Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 20, 2023 | Jun. 30, 2022 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 001-38106 | ||
Entity Registrant Name | PLYMOUTH INDUSTRIAL REIT, INC. | ||
Entity Central Index Key | 0001515816 | ||
Entity Tax Identification Number | 27-5466153 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Address, Address Line One | 20 Custom House St | ||
Entity Address, Address Line Two | 11th Floor | ||
Entity Address, City or Town | Boston | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02110 | ||
City Area Code | (617) | ||
Local Phone Number | 340-3814 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 697,207,089 | ||
Entity Common Stock, Shares Outstanding | 43,030,864 | ||
Documents Incorporated by Reference [Text Block] | Portions of the registrant’s Definitive Proxy Statement relating to its 2022 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K. The registrant expects to file its Definitive Proxy Statement with the Securities and Exchange Commission within 120 days after December 31, 2022. | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Firm ID | 238 | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | Boston, Massachusetts | ||
Common Stock, par value $0.01 per share | |||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | PLYM | ||
Security Exchange Name | NYSE | ||
7.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share | |||
Title of 12(b) Security | 7.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share | ||
Trading Symbol | PLYM-PrA | ||
Security Exchange Name | NYSEAMER |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Real estate properties | $ 1,555,846 | $ 1,254,007 |
Less accumulated depreciation | (205,629) | (142,192) |
Real estate properties, net | 1,350,217 | 1,111,815 |
Cash | 11,003 | 26,232 |
Cash held in escrow | 13,376 | 11,893 |
Restricted cash | 6,834 | 5,249 |
Deferred lease intangibles, net | 70,718 | 75,864 |
Investment in unconsolidated joint venture | 5,833 | |
Interest rate swaps | 30,115 | |
Other assets | 39,055 | 33,919 |
Total assets | 1,521,318 | 1,270,805 |
Liabilities: | ||
Secured debt, net | 389,531 | 352,075 |
Unsecured debt, net | 447,345 | 297,840 |
Borrowings under line of credit | 77,500 | 38,000 |
Accounts payable, accrued expenses and other liabilities | 72,551 | 66,880 |
Deferred lease intangibles, net | 8,918 | 10,273 |
Financing lease liability | 2,248 | 2,227 |
Total liabilities | 998,093 | 767,295 |
Equity: | ||
Common stock, $0.01 par value: 900,000,000 shares authorized; 42,849,489 and 36,110,659 shares issued and outstanding at December 31, 2022 and 2021, respectively | 428 | 361 |
Additional paid in capital | 635,068 | 532,666 |
Accumulated deficit | (194,243) | (177,258) |
Accumulated other comprehensive income | 29,739 | |
Total stockholders' equity | 470,992 | 355,769 |
Non-controlling interest | 5,389 | 4,831 |
Total equity | 476,381 | 360,600 |
Total liabilities, preferred stock and equity | 1,521,318 | 1,270,805 |
Series A Preferred Stock [Member] | ||
Liabilities: | ||
Preferred stock | 46,844 | 48,473 |
Series B Preferred Stock [Member] | ||
Liabilities: | ||
Preferred stock | $ 94,437 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 900,000,000 | 900,000,000 |
Common stock, shares issued | 42,849,489 | 36,110,659 |
Common stock, shares outstanding | 42,849,489 | 36,110,659 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares issued | 1,955,513 | 2,023,551 |
Preferred stock, shares outstanding | 1,955,513 | 2,023,551 |
Preferred stock, liquidation preference | $ 48,888 | $ 50,589 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares issued | 0 | 4,411,764 |
Preferred stock, shares outstanding | 0 | 4,411,764 |
Preferred stock, liquidation preference | $ 0 | $ 97,277 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Rental revenue | $ 183,442 | $ 140,270 | $ 109,836 |
Management fee revenue and other income | 94 | 348 | 15 |
Total revenues | 183,536 | 140,618 | 109,851 |
Operating expenses: | |||
Property | 56,601 | 47,636 | 38,159 |
Depreciation and amortization | 95,312 | 70,642 | 56,428 |
General and administrative | 15,939 | 12,920 | 10,362 |
Total operating expenses | 167,852 | 131,198 | 104,949 |
Other income (expense): | |||
Interest expense | (32,217) | (19,968) | (18,931) |
Impairment on real estate lease | (311) | ||
Earnings (loss) in investment of unconsolidated joint venture | (147) | (850) | (19) |
Loss on extinguishment of debt | (2,176) | (523) | |
Gain on sale of real estate | 1,775 | ||
(Appreciation) depreciation of warrants | 1,760 | (5,121) | (103) |
Total other income (expense) | (32,780) | (24,687) | (19,364) |
Net loss | (17,096) | (15,267) | (14,462) |
Less: Net loss attributable to non-controlling interest | (210) | (259) | (649) |
Net loss attributable to Plymouth Industrial REIT, Inc. | (16,886) | (15,008) | (13,813) |
Less: Preferred Stock dividends | 4,866 | 6,608 | 6,444 |
Less: Series B Preferred Stock accretion to redemption value | 4,621 | 7,228 | 7,416 |
Less: Loss on extinguishment of Series A Preferred Stock | 99 | 34 | |
Less: Amount allocated to participating securities | 256 | 201 | 182 |
Net loss attributable to common stockholders | $ (26,728) | $ (29,045) | $ (27,889) |
Net loss basic and diluted per share attributable to common stockholders | $ (0.67) | $ (0.94) | $ (1.52) |
Weighted-average common shares outstanding basic and diluted | 39,779,128 | 30,910,581 | 18,381,700 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Net loss | $ (17,096) | $ (15,267) | $ (14,462) |
Other comprehensive income: | |||
Unrealized gain (loss) on interest rate swaps | 30,115 | ||
Other comprehensive income | 30,115 | ||
Comprehensive income (loss) | 13,019 | (15,267) | (14,462) |
Less: Net loss attributable to non-controlling interest | (210) | (259) | (649) |
Less: Other comprehensive income (loss) attributable to non-controlling interest | 376 | ||
Comprehensive income (loss) attributable to Plymouth Industrial REIT, Inc. | $ 12,853 | $ (15,008) | $ (13,813) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN PREFERRED STOCK AND EQUITY - USD ($) $ in Thousands | Preferred Stock Series A [Member] | Preferred Stock Series B [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 48,868 | $ 79,793 | $ 141 | $ 256,259 | $ (148,403) | $ 107,997 | $ 6,767 | $ 114,764 | |
Beginning balance, shares at Dec. 31, 2019 | 2,040,000 | 4,411,764 | 14,141,355 | ||||||
Repurchase and extinguishment of Series A Preferred Stock | $ 383 | 34 | 34 | 34 | |||||
Repurchase and extinguishment of Series A Preferred stock, shares | (16,001) | ||||||||
Series B Preferred Stock accretion to redemption value | 7,416 | (7,416) | (7,416) | (7,416) | |||||
Net proceeds from common stock | $ 108 | 135,047 | 135,155 | 135,155 | |||||
Net proceeds from common stock, shares | 10,837,905 | ||||||||
Stock based compensation | 1,439 | 1,439 | 1,439 | ||||||
Restricted shares issued (forfeited) | |||||||||
Restricted shares issued (forfeited), shares | 96,237 | ||||||||
Conversion of common stock warrants | |||||||||
Dividends and distributions | 25,180 | 25,180 | 744 | 25,924 | |||||
Other comprehensive income | |||||||||
Redemption of partnership units | $ 4 | 4,562 | 4,566 | (4,566) | |||||
Redemption of partnership units, shares | 268,664 | 268,664 | |||||||
Reallocation of non-controlling interest | (3,959) | (3,959) | 3,959 | ||||||
Net loss | (13,813) | (13,813) | (649) | (14,462) | |||||
Ending balance, value at Dec. 31, 2020 | $ 48,485 | $ 87,209 | $ 253 | 360,752 | (162,250) | 198,755 | 4,767 | 203,522 | |
Ending balance, shares at Dec. 31, 2020 | 2,023,999 | 4,411,764 | 25,344,161 | ||||||
Repurchase and extinguishment of Series A Preferred Stock | $ (12) | ||||||||
Repurchase and extinguishment of Series A Preferred stock, shares | (448) | ||||||||
Series B Preferred Stock accretion to redemption value | 7,228 | (7,228) | (7,228) | (7,228) | |||||
Net proceeds from common stock | $ 106 | 211,927 | 212,033 | 212,033 | |||||
Net proceeds from common stock, shares | 10,524,731 | ||||||||
Stock based compensation | 1,559 | 1,559 | 1,559 | ||||||
Restricted shares issued (forfeited) | $ 1 | 1 | 1 | ||||||
Restricted shares issued (forfeited), shares | 125,434 | ||||||||
Conversion of common stock warrants | |||||||||
Dividends and distributions | (33,584) | (33,584) | (436) | (34,020) | |||||
Other comprehensive income | |||||||||
Redemption of partnership units | $ 1 | 2,086 | 2,087 | (2,087) | |||||
Redemption of partnership units, shares | 116,333 | 116,333 | |||||||
Reallocation of non-controlling interest | (2,846) | (2,846) | 2,846 | ||||||
Net loss | (15,008) | (15,008) | (259) | (15,267) | |||||
Ending balance, value at Dec. 31, 2021 | $ 48,473 | $ 94,437 | $ 361 | 532,666 | (177,258) | 355,769 | 4,831 | 360,600 | |
Ending balance, shares at Dec. 31, 2021 | 2,023,551 | 4,411,764 | 36,110,659 | ||||||
Repurchase and extinguishment of Series A Preferred Stock | $ (1,629) | (99) | (99) | (99) | |||||
Repurchase and extinguishment of Series A Preferred stock, shares | (68,038) | ||||||||
Series B Preferred Stock accretion to redemption value | 4,621 | (4,621) | (4,621) | (4,621) | |||||
Net proceeds from common stock | $ 24 | 58,155 | 58,179 | 58,179 | |||||
Net proceeds from common stock, shares | 2,345,247 | ||||||||
Stock based compensation | 2,603 | 2,603 | 2,603 | ||||||
Restricted shares issued (forfeited) | |||||||||
Restricted shares issued (forfeited), shares | 132,250 | ||||||||
Conversion of common stock warrants | $ 2 | 3,756 | 3,758 | 3,758 | |||||
Dividends and distributions | (40,684) | (40,684) | (432) | (41,116) | |||||
Other comprehensive income | 29,739 | 29,739 | 376 | 30,115 | |||||
Reallocation of non-controlling interest | (824) | (824) | 824 | ||||||
Net loss | (16,886) | (16,886) | (210) | (17,096) | |||||
Conversion of Series B Preferred Stock | $ (99,058) | $ 41 | 84,017 | 84,058 | 84,058 | ||||
Conversion of Series B Preferred Stock, shares | (4,411,764) | 4,121,393 | |||||||
Conversion of common stock warrants, shares | 139,940 | ||||||||
Ending balance, value at Dec. 31, 2022 | $ 46,844 | $ 428 | $ 635,068 | $ (194,243) | $ 29,739 | $ 470,992 | $ 5,389 | $ 476,381 | |
Ending balance, shares at Dec. 31, 2022 | 1,955,513 | 42,849,489 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities | |||
Net loss | $ (17,096) | $ (15,267) | $ (14,462) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 95,312 | 70,642 | 56,428 |
Straight line rent adjustment | (3,682) | (3,700) | (1,963) |
Intangible amortization in rental revenue, net | (3,151) | (2,096) | (2,075) |
Loss on extinguishment of debt | 2,176 | 523 | |
Amortization of debt related costs | 2,163 | 1,605 | 1,467 |
Appreciation (depreciation) of warrants | (1,760) | 5,121 | 103 |
Impairment on real estate lease | 311 | ||
Stock based compensation | 2,603 | 1,559 | 1,439 |
(Earnings) loss in investment of unconsolidated joint venture | 147 | 850 | 19 |
Gain on sale of real estate | (1,775) | ||
Changes in operating assets and liabilities: | |||
Other assets | (915) | (3,883) | (9,614) |
Deferred leasing costs | (5,668) | (5,564) | (2,238) |
Accounts payable, accrued expenses and other liabilities | 2,099 | 9,925 | 12,330 |
Net cash provided by operating activities | 72,228 | 57,940 | 41,745 |
Investing activities | |||
Acquisition of real estate properties | (197,085) | (337,030) | (246,353) |
Real estate improvements | (55,494) | (25,308) | (6,063) |
Proceeds from sale of real estate, net | 222 | 6,258 | |
Contribution to and investments in unconsolidated joint venture | (6,702) | ||
Net cash used in investing activities | (252,357) | (356,080) | (259,118) |
Financing activities | |||
Proceeds from issuance of common stock, net | 58,179 | 212,033 | 135,155 |
Proceeds from issuance of secured debt | 96,000 | ||
Proceeds from issuance of unsecured debt | 150,000 | 200,000 | 100,000 |
Repayment of secured debt | (21,186) | (17,392) | (86,166) |
Proceeds from line of credit facility | 213,000 | 139,000 | 131,500 |
Repayment of line of credit facility | (173,500) | (191,000) | (120,400) |
Repurchase of Series A Preferred Stock | (1,728) | (12) | (416) |
Redemption of Series B Preferred Stock | (15,000) | ||
Debt issuance costs | (1,826) | (1,692) | (2,935) |
Dividends and distributions paid | (39,971) | (31,477) | (25,709) |
Net cash provided by financing activities | 167,968 | 309,460 | 227,029 |
Net (decrease) increase in cash, cash held in escrow, and restricted cash | (12,161) | 11,320 | 9,656 |
Cash, cash held in escrow, and restricted cash at beginning of period | 43,374 | 32,054 | 22,398 |
Cash, cash held in escrow, and restricted cash at end of period | 31,213 | 43,374 | 32,054 |
Supplemental Cash Flow Disclosures: | |||
Cash paid for interest | 28,931 | 18,172 | 17,316 |
Assumption of cash, cash held in escrow, and restricted cash upon consolidation of investment in joint venture | 2,895 | ||
Supplemental Non-cash Financing and Investing Activities: | |||
Dividends declared included in dividends payable | 9,426 | 8,286 | 5,725 |
Distribution payable to non-controlling interest holder | 108 | 103 | 121 |
Series B accretion to redemption value | 4,621 | 7,228 | 7,416 |
Real estate improvements included in accounts payable, accrued expenses and other liabilities | 6,997 | 1,377 | 685 |
Deferred leasing costs included in accounts payable, accrued expenses and other liabilities | 483 | 91 | 342 |
New financing lease | 2,207 | ||
Assumption of secured debt | 39,620 | ||
Conversion of common stock warrants | 3,758 | ||
Conversion of Series B Preferred Stock | 84,058 | ||
Consolidation of net book value of investment in joint venture | 5,686 | ||
Assumption of other assets upon consolidation of investment in joint venture | 638 | ||
Assumption of accounts payable, accrued expenses and other liabilities upon consolidation of investment in joint venture | 1,955 | ||
Assumption of secured debt upon consolidation of investment in joint venture | $ 56,000 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the Business and Basis of Presentation | 1. Nature of the Business and Basis of Presentation Business Plymouth Industrial REIT, Inc., (the “Company”) is a Maryland corporation formed on March 7, 2011. 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, Plymouth Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). The Company, as general partner of the Operating Partnership, controls the Operating Partnership and consolidates the assets, liabilities, and results of operations of the Operating Partnership. As of December 31, 2022 and 2021, the Company owned a 98.9 98.7 The Company is a real estate investment trust focused on the acquisition, ownership and management of single and multi-tenant industrial properties, including distribution centers, warehouses, light industrial and small bay industrial properties, located in primary and secondary markets within the main industrial, distribution and logistics corridors of the United States. As of December 31, 2022, the Company, through its subsidiaries, owned 157 208 33.8 17,260 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation of entities. Consolidation We consolidate all entities that are wholly owned and those in which we own less than 100% but control, as well as any variable interest entities (“VIEs”) in which we are the primary beneficiary. We evaluate our ability to control an entity and whether the entity is a variable interest entity and we are the primary beneficiary through consideration of the substantive terms of the arrangement to identify which enterprise has the power to direct the activities of a variable interest entity that most significantly impacts the entity’s economic performance and the obligation to absorb losses of the entity or the right to receive benefits from the entity. Investments in entities in which we do not control but over which we have the ability to exercise significant influence over operating and financial policies are presented under the equity method. Investments in entities that we do not control and over which we do not exercise significant influence are carried at the lower of cost or fair value, as appropriate. Our ability to correctly assess our influence and/or control over an entity affects the presentation of these investments in our consolidated financial statements. Consolidated VIEs are those for which the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The Company has determined that the Operating Partnership is a VIE and the Company is the primary beneficiary. The Company's only significant asset is its investment in the Operating Partnership, therefore, substantially all of the Company’s assets and liabilities are the assets and liabilities of the Operating Partnership. Risks and Uncertainties The state of the overall economy can significantly impact the Company’s operational performance and thus impact its financial position. Should the Company experience a significant decline in operational performance, it may affect the Company’s ability to make distributions to its stockholders, service debt, or meet other financial obligations. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets and liabilities of real estate acquisitions, impairments of long-lived assets, stock-based compensation and its common stock warrants liability. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates and assumptions. Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at December 31, 2022 and 2021. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 7, and cash held in escrow for real estate tax, insurance, tenant capital improvement and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of December 31, 2022, the Company has not realized any losses in such cash accounts and believes it mitigates its risk of loss by depositing its cash and restricted cash in highly rated financial institutions. The following table presents a reconciliation of cash, cash held in escrow, and restricted cash reported within our consolidated balance sheets to amounts reported within our consolidated statements of cash flows: Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash December 31, December 31, 2022 2021 Cash $ 11,003 $ 26,232 Cash held in escrow 13,376 11,893 Restricted cash 6,834 5,249 Cash, cash held in escrow, and restricted cash $ 31,213 $ 43,374 Debt Issuance Costs Debt issuance costs other than those associated with the revolving line of credit facility are reflected as a reduction to the respective loan amounts in the form of a debt discount. Amortization of this expense is included in interest expense in the consolidated statements of operations. Debt issuance costs amounted to $ 10,815 9,710 6,175 4,689 2,306 2,405 Derivative Instruments and Hedging Activities We record all derivatives on the accompanying consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply, or we elect not to apply hedge accounting. In accordance with fair value measurement guidance, we made an accounting policy election to measure the credit risk of our derivative financial instruments that are subject to master netting arrangements on a net basis by the counterparty portfolio. Credit risk is the risk of failure of the counterparty to perform under the terms of the contract. We minimize the credit risk in our derivative financial instruments by entering into transactions with various high-quality counterparties. Our exposure to credit risk at any point is generally limited to amounts recorded as assets on the accompanying consolidated balance sheets. Earnings (Loss) per Share The Company follows the two-class method when computing net earnings (loss) per common share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net earnings (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Diluted net loss per share is the same as basic net loss per share since the Company does not have any common stock equivalents such as stock options. The common stock warrants are not included in the computation of diluted net loss per share as they are anti-dilutive for the periods presented. Fair Value of Financial Instruments The Company applies various valuation approaches in determining the fair value of its financial assets and liabilities within a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1 — Quoted prices for identical instruments in active markets. Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 — Significant inputs to the valuation model are unobservable. The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level input that is significant to the overall fair value measurement. Level 3 inputs are applied in determining the fair value of our debt, interest rate swaps, and warrants to purchase common stock as discussed in Notes 7, 8 and 9. Financial instruments including cash, restricted cash, cash held in escrow and reserves, accounts receivable, accounts payable and accrued expenses and other current liabilities are considered Level 1 in fair value hierarchy. The amounts reported on the consolidated balance sheets for these financial instruments approximate their fair value due to their relatively short maturities and prevailing interest rates. Derivative financial instruments are considered Level 2 in the fair value hierarchy as discussed in Note 8. Impairment of Long-Lived Assets The Company assesses the carrying values of our respective long-lived assets whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review our real estate assets for recoverability, the Company considers current market conditions, as well as our intent with respect to holding or disposing of the asset. Our intent with regard to the underlying assets might change as market conditions change, as well as other factors. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property and quoted market values and third-party appraisals, where considered necessary. If our analysis indicates that the carrying value of the real estate asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. The Company determined there was no impairment of value of real estate properties as of December 31, 2022 and 2021. Income Taxes The Company has operated in a manner that allows it to qualify as a REIT for federal income tax purposes. The Company utilizes an UPREIT organizational structure with the intent to hold properties and securities through an Operating Partnership. The Company elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, and has operated as such beginning with the tax year ending December 31, 2012. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax on income that we distribute as dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four tax years following the year during which qualification is lost, unless it can obtain relief under certain statutory provisions. Such an event could materially and adversely affect the net income and net cash available for distribution to stockholders. However, the Company intends to continue to operate in a manner that allows it to qualify for treatment as a REIT. The Company files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. The statute of limitations for the Company’s income tax returns is generally three years and as such, the Company’s returns that remain subject to examination would be primarily from 2019 and thereafter. Accrued interest and penalties will be recorded as income tax expense if the Company records a liability in the future. To the extent the Company does not utilize the full amount of the annual federal NOLs, the unused amount may normally be carried forward for 20 years to offset taxable income in future years. The Company had federal NOL carryforwards originating from 2012 through 2021 of approximately $ 35,322 35,322 Investment in Unconsolidated Joint Venture Investment in unconsolidated joint venture represents a non-controlling equity interest in a joint venture we entered into during October 2020. The Company determined that the venture is not a VIE in accordance with the accounting standard for the consolidation of VIEs. As a result, the Company used the voting interest model under the accounting standard for consolidation in order to determine whether to consolidate the investment in unconsolidated joint venture. We have concluded that we have the ability to exercise significant influence, however, do not have control or kick out rights and therefore the investment in the unconsolidated joint venture is accounted for under the equity method of accounting. Accordingly, we initially recorded our investment at cost, and subsequently adjust for equity in earnings or losses and cash contributions and distributions. Any difference between the carrying amount of these investments on the consolidated balance sheets and the underlying equity in net assets will be amortized as an adjustment to equity in earnings (loss) in investment of unconsolidated joint venture over the life of the related asset. Our net equity investment in the joint venture is reflected within the consolidated balance sheets, and our share of net income or loss from the joint venture is included within the consolidated statements of operations. On March 11, 2022, the Company acquired full ownership of the unconsolidated joint venture as discussed in Note 5. Leases For leases in which we are the lessee, a right of use asset and lease liability is recorded on the consolidated balance sheets equal to the present value of the fixed lease payments of the corresponding lease. To determine our operating right of use asset and lease liability, we estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases by utilizing a market-based approach. Since the terms under our ground leases are significantly longer than the terms of borrowings available to us on a fully-collateralized basis, the estimate of this rate requires significant judgment, and considers factors such as market based pricing on longer duration financing instruments. Non-controlling Interests As further discussed in Note 10, the Company has issued non-controlling interests in its Operating Partnership. The net loss attributable to the non-controlling interests is presented in the Company’s consolidated statements of operations. Real Estate Property Acquisitions The Company accounts for its real estate property acquisitions in accordance with Financial Accounting Standards Board (“FASB”) ASC 805. The Company has concluded that the acquisition of real estate properties will be accounted for as an asset acquisition as opposed to a business combination. The significant difference between the two accounting models is that within an acquisition of assets, acquisition costs are capitalized as a cost of the assets, whereas in a business combination acquisition costs are expensed and not included as part of the consideration transferred. The accounting for real estate property acquisitions requires estimates and judgment as to expectations for future cash flows of the acquired property, the allocation of those cash flows to identifiable intangible assets and liabilities, and in determining the estimated fair value for assets acquired and liabilities assumed. The amounts allocated to lease intangibles (leases in place, leasing commissions, tenant relationships, and above and below market leases) are based on management’s estimates and assumptions, as well as other information compiled by management, including independent third party analysis and market data, and are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period. Such inputs are Level 3 in the fair value hierarchy. The process for determining the allocation to these components requires management to make estimates and assumptions, including rental rates, land value, discount rates, and exit capitalization rates. Real Estate Depreciation and Amortization of Deferred Lease Intangibles - Assets and Liabilities Real estate properties are stated at cost less accumulated depreciation. Depreciation of buildings and other improvements is computed using the straight-line method over the estimated remaining useful lives of the assets, which generally range from 11 40 3 13 63,623 45,387 34,406 Deferred lease intangible assets consist of leases in place, leasing commissions, tenant relationships, and above market leases. Deferred lease intangible liabilities represent below market leases. These intangibles have been recorded at their fair market value in connection with the acquisition of properties. Intangible assets and liabilities are generally amortized over the remaining life of the related lease following the evaluation of potential renewal options. Amortization of above and below market leases was recorded as an adjustment to rental revenue and amounted to $ 3,151 2,096 2,075 31,689 25,255 21,875 Revenue Recognition Minimum rental revenue from real estate operations is recognized on a straight-line basis. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the lives of the individual leases. In accordance to ASC 842, we assess the collectability of lease receivables (including future minimum rental payments) both at commencement and throughout the lease term. If our assessment of collectability changes during the lease term, any difference between the revenue that would have been received under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenue. Rental revenue associated with leases where collectability has been deemed less than probable is recognized on a cash basis in accordance with ASC 842. Management fee revenue represents management fees earned from the unconsolidated joint venture. Segments The Company has one reportable segment, industrial properties. These properties have similar economic characteristics and also meet the other criteria that permit the properties to be aggregated into one reportable segment. Stock Based Compensation The Company grants stock-based compensation awards to our employees and directors typically in the form of restricted shares of common stock. The Company measures stock-based compensation expense based on the fair value of the awards on the grant date and recognizes the expense ratably over the vesting period. Forfeitures of unvested shares are recognized in the period the forfeiture occurs. Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04 Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 was effective upon issuance on a prospective basis beginning January 1, 2020, and may be elected over time as reference rate activities occur. During the second quarter of 2022, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding instrument. To date, the adoption of ASU 2020-04 has not had a material impact on our consolidated financial statements. |
Real Estate Properties, Net
