,418,000 | |||
Land | 915,000 | |||
Total | 8,333,000 | |||
Accumulated Depreciation | (1,801,000) | |||
Wood Dale, IL, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,982,000 | |||
Land | 1,226,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,982,000 | |||
Land | 1,226,000 | |||
Total | 6,208,000 | |||
Accumulated Depreciation | (957,000) | |||
Woodstock, IL, Q4 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,796,000 | |||
Land | 496,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 183,000 | |||
Building & Improvements | 3,979,000 | |||
Land | 496,000 | |||
Total | 4,475,000 | |||
Accumulated Depreciation | (1,264,000) | |||
Albion, IN, Q3 2006, Four [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 407,000 | |||
Land | 53,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 407,000 | |||
Land | 53,000 | |||
Total | 460,000 | |||
Accumulated Depreciation | (318,000) | |||
Albion, IN, Q3 2006, Six [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,443,000 | |||
Land | 126,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,443,000 | |||
Land | 126,000 | |||
Total | 1,569,000 | |||
Accumulated Depreciation | (562,000) | |||
Elkhart, IN, Q3, 2007, One [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 210,000 | |||
Land | 25,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 143,000 | |||
Building & Improvements | 353,000 | |||
Land | 25,000 | |||
Total | 378,000 | |||
Accumulated Depreciation | (133,000) | |||
Elkhart, IN, Q3 2007, Two [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,519,000 | |||
Land | 422,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,175,000 | |||
Building & Improvements | 4,694,000 | |||
Land | 422,000 | |||
Total | 5,116,000 | |||
Accumulated Depreciation | (1,649,000) | |||
Fort Wayne, IN, Q4 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,076,000 | |||
Land | 112,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 3,000 | |||
Building & Improvements | 3,079,000 | |||
Land | 112,000 | |||
Total | 3,191,000 | |||
Accumulated Depreciation | (739,000) | |||
Goshen, IN, Q3 2010 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,998,000 | |||
Land | 1,442,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,824,000 | |||
Building & Improvements | 7,822,000 | |||
Land | 1,442,000 | |||
Total | 9,264,000 | |||
Accumulated Depreciation | (2,386,000) | |||
Lafayette, IN, Q4 2012, One [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,205,000 | |||
Land | 295,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 65,000 | |||
Building & Improvements | 2,270,000 | |||
Land | 295,000 | |||
Total | 2,565,000 | |||
Accumulated Depreciation | (618,000) | |||
Lafayette, IN, Q4 2012, Two [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,405,000 | |||
Land | 410,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 372,000 | |||
Building & Improvements | 3,777,000 | |||
Land | 410,000 | |||
Total | 4,187,000 | |||
Accumulated Depreciation | (1,008,000) | |||
Lafayette, IN, Q4 2012, Three [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,920,000 | |||
Land | 906,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 514,000 | |||
Building & Improvements | 8,434,000 | |||
Land | 906,000 | |||
Total | 9,340,000 | |||
Accumulated Depreciation | (2,389,000) | |||
Indianapolis, IN, Q3 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 21,160,000 | |||
Land | 1,654,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 21,160,000 | |||
Land | 1,654,000 | |||
Total | 22,814,000 | |||
Accumulated Depreciation | (3,000,000) | |||
Lebanon, IN, 12-19-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 36,091,000 | |||
Land | 2,359,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 36,091,000 | |||
Land | 2,359,000 | |||
Total | 38,450,000 | |||
Accumulated Depreciation | (3,531,000) | |||
Lebanon, IN, 10-18-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 50,300,000 | |||
Land | 2,948,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 50,300,000 | |||
Land | 2,948,000 | |||
Total | 53,248,000 | |||
Accumulated Depreciation | (4,466,000) | |||
Marion, IN, Q4 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,934,000 | |||
Land | 243,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 718,000 | |||
Building & Improvements | 3,652,000 | |||
Land | 243,000 | |||
Total | 3,895,000 | |||
Accumulated Depreciation | (1,164,000) | |||
Portage, IN, 11-7-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 28,094,000 | |||
Land | 1,626,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 425,000 | |||
Building & Improvements | 28,519,000 | |||
Land | 1,626,000 | |||
Total | 30,145,000 | |||
Accumulated Depreciation | (3,331,000) | |||
Portage, IN, Q4 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,416,000 | |||
Land | 0 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,416,000 | |||
Land | 0 | |||
Total | 5,416,000 | |||
Accumulated Depreciation | (1,474,000) | |||
South Bend, IN, Q1 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,718,000 | |||
Land | 411,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 294,000 | |||
Building & Improvements | 5,012,000 | |||
Land | 411,000 | |||
Total | 5,423,000 | |||
Accumulated Depreciation | (1,434,000) | |||
Ankeny, IA, 12-19-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 13,709,000 | |||
Land | 846,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 105,000 | |||
Building & Improvements | 13,814,000 | |||
Land | 846,000 | |||
Total | 14,660,000 | |||
Accumulated Depreciation | (1,352,000) | |||
Council Bluffs, IA, Q4 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,438,000 | |||
Land | 414,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,438,000 | |||
Land | 414,000 | |||
Total | 4,852,000 | |||
Accumulated Depreciation | (759,000) | |||
Des Moines, IA, Q3 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,477,000 | |||
Land | 556,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,477,000 | |||
Land | 556,000 | |||
Total | 5,033,000 | |||
Accumulated Depreciation | (767,000) | |||
Marion, IA, Q1 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,229,000 | |||
Land | 691,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 188,000 | |||
Building & Improvements | 2,417,000 | |||
Land | 691,000 | |||
Total | 3,108,000 | |||
Accumulated Depreciation | (772,000) | |||
Edwardsville, KS, Q2 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 13,007,000 | |||
Land | 1,360,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 544,000 | |||
Building & Improvements | 13,551,000 | |||
Land | 1,360,000 | |||
Total | 14,911,000 | |||
Accumulated Depreciation | (2,695,000) | |||
Lenexa, KS, 7-10-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,649,000 | |||
Land | 1,759,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 33,000 | |||
Building & Improvements | 9,682,000 | |||
Land | 1,759,000 | |||
Total | 11,441,000 | |||
Accumulated Depreciation | (1,105,000) | |||
Lenexa, KS, Q3 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,610,000 | |||
Land | 2,368,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 7,610,000 | |||
Land | 2,368,000 | |||
Total | 9,978,000 | |||
Accumulated Depreciation | (2,755,000) | |||
Olathe, KS, 12-31-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 16,272,000 | |||
Land | 1,193,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 67,000 | |||
Building & Improvements | 16,339,000 | |||
Land | 1,193,000 | |||
Total | 17,532,000 | |||
Accumulated Depreciation | (1,826,000) | |||
Olathe, KS, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 20,763,000 | |||
Land | 2,431,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 4,199,000 | |||
Building & Improvements | 24,962,000 | |||
Land | 2,431,000 | |||
Total | 27,393,000 | |||
Accumulated Depreciation | (6,257,000) | |||
Wichita, KS, Q4 2012, 1 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,815,000 | |||
Land | 88,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 10,000 | |||
Building & Improvements | 1,825,000 | |||
Land | 88,000 | |||
Total | 1,913,000 | |||
Accumulated Depreciation | (512,000) | |||
Wichita, KS, Q4 2012, 2 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,839,000 | |||
Land | 107,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 183,000 | |||
Building & Improvements | 2,022,000 | |||
Land | 107,000 | |||
Total | 2,129,000 | |||
Accumulated Depreciation | (625,000) | |||
Wichita, KS, Q4 2012, 4 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 833,000 | |||
Land | 76,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 181,000 | |||
Building & Improvements | 1,014,000 | |||
Land | 76,000 | |||
Total | 1,090,000 | |||
Accumulated Depreciation | (428,000) | |||
Bardstown, KY, Q2 2007 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,295,000 | |||
Land | 379,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 125,000 | |||
Building & Improvements | 2,420,000 | |||
Land | 379,000 | |||
Total | 2,799,000 | |||
Accumulated Depreciation | (896,000) | |||
Danville, KY, Q4 2007 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 11,593,000 | |||
Land | 965,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 4,325,000 | |||
Building & Improvements | 15,918,000 | |||
Land | 965,000 | |||
Total | 16,883,000 | |||
Accumulated Depreciation | (4,958,000) | |||
Erlanger, KY, Q1 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,791,000 | |||
Land | 635,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 346,000 | |||
Building & Improvements | 4,137,000 | |||
Land | 635,000 | |||
Total | 4,772,000 | |||
Accumulated Depreciation | (985,000) | |||
Florence, KY, 1-24-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,914,000 | |||
Land | 863,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 88,000 | |||
Building & Improvements | 8,002,000 | |||
Land | 863,000 | |||
Total | 8,865,000 | |||
Accumulated Depreciation | (1,196,000) | |||
Florence, KY , Q2 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,858,000 | |||
Land | 3,109,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 282,000 | |||
Building & Improvements | 11,140,000 | |||
Land | 3,109,000 | |||
Total | 14,249,000 | |||
Accumulated Depreciation | (2,334,000) | |||
Hebron, KY, Q2 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,526,000 | |||
Land | 370,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 773,000 | |||
Building & Improvements | 5,299,000 | |||
Land | 370,000 | |||
Total | 5,669,000 | |||
Accumulated Depreciation | (1,356,000) | |||
Louisville, KY, Q3 2011, One [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,615,000 | |||
Land | 386,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,326,000 | |||
Building & Improvements | 4,941,000 | |||
Land | 386,000 | |||
Total | 5,327,000 | |||
Accumulated Depreciation | (1,345,000) | |||
Louisville, KY, Q3 2011, Two [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,767,000 | |||
Land | 616,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,745,000 | |||
Building & Improvements | 7,512,000 | |||
Land | 616,000 | |||
Total | 8,128,000 | |||
Accumulated Depreciation | (2,035,000) | |||
Baton Rouge, LA, 6-18-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,871,000 | |||
Land | 1,619,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 626,000 | |||
Building & Improvements | 6,497,000 | |||
Land | 1,619,000 | |||
Total | 8,116,000 | |||
Accumulated Depreciation | (835,000) | |||
Baton Rouge, LA, 6-18-19 (2) [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,682,000 | |||
Land | 2,567,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,682,000 | |||
Land | 2,567,000 | |||
Total | 9,249,000 | |||
Accumulated Depreciation | (987,000) | |||
Baton Rouge, LA , Q2 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 15,402,000 | |||
Land | 1,962,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 42,000 | |||
Building & Improvements | 15,444,000 | |||
Land | 1,962,000 | |||
Total | 17,406,000 | |||
Accumulated Depreciation | (2,443,000) | |||
Shreveport, LA, Q4 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,572,000 | |||
Land | 1,804,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,276,000 | |||
Building & Improvements | 6,848,000 | |||
Land | 1,804,000 | |||
Total | 8,652,000 | |||
Accumulated Depreciation | (1,457,000) | |||
Biddeford, ME, Q1 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,164,000 | |||
Land | 1,369,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 4,849,000 | |||
Building & Improvements | 13,013,000 | |||
Land | 1,369,000 | |||
Total | 14,382,000 | |||
Accumulated Depreciation | (3,241,000) | |||
Gardiner, ME, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,983,000 | |||
Land | 948,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 23,000 | |||
Building & Improvements | 9,006,000 | |||
Land | 948,000 | |||
Total | 9,954,000 | |||
Accumulated Depreciation | (2,429,000) | |||
Lewiston, ME, Q4 2007 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,374,000 | |||
Land | 173,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,064,000 | |||
Building & Improvements | 6,438,000 | |||
Land | 173,000 | |||
Total | 6,611,000 | |||
Accumulated Depreciation | (2,442,000) | |||
Portland, ME, Q1 2012, 2 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,648,000 | |||
Land | 891,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 284,000 | |||
Building & Improvements | 3,932,000 | |||
Land | 891,000 | |||
Total | 4,823,000 | |||
Accumulated Depreciation | (1,008,000) | |||
Elkridge, MD, 3-28-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,776,000 | |||
Land | 2,982,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 38,000 | |||
Building & Improvements | 8,814,000 | |||
Land | 2,982,000 | |||
Total | 11,796,000 | |||
Accumulated Depreciation | (1,095,000) | |||
Hampstead, MD, Q3 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 34,933,000 | |||
Land | 780,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2,738,000 | |||
Building & Improvements | 37,671,000 | |||
Land | 780,000 | |||
Total | 38,451,000 | |||
Accumulated Depreciation | (9,145,000) | |||
Baltimore, MD 10/23/18 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,912,000 | |||
Land | 963,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 774,000 | |||
Building & Improvements | 7,686,000 | |||
Land | 963,000 | |||
Total | 8,649,000 | |||
Accumulated Depreciation | (978,000) | |||
Chicopee, MA, Q4 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,614,000 | |||
Land | 504,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 3,145,000 | |||
Building & Improvements | 8,759,000 | |||
Land | 504,000 | |||
Total | 9,263,000 | |||
Accumulated Depreciation | (1,651,000) | |||
Malden, MA, Q2 2007, One [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,817,000 | |||
Land | 366,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,817,000 | |||
Land | 366,000 | |||
Total | 3,183,000 | |||
Accumulated Depreciation | (1,124,000) | |||
Malden, MA, Q2 2007, Two [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,961,000 | |||
Land | 507,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,961,000 | |||
Land | 507,000 | |||
Total | 4,468,000 | |||
Accumulated Depreciation | (1,580,000) | |||
Middleborough, MA, 8-22-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,243,000 | |||
Land | 2,397,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 7,243,000 | |||
Land | 2,397,000 | |||
Total | 9,640,000 | |||
Accumulated Depreciation | (1,337,000) | |||
Norton, MA, Q3 2011 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,105,000 | |||
Land | 2,839,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 250,000 | |||
Building & Improvements | 6,355,000 | |||
Land | 2,839,000 | |||
Total | 9,194,000 | |||
Accumulated Depreciation | (1,872,000) | |||
South Easton, MA, Q4 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,826,000 | |||
Land | 403,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 481,000 | |||
Building & Improvements | 6,307,000 | |||
Land | 403,000 | |||
Total | 6,710,000 | |||
Accumulated Depreciation | (957,000) | |||
Stoughton, MA, Q2 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,613,000 | |||
Land | 2,256,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,660,000 | |||
Building & Improvements | 4,273,000 | |||
Land | 2,256,000 | |||
Total | 6,529,000 | |||
Accumulated Depreciation | (1,564,000) | |||
Stoughton, MA, Q2 2015, 2 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,138,000 | |||
Land | 538,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 293,000 | |||
Building & Improvements | 1,431,000 | |||
Land | 538,000 | |||
Total | 1,969,000 | |||
Accumulated Depreciation | (446,000) | |||
Westborough, MA, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,733,000 | |||
Land | 661,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 23,000 | |||
Building & Improvements | 5,756,000 | |||
Land | 661,000 | |||
Total | 6,417,000 | |||
Accumulated Depreciation | (1,104,000) | |||
Belleville, MI, Q3 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,484,000 | |||
Land | 724,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 616,000 | |||
Building & Improvements | 7,100,000 | |||
Land | 724,000 | |||
Total | 7,824,000 | |||
Accumulated Depreciation | (1,321,000) | |||
Chesterfield, MI, Q2 2007, One [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,099,000 | |||
Land | 207,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 12,000 | |||
Building & Improvements | 1,111,000 | |||
Land | 207,000 | |||
Total | 1,318,000 | |||
Accumulated Depreciation | (440,000) | |||
Chesterfield, MI, Q2 2007, Two [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 798,000 | |||
Land | 150,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 477,000 | |||
Building & Improvements | 1,275,000 | |||
Land | 150,000 | |||
Total | 1,425,000 | |||
Accumulated Depreciation | (428,000) | |||
Chesterfield, MI, Q2 2007, Three [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 802,000 | |||
Land | 151,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 210,000 | |||
Building & Improvements | 1,012,000 | |||
Land | 151,000 | |||
Total | 1,163,000 | |||
