STAG Industrial (STAG) 10-Q4 May 152015 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2015	Apr. 30, 2015
Entity Registrant Name	STAG Industrial, Inc.
Entity Central Index Key	1479094
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Common
Entity Common Stock, Shares Outstanding		65,155,340
Series A Preferred Stock
Entity Common Stock, Shares Outstanding		2,760,000
Series B Preferred Stock
Entity Common Stock, Shares Outstanding		2,800,000

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Rental Property:
Land	$202,930	$191,238
Buildings and improvements, net of accumulated depreciation of $117,106 and $105,789, respectively	1,171,160	1,118,938
Deferred leasing intangibles, net of accumulated amortization of $159,206 and $146,026, respectively	254,155	247,904
Total rental property, net	1,628,245	1,558,080
Cash and cash equivalents	11,688	23,878
Restricted cash	7,233	6,906
Tenant accounts receivable, net	18,554	16,833
Prepaid expenses and other assets	26,397	22,531
Interest rate swaps	111	959
Due from related parties	121	130
Total assets	1,692,349	1,629,317
Liabilities:
Unsecured credit facility	73,000	131,000
Unsecured term loans	150,000	150,000
Unsecured notes	300,000	180,000
Mortgage notes payable	224,131	225,347
Accounts payable, accrued expenses and other liabilities	17,543	21,558
Interest rate swaps	4,037	873
Tenant prepaid rent and security deposits	11,644	11,480
Dividends and distributions payable	7,696	7,355
Deferred leasing intangibles, net of accumulated amortization of $7,242 and $6,565, respectively	10,246	10,180
Total liabilities	798,297	737,793
Commitments and contingencies (Note 10)
Equity:
Common stock, par value $0.01 per share, 100,000,000 shares authorized, 64,947,384 and 64,434,825 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	649	644
Additional paid-in capital	949,467	928,242
Common stock dividends in excess of earnings	-229,006	-203,241
Accumulated other comprehensive loss	-4,302	-489
Total stockholders' equity	855,808	864,156
Noncontrolling interest	38,244	27,368
Total equity	894,052	891,524
Total liabilities and equity	1,692,349	1,629,317
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 $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Buildings and improvements, accumulated depreciation	$117,106	$105,789
Deferred leasing intangibles assets, accumulated amortization	159,206	146,026
Deferred leasing intangibles liabilities, accumulated amortization	$7,242	$6,565
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	10,000,000	10,000,000
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	64,947,384	64,434,825
Common stock, shares outstanding	64,947,384	64,434,825
Series A Preferred Stock
Preferred stock, shares issued	2,760,000	2,760,000
Preferred stock, shares outstanding	2,760,000	2,760,000
Preferred stock, liquidation preference (in dollars per share)	$25	$25
Series B Preferred Stock
Preferred stock, shares issued	2,800,000	2,800,000
Preferred stock, shares outstanding	2,800,000	2,800,000
Preferred stock, liquidation preference (in dollars per share)	$25	$25

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenue
Rental income	$43,249	$34,118
Tenant recoveries	7,587	5,416
Other income	153	209
Total revenue	50,989	39,743
Expenses
Property	10,246	7,985
General and administrative	7,530	5,475
Property acquisition costs	318	559
Depreciation and amortization	26,129	19,854
Other expenses	186	237
Total expenses	44,409	34,110
Other income (expense)
Interest income	3	4
Interest expense	-8,010	-5,666
Gain on sale of rental property		50
Total other income (expense)	-8,007	-5,612
Net income (loss) from continuing operations	-1,427	21
Net income (loss)	-1,427	21
Less: loss attributable to noncontrolling interest after preferred stock dividends	-198	-364
Net income (loss) attributable to STAG Industrial, Inc.	-1,229	385
Less: preferred stock dividends	2,712	2,712
Less: amount allocated to unvested restricted stockholders	101	88
Net loss attributable to common stockholders	($4,042)	($2,415)
Weighted average common shares outstanding - basic and diluted (in shares)	64,286,213	45,139,481
Loss per share - basic and diluted
Loss from continuing operations attributable to common stockholders (in dollars per share)	($0.06)	($0.05)
Loss per share - basic and diluted (in dollars per share)	($0.06)	($0.05)

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Loss) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	($1,427)	$21
Other comprehensive income (loss):
Loss on interest rate swaps	-4,005	-1,082
Other comprehensive loss	-4,005	-1,082
Comprehensive loss	-5,432	-1,061
Net loss attributable to noncontrolling interest after preferred stock dividends	198	364
Other comprehensive loss attributable to noncontrolling interest	192	146
Comprehensive loss attributable to STAG Industrial, Inc.	($5,042)	($551)

Consolidated_Statements_of_Equ

Consolidated Statements of Equity (USD $)	Preferred Stock	Common Stock	Additional Paid-in Capital	Common Stock Dividends in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity	Noncontrolling Interest - Unit holders in Operating Partnership	Total
In Thousands, except Share data, unless otherwise specified	Preferred Stock	Common Stock	Additional Paid-in Capital	Common Stock Dividends in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity		Total
Balance, beginning of period at Dec. 31, 2013	$139,000	$447	$577,039	($116,877)	$3,440	$603,049	$71,515	$674,564
Balance, beginning of period (in shares) at Dec. 31, 2013		44,764,377
Increase (Decrease) in Stockholders' Equity
Proceeds from sale of common stock		34	77,534			77,568		77,568
Proceeds from sale of common stock (in shares)		3,431,459
Offering costs			-1,270			-1,270		-1,270
Issuance of restricted stock, net		1	-1
Issuance of restricted stock, net (in shares)		101,934
Issuance of common stock (in shares)		2,544
Dividends and distributions, net	-2,712			-14,540		-17,252	-2,238	-19,490
Non-cash compensation			441			441	618	1,059
Issuance of units							342	342
Rebalancing of noncontrolling interest			-6,899			-6,899	6,899
Other comprehensive loss					-936	-936	-146	-1,082
Net income (loss)	2,712			-2,327		385	-364	21
Balance, end of period at Mar. 31, 2014	139,000	482	646,844	-133,744	2,504	655,086	75,942	731,028
Balance, end of period (in shares) at Mar. 31, 2014		48,300,314
Balance, beginning of period at Dec. 31, 2014	139,000	644	928,242	-203,241	-489	864,156	27,368	891,524
Balance, beginning of period (in shares) at Dec. 31, 2014		64,434,852
Increase (Decrease) in Stockholders' Equity
Proceeds from sale of common stock		4	10,129			10,133		10,133
Proceeds from sale of common stock (in shares)		417,115
Offering costs			-202			-202		-202
Issuance of restricted stock, net		1	-1
Issuance of restricted stock, net (in shares)		92,119
Issuance of common stock (in shares)		3,298
Dividends and distributions, net	-2,712			-21,824		-24,536	-1,120	-25,656
Non-cash compensation			710			710	1,137	1,847
Redemption of common units for cash							-64	-64
Issuance of units							21,902	21,902
Rebalancing of noncontrolling interest			10,589			10,589	-10,589
Other comprehensive loss					-3,813	-3,813	-192	-4,005
Net income (loss)	2,712			-3,941		-1,229	-198	-1,427
Balance, end of period at Mar. 31, 2015	$139,000	$649	$949,467	($229,006)	($4,302)	$855,808	$38,244	$894,052
Balance, end of period (in shares) at Mar. 31, 2015		64,947,384

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income (loss)	($1,427)	$21
Adjustment to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	26,129	19,854
Non-cash portion of interest expense	299	315
Intangible amortization in rental income, net	2,065	1,510
Straight-line rent adjustments, net	-1,293	-1,024
Gain on sale of real estate		-50
Non-cash compensation expense	1,847	1,090
Change in assets and liabilities:
Tenant accounts receivable, net	-468	966
Restricted cash	-162	-174
Prepaid expenses and other assets	-3,105	-2,324
Accounts payable, accrued expenses and other liabilities	-2,242	-5,752
Tenant prepaid rent and security deposits	164	98
Due from related parties	9	-2
Total adjustments	23,243	14,507
Net cash provided by operating activities	21,816	14,528
Cash flows from investing activities:
Acquisitions of land and buildings and improvements	-48,621	-29,368
Additions to building and other capital improvements	-2,644	-2,232
Proceeds from sale of rental property, net		473
Restricted cash	-165	167
Acquisition deposits, net	-480	-340
Additions to deferred leasing intangibles	-14,795	-7,540
Net cash used in investing activities	-66,705	-38,840
Cash flows from financing activities:
Redemption of common units for cash	-64	-342
Proceeds from unsecured credit facility	62,000	38,000
Repayment of unsecured credit facility	-120,000	-96,500
Proceeds from unsecured term loans		50,000
Proceeds from unsecured notes	120,000
Repayment of mortgage notes payable	-12,942	-1,101
Payment of loan fees and costs	-930	-1,169
Dividends and distributions	-25,314	-18,838
Proceeds from sales of common stock	10,133	77,568
Offering costs	-184	-1,270
Net cash provided by financing activities	32,699	46,348
Increase (decrease) in cash and cash equivalents	-12,190	22,036
Cash and cash equivalents-beginning of period	23,878	6,690
Cash and cash equivalents-end of period	11,688	28,726
Supplemental disclosure:
Cash paid for interest	6,990	5,420
Supplemental schedule of non-cash investing and financing activities
Issuance of units for acquisition of land and buildings and improvements	-16,873
Issuance of units for acquisition of deferred leasing intangibles	5,029
Acquisition of land and buildings and improvements	-25,936
Acquisition of deferred leasing intangibles	-7,731
Assumption of mortgage notes payable	11,765
Non-cash investing activities included in additions of land and building improvements	1,747	308
Non-cash financing activities included in payment of loan fees and costs	-22	-144
Dividends and distributions declared but not paid	$7,696	$5,818

Organization_and_Description_o

Organization and Description of Business	3 Months Ended
Organization and Description of Business	Mar. 31, 2015
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”), and 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 March 31, 2015 and December 31, 2014, the Company owned a 94.93% and 96.36%, respectively, equity interest in the Operating Partnership. The Company, through its wholly owned subsidiary, is the sole general partner of the Operating Partnership. As used herein, the “Company” refers to STAG Industrial, Inc. and its consolidated subsidiaries and partnerships except where context otherwise requires.

	As of March 31, 2015, the Company owned 253 buildings in 36 states with approximately 48.5 million square feet, consisting of 183 warehouse/distribution buildings, 50 light manufacturing buildings and 20 flex/office buildings. The Company also owned three vacant developable land parcels adjacent to three of the Company’s buildings. The Company’s buildings were 94.4% leased to 231 tenants as of March 31, 2015.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2015
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, 2014.

	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 and long term incentive plan units issued pursuant to the 2011 equity incentive plan; herein together referred to as 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 April of 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires incremental debt issuance costs paid to third parties other than the lender to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability. Prior to this standard, debt issuance costs paid to third parties other than the lender were presented as an asset on the balance sheet. ASU 2015-03 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. Upon the adoption of ASU 2014-15, the Company will present debt issuance costs paid to third parties other than the lender as a direct deduction from the carrying value of the associated debt liability.
	In August of 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period 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 of 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. Revenue from a lease contract with a tenant is not within the scope of this revenue standard. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 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.
	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 doubtful accounts against the portion of tenant accounts receivable that is estimated to be uncollectible. As of March 31, 2015 and December 31, 2014, the Company had an allowance for doubtful accounts of $0.3 million and $0.1 million, respectively.

	The Company accrues rental revenue earned, but not yet receivable, in accordance with GAAP. As of March 31, 2015 and December 31, 2014, the Company had accrued rental revenue of $14.1 million and $12.8 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 March 31, 2015 and December 31, 2014, the Company had an allowance for estimated losses on accrued rental revenue of $0.1 million and $0, respectively.

	As of March 31, 2015 and December 31, 2014, the Company had a total of approximately $6.3 million and $6.7 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 $3.5 million and $3.5 million, respectively, of lease security deposits available in cash, which are included in cash and cash equivalents and restricted cash on the accompanying Statements of Consolidated Balance Sheets.

	Revenue Recognition

	By the terms of their leases, certain tenants are obligated to pay directly the costs of their properties’ insurance, real estate taxes, ground lease payments, and certain other expenses, and these costs are not reflected on the Company’s consolidated financial statements. To the extent any tenant responsible for these costs under its respective lease defaults on its lease or it is deemed probable that the tenant will fail to pay for such costs, the Company would record a liability for such obligation. The Company estimates that real estate taxes, which are the responsibility of these certain tenants, was approximately $2.5 million and $2.5 million for the three months ended March 31, 2015 and March 31, 2014, respectively. This would have been the maximum 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.

	On December 17, 2014, the Company entered into the first amendment to the lease with the tenant located at the Belfast, ME buildings. The terms of the amendment renewed 90,051 square feet of the premise and early terminated the remaining 228,928 square feet effective November 30, 2015. The tenant is required to pay a termination fee for the returned premise on or before October 31, 2015 in the amount of $2.1 million. The Company continues to recognize this termination fee over the shortened lease life of the returned premise. The termination fee of $0.5 million for the three months ended March 31, 2015 is included in rental income on the accompanying Consolidated Statements of Operations.

	Taxes

	The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 2011 and intends to continue to qualify as a REIT. As a REIT, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. The Company is generally not subject to corporate level income tax on the earnings distributed currently to its stockholders that it derives from its REIT qualifying activities. If the Company fails to qualify as a REIT in any taxable year, 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. In addition, we would generally be disqualified from treatment as a REIT for the next four taxable years following the year in which we failed to qualify as a REIT.

	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 that the Company undertakes must or should be conducted by a TRS, such as performing non-customary services for its tenants and holding assets that it cannot hold directly. A TRS is subject to federal and state income taxes. The Company’s TRS did not have any activity during the three months ended March 31, 2015 and March 31, 2014.

	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 and $0.2 million have been recorded in other expenses in the accompanying Consolidated Statements of Operations for the three months ended March 31, 2015 and March 31, 2014, 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 March 31, 2015 and December 31, 2014, there were no liabilities for uncertain tax positions.