Real Estate Properties, Net | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Real Estate Properties, Net | 3. Real Estate Properties, Net Real estate properties, net consisted of the following at December 31, 2022 and 2021: Real Estate Properties - Schedule of Real Estate Properties December 31, December 31, Land $ 231,829 $ 201,164 Buildings and improvements 1,141,832 930,678 Site improvements 132,295 108,756 Construction in progress 49,890 13,409 Real estate properties, gross 1,555,846 1,254,007 Less accumulated depreciation (205,629 ) (142,192 ) Real estate properties, net $ 1,350,217 $ 1,111,815 Acquisition of Properties The Company made the following acquisitions of properties during the year ended December 31, 2022: Real Estate Properties - Schedule of Real Estate Acquisitions Location Date Square Properties Purchase Price (1) Atlanta, GA January 20, 2022 150,000 1 $ 9,750 Jacksonville, FL February 7, 2022 85,920 1 12,300 Cincinnati, OH; Columbus, OH; Indianapolis, IN February 24, 2022 678,745 3 43,250 Memphis, TN March 11, 2022 2,320,773 16 106,508 (2) Memphis, TN March 11, 2022 67,557 1 8,150 Atlanta, GA March 15, 2022 200,000 1 12,500 St. Louis, MO April 6, 2022 76,485 1 8,450 Chicago, IL April 14, 2022 78,743 1 7,300 Cincinnati, OH; Cleveland, OH May 18, 2022 153,903 2 12,700 Charlotte, NC May 19, 2022 155,220 1 20,400 Cleveland, OH July 7, 2022 197,518 1 16,500 Year ended December 31, 2022 4,164,864 29 $ 257,808 The Company made the following acquisitions of properties during the year ended December 31, 2021: Location Date Square Properties Purchase Price (1) Kansas City, MO February 12, 2021 221,911 1 $ 8,600 St. Louis, MO March 23, 2021 142,364 1 7,800 Chicago, IL March 25, 2021 149,474 1 7,900 Cleveland, OH March 29, 2021 100,150 1 7,700 Columbus, OH March 29, 2021 772,450 1 29,000 Memphis, TN June 29, 2021 74,665 1 5,250 St. Louis, MO June 30, 2021 155,434 1 8,800 Memphis, TN July 9, 2021 232,375 1 9,200 Memphis, TN July 30, 2021 316,935 1 6,277 Chicago, IL August 12, 2021 513,512 1 30,100 (3) St. Louis, MO August 24, 2021 769,500 1 55,200 St. Louis, MO October 5, 2021 100,021 1 11,100 St. Louis, MO October 5, 2021 76,092 1 7,700 St. Louis, MO October 7, 2021 1,145,330 2 75,100 (4) Indianapolis, IN October 26, 2021 294,730 1 23,100 Indianapolis, IN November 1, 2021 102,934 1 7,450 Columbus, OH November 4, 2021 396,800 3 22,500 Columbus, OH (5) December 1, 2021 17,260 1 3,600 Chicago, IL December 2, 2021 334,531 2 24,000 Cincinnati, OH December 23, 2021 480,000 1 23,500 Year ended December 31, 2021 6,396,468 24 $ 373,877 (1) Purchase price does not include capitalized acquisition costs. (2) The purchase price of $ 106,508 56,000 5,686 3,533 1,955 (3) The purchase price of $ 30,100 10,820 (4) The purchase price of $ 75,100 28,800 (5) Represents purchase of our property management office building in Columbus, Ohio. The allocation of the aggregate purchase price in accordance with Financial Accounting Standards Board (FASB), ASU 2017-01 (Topic 805) “Business Combinations,” of the assets and liabilities acquired at their relative fair values as of their acquisition date, is as follows: Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed Year ended December 31, 2022 Year ended December 31, 2021 Purchase price allocation Purchase Weighted Average Amortization Period (years) of Intangibles at Acquisition Purchase (1) Weighted Average Amortization Period (years) of Intangibles at Acquisition Total Purchase Price Purchase price $ 257,808 N/A $ 373,877 N/A Acquisition costs 2,280 N/A 2,773 N/A Total $ 260,088 $ 376,650 Allocation of Purchase Price Land $ 30,887 N/A $ 43,498 N/A Building 186,710 N/A 269,686 N/A Site improvements 23,538 N/A 35,055 N/A Total real estate properties 241,135 348,239 Deferred Lease Intangibles Tenant relationships 3,429 3.8 5,763 4.8 Leasing commissions 2,678 4.0 5,003 4.6 Above market lease 732 4.3 160 11.0 Below market lease (2,520 ) 7.4 (2,019 ) 6.4 Lease in place 14,367 3.7 19,764 4.4 Net deferred lease intangibles 18,686 28,671 Assumed debt – market value (Above)/below assumed market debt value 267 5.8 (260 ) 6.3 Totals $ 260,088 $ 376,650 ______________ (1) Totals for the year ended December 31, 2021 include the purchase of our property management office in Columbus, Ohio. All acquisitions completed during the years ended December 31, 2022 and 2021 were considered asset acquisitions under ASC 805. Sale of Real Estate There were no sales of real estate during the year ended December 31, 2022. During the year ended December 31, 2021, the Company sold a single, 98,340 2,037 74,613 1,159 1,775 167 |
Deferred Lease Intangibles, Net
Deferred Lease Intangibles, Net | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Lease Intangibles Net | |
Deferred Lease Intangibles, Net | 4. Deferred Lease Intangibles, Net Deferred lease intangible assets, net consisted of the following at December 31, 2022 and 2021: Deferred Lease Intangibles - Schedule of Finite Lived Intangible Assets December 31, December 31, Above market lease $ 6,077 $ 5,693 Lease in place 95,684 87,336 Tenant relationships 26,175 23,761 Leasing commissions 38,078 30,733 Deferred lease intangible assets, gross 166,014 147,523 Less accumulated amortization (95,296 ) (71,659 ) Deferred lease intangible assets, net $ 70,718 $ 75,864 Deferred lease intangible liabilities, net consisted of the following at December 31, 2022 and 2021: Deferred Lease Intangibles - Schedule of Deferred Lease Intangible Liabilities December 31, December 31, Below market leases $ 20,452 $ 19,791 Less accumulated amortization (11,534 ) (9,518 ) Deferred lease intangible liabilities, net $ 8,918 $ 10,273 Projected amortization of deferred lease intangibles for the next five years and thereafter as of December 31, 2022 is as follows: Deferred Lease Intangibles - Schedule of Finite Lived Intangible Assets Future Amortization Expense Year Amortization Expense Net Increase to Rental Revenue Related to 2023 $ 23,724 $ (1,843 ) 2024 $ 16,548 $ (1,282 ) 2025 $ 10,458 $ (853 ) 2026 $ 6,156 $ (577 ) 2027 $ 4,504 $ (535 ) Thereafter $ 6,994 $ (1,494 ) |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Venture | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Joint Venture | 5. Investment in Unconsolidated Joint Venture On October 23, 2020, a wholly owned subsidiary of the Operating Partnership entered into a $ 150,000 20 The Operating Partnership was responsible for the day-to-day oversight of the MIR JV, its subsidiaries and properties and was entitled to an annual asset management fee equal to 1% of total equity contributed to the MIR JV by the partners paid quarterly as well as a promote based on return thresholds as set forth in the MIR JV agreement. The MIR JV completed its initial investment of a 28-property portfolio of industrial properties totaling approximately 2.3 million square feet in metropolitan Memphis, Tennessee on December 17, 2020 for $86,000. The initial investment was funded by the MIR JV via $30,000 cash equity contributions to the MIR JV on a 20%/80% pro-rata basis and a 7-year secured mortgage for $56,000. On March 11, 2022, the Company acquired the remaining 80 46,401 56,000 3,533 5,686 56,000 1,955 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Leases | 6. Leases As a Lessor We lease our properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Many of our leases include the recovery of certain operating expenses such as common area maintenance, insurance, real estate taxes and utilities from our tenants. The recovery of such operating expenses is recognized in rental revenue in the consolidated statements of operations. Some of our tenants’ leases are subject to changes in the Consumer Price Index (“CPI”). As of December 31, 2022, undiscounted future minimum fixed rental payments due under non-cancellable operating leases for each of the next five years and thereafter were as follows (in thousands): Leases - Schedule of Lessor Future Minimum Rental Receipts under Non-Cancellable Leases Year Future Minimum 2023 $ 139,821 2024 123,483 2025 95,589 2026 67,601 2027 48,883 Thereafter 91,508 Total minimum fixed rental receipts $ 566,885 These amounts do not reflect future rental revenue from the renewal or replacement of existing leases and excludes tenant recoveries and rental increases that are not fixed or indexed to CPI. The Company includes accounts receivable and straight-line rent receivables within other assets in the consolidated balance sheets. For the years ended December 31, 2022, 2021 and 2020, rental revenue was derived from various tenants. As such, future receipts are dependent upon the financial strength of the lessees and their ability to perform under the lease agreements. Rental revenue is comprised of the following: Leases - Schedule of Rental Revenue Components Year Ended December 31, 2022 2021 2020 Income from leases $ 134,252 $ 102,314 $ 80,987 Straight-line rent adjustments 3,682 3,700 1,963 Tenant recoveries 42,357 32,160 24,811 Amortization of above market leases (723 ) (1,000 ) (866 ) Amortization of below market leases 3,874 3,096 2,941 Total $ 183,442 $ 140,270 $ 109,836 Tenant recoveries included within rental revenue for the years ending December 31, 2022, 2021 and 2020 are variable in nature. As a Lessee Operating Leases As of December 31, 2022, we have five office space operating leases and a single ground operating sublease 1.4 33.0 5,703 6,844 4.0 8.6 As of December 31, 2021, we had five office space operating leases and a single ground operating sublease 2.4 34.0 6,552 7,830 4.1 9.2 The following table summarizes the operating lease expense recognized during the years ended December 31, 2022, 2021 and 2020 included in the Company’s consolidated statements of operations. Leases - Schedule of Lease Costs Year Ended December 31, 2022 2021 2020 Operating lease expense included in general and administrative expense attributable to office leases $ 838 $ 806 $ 984 Operating lease expense included in property expense attributable to ground sublease 36 47 5 Non-cash adjustment due to straight-line rent adjustments 109 143 (340 ) Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 983 $ 996 $ 649 The following table summarizes the maturity analysis of our operating leases, which is discounted by our incremental borrowing rate to calculate the lease liability as included in accounts payable, accrued expenses and other liabilities in the Company’s consolidated balance sheets for the operating leases in which we are the lessee (in thousands): Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases Year December 31, 2023 $ 1,311 2024 1,280 2025 894 2026 803 2027 818 Thereafter 3,491 Total minimum operating lease payments $ 8,597 Less imputed interest (1,753 ) Total operating lease liability $ 6,844 Financing Leases As of December 31, 2022, we have a single finance lease in which we are the sublessee for a ground lease. The Company includes the financing lease right of use asset within real estate properties and the corresponding liability within financing lease liability in the consolidated balance sheets. The ground sublease agreement does not contain a residual value guarantee and includes multiple options to extend the sublease between nineteen and twenty years for each respective option. The lease has a remaining lease term of approximately 33 includes the exercise of a single twenty-year renewal option 7.8 33 The following table summarizes the financing lease expense recognized during the years ended December 31, 2022 and 2021 included in the Company’s consolidated statements of operations. Leases - Schedule of Finance Lease Expense Year Ended December 31, 2022 2021 2020 Depreciation/amortization of financing lease right-of-use assets $ 28 $ 26 $ 2 Interest expense for financing lease liability 176 175 15 Total financing lease cost $ 204 $ 201 $ 17 The following table summarizes the maturity analysis of our financing lease (in thousands): Leases - Schedule of Finance Lease, Liability, Fiscal Year Maturity Year December 31, 2023 $ 155 2024 155 2025 170 2026 170 2027 170 Thereafter 6,367 Total minimum financing lease payments $ 7,187 Less imputed interest (4,939 ) Total financing lease liability $ 2,248 |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Indebtedness | 7. Indebtedness The following table sets forth a summary of the Company’s borrowings outstanding under its respective secured debt, unsecured line of credit and unsecured debt as of December 31, 2022 and 2021. Indebtedness - Schedule of Secured and Unsecured Debt Outstanding Outstanding Balance at Debt December 31, December 31, Interest rate at Final Maturity Date Secured debt: AIG Loan $ 111,758 $ 114,477 4.08% November 1, 2023 Transamerica Loan 67,398 68,709 4.35% August 1, 2028 Allianz Loan 62,388 63,115 4.07% April 10, 2026 Minnesota Life Loan 20,019 20,453 3.78% May 1, 2028 Minnesota Life Memphis Industrial Loan 56,000 — 3.15% January 1, 2028 JPMorgan Chase Loan — 13,205 5.23% January 1, 2027 Ohio National Life Mortgage 19,045 19,660 4.14% August 1, 2024 Nationwide Loan 15,000 15,000 2.97% October 1, 2027 Lincoln Life Gateway Mortgage 28,800 28,800 3.43% January 1, 2028 Midland National Life Insurance Mortgage 10,820 10,820 3.50% March 10, 2028 Total secured debt $ 391,228 $ 354,239 Unamortized debt issuance costs, net (1,985 ) (2,861 ) Unamortized premium/(discount), net 288 697 Total secured debt, net $ 389,531 $ 352,075 Unsecured debt: $100m KeyBank Term Loan 100,000 100,000 3.10% (1)(2) August 11, 2026 $200m KeyBank Term Loan 200,000 200,000 3.13% (1)(2) February 11, 2027 $150m KeyBank Term Loan 150,000 — 4.50% (1)(2) May 2, 2027 Total unsecured debt $ 450,000 $ 300,000 Unamortized debt issuance costs, net (2,655 ) (2,160 ) Total unsecured debt, net $ 447,345 $ 297,840 Borrowings under line of credit: KeyBank unsecured line of credit 77,500 38,000 5.77% (1) August 11, 2025 Total borrowings under line of credit $ 77,500 $ 38,000 _______________ (1) For the month of December 2022, the one-month term SOFR for our unsecured debt and borrowings under line of credit was 4.124% (2) As of December 31, 2022, the one-month term SOFR for the $100m, $150m and $200m KeyBank Term Loans was swapped to a fixed rate of 1.504%, 2.904%, and 1.5273%, respectively. 2022 Debt Activity On February 1, 2022, the Company repaid in full, the outstanding principal and interest balance of approximately $ 13,245 2,176 On March 11, 2022, a wholly-owned subsidiary of the Operating Partnership assumed a mortgage (the “Minnesota Life Memphis Industrial Loan”) with a balance of $ 56,000 January 1, 2028 3.15 On May 2, 2022, the Company entered into an amendment to the KeyBank unsecured facility. The credit facility agreement, as amended, expanded the availability on the KeyBank unsecured line of credit up to $ 350 150 unsecured term loan (the “$150m KeyBank Term Loan”), with an accordion feature that allows the total borrowing capacity under the credit facility to be increased to $1 billion, subject to certain conditions. as amended, bear interest at either (1) the base rate (determined as the highest of (a) KeyBank’s prime rate, (b) the Federal Funds rate plus 0.50% and (c) the Adjusted Term SOFR for a one month tenor plus 1.0% or (2) SOFR, plus, in either case, a spread (A) between 35 and 90 basis points for revolver base rate loans or between 135 and 190 basis points for revolver SOFR rate loans and (B) between 30 and 85 basis points for term base rate loans or between 130 and 185 basis points for term SOFR rate loans, with the amount of the spread depending on the Company’s total leverage ratio. 2021 Debt Activity On August 11, 2021, the Company entered into a combined $ 500 200 100 200 The combined unsecured credit facility has an accordion feature enabling the Company to increase the total borrowing capacity under the credit facility up to an aggregate of $1 billion, subject to certain conditions. The amended KeyBank unsecured line of credit matures in August 2025 and has two, six-month extension options, subject to certain conditions, the amended $100m KeyBank unsecured term loan matures in August 2026, and the new $200m KeyBank unsecured term loan matures in February 2027. line of credit bear interest at LIBOR plus a margin between 135 to 190 basis points with no LIBOR floor and amounts outstanding under the $100m KeyBank unsecured term loan and $200m KeyBank unsecured term loan term facilities bear interest at LIBOR plus a margin between 130 and 185 basis points On August 12, 2021, a wholly-owned subsidiary of the Operating Partnership assumed a mortgage (the “Midland Mortgage”) with a balance of $ 10,820 March 10, 2028 3.5 On October 7, 2021, a wholly-owned subsidiary of the Operating Partnership assumed a mortgage (the “Lincoln Life Gateway Mortgage”) with a balance of $ 28,800 January 1, 2028 3.43 On October 12, 2021, the Company repaid in full, the outstanding principal and interest balance of approximately $ 9,149 Financial Covenant Considerations The Company is in compliance with all respective financial covenants for our secured and unsecured debt and unsecured line of credit as of December 31, 2022. Fair Value of Debt The fair value of our debt and borrowings under line of credit was estimated using Level 3 inputs by calculating the present value of principal and interest payments, using discount rates that best reflect current market interest rates for financings with similar characteristics and credit quality, and assuming each loan is outstanding through its maturity. The following table summarizes the aggregate principal outstanding under the Company’s indebtedness and the corresponding estimate of fair value as of December 31, 2022 and 2021: Indebtedness - Schedule of Fair Value of Debt Instruments December 31, 2022 December 31, 2021 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 391,228 $ 372,682 $ 354,239 $ 369,459 Unsecured debt 450,000 450,000 300,000 300,000 Borrowings under line of credit, net 77,500 77,500 38,000 38,000 Total 918,728 $ 900,182 $ 692,239 $ 707,459 Unamortized debt issuance cost, net (4,640 ) (5,021 ) Unamortized premium/(discount), net 288 697 Total carrying value $ 914,376 $ 687,915 Future Principal Payments of Debt Principal payments on the Company’s long-term debt due in each of the next five years and thereafter as of December 31, 2022 are as follows: Indebtedness - Schedule of Future Principal Payments Due on Long-Term Debt Year Amount 2023 $ 116,598 2024 23,180 2025 82,461 2026 162,740 2027 367,650 Thereafter 166,099 Total aggregate principal payments $ 918,728 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
Derivative Financial Instruments | 8. Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. 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. During 2022, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. There were no such derivatives during 2021. The following table sets forth a summary of our interest rate swaps as of December 31, 2022 and 2021. Derivative Financial Instruments - Schedule of Interest Rate Swaps Notional Value (1) Fair Value (2) Interest Rate Swap Trade Effective Maturity SOFR Interest December 31, December 31, December 31, December 31, Capital One, N.A. July 13, 2022 July 1, 2022 February 11, 2027 1.527% (3) $ 200,000 $ — $ 17,062 $ — JPMorgan Chase Bank, N.A. July 13, 2022 July 1, 2022 August 8, 2026 1.504% (3) $ 100,000 $ — $ 7,932 $ — JPMorgan Chase Bank, N.A. August 19, 2022 September 1, 2022 May 2, 2027 2.904% $ 75,000 $ — $ 2,565 $ — Wells Fargo Bank, N.A. August 19, 2022 September 1, 2022 May 2, 2027 2.904% $ 37,500 $ — $ 1,283 $ — Capital One, N.A. August 19, 2022 September 1, 2022 May 2, 2027 2.904% $ 37,500 $ — $ 1,273 $ — (1) Represents the notional value of interest rate swaps effective as of December 31, 2022. (2) As of December 31, 2022, all our interest rate swaps were in an asset position. (3) On July 13, 2022, the Company entered into amendments to the $200,000 and $100,000 notional interest rate swap agreements with Capital One, N.A. and JPMorgan Chase Bank, N.A., respectively. The amendments transitioned the previous USD-LIBOR floating rates to USD-SOFR CME Term floating rates and are effective as of July 1, 2022. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (“AOCI”) and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates that an additional $ 16,041 The following table sets forth the impact of our interest rate swaps on our consolidated financial statements for the years ended December 31, 2022, 2021 and 2020. Derivative Financial Instruments - Schedule of Interest Rate Swaps In Cash Flow Hedging Relationships Year Ended December 31, Interest Rate Swaps in Cash Flow Hedging Relationships: 2022 2021 2020 Amount of unrealized gain recognized in AOCI on derivatives $ 30,115 $ — $ — Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ 3,643 $ — $ — Fair Value of Interest Rate Swaps The Company’s valuation of the interest rate swaps is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs including interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2022, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The following table summarizes the Company’s interest rate swaps that are accounted for at fair value on a recurring basis as of December 31, 2022. Derivative Financial Instruments - Schedule of Interest Rate Swaps on a Recurring Basis Fair Value Measurements as of December 31, 2022 Balance Sheet Line Item Fair Value as of Level 1 Level 2 Level 3 Interest rate swaps - Asset $ 30,115 $ — $ 30,115 $ — There were no interest rate swaps outstanding as of December 31, 2021. Non-designated Hedges The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedges. Changes in the fair value of derivatives not designated in hedging relationships would be recorded directly in earnings. Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. Specifically, the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of December 31, 2022, the Company does not have any derivatives in a net liability position. As of December 31, 2022, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at December 31, 2022, it could have been required to settle its obligations under the agreements at their termination value. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Common Stock | 9. Common Stock ATM Program On May 26, 2021, the Company entered into a distribution agreement with KeyBanc Capital Markets Inc., Robert W. Baird & Co. Incorporated, Barclays Capital Inc., Berenberg Capital Markets LLC, BMO Capital Markets Corp., Capital One Securities Inc., JMP Securities LLC, J.P. Morgan Securities, LLC, National Securities Corporation and Wedbush Securities Inc pursuant to which the Company may issue and sell, from time to time, shares of its common stock, with aggregate gross sales proceeds of up to $ 125,000 On August 10, 2021, the Company entered into an amendment to the 2021 $125 Million ATM Program (the “2021 Amended ATM Program”) to reference the Company’s shelf registration statement on Form S-3 that was filed with the Securities and Exchange Commission on June 11, 2021. The Company, under the 2021 Amended ATM Program, may issue and sell, from time to time, shares of its common stock, with aggregate gross sales proceeds of up to $ 82,288 On November 9, 2021, the Company entered into a distribution agreement with KeyBanc Capital Markets Inc., Robert W. Baird & Co. Incorporated, Barclays Capital Inc., Berenberg Capital Markets LLC, BMO Capital Markets Corp., Capital One Securities Inc., JMP Securities LLC, J.P. Morgan Securities, LLC, National Securities Corporation, Wedbush Securities Inc and Wells Fargo Securities, LLC pursuant to which the Company may issue and sell, from time to time, shares of its common stock, with aggregate gross sales proceeds of up to $ 200,000 For the year ending December 31, 2022, the Company has issued 2,345,247 58,179 95,179 Common Stock Warrants On March 23, 2022, the common stock warrants were exercised in full and converted on a cashless basis, resulting in 139,940 3,757 354,230 16.24 A roll-forward of the warrants is as follows: Common Stock - Schedule of Stockholders' Equity Note, Warrants Balance at January 1, 2020 $ 293 Appreciation/(depreciation) 103 Balance at December 31, 2020 396 Appreciation/(depreciation) 5,121 Balance at December 31, 2021 5,517 Appreciation/(depreciation) (1,760 ) Balance at March 23, 2022 (exercise date) 3,757 Conversion of common stock warrants (3,757 ) Balance at December 31, 2022 $ — The warrants in the amount of $ 5,517 16.24 17.5 0.84 0.45 0.19 396 16.39 27.4 0.80 1.45 0.13 Common Stock Dividends The following table sets forth the common stock distributions that were declared during the years ended December 31, 2022 and 2021. Common Stock - Schedule of Common Stock Dividends Declared Cash Dividends Aggregate 2022 First quarter $ 0.2200 $ 8,137 Second quarter 0.2200 8,829 Third quarter 0.2200 9,426 Fourth quarter 0.2200 9,426 Total $ 0.8800 $ 35,818 2021 First quarter $ 0.2000 $ 5,668 Second quarter 0.2100 6,528 Third quarter 0.2100 7,197 Fourth quarter 0.2100 7,583 Total $ 0.8300 $ 26,976 Characterization of Common Stock Dividends Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of the different depreciation recovery periods, depreciation methods, and other items. Distributions in excess of earnings and profits generally constitute a return of capital. The following table shows the characterization of the distributions on the Company’s common stock for the year ended December 31, 2022. Common Stock - Schedule of Dividends Payable Declaration Date Date of Record Payable Date Cash Ordinary Return of 12/16/2021 12/31/2021 1/31/2022 $ 0.2100 $ 0.141145 $ 0.068855 2/16/2022 3/31/2022 4/29/2022 $ 0.2200 $ 0.147866 $ 0.072134 6/15/2022 6/30/2022 7/29/2022 $ 0.2200 $ 0.147866 $ 0.072134 9/15/2022 9/30/2022 10/31/2022 $ 0.2200 $ 0.147866 $ 0.072134 12/15/2022 12/30/2022 1/31/2023 $ 0.2200 (1) — — (1) This distribution was in excess of current and accumulated earnings and profits. Per IRC Section 857(b)(9), this distribution will not impact the basis of securities held by US taxpayer(s) for tax year 2023. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Preferred Stock | 10. Preferred Stock Series A Preferred Stock In the fourth quarter of 2017, the Company completed the offering of 2,040,000 240,000 25.00 48,868 The Company repurchased and retired 68,038 448 Liquidation Rights In the event of any voluntary or involuntary liquidation, dissolution, or winding-up of the affairs of the Company, the holders of shares of the Series A Preferred Stock shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders on parity with Series B Preferred as set forth below, before any payment shall be made to the holders of Common Stock, an amount per share equal to $ 25.00 Redemption Rights Holders of the Series A Preferred Stock have the right to require the Company to redeem for cash, their shares of Series A Preferred Stock in the event of a change in control of the Company or a delisting of the Company’s shares. The Company also has the right to redeem the shares of Series A Preferred Stock in the event of a change in control of the Company or a delisting of the Company’s shares. Since this contingent redemption right is outside of the control of the Company, the Company has presented its Series A Preferred Stock as temporary equity. The redemption price is $ 25.00 The Company has the right to redeem the Series A Preferred Stock at its option commencing on December 31, 2022 at $25.00 per share, plus any accrued and unpaid dividends. Conversion The shares of Series A Preferred Stock are not convertible. Voting Rights Holders of shares of the Series A Preferred Stock generally do not have any voting rights, except in the event dividends are in arrears for six or more quarterly periods (whether or not consecutive), the number of directors of the Company’s board of directors will automatically be increased by two and holders of shares of Series A Preferred Stock, voting together as a single class with the holders of the Series B Preferred Stock or any other then-outstanding class or series of capital stock ranking on parity with the Series A Preferred Stock upon which like voting rights have been conferred and are exercisable, or collectively, any Voting Preferred Stock and the holders of Series A Preferred Stock will be entitled to vote for the election of two additional directors to serve on our board of directors, until all unpaid dividends for past dividend periods shall have been paid in full. Protective Rights As long as the shares of Series A Preferred Stock remain outstanding, the Company cannot, without the affirmative vote or consent of the holders of at least two-thirds of the outstanding shares of Series A Preferred Stock voting together as a single class with any voting preferred stock, among other things, authorize, create or issue, or increase the number of authorized or issued shares of, any class or series of capital stock ranking senior to the Series A Preferred Stock with respect to payment of dividends or the distribution of assets upon our liquidation, dissolution or winding up, or reclassify any of our authorized capital stock into such capital stock, or create, authorize or issue any obligation or security convertible into or evidencing the right to purchase such capital stock. Dividend Rights When, as and if authorized by our board of directors, holders of Series A Preferred Stock are entitled to receive cumulative cash dividends from, and including, the issue date, payable quarterly in arrears on the last day of March, June, September and December of each year, beginning on December 31, 2017 until December 31, 2024, at the rate of 7.5% per annum on the $25.00 liquidation preference per share (equivalent to a fixed annual rate of $1.875 per share (“Initial Rate”)). On and after December 31, 2024, if any shares of Series A Preferred Stock are outstanding, the Company will pay cumulative cash dividends on each then-outstanding share of Series A Preferred Stock at an annual dividend rate equal to the Initial Rate plus an additional 1.5% of the liquidation preference per annum, which will increase by an additional 1.5% of the liquidation preference per annum on each subsequent December 31 thereafter, subject to a maximum annual dividend rate of 11.5% while the Series A Preferred Stock remains outstanding. The following table sets forth the Series A Preferred Stock distributions that were declared or paid during the years ended December 31, 2022 and 2021. Preferred Stock - Schedule of Series A Preferred Stock Dividends Declared Cash Dividends Aggregate 2022 First quarter $ 0.468750 $ 949 Second quarter 0.468750 945 Third quarter 0.468750 930 Fourth quarter 0.468750 917 Total $ 1.875000 $ 3,741 2021 First quarter $ 0.468750 $ 949 Second quarter 0.468750 949 Third quarter 0.468750 949 Fourth quarter 0.468750 949 Total $ 1.875000 $ 3,796 Characterization of Series A Preferred Stock Dividends Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of the different depreciation recovery periods, depreciation methods, and other items. Distributions in excess of earnings and profits generally constitute a return of capital. The following table shows the characterization of the distributions on the Company’s Series A Preferred Stock for the year ended December 31, 2022. Preferred Stock - Schedule of Series A Preferred Stock Dividends Payable Declaration Date Date of Record Payable Date Cash Ordinary Return of 3/1/2022 3/15/2022 3/31/2022 $ 0.468750 $ 0.468750 $ — 6/1/2022 6/15/2022 6/30/2022 $ 0.468750 $ 0.468750 $ — 9/1/2022 9/15/2022 9/30/2022 $ 0.468750 $ 0.468750 $ — 12/1/2022 12/15/2022 1/3/2023 $ 0.468750 $ 0.468750 $ — Series B Preferred Stock On December 14, 2018, the Company, in a private placement exempt from registration under the federal securities laws (the “Private Placement”), completed the offering of 4,411,764 17.00 75,000 71,800 On April 29, 2022, 2,205,882 shares of the Company’s Series B Convertible Redeemable Preferred Stock were converted to our common stock on a one-to-one basis. On August 12, 2022, the holder of the Company's Series B Convertible Redeemable Preferred Stock informed the Company that it had elected to convert the remaining 2,205,882 1,915,511 15,000 The Company had no outstanding Series B Convertible Redeemable Preferred Stock as of December 31, 2022. The relevant features of the Series B Preferred Stock were as follows: Liquidation Preference The Series B Preferred Stock ranks senior to the shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), and ranks on a parity with the shares of the Company’s Series A Preferred Stock, in each case, with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company. The shares of Series B Preferred Stock have a Liquidation Preference, (Series B Liquidation Preference) which is defined as an amount per share equal to the greater of (a) an amount necessary for the Investor to receive a 12.0% annual internal rate of return on the issue price of $17.00, taking into account dividends paid from December 14, 2018 until (i) the date of the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (ii) the Conversion Date, or (iii) the Redemption Date, as the case may be, and (b) $21.89 (subject to adjustment), plus accrued and unpaid dividends through and including (x) the date of such voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (y) the Conversion Date, or (z) the Redemption Date, as the case may be. 4,621 7,228 7,416 Redemption Rights The Company and the holders of the Series B Preferred Stock each have the right to redeem the shares of the Series B Preferred Stock upon certain change of control events, including a delisting of the Company’s common stock. At the option of each holder of Series B Preferred Stock, the Company shall redeem all of the Series B Preferred Stock at a price equal to the greater of (1) an amount in cash equal to 100% of the Liquidation Preference thereof and (2) the consideration the holders would have received if they had converted their shares of Series B Preferred Stock into Common Stock immediately prior to the change of control event. At any time, following December 31, 2022, the Company may elect to redeem up to fifty percent (50.0%) of the outstanding shares of Series B Preferred Stock, and at any time following December 31, 2023, the Company may elect to redeem up to one hundred percent (100.0%) of the outstanding shares of Series B Preferred Stock for an amount in cash per share of Series B Preferred Stock equal to the Redemption Price per share of Series B Preferred Stock. The Redemption Price is defined as the greater of (i) the Liquidation Preference per share of Series B Preferred Stock as of the Redemption Date or (ii) the 20-day volume weighted average price per share; provided, however, following such time as the number of shares of Series B Preferred Stock that