Accumulated Depreciation | (458,000) | |||
Chesterfield, MI, Q2 2007, Four [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,006,000 | |||
Land | 942,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2,365,000 | |||
Building & Improvements | 7,371,000 | |||
Land | 942,000 | |||
Total | 8,313,000 | |||
Accumulated Depreciation | (2,931,000) | |||
Grand Rapids, MI, Q4 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,332,000 | |||
Land | 169,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 34,000 | |||
Building & Improvements | 7,366,000 | |||
Land | 169,000 | |||
Total | 7,535,000 | |||
Accumulated Depreciation | (1,809,000) | |||
Holland, MI, Q4 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,273,000 | |||
Land | 279,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 208,000 | |||
Building & Improvements | 3,481,000 | |||
Land | 279,000 | |||
Total | 3,760,000 | |||
Accumulated Depreciation | (949,000) | |||
Kentwood, MI, 8-19-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,955,000 | |||
Land | 307,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 29,000 | |||
Building & Improvements | 7,984,000 | |||
Land | 307,000 | |||
Total | 8,291,000 | |||
Accumulated Depreciation | (1,047,000) | |||
Kentwood, MI, Q2 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,436,000 | |||
Land | 407,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 120,000 | |||
Building & Improvements | 2,556,000 | |||
Land | 407,000 | |||
Total | 2,963,000 | |||
Accumulated Depreciation | (664,000) | |||
Lansing, MI, Q2 2011 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,706,000 | |||
Land | 501,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 7,357,000 | |||
Building & Improvements | 15,063,000 | |||
Land | 501,000 | |||
Total | 15,564,000 | |||
Accumulated Depreciation | (3,602,000) | |||
Lansing, MI, Q1 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,961,000 | |||
Land | 580,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 43,000 | |||
Building & Improvements | 4,004,000 | |||
Land | 580,000 | |||
Total | 4,584,000 | |||
Accumulated Depreciation | (1,092,000) | |||
Lansing, MI, Q4 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,056,000 | |||
Land | 429,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 100,000 | |||
Building & Improvements | 7,156,000 | |||
Land | 429,000 | |||
Total | 7,585,000 | |||
Accumulated Depreciation | (2,084,000) | |||
Lansing, MI, Q4 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,176,000 | |||
Land | 907,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,176,000 | |||
Land | 907,000 | |||
Total | 6,083,000 | |||
Accumulated Depreciation | (1,413,000) | |||
Detroit, MI, 12/14/18 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,032,000 | |||
Land | 1,390,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 582,000 | |||
Building & Improvements | 7,614,000 | |||
Land | 1,390,000 | |||
Total | 9,004,000 | |||
Accumulated Depreciation | (1,331,000) | |||
Detroit, MI, 2, 12/14/18 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,918,000 | |||
Land | 848,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 987,000 | |||
Building & Improvements | 9,905,000 | |||
Land | 848,000 | |||
Total | 10,753,000 | |||
Accumulated Depreciation | (1,229,000) | |||
Marshall, MI, Q2 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,042,000 | |||
Land | 199,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 130,000 | |||
Building & Improvements | 1,172,000 | |||
Land | 199,000 | |||
Total | 1,371,000 | |||
Accumulated Depreciation | (369,000) | |||
Novi, MI, Q4 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,649,000 | |||
Land | 252,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 363,000 | |||
Building & Improvements | 4,012,000 | |||
Land | 252,000 | |||
Total | 4,264,000 | |||
Accumulated Depreciation | (1,090,000) | |||
Novi, MI, Q3 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,035,000 | |||
Land | 626,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 23,000 | |||
Building & Improvements | 6,058,000 | |||
Land | 626,000 | |||
Total | 6,684,000 | |||
Accumulated Depreciation | (1,530,000) | |||
Detroit, MI, Q3 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 16,918,000 | |||
Land | 1,381,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 925,000 | |||
Building & Improvements | 17,843,000 | |||
Land | 1,381,000 | |||
Total | 19,224,000 | |||
Accumulated Depreciation | (2,571,000) | |||
Plymouth, MI, Q2 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,620,000 | |||
Land | 365,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 250,000 | |||
Building & Improvements | 4,870,000 | |||
Land | 365,000 | |||
Total | 5,235,000 | |||
Accumulated Depreciation | (1,165,000) | |||
Redford, MI, Q1 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,114,000 | |||
Land | 728,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 50,000 | |||
Building & Improvements | 6,164,000 | |||
Land | 728,000 | |||
Total | 6,892,000 | |||
Accumulated Depreciation | (1,615,000) | |||
Romulus, MI, Q2 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 14,942,000 | |||
Land | 1,254,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 14,942,000 | |||
Land | 1,254,000 | |||
Total | 16,196,000 | |||
Accumulated Depreciation | (2,643,000) | |||
Romulus, MI, Q2 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 14,949,000 | |||
Land | 1,080,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 289,000 | |||
Building & Improvements | 15,238,000 | |||
Land | 1,080,000 | |||
Total | 16,318,000 | |||
Accumulated Depreciation | (2,948,000) | |||
Sterling Heights, MI, Q4 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,191,000 | |||
Land | 1,133,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,385,000 | |||
Building & Improvements | 5,576,000 | |||
Land | 1,133,000 | |||
Total | 6,709,000 | |||
Accumulated Depreciation | (1,454,000) | |||
Walker, MI, Q4 2010 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,593,000 | |||
Land | 855,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 342,000 | |||
Building & Improvements | 4,935,000 | |||
Land | 855,000 | |||
Total | 5,790,000 | |||
Accumulated Depreciation | (1,444,000) | |||
Warren, MI, Q1 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,820,000 | |||
Land | 502,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 116,000 | |||
Building & Improvements | 5,936,000 | |||
Land | 502,000 | |||
Total | 6,438,000 | |||
Accumulated Depreciation | (1,136,000) | |||
Warren, MI, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 16,035,000 | |||
Land | 1,290,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 16,035,000 | |||
Land | 1,290,000 | |||
Total | 17,325,000 | |||
Accumulated Depreciation | (3,658,000) | |||
Zeeland, MI, 4-8-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 12,100,000 | |||
Land | 487,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 12,100,000 | |||
Land | 487,000 | |||
Total | 12,587,000 | |||
Accumulated Depreciation | (1,745,000) | |||
Blaine, MN, 2-28-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 16,873,000 | |||
Land | 2,258,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 16,873,000 | |||
Land | 2,258,000 | |||
Total | 19,131,000 | |||
Accumulated Depreciation | (2,160,000) | |||
Bloomington, MN, Q1 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,582,000 | |||
Land | 1,702,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 23,000 | |||
Building & Improvements | 8,605,000 | |||
Land | 1,702,000 | |||
Total | 10,307,000 | |||
Accumulated Depreciation | (1,502,000) | |||
Brooklyn Park, MN, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 11,988,000 | |||
Land | 1,926,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 11,988,000 | |||
Land | 1,926,000 | |||
Total | 13,914,000 | |||
Accumulated Depreciation | (2,396,000) | |||
Alexandria, MN, Q1 2008 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,855,000 | |||
Land | 960,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 151,000 | |||
Building & Improvements | 6,006,000 | |||
Land | 960,000 | |||
Total | 6,966,000 | |||
Accumulated Depreciation | (1,962,000) | |||
Eagan, MN, 11-4-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 15,290,000 | |||
Land | 2,526,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 15,290,000 | |||
Land | 2,526,000 | |||
Total | 17,816,000 | |||
Accumulated Depreciation | (2,070,000) | |||
Maple Grove, MN, Q2 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,634,000 | |||
Land | 969,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 473,000 | |||
Building & Improvements | 7,107,000 | |||
Land | 969,000 | |||
Total | 8,076,000 | |||
Accumulated Depreciation | (1,450,000) | |||
Mendota Heights, MN, Q2 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,492,000 | |||
Land | 1,494,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,062,000 | |||
Building & Improvements | 4,554,000 | |||
Land | 1,494,000 | |||
Total | 6,048,000 | |||
Accumulated Depreciation | (1,037,000) | |||
New Hope, MN, Q3 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,902,000 | |||
Land | 1,919,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 449,000 | |||
Building & Improvements | 2,351,000 | |||
Land | 1,919,000 | |||
Total | 4,270,000 | |||
Accumulated Depreciation | (675,000) | |||
Oakdale, MN, 4-2-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,556,000 | |||
Land | 647,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 202,000 | |||
Building & Improvements | 6,758,000 | |||
Land | 647,000 | |||
Total | 7,405,000 | |||
Accumulated Depreciation | (1,039,000) | |||
Minneapolis/St Paul, MN 10/22/18 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,022,000 | |||
Land | 1,396,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 298,000 | |||
Building & Improvements | 5,320,000 | |||
Land | 1,396,000 | |||
Total | 6,716,000 | |||
Accumulated Depreciation | (897,000) | |||
Minneapolis/St Paul, MN, Q3 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,978,000 | |||
Land | 1,599,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,978,000 | |||
Land | 1,599,000 | |||
Total | 6,577,000 | |||
Accumulated Depreciation | (1,013,000) | |||
Plymouth, MN, 10-29-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,855,000 | |||
Land | 1,109,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 24,000 | |||
Building & Improvements | 5,879,000 | |||
Land | 1,109,000 | |||
Total | 6,988,000 | |||
Accumulated Depreciation | (723,000) | |||
Plymouth, MN, 10-29-19 (2) [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,919,000 | |||
Land | 1,569,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,919,000 | |||
Land | 1,569,000 | |||
Total | 8,488,000 | |||
Accumulated Depreciation | (824,000) | |||
Savage, MN, Q3 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,836,000 | |||
Land | 3,194,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,253,000 | |||
Building & Improvements | 5,089,000 | |||
Land | 3,194,000 | |||
Total | 8,283,000 | |||
Accumulated Depreciation | (1,614,000) | |||
Shakopee, MN, 11-5-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 12,496,000 | |||
Land | 927,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 61,000 | |||
Building & Improvements | 12,557,000 | |||
Land | 927,000 | |||
Total | 13,484,000 | |||
Accumulated Depreciation | (1,223,000) | |||
South Saint Paul, MA, Q2 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 14,975,000 | |||
Land | 2,378,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 498,000 | |||
Building & Improvements | 15,473,000 | |||
Land | 2,378,000 | |||
Total | 17,851,000 | |||
Accumulated Depreciation | (2,626,000) | |||
Earth City, MO, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,751,000 | |||
Land | 1,123,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 60,000 | |||
Building & Improvements | 2,811,000 | |||
Land | 1,123,000 | |||
Total | 3,934,000 | |||
Accumulated Depreciation | (674,000) | |||
Fenton, MO, 10-21-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,358,000 | |||
Land | 791,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 9,358,000 | |||
Land | 791,000 | |||
Total | 10,149,000 | |||
Accumulated Depreciation | (1,044,000) | |||
Hazelwood, MO, Q3 2011 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,030,000 | |||
Land | 1,382,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,599,000 | |||
Building & Improvements | 6,629,000 | |||
Land | 1,382,000 | |||
Total | 8,011,000 | |||
Accumulated Depreciation | (1,959,000) | |||
O'Fallon, MO, Q3 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,606,000 | |||
Land | 1,233,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 401,000 | |||
Building & Improvements | 4,007,000 | |||
Land | 1,233,000 | |||
Total | 5,240,000 | |||
Accumulated Depreciation | (949,000) | |||
O'fallen, MO, Q3 2010 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,579,000 | |||
Land | 1,242,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 829,000 | |||
Building & Improvements | 3,408,000 | |||
Land | 1,242,000 | |||
Total | 4,650,000 | |||
Accumulated Depreciation | (1,053,000) | |||
Omaha, NE, 3-11-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 13,736,000 | |||
Land | 1,602,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 52,000 | |||
Building & Improvements | 13,788,000 | |||
Land | 1,602,000 | |||
Total | 15,390,000 | |||
Accumulated Depreciation | (1,588,000) | |||
Omaha, NE, 9-11-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,202,000 | |||
Land | 572,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 164,000 | |||
Building & Improvements | 3,366,000 | |||
Land | 572,000 | |||
Total | 3,938,000 | |||
Accumulated Depreciation | (363,000) | |||
Omaha, NE, 9-11-19 (2) [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,449,000 | |||
Land | 579,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 133,000 | |||
Building & Improvements | 2,582,000 | |||
Land | 579,000 | |||
Total | 3,161,000 | |||
Accumulated Depreciation | (351,000) | |||
Las Vegas, NV , Q2 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 12,390,000 | |||
Land | 2,615,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 236,000 | |||
Building & Improvements | 12,626,000 | |||
Land | 2,615,000 | |||
Total | 15,241,000 | |||
Accumulated Depreciation | (2,079,000) | |||
Las Vegas, NV, Q3 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,259,000 | |||
Land | 770,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 117,000 | |||
Building & Improvements | 3,376,000 | |||
Land | 770,000 | |||
Total | 4,146,000 | |||
Accumulated Depreciation | (566,000) | |||
Paradise, NV, 8-27-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,514,000 | |||
Land | 949,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,514,000 | |||
Land | 949,000 | |||
Total | 5,463,000 | |||
Accumulated Depreciation | (516,000) | |||
Paradise, NV, 8-27-19 (2) [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,415,000 | |||
Land | 1,465,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 251,000 | |||
Building & Improvements | 3,666,000 | |||
Land | 1,465,000 | |||
Total | 5,131,000 | |||
Accumulated Depreciation | (538,000) | |||
Reno, NV, Q3 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,356,000 | |||
Land | 1,372,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 107,000 | |||
Building & Improvements | 3,463,000 | |||
Land | 1,372,000 | |||
Total | 4,835,000 | |||
Accumulated Depreciation | (960,000) | |||
Sparks, NV, Q1 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,328,000 | |||
Land | 938,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 977,000 | |||
Building & Improvements | 7,305,000 | |||
Land | 938,000 | |||
Total | 8,243,000 | |||
Accumulated Depreciation | (1,789,000) | |||
Londonderry, NH, Q1 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,683,000 | |||
Land | 730,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,683,000 | |||
Land | 730,000 | |||
Total | 7,413,000 | |||
Accumulated Depreciation | (1,949,000) | |||
Nashua, NH, Q1 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,470,000 | |||
Land | 1,431,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 487,000 | |||
Building & Improvements | 8,957,000 | |||
Land | 1,431,000 | |||
Total | 10,388,000 | |||
Accumulated Depreciation | (2,380,000) | |||
Branchburg, NJ, 12-23-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,852,000 | |||
Land | 2,367,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 149,000 | |||
Building & Improvements | 11,001,000 | |||
Land | 2,367,000 | |||
Total | 13,368,000 | |||
Accumulated Depreciation | (1,093,000) | |||
Burlington, NJ, Q1 2015 (2) [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 15,797,000 | |||
Land | 3,267,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 266,000 | |||
Building & Improvements | 16,063,000 | |||
Land | 3,267,000 | |||
Total | 19,330,000 | |||
Accumulated Depreciation | (964,000) | |||
Burlington, NJ, Q1 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 19,577,000 | |||
Land | 4,030,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,356,000 | |||
Building & Improvements | 20,933,000 | |||
Land | 4,030,000 | |||
Total | 24,963,000 | |||
Accumulated Depreciation | (5,011,000) | |||
Franklin Township, NJ, Q1 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,264,000 | |||
Land | 2,272,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,555,000 | |||
Building & Improvements | 9,819,000 | |||
Land | 2,272,000 | |||
Total | 12,091,000 | |||
Accumulated Depreciation | (2,157,000) | |||
Lumberton, NJ, 8-6-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,372,000 | |||
Land | 1,121,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,372,000 | |||
Land | 1,121,000 | |||
Total | 7,493,000 | |||
Accumulated Depreciation | (1,036,000) | |||
Moorestown, NJ, 6-19-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,678,000 | |||
Land | 466,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 80,000 | |||
Building & Improvements | 5,758,000 | |||
Land | 466,000 | |||
Total | 6,224,000 | |||
Accumulated Depreciation | (793,000) | |||
