STAG Industrial (STAG) 10-Q 23 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 20, 2015
Entity Registrant Name	STAG Industrial, Inc.
Entity Central Index Key	1,479,094
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Common
Entity Common Stock, Shares Outstanding		68,077,685
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 ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Rental Property:
Land	$ 213,732	$ 191,238
Buildings and improvements, net of accumulated depreciation of $129,332 and $105,789, respectively	1,213,895	1,118,938
Deferred leasing intangibles, net of accumulated amortization of $176,789 and $146,026, respectively	256,413	247,904
Total rental property, net	1,684,040	1,558,080
Cash and cash equivalents	11,530	23,878
Restricted cash	7,959	6,906
Tenant accounts receivable, net	19,407	16,833
Prepaid expenses and other assets	24,810	22,531
Interest rate swaps	1,897	959
Due from related parties	99	130
Total assets	1,749,742	1,629,317
Liabilities:
Unsecured credit facility	87,000	131,000
Unsecured term loans	150,000	150,000
Unsecured notes	300,000	180,000
Mortgage notes payable	227,904	225,347
Accounts payable, accrued expenses and other liabilities	23,778	21,558
Interest rate swaps	1,117	873
Tenant prepaid rent and security deposits	12,085	11,480
Dividends and distributions payable	8,032	7,355
Deferred leasing intangibles, net of accumulated amortization of $7,916 and $6,565, respectively	10,090	10,180
Total liabilities	$ 820,006	$ 737,793
Commitments and contingencies (Note 10)
Equity:
Common stock, par value $0.01 per share, 100,000,000 shares authorized, 67,925,438 and 64,434,825 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	$ 679	$ 644
Additional paid-in capital	1,010,379	928,242
Common stock dividends in excess of earnings	(258,897)	(203,241)
Accumulated other comprehensive income (loss)	97	(489)
Total stockholders' equity	891,258	864,156
Noncontrolling interest	38,478	27,368
Total equity	929,736	891,524
Total liabilities and equity	1,749,742	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 ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Buildings and improvements, accumulated depreciation	$ 129,332	$ 105,789
Deferred leasing intangibles assets, accumulated amortization	176,789	146,026
Deferred leasing intangibles liabilities, accumulated amortization	$ 7,916	$ 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	67,925,438	64,434,825
Common stock, shares outstanding	67,925,438	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 Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue
Rental income	$ 45,220	$ 35,203	$ 88,470	$ 69,321
Tenant recoveries	7,485	6,279	15,072	11,695
Other income	131	200	283	409
Total revenue	52,836	41,682	103,825	81,425
Expenses
Property	10,071	8,606	20,316	16,591
General and administrative	7,495	8,283	15,024	13,758
Property acquisition costs	1,187	688	1,505	1,247
Depreciation and amortization	27,257	20,769	53,386	40,623
Loss on impairment	2,645		2,645
Other expenses	478	193	666	430
Total expenses	49,133	38,539	93,542	72,649
Other income (expense)
Interest income	2	4	5	8
Interest expense	(8,933)	(5,813)	(16,943)	(11,479)
Gain on sale of rental property				50
Total other income (expense)	(8,931)	(5,809)	(16,938)	(11,421)
Net income (loss) from continuing operations	(5,228)	(2,666)	(6,655)	(2,645)
Net income (loss)	(5,228)	(2,666)	(6,655)	(2,645)
Less: loss attributable to noncontrolling interest after preferred stock dividends	(397)	(310)	(592)	(766)
Net income (loss) attributable to STAG Industrial, Inc.	(4,831)	(2,356)	(6,063)	(1,879)
Less: preferred stock dividends	2,712	2,712	5,424	5,424
Less: amount allocated to unvested restricted stockholders	95	83	196	171
Net loss attributable to common stockholders	$ (7,638)	$ (5,151)	$ (11,683)	$ (7,474)
Weighted average common shares outstanding - basic and diluted (in shares)	65,285,388	52,865,801	64,788,561	49,023,985
Loss per share - basic and diluted
Loss from continuing operations attributable to common stockholders (in dollars per share)	$ (0.12)	$ (0.10)	$ (0.18)	$ (0.15)
Loss per share - basic and diluted (in dollars per share)	$ (0.12)	$ (0.10)	$ (0.18)	$ (0.15)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ (5,228)	$ (2,666)	$ (6,655)	$ (2,645)
Other comprehensive income (loss):
Income (loss) on interest rate swaps	4,621	(2,177)	616	(3,260)
Other comprehensive income ( loss)	4,621	(2,177)	616	(3,260)
Comprehensive loss	(607)	(4,843)	(6,039)	(5,905)
Net loss attributable to noncontrolling interest after preferred stock dividends	397	310	592	766
Other comprehensive loss attributable to noncontrolling interest	(232)	125	(30)	309
Comprehensive loss attributable to STAG Industrial, Inc.	$ (442)	$ (4,408)	$ (5,477)	$ (4,830)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	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
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		$ 52	119,313			119,365		119,365
Proceeds from sale of common stock (in shares)		5,188,072
Offering costs			(1,944)			(1,944)		(1,944)
Issuance of restricted stock, net		$ 1	(1)
Issuance of restricted stock, net (in shares)		101,934
Issuance of common stock (in shares)		6,015
Dividends and distributions, net	(5,424)			(31,731)		(37,155)	(2,902)	(40,057)
Non-cash compensation			1,098			1,098	3,116	4,214
Redemption of common units to common stock		$ 51	54,425			54,476	(54,476)
Redemption of common units to common stock (in shares)		5,093,584
Redemption of common units for cash							(342)	(342)
Rebalancing of noncontrolling interest			(5,682)			(5,682)	5,682
Other comprehensive income (loss)					(2,951)	(2,951)	(309)	(3,260)
Net income (loss)	5,424			(7,303)		(1,879)	(766)	(2,645)
Balance, end of period at Jun. 30, 2014	139,000	$ 551	744,248	(155,911)	489	728,377	21,518	749,895
Balance, end of period (in shares) at Jun. 30, 2014		55,153,982
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
Balance, end of period at Dec. 31, 2014	139,000	$ 644	928,242	(203,241)	(489)	864,156	27,368	891,524
Balance, end of period (in shares) at Dec. 31, 2014		64,434,852
Increase (Decrease) in Stockholders' Equity
Proceeds from sale of common stock		$ 33	71,793			71,826		71,826
Proceeds from sale of common stock (in shares)		3,305,397
Offering costs			(1,154)			(1,154)		(1,154)
Issuance of restricted stock, net		$ 1	(1)
Issuance of restricted stock, net (in shares)		87,336
Issuance of common stock (in shares)		7,029
Dividends and distributions, net	(5,424)			(44,169)		(49,593)	(2,413)	(52,006)
Non-cash compensation			1,417			1,417	2,330	3,747
Redemption of common units to common stock		$ 1	1,002			1,003	(1,003)
Redemption of common units to common stock (in shares)		90,824
Redemption of common units for cash							(64)	(64)
Issuance of units							21,902	21,902
Rebalancing of noncontrolling interest			9,080			9,080	(9,080)
Other comprehensive income (loss)					586	586	30	616
Net income (loss)	5,424			(11,487)		(6,063)	(592)	(6,655)
Balance, end of period at Jun. 30, 2015	$ 139,000	$ 679	$ 1,010,379	$ (258,897)	$ 97	$ 891,258	$ 38,478	$ 929,736
Balance, end of period (in shares) at Jun. 30, 2015		67,925,438

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income (loss)	$ (6,655)	$ (2,645)
Adjustment to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	53,386	40,623
Loss on impairment	2,645
Non-cash portion of interest expense	507	658
Intangible amortization in rental income, net	4,280	3,019
Straight-line rent adjustments, net	(2,708)	(1,622)
Dividends on forfeited equity compensation	11	128
Gain on sale of real estate		(50)
Non-cash compensation expense	3,747	4,245
Change in assets and liabilities:
Tenant accounts receivable, net	37	1,267
Restricted cash	(508)	(500)
Prepaid expenses and other assets	(3,183)	(2,438)
Accounts payable, accrued expenses and other liabilities	1,753	(2,968)
Tenant prepaid rent and security deposits	605	1,068
Due from related parties	31	29
Total adjustments	60,603	43,459
Net cash provided by operating activities	53,948	40,814
Cash flows from investing activities:
Acquisitions of land and buildings and improvements	(108,893)	(92,402)
Additions to building and other capital improvements	(4,594)	(3,811)
Additions to other assets	(565)
Proceeds from sale of rental property, net		473
Restricted cash	(545)	781
Acquisition deposits, net	1,095	(178)
Additions to deferred leasing intangibles	(32,907)	(25,472)
Net cash used in investing activities	(146,409)	(120,609)
Cash flows from financing activities:
Redemption of common units for cash	(64)	(342)
Proceeds from unsecured credit facility	100,000	51,500
Repayment of unsecured credit facility	(144,000)	(96,500)
Proceeds from unsecured term loans		50,000
Proceeds from unsecured notes	120,000
Repayment of mortgage notes payable	(14,124)	(2,208)
Payment of loan fees and costs	(1,038)	(1,386)
Dividends and distributions	(51,339)	(39,349)
Proceeds from sales of common stock	71,827	119,365
Offering costs	(1,149)	(1,944)
Net cash provided by financing activities	80,113	79,136
Increase (decrease) in cash and cash equivalents	(12,348)	(659)
Cash and cash equivalents-beginning of period	23,878	6,690
Cash and cash equivalents-end of period	11,530	6,031
Supplemental disclosure:
Cash paid for interest	14,412	10,858
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	(29,731)
Acquisition of deferred leasing intangibles	(8,940)
Assumption of mortgage notes payable	16,624
Non-cash investing activities included in additions of land and building improvements	(646)	(1,405)
Non-cash financing activities included in payment of loan fees and costs	(82)	(102)
Dividends and distributions declared but not paid	8,032	$ 6,003
Fair market value adjustment to mortgage notes payable acquired	$ 145

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 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 and has elected to be treated and intends to continue to qualify as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). As of June 30, 2015 and December 31, 2014 , the Company owned a 95.13% and 96.36% , respectively, common equity interest in the Operating Partnership. The Company, through its wholly owned subsidiary, is the sole general partner of the Operating Partnership. As used herein, the “Company” refers to STAG Industrial, Inc. and its consolidated subsidiaries and partnerships, including the Operating Partnership, except where context otherwise requires. As of June 30, 2015 , the Company owned 265 buildings in 37 states with approximately 50.0 million square feet, consisting of 194 warehouse/distribution buildings, 51 light manufacturing buildings and 20 flex/office buildings. The Company also owned four vacant land parcels adjacent to four of the Company’s buildings. Subject to receipt of any required governmental permits, these vacant parcels may be used for building expansion or otherwise sold as developable parcels. The Company’s buildings were approximately 95.0% leased to 242 tenants as of June 30, 2015 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended (the “2011 Plan”). All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis, for all periods presented. 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 ending December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. Upon the adoption of ASU 2015-03, 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 ending 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, 2017. Early adoption is permitted for the first interim period within annual reporting periods beginning after December 15, 2016. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations. 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 June 30, 2015 and December 31, 2014 , the Company had an allowance for doubtful accounts of $0.3 million and $0.1 million, respectively. Th e Company accrues rental income earned, but not yet receivable, in accordance with GAAP. As of June 30, 2015 and December 31, 2014 , the Comp any had accrued rental income of $15.4 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 income . As of June 30, 2015 and December 31, 2014 , the Company had an allowance for estimated losses on accrued rental income of $0 and $0 , respectively. As of June 30, 2015 and December 31, 2014 , the Company had a total of approximately $6.2 million and $6.7 million, respectively, of total lease security deposits available in the form of existing letters of credit, which are not reflected on the Company’s Consolidated Balance Sheets; and $3.9 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. These funds may be used to settle tenant accounts receivables in the event of a default under the related lease. Revenue Recognition Tenant Recoveries By the terms of their leases, certain tenants are obligated to pay directly the costs of their properties’ insurance, real estate taxes, ground lease payments, and certain other expenses, and these costs are not reflected on the Company’s consolidated financial statements. 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, were approximately $2.7 million, $5.2 million, $2.5 million and $5.0 million for the three and six months ended June 30, 2015 and June 30, 2014 , respectively. These amounts would have been the maximum expense of the Company had the tenants not met their contractual obligations for these periods. 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. Termination Income On December 17, 2014, the Company entered into a first lease amendment 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. On May 18, 2015, the Company entered into a second amendment with the tenant. The terms of the second lease amendment accelerated the termination of 35,295 square feet to April 30, 2015. The Company recognized the termination fee associated with the 35,295 square feet through the shortened lease life of April 30, 2015. The Company continues to recognize the remaining termination fee over the shortened lease life of the remaining 193,633 square feet through November 30, 2015. The termination fee of $0.7 million and $ 1.2 million for the three and six months ended June 30, 2015, respectively, is included in rental income on the accompanying Consolidated Statements of Operations. Taxes Federal Income Taxes The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 2011 and intends to continue to qualify as a REIT. As a REIT, the Company is 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. 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 had no activity during the three and six months ended June 30, 2015 and June 30, 2014 . State and Local Income, Excise, and Franchise Tax The Company and certain of its subsidiaries are subject to certain state and local income, excise and franchise taxes. Taxes in the amount of $0.4 million, $0.5 million, $0.1 million and $0.3 million have been recorded in other expenses in the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2015 and June 30, 2014 , respectively. Uncertain Tax Positions Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of June 30, 2015 and December 31, 2014 , there were no liabilities for uncertain tax positions.