shall have been redeemed is equal to the maximum number of shares of Series B Preferred Stock that can be converted (whether into cash or shares of Common Stock) such that, if all such shares of Series B Preferred Stock had been converted into Common Stock, the certain percentage investment ownership thresholds would have been reached (but not exceeded), the Redemption Price shall be equal to the Liquidation Preference. Since the holders of the Series B Preferred Stock have a contingent redemption right that is outside the control of the Company, the Company has presented its Series B Preferred Stock as temporary equity. Conversion Rights The holders of the Series B Preferred Stock have the right to convert their shares of Series B Preferred Stock commencing January 1, 2022. Beginning January 1, 2022, if the 20-day volume weighted average price per share of Common Stock is equal to or exceeds $26.35 (subject to adjustment), the Company has the right to convert each share of Series B Preferred Stock. Commencing December 31, 2024, the Series B Preferred Stock, subject to availability of funds, are to be automatically converted. Any conversion of shares of Series B Preferred Stock may be settled by the Company, at its option, in shares of Common Stock, cash or any combination thereof. However, unless and until the Company’s stockholders have approved the issuance of greater than 19.99% of the outstanding Common Stock as of the date of the closing of the Private Placement (December 14, 2018) as required by the NYSE rules and regulations (“stockholder approval”), the Series B Preferred Stock may not be converted into more than 19.99% of the Company’s outstanding Common Stock as of the date of the closing of the Private Placement. In addition, the Company cannot opt to convert the Series B Preferred Stock into more than 9.9% of the outstanding Common Stock without approval of the holders of Series B Preferred Stock. The initial conversion rate is one share of Series B Preferred Stock for one share of Common Stock, subject to proportionate adjustments for certain transactions affecting the Company’s securities such as stock dividends, stock splits, combinations and other corporate reorganization events, provided that the value of the Common Stock, determined in accordance with terms of the Articles Supplementary is equal to or greater that the liquidation preference of the Series B Preferred Stock. To the extent the Company opts to settle the conversion of shares of Series B Preferred Stock in cash, (1) until such time as the maximum number of shares of Series B Preferred Stock have been converted such that, if all such shares had been converted into Common Stock, stockholder approval would be necessary to convert additional shares into Common Stock, the Company will pay cash equal to the greater of the liquidation preference or the 20-day volume weighted average price per share (20 Day VWAP), and (2) following such time, the Company will pay cash equal to the liquidation preference per share of Series B Preferred Stock. On December 31, 2024, all issued and outstanding shares of Series B Preferred Stock are required to convert at the Settlement Amount as of that date, provided, however, that prior to the receipt of stockholder approval, conversion of the Series B Preferred Stock into Common Stock shall be subject to the 19.99% threshold; provided, further, however, that prior to the receipt of the 10.0% Consent, conversion of the Series B Preferred Stock into Common Stock shall be subject to the 10.0% threshold. The Settlement Amount is defined as follows: • If a Physical Settlement is elected by the Company, the Company shall deliver to the converting holder in respect of each share of Series B Preferred Stock being converted a number of shares of Common Stock equal to the greater of (i) one (1) share of Common Stock or (ii) the quotient of the Liquidation Preference divided by the 20-Day VWAP; • If a Cash Settlement is elected by the Company, the Company shall pay to the converting holder in respect of each share of Series B Preferred Stock being converted into cash in an amount equal to the greater of (i) the Liquidation Preference or (ii) the 20-Day VWAP. This Cash Settlement is without regard to the 10.0% Threshold or the 19.99% Threshold; provided, however, following such time as the maximum number of shares of Series B Preferred Stock have been converted pursuant to this Conversion Section (whether into cash or shares of Common Stock) such that, if all such shares of Series B Preferred Stock had been converted into Common Stock (disregarding the 10.0% Threshold), the 19.99% Threshold would have been reached (but not exceeded), the Cash Settlement Amount shall be equal to the Liquidation Preference; and • If a Combination Settlement is elected by the Company, the Company shall pay or deliver, as the case may be, in respect of each share of Series B Preferred Stock being converted, a Settlement Amount equal to, at the election of the Company, either (i) cash equal to the Cash Settlement Amount or (ii) a number of shares of Common Stock; provided, however, that any Physical Settlement or Combination Settlement shall be subject to (i) the 10.0% Threshold until such time as the 10.0% Consent is received and (ii) the 19.99% Threshold until such time as the stockholder approval is received. Voting Rights Holders of the Series B Preferred Stock generally do not have any voting rights, except in the event dividends are in arrears for six or more quarterly periods (whether or not consecutive), the number of directors of the Company’s board of directors will automatically be increased by two and holders of Series B Preferred Stock, voting together as a single class with the holders of the Series A Preferred or any other then-outstanding class or series of capital stock ranking on parity with the Series B Preferred Stock upon which like voting rights have been conferred and are exercisable, or collectively, any Voting Preferred Stock and the holders of Series B Preferred Stock will be entitled to vote for the election of two additional directors to serve on our board of directors, until all unpaid dividends for past dividend periods shall have been paid in full. After December 31, 2024, holders of Series B Preferred Stock will be entitled to vote as a single class with the holders of Common Stock on an as-converted basis (up to a maximum of 19.99% of the Common Stock outstanding on the date of the closing of the Private Placement, unless stockholder approval has been received). Protective Rights The Company is required to obtain an affirmative vote of a majority of the holders of Series B Preferred Stock to (i) authorize, create, issue or increase, or reclassify any class of capital stock into any class or series of Senior Equity Securities or Parity Equity Securities (as such terms are defined in the Articles Supplementary), (ii) authorize any class of partnership interests in the Operating Partnership that are senior to the partnership interests currently in existence, (iii) amend, alter, repeal or otherwise change the rights, preferences, preferences, privileges or powers of the Series B Preferred Stock, (iv) approve any dividend other than cash dividends paid in the ordinary course of business consistent with past practice, or required to be paid by the Company to maintain REIT status, (v) affect any voluntary deregistration under the Securities Exchange Act of 1934, as amended, or voluntary delisting with the NYSE with respect to the Common Stock, (vi) incur any indebtedness in excess of the limits set forth in the Articles Supplementary, (vii) adopt a “poison pill” or similar anti-takeover agreement or plan, and (viii) following December 31, 2024, enter into a Change in Control Transaction (as defined in the Articles Supplementary) or make certain acquisitions. Dividend Rights The Series B Preferred Stock bears cumulative dividends, payable in cash, at a rate equal to (a) 3.25% for the period from the issue date through and including December 31, 2019, (b) 3.50% from January 1, 2020 through and including December 31, 2020, (c) 3.75% from January 1, 2021 through and including December 31, 2021, (d) 4.00% from January 1, 2022 through and including December 31, 2022, (e) 6.50% from January 1, 2023 through and including December 31, 2023, (f) 12.00% from January 1, 2024 through and including December 31, 2024 and (g) 15.00% from and after January 1, 2025. Dividends on the Series B Preferred Stock are payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year or, if such date is not a Business Day, on the immediately succeeding Business Day. The following table sets forth the Series B Preferred Stock dividends that were declared during the years ended December 31, 2022 and 2021. Preferred Stock - Schedule of Series B Preferred Stock Dividends Declared Cash Dividends Declared Aggregate per Share Amount 2022 First quarter $ 0.170000 $ 750 Second quarter 0.170000 375 Third quarter — — Fourth quarter — — Total $ 0.340000 $ 1,125 2021 First quarter $ 0.159375 $ 703 Second quarter 0.159375 703 Third quarter 0.159375 703 Fourth quarter 0.159375 703 Total $ 0.637500 $ 2,812 |
Non-Controlling Interests
Non-Controlling Interests | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | 11. Non-Controlling Interests Operating Partnership Units In connection with prior acquisitions of real estate property, the Company, through its Operating Partnership, had issued OP Units to the former owners as part of the acquisition price. The holders of the OP Units are entitled to receive distributions concurrent with the dividends paid on our common stock. The holders of the OP Units can also convert their respective OP Units for the Company’s common stock on a 1-to-1 basis. Upon conversion, the Company adjusts the carrying value of non-controlling interest to reflect its modified share of the book value of the Operating Partnership. Such adjustments are recorded to additional paid-in capital as a reallocation of non-controlling interest on the accompanying consolidated statements of changes in preferred stock and equity. No OP Units were redeemed during the year ended December 31, 2022. During the year ended December 31, 2021, 116,333 116,333 268,664 268,664 The Company adjusted the carrying value of non-controlling interest to reflect its share of the book value of the Operating Partnership reflecting the change in the Company’s ownership of the Operating Partnership. Such adjustments are recorded to additional paid-in capital as a reallocation of non-controlling interest on the accompanying consolidated statements of changes in preferred stock and equity. OP Units outstanding as of December 31, 2022, 2021 and 2020 were 490,299 490,299 606,632 The following table sets forth the OP Unit distributions that were declared during the years ended December 31, 2022 and 2021. Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest Cash Distributions Aggregate 2022 First quarter $ 0.2200 $ 108 Second quarter 0.2200 108 Third quarter 0.2200 108 Fourth quarter 0.2200 108 Total $ 0.8800 $ 432 2021 First quarter $ 0.2000 $ 121 Second quarter 0.2100 106 Third quarter 0.2100 106 Fourth quarter 0.2100 103 Total $ 0.8300 $ 436 The proportionate share of the loss attributed to the OP Units was $ 210 259 |
Incentive Award Plan
Incentive Award Plan | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Incentive Award Plan | 12. Incentive Award Plan In April 2014, the Company’s Board of Directors adopted, and in June 2014 the Company’s stockholders approved, the 2014 Incentive Award Plan, or Plan, under which the Company may grant cash and equity incentive awards to eligible service providers in order to attract, motivate and retain the talent for which we compete. The aggregate number of shares of the Company’s common stock and/or LTIP units of partnership interest in the Company’s Operating Partnership, or LTIP units that are available for issuance under awards granted pursuant to the Plan is 375,000 875,000 The Plan provides for the grant of stock options, including incentive stock options, or ISOs, and nonqualified stock options, or NSOs, restricted stock, dividend equivalents, stock payments, restricted stock units, or RSUs, performance shares, other incentive awards, LTIP units, SARs, and cash awards. As of December 31, 2022, the Company has only issued restricted stock units under the Plan. In addition, the Company will grant its Independent Board of Directors restricted stock as part of their remuneration. Shares granted as part of the Plan vest equally over a four-year period while those granted to the Company’s Independent Board of Directors vest equally over a three-year period. Annual grants given to the Company’s Independent Board of Directors vest the earlier of one year from the date of grant, or, the next annual shareholder meeting. Holders of restricted shares of common stock have voting rights and rights to receive dividends, however, the restricted shares of common stock may not be sold, transferred, assigned or pledged and are subject to forfeiture prior to the respective vesting period. The following table is a summary of the total restricted shares granted for the years ended December 31, 2022, 2021 and 2020: Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity Shares Unvested restricted stock at January 1, 2020 162,184 Granted 101,540 Forfeited (5,303 ) Vested (68,196 ) Unvested restricted stock at December 31, 2020 190,225 Granted 126,434 Forfeited (1,000 ) Vested (88,303 ) Unvested restricted stock at December 31, 2021 227,356 Granted 141,000 Forfeited (8,750 ) Vested (79,532 ) Unvested restricted stock at December 31, 2022 280,074 The Company recorded equity-based compensation in the amount of $ 2,603 1,559 1,439 3,758 2,828 2,405 2.7 2.8 3.0 141,000 3,714 26.34 126,434 1,998 15.80 101,540 1,665 16.40 |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 13. Earnings per Share Net loss per Common Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Earnings per Share - Schedule of Earnings per Share Year Ended December 31, 2022 2021 2020 Numerator Net loss $ (17,096 ) $ (15,267 ) $ (14,462 ) Less: Net loss attributable to non-controlling interest (210 ) (259 ) (649 ) Net loss attributable to Plymouth Industrial REIT, Inc. (16,886 ) (15,008 ) (13,813 ) Less: Preferred Stock dividends 4,866 6,608 6,444 Less: Series B Preferred Stock accretion to redemption value 4,621 7,228 7,416 Less: Loss on extinguishment of Series A Preferred Stock 99 — 34 Less: Amount allocated to participating securities 256 201 182 Net loss attributable to common stockholders $ (26,728 ) $ (29,045 ) $ (27,889 ) Denominator Weighted-average common shares outstanding basic and diluted 39,779,128 30,910,581 18,381,700 Net loss per share attributable to common stockholders – basic and diluted $ (0.67 ) $ (0.94 ) $ (1.52 ) The Company uses the two-class method of computing earnings per common share in which participating securities are included within the basic earnings per share (“EPS”) calculation. The amount allocated to participating securities is according to dividends declared (whether paid or unpaid). The restricted stock does not have any participatory rights in undistributed earnings. The unvested shares of restricted stock are accounted for as participating securities as they contain nonforfeitable rights to dividends. In periods where there is a net loss, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company’s potential dilutive securities as of December 31, 2022 include the 280,074 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. Commitments and Contingencies Employment Agreements The Company has entered into employment agreements with the Company’s Chief Executive Officer, President and Chief Investment Officer, Chief Financial Officer, and Executive Vice President Asset Management. As approved by the compensation committee of the Board of Directors the agreements provide for base salaries ranging from $300 to $550 annually with discretionary cash performance awards. The agreements contain provisions for equity awards, general benefits, and termination and severance provisions, consistent with similar positions and companies. Legal Proceedings The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses, as incurred, the costs related to such legal proceedings. Contingent Liability In conjunction with the issuance of the OP Units for acquisitions, the agreements contain a provision for the Company to provide tax protection to the holders if the acquired properties are sold in a transaction that would result in the recognition of taxable income or gain prior to the sixth anniversary of the acquisition. The Company intends to hold these investments and has no plans to sell or transfer any interest that would give rise to a taxable transaction. |
Retirement Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Plan | 15. Retirement Plan The Company in December 2014 established an individual SEP IRA retirement account plan for all employees. The Company has accrued a contribution for 2022 in the amount of $ 626 552 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K and concluded that were no subsequent events requiring adjustment or disclosure to the consolidated financial statements. |
Schedule III
Schedule III | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III | Schedule III Schedule III Real Estate Properties and Accumulated Depreciation Encumbrances Initial Costs of Land Initial cost of building and improvements Costs Capitalized Subsequent to Acquisition Gross amounts of land Gross amounts of building and improvements Total real estate properties gross (2) Accumulated Depreciation (3) Year Acquired Year Built/Renovated Depreciable Life (in years) Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) Atlanta, GA 32 Dart Road - $ 256 $ 4,454 $ 559 $ 256 $ 5,013 $ 5,269 $ 2,271 2014 1988/2014 18 Atlanta, GA 11236 Harland Drive - 271 909 10 271 919 1,190 302 2017 1988 20 Atlanta, GA 1665 Dogwood Drive - 494 6,027 31 494 6,058 6,552 1,654 2017 1973 20 Atlanta, GA 1715 Dogwood Drive - (1) 270 2,879 1 270 2,880 3,150 737 2017 1973 22 Atlanta, GA 611 Highway 74 S. 3,283 13,560 497 3,283 14,057 17,340 2,853 2019 1979-2013 25 Atlanta, GA 40 Pinyon Road 794 2,669 35 794 2,704 3,498 391 2020 1997 28 Atlanta, GA 665 Highway 74 South 1,237 6,952 26 1,237 6,978 8,215 765 2020 1989 36 Atlanta, GA 6739 New Calhoun Highway NE 2,876 7,599 16 2,876 7,615 10,491 1,664 2020 1981/1996 & 2017 20 Atlanta, GA 1099 Dodds Avenue 975 8,481 - 975 8,481 9,456 316 2022 2005 32 Atlanta, GA 1413 Lovers Lane 669 12,446 - 669 12,446 13,115 430 2022 1999 25 Boston, MA 54-56 Milliken Road - (1) 1,418 7,482 9,908 1,418 17,390 18,808 3,705 2014 1966/1995, 2005, 2013, 2022 40 20 Charlotte, NC 1570 East P St. Extension 5,878 13,121 - 5,878 13,121 18,999 331 2022 2005 30 Chicago, IL 11351 W. 183rd Street - 361 1,685 38 361 1,723 2,084 608 2014 2000 34 Chicago, IL 1355 Holmes Road - 1,012 2,789 184 1,012 2,973 3,985 1,584 2014 1976/1998 16 Chicago, IL 1875 Holmes Road - 1,597 5,199 1,879 1,597 7,078 8,675 2,897 2014 1989 16 Chicago, IL 189 Seegers Road - 470 1,369 43 470 1,412 1,882 553 2014 1972 21 Chicago, IL 2401 Commerce Drive - (1) 486 4,597 1,052 486 5,649 6,135 1,893 2014 1994/2009 28 Chicago, IL 3940 Stern Avenue - (1) 1,156 5,139 1,245 1,156 6,384 7,540 3,063 2014 1987 16 Chicago, IL 11601 Central Avenue - 3,479 6,545 427 3,479 6,972 10,451 2,026 2017 1970 21 Chicago, IL 13040 South Pulaski Avenue - 3,520 11,115 367 3,520 11,482 15,002 4,307 2017 1976 16 Chicago, IL 13970 West Laurel Drive - (1) 1,447 1,377 373 1,447 1,750 3,197 625 2017 1990 14 Chicago, IL 1455-1645 Greenleaf Avenue - 1,926 5,137 1,441 1,926 6,578 8,504 1,591 2017 1968 21 Chicago, IL 1750 South Lincoln Drive - 489 9,270 707 489 9,977 10,466 2,526 2017 2001 24 Chicago, IL 1796 Sherwin Avenue - 1,542 3,598 111 1,542 3,709 5,251 1,210 2017 1964 19 Chicago, IL 28160 North Keith Drive - 1,614 1,643 282 1,614 1,925 3,539 631 2017 1989 16 Chicago, IL 3841-3865 Swanson Court - 1,640 2,247 140 1,640 2,387 4,027 780 2017 1978 17 Chicago, IL 5110 South 6th Street - 689 1,014 155 689 1,169 1,858 452 2017 1972 16 Chicago, IL 6000 West 73rd Street - 1,891 3,403 - 1,891 3,403 5,294 1,152 2017 1974 17 Chicago, IL 6510 West 73rd Street - 4,229 4,105 170 4,229 4,275 8,504 1,595 2017 1974 18 Chicago, IL 6558 West 73rd Street - 3,444 2,325 1,050 3,444 3,375 6,819 958 2017 1975 16 Chicago, IL 6751 Sayre Avenue - 2,891 5,743 - 2,891 5,743 8,634 1,580 2017 1973 22 Chicago, IL 7200 Mason Ave - 2,519 5,482 1 2,519 5,483 8,002 1,731 2017 1974 18 Chicago, IL 4491 N Mayflower Road 289 2,422 153 289 2,575 2,864 644 2017 2000 27 Chicago, IL 4955 Ameritech Drive 856 7,251 447 856 7,698 8,554 1,954 2017 2004 27 Chicago, IL 5855 West Carbonmill Road 743 6,269 166 743 6,435 7,178 1,613 2017 2002 27 Chicago, IL 5861 W Cleveland Road 234 1,966 121 234 2,087 2,321 519 2017 1994 27 Chicago, IL West Brick Road 381 3,209 197 381 3,406 3,787 846 2017 1998 27 Chicago, IL 1600 Fleetwood Drive - 2,699 9,530 83 2,699 9,613 12,312 2,206 2018 1968/2016 23 Chicago, IL 3 West College Drive - 728 1,531 85 728 1,616 2,344 334 2018 1978/2016 26 Chicago, IL 11746 Austin Ave 1,062 4,420 102 1,062 4,522 5,584 747 2019 1970 25 Chicago, IL 144 Tower Drive 866 4,174 78 866 4,252 5,118 666 2019 1971/1988 & 2015 29 Chicago, IL 16801 Exchange Ave 1,905 9,454 178 1,905 9,632 11,537 1,699 2019 1987 24 Chicago, IL 350 Armory Drive 442 835 136 442 971 1,413 230 2019 1972 21 Chicago, IL 4915 West 122nd Street 848 3,632 203 848 3,835 4,683 598 2019 1972 26 Chicago, IL 7207 Mason Avenue 887 2,608 15 887 2,623 3,510 588 2019 1970 20 Chicago, IL 7420 Meade Ave 586 367 104 586 471 1,057 162 2019 1970 20 Chicago, IL 1717 West Harvester Road 3,843 12,848 5 3,843 12,853 16,696 3,226 2020 1970 15 Chicago, IL 1301 Ridgeview Drive 1,231 12,623 79 1,231 12,702 13,933 774 2021 1995/2020 25 Chicago, IL 1900 S. Batavia - 7,337 20,387 23 7,337 20,410 27,747 1,644 2021 1958/1989/2010 21 Chicago, IL 6035 West Gross Point Road 2,706 4,351 8 2,706 4,359 7,065 610 2021 1956/1985 15 Chicago, IL 800 Church Street 2,019 6,197 - 2,019 6,197 8,216 396 2021 1974/2020 22 Chicago, IL 2600 Commerce Drive 1,028 5,597 - 1,028 5,597 6,625 160 2022 2001 30 Cincinnati, OH 4115 Thunderbird Lane - 275 2,093 192 275 2,285 2,560 992 2014 1991 22 Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) Cincinnati, OH 7585 Empire Drive - 644 2,658 363 644 3,021 3,665 2,047 2014 1973 11 Cincinnati, OH Mosteller Distribution Center - 1,501 9,424 87 1,501 9,511 11,012 5,694 2014 1959 14 Cincinnati, OH Fisher Industrial Park 4,147 18,147 6,191 4,147 24,338 28,485 5,116 2018 1946 20 Cincinnati, OH 2700-2758 E. Kemper Road - 847 5,196 306 847 5,502 6,349 802 2019 1990 35 Cincinnati, OH 2800-2888 E. Kemper Road - 752 5,448 387 752 5,835 6,587 816 2019 1989 35 Cincinnati, OH 4514-4548 Cornell Road - 998 7,281 564 998 7,845 8,843 1,251 2019 1976 28 Cincinnati, OH 6900-6918 Fairfield Business Drive - 244 2,020 355 244 2,375 2,619 232 2019 1990 38 Cincinnati, OH 3741 Port Union Road 418 3,381 - 418 3,381 3,799 85 2022 1995/2001 30 Cincinnati, OH 4225-4331 Dues Drive 2,260 16,300 79 2,260 16,379 18,639 854 2022 1972 18 Cleveland, OH 1755 Enterprise Parkway - 1,411 12,281 1,739 1,411 14,020 15,431 4,968 2014 1978/2005 27 Cleveland, OH 30339 Diamond Parkway 2,815 22,792 254 2,815 23,046 25,861 3,610 2018 2007 34 Cleveland, OH 14801 Country Rd 212 985 13,062 1 985 13,063 14,048 2,005 2019 1998 25 Cleveland, OH 1200 Chester Industrial Parkway North 1,213 6,602 70 1,213 6,672 7,885 919 2020 2007/2009 27 Cleveland, OH 1200 Chester Industrial Parkway South 562 2,689 59 562 2,748 3,310 440 2020 1991 23 Cleveland, OH 1350 Moore Road 809 2,860 227 809 3,087 3,896 549 2020 1997 20 Cleveland, OH 1366 Commerce Drive 1,069 4,363 (220) 847 4,365 5,212 823 2020 1960 13 Cleveland, OH 2100 International Parkway - 14,818 233 - 15,051 15,051 1,201 2020 2000 31 Cleveland, OH 2210 International Parkway - 15,033 5 - 15,038 15,038 1,233 2020 2001 27 Cleveland, OH Gilchrist Road I 1,775 6,541 185 1,775 6,726 8,501 1,026 2020 1961-1978 17 Cleveland, OH Gilchrist Road II 2,671 14,959 154 2,671 15,113 17,784 2,210 2020 1994-1998 22 Cleveland, OH Gilchrist Road III 977 12,416 139 977 12,555 13,532 1,319 2020 1994/1998 22 Cleveland, OH 4211 Shuffel Street NW 1,086 12,287 3 1,086 12,290 13,376 1,595 2020 1994 21 Cleveland, OH 31000 Viking Parkway 1,458 5,494 315 1,458 5,809 7,267 459 2021 1998 29 Cleveland, OH 1120 West 130th St 1,058 7,205 - 1,058 7,205 8,263 175 2022 2000 28 Cleveland, OH 22209 Rockside Road 2,198 13,265 - 2,198 13,265 15,463 324 2022 2008 31 Columbus, OH 3100 Creekside Parkway - 1,203 9,603 555 1,203 10,158 11,361 3,487 2014 2000 27 Columbus, OH 3500 Southwest Boulevard - 1,488 16,730 1,387 1,488 18,117 19,605 7,164 2014 1992/2018 22 Columbus, OH 7001 American Pkwy - 331 1,416 82 331 1,498 1,829 794 2014 1986/2007 & 2012 20 Columbus, OH 8273 Green Meadows Dr. - 341 2,266 393 341 2,659 3,000 932 2014 1996/2007 27 Columbus, OH 8288 Green Meadows Dr. - 1,107 8,413 532 1,107 8,945 10,052 4,688 2014 1988 17 Columbus, OH 2120 - 2138 New World Drive - 400 3,007 112 400 3,119 3,519 1,172 2017 1971 18 Columbus, OH 459 Orange Point Drive - 1,256 6,793 408 1,256 7,201 8,457 796 2019 2001 40 Columbus, OH 7719 Graphics Way - 1,297 2,743 142 1,297 2,885 4,182 395 2019 2000 40 Columbus, OH 100 Paragon Parkway 582 9,130 1 582 9,131 9,713 1,731 2020 1995 17 Columbus, OH 1650-1654 Williams Road 1,581 23,818 - 1,581 23,818 25,399 2,424 2021 1973/1974,1975 20 Columbus, OH 1520-1530 Experiment Farm Road 576 7,164 17 576 7,181 7,757 392 2021 1997 25 Columbus, OH 2180 Corporate Drive 586 8,311 12 586 8,323 8,909 449 2021 1996 27 Columbus, OH 2800 Howard Street 1,306 20,266 - 1,306 20,266 21,572 781 2021 2016 31 Columbus, OH 952 Dorset Road 242 3,492 - 242 3,492 3,734 189 2021 1988 25 Columbus, OH 2626 Port Road 1,149 8,212 - 1,149 8,212 9,361 317 2022 1994 26 Indianapolis, IN 3035 North Shadeland Ave - 1,966 11,740 1,446 1,966 13,186 15,152 4,575 2017 1962/2001 & 2004 17 Indianapolis, IN 3169 North Shadeland Ave - 148 884 (65) 148 819 967 374 2017 1979/1993 17 Indianapolis, IN 2900 N. Shadeland Avenue 4,632 14,572 1,059 4,632 15,631 20,263 4,323 2019 1957/1992 15 Indianapolis, IN 4430 Sam Jones Expressway 2,644 12,570 203 2,644 12,773 15,417 2,420 2019 1970 22 Indianapolis, IN 6555 East 30th Street 1,881 6,636 563 1,881 7,199 9,080 1,758 2019 1969/1997 17 Indianapolis, IN 6575 East 30th Street 566 1,408 2 566 1,410 1,976 335 2019 1998 19 Indianapolis, IN 6585 East 30th Street 669 2,216 144 669 2,360 3,029 538 2019 1998 19 Indianapolis, IN 6635 East 30th Street 535 2,567 24 535 2,591 3,126 510 2019 1998 19 Indianapolis, IN 6701 East 30th Street 334 428 2 334 430 764 176 2019 1990 17 Indianapolis, IN 6737 East 30th Street 609 1,858 25 609 1,883 2,492 463 2019 1995 17 Indianapolis, IN 6751 East 30th Street 709 2,083 133 709 2,216 2,925 489 2019 1997 18 Indianapolis, IN 6951 East 30th Street 424 1,323 64 424 1,387 1,811 318 2019 1995 21 Indianapolis, IN 7901 W. 21st Street 1,870 8,844 1,833 1,870 10,677 12,547 1,712 2019 1985/1994 20 Indianapolis, IN 3333 N. Franklin Road 1,363 6,525 25 1,363 6,550 7,913 1,517 2020 1967 15 Indianapolis, IN 3701 David Howarth Drive 938 21,471 - 938 21,471 22,409 847 2021 2008/2019 35 Indianapolis, IN 7750 Georgetown Road 1,943 5,605 8 1,943 5,613 7,556 286 2021 2006 32 Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) Indianapolis, IN 3525 South Arlington Avenue 2,569 10,764 10 2,569 10,774 13,343 465 2022 1990 23 Jacksonville, FL Center Point Business Park - 9,848 26,411 770 9,848 27,181 37,029 4,342 2018 1990-1997 35 Jacksonville, FL Liberty Business Park - 9,347 26,978 867 9,347 27,845 37,192 4,359 2018 1996-1999 38 Jacksonville, FL Salisbury Business Park - 4,354 9,049 70 4,354 9,119 13,473 1,588 2018 2001-2012 32 Jacksonville, FL 265, 338, 430 Industrial Boulevard 2,562 15,116 411 2,562 15,527 18,089 2,656 2020 1988-1996/1999, 2001 18 Jacksonville, FL 8451 Western Way 4,240 13,983 86 4,240 14,069 18,309 1,313 2020 1968/1975 & 1987 32 Jacksonville, FL 8000-8001 Belfort Parkway 1,836 9,460 81 1,836 9,541 11,377 294 2022 1999 40 Kansas City, MO 5450 Deramus Avenue 1,483 6,609 935 1,483 7,544 9,027 843 2021 1976/1986 & 1994 20 Memphis, TN 210 American Dr. - 928 10,442 668 928 11,110 12,038 7,009 2014 1967/1981 & 2012 13 Memphis, TN 6005, 6045 & 6075 Shelby Dr. - 488 4,919 1,990 488 6,909 7,397 2,933 2014 1989 19 Memphis, TN 3635 Knight Road - 422 2,820 142 422 2,962 3,384 969 2017 1986 18 Memphis, TN Airport Business Park 1,511 4,352 2,227 1,511 6,579 8,090 2,250 2017 1985-1989 26 Memphis, TN 4540-4600 Pleasant Hill Road 1,375 18,854 (161) 1,207 18,861 20,068 1,892 2019 1991/2005 37 Memphis, TN 1700-1710 Dunn Avenue 916 5,018 1,511 916 6,529 7,445 676 2021 1957-1959/1963 & 1973 13 Memphis, TN 2950 Brother Boulevard 1,089 7,515 126 1,089 7,641 8,730 833 2021 1987/2019 17 Memphis, TN 6290 Shelby View Drive 163 4,631 - 163 4,631 4,794 223 2021 1999/2003 36 Memphis, TN 10455 Marina Drive - 613 6,154 - 613 6,154 6,767 360 2022 1986 20 Memphis, TN 10682 Ridgewood Road - 261 3,513 - 261 3,513 3,774 161 2022 1985 23 Memphis, TN 1814 S Third Street - 469 2,510 - 469 2,510 2,979 213 2022 1966 14 Memphis, TN 3650 Distriplex Drive - 704 12,847 - 704 12,847 13,551 527 2022 1997 24 Memphis, TN 3670 South Perkins Road - 215 2,242 - 215 2,242 2,457 122 2022 1974 18 Memphis, TN 3980 Premier Avenue - 354 3,835 - 354 3,835 4,189 226 2022 1964 17 Memphis, TN 5846 Distribution Drive - 164 2,092 - 164 2,092 2,256 84 2022 1984 30 Memphis, TN 7560 Priority Lane - 159 1,561 - 159 1,561 1,720 84 2022 1988 21 Memphis, TN 8970 Deerfield Drive - 241 2,256 334 241 2,590 2,831 129 2022 1977 22 Memphis, TN Collins Industrial Memphis - 950 12,889 117 950 13,006 13,956 595 2022 1989-2001 16 32 Memphis, TN Outland Center Memphis I - 678 9,227 56 678 9,283 9,961 429 2022 1988 21 25 Memphis, TN Outland Center Memphis II - 892 7,424 12 892 7,436 8,328 479 2022 1989 15 22 Memphis, TN Outland/Burbank Industrial - 924 12,805 63 924 12,868 13,792 600 2022 1969-1996 20 23 Memphis, TN Place Industrial Memphis - 342 3,529 404 342 3,933 4,275 195 2022 1980-1988 20 25 Memphis, TN Shelby Distribution II - 312 4,564 208 312 4,772 5,084 184 2022 1998 25 27 Memphis, TN Willow Lake Industrial - 231 2,861 17 231 2,878 3,109 136 2022 1989 23 Memphis, TN AE Beaty Drive/Appling Road 850 6,589 - 850 6,589 7,439 171 2022 2006 45 Philadelphia, PA 4 East Stow Road - (1) 1,580 6,954 174 1,580 7,128 8,708 3,289 2014 1986 22 St. Louis, MO 2635-2645 Metro Boulevard 656 2,576 16 656 2,592 3,248 333 2019 1979 30 St. Louis, MO 5531 - 5555 Phantom Drive 1,133 3,976 1 1,133 3,977 5,110 692 2019 1971 22 St. Louis, MO Grissom Drive 656 2,780 - 656 2,780 3,436 412 2020 1970 19 St. Louis, MO St. Louis Commerce Center - 3,927 20,995 404 3,927 21,399 25,326 1,819 2020 1999-2001 33 St. Louis, MO 11646 Lakeside Crossing 1,282 9,293 6 1,282 9,299 10,581 378 2021 2005 35 St. Louis, MO 160-275 Corporate Woods Place 2,183 5,956 187 2,183 6,143 8,326 608 2021 1990 19 St. Louis, MO 3919 Lakeview Corporate Drive 4,265 46,225 109 4,265 46,334 50,599 1,835 2021 1970 37 St. Louis, MO 3051 Gateway - 3,148 29,791 - 3,148 29,791 32,939 1,207 2021 2016 36 St. Louis, MO 349 Gateway - 3,255 36,451 - 3,255 36,451 39,706 1,978 2021 2016 36 St. Louis, MO 4848 Park 370 Boulevard 1,041 6,127 13 1,041 6,140 7,181 291 2021 2006 32 St. Louis, MO 9150 Latty Ave 1,674 5,076 54 1,674 5,130 6,804 526 2021 1965/2018 22 St. Louis, MO 1901-1939 Belt Way Drive 2,492 5,109 110 2,492 5,219 7,711 201 2022 1986 26 Total Real Estate Owned $ 231,144 $ 1,215,869 $ 55,744 $ 230,754 $ 1,272,003 $ 1,502,757 $ 204,803 __________________ Note (1) These properties secure the $389,531 Secured Debt. Note (2) Total does not include development projects of $45,317, corporate office leasehold improvements of $2,425, Columbus property management office of $4,476 and the finance lease right of use asset of $871 related to the ground sublease at 2100 International Parkway. Note (3) Total does not include accumulated depreciation related to corporate office leasehold improvements of $722 and Columbus property management office of $104. Note (4) Renovation means significant upgrades, alterations, or additions to building interiors or exteriors and/or systems. Note (5) Depreciation is calculated over the remaining useful life of the respective property as determined at the time of the purchase allocation, ranging from 11-45 years for buildings and 3-13 years for improvements. As of December 31, 2022, the gross aggregate basis for Federal tax purposes of investments in real estate properties was approximately $ 1,635,996 Schedule III Real Estate Properties and Accumulated Depreciation Rollforward Year Ended December 31, 2022 2021 2020 Real Estate Balance at the beginning of the year $ 1,254,007 $ 886,681 $ 655,788 Additions during the year 302,265 374,461 231,040 Disposals during the year (426 ) (7,135 ) (147 ) Balance at the end of the year $ 1,555,846 $ 1,254,007 $ 886,681 Accumulated Depreciation Balance at the beginning of the year $ 142,192 $ 98,283 $ 63,877 Depreciation expense 63,557 45,398 34,484 Disposals during the year (120 ) (1,489 ) (78 ) Balance at the end of the year $ 205,629 $ 142,192 $ 98,283 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation of entities. |