Rental_Property

Rental Property	3 Months Ended
Rental Property	Mar. 31, 2015
Rental Property
Real Estate	3. Rental Property

	The following table summarizes the components of rental property as of March 31, 2015 and December 31, 2014 (in thousands):




			March 31, 2015			December 31, 2014
	Land		$	202,930		$	191,238
	Buildings, net of accumulated depreciation of $82,836 and $75,116, respectively			1,093,054			1,042,086
	Tenant improvements, net of accumulated depreciation of $22,358 and $20,943, respectively			22,175			22,619
	Building and land improvements, net of accumulated depreciation of $11,912 and $9,730, respectively			55,931			54,233
	Deferred leasing intangibles, net of accumulated amortization of $159,206 and $146,026, respectively			254,155			247,904
	Total rental property, net		$	1,628,245		$	1,558,080

	Acquisitions

	The following table summarizes the acquisitions of the Company during the three months ended March 31, 2015:



	Location of property acquired during the three months ended March 31, 2015		Square Feet		Buildings			Purchase Price (in thousands)
	Burlington, NJ(1)		503,490		1		$	34,883
	Greenville, SC		157,500		1			4,800
	North Haven, CT		824,727		3			57,400
	Total		1,485,717		5		$	97,083


		-1		The Company also acquired a vacant developable land parcel adjacent to the building.

	The following table summarizes the allocation of the consideration paid at the date of acquisition during the three months ended March 31, 2015 for the acquired assets and liabilities in connection with the acquisitions of buildings identified in the table above.



						Weighted Average
						Amortization
			Three Months Ended			Period (years)
	Acquired assets and liabilities (dollars in thousands)		March 31, 2015			Lease Intangibles
	Land		$	11,692		N/A
	Buildings			58,686		N/A
	Tenant improvements			1,048		N/A
	Building and land improvements			3,132		N/A
	Deferred leasing intangibles - In-place leases			13,540		5.6
	Deferred leasing intangibles - Tenant relationships			7,595		8.1
	Deferred leasing intangibles - Above market leases			2,133		8.3
	Deferred leasing intangibles - Below market leases			-743		7.7
	Total Aggregate purchase price		$	97,083
	Less: Mortgage note payable assumed			-11,765		N/A
	Net assets acquired		$	85,318

	On January 22, 2015, the Company acquired a property located in Burlington, NJ. As partial consideration for the property acquired, the Company granted 812,676 Noncontrolling Common Units in the Operating Partnership with a fair value of approximately $21.9 million based on the Company’s New York Stock Exchange (“NYSE”) closing stock price on January 22, 2015. The number of Noncontrolling Common Units granted was calculated based on the trailing 10-day average common stock price ending on the business day that immediately preceded the grant date. The fair value of the shares of the Noncontrolling Common Units granted was calculated based on the closing stock price per the NYSE on the grant date multiplied by the number of Noncontrolling Common Units granted. The issuance of the Noncontrolling 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 Noncontrolling Common Units. The remaining purchase price of approximately $13.0 million was paid by $1.2 million in cash and the assumption of an $11.8 million mortgage note. The mortgage note was immediately paid in full in conjunction with the acquisition.
	The table below sets forth the results of operations during the three months ended March 31, 2015 for the properties acquired during the three months ended March 31, 2015 included in the Company’s Consolidated Statements of Operations from the date of acquisition:




			For the three months ended
	Results of operations (in thousands)		March 31, 2015
	Revenue		$	885
	Property acquisition costs		$	246
	Net loss		$	-247

	The following tables set forth pro forma information for the three months ended March 31, 2015 and March 31, 2014, respectively. 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.




		Three months ended
		March 31, 2015
Pro Forma		(in thousands, except share data) (1)
Total revenue		$	52,483
Net loss		$	-1,627	-2
Net loss attributable to common stockholders		$	-4,232
Weighted average shares outstanding			64,286,213
Loss per share attributable to common stockholders		$	-0.07



		Three months ended
		March 31, 2014
Pro Forma		(in thousands, except share data) (3)
Total revenue		$	42,895
Net income		$	113	-2
Net loss attributable to common stockholders		$	-2,335
Weighted average shares outstanding			45,139,481
Loss per share attributable to common stockholders		$	-0.05


	-1		The pro forma information for the three months ended March 31, 2015 is presented as if the acquisition of the properties acquired during the three months ended March 31, 2015 had occurred at January 1, 2014, the beginning of the reporting period prior to acquisition.
	-2		The net loss for the three months ended March 31, 2015 excludes $0.2 million of property acquisition costs related to the acquisition of properties that closed during the three months ended March 31, 2015, and the net income for the three months ended March 31, 2014 was adjusted to include these acquisition costs. Net income for the three months ended March 31, 2014 excludes $0.4 million of property acquisition costs related to the acquisition of buildings that closed during the three months ended March 31, 2014.
	-3		The pro forma information for the three months ended March 31, 2014 is presented as if the acquisition of the properties acquired during the three months ended March 31, 2015 and the properties acquired during the three months ended March 31, 2014 had occurred at January 1, 2014 and January 1, 2013, respectively, the beginning of the reporting period prior to acquisition.

Deferred Leasing Intangibles

For all acquisitions of property that are accounted for as a business combination, the Company allocates the purchase price of the property based upon the fair value of the assets and liabilities acquired, which generally consist of land, buildings, tenant improvements, mortgage debt assumed, and deferred leasing intangibles including in‑place leases, above market and below market leases, and tenant relationships. The portion of the purchase price that is allocated to above and below market leases is valued based on the present value of the difference between prevailing market rates and the in‑place rates measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the term of any below market lease bargain renewal options. The above market lease values are amortized as a reduction of rental income over the remaining term of the respective leases, and the below market lease values are amortized as an increase to rental income over the remaining term plus the terms of bargain renewal options of the respective leases. The purchase price is further allocated to in‑place lease values and tenant relationships based on the Company’s evaluation of the specific characteristics of each tenant’s lease and its overall relationship with the respective tenant. The value of in‑place lease intangibles and tenant relationships, which are included as components of deferred leasing intangibles, are amortized over the remaining lease term (and expected renewal periods of the respective lease for tenant relationships) as adjustments to depreciation and amortization expense. If a tenant terminates its lease, the unamortized portion of above and below market leases, the in‑place lease value and tenant relationships are immediately written off.
The purchase price allocated to deferred leasing intangible assets are included in rental property on the accompanying Consolidated Balance Sheets and the purchase price allocated to deferred leasing intangible liabilities are included in the deferred leasing intangibles on the accompanying Consolidated Balance Sheets under the liabilities section.
Deferred leasing intangibles on the accompanying Consolidated Balance Sheets consist of the following (in thousands):



		31-Mar-15								31-Dec-14
						Accumulated							Accumulated
			Gross			Amortization			Net		Gross		Amortization		Net
Other intangible lease assets		$	349,785		$	-133,470		$	216,315	$	330,100	$	-120,645	$	209,455
Above market leases			63,576			-25,736			37,840		63,830		-25,381		38,449
Total assets		$	413,361		$	-159,206		$	254,155	$	393,930	$	-146,026	$	247,904

Below market leases		$	17,488		$	-7,242		$	10,246	$	16,745	$	-6,565	$	10,180
Total liabilities		$	17,488		$	-7,242		$	10,246	$	16,745	$	-6,565	$	10,180

The following table sets forth the amortization expense and the net decrease to rental revenue for deferred leasing intangible amortization for the three months ended March 31, 2015 and March 31, 2014, respectively (in millions):


		Three months ended March 31,
		2015			2014
Net decrease to rental revenue related to above and below market lease amortization		$	2.1		$	1.5
Other intangible lease assets amortization expense		$	14.3		$	11.5

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




					Net Decrease to Rental
		Amortization of			Revenue Related to Above and
		Other Intangible			Below Market Lease
		Lease Assets			Amortization
Remainder of 2015		$	40,909		$	6,002
2016		$	46,997		$	5,606
2017		$	37,992		$	3,941
2018		$	29,114		$	2,699
2019		$	20,604		$	2,408

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2015
Debt
Debt	4. Debt

	The following table sets forth a summary of the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes and mortgage notes payable as of March 31, 2015 and December 31, 2014 (dollars in thousands):



					Principal			Principal
					outstanding as			outstanding as
					of			of					Pre-
			Interest		March 31,			December 31,			Current		payment
	Loan		Rate (1)		2015			2014			Maturity		Terms (2)
	Unsecured credit facility:
	$300 Million Wells Fargo Unsecured Credit Facility		L + 1.15	%		73,000			131,000		Dec-18-2019		i
	Total unsecured credit facility				$	73,000		$	131,000

	Unsecured term loans:
	$150 Million Wells Fargo Unsecured Term Loan A		L + 1.65	%		150,000			150,000		Mar-31-2022		ii
	$150 Million Wells Fargo Unsecured Term Loan B		L + 1.70	%		—			—		Mar-21-2021		ii
	Total unsecured term loans				$	150,000		$	150,000

	Unsecured notes:
	$50 Million Series A Unsecured Notes		4.98	%		50,000			50,000		Oct-1-2024		ii
	$50 Million Series B Unsecured Notes		4.98	%		50,000			50,000		Jul-1-2026		ii
	$80 Million Series C Unsecured Notes		4.42	%		80,000			80,000		Dec-30-2026		ii
	$100 Million Series D Unsecured Notes		4.32	%		100,000			—		Feb-20-2025		ii
	$20 Million Series E Unsecured Notes		4.42	%		20,000			—		Feb-20-2027		ii
	Total unsecured notes				$	300,000		$	180,000

	Mortgage notes payable (secured debt):
	Sun Life Assurance Company of Canada (U.S.)		6.05	%	$	3,393	(3)	$	3,445	(3)	Jun-1-2016		ii
	Webster Bank, National Association		4.22	%		5,636			5,677		Aug-4-2016		ii
	Union Fidelity Life Insurance Co.		5.81	%		6,017	(3)		6,103	(3)	Apr-30-2017		ii
	Webster Bank, National Association		3.66	%		3,013			3,035		May-29-2017		ii
	Webster Bank, National Association		3.64	%		3,244			3,268		May-31-2017		ii
	Wells Fargo, National Association		5.90	%		4,165	(3)		4,182	(3)	Aug-1-2017		iii
	Connecticut General Life Insurance Company -1 Facility		6.50	%		57,835			58,050		Feb-1-2018		iv
	Connecticut General Life Insurance Company -2 Facility		5.75	%		58,825			59,065		Feb-1-2018		iv
	Connecticut General Life Insurance Company -3 Facility		5.88	%		16,587			16,647		Feb-1-2018		iv
	Wells Fargo Bank, National Association CMBS Loan		4.31	%		65,146			65,567		Dec-1-2022		v
	Total mortgage notes payable				$	223,861		$	225,039
	Total unamortized fair market value premium					270			308
	Total carrying value mortgage notes payable				$	224,131		$	225,347
	Total / weighted average interest rate(4)		4.47	%	$	747,131		$	686,347


		-1		Current interest rate as of March 31, 2015. At March 31, 2015 and December 31, 2014, the one-month LIBOR (“L”) was 0.17625% and 0.17125%, respectively. The current interest rate presented in the table above are 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) pre-payable with no penalty; (ii) pre-payable with penalty; (iii) pre-payable with penalty beginning May 1, 2017, however can be defeased; (iv) pre-payable without penalty six months prior to the maturity date; and (v) not pre-payable, however can be defeased beginning January 1, 2016.

		-3		The principal outstanding does not include an unamortized fair market value premium.
		-4		The weighted average interest rate was calculated using the current swapped notional amount of $300 million of debt, and excludes fair market value premiums.

	The borrowing capacity for the Wells Fargo, National Association (“Wells Fargo”) unsecured credit facility as of March 31, 2015, was $227.0 million. As of March 31, 2015 there was no remaining borrowing capacity for the Wells Fargo unsecured term loan A. The remaining borrowing capacity for the Wells Fargo unsecured term loan B as of March 31, 2015 was $150.0 million. The total borrowing capacity on the combined unsecured credit facility and unsecured term loan as of March 31, 2015 was $377.0 million.

	On January 22, 2015, the Company assumed a mortgage note of approximately $11.8 million in connection with the acquisition of the Burlington, NJ property. The mortgage note was immediately paid in full at par in conjunction with the acquisition.

	On February 20, 2015, the Company issued the $100 million 4.32% Series D 10-year unsecured notes and the $20 million 4.42% Series E 12-year unsecured notes in the amount of $100 million and $20 million, respectively.

	The Company incurred $1.0 million of deferred financing fees during the three months ended March 31, 2015. Deferred financing fees, net of accumulated amortization were $8.4 million and $7.8 million as of March 31, 2015 and December 31, 2014, respectively, and are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. During the three months ended March 31, 2015 and March 31, 2014, amortization of deferred financing fees included in interest expense was $0.3 million and $0.3 million, respectively.

	Financial Covenant Considerations

	The Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes are subject to ongoing compliance with a number of customary financial covenants. The Company was in compliance with all financial covenants as of March 31, 2015 and December 31, 2014.

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 1.33% to 3.89% and 1.32% to 4.27% at March 31, 2015 and December 31, 2014, respectively, and were applied to each individual debt instrument. The fair value of the Company’s debt is based on Level 3 inputs. Level 3 is defined as unobservable inputs. The following table presents the aggregate carrying value of the Company’s debt and the corresponding estimate of fair value as of March 31, 2015 and December 31, 2014 (in thousands):



		March 31, 2015						December 31, 2014
		Principal			Fair			Principal			Fair
		Outstanding			Value			Outstanding			Value
Unsecured credit facility		$	73,000		$	73,000		$	131,000		$	131,000
Unsecured term loans			150,000			150,493			150,000			150,000
Unsecured notes			300,000			318,941			180,000			187,587
Mortgage notes payable			223,861			239,366			225,039			237,602
Total principal amount			746,861		$	781,800			686,039		$	706,189
Total unamortized fair market value premium			270						308
Total carrying value		$	747,131					$	686,347

Use_of_Derivative_Financial_In

Use of Derivative Financial Instruments	3 Months Ended
Use of Derivative Financial Instruments	Mar. 31, 2015
Use of Derivative Financial Instruments
Use of Derivative Financial Instruments	5. 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.

	On January 8, 2015, the Company entered in to seven interest rate swaps, thereby fixing the interest rates of all of the Company’s outstanding variable rate debt as of March 31, 2015.