Rental Property

Rental Property	6 Months Ended
	Jun. 30, 2015
Rental Property
Real Estate	3. Rental Property The following table summarizes the components of rental property as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Land $ $ Buildings, net of accumulated depreciation of $90,883 and $75,116 , respectively Tenant improvements, net of accumulated depreciation of $24,070 and $20,943 , respectively Building and land improvements, net of accumulated depreciation of $14,379 and $9,730 , respectively Deferred leasing intangibles, net of accumulated amortization of $176,789 and $146,026 , respectively Total rental property, net $ $ Acquisitions The following table summarizes the acquisitions of the Company during the six months ended June 30, 2015 : Location of property Square Feet Buildings Purchase Price (in thousands) Burlington, NJ (1) $ Greenville, SC North Haven, CT Three months ended March 31, 2015 $ Plymouth, MI Oakwood Village, OH Stoughton, MA Oklahoma City, OK Clinton, TN (1) Knoxville, TN Fairborn, OH El Paso, TX Phoenix, AZ Charlotte, NC Machesney Park, IL Three months ended June 30, 2015 $ Six months ended June 30, 2015 $ (1) The Company also acquired a vacant land parcel adjacent to the building. Subject to receipt of any required governmental permits, this vacant parcel may be used for building expansion or otherwise sold as a developable parcel. The following table summarizes the allocation of the consideration paid at the date of acquisition during the six months ended June 30, 2015 for the acquired assets and liabilities in connection with the acquisitions of buildings identified in the table above. Weighted Average Amortization Six Months Ended Period (years) Acquired assets and liabilities (dollars in thousands) June 30, 2015 Intangibles Land $ N/A Buildings N/A Tenant improvements N/A Building and land improvements N/A Deferred leasing intangibles - In-place leases Deferred leasing intangibles - Tenant relationships Deferred leasing intangibles - Above market leases Deferred leasing intangibles - Below market leases Above market assumed debt adjustment Other assets N/A Total p urchase price $ Less: Mortgage notes payable assumed N/A Net assets acquired $ On January 22, 2015, the Company acquired a property located in Burlington, NJ for approximately $34.9 million. 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, and 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. For a discussion of the method used to determine the fair value of the Noncontrolling Common Units issued, see Note 7. On June 25, 2015, the Company assumed a mortgage note of approximately $4.9 million in connection with the acquisition of the property located in Charlotte, NC. For a discussion of the method used to determine the fair value of the mortgage note, see Note 4. The table below sets forth the results of operations for the properties acquired during the six months ended June 30, 2015 included in the Company’s Consolidated Statements of Operations from the date of acquisition: For the three months ended For the six months ended Results of operations (in thousands) June 30, 2015 June 30, 2015 Revenue $ $ Property acquisition costs $ $ Net loss $ $ The following tables set forth pro forma information for the six months ended June 30, 2015 and June 30, 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. Six months ended June 30, 2015 Pro Forma (in thousands, except share data) (1) Total revenue $ Net loss $ (2) Net loss attributable to common stockholders $ Six months ended June 30, 2014 Pro Forma (in thousands, except share data) (3) Total revenue $ Net loss $ (2) Net loss attributable to common stockholders $ (1) The pro forma information for the six months ended June 30, 2015 is presented as if the acquisition of the properties acquired during the six months ended June 30, 2015 had occurred at January 1, 2014, the beginning of the reporting period prior to acquisition. (2) The net loss for the six months ended June 30, 2015 excludes $ 1. 3 million of property acquisition costs related to the acquisition of properties that closed during the six months ended June 30, 2015, and the net loss for the six months ended June 30, 2014 was adjusted to include these acquisition costs. Net loss for the six months ended June 30, 2014 excludes $ 1.2 million of property acquisition costs related to the acquisition of buildings that closed during the six months ended June 30, 2014 . (3) The pro forma information for the six months ended June 30, 2014 is presented as if the acquisition of the properties acquired during the six months ended June 30, 2015 and the properties acquired during the six months ended June 30, 2014 had occurred at January 1, 2014 and January 1, 2013, respectively, the beginning of the reporting period prior to acquisition. The Company recorded a loss on impairment for the three and six months ended June 30, 2015 related to a vacant building in Hazelwood, MO. The Company entered into a purchase and sale agreement to sell this property prior to June 30, 2015 to a third party market participant. The Company tested the property for impairment at December 31, 2014 and no impairment was noted. The Company updated the impairment calculation quarterly for changes in assumptions as necessary. The Company tested the property for impairment as of June 30, 2015, and based on the Company’s assessment of the various hold and sell scenarios, the Company determined that the property was impaired. Accordingly, the property was written down to its estimated fair value of $4.4 million and the Company recorded a loss on impairment of $2.6 million for the three and six months ended June 30, 2015 on the accompanying Consolidated Statements of Operations. The fair value of the property is based on Level 3 inputs , and this is a non-recurring fair value measurement . Level 3 is defined as unobservable inputs. Since the purchase and sale agreement for the property includes various contingencies, the Company can make no assurance that it will sell the property or, if it does, what the timing of the sale will be. Deferred Leasing Intangibles All of the Company’s acquisitions 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): June 30, 2015 December 31, 2014 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Above market leases $ $ $ $ $ Other intangible lease assets $ Total assets $ $ $ $ $ $ Below market leases $ $ $ $ $ $ Total liabilities $ $ $ $ $ $ The following table sets forth the amortization expense and the net decrease to rental revenue for deferred leasing intangibles amortization during the three and six months ended June 30, 2015 and June 30, 2014 , respectively (in millions): Three months ended June 30, Six months ended June 30, Deferred Leasing Intangibles Amortization 2015 2014 2015 2014 Net decrease to rental revenue related to above and below market lease amortization $ $ $ $ Amortization expense related to other intangible lease assets $ $ $ $ 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 $ $ 2016 $ $ 2017 $ $ 2018 $ $ 2019 $ $

Debt

Debt	6 Months Ended
	Jun. 30, 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 June 30, 2015 and December 31, 2014 (dollars in thousands): Principal Principal outstanding as outstanding as of of Pre- Interest June 30, 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 % $ $ Dec-18-2019 i Total unsecured credit facility $ $ Unsecured term loans: $150 Million Wells Fargo Unsecured Term Loan A L + 1.65 % $ $ Mar-31-2022 ii $150 Million Wells Fargo Unsecured Term Loan B L + 1.70 % — — Mar-21-2021 ii Total unsecured term loans $ $ Unsecured notes: $50 Million Series A Unsecured Notes % $ $ Oct-1-2024 ii $50 Million Series B Unsecured Notes % Jul-1-2026 ii $80 Million Series C Unsecured Notes % Dec-30-2026 ii $100 Million Series D Unsecured Notes % — Feb-20-2025 ii $20 Million Series E Unsecured Notes % — Feb-20-2027 ii Total unsecured notes $ $ Mortgage notes payable (secured debt): Sun Life Assurance Company of Canada (U.S.) % $ (3) $ (3) Jun-1-2016 ii Webster Bank, National Association % Aug-4-2016 ii National Life Insurance Company % (3) — Aug-10-2016 iii Union Fidelity Life Insurance Co. % (3) (3) Apr-30-2017 ii Webster Bank, National Association % May-29-2017 ii Webster Bank, National Association % May-31-2017 ii Wells Fargo, National Association % (3) (3) Aug-1-2017 iv Connecticut General Life Insurance Company -1 Facility % Feb-1-2018 v Connecticut General Life Insurance Company -2 Facility % Feb-1-2018 v Connecticut General Life Insurance Company -3 Facility % Feb-1-2018 v Wells Fargo Bank, National Association CMBS Loan % Dec-1-2022 vi Total mortgage notes payable $ $ Total unamortized fair market value premium (4) (4) Total carrying value mortgage notes payable $ $ Total / weighted average interest rate (5) % $ $ (1) Current interest rate as of June 30, 2015 . At June 30, 2015 and December 31, 2014 , the one-month LIBOR (“L”) was 0.18650% 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 without penalty three months prior to the maturity date; (iv) pre-payable with penalty beginning May 1, 2017, however can be defeased; (v) pre-payable without penalty six months prior to the maturity date; and (vi) 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) Represents total unamortized fair market value premium for the mortgage notes payable referenced by Note (3) above. (5) The weighted average interest rate was calculated using the fixed interest rate swapped on the current notional amount of $300 million of debt, and excludes fair market value premiums. As of June 30, 2015, a dditional borrowing capacity under the unsecured credit facility and the unsecured term loans was $213.0 million and $150.0 million, respectively. The total borrowing capacity on the combined unsecured credit facility and unsecured term loans as of June 30, 2015 was $363.0 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 $100 million of its 4.32% Series D 10 -year unsecured notes and $20 million of its 4.42% Series E 12 -year unsecured notes. On June 25, 2015, the Company assumed a mortgage note with National Life Insurance Company of approximately $4.9 million in connection with the acquisition of the property located in Charlotte, NC, which serves as collateral for the debt. The debt matures on August 10, 2016 and bears interest at 5.75% per annum. The assumed debt was recorded at fair value and a fair value premium of approximately $0.1 million was recorded. The fair value of debt was determined by discounting the future cash flows using the current rates (3.05%) at which loans would be made to borrowers with similar credit ratings for loans with similar remaining maturities, similar terms, and similar loan-to-value ratios. The fair value of the debt is based on Level 3 inputs. Deferred financing fees, net of accumulated amortization were $8.1 million and $7.8 million as of June 30, 2015 and December 31, 2014 , respectively, and are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. During the three and six months ended June 30, 2015 and June 30, 2014 , amortization of deferred financing fees included in interest expense was $0.3 million, $0.6 million, $0.4 million and $0.7 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 financial and other covenants. The Company was in compliance with all financial covenants as of June 30, 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 1.34% to 4.66% and 1.32% to 4.27% at June 30, 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. The following table presents the aggregate carrying value of the Company’s debt and the corresponding estimate of fair value as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Principal Fair Principal Fair Outstanding Value Outstanding Value Unsecured credit facility $ $ $ $ Unsecured term loans Unsecured notes Mortgage notes payable Total principal amount $ $ $ $ Total unamortized fair market value premium Total carrying value $ $