Consolidation | Consolidation We consolidate all entities that are wholly owned and those in which we own less than 100% but control, as well as any variable interest entities (“VIEs”) in which we are the primary beneficiary. We evaluate our ability to control an entity and whether the entity is a variable interest entity and we are the primary beneficiary through consideration of the substantive terms of the arrangement to identify which enterprise has the power to direct the activities of a variable interest entity that most significantly impacts the entity’s economic performance and the obligation to absorb losses of the entity or the right to receive benefits from the entity. Investments in entities in which we do not control but over which we have the ability to exercise significant influence over operating and financial policies are presented under the equity method. Investments in entities that we do not control and over which we do not exercise significant influence are carried at the lower of cost or fair value, as appropriate. Our ability to correctly assess our influence and/or control over an entity affects the presentation of these investments in our consolidated financial statements. Consolidated VIEs are those for which the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The Company has determined that the Operating Partnership is a VIE and the Company is the primary beneficiary. The Company's only significant asset is its investment in the Operating Partnership, therefore, substantially all of the Company’s assets and liabilities are the assets and liabilities of the Operating Partnership. |
Risks and Uncertainties | Risks and Uncertainties The state of the overall economy can significantly impact the Company’s operational performance and thus impact its financial position. Should the Company experience a significant decline in operational performance, it may affect the Company’s ability to make distributions to its stockholders, service debt, or meet other financial obligations. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding the allocation of tangible and intangible assets and liabilities of real estate acquisitions, impairments of long-lived assets, stock-based compensation and its common stock warrants liability. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates and assumptions. |
Cash Equivalents and Restricted Cash | Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at December 31, 2022 and 2021. The Company maintains cash and restricted cash, which includes tenant security deposits and cash collateral for its borrowings discussed in Note 7, and cash held in escrow for real estate tax, insurance, tenant capital improvement and leasing commissions, in bank deposit accounts, which at times may exceed federally insured limits. As of December 31, 2022, the Company has not realized any losses in such cash accounts and believes it mitigates its risk of loss by depositing its cash and restricted cash in highly rated financial institutions. The following table presents a reconciliation of cash, cash held in escrow, and restricted cash reported within our consolidated balance sheets to amounts reported within our consolidated statements of cash flows: Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash December 31, December 31, 2022 2021 Cash $ 11,003 $ 26,232 Cash held in escrow 13,376 11,893 Restricted cash 6,834 5,249 Cash, cash held in escrow, and restricted cash $ 31,213 $ 43,374 |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs other than those associated with the revolving line of credit facility are reflected as a reduction to the respective loan amounts in the form of a debt discount. Amortization of this expense is included in interest expense in the consolidated statements of operations. Debt issuance costs amounted to $ 10,815 9,710 6,175 4,689 2,306 2,405 |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities We record all derivatives on the accompanying consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply, or we elect not to apply hedge accounting. In accordance with fair value measurement guidance, we made an accounting policy election to measure the credit risk of our derivative financial instruments that are subject to master netting arrangements on a net basis by the counterparty portfolio. Credit risk is the risk of failure of the counterparty to perform under the terms of the contract. We minimize the credit risk in our derivative financial instruments by entering into transactions with various high-quality counterparties. Our exposure to credit risk at any point is generally limited to amounts recorded as assets on the accompanying consolidated balance sheets. |
Earnings (Loss) per Share | Earnings (Loss) per Share The Company follows the two-class method when computing net earnings (loss) per common share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net earnings (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Diluted net loss per share is the same as basic net loss per share since the Company does not have any common stock equivalents such as stock options. The common stock warrants are not included in the computation of diluted net loss per share as they are anti-dilutive for the periods presented. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company applies various valuation approaches in determining the fair value of its financial assets and liabilities within a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1 — Quoted prices for identical instruments in active markets. Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 — Significant inputs to the valuation model are unobservable. The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level input that is significant to the overall fair value measurement. Level 3 inputs are applied in determining the fair value of our debt, interest rate swaps, and warrants to purchase common stock as discussed in Notes 7, 8 and 9. Financial instruments including cash, restricted cash, cash held in escrow and reserves, accounts receivable, accounts payable and accrued expenses and other current liabilities are considered Level 1 in fair value hierarchy. The amounts reported on the consolidated balance sheets for these financial instruments approximate their fair value due to their relatively short maturities and prevailing interest rates. Derivative financial instruments are considered Level 2 in the fair value hierarchy as discussed in Note 8. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company assesses the carrying values of our respective long-lived assets whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review our real estate assets for recoverability, the Company considers current market conditions, as well as our intent with respect to holding or disposing of the asset. Our intent with regard to the underlying assets might change as market conditions change, as well as other factors. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property and quoted market values and third-party appraisals, where considered necessary. If our analysis indicates that the carrying value of the real estate asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. The Company determined there was no impairment of value of real estate properties as of December 31, 2022 and 2021. |
Income Taxes | Income Taxes The Company has operated in a manner that allows it to qualify as a REIT for federal income tax purposes. The Company utilizes an UPREIT organizational structure with the intent to hold properties and securities through an Operating Partnership. The Company elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, and has operated as such beginning with the tax year ending December 31, 2012. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax on income that we distribute as dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four tax years following the year during which qualification is lost, unless it can obtain relief under certain statutory provisions. Such an event could materially and adversely affect the net income and net cash available for distribution to stockholders. However, the Company intends to continue to operate in a manner that allows it to qualify for treatment as a REIT. The Company files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. The statute of limitations for the Company’s income tax returns is generally three years and as such, the Company’s returns that remain subject to examination would be primarily from 2019 and thereafter. Accrued interest and penalties will be recorded as income tax expense if the Company records a liability in the future. To the extent the Company does not utilize the full amount of the annual federal NOLs, the unused amount may normally be carried forward for 20 years to offset taxable income in future years. The Company had federal NOL carryforwards originating from 2012 through 2021 of approximately $ 35,322 35,322 |
Investment in Unconsolidated Joint Venture | Investment in Unconsolidated Joint Venture Investment in unconsolidated joint venture represents a non-controlling equity interest in a joint venture we entered into during October 2020. The Company determined that the venture is not a VIE in accordance with the accounting standard for the consolidation of VIEs. As a result, the Company used the voting interest model under the accounting standard for consolidation in order to determine whether to consolidate the investment in unconsolidated joint venture. We have concluded that we have the ability to exercise significant influence, however, do not have control or kick out rights and therefore the investment in the unconsolidated joint venture is accounted for under the equity method of accounting. Accordingly, we initially recorded our investment at cost, and subsequently adjust for equity in earnings or losses and cash contributions and distributions. Any difference between the carrying amount of these investments on the consolidated balance sheets and the underlying equity in net assets will be amortized as an adjustment to equity in earnings (loss) in investment of unconsolidated joint venture over the life of the related asset. Our net equity investment in the joint venture is reflected within the consolidated balance sheets, and our share of net income or loss from the joint venture is included within the consolidated statements of operations. On March 11, 2022, the Company acquired full ownership of the unconsolidated joint venture as discussed in Note 5. |
Leases | Leases For leases in which we are the lessee, a right of use asset and lease liability is recorded on the consolidated balance sheets equal to the present value of the fixed lease payments of the corresponding lease. To determine our operating right of use asset and lease liability, we estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases by utilizing a market-based approach. Since the terms under our ground leases are significantly longer than the terms of borrowings available to us on a fully-collateralized basis, the estimate of this rate requires significant judgment, and considers factors such as market based pricing on longer duration financing instruments. |
Non-controlling Interests | Non-controlling Interests As further discussed in Note 10, the Company has issued non-controlling interests in its Operating Partnership. The net loss attributable to the non-controlling interests is presented in the Company’s consolidated statements of operations. |
Real Estate Property Acquisitions | Real Estate Property Acquisitions The Company accounts for its real estate property acquisitions in accordance with Financial Accounting Standards Board (“FASB”) ASC 805. The Company has concluded that the acquisition of real estate properties will be accounted for as an asset acquisition as opposed to a business combination. The significant difference between the two accounting models is that within an acquisition of assets, acquisition costs are capitalized as a cost of the assets, whereas in a business combination acquisition costs are expensed and not included as part of the consideration transferred. The accounting for real estate property acquisitions requires estimates and judgment as to expectations for future cash flows of the acquired property, the allocation of those cash flows to identifiable intangible assets and liabilities, and in determining the estimated fair value for assets acquired and liabilities assumed. The amounts allocated to lease intangibles (leases in place, leasing commissions, tenant relationships, and above and below market leases) are based on management’s estimates and assumptions, as well as other information compiled by management, including independent third party analysis and market data, and are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period. Such inputs are Level 3 in the fair value hierarchy. The process for determining the allocation to these components requires management to make estimates and assumptions, including rental rates, land value, discount rates, and exit capitalization rates. |
Real Estate Depreciation and Amortization of Deferred Lease Intangibles - Assets and Liabilities | Real Estate Depreciation and Amortization of Deferred Lease Intangibles - Assets and Liabilities Real estate properties are stated at cost less accumulated depreciation. Depreciation of buildings and other improvements is computed using the straight-line method over the estimated remaining useful lives of the assets, which generally range from 11 40 3 13 63,623 45,387 34,406 Deferred lease intangible assets consist of leases in place, leasing commissions, tenant relationships, and above market leases. Deferred lease intangible liabilities represent below market leases. These intangibles have been recorded at their fair market value in connection with the acquisition of properties. Intangible assets and liabilities are generally amortized over the remaining life of the related lease following the evaluation of potential renewal options. Amortization of above and below market leases was recorded as an adjustment to rental revenue and amounted to $ 3,151 2,096 2,075 31,689 25,255 21,875 |
Revenue Recognition | Revenue Recognition Minimum rental revenue from real estate operations is recognized on a straight-line basis. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the lives of the individual leases. In accordance to ASC 842, we assess the collectability of lease receivables (including future minimum rental payments) both at commencement and throughout the lease term. If our assessment of collectability changes during the lease term, any difference between the revenue that would have been received under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenue. Rental revenue associated with leases where collectability has been deemed less than probable is recognized on a cash basis in accordance with ASC 842. Management fee revenue represents management fees earned from the unconsolidated joint venture. |
Segments | Segments The Company has one reportable segment, industrial properties. These properties have similar economic characteristics and also meet the other criteria that permit the properties to be aggregated into one reportable segment. |
Stock Based Compensation | Stock Based Compensation The Company grants stock-based compensation awards to our employees and directors typically in the form of restricted shares of common stock. The Company measures stock-based compensation expense based on the fair value of the awards on the grant date and recognizes the expense ratably over the vesting period. Forfeitures of unvested shares are recognized in the period the forfeiture occurs. |
Accounting Pronouncements | Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04 Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 was effective upon issuance on a prospective basis beginning January 1, 2020, and may be elected over time as reference rate activities occur. During the second quarter of 2022, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding instrument. To date, the adoption of ASU 2020-04 has not had a material impact on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash | The following table presents a reconciliation of cash, cash held in escrow, and restricted cash reported within our consolidated balance sheets to amounts reported within our consolidated statements of cash flows: Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash December 31, December 31, 2022 2021 Cash $ 11,003 $ 26,232 Cash held in escrow 13,376 11,893 Restricted cash 6,834 5,249 Cash, cash held in escrow, and restricted cash $ 31,213 $ 43,374 |
Real Estate Properties, Net (Ta
Real Estate Properties, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Real Estate Properties - Schedule of Real Estate Properties | Real estate properties, net consisted of the following at December 31, 2022 and 2021: Real Estate Properties - Schedule of Real Estate Properties December 31, December 31, Land $ 231,829 $ 201,164 Buildings and improvements 1,141,832 930,678 Site improvements 132,295 108,756 Construction in progress 49,890 13,409 Real estate properties, gross 1,555,846 1,254,007 Less accumulated depreciation (205,629 ) (142,192 ) Real estate properties, net $ 1,350,217 $ 1,111,815 |
Real Estate Properties - Schedule of Real Estate Acquisitions | The Company made the following acquisitions of properties during the year ended December 31, 2022: Real Estate Properties - Schedule of Real Estate Acquisitions Location Date Square Properties Purchase Price (1) Atlanta, GA January 20, 2022 150,000 1 $ 9,750 Jacksonville, FL February 7, 2022 85,920 1 12,300 Cincinnati, OH; Columbus, OH; Indianapolis, IN February 24, 2022 678,745 3 43,250 Memphis, TN March 11, 2022 2,320,773 16 106,508 (2) Memphis, TN March 11, 2022 67,557 1 8,150 Atlanta, GA March 15, 2022 200,000 1 12,500 St. Louis, MO April 6, 2022 76,485 1 8,450 Chicago, IL April 14, 2022 78,743 1 7,300 Cincinnati, OH; Cleveland, OH May 18, 2022 153,903 2 12,700 Charlotte, NC May 19, 2022 155,220 1 20,400 Cleveland, OH July 7, 2022 197,518 1 16,500 Year ended December 31, 2022 4,164,864 29 $ 257,808 The Company made the following acquisitions of properties during the year ended December 31, 2021: Location Date Square Properties Purchase Price (1) Kansas City, MO February 12, 2021 221,911 1 $ 8,600 St. Louis, MO March 23, 2021 142,364 1 7,800 Chicago, IL March 25, 2021 149,474 1 7,900 Cleveland, OH March 29, 2021 100,150 1 7,700 Columbus, OH March 29, 2021 772,450 1 29,000 Memphis, TN June 29, 2021 74,665 1 5,250 St. Louis, MO June 30, 2021 155,434 1 8,800 Memphis, TN July 9, 2021 232,375 1 9,200 Memphis, TN July 30, 2021 316,935 1 6,277 Chicago, IL August 12, 2021 513,512 1 30,100 (3) St. Louis, MO August 24, 2021 769,500 1 55,200 St. Louis, MO October 5, 2021 100,021 1 11,100 St. Louis, MO October 5, 2021 76,092 1 7,700 St. Louis, MO October 7, 2021 1,145,330 2 75,100 (4) Indianapolis, IN October 26, 2021 294,730 1 23,100 Indianapolis, IN November 1, 2021 102,934 1 7,450 Columbus, OH November 4, 2021 396,800 3 22,500 Columbus, OH (5) December 1, 2021 17,260 1 3,600 Chicago, IL December 2, 2021 334,531 2 24,000 Cincinnati, OH December 23, 2021 480,000 1 23,500 Year ended December 31, 2021 6,396,468 24 $ 373,877 (1) Purchase price does not include capitalized acquisition costs. (2) The purchase price of $ 106,508 56,000 5,686 3,533 1,955 (3) The purchase price of $ 30,100 10,820 (4) The purchase price of $ 75,100 28,800 (5) Represents purchase of our property management office building in Columbus, Ohio. |
Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The allocation of the aggregate purchase price in accordance with Financial Accounting Standards Board (FASB), ASU 2017-01 (Topic 805) “Business Combinations,” of the assets and liabilities acquired at their relative fair values as of their acquisition date, is as follows: Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed Year ended December 31, 2022 Year ended December 31, 2021 Purchase price allocation Purchase Weighted Average Amortization Period (years) of Intangibles at Acquisition Purchase (1) Weighted Average Amortization Period (years) of Intangibles at Acquisition Total Purchase Price Purchase price $ 257,808 N/A $ 373,877 N/A Acquisition costs 2,280 N/A 2,773 N/A Total $ 260,088 $ 376,650 Allocation of Purchase Price Land $ 30,887 N/A $ 43,498 N/A Building 186,710 N/A 269,686 N/A Site improvements 23,538 N/A 35,055 N/A Total real estate properties 241,135 348,239 Deferred Lease Intangibles Tenant relationships 3,429 3.8 5,763 4.8 Leasing commissions 2,678 4.0 5,003 4.6 Above market lease 732 4.3 160 11.0 Below market lease (2,520 ) 7.4 (2,019 ) 6.4 Lease in place 14,367 3.7 19,764 4.4 Net deferred lease intangibles 18,686 28,671 Assumed debt – market value (Above)/below assumed market debt value 267 5.8 (260 ) 6.3 Totals $ 260,088 $ 376,650 ______________ (1) Totals for the year ended December 31, 2021 include the purchase of our property management office in Columbus, Ohio. |
Deferred Lease Intangibles, N_2
Deferred Lease Intangibles, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Lease Intangibles Net | |
Deferred Lease Intangibles - Schedule of Finite Lived Intangible Assets | Deferred lease intangible assets, net consisted of the following at December 31, 2022 and 2021: Deferred Lease Intangibles - Schedule of Finite Lived Intangible Assets December 31, December 31, Above market lease $ 6,077 $ 5,693 Lease in place 95,684 87,336 Tenant relationships 26,175 23,761 Leasing commissions 38,078 30,733 Deferred lease intangible assets, gross 166,014 147,523 Less accumulated amortization (95,296 ) (71,659 ) Deferred lease intangible assets, net $ 70,718 $ 75,864 |
Deferred Lease Intangibles - Schedule of Deferred Lease Intangible Liabilities | Deferred lease intangible liabilities, net consisted of the following at December 31, 2022 and 2021: Deferred Lease Intangibles - Schedule of Deferred Lease Intangible Liabilities December 31, December 31, Below market leases $ 20,452 $ 19,791 Less accumulated amortization (11,534 ) (9,518 ) Deferred lease intangible liabilities, net $ 8,918 $ 10,273 |
Deferred Lease Intangibles - Schedule of Finite Lived Intangible Assets Future Amortization Expense | Projected amortization of deferred lease intangibles for the next five years and thereafter as of December 31, 2022 is as follows: Deferred Lease Intangibles - Schedule of Finite Lived Intangible Assets Future Amortization Expense Year Amortization Expense Net Increase to Rental Revenue Related to 2023 $ 23,724 $ (1,843 ) 2024 $ 16,548 $ (1,282 ) 2025 $ 10,458 $ (853 ) 2026 $ 6,156 $ (577 ) 2027 $ 4,504 $ (535 ) Thereafter $ 6,994 $ (1,494 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Leases - Schedule of Lessor Future Minimum Rental Receipts under Non-Cancellable Leases | As of December 31, 2022, undiscounted future minimum fixed rental payments due under non-cancellable operating leases for each of the next five years and thereafter were as follows (in thousands): Leases - Schedule of Lessor Future Minimum Rental Receipts under Non-Cancellable Leases Year Future Minimum 2023 $ 139,821 2024 123,483 2025 95,589 2026 67,601 2027 48,883 Thereafter 91,508 Total minimum fixed rental receipts $ 566,885 |
Leases - Schedule of Rental Revenue Components | Rental revenue is comprised of the following: Leases - Schedule of Rental Revenue Components Year Ended December 31, 2022 2021 2020 Income from leases $ 134,252 $ 102,314 $ 80,987 Straight-line rent adjustments 3,682 3,700 1,963 Tenant recoveries 42,357 32,160 24,811 Amortization of above market leases (723 ) (1,000 ) (866 ) Amortization of below market leases 3,874 3,096 2,941 Total $ 183,442 $ 140,270 $ 109,836 |
Leases - Schedule of Lease Costs | The following table summarizes the operating lease expense recognized during the years ended December 31, 2022, 2021 and 2020 included in the Company’s consolidated statements of operations. Leases - Schedule of Lease Costs Year Ended December 31, 2022 2021 2020 Operating lease expense included in general and administrative expense attributable to office leases $ 838 $ 806 $ 984 Operating lease expense included in property expense attributable to ground sublease 36 47 5 Non-cash adjustment due to straight-line rent adjustments 109 143 (340 ) Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 983 $ 996 $ 649 |
Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases | The following table summarizes the maturity analysis of our operating leases, which is discounted by our incremental borrowing rate to calculate the lease liability as included in accounts payable, accrued expenses and other liabilities in the Company’s consolidated balance sheets for the operating leases in which we are the lessee (in thousands): Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases Year December 31, 2023 $ 1,311 2024 1,280 2025 894 2026 803 2027 818 Thereafter 3,491 Total minimum operating lease payments $ 8,597 Less imputed interest (1,753 ) Total operating lease liability $ 6,844 |
Leases - Schedule of Finance Lease Expense | The following table summarizes the financing lease expense recognized during the years ended December 31, 2022 and 2021 included in the Company’s consolidated statements of operations. Leases - Schedule of Finance Lease Expense Year Ended December 31, 2022 2021 2020 Depreciation/amortization of financing lease right-of-use assets $ 28 $ 26 $ 2 Interest expense for financing lease liability 176 175 15 Total financing lease cost $ 204 $ 201 $ 17 |
Leases - Schedule of Finance Lease, Liability, Fiscal Year Maturity | The following table summarizes the maturity analysis of our financing lease (in thousands): Leases - Schedule of Finance Lease, Liability, Fiscal Year Maturity Year December 31, 2023 $ 155 2024 155 2025 170 2026 170 2027 170 Thereafter 6,367 Total minimum financing lease payments $ 7,187 Less imputed interest (4,939 ) Total financing lease liability $ 2,248 |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Indebtedness - Schedule of Secured and Unsecured Debt Outstanding | The following table sets forth a summary of the Company’s borrowings outstanding under its respective secured debt, unsecured line of credit and unsecured debt as of December 31, 2022 and 2021. Indebtedness - Schedule of Secured and Unsecured Debt Outstanding Outstanding Balance at Debt December 31, December 31, Interest rate at Final Maturity Date Secured debt: AIG Loan $ 111,758 $ 114,477 4.08% November 1, 2023 Transamerica Loan 67,398 68,709 4.35% August 1, 2028 Allianz Loan 62,388 63,115 4.07% April 10, 2026 Minnesota Life Loan 20,019 20,453 3.78% May 1, 2028 Minnesota Life Memphis Industrial Loan 56,000 — 3.15% January 1, 2028 JPMorgan Chase Loan — 13,205 5.23% January 1, 2027 Ohio National Life Mortgage 19,045 19,660 4.14% August 1, 2024 Nationwide Loan 15,000 15,000 2.97% October 1, 2027 Lincoln Life Gateway Mortgage 28,800 28,800 3.43% January 1, 2028 Midland National Life Insurance Mortgage 10,820 10,820 3.50% March 10, 2028 Total secured debt $ 391,228 $ 354,239 Unamortized debt issuance costs, net (1,985 ) (2,861 ) Unamortized premium/(discount), net 288 697 Total secured debt, net $ 389,531 $ 352,075 Unsecured debt: $100m KeyBank Term Loan 100,000 100,000 3.10% (1)(2) August 11, 2026 $200m KeyBank Term Loan 200,000 200,000 3.13% (1)(2) February 11, 2027 $150m KeyBank Term Loan 150,000 — 4.50% (1)(2) May 2, 2027 Total unsecured debt $ 450,000 $ 300,000 Unamortized debt issuance costs, net (2,655 ) (2,160 ) Total unsecured debt, net $ 447,345 $ 297,840 Borrowings under line of credit: KeyBank unsecured line of credit 77,500 38,000 5.77% (1) August 11, 2025 Total borrowings under line of credit $ 77,500 $ 38,000 _______________ (1) For the month of December 2022, the one-month term SOFR for our unsecured debt and borrowings under line of credit was 4.124% (2) As of December 31, 2022, the one-month term SOFR for the $100m, $150m and $200m KeyBank Term Loans was swapped to a fixed rate of 1.504%, 2.904%, and 1.5273%, respectively. |
Indebtedness - Schedule of Fair Value of Debt Instruments | The following table summarizes the aggregate principal outstanding under the Company’s indebtedness and the corresponding estimate of fair value as of December 31, 2022 and 2021: Indebtedness - Schedule of Fair Value of Debt Instruments December 31, 2022 December 31, 2021 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Secured debt $ 391,228 $ 372,682 $ 354,239 $ 369,459 Unsecured debt 450,000 450,000 300,000 300,000 Borrowings under line of credit, net 77,500 77,500 38,000 38,000 Total 918,728 $ 900,182 $ 692,239 $ 707,459 Unamortized debt issuance cost, net (4,640 ) (5,021 ) Unamortized premium/(discount), net 288 697 Total carrying value $ 914,376 $ 687,915 |
Indebtedness - Schedule of Future Principal Payments Due on Long-Term Debt | Principal payments on the Company’s long-term debt due in each of the next five years and thereafter as of December 31, 2022 are as follows: Indebtedness - Schedule of Future Principal Payments Due on Long-Term Debt Year Amount 2023 $ 116,598 2024 23,180 2025 82,461 2026 162,740 2027 367,650 Thereafter 166,099 Total aggregate principal payments $ 918,728 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
Derivative Financial Instruments - Schedule of Interest Rate Swaps | The following table sets forth a summary of our interest rate swaps as of December 31, 2022 and 2021. Derivative Financial Instruments - Schedule of Interest Rate Swaps Notional Value (1) Fair Value (2) Interest Rate Swap Trade Effective Maturity SOFR Interest December 31, December 31, December 31, December 31, Capital One, N.A. July 13, 2022 July 1, 2022 February 11, 2027 1.527% (3) $ 200,000 $ — $ 17,062 $ — JPMorgan Chase Bank, N.A. July 13, 2022 July 1, 2022 August 8, 2026 1.504% (3) $ 100,000 $ — $ 7,932 $ — JPMorgan Chase Bank, N.A. August 19, 2022 September 1, 2022 May 2, 2027 2.904% $ 75,000 $ — $ 2,565 $ — Wells Fargo Bank, N.A. August 19, 2022 September 1, 2022 May 2, 2027 2.904% $ 37,500 $ — $ 1,283 $ — Capital One, N.A. August 19, 2022 September 1, 2022 May 2, 2027 2.904% $ 37,500 $ — $ 1,273 $ — (1) Represents the notional value of interest rate swaps effective as of December 31, 2022. (2) As of December 31, 2022, all our interest rate swaps were in an asset position. (3) On July 13, 2022, the Company entered into amendments to the $200,000 and $100,000 notional interest rate swap agreements with Capital One, N.A. and JPMorgan Chase Bank, N.A., respectively. The amendments transitioned the previous USD-LIBOR floating rates to USD-SOFR CME Term floating rates and are effective as of July 1, 2022. |
Derivative Financial Instruments - Schedule of Interest Rate Swaps In Cash Flow Hedging Relationships | The following table sets forth the impact of our interest rate swaps on our consolidated financial statements for the years ended December 31, 2022, 2021 and 2020. Derivative Financial Instruments - Schedule of Interest Rate Swaps In Cash Flow Hedging Relationships Year Ended December 31, Interest Rate Swaps in Cash Flow Hedging Relationships: 2022 2021 2020 Amount of unrealized gain recognized in AOCI on derivatives $ 30,115 $ — $ — Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ 3,643 $ — $ — |
Derivative Financial Instruments - Schedule of Interest Rate Swaps on a Recurring Basis | The following table summarizes the Company’s interest rate swaps that are accounted for at fair value on a recurring basis as of December 31, 2022. Derivative Financial Instruments - Schedule of Interest Rate Swaps on a Recurring Basis Fair Value Measurements as of December 31, 2022 Balance Sheet Line Item Fair Value as of Level 1 Level 2 Level 3 Interest rate swaps - Asset $ 30,115 $ — $ 30,115 $ — |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Common Stock - Schedule of Stockholders' Equity Note, Warrants | A roll-forward of the warrants is as follows: Common Stock - Schedule of Stockholders' Equity Note, Warrants Balance at January 1, 2020 $ 293 Appreciation/(depreciation) 103 Balance at December 31, 2020 396 Appreciation/(depreciation) 5,121 Balance at December 31, 2021 5,517 Appreciation/(depreciation) (1,760 ) Balance at March 23, 2022 (exercise date) 3,757 Conversion of common stock warrants (3,757 ) Balance at December 31, 2022 $ — |