	The following table details the Company’s outstanding interest rate swaps as of March 31, 2015 (collectively, the “Unsecured Debt Swaps”) (in thousands):





							Current						Fixed		Variable
	Interest Rate				Effective		Notional						Interest		Interest
	Derivative Counterparty		Trade Date		Date		Amount				Fair Value		Rate		Rate	Maturity Date
	PNC Bank, N.A.		Sep-14-2012		Oct-10-2012		$	10,000		$	4		0.7945	%	One-month L	Sep-10-2017
	Bank of America		Sep-14-2012		Oct-10-2012			10,000		$	4		0.7945	%	One-month L	Sep-10-2017
	UBS AG		Sep-14-2012		Oct-10-2012			10,000		$	4		0.7945	%	One-month L	Sep-10-2017
	Royal Bank of Canada		Sep-14-2012		Oct-10-2012			10,000		$	4		0.7945	%	One-month L	Sep-10-2017
	RJ Capital Services, Inc.		Sep-14-2012		Oct-10-2012			10,000		$	3		0.7975	%	One-month L	Sep-10-2017
	Bank of America		Sep-20-2012		Oct-10-2012			25,000		$	35		0.7525	%	One-month L	Sep-10-2017
	RJ Capital Services, Inc.		Sep-24-2012		Oct-10-2012			25,000		$	51		0.7270	%	One-month L	Sep-10-2017
	Regions Bank		Mar-1-2013		Mar-01-2013			25,000		$	6		1.3300	%	One-month L	Feb-14-2020
	Capital One, N.A.		Jun-13-2013		Jul-01-2013			50,000		$	-801		1.7030	%	One-month L	Feb-14-2020
	Capital One, N.A.		Jun-13-2013		Aug-01-2013			25,000		$	-427		1.6810	%	One-month L	Feb-14-2020
	Regions Bank		Sep-30-2013		Feb-03-2014			25,000		$	-782		1.9925	%	One-month L	Feb-14-2020
	Royal Bank of Canada		Jan-8-2015		Mar-20-2015			25,000		$	-297		1.7090	%	One-month L	Mar-21-2021
	The Toronto-Dominion Bank		Jan-8-2015		Mar-20-2015			25,000		$	-297		1.7105	%	One-month L	Mar-21-2021
	Wells Fargo Bank, N.A.		Jan-8-2015		Mar-20-2015			25,000		$	-340		1.8280	%	One-month L	Mar-31-2022
	The Toronto-Dominion Bank		Jan-8-2015		Sep-10-2017			—	-1	$	-678		2.2255	%	One-month L	Mar-21-2021
	The Toronto-Dominion Bank		Jan-8-2015		Feb-14-2020			—	-1	$	-59		2.4535	%	One-month L	Mar-31-2022
	Regions Bank		Jan-8-2015		Feb-14-2020			—	-1	$	-175		2.4750	%	One-month L	Mar-31-2022
	Capital One, N.A.		Jan-8-2015		Feb-14-2020			—	-1	$	-181		2.5300	%	One-month L	Mar-31-2022
							$	300,000


		-1		These interest rate swaps are forward starting swaps and thus have no current notional amounts outstanding.

	The fair value of the interest rate swaps outstanding as of March 31, 2015 and December 31, 2014 was as follows (in thousands):




					Current						Current
					Notional						Notional
					Amount			Fair Value			Amount			Fair Value
			Balance Sheet		March 31,			March 31,			December 31,			December 31,
			Line Item		2015			2015			2014			2014
	Unsecured Debt Swaps		Interest Rate Swaps-Asset		$	125,000		$	111		$	125,000		$	959
	Unsecured Debt Swaps(1)		Interest Rate Swaps-Liability		$	175,000		$	-4,037		$	100,000		$	-873


		-1		Four of the interest rate swaps have no current notional amount outstanding.

	Cash Flow Hedges of Interest Rate Risk

	The Company’s objectives in using interest rate swaps are to add stability to interest expense and to manage its exposure to interest rate movements. The Company uses interest rate swaps to fix the rate of its long term floating rate liabilities. 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 months ended March 31, 2015 and March 31, 2014, 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 in the period that the hedged forecasted transaction affects earnings on the Company’s variable-rate debt. The Company estimates that an additional $3.2 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 months ended March 31, 2015 and March 31, 2014, respectively (in thousands):




		Three months ended March 31,
		2015			2014
Amount of income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion)		$	-4,671		$	-1,666
Amount of loss reclassified from accumulated other comprehensive income (loss) into income (loss) as interest expense (effective portion)		$	666		$	584
Amount of loss recognized in loss on interest rate swaps (ineffective portion and amount excluded from effectiveness testing)		$	—		$	—

Credit-risk-related Contingent Features

As of March 31, 2015, the fair values of eight of the Company’s 18 interest rate swaps were in an asset position of $0.1 million and ten interest rate swaps were in a liability position of $4.1 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 $(17,000) and $27,000, respectively, as of March 31, 2015. Accrued interest expense for all interest rate swaps was $0.2 million as of March 31, 2015. As of March 31, 2015, the Company has not posted any collateral related to these agreements. If the Company had breached any of its provisions at March 31, 2015, 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 $4.2 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 March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014 (in thousands):



							Fair Value Measurements as of
				Fair Value			March 31, 2015 Using Level(1):
		Balance Sheet		March 31,
		Line Item		2015			Level 1			Level 2			Level 3

Unsecured Debt Swaps		Interest Rate Swaps-Asset		$	111		$	—		$	111		$	—
Unsecured Debt Swaps		Interest Rate Swaps-Liability		$	-4,037		$	—		$	-4,037		$	—


	-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
				Fair Value			December 31, 2014 Using Level(1):
		Balance Sheet		December 31,
		Line Item		2014			Level 1			Level 2			Level 3

Unsecured Debt Swaps		Interest Rate Swaps-Asset		$	959		$	—		$	959		$	—
Unsecured Debt Swaps		Interest Rate Swaps-Liability		$	-873		$	—		$	-873		$	—


	-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	3 Months Ended
Stockholders' Equity	Mar. 31, 2015
Stockholders' Equity
Stockholders' Equity
	6. 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.

	The table below sets forth the Company’s two outstanding preferred stock issuances:




					Number of		Par value			Price		Interest
			Issuance Date		Shares		per share			per share		rate
	Series A Cumulative Redeemable Preferred Stock (1)		2-Nov-11		2,760,000		$	0.01		$	25.00	9.000	%
	Series B Cumulative Redeemable Preferred Stock (2)		16-Apr-13		2,800,000		$	0.01		$	25.00	6.625	%


		-1		Herein defined as the “Series A Preferred Stock”
		-2		Herein defined as the “Series B Preferred Stock”

	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 with each other and both 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 three months ended March 31, 2015 and the year ended December 31, 2014:




					Series A				Series B
					Preferred Stock				Preferred Stock
	Quarter Ended 2015		Declaration Date		Per Share				Per Share			Date Paid
	March 31		February 20, 2015		$	0.5625			$	0.4140625		March 31, 2015
	Total				$	0.5625			$	0.4140625




					Series A			Series B
					Preferred Stock			Preferred Stock
	Quarter Ended 2014		Declaration Date		Per Share			Per Share			Date Paid
	December 31		October 30, 2014		$	0.5625		$	0.4140625		December 31, 2014
	September 30		29-Jul-14			0.5625			0.4140625		September 30, 2014
	June 30		5-May-14			0.5625			0.4140625		30-Jun-14
	March 31		21-Feb-14			0.5625			0.4140625		31-Mar-14
	Total				$	2.2500		$	1.6562500

	On May 4, 2015, the Company’s board of directors declared the Series A Preferred Stock and the Series B Preferred Stock dividend for the quarter ending June 30, 2015 at a quarterly rate of $0.5625 per share and $0.4140625 per share of preferred stock, respectively.

	Common Stock

	The Company continues to utilize its “at the market” (“ATM”) program as its primary source of equity capital. As a supplement to the ATM activity, the Company has executed marketed overnight common stock offerings. The Company will continue to rely on the ATM in the future as its primary source of equity.
	The following sets forth the Company’s ATM common stock offering programs as of March 31, 2015, from which it may from time to time sell its common stock through sales agents (in thousands):




								Aggregate
					Maximum			Common Stock
					Aggregate			Available as of
	ATM Stock Offering Program		Date		Offering Price			March 31, 2015
	2014 $150 million ATM		March 10, 2014		$	150,000		$	17,321
	2014 $200 million ATM		10-Sep-14		$	200,000		$	154,818

	The table below sets forth the activity for the ATM common stock offering programs during the three months ended March 31, 2015 and the year ended December 31, 2014, respectively (in millions, except share data):



		Three months ended March 31, 2015
		Shares			Average Price		Gross			Sales		Net
ATM Stock Offering Program		Sold			Per Share		Proceeds			Agents’ Fee		Proceeds
2014 $200 million ATM		417,115		$	24.29		$	10.1		$	0.1	$	10.0
2014 $150 million ATM		—		$	—			—			—		—
Total/Weighted Average		417,115		$	24.29		$	10.1		$	0.1	$	10.0



		Year ended December 31, 2014
		Shares			Average Price		Gross			Sales		Net
ATM Stock Offering Program		Sold			Per Share		Proceeds			Agents’ Fee		Proceeds
2014 $200 million ATM		1,658,795		$	21.13		$	35.0		$	0.5	$	34.5
2014 $150 million ATM		5,760,651		$	23.03			132.7			2.0		130.7
2012 $75 million ATM		661,930		$	22.47			14.9			0.2		14.7
Total/Weighted Average		8,081,376		$	22.60		$	182.6		$	2.7	$	179.9

Dividends

The table below sets forth the dividends attributable to the common stock during the three months ended March 31, 2015 and the year ended December 31, 2014, respectively:




Month Ended 2015		Declaration Date		Per Share			Date Paid
March 31		30-Oct-14		$	0.1125		April 15, 2015
February 28		30-Oct-14			0.1125		March 16, 2015
January 31		30-Oct-14			0.1125		February 17, 2015
Total				$	0.3375




Month Ended 2014		Declaration Date		Per Share			Date Paid
Month ended December 31		29-Jul-14		$	0.110		Janaury 15, 2015
Month ended November 30		29-Jul-14			0.110		15-Dec-14
Month ended October 31		29-Jul-14			0.110		17-Nov-14
Month ended September 30		5-May-14			0.110		15-Oct-14
Month ended August 31		5-May-14			0.110		15-Sep-14
Month ended July 31		5-May-14			0.110		15-Aug-14
Month ended June 30		21-Feb-14			0.105		15-Jul-14
Month ended May 31		21-Feb-14			0.105		16-Jun-14
Month ended April 30		21-Feb-14			0.105		15-May-14
Month ended March 31		18-Dec-13			0.105		15-Apr-14
Month ended February 28		18-Dec-13			0.105		17-Mar-14
Month ended January 31		18-Dec-13			0.105		17-Feb-14
Total				$	1.2900

On February 20, 2015, the Company’s board of directors declared the common stock dividend for the months ending April 30, 2015, May 31, 2015 and June 30, 2015 at a monthly rate of $0.1125 per share of common stock. On May 4, 2015, the Company’s board of directors declared the common stock dividend for the months ending July 31, 2015, August 30, 2015, and September 30, 2015 at a monthly rate of $0.1150 per share of common stock.

Board of Director’s Compensation

The Company’s independent directors are paid annual fees for serving as members of the Company’s board of directors, plus certain additional committee fees. 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 serving on various committees during 2015 and 2014. 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 the three months ended March 31, 2015 and the year ended December 31, 2014:



Service During Quarter Ended 2015		Grant Date		Shares		Fair Value
March 31		April 15, 2015		3,731		$	84,000
Total				3,731		$	84,000



Service During Quarter Ended 2014		Grant Date		Shares		Fair Value
December 31		January 15, 2015		3,298		$	87,000
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				14,200		$	341,000

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. Shares of restricted common stock granted on January 12, 2015, subject to the recipient’s continued employment, will vest in three equal installments on each anniversary date of the grant. Holders of restricted stock have voting rights and rights to receive dividends. Restricted stock may not be sold, assigned, transferred, pledged or otherwise disposed of and is subject to a risk of forfeiture prior to the expiration of the applicable vesting period. The following table summarizes activity related to the Company’s unvested restricted common stock:




		Shares
Unvested at December 31, 2013		214,389
Granted		103,149	-1
Vested		-51,885
Forfeited		-1,737
Unvested at December 31, 2014		263,916
Granted		94,290	-2
Vested		-57,528
Forfeited		-2,171
Unvested at March 31, 2015		298,507


	-1		The grant date fair value per share was $20.13.
	-2		The grant date fair value per share was $26.17.

The unrecognized compensation expense associated with the Company’s restricted common stock at March 31, 2015 was $5.3 million.

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 March 31,
		2015			2014
Restricted common stock vested awards			57,528			37,228
Fair value of restricted common stock vested		$	1.4		$	0.8

Noncontrolling_Interest

Noncontrolling Interest	3 Months Ended
Noncontrolling Interest	Mar. 31, 2015
Noncontrolling Interest
Noncontrolling Interest	7. Noncontrolling Interest

	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. The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. Noncontrolling interests in the Company are interests in the Operating Partnership that are not owned by the Company and long-term incentive plan units in the Operating Partnership (“LTIP units”). The table below summarizes the activity:



			Other				Total
			Noncontrolling				Noncontrolling	Noncontrolling
			Common Units		LTIP Units		Common Units	Interest
	Balance at December 31, 2013		6,299,186		599,464		6,898,650	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		—		-5,105,584	N/A
	Issuance/grant		—		719,572		719,572	N/A
	Forfeitures		—		—		—	N/A
	Redemption of Common Units for cash		-80,789		—		-80,789	N/A
	Balance at December 31, 2014		1,124,813		1,307,036		2,431,849	3.64	%
	Issuance/grant		812,676		223,069		1,035,745	N/A
	Forfeitures		—		—		—	N/A
	Redemption of Common Units for cash		-2,400		—		-2,400	N/A
	Balance at March 31, 2015		1,935,089		1,530,105		3,465,194	5.07	%

	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.

	Noncontrolling Common Units

	Common Units and shares of the Company’s common stock have essentially the same economic characteristics in that Common Units directly and shares of the Company’s common stock indirectly, through the Company’s interest in the Operating Partnership, share equally in the total net income or loss distributions of the Operating Partnership. Subject to certain restrictions, investors who own Noncontrolling Common Units have the right to cause the Operating Partnership to redeem any or all of their Noncontrolling 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 Noncontrolling Common Unit will receive the same monthly distribution as a share of common stock.

	As partial consideration for the building acquired on January 22, 2015, the Company granted 812,676 Noncontrolling Common Units in the Operating Partnership with a fair value of approximately $21.9 million based on the Company’s NYSE closing stock price on January 22, 2015. The number of Noncontrolling Common Units granted was calculated based on the trailing 10-day average common stock price ending on the business day that immediately preceded the grant date. The fair value of the shares of the Noncontrolling Common Units granted was calculated based on the closing stock price per the NYSE on the grant date multiplied by the number of Noncontrolling Common Units granted. The issuance of the Noncontrolling 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 Noncontrolling Common Units.