Use of Derivative Financial Ins

Use of Derivative Financial Instruments	6 Months Ended
	Jun. 30, 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 related costs associated with the Company’s operating and financial structure. On January 8, 2015, the Company entered into seven interest rate swaps, thereby fixing the interest rates of all of the Company’s variable rate debt through debt ma turity with the exception of the unsecured credit facility. The following table details the Company’s outstanding interest rate swaps as of June 30, 2015 (collectively, the “Unsecured Debt Swaps”) (in thousands): Pay Receive 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 $ $ % One-month L Sep-10-2017 Bank of America Sep-14-2012 Oct-10-2012 $ % One-month L Sep-10-2017 UBS AG Sep-14-2012 Oct-10-2012 $ % One-month L Sep-10-2017 Royal Bank of Canada Sep-14-2012 Oct-10-2012 $ % One-month L Sep-10-2017 RJ Capital Services, Inc. Sep-14-2012 Oct-10-2012 $ % One-month L Sep-10-2017 Bank of America Sep-20-2012 Oct-10-2012 $ % One-month L Sep-10-2017 RJ Capital Services, Inc. Sep-24-2012 Oct-10-2012 $ % One-month L Sep-10-2017 Regions Bank Mar-01-2013 Mar-01-2013 $ % One-month L Feb-14-2020 Capital One, N.A. Jun-13-2013 Jul-01-2013 $ % One-month L Feb-14-2020 Capital One, N.A. Jun-13-2013 Aug-01-2013 $ % One-month L Feb-14-2020 Regions Bank Sep-30-2013 Feb-03-2014 $ % One-month L Feb-14-2020 Royal Bank of Canada Jan-08-2015 Mar-20-2015 $ % One-month L Mar-21-2021 The Toronto-Dominion Bank Jan-08-2015 Mar-20-2015 $ % One-month L Mar-21-2021 Wells Fargo Bank, N.A. Jan-08-2015 Mar-20-2015 $ % One-month L Mar-31-2022 The Toronto-Dominion Bank Jan-08-2015 Sep-10-2017 — (1) $ % One-month L Mar-21-2021 The Toronto-Dominion Bank Jan-08-2015 Feb-14-2020 — (1) $ % One-month L Mar-31-2022 Regions Bank Jan-08-2015 Feb-14-2020 — (1) $ % One-month L Mar-31-2022 Capital One, N.A. Jan-08-2015 Feb-14-2020 — (1) $ % One-month L Mar-31-2022 $ (1) These interest rate swaps are forward starting swaps and thus have no current notional amounts outstanding. The total notional amount of these interest rate swaps is $225.0 million. The fair value of the interest rate swaps outstanding as of June 30, 2015 and December 31, 2014 was as follows (in thousands): Current Current Notional Notional Amount Fair Value Amount Fair Value Balance Sheet June 30, June 30, December 31, December 31, Line Item 2015 (1) 2015 2014 2014 Unsecured Debt Swaps Interest Rate Swaps-Asset $ $ $ $ Unsecured Debt Swaps Interest Rate Swaps-Liability $ $ $ $ (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 variable 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 loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three and six months ended June 30, 2015 and June 30, 2014 , the Company recorded a gain of $0.1 million, $0.1 million, $0 and $0 , respectively , of hedge ineffectiveness in earnings due to short-term, partial mismatches in notional amounts. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense in the period that the hedged forecasted transaction affects ear nings on the Company’s variable rate debt. The Company estimates that an additional $3.0 million will be reclassified from accumulated other comprehensive loss as an increase to interest expense over the next 12 months. The table below details the location in the financial statements of the gain or loss recognized on interest rate swaps designated as cash flow hedges for the three and six months ended June 30, 2015 and June 30, 2014 , respectively (in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Amount of (gain)/loss recognized in accumulated other comprehensive loss on interest rate swaps (effective portion) $ $ $ $ Amount of loss reclassified from accumulated other comprehensive loss into loss as interest expense (effective portion) $ $ $ $ Amount of gain recognized in interest expense (ineffective portion and amount excluded from effectiveness testing) $ $ — $ $ — Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of June 30, 2015, the fair values of 15 of the Company’s 18 interest rate swaps were in an asset position of $2.0 million and three interest rate swaps were in a liability position of $1.1 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 $(0.1) million and $(10,000) , respectively, as of June 30, 2015. Accrued interest expense for all interest rate swaps was $0.3 million as of June 30, 2015. As o f June 30, 2015, the Company had not posted any collateral related to these agreements. If the Company had breached any of its provisions at June 30, 2015, it could have been required to settle its obligations under the agreement of the interest rate swaps in a liability position at their termination value of $1.2 million. Fair Value of Interest Rate Swaps The Company’s valuation of the interest rate swaps is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs including interest rate curves. The fair values of interest rate swaps are determined by using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of June 30, 2015 and December 31, 2014, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The following sets forth the Company’s financial instruments that are accounted for at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 (in thousands): Fair Value Measurements as of Fair Value June 30, 2015 Using Level (1) : Balance Sheet June 30, Line Item 2015 Level 1 Level 2 Level 3 Unsecured Debt Swaps Interest Rate Swaps-Asset $ $ — $ $ — Unsecured Debt Swaps Interest Rate Swaps-Liability $ $ — $ $ — (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 $ $ — $ $ — Unsecured Debt Swaps Interest Rate Swaps-Liability $ $ — $ $ — (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	6 Months Ended
	Jun. 30, 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: Price and Number of Liquidation Value Interest Issuance Date Shares per share rate Series A Cumulative Redeemable Preferred Stock (1) November 2, 2011 $ % Series B Cumulative Redeemable Preferred Stock (2) April 16, 2013 $ % (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 six months ended June 30, 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 Payment Date June 30 May 4, 2015 $ $ June 30, 2015 March 31 February 20, 2015 March 31, 2015 Total $ $ Series A Series B Preferred Stock Preferred Stock Quarter Ended 2014 Declaration Date Per Share Per Share Payment Date December 31 October 30, 2014 $ $ December 31, 2014 September 30 July 29, 2014 September 30, 2014 June 30 May 5, 2014 June 30, 2014 March 31 February 21, 2014 March 31, 2014 Total $ $ On July 21, 2015, the Company’s board of directors declared the Series A Preferred Stock and the Series B Preferred Stock dividend for the quarter ending September 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 discrete 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 June 30, 2015 , from which it may from time to time sell its common stock through sales agents: Aggregate Maximum Common Stock Aggregate Available as of ATM Stock Offering Program (in thousands) Date Offering Price June 30, 2015 2014 $200 million ATM September 10, 2014 $ $ 2014 $150 million ATM March 10, 2014 $ $ — The table below sets forth the activity for the ATM common stock offering programs during the six months ended June 30, 2015 and the year ended December 31, 2014, respectively (in millions, except share data): Six months ended June 30, 2015 Shares Average Price Gross Sales Net ATM Stock Offering Program Sold Per Share Proceeds Agents’ Fee Proceeds 2014 $200 million ATM $ $ $ $ 2014 $150 million ATM $ Total / weighted average $ $ $ $ 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 $ $ $ $ 2014 $150 million ATM $ 2012 $75 million ATM $ Total/ weighted average $ $ $ $ Dividends The table below sets forth the dividends attributable to the common stock during the six months ended June 30, 2015 and the year ended December 31, 2014, respectively: Month Ended 2015 Declaration Date Per Share Payment Date June 30 February 20, 2015 $ July 1 5 , 2015 May 31 February 20, 2015 June 15, 2015 April 30 February 20, 2015 May 15, 2015 March 31 October 30, 2014 April 15, 2015 February 28 October 30, 2014 March 16, 2015 January 31 October 30, 2014 February 17, 2015 Total $ Month Ended 2014 Declaration Date Per Share Payment Date December 31 July 29, 2014 $ January 15, 2015 November 30 July 29, 2014 December 15, 2014 October 31 July 29, 2014 November 17, 2014 September 30 May 5, 2014 October 15, 2014 August 31 May 5, 2014 September 15, 2014 July 31 May 5, 2014 August 15, 2014 June 30 February 21, 2014 July 15, 2014 May 31 February 21, 2014 June 16, 2014 April 30 February 21, 2014 May 15, 2014 March 31 December 18, 2013 April 15, 2014 February 28 December 18, 2013 March 17, 2014 January 31 December 18, 2013 February 17, 2014 Total $ On May 4, 2015, the Company’s board of directors declared the common stock dividend for the months ending July 31, 2015, August 31, 2015, and September 30, 2015 at a monthly rate of $0.1150 per share of common stock. On July 21, 2015, the Company’s board of directors declared the common stock dividend for the months ending October 3 1 , 2015, November 30, 2015 and December 31, 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 of $50,000 each 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 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 six months ended June 30, 2015 and the year ended December 31, 2014: Service During Quarter Ended 2015 Grant Date Shares Fair Value June 30 July 15, 2015 $ March 31 April 15, 2015 Total $ Service During Quarter Ended 2014 Grant Date Shares Fair Value December 31 January 15, 2015 $ September 30 October 15, 2014 June 30 July 15, 2014 March 31 April 15, 2014 Total $ 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 (72,185) Forfeited (6,954) Unvested at June 30, 2015 279,067 (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 June 30, 2015 was $4.8 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 For the three months ended June 30, six months ended June 30, 2015 2014 2015 2014 Restricted common stock vested awards Fair value of restricted common stock vested $ $ $ $

Noncontrolling Interest

Noncontrolling Interest	6 Months Ended
	Jun. 30, 2015
Noncontrolling Interest
Noncontrolling Interest	7. Noncontrolling Interest The Company is structured as an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its Operating Partnership. The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. Noncontrolling interests in the Company are interests in the Operating Partnership that are not owned by the Company and LTIP units. The table below summarizes the activity for the six months ended June 30, 2015 and the year ended December 31, 2014: Other Total Noncontrolling Noncontrolling Noncontrolling Common Units LTIP Units Common Units Interest Balance at December 31, 2013 % Conversions from LTIP units to Common Units — N/A Redemptions from Common Units to common stock — N/A Issuance/grant — N/A Forfeitures — — — N/A Redemption of Common Units for cash — N/A Balance at December 31, 2014 % Issuance/grant N/A Forfeitures — — — N/A Conversions from LTIP units to Common Units — N/A Redemptions from Common Units to common stock — N/A Redemption of Common Units for cash — N/A Balance at June 30, 2015 % 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 a property 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 June 30, 2015 , 1, 387 ,036 of the 1,610,105 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. On May 4, 2015, the Company and the Operating Partnership and Benjamin S. Butcher, the Company’s Chief Executive Officer, President and Chairman of the Board, entered into an amended and restated employment agreement. The amended and restated agreement is for an initial term of three years. The agreement automatically extends for successive one -year terms unless, not fewer than 60 days before the term’s end, either party provides a notice of non-renewal to the other party. In connection with the amended and restated agreement, the compensation committee of the board of directors granted Mr. Butcher a retention award of 100,000 LTIP units that vest one -half on the third anniversary of the grant and one -sixth on the fourth, fifth and sixth anniversaries. The LTIP units issued under the 2011 Plan were valued using the Monte Carlo lattice binomial option-pricing model at the grant date. The table below sets forth the assumptions used in valuing such LTIP units for six months ended June 30, 2015 : Assumptions Grant date January 12, 2015 May 4, 2015 Expected term 10 years 10 years Expected volatility Expected dividend yield Risk-free interest rate Fair value of LTIP units at issuance (in millions) $ $ LTIP units at issuance Fair value unit price per LTIP unit at issuance $ $ The following table summarizes activity related to the Company’s unvested LTIP units: LTIP Units Unvested at December 31, 2013 Granted/Issued Vested (1) Forfeited — Unvested at December 31, 2014 Granted Vested Forfeited — Unvested at June 30, 2015 (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 June 30, 2015 was $12.2 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 June 30, For the six months ended June 30, 2015 2014 2015 2014 LTIP units vested awards Fair value of awards vested $ $ $ $

