STAG Industrial (STAG) 10-Q31 Oct 142014 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Oct. 30, 2014	Oct. 30, 2014	Oct. 30, 2014
	Sep. 30, 2014	Common	Series A Preferred Stock	Series B Preferred Stock
Entity Registrant Name	'STAG Industrial, Inc.	'	'	'
Entity Central Index Key	'0001479094	'	'	'
Document Type	'10-Q	'	'	'
Document Period End Date	30-Sep-14	'	'	'
Amendment Flag	'false	'	'	'
Current Fiscal Year End Date	'--12-31	'	'	'
Entity Current Reporting Status	'Yes	'	'	'
Entity Filer Category	'Large Accelerated Filer	'	'	'
Entity Common Stock, Shares Outstanding	'	64,434,852	2,760,000	2,800,000
Document Fiscal Year Focus	'2014	'	'	'
Document Fiscal Period Focus	'Q3	'	'	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Rental Property:	'	'
Land	$169,808	$134,399
Buildings and improvements	1,141,478	944,647
Less: accumulated depreciation	-96,849	-71,653
Total rental property, net	1,214,437	1,007,393
Cash and cash equivalents	5,290	6,690
Restricted cash	6,668	6,806
Tenant accounts receivable, net	15,371	13,790
Prepaid expenses and other assets	21,656	16,526
Interest rate swaps	2,192	3,924
Due from related parties	150	185
Deferred leasing intangibles, net of accumulated amortization of $133,866 and $95,201, respectively	235,226	214,967
Total assets	1,500,990	1,270,281
Liabilities:	'	'
Mortgage notes payable	222,192	225,591
Unsecured credit facility	106,000	80,500
Unsecured term loans	300,000	250,000
Unsecured notes	50,000	'
Accounts payable, accrued expenses and other liabilities	24,304	18,574
Interest rate swaps	228	'
Tenant prepaid rent and security deposits	10,005	8,972
Dividends and distributions payable	6,565	5,166
Deferred leasing intangibles, net of accumulated amortization of $5,875 and $4,520, respectively	7,586	6,914
Total liabilities	726,880	595,717
Commitments and contingencies	'	'
Equity:	'	'
Common stock, par value $0.01 per share, 100,000,000 shares authorized, 57,216,577 and 44,764,377 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively	572	447
Additional paid-in capital	783,518	577,039
Common stock dividends in excess of earnings	-176,851	-116,877
Accumulated other comprehensive income	1,627	3,440
Total stockholders' equity	747,866	603,049
Noncontrolling interest	26,244	71,515
Total equity	774,110	674,564
Total liabilities and equity	1,500,990	1,270,281
Series A Preferred Stock	'	'
Equity:	'	'
Preferred stock	69,000	69,000
Series B Preferred Stock	'	'
Equity:	'	'
Preferred stock	$70,000	$70,000

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013	Series A Preferred Stock	Series A Preferred Stock	Series B Preferred Stock	Series B Preferred Stock
Deferred leasing intangibles assets, accumulated amortization	$133,866	$95,201	'	'	'	'
Deferred leasing intangibles liabilities, accumulated amortization	$5,875	$4,520	'	'	'	'
Preferred stock, par value (in dollars per share)	$0.01	$0.01	'	'	'	'
Preferred stock, shares authorized	10,000,000	10,000,000	'	'	'	'
Preferred stock, shares issued	'	'	2,760,000	2,760,000	2,800,000	2,800,000
Preferred stock, shares outstanding	'	'	2,760,000	2,760,000	2,800,000	2,800,000
Preferred stock, liquidation preference (in dollars per share)	'	'	$25	$25	$25	$25
Common stock, par value (in dollars per share)	$0.01	$0.01	'	'	'	'
Common stock, shares authorized	100,000,000	100,000,000	'	'	'	'
Common stock, shares issued	57,216,577	44,764,377	'	'	'	'
Common stock, shares outstanding	57,216,577	44,764,377	'	'	'	'

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenue	'	'	'	'
Rental income	$36,774	$30,171	$106,095	$84,210
Tenant recoveries	5,399	4,265	17,094	11,399
Other income	185	207	594	865
Total revenue	42,358	34,643	123,783	96,474
Expenses	'	'	'	'
Property	7,694	6,299	24,285	17,182
General and administrative	5,704	4,376	19,462	13,385
Property acquisition costs	2,190	986	3,437	2,831
Depreciation and amortization	21,983	17,261	62,606	48,903
Other expenses	181	89	611	336
Total expenses	37,752	29,011	110,401	82,637
Other income (expense)	'	'	'	'
Interest income	3	3	11	9
Interest expense	-6,462	-5,370	-17,941	-14,866
Gain on sales of real estate	2,104	'	2,153	'
Total other income (expense)	-4,355	-5,367	-15,777	-14,857
Net loss from continuing operations	251	265	-2,395	-1,020
Discontinued operations	'	'	'	'
Income attributable to discontinued operations	'	29	'	248
Gain on sale of real estate	'	'	'	464
Total income attributable to discontinued operations	'	29	'	712
Net income (loss)	251	294	-2,395	-308
Less: loss attributable to noncontrolling interest after preferred stock dividends	-90	-335	-784	-958
Net income (loss) attributable to STAG Industrial, Inc.	341	629	-1,611	650
Less: preferred stock dividends	2,712	2,712	8,136	6,783
Less: amount allocated to unvested restricted stockholders	87	64	258	197
Net loss attributable to common stockholders	($2,458)	($2,147)	($10,005)	($6,330)
Weighted average common shares outstanding - basic and diluted (in shares)	55,354,125	42,753,722	51,157,219	41,766,740
Loss per share - basic and diluted	'	'	'	'
Loss from continuing operations attributable to common stockholders (in dollars per share)	($0.04)	($0.05)	($0.20)	($0.16)
Income from discontinued operations attributable to common stockholders (in dollars per share)	'	$0	'	$0.01
Loss per share - basic and diluted (in dollars per share)	($0.04)	($0.05)	($0.20)	($0.15)

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Loss) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Consolidated Statements of Comprehensive Income (Loss)	'	'	'	'
Net income (loss)	$251	$294	($2,395)	($308)
Other comprehensive income (loss):	'	'	'	'
Unrealized gain (loss) on interest rate swaps	1,300	-1,034	-1,959	2,632
Other comprehensive income (loss)	1,300	-1,034	-1,959	2,632
Comprehensive income (loss)	1,551	-740	-4,354	2,324
Net loss attributable to noncontrolling interest after preferred stock dividends	90	335	784	958
Other comprehensive (income) loss attributable to noncontrolling interest	-47	143	146	-355
Comprehensive income (loss) attributable to STAG Industrial, Inc.	$1,594	($262)	($3,424)	$2,927

Consolidated_Statements_of_Equ

Consolidated Statements of Equity (USD $)	Total Stockholders' Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Common Stock Dividends in excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest - Unit holders in Operating Partnership	Total
In Thousands, except Share data, unless otherwise specified	Total Stockholders' Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Common Stock Dividends in excess of Earnings	Accumulated Other Comprehensive Income (Loss)		Total
Balance at Dec. 31, 2012	$427,605	$69,000	$357	$419,643	($61,024)	($371)	$61,855	$489,460
Balance (in shares) at Dec. 31, 2012	'	'	35,698,582	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'
Proceeds from sales of common stock	154,669	'	82	154,587	'	'	'	154,669
Proceeds from sales of common stock (in shares)	'	'	8,247,322	'	'	'	'	'
Issuance of series B preferred stock	70,000	70,000	'	'	'	'	'	70,000
Offering costs	-8,457	'	'	-8,457	'	'	'	-8,457
Issuance of restricted stock, net	'	'	1	-1	'	'	'	'
Issuance of restricted stock, net (in shares)	'	'	96,287	'	'	'	'	'
Issuance of common stock (in shares)	'	'	7,871	'	'	'	'	'
Dividends and distributions, net	-45,323	-6,783	'	'	-38,540	'	-6,334	-51,657
Non-cash compensation	1,020	'	'	1,020	'	'	1,207	2,227
Issuance of units	'	'	'	'	'	'	11,499	11,499
Redemption of common units to common stock	23	'	'	23	'	'	-23	'
Redemption of common units to common stock (in shares)	'	'	2,186	'	'	'	'	'
Rebalancing of noncontrolling interest	-4,304	'	'	-4,304	'	'	4,304	'
Other comprehensive income (loss)	2,277	'	'	'	'	2,277	355	2,632
Net income (loss)	650	6,783	'	'	-6,133	'	-958	-308
Balance at Sep. 30, 2013	598,160	139,000	440	562,511	-105,697	1,906	71,905	670,065
Balance (in shares) at Sep. 30, 2013	'	'	44,052,248	'	'	'	'	'
Balance at Dec. 31, 2013	603,049	139,000	447	577,039	-116,877	3,440	71,515	674,564
Balance (in shares) at Dec. 31, 2013	'	'	44,764,377	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'
Proceeds from sales of common stock	164,077	'	72	164,005	'	'	'	164,077
Proceeds from sales of common stock (in shares)	'	'	7,191,537	'	'	'	'	'
Offering costs	-2,731	'	'	-2,731	'	'	'	-2,731
Issuance of restricted stock, net	'	'	1	-1	'	'	'	'
Issuance of restricted stock, net (in shares)	'	'	101,934	'	'	'	'	'
Issuance of common stock (in shares)	'	'	9,488	'	'	'	'	'
Issuance of equity pursuant to outperformance program	-1,490	'	1	-1,491	'	'	1,015	-475
Issuance of equity pursuant to outperformance program (in shares)	'	'	43,657	'	'	'	'	'
Dividends and distributions, net	-58,363	-8,136	'	'	-50,227	'	-3,572	-61,935
Non-cash compensation	1,546	'	'	1,546	'	'	3,760	5,306
Redemption of common units to common stock	54,732	'	51	54,681	'	'	-54,732	'
Redemption of common units to common stock (in shares)	'	'	5,105,584	'	'	'	'	'
Redemption of operating partnership units for cash	'	'	'	'	'	'	-342	-342
Rebalancing of noncontrolling interest	-9,530	'	'	-9,530	'	'	9,530	'
Other comprehensive income (loss)	-1,813	'	'	'	'	-1,813	-146	-1,959
Net income (loss)	-1,611	8,136	'	'	-9,747	'	-784	-2,395
Balance at Sep. 30, 2014	$747,866	$139,000	$572	$783,518	($176,851)	$1,627	$26,244	$774,110
Balance (in shares) at Sep. 30, 2014	'	'	57,216,577	'	'	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net loss	($2,395)	($308)
Adjustment to reconcile net loss to net cash provided by operating activities:	'	'
Depreciation and amortization	62,606	49,508
Non-cash portion of interest expense	1,009	783
Intangible amortization in rental income, net	4,600	4,399
Straight-line rent adjustments, net	-2,314	-2,139
Dividends on forfeited equity compensation	128	'
Gain on sales of real estate	-2,153	-464
Non-cash compensation expense	5,337	2,227
Change in assets and liabilities:	'	'
Tenant accounts receivable, net	934	-1,399
Restricted cash	-596	-764
Prepaid expenses and other assets	-3,253	-3,064
Accounts payable, accrued expenses and other liabilities	1,426	3,539
Tenant prepaid rent and security deposits	1,033	2,270
Due from related parties	35	626
Total adjustments	68,792	55,522
Net cash provided by operating activities	66,397	55,214
Cash flows from investing activities:	'	'
Additions of land and building improvements	-233,101	-183,882
Proceeds from sale of rental property, net	7,492	4,843
Restricted cash	734	-549
Acquisition deposits, net	-1,920	-460
Additions to lease intangibles	-61,413	-54,842
Net cash used in investing activities	-288,208	-234,890
Cash flows from financing activities:	'	'
Proceeds from sale of Series B Preferred stock	'	70,000
Redemption of common units for cash	-342	'
Proceeds from unsecured credit facility	187,500	90,000
Repayment of unsecured credit facility	-162,000	-169,300
Proceeds from unsecured term loans	50,000	100,000
Proceeds from unsecured notes payable	50,000	'
Repayment of mortgage notes payable	-3,321	-3,151
Payment of loan fees and costs	-1,718	-1,511
Dividends and distributions	-60,663	-47,671
Proceeds from sales of common stock	164,077	154,669
Offering costs	-2,647	-8,457
Withholding taxes for net settlement of outperformance program	-475	'
Net cash provided by financing activities	220,411	184,579
Increase (decrease) in cash and cash equivalents	-1,400	4,903
Cash and cash equivalents-beginning of period	6,690	19,006
Cash and cash equivalents-end of period	5,290	23,909
Supplemental disclosure:	'	'
Cash paid for interest	16,286	14,096
Supplemental schedule of non-cash investing and financing activities	'	'
Non-cash investing activities included in additions of land and building improvements	-3,913	-11,984
Issuance of units for additions of land and building improvements	'	11,499
Non-cash financing activities included in payment of loan fees and costs	-159	'
Dividends and distributions declared but not paid	$6,565	$15,285

Organization_and_Description_o

Organization and Description of Business	9 Months Ended
Organization and Description of Business	Sep. 30, 2014
Organization and Description of Business	'
Organization and Description of Business	'
	1. Organization and Description of Business

	STAG Industrial, Inc. (the “Company”) is an industrial real estate operating company focused on the acquisition and management of single-tenant industrial properties throughout the United States. The Company was formed as a Maryland corporation on July 21, 2010 and has elected to be treated 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 intends to continue to qualify as a REIT. The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). As of September 30, 2014 and December 31, 2013, the Company owned a 95.87% and 86.65%, respectively, limited partnership interest in the Operating Partnership. As used herein, the “Company” refers to STAG Industrial, Inc. and its consolidated subsidiaries and partnerships except where context otherwise requires.

	As of September 30, 2014, the Company owned 238 buildings in 35 states with approximately 44.5 million square feet, consisting of 168 warehouse/distribution buildings, 50 light manufacturing buildings and 20 flex/office buildings. The Company also owned two vacant land parcels adjacent to two of the Company’s buildings. The Company’s buildings were 94.8% leased to 212 tenants as of September 30, 2014.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2014
Summary of Significant Accounting Policies	'
Summary of Significant Accounting Policies	'
	2. Summary of Significant Accounting Policies

	Interim Financial Information

	The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair presentation in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013.

	Basis of Presentation

	The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. The equity interests of other limited partners in the Operating Partnership held in the form of common units (“Noncontrolling Common Units”) are reflected as noncontrolling interest. The equity interests of the Company along with the Noncontrolling Common Units in the Operating Partnership are common units (“Common Units”). All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis, for all periods presented.

	Reclassifications and New Accounting Pronouncements

	Certain prior year amounts have been reclassified to conform to the current year presentation.

	In August of 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The adoption of ASU 2014-15 is not expected to materially impact the Company’s consolidated financial statements.

	In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. Revenue from a lease contract with a tenant is not within the scope of this revenue standard. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations.

	In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which prospectively changed the definition of a discontinued operation to the disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The guidance also provides for additional disclosure requirements in connection with both discontinued operations and other dispositions not qualifying as discontinued operations. While the new guidance is not effective until annual periods beginning December 15, 2014, and interim periods within those years, companies are permitted to early adopt the provision. The Company has elected to early adopt this standard effective with the interim period beginning January 1, 2014. Prior to January 1, 2014, properties identified as held for sale and/or disposed of were presented in discontinued operations for all periods presented.

	Tenant Accounts Receivable, net

	Tenant accounts receivable, net on the Consolidated Balance Sheets, includes both tenant accounts receivable, net and accrued rental income, net. The Company provides an allowance for estimated losses on the portion of tenant accounts receivable that is estimated to be uncollectible. As of September 30, 2014 and December 31, 2013, the Company had an allowance for estimated losses on tenants account receivables of $64,000 and $19,000, respectively.

	The Company accrues rental revenue earned, but not yet receivable, in accordance with GAAP. As of September 30, 2014 and December 31, 2013, the Company had accrued rental revenue of $11.8 million and $9.3 million, respectively. The Company maintains an allowance for estimated losses that may result from those revenues. If a tenant fails to make contractual payments beyond any allowance, the Company may recognize additional bad debt expense in future periods equal to the amount of unpaid rent and accrued rental revenue. As of September 30, 2014 and December 31, 2013, the Company had an allowance for estimated losses on accrued rental revenue of $0 and $0, respectively.

	As of September 30, 2014 and December 31, 2013, the Company had a total of approximately $5.3 million and $4.9 million, respectively, of total lease security deposits available in existing letters of credit, which are not reflected on the Company’s Consolidated Balance Sheets; and $3.3 million and $3.0 million, respectively, of lease security deposits available in cash.

	Revenue Recognition

	By the terms of their leases, certain tenants are obligated to pay directly certain of the costs of their buildings including insurance, real estate taxes, ground lease payments, and other costs that are not reflected on the Company’s Consolidated Financial Statements. To the extent any tenant responsible for these costs under its lease defaults on its lease or it is deemed probable that the tenant will fail to pay for such costs, the Company will record a liability for such obligations. The Company estimates that real estate taxes, which are the responsibility of these certain tenants, were approximately $2.6 million, $7.6 million, $2.4 million, and $7.0 million the three and nine months ended September 30, 2014 and September 30, 2013, respectively. This would have been the liability of the Company had the tenants not met their contractual obligations. The Company does not recognize recovery revenue related to leases where the tenant has assumed the cost for real estate taxes, insurance, ground lease payments and certain other expenses.

	Taxes

	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 income, assets, distribution levels and ownership. The Company is generally not subject to corporate level income tax on the earnings distributed to its stockholders that it derives from its REIT qualifying activities. If the Company fails to qualify as a REIT, and is unable to avail itself of certain savings provisions set forth in the Code, all of the Company’s taxable income would be subject to federal income tax at regular corporate rates, including any applicable alternative minimum tax.

	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. Certain activities exceeding defined thresholds that the Company undertakes must 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 did not have any activity during the three and nine months ended September 30, 2014 and September 30, 2013.

	The Company and certain of its subsidiaries are subject to certain state and local income, excise and franchise taxes. Taxes in the amount of $0.2 million, $0.4 million, $0.1 million, and $0.3 million have been recorded in other expenses in the accompanying Consolidated Statements of Operations for the three and nine months ended September 30, 2014 and September 30, 2013, respectively.

	Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of September 30, 2014 and December 31, 2013, there were no liabilities for uncertain tax positions.