	LTIP Units

	Pursuant to the 2011 Plan, the Company may grant LTIP units in the Operating Partnership. LTIP units are granted to certain executive officers and senior employees of the Company as part of their compensation, and to independent directors for their service. LTIP units are valued by reference to the value of the Company’s common stock and are subject to such conditions and restrictions as the compensation committee of the board of directors may determine, including continued employment or service, computation of financial metrics and achievement of pre-established performance goals and objectives. LTIP units granted on January 12, 2015 to certain executive officers and senior employees, subject to the recipient’s continued employment, will vest quarterly over three years. LTIP units granted on January 12, 2015 to independent directors, subject to the recipient’s continued service, will vest on the one year anniversary date of the grant.

	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 members’ capital account to the economic equivalent of the Common Unit. As of March 31, 2015, 1,307,036 of the 1,530,105 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.

	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 for the three months ended March 31, 2015:



				Assumptions
	Grant date		12-Jan-15
	Expected term			10 years
	Expected volatility			20.0%
	Expected dividend yield			6.0%
	Risk-free interest rate			0.6159%
	Fair value of LTIP units at issuance (in millions)		$	5.4
	LTIP units at issuance			223,069
	Fair value unit price per LTIP unit at issuance		$	24.43

	The following table summarizes activity related to the Company’s unvested LTIP units:



			LTIP Units
	Unvested at December 31, 2013		368,760
	Granted/Issued		719,572
	Vested		-639,445	-1
	Forfeited		—
	Unvested at December 31, 2014		448,887
	Granted		223,069
	Vested		-51,420
	Forfeited		—
	Unvested at March 31, 2015		620,536	-2


	-1		On September 23, 2014, the Company issued 397,590 LTIP units, related to the settlement of the 2011 Outperformance Program.
	-2		The unrecognized compensation expense associated with the Company’s LTIP units at March 31, 2015 was $11.3 million.

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 March 31,
		2015			2014
LTIP units vested awards			51,420			41,181
Fair value of awards vested		$	1.2		$	1.0

Equity_Incentive_Plan

Equity Incentive Plan	3 Months Ended
Equity Incentive Plan	Mar. 31, 2015
Equity Incentive Plan
Equity Incentive Plan
	8. Equity Incentive Plan

	Outperformance Program
	On January 12, 2015, the compensation committee of the board of directors of the Company approved the 2015 Outperformance Program (the “2015 OPP”) under the Company’s 2011 Plan, to provide certain key employees of the Company or its affiliates with incentives to contribute to the growth and financial success of the Company and its affiliates.
	Recipients of awards under the 2015 OPP will share in an outperformance pool if the Company’s total stockholder return, including both share appreciation and dividends, exceeds an absolute hurdle over a three‑year measurement period from January 1, 2015 to January 1, 2018 (the “measurement period”), based on a beginning value of $24.49 per share of the Company’s common stock, as well as a relative hurdle based on the MSCI US REIT Index. Provided the Company’s increase in cumulative absolute total stockholder return over the measurement period equals or exceeds 25% (the “threshold percentage”), the outperformance pool consists of 10% of the excess total stockholder return above an absolute total stockholder return hurdle. The hurdle is equal to the total return of the MSCI US REIT Index plus five percentage points over the measurement period.
	The aggregate reward for all recipients collectively is capped at the lesser of (i) 0.24% of the product of the total number of shares of common stock and Noncontrolling Common Units outstanding on January 1, 2018 and the average common stock price of the Company for the 20 trading days ending immediately prior to January 1, 2018, and (ii) $15.4 million.
	Each participant’s award under the 2015 OPP is designated as a specified percentage of the aggregate outperformance pool. If the threshold percentage and return hurdle were achieved at the end of the measurement period, the outperformance pool will be calculated and then allocated to the award recipients. The 2015 OPP provides that awards will be paid in the form of fully vested shares of the Company’s common stock, or, with the award recipient’s consent, other securities or cash.
	The 2015 OPP awards were valued at approximately $1.6 million utilizing a Monte Carlo simulation to estimate the probability of the conditions being satisfied. The Monte Carlo simulation used a statistical formula underlying the Black‑Scholes and binomial formulas and such simulation was run approximately 500,000 times. For each simulation, the payoff is calculated at the settlement date, which is then discounted to the award date at a risk‑free interest rate. The average of the values over all simulations is the expected value of the award on the award date. Assumptions used in the valuations included (i) factors associated with the underlying performance of the Company’s stock price and total stockholder return over the term of the performance awards including total stock return volatility and risk‑free interest and (ii) factors associated with the relative performance of the Company’s stock price and total stockholder return when compared to the MSCI US REIT Index. The valuation was performed in a risk‑neutral framework, so no assumption was made with respect to an equity risk premium. The fair value of the 2015 OPP awards was estimated on the date of grant using the following assumptions in the Monte Carlo valuation: expected price volatility for the Company and the MSCI US REIT Index of 20% and 13.6%, respectively, and a risk free rate of 0.9814%. The expense associated with the value of the 2015 OPP awards will be amortized on a straight-line basis over the measurement period.
	Equity Compensation Expense
	The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statement of Operations for the amortization of restricted stock, LTIP units, the 2015 OPP, the 2011 Outperformance Program that concluded on September 19, 2014, and the Company’s board of directors’ compensation:



		For the three months ended March 31,
	Equity compensation expense (in millions)	2015		2014
	Restricted stock	$	0.5	$	0.3
	LTIP units		1.1		0.6
	Outperformance programs		0.1		0.1
	Board of directors compensation		0.1		0.1
	Total equity compensation expense	$	1.8	$	1.1

Earnings_Per_Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2015
Earnings Per Share
Earnings Per Share	9. Earnings Per Share

	The Company uses the two‑class method of computing earnings per common share, which is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. A participating security is defined by GAAP as an unvested stock-based payment award containing non-forfeitable rights to dividends and must be included in the computation of earnings per share pursuant to the two-class method. Unvested restricted stock awards are considered participating securities as these stock-based awards contain non-forfeitable rights to dividends, unless and until a forfeiture occurs, irrespective of whether the awards ultimately vest or expire. During the three months ended March 31, 2015 and March 31, 2014, there were 290,280 and 279,659, 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 months ended March 31, 2015 and March 31, 2014, respectively (in thousands, except share data).



		Three months ended
		March 31, 2015
	Numerator
	Net loss from continuing operations	$	-1,427
	Less: preferred stock dividends		2,712
	Less: amount allocated to unvested restricted stockholders		101
	Less: loss attributable to noncontrolling interest after preferred stock dividends		-198
	Loss from continuing operations attributable to common stockholders	$	-4,042
	Denominator
	Weighted average common shares outstanding—basic and diluted		64,286,213
	Loss per share—basic and diluted	$	-0.06



		Three months ended
		March 31, 2014
	Numerator
	Net income from continuing operations	$	21
	Less: preferred stock dividends		2,712
	Less: amount allocated to unvested restricted stockholders		88
	Less: loss attributable to noncontrolling interest after preferred stock dividends		-364
	Loss from continuing operations attributable to common stockholders	$	-2,415
	Denominator
	Weighted average common shares outstanding—basic and diluted		45,139,481
	Loss per share—basic and diluted	$	-0.05

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2015
Commitments and Contingencies
Commitments and Contingencies	10. 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 March 31, 2015 and December 31, 2014, the fair value of the incentive fee was zero. The fair value was calculated using the following key Level 3 inputs: discount rate of approximately 9.5%, exit capitalization rate of 9.8%, and annual market rent and expense growth rates of 1% to 3%.

Concentrations_of_Credit_Risk

Concentrations of Credit Risk	3 Months Ended
Concentrations of Credit Risk	Mar. 31, 2015
Concentrations of Credit Risk
Concentrations of Credit Risk	11. Concentrations of Credit Risk

	Concentrations of credit risk relevant to the Company may arise when a number of financing arrangements, including revolving credit facilities or derivatives, are entered into with the same lenders or counterparties, and have similar economic features that would cause their inability to meet contractual obligations. Concentration of credit risk may also 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 mitigates the concentration of credit risk as it relates to financing arrangements by entering into loan syndications with multiple, reputable financial institutions. The Company also reduces exposure by diversifying its derivatives across multiple counterparties who meet established credit and capital guidelines, with six different counterparties comprising the eight outstanding derivatives in an asset position as of March 31, 2015.

	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 2.2% of annualized base rental revenue, defined as the contractual monthly base rent as of March 31, 2015 multiplied by twelve, for the three months ended March 31, 2015. The Company has tenants concentrated in various industries that may experience adverse effects from certain economic conditions and the Company could be adversely affected if such tenants default on their leases. The Company has tenants concentrated in three industries, Automotive, Air Freight & Logistics, and Industrial Equipment, Component and Metals. There is no tenant industry in the Company’s portfolio that is greater than 11.6% of annualized base rental revenue as of March 31, 2015.

Subsequent_Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2015
Subsequent Events
Subsequent Events	12. Subsequent Events

	GAAP requires an entity to disclose certain events that occur after the balance sheet date but before financial statements are issued (“subsequent events”). There are two types of subsequent events. The first type consists of events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements (“recognized subsequent events”). No significant recognized subsequent events were noted.

	The second type consists of events that provide evidence about conditions that did not exist at the date of the balance sheet but arose subsequent to that date (“non-recognized subsequent events”).

	The following non-recognized subsequent events are noted:

	On May 4, 2015, the Company and the Operating Partnership and Benjamin S. Butcher, the Company’s Chief Executive Officer, President and Chairman of the Board, entered into an amended and restated employment agreement. The amended and restated agreement is similar to Mr. Butcher’s original employment agreement, provides for the same definitions of “cause” and “good reason” and the same severance structure and did not materially change Mr. Butcher’s annual base salary or bonus opportunity. The amended and restated agreement is for an initial term of three years. The agreement automatically extends for successive one-year terms unless, not fewer than 60 days before the term’s end, either party provides a notice of non-renewal to the other party. In connection with the amended and restated agreement, the compensation committee of the board of directors granted Mr. Butcher a retention award of 100,000 LTIP units that vest one-half on the third anniversary of the grant and one-sixth on the fourth, fifth and sixth anniversaries.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2015
Summary of Significant Accounting Policies
Basis of Presentation	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, 2014.

	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 and long term incentive plan units issued pursuant to the 2011 equity incentive plan; herein together referred to as 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.
Reclassifications
Adoption of New Accounting Pronouncements	In April of 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires incremental debt issuance costs paid to third parties other than the lender to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability. Prior to this standard, debt issuance costs paid to third parties other than the lender were presented as an asset on the balance sheet. ASU 2015-03 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. Upon the adoption of ASU 2014-15, the Company will present debt issuance costs paid to third parties other than the lender as a direct deduction from the carrying value of the associated debt liability.
	In August of 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period 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 of 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. Revenue from a lease contract with a tenant is not within the scope of this revenue standard. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 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.

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 doubtful accounts against the portion of tenant accounts receivable that is estimated to be uncollectible. As of March 31, 2015 and December 31, 2014, the Company had an allowance for doubtful accounts of $0.3 million and $0.1 million, respectively.

	The Company accrues rental revenue earned, but not yet receivable, in accordance with GAAP. As of March 31, 2015 and December 31, 2014, the Company had accrued rental revenue of $14.1 million and $12.8 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 March 31, 2015 and December 31, 2014, the Company had an allowance for estimated losses on accrued rental revenue of $0.1 million and $0, respectively.

	As of March 31, 2015 and December 31, 2014, the Company had a total of approximately $6.3 million and $6.7 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 $3.5 million and $3.5 million, respectively, of lease security deposits available in cash, which are included in cash and cash equivalents and restricted cash on the accompanying Statements of Consolidated Balance Sheets.

Revenue Recognition	Revenue Recognition

	By the terms of their leases, certain tenants are obligated to pay directly the costs of their properties’ insurance, real estate taxes, ground lease payments, and certain other expenses, and these costs are not reflected on the Company’s consolidated financial statements. To the extent any tenant responsible for these costs under its respective lease defaults on its lease or it is deemed probable that the tenant will fail to pay for such costs, the Company would record a liability for such obligation. The Company estimates that real estate taxes, which are the responsibility of these certain tenants, was approximately $2.5 million and $2.5 million for the three months ended March 31, 2015 and March 31, 2014, respectively. This would have been the maximum 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.

	On December 17, 2014, the Company entered into the first amendment to the lease with the tenant located at the Belfast, ME buildings. The terms of the amendment renewed 90,051 square feet of the premise and early terminated the remaining 228,928 square feet effective November 30, 2015. The tenant is required to pay a termination fee for the returned premise on or before October 31, 2015 in the amount of $2.1 million. The Company continues to recognize this termination fee over the shortened lease life of the returned premise. The termination fee of $0.5 million for the three months ended March 31, 2015 is included in rental income on the accompanying Consolidated Statements of Operations.

Taxes	Taxes

	The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 2011 and intends to continue to qualify as a REIT. As a REIT, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. The Company is generally not subject to corporate level income tax on the earnings distributed currently to its stockholders that it derives from its REIT qualifying activities. If the Company fails to qualify as a REIT in any taxable year, 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. In addition, we would generally be disqualified from treatment as a REIT for the next four taxable years following the year in which we failed to qualify as a REIT.

	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 that the Company undertakes must or should be conducted by a TRS, such as performing non-customary services for its tenants and holding assets that it cannot hold directly. A TRS is subject to federal and state income taxes. The Company’s TRS did not have any activity during the three months ended March 31, 2015 and March 31, 2014.

	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 and $0.2 million have been recorded in other expenses in the accompanying Consolidated Statements of Operations for the three months ended March 31, 2015 and March 31, 2014, 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 March 31, 2015 and December 31, 2014, there were no liabilities for uncertain tax positions.

Rental_Property_Tables

Rental Property (Tables)	3 Months Ended
Rental Property (Tables)	Mar. 31, 2015
Rental Property
Schedule of components of rental property

			March 31, 2015			December 31, 2014
	Land		$	202,930		$	191,238
	Buildings, net of accumulated depreciation of $82,836 and $75,116, respectively			1,093,054			1,042,086
	Tenant improvements, net of accumulated depreciation of $22,358 and $20,943, respectively			22,175			22,619
	Building and land improvements, net of accumulated depreciation of $11,912 and $9,730, respectively			55,931			54,233
	Deferred leasing intangibles, net of accumulated amortization of $159,206 and $146,026, respectively			254,155			247,904
	Total rental property, net		$	1,628,245		$	1,558,080


Schedule of real estate properties acquired
	Location of property acquired during the three months ended March 31, 2015		Square Feet		Buildings			Purchase Price (in thousands)
	Burlington, NJ(1)		503,490		1		$	34,883
	Greenville, SC		157,500		1			4,800
	North Haven, CT		824,727		3			57,400
	Total		1,485,717		5		$	97,083


		-1		The Company also acquired a vacant developable land parcel adjacent to the building.