Equity Incentive Plan

Equity Incentive Plan	6 Months Ended
	Jun. 30, 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 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 June 30, For the six months ended June 30, Equity compensation expense (in millions) 2015 2014 2015 2014 Restricted stock $ $ $ $ LTIP units (1) (1) Outperformance programs (2) (2) Board of directors compensation (3) Total equity compensation expense $ $ $ $ (1) Inclusive of $2.0 million of non-cash compensation during the three and six months ended June 30, 2014 associated with the accounting for a consulting agreement with a former executive officer. (2) Inclusive of $0.2 million of non-cash compensation during the three and six months ended June 30, 2014 associated with the accounting for a consulting agreement with a former executive officer. (3) All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three and six months ended June 30, 2015 and June 30, 2014.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2015 and June 30, 2014 , there were 286,280 , 288,269 , 267,659 and 273,626 , respectively, unvested shares of restricted stock on a weighted average basis that were considered participating securities, which were not dilutive. The following tables set forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2015 and June 30, 2014 , respectively (in thousands, except share data). Three months ended June 30, 2015 Numerator Net loss $ Less: preferred stock dividends Less: amount allocated to unvested restricted stockholders Less: loss attributable to noncontrolling interest after preferred stock dividends Loss from continuing operations attributable to common stockholders $ Denominator Weighted average common shares outstanding—basic and diluted Loss per share—basic and diluted $ Six months ended June 30, 2015 Numerator Net loss $ Less: preferred stock dividends Less: amount allocated to unvested restricted stockholders Less: loss attributable to noncontrolling interest after preferred stock dividends Loss from continuing operations attributable to common stockholders $ Denominator Weighted average common shares outstanding—basic and diluted Loss per share—basic and diluted $ Three months ended June 30, 2014 Numerator Net loss $ Less: preferred stock dividends Less: amount allocated to unvested restricted stockholders Less: loss attributable to noncontrolling interest after preferred stock dividends Loss from continuing operations attributable to common stockholders $ Denominator Weighted average common shares outstanding—basic and diluted Loss per share—basic and diluted $ Six months ended June 30, 2014 Numerator Net loss $ Less: preferred stock dividends Less: amount allocated to unvested restricted stockholders Less: loss attributable to noncontrolling interest after preferred stock dividends Loss from continuing operations attributable to common stockholders $ Denominator Weighted average common shares outstanding—basic and diluted Loss per share—basic and diluted $

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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 nine different counterparties comprising the 15 outstanding derivatives in an asset position as of June 30, 2015 . Concentrations of credit risk relevant to the Company may arise when the Company enters into leases with multiple tenants concentrated in the same industry, or into a significant lease or multiple leases with a single tenant. 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 approximately 2.8% of annualized base rental revenue, defined as the contractual monthly base rent as of June 30, 2015 multiplied by 12, for the six months ended June 30, 2015 . If a tenant is in a free rent period as of June 30, 2015, the annualized base rental revenue is calculated based on the first contractual monthly base rent amount multiplied by 12. 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, Air Freight & Logistics, Automotive, and Industrial Equipment, Component and Metals. There is no tenant industry in the Company’s portfolio that is greater than approximately 11.9 % of annualized base rental revenue as of June 30, 2015 .

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 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”). No significant non-recognized subsequent events were noted.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended (the “2011 Plan”). All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis, for all periods presented.
Reclassifications	Certain prior year amounts have been reclassified to conform to the current year presentation.
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 ending December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. Upon the adoption of ASU 2015-03, 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 ending 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, 2017. Early adoption is permitted for the first interim period within annual reporting periods beginning after December 15, 2016. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations.
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 June 30, 2015 and December 31, 2014 , the Company had an allowance for doubtful accounts of $0.3 million and $0.1 million, respectively. Th e Company accrues rental income earned, but not yet receivable, in accordance with GAAP. As of June 30, 2015 and December 31, 2014 , the Comp any had accrued rental income of $15.4 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 income . As of June 30, 2015 and December 31, 2014 , the Company had an allowance for estimated losses on accrued rental income of $0 and $0 , respectively. As of June 30, 2015 and December 31, 2014 , the Company had a total of approximately $6.2 million and $6.7 million, respectively, of total lease security deposits available in the form of existing letters of credit, which are not reflected on the Company’s Consolidated Balance Sheets; and $3.9 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. These funds may be used to settle tenant accounts receivables in the event of a default under the related lease.
Revenue Recognition	Revenue Recognition Tenant Recoveries By the terms of their leases, certain tenants are obligated to pay directly the costs of their properties’ insurance, real estate taxes, ground lease payments, and certain other expenses, and these costs are not reflected on the Company’s consolidated financial statements. 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, were approximately $2.7 million, $5.2 million, $2.5 million and $5.0 million for the three and six months ended June 30, 2015 and June 30, 2014 , respectively. These amounts would have been the maximum expense of the Company had the tenants not met their contractual obligations for these periods. 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. Termination Income On December 17, 2014, the Company entered into a first lease amendment 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. On May 18, 2015, the Company entered into a second amendment with the tenant. The terms of the second lease amendment accelerated the termination of 35,295 square feet to April 30, 2015. The Company recognized the termination fee associated with the 35,295 square feet through the shortened lease life of April 30, 2015. The Company continues to recognize the remaining termination fee over the shortened lease life of the remaining 193,633 square feet through November 30, 2015. The termination fee of $0.7 million and $ 1.2 million for the three and six months ended June 30, 2015, respectively, is included in rental income on the accompanying Consolidated Statements of Operations.
Taxes	Taxes Federal Income Taxes The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 2011 and intends to continue to qualify as a REIT. As a REIT, the Company is 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. 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 had no activity during the three and six months ended June 30, 2015 and June 30, 2014 . State and Local Income, Excise, and Franchise Tax The Company and certain of its subsidiaries are subject to certain state and local income, excise and franchise taxes. Taxes in the amount of $0.4 million, $0.5 million, $0.1 million and $0.3 million have been recorded in other expenses in the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2015 and June 30, 2014 , respectively. Uncertain Tax Positions Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of June 30, 2015 and December 31, 2014 , there were no liabilities for uncertain tax positions.

Rental Property (Tables)

Rental Property (Tables)	6 Months Ended
	Jun. 30, 2015
Rental Property
Schedule of components of rental property	June 30, 2015 December 31, 2014 Land $ $ Buildings, net of accumulated depreciation of $90,883 and $75,116 , respectively Tenant improvements, net of accumulated depreciation of $24,070 and $20,943 , respectively Building and land improvements, net of accumulated depreciation of $14,379 and $9,730 , respectively Deferred leasing intangibles, net of accumulated amortization of $176,789 and $146,026 , respectively Total rental property, net $ $
Schedule of real estate properties acquired	Location of property Square Feet Buildings Purchase Price (in thousands) Burlington, NJ (1) $ Greenville, SC North Haven, CT Three months ended March 31, 2015 $ Plymouth, MI Oakwood Village, OH Stoughton, MA Oklahoma City, OK Clinton, TN (1) Knoxville, TN Fairborn, OH El Paso, TX Phoenix, AZ Charlotte, NC Machesney Park, IL Three months ended June 30, 2015 $ Six months ended June 30, 2015 $ (1) The Company also acquired a vacant land parcel adjacent to the building. Subject to receipt of any required governmental permits, this vacant parcel may be used for building expansion or otherwise sold as a developable parcel.
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 Six Months Ended Period (years) Acquired assets and liabilities (dollars in thousands) June 30, 2015 Intangibles Land $ N/A Buildings N/A Tenant improvements N/A Building and land improvements N/A Deferred leasing intangibles - In-place leases Deferred leasing intangibles - Tenant relationships Deferred leasing intangibles - Above market leases Deferred leasing intangibles - Below market leases Above market assumed debt adjustment Other assets N/A Total p urchase price $ Less: Mortgage notes payable assumed N/A Net assets acquired $
Summary of the results of operations of buildings acquired during the period	For the three months ended For the six months ended Results of operations (in thousands) June 30, 2015 June 30, 2015 Revenue $ $ Property acquisition costs $ $ Net loss $ $
Schedule of pro forma information for acquired properties	Six months ended June 30, 2015 Pro Forma (in thousands, except share data) (1) Total revenue $ Net loss $ (2) Net loss attributable to common stockholders $ Six months ended June 30, 2014 Pro Forma (in thousands, except share data) (3) Total revenue $ Net loss $ (2) Net loss attributable to common stockholders $ (1) The pro forma information for the six months ended June 30, 2015 is presented as if the acquisition of the properties acquired during the six months ended June 30, 2015 had occurred at January 1, 2014, the beginning of the reporting period prior to acquisition. (2) The net loss for the six months ended June 30, 2015 excludes $ 1. 3 million of property acquisition costs related to the acquisition of properties that closed during the six months ended June 30, 2015, and the net loss for the six months ended June 30, 2014 was adjusted to include these acquisition costs. Net loss for the six months ended June 30, 2014 excludes $ 1.2 million of property acquisition costs related to the acquisition of buildings that closed during the six months ended June 30, 2014 . (3) The pro forma information for the six months ended June 30, 2014 is presented as if the acquisition of the properties acquired during the six months ended June 30, 2015 and the properties acquired during the six months ended June 30, 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): June 30, 2015 December 31, 2014 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Above market leases $ $ $ $ $ Other intangible lease assets $ Total assets $ $ $ $ $ $ Below market leases $ $ $ $ $ $ Total liabilities $ $ $ $ $ $
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 intangibles amortization during the three and six months ended June 30, 2015 and June 30, 2014 , respectively (in millions): Three months ended June 30, Six months ended June 30, Deferred Leasing Intangibles Amortization 2015 2014 2015 2014 Net decrease to rental revenue related to above and below market lease amortization $ $ $ $ Amortization expense related to other intangible lease assets $ $ $ $
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 $ $ 2016 $ $ 2017 $ $ 2018 $ $ 2019 $ $

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2015 and December 31, 2014 (dollars in thousands): Principal Principal outstanding as outstanding as of of Pre- Interest June 30, 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 % $ $ Dec-18-2019 i Total unsecured credit facility $ $ Unsecured term loans: $150 Million Wells Fargo Unsecured Term Loan A L + 1.65 % $ $ Mar-31-2022 ii $150 Million Wells Fargo Unsecured Term Loan B L + 1.70 % — — Mar-21-2021 ii Total unsecured term loans $ $ Unsecured notes: $50 Million Series A Unsecured Notes % $ $ Oct-1-2024 ii $50 Million Series B Unsecured Notes % Jul-1-2026 ii $80 Million Series C Unsecured Notes % Dec-30-2026 ii $100 Million Series D Unsecured Notes % — Feb-20-2025 ii $20 Million Series E Unsecured Notes % — Feb-20-2027 ii Total unsecured notes $ $ Mortgage notes payable (secured debt): Sun Life Assurance Company of Canada (U.S.) % $ (3) $ (3) Jun-1-2016 ii Webster Bank, National Association % Aug-4-2016 ii National Life Insurance Company % (3) — Aug-10-2016 iii Union Fidelity Life Insurance Co. % (3) (3) Apr-30-2017 ii Webster Bank, National Association % May-29-2017 ii Webster Bank, National Association % May-31-2017 ii Wells Fargo, National Association % (3) (3) Aug-1-2017 iv Connecticut General Life Insurance Company -1 Facility % Feb-1-2018 v Connecticut General Life Insurance Company -2 Facility % Feb-1-2018 v Connecticut General Life Insurance Company -3 Facility % Feb-1-2018 v Wells Fargo Bank, National Association CMBS Loan % Dec-1-2022 vi Total mortgage notes payable $ $ Total unamortized fair market value premium (4) (4) Total carrying value mortgage notes payable $ $ Total / weighted average interest rate (5) % $ $ (1) Current interest rate as of June 30, 2015 . At June 30, 2015 and December 31, 2014 , the one-month LIBOR (“L”) was 0.18650% 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 without penalty three months prior to the maturity date; (iv) pre-payable with penalty beginning May 1, 2017, however can be defeased; (v) pre-payable without penalty six months prior to the maturity date; and (vi) 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) Represents total unamortized fair market value premium for the mortgage notes payable referenced by Note (3) above. (5) The weighted average interest rate was calculated using the fixed interest rate swapped on the current 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 June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Principal Fair Principal Fair Outstanding Value Outstanding Value Unsecured credit facility $ $ $ $ Unsecured term loans Unsecured notes Mortgage notes payable Total principal amount $ $ $ $ Total unamortized fair market value premium Total carrying value $ $