Moorestown, NJ, 6-19-19 (2) [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,749,000 | |||
Land | 510,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 40,000 | |||
Building & Improvements | 4,789,000 | |||
Land | 510,000 | |||
Total | 5,299,000 | |||
Accumulated Depreciation | (750,000) | |||
Pedricktown, NJ, Q2 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,250,000 | |||
Land | 2,414,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 4,544,000 | |||
Building & Improvements | 14,794,000 | |||
Land | 2,414,000 | |||
Total | 17,208,000 | |||
Accumulated Depreciation | (2,172,000) | |||
Swedesboro, NJ, Q3 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,129,000 | |||
Land | 1,212,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 818,000 | |||
Building & Improvements | 5,947,000 | |||
Land | 1,212,000 | |||
Total | 7,159,000 | |||
Accumulated Depreciation | (1,046,000) | |||
Buffalo, NY, Q2 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,924,000 | |||
Land | 146,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,924,000 | |||
Land | 146,000 | |||
Total | 3,070,000 | |||
Accumulated Depreciation | (862,000) | |||
Cheektowaga, NY, Q3 2008 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,699,000 | |||
Land | 216,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,032,000 | |||
Building & Improvements | 3,731,000 | |||
Land | 216,000 | |||
Total | 3,947,000 | |||
Accumulated Depreciation | (1,280,000) | |||
Farmington, NY, Q3 2007 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,282,000 | |||
Land | 410,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 896,000 | |||
Building & Improvements | 6,178,000 | |||
Land | 410,000 | |||
Total | 6,588,000 | |||
Accumulated Depreciation | (2,200,000) | |||
Gloversville, NY, Q4 2012, One [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,299,000 | |||
Land | 117,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 7,000 | |||
Building & Improvements | 1,306,000 | |||
Land | 117,000 | |||
Total | 1,423,000 | |||
Accumulated Depreciation | (404,000) | |||
Gloversville, NY, Q4 2012, Two [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,559,000 | |||
Land | 151,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 73,000 | |||
Building & Improvements | 2,632,000 | |||
Land | 151,000 | |||
Total | 2,783,000 | |||
Accumulated Depreciation | (751,000) | |||
Gloversville, NY, Q4 2012, Four [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,486,000 | |||
Land | 154,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 164,000 | |||
Building & Improvements | 1,650,000 | |||
Land | 154,000 | |||
Total | 1,804,000 | |||
Accumulated Depreciation | (480,000) | |||
Johnstown, NY, Q4 2012, Two [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,592,000 | |||
Land | 216,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 33,000 | |||
Building & Improvements | 1,625,000 | |||
Land | 216,000 | |||
Total | 1,841,000 | |||
Accumulated Depreciation | (445,000) | |||
Johnstown, NY, Q4 2012, Three [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 955,000 | |||
Land | 151,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 96,000 | |||
Building & Improvements | 1,051,000 | |||
Land | 151,000 | |||
Total | 1,202,000 | |||
Accumulated Depreciation | (369,000) | |||
Johnstown, NY, Q4 2012, Four [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,440,000 | |||
Land | 140,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,440,000 | |||
Land | 140,000 | |||
Total | 1,580,000 | |||
Accumulated Depreciation | (470,000) | |||
Charlotte, NC, Q4 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,842,000 | |||
Land | 515,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 63,000 | |||
Building & Improvements | 3,905,000 | |||
Land | 515,000 | |||
Total | 4,420,000 | |||
Accumulated Depreciation | (759,000) | |||
Charlotte, NC , Q2 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,654,000 | |||
Land | 913,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 30,000 | |||
Building & Improvements | 3,684,000 | |||
Land | 913,000 | |||
Total | 4,597,000 | |||
Accumulated Depreciation | (555,000) | |||
Durham, NC, Q4 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,589,000 | |||
Land | 753,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 138,000 | |||
Building & Improvements | 2,727,000 | |||
Land | 753,000 | |||
Total | 3,480,000 | |||
Accumulated Depreciation | (632,000) | |||
Greensboro/Winston-Salem, NC 10/22/18 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,383,000 | |||
Land | 691,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 208,000 | |||
Building & Improvements | 6,591,000 | |||
Land | 691,000 | |||
Total | 7,282,000 | |||
Accumulated Depreciation | (957,000) | |||
Huntersville, NC, Q3 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,123,000 | |||
Land | 1,061,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 980,000 | |||
Building & Improvements | 4,103,000 | |||
Land | 1,061,000 | |||
Total | 5,164,000 | |||
Accumulated Depreciation | (1,077,000) | |||
Lexington, NC, Q1 2008 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,863,000 | |||
Land | 232,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,345,000 | |||
Building & Improvements | 5,208,000 | |||
Land | 232,000 | |||
Total | 5,440,000 | |||
Accumulated Depreciation | (1,601,000) | |||
Mebane, NC, Q3 2012, One [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,570,000 | |||
Land | 481,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 552,000 | |||
Building & Improvements | 5,122,000 | |||
Land | 481,000 | |||
Total | 5,603,000 | |||
Accumulated Depreciation | (1,548,000) | |||
Mebane, NC, Q3 2014, Two [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,148,000 | |||
Land | 443,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,148,000 | |||
Land | 443,000 | |||
Total | 4,591,000 | |||
Accumulated Depreciation | (1,302,000) | |||
Mebane, NC, Q4 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,981,000 | |||
Land | 358,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,338,000 | |||
Building & Improvements | 6,319,000 | |||
Land | 358,000 | |||
Total | 6,677,000 | |||
Accumulated Depreciation | (1,514,000) | |||
Mocksville, NC, 4-12-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,582,000 | |||
Land | 1,091,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 459,000 | |||
Building & Improvements | 6,041,000 | |||
Land | 1,091,000 | |||
Total | 7,132,000 | |||
Accumulated Depreciation | (771,000) | |||
Mooresville, NC, Q3 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 17,889,000 | |||
Land | 4,195,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 334,000 | |||
Building & Improvements | 18,223,000 | |||
Land | 4,195,000 | |||
Total | 22,418,000 | |||
Accumulated Depreciation | (3,038,000) | |||
Mooresville, NC, Q1 2011 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,968,000 | |||
Land | 701,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 466,000 | |||
Building & Improvements | 7,434,000 | |||
Land | 701,000 | |||
Total | 8,135,000 | |||
Accumulated Depreciation | (2,269,000) | |||
Mountain Home, NC, Q3 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,359,000 | |||
Land | 523,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,359,000 | |||
Land | 523,000 | |||
Total | 2,882,000 | |||
Accumulated Depreciation | (571,000) | |||
Newton, NC, Q2 2010 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,338,000 | |||
Land | 732,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,283,000 | |||
Building & Improvements | 8,621,000 | |||
Land | 732,000 | |||
Total | 9,353,000 | |||
Accumulated Depreciation | (2,069,000) | |||
Pineville, NC, Q2, 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,179,000 | |||
Land | 392,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 1,179,000 | |||
Land | 392,000 | |||
Total | 1,571,000 | |||
Accumulated Depreciation | (312,000) | |||
Rural Hall, NC, Q3 2008 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,375,000 | |||
Land | 439,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,007,000 | |||
Building & Improvements | 6,382,000 | |||
Land | 439,000 | |||
Total | 6,821,000 | |||
Accumulated Depreciation | (2,035,000) | |||
Salisbury, NC, Q1 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,009,000 | |||
Land | 1,535,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2,625,000 | |||
Building & Improvements | 7,634,000 | |||
Land | 1,535,000 | |||
Total | 9,169,000 | |||
Accumulated Depreciation | (1,659,000) | |||
Smithfield, NC, Q4 2011 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,397,000 | |||
Land | 613,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 72,000 | |||
Building & Improvements | 10,469,000 | |||
Land | 613,000 | |||
Total | 11,082,000 | |||
Accumulated Depreciation | (2,023,000) | |||
Charlotte, NC, Q3 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 13,392,000 | |||
Land | 802,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 297,000 | |||
Building & Improvements | 13,689,000 | |||
Land | 802,000 | |||
Total | 14,491,000 | |||
Accumulated Depreciation | (2,243,000) | |||
Winston-Salem, NC, Q4 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,716,000 | |||
Land | 610,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 16,000 | |||
Building & Improvements | 10,732,000 | |||
Land | 610,000 | |||
Total | 11,342,000 | |||
Accumulated Depreciation | (2,863,000) | |||
Raleigh/Durham, NC, Q3 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 16,150,000 | |||
Land | 1,836,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 16,150,000 | |||
Land | 1,836,000 | |||
Total | 17,986,000 | |||
Accumulated Depreciation | (2,296,000) | |||
Bedford Heights, OH, Q1 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,267,000 | |||
Land | 837,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 955,000 | |||
Building & Improvements | 6,222,000 | |||
Land | 837,000 | |||
Total | 7,059,000 | |||
Accumulated Depreciation | (1,514,000) | |||
Boardman, OH, Q4 2007, One [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,473,000 | |||
Land | 282,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 872,000 | |||
Building & Improvements | 4,345,000 | |||
Land | 282,000 | |||
Total | 4,627,000 | |||
Accumulated Depreciation | (1,785,000) | |||
Columbus, OH, Q3 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,222,000 | |||
Land | 337,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 125,000 | |||
Building & Improvements | 5,347,000 | |||
Land | 337,000 | |||
Total | 5,684,000 | |||
Accumulated Depreciation | (1,054,000) | |||
Columbus, OH, Q1 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,976,000 | |||
Land | 489,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 657,000 | |||
Building & Improvements | 3,633,000 | |||
Land | 489,000 | |||
Total | 4,122,000 | |||
Accumulated Depreciation | (1,028,000) | |||
Dayton, OH, Q4 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,896,000 | |||
Land | 331,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 529,000 | |||
Building & Improvements | 6,425,000 | |||
Land | 331,000 | |||
Total | 6,756,000 | |||
Accumulated Depreciation | (1,681,000) | |||
Fairborn, OH, Q2 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,569,000 | |||
Land | 867,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 272,000 | |||
Building & Improvements | 5,841,000 | |||
Land | 867,000 | |||
Total | 6,708,000 | |||
Accumulated Depreciation | (1,749,000) | |||
Fairfield, OH, Q1 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,788,000 | |||
Land | 948,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 822,000 | |||
Building & Improvements | 3,610,000 | |||
Land | 948,000 | |||
Total | 4,558,000 | |||
Accumulated Depreciation | (904,000) | |||
Fairfield, OH, Q2 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,337,000 | |||
Land | 1,086,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 252,000 | |||
Building & Improvements | 5,589,000 | |||
Land | 1,086,000 | |||
Total | 6,675,000 | |||
Accumulated Depreciation | (1,054,000) | |||
Gahanna, OH, Q4 2011 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,806,000 | |||
Land | 1,265,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2,244,000 | |||
Building & Improvements | 6,050,000 | |||
Land | 1,265,000 | |||
Total | 7,315,000 | |||
Accumulated Depreciation | (1,810,000) | |||
Groveport, OH, Q3 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,828,000 | |||
Land | 642,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 236,000 | |||
Building & Improvements | 11,064,000 | |||
Land | 642,000 | |||
Total | 11,706,000 | |||
Accumulated Depreciation | (1,968,000) | |||
Hilliard, OH, Q4 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,412,000 | |||
Land | 550,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 896,000 | |||
Building & Improvements | 8,308,000 | |||
Land | 550,000 | |||
Total | 8,858,000 | |||
Accumulated Depreciation | (1,574,000) | |||
Macedonia, OH, Q3 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,063,000 | |||
Land | 1,690,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 292,000 | |||
Building & Improvements | 8,355,000 | |||
Land | 1,690,000 | |||
Total | 10,045,000 | |||
Accumulated Depreciation | (2,025,000) | |||
Mason, OH, Q3 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,582,000 | |||
Land | 673,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,582,000 | |||
Land | 673,000 | |||
Total | 5,255,000 | |||
Accumulated Depreciation | (1,172,000) | |||
North Jackson, OH, Q4 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,356,000 | |||
Land | 1,528,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 511,000 | |||
Building & Improvements | 4,867,000 | |||
Land | 1,528,000 | |||
Total | 6,395,000 | |||
Accumulated Depreciation | (1,300,000) | |||
North Jackson, OH, Q4 2011 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,681,000 | |||
Land | 486,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,269,000 | |||
Building & Improvements | 8,950,000 | |||
Land | 486,000 | |||
Total | 9,436,000 | |||
Accumulated Depreciation | (2,011,000) | |||
Oakwood Village, OH, Q2 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,041,000 | |||
Land | 343,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 178,000 | |||
Building & Improvements | 3,219,000 | |||
Land | 343,000 | |||
Total | 3,562,000 | |||
Accumulated Depreciation | (828,000) | |||
Salem, OH, Q3 2006 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,674,000 | |||
Land | 858,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,112,000 | |||
Building & Improvements | 8,786,000 | |||
Land | 858,000 | |||
Total | 9,644,000 | |||
Accumulated Depreciation | (3,281,000) | |||
Seville, OH, Q4 2007 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,591,000 | |||
Land | 273,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 103,000 | |||
Building & Improvements | 1,694,000 | |||
Land | 273,000 | |||
Total | 1,967,000 | |||
Accumulated Depreciation | (582,000) | |||
Streetsboro, OH, Q4 2010 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,909,000 | |||
Land | 2,161,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,157,000 | |||
Building & Improvements | 6,066,000 | |||
Land | 2,161,000 | |||
Total | 8,227,000 | |||
Accumulated Depreciation | (1,671,000) | |||
Strongsville, OH, Q1 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,750,000 | |||
Land | 491,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 963,000 | |||
Building & Improvements | 6,713,000 | |||
Land | 491,000 | |||
Total | 7,204,000 | |||
Accumulated Depreciation | (1,635,000) | |||
Toledo, OH, Q4 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,487,000 | |||
Land | 213,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 250,000 | |||
Building & Improvements | 6,737,000 | |||
Land | 213,000 | |||
Total | 6,950,000 | |||
Accumulated Depreciation | (1,894,000) | |||
Twinsburg, OH, Q4 2007 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,027,000 | |||
Land | 590,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 87,000 | |||
Building & Improvements | 8,114,000 | |||
Land | 590,000 | |||
Total | 8,704,000 | |||
Accumulated Depreciation | (2,829,000) | |||
West Chester, OH, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,868,000 | |||
Land | 936,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,868,000 | |||
Land | 936,000 | |||
Total | 9,804,000 | |||
Accumulated Depreciation | (1,890,000) | |||
West Jefferson, OH, 6-28-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 70,213,000 | |||
Land | 2,015,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 31,000 | |||
Building & Improvements | 70,244,000 | |||
Land | 2,015,000 | |||
Total | 72,259,000 | |||
Accumulated Depreciation | (8,480,000) | |||
Oklahoma City, OK, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,211,000 | |||
Land | 746,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 124,000 | |||
Building & Improvements | 2,335,000 | |||
Land | 746,000 | |||
Total | 3,081,000 | |||
Accumulated Depreciation | (764,000) | |||
Oklahoma City, OK, Q2 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,199,000 | |||
Land | 1,614,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,466,000 | |||
Building & Improvements | 10,665,000 | |||
Land | 1,614,000 | |||
Total | 12,279,000 | |||
Accumulated Depreciation | (2,526,000) | |||
Tulsa, OK, Q3 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,242,000 | |||
Land | 966,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,242,000 | |||
Land | 966,000 | |||
Total | 9,208,000 | |||
Accumulated Depreciation | (2,119,000) | |||
Salem, OR, Q4 2010, 1 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,039,000 | |||
Land | 599,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 780,000 | |||
Building & Improvements | 3,819,000 | |||
Land | 599,000 | |||
Total | 4,418,000 | |||
Accumulated Depreciation | (1,154,000) | |||
Salem, OR, Q4 2010, 2 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,372,000 | |||
Land | 266,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 529,000 | |||
Building & Improvements | 1,901,000 | |||
Land | 266,000 | |||