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
						Amortization
			Three Months Ended			Period (years)
	Acquired assets and liabilities (dollars in thousands)		March 31, 2015			Lease Intangibles
	Land		$	11,692		N/A
	Buildings			58,686		N/A
	Tenant improvements			1,048		N/A
	Building and land improvements			3,132		N/A
	Deferred leasing intangibles - In-place leases			13,540		5.6
	Deferred leasing intangibles - Tenant relationships			7,595		8.1
	Deferred leasing intangibles - Above market leases			2,133		8.3
	Deferred leasing intangibles - Below market leases			-743		7.7
	Total Aggregate purchase price		$	97,083
	Less: Mortgage note payable assumed			-11,765		N/A
	Net assets acquired		$	85,318


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

			For the three months ended
	Results of operations (in thousands)		March 31, 2015
	Revenue		$	885
	Property acquisition costs		$	246
	Net loss		$	-247


Schedule of pro forma information for acquired properties

			Three months ended
			March 31, 2015
	Pro Forma		(in thousands, except share data) (1)
	Total revenue		$	52,483
	Net loss		$	-1,627	-2
	Net loss attributable to common stockholders		$	-4,232
	Weighted average shares outstanding			64,286,213
	Loss per share attributable to common stockholders		$	-0.07



			Three months ended
			March 31, 2014
	Pro Forma		(in thousands, except share data) (3)
	Total revenue		$	42,895
	Net income		$	113	-2
	Net loss attributable to common stockholders		$	-2,335
	Weighted average shares outstanding			45,139,481
	Loss per share attributable to common stockholders		$	-0.05


		-1		The pro forma information for the three months ended March 31, 2015 is presented as if the acquisition of the properties acquired during the three months ended March 31, 2015 had occurred at January 1, 2014, the beginning of the reporting period prior to acquisition.
		-2		The net loss for the three months ended March 31, 2015 excludes $0.2 million of property acquisition costs related to the acquisition of properties that closed during the three months ended March 31, 2015, and the net income for the three months ended March 31, 2014 was adjusted to include these acquisition costs. Net income for the three months ended March 31, 2014 excludes $0.4 million of property acquisition costs related to the acquisition of buildings that closed during the three months ended March 31, 2014.
		-3		The pro forma information for the three months ended March 31, 2014 is presented as if the acquisition of the properties acquired during the three months ended March 31, 2015 and the properties acquired during the three months ended March 31, 2014 had occurred at January 1, 2014 and January 1, 2013, respectively, the beginning of the reporting period prior to acquisition.

Schedule of deferred leasing intangibles	Deferred leasing intangibles on the accompanying Consolidated Balance Sheets consist of the following (in thousands):



			31-Mar-15								31-Dec-14
							Accumulated							Accumulated
				Gross			Amortization			Net		Gross		Amortization		Net
	Other intangible lease assets		$	349,785		$	-133,470		$	216,315	$	330,100	$	-120,645	$	209,455
	Above market leases			63,576			-25,736			37,840		63,830		-25,381		38,449
	Total assets		$	413,361		$	-159,206		$	254,155	$	393,930	$	-146,026	$	247,904

	Below market leases		$	17,488		$	-7,242		$	10,246	$	16,745	$	-6,565	$	10,180
	Total liabilities		$	17,488		$	-7,242		$	10,246	$	16,745	$	-6,565	$	10,180


Schedule of amortization expense and change in rental revenue for deferred lease intangibles	The following table sets forth the amortization expense and the net decrease to rental revenue for deferred leasing intangible amortization for the three months ended March 31, 2015 and March 31, 2014, respectively (in millions):


			Three months ended March 31,
			2015			2014
	Net decrease to rental revenue related to above and below market lease amortization		$	2.1		$	1.5
	Other intangible lease assets amortization expense		$	14.3		$	11.5


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




						Net Decrease to Rental
			Amortization of			Revenue Related to Above and
			Other Intangible			Below Market Lease
			Lease Assets			Amortization
	Remainder of 2015		$	40,909		$	6,002
	2016		$	46,997		$	5,606
	2017		$	37,992		$	3,941
	2018		$	29,114		$	2,699
	2019		$	20,604		$	2,408

Debt_Tables

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2015
Debt
Summary of the mortgage notes payable, unsecured term loans and credit facility	The following table sets forth a summary of the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes and mortgage notes payable as of March 31, 2015 and December 31, 2014 (dollars in thousands):



					Principal			Principal
					outstanding as			outstanding as
					of			of					Pre-
			Interest		March 31,			December 31,			Current		payment
	Loan		Rate (1)		2015			2014			Maturity		Terms (2)
	Unsecured credit facility:
	$300 Million Wells Fargo Unsecured Credit Facility		L + 1.15	%		73,000			131,000		Dec-18-2019		i
	Total unsecured credit facility				$	73,000		$	131,000

	Unsecured term loans:
	$150 Million Wells Fargo Unsecured Term Loan A		L + 1.65	%		150,000			150,000		Mar-31-2022		ii
	$150 Million Wells Fargo Unsecured Term Loan B		L + 1.70	%		—			—		Mar-21-2021		ii
	Total unsecured term loans				$	150,000		$	150,000

	Unsecured notes:
	$50 Million Series A Unsecured Notes		4.98	%		50,000			50,000		Oct-1-2024		ii
	$50 Million Series B Unsecured Notes		4.98	%		50,000			50,000		Jul-1-2026		ii
	$80 Million Series C Unsecured Notes		4.42	%		80,000			80,000		Dec-30-2026		ii
	$100 Million Series D Unsecured Notes		4.32	%		100,000			—		Feb-20-2025		ii
	$20 Million Series E Unsecured Notes		4.42	%		20,000			—		Feb-20-2027		ii
	Total unsecured notes				$	300,000		$	180,000

	Mortgage notes payable (secured debt):
	Sun Life Assurance Company of Canada (U.S.)		6.05	%	$	3,393	(3)	$	3,445	(3)	Jun-1-2016		ii
	Webster Bank, National Association		4.22	%		5,636			5,677		Aug-4-2016		ii
	Union Fidelity Life Insurance Co.		5.81	%		6,017	(3)		6,103	(3)	Apr-30-2017		ii
	Webster Bank, National Association		3.66	%		3,013			3,035		May-29-2017		ii
	Webster Bank, National Association		3.64	%		3,244			3,268		May-31-2017		ii
	Wells Fargo, National Association		5.90	%		4,165	(3)		4,182	(3)	Aug-1-2017		iii
	Connecticut General Life Insurance Company -1 Facility		6.50	%		57,835			58,050		Feb-1-2018		iv
	Connecticut General Life Insurance Company -2 Facility		5.75	%		58,825			59,065		Feb-1-2018		iv
	Connecticut General Life Insurance Company -3 Facility		5.88	%		16,587			16,647		Feb-1-2018		iv
	Wells Fargo Bank, National Association CMBS Loan		4.31	%		65,146			65,567		Dec-1-2022		v
	Total mortgage notes payable				$	223,861		$	225,039
	Total unamortized fair market value premium					270			308
	Total carrying value mortgage notes payable				$	224,131		$	225,347
	Total / weighted average interest rate(4)		4.47	%	$	747,131		$	686,347


		-1		Current interest rate as of March 31, 2015. At March 31, 2015 and December 31, 2014, the one-month LIBOR (“L”) was 0.17625% and 0.17125%, respectively. The current interest rate presented in the table above are 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) pre-payable with no penalty; (ii) pre-payable with penalty; (iii) pre-payable with penalty beginning May 1, 2017, however can be defeased; (iv) pre-payable without penalty six months prior to the maturity date; and (v) not pre-payable, however can be defeased beginning January 1, 2016.

		-3		The principal outstanding does not include an unamortized fair market value premium.
		-4		The weighted average interest rate was calculated using the current swapped notional amount of $300 million of debt, and excludes fair market value premiums.


Schedule of aggregate carrying value of the debt and the corresponding estimate of fair value	The following table presents the aggregate carrying value of the Company’s debt and the corresponding estimate of fair value as of March 31, 2015 and December 31, 2014 (in thousands):



			March 31, 2015						December 31, 2014
			Principal			Fair			Principal			Fair
			Outstanding			Value			Outstanding			Value
	Unsecured credit facility		$	73,000		$	73,000		$	131,000		$	131,000
	Unsecured term loans			150,000			150,493			150,000			150,000
	Unsecured notes			300,000			318,941			180,000			187,587
	Mortgage notes payable			223,861			239,366			225,039			237,602
	Total principal amount			746,861		$	781,800			686,039		$	706,189
	Total unamortized fair market value premium			270						308
	Total carrying value		$	747,131					$	686,347

Use_of_Derivative_Financial_In1

Use of Derivative Financial Instruments (Tables)	3 Months Ended
Use of Derivative Financial Instruments (Tables)	Mar. 31, 2015
Use of Derivative Financial Instruments
Schedule of interest rate swaps	The following table details the Company’s outstanding interest rate swaps as of March 31, 2015 (collectively, the “Unsecured Debt Swaps”) (in thousands):





							Current						Fixed		Variable
	Interest Rate				Effective		Notional						Interest		Interest
	Derivative Counterparty		Trade Date		Date		Amount				Fair Value		Rate		Rate	Maturity Date
	PNC Bank, N.A.		Sep-14-2012		Oct-10-2012		$	10,000		$	4		0.7945	%	One-month L	Sep-10-2017
	Bank of America		Sep-14-2012		Oct-10-2012			10,000		$	4		0.7945	%	One-month L	Sep-10-2017
	UBS AG		Sep-14-2012		Oct-10-2012			10,000		$	4		0.7945	%	One-month L	Sep-10-2017
	Royal Bank of Canada		Sep-14-2012		Oct-10-2012			10,000		$	4		0.7945	%	One-month L	Sep-10-2017
	RJ Capital Services, Inc.		Sep-14-2012		Oct-10-2012			10,000		$	3		0.7975	%	One-month L	Sep-10-2017
	Bank of America		Sep-20-2012		Oct-10-2012			25,000		$	35		0.7525	%	One-month L	Sep-10-2017
	RJ Capital Services, Inc.		Sep-24-2012		Oct-10-2012			25,000		$	51		0.7270	%	One-month L	Sep-10-2017
	Regions Bank		Mar-1-2013		Mar-01-2013			25,000		$	6		1.3300	%	One-month L	Feb-14-2020
	Capital One, N.A.		Jun-13-2013		Jul-01-2013			50,000		$	-801		1.7030	%	One-month L	Feb-14-2020
	Capital One, N.A.		Jun-13-2013		Aug-01-2013			25,000		$	-427		1.6810	%	One-month L	Feb-14-2020
	Regions Bank		Sep-30-2013		Feb-03-2014			25,000		$	-782		1.9925	%	One-month L	Feb-14-2020
	Royal Bank of Canada		Jan-8-2015		Mar-20-2015			25,000		$	-297		1.7090	%	One-month L	Mar-21-2021
	The Toronto-Dominion Bank		Jan-8-2015		Mar-20-2015			25,000		$	-297		1.7105	%	One-month L	Mar-21-2021
	Wells Fargo Bank, N.A.		Jan-8-2015		Mar-20-2015			25,000		$	-340		1.8280	%	One-month L	Mar-31-2022
	The Toronto-Dominion Bank		Jan-8-2015		Sep-10-2017			—	-1	$	-678		2.2255	%	One-month L	Mar-21-2021
	The Toronto-Dominion Bank		Jan-8-2015		Feb-14-2020			—	-1	$	-59		2.4535	%	One-month L	Mar-31-2022
	Regions Bank		Jan-8-2015		Feb-14-2020			—	-1	$	-175		2.4750	%	One-month L	Mar-31-2022
	Capital One, N.A.		Jan-8-2015		Feb-14-2020			—	-1	$	-181		2.5300	%	One-month L	Mar-31-2022
							$	300,000


		-1		These interest rate swaps are forward starting swaps and thus have no current notional amounts outstanding.

Schedule of fair value and notional amounts of outstanding derivative positions	The fair value of the interest rate swaps outstanding as of March 31, 2015 and December 31, 2014 was as follows (in thousands):




					Current						Current
					Notional						Notional
					Amount			Fair Value			Amount			Fair Value
			Balance Sheet		March 31,			March 31,			December 31,			December 31,
			Line Item		2015			2015			2014			2014
	Unsecured Debt Swaps		Interest Rate Swaps-Asset		$	125,000		$	111		$	125,000		$	959
	Unsecured Debt Swaps(1)		Interest Rate Swaps-Liability		$	175,000		$	-4,037		$	100,000		$	-873


		-1		Four of the interest rate swaps have no current notional amount outstanding.

Schedule of the location in the financial statements of the gain or loss recognized on interest rate swaps	The table below details the location in the financial statements of the gain or loss recognized on interest rate swaps designated as cash flow hedges for the three months ended March 31, 2015 and March 31, 2014, respectively (in thousands):




			Three months ended March 31,
			2015			2014
	Amount of income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion)		$	-4,671		$	-1,666
	Amount of loss reclassified from accumulated other comprehensive income (loss) into income (loss) as interest expense (effective portion)		$	666		$	584
	Amount of loss recognized in loss on interest rate swaps (ineffective portion and amount excluded from effectiveness testing)		$	—		$	—


Schedule of financial instruments accounted for at fair value on a recurring basis	The following sets forth the Company’s financial instruments that are accounted for at fair value on a recurring basis as of March 31, 2015 and December 31, 2014 (in thousands):



								Fair Value Measurements as of
					Fair Value			March 31, 2015 Using Level(1):
			Balance Sheet		March 31,
			Line Item		2015			Level 1			Level 2			Level 3

	Unsecured Debt Swaps		Interest Rate Swaps-Asset		$	111		$	—		$	111		$	—
	Unsecured Debt Swaps		Interest Rate Swaps-Liability		$	-4,037		$	—		$	-4,037		$	—


		-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
					Fair Value			December 31, 2014 Using Level(1):
			Balance Sheet		December 31,
			Line Item		2014			Level 1			Level 2			Level 3

	Unsecured Debt Swaps		Interest Rate Swaps-Asset		$	959		$	—		$	959		$	—
	Unsecured Debt Swaps		Interest Rate Swaps-Liability		$	-873		$	—		$	-873		$	—


		-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)	3 Months Ended
Stockholders' Equity (Tables)	Mar. 31, 2015
Stockholders' Equity
Schedule of grants of common stock to independent directors

	Service During Quarter Ended 2015		Grant Date		Shares		Fair Value
	March 31		April 15, 2015		3,731		$	84,000
	Total				3,731		$	84,000



	Service During Quarter Ended 2014		Grant Date		Shares		Fair Value
	December 31		January 15, 2015		3,298		$	87,000
	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				14,200		$	341,000


Schedule of activity related to unvested restricted stock awards

			Shares
	Unvested at December 31, 2013		214,389
	Granted		103,149	-1
	Vested		-51,885
	Forfeited		-1,737
	Unvested at December 31, 2014		263,916
	Granted		94,290	-2
	Vested		-57,528
	Forfeited		-2,171
	Unvested at March 31, 2015		298,507


		-1		The grant date fair value per share was $20.13.
		-2		The grant date fair value per share was $26.17.