Real_Estate

Real Estate	9 Months Ended
Real Estate	Sep. 30, 2014
Real Estate	'
Real Estate	'
	3. Rental Property

	The following table summarizes the components of rental property as of September 30, 2014 and December 31, 2013 (in thousands):




			September 30, 2014			December 31, 2013
	Land		$	169,808		$	134,399
	Buildings			1,043,421			871,422
	Tenant improvements			42,358			36,994
	Building and land improvements			55,699			36,231
	Less: accumulated depreciation			-96,849			-71,653
	Total rental property, net		$	1,214,437		$	1,007,393

	Acquisitions

	The following table summarizes the acquisitions of the Company during the nine months ended September 30, 2014 and the year ended December 31, 2013 (purchase price in millions):

	Nine Months Ended September 30, 2014




	Acquired during the three months ended		Property Location		Square Feet		Buildings		Purchase Price
			Allentown, PA		289,900		1		$11.90
			Nashua, NH		337,391		1		11.6
			Strongsville, OH		161,984		1		8.1
			Columbus, OH		186,000		1		5.3
	31-Mar				975,275		4		$36.90
			Savannah, GA		504,200		1		16.2
			Garland, TX		253,900		1		8.9
			West Chester, OH		245,000		1		11.6
			Calhoun, GA		151,200		1		4.1
			Hebron, KY		109,000		1		6
			Houston, TX		151,260		1		8.6
			East Troy, WI		149,624		1		6.9
			Jefferson City, TN		486,109		1		14.4
			New Berlin, WI		80,665		1		4.3
	30-Jun				2,130,958		9		$81.00
			Savage, MN		244,050		1		9.3
			Charlotte, NC		101,591		1		4.1
			Charlotte, NC		166,980		1		5
			Mountain Home, NC		146,014		1		4.3
			El Paso, TX		211,091		1		13
			El Paso, TX		183,741		1		11.5
			El Paso, TX		360,134		1		20.5
			El Paso, TX		239,131		1		13.3
			Chester, VA		100,000		1		4.9
			Mechanicsburg, PA		259,200		1		8.4
			Mechanicsburg, PA		235,200		1		10.8
			Mechanicsburg, PA		330,000		1		14.5
			Mechanicsburg, PA		252,654		1		11.6
			Mason, OH		116,200		1		7.2
			Longmont, CO		159,611		1		13.9
			Reno, NV		87,264		1		6.3
			Lenexa, KS		276,219		2		13
	September 30				3,469,080		18		$171.60

			Total		6,575,313		31		$289.50

	Year Ended December 31, 2013




				Square
Acquired during the three months ended		Property Location		Feet		Buildings		Purchase Price
		Orangeburg, SC		319,000		1		$4.60
		Golden, CO		227,500		1		8.6
		Columbia, SC		273,280		1		9.6
		DeKalb, IL		146,740		1		6.4
		Ocala, FL		619,466		1		18.5
		Londonderry, NH		125,060		1		9
		Marion, IA		95,500		1		3.8
March 31				1,806,546		7		$60.50
		Mishawaka, IN		308,884		1		6.1
		Southfield, MI	-1	113,000		1		7.2
		Houston, TX		201,574		1		13.5
		Idaho Falls, ID		90,300		1		4.8
		Mt. Prospect, IL		87,380		1		4.9
		Williamsport, PA		250,000		1		13.4
		Belvidere, IL	-2	1,006,960		8		51.5
		Kentwood, MI		85,157		1		4.2
		Marshall, MI		57,025		1		2
June 30				2,200,280		16		$107.60
		Nashville, TN		150,000		1		5.6
		Catoosa, OK		100,100		1		5
		New Berlin, WI		205,063		1		9.3
		Hampstead, MD		1,035,249		1		44
		New Hope, MN		107,348		1		5.1
		Springfield, OH		350,500		1		9.7
September 30				1,948,260		6		$78.70
		Orlando, FL		215,900		1		8.1
		North Jackson, OH		209,835		1		8.5
		Mebane, NC		383,500		1		7.3
		Shannon, GA		568,516		1		16.7
		Lansing, MI		160,000		1		7.2
		Harvard, IL		126,304		1		5.4
		Sauk Village, IL		375,785		1		8.6
		South Holland, IL		202,902		1		5.9
		Mascot, TN		130,560		1		4.8
		Janesville, WI		700,000		1		24
December 31				3,073,302		10		$96.50

		Total		9,028,388		39		$343.30


	-1		The Company owns a five acre vacant land parcel adjacent to this building.

	-2		The Company owns a two acre vacant land parcel adjacent to one of these buildings. Title to the land was conveyed to its own legal entity within the Company for nominal consideration during the nine months ended September 30, 2014.

The following table (in thousands) summarizes the allocation of the consideration paid for the properties listed above. The allocations below are as of the date of acquisition.




					Weighted Average					Weighted Average
		Nine Months Ended			Amortization		Year Ended			Amortization
		September 30,			Period (years)		December 31,			Period (years)
		2014			Lease Intangibles		2013			Lease Intangibles
Land		$	35,849		N/A		$	31,310		N/A
Buildings			174,894		N/A			223,420		N/A
Tenant improvements			4,991		N/A			2,526		N/A
Building and land improvements			12,329		N/A			9,133		N/A
Above market leases			5,887		5.3			8,219		5.8
Below market leases			-2,521		4.7			-2,538		7.2
In-place leases			38,836		4.6			50,005		5.8
Tenant relationships			19,211		7.1			21,257		8.2
Net assets acquired		$	289,476				$	343,332

As partial consideration for eight buildings acquired on June 19, 2013, the Company issued 555,758 Common Units in the Operating Partnership with a fair value of approximately $11.5 million based on the Company’s New York Stock Exchange (“NYSE”) closing stock price on June 19, 2013. The issuance of the Common Units was effected in reliance upon an exemption from registration provided by Section 4(2) under the Securities Act of 1933, as amended. The Company relied on the exemption based on representations given by the recipients of the Common Units. The remaining purchase price of approximately $40.1 million was paid in cash.

The table below sets forth the results of operations during the three and nine months ended September 30, 2014 for each of the 31 buildings acquired during the nine months ended September 30, 2014, included in the Company’s Consolidated Statements of Operations from the date of acquisition (in thousands):




		For the three months ended			For the nine months ended
		September 30,			September 30,
		2014			2014
Revenue		$	3,826		$	6,251
Property acquisition costs		$	2,131		$	3,286
Net loss		$	-2,252		$	-3,380

The following tables set forth pro forma information for the nine months ended September 30, 2014 and September 30, 2013. The below pro forma information does not represent what the actual results of operations of the Company would have been had the acquisitions outlined above occurred on the first day of the applicable reporting period, nor do they predict the results of operations of future periods. The pro forma information has not been adjusted for property sales.




		Nine months ended
		September 30, 2014
Pro Forma		(in thousands, except share data) (1)
Total revenue		$	138,756
Net income (2)		$	1,326
Net loss attributable to common stockholders		$	-6,561
Weighted average shares outstanding			51,157,219
Loss per share attributable to common stockholders		$	-0.13





		Nine months ended
		September 30, 2013
Pro Forma		(in thousands, except share data) (3)
Total revenue		$	128,582
Net loss (2)		$	-3,487
Net loss attributable to common stockholders		$	-9,080
Weighted average shares outstanding			41,766,740
Loss per share attributable to common stockholders		$	-0.22



	-1		The pro forma information for the nine months ended September 30, 2014 is presented as if the acquisition of the buildings acquired during the nine months ended September 30, 2014 had occurred at January 1, 2013, the beginning of the reporting period prior to acquisition.
	-2		The net income for the nine months ended September 30, 2014 excludes $3.3 million of property acquisition costs related to the acquisition of buildings that closed during the nine months ended September 30, 2014, and the net loss for the nine months ended September 30, 2013 was adjusted to include these acquisition costs. Net loss for the nine months ended September 30, 2013 excludes $2.5 million of property acquisition costs related to the acquisition of buildings that closed during the nine months ended September 30, 2013.
	-3		The pro forma information for the nine months ended September 30, 2013 is presented as if the acquisition of the buildings acquired during the nine months ended September 30, 2014 and the buildings acquired during the nine months ended September 30, 2013 had occurred at January 1, 2013 and January 1, 2012, respectively, the beginning of the reporting period prior to acquisition.

Dispositions

On September 26, 2014, the Company sold a 181,838 square foot warehouse/distribution building located in Bellevue, OH. The carrying value of the building prior to sale was $4.9 million. The sales price was $7.1 million and the Company received net proceeds of $7.0 million. A gain on sale of real estate of $2.1 millon was recognized at closing under the full accrual method of gain recognition. The building contributed $0.1 million and $0.4 million to total revenue and $2.1 million and $2.2 million to net income (inclusive of the gain on sale of real estate) during the three and nine months ended September 30, 2014, respectively. The building contributed $0.1 million and $0.5 million to total revenue and $0.1 million and $0.2 million to net income during the three and nine months ended September 30, 2013, respectively. Based on the early adoption of the new discontinued operations guidance, the sale of this property did not represent a strategic shift by the Company and it has not been reflected as part of discontinued operations.

On March 25, 2014, the Company sold a 15,085 square foot warehouse/distribution building located in Lexington, VA. The carrying value of the building prior to sale was $0.4 million. The sales price was $0.5 million and the Company received net proceeds of $0.5 million. A gain on sale of real estate of $50,000 was recognized at closing under the full accrual method of gain recognition. Based on the early adoption of the new discontinued operations guidance, the sale of this property did not represent a strategic shift by the Company and it has not been reflected as part of discontinued operations.

On June 12, 2013, the Company sold a 53,183 square foot flex/office building located in Pittsburgh, PA. The carrying value of the building prior to sale was $4.4 million. The sales price was $5.1 million and the Company received net proceeds of $4.8 million. A gain on sale of real estate of $0.5 million was recognized at closing under the full accrual method of gain recognition. The building contributed $0 and $0.2 million to total revenue and $0 and $0.6 million to net income during the three and nine months ended September 30, 2013, respectively. The results of operations and the gain on sale are included in income attributable to discontinued operations on the accompanying Consolidated Statements of Operations.

Deferred_Leasing_Intangibles

Deferred Leasing Intangibles	9 Months Ended
Deferred Leasing Intangibles	Sep. 30, 2014
Deferred Leasing Intangibles	'
Deferred Leasing Intangibles	'
	4. Deferred Leasing Intangibles

	Upon acquisition of a property, the Company allocates the purchase price of the property based upon the fair value of the assets and liabilities acquired, which includes intangible assets consisting of in-place leases, leasing commissions, above market and below market leases, and tenant relationships value.

	Deferred leasing intangibles included in total assets consisted of the following (in thousands):




		September 30,		December 31,
		2014		2013
	Above market leases	$	62,758	$	57,283
	Less: Accumulated amortization		-23,292		-17,232
	Above market leases, net		39,466		40,051
	Other intangible lease assets		306,334		252,885
	Less: Accumulated amortization		-110,574		-77,969
	Other intangible lease assets, net		195,760		174,916
	Total deferred leasing intangibles, net	$	235,226	$	214,967

	Deferred leasing intangibles included in total liabilities consisted of the following (in thousands):





		September 30,		December 31,
		2014		2013
	Below market leases	$	13,461	$	11,434
	Less: Accumulated amortization		-5,875		-4,520
	Total deferred leasing intangibles, net	$	7,586	$	6,914

	Amortization expense, inclusive of results from discontinued operations, related to in-place leases, leasing commissions and tenant relationships of deferred leasing intangibles was $12.5 million, $36.1 million, $10.2 million, and $29.3 million for the three and nine months ended September 30, 2014 and September 30, 2013, respectively. Rental income, inclusive of results from discontinued operations, related to net amortization of above and below market leases decreased by $1.6 million, $4.6 million, $1.5 million, and $4.4 million for the three and nine months ended September 30, 2014 and September 30, 2013, respectively.

	The amortization of deferred leasing intangibles over the next five years is as follows (in thousands):



		Estimated Net Amortization		Net Decrease to Rental
		of In-Place Leases,		Income Related to Above and
		Leasing Commissions and		Below Market Leases
		Tenant Relationships		Amortization
	Remainder of 2014	$	13,091	$	1,698
	2015	$	45,189	$	7,071
	2016	$	38,136	$	6,387
	2017	$	29,919	$	4,671
	2018	$	22,090	$	3,240

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2014
Debt	'
Debt	'
	5. Debt

	The following table sets forth a summary of the Company’s outstanding indebtedness, including mortgage notes payable and borrowings under the Company’s Unsecured Term Loans, Unsecured Credit Facility and the Unsecured Notes (each defined below) as of September 30, 2014 and December 31, 2013 (dollars in thousands):




					Principal			Principal
					outstanding as			outstanding as
					of			of
					September 30,			December 31,			Current		Prepayment
	Loan		Interest Rate (1)		2014			2013			Maturity		Terms (2)
	Mortgage notes payable (secured debt):
	Sun Life Assurance Company of Canada (U.S.)		6.05	%	$	3,614	(3)	$	3,817	(3)	Jun-1-2016		i (2)
	Webster Bank, National Association		4.22	%		5,717			5,834		Aug-4-2016		i (2)
	Union Fidelity Life Insurance Co.		5.81	%		6,279	(4)		6,551	(4)	Apr-30-2017		i (2)
	Webster Bank, National Association		3.66	%		3,056			3,121		May-29-2017		i (2)
	Webster Bank, National Association		3.64	%		3,291			3,360		May-31-2017		i (2)
	Connecticut General Life Insurance Company -1 Facility		6.50	%		58,261			58,874		Feb-1-2018		i (2)
	Connecticut General Life Insurance Company -2 Facility		5.75	%		59,301			59,990		Feb-1-2018		i (2)
	Connecticut General Life Insurance Company -3 Facility		5.88	%		16,706			16,879		Feb-1-2018		i (2)
	Wells Fargo Bank, National Association CMBS Loan		4.31	%		65,967			67,165		Dec-1-2022		ii (2)
	Total / weighted average mortgage notes payable		5.44	%	$	222,192		$	225,591

	Unsecured credit facility:
	$200 Million Bank of America Unsecured Credit Facility(5)		L + 1.45	%		106,000			80,500		Sept-10-2016		iii (2)
	Total / weighted average unsecured credit facility		1.61	%	$	106,000		$	80,500

	Unsecured term loans(6):
	$150 Million Bank of America Unsecured Term Loan(7)		L + 1.40	%		150,000			150,000		Sept-10-2017		iii (2)
	$150 Million Wells Fargo Unsecured Term Loan A(8)		L + 2.15	%		150,000			100,000		Feb-14-2020		i (2)
	$150 Million Wells Fargo Unsecured Term Loan B(9)		L + 1.70	%		—			—		Mar-21-2021		i (2)
	Total / weighted average unsecured term loans		2.77	%	$	300,000		$	250,000

	Unsecured notes:
	$50 Million Series B Unsecured Notes		4.98	%		50,000			—		July-1-2026		i (2)
	Total / weighted average unsecured notes		4.98	%	$	50,000			—

	Total / weighted average debt		3.62	%(10))	$	678,192		$	556,091



		-1		Current interest rate as of September 30, 2014. At September 30, 2014 and December 31, 2013, the one-month LIBOR (“L”) was 0.1565% and 0.1677%, respectively. The current interest rate is not adjusted to include the amortization of deferred financing fees incurred in obtaining debt or the unamortized fair market value premium.

		-2		Prepayment terms consist of (i) prepayable with penalty; (ii) not prepayable, but can be defeased beginning January 1, 2016 and (iii) prepayable with no penalty.

		-3		The principal outstanding includes an unamortized fair market value premium of $0.1 million and $0.2 million as of September 30, 2014 and December 31, 2013, respectively.

		-4		The principal outstanding includes an unamortized fair market value premium of $0.1 million and $0.1 million as of September 30, 2014 and December 31, 2013, respectively.

		-5		The spread over LIBOR for the Bank of America, N.A. (“Bank of America”) unsecured revolving credit facility (“Unsecured Credit Facility”) is based on the Company’s consolidated leverage and can range between 1.45% and 2.05%. The spread was 1.45% as of September 30, 2014 and December 31, 2013. The Company pays an unused fee between 0.20% and 0.25%. The borrowing capacity as of September 30, 2014 was $94.0 million, assuming current leverage levels.

		-6		Collectivity, the Bank of America Unsecured Term Loan, the Wells Fargo Unsecured Term Loan A and the Wells Fargo Term Loan B shall be reference to as the (“Unsecured Term Loans”).

		-7		The Bank of America unsecured term loan (“Bank of America Unsecured Term Loan”) was entered into on September 10, 2012. The spread over LIBOR is based on the Company’s consolidated leverage ratio and can range between 1.40% and 2.00%. The spread was 1.40% as of September 30, 2014 and December 31, 2013. As of September 30, 2014, the Company swapped the one-month LIBOR for a fixed rate for $100.0 million of the $150.0 million outstanding on the Bank of America Unsecured Term Loan. The net settlements of the swaps commenced on the effective date of the swaps, October 10, 2012 (see Note 6 for further details). There was no remaining borrowing capacity as of September 30, 2014.

		-8		The Wells Fargo Bank, National Association (“Wells Fargo”) unsecured term loan (“Wells Fargo Unsecured Term Loan A”) was entered into on February 14, 2013. The spread over LIBOR is based on the Company’s consolidated leverage and can range between 2.15% and 2.70%. The spread was 2.15% as of September 30, 2014 and December 31, 2013. As of September 30, 2014, the Company swapped the one-month LIBOR for a fixed rate for $125.0 million of the $150.0 million outstanding on the Wells Fargo Unsecured Term Loan A (see Note 6 for further details). The terms of the Wells Fargo Unsecured Term Loan A includes an unused fee of 0.35%. There was no remaining borrowing capacity as of September 30, 2014.

		-9		The Wells Fargo unsecured term loan (“Wells Fargo Unsecured Term Loan B”) was entered into on March 21, 2014. The spread over LIBOR is based on the Company’s consolidated leverage and can range between 1.70% and 2.30%. The spread was 1.70% as of September 30, 2014. The terms of the Wells Fargo Unsecured Term Loan B includes an unused fee of 0.225%. The remaining borrowing capacity as of September 30, 2014 was $150.0 million.