Total | 2,167,000 | |||
Accumulated Depreciation | (588,000) | |||
Allentown, PA, Q1 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,199,000 | |||
Land | 1,962,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2,130,000 | |||
Building & Improvements | 9,329,000 | |||
Land | 1,962,000 | |||
Total | 11,291,000 | |||
Accumulated Depreciation | (2,433,000) | |||
Burgettstown, PA, 2-21-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 23,416,000 | |||
Land | 1,248,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 178,000 | |||
Building & Improvements | 23,594,000 | |||
Land | 1,248,000 | |||
Total | 24,842,000 | |||
Accumulated Depreciation | (3,065,000) | |||
Pittsburgh, PA 12/11/18 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,539,000 | |||
Land | 935,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 47,000 | |||
Building & Improvements | 10,586,000 | |||
Land | 935,000 | |||
Total | 11,521,000 | |||
Accumulated Depreciation | (1,598,000) | |||
Clinton, PA, Q2 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 19,339,000 | |||
Land | 0 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 25,000 | |||
Building & Improvements | 19,364,000 | |||
Land | 0 | |||
Total | 19,364,000 | |||
Accumulated Depreciation | (3,654,000) | |||
Clinton, PA, Q2 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 12,390,000 | |||
Land | 0 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 12,390,000 | |||
Land | 0 | |||
Total | 12,390,000 | |||
Accumulated Depreciation | (1,830,000) | |||
Pittsburgh, PA, Q3 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 16,840,000 | |||
Land | 0 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 931,000 | |||
Building & Improvements | 17,771,000 | |||
Land | 0 | |||
Total | 17,771,000 | |||
Accumulated Depreciation | (2,249,000) | |||
Philadelphia, PA 11/19/18 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,655,000 | |||
Land | 829,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,655,000 | |||
Land | 829,000 | |||
Total | 5,484,000 | |||
Accumulated Depreciation | (726,000) | |||
Elizabethtown, PA, Q4 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,315,000 | |||
Land | 1,000,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 732,000 | |||
Building & Improvements | 6,047,000 | |||
Land | 1,000,000 | |||
Total | 7,047,000 | |||
Accumulated Depreciation | (1,495,000) | |||
Export, PA, 9-6-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,604,000 | |||
Land | 667,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,604,000 | |||
Land | 667,000 | |||
Total | 6,271,000 | |||
Accumulated Depreciation | (724,000) | |||
Imperial, PA, 9-16-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 22,135,000 | |||
Land | 1,762,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 22,135,000 | |||
Land | 1,762,000 | |||
Total | 23,897,000 | |||
Accumulated Depreciation | (2,281,000) | |||
Lancaster, PA, Q4 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,134,000 | |||
Land | 1,520,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,280,000 | |||
Building & Improvements | 6,414,000 | |||
Land | 1,520,000 | |||
Total | 7,934,000 | |||
Accumulated Depreciation | (1,996,000) | |||
Langhorne1, PA, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,771,000 | |||
Land | 1,370,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 103,000 | |||
Building & Improvements | 3,874,000 | |||
Land | 1,370,000 | |||
Total | 5,244,000 | |||
Accumulated Depreciation | (816,000) | |||
Langhorne2, PA, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,018,000 | |||
Land | 1,308,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 528,000 | |||
Building & Improvements | 3,546,000 | |||
Land | 1,308,000 | |||
Total | 4,854,000 | |||
Accumulated Depreciation | (952,000) | |||
Langhorne, PA, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,327,000 | |||
Land | 1,884,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,083,000 | |||
Building & Improvements | 7,410,000 | |||
Land | 1,884,000 | |||
Total | 9,294,000 | |||
Accumulated Depreciation | (1,508,000) | |||
Lebanon, PA, Q2 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,083,000 | |||
Land | 1,380,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 163,000 | |||
Building & Improvements | 5,246,000 | |||
Land | 1,380,000 | |||
Total | 6,626,000 | |||
Accumulated Depreciation | (1,858,000) | |||
Mechanicsburg, PA, Q3 2014, One [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,079,000 | |||
Land | 1,482,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,813,000 | |||
Building & Improvements | 6,892,000 | |||
Land | 1,482,000 | |||
Total | 8,374,000 | |||
Accumulated Depreciation | (1,587,000) | |||
Mechanicsburg, PA, Q3 2014, Two [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,042,000 | |||
Land | 1,800,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 989,000 | |||
Building & Improvements | 8,031,000 | |||
Land | 1,800,000 | |||
Total | 9,831,000 | |||
Accumulated Depreciation | (1,911,000) | |||
Mechanicsburg, PA, Q3 2014, Three [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,977,000 | |||
Land | 1,452,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 726,000 | |||
Building & Improvements | 8,703,000 | |||
Land | 1,452,000 | |||
Total | 10,155,000 | |||
Accumulated Depreciation | (2,155,000) | |||
Muhlenberg TWP, PA, Q2 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 13,784,000 | |||
Land | 843,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2,498,000 | |||
Building & Improvements | 16,282,000 | |||
Land | 843,000 | |||
Total | 17,125,000 | |||
Accumulated Depreciation | (4,294,000) | |||
New Galilee, PA, 8-21-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 25,636,000 | |||
Land | 1,127,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 274,000 | |||
Building & Improvements | 25,910,000 | |||
Land | 1,127,000 | |||
Total | 27,037,000 | |||
Accumulated Depreciation | (2,805,000) | |||
New Kingston, PA, Q3 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,625,000 | |||
Land | 2,041,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 619,000 | |||
Building & Improvements | 9,244,000 | |||
Land | 2,041,000 | |||
Total | 11,285,000 | |||
Accumulated Depreciation | (2,383,000) | |||
Pittsburgh, PA2, Q3 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,145,000 | |||
Land | 177,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 9,145,000 | |||
Land | 177,000 | |||
Total | 9,322,000 | |||
Accumulated Depreciation | (1,258,000) | |||
O'hara, PA, Q4 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 18,612,000 | |||
Land | 1,435,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 8,179,000 | |||
Building & Improvements | 26,791,000 | |||
Land | 1,435,000 | |||
Total | 28,226,000 | |||
Accumulated Depreciation | (8,204,000) | |||
Pittston, PA, Q3 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 19,603,000 | |||
Land | 677,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 97,000 | |||
Building & Improvements | 19,700,000 | |||
Land | 677,000 | |||
Total | 20,377,000 | |||
Accumulated Depreciation | (3,327,000) | |||
Reading, PA, Q2 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,294,000 | |||
Land | 1,708,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,276,000 | |||
Building & Improvements | 6,570,000 | |||
Land | 1,708,000 | |||
Total | 8,278,000 | |||
Accumulated Depreciation | (1,190,000) | |||
Pittsburgh, PA 12/20/18 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 12,089,000 | |||
Land | 1,853,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 786,000 | |||
Building & Improvements | 12,875,000 | |||
Land | 1,853,000 | |||
Total | 14,728,000 | |||
Accumulated Depreciation | (1,694,000) | |||
York, PA, Q3 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 14,209,000 | |||
Land | 2,152,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 381,000 | |||
Building & Improvements | 14,590,000 | |||
Land | 2,152,000 | |||
Total | 16,742,000 | |||
Accumulated Depreciation | (2,306,000) | |||
York, PA, Q1 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 14,832,000 | |||
Land | 966,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 28,000 | |||
Building & Improvements | 14,860,000 | |||
Land | 966,000 | |||
Total | 15,826,000 | |||
Accumulated Depreciation | (2,085,000) | |||
York, PA, 3-7-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,886,000 | |||
Land | 869,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 7,886,000 | |||
Land | 869,000 | |||
Total | 8,755,000 | |||
Accumulated Depreciation | (1,237,000) | |||
Columbia, SC, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,171,000 | |||
Land | 783,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 162,000 | |||
Building & Improvements | 5,333,000 | |||
Land | 783,000 | |||
Total | 6,116,000 | |||
Accumulated Depreciation | (1,283,000) | |||
Duncan, SC, Q3 2012, One [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,981,000 | |||
Land | 1,002,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,267,000 | |||
Building & Improvements | 12,248,000 | |||
Land | 1,002,000 | |||
Total | 13,250,000 | |||
Accumulated Depreciation | (3,865,000) | |||
Duncan, SC, Q3 2012, Two [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,739,000 | |||
Land | 709,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,586,000 | |||
Building & Improvements | 8,325,000 | |||
Land | 709,000 | |||
Total | 9,034,000 | |||
Accumulated Depreciation | (2,408,000) | |||
Edgefield, SC, Q2 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 938,000 | |||
Land | 220,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 887,000 | |||
Building & Improvements | 1,825,000 | |||
Land | 220,000 | |||
Total | 2,045,000 | |||
Accumulated Depreciation | (693,000) | |||
Fountain Inn, SC, Q1 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,308,000 | |||
Land | 766,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 412,000 | |||
Building & Improvements | 8,720,000 | |||
Land | 766,000 | |||
Total | 9,486,000 | |||
Accumulated Depreciation | (1,482,000) | |||
Fountain Inn, SC, Q4 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 14,984,000 | |||
Land | 1,878,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 81,000 | |||
Building & Improvements | 15,065,000 | |||
Land | 1,878,000 | |||
Total | 16,943,000 | |||
Accumulated Depreciation | (2,911,000) | |||
Fountain Inn, SC, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,260,000 | |||
Land | 719,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 95,000 | |||
Building & Improvements | 4,355,000 | |||
Land | 719,000 | |||
Total | 5,074,000 | |||
Accumulated Depreciation | (1,125,000) | |||
Gaffney, SC, Q2 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,383,000 | |||
Land | 1,233,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2,058,000 | |||
Building & Improvements | 6,441,000 | |||
Land | 1,233,000 | |||
Total | 7,674,000 | |||
Accumulated Depreciation | (1,167,000) | |||
Goose Creek, SC, 4-29-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 29,360,000 | |||
Land | 4,459,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 29,360,000 | |||
Land | 4,459,000 | |||
Total | 33,819,000 | |||
Accumulated Depreciation | (3,413,000) | |||
Greenwood, SC, Q4 2012, One [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,824,000 | |||
Land | 166,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 641,000 | |||
Building & Improvements | 2,465,000 | |||
Land | 166,000 | |||
Total | 2,631,000 | |||
Accumulated Depreciation | (587,000) | |||
Greenwood, SC, Q4 2012, Two [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,168,000 | |||
Land | 169,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 673,000 | |||
Building & Improvements | 1,841,000 | |||
Land | 169,000 | |||
Total | 2,010,000 | |||
Accumulated Depreciation | (470,000) | |||
Greer, SC, Q1 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,841,000 | |||
Land | 1,126,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 658,000 | |||
Building & Improvements | 11,499,000 | |||
Land | 1,126,000 | |||
Total | 12,625,000 | |||
Accumulated Depreciation | (1,811,000) | |||
Greer, SC , Q2 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,939,000 | |||
Land | 681,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 3,478,000 | |||
Building & Improvements | 8,417,000 | |||
Land | 681,000 | |||
Total | 9,098,000 | |||
Accumulated Depreciation | (1,522,000) | |||
Greer, SC Q3 2015, One [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,434,000 | |||
Land | 129,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 392,000 | |||
Building & Improvements | 1,826,000 | |||
Land | 129,000 | |||
Total | 1,955,000 | |||
Accumulated Depreciation | (455,000) | |||
Greer, SC Q3 2015, Two [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,731,000 | |||
Land | 128,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 558,000 | |||
Building & Improvements | 2,289,000 | |||
Land | 128,000 | |||
Total | 2,417,000 | |||
Accumulated Depreciation | (482,000) | |||
Greer, SC Q3 2015, Three [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 460,000 | |||
Land | 153,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 155,000 | |||
Building & Improvements | 615,000 | |||
Land | 153,000 | |||
Total | 768,000 | |||
Accumulated Depreciation | (185,000) | |||
Greer, SC Q3 2015, Four [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,963,000 | |||
Land | 306,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 959,000 | |||
Building & Improvements | 3,922,000 | |||
Land | 306,000 | |||
Total | 4,228,000 | |||
Accumulated Depreciation | (911,000) | |||
Laurens, SC, Q4 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,033,000 | |||
Land | 151,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 52,000 | |||
Building & Improvements | 4,085,000 | |||
Land | 151,000 | |||
Total | 4,236,000 | |||
Accumulated Depreciation | (853,000) | |||
Piedmont, SC, Q3 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,093,000 | |||
Land | 231,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 450,000 | |||
Building & Improvements | 4,543,000 | |||
Land | 231,000 | |||
Total | 4,774,000 | |||
Accumulated Depreciation | (999,000) | |||
Piedmont, SC, Q3 2015, 2 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,092,000 | |||
Land | 158,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 45,000 | |||
Building & Improvements | 2,137,000 | |||
Land | 158,000 | |||
Total | 2,295,000 | |||
Accumulated Depreciation | (482,000) | |||
Piedmont, SC, Q3 2015, 3 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,166,000 | |||
Land | 204,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,166,000 | |||
Land | 204,000 | |||
Total | 2,370,000 | |||
Accumulated Depreciation | (623,000) | |||
Greenville/Spartanburg, SC 11/7/18 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,260,000 | |||
Land | 797,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2,022,000 | |||
Building & Improvements | 11,282,000 | |||
Land | 797,000 | |||
Total | 12,079,000 | |||
Accumulated Depreciation | (1,485,000) | |||
Piedmont, SC, 3-7-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 18,893,000 | |||
Land | 1,971,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 18,893,000 | |||
Land | 1,971,000 | |||
Total | 20,864,000 | |||
Accumulated Depreciation | (3,481,000) | |||
Rock Hill, SC, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (3,296,000) | |||
Building and Tenant Improvements (initial cost) | 6,146,000 | |||
Land | 1,411,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 767,000 | |||
Building & Improvements | 6,913,000 | |||
Land | 1,411,000 | |||
Total | 8,324,000 | |||
Accumulated Depreciation | (1,572,000) | |||
Rock HIll, SC, Q2 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,333,000 | |||
Land | 1,095,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 897,000 | |||
Building & Improvements | 5,230,000 | |||
Land | 1,095,000 | |||
Total | 6,325,000 | |||
Accumulated Depreciation | (1,075,000) | |||
Simpsonville, SC, Q3 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,960,000 | |||
Land | 957,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 3,659,000 | |||
Building & Improvements | 6,619,000 | |||
Land | 957,000 | |||
Total | 7,576,000 | |||
Accumulated Depreciation | (1,635,000) | |||
Simpsonville, SC, Q3 2012, 2 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,364,000 | |||
Land | 470,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,053,000 | |||
Building & Improvements | 4,417,000 | |||
Land | 470,000 | |||
Total | 4,887,000 | |||
Accumulated Depreciation | (1,212,000) | |||
Greenville/Spartanburg, SC 12/17/18 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 24,200,000 | |||
Land | 1,454,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 3,426,000 | |||
Building & Improvements | 27,626,000 | |||
Land | 1,454,000 | |||
Total | 29,080,000 | |||
Accumulated Depreciation | (3,700,000) | |||
Spartanburg, SC, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 15,100,000 | |||
Land | 1,867,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 271,000 | |||
Building & Improvements | 15,371,000 | |||
Land | 1,867,000 | |||
Total | 17,238,000 | |||
Accumulated Depreciation | (3,932,000) | |||
Spartanburg, SC, Q4 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,564,000 | |||
Land | 342,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,026,000 | |||
Building & Improvements | 4,590,000 | |||
Land | 342,000 | |||
Total | 4,932,000 | |||
Accumulated Depreciation | (1,234,000) | |||
Spartanburg, SC, 4-25-19 (2) [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,624,000 | |||
Land | 663,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 7,624,000 | |||
Land | 663,000 | |||
Total | 8,287,000 | |||
Accumulated Depreciation | (1,019,000) | |||
Spartanburg, SC, 4-25-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,480,000 | |||
Land | 530,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 86,000 | |||
Building & Improvements | 4,566,000 | |||
Land | 530,000 | |||
Total | 5,096,000 | |||
Accumulated Depreciation | (671,000) | |||