Restricted stock
Stockholders' Equity
Schedule of fair value at vesting date for awards vesting during the period	The following table summarizes the fair value at vesting date for the restricted common stock vested during the period (in millions, except share data):




			For the three months ended March 31,
			2015			2014
	Restricted common stock vested awards			57,528			37,228
	Fair value of restricted common stock vested		$	1.4		$	0.8


Series A and B Preferred Stock
Stockholders' Equity
Schedule of stock issuances

					Number of		Par value			Price			Interest
			Issuance Date		Shares		per share			per share			rate
	Series A Cumulative Redeemable Preferred Stock (1)		2-Nov-11		2,760,000		$	0.01		$	25.00		9.000	%
	Series B Cumulative Redeemable Preferred Stock (2)		16-Apr-13		2,800,000		$	0.01		$	25.00		6.625	%


		-1		Herein defined as the “Series A Preferred Stock”
		-2		Herein defined as the “Series B Preferred Stock”


Schedule of dividends

					Series A				Series B
					Preferred Stock				Preferred Stock
	Quarter Ended 2015		Declaration Date		Per Share				Per Share				Date Paid
	March 31		February 20, 2015		$	0.5625			$	0.4140625			March 31, 2015
	Total				$	0.5625			$	0.4140625




					Series A			Series B
					Preferred Stock			Preferred Stock
	Quarter Ended 2014		Declaration Date		Per Share			Per Share			Date Paid
	December 31		October 30, 2014		$	0.5625		$	0.4140625		December 31, 2014
	September 30		29-Jul-14			0.5625			0.4140625		September 30, 2014
	June 30		5-May-14			0.5625			0.4140625		30-Jun-14
	March 31		21-Feb-14			0.5625			0.4140625		31-Mar-14
	Total				$	2.2500		$	1.6562500


Common Stock
Stockholders' Equity
Schedule of dividends

	Month Ended 2015		Declaration Date		Per Share			Date Paid
	March 31		30-Oct-14		$	0.1125		April 15, 2015
	February 28		30-Oct-14			0.1125		March 16, 2015
	January 31		30-Oct-14			0.1125		February 17, 2015
	Total				$	0.3375




	Month Ended 2014		Declaration Date		Per Share			Date Paid
	Month ended December 31		29-Jul-14		$	0.110		Janaury 15, 2015
	Month ended November 30		29-Jul-14			0.110		15-Dec-14
	Month ended October 31		29-Jul-14			0.110		17-Nov-14
	Month ended September 30		5-May-14			0.110		15-Oct-14
	Month ended August 31		5-May-14			0.110		15-Sep-14
	Month ended July 31		5-May-14			0.110		15-Aug-14
	Month ended June 30		21-Feb-14			0.105		15-Jul-14
	Month ended May 31		21-Feb-14			0.105		16-Jun-14
	Month ended April 30		21-Feb-14			0.105		15-May-14
	Month ended March 31		18-Dec-13			0.105		15-Apr-14
	Month ended February 28		18-Dec-13			0.105		17-Mar-14
	Month ended January 31		18-Dec-13			0.105		17-Feb-14
	Total				$	1.2900


Common Stock \| At The Market (ATM) Program
Stockholders' Equity
Schedule of stock issuances	The table below sets forth the activity for the ATM common stock offering programs during the three months ended March 31, 2015 and the year ended December 31, 2014, respectively (in millions, except share data):



			Three months ended March 31, 2015
			Shares			Average Price		Gross			Sales			Net
	ATM Stock Offering Program		Sold			Per Share		Proceeds			Agents’ Fee			Proceeds
	2014 $200 million ATM		417,115		$	24.29		$	10.1		$	0.1		$	10.0
	2014 $150 million ATM		—		$	—			—			—			—
	Total/Weighted Average		417,115		$	24.29		$	10.1		$	0.1		$	10.0



			Year ended December 31, 2014
			Shares			Average Price		Gross			Sales			Net
	ATM Stock Offering Program		Sold			Per Share		Proceeds			Agents’ Fee			Proceeds
	2014 $200 million ATM		1,658,795		$	21.13		$	35.0		$	0.5		$	34.5
	2014 $150 million ATM		5,760,651		$	23.03			132.7			2.0			130.7
	2012 $75 million ATM		661,930		$	22.47			14.9			0.2			14.7
	Total/Weighted Average		8,081,376		$	22.60		$	182.6		$	2.7		$	179.9


Schedule of "at the market" ("ATM") stock offering programs	The following sets forth the Company’s ATM common stock offering programs as of March 31, 2015, from which it may from time to time sell its common stock through sales agents (in thousands):




								Aggregate
					Maximum			Common Stock
					Aggregate			Available as of
	ATM Stock Offering Program		Date		Offering Price			March 31, 2015
	2014 $150 million ATM		March 10, 2014		$	150,000		$	17,321
	2014 $200 million ATM		10-Sep-14		$	200,000		$	154,818

Noncontrolling_Interest_Tables

Noncontrolling Interest (Tables)	3 Months Ended
Noncontrolling Interest (Tables)	Mar. 31, 2015
Noncontrolling Interest
Summary of activity in noncontrolling interests
			Other			Total
			Noncontrolling			Noncontrolling	Noncontrolling
			Common Units		LTIP Units	Common Units	Interest
	Balance at December 31, 2013		6,299,186		599,464	6,898,650	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		—	-5,105,584	N/A
	Issuance/grant		—		719,572	719,572	N/A
	Forfeitures		—		—	—	N/A
	Redemption of Common Units for cash		-80,789		—	-80,789	N/A
	Balance at December 31, 2014		1,124,813		1,307,036	2,431,849	3.64	%
	Issuance/grant		812,676		223,069	1,035,745	N/A
	Forfeitures		—		—	—	N/A
	Redemption of Common Units for cash		-2,400		—	-2,400	N/A
	Balance at March 31, 2015		1,935,089		1,530,105	3,465,194	5.07	%


2011 Equity Incentive Plan \| LTIP Units
Noncontrolling Interest
Schedule of assumptions for valuing units issued
				Assumptions
	Grant date		12-Jan-15
	Expected term			10 years
	Expected volatility			20.0%
	Expected dividend yield			6.0%
	Risk-free interest rate			0.6159%
	Fair value of LTIP units at issuance (in millions)		$	5.4
	LTIP units at issuance			223,069
	Fair value unit price per LTIP unit at issuance		$	24.43


Schedule of activity related to share-based compensation

			LTIP Units
	Unvested at December 31, 2013		368,760
	Granted/Issued		719,572
	Vested		-639,445	-1
	Forfeited		—
	Unvested at December 31, 2014		448,887
	Granted		223,069
	Vested		-51,420
	Forfeited		—
	Unvested at March 31, 2015		620,536	-2


		-1		On September 23, 2014, the Company issued 397,590 LTIP units, related to the settlement of the 2011 Outperformance Program.
		-2		The unrecognized compensation expense associated with the Company’s LTIP units at March 31, 2015 was $11.3 million.

Equity_Incentive_Plan_Tables

Equity Incentive Plan (Tables)	3 Months Ended
Equity Incentive Plan (Tables)	Mar. 31, 2015
Equity Incentive Plan
Summary of Equity Compensation Expense

		For the three months ended March 31,
	Equity compensation expense (in millions)	2015		2014
	Restricted stock	$	0.5	$	0.3
	LTIP units		1.1		0.6
	Outperformance programs		0.1		0.1
	Board of directors compensation		0.1		0.1
	Total equity compensation expense	$	1.8	$	1.1

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2015
Earnings Per Share
Schedule of computation of basic and diluted earnings per common share

		Three months ended
		March 31, 2015
	Numerator
	Net loss from continuing operations	$	-1,427
	Less: preferred stock dividends		2,712
	Less: amount allocated to unvested restricted stockholders		101
	Less: loss attributable to noncontrolling interest after preferred stock dividends		-198
	Loss from continuing operations attributable to common stockholders	$	-4,042
	Denominator
	Weighted average common shares outstanding—basic and diluted		64,286,213
	Loss per share—basic and diluted	$	-0.06



		Three months ended
		March 31, 2014
	Numerator
	Net income from continuing operations	$	21
	Less: preferred stock dividends		2,712
	Less: amount allocated to unvested restricted stockholders		88
	Less: loss attributable to noncontrolling interest after preferred stock dividends		-364
	Loss from continuing operations attributable to common stockholders	$	-2,415
	Denominator
	Weighted average common shares outstanding—basic and diluted		45,139,481
	Loss per share—basic and diluted	$	-0.05

Organization_and_Description_o1

Organization and Description of Business (Details)	3 Months Ended	12 Months Ended
Organization and Description of Business (Details)	Mar. 31, 2015	Dec. 31, 2014
Real estate properties
Number of properties	253
Number of states in which the entity owned buildings	36
Area (in square feet)	48,500,000
Percentage of buildings leased to tenants	94.40%
Number of tenants	231
Warehouse - Distribution buildings
Real estate properties
Number of properties	183
Light Manufacturing buildings
Real estate properties
Number of properties	50
Flex - Office buildings
Real estate properties
Number of properties	20
Land
Real estate properties
Number of properties	3
STAG Industrial Operating Partnership, L.P.
Real estate properties
Ownership interest in Operating Partnership (as a percent)	94.93%	96.36%

Summary_of_Significant_Account2

Summary of Significant Accounting Policies - Tenant Accounts Receivable (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Tenant Accounts Receivable, net
Allowance for doubtful accounts	$0.30	$0.10
Accrued rental revenue	14.1	12.8
Allowance on accrued rental revenue	0.1	0
Lease security deposits available in existing letters of credit	6.3	6.7
Lease security deposits available in cash	$3.50	$3.50

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Revenue Recognition (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 17, 2014
	sqft	Mar. 31, 2014	sqft
Revenue Recognition
Estimated amount of real estate taxes, which are the responsibility of tenants	$2.50	$2.50
Area (in square feet)	48,500,000
Belfast, ME
Revenue Recognition
Area (in square feet)			90,051
Square feet terminated under amendment effective November 30, 2015			228,928
Termination fee payable by tenant			2.1
Belfast, ME \| Rental income
Revenue Recognition
Lease termination fee income	$0.50

Summary_of_Significant_Account4

Summary of Significant Accounting Policies - Taxes (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
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	$200,000
Liabilities for uncertain tax positions	$0		$0

Rental_Property_Summary_Detail

Rental Property - Summary (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Components of rental property
Total rental property, net	$1,628,245	$1,558,080
Accumulated depreciation	117,106	105,789
Deferred leasing intangibles
Components of rental property
Total rental property, net	254,155	247,904
Accumulated amortization	159,206	146,026
Land
Components of rental property
Total rental property, net	202,930	191,238
Building
Components of rental property
Total rental property, net	1,093,054	1,042,086
Accumulated depreciation	82,836	75,116
Tenant improvements
Components of rental property
Total rental property, net	22,175	22,619
Accumulated depreciation	22,358	20,943
Building and land improvements
Components of rental property
Total rental property, net	55,931	54,233
Accumulated depreciation	$11,912	$9,730

Rental_Property_Acquisitions_D

Rental Property - Acquisitions (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
	building
	sqft
Acquired during the period
Area (in square feet)	48,500,000
2015 Q1 Acquisitions
Acquired during the period
Area (in square feet)	1,485,717
Number of buildings acquired	5
Purchase price	$97,083
Burlington, NJ
Acquired during the period
Area (in square feet)	503,490
Number of buildings acquired	1
Purchase price	34,883
Greenville, SC
Acquired during the period
Area (in square feet)	157,500
Number of buildings acquired	1
Purchase price	4,800
North Haven, CT
Acquired during the period
Area (in square feet)	824,727
Number of buildings acquired	3
Purchase price	$57,400

Rental_Property_Acquisitions_A

Rental Property - Acquisitions - Allocation of Consideration (Details) (USD $)	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Jan. 22, 2015
2015 Acquisitions
Allocation of the consideration paid for the acquired assets and liabilities
Land	$11,692,000
Buildings	58,686,000
Tenant improvements	1,048,000
Building and land Improvements	3,132,000
Total: Aggregate purchase price	97,083,000
Less: Mortgage note payable assumed	-11,765,000
Net assets acquired	85,318,000
2015 Acquisitions \| In-place leases
Allocation of the consideration paid for the acquired assets and liabilities
Amortizable intangible assets	13,540,000
Weighted Average Amortization Period of Lease Intangibles	5 years 7 months 6 days
2015 Acquisitions \| Tenant relationships
Allocation of the consideration paid for the acquired assets and liabilities
Amortizable intangible assets	7,595,000
Weighted Average Amortization Period of Lease Intangibles	8 years 1 month 6 days
2015 Acquisitions \| Above market leases
Allocation of the consideration paid for the acquired assets and liabilities
Amortizable intangible assets	2,133,000
Weighted Average Amortization Period of Lease Intangibles	8 years 3 months 18 days
2015 Acquisitions \| Below market leases
Allocation of the consideration paid for the acquired assets and liabilities
Below market leases	-743,000
Weighted Average Amortization Period of Lease Intangibles	7 years 8 months 12 days
Burlington, NJ
Consideration transferred
Purchase price, excluding equity issued		13,000,000
Less: Mortgage note payable assumed		-11,800,000
Purchase price paid in cash		1,200,000
Burlington, NJ \| Common Units
Consideration transferred
Redemption of units for cash (in shares)		812,676
Fair value of common units issued		$21,900,000
Trailing-average stock price, number of days included		10 days

Rental_Property_Acquisitions_P

Rental Property - Acquisitions - Pro Forma (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Results of operations of acquired properties
Property acquisition costs	$318	$559
Pro forma information
Total revenue	52,483	42,895
Net income (loss)	-1,627	113
Net loss attributable to common stockholders	-4,232	-2,335
Weighted average shares outstanding	64,286,213	45,139,481
Loss per share attributable to common stockholders	($0.07)	($0.05)
2015 Acquisitions
Results of operations of acquired properties
Revenue	885
Property acquisition costs	246
Net loss	-247
2015 Acquisitions \| Acquisition-related costs adjustments
Pro forma information
Net income (loss)	200
2014 Acquisitions \| Acquisition-related costs adjustments
Pro forma information
Net income (loss)		$400