Common Stock - Schedule of Common Stock Dividends Declared | The following table sets forth the common stock distributions that were declared during the years ended December 31, 2022 and 2021. Common Stock - Schedule of Common Stock Dividends Declared Cash Dividends Aggregate 2022 First quarter $ 0.2200 $ 8,137 Second quarter 0.2200 8,829 Third quarter 0.2200 9,426 Fourth quarter 0.2200 9,426 Total $ 0.8800 $ 35,818 2021 First quarter $ 0.2000 $ 5,668 Second quarter 0.2100 6,528 Third quarter 0.2100 7,197 Fourth quarter 0.2100 7,583 Total $ 0.8300 $ 26,976 |
Common Stock - Schedule of Dividends Payable | Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of the different depreciation recovery periods, depreciation methods, and other items. Distributions in excess of earnings and profits generally constitute a return of capital. The following table shows the characterization of the distributions on the Company’s common stock for the year ended December 31, 2022. Common Stock - Schedule of Dividends Payable Declaration Date Date of Record Payable Date Cash Ordinary Return of 12/16/2021 12/31/2021 1/31/2022 $ 0.2100 $ 0.141145 $ 0.068855 2/16/2022 3/31/2022 4/29/2022 $ 0.2200 $ 0.147866 $ 0.072134 6/15/2022 6/30/2022 7/29/2022 $ 0.2200 $ 0.147866 $ 0.072134 9/15/2022 9/30/2022 10/31/2022 $ 0.2200 $ 0.147866 $ 0.072134 12/15/2022 12/30/2022 1/31/2023 $ 0.2200 (1) — — (1) This distribution was in excess of current and accumulated earnings and profits. Per IRC Section 857(b)(9), this distribution will not impact the basis of securities held by US taxpayer(s) for tax year 2023. |
Preferred Stock (Tables)
Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Preferred Stock - Schedule of Series A Preferred Stock Dividends Declared | The following table sets forth the Series A Preferred Stock distributions that were declared or paid during the years ended December 31, 2022 and 2021. Preferred Stock - Schedule of Series A Preferred Stock Dividends Declared Cash Dividends Aggregate 2022 First quarter $ 0.468750 $ 949 Second quarter 0.468750 945 Third quarter 0.468750 930 Fourth quarter 0.468750 917 Total $ 1.875000 $ 3,741 2021 First quarter $ 0.468750 $ 949 Second quarter 0.468750 949 Third quarter 0.468750 949 Fourth quarter 0.468750 949 Total $ 1.875000 $ 3,796 |
Preferred Stock - Schedule of Series A Preferred Stock Dividends Payable | Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of the different depreciation recovery periods, depreciation methods, and other items. Distributions in excess of earnings and profits generally constitute a return of capital. The following table shows the characterization of the distributions on the Company’s Series A Preferred Stock for the year ended December 31, 2022. Preferred Stock - Schedule of Series A Preferred Stock Dividends Payable Declaration Date Date of Record Payable Date Cash Ordinary Return of 3/1/2022 3/15/2022 3/31/2022 $ 0.468750 $ 0.468750 $ — 6/1/2022 6/15/2022 6/30/2022 $ 0.468750 $ 0.468750 $ — 9/1/2022 9/15/2022 9/30/2022 $ 0.468750 $ 0.468750 $ — 12/1/2022 12/15/2022 1/3/2023 $ 0.468750 $ 0.468750 $ — |
Preferred Stock - Schedule of Series B Preferred Stock Dividends Declared | The following table sets forth the Series B Preferred Stock dividends that were declared during the years ended December 31, 2022 and 2021. Preferred Stock - Schedule of Series B Preferred Stock Dividends Declared Cash Dividends Declared Aggregate per Share Amount 2022 First quarter $ 0.170000 $ 750 Second quarter 0.170000 375 Third quarter — — Fourth quarter — — Total $ 0.340000 $ 1,125 2021 First quarter $ 0.159375 $ 703 Second quarter 0.159375 703 Third quarter 0.159375 703 Fourth quarter 0.159375 703 Total $ 0.637500 $ 2,812 |
Non-Controlling Interests (Tabl
Non-Controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest | The following table sets forth the OP Unit distributions that were declared during the years ended December 31, 2022 and 2021. Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest Cash Distributions Aggregate 2022 First quarter $ 0.2200 $ 108 Second quarter 0.2200 108 Third quarter 0.2200 108 Fourth quarter 0.2200 108 Total $ 0.8800 $ 432 2021 First quarter $ 0.2000 $ 121 Second quarter 0.2100 106 Third quarter 0.2100 106 Fourth quarter 0.2100 103 Total $ 0.8300 $ 436 |
Incentive Award Plan (Tables)
Incentive Award Plan (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity | The following table is a summary of the total restricted shares granted for the years ended December 31, 2022, 2021 and 2020: Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity Shares Unvested restricted stock at January 1, 2020 162,184 Granted 101,540 Forfeited (5,303 ) Vested (68,196 ) Unvested restricted stock at December 31, 2020 190,225 Granted 126,434 Forfeited (1,000 ) Vested (88,303 ) Unvested restricted stock at December 31, 2021 227,356 Granted 141,000 Forfeited (8,750 ) Vested (79,532 ) Unvested restricted stock at December 31, 2022 280,074 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Share - Schedule of Earnings per Share | Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Earnings per Share - Schedule of Earnings per Share Year Ended December 31, 2022 2021 2020 Numerator Net loss $ (17,096 ) $ (15,267 ) $ (14,462 ) Less: Net loss attributable to non-controlling interest (210 ) (259 ) (649 ) Net loss attributable to Plymouth Industrial REIT, Inc. (16,886 ) (15,008 ) (13,813 ) Less: Preferred Stock dividends 4,866 6,608 6,444 Less: Series B Preferred Stock accretion to redemption value 4,621 7,228 7,416 Less: Loss on extinguishment of Series A Preferred Stock 99 — 34 Less: Amount allocated to participating securities 256 201 182 Net loss attributable to common stockholders $ (26,728 ) $ (29,045 ) $ (27,889 ) Denominator Weighted-average common shares outstanding basic and diluted 39,779,128 30,910,581 18,381,700 Net loss per share attributable to common stockholders – basic and diluted $ (0.67 ) $ (0.94 ) $ (1.52 ) |
Schedule III (Tables)
Schedule III (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Real Estate Properties and Accumulated Depreciation | Schedule III Real Estate Properties and Accumulated Depreciation Encumbrances Initial Costs of Land Initial cost of building and improvements Costs Capitalized Subsequent to Acquisition Gross amounts of land Gross amounts of building and improvements Total real estate properties gross (2) Accumulated Depreciation (3) Year Acquired Year Built/Renovated Depreciable Life (in years) Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) Atlanta, GA 32 Dart Road - $ 256 $ 4,454 $ 559 $ 256 $ 5,013 $ 5,269 $ 2,271 2014 1988/2014 18 Atlanta, GA 11236 Harland Drive - 271 909 10 271 919 1,190 302 2017 1988 20 Atlanta, GA 1665 Dogwood Drive - 494 6,027 31 494 6,058 6,552 1,654 2017 1973 20 Atlanta, GA 1715 Dogwood Drive - (1) 270 2,879 1 270 2,880 3,150 737 2017 1973 22 Atlanta, GA 611 Highway 74 S. 3,283 13,560 497 3,283 14,057 17,340 2,853 2019 1979-2013 25 Atlanta, GA 40 Pinyon Road 794 2,669 35 794 2,704 3,498 391 2020 1997 28 Atlanta, GA 665 Highway 74 South 1,237 6,952 26 1,237 6,978 8,215 765 2020 1989 36 Atlanta, GA 6739 New Calhoun Highway NE 2,876 7,599 16 2,876 7,615 10,491 1,664 2020 1981/1996 & 2017 20 Atlanta, GA 1099 Dodds Avenue 975 8,481 - 975 8,481 9,456 316 2022 2005 32 Atlanta, GA 1413 Lovers Lane 669 12,446 - 669 12,446 13,115 430 2022 1999 25 Boston, MA 54-56 Milliken Road - (1) 1,418 7,482 9,908 1,418 17,390 18,808 3,705 2014 1966/1995, 2005, 2013, 2022 40 20 Charlotte, NC 1570 East P St. Extension 5,878 13,121 - 5,878 13,121 18,999 331 2022 2005 30 Chicago, IL 11351 W. 183rd Street - 361 1,685 38 361 1,723 2,084 608 2014 2000 34 Chicago, IL 1355 Holmes Road - 1,012 2,789 184 1,012 2,973 3,985 1,584 2014 1976/1998 16 Chicago, IL 1875 Holmes Road - 1,597 5,199 1,879 1,597 7,078 8,675 2,897 2014 1989 16 Chicago, IL 189 Seegers Road - 470 1,369 43 470 1,412 1,882 553 2014 1972 21 Chicago, IL 2401 Commerce Drive - (1) 486 4,597 1,052 486 5,649 6,135 1,893 2014 1994/2009 28 Chicago, IL 3940 Stern Avenue - (1) 1,156 5,139 1,245 1,156 6,384 7,540 3,063 2014 1987 16 Chicago, IL 11601 Central Avenue - 3,479 6,545 427 3,479 6,972 10,451 2,026 2017 1970 21 Chicago, IL 13040 South Pulaski Avenue - 3,520 11,115 367 3,520 11,482 15,002 4,307 2017 1976 16 Chicago, IL 13970 West Laurel Drive - (1) 1,447 1,377 373 1,447 1,750 3,197 625 2017 1990 14 Chicago, IL 1455-1645 Greenleaf Avenue - 1,926 5,137 1,441 1,926 6,578 8,504 1,591 2017 1968 21 Chicago, IL 1750 South Lincoln Drive - 489 9,270 707 489 9,977 10,466 2,526 2017 2001 24 Chicago, IL 1796 Sherwin Avenue - 1,542 3,598 111 1,542 3,709 5,251 1,210 2017 1964 19 Chicago, IL 28160 North Keith Drive - 1,614 1,643 282 1,614 1,925 3,539 631 2017 1989 16 Chicago, IL 3841-3865 Swanson Court - 1,640 2,247 140 1,640 2,387 4,027 780 2017 1978 17 Chicago, IL 5110 South 6th Street - 689 1,014 155 689 1,169 1,858 452 2017 1972 16 Chicago, IL 6000 West 73rd Street - 1,891 3,403 - 1,891 3,403 5,294 1,152 2017 1974 17 Chicago, IL 6510 West 73rd Street - 4,229 4,105 170 4,229 4,275 8,504 1,595 2017 1974 18 Chicago, IL 6558 West 73rd Street - 3,444 2,325 1,050 3,444 3,375 6,819 958 2017 1975 16 Chicago, IL 6751 Sayre Avenue - 2,891 5,743 - 2,891 5,743 8,634 1,580 2017 1973 22 Chicago, IL 7200 Mason Ave - 2,519 5,482 1 2,519 5,483 8,002 1,731 2017 1974 18 Chicago, IL 4491 N Mayflower Road 289 2,422 153 289 2,575 2,864 644 2017 2000 27 Chicago, IL 4955 Ameritech Drive 856 7,251 447 856 7,698 8,554 1,954 2017 2004 27 Chicago, IL 5855 West Carbonmill Road 743 6,269 166 743 6,435 7,178 1,613 2017 2002 27 Chicago, IL 5861 W Cleveland Road 234 1,966 121 234 2,087 2,321 519 2017 1994 27 Chicago, IL West Brick Road 381 3,209 197 381 3,406 3,787 846 2017 1998 27 Chicago, IL 1600 Fleetwood Drive - 2,699 9,530 83 2,699 9,613 12,312 2,206 2018 1968/2016 23 Chicago, IL 3 West College Drive - 728 1,531 85 728 1,616 2,344 334 2018 1978/2016 26 Chicago, IL 11746 Austin Ave 1,062 4,420 102 1,062 4,522 5,584 747 2019 1970 25 Chicago, IL 144 Tower Drive 866 4,174 78 866 4,252 5,118 666 2019 1971/1988 & 2015 29 Chicago, IL 16801 Exchange Ave 1,905 9,454 178 1,905 9,632 11,537 1,699 2019 1987 24 Chicago, IL 350 Armory Drive 442 835 136 442 971 1,413 230 2019 1972 21 Chicago, IL 4915 West 122nd Street 848 3,632 203 848 3,835 4,683 598 2019 1972 26 Chicago, IL 7207 Mason Avenue 887 2,608 15 887 2,623 3,510 588 2019 1970 20 Chicago, IL 7420 Meade Ave 586 367 104 586 471 1,057 162 2019 1970 20 Chicago, IL 1717 West Harvester Road 3,843 12,848 5 3,843 12,853 16,696 3,226 2020 1970 15 Chicago, IL 1301 Ridgeview Drive 1,231 12,623 79 1,231 12,702 13,933 774 2021 1995/2020 25 Chicago, IL 1900 S. Batavia - 7,337 20,387 23 7,337 20,410 27,747 1,644 2021 1958/1989/2010 21 Chicago, IL 6035 West Gross Point Road 2,706 4,351 8 2,706 4,359 7,065 610 2021 1956/1985 15 Chicago, IL 800 Church Street 2,019 6,197 - 2,019 6,197 8,216 396 2021 1974/2020 22 Chicago, IL 2600 Commerce Drive 1,028 5,597 - 1,028 5,597 6,625 160 2022 2001 30 Cincinnati, OH 4115 Thunderbird Lane - 275 2,093 192 275 2,285 2,560 992 2014 1991 22 Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) Cincinnati, OH 7585 Empire Drive - 644 2,658 363 644 3,021 3,665 2,047 2014 1973 11 Cincinnati, OH Mosteller Distribution Center - 1,501 9,424 87 1,501 9,511 11,012 5,694 2014 1959 14 Cincinnati, OH Fisher Industrial Park 4,147 18,147 6,191 4,147 24,338 28,485 5,116 2018 1946 20 Cincinnati, OH 2700-2758 E. Kemper Road - 847 5,196 306 847 5,502 6,349 802 2019 1990 35 Cincinnati, OH 2800-2888 E. Kemper Road - 752 5,448 387 752 5,835 6,587 816 2019 1989 35 Cincinnati, OH 4514-4548 Cornell Road - 998 7,281 564 998 7,845 8,843 1,251 2019 1976 28 Cincinnati, OH 6900-6918 Fairfield Business Drive - 244 2,020 355 244 2,375 2,619 232 2019 1990 38 Cincinnati, OH 3741 Port Union Road 418 3,381 - 418 3,381 3,799 85 2022 1995/2001 30 Cincinnati, OH 4225-4331 Dues Drive 2,260 16,300 79 2,260 16,379 18,639 854 2022 1972 18 Cleveland, OH 1755 Enterprise Parkway - 1,411 12,281 1,739 1,411 14,020 15,431 4,968 2014 1978/2005 27 Cleveland, OH 30339 Diamond Parkway 2,815 22,792 254 2,815 23,046 25,861 3,610 2018 2007 34 Cleveland, OH 14801 Country Rd 212 985 13,062 1 985 13,063 14,048 2,005 2019 1998 25 Cleveland, OH 1200 Chester Industrial Parkway North 1,213 6,602 70 1,213 6,672 7,885 919 2020 2007/2009 27 Cleveland, OH 1200 Chester Industrial Parkway South 562 2,689 59 562 2,748 3,310 440 2020 1991 23 Cleveland, OH 1350 Moore Road 809 2,860 227 809 3,087 3,896 549 2020 1997 20 Cleveland, OH 1366 Commerce Drive 1,069 4,363 (220) 847 4,365 5,212 823 2020 1960 13 Cleveland, OH 2100 International Parkway - 14,818 233 - 15,051 15,051 1,201 2020 2000 31 Cleveland, OH 2210 International Parkway - 15,033 5 - 15,038 15,038 1,233 2020 2001 27 Cleveland, OH Gilchrist Road I 1,775 6,541 185 1,775 6,726 8,501 1,026 2020 1961-1978 17 Cleveland, OH Gilchrist Road II 2,671 14,959 154 2,671 15,113 17,784 2,210 2020 1994-1998 22 Cleveland, OH Gilchrist Road III 977 12,416 139 977 12,555 13,532 1,319 2020 1994/1998 22 Cleveland, OH 4211 Shuffel Street NW 1,086 12,287 3 1,086 12,290 13,376 1,595 2020 1994 21 Cleveland, OH 31000 Viking Parkway 1,458 5,494 315 1,458 5,809 7,267 459 2021 1998 29 Cleveland, OH 1120 West 130th St 1,058 7,205 - 1,058 7,205 8,263 175 2022 2000 28 Cleveland, OH 22209 Rockside Road 2,198 13,265 - 2,198 13,265 15,463 324 2022 2008 31 Columbus, OH 3100 Creekside Parkway - 1,203 9,603 555 1,203 10,158 11,361 3,487 2014 2000 27 Columbus, OH 3500 Southwest Boulevard - 1,488 16,730 1,387 1,488 18,117 19,605 7,164 2014 1992/2018 22 Columbus, OH 7001 American Pkwy - 331 1,416 82 331 1,498 1,829 794 2014 1986/2007 & 2012 20 Columbus, OH 8273 Green Meadows Dr. - 341 2,266 393 341 2,659 3,000 932 2014 1996/2007 27 Columbus, OH 8288 Green Meadows Dr. - 1,107 8,413 532 1,107 8,945 10,052 4,688 2014 1988 17 Columbus, OH 2120 - 2138 New World Drive - 400 3,007 112 400 3,119 3,519 1,172 2017 1971 18 Columbus, OH 459 Orange Point Drive - 1,256 6,793 408 1,256 7,201 8,457 796 2019 2001 40 Columbus, OH 7719 Graphics Way - 1,297 2,743 142 1,297 2,885 4,182 395 2019 2000 40 Columbus, OH 100 Paragon Parkway 582 9,130 1 582 9,131 9,713 1,731 2020 1995 17 Columbus, OH 1650-1654 Williams Road 1,581 23,818 - 1,581 23,818 25,399 2,424 2021 1973/1974,1975 20 Columbus, OH 1520-1530 Experiment Farm Road 576 7,164 17 576 7,181 7,757 392 2021 1997 25 Columbus, OH 2180 Corporate Drive 586 8,311 12 586 8,323 8,909 449 2021 1996 27 Columbus, OH 2800 Howard Street 1,306 20,266 - 1,306 20,266 21,572 781 2021 2016 31 Columbus, OH 952 Dorset Road 242 3,492 - 242 3,492 3,734 189 2021 1988 25 Columbus, OH 2626 Port Road 1,149 8,212 - 1,149 8,212 9,361 317 2022 1994 26 Indianapolis, IN 3035 North Shadeland Ave - 1,966 11,740 1,446 1,966 13,186 15,152 4,575 2017 1962/2001 & 2004 17 Indianapolis, IN 3169 North Shadeland Ave - 148 884 (65) 148 819 967 374 2017 1979/1993 17 Indianapolis, IN 2900 N. Shadeland Avenue 4,632 14,572 1,059 4,632 15,631 20,263 4,323 2019 1957/1992 15 Indianapolis, IN 4430 Sam Jones Expressway 2,644 12,570 203 2,644 12,773 15,417 2,420 2019 1970 22 Indianapolis, IN 6555 East 30th Street 1,881 6,636 563 1,881 7,199 9,080 1,758 2019 1969/1997 17 Indianapolis, IN 6575 East 30th Street 566 1,408 2 566 1,410 1,976 335 2019 1998 19 Indianapolis, IN 6585 East 30th Street 669 2,216 144 669 2,360 3,029 538 2019 1998 19 Indianapolis, IN 6635 East 30th Street 535 2,567 24 535 2,591 3,126 510 2019 1998 19 Indianapolis, IN 6701 East 30th Street 334 428 2 334 430 764 176 2019 1990 17 Indianapolis, IN 6737 East 30th Street 609 1,858 25 609 1,883 2,492 463 2019 1995 17 Indianapolis, IN 6751 East 30th Street 709 2,083 133 709 2,216 2,925 489 2019 1997 18 Indianapolis, IN 6951 East 30th Street 424 1,323 64 424 1,387 1,811 318 2019 1995 21 Indianapolis, IN 7901 W. 21st Street 1,870 8,844 1,833 1,870 10,677 12,547 1,712 2019 1985/1994 20 Indianapolis, IN 3333 N. Franklin Road 1,363 6,525 25 1,363 6,550 7,913 1,517 2020 1967 15 Indianapolis, IN 3701 David Howarth Drive 938 21,471 - 938 21,471 22,409 847 2021 2008/2019 35 Indianapolis, IN 7750 Georgetown Road 1,943 5,605 8 1,943 5,613 7,556 286 2021 2006 32 Initial Costs to the Gross Amounts at Metro Area Address Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (2) Accumulated Depreciation (3) Year Year Built/ Depreciable Life (in years) (5) Indianapolis, IN 3525 South Arlington Avenue 2,569 10,764 10 2,569 10,774 13,343 465 2022 1990 23 Jacksonville, FL Center Point Business Park - 9,848 26,411 770 9,848 27,181 37,029 4,342 2018 1990-1997 35 Jacksonville, FL Liberty Business Park - 9,347 26,978 867 9,347 27,845 37,192 4,359 2018 1996-1999 38 Jacksonville, FL Salisbury Business Park - 4,354 9,049 70 4,354 9,119 13,473 1,588 2018 2001-2012 32 Jacksonville, FL 265, 338, 430 Industrial Boulevard 2,562 15,116 411 2,562 15,527 18,089 2,656 2020 1988-1996/1999, 2001 18 Jacksonville, FL 8451 Western Way 4,240 13,983 86 4,240 14,069 18,309 1,313 2020 1968/1975 & 1987 32 Jacksonville, FL 8000-8001 Belfort Parkway 1,836 9,460 81 1,836 9,541 11,377 294 2022 1999 40 Kansas City, MO 5450 Deramus Avenue 1,483 6,609 935 1,483 7,544 9,027 843 2021 1976/1986 & 1994 20 Memphis, TN 210 American Dr. - 928 10,442 668 928 11,110 12,038 7,009 2014 1967/1981 & 2012 13 Memphis, TN 6005, 6045 & 6075 Shelby Dr. - 488 4,919 1,990 488 6,909 7,397 2,933 2014 1989 19 Memphis, TN 3635 Knight Road - 422 2,820 142 422 2,962 3,384 969 2017 1986 18 Memphis, TN Airport Business Park 1,511 4,352 2,227 1,511 6,579 8,090 2,250 2017 1985-1989 26 Memphis, TN 4540-4600 Pleasant Hill Road 1,375 18,854 (161) 1,207 18,861 20,068 1,892 2019 1991/2005 37 Memphis, TN 1700-1710 Dunn Avenue 916 5,018 1,511 916 6,529 7,445 676 2021 1957-1959/1963 & 1973 13 Memphis, TN 2950 Brother Boulevard 1,089 7,515 126 1,089 7,641 8,730 833 2021 1987/2019 17 Memphis, TN 6290 Shelby View Drive 163 4,631 - 163 4,631 4,794 223 2021 1999/2003 36 Memphis, TN 10455 Marina Drive - 613 6,154 - 613 6,154 6,767 360 2022 1986 20 Memphis, TN 10682 Ridgewood Road - 261 3,513 - 261 3,513 3,774 161 2022 1985 23 Memphis, TN 1814 S Third Street - 469 2,510 - 469 2,510 2,979 213 2022 1966 14 Memphis, TN 3650 Distriplex Drive - 704 12,847 - 704 12,847 13,551 527 2022 1997 24 Memphis, TN 3670 South Perkins Road - 215 2,242 - 215 2,242 2,457 122 2022 1974 18 Memphis, TN 3980 Premier Avenue - 354 3,835 - 354 3,835 4,189 226 2022 1964 17 Memphis, TN 5846 Distribution Drive - 164 2,092 - 164 2,092 2,256 84 2022 1984 30 Memphis, TN 7560 Priority Lane - 159 1,561 - 159 1,561 1,720 84 2022 1988 21 Memphis, TN 8970 Deerfield Drive - 241 2,256 334 241 2,590 2,831 129 2022 1977 22 Memphis, TN Collins Industrial Memphis - 950 12,889 117 950 13,006 13,956 595 2022 1989-2001 16 32 Memphis, TN Outland Center Memphis I - 678 9,227 56 678 9,283 9,961 429 2022 1988 21 25 Memphis, TN Outland Center Memphis II - 892 7,424 12 892 7,436 8,328 479 2022 1989 15 22 Memphis, TN Outland/Burbank Industrial - 924 12,805 63 924 12,868 13,792 600 2022 1969-1996 20 23 Memphis, TN Place Industrial Memphis - 342 3,529 404 342 3,933 4,275 195 2022 1980-1988 20 25 Memphis, TN Shelby Distribution II - 312 4,564 208 312 4,772 5,084 184 2022 1998 25 27 Memphis, TN Willow Lake Industrial - 231 2,861 17 231 2,878 3,109 136 2022 1989 23 Memphis, TN AE Beaty Drive/Appling Road 850 6,589 - 850 6,589 7,439 171 2022 2006 45 Philadelphia, PA 4 East Stow Road - (1) 1,580 6,954 174 1,580 7,128 8,708 3,289 2014 1986 22 St. Louis, MO 2635-2645 Metro Boulevard 656 2,576 16 656 2,592 3,248 333 2019 1979 30 St. Louis, MO 5531 - 5555 Phantom Drive 1,133 3,976 1 1,133 3,977 5,110 692 2019 1971 22 St. Louis, MO Grissom Drive 656 2,780 - 656 2,780 3,436 412 2020 1970 19 St. Louis, MO St. Louis Commerce Center - 3,927 20,995 404 3,927 21,399 25,326 1,819 2020 1999-2001 33 St. Louis, MO 11646 Lakeside Crossing 1,282 9,293 6 1,282 9,299 10,581 378 2021 2005 35 St. Louis, MO 160-275 Corporate Woods Place 2,183 5,956 187 2,183 6,143 8,326 608 2021 1990 19 St. Louis, MO 3919 Lakeview Corporate Drive 4,265 46,225 109 4,265 46,334 50,599 1,835 2021 1970 37 St. Louis, MO 3051 Gateway - 3,148 29,791 - 3,148 29,791 32,939 1,207 2021 2016 36 St. Louis, MO 349 Gateway - 3,255 36,451 - 3,255 36,451 39,706 1,978 2021 2016 36 St. Louis, MO 4848 Park 370 Boulevard 1,041 6,127 13 1,041 6,140 7,181 291 2021 2006 32 St. Louis, MO 9150 Latty Ave 1,674 5,076 54 1,674 5,130 6,804 526 2021 1965/2018 22 St. Louis, MO 1901-1939 Belt Way Drive 2,492 5,109 110 2,492 5,219 7,711 201 2022 1986 26 Total Real Estate Owned $ 231,144 $ 1,215,869 $ 55,744 $ 230,754 $ 1,272,003 $ 1,502,757 $ 204,803 __________________ Note (1) These properties secure the $389,531 Secured Debt. Note (2) Total does not include development projects of $45,317, corporate office leasehold improvements of $2,425, Columbus property management office of $4,476 and the finance lease right of use asset of $871 related to the ground sublease at 2100 International Parkway. Note (3) Total does not include accumulated depreciation related to corporate office leasehold improvements of $722 and Columbus property management office of $104. Note (4) Renovation means significant upgrades, alterations, or additions to building interiors or exteriors and/or systems. Note (5) Depreciation is calculated over the remaining useful life of the respective property as determined at the time of the purchase allocation, ranging from 11-45 years for buildings and 3-13 years for improvements. |
Schedule III Real Estate Properties and Accumulated Depreciation Rollforward | Schedule III Real Estate Properties and Accumulated Depreciation Rollforward Year Ended December 31, 2022 2021 2020 Real Estate Balance at the beginning of the year $ 1,254,007 $ 886,681 $ 655,788 Additions during the year 302,265 374,461 231,040 Disposals during the year (426 ) (7,135 ) (147 ) Balance at the end of the year $ 1,555,846 $ 1,254,007 $ 886,681 Accumulated Depreciation Balance at the beginning of the year $ 142,192 $ 98,283 $ 63,877 Depreciation expense 63,557 45,398 34,484 Disposals during the year (120 ) (1,489 ) (78 ) Balance at the end of the year $ 205,629 $ 142,192 $ 98,283 |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation (Details Narrative) | 12 Months Ended | |
Dec. 31, 2022 ft² Number | Dec. 31, 2021 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of Real Estate Properties | Number | 29 | |
Real estate properites, approximate square feet | ft² | 4,164,864 | |
Industrial Properties | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of Real Estate Properties | Number | 157 | |
Number of Units in Real Estate Property | Number | 208 | |
Real estate properites, approximate square feet | ft² | 33,800,000 | |
Property Management Office - Columbus, OH | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Real estate properites, approximate square feet | ft² | 17,260 | |
Plymouth Industrial Operating Partners, LP | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Ownership equity interest in the operating partnership | 98.90% | 98.70% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||||
Cash | $ 11,003 | $ 26,232 | ||
Cash held in escrow | 13,376 | 11,893 | ||
Restricted cash | 6,834 | 5,249 | ||
Cash, cash held in escrow, and restricted cash | $ 31,213 | $ 43,374 | $ 32,054 | $ 22,398 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Debt issuance cost | $ 10,815 | $ 9,710 | |
Accumulated amortization | 6,175 | 4,689 | |
Federal NOL carryforward | 35,322 | 35,322 | |
Depreciation expense | 63,623 | 45,387 | $ 34,406 |
[custom:AdjustmentToRentalRevenue] | 3,151 | 2,096 | 2,075 |
Depreciation, Depletion and Amortization | $ 31,689 | 25,255 | $ 21,875 |
Building [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated remaining useful lives, years | 11 years | ||
Building [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated remaining useful lives, years | 40 years | ||
Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated remaining useful lives, years | 3 years | ||
Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated remaining useful lives, years | 13 years | ||
Revolving Credit Facility [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Unamortized debt issuance expense | $ 2,306 | $ 2,405 |
Real Estate Properties - Schedu
Real Estate Properties - Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real Estate [Abstract] | ||
Land | $ 231,829 | $ 201,164 |
Buildings and improvements | 1,141,832 | 930,678 |
Site improvements | 132,295 | 108,756 |
Construction in progress | 49,890 | 13,409 |
Real estate properties, gross | 1,555,846 | 1,254,007 |
Less accumulated depreciation | (205,629) | (142,192) |
Real estate properties, net | $ 1,350,217 | $ 1,111,815 |
Real Estate Properties - Sche_2
Real Estate Properties - Schedule of Real Estate Acquisitions (Details) $ in Thousands | 12 Months Ended | ||||
Mar. 11, 2022 USD ($) | Dec. 31, 2022 USD ($) ft² Number | Dec. 31, 2021 USD ($) ft² Number | |||
Square feet | ft² | 4,164,864 | ||||
Properties | Number | 29 | ||||
Purchase price | [1] | $ 257,808 | |||
Assumption of existing debt | $ 56,000 | ||||
Net book value | 5,686 | ||||
Accounts payable, accrued expenses and other current liabilities | 1,955 | ||||
Atlanta GA #2 | |||||
Date acquired | Jan. 20, 2022 | ||||
Square feet | ft² | 150,000 | ||||
Properties | Number | 1 | ||||
Purchase price | [1] | $ 9,750 | |||
Jacksonville, FL | |||||
Date acquired | Feb. 07, 2022 | ||||
Square feet | ft² | 85,920 | ||||
Properties | Number | 1 | ||||
Purchase price | [1] | $ 12,300 | |||
Cincinnati O H Columbus O H Indianapolis I N [Member] | |||||
Date acquired | Feb. 24, 2022 | ||||
Square feet | ft² | 678,745 | ||||
Properties | Number | 3 | ||||
Purchase price | [1] | $ 43,250 | |||
Memphis, TN | |||||
Date acquired | Mar. 11, 2022 | Jun. 29, 2021 | |||
Square feet | ft² | 2,320,773 | 74,665 | |||
Properties | Number | 16 | 1 | |||
Purchase price | [1] | $ 106,508 | [2] | $ 5,250 | |
Assumption of existing debt | 56,000 | ||||
Net book value | 5,686 | ||||
Cash, cash held in escrow and other assets | $ 3,533 | 3,533 | |||
Accounts payable, accrued expenses and other current liabilities | $ 1,955 | ||||
Memphis, TN #2 | |||||
Date acquired | Mar. 11, 2022 | Jul. 09, 2021 | |||
Square feet | ft² | 67,557 | 232,375 | |||
Properties | Number | 1 | 1 | |||
Purchase price | [1] | $ 8,150 | $ 9,200 | ||
Atlanta G A Two [Member] | |||||
Date acquired | Mar. 15, 2022 | ||||
Square feet | ft² | 200,000 | ||||
Properties | Number | 1 | ||||
Purchase price | [1] | $ 12,500 | |||
St. Louis, MO | |||||
Date acquired | Apr. 06, 2022 | Mar. 23, 2021 | |||
Square feet | ft² | 76,485 | 142,364 | |||
Properties | Number | 1 | 1 | |||
Purchase price | [1] | $ 8,450 | $ 7,800 | ||
Chicago, IL | |||||
Date acquired | Apr. 14, 2022 | Mar. 25, 2021 | |||
Square feet | ft² | 78,743 | 149,474 | |||
Properties | Number | 1 | 1 | |||
Purchase price | [1] | $ 7,300 | $ 7,900 | ||
Cincinnati O H Cleveland O H [Member] | |||||
Date acquired | May 18, 2022 | ||||
Square feet | ft² | 153,903 | ||||
Properties | Number | 2 | ||||
Purchase price | [1] | $ 12,700 | |||
Charlotte N C [Member] | |||||
Date acquired | May 19, 2022 | ||||
Square feet | ft² | 155,220 | ||||
Properties | Number | 1 | ||||
Purchase price | [1] | $ 20,400 | |||
Cleveland, OH | |||||
Date acquired | Jul. 07, 2022 | Mar. 29, 2021 | |||
Square feet | ft² | 197,518 | 100,150 | |||
Properties | Number | 1 | 1 | |||
Purchase price | [1] | $ 16,500 | $ 7,700 | ||
Kansas City, MO | |||||
Date acquired | Feb. 12, 2021 | ||||
Square feet | ft² | 221,911 | ||||
Properties | Number | 1 | ||||
Purchase price | [1] | $ 8,600 | |||
Columbus, OH | |||||
Date acquired | Mar. 29, 2021 | ||||
Square feet | ft² | 772,450 | ||||
Properties | Number | 1 | ||||
Purchase price | [1] | $ 29,000 | |||
St. Louis, MO #2 | |||||
Date acquired | Jun. 30, 2021 | ||||
Square feet | ft² | 155,434 | ||||
Properties | Number | 1 | ||||
Purchase price | [1] | $ 8,800 | |||
Memphis, TN #3 | |||||
Date acquired | Jul. 30, 2021 | ||||
Square feet | ft² | 316,935 | ||||
Properties | Number | 1 | ||||
Purchase price | [1] | $ 6,277 | |||
Chicago, IL #2 | |||||
Date acquired | Aug. 12, 2021 | ||||
Square feet | ft² | 513,512 | ||||
Properties | Number | 1 | ||||
Purchase price | [1],[3] | $ 30,100 | |||
Assumption of existing debt | $ 10,820 | ||||
St. Louis, MO #3 | |||||
Date acquired | Aug. 24, 2021 | ||||
Square feet | ft² | 769,500 | ||||
Properties | Number | 1 | ||||
Purchase price | [1] | $ 55,200 | |||
St. Louis, MO #4 | |||||
Date acquired | Oct. 05, 2021 | ||||
Square feet | ft² | 100,021 | ||||
Properties | Number | 1 | ||||
Purchase price | [1] | $ 11,100 | |||
St. Louis, MO #5 | |||||
Date acquired | Oct. 05, 2021 | ||||
Square feet | ft² | 76,092 | ||||
Properties | Number | 1 | ||||
Purchase price | [1] | $ 7,700 | |||
St. Louis, MO #6 | |||||
Date acquired | Oct. 07, 2021 | ||||
Square feet | ft² | 1,145,330 | ||||
Properties | Number | 2 | ||||
Purchase price | [1],[4] | $ 75,100 | |||
Assumption of existing debt | $ 28,800 | ||||
Indianapolis, IN | |||||
Date acquired | Oct. 26, 2021 | ||||
Square feet | ft² | 294,730 | ||||
Properties | Number | 1 | ||||
Purchase price | [1] | $ 23,100 | |||
Indianapolis, IN | |||||
Date acquired | Nov. 01, 2021 | ||||
Square feet | ft² | 102,934 | ||||
Properties | Number | 1 | ||||
Purchase price | [1] | $ 7,450 | |||
Columbus, OH #2 | |||||
Date acquired | Nov. 04, 2021 | ||||
Square feet | ft² | 396,800 | ||||
Properties | Number | 3 | ||||
Purchase price | [1] | $ 22,500 | |||
Columbus, OH #3 | |||||
Date acquired | [5] | Dec. 01, 2021 | |||
Square feet | ft² | 17,260 | ||||
Properties | Number | [5] | 1 | |||
Purchase price | [1],[5] | $ 3,600 | |||
Chicago, IL #3 | |||||
Date acquired | Dec. 02, 2021 | ||||
Square feet | ft² | 334,531 | ||||
Properties | Number | 2 | ||||
Purchase price | [1] | $ 24,000 | |||
Cincinnati, OH | |||||
Date acquired | Dec. 23, 2021 | ||||
Square feet | ft² | 480,000 | ||||
Properties | Number | 1 | ||||
Purchase price | [1] | $ 23,500 | |||
Real Estate Property Acquired | |||||
Square feet | ft² | 6,396,468 | ||||
Properties | Number | 24 | ||||
Purchase price | [1] | $ 373,877 | |||
[1]Purchase price does not include capitalized acquisition costs.[2]The purchase price of $ 106,508 56,000 5,686 3,533 1,955 30,100 10,820 75,100 28,800 |
Real Estate Properties - Sche_3
Real Estate Properties - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Total Purchase Price | |||
Purchase price | $ 257,808 | $ 373,877 | |
Acquisition costs | 2,280 | 2,773 | |
Total | 260,088 | 376,650 | |
Allocation of Purchase Price | |||
Land | 30,887 | 43,498 | |
Building | 186,710 | 269,686 | |
Site improvements | 23,538 | 35,055 | |
Total real estate properties | 241,135 | 348,239 | |
Deferred Lease Intangibles | |||
Net deferred lease intangibles | 18,686 | 28,671 | |
Assumed debt – market value | |||
(Above)/below assumed market debt value | 267 | (260) | |
Totals | 260,088 | 376,650 | |
Customer Relationships [Member] | |||
Deferred Lease Intangibles | |||
Net deferred lease intangibles | $ 3,429 | $ 5,763 | [1] |
Weighted average amortization period (years) of intangibles at acquisition | 3 years 9 months 18 days | 4 years 9 months 18 days | |
Leasing Commissions | |||
Deferred Lease Intangibles | |||
Net deferred lease intangibles | $ 2,678 | $ 5,003 | [1] |
Weighted average amortization period (years) of intangibles at acquisition | 4 years | 4 years 7 months 6 days | |
Above Market Leases [Member] | |||
Deferred Lease Intangibles | |||
Net deferred lease intangibles | $ 732 | $ 160 | [1] |
Weighted average amortization period (years) of intangibles at acquisition | 4 years 3 months 18 days | 11 years | |
Below Market Lease Value | |||
Deferred Lease Intangibles | |||
Net deferred lease intangibles | $ (2,520) | $ (2,019) | [1] |
Weighted average amortization period (years) of intangibles at acquisition | 7 years 4 months 24 days | 6 years 4 months 24 days | |
Leases, Acquired-in-Place [Member] | |||
Deferred Lease Intangibles | |||
Net deferred lease intangibles | $ 14,367 | $ 19,764 | [1] |
Weighted average amortization period (years) of intangibles at acquisition | 3 years 8 months 12 days | 4 years 4 months 24 days | |
(Above)/Below Assumed Market Debt Value | |||
Deferred Lease Intangibles | |||
Weighted average amortization period (years) of intangibles at acquisition | 5 years 9 months 18 days | 6 years 3 months 18 days | |
[1]Totals for the year ended December 31, 2021 include the purchase of our property management office in Columbus, Ohio. |
Real Estate Properties, Net (De