		-10		The weighted average interest rate was calculated using the swapped rate for the $225.0 million of the $300.0 million outstanding on the Bank of America Unsecured Term Loan and the Wells Fargo Unsecured Term Loan A.

	Payments on mortgage notes are due in monthly installments of principal amortization and interest. Payments on the Unsecured Term Loans, the Unsecured Credit Facility and the Unsecured Notes are due in monthly installments of interest.

The deferred financing fees are amortized to interest expense over the life of the respective financings on a basis which approximates the effective interest method. Deferred financing fees, net of accumulated amortization were $6.2 million and $5.5 million as of September 30, 2014 and December 31, 2013, respectively, and are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. During the three and nine months ended September 30, 2014 and September 30, 2013, amortization of deferred financing fees included in interest expense was $0.4 million, $1.1 million, $0.3 million, and $0.9 million, respectively.

On March 21, 2014, the Company closed the Wells Fargo Unsecured Term Loan B, a $150.0 million unsecured term loan with Wells Fargo with a maturity date of March 21, 2021. Borrowings under the Wells Fargo Unsecured Term Loan B bear interest at a floating rate equal to the one-month LIBOR + 1.70% to 2.30%, based on the Company’s consolidated leverage ratio. The Wells Fargo Unsecured Term Loan B has an accordion feature that allows the Company to increase its borrowing capacity to $250.0 million, subject to the satisfaction of certain conditions and bank approval. The Company incurred $1.2 million in deferred financing fees associated with the closing of the Wells Fargo Unsecured Term Loan B, which will be amortized over its seven year term. The Company also incurs an annual fee of $50,000, which is amortized over each respective year of the term. The Company has one year from the closing date to draw the funds or the Company will incur a fee equal to 0.50% of the undrawn loan amount. As of September 30, 2014, the Company had not drawn funds on this unsecured term loan. The Wells Fargo Unsecured Term Loan B has an unused commitment fee equal to 0.225% of its unused portion, which is paid monthly in arrears. The unused commitment fee began to accrue on May 21, 2014.

On April 16, 2014, the Company entered into a Note Purchase Agreement (“NPA”) for a $100.0 million private placement by the Operating Partnership of $50.0 million Series A 10-Year Unsecured Notes (“Series A Unsecured Notes”) and $50.0 million Series B 12-Year Unsecured Notes (“Series B Unsecured Notes”) (together, the Series A Unsecured Notes and the Series B Unsecured Notes are referred to herein as, the “Unsecured Notes”). Pursuant to the NPA, borrowings under the Unsecured Notes bear interest at a fixed rate of 4.98% and, subject to customary closing conditions, must be issued (i) between July 1, 2014 and July 3, 2014 for the Series B Unsecured Notes and (ii) between October 1, 2014 and October 3, 2014 for the Series A Unsecured Notes. Upon the funds being drawn, Bank of America, as agent, will receive a placement fee equal to 0.40% of the principal amount of the securities purchased by investors. As of September 30, 2014, the Company incurred $0.6 million in deferred financing fees associated with the Unsecured Notes, which will be amortized over the respective 10 and 12 year terms. On July 1, 2014, the Company issued the Series B Unsecured Notes. Subsequent to September 30, 2014, on October 1, 2014, the Company issued the Series A Unsecured Notes. The Company and certain wholly owned subsidiaries of the Operating Partnership are guarantors of the Unsecured Notes and the obligations under the Unsecured Notes rank pari passu to the Company’s unsecured senior indebtedness, which includes the Unsecured Credit Facility and Unsecured Term Loans.

Financial Covenant Considerations

The Company’s ability to borrow under the Unsecured Credit Facility and the Unsecured Term Loans is 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 0.45:1.00;
	·		a maximum unencumbered leverage ratio of not greater than 0.60:1.00;
	·		a maximum secured recourse debt level of not greater than 0.075:1.00;
	·		a minimum fixed charge ratio of not less than 1.50:1.00;
	·		a minimum tangible net worth covenant test; and
	·		various thresholds on Company level investments.

The Unsecured Notes are also subject to the above covenants as well as a minimum interest coverage ratio of not less than 1.50:1.00. The Company was in compliance with all such applicable restrictions and financial covenants as of September 30, 2014. In the event of a default under the Unsecured Credit Facility or 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. The total borrowing capacity on the combined Unsecured Credit Facility and the Unsecured Term Loans as of September 30, 2014 was $199.0 million, assuming current leverage levels. The carrying value of the properties included in the borrowing base for the Unsecured Credit Facility and the Unsecured Term Loans was $916.1 million and $853.6 million as of September 30, 2014 and December 31, 2013, respectively.

Each of the Company’s mortgage notes payable have specific properties and assignments of rents and leases that are collateral for these loans. These debt facilities contain certain financial and other covenants. The Company was in compliance with all financial covenants as of September 30, 2014 and December 31, 2013. The 21 properties held as collateral for the facilities with Connecticut General Life Insurance Company are cross-defaulted and cross-collateralized among the respective facilities.

Fair Value of Debt

The fair value of the Company’s debt was determined by discounting the future cash flows using the current rates at which loans would be made to borrowers with similar credit ratings for loans with similar remaining maturities, similar terms, and similar loan-to-value ratios. The discount rates ranged from 1.507% to 4.25% and 1.57% to 5.24% at September 30, 2014 and December 31, 2013, respectively, and were applied to each individual debt instrument. The fair value of the Company’s debt is based on Level 3 inputs. The following table presents the aggregate carrying value of the Company’s debt and the corresponding estimate of fair value as of September 30, 2014 and December 31, 2013 (in thousands):
















		September 30, 2014						December 31, 2013
		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
Mortgage notes payable		$	222,192		$	232,769		$	225,591		$	228,996
Unsecured credit facility		$	106,000		$	106,104		$	80,500		$	80,500
Unsecured term loans		$	300,000		$	303,696		$	250,000		$	246,083
Unsecured notes		$	50,000		$	53,371		$	—		$	—

Use_of_Derivative_Financial_In

Use of Derivative Financial Instruments	9 Months Ended
Use of Derivative Financial Instruments	Sep. 30, 2014
Use of Derivative Financial Instruments	'
Use of Derivative Financial Instruments	'
	6. Use of Derivative Financial Instruments

	Risk Management Objective of Using Derivatives

	The Company’s use of derivative instruments is limited to the utilization of interest rate swaps to manage interest rate risk exposure on existing and future liabilities and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure.

	The following table details the Company’s outstanding interest rate swaps as of September 30, 2014 (collectively, the “Unsecured Term Loan Swaps”) (in thousands):




			Counterparty
			Public										Fixed		Variable
	Interest Rate		Credit				Notional						Interest		Interest
	Derivative Counterparty		Rating(3)		Trade Date		Amount				Fair Value		Rate		Rate	Maturity Date
	PNC Bank, N.A.		A		Sept-14-2012		$	10,000	(1)	$	93		0.7945	%	One-month L	September 10, 2017
	Bank of America		A		Sept-14-2012		$	10,000	(1)	$	93		0.7945	%	One-month L	September 10, 2017
	UBS AG		A		Sept-14-2012		$	10,000	(1)	$	94		0.7945	%	One-month L	September 10, 2017
	Royal Bank of Canada		AA-		Sept-14-2012		$	10,000	(1)	$	94		0.7945	%	One-month L	September 10, 2017
	RJ Capital Services, Inc.		BBB	-4	Sept-14-2012		$	10,000	(1)	$	93		0.7975	%	One-month L	September 10, 2017
	Bank of America		A		Sept-20-2012		$	25,000	(1)	$	265		0.7525	%	One-month L	September 10, 2017
	RJ Capital Services, Inc.		BBB	-4	Sept-24-2012		$	25,000	(1)	$	284		0.727	%	One-month L	September 10, 2017
	Regions Bank		BBB		March-1-2013		$	25,000	(2)	$	632		1.33	%	One-month L	February 14, 2020
	Capital One, N.A.		BBB+		June-13-2013		$	25,000	(2)	$	162		1.703	%	One-month L	February 14, 2020
	Capital One, N.A.		BBB+		June-13-2013		$	50,000	(2)	$	382		1.681	%	One-month L	February 14, 2020
	Regions Bank		BBB		Sept-30-2013		$	25,000	(2)	$	-228		1.9925	%	One-month L	February 14, 2020


		-1		Fixes the interest rate of the Bank of America Unsecured Term Loan
		-2		Fixes the interest rate of the Wells Fargo Unsecured Term Loan A
		-3		Standard & Poor’s credit ratings
		-4		Credit rating is for the parent company Raymond James Financial, Inc. as RJ Capital Services Inc. is not publicly rated.

	The fair value of the interest rate swaps outstanding as of September 30, 2014 and December 31, 2013 was as follows (in thousands):




					Notional						Notional
					Amount			Fair Value			Amount			Fair Value
			Balance Sheet		September 30,			September 30,			December 31,			December 31,
			Location		2014			2014			2013			2013
	Unsecured Term Loan Swaps		Interest Rate Swaps-Asset		$	200,000		$	2,192		$	225,000		$	3,924
	Unsecured Term Loan Swaps		Interest Rate Swaps-Liability		$	25,000		$	-228		$	—		$	—

	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. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

	The effective portion of changes in the fair value of derivatives designated and qualified as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three and nine months ended September 30, 2014 and September 30, 2013, the Company did not record any hedge ineffectiveness related to the hedged derivatives.

	Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The Company estimates that an additional $2.3 million will be reclassified from accumulated other comprehensive income (loss) as an increase to interest expense over the next 12 months.

	The table below details the location in the financial statements of the gain or loss recognized on interest rate swaps designated as cash flow hedges for the three and nine months ended September 30, 2014 and September 30, 2013, respectively (in thousands):




			Three months ended September 30,						Nine months ended
			Three months ended September 30,						September 30,
			2014			2013			2014			2013
	Amount of income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion)		$	656		$	-1,510		$	-3,825		$	1,776
	Amount of loss reclassified from accumulated other comprehensive income (loss) into income (loss) as interest expense (effective portion)		$	644		$	476		$	1,866		$	856
Amount of loss recognized in income on swaps (ineffective portion and amount excluded from effectiveness testing)		$	—		$	—		$	—		$	—

Credit-risk-related Contingent Features

As of September 30, 2014, the fair values of ten of the 11 of the Company’s interest rate swaps were in an asset position of $2.3 million and one interest rate swap was in a liability position of $0.2 million, excluding any adjustment for nonperformance risk related to these agreements. The adjustment for nonperformance risk included in the fair value of the Company’s net asset position and net liability position was $0.1 million and $21,000, respectively, as of September 30, 2014. Accrued interest expense for all 11 swaps was $0.2 million as of September 30, 2014. As of September 30, 2014, the Company has not posted any collateral related to these agreements. If the Company had breached any of its provisions at September 30, 2014, it could have been required to settle its obligations under the agreement of the interest rate swap in a liability position at its termination value of $0.2 million.

Fair Value of Interest Rate Swaps

The 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. As of September 30, 2014 and December 31, 2013, the Company applied the provisions of this standard to the valuation of its interest rate swaps.

The following sets forth the Company’s financial instruments that are accounted for at fair value on a recurring basis as of September 30, 2014 and December 31, 2013 (in thousands):




					Fair Value Measurements as of
					September 30, 2014 Using Level(1):
		September 30,
		2014			Level 1			Level 2			Level 3
Assets (liabilities):
Interest Rate Swaps		$	2,192		$	—		$	2,192		$	—
Interest Rate Swaps		$	-228		$	—		$	-228		$	—



	-1		Level 1 defined as quoted prices in active markets for identical assets. Level 2 defined as significant other observable inputs. Level 3 defined as unobservable inputs.



					Fair Value Measurements as of
					December 31, 2013 Using Level(1):
		December 31,
		2013			Level 1			Level 2			Level 3
Assets:
Interest Rate Swaps		$	3,924		$	—		$	3,924		$	—



	-1		Level 1 defined as quoted prices in active markets for identical assets. Level 2 defined as significant other observable inputs. Level 3 defined as unobservable inputs.

Stockholders_Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2014
Stockholders' Equity	'
Stockholders' Equity	'
	7. Stockholders’ Equity

	Preferred Stock

	Pursuant to its charter, the Company is authorized to issue 10,000,000 shares of preferred stock, par value $0.01 per share. On November 2, 2011, the Company completed an underwritten public offering of 2,760,000 shares of 9.0% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (the “Series A Preferred Stock”), at a price to the public of $25.00 per share. On April 16, 2013, the Company completed an underwritten public offering of 2,800,000 shares of 6.625% Series B Cumulative Redeemable Preferred Stock, $0.01 par value per share (the “Series B Preferred Stock”), at a price to the public of $25.00 per share. Dividends on the Series A Preferred Stock and Series B Preferred Stock are payable quarterly in arrears on or about the last day of March, June, September and December of each year. The Series A Preferred Stock and Series B Preferred Stock rank on parity and rank senior to the Company’s common stock with respect to dividend rights and rights upon the liquidation, dissolution or winding up of the Company. The Series A Preferred Stock and Series B Preferred Stock have no stated maturity date and are not subject to mandatory redemption or any sinking fund. Generally, the Company is not permitted to redeem the Series A Preferred Stock and Series B Preferred Stock prior to November 2, 2016 and April 16, 2018, respectively, except in limited circumstances relating to the Company’s ability to qualify as a REIT and in certain other circumstances related to a change of control.

	The table below sets forth the dividends attributable to the Series A Preferred Stock and Series B Preferred Stock, respectively, during the nine months ended September 30, 2014 and the year ended December 31, 2013:




					Series A			Series B
					Preferred Stock			Preferred Stock
	Amount Declared During Quarter Ended 2014		Declaration Date		Per Share			Per Share			Date Paid
	September 30		July 29, 2014		$	0.5625		$	0.4140625		September 30, 2014
	June 30		May 5, 2014			0.5625			0.4140625		June 30, 2014
	March 31		February 21, 2014			0.5625			0.4140625		March 31, 2014
	Total 2014				$	1.6875		$	1.2421875




					Series A			Series B
					Preferred Stock			Preferred Stock
	Amount Declared During Quarter Ended 2013		Declaration Date		Per Share			Per Share			Date Paid
	December 31		November 1, 2013		$	0.5625		$	0.4140625		December 31, 2013
	September 30		August 2, 2013			0.5625			0.4140625		September 30, 2013
	June 30		May 6, 2013			0.5625			0.3450500	-1	July 1, 2013
	March 31		March 1, 2013			0.5625			—		April 1, 2013
	Total 2013				$	2.25		$	1.1731750



		-1		Series B Preferred Stock is prorated for April 16, 2013 to June 30, 2013.

	Common Stock

	On December 14, 2012, the Company established an “at the market” (“ATM”) stock offering program (“2012 $75 million ATM”) through which it may sell from time to time up to an aggregate of $75.0 million of its common stock through sales agents. As of September 30, 2014, there was no remaining common stock available to be sold under the 2012 $75 million ATM.

	On March 10, 2014, the Company established an ATM stock offering program (“2014 $150 million ATM”) through which it may sell from time to time up to an aggregate of $150.0 million of its common stock through sales agents. As of September 30, 2014, there was approximately $23.6 million of common stock available to be sold under the 2014 $150 million ATM.

	On September 10, 2014, the Company established an ATM stock offering program (“2014 $200 million ATM”) through which it may sell from time to time up to an aggregate of $200.0 million of its common stock through sales agents. As of September 30, 2014, there was approximately $177.2 million of common stock available to be sold under the 2014 $200 million ATM.

	The table below sets forth the activity for the ATM common stock offering programs during the three and nine months ended September 30, 2014 (in millions, except share data):




			Three months ended September 30, 2014											Nine months ended September 30, 2014
	ATM Stock Offering		Shares		Gross			Sales			Net			Shares		Gross			Sales			Net
	Program		Sold		Proceeds			Agents’ Fee			Proceeds			Sold		Proceeds			Agents’ Fee			Proceeds
	2014 $200 million ATM		1,064,795		$	22.8		$	0.4		$	22.4		1,064,795		$	22.8		$	0.4		$	22.4
	2014 $150 million ATM		938,670			21.9			0.3			21.6		5,464,812			126.4			1.9			124.5
	2012 $75 million ATM		—			—			—			—		661,930			14.9			0.2			14.7
	Total ATM		2,003,465		$	44.7		$	0.7		$	44.0		7,191,537		$	164.1		$	2.5		$	161.6




			Three months ended September 30, 2013											Nine months ended September 30, 2013
	ATM Stock Offering		Shares		Gross			Sales			Net			Shares		Gross			Sales			Net
	Program		Sold		Proceeds			Agents’ Fee			Proceeds			Sold		Proceeds			Agents’ Fee			Proceeds
	2012 $75 million ATM		1,813,970		$	36.9		$	0.6		$	36.4		1,963,170		$	39.7		$	0.6		$	39.1
Total ATM		1,813,970		$	36.9		$	0.6		$	36.4		1,963,170		$	39.7		$	0.6		$	39.1

Dividends

The table below sets forth the dividends attributable to the common stock during the nine months ended September 30, 2014 and the year ended December 31, 2013:




Amount Declared During 2014		Declaration Date		Per Share			Date Paid
Month ended September 30		May 5, 2014		$	0.11		October 15, 2014
Month ended August 30		May 5, 2014			0.11		September 15, 2014
Month ended July 30		May 5, 2014			0.11		August 15, 2014
Month ended June 30		February 21, 2014			0.105		July 15, 2014
Month ended May 31		February 21, 2014			0.105		June 16, 2014
Month ended April 30		February 21, 2014			0.105		May 15, 2014
Month ended March 31		December 18, 2013			0.105		April 15, 2014
Month ended February 28		December 18, 2013			0.105		March 17, 2014
Month ended January 31		December 18, 2013			0.105		February 17, 2014
Total 2014				$	0.96




Amount Declared During 2013		Declaration Date		Per Share			Date Paid
Month ended December 31		September 24, 2013		$	0.10		January 15, 2014
Month ended November 30		September 24, 2013			0.10		December 16, 2013
Month ended October 31		September 24, 2013			0.10		November 15, 2013
Quarter ended September 30		August 2, 2013			0.30		October 15, 2013
Quarter ended June 30		May 6, 2013			0.30		July 15, 2013
Quarter ended March 31		March 1, 2013			0.30		April 15, 2013
Total 2013				$	1.20

On July 29, 2014, the Company’s board of directors declared the common stock dividend for the months ending October 31, 2014, November 30, 2014 and December 31, 2014 at a monthly rate of $0.11 per share of common stock.