Use of Derivative Financial I23

Use of Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Use of Derivative Financial Instruments
Schedule of interest rate swaps	The following table details the Company’s outstanding interest rate swaps as of June 30, 2015 (collectively, the “Unsecured Debt Swaps”) (in thousands): Pay Receive 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 $ $ % One-month L Sep-10-2017 Bank of America Sep-14-2012 Oct-10-2012 $ % One-month L Sep-10-2017 UBS AG Sep-14-2012 Oct-10-2012 $ % One-month L Sep-10-2017 Royal Bank of Canada Sep-14-2012 Oct-10-2012 $ % One-month L Sep-10-2017 RJ Capital Services, Inc. Sep-14-2012 Oct-10-2012 $ % One-month L Sep-10-2017 Bank of America Sep-20-2012 Oct-10-2012 $ % One-month L Sep-10-2017 RJ Capital Services, Inc. Sep-24-2012 Oct-10-2012 $ % One-month L Sep-10-2017 Regions Bank Mar-01-2013 Mar-01-2013 $ % One-month L Feb-14-2020 Capital One, N.A. Jun-13-2013 Jul-01-2013 $ % One-month L Feb-14-2020 Capital One, N.A. Jun-13-2013 Aug-01-2013 $ % One-month L Feb-14-2020 Regions Bank Sep-30-2013 Feb-03-2014 $ % One-month L Feb-14-2020 Royal Bank of Canada Jan-08-2015 Mar-20-2015 $ % One-month L Mar-21-2021 The Toronto-Dominion Bank Jan-08-2015 Mar-20-2015 $ % One-month L Mar-21-2021 Wells Fargo Bank, N.A. Jan-08-2015 Mar-20-2015 $ % One-month L Mar-31-2022 The Toronto-Dominion Bank Jan-08-2015 Sep-10-2017 — (1) $ % One-month L Mar-21-2021 The Toronto-Dominion Bank Jan-08-2015 Feb-14-2020 — (1) $ % One-month L Mar-31-2022 Regions Bank Jan-08-2015 Feb-14-2020 — (1) $ % One-month L Mar-31-2022 Capital One, N.A. Jan-08-2015 Feb-14-2020 — (1) $ % One-month L Mar-31-2022 $ (1) These interest rate swaps are forward starting swaps and thus have no current notional amounts outstanding. The total notional amount of these interest rate swaps is $225.0 million.
Schedule of fair value and notional amounts of outstanding derivative positions	The fair value of the interest rate swaps outstanding as of June 30, 2015 and December 31, 2014 was as follows (in thousands): Current Current Notional Notional Amount Fair Value Amount Fair Value Balance Sheet June 30, June 30, December 31, December 31, Line Item 2015 (1) 2015 2014 2014 Unsecured Debt Swaps Interest Rate Swaps-Asset $ $ $ $ Unsecured Debt Swaps Interest Rate Swaps-Liability $ $ $ $ (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 and six months ended June 30, 2015 and June 30, 2014 , respectively (in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Amount of (gain)/loss recognized in accumulated other comprehensive loss on interest rate swaps (effective portion) $ $ $ $ Amount of loss reclassified from accumulated other comprehensive loss into loss as interest expense (effective portion) $ $ $ $ Amount of gain recognized in interest expense (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 June 30, 2015 and December 31, 2014 (in thousands): Fair Value Measurements as of Fair Value June 30, 2015 Using Level (1) : Balance Sheet June 30, Line Item 2015 Level 1 Level 2 Level 3 Unsecured Debt Swaps Interest Rate Swaps-Asset $ $ — $ $ — Unsecured Debt Swaps Interest Rate Swaps-Liability $ $ — $ $ — (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 $ $ — $ $ — Unsecured Debt Swaps Interest Rate Swaps-Liability $ $ — $ $ — 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)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity
Schedule of grants of common stock to independent directors	Service During Quarter Ended 2015 Grant Date Shares Fair Value June 30 July 15, 2015 $ March 31 April 15, 2015 Total $ Service During Quarter Ended 2014 Grant Date Shares Fair Value December 31 January 15, 2015 $ September 30 October 15, 2014 June 30 July 15, 2014 March 31 April 15, 2014 Total $
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 (72,185) Forfeited (6,954) Unvested at June 30, 2015 279,067 (1) The grant date fair value per share was $20.13. (2) The grant date fair value per share was $26.17 .
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 LTIP units vested during the period (in millions, except unit data): For the three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 LTIP units vested awards Fair value of awards vested $ $ $ $
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 For the three months ended June 30, six months ended June 30, 2015 2014 2015 2014 Restricted common stock vested awards Fair value of restricted common stock vested $ $ $ $
Series A and B Preferred Stock
Stockholders' Equity
Schedule of stock issuances	Price and Number of Liquidation Value Interest Issuance Date Shares per share rate Series A Cumulative Redeemable Preferred Stock (1) November 2, 2011 $ % Series B Cumulative Redeemable Preferred Stock (2) April 16, 2013 $ % (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 Payment Date June 30 May 4, 2015 $ $ June 30, 2015 March 31 February 20, 2015 March 31, 2015 Total $ $ Series A Series B Preferred Stock Preferred Stock Quarter Ended 2014 Declaration Date Per Share Per Share Payment Date December 31 October 30, 2014 $ $ December 31, 2014 September 30 July 29, 2014 September 30, 2014 June 30 May 5, 2014 June 30, 2014 March 31 February 21, 2014 March 31, 2014 Total $ $
Common Stock
Stockholders' Equity
Schedule of dividends	Month Ended 2015 Declaration Date Per Share Payment Date June 30 February 20, 2015 $ July 1 5 , 2015 May 31 February 20, 2015 June 15, 2015 April 30 February 20, 2015 May 15, 2015 March 31 October 30, 2014 April 15, 2015 February 28 October 30, 2014 March 16, 2015 January 31 October 30, 2014 February 17, 2015 Total $ Month Ended 2014 Declaration Date Per Share Payment Date December 31 July 29, 2014 $ January 15, 2015 November 30 July 29, 2014 December 15, 2014 October 31 July 29, 2014 November 17, 2014 September 30 May 5, 2014 October 15, 2014 August 31 May 5, 2014 September 15, 2014 July 31 May 5, 2014 August 15, 2014 June 30 February 21, 2014 July 15, 2014 May 31 February 21, 2014 June 16, 2014 April 30 February 21, 2014 May 15, 2014 March 31 December 18, 2013 April 15, 2014 February 28 December 18, 2013 March 17, 2014 January 31 December 18, 2013 February 17, 2014 Total $
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 six months ended June 30, 2015 and the year ended December 31, 2014, respectively (in millions, except share data): Six months ended June 30, 2015 Shares Average Price Gross Sales Net ATM Stock Offering Program Sold Per Share Proceeds Agents’ Fee Proceeds 2014 $200 million ATM $ $ $ $ 2014 $150 million ATM $ Total / weighted average $ $ $ $ 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 $ $ $ $ 2014 $150 million ATM $ 2012 $75 million ATM $ Total/ weighted average $ $ $ $
Schedule of "at the market" ("ATM") stock offering programs	The following sets forth the Company’s ATM common stock offering programs as of June 30, 2015 , from which it may from time to time sell its common stock through sales agents: Aggregate Maximum Common Stock Aggregate Available as of ATM Stock Offering Program (in thousands) Date Offering Price June 30, 2015 2014 $200 million ATM September 10, 2014 $ $ 2014 $150 million ATM March 10, 2014 $ $ —

Noncontrolling Interest (Tables

Noncontrolling Interest (Tables)	6 Months Ended
	Jun. 30, 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 % Conversions from LTIP units to Common Units — N/A Redemptions from Common Units to common stock — N/A Issuance/grant — N/A Forfeitures — — — N/A Redemption of Common Units for cash — N/A Balance at December 31, 2014 % Issuance/grant N/A Forfeitures — — — N/A Conversions from LTIP units to Common Units — N/A Redemptions from Common Units to common stock — N/A Redemption of Common Units for cash — N/A Balance at June 30, 2015 %
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 LTIP units vested during the period (in millions, except unit data): For the three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 LTIP units vested awards Fair value of awards vested $ $ $ $
2011 Equity Incentive Plan | LTIP Units
Noncontrolling Interest
Schedule of assumptions for valuing units issued	Assumptions Grant date January 12, 2015 May 4, 2015 Expected term 10 years 10 years Expected volatility Expected dividend yield Risk-free interest rate Fair value of LTIP units at issuance (in millions) $ $ LTIP units at issuance Fair value unit price per LTIP unit at issuance $ $
Schedule of activity related to share-based compensation	LTIP Units Unvested at December 31, 2013 Granted/Issued Vested (1) Forfeited — Unvested at December 31, 2014 Granted Vested Forfeited — Unvested at June 30, 2015 (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 June 30, 2015 was $12.2 million.

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2015
Equity Incentive Plan
Summary of Equity Compensation Expense	For the three months ended June 30, For the six months ended June 30, Equity compensation expense (in millions) 2015 2014 2015 2014 Restricted stock $ $ $ $ LTIP units (1) (1) Outperformance programs (2) (2) Board of directors compensation (3) Total equity compensation expense $ $ $ $

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share
Schedule of computation of basic and diluted earnings per common share	The following tables set forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2015 and June 30, 2014 , respectively (in thousands, except share data). Three months ended June 30, 2015 Numerator Net loss $ Less: preferred stock dividends Less: amount allocated to unvested restricted stockholders Less: loss attributable to noncontrolling interest after preferred stock dividends Loss from continuing operations attributable to common stockholders $ Denominator Weighted average common shares outstanding—basic and diluted Loss per share—basic and diluted $ Six months ended June 30, 2015 Numerator Net loss $ Less: preferred stock dividends Less: amount allocated to unvested restricted stockholders Less: loss attributable to noncontrolling interest after preferred stock dividends Loss from continuing operations attributable to common stockholders $ Denominator Weighted average common shares outstanding—basic and diluted Loss per share—basic and diluted $ Three months ended June 30, 2014 Numerator Net loss $ Less: preferred stock dividends Less: amount allocated to unvested restricted stockholders Less: loss attributable to noncontrolling interest after preferred stock dividends Loss from continuing operations attributable to common stockholders $ Denominator Weighted average common shares outstanding—basic and diluted Loss per share—basic and diluted $ Six months ended June 30, 2014 Numerator Net loss $ Less: preferred stock dividends Less: amount allocated to unvested restricted stockholders Less: loss attributable to noncontrolling interest after preferred stock dividends Loss from continuing operations attributable to common stockholders $ Denominator Weighted average common shares outstanding—basic and diluted Loss per share—basic and diluted $

Organization and Description 28

Organization and Description of Business (Details) ft² in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2015ft²statepropertytenantbuilding	Dec. 31, 2014
Real estate properties
Number of properties	265
Number of states in which the entity owned buildings | state	37
Area (in square feet) | ft²	50
Percentage of buildings leased to tenants	95.00%
Number of tenants | tenant	242
Warehouse - Distribution buildings
Real estate properties
Number of properties	194
Light Manufacturing buildings
Real estate properties
Number of properties	51
Flex - Office buildings
Real estate properties
Number of properties	20
Land
Real estate properties
Number of properties | property	4
STAG Industrial Operating Partnership, L.P.
Real estate properties
Ownership interest in Operating Partnership (as a percent)	95.13%	96.36%