Spartanburg, SC, 12-4-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 16,535,000 | |||
Land | 895,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 745,000 | |||
Building & Improvements | 17,280,000 | |||
Land | 895,000 | |||
Total | 18,175,000 | |||
Accumulated Depreciation | (1,995,000) | |||
Spartanburg, SC, Q2 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,797,000 | |||
Land | 493,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 944,000 | |||
Building & Improvements | 6,741,000 | |||
Land | 493,000 | |||
Total | 7,234,000 | |||
Accumulated Depreciation | (1,914,000) | |||
Summerville, SC, 7-22-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,710,000 | |||
Land | 1,157,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 534,000 | |||
Building & Improvements | 5,244,000 | |||
Land | 1,157,000 | |||
Total | 6,401,000 | |||
Accumulated Depreciation | (567,000) | |||
West Columbia, SC, Q1 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,946,000 | |||
Land | 715,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2,355,000 | |||
Building & Improvements | 9,301,000 | |||
Land | 715,000 | |||
Total | 10,016,000 | |||
Accumulated Depreciation | (2,386,000) | |||
West Columbia1, SC, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,488,000 | |||
Land | 488,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 9,488,000 | |||
Land | 488,000 | |||
Total | 9,976,000 | |||
Accumulated Depreciation | (1,728,000) | |||
West Columbia, SC, Q4 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,151,000 | |||
Land | 240,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,008,000 | |||
Building & Improvements | 10,159,000 | |||
Land | 240,000 | |||
Total | 10,399,000 | |||
Accumulated Depreciation | (1,669,000) | |||
West Columbia, SC, 8-30-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,881,000 | |||
Land | 564,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 10,881,000 | |||
Land | 564,000 | |||
Total | 11,445,000 | |||
Accumulated Depreciation | (1,245,000) | |||
West Columbia, SC, 11-21-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 26,023,000 | |||
Land | 1,422,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 26,023,000 | |||
Land | 1,422,000 | |||
Total | 27,445,000 | |||
Accumulated Depreciation | (3,436,000) | |||
West Columbia2, SC, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,646,000 | |||
Land | 551,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2,301,000 | |||
Building & Improvements | 6,947,000 | |||
Land | 551,000 | |||
Total | 7,498,000 | |||
Accumulated Depreciation | (2,064,000) | |||
Chattanooga, TN, Q3 2015, One [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,181,000 | |||
Land | 187,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 14,000 | |||
Building & Improvements | 2,195,000 | |||
Land | 187,000 | |||
Total | 2,382,000 | |||
Accumulated Depreciation | (486,000) | |||
Chattanooga, TN, Q3 2015, Two [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,448,000 | |||
Land | 380,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 84,000 | |||
Building & Improvements | 4,532,000 | |||
Land | 380,000 | |||
Total | 4,912,000 | |||
Accumulated Depreciation | (1,009,000) | |||
Chattanooga, TN, Q3 2015, Three [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,959,000 | |||
Land | 424,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 397,000 | |||
Building & Improvements | 8,356,000 | |||
Land | 424,000 | |||
Total | 8,780,000 | |||
Accumulated Depreciation | (2,312,000) | |||
Cleveland, TN, Q2 2011 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,161,000 | |||
Land | 554,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 84,000 | |||
Building & Improvements | 3,245,000 | |||
Land | 554,000 | |||
Total | 3,799,000 | |||
Accumulated Depreciation | (1,110,000) | |||
Clinton, TN, Q2 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,101,000 | |||
Land | 403,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 241,000 | |||
Building & Improvements | 3,342,000 | |||
Land | 403,000 | |||
Total | 3,745,000 | |||
Accumulated Depreciation | (827,000) | |||
Jackson, TN, Q4 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,374,000 | |||
Land | 230,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 628,000 | |||
Building & Improvements | 3,002,000 | |||
Land | 230,000 | |||
Total | 3,232,000 | |||
Accumulated Depreciation | (952,000) | |||
Knoxville, TN, Q2 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,104,000 | |||
Land | 447,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 46,000 | |||
Building & Improvements | 3,150,000 | |||
Land | 447,000 | |||
Total | 3,597,000 | |||
Accumulated Depreciation | (820,000) | |||
Knoxville, TN, Q3 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,919,000 | |||
Land | 472,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,919,000 | |||
Land | 472,000 | |||
Total | 5,391,000 | |||
Accumulated Depreciation | (757,000) | |||
Knoxville, TN, 11-21-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,812,000 | |||
Land | 1,117,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 735,000 | |||
Building & Improvements | 8,547,000 | |||
Land | 1,117,000 | |||
Total | 9,664,000 | |||
Accumulated Depreciation | (1,203,000) | |||
Lebanon, TN, 8-29-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 16,067,000 | |||
Land | 1,016,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 50,000 | |||
Building & Improvements | 16,117,000 | |||
Land | 1,016,000 | |||
Total | 17,133,000 | |||
Accumulated Depreciation | (2,648,000) | |||
Loudon, TN, Q4 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,686,000 | |||
Land | 170,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,572,000 | |||
Building & Improvements | 5,258,000 | |||
Land | 170,000 | |||
Total | 5,428,000 | |||
Accumulated Depreciation | (993,000) | |||
Madison, TN, Q4 2010 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,758,000 | |||
Land | 1,655,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,891,000 | |||
Building & Improvements | 7,649,000 | |||
Land | 1,655,000 | |||
Total | 9,304,000 | |||
Accumulated Depreciation | (2,511,000) | |||
Mascot, TN, Q1 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,179,000 | |||
Land | 284,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 75,000 | |||
Building & Improvements | 3,254,000 | |||
Land | 284,000 | |||
Total | 3,538,000 | |||
Accumulated Depreciation | (846,000) | |||
Mascot, TN, Q4 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,323,000 | |||
Land | 385,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 611,000 | |||
Building & Improvements | 4,934,000 | |||
Land | 385,000 | |||
Total | 5,319,000 | |||
Accumulated Depreciation | (1,117,000) | |||
Memphis, TN, 9-26-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 41,078,000 | |||
Land | 2,501,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,000,000 | |||
Building & Improvements | 42,078,000 | |||
Land | 2,501,000 | |||
Total | 44,579,000 | |||
Accumulated Depreciation | (4,863,000) | |||
Murfreesboro, TN, Q4 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,799,000 | |||
Land | 722,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 151,000 | |||
Building & Improvements | 2,950,000 | |||
Land | 722,000 | |||
Total | 3,672,000 | |||
Accumulated Depreciation | (942,000) | |||
Nashville, TN, Q3 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,455,000 | |||
Land | 547,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 174,000 | |||
Building & Improvements | 3,629,000 | |||
Land | 547,000 | |||
Total | 4,176,000 | |||
Accumulated Depreciation | (873,000) | |||
Vonore, TN, Q4 2010 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,821,000 | |||
Land | 2,355,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 85,000 | |||
Building & Improvements | 7,906,000 | |||
Land | 2,355,000 | |||
Total | 10,261,000 | |||
Accumulated Depreciation | (2,347,000) | |||
Arlington, TX, Q2 2007 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,374,000 | |||
Land | 413,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 385,000 | |||
Building & Improvements | 2,759,000 | |||
Land | 413,000 | |||
Total | 3,172,000 | |||
Accumulated Depreciation | (1,039,000) | |||
Arlington, TX, Q2 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,767,000 | |||
Land | 1,246,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,165,000 | |||
Building & Improvements | 6,932,000 | |||
Land | 1,246,000 | |||
Total | 8,178,000 | |||
Accumulated Depreciation | (1,816,000) | |||
Cedar Hill, TX, Q3 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 11,870,000 | |||
Land | 4,066,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,774,000 | |||
Building & Improvements | 13,644,000 | |||
Land | 4,066,000 | |||
Total | 17,710,000 | |||
Accumulated Depreciation | (3,813,000) | |||
Conroe, TX , Q2 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 20,995,000 | |||
Land | 1,853,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,018,000 | |||
Building & Improvements | 22,013,000 | |||
Land | 1,853,000 | |||
Total | 23,866,000 | |||
Accumulated Depreciation | (2,930,000) | |||
El Paso 1, TX, Q4 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,532,000 | |||
Land | 0 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 196,000 | |||
Building & Improvements | 3,728,000 | |||
Land | 0 | |||
Total | 3,728,000 | |||
Accumulated Depreciation | (714,000) | |||
El Paso 2, TX, Q4 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,250,000 | |||
Land | 0 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 163,000 | |||
Building & Improvements | 10,413,000 | |||
Land | 0 | |||
Total | 10,413,000 | |||
Accumulated Depreciation | (2,237,000) | |||
El Paso, TX, Q3 2014, One [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,052,000 | |||
Land | 1,248,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 850,000 | |||
Building & Improvements | 9,902,000 | |||
Land | 1,248,000 | |||
Total | 11,150,000 | |||
Accumulated Depreciation | (2,491,000) | |||
El Paso, TX, Q3 2014, Two [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,518,000 | |||
Land | 1,124,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 474,000 | |||
Building & Improvements | 7,992,000 | |||
Land | 1,124,000 | |||
Total | 9,116,000 | |||
Accumulated Depreciation | (1,992,000) | |||
El Paso, TX, Q3 2014, Three [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 14,011,000 | |||
Land | 1,854,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2,433,000 | |||
Building & Improvements | 16,444,000 | |||
Land | 1,854,000 | |||
Total | 18,298,000 | |||
Accumulated Depreciation | (4,037,000) | |||
El Paso, TX, Q3 2014, Four [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,897,000 | |||
Land | 1,581,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2,031,000 | |||
Building & Improvements | 11,928,000 | |||
Land | 1,581,000 | |||
Total | 13,509,000 | |||
Accumulated Depreciation | (2,716,000) | |||
El Paso, TX, Q2 2015 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,893,000 | |||
Land | 1,136,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,893,000 | |||
Land | 1,136,000 | |||
Total | 7,029,000 | |||
Accumulated Depreciation | (1,628,000) | |||
El Paso, TX, Q4, 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,096,000 | |||
Land | 0 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,588,000 | |||
Building & Improvements | 4,684,000 | |||
Land | 0 | |||
Total | 4,684,000 | |||
Accumulated Depreciation | (1,604,000) | |||
Garland, TX, Q2 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,166,000 | |||
Land | 1,344,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 3,230,000 | |||
Building & Improvements | 8,396,000 | |||
Land | 1,344,000 | |||
Total | 9,740,000 | |||
Accumulated Depreciation | (1,740,000) | |||
Houston, TX, 3-28-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,744,000 | |||
Land | 1,505,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,744,000 | |||
Land | 1,505,000 | |||
Total | 10,249,000 | |||
Accumulated Depreciation | (1,327,000) | |||
Houston, TX, 4-29-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,879,000 | |||
Land | 1,236,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,879,000 | |||
Land | 1,236,000 | |||
Total | 10,115,000 | |||
Accumulated Depreciation | (991,000) | |||
Houston, TX, 12-17-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 16,586,000 | |||
Land | 1,747,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 16,586,000 | |||
Land | 1,747,000 | |||
Total | 18,333,000 | |||
Accumulated Depreciation | (1,447,000) | |||
Houston, TX, Q2 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,610,000 | |||
Land | 2,255,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 405,000 | |||
Building & Improvements | 8,015,000 | |||
Land | 2,255,000 | |||
Total | 10,270,000 | |||
Accumulated Depreciation | (2,177,000) | |||
Houston, TX, Q2 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,802,000 | |||
Land | 565,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 957,000 | |||
Building & Improvements | 5,759,000 | |||
Land | 565,000 | |||
Total | 6,324,000 | |||
Accumulated Depreciation | (1,681,000) | |||
Houston, TX, Q4 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 14,087,000 | |||
Land | 2,546,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,053,000 | |||
Building & Improvements | 15,140,000 | |||
Land | 2,546,000 | |||
Total | 17,686,000 | |||
Accumulated Depreciation | (2,249,000) | |||
Houston 1, TX, Q2 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,989,000 | |||
Land | 1,502,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,989,000 | |||
Land | 1,502,000 | |||
Total | 6,491,000 | |||
Accumulated Depreciation | (1,407,000) | |||
Houston 2, TX, Q2 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,508,000 | |||
Land | 953,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,508,000 | |||
Land | 953,000 | |||
Total | 6,461,000 | |||
Accumulated Depreciation | (1,347,000) | |||
Houston 3, TX, Q2 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,052,000 | |||
Land | 927,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 66,000 | |||
Building & Improvements | 7,118,000 | |||
Land | 927,000 | |||
Total | 8,045,000 | |||
Accumulated Depreciation | (1,299,000) | |||
Houston, TX, Q1 2018 (2) [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,371,000 | |||
Land | 809,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 15,000 | |||
Building & Improvements | 9,386,000 | |||
Land | 809,000 | |||
Total | 10,195,000 | |||
Accumulated Depreciation | (1,321,000) | |||
West Houston, TX, 12-5-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,456,000 | |||
Land | 1,108,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 318,000 | |||
Building & Improvements | 9,774,000 | |||
Land | 1,108,000 | |||
Total | 10,882,000 | |||
Accumulated Depreciation | (948,000) | |||
Humble, TX, 3-28-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 21,476,000 | |||
Land | 2,255,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 21,476,000 | |||
Land | 2,255,000 | |||
Total | 23,731,000 | |||
Accumulated Depreciation | (2,345,000) | |||
Katy, TX, 7-22-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,571,000 | |||
Land | 2,192,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 7,571,000 | |||
Land | 2,192,000 | |||
Total | 9,763,000 | |||
Accumulated Depreciation | (1,003,000) | |||
Katy, TX, 8-19-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,421,000 | |||
Land | 1,655,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,421,000 | |||
Land | 1,655,000 | |||
Total | 5,076,000 | |||
Accumulated Depreciation | (432,000) | |||
Laredo, TX, Q2 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 13,847,000 | |||
Land | 2,538,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 13,847,000 | |||
Land | 2,538,000 | |||
Total | 16,385,000 | |||
Accumulated Depreciation | (1,752,000) | |||
Laredo, TX, 6-6-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 12,410,000 | |||
Land | 1,535,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 12,410,000 | |||
Land | 1,535,000 | |||
Total | 13,945,000 | |||
Accumulated Depreciation | (2,390,000) | |||
McAllen/Edinburg/Pharr, TX, Q3 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 12,623,000 | |||
Land | 1,882,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 572,000 | |||
Building & Improvements | 13,195,000 | |||
Land | 1,882,000 | |||
Total | 15,077,000 | |||
Accumulated Depreciation | (2,114,000) | |||
Rockwall, TX, Q2 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 16,066,000 | |||
Land | 2,683,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 16,066,000 | |||
Land | 2,683,000 | |||
Total | 18,749,000 | |||
Accumulated Depreciation | (3,471,000) | |||
Stafford, TX, Q4 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,570,000 | |||
Land | 339,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 41,000 | |||
Building & Improvements | 6,611,000 | |||
Land | 339,000 | |||
Total | 6,950,000 | |||
Accumulated Depreciation | (1,107,000) | |||
Waco, TX, Q2 2008 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,394,000 | |||
Land | 0 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 922,000 | |||
Building & Improvements | 2,316,000 | |||
Land | 0 | |||
Total | 2,316,000 | |||
Accumulated Depreciation | (754,000) | |||
Chester, VA, Q3 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,402,000 | |||
Land | 775,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,402,000 | |||
Land | 775,000 | |||
Total | 4,177,000 | |||
Accumulated Depreciation | (1,114,000) | |||
Harrisonburg, VA, Q4 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 11,057,000 | |||
Land | 1,455,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,180,000 | |||
Building & Improvements | 12,237,000 | |||
Land | 1,455,000 | |||
Total | 13,692,000 | |||
Accumulated Depreciation | (3,241,000) | |||
Independence, VA, Q4 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,061,000 | |||
Land | 226,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,061,000 | |||
Land | 226,000 | |||
Total | 2,287,000 | |||