Subsequent to September 30, 2014, on October 30, 2014, the Company’s board of directors declared the common stock dividend for the months ending January 31, 2015, February 28, 2015 and March 31, 2015 at a monthly rate of $0.1125 per share of common stock.

Board of Director’s Compensation

All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their fees for serving as members of the board and/or chairmen of various committees during 2014 and 2013. The shares of common stock are issued to the independent directors pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended (the “2011 Plan”). The number of shares of common stock granted is calculated based on the trailing 10-day average common stock price ending on the third business day preceding the grant date. The fair value of the shares of the common stock granted is calculated based on the closing stock price per the NYSE on the grant date multiplied by the number of shares of common stock granted. The table below sets forth the grants of common stock for the members’ service during quarters ended in 2014 and 2013 as below:




Service During Quarter Ended 2014		Grant Date		Shares		Fair Value
September 30		October 15, 2014		3,958		$	88,000
June 30		July 15, 2014		3,473			83,000
March 31		April 15, 2014		3,471			83,000
Total 2014				10,902		$	254,000




Service During Quarter Ended 2013		Grant Date		Shares		Fair Value
December 31		January 15, 2014		2,554		$	52,000
September 30		October 15, 2013		2,607			53,000
June 30		July 15, 2013		2,602			53,000
March 31		April 15, 2013		2,418			52,000
Total 2013				10,181		$	210,000

Restricted Stock-Based Compensation

Pursuant to the 2011 Plan, the Company grants shares of restricted common stock to certain employees of the Company. The shares of restricted common stock are subject to time-based vesting and will vest, subject to the recipient’s continued employment, in five equal installments on each anniversary date of the grant. The following table summarizes activity related to the Company’s unvested restricted common stock (in millions, except share data):




				Unrecognized
				Compensation
		Shares		Expense
Unvested at December 31, 2012		150,114		$	1.5
Granted		106,268	-1		N/A
Vested		-32,012			N/A
Forfeited		-9,981			N/A

Unvested at December 31, 2013		214,389		$	2.5
Granted		103,149	-2		N/A
Vested		-51,885			N/A
Forfeited		-1,215			N/A
Unvested at September 30, 2014		264,438		$	3.7


	-1		The grant date fair value per share was $18.11
	-2		The grant date fair value per share was $20.13

The following table summarizes the fair value at vesting date for the restricted common stock vested during the period (in millions, except share data):




		For the three months ended September 30,						For the nine months ended September 30,
		2014			2013			2014			2013
Restricted common stock vested awards			—			—			51,885			32,012
Fair value of restricted common stock vested		$	—		$	—		$	1.1		$	0.6

Noncontrolling_Interest

Noncontrolling Interest	9 Months Ended
Noncontrolling Interest	Sep. 30, 2014
Noncontrolling Interest	'
Noncontrolling Interest	'
	8. Noncontrolling Interest

	Noncontrolling interests in the Operating Partnership are interests in the Operating Partnership that are not owned by the Company and consist of Common Units and long-term incentive plan units in the Operating Partnership (“LTIP units”). The table below summarizes the activity:




							Noncontrolling
			Common Units		LTIP Units		Interest
	Balance at December 31, 2012		5,743,958		413,551		14.71	%
	Conversions from LTIP Units to Common Units		1,656		-1,656		N/A
	Redemptions from Common Units to Common Stock		-2,186		—		N/A
	Issuance/grant		555,758		187,569		N/A
	Forfeitures		—		—		N/A
	Balance at December 31, 2013		6,299,186		599,464		13.35	%
	Conversions from LTIP Units to Common Units		12,000		-12,000		N/A
	Redemptions from Common Units to Common Stock		-5,105,584		—		N/A
	Issuance/grant		—		688,970		N/A
	Forfeitures		—		—		N/A
	Redemption of Common Units for cash		-15,789		—		N/A
	Balance at September 30, 2014		1,189,813		1,276,434		4.13	%

	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.

	Common Units

	Common Units and shares of the Company’s common stock have essentially the same economic characteristics in that Common Units and shares of the Company’s common stock share equally in the total net income or loss distributions of the Operating Partnership. Subject to certain restrictions, investors who own Common Units have the right to cause the Operating Partnership to redeem any or all of their Common Units for cash equal to the then-current market value of one share of the Company’s common stock, or, at the Company’s election, shares of common stock on a one-for-one basis. Each Common Unit will receive the same monthly distribution as a share of common stock.

	As partial consideration for eight buildings acquired on June 19, 2013, the Company granted 555,758 Common Units in the Operating Partnership with a fair value of approximately $11.5 million based on the Company’s NYSE closing stock price on June 19, 2013. The issuance of the Common Units was effected in reliance upon an exemption from registration provided by Section 4(2) under the Securities Act of 1933, as amended. The Company relied on the exemption based on representations given by the holders of the Common Units.

	LTIP Units

	Pursuant to the 2011 Plan, the Company may grant LTIP units in the Operating Partnership. LTIP units are valued by reference to the value of the Company’s common stock and are subject to such conditions and restrictions as the compensation committee of the board of directors may determine, including continued employment or service, computation of financial metrics and achievement of pre-established performance goals and objectives. Vested LTIP units can be converted to Common Units in the Operating Partnership on a one-for-one basis once a material equity transaction has occurred that results in the accretion of the member’s capital account to the economic equivalent of the Common Unit. As of September 30, 2014, 811,888 of the 1,276,434 outstanding LTIP units have met the aforementioned criteria and holders have the ability to convert the LTIP units to Common Units. All LTIP units, whether vested or not, will receive the same monthly per unit distributions as Common Units, which equal per share dividends on common stock.

	On February 7, 2014, Gregory W. Sullivan, the Company’s former Chief Financial Officer, Executive Vice President and Treasurer, notified the Company of his intention not to renew his contract at its expiration on April 20, 2014 and he tendered his resignation from his position on April 21, 2014. On April 21, 2014, Mr. Sullivan and the Company executed a Consulting Agreement, which had an effective date of April 29, 2014, pursuant to which Mr. Sullivan will act as a Senior Financial Advisor to the Company for one year. The Consulting Agreement modified the vesting terms of Mr. Sullivan’s LTIP units previously granted to him as well as the vesting provisions of his share of the Company’s 2011 Outperformance Program (“OPP”) that was measured on September 19, 2014. At the time of Mr. Sullivan’s contract expiration, he had 82,804 unvested LTIP units and a 14% allocation of the OPP. The modification to the terms of Mr. Sullivan’s LTIP units and his share of the previously unrecognized compensation expense associated with the OPP were considered a Type III modification, with non-substantive services. Accordingly, his unvested LTIP units and his share of the previously unrecognized compensation expense associated with OPP were valued on the effective date of the Consulting Agreement for $2.0 million and $0.2 million, respectively, and these amounts were expensed upon the effective date of the Consulting Agreement and included in general and administrative expenses during the nine months ended September 30, 2014 on the accompanying Consolidated Statements of Operations. The Company expensed dividends in the amount of $0.1 million previously paid to Mr. Sullivan on the unvested LTIP units and this amount is also included in general and administrative expenses during the nine months ended September 30, 2014 on the accompanying Consolidated Statements of Operations. Additionally, the Company incurred $0 and $0.7 million, respectively of general and administrative expenses during the three and nine months ended September 30, 2014 related to his salary, bonus and other benefits that will be received over the term of the Consulting Agreement.

	On May 12, 2014, the Company executed an Employment Agreement with Geoffrey G. Jervis to serve as the Company’s Chief Financial Officer, Executive Vice President and Treasurer for a term of three years. On July 1, 2014, pursuant to the 2011 Plan, the Company awarded an initial LTIP unit grant equal in value to approximately $0.3 million, which equated to 14,850 LTIP units that will vest over five years in equal installments on a quarterly basis beginning on September 30, 2014. Additionally on July 1, 2014, pursuant to the 2011 Plan, Mr. Jervis was granted LTIP units equal in value to $1.2 million, which equated to 52,106 LTIP units, which will vest at the end of a three-year term, running concurrently with the initial term of the Employment Agreement.

	The LTIP units issued under the 2011 Plan were valued using the Monte Carlo lattice binomial option-pricing model at grant date. The table below sets forth the assumptions used in valuing such LTIP units (dollars in millions):




			January 3, 2013			January 2, 2014			July 1, 2014
	Expected term			10 years			10 years			10 years
	Expected volatility			45%			40%			40%
	Expected dividend yield			6%			6%			6%
	Risk-free interest rate			1.97%			0.79%			0.79%
	Fair value of LTIP units at issuance		$	3.3		$	4.3		$	1.5

	The following table summarizes activity related to the Company’s LTIP units (in millions, except unit data):




					Unrecognized
					Compensation
			Units		Expense
	Unvested at December 31, 2012		301,043		$	3.5
	Granted		187,569	-1		N/A
	Vested		-119,852			N/A
	Forfeited		—			N/A

Unvested at December 31, 2013		368,760		$	5.2
Granted/Issued		688,970	(2)(3)		N/A
Vested		-545,311			N/A
Forfeited		—			N/A

Unvested at September 30, 2014		512,419		$	7.9



	-1		The grant date fair value per LTIP unit was $18.11.
	-2		On January 2, 2014, the Company granted 224,424 LTIP units with a grant date fair value per LTIP unit of $20.13. On July 1, 2014, the Company granted 66,956 LTIP units with a grant date fair value per LTIP unit of $24.03.
	-3		On September 23, 2014, the Company issued 397,590 LTIP units, related to the settlement of the OPP (see Note 9 for further details).

The following table summarizes the fair value at vesting date for the LTIP units vested during the period (in millions, except unit data):




		For the three months ended September 30,						For the nine months ended September 30,
		2014			2013			2014			2013
LTIP units vested awards			436,583			29,963			545,311			89,889
Fair value of awards vested		$	9.2		$	0.6		$	11.8		$	1.8

Equity_Incentive_Plan

Equity Incentive Plan	9 Months Ended
Equity Incentive Plan	Sep. 30, 2014
Equity Incentive Plan	'
Equity Incentive Plan	'
	9. Equity Incentive Plan

	The following table summarizes the amount recorded in general and administrative expenses in our Consolidated Statement of Operations for the amortization of restricted stock, LTIP units and the OPP (in millions):




			For the three months ended September 30,				For the nine months ended September 30,
			2014		2013		2014			2013
	Restricted Stock		$	0.3	$	0.2	$	0.9		$	0.6
	LTIP Units			0.6		0.4		3.8	(1)		1.2
	OPP			0.1		0.1		0.5	-2		0.3
	Total Equity Compensation Expense		$	1.0	$	0.7	$	5.2		$	2.1



		-1		Inclusive of $2.0 million of non-cash compensation during the nine months ended September 30, 2014 associated with the accounting for Mr. Sullivan’s Consulting Agreement discussed in Note 8.
		-2		Inclusive of $0.2 million of non-cash compensation during the nine months ended September 30, 2014 associated with the accounting for Mr. Sullivan’s Consulting Agreement discussed in Note 8.

	On September 19, 2014, the Company’s three-year measurement period pursuant to the OPP concluded. It was determined that the Company’s total stockholder return exceeded the absolute hurdle and relative hurdle outlined in the OPP and the maximum pool amount of $10.0 million was awarded to the participants. The compensation committee of the Company’s board of directors approved the issuance of 397,590 vested LTIP units and 43,657 vested shares of common stock to participants of the OPP.

Earnings_Per_Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2014
Earnings Per Share	'
Earnings Per Share	'
	10. Earnings Per Share

	The Company uses the two‑class method of computing earnings per common share, which is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. A participating security is defined by GAAP as an unvested stock-based payment award containing non-forfeitable rights to dividends and must be included in the computation of earnings per share pursuant to the two-class method. Unvested restricted stock awards are considered participating securities as these stock-based awards contain non-forfeitable rights to dividends irrespective of whether the awards ultimately vest or expire. During the three and nine months ended September 30, 2014 and September 30, 2013, there were 264,438, 270,530, 214,389 and 220,466, respectively, unvested shares of restricted stock on a weighted average basis that were considered participating securities, which were not dilutive.

	The following tables set forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2014 and September 30, 2013, respectively (in thousands, except share data).




			Three months ended
			September 30, 2014
	Numerator
	Net income from continuing operations		$	251
	Less: preferred stock dividends			2,712
	Less: amount allocated to unvested restricted stockholders			87
	Less: loss attributable to noncontrolling interest after preferred stock dividends			-90
	Loss from continuing operations attributable to common stockholders		$	-2,458
	Denominator
	Weighted average common shares outstanding—basic and diluted			55,354,125
	Loss per share—basic and diluted		$	-0.04




			Nine months ended
			September 30, 2014
	Numerator
	Net loss from continuing operations		$	-2,395
	Less: preferred stock dividends			8,136
	Less: amount allocated to unvested restricted stockholders			258
	Less: loss attributable to noncontrolling interest after preferred stock dividends			-784
	Loss from continuing operations attributable to common stockholders		$	-10,005
	Denominator
	Weighted average common shares outstanding—basic and diluted			51,157,219
	Loss per share—basic and diluted		$	-0.2




			Three months ended
			September 30, 2013
	Numerator
	Net income from continuing operations		$	265
	Less: preferred stock dividends			2,712
	Less: amount allocated to unvested restricted stockholders			64
	Less: loss attributable to noncontrolling interest after preferred stock dividends			-339
	Loss from continuing operations attributable to common stockholders		$	-2,172
	Income attributable to discontinued operations		$	29
	Less: income attributable to noncontrolling interest after preferred stock dividends			4
	Income from discontinued operations attributable to common stockholders		$	25
	Denominator
	Weighted average common shares outstanding—basic and diluted			42,753,722
	Loss from continuing operations attributable to common stockholders		$	-0.05
	Income from discontinued operations attributable to common stockholders		$	0.00
	Loss per share—basic and diluted		$	-0.05



			Nine months ended
			September 30, 2013
	Numerator
	Net loss from continuing operations		$	-1,020
	Less: preferred stock dividends			6,783
Less: amount allocated to unvested restricted stockholders			197
Less: loss attributable to noncontrolling interest after preferred stock dividends			-1,054
Loss from continuing operations attributable to common stockholders		$	-6,946
Income attributable to discontinued operations		$	712
Less: income attributable to noncontrolling interest after preferred stock dividends			96
Income from discontinued operations attributable to common stockholders		$	616
Denominator
Weighted average common shares outstanding—basic and diluted			41,766,740
Loss from continuing operations attributable to common stockholders		$	-0.16
Income from discontinued operations attributable to common stockholders		$	0.01
Loss per share—basic and diluted		$	-0.15

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2014
Commitments and Contingencies	'
Commitments and Contingencies	'
	11. Commitments and Contingencies

	The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance subject to deductible requirements. Management believes that the ultimate settlement of these actions will not have a material adverse effect on the Company’s financial position, results of operations or cash flows.

	The Company is subject to a one-time incentive fee based on aggregate performance thresholds of the acquired buildings sourced by Columbus Nova Real Estate Acquisition Group, LLC. At September 30, 2014 and December 31, 2013, the fair value of the incentive fee was zero.

Concentrations_of_Credit_Risk

Concentrations of Credit Risk	9 Months Ended
Concentrations of Credit Risk	Sep. 30, 2014
Concentrations of Credit Risk	'
Concentrations of Credit Risk	'
	12. Concentrations of Credit Risk

	Concentrations of credit risk arise when a number of tenants related to the Company’s investments or rental operations are engaged in similar business activities, are located in the same geographic region, or have similar economic features that would cause their inability to meet contractual obligations, including those to the Company, to be similarly affected. The Company regularly monitors its tenant base to assess potential concentrations of credit risk. Management believes the current credit risk portfolio is reasonably well diversified and does not contain any unusual concentration of credit risk. No single tenant accounted for more than 5% of annualized base rental revenue for the three and nine months ended September 30, 2014 and September 30, 2013.

Subsequent_Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2014
Subsequent Events	'
Subsequent Events	'
	13. Subsequent Events

	GAAP requires an entity to disclose events that occur after the balance sheet date but before financial statements are issued or are available to be issued (“subsequent events”) as well as the date through which an entity has evaluated subsequent events. There are two types of subsequent events. The first type consists of events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements (“recognized subsequent events”). No significant recognized subsequent events were noted. The second type consists of events that provide evidence about conditions that did not exist at the date of the balance sheet but arose subsequent to that date (“non-recognized subsequent events”).

	The following non-recognized subsequent events are noted:

	On October 1, 2014, the Company issued the Series A Unsecured Notes in the amount of $50.0 million (see Note 5 for further details).

	On October 20, 2014, the Company completed an underwritten public offering of 6,325,000 shares of common stock (including 825,000 shares issued pursuant to the full exercise of the underwriters’ option) at a price of $21.20 per share. The Company received net proceeds of $128.2 million, reflecting gross proceeds of $134.1 million net of the underwriters discount of $5.7 million. The Company used the proceeds to fully pay down the then outstanding balance on the Unsecured Credit Facility.

	On October 24, 2014, the Company entered into two forward starting swaps with a total notional amount of $170.0 million to hedge the risk of changes in the interest-related cash outflows associated with the potential issuance of long-term debt. The outstanding forward starting swaps were designated as cash flow hedges.

	On September 8, 2014, the Company executed an Employment Agreement, effective October 27, 2014, with Jeffrey M. Sullivan to serve as the Company’s Executive Vice President, General Counsel, and Secretary for a term of three years commencing on January 1, 2015. During the period October 27, 2014 to December 31, 2014, Mr. Sullivan will act as a Special Legal Advisor to the Company. On October 27, 2014, pursuant to the 2011 Plan, the Company awarded an initial LTIP unit grant equal in value to approximately $0.1 million, which equated to 4,006 LTIP units that will vest over five years in equal installments on a quarterly basis beginning on December 31, 2014. Additionally on October 27, 2014, pursuant to the 2011 Plan, Mr. Sullivan was granted LTIP units equal in value to $0.6 million, which equated to 26,596 LTIP units, which will vest at the end of the initial term of the Employment Agreement on December 31, 2017. The fair value at issuance of each grant was determined by a lattice binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 20%, a risk-free interest rate of 0.4841%, an expected annual dividend yield of 6.0% and terms of ten years.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2014
Summary of Significant Accounting Policies	'
Basis of Presentation	'
	Basis of Presentation

	The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. The equity interests of other limited partners in the Operating Partnership held in the form of common units (“Noncontrolling Common Units”) are reflected as noncontrolling interest. The equity interests of the Company along with the Noncontrolling Common Units in the Operating Partnership are common units (“Common Units”). All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis, for all periods presented.