Real Estate Properties, Net (Details Narrative) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) ft² | Dec. 31, 2021 USD ($) ft² | Dec. 31, 2020 USD ($) | |
Real estate sold, square foot | ft² | 4,164,864 | ||
Gain on sale of real estate, net | $ 1,775 | ||
Real Estate Property Sold - Chicago, IL | |||
Real estate sold, square foot | ft² | 98,340 | ||
Proceeds from sale of real estate | $ 2,037 | ||
Real Estate Property Sold - Chicago, IL #2 | |||
Real estate sold, square foot | ft² | 74,613 | ||
Proceeds from sale of real estate | $ 1,159 | ||
Real Estate Property Sold - Memphis, TN | |||
Proceeds from sale of real estate | $ 167 |
Deferred Lease Intangibles - Sc
Deferred Lease Intangibles - Schedule of Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Lease Intangibles Net | ||
Above market lease | $ 6,077 | $ 5,693 |
Lease in place | 95,684 | 87,336 |
Tenant relationships | 26,175 | 23,761 |
Leasing commissions | 38,078 | 30,733 |
Deferred lease intangible assets, gross | 166,014 | 147,523 |
Less accumulated amortization | (95,296) | (71,659) |
Deferred lease intangible assets, net | $ 70,718 | $ 75,864 |
Deferred Lease Intangibles - _2
Deferred Lease Intangibles - Schedule of Deferred Lease Intangible Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Lease Intangibles Net | ||
Below market leases | $ 20,452 | $ 19,791 |
Less accumulated amortization | (11,534) | (9,518) |
Deferred lease intangible liabilities, net | $ 8,918 | $ 10,273 |
Deferred Lease Intangibles - _3
Deferred Lease Intangibles - Schedule of Finite Lived Intangible Assets Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Deferred Lease Intangibles Net | |
Amortization expense - Year 2023 | $ 23,724 |
Net increase to rental income - Year 2023 | (1,843) |
Amortization expense - Year 2024 | 16,548 |
Net increase to rental income - Year 2024 | (1,282) |
Amortization expense - Year 2025 | 10,458 |
Net increase to rental income - Year 2025 | (853) |
Amortization expense - Year 2026 | 6,156 |
Net increase to rental income - Year 2026 | (577) |
Amortization expense - Year 2027 | 4,504 |
Net increase to rental income - Year 2027 | (535) |
Amortization expense - Thereafter | 6,994 |
Net increase to rental income - Thereafter | $ (1,494) |
Investment in Unconsolidated _2
Investment in Unconsolidated Joint Venture (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Mar. 11, 2022 | Oct. 23, 2020 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | |||
Assumption of existing debt | $ 56,000 | ||
Net book value | 5,686 | ||
Accounts payable, accrued expenses and other current liabilities | 1,955 | ||
Memphis, TN | |||
Schedule of Equity Method Investments [Line Items] | |||
Assumption of existing debt | $ 56,000 | ||
Cash, cash held in escrow and other assets | 3,533 | 3,533 | |
Net book value | 5,686 | ||
Accounts payable, accrued expenses and other current liabilities | $ 1,955 | ||
Joint Venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in equity joint venture | $ 46,401 | $ 150,000 | |
Ownership percentage | 80% | 20% | |
Description of principal activities | The Operating Partnership was responsible for the day-to-day oversight of the MIR JV, its subsidiaries and properties and was entitled to an annual asset management fee equal to 1% of total equity contributed to the MIR JV by the partners paid quarterly as well as a promote based on return thresholds as set forth in the MIR JV agreement. | ||
Additional information | The MIR JV completed its initial investment of a 28-property portfolio of industrial properties totaling approximately 2.3 million square feet in metropolitan Memphis, Tennessee on December 17, 2020 for $86,000. The initial investment was funded by the MIR JV via $30,000 cash equity contributions to the MIR JV on a 20%/80% pro-rata basis and a 7-year secured mortgage for $56,000. |
Leases - Schedule of Lessor Fut
Leases - Schedule of Lessor Future Minimum Rental Receipts under Non-Cancellable Leases (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases | |
Future minimum rental receipts, 2023 | $ 139,821 |
Future minimum rental receipts, 2024 | 123,483 |
Future minimum rental receipts, 2025 | 95,589 |
Future minimum rental receipts, 2026 | 67,601 |
Future minimum rental receipts, 2027 | 48,883 |
Future minimum rental receipts, Thereafter | 91,508 |
Total minimum fixed rental receipts | $ 566,885 |
Leases - Schedule of Rental Rev
Leases - Schedule of Rental Revenue Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases | |||
Income from leases | $ 134,252 | $ 102,314 | $ 80,987 |
Straight-line rent adjustments | 3,682 | 3,700 | 1,963 |
Tenant recoveries | 42,357 | 32,160 | 24,811 |
Amortization of above market leases | (723) | (1,000) | (866) |
Amortization of below market leases | 3,874 | 3,096 | 2,941 |
Total | $ 183,442 | $ 140,270 | $ 109,836 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases | |||
Operating lease expense included in general and administrative expense attributable to office leases | $ 838 | $ 806 | $ 984 |
Operating lease expense included in property expense attributable to ground sublease | 36 | 47 | 5 |
Non-cash adjustment due to straight-line rent adjustments | 109 | 143 | (340) |
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) | $ 983 | $ 996 | $ 649 |
Leases - Schedule of Lessee Fut
Leases - Schedule of Lessee Future Minimum Rental Commitments under Non-Cancellable Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases | ||
2023 | $ 1,311 | |
2024 | 1,280 | |
2025 | 894 | |
2026 | 803 | |
2027 | 818 | |
Thereafter | 3,491 | |
Total minimum operating lease payments | 8,597 | |
Less imputed interest | (1,753) | |
Total operating lease liability | $ 6,844 | $ 7,830 |
Leases - Schedule of Finance Le
Leases - Schedule of Finance Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases | |||
Depreciation/amortization of financing lease right-of-use assets | $ 28 | $ 26 | $ 2 |
Interest expense for financing lease liability | 176 | 175 | 15 |
Total financing lease cost | $ 204 | $ 201 | $ 17 |
Leases - Schedule of Finance _2
Leases - Schedule of Finance Lease, Liability, Fiscal Year Maturity (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases | |
2023 | $ 155 |
2024 | 155 |
2025 | 170 |
2026 | 170 |
2027 | 170 |
Thereafter | 6,367 |
Total minimum financing lease payments | 7,187 |
Less imputed interest | (4,939) |
Total financing lease liability | $ 2,248 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Operating Lease, Description | five office space operating leases and a single ground operating sublease | five office space operating leases and a single ground operating sublease |
Operating Lease, Right-of-Use Asset | $ 5,703 | $ 6,552 |
Operating Lease, Liability | $ 6,844 | $ 7,830 |
Operating Lease, Weighted Average Discount Rate, Percent | 4% | 4.10% |
Operating Lease, Weighted Average Remaining Lease Term | 8 years 7 months 6 days | 9 years 2 months 12 days |
Lessee, Financing Lease, Remaining Lease Term | 33 years | |
Lessee, Finance Lease, Option to Extend | includes the exercise of a single twenty-year renewal option | |
Finance Lease, Weighted Average Discount Rate, Percent | 7.80% | |
Finance Lease, Weighted Average Remaining Lease Term | 33 years | |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term | 1 year 4 months 24 days | 2 years 4 months 24 days |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term | 33 years | 34 years |
Indebtedness - Schedule of Secu
Indebtedness - Schedule of Secured and Unsecured Debt Outstanding (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Mar. 11, 2022 | Oct. 07, 2021 | Aug. 12, 2021 | Dec. 31, 2022 | May 02, 2022 | Dec. 31, 2021 | Aug. 11, 2021 | ||
Debt Instrument [Line Items] | ||||||||
Total secured debt | $ 391,228 | $ 354,239 | ||||||
Unamortized debt issuance costs, net | (4,640) | (5,021) | ||||||
Unamortized premium/(discount), net | 288 | 697 | ||||||
Total secured debt, net | 389,531 | 352,075 | ||||||
Total unsecured debt | 450,000 | 300,000 | ||||||
Total unsecured debt, net | 447,345 | 297,840 | ||||||
Total borrowings under line of credit | 77,500 | 38,000 | ||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total borrowings under line of credit | $ 77,500 | 38,000 | ||||||
Variable rate basis | one-month term SOFR for our unsecured debt and borrowings under line of credit was 4.124% | |||||||
Revolving Credit Facility [Member] | KeyBank Unsecured Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity date | Aug. 11, 2025 | |||||||
Interest rate | [1] | 5.77% | ||||||
Unsecured line of credit | $ 77,500 | 38,000 | ||||||
Secured Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total secured debt | 391,228 | 354,239 | ||||||
Unamortized debt issuance costs, net | (1,985) | (2,861) | ||||||
Unamortized premium/(discount), net | 288 | 697 | ||||||
Secured Debt [Member] | AIG Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Total secured debt | $ 111,758 | 114,477 | ||||||
Interest rate | 4.08% | |||||||
Maturity date | Nov. 01, 2023 | |||||||
Secured Debt [Member] | Transamerica Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Total secured debt | $ 67,398 | 68,709 | ||||||
Interest rate | 4.35% | |||||||
Maturity date | Aug. 01, 2028 | |||||||
Secured Debt [Member] | Allianz Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Total secured debt | $ 62,388 | 63,115 | ||||||
Interest rate | 4.07% | |||||||
Maturity date | Apr. 10, 2026 | |||||||
Secured Debt [Member] | Minnesota Life Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Total secured debt | $ 20,019 | 20,453 | ||||||
Interest rate | 3.78% | |||||||
Maturity date | May 01, 2028 | |||||||
Secured Debt [Member] | Minnesota Life Memphis Industrial Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Total secured debt | $ 56,000 | |||||||
Interest rate | 3.15% | 3.15% | ||||||
Maturity date | Jan. 01, 2028 | Jan. 01, 2028 | ||||||
Total secured debt, net | $ 56,000 | |||||||
Secured Debt [Member] | JP Morgan Chase Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Total secured debt | 13,205 | |||||||
Interest rate | 5.23% | |||||||
Maturity date | Jan. 01, 2027 | |||||||
Secured Debt [Member] | Ohio National Life Mortgage | ||||||||
Debt Instrument [Line Items] | ||||||||
Total secured debt | $ 19,045 | 19,660 | ||||||
Interest rate | 4.14% | |||||||
Maturity date | Aug. 01, 2024 | |||||||
Secured Debt [Member] | Nationwide Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Total secured debt | $ 15,000 | 15,000 | ||||||
Interest rate | 2.97% | |||||||
Maturity date | Oct. 01, 2027 | |||||||
Secured Debt [Member] | Lincoln Life Gateway Mortgage | ||||||||
Debt Instrument [Line Items] | ||||||||
Total secured debt | $ 28,800 | 28,800 | ||||||
Interest rate | 3.43% | 3.43% | ||||||
Maturity date | Jan. 01, 2028 | Jan. 01, 2028 | ||||||
Total secured debt, net | $ 28,800 | |||||||
Secured Debt [Member] | Midland National Life Insurance Mortgage | ||||||||
Debt Instrument [Line Items] | ||||||||
Total secured debt | $ 10,820 | 10,820 | ||||||
Interest rate | 3.50% | 3.50% | ||||||
Maturity date | Mar. 10, 2028 | Mar. 10, 2028 | ||||||
Total secured debt, net | $ 10,820 | |||||||
Unsecured Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unamortized debt issuance costs, net | $ (2,655) | (2,160) | ||||||
Total unsecured debt | $ 450,000 | 300,000 | ||||||
Unsecured Debt [Member] | $100m KeyBank Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity date | Aug. 11, 2026 | |||||||
Total unsecured debt | $ 100,000 | 100,000 | ||||||
Interest rate | [1],[2] | 3.10% | ||||||
Total unsecured debt, net | $ 100 | |||||||
Unsecured Debt [Member] | $200m KeyBank Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity date | Feb. 11, 2027 | |||||||
Total unsecured debt | $ 200,000 | 200,000 | ||||||
Interest rate | [1],[2] | 3.13% | ||||||
Total unsecured debt, net | $ 200 | |||||||
Unsecured Debt [Member] | Key Bank 150m Unsecured Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity date | May 02, 2027 | |||||||
Total unsecured debt | $ 150,000 | |||||||
Interest rate | [1],[2] | 4.50% | ||||||
Total unsecured debt, net | $ 150 | |||||||
[1]For the month of December 2022, the one-month term SOFR for our unsecured debt and borrowings under line of credit was 4.124% |
Indebtedness - Schedule of Fair
Indebtedness - Schedule of Fair Value of Debt Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Secured debt | $ 391,228 | $ 354,239 |
Secured debt, fair value | 372,682 | 369,459 |
Unsecured debt | 450,000 | 300,000 |
Unsecured debt, fair value | 450,000 | 300,000 |
Borrowings under line of credit, net | 77,500 | 38,000 |
Borrowings under line of credit, net, fair value | 77,500 | 38,000 |
Total | 918,728 | 692,239 |
Total, fair value | 900,182 | 707,459 |
Unamortized debt issuance cost, net | (4,640) | (5,021) |
Unamortized premium/(discount), net | 288 | 697 |
Total carrying value | $ 914,376 | $ 687,915 |
Indebtedness - Schedule of Futu
Indebtedness - Schedule of Future Principal Payments Due on Long-Term Debt (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 116,598 |
2024 | 23,180 |
2025 | 82,461 |
2026 | 162,740 |
2027 | 367,650 |
Thereafter | 166,099 |
Total aggregate principal payments | $ 918,728 |
Indebtedness (Details Narrative
Indebtedness (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |||||||||
May 02, 2022 | Mar. 11, 2022 | Feb. 01, 2022 | Oct. 12, 2021 | Oct. 07, 2021 | Aug. 12, 2021 | Aug. 11, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Short-Term Debt [Line Items] | ||||||||||
Loss on extinguishment of debt | $ (2,176) | $ (523) | ||||||||
Secured debt | 389,531 | 352,075 | ||||||||
Line of credit, maximum borrowing | $ 350 | $ 500 | ||||||||
Unsecured loans | 447,345 | 297,840 | ||||||||
Credit facility, borrowing description | unsecured term loan (the “$150m KeyBank Term Loan”), with an accordion feature that allows the total borrowing capacity under the credit facility to be increased to $1 billion, subject to certain conditions. | The combined unsecured credit facility has an accordion feature enabling the Company to increase the total borrowing capacity under the credit facility up to an aggregate of $1 billion, subject to certain conditions. | ||||||||
Line of credit facility, interest rate description | as amended, bear interest at either (1) the base rate (determined as the highest of (a) KeyBank’s prime rate, (b) the Federal Funds rate plus 0.50% and (c) the Adjusted Term SOFR for a one month tenor plus 1.0% or (2) SOFR, plus, in either case, a spread (A) between 35 and 90 basis points for revolver base rate loans or between 135 and 190 basis points for revolver SOFR rate loans and (B) between 30 and 85 basis points for term base rate loans or between 130 and 185 basis points for term SOFR rate loans, with the amount of the spread depending on the Company’s total leverage ratio. | line of credit bear interest at LIBOR plus a margin between 135 to 190 basis points with no LIBOR floor and amounts outstanding under the $100m KeyBank unsecured term loan and $200m KeyBank unsecured term loan term facilities bear interest at LIBOR plus a margin between 130 and 185 basis points | ||||||||
Line of credit, maturity description | The amended KeyBank unsecured line of credit matures in August 2025 and has two, six-month extension options, subject to certain conditions, the amended $100m KeyBank unsecured term loan matures in August 2026, and the new $200m KeyBank unsecured term loan matures in February 2027. | |||||||||
Repayment of secured debt | $ 21,186 | $ 17,392 | $ 86,166 | |||||||
Revolving Credit Facility [Member] | Amended KeyBank Unsecured Line of Credit | ||||||||||
Short-Term Debt [Line Items] | ||||||||||
Revolving credit facility | $ 200 | |||||||||
Unsecured Debt [Member] | Key Bank 150m Unsecured Term Loan [Member] | ||||||||||
Short-Term Debt [Line Items] | ||||||||||
Maturity date | May 02, 2027 | |||||||||
Unsecured loans | $ 150 | |||||||||
Unsecured Debt [Member] | $100m KeyBank Term Loan | ||||||||||
Short-Term Debt [Line Items] | ||||||||||
Maturity date | Aug. 11, 2026 | |||||||||
Unsecured loans | 100 | |||||||||
Unsecured Debt [Member] | $200m KeyBank Term Loan | ||||||||||
Short-Term Debt [Line Items] | ||||||||||
Maturity date | Feb. 11, 2027 | |||||||||
Unsecured loans | $ 200 | |||||||||
JP Morgan Chase Loan | ||||||||||
Short-Term Debt [Line Items] | ||||||||||
Repayment of debt | $ 13,245 | |||||||||
Loss on extinguishment of debt | $ 2,176 | |||||||||
JP Morgan Chase Loan | Secured Debt [Member] | ||||||||||
Short-Term Debt [Line Items] | ||||||||||
Maturity date | Jan. 01, 2027 | |||||||||
Interest rate | 5.23% | |||||||||
Minnesota Life Memphis Industrial Loan | Secured Debt [Member] | ||||||||||
Short-Term Debt [Line Items] | ||||||||||
Secured debt | $ 56,000 | |||||||||
Maturity date | Jan. 01, 2028 | Jan. 01, 2028 | ||||||||
Interest rate | 3.15% | 3.15% | ||||||||
Midland National Life Insurance Mortgage | Secured Debt [Member] | ||||||||||
Short-Term Debt [Line Items] | ||||||||||
Secured debt | $ 10,820 | |||||||||
Maturity date | Mar. 10, 2028 | Mar. 10, 2028 | ||||||||
Interest rate | 3.50% | 3.50% | ||||||||
Lincoln Life Gateway Mortgage | Secured Debt [Member] | ||||||||||
Short-Term Debt [Line Items] | ||||||||||
Secured debt | $ 28,800 | |||||||||
Maturity date | Jan. 01, 2028 | Jan. 01, 2028 | ||||||||
Interest rate | 3.43% | 3.43% | ||||||||
Repayment of secured debt | $ 9,149 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Interest Rate Swaps (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Capital One, N.A. | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Trade date | July 13, 2022 | ||
Effective date | Jul. 01, 2022 | ||
Maturity date | Feb. 11, 2027 | ||
Notional value | [1] | $ 200,000 | |
Fair value | [2] | $ 17,062 | |
Capital One, N.A. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
SOFR interest strike rate | [3] | 1.527% | |
JPMorgan Chase Bank, N.A. | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Trade date | July 13, 2022 | ||
Effective date | Jul. 01, 2022 | ||
Maturity date | Aug. 08, 2026 | ||
Notional value | [1] | $ 100,000 | |
Fair value | [2] | $ 7,932 | |
JPMorgan Chase Bank, N.A. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
SOFR interest strike rate | [3] | 1.504% | |
JPMorgan Chase Bank, N.A. #2 | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Trade date | August 19, 2022 | ||
Effective date | Sep. 01, 2022 | ||
Maturity date | May 02, 2027 | ||
Notional value | [1] | $ 75,000 | |
Fair value | [2] | $ 2,565 | |
JPMorgan Chase Bank, N.A. #2 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
SOFR interest strike rate | 2.904% | ||
Wells Fargo Bank, N.A. | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Trade date | August 19, 2022 | ||
Effective date | Sep. 01, 2022 | ||
Maturity date | May 02, 2027 | ||
Notional value | [1] | $ 37,500 | |
Fair value | [2] | $ 1,283 | |
Wells Fargo Bank, N.A. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
SOFR interest strike rate | 2.904% | ||
Capital One, N.A. #2 | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Trade date | August 19, 2022 | ||
Effective date | Sep. 01, 2022 | ||
Maturity date | May 02, 2027 | ||
Notional value | [1] | $ 37,500 | |
Fair value | [2] | $ 1,273 | |
Capital One, N.A. #2 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
SOFR interest strike rate | 2.904% | ||
[1]Represents the notional value of interest rate swaps effective as of December 31, 2022.[2]As of December 31, 2022, all our interest rate swaps were in an asset position.[3]On July 13, 2022, the Company entered into amendments to the $200,000 and $100,000 notional interest rate swap agreements with Capital One, N.A. and JPMorgan Chase Bank, N.A., respectively. The amendments transitioned the previous USD-LIBOR floating rates to USD-SOFR CME Term floating rates and are effective as of July 1, 2022. |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Interest Rate Swaps In Cash Flow Hedging Relationships (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments, All Other Investments [Abstract] | |||
Amount of unrealized gain recognized in AOCI on derivatives | $ 30,115 | ||
Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded | $ 3,643 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of Interest Rate Swaps on a Recurring Basis (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value | $ 30,115 |
Fair Value, Inputs, Level 1 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value | |
Fair Value, Inputs, Level 2 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value | 30,115 |
Fair Value, Inputs, Level 3 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value |
Derivative Financial Instrume_6
Derivative Financial Instruments (Details Narrative) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Investments, All Other Investments [Abstract] | |
Decrease to interest expense | $ 16,041 |
Common Stock - Schedule of Stoc
Common Stock - Schedule of Stockholders' Equity Note, Warrants (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 23, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | |||||
Balance at March 23, 2022 (exercise date) | $ 5,517 | $ 3,757 | $ 5,517 | $ 396 | $ 293 |
Appreciation/(depreciation) | (1,760) | (1,760) | 5,121 | 103 | |
Conversion of common stock warrants | (3,757) | 3,758 | |||
Balance at December 31, 2022 | $ 3,757 | $ 5,517 | $ 396 |
Common Stock - Schedule of Comm
Common Stock - Schedule of Common Stock Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||||||||||
Cash dividends declared per share | $ 0.2200 | $ 0.2200 | $ 0.2200 | $ 0.2200 | $ 0.2100 | $ 0.2100 | $ 0.2100 | $ 0.2000 | $ 0.8800 | $ 0.8300 |
Common stock dividends declared, aggregate amount | $ 9,426 | $ 9,426 | $ 8,829 | $ 8,137 | $ 7,583 | $ 7,197 | $ 6,528 | $ 5,668 | $ 35,818 | $ 26,976 |
Common Stock - Schedule of Divi
Common Stock - Schedule of Dividends Payable (Details) | 12 Months Ended | |
Dec. 31, 2022 $ / shares | ||
Dividends #1 | ||
Dividends Payable [Line Items] | ||
Declaration date | Dec. 16, 2021 | |
Date of record | Dec. 31, 2021 | |
Payable date | Jan. 31, 2022 | |
Cash distribution | $ 0.2100 | |
Ordinary dividend | 0.141145 | |
Return of capital | $ 0.068855 | |
Dividends #2 | ||
Dividends Payable [Line Items] | ||
Declaration date | Feb. 16, 2022 | |
Date of record | Mar. 31, 2022 | |
Payable date | Apr. 29, 2022 | |
Cash distribution | $ 0.2200 | |
Ordinary dividend | 0.147866 | |
Return of capital | $ 0.072134 | |
Dividends #3 | ||
Dividends Payable [Line Items] | ||
Declaration date | Jun. 15, 2022 | |
Date of record | Jun. 30, 2022 | |
Payable date | Jul. 29, 2022 | |
Cash distribution | $ 0.2200 | |
Ordinary dividend | 0.147866 | |
Return of capital | $ 0.072134 | |
Dividends #4 | ||
Dividends Payable [Line Items] | ||
Declaration date | Sep. 15, 2022 | |
Date of record | Sep. 30, 2022 | |
Payable date | Oct. 31, 2022 | |
Cash distribution | $ 0.2200 | |
Ordinary dividend | 0.147866 | |
Return of capital | $ 0.072134 | |
Dividends #5 | ||
Dividends Payable [Line Items] | ||
Declaration date | Dec. 15, 2022 | |
Date of record | Dec. 30, 2022 | |
Payable date | Jan. 31, 2023 | |
Cash distribution | $ 0.2200 | [1] |
Ordinary dividend | ||
Return of capital | ||
[1]This distribution was in excess of current and accumulated earnings and profits. Per IRC Section 857(b)(9), this distribution will not impact the basis of securities held by US taxpayer(s) for tax year 2023. |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Mar. 23, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 09, 2021 | Aug. 10, 2021 | May 26, 2021 | |
Subsidiary, Sale of Stock [Line Items] | |||||||
Common stock transferred | 139,940 | ||||||
Fair value of warrants | $ 3,757 | ||||||
Common Stock Warrants | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Warrants outstanding | 354,230 | ||||||
Exercise price of warrants issued | $ 16.24 | ||||||
Common Stock Warrants | Fair Value, Inputs, Level 3 [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Exercise price of warrants issued | $ 16.24 | $ 16.39 | |||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 5,517 | $ 396 | |||||
Volatility rate | 17.50% | 27.40% | |||||
Expected annual dividend | $ 0.84 | $ 0.80 | |||||
Expected term | 5 months 12 days | 1 year 5 months 12 days | |||||
Risk-free interest rate | 0.19% | 0.13% | |||||
The 2021 $125 Million ATM Program | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Available for issue under the ATM program | $ 125,000 | ||||||
The 2021 Amended ATM Program | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Available for issue under the ATM program | $ 82,288 | ||||||
The 2021 $200 Million ATM Program | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Available for issue under the ATM program | $ 95,179 | $ 200,000 | |||||
At-The-Market Equity Offering Program | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Common stock issued | 2,345,247 | ||||||
Proceeds from sale of shares, net | $ 58,179 |
Preferred Stock - Schedule of S
Preferred Stock - Schedule of Series A Preferred Stock Dividends Declared (Details) - Series A Preferred Stock [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||||||||
Cash Dividends Declared per Share | $ 0.468750 | $ 0.468750 | $ 0.468750 | $ 0.468750 | $ 0.468750 | $ 0.468750 | $ 0.468750 | $ 0.468750 | $ 1.875000 | $ 1.875000 |
Aggregate Amount | $ 917 | $ 930 | $ 945 | $ 949 | $ 949 | $ 949 | $ 949 | $ 949 | $ 3,741 | $ 3,796 |
Preferred Stock - Schedule of_2
Preferred Stock - Schedule of Series A Preferred Stock Dividends Payable (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares | |
Dividends #1 | |
Class of Stock [Line Items] | |
Declaration date | Dec. 16, 2021 |
Date of record | Dec. 31, 2021 |
Payable date | Jan. 31, 2022 |
Return of capital | $ 0.068855 |
Dividends #2 | |
Class of Stock [Line Items] | |
Declaration date | Feb. 16, 2022 |
Date of record | Mar. 31, 2022 |
Payable date | Apr. 29, 2022 |
Return of capital | $ 0.072134 |
Dividends #3 | |
Class of Stock [Line Items] | |
Declaration date | Jun. 15, 2022 |
Date of record | Jun. 30, 2022 |
Payable date | Jul. 29, 2022 |
Return of capital | $ 0.072134 |
Dividends #4 | |
Class of Stock [Line Items] | |
Declaration date | Sep. 15, 2022 |
Date of record | Sep. 30, 2022 |
Payable date | Oct. 31, 2022 |
Return of capital | $ 0.072134 |
Series A Preferred Stock [Member] | Dividends #1 | |
Class of Stock [Line Items] | |
Declaration date | Mar. 01, 2022 |
Date of record | Mar. 15, 2022 |
Payable date | Mar. 31, 2022 |
Cash distribution | $ 0.468750 |
Ordinary dividend | 0.468750 |
Return of capital | |
Series A Preferred Stock [Member] | Dividends #2 | |
Class of Stock [Line Items] | |
Declaration date | Jun. 01, 2022 |
Date of record | Jun. 15, 2022 |
Payable date | Jun. 30, 2022 |
Cash distribution | $ 0.468750 |
Ordinary dividend | 0.468750 |
Return of capital | |
Series A Preferred Stock [Member] | Dividends #3 | |
Class of Stock [Line Items] | |
Declaration date | Sep. 01, 2022 |
Date of record | Sep. 15, 2022 |
Payable date | Sep. 30, 2022 |
Cash distribution | $ 0.468750 |
Ordinary dividend | 0.468750 |
Return of capital | |
Series A Preferred Stock [Member] | Dividends #4 | |
Class of Stock [Line Items] | |
Declaration date | Dec. 01, 2022 |
Date of record | Dec. 15, 2022 |
Payable date | Jan. 03, 2023 |
Cash distribution | $ 0.468750 |
Ordinary dividend | 0.468750 |
Return of capital |
Preferred Stock - Schedule of_3
Preferred Stock - Schedule of Series B Preferred Stock Dividends Declared (Details) - Series B Preferred Stock [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||||||||
Preferred stock cash dividends declared, per share | $ 0.170000 | $ 0.170000 | $ 0.159375 | $ 0.159375 | $ 0.159375 | $ 0.159375 | $ 0.340000 | $ 0.637500 | ||
Preferred stock dividends declared, aggregate amount | $ 375 | $ 750 | $ 703 | $ 703 | $ 703 | $ 703 | $ 1,125 | $ 2,812 |
Preferred Stock (Details Narrat
Preferred Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Aug. 12, 2022 | Dec. 14, 2018 | Dec. 31, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Series A Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance of Preferred stock | 2,040,000 | 1,955,513 | 2,023,551 | |||
Price per share | $ 25 | |||||
Proceeds from issuance of preferred stock | $ 48,868 | |||||
Number of shares repurchased and retired | 68,038 | 448 | ||||
Liquidation rights per share | $ 25 | |||||
Redemption rights per share | $ 25 | |||||
Redemption rights, description | The Company has the right to redeem the Series A Preferred Stock at its option commencing on December 31, 2022 at $25.00 per share, plus any accrued and unpaid dividends. | |||||
Dividend rights, description | When, as and if authorized by our board of directors, holders of Series A Preferred Stock are entitled to receive cumulative cash dividends from, and including, the issue date, payable quarterly in arrears on the last day of March, June, September and December of each year, beginning on December 31, 2017 until December 31, 2024, at the rate of 7.5% per annum on the $25.00 liquidation preference per share (equivalent to a fixed annual rate of $1.875 per share (“Initial Rate”)). | |||||
Dividend payment terms | On and after December 31, 2024, if any shares of Series A Preferred Stock are outstanding, the Company will pay cumulative cash dividends on each then-outstanding share of Series A Preferred Stock at an annual dividend rate equal to the Initial Rate plus an additional 1.5% of the liquidation preference per annum, which will increase by an additional 1.5% of the liquidation preference per annum on each subsequent December 31 thereafter, subject to a maximum annual dividend rate of 11.5% while the Series A Preferred Stock remains outstanding. | |||||
Series A Preferred Stock [Member] | Over-Allotment Option [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance of Preferred stock | 240,000 | |||||
Series B Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance of Preferred stock | 0 | 4,411,764 | ||||
Dividend rights, description | The Series B Preferred Stock bears cumulative dividends, payable in cash, at a rate equal to (a) 3.25% for the period from the issue date through and including December 31, 2019, (b) 3.50% from January 1, 2020 through and including December 31, 2020, (c) 3.75% from January 1, 2021 through and including December 31, 2021, (d) 4.00% from January 1, 2022 through and including December 31, 2022, (e) 6.50% from January 1, 2023 through and including December 31, 2023, (f) 12.00% from January 1, 2024 through and including December 31, 2024 and (g) 15.00% from and after January 1, 2025. Dividends on the Series B Preferred Stock are payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year or, if such date is not a Business Day, on the immediately succeeding Business Day. | |||||
Liquidation preference rights, description | The shares of Series B Preferred Stock have a Liquidation Preference, (Series B Liquidation Preference) which is defined as an amount per share equal to the greater of (a) an amount necessary for the Investor to receive a 12.0% annual internal rate of return on the issue price of $17.00, taking into account dividends paid from December 14, 2018 until (i) the date of the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (ii) the Conversion Date, or (iii) the Redemption Date, as the case may be, and (b) $21.89 (subject to adjustment), plus accrued and unpaid dividends through and including (x) the date of such voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, (y) the Conversion Date, or (z) the Redemption Date, as the case may be. | |||||
Accretion expense | $ 4,621 | $ 7,228 | $ 7,416 | |||
Redemption rights | At the option of each holder of Series B Preferred Stock, the Company shall redeem all of the Series B Preferred Stock at a price equal to the greater of (1) an amount in cash equal to 100% of the Liquidation Preference thereof and (2) the consideration the holders would have received if they had converted their shares of Series B Preferred Stock into Common Stock immediately prior to the change of control event. At any time, following December 31, 2022, the Company may elect to redeem up to fifty percent (50.0%) of the outstanding shares of Series B Preferred Stock, and at any time following December 31, 2023, the Company may elect to redeem up to one hundred percent (100.0%) of the outstanding shares of Series B Preferred Stock for an amount in cash per share of Series B Preferred Stock equal to the Redemption Price per share of Series B Preferred Stock. The Redemption Price is defined as the greater of (i) the Liquidation Preference per share of Series B Preferred Stock as of the Redemption Date or (ii) the 20-day volume weighted average price per share; provided, however, following such time as the number of shares of Series B Preferred Stock that shall have been redeemed is equal to the maximum number of shares of Series B Preferred Stock that can be converted (whether into cash or shares of Common Stock) such that, if all such shares of Series B Preferred Stock had been converted into Common Stock, the certain percentage investment ownership thresholds would have been reached (but not exceeded), the Redemption Price shall be equal to the Liquidation Preference. | |||||