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Tenant Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Tenant Accounts Receivable, net
Allowance for doubtful accounts	$ 0.3	$ 0.1
Accrued rental revenue	15.4	12.8
Allowance on accrued rental revenue	0	0
Lease security deposits available in existing letters of credit	6.2	6.7
Lease security deposits available in cash	$ 3.9	$ 3.5

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Revenue Recognition (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)ft²	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)ft²	Jun. 30, 2014USD ($)	May. 15, 2015ft²	Dec. 17, 2014USD ($)ft²
Revenue Recognition
Estimated amount of real estate taxes, which are the responsibility of tenants	$ 2.7	$ 2.5	$ 5.2	$ 5
Area (in square feet) | ft²	50,000,000		50,000,000
Lease termination fee income			$ 1.2
Belfast, ME
Revenue Recognition
Area (in square feet) | ft²						90,051
Square feet terminated under amendment effective April 30, 2015 | ft²					35,295	228,928
Area of real estate property remaining through November 30, 2015 | ft²	193,633
Termination fee payable by tenant on or before October 31, 2015						$ 2.1
Belfast, ME | Rental income
Revenue Recognition
Lease termination fee income	$ 0.7

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 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%
Income (Loss) attributable to taxable REIT subsidiaries	$ 0	$ 0	$ 0	$ 0
Assets acquired by taxable REIT subsidiaries	0	0	0	0
State and local income, excise and franchise taxes	400,000	$ 100,000	500,000	$ 300,000
Liabilities for uncertain tax positions	$ 0		$ 0		$ 0

Rental Property - Summary (Deta

Rental Property - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Components of rental property
Total rental property, net	$ 1,684,040	$ 1,558,080
Accumulated depreciation	129,332	105,789
Deferred leasing intangibles
Components of rental property
Total rental property, net	256,413	247,904
Accumulated amortization	176,789	146,026
Land
Components of rental property
Total rental property, net	213,732	191,238
Building
Components of rental property
Total rental property, net	1,129,601	1,042,086
Accumulated depreciation	90,883	75,116
Tenant improvements
Components of rental property
Total rental property, net	22,339	22,619
Accumulated depreciation	24,070	20,943
Building and land improvements
Components of rental property
Total rental property, net	61,955	54,233
Accumulated depreciation	$ 14,379	$ 9,730

Rental Property - Acquisitions

Rental Property - Acquisitions (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)ft²building	Mar. 31, 2015USD ($)ft²building	Jun. 30, 2015USD ($)ft²building
Acquired during the period
Area (in square feet)	50,000,000		50,000,000
2015 Q1 Acquisitions
Acquired during the period
Area (in square feet)	3,125,100	1,485,717	3,125,100
Number of buildings acquired | building		5	17
Purchase price | $		$ 97,083	$ 180,891
Burlington, NJ
Acquired during the period
Area (in square feet)		503,490
Number of buildings acquired | building		1
Purchase price | $		$ 34,883
Greenville, SC
Acquired during the period
Area (in square feet)		157,500
Number of buildings acquired | building		1
Purchase price | $		$ 4,800
North Haven, CT
Acquired during the period
Area (in square feet)		824,727
Number of buildings acquired | building		3
Purchase price | $		$ 57,400
2015 Q2 Acquisitions
Acquired during the period
Area (in square feet)	1,639,383		1,639,383
Number of buildings acquired | building	12
Purchase price | $	$ 83,808
Plymouth, MI (PLYMO2)
Acquired during the period
Area (in square feet)	125,214		125,214
Number of buildings acquired | building	1
Purchase price | $	$ 6,000
Oakwood, OH
Acquired during the period
Area (in square feet)	75,000		75,000
Number of buildings acquired | building	1
Purchase price | $	$ 4,398
Stoughton, MA
Acquired during the period
Area (in square feet)	250,213		250,213
Number of buildings acquired | building	2
Purchase price | $	$ 10,675
Oklahoma City, OK (OKLAHO)
Acquired during the period
Area (in square feet)	223,340		223,340
Number of buildings acquired | building	1
Purchase price | $	$ 12,135
Clinton, TN (CLINTN)
Acquired during the period
Area (in square feet)	166,000		166,000
Number of buildings acquired | building	1
Purchase price | $	$ 5,000
Knoxville, TN (KNOXV2)]
Acquired during the period
Area (in square feet)	108,400		108,400
Number of buildings acquired | building	1
Purchase price | $	$ 4,750
Fairborn, OH (FAIRBN)
Acquired during the period
Area (in square feet)	258,680		258,680
Number of buildings acquired | building	1
Purchase price | $	$ 9,100
El Paso, TX (ELPASS)
Acquired during the period
Area (in square feet)	126,456		126,456
Number of buildings acquired | building	1
Purchase price | $	$ 9,700
Phoenix, AZ (PHOENX)
Acquired during the period
Area (in square feet)	102,747		102,747
Number of buildings acquired | building	1
Purchase price | $	$ 9,500
Charlotte, NC (CHARL5)
Acquired during the period
Area (in square feet)	123,333		123,333
Number of buildings acquired | building	1
Purchase price | $	$ 7,500
Machesney Park, IL (MACHES)
Acquired during the period
Area (in square feet)	80,000		80,000
Number of buildings acquired | building	1
Purchase price | $	$ 5,050

Rental Property - Acquisition34

Rental Property - Acquisitions - Allocation of Consideration (Details) - USD ($) $ in Thousands	Jun. 25, 2015	Jan. 22, 2015	Jun. 30, 2015
Consideration transferred
Assumption of mortgage notes payable			$ 16,624
2015 Acquisitions
Allocation of the consideration paid for the acquired assets and liabilities
Land			23,229
Buildings			104,906
Tenant improvements			2,860
Building and land Improvements			7,629
Above/below market assumed debt adjustments			(145)
Total: Aggregate purchase price			180,891
Less: Mortgage note payable assumed			(16,624)
Other assets			565
Net assets acquired			$ 164,267
Weighted Average Amortization Period of Lease Intangibles			1 year 1 month 6 days
2015 Acquisitions | In-place leases
Allocation of the consideration paid for the acquired assets and liabilities
Amortizable intangible assets			$ 25,177
Weighted Average Amortization Period of Lease Intangibles			5 years 10 months 24 days
2015 Acquisitions | Tenant relationships
Allocation of the consideration paid for the acquired assets and liabilities
Amortizable intangible assets			$ 13,365
Weighted Average Amortization Period of Lease Intangibles			8 years 6 months
2015 Acquisitions | Above market leases
Allocation of the consideration paid for the acquired assets and liabilities
Amortizable intangible assets			$ 4,566
Weighted Average Amortization Period of Lease Intangibles			7 years 8 months 12 days
2015 Acquisitions | Below market leases
Allocation of the consideration paid for the acquired assets and liabilities
Below market leases			$ (1,261)
Weighted Average Amortization Period of Lease Intangibles			6 years 6 months
Burlington, NJ
Consideration transferred
Purchase price, excluding equity issued		$ 13,000
Less: Mortgage note payable assumed		(11,800)
Purchase price paid in cash		1,200
Assumption of mortgage notes payable		$ 11,800
Burlington, NJ | Common Units
Consideration transferred
Redemption of units for cash (in shares)		812,676
Fair value of common units issued		$ 21,900
Trailing-average stock price, number of days included		10 days
Charlotte, NC (CHARL5)
Consideration transferred
Assumption of mortgage notes payable	$ 4,900

Rental Property - Acquisition35

Rental Property - Acquisitions - Pro Forma (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Results of operations of acquired properties
Property acquisition costs	$ 1,187	$ 688	$ 1,505	$ 1,247
Pro forma information
Total revenue			108,134	93,707
Net income (loss)			(5,143)	(4,247)
Net loss attributable to common stockholders			(10,245)	(8,924)
Impairment
Non-strategic building held for sale	4,400		4,400
Asset Impairment Charges	2,645		2,645
2015 Acquisitions
Results of operations of acquired properties
Revenue	3,187		4,071
Property acquisition costs	1,028		1,274
Net loss	$ (827)		(1,074)
2015 Acquisitions | Acquisition-related costs adjustments
Pro forma information
Net income (loss)			$ 1,300
2014 Acquisitions | Acquisition-related costs adjustments
Pro forma information
Net income (loss)				$ 1,200

Rental Property - Deferred Leas

Rental Property - Deferred Leasing Intangibles - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Deferred leasing intangibles, assets
Gross	$ 433,202	$ 393,930
Less: Accumulated amortization	(176,789)	(146,026)
Net	256,413	247,904
Deferred leasing intangibles, liabilities
Gross	18,006	16,745
Less: Accumulated amortization	(7,916)	(6,565)
Net	10,090	10,180
Other Intangible Lease Assets
Deferred leasing intangibles, assets
Gross	367,193	330,100
Less: Accumulated amortization	(148,164)	(120,645)
Net	219,029	209,455
Above market leases
Deferred leasing intangibles, assets
Gross	66,009	63,830
Less: Accumulated amortization	(28,625)	(25,381)
Net	37,384	38,449
Below market leases
Deferred leasing intangibles, liabilities
Gross	18,006	16,745
Less: Accumulated amortization	(7,916)	(6,565)
Net	$ 10,090	$ 10,180

Rental Property - Deferred Le37

Rental Property - Deferred Leasing Intangibles - Income Statement Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Above and Below Market Leases
Deferred leasing intangibles
Net decrease to rental revenue related to above and below market lease amortization	$ 2,200	$ 1,500	$ 4,300	$ 3,000
Net Decrease to Rental Income Related to Above and Below Market Leases
Remainder of 2015			4,002
2,016			5,954
2,017			4,284
2,018			2,989
2,019			2,608
Other Intangible Lease Assets
Deferred leasing intangibles
Other intangible lease assets amortization expense	14,700	$ 12,000	29,000	$ 23,500
Estimated Net Amortization of In-Place Leases, Leasing Commissions and Tenant Relationships
Remainder of 2015	28,154		28,154
2,016	49,938		49,938
2,017	40,902		40,902
2,018	31,532		31,532
2,019	$ 22,418		$ 22,418

Debt - Summary (Details)