Reclassifications	'
	Certain prior year amounts have been reclassified to conform to the current year presentation.

Adoption of New Accounting Pronouncements	'
	In August of 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The adoption of ASU 2014-15 is not expected to materially impact the Company’s consolidated financial statements.

	In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. Revenue from a lease contract with a tenant is not within the scope of this revenue standard. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations.

	In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which prospectively changed the definition of a discontinued operation to the disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The guidance also provides for additional disclosure requirements in connection with both discontinued operations and other dispositions not qualifying as discontinued operations. While the new guidance is not effective until annual periods beginning December 15, 2014, and interim periods within those years, companies are permitted to early adopt the provision. The Company has elected to early adopt this standard effective with the interim period beginning January 1, 2014. Prior to January 1, 2014, properties identified as held for sale and/or disposed of were presented in discontinued operations for all periods presented.

Tenant Accounts Receivable, net	'
	Tenant Accounts Receivable, net

	Tenant accounts receivable, net on the Consolidated Balance Sheets, includes both tenant accounts receivable, net and accrued rental income, net. The Company provides an allowance for estimated losses on the portion of tenant accounts receivable that is estimated to be uncollectible. As of September 30, 2014 and December 31, 2013, the Company had an allowance for estimated losses on tenants account receivables of $64,000 and $19,000, respectively.

	The Company accrues rental revenue earned, but not yet receivable, in accordance with GAAP. As of September 30, 2014 and December 31, 2013, the Company had accrued rental revenue of $11.8 million and $9.3 million, respectively. The Company maintains an allowance for estimated losses that may result from those revenues. If a tenant fails to make contractual payments beyond any allowance, the Company may recognize additional bad debt expense in future periods equal to the amount of unpaid rent and accrued rental revenue. As of September 30, 2014 and December 31, 2013, the Company had an allowance for estimated losses on accrued rental revenue of $0 and $0, respectively.

	As of September 30, 2014 and December 31, 2013, the Company had a total of approximately $5.3 million and $4.9 million, respectively, of total lease security deposits available in existing letters of credit, which are not reflected on the Company’s Consolidated Balance Sheets; and $3.3 million and $3.0 million, respectively, of lease security deposits available in cash.

Revenue Recognition	'
	Revenue Recognition

	By the terms of their leases, certain tenants are obligated to pay directly certain of the costs of their buildings including insurance, real estate taxes, ground lease payments, and other costs that are not reflected on the Company’s Consolidated Financial Statements. To the extent any tenant responsible for these costs under its lease defaults on its lease or it is deemed probable that the tenant will fail to pay for such costs, the Company will record a liability for such obligations. The Company estimates that real estate taxes, which are the responsibility of these certain tenants, were approximately $2.6 million, $7.6 million, $2.4 million, and $7.0 million the three and nine months ended September 30, 2014 and September 30, 2013, respectively. This would have been the liability of the Company had the tenants not met their contractual obligations. The Company does not recognize recovery revenue related to leases where the tenant has assumed the cost for real estate taxes, insurance, ground lease payments and certain other expenses.

Income Taxes	'
	Taxes

	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 income, assets, distribution levels and ownership. The Company is generally not subject to corporate level income tax on the earnings distributed to its stockholders that it derives from its REIT qualifying activities. If the Company fails to qualify as a REIT, and is unable to avail itself of certain savings provisions set forth in the Code, all of the Company’s taxable income would be subject to federal income tax at regular corporate rates, including any applicable alternative minimum tax.

	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. Certain activities exceeding defined thresholds that the Company undertakes must 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 did not have any activity during the three and nine months ended September 30, 2014 and September 30, 2013.

	The Company and certain of its subsidiaries are subject to certain state and local income, excise and franchise taxes. Taxes in the amount of $0.2 million, $0.4 million, $0.1 million, and $0.3 million have been recorded in other expenses in the accompanying Consolidated Statements of Operations for the three and nine months ended September 30, 2014 and September 30, 2013, respectively.

	Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of September 30, 2014 and December 31, 2013, there were no liabilities for uncertain tax positions.

Real_Estate_Tables

Real Estate (Tables)	9 Months Ended
Real Estate (Tables)	Sep. 30, 2014
Real Estate	'
Schedule of components of Rental property	'


			September 30, 2014			December 31, 2013
	Land		$	169,808		$	134,399
	Buildings			1,043,421			871,422
	Tenant improvements			42,358			36,994
	Building and land improvements			55,699			36,231
	Less: accumulated depreciation			-96,849			-71,653
	Total rental property, net		$	1,214,437		$	1,007,393


Schedule of real estate properties acquired	'
	Nine Months Ended September 30, 2014




	Acquired during the three months ended		Property Location		Square Feet		Buildings		Purchase Price
			Allentown, PA		289,900		1		$11.90
			Nashua, NH		337,391		1		11.6
			Strongsville, OH		161,984		1		8.1
			Columbus, OH		186,000		1		5.3
	31-Mar				975,275		4		$36.90
			Savannah, GA		504,200		1		16.2
			Garland, TX		253,900		1		8.9
			West Chester, OH		245,000		1		11.6
			Calhoun, GA		151,200		1		4.1
			Hebron, KY		109,000		1		6
			Houston, TX		151,260		1		8.6
			East Troy, WI		149,624		1		6.9
			Jefferson City, TN		486,109		1		14.4
			New Berlin, WI		80,665		1		4.3
	30-Jun				2,130,958		9		$81.00
			Savage, MN		244,050		1		9.3
			Charlotte, NC		101,591		1		4.1
			Charlotte, NC		166,980		1		5
			Mountain Home, NC		146,014		1		4.3
			El Paso, TX		211,091		1		13
			El Paso, TX		183,741		1		11.5
			El Paso, TX		360,134		1		20.5
			El Paso, TX		239,131		1		13.3
			Chester, VA		100,000		1		4.9
			Mechanicsburg, PA		259,200		1		8.4
			Mechanicsburg, PA		235,200		1		10.8
			Mechanicsburg, PA		330,000		1		14.5
			Mechanicsburg, PA		252,654		1		11.6
			Mason, OH		116,200		1		7.2
			Longmont, CO		159,611		1		13.9
			Reno, NV		87,264		1		6.3
			Lenexa, KS		276,219		2		13
	September 30				3,469,080		18		$171.60

			Total		6,575,313		31		$289.50

	Year Ended December 31, 2013




					Square
	Acquired during the three months ended		Property Location		Feet		Buildings		Purchase Price
			Orangeburg, SC		319,000		1		$4.60
			Golden, CO		227,500		1		8.6
			Columbia, SC		273,280		1		9.6
			DeKalb, IL		146,740		1		6.4
			Ocala, FL		619,466		1		18.5
			Londonderry, NH		125,060		1		9
			Marion, IA		95,500		1		3.8
	March 31				1,806,546		7		$60.50
			Mishawaka, IN		308,884		1		6.1
			Southfield, MI	-1	113,000		1		7.2
			Houston, TX		201,574		1		13.5
			Idaho Falls, ID		90,300		1		4.8
			Mt. Prospect, IL		87,380		1		4.9
			Williamsport, PA		250,000		1		13.4
		Belvidere, IL	-2	1,006,960		8		51.5
		Kentwood, MI		85,157		1		4.2
		Marshall, MI		57,025		1		2
June 30				2,200,280		16		$107.60
		Nashville, TN		150,000		1		5.6
		Catoosa, OK		100,100		1		5
		New Berlin, WI		205,063		1		9.3
		Hampstead, MD		1,035,249		1		44
		New Hope, MN		107,348		1		5.1
		Springfield, OH		350,500		1		9.7
September 30				1,948,260		6		$78.70
		Orlando, FL		215,900		1		8.1
		North Jackson, OH		209,835		1		8.5
		Mebane, NC		383,500		1		7.3
		Shannon, GA		568,516		1		16.7
		Lansing, MI		160,000		1		7.2
		Harvard, IL		126,304		1		5.4
		Sauk Village, IL		375,785		1		8.6
		South Holland, IL		202,902		1		5.9
		Mascot, TN		130,560		1		4.8
		Janesville, WI		700,000		1		24
December 31				3,073,302		10		$96.50

		Total		9,028,388		39		$343.30


	-1		The Company owns a five acre vacant land parcel adjacent to this building.

	-2		The Company owns a two acre vacant land parcel adjacent to one of these buildings. Title to the land was conveyed to its own legal entity within the Company for nominal consideration during the nine months ended September 30, 2014.

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	'


						Weighted Average				Weighted Average
			Nine Months Ended			Amortization		Year Ended		Amortization
			September 30,			Period (years)		December 31,		Period (years)
			2014			Lease Intangibles		2013		Lease Intangibles
	Land		$	35,849		N/A		$	31,310	N/A
	Buildings			174,894		N/A			223,420	N/A
	Tenant improvements			4,991		N/A			2,526	N/A
	Building and land improvements			12,329		N/A			9,133	N/A
	Above market leases			5,887		5.3			8,219	5.8
	Below market leases			-2,521		4.7			-2,538	7.2
	In-place leases			38,836		4.6			50,005	5.8
	Tenant relationships			19,211		7.1			21,257	8.2
	Net assets acquired		$	289,476				$	343,332


Summary of the results of operations of buildings acquired during the period	'


			For the three months ended			For the nine months ended
			September 30,			September 30,
			2014			2014
	Revenue		$	3,826		$	6,251
	Property acquisition costs		$	2,131		$	3,286
	Net loss		$	-2,252		$	-3,380


Schedule of pro forma information for acquired properties	'


			Nine months ended
			September 30, 2014
	Pro Forma		(in thousands, except share data) (1)
	Total revenue		$	138,756
	Net income (2)		$	1,326
	Net loss attributable to common stockholders		$	-6,561
	Weighted average shares outstanding			51,157,219
	Loss per share attributable to common stockholders		$	-0.13





			Nine months ended
			September 30, 2013
	Pro Forma		(in thousands, except share data) (3)
	Total revenue		$	128,582
	Net loss (2)		$	-3,487
	Net loss attributable to common stockholders		$	-9,080
	Weighted average shares outstanding			41,766,740
	Loss per share attributable to common stockholders		$	-0.22



		-1		The pro forma information for the nine months ended September 30, 2014 is presented as if the acquisition of the buildings acquired during the nine months ended September 30, 2014 had occurred at January 1, 2013, the beginning of the reporting period prior to acquisition.
		-2		The net income for the nine months ended September 30, 2014 excludes $3.3 million of property acquisition costs related to the acquisition of buildings that closed during the nine months ended September 30, 2014, and the net loss for the nine months ended September 30, 2013 was adjusted to include these acquisition costs. Net loss for the nine months ended September 30, 2013 excludes $2.5 million of property acquisition costs related to the acquisition of buildings that closed during the nine months ended September 30, 2013.
		-3		The pro forma information for the nine months ended September 30, 2013 is presented as if the acquisition of the buildings acquired during the nine months ended September 30, 2014 and the buildings acquired during the nine months ended September 30, 2013 had occurred at January 1, 2013 and January 1, 2012, respectively, the beginning of the reporting period prior to acquisition.

Deferred_Leasing_Intangibles_T

Deferred Leasing Intangibles (Tables)	9 Months Ended
Deferred Leasing Intangibles (Tables)	Sep. 30, 2014
Deferred Leasing Intangibles	'
Schedule of deferred leasing intangibles included in total assets	'


		September 30,		December 31,
		2014		2013
	Above market leases	$	62,758	$	57,283
	Less: Accumulated amortization		-23,292		-17,232
	Above market leases, net		39,466		40,051
	Other intangible lease assets		306,334		252,885
	Less: Accumulated amortization		-110,574		-77,969
	Other intangible lease assets, net		195,760		174,916
	Total deferred leasing intangibles, net	$	235,226	$	214,967


Schedule of deferred leasing intangibles included in total liabilities	'


		September 30,		December 31,
		2014		2013
	Below market leases	$	13,461	$	11,434
	Less: Accumulated amortization		-5,875		-4,520
	Total deferred leasing intangibles, net	$	7,586	$	6,914


Schedule of amortization related to deferred leasing intangibles over the next five years	'


		Estimated Net Amortization		Net Decrease to Rental
		of In-Place Leases,		Income Related to Above and
		Leasing Commissions and		Below Market Leases
		Tenant Relationships		Amortization
	Remainder of 2014	$	13,091	$	1,698
	2015	$	45,189	$	7,071
	2016	$	38,136	$	6,387
	2017	$	29,919	$	4,671
	2018	$	22,090	$	3,240

Debt_Tables

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 2014
Debt	'
Summary of the mortgage notes payable, unsecured term loans and credit facility	'


					Principal			Principal
					outstanding as			outstanding as
					of			of
					September 30,			December 31,			Current		Prepayment
	Loan		Interest Rate (1)		2014			2013			Maturity		Terms (2)
	Mortgage notes payable (secured debt):
	Sun Life Assurance Company of Canada (U.S.)		6.05	%	$	3,614	(3)	$	3,817	(3)	Jun-1-2016		i (2)
	Webster Bank, National Association		4.22	%		5,717			5,834		Aug-4-2016		i (2)
	Union Fidelity Life Insurance Co.		5.81	%		6,279	(4)		6,551	(4)	Apr-30-2017		i (2)
	Webster Bank, National Association		3.66	%		3,056			3,121		May-29-2017		i (2)
	Webster Bank, National Association		3.64	%		3,291			3,360		May-31-2017		i (2)
	Connecticut General Life Insurance Company -1 Facility		6.50	%		58,261			58,874		Feb-1-2018		i (2)
	Connecticut General Life Insurance Company -2 Facility		5.75	%		59,301			59,990		Feb-1-2018		i (2)
	Connecticut General Life Insurance Company -3 Facility		5.88	%		16,706			16,879		Feb-1-2018		i (2)
	Wells Fargo Bank, National Association CMBS Loan		4.31	%		65,967			67,165		Dec-1-2022		ii (2)
	Total / weighted average mortgage notes payable		5.44	%	$	222,192		$	225,591

	Unsecured credit facility:
	$200 Million Bank of America Unsecured Credit Facility(5)		L + 1.45	%		106,000			80,500		Sept-10-2016		iii (2)
	Total / weighted average unsecured credit facility		1.61	%	$	106,000		$	80,500

	Unsecured term loans(6):
	$150 Million Bank of America Unsecured Term Loan(7)		L + 1.40	%		150,000			150,000		Sept-10-2017		iii (2)
	$150 Million Wells Fargo Unsecured Term Loan A(8)		L + 2.15	%		150,000			100,000		Feb-14-2020		i (2)
	$150 Million Wells Fargo Unsecured Term Loan B(9)		L + 1.70	%		—			—		Mar-21-2021		i (2)
	Total / weighted average unsecured term loans		2.77	%	$	300,000		$	250,000

	Unsecured notes:
	$50 Million Series B Unsecured Notes		4.98	%		50,000			—		July-1-2026		i (2)
	Total / weighted average unsecured notes		4.98	%	$	50,000			—

	Total / weighted average debt		3.62	%(10))	$	678,192		$	556,091



		-1		Current interest rate as of September 30, 2014. At September 30, 2014 and December 31, 2013, the one-month LIBOR (“L”) was 0.1565% and 0.1677%, respectively. The current interest rate is not adjusted to include the amortization of deferred financing fees incurred in obtaining debt or the unamortized fair market value premium.

		-2		Prepayment terms consist of (i) prepayable with penalty; (ii) not prepayable, but can be defeased beginning January 1, 2016 and (iii) prepayable with no penalty.

		-3		The principal outstanding includes an unamortized fair market value premium of $0.1 million and $0.2 million as of September 30, 2014 and December 31, 2013, respectively.

		-4		The principal outstanding includes an unamortized fair market value premium of $0.1 million and $0.1 million as of September 30, 2014 and December 31, 2013, respectively.

		-5		The spread over LIBOR for the Bank of America, N.A. (“Bank of America”) unsecured revolving credit facility (“Unsecured Credit Facility”) is based on the Company’s consolidated leverage and can range between 1.45% and 2.05%. The spread was 1.45% as of September 30, 2014 and December 31, 2013. The Company pays an unused fee between 0.20% and 0.25%. The borrowing capacity as of September 30, 2014 was $94.0 million, assuming current leverage levels.

		-6		Collectivity, the Bank of America Unsecured Term Loan, the Wells Fargo Unsecured Term Loan A and the Wells Fargo Term Loan B shall be reference to as the (“Unsecured Term Loans”).

		-7		The Bank of America unsecured term loan (“Bank of America Unsecured Term Loan”) was entered into on September 10, 2012. The spread over LIBOR is based on the Company’s consolidated leverage ratio and can range between 1.40% and 2.00%. The spread was 1.40% as of September 30, 2014 and December 31, 2013. As of September 30, 2014, the Company swapped the one-month LIBOR for a fixed rate for $100.0 million of the $150.0 million outstanding on the Bank of America Unsecured Term Loan. The net settlements of the swaps commenced on the effective date of the swaps, October 10, 2012 (see Note 6 for further details). There was no remaining borrowing capacity as of September 30, 2014.

		-8		The Wells Fargo Bank, National Association (“Wells Fargo”) unsecured term loan (“Wells Fargo Unsecured Term Loan A”) was entered into on February 14, 2013. The spread over LIBOR is based on the Company’s consolidated leverage and can range between 2.15% and 2.70%. The spread was 2.15% as of September 30, 2014 and December 31, 2013. As of September 30, 2014, the Company swapped the one-month LIBOR for a fixed rate for $125.0 million of the $150.0 million outstanding on the Wells Fargo Unsecured Term Loan A (see Note 6 for further details). The terms of the Wells Fargo Unsecured Term Loan A includes an unused fee of 0.35%. There was no remaining borrowing capacity as of September 30, 2014.

		-9		The Wells Fargo unsecured term loan (“Wells Fargo Unsecured Term Loan B”) was entered into on March 21, 2014. The spread over LIBOR is based on the Company’s consolidated leverage and can range between 1.70% and 2.30%. The spread was 1.70% as of September 30, 2014. The terms of the Wells Fargo Unsecured Term Loan B includes an unused fee of 0.225%. The remaining borrowing capacity as of September 30, 2014 was $150.0 million.