Accumulated Depreciation | (578,000) | |||
N. Chesterfield, VA, 5-16-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,174,000 | |||
Land | 1,599,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,174,000 | |||
Land | 1,599,000 | |||
Total | 7,773,000 | |||
Accumulated Depreciation | (898,000) | |||
Ridgefield, WA, 10-10-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,711,000 | |||
Land | 2,307,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 780,000 | |||
Building & Improvements | 10,491,000 | |||
Land | 2,307,000 | |||
Total | 12,798,000 | |||
Accumulated Depreciation | (1,320,000) | |||
Caledonia, WI, Q2 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,339,000 | |||
Land | 225,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,339,000 | |||
Land | 225,000 | |||
Total | 3,564,000 | |||
Accumulated Depreciation | (550,000) | |||
Deforest, WI, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,298,000 | |||
Land | 1,131,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 592,000 | |||
Building & Improvements | 5,890,000 | |||
Land | 1,131,000 | |||
Total | 7,021,000 | |||
Accumulated Depreciation | (1,111,000) | |||
Delavan, WI, 8-16-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,059,000 | |||
Land | 127,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 30,000 | |||
Building & Improvements | 2,089,000 | |||
Land | 127,000 | |||
Total | 2,216,000 | |||
Accumulated Depreciation | (306,000) | |||
Delavan, WI, 8-16-19 (2) [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,676,000 | |||
Land | 241,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 69,000 | |||
Building & Improvements | 4,745,000 | |||
Land | 241,000 | |||
Total | 4,986,000 | |||
Accumulated Depreciation | (634,000) | |||
De Pere, WI, Q3 2012 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,042,000 | |||
Land | 525,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 101,000 | |||
Building & Improvements | 6,143,000 | |||
Land | 525,000 | |||
Total | 6,668,000 | |||
Accumulated Depreciation | (1,872,000) | |||
East Troy, WI, Q2 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,936,000 | |||
Land | 304,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 57,000 | |||
Building & Improvements | 4,993,000 | |||
Land | 304,000 | |||
Total | 5,297,000 | |||
Accumulated Depreciation | (1,163,000) | |||
Elkhorn, WI, 11-12-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,897,000 | |||
Land | 351,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 493,000 | |||
Building & Improvements | 4,390,000 | |||
Land | 351,000 | |||
Total | 4,741,000 | |||
Accumulated Depreciation | (570,000) | |||
Elkhorn, WI, 8-16-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,621,000 | |||
Land | 210,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,621,000 | |||
Land | 210,000 | |||
Total | 3,831,000 | |||
Accumulated Depreciation | (485,000) | |||
Milwaukee/Madison, WI, Q3 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,023,000 | |||
Land | 442,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,023,000 | |||
Land | 442,000 | |||
Total | 6,465,000 | |||
Accumulated Depreciation | (858,000) | |||
Milwaukee/Madison, WI, Q3 2018 (2) [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,296,000 | |||
Land | 359,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 222,000 | |||
Building & Improvements | 3,518,000 | |||
Land | 359,000 | |||
Total | 3,877,000 | |||
Accumulated Depreciation | (561,000) | |||
Milwaukee/Madison, WI 12/3/18 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,908,000 | |||
Land | 1,175,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 10,908,000 | |||
Land | 1,175,000 | |||
Total | 12,083,000 | |||
Accumulated Depreciation | (1,533,000) | |||
Germantown, WI, Q4 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,977,000 | |||
Land | 1,186,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,977,000 | |||
Land | 1,186,000 | |||
Total | 7,163,000 | |||
Accumulated Depreciation | (1,818,000) | |||
Hartland, WI, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,634,000 | |||
Land | 1,526,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,634,000 | |||
Land | 1,526,000 | |||
Total | 6,160,000 | |||
Accumulated Depreciation | (1,057,000) | |||
Janesville, WI, Q4 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 17,477,000 | |||
Land | 828,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 979,000 | |||
Building & Improvements | 18,456,000 | |||
Land | 828,000 | |||
Total | 19,284,000 | |||
Accumulated Depreciation | (5,073,000) | |||
Kenosha, WI, Q4 2016 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,968,000 | |||
Land | 797,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 763,000 | |||
Building & Improvements | 4,731,000 | |||
Land | 797,000 | |||
Total | 5,528,000 | |||
Accumulated Depreciation | (1,117,000) | |||
Madison 1, WI, Q4 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,365,000 | |||
Land | 609,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 475,000 | |||
Building & Improvements | 6,840,000 | |||
Land | 609,000 | |||
Total | 7,449,000 | |||
Accumulated Depreciation | (1,118,000) | |||
Madison 2, WI, Q4 2017 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,489,000 | |||
Land | 444,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 39,000 | |||
Building & Improvements | 4,528,000 | |||
Land | 444,000 | |||
Total | 4,972,000 | |||
Accumulated Depreciation | (725,000) | |||
Mayville, WI, Q3 2007 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,118,000 | |||
Land | 547,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 623,000 | |||
Building & Improvements | 4,741,000 | |||
Land | 547,000 | |||
Total | 5,288,000 | |||
Accumulated Depreciation | (1,963,000) | |||
New Berliin, WI, 12-16-19 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 15,917,000 | |||
Land | 277,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 15,917,000 | |||
Land | 277,000 | |||
Total | 16,194,000 | |||
Accumulated Depreciation | (1,468,000) | |||
New Berlin, WI, Q3 2013 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,409,000 | |||
Land | 1,068,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 43,000 | |||
Building & Improvements | 6,452,000 | |||
Land | 1,068,000 | |||
Total | 7,520,000 | |||
Accumulated Depreciation | (1,696,000) | |||
Milwaukee/Madison, WI 12/19/18 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,350,000 | |||
Land | 526,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,350,000 | |||
Land | 526,000 | |||
Total | 4,876,000 | |||
Accumulated Depreciation | (759,000) | |||
Milwaukee/Madison, WI2, Q3 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,125,000 | |||
Land | 805,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 355,000 | |||
Building & Improvements | 6,480,000 | |||
Land | 805,000 | |||
Total | 7,285,000 | |||
Accumulated Depreciation | (1,002,000) | |||
Milwaukee/Madison, WI 12/18/18 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,678,000 | |||
Land | 841,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,001,000 | |||
Building & Improvements | 7,679,000 | |||
Land | 841,000 | |||
Total | 8,520,000 | |||
Accumulated Depreciation | (1,474,000) | |||
Milwaukee/Madison, WI 12/18/18 (2) [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,516,000 | |||
Land | 439,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 52,000 | |||
Building & Improvements | 4,568,000 | |||
Land | 439,000 | |||
Total | 5,007,000 | |||
Accumulated Depreciation | (796,000) | |||
Chicago, IL 12/19/18 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 18,219,000 | |||
Land | 2,297,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 18,219,000 | |||
Land | 2,297,000 | |||
Total | 20,516,000 | |||
Accumulated Depreciation | (2,042,000) | |||
Chicago, IL, Q3 2018 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,949,000 | |||
Land | 523,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 440,000 | |||
Building & Improvements | 5,389,000 | |||
Land | 523,000 | |||
Total | 5,912,000 | |||
Accumulated Depreciation | (886,000) | |||
Sun Prairie, WI, Q3 2008 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,809,000 | |||
Land | 2,360,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2,499,000 | |||
Building & Improvements | 8,308,000 | |||
Land | 2,360,000 | |||
Total | 10,668,000 | |||
Accumulated Depreciation | (2,811,000) | |||
West Allis, WI, Q4 2015, 1 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,757,000 | |||
Land | 462,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2,024,000 | |||
Building & Improvements | 3,781,000 | |||
Land | 462,000 | |||
Total | 4,243,000 | |||
Accumulated Depreciation | (808,000) | |||
West Allis, WI, Q4 2015, 2 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 1,848,000 | |||
Land | 444,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,698,000 | |||
Building & Improvements | 3,546,000 | |||
Land | 444,000 | |||
Total | 3,990,000 | |||
Accumulated Depreciation | (655,000) | |||
West Allis, WI, Q4 2015, 3 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 846,000 | |||
Land | 252,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,051,000 | |||
Building & Improvements | 1,897,000 | |||
Land | 252,000 | |||
Total | 2,149,000 | |||
Accumulated Depreciation | (400,000) | |||
West Allis, WI, Q4 2015, 4 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 956,000 | |||
Land | 251,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 801,000 | |||
Building & Improvements | 1,757,000 | |||
Land | 251,000 | |||
Total | 2,008,000 | |||
Accumulated Depreciation | (329,000) | |||
Yorkville, WI, Q4 2014 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,886,000 | |||
Land | 416,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 323,000 | |||
Building & Improvements | 5,209,000 | |||
Land | 416,000 | |||
Total | 5,625,000 | |||
Accumulated Depreciation | (1,165,000) | |||
McClellan, CA, 2-6-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 14,582,000 | |||
Land | 1,048,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 14,582,000 | |||
Land | 1,048,000 | |||
Total | 15,630,000 | |||
Accumulated Depreciation | (1,320,000) | |||
Rancho Cordova, CA, 6-11-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,747,000 | |||
Land | 498,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 322,000 | |||
Building & Improvements | 5,069,000 | |||
Land | 498,000 | |||
Total | 5,567,000 | |||
Accumulated Depreciation | (405,000) | |||
Canton, MI, 1-10-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 23,732,000 | |||
Land | 2,378,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 180,000 | |||
Building & Improvements | 23,912,000 | |||
Land | 2,378,000 | |||
Total | 26,290,000 | |||
Accumulated Depreciation | (2,401,000) | |||
Warren, MI, 2-11-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 17,584,000 | |||
Land | 1,984,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 17,584,000 | |||
Land | 1,984,000 | |||
Total | 19,568,000 | |||
Accumulated Depreciation | (1,684,000) | |||
Rochester, NY, 1-10-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,746,000 | |||
Land | 208,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,746,000 | |||
Land | 208,000 | |||
Total | 6,954,000 | |||
Accumulated Depreciation | (638,000) | |||
Tulsa, OK, 3-9-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,167,000 | |||
Land | 644,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 125,000 | |||
Building & Improvements | 7,292,000 | |||
Land | 644,000 | |||
Total | 7,936,000 | |||
Accumulated Depreciation | (694,000) | |||
Langhorne, PA, 3-9-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,203,000 | |||
Land | 1,155,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 83,000 | |||
Building & Improvements | 4,286,000 | |||
Land | 1,155,000 | |||
Total | 5,441,000 | |||
Accumulated Depreciation | (561,000) | |||
Richmond, VA, 2-6-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,801,000 | |||
Land | 819,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 726,000 | |||
Building & Improvements | 4,527,000 | |||
Land | 819,000 | |||
Total | 5,346,000 | |||
Accumulated Depreciation | (638,000) | |||
Hudson, WI, 2-6-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,982,000 | |||
Land | 683,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 6,000 | |||
Building & Improvements | 7,988,000 | |||
Land | 683,000 | |||
Total | 8,671,000 | |||
Accumulated Depreciation | (809,000) | |||
Muskego, WI, 2-7-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,497,000 | |||
Land | 393,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 154,000 | |||
Building & Improvements | 5,651,000 | |||
Land | 393,000 | |||
Total | 6,044,000 | |||
Accumulated Depreciation | (642,000) | |||
Lodi, CA, 10-23-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 34,550,000 | |||
Land | 4,975,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 34,550,000 | |||
Land | 4,975,000 | |||
Total | 39,525,000 | |||
Accumulated Depreciation | (2,301,000) | |||
Sacramento, CA, 10-29-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,609,000 | |||
Land | 845,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 160,000 | |||
Building & Improvements | 8,769,000 | |||
Land | 845,000 | |||
Total | 9,614,000 | |||
Accumulated Depreciation | (574,000) | |||
Stockton, CA, 11-23-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,133,000 | |||
Land | 663,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,133,000 | |||
Land | 663,000 | |||
Total | 4,796,000 | |||
Accumulated Depreciation | (282,000) | |||
Stockton, CA, 11-23-20 (2) | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,136,000 | |||
Land | 660,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,136,000 | |||
Land | 660,000 | |||
Total | 4,796,000 | |||
Accumulated Depreciation | (281,000) | |||
Yoder, IN, 10-28-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 24,504,000 | |||
Land | 941,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 665,000 | |||
Building & Improvements | 25,169,000 | |||
Land | 941,000 | |||
Total | 26,110,000 | |||
Accumulated Depreciation | (2,480,000) | |||
Grand Rapids, MI, 10-20-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,082,000 | |||
Land | 1,241,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 43,000 | |||
Building & Improvements | 7,125,000 | |||
Land | 1,241,000 | |||
Total | 8,366,000 | |||
Accumulated Depreciation | (548,000) | |||
Maple Grove, MN, 12-1-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,397,000 | |||
Land | 2,327,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 143,000 | |||
Building & Improvements | 10,540,000 | |||
Land | 2,327,000 | |||
Total | 12,867,000 | |||
Accumulated Depreciation | (918,000) | |||
Southaven, MS, 10-19-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 28,566,000 | |||
Land | 1,000,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 26,000 | |||
Building & Improvements | 28,592,000 | |||
Land | 1,000,000 | |||
Total | 29,592,000 | |||
Accumulated Depreciation | (1,985,000) | |||
Mount Laurel, NJ - 8-31-20 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,695,000 | |||
Land | 616,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 942,000 | |||
Building & Improvements | 7,637,000 | |||
Land | 616,000 | |||
Total | 8,253,000 | |||
Accumulated Depreciation | (538,000) | |||
Catawba, NC, 10-27-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,166,000 | |||
Land | 1,692,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,166,000 | |||
Land | 1,692,000 | |||
Total | 9,858,000 | |||
Accumulated Depreciation | (593,000) | |||
Charlotte, NC - 9-28-20 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,839,000 | |||
Land | 369,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 179,000 | |||
Building & Improvements | 5,018,000 | |||
Land | 369,000 | |||
Total | 5,387,000 | |||
Accumulated Depreciation | (392,000) | |||
Etna, OH, 10-22-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 73,402,000 | |||
Land | 2,939,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 107,000 | |||
Building & Improvements | 73,509,000 | |||
Land | 2,939,000 | |||
Total | 76,448,000 | |||
Accumulated Depreciation | (5,287,000) | |||
Twinsburg, OH - 9-29-20 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 19,772,000 | |||
Land | 3,855,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 19,772,000 | |||
Land | 3,855,000 | |||
Total | 23,627,000 | |||
Accumulated Depreciation | (1,426,000) | |||
Clinton, PA - 9-3-20 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,524,000 | |||
Land | 0 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 10,524,000 | |||
Land | 0 | |||
Total | 10,524,000 | |||
Accumulated Depreciation | (795,000) | |||
Clinton, PA - 9-24-20 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,668,000 | |||
Land | 0 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,668,000 | |||
Land | 0 | |||
Total | 5,668,000 | |||
Accumulated Depreciation | (436,000) | |||
Clinton, PA, 10-1-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 18,152,000 | |||
Land | 0 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 18,152,000 | |||
Land | 0 | |||
Total | 18,152,000 | |||
Accumulated Depreciation | (1,308,000) | |||
Rock Hill, SC, 11-12-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,903,000 | |||
Land | 1,118,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 10,903,000 | |||
Land | 1,118,000 | |||
Total | 12,021,000 | |||
Accumulated Depreciation | (839,000) | |||
Cudahy, WI, 10-9-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,778,000 | |||
Land | 1,427,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,778,000 | |||
Land | 1,427,000 | |||
Total | 6,205,000 | |||
Accumulated Depreciation | (493,000) | |||
Birmingham, AL, 12-28-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,779,000 | |||
Land | 1,307,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 97,000 | |||
Building & Improvements | 6,876,000 | |||
Land | 1,307,000 | |||
Total | 8,183,000 | |||
Accumulated Depreciation | (472,000) | |||
Birmingham, AL, 12-28-20 (2) | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,828,000 | |||