Preferred stock, terms of conversion | The holders of the Series B Preferred Stock have the right to convert their shares of Series B Preferred Stock commencing January 1, 2022. Beginning January 1, 2022, if the 20-day volume weighted average price per share of Common Stock is equal to or exceeds $26.35 (subject to adjustment), the Company has the right to convert each share of Series B Preferred Stock. Commencing December 31, 2024, the Series B Preferred Stock, subject to availability of funds, are to be automatically converted. | |||||
Series B Preferred Stock [Member] | Private Placement [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance of Preferred stock | 4,411,764 | |||||
Price per share | $ 17 | |||||
Proceeds from issuance of preferred stock | $ 75,000 | |||||
Proceeds from issuance of preferred stock, net of issuance costs | $ 71,800 | |||||
Series B Convertible Redeemable Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Remaining shares to be converted | 2,205,882 | |||||
Settlement number of shares | 1,915,511 | |||||
Settlement amount | $ 15,000 |
Non-Controlling Interest - Sche
Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Noncontrolling Interest [Abstract] | ||||||||||
Cash Distributions Declared per OP Unit | $ 0.2200 | $ 0.2200 | $ 0.2200 | $ 0.2200 | $ 0.2100 | $ 0.2100 | $ 0.2100 | $ 0.2000 | $ 0.8800 | $ 0.8300 |
Aggregate amount | $ 108 | $ 108 | $ 108 | $ 108 | $ 103 | $ 106 | $ 106 | $ 121 | $ 432 | $ 436 |
Non-Controlling Interests (Deta
Non-Controlling Interests (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |||
Operating partnership units redeemed | 116,333 | 268,664 | |
Common stock issued as a result of operating partnership units redeemed | 116,333 | 268,664 | |
Operating partnership units outstanding | 490,299 | 490,299 | 606,632 |
Loss attributed to non-controlling interest | $ 210 | $ 259 | $ 649 |
Incentive Award Plan - Schedule
Incentive Award Plan - Schedule of Nonvested Restricted Stock Shares Activity (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Unvasted restricted stock at beginning | 227,356 | 190,225 | 162,184 |
Granted | 141,000 | 126,434 | 101,540 |
Forfeited | (8,750) | (1,000) | (5,303) |
Vested | (79,532) | (88,303) | (68,196) |
Unvasted restricted stock at ending | 280,074 | 227,356 | 190,225 |
Incentive Award Plan (Details N
Incentive Award Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 30, 2020 | Jun. 30, 2014 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Equity-based compensation expense | $ 2,603 | $ 1,559 | $ 1,439 | ||
Unrecognized compensation expense | $ 3,758 | $ 2,828 | $ 2,405 | ||
Weighted average period for recognition | 2 years 8 months 12 days | 2 years 9 months 18 days | 3 years | ||
Restricted shares granted | 141,000 | 126,434 | 101,540 | ||
Weighted average fair value | $ 3,714 | $ 1,998 | $ 1,665 | ||
Weighted average fair value, per share | $ 26.34 | $ 15.80 | $ 16.40 | ||
2014 Incentive Award Plan | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Incentive award plan, shares available for grant | 875,000 | 375,000 |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator | |||
Net loss | $ (17,096) | $ (15,267) | $ (14,462) |
Less: Net loss attributable to non-controlling interest | (210) | (259) | (649) |
Net loss attributable to Plymouth Industrial REIT, Inc. | (16,886) | (15,008) | (13,813) |
Less: Preferred Stock dividends | 4,866 | 6,608 | 6,444 |
Less: Series B Preferred Stock accretion to redemption value | 4,621 | 7,228 | 7,416 |
Less: Loss on extinguishment of Series A Preferred Stock | 99 | 34 | |
Less: Amount allocated to participating securities | 256 | 201 | 182 |
Net loss attributable to common stockholders | $ (26,728) | $ (29,045) | $ (27,889) |
Denominator | |||
Weighted-average common shares outstanding basic and diluted | 39,779,128 | 30,910,581 | 18,381,700 |
Net loss per share attributable to common stockholders – basic and diluted | $ (0.67) | $ (0.94) | $ (1.52) |
Earnings per Share (Details Nar
Earnings per Share (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 shares | |
Restricted Stock [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Potentially dilutive securities | 280,074 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Employment agreements | As approved by the compensation committee of the Board of Directors the agreements provide for base salaries ranging from $300 to $550 annually with discretionary cash performance awards. The agreements contain provisions for equity awards, general benefits, and termination and severance provisions, consistent with similar positions and companies. |
Retirement Plan (Details Narrat
Retirement Plan (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | ||
Amount funded to individual SEP IRA retirement accounts | $ 626 | $ 552 |
Schedule III Real Estate Proper
Schedule III Real Estate Properties and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Total real estate properties gross | $ 1,555,846 | $ 1,254,007 | $ 886,681 | $ 655,788 | |
Accumulated Depreciation | 205,629 | $ 142,192 | $ 98,283 | $ 63,877 | |
Atlanta, GA - 32 Dart Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 256 | ||||
Initial cost of building and improvements | 4,454 | ||||
Costs Capitalized Subsequent to Acquisition | 559 | ||||
Gross amounts of land | 256 | ||||
Gross amounts of building and improvements | 5,013 | ||||
Total real estate properties gross | [2] | 5,269 | |||
Accumulated Depreciation | [3] | $ 2,271 | |||
Year Built/Renovated | [4] | 1988/2014 | |||
Depreciable Life (in years) | [5] | 18 years | |||
Year Acquired | 2014 | ||||
Atlanta, GA - 111236 Harland Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 271 | ||||
Initial cost of building and improvements | 909 | ||||
Costs Capitalized Subsequent to Acquisition | 10 | ||||
Gross amounts of land | 271 | ||||
Gross amounts of building and improvements | 919 | ||||
Total real estate properties gross | [2] | 1,190 | |||
Accumulated Depreciation | [3] | $ 302 | |||
Year Built/Renovated | [4] | 1988 | |||
Depreciable Life (in years) | [5] | 20 years | |||
Year Acquired | 2017 | ||||
Atlanta, GA - 1665 Dogwood Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 494 | ||||
Initial cost of building and improvements | 6,027 | ||||
Costs Capitalized Subsequent to Acquisition | 31 | ||||
Gross amounts of land | 494 | ||||
Gross amounts of building and improvements | 6,058 | ||||
Total real estate properties gross | [2] | 6,552 | |||
Accumulated Depreciation | [3] | $ 1,654 | |||
Year Built/Renovated | [4] | 1973 | |||
Depreciable Life (in years) | [5] | 20 years | |||
Year Acquired | 2017 | ||||
Atlanta, GA - 1715 Dogwood Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 270 | ||||
Initial cost of building and improvements | 2,879 | ||||
Costs Capitalized Subsequent to Acquisition | 1 | ||||
Gross amounts of land | 270 | ||||
Gross amounts of building and improvements | 2,880 | ||||
Total real estate properties gross | [2] | 3,150 | |||
Accumulated Depreciation | [3] | $ 737 | |||
Year Built/Renovated | [4] | 1973 | |||
Depreciable Life (in years) | [5] | 22 years | |||
Year Acquired | 2017 | ||||
Atlanta, GA - 611 Highway 74 S. | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 3,283 | ||||
Initial cost of building and improvements | 13,560 | ||||
Costs Capitalized Subsequent to Acquisition | 497 | ||||
Gross amounts of land | 3,283 | ||||
Gross amounts of building and improvements | 14,057 | ||||
Total real estate properties gross | [2] | 17,340 | |||
Accumulated Depreciation | [3] | $ 2,853 | |||
Year Built/Renovated | [4] | 1979-2013 | |||
Depreciable Life (in years) | [5] | 25 years | |||
Year Acquired | 2019 | ||||
Atlanta, GA - 40 Pinyon Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 794 | ||||
Initial cost of building and improvements | 2,669 | ||||
Costs Capitalized Subsequent to Acquisition | 35 | ||||
Gross amounts of land | 794 | ||||
Gross amounts of building and improvements | 2,704 | ||||
Total real estate properties gross | [2] | 3,498 | |||
Accumulated Depreciation | [3] | $ 391 | |||
Year Built/Renovated | [4] | 1997 | |||
Depreciable Life (in years) | [5] | 28 years | |||
Year Acquired | 2020 | ||||
Atlanta, GA - 665 Highway 74 South | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,237 | ||||
Initial cost of building and improvements | 6,952 | ||||
Costs Capitalized Subsequent to Acquisition | 26 | ||||
Gross amounts of land | 1,237 | ||||
Gross amounts of building and improvements | 6,978 | ||||
Total real estate properties gross | [2] | 8,215 | |||
Accumulated Depreciation | [3] | $ 765 | |||
Year Built/Renovated | [4] | 1989 | |||
Depreciable Life (in years) | [5] | 36 years | |||
Year Acquired | 2020 | ||||
Atlanta, GA - 6739 New Calhoun Highway NE | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 2,876 | ||||
Initial cost of building and improvements | 7,599 | ||||
Costs Capitalized Subsequent to Acquisition | 16 | ||||
Gross amounts of land | 2,876 | ||||
Gross amounts of building and improvements | 7,615 | ||||
Total real estate properties gross | [2] | 10,491 | |||
Accumulated Depreciation | [3] | $ 1,664 | |||
Year Built/Renovated | [4] | 1981/1996 & 2017 | |||
Depreciable Life (in years) | [5] | 20 years | |||
Atlanta, GA - 1099 Dodds Avenue | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 975 | ||||
Initial cost of building and improvements | 8,481 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 975 | ||||
Gross amounts of building and improvements | 8,481 | ||||
Total real estate properties gross | [2] | 9,456 | |||
Accumulated Depreciation | [3] | $ 316 | |||
Year Built/Renovated | [4] | 2005 | |||
Depreciable Life (in years) | [5] | 32 years | |||
Year Acquired | 2022 | ||||
Atlanta, GA - 1413 Lovers Lane | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 669 | ||||
Initial cost of building and improvements | 12,446 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 669 | ||||
Gross amounts of building and improvements | 12,446 | ||||
Total real estate properties gross | [2] | 13,115 | |||
Accumulated Depreciation | [3] | $ 430 | |||
Year Built/Renovated | [4] | 1999 | |||
Depreciable Life (in years) | [5] | 25 years | |||
Year Acquired | 2022 | ||||
Boston, MA - 54-56 Milliken Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 1,418 | ||||
Initial cost of building and improvements | 7,482 | ||||
Costs Capitalized Subsequent to Acquisition | 9,908 | ||||
Gross amounts of land | 1,418 | ||||
Gross amounts of building and improvements | 17,390 | ||||
Total real estate properties gross | [2] | 18,808 | |||
Accumulated Depreciation | [3] | $ 3,705 | |||
Boston, MA - 56 Milliken Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Year Built/Renovated | [4] | 1966/1995, 2005, 2013, 2022 | |||
Year Acquired | 2014 | ||||
Boston, MA - 56 Milliken Road | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Depreciable Life (in years) | [5] | 40 years | |||
Boston, MA - 56 Milliken Road | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Depreciable Life (in years) | [5] | 20 years | |||
Charlotte, NC - 1570 East P St. Extension | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 5,878 | ||||
Initial cost of building and improvements | 13,121 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 5,878 | ||||
Gross amounts of building and improvements | 13,121 | ||||
Total real estate properties gross | [2] | 18,999 | |||
Accumulated Depreciation | [3] | $ 331 | |||
Year Built/Renovated | [4] | 2005 | |||
Depreciable Life (in years) | [5] | 30 years | |||
Year Acquired | 2022 | ||||
Chicago, IL - 11351 W 183rd Street | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 361 | ||||
Initial cost of building and improvements | 1,685 | ||||
Costs Capitalized Subsequent to Acquisition | 38 | ||||
Gross amounts of land | 361 | ||||
Gross amounts of building and improvements | 1,723 | ||||
Total real estate properties gross | [2] | 2,084 | |||
Accumulated Depreciation | [3] | $ 608 | |||
Year Built/Renovated | [4] | 2000 | |||
Depreciable Life (in years) | [5] | 34 years | |||
Year Acquired | 2014 | ||||
Chicago, IL - 1355 Holmes Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 1,012 | ||||
Initial cost of building and improvements | 2,789 | ||||
Costs Capitalized Subsequent to Acquisition | 184 | ||||
Gross amounts of land | 1,012 | ||||
Gross amounts of building and improvements | 2,973 | ||||
Total real estate properties gross | [2] | 3,985 | |||
Accumulated Depreciation | [3] | $ 1,584 | |||
Year Built/Renovated | [4] | 1976/1998 | |||
Depreciable Life (in years) | [5] | 16 years | |||
Year Acquired | 2014 | ||||
Chicago, IL - 1875 Holmes Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 1,597 | ||||
Initial cost of building and improvements | 5,199 | ||||
Costs Capitalized Subsequent to Acquisition | 1,879 | ||||
Gross amounts of land | 1,597 | ||||
Gross amounts of building and improvements | 7,078 | ||||
Total real estate properties gross | [2] | 8,675 | |||
Accumulated Depreciation | [3] | $ 2,897 | |||
Year Built/Renovated | [4] | 1989 | |||
Depreciable Life (in years) | [5] | 16 years | |||
Year Acquired | 2014 | ||||
Chicago, IL - 189 Seegers Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 470 | ||||
Initial cost of building and improvements | 1,369 | ||||
Costs Capitalized Subsequent to Acquisition | 43 | ||||
Gross amounts of land | 470 | ||||
Gross amounts of building and improvements | 1,412 | ||||
Total real estate properties gross | [2] | 1,882 | |||
Accumulated Depreciation | [3] | $ 553 | |||
Year Built/Renovated | [4] | 1972 | |||
Depreciable Life (in years) | [5] | 21 years | |||
Year Acquired | 2014 | ||||
Chicago, IL - 2401 Commerce Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 486 | ||||
Initial cost of building and improvements | 4,597 | ||||
Costs Capitalized Subsequent to Acquisition | 1,052 | ||||
Gross amounts of land | 486 | ||||
Gross amounts of building and improvements | 5,649 | ||||
Total real estate properties gross | [2] | 6,135 | |||
Accumulated Depreciation | [3] | $ 1,893 | |||
Year Built/Renovated | [4] | 1994/2009 | |||
Depreciable Life (in years) | [5] | 28 years | |||
Year Acquired | 2014 | ||||
Chicago, IL - 3940 Stern Avenue | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 1,156 | ||||
Initial cost of building and improvements | 5,139 | ||||
Costs Capitalized Subsequent to Acquisition | 1,245 | ||||
Gross amounts of land | 1,156 | ||||
Gross amounts of building and improvements | 6,384 | ||||
Total real estate properties gross | [2] | 7,540 | |||
Accumulated Depreciation | [3] | $ 3,063 | |||
Year Built/Renovated | [4] | 1987 | |||
Depreciable Life (in years) | [5] | 16 years | |||
Year Acquired | 2014 | ||||
Chicago, IL - 11601 Central Avenue | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 3,479 | ||||
Initial cost of building and improvements | 6,545 | ||||
Costs Capitalized Subsequent to Acquisition | 427 | ||||
Gross amounts of land | 3,479 | ||||
Gross amounts of building and improvements | 6,972 | ||||
Total real estate properties gross | [2] | 10,451 | |||
Accumulated Depreciation | [3] | $ 2,026 | |||
Year Built/Renovated | [4] | 1970 | |||
Depreciable Life (in years) | [5] | 21 years | |||
Year Acquired | 2017 | ||||
Chicago, IL - 13040 South Pulaski Avenue | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 3,520 | ||||
Initial cost of building and improvements | 11,115 | ||||
Costs Capitalized Subsequent to Acquisition | 367 | ||||
Gross amounts of land | 3,520 | ||||
Gross amounts of building and improvements | 11,482 | ||||
Total real estate properties gross | [2] | 15,002 | |||
Accumulated Depreciation | [3] | $ 4,307 | |||
Year Built/Renovated | [4] | 1976 | |||
Depreciable Life (in years) | [5] | 16 years | |||
Year Acquired | 2017 | ||||
Chicago, IL - 13970 West Laurel Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 1,447 | ||||
Initial cost of building and improvements | 1,377 | ||||
Costs Capitalized Subsequent to Acquisition | 373 | ||||
Gross amounts of land | 1,447 | ||||
Gross amounts of building and improvements | 1,750 | ||||
Total real estate properties gross | [2] | 3,197 | |||
Accumulated Depreciation | [3] | $ 625 | |||
Year Built/Renovated | [4] | 1990 | |||
Depreciable Life (in years) | [5] | 14 years | |||
Year Acquired | 2017 | ||||
Chicago, IL - 1455-1645 Greenleaf Avenue | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 1,926 | ||||
Initial cost of building and improvements | 5,137 | ||||
Costs Capitalized Subsequent to Acquisition | 1,441 | ||||
Gross amounts of land | 1,926 | ||||
Gross amounts of building and improvements | 6,578 | ||||
Total real estate properties gross | [2] | 8,504 | |||
Accumulated Depreciation | [3] | $ 1,591 | |||
Year Built/Renovated | [4] | 1968 | |||
Depreciable Life (in years) | [5] | 21 years | |||
Year Acquired | 2017 | ||||
Chicago, IL - 1750 South Lincoln Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 489 | ||||
Initial cost of building and improvements | 9,270 | ||||
Costs Capitalized Subsequent to Acquisition | 707 | ||||
Gross amounts of land | 489 | ||||
Gross amounts of building and improvements | 9,977 | ||||
Total real estate properties gross | [2] | 10,466 | |||
Accumulated Depreciation | [3] | $ 2,526 | |||
Year Built/Renovated | [4] | 2001 | |||
Depreciable Life (in years) | [5] | 24 years | |||
Year Acquired | 2017 | ||||
Chicago, IL - 1796 Sherwin Avenue | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 1,542 | ||||
Initial cost of building and improvements | 3,598 | ||||
Costs Capitalized Subsequent to Acquisition | 111 | ||||
Gross amounts of land | 1,542 | ||||
Gross amounts of building and improvements | 3,709 | ||||
Total real estate properties gross | [2] | 5,251 | |||
Accumulated Depreciation | [3] | $ 1,210 | |||
Year Built/Renovated | [4] | 1964 | |||
Depreciable Life (in years) | [5] | 19 years | |||
Year Acquired | 2017 | ||||
Chicago, IL - 28160 North Keith Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 1,614 | ||||
Initial cost of building and improvements | 1,643 | ||||
Costs Capitalized Subsequent to Acquisition | 282 | ||||
Gross amounts of land | 1,614 | ||||
Gross amounts of building and improvements | 1,925 | ||||
Total real estate properties gross | [2] | 3,539 | |||
Accumulated Depreciation | [3] | $ 631 | |||
Year Built/Renovated | [4] | 1989 | |||
Depreciable Life (in years) | [5] | 16 years | |||
Year Acquired | 2017 | ||||
Chicago, IL - 3841-3865 Swanson Court | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 1,640 | ||||
Initial cost of building and improvements | 2,247 | ||||
Costs Capitalized Subsequent to Acquisition | 140 | ||||
Gross amounts of land | 1,640 | ||||
Gross amounts of building and improvements | 2,387 | ||||
Total real estate properties gross | [2] | 4,027 | |||
Accumulated Depreciation | [3] | $ 780 | |||
Year Built/Renovated | [4] | 1978 | |||
Depreciable Life (in years) | [5] | 17 years | |||
Year Acquired | 2017 | ||||
Chicago, IL - 5110 South 6th Street, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 689 | ||||
Initial cost of building and improvements | 1,014 | ||||
Costs Capitalized Subsequent to Acquisition | 155 | ||||
Gross amounts of land | 689 | ||||
Gross amounts of building and improvements | 1,169 | ||||
Total real estate properties gross | [2] | 1,858 | |||
Accumulated Depreciation | [3] | $ 452 | |||
Year Built/Renovated | [4] | 1972 | |||
Depreciable Life (in years) | [5] | 16 years | |||
Year Acquired | 2017 | ||||
Chicago, IL - 6000 West 73rd Street | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 1,891 | ||||
Initial cost of building and improvements | 3,403 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 1,891 | ||||
Gross amounts of building and improvements | 3,403 | ||||
Total real estate properties gross | [2] | 5,294 | |||
Accumulated Depreciation | [3] | $ 1,152 | |||
Year Built/Renovated | [4] | 1974 | |||
Depreciable Life (in years) | [5] | 17 years | |||
Year Acquired | 2017 | ||||
Chicago, IL - 6510 West 73rd Street | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 4,229 | ||||
Initial cost of building and improvements | 4,105 | ||||
Costs Capitalized Subsequent to Acquisition | 170 | ||||
Gross amounts of land | 4,229 | ||||
Gross amounts of building and improvements | 4,275 | ||||
Total real estate properties gross | [2] | 8,504 | |||
Accumulated Depreciation | [3] | $ 1,595 | |||
Year Built/Renovated | [4] | 1974 | |||
Depreciable Life (in years) | [5] | 18 years | |||
Year Acquired | 2017 | ||||
Chicago, IL - 6558 West 73rd Street | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 3,444 | ||||
Initial cost of building and improvements | 2,325 | ||||
Costs Capitalized Subsequent to Acquisition | 1,050 | ||||
Gross amounts of land | 3,444 | ||||
Gross amounts of building and improvements | 3,375 | ||||
Total real estate properties gross | [2] | 6,819 | |||
Accumulated Depreciation | [3] | $ 958 | |||
Year Built/Renovated | [4] | 1975 | |||
Depreciable Life (in years) | [5] | 16 years | |||
Year Acquired | 2017 | ||||
Chicago, IL - 6751 Sayre Avenue | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 2,891 | ||||
Initial cost of building and improvements | 5,743 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 2,891 | ||||
Gross amounts of building and improvements | 5,743 | ||||
Total real estate properties gross | [2] | 8,634 | |||
Accumulated Depreciation | [3] | $ 1,580 | |||
Year Built/Renovated | [4] | 1973 | |||
Depreciable Life (in years) | [5] | 22 years | |||
Year Acquired | 2017 | ||||
Chicago, IL - 7200 Mason Avenue | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 2,519 | ||||
Initial cost of building and improvements | 5,482 | ||||
Costs Capitalized Subsequent to Acquisition | 1 | ||||
Gross amounts of land | 2,519 | ||||
Gross amounts of building and improvements | 5,483 | ||||
Total real estate properties gross | [2] | 8,002 | |||
Accumulated Depreciation | [3] | $ 1,731 | |||
Year Built/Renovated | [4] | 1974 | |||
Depreciable Life (in years) | [5] | 18 years | |||
Year Acquired | 2017 | ||||
Chicago, IL - 4491 N Mayflower Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 289 | ||||
Initial cost of building and improvements | 2,422 | ||||
Costs Capitalized Subsequent to Acquisition | 153 | ||||
Gross amounts of land | 289 | ||||
Gross amounts of building and improvements | 2,575 | ||||
Total real estate properties gross | [2] | 2,864 | |||
Accumulated Depreciation | [3] | $ 644 | |||
Year Built/Renovated | [4] | 2000 | |||
Depreciable Life (in years) | [5] | 27 years | |||
Year Acquired | 2017 | ||||
Chicago, IL - 4955 Ameritech Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 856 | ||||
Initial cost of building and improvements | 7,251 | ||||
Costs Capitalized Subsequent to Acquisition | 447 | ||||
Gross amounts of land | 856 | ||||
Gross amounts of building and improvements | 7,698 | ||||
Total real estate properties gross | [2] | 8,554 | |||
Accumulated Depreciation | [3] | $ 1,954 | |||
Year Built/Renovated | [4] | 2004 | |||
Depreciable Life (in years) | [5] | 27 years | |||
Year Acquired | 2017 | ||||
Chicago, IL - 5855 West Carbonmill Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 743 | ||||
Initial cost of building and improvements | 6,269 | ||||
Costs Capitalized Subsequent to Acquisition | 166 | ||||
Gross amounts of land | 743 | ||||
Gross amounts of building and improvements | 6,435 | ||||
Total real estate properties gross | [2] | 7,178 | |||
Accumulated Depreciation | [3] | $ 1,613 | |||
Year Built/Renovated | [4] | 2002 | |||
Depreciable Life (in years) | [5] | 27 years | |||
Year Acquired | 2017 | ||||
Chicago, IL - 5861 W Cleveland Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 234 | ||||
Initial cost of building and improvements | 1,966 | ||||
Costs Capitalized Subsequent to Acquisition | 121 | ||||
Gross amounts of land | 234 | ||||
Gross amounts of building and improvements | 2,087 | ||||
Total real estate properties gross | [2] | 2,321 | |||
Accumulated Depreciation | [3] | $ 519 | |||
Year Built/Renovated | [4] | 1994 | |||
Depreciable Life (in years) | [5] | 27 years | |||
Year Acquired | 2017 | ||||
Chicago, IL - West Brick Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 381 | ||||
Initial cost of building and improvements | 3,209 | ||||
Costs Capitalized Subsequent to Acquisition | 197 | ||||
Gross amounts of land | 381 | ||||
Gross amounts of building and improvements | 3,406 | ||||
Total real estate properties gross | [2] | 3,787 | |||
Accumulated Depreciation | [3] | $ 846 | |||
Year Built/Renovated | [4] | 1998 | |||
Depreciable Life (in years) | [5] | 27 years | |||
Year Acquired | 2017 | ||||
Chicago, IL - 1600 Fleetwood Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 2,699 | ||||
Initial cost of building and improvements | 9,530 | ||||
Costs Capitalized Subsequent to Acquisition | 83 | ||||
Gross amounts of land | 2,699 | ||||
Gross amounts of building and improvements | 9,613 | ||||
Total real estate properties gross | [2] | 12,312 | |||
Accumulated Depreciation | [3] | $ 2,206 | |||
Year Built/Renovated | [4] | 1968/2016 | |||
Depreciable Life (in years) | [5] | 23 years | |||
Year Acquired | 2018 | ||||
Chicago, IL - 3 West College Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 728 | ||||
Initial cost of building and improvements | 1,531 | ||||
Costs Capitalized Subsequent to Acquisition | 85 | ||||
Gross amounts of land | 728 | ||||
Gross amounts of building and improvements | 1,616 | ||||
Total real estate properties gross | [2] | 2,344 | |||
Accumulated Depreciation | [3] | $ 334 | |||
Year Built/Renovated | [4] | 1978/2016 | |||
Depreciable Life (in years) | [5] | 26 years | |||
Year Acquired | 2018 | ||||
Chicago, IL - 11746 Austin Avenue | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,062 | ||||
Initial cost of building and improvements | 4,420 | ||||
Costs Capitalized Subsequent to Acquisition | 102 | ||||
Gross amounts of land | 1,062 | ||||
Gross amounts of building and improvements | 4,522 | ||||
Total real estate properties gross | [2] | 5,584 | |||
Accumulated Depreciation | [3] | $ 747 | |||
Year Built/Renovated | [4] | 1970 | |||
Depreciable Life (in years) | [5] | 25 years | |||
Year Acquired | 2019 | ||||
Chicago, IL - 144 Tower Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 866 | ||||
Initial cost of building and improvements | 4,174 | ||||
Costs Capitalized Subsequent to Acquisition | 78 | ||||
Gross amounts of land | 866 | ||||
Gross amounts of building and improvements | 4,252 | ||||
Total real estate properties gross | [2] | 5,118 | |||
Accumulated Depreciation | [3] | $ 666 | |||
Year Built/Renovated | [4] | 1971/1988 & 2015 | |||
Depreciable Life (in years) | [5] | 29 years | |||
Year Acquired | 2019 | ||||
Chicago, IL - 16801 Exchange Ave. | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,905 | ||||
Initial cost of building and improvements | 9,454 | ||||
Costs Capitalized Subsequent to Acquisition | 178 | ||||
Gross amounts of land | 1,905 | ||||
Gross amounts of building and improvements | 9,632 | ||||
Total real estate properties gross | [2] | 11,537 | |||
Accumulated Depreciation | [3] | $ 1,699 | |||
Year Built/Renovated | [4] | 1987 | |||
Depreciable Life (in years) | [5] | 24 years | |||
Year Acquired | 2019 | ||||
Chicago, IL - 350 Armory Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 442 | ||||
Initial cost of building and improvements | 835 | ||||
Costs Capitalized Subsequent to Acquisition | 136 | ||||
Gross amounts of land | 442 | ||||
Gross amounts of building and improvements | 971 | ||||
Total real estate properties gross | [2] | 1,413 | |||
Accumulated Depreciation | [3] | $ 230 | |||
Year Built/Renovated | [4] | 1972 | |||
Depreciable Life (in years) | [5] | 21 years | |||
Year Acquired | 2019 | ||||
Chicago, IL - 4915 West 122nd Street | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 848 | ||||
Initial cost of building and improvements | 3,632 | ||||
Costs Capitalized Subsequent to Acquisition | 203 | ||||
Gross amounts of land | 848 | ||||
Gross amounts of building and improvements | 3,835 | ||||
Total real estate properties gross | [2] | 4,683 | |||
Accumulated Depreciation | [3] | $ 598 | |||
Year Built/Renovated | [4] | 1972 | |||
Depreciable Life (in years) | [5] | 26 years | |||
Year Acquired | 2019 | ||||
Chicago, IL - 7207 Mason Ave. | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 887 | ||||
Initial cost of building and improvements | 2,608 | ||||
Costs Capitalized Subsequent to Acquisition | 15 | ||||
Gross amounts of land | 887 | ||||
Gross amounts of building and improvements | 2,623 | ||||
Total real estate properties gross | [2] | 3,510 | |||
Accumulated Depreciation | [3] | $ 588 | |||
Year Built/Renovated | [4] | 1970 | |||
Depreciable Life (in years) | [5] | 20 years | |||
Year Acquired | 2019 | ||||
Chicago, IL - 7420 Meade Ave. | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 586 | ||||
Initial cost of building and improvements | 367 | ||||
Costs Capitalized Subsequent to Acquisition | 104 | ||||
Gross amounts of land | 586 | ||||
Gross amounts of building and improvements | 471 | ||||
Total real estate properties gross | [2] | 1,057 | |||
Accumulated Depreciation | [3] | $ 162 | |||
Year Built/Renovated | [4] | 1970 | |||
Depreciable Life (in years) | [5] | 20 years | |||
Year Acquired | 2019 | ||||
Chicago, IL - 1717 West Harvester Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 3,843 | ||||
Initial cost of building and improvements | 12,848 | ||||
Costs Capitalized Subsequent to Acquisition | 5 | ||||
Gross amounts of land | 3,843 | ||||
Gross amounts of building and improvements | 12,853 | ||||
Total real estate properties gross | [2] | 16,696 | |||
Accumulated Depreciation | [3] | $ 3,226 | |||
Year Built/Renovated | [4] | 1970 | |||
Depreciable Life (in years) | [5] | 15 years | |||
Year Acquired | 2020 | ||||
Chicago, IL - 1301 Ridgeview Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,231 | ||||
Initial cost of building and improvements | 12,623 | ||||
Costs Capitalized Subsequent to Acquisition | 79 | ||||
Gross amounts of land | 1,231 | ||||
Gross amounts of building and improvements | 12,702 | ||||
Total real estate properties gross | [2] | 13,933 | |||
Accumulated Depreciation | [3] | $ 774 | |||
Year Built/Renovated | [4] | 1995/2020 | |||
Depreciable Life (in years) | [5] | 25 years | |||
Year Acquired | 2021 | ||||
Chicago, IL - 1900 S. Batavia | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 7,337 | ||||
Initial cost of building and improvements | 20,387 | ||||
Costs Capitalized Subsequent to Acquisition | 23 | ||||
Gross amounts of land | 7,337 | ||||
Gross amounts of building and improvements | 20,410 | ||||
Total real estate properties gross | [2] | 27,747 | |||
Accumulated Depreciation | [3] | $ 1,644 | |||
Year Built/Renovated | [4] | 1958/1989/2010 | |||
Depreciable Life (in years) | [5] | 21 years | |||
Year Acquired | 2021 | ||||
Chicago, IL - 6035 West Gross Point Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 2,706 | ||||
Initial cost of building and improvements | 4,351 | ||||
Costs Capitalized Subsequent to Acquisition | 8 | ||||
Gross amounts of land | 2,706 | ||||
Gross amounts of building and improvements | 4,359 | ||||
Total real estate properties gross | [2] | 7,065 | |||
Accumulated Depreciation | [3] | $ 610 | |||
Year Built/Renovated | [4] | 1956/1985 | |||
Depreciable Life (in years) | [5] | 15 years | |||
Year Acquired | 2021 | ||||
Chicago, IL - 800 Church Street | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 2,019 | ||||
Initial cost of building and improvements | 6,197 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 2,019 | ||||
Gross amounts of building and improvements | 6,197 | ||||
Total real estate properties gross | [2] | 8,216 | |||
Accumulated Depreciation | [3] | $ 396 | |||
Year Built/Renovated | [4] | 1974/2020 | |||
Depreciable Life (in years) | [5] | 22 years | |||
Year Acquired | 2021 | ||||
Chicago, IL - 2600 Commerce Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,028 | ||||
Initial cost of building and improvements | 5,597 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 1,028 | ||||
Gross amounts of building and improvements | 5,597 | ||||
Total real estate properties gross | [2] | 6,625 | |||
Accumulated Depreciation | [3] | $ 160 | |||
Year Built/Renovated | [4] | 2001 | |||