		-10		The weighted average interest rate was calculated using the swapped rate for the $225.0 million of the $300.0 million outstanding on the Bank of America Unsecured Term Loan and the Wells Fargo Unsecured Term Loan A.

Schedule of aggregate carrying value of the debt and the corresponding estimate of fair value	'


			September 30, 2014						December 31, 2013
			Carrying			Fair			Carrying			Fair
			Amount			Value			Amount			Value
	Mortgage notes payable		$	222,192		$	232,769		$	225,591		$	228,996
	Unsecured credit facility		$	106,000		$	106,104		$	80,500		$	80,500
	Unsecured term loans		$	300,000		$	303,696		$	250,000		$	246,083
	Unsecured notes		$	50,000		$	53,371		$	—		$	—

Use_of_Derivative_Financial_In1

Use of Derivative Financial Instruments (Tables)	9 Months Ended
Use of Derivative Financial Instruments (Tables)	Sep. 30, 2014
Use of Derivative Financial Instruments	'
Schedule of interest rate swaps	'


			Counterparty
			Public										Fixed		Variable
	Interest Rate		Credit				Notional						Interest		Interest
	Derivative Counterparty		Rating(3)		Trade Date		Amount				Fair Value		Rate		Rate	Maturity Date
	PNC Bank, N.A.		A		Sept-14-2012		$	10,000	(1)	$	93		0.7945	%	One-month L	September 10, 2017
	Bank of America		A		Sept-14-2012		$	10,000	(1)	$	93		0.7945	%	One-month L	September 10, 2017
	UBS AG		A		Sept-14-2012		$	10,000	(1)	$	94		0.7945	%	One-month L	September 10, 2017
	Royal Bank of Canada		AA-		Sept-14-2012		$	10,000	(1)	$	94		0.7945	%	One-month L	September 10, 2017
	RJ Capital Services, Inc.		BBB	-4	Sept-14-2012		$	10,000	(1)	$	93		0.7975	%	One-month L	September 10, 2017
	Bank of America		A		Sept-20-2012		$	25,000	(1)	$	265		0.7525	%	One-month L	September 10, 2017
	RJ Capital Services, Inc.		BBB	-4	Sept-24-2012		$	25,000	(1)	$	284		0.727	%	One-month L	September 10, 2017
	Regions Bank		BBB		March-1-2013		$	25,000	(2)	$	632		1.33	%	One-month L	February 14, 2020
	Capital One, N.A.		BBB+		June-13-2013		$	25,000	(2)	$	162		1.703	%	One-month L	February 14, 2020
	Capital One, N.A.		BBB+		June-13-2013		$	50,000	(2)	$	382		1.681	%	One-month L	February 14, 2020
	Regions Bank		BBB		Sept-30-2013		$	25,000	(2)	$	-228		1.9925	%	One-month L	February 14, 2020


		-1		Fixes the interest rate of the Bank of America Unsecured Term Loan
		-2		Fixes the interest rate of the Wells Fargo Unsecured Term Loan A
		-3		Standard & Poor’s credit ratings
		-4		Credit rating is for the parent company Raymond James Financial, Inc. as RJ Capital Services Inc. is not publicly rated.

Schedule of fair value and notional amounts of outstanding derivative positions	'


					Notional						Notional
					Amount			Fair Value			Amount			Fair Value
			Balance Sheet		September 30,			September 30,			December 31,			December 31,
			Location		2014			2014			2013			2013
	Unsecured Term Loan Swaps		Interest Rate Swaps-Asset		$	200,000		$	2,192		$	225,000		$	3,924
	Unsecured Term Loan Swaps		Interest Rate Swaps-Liability		$	25,000		$	-228		$	—		$	—


Schedule of the location in the financial statements of the gain or loss recognized on interest rate swaps	'


			Three months ended September 30,						Nine months ended
			Three months ended September 30,						September 30,
			2014			2013			2014			2013
	Amount of income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion)		$	656		$	-1,510		$	-3,825		$	1,776
	Amount of loss reclassified from accumulated other comprehensive income (loss) into income (loss) as interest expense (effective portion)		$	644		$	476		$	1,866		$	856
	Amount of loss recognized in income on swaps (ineffective portion and amount excluded from effectiveness testing)		$	—		$	—		$	—		$	—


Schedule of financial instruments accounted for at fair value on a recurring basis	'


						Fair Value Measurements as of
						September 30, 2014 Using Level(1):
			September 30,
			2014			Level 1			Level 2			Level 3
	Assets (liabilities):
	Interest Rate Swaps		$	2,192		$	—		$	2,192		$	—
	Interest Rate Swaps		$	-228		$	—		$	-228		$	—



		-1		Level 1 defined as quoted prices in active markets for identical assets. Level 2 defined as significant other observable inputs. Level 3 defined as unobservable inputs.



						Fair Value Measurements as of
						December 31, 2013 Using Level(1):
			December 31,
			2013			Level 1			Level 2			Level 3
	Assets:
	Interest Rate Swaps		$	3,924		$	—		$	3,924		$	—



		-1		Level 1 defined as quoted prices in active markets for identical assets. Level 2 defined as significant other observable inputs. Level 3 defined as unobservable inputs.

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	9 Months Ended
Stockholders' Equity (Tables)	Sep. 30, 2014
Stockholders' Equity	'
Schedule of activity for the ATM common stock offering program	'


			Three months ended September 30, 2014											Nine months ended September 30, 2014
	ATM Stock Offering		Shares		Gross			Sales			Net			Shares	Gross		Sales		Net
	Program		Sold		Proceeds			Agents’ Fee			Proceeds			Sold	Proceeds		Agents’ Fee		Proceeds
	2014 $200 million ATM		1,064,795		$	22.8		$	0.4		$	22.4		1,064,795	$	22.8	$	0.4	$	22.4
	2014 $150 million ATM		938,670			21.9			0.3			21.6		5,464,812		126.4		1.9		124.5
	2012 $75 million ATM		—			—			—			—		661,930		14.9		0.2		14.7
	Total ATM		2,003,465		$	44.7		$	0.7		$	44.0		7,191,537	$	164.1	$	2.5	$	161.6




			Three months ended September 30, 2013											Nine months ended September 30, 2013
	ATM Stock Offering		Shares		Gross			Sales			Net			Shares	Gross		Sales		Net
	Program		Sold		Proceeds			Agents’ Fee			Proceeds			Sold	Proceeds		Agents’ Fee		Proceeds
	2012 $75 million ATM		1,813,970		$	36.9		$	0.6		$	36.4		1,963,170	$	39.7	$	0.6	$	39.1
	Total ATM		1,813,970		$	36.9		$	0.6		$	36.4		1,963,170	$	39.7	$	0.6	$	39.1


Schedule of grants of common stock to independent directors	'


	Service During Quarter Ended 2014		Grant Date		Shares		Fair Value
	September 30		October 15, 2014		3,958		$	88,000
	June 30		July 15, 2014		3,473			83,000
	March 31		April 15, 2014		3,471			83,000
	Total 2014				10,902		$	254,000




	Service During Quarter Ended 2013		Grant Date		Shares		Fair Value
	December 31		January 15, 2014		2,554		$	52,000
	September 30		October 15, 2013		2,607			53,000
	June 30		July 15, 2013		2,602			53,000
	March 31		April 15, 2013		2,418			52,000
	Total 2013				10,181		$	210,000


Schedule of activity related to unvested restricted stock awards	'


					Unrecognized
					Compensation
			Shares		Expense
	Unvested at December 31, 2012		150,114		$	1.5
	Granted		106,268	-1		N/A
	Vested		-32,012			N/A
	Forfeited		-9,981			N/A

	Unvested at December 31, 2013		214,389		$	2.5
	Granted		103,149	-2		N/A
	Vested		-51,885			N/A
	Forfeited		-1,215			N/A
	Unvested at September 30, 2014		264,438		$	3.7


		-1		The grant date fair value per share was $18.11
		-2		The grant date fair value per share was $20.13

Restricted stock	'
Stockholders' Equity	'
Schedule of fair value at vesting date for awards vesting during the period	'


			For the three months ended September 30,						For the nine months ended September 30,
			2014			2013			2014			2013
	Restricted common stock vested awards			—			—			51,885			32,012
	Fair value of restricted common stock vested		$	—		$	—		$	1.1		$	0.6


Series A & B Preferred Stock	'
Stockholders' Equity	'
Schedule of dividends	'


					Series A			Series B
					Preferred Stock			Preferred Stock
	Amount Declared During Quarter Ended 2014		Declaration Date		Per Share			Per Share			Date Paid
	September 30		July 29, 2014		$	0.5625		$	0.4140625		September 30, 2014
	June 30		May 5, 2014			0.5625			0.4140625		June 30, 2014
	March 31		February 21, 2014			0.5625			0.4140625		March 31, 2014
	Total 2014				$	1.6875		$	1.2421875




					Series A			Series B
					Preferred Stock			Preferred Stock
	Amount Declared During Quarter Ended 2013		Declaration Date		Per Share			Per Share			Date Paid
	December 31		November 1, 2013		$	0.5625		$	0.4140625		December 31, 2013
	September 30		August 2, 2013			0.5625			0.4140625		September 30, 2013
	June 30		May 6, 2013			0.5625			0.3450500	-1	July 1, 2013
	March 31		March 1, 2013			0.5625			—		April 1, 2013
	Total 2013				$	2.25		$	1.1731750



		-1		Series B Preferred Stock is prorated for April 16, 2013 to June 30, 2013.

Common Stock	'
Stockholders' Equity	'
Schedule of dividends	'


	Amount Declared During 2014		Declaration Date		Per Share			Date Paid
	Month ended September 30		May 5, 2014		$	0.11		October 15, 2014
	Month ended August 30		May 5, 2014			0.11		September 15, 2014
	Month ended July 30		May 5, 2014			0.11		August 15, 2014
	Month ended June 30		February 21, 2014			0.105		July 15, 2014
	Month ended May 31		February 21, 2014			0.105		June 16, 2014
	Month ended April 30		February 21, 2014			0.105		May 15, 2014
	Month ended March 31		December 18, 2013			0.105		April 15, 2014
	Month ended February 28		December 18, 2013			0.105		March 17, 2014
	Month ended January 31		December 18, 2013			0.105		February 17, 2014
	Total 2014				$	0.96




	Amount Declared During 2013		Declaration Date		Per Share			Date Paid
	Month ended December 31		September 24, 2013		$	0.10		January 15, 2014
	Month ended November 30		September 24, 2013			0.10		December 16, 2013
	Month ended October 31		September 24, 2013			0.10		November 15, 2013
	Quarter ended September 30		August 2, 2013			0.30		October 15, 2013
	Quarter ended June 30		May 6, 2013			0.30		July 15, 2013
	Quarter ended March 31		March 1, 2013			0.30		April 15, 2013
	Total 2013				$	1.20

Noncontrolling_Interest_Tables

Noncontrolling Interest (Tables)	9 Months Ended
Noncontrolling Interest (Tables)	Sep. 30, 2014
Noncontrolling Interest	'
Summary of activity in noncontrolling interests	'


							Noncontrolling
			Common Units		LTIP Units		Interest
	Balance at December 31, 2012		5,743,958		413,551		14.71	%
	Conversions from LTIP Units to Common Units		1,656		-1,656		N/A
	Redemptions from Common Units to Common Stock		-2,186		—		N/A
	Issuance/grant		555,758		187,569		N/A
	Forfeitures		—		—		N/A
	Balance at December 31, 2013		6,299,186		599,464		13.35	%
	Conversions from LTIP Units to Common Units		12,000		-12,000		N/A
	Redemptions from Common Units to Common Stock		-5,105,584		—		N/A
	Issuance/grant		—		688,970		N/A
	Forfeitures		—		—		N/A
	Redemption of Common Units for cash		-15,789		—		N/A
	Balance at September 30, 2014		1,189,813		1,276,434		4.13	%


Schedule of assumptions for valuing units issued	'


			January 3, 2013			January 2, 2014			July 1, 2014
	Expected term			10 years			10 years			10 years
	Expected volatility			45%			40%			40%
	Expected dividend yield			6%			6%			6%
	Risk-free interest rate			1.97%			0.79%			0.79%
	Fair value of LTIP units at issuance		$	3.3		$	4.3		$	1.5


2011 Equity Incentive Plan \| LTIP Units	'
Noncontrolling Interest	'
Schedule of activity related to share-based compensation	'


					Unrecognized
					Compensation
			Units		Expense
	Unvested at December 31, 2012		301,043		$	3.5
	Granted		187,569	-1		N/A
	Vested		-119,852			N/A
	Forfeited		—			N/A

	Unvested at December 31, 2013		368,760		$	5.2
	Granted/Issued		688,970	(2)(3)		N/A
	Vested		-545,311			N/A
	Forfeited		—			N/A

	Unvested at September 30, 2014		512,419		$	7.9



		-1		The grant date fair value per LTIP unit was $18.11.
		-2		On January 2, 2014, the Company granted 224,424 LTIP units with a grant date fair value per LTIP unit of $20.13. On July 1, 2014, the Company granted 66,956 LTIP units with a grant date fair value per LTIP unit of $24.03.
		-3		On September 23, 2014, the Company issued 397,590 LTIP units, related to the settlement of the OPP (see Note 9 for further details).

Equity_Incentive_Plan_Tables

Equity Incentive Plan (Tables)	9 Months Ended
Equity Incentive Plan (Tables)	Sep. 30, 2014
Equity Incentive Plan	'
Summary of Equity Compensation Expense	'


			For the three months ended September 30,				For the nine months ended September 30,
			2014		2013		2014			2013
	Restricted Stock		$	0.3	$	0.2	$	0.9		$	0.6
	LTIP Units			0.6		0.4		3.8	(1)		1.2
	OPP			0.1		0.1		0.5	-2		0.3
	Total Equity Compensation Expense		$	1.0	$	0.7	$	5.2		$	2.1



		-1		Inclusive of $2.0 million of non-cash compensation during the nine months ended September 30, 2014 associated with the accounting for Mr. Sullivan’s Consulting Agreement discussed in Note 8.
		-2		Inclusive of $0.2 million of non-cash compensation during the nine months ended September 30, 2014 associated with the accounting for Mr. Sullivan’s Consulting Agreement discussed in Note 8.

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2014
Earnings Per Share	'
Schedule of computation of basic and diluted earnings per common share	'


			Three months ended
			September 30, 2014
	Numerator
	Net income from continuing operations		$	251
	Less: preferred stock dividends			2,712
	Less: amount allocated to unvested restricted stockholders			87
	Less: loss attributable to noncontrolling interest after preferred stock dividends			-90
	Loss from continuing operations attributable to common stockholders		$	-2,458
	Denominator
	Weighted average common shares outstanding—basic and diluted			55,354,125
	Loss per share—basic and diluted		$	-0.04




			Nine months ended
			September 30, 2014
	Numerator
	Net loss from continuing operations		$	-2,395
	Less: preferred stock dividends			8,136
	Less: amount allocated to unvested restricted stockholders			258
	Less: loss attributable to noncontrolling interest after preferred stock dividends			-784
	Loss from continuing operations attributable to common stockholders		$	-10,005
	Denominator
	Weighted average common shares outstanding—basic and diluted			51,157,219
	Loss per share—basic and diluted		$	-0.2




			Three months ended
			September 30, 2013
	Numerator
	Net income from continuing operations		$	265
	Less: preferred stock dividends			2,712
	Less: amount allocated to unvested restricted stockholders			64
	Less: loss attributable to noncontrolling interest after preferred stock dividends			-339
	Loss from continuing operations attributable to common stockholders		$	-2,172
	Income attributable to discontinued operations		$	29
	Less: income attributable to noncontrolling interest after preferred stock dividends			4
	Income from discontinued operations attributable to common stockholders		$	25
	Denominator
	Weighted average common shares outstanding—basic and diluted			42,753,722
	Loss from continuing operations attributable to common stockholders		$	-0.05
	Income from discontinued operations attributable to common stockholders		$	0.00
	Loss per share—basic and diluted		$	-0.05



			Nine months ended
			September 30, 2013
	Numerator
	Net loss from continuing operations		$	-1,020
	Less: preferred stock dividends			6,783
	Less: amount allocated to unvested restricted stockholders			197
	Less: loss attributable to noncontrolling interest after preferred stock dividends			-1,054
	Loss from continuing operations attributable to common stockholders		$	-6,946
	Income attributable to discontinued operations		$	712
	Less: income attributable to noncontrolling interest after preferred stock dividends			96
	Income from discontinued operations attributable to common stockholders		$	616
	Denominator
Weighted average common shares outstanding—basic and diluted			41,766,740
Loss from continuing operations attributable to common stockholders		$	-0.16
Income from discontinued operations attributable to common stockholders		$	0.01
Loss per share—basic and diluted		$	-0.15

Organization_and_Description_o1

Organization and Description of Business (Details)	9 Months Ended	12 Months Ended
Organization and Description of Business (Details)	Sep. 30, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]	'	'
Area of building (in square feet)	44,500,000	'
Number of properties	238	'
Number of states in which the entity owned buildings	35	'
Percentage of buildings leased to tenants	94.80%	'
Number of tenants	212	'
Warehouse - Distribution buildings	'	'
Real Estate Properties [Line Items]	'	'
Number of properties	168	'
Light Manufacturing buildings	'	'
Real Estate Properties [Line Items]	'	'
Number of properties	50	'
Flex - Office buildings	'	'
Real Estate Properties [Line Items]	'	'
Number of properties	20	'
Land Parcels	'	'
Real Estate Properties [Line Items]	'	'
Number of properties	2	'
STAG Industrial Operating Partnership, L.P.	'	'
Real Estate Properties [Line Items]	'	'
Ownership interest in Operating Partnership (as a percent)	95.87%	86.65%

Summary_of_Significant_Account2

Summary of Significant Accounting Policies - Tenant Accounts Receivable (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Tenant Accounts Receivable, net	'	'	'	'	'
Allowance for doubtful accounts	$64,000	'	$64,000	'	$19,000
Accrued rental revenue	11,800,000	'	11,800,000	'	9,300,000
Allowance on accrued rental revenue	0	'	0	'	0
Lease security deposits available in existing letters of credit	5,300,000	'	5,300,000	'	4,900,000
Lease security deposits available in cash	3,300,000	'	3,300,000	'	3,000,000
Revenue Recognition	'	'	'	'	'
Estimated amount of real estate taxes, which are the responsibility of tenants	2,600,000	2,400,000	7,600,000	7,000,000	'
Deferred Costs	'	'	'	'	'
Amortization of deferred financing fees	$400,000	$300,000	$1,100,000	$900,000	'