Land | 1,341,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,828,000 | |||
Land | 1,341,000 | |||
Total | 7,169,000 | |||
Accumulated Depreciation | (375,000) | |||
Birmingham, AL, 12-28-20 (3) | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,958,000 | |||
Land | 836,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 167,000 | |||
Building & Improvements | 4,125,000 | |||
Land | 836,000 | |||
Total | 4,961,000 | |||
Accumulated Depreciation | (281,000) | |||
Chandler, AZ, 12-15-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,728,000 | |||
Land | 2,847,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 671,000 | |||
Building & Improvements | 10,399,000 | |||
Land | 2,847,000 | |||
Total | 13,246,000 | |||
Accumulated Depreciation | (676,000) | |||
Mesa, AZ, 12-30-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,930,000 | |||
Land | 1,277,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 311,000 | |||
Building & Improvements | 8,241,000 | |||
Land | 1,277,000 | |||
Total | 9,518,000 | |||
Accumulated Depreciation | (534,000) | |||
Rancho Cordova, CA, 12-30-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,346,000 | |||
Land | 678,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 33,000 | |||
Building & Improvements | 4,379,000 | |||
Land | 678,000 | |||
Total | 5,057,000 | |||
Accumulated Depreciation | (269,000) | |||
McAllen, TX, 12-29-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 13,549,000 | |||
Land | 818,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,584,000 | |||
Building & Improvements | 15,133,000 | |||
Land | 818,000 | |||
Total | 15,951,000 | |||
Accumulated Depreciation | (914,000) | |||
Garner, NC, 12-17-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 11,790,000 | |||
Land | 3,420,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 11,790,000 | |||
Land | 3,420,000 | |||
Total | 15,210,000 | |||
Accumulated Depreciation | (832,000) | |||
Columbus, OH, 12-22-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 45,112,000 | |||
Land | 3,410,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | (269,000) | |||
Building & Improvements | 44,843,000 | |||
Land | 3,410,000 | |||
Total | 48,253,000 | |||
Accumulated Depreciation | (3,038,000) | |||
Rochester, NY, 12-28-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,979,000 | |||
Land | 619,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 601,000 | |||
Building & Improvements | 7,580,000 | |||
Land | 619,000 | |||
Total | 8,199,000 | |||
Accumulated Depreciation | (543,000) | |||
Lake Worth, FL, 12-30-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,530,000 | |||
Land | 1,533,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 2,530,000 | |||
Land | 1,533,000 | |||
Total | 4,063,000 | |||
Accumulated Depreciation | (182,000) | |||
Lake Worth, FL, 12-30-20 (2) | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,729,000 | |||
Land | 1,502,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,729,000 | |||
Land | 1,502,000 | |||
Total | 6,231,000 | |||
Accumulated Depreciation | (311,000) | |||
Lake Worth, FL, 12-30-20 (3) | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,751,000 | |||
Land | 2,254,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,751,000 | |||
Land | 2,254,000 | |||
Total | 7,005,000 | |||
Accumulated Depreciation | (337,000) | |||
Lakeland, FL, 12-30-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 13,060,000 | |||
Land | 1,099,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 13,060,000 | |||
Land | 1,099,000 | |||
Total | 14,159,000 | |||
Accumulated Depreciation | (883,000) | |||
Fort Myers, FL, 12-30-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 22,005,000 | |||
Land | 2,729,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 22,005,000 | |||
Land | 2,729,000 | |||
Total | 24,734,000 | |||
Accumulated Depreciation | (1,332,000) | |||
West Plam Beach, FL, 12-30-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,835,000 | |||
Land | 2,906,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 600,000 | |||
Building & Improvements | 7,435,000 | |||
Land | 2,906,000 | |||
Total | 10,341,000 | |||
Accumulated Depreciation | (481,000) | |||
Batavia, IL, 12-22-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,763,000 | |||
Land | 1,124,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 7,763,000 | |||
Land | 1,124,000 | |||
Total | 8,887,000 | |||
Accumulated Depreciation | (505,000) | |||
Cary, IL, 12-22-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,331,000 | |||
Land | 498,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 16,000 | |||
Building & Improvements | 3,347,000 | |||
Land | 498,000 | |||
Total | 3,845,000 | |||
Accumulated Depreciation | (228,000) | |||
Hodgkins, IL, 12-28-20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 30,599,000 | |||
Land | 2,570,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 30,599,000 | |||
Land | 2,570,000 | |||
Total | 33,169,000 | |||
Accumulated Depreciation | (1,877,000) | |||
Schaumburg, IL, 6-29-20 [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,086,000 | |||
Land | 689,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 177,000 | |||
Building & Improvements | 4,263,000 | |||
Land | 689,000 | |||
Total | 4,952,000 | |||
Accumulated Depreciation | (364,000) | |||
Bryant, AR - 3-1-21 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 17,386,000 | |||
Land | 1,143,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 17,386,000 | |||
Land | 1,143,000 | |||
Total | 18,529,000 | |||
Accumulated Depreciation | (990,000) | |||
Sacramento, CA - 2-25-21 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 21,258,000 | |||
Land | 2,203,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 150,000 | |||
Building & Improvements | 21,408,000 | |||
Land | 2,203,000 | |||
Total | 23,611,000 | |||
Accumulated Depreciation | (1,355,000) | |||
Inver Grove Heigh, MN - 2-24-21 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,964,000 | |||
Land | 2,595,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,964,000 | |||
Land | 2,595,000 | |||
Total | 9,559,000 | |||
Accumulated Depreciation | (416,000) | |||
Bellevue, NE - 1-21-21 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 20,384,000 | |||
Land | 1,691,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 20,384,000 | |||
Land | 1,691,000 | |||
Total | 22,075,000 | |||
Accumulated Depreciation | (1,385,000) | |||
Ronkonkoma, NY - 2-25-21 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | (4,744,000) | |||
Building and Tenant Improvements (initial cost) | 6,091,000 | |||
Land | 1,213,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 40,000 | |||
Building & Improvements | 6,131,000 | |||
Land | 1,213,000 | |||
Total | 7,344,000 | |||
Accumulated Depreciation | (381,000) | |||
Maple Heights, OH - 3-18-21 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,357,000 | |||
Land | 922,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,357,000 | |||
Land | 922,000 | |||
Total | 5,279,000 | |||
Accumulated Depreciation | (268,000) | |||
Moody, AL, 8-26-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 31,546,000 | |||
Land | 2,293,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 262,000 | |||
Building & Improvements | 31,808,000 | |||
Land | 2,293,000 | |||
Total | 34,101,000 | |||
Accumulated Depreciation | (1,595,000) | |||
Gilbert, AZ, 03-01-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,784,000 | |||
Land | 2,107,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 240,000 | |||
Building & Improvements | 6,024,000 | |||
Land | 2,107,000 | |||
Total | 8,131,000 | |||
Accumulated Depreciation | (302,000) | |||
Batavia, CA 10-13-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,427,000 | |||
Land | 598,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 274,000 | |||
Building & Improvements | 4,701,000 | |||
Land | 598,000 | |||
Total | 5,299,000 | |||
Accumulated Depreciation | (191,000) | |||
Morgan Hill, CA, 10-12-21 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,608,000 | |||
Land | 2,562,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 7,608,000 | |||
Land | 2,562,000 | |||
Total | 10,170,000 | |||
Accumulated Depreciation | (280,000) | |||
Morgan Hill, CA, 08-09-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 19,849,000 | |||
Land | 3,943,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 19,849,000 | |||
Land | 3,943,000 | |||
Total | 23,792,000 | |||
Accumulated Depreciation | (833,000) | |||
Roseville, CA, 08-30-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 11,411,000 | |||
Land | 2,140,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 11,411,000 | |||
Land | 2,140,000 | |||
Total | 13,551,000 | |||
Accumulated Depreciation | (561,000) | |||
Stockton, CA, 05-17-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 12,552,000 | |||
Land | 1,806,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 524,000 | |||
Building & Improvements | 13,076,000 | |||
Land | 1,806,000 | |||
Total | 14,882,000 | |||
Accumulated Depreciation | (644,000) | |||
Loveland, CO , 9-24-21 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 16,591,000 | |||
Land | 3,452,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 136,000 | |||
Building & Improvements | 16,727,000 | |||
Land | 3,452,000 | |||
Total | 20,179,000 | |||
Accumulated Depreciation | (623,000) | |||
Loveland, CO , 06-14-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 14,134,000 | |||
Land | 3,047,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 2,928,000 | |||
Building & Improvements | 17,062,000 | |||
Land | 3,047,000 | |||
Total | 20,109,000 | |||
Accumulated Depreciation | (623,000) | |||
Bartlett, IL, 07-20-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 19,493,000 | |||
Land | 2,198,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 449,000 | |||
Building & Improvements | 19,942,000 | |||
Land | 2,198,000 | |||
Total | 22,140,000 | |||
Accumulated Depreciation | (910,000) | |||
Crystal Lake, IL, 09-16-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,465,000 | |||
Land | 1,343,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 69,000 | |||
Building & Improvements | 8,534,000 | |||
Land | 1,343,000 | |||
Total | 9,877,000 | |||
Accumulated Depreciation | (409,000) | |||
Crystal Lake, IL, 07-19-2021 300 Exc. Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,742,000 | |||
Land | 1,568,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 9,742,000 | |||
Land | 1,568,000 | |||
Total | 11,310,000 | |||
Accumulated Depreciation | (467,000) | |||
Crystal Lake, IL, 07-20-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,861,000 | |||
Land | 1,456,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 8,000 | |||
Building & Improvements | 8,869,000 | |||
Land | 1,456,000 | |||
Total | 10,325,000 | |||
Accumulated Depreciation | (452,000) | |||
Crystal Lake, IL, 07-27-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,737,000 | |||
Land | 1,790,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 10,737,000 | |||
Land | 1,790,000 | |||
Total | 12,527,000 | |||
Accumulated Depreciation | (504,000) | |||
Hodgkins, IL, 09-29-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,163,000 | |||
Land | 3,127,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,163,000 | |||
Land | 3,127,000 | |||
Total | 9,290,000 | |||
Accumulated Depreciation | (291,000) | |||
Itasca, IL, 07-19-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,621,000 | |||
Land | 1,223,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,621,000 | |||
Land | 1,223,000 | |||
Total | 4,844,000 | |||
Accumulated Depreciation | (162,000) | |||
Itasca, IL, 06-30-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,871,000 | |||
Land | 2,073,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,871,000 | |||
Land | 2,073,000 | |||
Total | 5,944,000 | |||
Accumulated Depreciation | (193,000) | |||
Vernon Hills, IL, 09-02-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,383,000 | |||
Land | 2,416,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 465,000 | |||
Building & Improvements | 9,848,000 | |||
Land | 2,416,000 | |||
Total | 12,264,000 | |||
Accumulated Depreciation | (381,000) | |||
Greenwood, IN 08-19-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 12,745,000 | |||
Land | 911,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 12,745,000 | |||
Land | 911,000 | |||
Total | 13,656,000 | |||
Accumulated Depreciation | (656,000) | |||
Indianapolis, IN 08-26-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,931,000 | |||
Land | 620,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,931,000 | |||
Land | 620,000 | |||
Total | 4,551,000 | |||
Accumulated Depreciation | (179,000) | |||
Hagerstown, MD, 06-30-21 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 11,213,000 | |||
Land | 3,472,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 11,213,000 | |||
Land | 3,472,000 | |||
Total | 14,685,000 | |||
Accumulated Depreciation | (683,000) | |||
Hunt Valley, MD, 08-26-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,904,000 | |||
Land | 538,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,904,000 | |||
Land | 538,000 | |||
Total | 5,442,000 | |||
Accumulated Depreciation | (253,000) | |||
Hudson, MA, 09-29-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 12,662,000 | |||
Land | 723,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 76,000 | |||
Building & Improvements | 12,738,000 | |||
Land | 723,000 | |||
Total | 13,461,000 | |||
Accumulated Depreciation | (513,000) | |||
Sterling, MA, 08-23-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,797,000 | |||
Land | 1,472,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 10,797,000 | |||
Land | 1,472,000 | |||
Total | 12,269,000 | |||
Accumulated Depreciation | (453,000) | |||
Warren, MI, 09-02-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 19,273,000 | |||
Land | 531,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 19,273,000 | |||
Land | 531,000 | |||
Total | 19,804,000 | |||
Accumulated Depreciation | (986,000) | |||
Wixom, MN, 11-01-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 14,433,000 | |||
Land | 293,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 14,433,000 | |||
Land | 293,000 | |||
Total | 14,726,000 | |||
Accumulated Depreciation | (509,000) | |||
Berkeley, MO 10-12-21 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,859,000 | |||
Land | 1,423,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 9,859,000 | |||
Land | 1,423,000 | |||
Total | 11,282,000 | |||
Accumulated Depreciation | (410,000) | |||
Omaha, NE, 10-06-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 2,636,000 | |||
Land | 828,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 221,000 | |||
Building & Improvements | 2,857,000 | |||
Land | 828,000 | |||
Total | 3,685,000 | |||
Accumulated Depreciation | (127,000) | |||
Duncan, SC, 8-23-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 12,390,000 | |||
Land | 936,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 52,000 | |||
Building & Improvements | 12,442,000 | |||
Land | 936,000 | |||
Total | 13,378,000 | |||
Accumulated Depreciation | (546,000) | |||
York, PA, 11-03-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 21,154,000 | |||
Land | 1,478,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 599,000 | |||
Building & Improvements | 21,753,000 | |||
Land | 1,478,000 | |||
Total | 23,231,000 | |||
Accumulated Depreciation | (826,000) | |||
West Columbia, SC, 07-27-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 12,723,000 | |||
Land | 1,217,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,749,000 | |||
Building & Improvements | 14,472,000 | |||
Land | 1,217,000 | |||
Total | 15,689,000 | |||
Accumulated Depreciation | (725,000) | |||
El Paso, TX, 10-06-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 22,571,000 | |||
Land | 1,725,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 22,571,000 | |||
Land | 1,725,000 | |||
Total | 24,296,000 | |||
Accumulated Depreciation | (872,000) | |||
Provo, UT, 08-19-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 27,225,000 | |||
Land | 1,945,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 27,225,000 | |||
Land | 1,945,000 | |||
Total | 29,170,000 | |||
Accumulated Depreciation | (1,080,000) | |||
Appleton, WI, 10-08-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,757,000 | |||
Land | 261,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,757,000 | |||
Land | 261,000 | |||
Total | 6,018,000 | |||
Accumulated Depreciation | (296,000) | |||
Franklin, WI, 9-28-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,193,000 | |||
Land | 1,551,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,193,000 | |||
Land | 1,551,000 | |||
Total | 9,744,000 | |||
Accumulated Depreciation | (411,000) | |||
Mukwonago, WI, 9-16-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,844,000 | |||
Land | 1,478,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 219,000 | |||
Building & Improvements | 11,063,000 | |||
Land | 1,478,000 | |||
Total | 12,541,000 | |||
Accumulated Depreciation | (479,000) | |||
Omaha, NE, 10-06-2021 (2) | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,398,000 | |||
Land | 868,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,398,000 | |||
Land | 868,000 | |||
Total | 4,266,000 | |||
Accumulated Depreciation | (135,000) | |||
Fernley, NV, 6-30-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 11,401,000 | |||
Land | 1,034,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 11,401,000 | |||
Land | 1,034,000 | |||
Total | 12,435,000 | |||
Accumulated Depreciation | (612,000) | |||
Canal Winchester, OH, 8-19-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 19,432,000 | |||
Land | 3,708,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 359,000 | |||
Building & Improvements | 19,791,000 | |||
Land | 3,708,000 | |||
Total | 23,499,000 | |||
Accumulated Depreciation | (970,000) | |||
Canal Winchester, OH, 8-19-2021 (2) | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 37,431,000 | |||
Land | 6,403,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 37,431,000 | |||