Rental_Property_Deferred_Leasi

Rental Property - Deferred Leasing Intangibles - Balance Sheet Disclosures (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Deferred leasing intangibles, assets
Gross	$413,361	$393,930
Less: Accumulated amortization	-159,206	-146,026
Net	254,155	247,904
Deferred leasing intangibles, liabilities
Gross	17,488	16,745
Less: Accumulated amortization	-7,242	-6,565
Net	10,246	10,180
Other Intangible Lease Assets
Deferred leasing intangibles, assets
Gross	349,785	330,100
Less: Accumulated amortization	-133,470	-120,645
Net	216,315	209,455
Above market leases
Deferred leasing intangibles, assets
Gross	63,576	63,830
Less: Accumulated amortization	-25,736	-25,381
Net	37,840	38,449
Below market leases
Deferred leasing intangibles, liabilities
Gross	17,488	16,745
Less: Accumulated amortization	-7,242	-6,565
Net	$10,246	$10,180

Rental_Property_Deferred_Leasi1

Rental Property - Deferred Leasing Intangibles - Income Statement Disclosures (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Above and Below Market Leases
Deferred leasing intangibles
Net decrease to rental revenue related to above and below market lease amortization	$2,100,000	$1,500,000
Net Decrease to Rental Income Related to Above and Below Market Leases
Remainder of 2015	6,002,000
2016	5,606,000
2017	3,941,000
2018	2,699,000
2019	2,408,000
Other Intangible Lease Assets
Deferred leasing intangibles
Other intangible lease assets amortization expense	14,300,000	11,500,000
Estimated Net Amortization of In-Place Leases, Leasing Commissions and Tenant Relationships
Remainder of 2015	40,909,000
2016	46,997,000
2017	37,992,000
2018	29,114,000
2019	$20,604,000

Debt_Summary_Details

Debt - Summary (Details) (USD $)	3 Months Ended		0 Months Ended			12 Months Ended	0 Months Ended
Debt - Summary (Details) (USD $)	Mar. 31, 2015	Mar. 31, 2014	Jan. 22, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2014	Feb. 20, 2015
Debt instruments
Weighted-average interest rate (as a percent)	4.47%			4.47%
Principal outstanding	$747,131,000			747,131,000	686,347,000	686,347,000
Notional Amount	300,000,000			300,000,000
Assumption of mortgage notes payable	11,765,000
Deferred financing fees incurred during the period	1,000,000
Deferred financing fees, net	8,400,000			8,400,000	7,800,000	7,800,000
Amortization of deferred financing fees	300,000	300,000
Burlington, NJ
Debt instruments
Assumption of mortgage notes payable			11,800,000
One-Month LIBOR
Debt instruments
Interest rate margin (as a percent)				0.18%	0.17%
Unsecured credit facility
Debt instruments
Principal outstanding	73,000,000			73,000,000	131,000,000	131,000,000
$300 Million Wells Fargo Unsecured Credit Facility
Debt instruments
Face amount of debt	300,000,000			300,000,000	300,000,000	300,000,000
Principal outstanding	73,000,000			73,000,000	131,000,000	131,000,000
Remaining borrowing capacity	227,000,000			227,000,000
$300 Million Wells Fargo Unsecured Credit Facility \| LIBOR
Debt instruments
Interest rate margin (as a percent)	1.15%					1.15%
Unsecured term loans
Debt instruments
Principal outstanding	150,000,000			150,000,000	150,000,000	150,000,000
2014 $150 MIllion Wells Fargo Unsecured Term Loan A
Debt instruments
Face amount of debt	150,000,000			150,000,000	150,000,000	150,000,000
Principal outstanding	150,000,000			150,000,000	150,000,000	150,000,000
Remaining borrowing capacity	0			0
2014 $150 MIllion Wells Fargo Unsecured Term Loan A \| LIBOR
Debt instruments
Interest rate margin (as a percent)	1.65%					1.65%
$150 Million Wells Fargo Unsecured Term Loan B
Debt instruments
Face amount of debt	150,000,000			150,000,000	150,000,000	150,000,000
Remaining borrowing capacity	150,000,000			150,000,000
$150 Million Wells Fargo Unsecured Term Loan B \| LIBOR
Debt instruments
Interest rate margin (as a percent)	1.70%					1.70%
Unsecured notes
Debt instruments
Principal outstanding	300,000,000			300,000,000	180,000,000	180,000,000
$50 Million Series A Unsecured Notes
Debt instruments
Face amount of debt	50,000,000			50,000,000	50,000,000	50,000,000
Interest Rate (as a percent)	4.98%			4.98%	4.98%	4.98%
Principal outstanding	50,000,000			50,000,000	50,000,000	50,000,000
$50 Million Series B Unsecured Notes
Debt instruments
Face amount of debt	50,000,000			50,000,000	50,000,000	50,000,000
Interest Rate (as a percent)	4.98%			4.98%	4.98%	4.98%
Principal outstanding	50,000,000			50,000,000	50,000,000	50,000,000
$80 Million Series C Unsecured Notes
Debt instruments
Face amount of debt	80,000,000			80,000,000	80,000,000	80,000,000
Interest Rate (as a percent)	4.42%			4.42%	4.42%	4.42%
Principal outstanding	80,000,000			80,000,000	80,000,000	80,000,000
$100 Million Series D Unsecured Notes
Debt instruments
Face amount of debt	100,000,000			100,000,000			100,000,000
Interest Rate (as a percent)	4.32%			4.32%			4.32%
Long-term debt, gross							100,000,000
Principal outstanding	100,000,000			100,000,000
Debt instrument maturity term							10 years
$20 Million Series E Unsecured Notes
Debt instruments
Face amount of debt	20,000,000			20,000,000			20,000,000
Interest Rate (as a percent)	4.42%			4.42%			4.42%
Long-term debt, gross							20,000,000
Principal outstanding	20,000,000			20,000,000
Debt instrument maturity term							12 years
Mortgage notes payable
Debt instruments
Long-term debt, gross	223,861,000			223,861,000	225,039,000	225,039,000
Total unamortized fair market value premium	270,000			270,000	308,000	308,000
Principal outstanding	224,131,000			224,131,000	225,347,000	225,347,000
Sun Life Assurance Company of Canada (U.S.)
Debt instruments
Interest Rate (as a percent)	6.05%			6.05%	6.05%	6.05%
Long-term debt, gross	3,393,000			3,393,000	3,445,000	3,445,000
Webster Bank, National Association
Debt instruments
Interest Rate (as a percent)	4.22%			4.22%	4.22%	4.22%
Long-term debt, gross	5,636,000			5,636,000	5,677,000	5,677,000
Union Fidelity Life Insurance Co.
Debt instruments
Interest Rate (as a percent)	5.81%			5.81%	5.81%	5.81%
Long-term debt, gross	6,017,000			6,017,000	6,103,000	6,103,000
Webster Bank, maturity date May 29, 2017
Debt instruments
Interest Rate (as a percent)	3.66%			3.66%	3.66%	3.66%
Long-term debt, gross	3,013,000			3,013,000	3,035,000	3,035,000
Webster Bank, maturity date May 31, 2017
Debt instruments
Interest Rate (as a percent)	3.64%			3.64%	3.64%	3.64%
Long-term debt, gross	3,244,000			3,244,000	3,268,000	3,268,000
Wells Fargo, National Association
Debt instruments
Interest Rate (as a percent)	5.90%			5.90%	5.90%	5.90%
Long-term debt, gross	4,165,000			4,165,000	4,182,000	4,182,000
CIGNA facilities
Debt instruments
Prepayment terms - Penalty-free pre-payable period	6 months
CIGNA-1 Facility
Debt instruments
Interest Rate (as a percent)	6.50%			6.50%	6.50%	6.50%
Long-term debt, gross	57,835,000			57,835,000	58,050,000	58,050,000
CIGNA-2 Facility
Debt instruments
Interest Rate (as a percent)	5.75%			5.75%	5.75%	5.75%
Long-term debt, gross	58,825,000			58,825,000	59,065,000	59,065,000
CIGNA-3 Facility
Debt instruments
Interest Rate (as a percent)	5.88%			5.88%	5.88%	5.88%
Long-term debt, gross	16,587,000			16,587,000	16,647,000	16,647,000
Wells Fargo, CMBS Loan
Debt instruments
Interest Rate (as a percent)	4.31%			4.31%	4.31%	4.31%
Long-term debt, gross	65,146,000			65,146,000	65,567,000	65,567,000
Unsecured credit facility and unsecured term loans
Debt instruments
Remaining borrowing capacity	$377,000,000			377,000,000

Debt_Fair_Value_Details

Debt - Fair Value (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fair Value of Debt
Total carrying value	747,131	686,347
Unsecured credit facility
Fair Value of Debt
Total carrying value	73,000	131,000
Unsecured term loans
Fair Value of Debt
Total carrying value	150,000	150,000
Unsecured notes
Fair Value of Debt
Total carrying value	300,000	180,000
Mortgage notes payable
Fair Value of Debt
Principal Amount	223,861	225,039
Total unamortized fair market value premium	270	308
Total carrying value	224,131	225,347
Carrying Amount
Fair Value of Debt
Principal Amount	746,861	686,039
Total unamortized fair market value premium	270	308
Total carrying value	747,131	686,347
Carrying Amount \| Unsecured credit facility
Fair Value of Debt
Principal Amount	73,000	131,000
Carrying Amount \| Unsecured term loans
Fair Value of Debt
Principal Amount	150,000	150,000
Carrying Amount \| Unsecured notes
Fair Value of Debt
Principal Amount	300,000	180,000
Carrying Amount \| Mortgage notes payable
Fair Value of Debt
Principal Amount	223,861	225,039
Level 3 Inputs \| Minimum
Fair Value of Debt
Discount rate at which cash flows are discounted (as a percent)	1.33%	1.32%
Level 3 Inputs \| Maximum
Fair Value of Debt
Discount rate at which cash flows are discounted (as a percent)	3.89%	4.27%
Level 3 Inputs \| Fair Value
Fair Value of Debt
Fair value	781,800	706,189
Level 3 Inputs \| Fair Value \| Unsecured credit facility
Fair Value of Debt
Fair value	73,000	131,000
Level 3 Inputs \| Fair Value \| Unsecured term loans
Fair Value of Debt
Fair value	150,493	150,000
Level 3 Inputs \| Fair Value \| Unsecured notes
Fair Value of Debt
Fair value	318,941	187,587
Level 3 Inputs \| Fair Value \| Mortgage notes payable
Fair Value of Debt
Fair value	239,366	237,602

Use_of_Derivative_Financial_In2

Use of Derivative Financial Instruments - Risk Management and Unsecured Loan Swaps (Details) (USD $)	0 Months Ended
	Jan. 08, 2015	Mar. 31, 2015	Dec. 31, 2014
	derivative	Mar. 31, 2015	Dec. 31, 2014
Unsecured Term Loan Swaps
Number of additional interest rate swaps	7
Notional Amount		$300,000,000
Fair value - assets		111,000	959,000
Fair value - liabilities		-4,037,000	-873,000
PNC Bank, National Association
Unsecured Term Loan Swaps
Notional amount assets		10,000,000
Fair value - assets		4,000
Fixed Interest Rate (as a percent)		0.79%
Bank of America
Unsecured Term Loan Swaps
Notional amount assets		10,000,000
Fair value - assets		4,000
Fixed Interest Rate (as a percent)		0.79%
UBS AG
Unsecured Term Loan Swaps
Notional amount assets		10,000,000
Fair value - assets		4,000
Fixed Interest Rate (as a percent)		0.79%
Royal Bank of Canada
Unsecured Term Loan Swaps
Notional amount assets		10,000,000
Fair value - assets		4,000
Fixed Interest Rate (as a percent)		0.79%
RJ Capital Services, Inc.
Unsecured Term Loan Swaps
Notional amount assets		10,000,000
Fair value - assets		3,000
Fixed Interest Rate (as a percent)		0.80%
Bank of America
Unsecured Term Loan Swaps
Notional amount assets		25,000,000
Fair value - assets		35,000
Fixed Interest Rate (as a percent)		0.75%
RJ Capital Services, Inc.
Unsecured Term Loan Swaps
Notional amount assets		25,000,000
Fair value - assets		51,000
Fixed Interest Rate (as a percent)		0.73%
Regions Bank
Unsecured Term Loan Swaps
Notional amount assets		25,000,000
Fair value - assets		6,000
Fixed Interest Rate (as a percent)		1.33%
Capital One, N.A.
Unsecured Term Loan Swaps
Notional amount liabilities		50,000,000
Fair value - liabilities		-801,000
Fixed Interest Rate (as a percent)		1.70%
Capital One, N.A.
Unsecured Term Loan Swaps
Notional amount liabilities		25,000,000
Fair value - liabilities		-427,000
Fixed Interest Rate (as a percent)		1.68%
Regions Bank
Unsecured Term Loan Swaps
Notional amount liabilities		25,000,000
Fair value - liabilities		-782,000
Fixed Interest Rate (as a percent)		1.99%
Royal Bank of Canada, effective March 20, 2015
Unsecured Term Loan Swaps
Notional amount liabilities		25,000,000
Fair value - liabilities		-297,000
Fixed Interest Rate (as a percent)		1.71%
Toronto-Dominion Bank, effective March 20, 2015
Unsecured Term Loan Swaps
Notional amount liabilities		25,000,000
Fair value - liabilities		-297,000
Fixed Interest Rate (as a percent)		1.71%
Wells Fargo Bank, effective March 20, 2015
Unsecured Term Loan Swaps
Notional amount liabilities		25,000,000
Fair value - liabilities		-340,000
Fixed Interest Rate (as a percent)		1.83%
Toronto-Dominion Bank, effective September 10, 2017
Unsecured Term Loan Swaps
Notional amount liabilities		0
Fair value - liabilities		-678,000
Fixed Interest Rate (as a percent)		2.23%
Toronto-Dominion Bank, effective February 14, 2020
Unsecured Term Loan Swaps
Notional amount liabilities		0
Fair value - liabilities		-59,000
Fixed Interest Rate (as a percent)		2.45%
Regions Bank, effective February 14, 2020
Unsecured Term Loan Swaps
Notional amount liabilities		0
Fair value - liabilities		-175,000
Fixed Interest Rate (as a percent)		2.48%
Capital One, N.A. effective February 14, 2020
Unsecured Term Loan Swaps
Notional amount liabilities		0
Fair value - liabilities		($181,000)
Fixed Interest Rate (as a percent)		2.53%