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Taxes (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Income Taxes	'	'	'	'	'
Required minimum percentage distribution of ordinary taxable income to stockholders to qualify as a REIT (as a percent)	'	'	90.00%	'	'
State and local income, excise and franchise taxes	$200,000	$100,000	$400,000	$300,000	'
Liabilities for uncertain tax positions	$0	'	$0	'	$0

Real_Estate_Summary_Details

Real Estate - Summary (Details) (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Real Estate	'	'
Land	$169,808	$134,399
Buildings	1,043,421	871,422
Tenant Improvements	42,358	36,994
Building and land improvements	55,699	36,231
Less: accumulated depreciation	-96,849	-71,653
Total rental property, net	$1,214,437	$1,007,393

Real_Estate_Acquisitions_Detai

Real Estate - Acquisitions (Details) (USD $)

9 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

In Millions, unless otherwise specified

Sep. 30, 2014

Mar. 31, 2014

Jun. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Mar. 31, 2013

Jun. 30, 2013

Sep. 30, 2013

Dec. 31, 2013

building

2014 Acquisitions

2014 Q1 Acquisitions

Allentown, PA

Nashua, NH

Strongsville, OH

Columbus, OH

2014 Q2 Acquisitions

Savannah, GA

Garland, TX

West Chester, OH

Calhoun, GA

Hebron, KY

Houston, TX 3

East Troy, WI

Jefferson City, TN

New Berlin, WI 2

2014 Q3 Acquisitions

Savage, MN

Charlotte, NC - Property One

Charlotte, NC - Property Two

Mountain Home, NC

El Paso, TX - Property One

El Paso, TX - Property Two

El Paso, TX - Property Three

El Paso, TX - Property Four

Chester, VA

Mechanicsburg, PA - Property One

Mechanicsburg, PA - Property Two

Mechanicsburg, PA - Property Three

Mechanicsburg, PA - Property Four

Mason, OH

Longmont, CO

Reno, NV

Lenexa, KS

2013 Acquisitions

2013 Q1 Acquisitions

Orangeburg, SC

Golden, CO

Columbia, SC

DeKalb, IL

Ocala, FL

Londonderry, NH

Marion, IA

2013 Q2 Acquisitions

Mishawaka, IN

Southfield, MI

Houston, TX

Idaho Falls, ID

Mt. Prospect, IL

Williamsport, PA

Belvidere, IL

Kentwood, MI

Marshall, MI

2013 Q3 Acquisitions

Nashville, TN

Catoosa, OK

New Berlin, WI

Hampstead, MD

New Hope, MN

Springfield, OH

2013 Q4 Acquisitions

Orlando, FL

North Jackson, OH

Mebane, NC

Shannon, GA

Lansing, MI

Harvard, IL

Sauk Village, IL

South Holland, IL

Mascot, TN

Janesville, WI

building

sqft

acre

Formation transactions

Area (in square feet)

6,575,313

975,275

289,900

337,391

161,984

186,000

2,130,958

504,200

253,900

245,000

151,200

109,000

151,260

149,624

486,109

80,665

3,469,080

244,050

101,591

166,980

146,014

211,091

183,741

360,134

239,131

100,000

259,200

235,200

330,000

252,654

116,200

159,611

87,264

276,219

9,028,388

1,806,546

319,000

227,500

273,280

146,740

619,466

125,060

95,500

2,200,280

308,884

113,000

201,574

90,300

87,380

250,000

1,006,960

85,157

57,025

1,948,260

150,000

100,100

205,063

1,035,249

107,348

350,500

3,073,302

215,900

209,835

383,500

568,516

160,000

126,304

375,785

202,902

130,560

700,000

Number of buildings acquired

Purchase price

$289.50

$36.90

$11.90

$11.60

$8.10

$5.30

$81

$16.20

$8.90

$11.60

$4.10

$8.60

$6.90

$14.40

$4.30

$171.60

$9.30

$4.10

$4.30

$13

$11.50

$20.50

$13.30

$4.90

$8.40

$10.80

$14.50

$11.60

$7.20

$13.90

$6.30

$13

$343.30

$60.50

$4.60

$8.60

$9.60

$6.40

$18.50

$3.80

$107.60

$6.10

$7.20

$13.50

$4.80

$4.90

$13.40

$51.50

$4.20

$78.70

$5.60

$9.30

$44

$5.10

$9.70

$96.50

$8.10

$8.50

$7.30

$16.70

$7.20

$5.40

$8.60

$5.90

$4.80

$24

Area of land owned adjacent to building

Real_Estate_Acquisitions_Alloc

Real Estate - Acquisitions - Allocation of Consideration (Details) (USD $)

Jun. 19, 2013

Sep. 30, 2014

Dec. 31, 2013

Operating Partnership

Belvidere, IL

2014 Acquisitions

2013 Acquisitions

Operating Partnership

Above market leases

Below market leases

In-place leases

Tenant relationships

Above market leases

Below market leases

In-place leases

Tenant relationships

Common Stock

building

Allocation of the consideration paid for the acquired assets and liabilities

Land

$35,849,000

$31,310,000

Buildings

174,894,000

223,420,000

Tenant improvements

4,991,000

2,526,000

Building and land Improvements

12,329,000

9,133,000

Above market leases

5,887,000

38,836,000

19,211,000

8,219,000

50,005,000

21,257,000

Below market leases

-2,521,000

-2,538,000

Net assets acquired

289,476,000

343,332,000

Weighted Average Amortization Period of Lease Intangibles

'5 years 3 months 18 days

'4 years 8 months 12 days

'4 years 7 months 6 days

'7 years 1 month 6 days

'5 years 9 months 18 days

'7 years 2 months 12 days

'5 years 9 months 18 days

'8 years 2 months 12 days

Number of buildings purchased through issuance of common stock

Number of common units issued as a consideration for purchase of building

555,758

Fair value of common units issued

11,500,000

Purchase price paid in cash

$40,100,000

Real_Estate_Acquisitions_Pro_F

Real Estate - Acquisitions - Pro Forma (Details) (USD $)	3 Months Ended		9 Months Ended		3 Months Ended	9 Months Ended				12 Months Ended	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Sep. 30, 2013
			building		2014 Acquisitions	2014 Acquisitions	2014 Acquisitions	2014 Acquisitions	2014 Acquisitions	2013 Acquisitions	2013 Acquisitions
						building		Acquisition-related costs adjustments	Acquisition-related costs adjustments	building	Acquisition-related costs adjustments
Results of operations of acquired properties	'	'	'	'	'	'	'	'	'	'	'
Number of buildings acquired	'	'	31	'	'	31	'	'	'	39	'
Revenue	'	'	'	'	$3,826	$6,251	'	'	'	'	'
Property acquisition costs	2,190	986	3,437	2,831	2,131	3,286	'	'	'	'	'
Net income (loss)	'	'	'	'	-2,252	-3,380	'	'	'	'	'
Pro forma information	'	'	'	'	'	'	'	'	'	'	'
Total revenue	'	'	138,756	'	'	'	128,582	'	'	'	'
Net loss (2)	'	'	1,326	'	'	'	-3,487	3,300	-3,300	'	-2,500
Net loss attributable to common stockholders	'	'	($6,561)	'	'	'	($9,080)	'	'	'	'
Weighted average shares outstanding	'	'	51,157,219	'	'	'	41,766,740	'	'	'	'
Loss per share attributable to common stockholders (in dollars per share)	'	'	($0.13)	'	'	'	($0.22)	'	'	'	'

Real_Estate_Disposals_Details

Real Estate - Disposals (Details) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 26, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 26, 2014

Mar. 25, 2014

Jun. 12, 2013

Sep. 30, 2013

Jun. 12, 2013

Property located in Bellevue, OH

Property located in Lexington, VA

Property located in Pittsburgh, PA

sqft

Disposal of real estate properties

Net rentable square feet

181,838

15,085

53,183

Carrying value of property sold

$1,214,437,000

$1,007,393,000

$4,900,000

$400,000

$4,400,000

Sales price

7,100,000

500,000

5,100,000

Net proceeds from sales of rental property

7,492,000

4,843,000

7,000,000

500,000

4,800,000

Gain on sale of building, not included in discontinued operations

2,100,000

50,000

Gain on sale of real estate

500,000

Amount contributed to total revenue, continuing operations

42,358,000

34,643,000

123,783,000

96,474,000

100,000

400,000

500,000

Income (loss) from continuing operations

251,000

265,000

-2,395,000

-1,020,000

2,100,000

100,000

2,200,000

200,000

Total revenue, discontinued operations

200,000

Net income, discontinued operations

$29,000

$712,000

$600,000

Deferred_Leasing_Intangibles_D

Deferred Leasing Intangibles (Details) (USD $)	3 Months Ended		9 Months Ended
Deferred Leasing Intangibles (Details) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Deferred leasing intangibles, assets	'	'	'	'	'
Net	$235,226,000	'	$235,226,000	'	$214,967,000
Estimated Net Amortization of In-Place Leases, Leasing Commissions and Tenant Relationships	'	'	'	'	'
Remainder of 2014	13,091,000	'	13,091,000	'	'
2015	45,189,000	'	45,189,000	'	'
2016	38,136,000	'	38,136,000	'	'
2017	29,919,000	'	29,919,000	'	'
2018	22,090,000	'	22,090,000	'	'
Net Decrease to Rental Income Related to Above and Below Market Leases	'	'	'	'	'
Remainder of 2014	'	'	1,698,000	'	'
2015	'	'	7,071,000	'	'
2016	'	'	6,387,000	'	'
2017	'	'	4,671,000	'	'
2018	'	'	3,240,000	'	'
Other intangible lease assets	'	'	'	'	'
Deferred leasing intangibles, assets	'	'	'	'	'
Gross	62,758,000	'	62,758,000	'	57,283,000
Less: Accumulated amortization	-23,292,000	'	-23,292,000	'	-17,232,000
Net	39,466,000	'	39,466,000	'	40,051,000
Deferred leasing intangibles, liabilities	'	'	'	'	'
Amortization expense	12,500,000	10,200,000	36,100,000	29,300,000	'
Above market leases	'	'	'	'	'
Deferred leasing intangibles, assets	'	'	'	'	'
Gross	306,334,000	'	306,334,000	'	252,885,000
Less: Accumulated amortization	-110,574,000	'	-110,574,000	'	-77,969,000
Net	195,760,000	'	195,760,000	'	174,916,000
Below market leases	'	'	'	'	'
Deferred leasing intangibles, liabilities	'	'	'	'	'
Gross	13,461,000	'	13,461,000	'	11,434,000
Less: Accumulated amortization	-5,875,000	'	-5,875,000	'	-4,520,000
Net	7,586,000	'	7,586,000	'	6,914,000
Above and below market leases	'	'	'	'	'
Deferred leasing intangibles, liabilities	'	'	'	'	'
Net increase (decrease) to rental revenues related to net amortization of above (below) market leases	$1,600,000	$1,500,000	$4,600,000	$4,400,000	'

Debt_Details

Debt (Details) (USD $)

3 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

6 Months Ended

9 Months Ended

6 Months Ended

9 Months Ended

6 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Apr. 16, 2014

Sep. 30, 2014

Apr. 16, 2014

Sep. 30, 2014

Apr. 16, 2014

Sep. 30, 2014

One-Month LIBOR

Mortgage notes payable

Sun Life

Webster Bank, maturity date Aug 4, 2016

Union Fidelity

Webster Bank, maturity date May 29, 2017

Webster Bank, maturity date May 31, 2017

CIGNA-1 Facility

CIGNA-2 Facility

CIGNA-3 Facility

Wells Fargo, CMBS Loan

Unsecured credit facility

Bank of America Unsecured Credit Facility, due on September 10, 2016

CIGNA-1, CIGNA-2, and CIGNA-3 facilities

Unsecured term loans:

Bank of America, Unsecured Term Loan, due on September 10, 2017

Wells Fargo, Unsecured Term Loan A, due on February 14, 2020

Wells Fargo, Unsecured Term Loan B, due on March 21, 2021

Unsecured Senior Notes

Series A 10 Year Unsecured Notes

Series B 12 Year Unsecured Notes

Unsecured credit facility and unsecured term loans

Minimum

Maximum

LIBOR

Minimum

Maximum

property

Minimum

Maximum

LIBOR

Minimum

Maximum

LIBOR

Minimum

Maximum

LIBOR

Minimum

Maximum

NPA

Minimum

Maximum

NPA

LIBOR

One-Month LIBOR

LIBOR

One-Month LIBOR

Debt instruments

Interest rate base

'LIBOR

Interest rate margin (as a percent)

0.16%

0.17%

1.45%

2.05%

1.40%

2.00%

2.15%

2.70%

1.70%

2.30%

4.98%

Interest Rate (as a percent)

6.05%

4.22%

5.81%

3.66%

3.64%

6.50%

5.75%

5.88%

4.31%

4.98%

Weighted-average interest rate (as a percent)

5.44%

1.61%

2.77%

4.98%

Principal outstanding

$222,192,000

$225,591,000

$3,614,000

$3,817,000

$5,717,000

$5,834,000

$6,279,000

$6,551,000

$3,056,000

$3,121,000

$3,291,000

$3,360,000

$58,261,000

$58,874,000

$59,301,000

$59,990,000

$16,706,000

$16,879,000

$65,967,000

$67,165,000

$106,000,000

$80,500,000

$106,000,000

$80,500,000

$300,000,000

$250,000,000

$150,000,000

$100,000,000

$50,000,000

New or additional borrowings

100,000,000

50,000,000

Unamortized fair market value premium

100,000

200,000

100,000

Undrawn fee (as a percent)

0.50%

Unused commitment fee (as a percent)

0.35%

0.23%

Portion of unsecured term loan swapped from LIBOR for fixed rate

100,000,000

125,000,000

Unsecured Term Loan

150,000,000

Consolidated leverage ratio

0.6

Secured leverage ratio

0.45

Unencumbered leverage ratio

0.6

Secured recourse debt level

0.075

Fixed charge ratio

1.5

Remaining borrowing capacity

94,000,000

150,000,000

Maximum borrowing capacity

250,000,000

199,000,000

Deferred financing fees, net

6,200,000

5,500,000

1,200,000

Amortization of deferred financing fees

400,000

300,000

1,100,000

900,000

Deferred annual fees

50,000,000

Period for draw funds

'1 year

Debt instrument maturity term

'7 years

'10 years

'12 years

Placement fee (as a percent)

0.40%

Carrying value of properties included in borrowing base

$916,100,000

Number of properties held as collateral that are cross-collateralized

Debt_Fair_Value_Details

Debt - Fair Value (Details) (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Carrying Amount \| Mortgage notes payable	'	'
Fair Value of Debt	'	'
Fair value	222,192	225,591
Carrying Amount \| Unsecured credit facility	'	'
Fair Value of Debt	'	'
Fair value	106,000	80,500
Carrying Amount \| Bank of America, Unsecured Term Loan, due on September 10, 2017	'	'
Fair Value of Debt	'	'
Fair value	300,000	250,000
Carrying Amount \| Wells Fargo, Unsecured Term Loan A, due on February 14, 2020	'	'
Fair Value of Debt	'	'
Fair value	50,000	'
Level 3 Inputs \| Minimum	'	'
Fair Value of Debt	'	'
Discount rate at which cash flows are discounted (as a percent)	1.51%	1.57%
Level 3 Inputs \| Maximum	'	'
Fair Value of Debt	'	'
Discount rate at which cash flows are discounted (as a percent)	4.25%	5.24%
Level 3 Inputs \| Fair Value \| Mortgage notes payable	'	'
Fair Value of Debt	'	'
Fair value	232,769	228,996
Level 3 Inputs \| Fair Value \| Unsecured credit facility	'	'
Fair Value of Debt	'	'
Fair value	106,104	80,500
Level 3 Inputs \| Fair Value \| Bank of America, Unsecured Term Loan, due on September 10, 2017	'	'
Fair Value of Debt	'	'
Fair value	303,696	246,083
Level 3 Inputs \| Fair Value \| Wells Fargo, Unsecured Term Loan A, due on February 14, 2020	'	'
Fair Value of Debt	'	'
Fair value	53,371	'

Use_of_Derivative_Financial_In2

Use of Derivative Financial Instruments (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
PNC Bank, National Association \| Bank of America, Unsecured Term Loan, due on September 10, 2017	'
Unsecured Term Loan Swaps	'
Notional Amount	$10,000
Fair value - assets	93
Fixed Interest Rate (as a percent)	0.79%
Variable Interest Rate	'One-monthB L
Bank of America \| Bank of America, Unsecured Term Loan, due on September 10, 2017	'
Unsecured Term Loan Swaps	'
Notional Amount	10,000
Fair value - assets	93
Fixed Interest Rate (as a percent)	0.79%
Variable Interest Rate	'One-monthB L
UBS AG \| Bank of America, Unsecured Term Loan, due on September 10, 2017	'
Unsecured Term Loan Swaps	'
Notional Amount	10,000
Fair value - assets	94
Fixed Interest Rate (as a percent)	0.79%
Variable Interest Rate	'One-monthB L
Royal Bank of Canada \| Bank of America, Unsecured Term Loan, due on September 10, 2017	'
Unsecured Term Loan Swaps	'
Notional Amount	10,000
Fair value - assets	94
Fixed Interest Rate (as a percent)	0.79%
Variable Interest Rate	'One-monthB L
RJ Capital Services, Inc. \| Bank of America, Unsecured Term Loan, due on September 10, 2017	'
Unsecured Term Loan Swaps	'
Notional Amount	10,000
Fair value - assets	93
Fixed Interest Rate (as a percent)	0.80%
Variable Interest Rate	'One-monthB L
Bank of America \| Bank of America, Unsecured Term Loan, due on September 10, 2017	'
Unsecured Term Loan Swaps	'
Notional Amount	25,000
Fair value - assets	265
Fixed Interest Rate (as a percent)	0.75%
Variable Interest Rate	'One-monthB L
RJ Capital Services, Inc. \| Bank of America, Unsecured Term Loan, due on September 10, 2017	'
Unsecured Term Loan Swaps	'
Notional Amount	25,000
Fair value - assets	284
Fixed Interest Rate (as a percent)	0.73%
Variable Interest Rate	'One-monthB L
Regions Bank \| Wells Fargo, Unsecured Term Loan A, due on February 14, 2020	'
Unsecured Term Loan Swaps	'
Notional Amount	25,000
Fair value - assets	632
Fixed Interest Rate (as a percent)	1.33%
Variable Interest Rate	'One-monthB L
Capital One, N.A. \| Wells Fargo, Unsecured Term Loan A, due on February 14, 2020	'
Unsecured Term Loan Swaps	'
Notional Amount	25,000
Fair value - assets	162
Fixed Interest Rate (as a percent)	1.70%
Variable Interest Rate	'One-monthB L
Capital One, N.A. \| Wells Fargo, Unsecured Term Loan A, due on February 14, 2020	'
Unsecured Term Loan Swaps	'
Notional Amount	50,000
Fair value - assets	382
Fixed Interest Rate (as a percent)	1.68%
Variable Interest Rate	'One-monthB L
Regions Bank \| Wells Fargo, Unsecured Term Loan A, due on February 14, 2020	'
Unsecured Term Loan Swaps	'
Notional Amount	25,000
Fair Value - liabilities	($228)
Fixed Interest Rate (as a percent)	1.99%
Variable Interest Rate	'One-monthB L