Land | 6,403,000 | |||
Total | 43,834,000 | |||
Accumulated Depreciation | (1,649,000) | |||
Strongsville, OH, 6-17-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 16,487,000 | |||
Land | 1,315,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 16,487,000 | |||
Land | 1,315,000 | |||
Total | 17,802,000 | |||
Accumulated Depreciation | (791,000) | |||
Kentwood, MI, 11-09-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 16,933,000 | |||
Land | 1,256,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,803,000 | |||
Building & Improvements | 18,736,000 | |||
Land | 1,256,000 | |||
Total | 19,992,000 | |||
Accumulated Depreciation | (694,000) | |||
St. Paul, MN, 11-10-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 23,675,000 | |||
Land | 2,258,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 23,675,000 | |||
Land | 2,258,000 | |||
Total | 25,933,000 | |||
Accumulated Depreciation | (905,000) | |||
York, PA, 11-09-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,788,000 | |||
Land | 1,139,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 138,000 | |||
Building & Improvements | 5,926,000 | |||
Land | 1,139,000 | |||
Total | 7,065,000 | |||
Accumulated Depreciation | (292,000) | |||
Elgin, IL, 11-12-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 19,754,000 | |||
Land | 1,135,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 60,000 | |||
Building & Improvements | 19,814,000 | |||
Land | 1,135,000 | |||
Total | 20,949,000 | |||
Accumulated Depreciation | (668,000) | |||
Elgin, IL, 11-12-2021 (2) | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 15,366,000 | |||
Land | 1,057,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 213,000 | |||
Building & Improvements | 15,579,000 | |||
Land | 1,057,000 | |||
Total | 16,636,000 | |||
Accumulated Depreciation | (565,000) | |||
Elgin, IL, 11-12-2021 (3) | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,332,000 | |||
Land | 270,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,332,000 | |||
Land | 270,000 | |||
Total | 3,602,000 | |||
Accumulated Depreciation | (121,000) | |||
West Dundee, IL, 11-12-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 12,640,000 | |||
Land | 948,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 45,000 | |||
Building & Improvements | 12,685,000 | |||
Land | 948,000 | |||
Total | 13,633,000 | |||
Accumulated Depreciation | (491,000) | |||
Westampton, NJ, 11-12-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 27,336,000 | |||
Land | 3,647,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 27,336,000 | |||
Land | 3,647,000 | |||
Total | 30,983,000 | |||
Accumulated Depreciation | (676,000) | |||
Sacramento, CA 10-25-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,137,000 | |||
Land | 1,347,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 804,000 | |||
Building & Improvements | 8,941,000 | |||
Land | 1,347,000 | |||
Total | 10,288,000 | |||
Accumulated Depreciation | (332,000) | |||
West Sacramento, CA 12-22-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 33,707,000 | |||
Land | 4,350,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 33,707,000 | |||
Land | 4,350,000 | |||
Total | 38,057,000 | |||
Accumulated Depreciation | 0 | |||
Sacramento, CA 12-01-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,231,000 | |||
Land | 1,614,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,231,000 | |||
Land | 1,614,000 | |||
Total | 6,845,000 | |||
Accumulated Depreciation | (190,000) | |||
Sacramento, CA 12-21-2021 (6) | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 12,184,000 | |||
Land | 3,921,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 12,184,000 | |||
Land | 3,921,000 | |||
Total | 16,105,000 | |||
Accumulated Depreciation | (517,000) | |||
Sacramento, CA 12-21-2021 (7) | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,560,000 | |||
Land | 1,479,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 7,560,000 | |||
Land | 1,479,000 | |||
Total | 9,039,000 | |||
Accumulated Depreciation | (273,000) | |||
Milford, CT, 12-23-2021 (2) | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 13,853,000 | |||
Land | 1,650,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 236,000 | |||
Building & Improvements | 14,089,000 | |||
Land | 1,650,000 | |||
Total | 15,739,000 | |||
Accumulated Depreciation | (501,000) | |||
Buford, GA , 12-31-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,195,000 | |||
Land | 1,061,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 985,000 | |||
Building & Improvements | 10,180,000 | |||
Land | 1,061,000 | |||
Total | 11,241,000 | |||
Accumulated Depreciation | (300,000) | |||
Saint Charles, IL, 12-29-21 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,028,000 | |||
Land | 1,321,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 7,028,000 | |||
Land | 1,321,000 | |||
Total | 8,349,000 | |||
Accumulated Depreciation | (248,000) | |||
Ankeny, IA, 12-09-2021 (2) | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 19,104,000 | |||
Land | 1,421,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 19,104,000 | |||
Land | 1,421,000 | |||
Total | 20,525,000 | |||
Accumulated Depreciation | (618,000) | |||
Des Moines, IA 12-23-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,342,000 | |||
Land | 1,685,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 28,000 | |||
Building & Improvements | 9,370,000 | |||
Land | 1,685,000 | |||
Total | 11,055,000 | |||
Accumulated Depreciation | (363,000) | |||
Hagerstown, MD - 12-28-21 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 55,177,000 | |||
Land | 6,036,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 55,177,000 | |||
Land | 6,036,000 | |||
Total | 61,213,000 | |||
Accumulated Depreciation | (1,978,000) | |||
Hagerstown, MD - 12-28-21 (3) | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 55,448,000 | |||
Land | 6,174,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 133,000 | |||
Building & Improvements | 55,581,000 | |||
Land | 6,174,000 | |||
Total | 61,755,000 | |||
Accumulated Depreciation | (2,060,000) | |||
Newport, MN, 12-28-21 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,367,000 | |||
Land | 1,765,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,367,000 | |||
Land | 1,765,000 | |||
Total | 10,132,000 | |||
Accumulated Depreciation | (284,000) | |||
La Vista, NE, 12-30-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 14,679,000 | |||
Land | 1,232,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 14,679,000 | |||
Land | 1,232,000 | |||
Total | 15,911,000 | |||
Accumulated Depreciation | (512,000) | |||
Hazleton, PA, 12-23-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 43,685,000 | |||
Land | 4,995,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 154,000 | |||
Building & Improvements | 43,839,000 | |||
Land | 4,995,000 | |||
Total | 48,834,000 | |||
Accumulated Depreciation | (1,773,000) | |||
Greer, SC, 12-17-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 25,631,000 | |||
Land | 849,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 25,631,000 | |||
Land | 849,000 | |||
Total | 26,480,000 | |||
Accumulated Depreciation | (760,000) | |||
Lebanon, TN, 12-23-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,891,000 | |||
Land | 519,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,891,000 | |||
Land | 519,000 | |||
Total | 6,410,000 | |||
Accumulated Depreciation | (202,000) | |||
Grapevine, TX, 10-13-2021 (2) | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,522,000 | |||
Land | 0 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 84,000 | |||
Building & Improvements | 9,606,000 | |||
Land | 0 | |||
Total | 9,606,000 | |||
Accumulated Depreciation | (393,000) | |||
Grapevine, TX, 10-13-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 15,029,000 | |||
Land | 0 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 301,000 | |||
Building & Improvements | 15,330,000 | |||
Land | 0 | |||
Total | 15,330,000 | |||
Accumulated Depreciation | (619,000) | |||
New Berlin, WI, 12-17-2021 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 20,176,000 | |||
Land | 955,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 20,176,000 | |||
Land | 955,000 | |||
Total | 21,131,000 | |||
Accumulated Depreciation | (652,000) | |||
Birmingham, AL, 5-5-2022 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,239,000 | |||
Land | 590,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,239,000 | |||
Land | 590,000 | |||
Total | 6,829,000 | |||
Accumulated Depreciation | (129,000) | |||
Fresno, CA, 7-25-2022 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 23,590,000 | |||
Land | 3,049,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 23,590,000 | |||
Land | 3,049,000 | |||
Total | 26,639,000 | |||
Accumulated Depreciation | (392,000) | |||
Hollister, CA, 6-7-2022 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 26,049,000 | |||
Land | 2,913,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 26,049,000 | |||
Land | 2,913,000 | |||
Total | 28,962,000 | |||
Accumulated Depreciation | (431,000) | |||
Atlanta, GA, 7-15-2022 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,382,000 | |||
Land | 1,679,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 542,000 | |||
Building & Improvements | 8,924,000 | |||
Land | 1,679,000 | |||
Total | 10,603,000 | |||
Accumulated Depreciation | (124,000) | |||
Lithonia, GA, 4-1-2022 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 18,052,000 | |||
Land | 943,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 197,000 | |||
Building & Improvements | 18,249,000 | |||
Land | 943,000 | |||
Total | 19,192,000 | |||
Accumulated Depreciation | (395,000) | |||
Elmhurst, IL, 1-31-2022 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 6,326,000 | |||
Land | 874,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 6,326,000 | |||
Land | 874,000 | |||
Total | 7,200,000 | |||
Accumulated Depreciation | (194,000) | |||
Grand Rapids, MI, 4-14-2022 (1) | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,907,000 | |||
Land | 892,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 4,907,000 | |||
Land | 892,000 | |||
Total | 5,799,000 | |||
Accumulated Depreciation | (136,000) | |||
Grand Rapids, MI, 4-14-2022 (2) | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 3,460,000 | |||
Land | 1,052,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 3,460,000 | |||
Land | 1,052,000 | |||
Total | 4,512,000 | |||
Accumulated Depreciation | (127,000) | |||
Shakopee, MN, 4-4-2022 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 11,596,000 | |||
Land | 584,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 11,596,000 | |||
Land | 584,000 | |||
Total | 12,180,000 | |||
Accumulated Depreciation | (314,000) | |||
Kansas City, MO, 1-06-2022 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 48,342,000 | |||
Land | 4,239,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 48,342,000 | |||
Land | 4,239,000 | |||
Total | 52,581,000 | |||
Accumulated Depreciation | (1,579,000) | |||
Santa Teresa, NM, 7-26-2022 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,906,000 | |||
Land | 723,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,906,000 | |||
Land | 723,000 | |||
Total | 9,629,000 | |||
Accumulated Depreciation | (131,000) | |||
Columbus, OH, 2-08-2022 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,960,000 | |||
Land | 988,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,960,000 | |||
Land | 988,000 | |||
Total | 9,948,000 | |||
Accumulated Depreciation | (282,000) | |||
Macedonia, OH, 2-08-2022 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,219,000 | |||
Land | 1,001,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 10,219,000 | |||
Land | 1,001,000 | |||
Total | 11,220,000 | |||
Accumulated Depreciation | (297,000) | |||
Clinton, PA, 4-19-2022 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 40,282,000 | |||
Land | 0 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 40,282,000 | |||
Land | 0 | |||
Total | 40,282,000 | |||
Accumulated Depreciation | (1,097,000) | |||
Greenville/ Spartanburg, SC, 4-22-2022 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 37,469,000 | |||
Land | 3,674,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 72,000 | |||
Building & Improvements | 37,541,000 | |||
Land | 3,674,000 | |||
Total | 41,215,000 | |||
Accumulated Depreciation | 0 | |||
Piedmont, SC, 3-10-2022 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 25,151,000 | |||
Land | 569,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,001,000 | |||
Building & Improvements | 26,152,000 | |||
Land | 569,000 | |||
Total | 26,721,000 | |||
Accumulated Depreciation | (624,000) | |||
Piedmont, SC, 3-18-2022 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 13,912,000 | |||
Land | 331,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 13,912,000 | |||
Land | 331,000 | |||
Total | 14,243,000 | |||
Accumulated Depreciation | (363,000) | |||
Murfreesboro, TN, 3-10-2022 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,617,000 | |||
Land | 2,206,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 6,000 | |||
Building & Improvements | 9,623,000 | |||
Land | 2,206,000 | |||
Total | 11,829,000 | |||
Accumulated Depreciation | (258,000) | |||
Memphis, TN, 3-18-2022 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 13,463,000 | |||
Land | 539,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 13,463,000 | |||
Land | 539,000 | |||
Total | 14,002,000 | |||
Accumulated Depreciation | (377,000) | |||
El Paso, TX, 7-26-2022 (8) | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 9,382,000 | |||
Land | 1,101,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 9,382,000 | |||
Land | 1,101,000 | |||
Total | 10,483,000 | |||
Accumulated Depreciation | (145,000) | |||
El Paso, TX, 7-26-2022 (9) | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 4,666,000 | |||
Land | 626,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 128,000 | |||
Building & Improvements | 4,794,000 | |||
Land | 626,000 | |||
Total | 5,420,000 | |||
Accumulated Depreciation | (86,000) | |||
El Paso, TX, 7-26-2022 (10) | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 8,551,000 | |||
Land | 701,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 8,551,000 | |||
Land | 701,000 | |||
Total | 9,252,000 | |||
Accumulated Depreciation | (133,000) | |||
Fredericksburg, VA, 6-29-2022 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 15,235,000 | |||
Land | 2,182,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 15,235,000 | |||
Land | 2,182,000 | |||
Total | 17,417,000 | |||
Accumulated Depreciation | (268,000) | |||
Norfolk, VA, 6-29-2022 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 7,989,000 | |||
Land | 1,259,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 7,989,000 | |||
Land | 1,259,000 | |||
Total | 9,248,000 | |||
Accumulated Depreciation | (140,000) | |||
Saint Charles, IL, 12-28-22 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 5,976,000 | |||
Land | 1,160,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 5,976,000 | |||
Land | 1,160,000 | |||
Total | 7,136,000 | |||
Accumulated Depreciation | (20,000) | |||
Jeffersonville, IN 9-21-2022 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 35,174,000 | |||
Land | 2,891,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 35,174,000 | |||
Land | 2,891,000 | |||
Total | 38,065,000 | |||
Accumulated Depreciation | (375,000) | |||
Wilsonville, OR 9-12-2022 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 10,142,000 | |||
Land | 696,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 18,000 | |||
Building & Improvements | 10,160,000 | |||
Land | 696,000 | |||
Total | 10,856,000 | |||
Accumulated Depreciation | (100,000) | |||
Greenville/ Spartanburg, SC, 4-22-2022 (2) | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Building and Tenant Improvements (initial cost) | 41,000 | |||
Land | 1,885,000 | |||
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 0 | |||
Building & Improvements | 41,000 | |||
Land | 1,885,000 | |||
Total | 1,926,000 | |||
Accumulated Depreciation | 0 | |||
Mortgage Loans Payable | ||||
Real Estate and Accumulated Depreciation | ||||
Debt Issuance Costs, Net | $ (5,000) | $ (103,000) |
Schedule 3 - Real Estate and _3
Schedule 3 - Real Estate and Accumulated Depreciation - Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Buildings, net of accumulated depreciation of $513,053 and $406,670, respectively | |
Real Estate and Accumulated Depreciation | |
Useful life | 40 years |
Building and land improvements | Maximum | |
Real Estate and Accumulated Depreciation | |
Useful life | 20 years |
Schedule 3 - Real Estate and _4
Schedule 3 - Real Estate and Accumulated Depreciation - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Federal Income Tax Basis | $ 7,100,000 | ||
Real Estate: | |||
Balance at beginning of period | 5,664,907 | $ 4,521,301 | $ 3,959,883 |
Additions during period | |||
Other acquisitions | 423,918 | 1,217,478 | 664,616 |
Improvements, etc. | 120,151 | 40,797 | 59,702 |
Other additions | 0 | 0 | 0 |
Deductions during period | |||
Cost of real estate sold | (80,470) | (107,192) | (152,716) |
Write-off of tenant improvements | (3,428) | (7,477) | (5,025) |
Asset impairments and involuntary conversion | (1,783) | 0 | (5,159) |
Balance at the end of the period including assets held for sale | 6,123,295 | 5,664,907 | 4,521,301 |
Assets held for sale | (6,324) | 0 | (562) |
Balance at the end of the period excluding assets held for sale | 6,116,971 | 5,664,907 | 4,520,739 |
Accumulated Depreciation: | |||
Balance at beginning of period | 611,867 | 495,466 | 393,506 |
Additions during period | |||
Depreciation and amortization expense | 170,088 | 142,966 | 126,382 |
Other additions | 0 | 0 | 0 |
Deductions during period | |||
Disposals | (17,146) | (26,565) | (24,422) |
Balance at the end of the period including assets held for sale | 764,809 | 611,867 | 495,466 |
Assets held for sale | (1,681) | 0 | (118) |
Balance at the end of the period excluding assets held for sale | $ 763,128 | $ 611,867 | $ 495,348 |