Use_of_Derivative_Financial_In3

Use of Derivative Financial Instruments - FV of Interest Rate Swaps (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Fair value of the interest rate swaps outstanding
Fair value - assets	$111,000	$959,000
Unsecured Debt Swaps	-4,037,000	-873,000
Unsecured Debt Swaps \| Interest Rate Swaps
Fair value of the interest rate swaps outstanding
Notional amount assets	125,000,000	125,000,000
Fair value - assets	111,000	959,000
Notional amount liabilities	175,000,000	100,000,000
Unsecured Debt Swaps	($4,037,000)	($873,000)
Number of interest rate swaps with no current notional amount	4

Use_of_Derivative_Financial_In4

Use of Derivative Financial Instruments - Cash Flow Hedges of Interest Rate Risk (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
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	$3,200,000
Amount of income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion)	-4,671,000	-1,666,000
Amount of loss reclassified from accumulated other comprehensive income (loss) into income (loss) as interest expense (effective portion)	666,000	584,000
Amount of loss recognized in income on swaps (ineffective portion and amount excluded from effectiveness testing)	0	0
Interest Rate Swaps
Credit-risk-related Contingent Features
Number of interest rate swaps in asset position	8
Total number of interest rate swaps	18
Fair values of the interest rate swaps in an asset position	100,000
Number of interest rate swaps in liability position	10
Fair values of the interest rate swaps in a liability position	4,100,000
Value of adjustment for nonperformance risk related to net asset position	-17,000
Value of adjustment for nonperformance risk related to net liability position	27,000
Accrued interest expense	200,000
Termination value required to settle obligations under agreements	$4,200,000

Use_of_Derivative_Financial_In5

Use of Derivative Financial Instruments - FV on Recurring Basis (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Assets (liabilities):
Interest rate swaps	$111	$959
Fair value - liabilities	-4,037	-873
Fair value on recurring basis \| Fair Value
Assets (liabilities):
Interest rate swaps	111	959
Fair value - liabilities	-4,037	-873
Fair value on recurring basis \| Level 2
Assets (liabilities):
Interest rate swaps	111	959
Fair value - liabilities	($4,037)	($873)

Stockholders_Equity_Preferred_

Stockholders' Equity - Preferred Stock (Details) (USD $)	3 Months Ended	0 Months Ended		3 Months Ended				12 Months Ended	0 Months Ended
	Mar. 31, 2015	4-May-15	Nov. 02, 2011	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014	Apr. 16, 2013
	item	4-May-15	Nov. 02, 2011	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014	Apr. 16, 2013
Stockholders' Equity
Authorized shares of preferred stock	10,000,000			10,000,000				10,000,000
Par value per share	0.01			$0.01				$0.01
Series A and B Preferred Stock
Stockholders' Equity
Number of outstanding stock issuances	2
Series A Preferred Stock
Stockholders' Equity
Number of shares			2,760,000
Par value per share			$0.01
Price per share (in dollars per share)			$25
Interest rate (as a percent)			9.00%
Dividend declared (in dollars per share)	0.5625	$0.56		$0.56	$0.56	$0.56	$0.56	$2.25
Series B Preferred Stock
Stockholders' Equity
Number of shares									2,800,000
Par value per share									$0.01
Price per share (in dollars per share)									$25
Interest rate (as a percent)									6.63%
Dividend declared (in dollars per share)	0.4140625	$0.41		$0.41	$0.41	$0.41	$0.41	$1.66

Stockholders_Equity_Common_Sto

Stockholders' Equity - Common Stock (Details) (USD $)	0 Months Ended	3 Months Ended		0 Months Ended	1 Months Ended															12 Months Ended
Stockholders' Equity - Common Stock (Details) (USD $)	4-May-15	Mar. 31, 2015	Mar. 31, 2014	Feb. 20, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Dec. 31, 2014	Nov. 30, 2014	Oct. 31, 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, 2014
Stockholders' Equity
Net Proceeds		$10,133,000	$77,568,000
Dividends declared (in dollars per share)	$0.12
Common Stock
Stockholders' Equity
Dividends declared (in dollars per share)		$0.34		$0.11	$0.11	$0.11	$0.11	$0.11	$0.11	$0.11	$0.11	$0.11	$0.11	$0.11	$0.11	$0.11	$0.11	$0.11	$0.11	$1.29
Common Stock \| 2012 $75 million ATM
Stockholders' Equity
Shares sold																				661,930
Average Price per Share (in dollars per share)								$22.47												$22.47
Gross Proceeds																				14,900,000
Sales Agents' Fees																				200,000
Net Proceeds																				14,700,000
Common Stock \| 2014 $150 million ATM
Stockholders' Equity
Maximum Aggregate Offering Price		150,000,000			150,000,000
Aggregate Common Stock Available		17,321,000			17,321,000
Shares sold																				5,760,651
Average Price per Share (in dollars per share)								$23.03												$23.03
Gross Proceeds																				132,700,000
Sales Agents' Fees																				2,000,000
Net Proceeds																				130,700,000
Common Stock \| 2014 $200 million ATM
Stockholders' Equity
Maximum Aggregate Offering Price		200,000,000			200,000,000
Aggregate Common Stock Available		154,818,000			154,818,000
Shares sold		417,115																		1,658,795
Average Price per Share (in dollars per share)		$24.29			$24.29			$21.13												$21.13
Gross Proceeds		10,100,000																		35,000,000
Sales Agents' Fees		100,000																		500,000
Net Proceeds		10,000,000																		34,500,000
Common Stock \| At The Market (ATM) Program
Stockholders' Equity
Shares sold		417,115																		8,081,376
Average Price per Share (in dollars per share)		$24.29			$24.29			$22.60												$22.60
Gross Proceeds		10,100,000																		182,600,000
Sales Agents' Fees		100,000																		2,700,000
Net Proceeds		$10,000,000																		$179,900,000

Stockholders_Equity_Board_Comp

Stockholders' Equity - Board Compensation (Details) (Common Stock, 2011 Equity Incentive Plan, USD $)	3 Months Ended					12 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014
Common Stock \| 2011 Equity Incentive Plan
Stockholders' Equity
Number of days of average trailing stock price used to calculate number of shares of common stock granted	10 days
Issuance of shares to directors for their services	3,731	3,298	3,958	3,473	3,471	14,200
Fair value of shares issued to directors for their services	$84	$87	$88	$83	$83	$341

Stockholders_Equity_Restricted

Stockholders' Equity - Restricted Stock (Details) (2011 Equity Incentive Plan, Restricted stock, USD $)	0 Months Ended	3 Months Ended		12 Months Ended
In Millions, except Share data, unless otherwise specified	Jan. 12, 2015	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
	installment	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
2011 Equity Incentive Plan \| Restricted stock
Restricted Stock-Based Compensation
Number of equal vesting installments	3
Shares
Unvested at beginning of period (in shares)		263,916	214,389	214,389
Granted (in shares)		94,290		103,149
Vested (in shares)		-57,528	-37,228	-51,885
Forfeited (in shares)		-2,171		-1,737
Unvested at end of period (in shares)		298,507		263,916
Grant date fair value (in dollars per share)		$26.17		$20.13
Unrecognized Compensation Expense
Unrecognized compensation expense		$5.30
Other information
Number of shares vested		57,528	37,228	51,885
Fair value of shares vested		$1.40	$0.80

Noncontrolling_Interest_Detail

Noncontrolling Interest (Details) (Operating Partnership, Noncontrolling Interest - Unit holders in Operating Partnership)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Common Units
Noncontrolling interest
Ownership interest held by noncontrolling owners (as a percent)	5.07%	3.64%	13.35%
Noncontrolling interest
Balance, beginning of period (in shares)	2,431,849	6,898,650
Redemptions from Common Units to Common Stock		-5,105,584
Issuance/grant	1,035,745	719,572
Redemption of Common Units for cash	-2,400	-80,789
Balance, end of period (in shares)	3,465,194	2,431,849
Other Noncontrolling Common Units
Noncontrolling interest
Balance, beginning of period (in shares)	1,124,813	6,299,186
Conversions from LTIP units to Common Units		12,000
Redemptions from Common Units to Common Stock		-5,105,584
Issuance/grant	812,676
Redemption of Common Units for cash	-2,400	-80,789
Balance, end of period (in shares)	1,935,089	1,124,813
LTIP Units
Noncontrolling interest
Balance, beginning of period (in shares)	1,307,036	599,464
Conversions from LTIP units to Common Units		-12,000
Issuance/grant	223,069	719,572
Balance, end of period (in shares)	1,530,105	1,307,036

Noncontrolling_Interest_Acquis

Noncontrolling Interest - Acquisitions (Details) (Common Units, USD $)	3 Months Ended	0 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Jan. 22, 2015
Operating Partnership \| Noncontrolling Interest - Unit holders in Operating Partnership
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
Burlington, NJ
Noncontrolling interest
Number of common units issued as a consideration for purchase of properties		812,676
Fair value of common units issued		$21.90
Trailing-average stock price, number of days included		10 days

Noncontrolling_Interest_LTIP_D

Noncontrolling Interest - LTIP (Details) (2011 Equity Incentive Plan, LTIP Units)	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Jan. 12, 2015
Share-based compensation
Conversion ratio of noncontrolling units	1
Certain executive officers and independent directors
Share-based compensation
Vested units eligible for conversion	1,307,036
Outstanding awards (in shares)	1,530,105
Executive officers \| Awards vest over three years
Share-based compensation
Vesting period (in years)		3 years
Directors
Share-based compensation
Vesting period (in years)		1 year

Noncontrolling_Interest_Fair_V

Noncontrolling Interest - Fair Value Assumptions (Details) (LTIP Units, 2011 Equity Incentive Plan, USD $)	0 Months Ended	3 Months Ended		12 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 23, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
LTIP Units \| 2011 Equity Incentive Plan
Assumptions
Expected term		10 years
Expected volatility (as a percent)		20.00%
Expected dividend yield (as a percent)		6.00%
Risk-free interest rate (as a percent)		0.62%
Fair value of units at issuance		$5.40
Units at issuance (in shares)	397,590	223,069		719,572
Fair value share price per unit		$24.43
Summary of share-based compensation activity
Unvested at beginning of period (in shares)		448,887	368,760	368,760
Granted (in shares)	397,590	223,069		719,572
Vested (in shares)		-51,420	-41,181	-639,445
Unvested at end of period (in shares)		620,536		448,887
Unrecognized compensation expense		11.3
Fair value of shares vested		$1.20	$1

Equity_Incentive_Plan_Summary_

Equity Incentive Plan - Summary (Details) (2015 Outperformance Program, USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2015
	item
Share-based compensation
Measurement period	3 years
Beginning value of the company's common stock (in dollars per share)	$24.49
Percentage of excess total stockholder return above relative total stockholder return hurdle	10.00%
Assumptions
Value of awards	$1.60
Number of simulations run to determine the fair value of awards	500,000
Expected volatility (as a percent)	20.00%
Risk free rate (as a percent)	0.98%
Minimum
Share-based compensation
Threshold percentage of increase in cumulative absolute total stockholder return	25.00%
Maximum
Share-based compensation
Shares of common stock awarded under the plan as a percentage of common stock issued and outstanding	0.24%
Amount of aggregate reward that can be earned by all recipients collectively	$15.40
MSCI US REIT Index
Share-based compensation
Percentage points added to base return rate in calculating relative total stockholder return hurdle	5.00%
Assumptions
MSCI US REIT Index (as a percent)	13.60%

Equity_Incentive_Plan_Amortiza

Equity Incentive Plan - Amortization of Restricted Stock (Details) (General and Administrative Expenses, USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Equity Incentive Plan
Total Equity Compensation Expense	$1.80	$1.10
Restricted stock
Equity Incentive Plan
Total Equity Compensation Expense	0.5	0.3
LTIP Units
Equity Incentive Plan
Total Equity Compensation Expense	1.1	0.6
OPP Awards
Equity Incentive Plan
Total Equity Compensation Expense	0.1	0.1
Directors
Equity Incentive Plan
Total Equity Compensation Expense	$0.10	$0.10

Earnings_Per_Share_Details

Earnings Per Share (Details) (Restricted stock)	3 Months Ended
Earnings Per Share (Details) (Restricted stock)	Mar. 31, 2015	Mar. 31, 2014
Restricted stock
Antidilutive participating securities
Unvested shares of restricted stock on a weighted average basis excluded from computation of earnings per share (in shares)	290,280	279,659

Earnings_Per_Share_Reconciliat

Earnings Per Share - Reconciliation of Numerator and Denominator (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Numerator
Net income (loss) from continuing operations	($1,427)	$21
Less: preferred stock dividends	2,712	2,712
Less: amount allocated to unvested restricted stockholders	101	88
Less: loss attributable to noncontrolling interest after preferred stock dividends	-198	-364
Loss from continuing operations attributable to common stockholders	($4,042)	($2,415)
Denominator
Weighted average common shares outstanding - basic and diluted	64,286,213	45,139,481
Loss per share - basic and diluted (in dollars per share)	($0.06)	($0.05)

Commitments_and_Contingencies_

Commitments and Contingencies - Agreements (Details) (One-time incentive fee, Columbus Nova, USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Commitments and Contingencies
Fair value of incentive fee	$0	$0
Discount rate at which cash flows are discounted (as a percent)	9.50%	9.50%
Fair value inputs, exit capitalization rate (as a percent)	9.80%	9.80%
Minimum
Commitments and Contingencies
Fair value inputs, market rent and expense growth rate (as a percent)	1.00%	1.00%
Maximum
Commitments and Contingencies
Fair value inputs, market rent and expense growth rate (as a percent)	3.00%	3.00%

Concentrations_of_Credit_Risk_

Concentrations of Credit Risk (Details)	3 Months Ended
	Mar. 31, 2015
	item
	tenant
Concentrations of credit risk
Number of tenants	231
Number of Industries	3
Rental income \| Credit risk \| Minimum
Concentrations of credit risk
Number of tenants	0
Concentration risk percentage	2.20%
Rental income \| Customer Concentration Risk
Concentrations of credit risk
Number of Industries	0
Rental income \| Customer Concentration Risk \| Maximum
Concentrations of credit risk
Concentration risk percentage	11.60%

Subsequent_Events_LTIP_and_Out

Subsequent Events - LTIP and Outperformance Program (Details) (Non-recognized Subsequent Event, Benjamin S. Butcher)	0 Months Ended
	4-May-15
Incentive Plans
Term of employment agreement	3 years
Length of contract extension term	1 year
Nonrenewal notice period	60 days
LTIP Units
Incentive Plans
Granted (in shares)	100,000
LTIP Units \| Awards vesting over six years - first vesting period
Incentive Plans
Vesting percentage	50.00%
LTIP Units \| Awards vesting over six years - second vesting period
Incentive Plans
Vesting percentage	16.67%