Use_of_Derivative_Financial_In3

Use of Derivative Financial Instruments - Notional and Fair Value (Details) (Unsecured Term Loan Swaps, Interest Rate Swaps, USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Unsecured Term Loan Swaps \| Interest Rate Swaps	'	'
Fair value of the interest rate swaps outstanding	'	'
Notional amount assets	$200,000	$225,000
Notional amount liabilities	25,000	'
Fair value - assets	2,192	3,924
Fair value liabilities	($228)	'

Use_of_Derivative_Financial_In4

Use of Derivative Financial Instruments - Interest Rate and Credit Risk (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
	derivative	Sep. 30, 2013	derivative	Sep. 30, 2013
Cash Flow Hedges of Interest Rate Risk	'	'	'	'
Additional amount reclassified from accumulated other comprehensive income (loss) as an increase to interest expense over the next twelve months	$2,300,000	'	$2,300,000	'
Amount of income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion)	656,000	-1,510,000	-3,825,000	1,776,000
Amount of loss reclassified from accumulated other comprehensive income (loss) into income (loss) as interest expense (effective portion)	644,000	476,000	1,866,000	856,000
Amount of loss recognized in income on swaps (ineffective portion and amount excluded from effectiveness testing)	0	0	0	0
Credit-risk-related Contingent Features	'	'	'	'
Number of interest rate swaps in asset position	10	'	10	'
Total number of interest rate swaps	11	'	11	'
Fair values of the interest rate swaps in a net asset position	2,300,000	'	2,300,000	'
Number of interest rate swaps in liability position	1	'	1	'
Fair values of the interest rate swaps in a net liability position	200,000	'	200,000	'
Value of adjustment for nonperformance risk related to net liability position	100,000	'	100,000	'
Value of adjustment for nonperformance risk related to net asset position	21,000,000,000	'	21,000,000,000	'
Accrued interest expense included in fair values of the interest rate swaps in a net asset position	200,000	'	200,000	'
Termination value required to settle obligations under agreements	$200,000	'	$200,000	'

Use_of_Derivative_Financial_In5

Use of Derivative Financial Instruments - Fair Value Hedges (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Assets (liabilities):	'	'
Interest Rate Swaps - Assets	$2,192	$3,924
Interest Rate Swaps - Liabilities	-228	'
Fair value on recurring basis \| Fair Value	'	'
Assets (liabilities):	'	'
Interest Rate Swaps - Assets	2,192	3,924
Interest Rate Swaps - Liabilities	-228	'
Fair value on recurring basis \| Level 2	'	'
Assets (liabilities):	'	'
Interest Rate Swaps - Assets	2,192	3,924
Interest Rate Swaps - Liabilities	($228)	'

Stockholders_Equity_Stock_issu

Stockholders' Equity - Stock issuances (Details) (USD $)

0 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Oct. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Nov. 02, 2011

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Nov. 02, 2011

Apr. 16, 2013

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Apr. 16, 2013

Jul. 29, 2014

Sep. 30, 2014

Aug. 31, 2014

Jul. 31, 2014

Jun. 30, 2014

31-May-14

Apr. 30, 2014

Mar. 31, 2014

Feb. 28, 2014

Jan. 31, 2014

Dec. 31, 2013

Nov. 30, 2013

Oct. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 14, 2012

Sep. 30, 2014

Sep. 10, 2014

Sep. 30, 2014

Mar. 10, 2014

At The Market (ATM) Program

2012 ATM

2014 $200 million ATM

2014 $150 million ATM

Series A Preferred Stock

Series B Preferred Stock

Common Stock

2011 Equity Incentive Plan

2012 ATM

2014 $200 million ATM

2014 $150 million ATM

Maximum

Stockholders' Equity

Authorized shares of preferred stock

10,000,000

Preferred stock, par value (in dollars per share)

$0.01

Number of shares sold

2,003,465

1,813,970

7,191,537

1,963,170

1,813,970

661,930

1,963,170

1,064,795

938,670

5,464,812

2,760,000

2,800,000

Dividend rate (as a percent)

9.00%

6.63%

Issue price (in dollars per share)

$25

Gross proceeds

$44,700,000

$36,900,000

$164,100,000

$39,700,000

$36,900,000

$14,900,000

$39,700,000

$22,800,000

$21,900,000

$126,400,000

Sales agents' fees

700,000

600,000

2,500,000

600,000

200,000

600,000

400,000

300,000

1,900,000

Net proceeds from sale of common stock

164,077,000

154,669,000

44,000,000

36,400,000

161,600,000

39,100,000

36,400,000

14,700,000

39,100,000

22,400,000

21,600,000

124,500,000

Aggregate value of common stock available to be sold under the ATM

75,000,000

177,200,000

200,000,000

23,600,000

150,000,000

Dividend declared (in dollars per share)

$0.56

$1.69

$2.25

$0.41

$0.35

$1.24

$1.17

Dividend declared (in dollars per share)

$0.11

$0.10

$0.30

$0.96

$1.20

Issuance of shares to directors for their services

3,958

3,473

3,471

2,554

2,607

2,602

2,418

10,902

10,181

Fair value of shares issued to directors for their services

$88,000,000

$83,000,000

$52,000,000

$53,000,000

$52,000,000

$254,000,000

$210,000,000

Number of days of average trailing stock price used to calculate number of shares of common stock granted

'10 days

Stockholders_Equity_Restricted

Stockholders' Equity - Restricted Stock (Details) (2011 Equity Incentive Plan, Restricted stock, USD $)	9 Months Ended		12 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
	installment	Sep. 30, 2013	Dec. 31, 2013
2011 Equity Incentive Plan \| Restricted stock	'	'	'
Restricted Stock-Based Compensation	'	'	'
Number of equal vesting installments	5	'	'
Shares	'	'	'
Unvested at beginning of period (in shares)	214,389	150,114	150,114
Granted (in shares)	103,149	'	106,268
Vested (in shares)	-51,885	-32,012	-32,012
Forfeited (in shares)	-1,215	'	-9,981
Unvested at end of period (in shares)	264,438	'	214,389
Unrecognized Compensation Expense	'	'	'
Unvested at beginning of period	$2.50	$1.50	$1.50
Vested	-1.1	-0.6	'
Unvested at end of period	3.7	'	2.5
Grant date fair value (in dollars per share)	$20.13	'	$18.11
Fair value of shares vested	$1.10	$0.60	'

Noncontrolling_Interest_Detail

Noncontrolling Interest (Details) (Operating Partnership, Noncontrolling Interest - Unit holders in Operating Partnership)	Sep. 30, 2014	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013
	Sep. 30, 2014	Dec. 31, 2013	Dec. 31, 2012	Common Units	Common Units	LTIP Units	LTIP Units
Noncontrolling interest	'	'	'	'	'	'	'
Ownership interest held by noncontrolling owners (as a percent)	4.13%	13.35%	14.71%	'	'	'	'
Noncontrolling interest	'	'	'	'	'	'	'
Balance (in shares)	'	'	'	6,299,186	5,743,958	599,464	413,551
Conversions, shares issued	'	'	'	12,000	1,656	'	'
Conversions, shares converted	'	'	'	-5,105,584	-2,186	-12,000	-1,656
Redemptions of Common Units for cash or common stock	'	'	'	-15,789	'	'	'
Shares issued	'	'	'	'	555,758	'	'
Shares granted	'	'	'	'	'	688,970	187,569
Balance (in shares)	'	'	'	1,189,813	6,299,186	1,276,434	599,464

Noncontrolling_Interest_Acquis

Noncontrolling Interest - Acquisitions (Details) (Operating Partnership, USD $)	Jun. 19, 2013	Sep. 30, 2014	Sep. 30, 2014	Jun. 19, 2013	Jun. 19, 2013
In Millions, except Share data, unless otherwise specified		Common Units	LTIP Units	Belvidere, IL	Belvidere, IL
		Noncontrolling Interest - Unit holders in Operating Partnership		Common Units	Common Units
				building
Noncontrolling interest	'	'	'	'	'
Redemption right of investor to cause the Operating Partnership to redeem its units equivalent to current market value of number of shares of entity's common stock (in shares)	'	1	'	'	'
Conversion ratio of noncontrolling units	'	1	1	'	'
Number of buildings purchased through issuance of common stock	'	'	'	8	'
Number of common units issued as a consideration for purchase of properties	'	'	'	555,758	'
Fair value of common units issued	$11.50	'	'	'	$11.50

Noncontrolling_Interest_LTIP_D

Noncontrolling Interest - LTIP (Details) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Apr. 21, 2014

Sep. 30, 2014

12-May-14

Apr. 29, 2014

Apr. 20, 2014

Apr. 29, 2014

Apr. 20, 2014

Sep. 23, 2014

Jul. 01, 2014

Jan. 02, 2014

Jul. 01, 2013

Jan. 03, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2012

Jul. 01, 2014

Gregory W. Sullivan

Geoffrey G. Jervis

LTIP Units

OPP Awards

2011 Equity Incentive Plan

Gregory W. Sullivan

LTIP Units

Geoffrey G. Jervis

Awards vest over five years

Awards vest over three years

Share-based compensation

Period of which the former CFO will provide consultation services

'1 year

Unvested shares outstanding (in shares)

82,804

512,419

368,760

301,043

Percentage of interests in the OPP awarded

14.00%

Value of awards

$2,000,000

$200,000

Amount of dividend paid

100,000

General and administrative expense

5,704,000

4,376,000

19,462,000

13,385,000

700,000

Contract term

'3 years

Grants

$1,500,000

$4,300,000

$3,300,000

$300,000

$1,200,000

Granted (in shares)

397,590

224,424

66,956

688,970

187,569

14,850

52,106

Vesting period (in years)

'5 years

'3 years

Noncontrolling_Interest_Fair_V

Noncontrolling Interest - Fair Value Assumptions (Details) (LTIP Units, 2011 Equity Incentive Plan, USD $)

0 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

In Millions, except Share data, unless otherwise specified

Sep. 23, 2014

Jul. 01, 2014

Jan. 02, 2014

Jul. 01, 2013

Jan. 03, 2013

Jan. 02, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

LTIP Units | 2011 Equity Incentive Plan

Assumptions

Expected term

'10 years

Expected volatility (as a percent)

40.00%

45.00%

Expected dividend yield (as a percent)

6.00%

Risk-free interest rate (as a percent)

0.79%

1.97%

Fair value of units at issuance

$1.50

$4.30

$3.30

Summary of share-based compensation activity

Unvested at beginning of period (in shares)

368,760

301,043

Granted (in shares)

397,590

224,424

66,956

688,970

187,569

Vested (in shares)

-436,583

-29,963

-545,311

-89,889

-119,852

Unvested at end of period (in shares)

512,419

368,760

Unrecognized compensation expense for remaining life of the awards

7.9

5.2

3.5

Grant date fair value (in dollars per share)

$24.03

$20.13

$18.11

Fair value of shares vested

$9.20

$0.60

$11.80

$1.80

Equity_Incentive_Plan_Compensa

Equity Incentive Plan - Compensation Expense (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Equity Incentive Plan	'	'	'	'
Non-cash compensation expense	'	'	$5,337,000	$2,227,000
General and Administrative Expenses	'	'	'	'
Equity Incentive Plan	'	'	'	'
Total Equity Compensation Expense	1,000,000	700,000	5,200,000	2,100,000
General and Administrative Expenses \| Restricted stock	'	'	'	'
Equity Incentive Plan	'	'	'	'
Total Equity Compensation Expense	300,000	200,000	900,000	600,000
General and Administrative Expenses \| LTIP Units	'	'	'	'
Equity Incentive Plan	'	'	'	'
Total Equity Compensation Expense	600,000	400,000	3,800,000	1,200,000
General and Administrative Expenses \| OPP Awards	'	'	'	'
Equity Incentive Plan	'	'	'	'
Total Equity Compensation Expense	100,000	100,000	500,000	300,000
Gregory W. Sullivan \| General and Administrative Expenses \| LTIP Units	'	'	'	'
Equity Incentive Plan	'	'	'	'
Non-cash compensation expense	'	'	2,000,000	'
Gregory W. Sullivan \| General and Administrative Expenses \| OPP Awards	'	'	'	'
Equity Incentive Plan	'	'	'	'
Non-cash compensation expense	'	'	$200,000	'

Equity_Incentive_Plan_OPP_Awar

Equity Incentive Plan - OPP Award (Details) (USD $)	36 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended	36 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 19, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Sep. 19, 2014	Sep. 19, 2014
	OPP	LTIP Units	LTIP Units	LTIP Units	LTIP Units	LTIP Units	LTIP Units	OPP Awards
		2011 Equity Incentive Plan	2011 Equity Incentive Plan	2011 Equity Incentive Plan	2011 Equity Incentive Plan	2011 Equity Incentive Plan	OPP	OPP
Equity Incentive Plan	'	'	'	'	'	'	'	'
Period of total stockholder return considered for performance measurement	'3 years	'	'	'	'	'	'	'
Value of aggregate award	$10	$9.20	$0.60	$11.80	$1.80	'	'	'
Units vested (in shares)	'	436,583	29,963	545,311	89,889	119,852	397,590	43,657

Earnings_Per_Share_Antidilutiv

Earnings Per Share - Antidilutive Securities (Details) (Restricted stock)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Restricted stock	'	'	'	'
Antidilutive participating securities	'	'	'	'
Unvested shares of restricted stock on a weighted average basis excluded from computation of earnings per share (in shares)	264,438	270,530	214,389	220,466

Earnings_Per_Share_Computation

Earnings Per Share - Computation of Basic and Diluted (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Numerator	'	'	'	'
Net income (loss) from continuing operations	$251	$265	($2,395)	($1,020)
Less: preferred stock dividends	2,712	2,712	8,136	6,783
Less: amount allocated to unvested restricted stockholders	87	64	258	197
Less: loss attributable to noncontrolling interest after preferred stock dividends	-90	-339	-784	-1,054
Loss from continuing operations attributable to common stockholders	-2,458	-2,172	-10,005	-6,946
Income attributable to discontinued operations	'	29	'	712
Less: income attributable to noncontrolling interest after preferred stock dividends	'	4	'	96
Income from discontinued operations attributable to common stockholders	'	$25	'	$616
Denominator	'	'	'	'
Weighted average common shares outstanding - basic and diluted	55,354,125	42,753,722	51,157,219	41,766,740
Loss from continuing operations attributable to common stockholders (in dollars per share)	($0.04)	($0.05)	($0.20)	($0.16)
Income from discontinued operations attributable to common stockholders (in dollars per share)	'	$0	'	$0.01
Loss per share - basic and diluted (in dollars per share)	($0.04)	($0.05)	($0.20)	($0.15)

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (One-time incentive fee, Columbus Nova, USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
One-time incentive fee \| Columbus Nova	'	'
Commitments and Contingencies	'	'
Fair value of incentive fee	$0	$0

Concentrations_of_Credit_Risk_

Concentrations of Credit Risk (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
	tenant	tenant	tenant	tenant
Concentrations of credit risk	'	'	'	'
Number of tenants	'	'	212	'
Rental income \| Credit risk \| Minimum	'	'	'	'
Concentrations of credit risk	'	'	'	'
Number of tenants	0	0	0	0
Concentration risk percentage	5.00%	5.00%	5.00%	5.00%

Subsequent_Events_Details

Subsequent Events (Details) (USD $)

9 Months Ended

0 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 23, 2014

Jul. 01, 2014

Jan. 02, 2014

Jul. 01, 2013

Jan. 03, 2013

Sep. 30, 2014

Dec. 31, 2013

Oct. 20, 2014

Oct. 24, 2014

Oct. 01, 2014

Oct. 27, 2014

derivative

2011 Equity Incentive Plan

Subsequent event

LTIP Units

Cash flow hedges

Series A 10 Year Unsecured Notes

Jeffrey M. Sullivan

2011 Equity Incentive Plan

Forward starting swaps

LTIP Units

derivative

Jeffrey M. Sullivan

Awards vest over five years

Awards vest over three years

Debt issued

Face amount of debt instrument

$50,000,000

Public offering

Number of shares of common stock sold in underwritten public offering

6,325,000

Number of shares issued pursuant to the full exercise of underwriters' overallotment option

825,000

Issuance price (in dollars per share)

$21.20

Net proceeds

128,200,000

Gross proceeds from sale of common stock

164,077,000

154,669,000

134,100,000

Underwriters discount

5,700,000

Unsecured Term Loan Swaps

Total number of interest rate swaps

Notional Amount

170,000,000

Employment Agreement

Initial term of employment agreement

'3 years

Fair value at the date of grant

$100,000

$600,000

Granted (in shares)

397,590

224,424

66,956

688,970

187,569

4,006

26,596

Vesting period

'5 years

Volatility factor (as a percent)

40.00%

45.00%

20.00%

Risk-free interest rate (as a percent)

0.79%

1.97%

0.48%

Expected dividend yield (as a percent)

6.00%

Term

'10 years