Debt - Summary (Details) - Range [Domain] - USD ($)	Jun. 25, 2015	Feb. 20, 2015	Jan. 22, 2015	Dec. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Debt instruments
Weighted-average interest rate (as a percent)					4.42%		4.42%
Principal outstanding				$ 686,347,000	$ 764,904,000		$ 764,904,000		$ 686,347,000
Notional Amount					300,000,000		300,000,000
Assumption of mortgage notes payable							16,624,000
Deferred financing fees, net				$ 7,800,000	8,100,000		8,100,000		7,800,000
Amortization of deferred financing fees					300,000	$ 400,000	$ 600,000	$ 700,000
Burlington, NJ
Debt instruments
Assumption of mortgage notes payable			$ 11,800,000
One-Month LIBOR
Debt instruments
Interest rate margin (as a percent)				0.17125%			0.1865%
Unsecured credit facility
Debt instruments
Principal outstanding				$ 131,000,000	87,000,000		$ 87,000,000		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				131,000,000	87,000,000		87,000,000		$ 131,000,000
Remaining borrowing capacity					213,000,000		$ 213,000,000
$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
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				180,000,000	300,000,000		$ 300,000,000		$ 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%
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%
Principal outstanding					$ 20,000,000		$ 20,000,000
Debt instrument maturity term		12 years
Mortgage notes payable
Debt instruments
Long-term debt, gross				225,039,000	227,538,000		227,538,000		225,039,000
Total unamortized fair market value premium				308,000	366,000		366,000		308,000
Principal outstanding				$ 225,347,000	$ 227,904,000		$ 227,904,000		$ 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				$ 3,445,000	$ 3,339,000		$ 3,339,000		$ 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				$ 5,677,000	$ 5,595,000		$ 5,595,000		$ 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				$ 6,103,000	$ 5,931,000		$ 5,931,000		$ 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				$ 3,035,000	$ 2,990,000		$ 2,990,000		$ 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				$ 3,268,000	$ 3,221,000		$ 3,221,000		$ 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				$ 4,182,000	$ 4,148,000		$ 4,148,000		$ 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				$ 58,050,000	$ 57,618,000		$ 57,618,000		$ 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				$ 59,065,000	$ 58,582,000		$ 58,582,000		$ 59,065,000
CIGNA-3 Facility
Debt instruments
Interest Rate (as a percent)					5.88%		5.88%
Principal outstanding				$ 16,647,000	$ 16,526,000		$ 16,526,000		$ 16,647,000
National Life Insurance Company
Debt instruments
Interest Rate (as a percent)	5.75%			5.75%	5.75%		5.75%		5.75%
Long-term debt, gross					$ 4,859,000		$ 4,859,000
Prepayment terms - Penalty-free pre-payable period							3 months
Fair value premium	$ 100,000
Fair Value Inputs, Discount Rate	(3.05%)
Assumption of mortgage notes payable	$ 4,900,000
Wells Fargo, CMBS Loan
Debt instruments
Interest Rate (as a percent)				4.31%	4.31%		4.31%		4.31%
Long-term debt, gross				$ 65,567,000	$ 64,729,000		$ 64,729,000		$ 65,567,000
Unsecured credit facility and unsecured term loans
Debt instruments
Remaining borrowing capacity					$ 363,000,000		$ 363,000,000

Debt - Fair Value (Details)

Debt - Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value of Debt
Total carrying value	$ 764,904	$ 686,347
Unsecured credit facility
Fair Value of Debt
Total carrying value	87,000	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	227,538	225,039
Total unamortized fair market value premium	366	308
Total carrying value	227,904	225,347
Carrying Amount
Fair Value of Debt
Principal Amount	764,538	686,039
Total unamortized fair market value premium	366	308
Total carrying value	764,904	686,347
Carrying Amount | Unsecured credit facility
Fair Value of Debt
Principal Amount	87,000	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	$ 227,538	$ 225,039
Level 3 Inputs | Minimum
Fair Value of Debt
Discount rate at which cash flows are discounted (as a percent)	1.34%	1.32%
Level 3 Inputs | Maximum
Fair Value of Debt
Discount rate at which cash flows are discounted (as a percent)	4.66%	4.27%
Level 3 Inputs | Fair Value
Fair Value of Debt
Fair value	$ 774,576	$ 706,189
Level 3 Inputs | Fair Value | Unsecured credit facility
Fair Value of Debt
Fair value	87,000	131,000
Level 3 Inputs | Fair Value | Unsecured term loans
Fair Value of Debt
Fair value	150,476	150,000
Level 3 Inputs | Fair Value | Unsecured notes
Fair Value of Debt
Fair value	299,079	187,587
Level 3 Inputs | Fair Value | Mortgage notes payable
Fair Value of Debt
Fair value	$ 238,021	$ 237,602

Use of Derivative Financial I40

Use of Derivative Financial Instruments - Risk Management and Unsecured Loan Swaps (Details)	Jan. 08, 2015derivative	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Unsecured Term Loan Swaps
Number of additional interest rate swaps | derivative	7
Notional Amount		$ 300,000,000
Fair value - assets		1,897,000	$ 959,000
Fair value - liabilities		(1,117,000)	$ (873,000)
Interest Rate Swaps
Unsecured Term Loan Swaps
Notional Amount		225,000,000
PNC Bank, National Association
Unsecured Term Loan Swaps
Notional amount assets		10,000,000
Fair value - assets		$ 8,000
Fixed Interest Rate (as a percent)		0.7945%
Bank of America
Unsecured Term Loan Swaps
Notional amount assets		$ 10,000,000
Fair value - assets		$ 8,000
Fixed Interest Rate (as a percent)		0.7945%
UBS AG
Unsecured Term Loan Swaps
Notional amount assets		$ 10,000,000
Fair value - assets		$ 8,000
Fixed Interest Rate (as a percent)		0.7945%
Royal Bank of Canada
Unsecured Term Loan Swaps
Notional amount assets		$ 10,000,000
Fair value - assets		$ 9,000
Fixed Interest Rate (as a percent)		0.7945%
RJ Capital Services, Inc.
Unsecured Term Loan Swaps
Notional amount assets		$ 10,000,000
Fair value - assets		$ 8,000
Fixed Interest Rate (as a percent)		0.7975%
Bank of America
Unsecured Term Loan Swaps
Notional amount assets		$ 25,000,000
Fair value - assets		$ 45,000
Fixed Interest Rate (as a percent)		0.7525%
RJ Capital Services, Inc.
Unsecured Term Loan Swaps
Notional amount assets		$ 25,000,000
Fair value - assets		$ 59,000
Fixed Interest Rate (as a percent)		0.727%
Regions Bank
Unsecured Term Loan Swaps
Notional amount assets		$ 25,000,000
Fair value - assets		$ 202,000
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		$ (364,000)
Fixed Interest Rate (as a percent)		1.681%
Capital One, N.A.
Unsecured Term Loan Swaps
Notional amount liabilities		$ 25,000,000
Fair value - liabilities		$ (207,000)
Fixed Interest Rate (as a percent)		1.703%
Regions Bank
Unsecured Term Loan Swaps
Notional amount liabilities		$ 25,000,000
Fair value - liabilities		$ (546,000)
Fixed Interest Rate (as a percent)		1.9925%
Royal Bank of Canada, effective March 20, 2015
Unsecured Term Loan Swaps
Notional amount liabilities		$ 25,000,000
Fair value - assets		$ 49,000
Fixed Interest Rate (as a percent)		1.709%
Toronto-Dominion Bank, effective March 20, 2015
Unsecured Term Loan Swaps
Notional amount liabilities		$ 25,000,000
Fair value - assets		$ 46,000
Fixed Interest Rate (as a percent)		1.7105%
Wells Fargo Bank, effective March 20, 2015
Unsecured Term Loan Swaps
Notional amount liabilities		$ 25,000,000
Fair value - assets		$ 146,000
Fixed Interest Rate (as a percent)		1.828%
Toronto-Dominion Bank, effective September 10, 2017
Unsecured Term Loan Swaps
Notional amount liabilities		$ 0
Fair value - assets		$ 422,000
Fixed Interest Rate (as a percent)		2.2255%
Toronto-Dominion Bank, effective February 14, 2020
Unsecured Term Loan Swaps
Notional amount liabilities		$ 0
Fair value - assets		$ 203,000
Fixed Interest Rate (as a percent)		2.4535%
Regions Bank, effective February 14, 2020
Unsecured Term Loan Swaps
Notional amount liabilities		$ 0
Fair value - assets		$ 338,000
Fixed Interest Rate (as a percent)		2.475%
Capital One, N.A. effective February 14, 2020
Unsecured Term Loan Swaps
Notional amount liabilities		$ 0
Fair value - assets		$ 346,000
Fixed Interest Rate (as a percent)		2.53%

Use of Derivative Financial I41

Use of Derivative Financial Instruments - FV of Interest Rate Swaps (Details) $ in Thousands	Jun. 30, 2015USD ($)derivative	Dec. 31, 2014USD ($)
Fair value of the interest rate swaps outstanding
Fair value - assets	$ 1,897	$ 959
Unsecured Debt Swaps	(1,117)	(873)
Unsecured Debt Swaps | Interest Rate Swaps
Fair value of the interest rate swaps outstanding
Notional amount assets	200,000	125,000
Fair value - assets	1,897	959
Notional amount liabilities	100,000	100,000
Unsecured Debt Swaps	$ (1,117)	$ (873)
Number of interest rate swaps with no current notional amount | derivative	4

Use of Derivative Financial I42

Use of Derivative Financial Instruments - Cash Flow Hedges of Interest Rate Risk (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)
Cash Flow Hedges of Interest Rate Risk
Gain on hedge ineffectiveness	$ 100,000	$ 0	$ 100,000	$ 0
Additional amount reclassified from accumulated other comprehensive income (loss) as an increase to interest expense over the next twelve months	3,000,000		3,000,000
Amount of income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion)	(3,695,000)	2,815,000	976,000	4,482,000
Amount of loss reclassified from accumulated other comprehensive income (loss) into income (loss) as interest expense (effective portion)	926,000	638,000	1,592,000	1,222,000
Amount of loss recognized in income on swaps (ineffective portion and amount excluded from effectiveness testing)	$ 92,000	$ 0	$ 92,000	$ 0
Interest Rate Swaps
Credit-risk-related Contingent Features
Number of interest rate swaps in asset position | item	15		15
Total number of interest rate swaps | item	18		18
Fair values of the interest rate swaps in an asset position	$ 2,000,000		$ 2,000,000
Number of interest rate swaps in liability position | item	3		3
Fair values of the interest rate swaps in a liability position	$ 1,100,000		$ 1,100,000
Value of adjustment for nonperformance risk related to net asset position	(100,000)		(100,000)
Value of adjustment for nonperformance risk related to net liability position	(10,000)		(10,000)
Accrued interest expense	300,000		300,000
Termination value required to settle obligations under agreements	$ 1,200,000		$ 1,200,000

Use of Derivative Financial I43

Use of Derivative Financial Instruments - FV on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets (liabilities):
Interest rate swaps	$ 1,897	$ 959
Fair value - liabilities	(1,117)	(873)
Fair value on recurring basis | Fair Value
Assets (liabilities):
Interest rate swaps	1,897	959
Fair value - liabilities	(1,117)	(873)
Fair value on recurring basis | Level 2
Assets (liabilities):
Interest rate swaps	1,897	959
Fair value - liabilities	$ (1,117)	$ (873)

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred Stock (Details)	Jul. 21, 2015$ / shares	Apr. 16, 2013$ / sharesshares	Nov. 02, 2011$ / sharesshares	Jun. 30, 2015$ / sharesshares	Mar. 31, 2015$ / shares	Dec. 31, 2014$ / sharesshares	Sep. 30, 2014$ / shares	Jun. 30, 2014$ / shares	Mar. 31, 2014$ / shares	Jun. 30, 2015item$ / sharesshares	Dec. 31, 2014$ / sharesshares
Stockholders' Equity
Authorized shares of preferred stock | shares				10,000,000		10,000,000				10,000,000	10,000,000
Par value per share				$ 0.01		$ 0.01				$ 0.01	$ 0.01
Series A and B Preferred Stock
Stockholders' Equity
Number of outstanding stock issuances | item										2
Series A Preferred Stock
Stockholders' Equity
Number of shares | shares			2,760,000
Price per share (in dollars per share)			$ 25
Interest rate (as a percent)			9.00%
Dividend declared (in dollars per share)				0.5625	$ 0.5625	0.5625	$ 0.5625	$ 0.5625	$ 0.5625	$ 1.1250	2.2500
Series B Preferred Stock
Stockholders' Equity
Number of shares | shares		2,800,000
Price per share (in dollars per share)		$ 25
Interest rate (as a percent)		6.625%
Dividend declared (in dollars per share)				$ 0.4140625	$ 0.4140625	$ 0.4140625	$ 0.4140625	$ 0.4140625	$ 0.4140625	$ 0.8281250	$ 1.6562500
Non-recognized Subsequent Event | Series A Preferred Stock
Stockholders' Equity
Dividend declared (in dollars per share)	$ 0.5625
Non-recognized Subsequent Event | Series B Preferred Stock
Stockholders' Equity
Dividend declared (in dollars per share)	$ 0.4140625

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 21, 2015	May. 04, 2015	Jun. 30, 2015	May. 31, 2015	Apr. 30, 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	May. 31, 2014	Apr. 30, 2014	Mar. 31, 2014	Feb. 28, 2014	Jan. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Stockholders' Equity
Net Proceeds																					$ 71,827	$ 119,365
Dividends declared (in dollars per share)		$ 0.1150
Common Stock
Stockholders' Equity
Dividends declared (in dollars per share)			$ 0.1125	$ 0.1125	$ 0.1125	$ 0.1125	$ 0.1125	$ 0.1125	$ 0.110	$ 0.110	$ 0.110	$ 0.110	$ 0.110	$ 0.110	$ 0.105	$ 0.105	$ 0.105	$ 0.105	$ 0.105	$ 0.105	$ 0.6750		$ 1.2900
Common Stock | Non-recognized Subsequent Event
Stockholders' Equity
Dividends declared (in dollars per share)	$ 0.1150
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
Sales Agents' Fees																							200
Net Proceeds																							$ 14,700
Common Stock | 2014 $150 million ATM
Stockholders' Equity
Maximum Aggregate Offering Price			$ 150,000																		$ 150,000
Shares sold																					795,000		5,760,651
Average Price per Share (in dollars per share)			$ 21.79						23.03												$ 21.79		$ 23.03
Gross Proceeds																					$ 17,300		$ 132,700
Sales Agents' Fees																					200		2,000
Net Proceeds																					17,100		$ 130,700
Common Stock | 2014 $200 million ATM
Stockholders' Equity
Maximum Aggregate Offering Price			$ 200,000																		200,000
Aggregate Common Stock Available			$ 110,445																		$ 110,445
Shares sold																					2,510,397		1,658,795
Average Price per Share (in dollars per share)			$ 21.71						21.13												$ 21.71		$ 21.13
Gross Proceeds																					$ 54,500		$ 35,000
Sales Agents' Fees																					800		500
Net Proceeds																					$ 53,700		$ 34,500
Common Stock | At The Market (ATM) Program
Stockholders' Equity
Shares sold																					3,305,397		8,081,376
Average Price per Share (in dollars per share)			$ 21.73						$ 22.60												$ 21.73		$ 22.60
Gross Proceeds																					$ 71,800		$ 182,600
Sales Agents' Fees																					1,000		2,700
Net Proceeds																					$ 70,800		$ 179,900

Stockholders' Equity - Board Co

Stockholders' Equity - Board Compensation (Details) - USD ($)	3 Months Ended						6 Months Ended	12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Dec. 31, 2014
Stockholders' Equity
Annual directors fees							$ 50,000
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	4,248	3,731	3,298	3,958	3,473	3,471	7,979	14,200
Fair value of shares issued to directors for their services	$ 89,000	$ 84,000	$ 87,000	$ 88,000	$ 83,000	$ 83,000	$ 173,000	$ 341,000

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock (Details) - 2011 Equity Incentive Plan - Restricted stock $ / shares in Units, $ in Millions	Jan. 12, 2015installment	Jun. 30, 2015USD ($)shares	Jun. 30, 2014USD ($)shares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)shares	Dec. 31, 2014$ / sharesshares
Restricted Stock-Based Compensation
Number of equal vesting installments | installment	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)		(14,657)	(14,657)	(72,185)	(51,885)	(51,885)
Forfeited (in shares)				(6,954)		(1,737)
Unvested at end of period (in shares)		279,067		279,067		263,916
Grant date fair value (in dollars per share) | $ / shares				$ 26.17		$ 20.13
Unrecognized Compensation Expense
Unrecognized compensation expense | $		$ 4.8		$ 4.8
Other information
Number of shares vested		14,657	14,657	72,185	51,885	51,885
Fair value of shares vested | $		$ 0.4	$ 0.4	$ 1.8	$ 1.1

Noncontrolling Interest (Detail

Noncontrolling Interest (Details) - Operating Partnership - Noncontrolling Interest - Unit holders in Operating Partnership - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Common Units
Noncontrolling interest
Ownership interest held by noncontrolling owners (as a percent)	4.87%	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	(90,824)	(5,105,584)
Issuance/grant	1,135,745	719,572
Redemption of Common Units for cash	(2,400)	(80,789)
Balance, end of period (in shares)	3,474,370	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	20,000	12,000
Redemptions from Common Units to Common Stock	(90,824)	(5,105,584)
Issuance/grant	812,676
Redemption of Common Units for cash	(2,400)	(80,789)
Balance, end of period (in shares)	1,864,265	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	(20,000)	(12,000)
Issuance/grant	323,069	719,572
Balance, end of period (in shares)	1,610,105	1,307,036

Noncontrolling Interest - Acqui

Noncontrolling Interest - Acquisitions (Details) - Common Units $ in Millions	Jan. 22, 2015USD ($)shares	Jun. 30, 2015shares
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 | $	$ 21.9
Trailing-average stock price, number of days included	10 days

Noncontrolling Interest - LTIP

Noncontrolling Interest - LTIP (Details)	May. 04, 2015shares	Jan. 12, 2015	Sep. 23, 2014shares	Jun. 30, 2015shares	Dec. 31, 2014shares
LTIP Units | Benjamin S. Butcher
Incentive Plans
Granted (in shares)	100,000
LTIP Units | Benjamin S. Butcher | Awards vesting over six years - first vesting period
Incentive Plans
Vesting percentage	50.00%
LTIP Units | Benjamin S. Butcher | Awards vesting over six years - second vesting period
Incentive Plans
Vesting percentage	16.67%
2011 Equity Incentive Plan | LTIP Units
Share-based compensation
Conversion ratio of noncontrolling units				1
Incentive Plans
Granted (in shares)			397,590	323,069	719,572
2011 Equity Incentive Plan | LTIP Units | Certain executive officers and independent directors
Share-based compensation
Vested units eligible for conversion				1,387,036
Outstanding awards (in shares)				1,610,105
2011 Equity Incentive Plan | LTIP Units | Executive officers | Awards vest over three years
Share-based compensation
Vesting period (in years)		3 years
Incentive Plans
Vesting period (in years)		3 years
2011 Equity Incentive Plan | LTIP Units | Directors
Share-based compensation
Vesting period (in years)		1 year
Incentive Plans
Vesting period (in years)		1 year
Non-recognized Subsequent Event | Benjamin S. Butcher
Incentive Plans
Term of employment agreement	3 years
Length of contract extension term	1 year
Nonrenewal notice period	60 days

Noncontrolling Interest - Fair

Noncontrolling Interest - Fair Value Assumptions (Details) - LTIP Units - 2011 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Millions	Sep. 23, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Assumptions
Units at issuance (in shares)	397,590			323,069		719,572
Summary of share-based compensation activity
Unvested at beginning of period (in shares)				448,887	368,760	368,760
Granted (in shares)	397,590			323,069		719,572
Vested (in shares)		(89,112)	(67,547)	(140,532)	(108,728)	(639,445)
Unvested at end of period (in shares)		631,424		631,424		448,887
Unrecognized compensation expense		$ 12.2		$ 12.2
Fair value of shares vested		$ 1.9	$ 1.6	$ 3.1	$ 2.6
Grant date of January 12, 2015
Assumptions
Expected term				10 years
Expected volatility (as a percent)				20.00%
Expected dividend yield (as a percent)				6.00%
Risk-free interest rate (as a percent)				0.6159%
Fair value of units at issuance				$ 5.4
Units at issuance (in shares)				223,069
Fair value share price per unit				$ 24.43
Summary of share-based compensation activity
Granted (in shares)				223,069
Grant date May 04, 2015
Assumptions
Expected term				10 years
Expected volatility (as a percent)				20.00%
Expected dividend yield (as a percent)				6.00%
Risk-free interest rate (as a percent)				0.659%
Fair value of units at issuance				$ 2
Units at issuance (in shares)				100,000
Fair value share price per unit				$ 20.38
Summary of share-based compensation activity
Granted (in shares)				100,000

Equity Incentive Plan - Summary

Equity Incentive Plan - Summary (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)item$ / shares	Jun. 30, 2014USD ($)
Share-based compensation
Total Equity Compensation Expense	$ 3.8	$ 4.4
2015 Outperformance Program
Share-based compensation
Measurement period	3 years
Beginning value of the company's common stock (in dollars per share) | $ / shares	$ 24.49
Number of trading days used to calculate average common stock price	20 days
Percentage of excess total stockholder return above relative total stockholder return hurdle	10.00%
Assumptions
Value of awards	$ 1.6
Number of simulations run to determine the fair value of awards | item	500,000
Expected volatility (as a percent)	20.00%
Risk free rate (as a percent)	0.9814%
2015 Outperformance Program | Minimum
Share-based compensation
Threshold percentage of increase in cumulative absolute total stockholder return	25.00%
2015 Outperformance Program | 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	$ 15.4
2015 Outperformance Program | 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 - Amortiz

Equity Incentive Plan - Amortization of Restricted Stock (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Equity Incentive Plan
Total Equity Compensation Expense			$ 3.8	$ 4.4
Restricted stock
Equity Incentive Plan
Total Equity Compensation Expense			1	0.6
LTIP Units
Equity Incentive Plan
Total Equity Compensation Expense			2.3	3.2
OPP Awards
Equity Incentive Plan
Total Equity Compensation Expense			0.3	0.4
General and Administrative Expenses
Equity Incentive Plan
Total Equity Compensation Expense	$ 1.9	$ 3.3
General and Administrative Expenses | Restricted stock
Equity Incentive Plan
Total Equity Compensation Expense	0.5	0.3
General and Administrative Expenses | LTIP Units
Equity Incentive Plan
Total Equity Compensation Expense	1.2	2.6
General and Administrative Expenses | OPP Awards
Equity Incentive Plan
Total Equity Compensation Expense	0.1	0.3
Directors
Equity Incentive Plan
Total Equity Compensation Expense			$ 0.2	0.2
Directors | General and Administrative Expenses
Equity Incentive Plan
Total Equity Compensation Expense	$ 0.1	0.1
Consulting agreement with a former executive officer | LTIP Units
Equity Incentive Plan
Total Equity Compensation Expense		2		2
Consulting agreement with a former executive officer | OPP Awards
Equity Incentive Plan
Total Equity Compensation Expense		$ 0.2		$ 0.2

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 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)	286,280	267,659	288,269	273,626

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Numerator and Denominator (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator
Net income (loss) from continuing operations	$ (5,228)	$ (2,666)	$ (6,655)	$ (2,645)
Net income (loss)	(5,228)	(2,666)	(6,655)	(2,645)
Less: preferred stock dividends	2,712	2,712	5,424	5,424
Less: amount allocated to unvested restricted stockholders	95	83	196	171
Less: loss attributable to noncontrolling interest after preferred stock dividends	(397)	(310)	(592)	(766)
Loss from continuing operations attributable to common stockholders	$ (7,638)	$ (5,151)	$ (11,683)	$ (7,474)
Denominator
Weighted average common shares outstanding - basic and diluted	65,285,388	52,865,801	64,788,561	49,023,985
Loss per share - basic and diluted (in dollars per share)	$ (0.12)	$ (0.10)	$ (0.18)	$ (0.15)

Commitments and Contingencies -

Commitments and Contingencies - Agreements (Details) - One-time incentive fee - Columbus Nova - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 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) - Jun. 30, 2015	tenantitemderivative
Concentrations of credit risk
Number of tenants | tenant	242
Number of Industries	3
Credit risk
Concentrations of credit risk
Number of counterparties	9
Number of outstanding derivatives | derivative	15
Rental income | Credit risk | Minimum
Concentrations of credit risk
Number of tenants | tenant	0
Rental income | Credit risk | Tenant | Maximum
Concentrations of credit risk
Concentration risk percentage	2.80%
Rental income | Customer Concentration Risk
Concentrations of credit risk
Number of Industries	0
Rental income | Customer Concentration Risk | Tenant industry | Maximum
Concentrations of credit risk
Concentration risk percentage	11.90%