Depreciable Life (in years) | [5] | 30 years | |||
Year Acquired | 2022 | ||||
Cncinnati, OH - 4115 Thunderbird Lane | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 275 | ||||
Initial cost of building and improvements | 2,093 | ||||
Costs Capitalized Subsequent to Acquisition | 192 | ||||
Gross amounts of land | 275 | ||||
Gross amounts of building and improvements | 2,285 | ||||
Total real estate properties gross | [2] | 2,560 | |||
Accumulated Depreciation | [3] | $ 992 | |||
Year Built/Renovated | [4] | 1991 | |||
Depreciable Life (in years) | [5] | 22 years | |||
Year Acquired | 2014 | ||||
Cincinnati, OH - 7585 Empire Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 644 | ||||
Initial cost of building and improvements | 2,658 | ||||
Costs Capitalized Subsequent to Acquisition | 363 | ||||
Gross amounts of land | 644 | ||||
Gross amounts of building and improvements | 3,021 | ||||
Total real estate properties gross | [2] | 3,665 | |||
Accumulated Depreciation | [3] | $ 2,047 | |||
Year Built/Renovated | [4] | 1973 | |||
Depreciable Life (in years) | [5] | 11 years | |||
Year Acquired | 2014 | ||||
Cncinnati, OH - Mosteller Distribution Center | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 1,501 | ||||
Initial cost of building and improvements | 9,424 | ||||
Costs Capitalized Subsequent to Acquisition | 87 | ||||
Gross amounts of land | 1,501 | ||||
Gross amounts of building and improvements | 9,511 | ||||
Total real estate properties gross | [2] | 11,012 | |||
Accumulated Depreciation | [3] | $ 5,694 | |||
Year Built/Renovated | [4] | 1959 | |||
Depreciable Life (in years) | [5] | 14 years | |||
Year Acquired | 2014 | ||||
Cncinnati, OH - Fisher Industrial Park | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 4,147 | ||||
Initial cost of building and improvements | 18,147 | ||||
Costs Capitalized Subsequent to Acquisition | 6,191 | ||||
Gross amounts of land | 4,147 | ||||
Gross amounts of building and improvements | 24,338 | ||||
Total real estate properties gross | [2] | 28,485 | |||
Accumulated Depreciation | [3] | $ 5,116 | |||
Year Built/Renovated | [4] | 1946 | |||
Depreciable Life (in years) | [5] | 20 years | |||
Year Acquired | 2018 | ||||
Cncinnati, OH - 2700-2758 E Kemper Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 847 | ||||
Initial cost of building and improvements | 5,196 | ||||
Costs Capitalized Subsequent to Acquisition | 306 | ||||
Gross amounts of land | 847 | ||||
Gross amounts of building and improvements | 5,502 | ||||
Total real estate properties gross | [2] | 6,349 | |||
Accumulated Depreciation | [3] | $ 802 | |||
Year Built/Renovated | [4] | 1990 | |||
Depreciable Life (in years) | [5] | 35 years | |||
Year Acquired | 2019 | ||||
Cncinnati, OH - 2800-2888 E Kemper Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 752 | ||||
Initial cost of building and improvements | 5,448 | ||||
Costs Capitalized Subsequent to Acquisition | 387 | ||||
Gross amounts of land | 752 | ||||
Gross amounts of building and improvements | 5,835 | ||||
Total real estate properties gross | [2] | 6,587 | |||
Accumulated Depreciation | [3] | $ 816 | |||
Year Built/Renovated | [4] | 1989 | |||
Depreciable Life (in years) | [5] | 35 years | |||
Year Acquired | 2019 | ||||
Cncinnati, OH - 4514-4548 Cornell Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 998 | ||||
Initial cost of building and improvements | 7,281 | ||||
Costs Capitalized Subsequent to Acquisition | 564 | ||||
Gross amounts of land | 998 | ||||
Gross amounts of building and improvements | 7,845 | ||||
Total real estate properties gross | [2] | 8,843 | |||
Accumulated Depreciation | [3] | $ 1,251 | |||
Year Built/Renovated | [4] | 1976 | |||
Depreciable Life (in years) | [5] | 28 years | |||
Year Acquired | 2019 | ||||
Cncinnati, OH - 6900-6918 Fairfield Business Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 244 | ||||
Initial cost of building and improvements | 2,020 | ||||
Costs Capitalized Subsequent to Acquisition | 355 | ||||
Gross amounts of land | 244 | ||||
Gross amounts of building and improvements | 2,375 | ||||
Total real estate properties gross | [2] | 2,619 | |||
Accumulated Depreciation | [3] | $ 232 | |||
Year Built/Renovated | [4] | 1990 | |||
Depreciable Life (in years) | [5] | 38 years | |||
Year Acquired | 2019 | ||||
Cincinnati, OH - 3741 Port Union Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 418 | ||||
Initial cost of building and improvements | 3,381 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 418 | ||||
Gross amounts of building and improvements | 3,381 | ||||
Total real estate properties gross | [2] | 3,799 | |||
Accumulated Depreciation | [3] | $ 85 | |||
Year Built/Renovated | [4] | 1995/2001 | |||
Depreciable Life (in years) | [5] | 30 years | |||
Year Acquired | 2022 | ||||
Cincinnati, OH - 4225-4331 Dues Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 2,260 | ||||
Initial cost of building and improvements | 16,300 | ||||
Costs Capitalized Subsequent to Acquisition | 79 | ||||
Gross amounts of land | 2,260 | ||||
Gross amounts of building and improvements | 16,379 | ||||
Total real estate properties gross | [2] | 18,639 | |||
Accumulated Depreciation | [3] | $ 854 | |||
Year Built/Renovated | [4] | 1972 | |||
Depreciable Life (in years) | [5] | 18 years | |||
Year Acquired | 2022 | ||||
Cleveland, OH - 1755 Enterprise Parkway | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 1,411 | ||||
Initial cost of building and improvements | 12,281 | ||||
Costs Capitalized Subsequent to Acquisition | 1,739 | ||||
Gross amounts of land | 1,411 | ||||
Gross amounts of building and improvements | 14,020 | ||||
Total real estate properties gross | [2] | 15,431 | |||
Accumulated Depreciation | [3] | $ 4,968 | |||
Year Built/Renovated | [4] | 1978/2005 | |||
Depreciable Life (in years) | [5] | 27 years | |||
Year Acquired | 2014 | ||||
Cleveland, OH - 30339 Diamond Parkway | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 2,815 | ||||
Initial cost of building and improvements | 22,792 | ||||
Costs Capitalized Subsequent to Acquisition | 254 | ||||
Gross amounts of land | 2,815 | ||||
Gross amounts of building and improvements | 23,046 | ||||
Total real estate properties gross | [2] | 25,861 | |||
Accumulated Depreciation | [3] | $ 3,610 | |||
Year Built/Renovated | [4] | 2007 | |||
Depreciable Life (in years) | [5] | 34 years | |||
Year Acquired | 2018 | ||||
Cleveland, OH - 14801 Country Rd 212 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 985 | ||||
Initial cost of building and improvements | 13,062 | ||||
Costs Capitalized Subsequent to Acquisition | 1 | ||||
Gross amounts of land | 985 | ||||
Gross amounts of building and improvements | 13,063 | ||||
Total real estate properties gross | [2] | 14,048 | |||
Accumulated Depreciation | [3] | $ 2,005 | |||
Year Built/Renovated | [4] | 1998 | |||
Depreciable Life (in years) | [5] | 25 years | |||
Year Acquired | 2019 | ||||
Cleveland, OH - 1200 Chester Industrial Parkway North | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,213 | ||||
Initial cost of building and improvements | 6,602 | ||||
Costs Capitalized Subsequent to Acquisition | 70 | ||||
Gross amounts of land | 1,213 | ||||
Gross amounts of building and improvements | 6,672 | ||||
Total real estate properties gross | [2] | 7,885 | |||
Accumulated Depreciation | [3] | $ 919 | |||
Year Built/Renovated | [4] | 2007/2009 | |||
Depreciable Life (in years) | [5] | 27 years | |||
Year Acquired | 2020 | ||||
Cleveland, OH - 1200 Chester Industrial Parkway South | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 562 | ||||
Initial cost of building and improvements | 2,689 | ||||
Costs Capitalized Subsequent to Acquisition | 59 | ||||
Gross amounts of land | 562 | ||||
Gross amounts of building and improvements | 2,748 | ||||
Total real estate properties gross | [2] | 3,310 | |||
Accumulated Depreciation | [3] | $ 440 | |||
Year Built/Renovated | [4] | 1991 | |||
Depreciable Life (in years) | [5] | 23 years | |||
Year Acquired | 2020 | ||||
Cleveland, OH - 1350 Moore Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 809 | ||||
Initial cost of building and improvements | 2,860 | ||||
Costs Capitalized Subsequent to Acquisition | 227 | ||||
Gross amounts of land | 809 | ||||
Gross amounts of building and improvements | 3,087 | ||||
Total real estate properties gross | [2] | 3,896 | |||
Accumulated Depreciation | [3] | $ 549 | |||
Year Built/Renovated | [4] | 1997 | |||
Depreciable Life (in years) | 20 years | ||||
Year Acquired | 2020 | ||||
Cleveland, OH - 1366 Commerce Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,069 | ||||
Initial cost of building and improvements | 4,363 | ||||
Costs Capitalized Subsequent to Acquisition | (220) | ||||
Gross amounts of land | 847 | ||||
Gross amounts of building and improvements | 4,365 | ||||
Total real estate properties gross | [2] | 5,212 | |||
Accumulated Depreciation | [3] | $ 823 | |||
Year Built/Renovated | [4] | 1960 | |||
Depreciable Life (in years) | [5] | 13 years | |||
Year Acquired | 2020 | ||||
Cleveland, OH - 2100 International Parkway (2) | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | |||||
Initial cost of building and improvements | 14,818 | ||||
Costs Capitalized Subsequent to Acquisition | 233 | ||||
Gross amounts of land | |||||
Gross amounts of building and improvements | 15,051 | ||||
Total real estate properties gross | [2] | 15,051 | |||
Accumulated Depreciation | [3] | $ 1,201 | |||
Year Built/Renovated | [4] | 2000 | |||
Depreciable Life (in years) | [5] | 31 years | |||
Year Acquired | 2020 | ||||
Cleveland, OH - 2210 International Parkway | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | |||||
Initial cost of building and improvements | 15,033 | ||||
Costs Capitalized Subsequent to Acquisition | 5 | ||||
Gross amounts of land | |||||
Gross amounts of building and improvements | 15,038 | ||||
Total real estate properties gross | [2] | 15,038 | |||
Accumulated Depreciation | [3] | $ 1,233 | |||
Year Built/Renovated | [4] | 2001 | |||
Depreciable Life (in years) | [5] | 27 years | |||
Year Acquired | 2020 | ||||
Cleveland, OH - Gilchrist Road I | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,775 | ||||
Initial cost of building and improvements | 6,541 | ||||
Costs Capitalized Subsequent to Acquisition | 185 | ||||
Gross amounts of land | 1,775 | ||||
Gross amounts of building and improvements | 6,726 | ||||
Total real estate properties gross | [2] | 8,501 | |||
Accumulated Depreciation | [3] | $ 1,026 | |||
Year Built/Renovated | [4] | 1961-1978 | |||
Depreciable Life (in years) | [5] | 17 years | |||
Year Acquired | 2020 | ||||
Cleveland, OH - Gilchrist Road II | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 2,671 | ||||
Initial cost of building and improvements | 14,959 | ||||
Costs Capitalized Subsequent to Acquisition | 154 | ||||
Gross amounts of land | 2,671 | ||||
Gross amounts of building and improvements | 15,113 | ||||
Total real estate properties gross | [2] | 17,784 | |||
Accumulated Depreciation | [3] | $ 2,210 | |||
Year Built/Renovated | [4] | 1994-1998 | |||
Depreciable Life (in years) | [5] | 22 years | |||
Year Acquired | 2020 | ||||
Cleveland, OH - Gilchrist Road III | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 977 | ||||
Initial cost of building and improvements | 12,416 | ||||
Costs Capitalized Subsequent to Acquisition | 139 | ||||
Gross amounts of land | 977 | ||||
Gross amounts of building and improvements | 12,555 | ||||
Total real estate properties gross | [2] | 13,532 | |||
Accumulated Depreciation | [3] | $ 1,319 | |||
Year Built/Renovated | [4] | 1994/1998 | |||
Depreciable Life (in years) | [5] | 22 years | |||
Year Acquired | 2020 | ||||
Cleveland, OH - 4211 Shuffel Street NW | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,086 | ||||
Initial cost of building and improvements | 12,287 | ||||
Costs Capitalized Subsequent to Acquisition | 3 | ||||
Gross amounts of land | 1,086 | ||||
Gross amounts of building and improvements | 12,290 | ||||
Total real estate properties gross | [2] | 13,376 | |||
Accumulated Depreciation | [3] | $ 1,595 | |||
Year Built/Renovated | [4] | 1994 | |||
Depreciable Life (in years) | [5] | 21 years | |||
Year Acquired | 2020 | ||||
Cleveland, OH - 31000 Viking Parkway | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,458 | ||||
Initial cost of building and improvements | 5,494 | ||||
Costs Capitalized Subsequent to Acquisition | 315 | ||||
Gross amounts of land | 1,458 | ||||
Gross amounts of building and improvements | 5,809 | ||||
Total real estate properties gross | [2] | 7,267 | |||
Accumulated Depreciation | [3] | $ 459 | |||
Year Built/Renovated | [4] | 1998 | |||
Depreciable Life (in years) | [5] | 29 years | |||
Year Acquired | 2021 | ||||
Cleveland, OH - 1120 West 130th St | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,058 | ||||
Initial cost of building and improvements | 7,205 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 1,058 | ||||
Gross amounts of building and improvements | 7,205 | ||||
Total real estate properties gross | [2] | 8,263 | |||
Accumulated Depreciation | [3] | $ 175 | |||
Year Built/Renovated | [4] | 2000 | |||
Depreciable Life (in years) | [5] | 28 years | |||
Year Acquired | 2022 | ||||
Cleveland, OH - 22209 Rockside Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 2,198 | ||||
Initial cost of building and improvements | 13,265 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 2,198 | ||||
Gross amounts of building and improvements | 13,265 | ||||
Total real estate properties gross | [2] | 15,463 | |||
Accumulated Depreciation | [3] | $ 324 | |||
Year Built/Renovated | [4] | 2008 | |||
Depreciable Life (in years) | [5] | 31 years | |||
Year Acquired | 2022 | ||||
Columbus, OH - 3100 Creekside Parkway | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 1,203 | ||||
Initial cost of building and improvements | 9,603 | ||||
Costs Capitalized Subsequent to Acquisition | 555 | ||||
Gross amounts of land | 1,203 | ||||
Gross amounts of building and improvements | 10,158 | ||||
Total real estate properties gross | [2] | 11,361 | |||
Accumulated Depreciation | [3] | $ 3,487 | |||
Year Built/Renovated | [4] | 2000 | |||
Depreciable Life (in years) | [5] | 27 years | |||
Year Acquired | 2014 | ||||
Columbus, OH - 3500 Southwest Boulevard | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 1,488 | ||||
Initial cost of building and improvements | 16,730 | ||||
Costs Capitalized Subsequent to Acquisition | 1,387 | ||||
Gross amounts of land | 1,488 | ||||
Gross amounts of building and improvements | 18,117 | ||||
Total real estate properties gross | [2] | 19,605 | |||
Accumulated Depreciation | [3] | $ 7,164 | |||
Year Built/Renovated | [4] | 1992/2018 | |||
Depreciable Life (in years) | [5] | 22 years | |||
Year Acquired | 2014 | ||||
Columbus, OH - 7001 American Parkway | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 331 | ||||
Initial cost of building and improvements | 1,416 | ||||
Costs Capitalized Subsequent to Acquisition | 82 | ||||
Gross amounts of land | 331 | ||||
Gross amounts of building and improvements | 1,498 | ||||
Total real estate properties gross | [2] | 1,829 | |||
Accumulated Depreciation | [3] | $ 794 | |||
Year Built/Renovated | [4] | 1986/2007 & 2012 | |||
Depreciable Life (in years) | [5] | 20 years | |||
Year Acquired | 2014 | ||||
Columbus, OH - 8273 Green Meadows Dr | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 341 | ||||
Initial cost of building and improvements | 2,266 | ||||
Costs Capitalized Subsequent to Acquisition | 393 | ||||
Gross amounts of land | 341 | ||||
Gross amounts of building and improvements | 2,659 | ||||
Total real estate properties gross | [2] | 3,000 | |||
Accumulated Depreciation | [3] | $ 932 | |||
Year Built/Renovated | [4] | 1996/2007 | |||
Depreciable Life (in years) | [5] | 27 years | |||
Year Acquired | 2014 | ||||
Columbus, OH - 8288 Green Meadows Dr | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 1,107 | ||||
Initial cost of building and improvements | 8,413 | ||||
Costs Capitalized Subsequent to Acquisition | 532 | ||||
Gross amounts of land | 1,107 | ||||
Gross amounts of building and improvements | 8,945 | ||||
Total real estate properties gross | [2] | 10,052 | |||
Accumulated Depreciation | [3] | $ 4,688 | |||
Year Built/Renovated | [4] | 1988 | |||
Depreciable Life (in years) | [5] | 17 years | |||
Year Acquired | 2014 | ||||
Columbus, OH - 2120-2138 New World Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 400 | ||||
Initial cost of building and improvements | 3,007 | ||||
Costs Capitalized Subsequent to Acquisition | 112 | ||||
Gross amounts of land | 400 | ||||
Gross amounts of building and improvements | 3,119 | ||||
Total real estate properties gross | [2] | 3,519 | |||
Accumulated Depreciation | [3] | $ 1,172 | |||
Year Built/Renovated | [4] | 1971 | |||
Depreciable Life (in years) | [5] | 18 years | |||
Year Acquired | 2017 | ||||
Columbus, OH - 459 Orange Point Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 1,256 | ||||
Initial cost of building and improvements | 6,793 | ||||
Costs Capitalized Subsequent to Acquisition | 408 | ||||
Gross amounts of land | 1,256 | ||||
Gross amounts of building and improvements | 7,201 | ||||
Total real estate properties gross | [2] | 8,457 | |||
Accumulated Depreciation | [3] | $ 796 | |||
Year Built/Renovated | [4] | 2001 | |||
Depreciable Life (in years) | [5] | 40 years | |||
Year Acquired | 2019 | ||||
Columbus, OH - 7719 Graphics Way | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 1,297 | ||||
Initial cost of building and improvements | 2,743 | ||||
Costs Capitalized Subsequent to Acquisition | 142 | ||||
Gross amounts of land | 1,297 | ||||
Gross amounts of building and improvements | 2,885 | ||||
Total real estate properties gross | [2] | 4,182 | |||
Accumulated Depreciation | [3] | $ 395 | |||
Year Built/Renovated | [4] | 2000 | |||
Depreciable Life (in years) | [5] | 40 years | |||
Year Acquired | 2019 | ||||
Columbus, OH - 100 Paragon Parkway | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 582 | ||||
Initial cost of building and improvements | 9,130 | ||||
Costs Capitalized Subsequent to Acquisition | 1 | ||||
Gross amounts of land | 582 | ||||
Gross amounts of building and improvements | 9,131 | ||||
Total real estate properties gross | [2] | 9,713 | |||
Accumulated Depreciation | [3] | $ 1,731 | |||
Year Built/Renovated | [4] | 1995 | |||
Depreciable Life (in years) | [5] | 17 years | |||
Year Acquired | 2020 | ||||
Columbus, OH - 1650-1654 Williams Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,581 | ||||
Initial cost of building and improvements | 23,818 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 1,581 | ||||
Gross amounts of building and improvements | 23,818 | ||||
Total real estate properties gross | [2] | 25,399 | |||
Accumulated Depreciation | [3] | $ 2,424 | |||
Year Built/Renovated | [4] | 1973/1974,1975 | |||
Depreciable Life (in years) | [5] | 20 years | |||
Year Acquired | 2021 | ||||
Columbus, OH - 1520-1530 Experiment Farm Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 576 | ||||
Initial cost of building and improvements | 7,164 | ||||
Costs Capitalized Subsequent to Acquisition | 17 | ||||
Gross amounts of land | 576 | ||||
Gross amounts of building and improvements | 7,181 | ||||
Total real estate properties gross | [2] | 7,757 | |||
Accumulated Depreciation | [3] | $ 392 | |||
Year Built/Renovated | [4] | 1997 | |||
Depreciable Life (in years) | [5] | 25 years | |||
Year Acquired | 2021 | ||||
Columbus, OH - 2180 Corporate Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 586 | ||||
Initial cost of building and improvements | 8,311 | ||||
Costs Capitalized Subsequent to Acquisition | 12 | ||||
Gross amounts of land | 586 | ||||
Gross amounts of building and improvements | 8,323 | ||||
Total real estate properties gross | [2] | 8,909 | |||
Accumulated Depreciation | [3] | $ 449 | |||
Year Built/Renovated | [4] | 1996 | |||
Depreciable Life (in years) | [5] | 27 years | |||
Year Acquired | 2021 | ||||
Columbus, OH - 2800 Howard Street | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,306 | ||||
Initial cost of building and improvements | 20,266 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 1,306 | ||||
Gross amounts of building and improvements | 20,266 | ||||
Total real estate properties gross | [2] | 21,572 | |||
Accumulated Depreciation | [3] | $ 781 | |||
Year Built/Renovated | [4] | 2016 | |||
Depreciable Life (in years) | [5] | 31 years | |||
Year Acquired | 2021 | ||||
Columbus, OH - 952 Dorset Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 242 | ||||
Initial cost of building and improvements | 3,492 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 242 | ||||
Gross amounts of building and improvements | 3,492 | ||||
Total real estate properties gross | [2] | 3,734 | |||
Accumulated Depreciation | [3] | $ 189 | |||
Year Built/Renovated | [4] | 1988 | |||
Depreciable Life (in years) | [5] | 25 years | |||
Year Acquired | 2021 | ||||
Columbus, OH - 2626 Port Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,149 | ||||
Initial cost of building and improvements | 8,212 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 1,149 | ||||
Gross amounts of building and improvements | 8,212 | ||||
Total real estate properties gross | [2] | 9,361 | |||
Accumulated Depreciation | [3] | $ 317 | |||
Year Built/Renovated | [4] | 1994 | |||
Depreciable Life (in years) | [5] | 26 years | |||
Year Acquired | 2022 | ||||
Indianapolis, IN - 3035 North Shadeland Ave | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 1,966 | ||||
Initial cost of building and improvements | 11,740 | ||||
Costs Capitalized Subsequent to Acquisition | 1,446 | ||||
Gross amounts of land | 1,966 | ||||
Gross amounts of building and improvements | 13,186 | ||||
Total real estate properties gross | [2] | 15,152 | |||
Accumulated Depreciation | [3] | $ 4,575 | |||
Year Built/Renovated | [4] | 1962/2001 & 2004 | |||
Depreciable Life (in years) | [5] | 17 years | |||
Year Acquired | 2017 | ||||
Indianapolis, IN - 3169 North Shadeland Ave | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 148 | ||||
Initial cost of building and improvements | 884 | ||||
Costs Capitalized Subsequent to Acquisition | (65) | ||||
Gross amounts of land | 148 | ||||
Gross amounts of building and improvements | 819 | ||||
Total real estate properties gross | [2] | 967 | |||
Accumulated Depreciation | [3] | $ 374 | |||
Year Built/Renovated | [4] | 1979/1993 | |||
Depreciable Life (in years) | [5] | 17 years | |||
Year Acquired | 2017 | ||||
Indianapolis, IN - 2900 N. Shadeland Avenue | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 4,632 | ||||
Initial cost of building and improvements | 14,572 | ||||
Costs Capitalized Subsequent to Acquisition | 1,059 | ||||
Gross amounts of land | 4,632 | ||||
Gross amounts of building and improvements | 15,631 | ||||
Total real estate properties gross | [2] | 20,263 | |||
Accumulated Depreciation | [3] | $ 4,323 | |||
Year Built/Renovated | [4] | 1957/1992 | |||
Depreciable Life (in years) | [5] | 15 years | |||
Year Acquired | 2019 | ||||
Indianapolis, IN - 4430 Sam Jones Expressway | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 2,644 | ||||
Initial cost of building and improvements | 12,570 | ||||
Costs Capitalized Subsequent to Acquisition | 203 | ||||
Gross amounts of land | 2,644 | ||||
Gross amounts of building and improvements | 12,773 | ||||
Total real estate properties gross | [2] | 15,417 | |||
Accumulated Depreciation | [3] | $ 2,420 | |||
Year Built/Renovated | [4] | 1970 | |||
Depreciable Life (in years) | [5] | 22 years | |||
Year Acquired | 2019 | ||||
Indianapolis, IN - 6555 East 30th Street | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,881 | ||||
Initial cost of building and improvements | 6,636 | ||||
Costs Capitalized Subsequent to Acquisition | 563 | ||||
Gross amounts of land | 1,881 | ||||
Gross amounts of building and improvements | 7,199 | ||||
Total real estate properties gross | [2] | 9,080 | |||
Accumulated Depreciation | [3] | $ 1,758 | |||
Year Built/Renovated | [4] | 1969/1997 | |||
Depreciable Life (in years) | [5] | 17 years | |||
Year Acquired | 2019 | ||||
Indianapolis, IN - 6575 East 30th Street | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 566 | ||||
Initial cost of building and improvements | 1,408 | ||||
Costs Capitalized Subsequent to Acquisition | 2 | ||||
Gross amounts of land | 566 | ||||
Gross amounts of building and improvements | 1,410 | ||||
Total real estate properties gross | [2] | 1,976 | |||
Accumulated Depreciation | [3] | $ 335 | |||
Year Built/Renovated | [4] | 1998 | |||
Depreciable Life (in years) | [5] | 19 years | |||
Year Acquired | 2019 | ||||
Indianapolis, IN - 6585 East 30th Street | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 669 | ||||
Initial cost of building and improvements | 2,216 | ||||
Costs Capitalized Subsequent to Acquisition | 144 | ||||
Gross amounts of land | 669 | ||||
Gross amounts of building and improvements | 2,360 | ||||
Total real estate properties gross | [2] | 3,029 | |||
Accumulated Depreciation | [3] | $ 538 | |||
Year Built/Renovated | [4] | 1998 | |||
Depreciable Life (in years) | [5] | 19 years | |||
Year Acquired | 2019 | ||||
Indianapolis, IN - 6635 East 30th Street | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 535 | ||||
Initial cost of building and improvements | 2,567 | ||||
Costs Capitalized Subsequent to Acquisition | 24 | ||||
Gross amounts of land | 535 | ||||
Gross amounts of building and improvements | 2,591 | ||||
Total real estate properties gross | [2] | 3,126 | |||
Accumulated Depreciation | [3] | $ 510 | |||
Year Built/Renovated | [4] | 1998 | |||
Depreciable Life (in years) | [5] | 19 years | |||
Year Acquired | 2019 | ||||
Indianapolis, IN - 6701 East 30th Street | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 334 | ||||
Initial cost of building and improvements | 428 | ||||
Costs Capitalized Subsequent to Acquisition | 2 | ||||
Gross amounts of land | 334 | ||||
Gross amounts of building and improvements | 430 | ||||
Total real estate properties gross | [2] | 764 | |||
Accumulated Depreciation | [3] | $ 176 | |||
Year Built/Renovated | [4] | 1990 | |||
Depreciable Life (in years) | [5] | 17 years | |||
Year Acquired | 2019 | ||||
Indianapolis, IN - 6737 East 30th Street | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 609 | ||||
Initial cost of building and improvements | 1,858 | ||||
Costs Capitalized Subsequent to Acquisition | 25 | ||||
Gross amounts of land | 609 | ||||
Gross amounts of building and improvements | 1,883 | ||||
Total real estate properties gross | [2] | 2,492 | |||
Accumulated Depreciation | [3] | $ 463 | |||
Year Built/Renovated | [4] | 1995 | |||
Depreciable Life (in years) | [5] | 17 years | |||
Year Acquired | 2019 | ||||
Indianapolis, IN - 6751 East 30th Street | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 709 | ||||
Initial cost of building and improvements | 2,083 | ||||
Costs Capitalized Subsequent to Acquisition | 133 | ||||
Gross amounts of land | 709 | ||||
Gross amounts of building and improvements | 2,216 | ||||
Total real estate properties gross | [2] | 2,925 | |||
Accumulated Depreciation | [3] | $ 489 | |||
Year Built/Renovated | [4] | 1997 | |||
Depreciable Life (in years) | [5] | 18 years | |||
Year Acquired | 2019 | ||||
Indianapolis, IN - 6951 East 30th Street | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 424 | ||||
Initial cost of building and improvements | 1,323 | ||||
Costs Capitalized Subsequent to Acquisition | 64 | ||||
Gross amounts of land | 424 | ||||
Gross amounts of building and improvements | 1,387 | ||||
Total real estate properties gross | [2] | 1,811 | |||
Accumulated Depreciation | [3] | $ 318 | |||
Year Built/Renovated | [4] | 1995 | |||
Depreciable Life (in years) | [5] | 21 years | |||
Year Acquired | 2019 | ||||
Indianapolis, IN - 7901 W. 21st Street | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,870 | ||||
Initial cost of building and improvements | 8,844 | ||||
Costs Capitalized Subsequent to Acquisition | 1,833 | ||||
Gross amounts of land | 1,870 | ||||
Gross amounts of building and improvements | 10,677 | ||||
Total real estate properties gross | [2] | 12,547 | |||
Accumulated Depreciation | [3] | $ 1,712 | |||
Year Built/Renovated | [4] | 1985/1994 | |||
Depreciable Life (in years) | [5] | 20 years | |||
Year Acquired | 2019 | ||||
Indianapolis, IN - 3333 N. Franklin Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,363 | ||||
Initial cost of building and improvements | 6,525 | ||||
Costs Capitalized Subsequent to Acquisition | 25 | ||||
Gross amounts of land | 1,363 | ||||
Gross amounts of building and improvements | 6,550 | ||||
Total real estate properties gross | [2] | 7,913 | |||
Accumulated Depreciation | [3] | $ 1,517 | |||
Year Built/Renovated | [4] | 1967 | |||
Depreciable Life (in years) | [5] | 15 years | |||
Year Acquired | 2020 | ||||
Indianapolis, IN - 3701 David Howarth Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 938 | ||||
Initial cost of building and improvements | 21,471 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 938 | ||||
Gross amounts of building and improvements | 21,471 | ||||
Total real estate properties gross | [2] | 22,409 | |||
Accumulated Depreciation | [3] | $ 847 | |||
Year Built/Renovated | [4] | 2008/2019 | |||
Depreciable Life (in years) | [5] | 35 years | |||
Year Acquired | 2021 | ||||
Indianapolis, IN - 7750 Georgetown Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,943 | ||||
Initial cost of building and improvements | 5,605 | ||||
Costs Capitalized Subsequent to Acquisition | 8 | ||||
Gross amounts of land | 1,943 | ||||
Gross amounts of building and improvements | 5,613 | ||||
Total real estate properties gross | [2] | 7,556 | |||
Accumulated Depreciation | [3] | $ 286 | |||
Year Built/Renovated | [4] | 2006 | |||
Depreciable Life (in years) | [5] | 32 years | |||
Year Acquired | 2021 | ||||
Indianapolis, IN - 3525 South Arlington Avenue | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 2,569 | ||||
Initial cost of building and improvements | 10,764 | ||||
Costs Capitalized Subsequent to Acquisition | 10 | ||||
Gross amounts of land | 2,569 | ||||
Gross amounts of building and improvements | 10,774 | ||||
Total real estate properties gross | [2] | 13,343 | |||
Accumulated Depreciation | [3] | $ 465 | |||
Year Built/Renovated | [4] | 1990 | |||
Depreciable Life (in years) | [5] | 23 years | |||
Year Acquired | 2022 | ||||
Jacksonville, FL - Center Point Business Park | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 9,848 | ||||
Initial cost of building and improvements | 26,411 | ||||
Costs Capitalized Subsequent to Acquisition | 770 | ||||
Gross amounts of land | 9,848 | ||||
Gross amounts of building and improvements | 27,181 | ||||
Total real estate properties gross | [2] | 37,029 | |||
Accumulated Depreciation | [3] | $ 4,342 | |||
Year Built/Renovated | [4] | 1990-1997 | |||
Depreciable Life (in years) | [5] | 35 years | |||
Year Acquired | 2018 | ||||
Jacksonville, FL - Liberty Business Park | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 9,347 | ||||
Initial cost of building and improvements | 26,978 | ||||
Costs Capitalized Subsequent to Acquisition | 867 | ||||
Gross amounts of land | 9,347 | ||||
Gross amounts of building and improvements | 27,845 | ||||
Total real estate properties gross | [2] | 37,192 | |||
Accumulated Depreciation | [3] | $ 4,359 | |||
Year Built/Renovated | [4] | 1996-1999 | |||
Depreciable Life (in years) | [5] | 38 years | |||
Year Acquired | 2018 | ||||
Jacksonville, FL - Salisbury Business Park | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 4,354 | ||||
Initial cost of building and improvements | 9,049 | ||||
Costs Capitalized Subsequent to Acquisition | 70 | ||||
Gross amounts of land | 4,354 | ||||
Gross amounts of building and improvements | 9,119 | ||||
Total real estate properties gross | [2] | 13,473 | |||
Accumulated Depreciation | [3] | $ 1,588 | |||
Year Built/Renovated | [4] | 2001-2012 | |||
Depreciable Life (in years) | [5] | 32 years | |||
Year Acquired | 2018 | ||||
Jacksonville, FL - 265, 338, 430 Industrial Boulevard | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 2,562 | ||||
Initial cost of building and improvements | 15,116 | ||||
Costs Capitalized Subsequent to Acquisition | 411 | ||||
Gross amounts of land | 2,562 | ||||
Gross amounts of building and improvements | 15,527 | ||||
Total real estate properties gross | [2] | 18,089 | |||
Accumulated Depreciation | [3] | $ 2,656 | |||
Year Built/Renovated | [4] | 1988-1996/1999, 2001 | |||
Depreciable Life (in years) | [5] | 18 years | |||
Year Acquired | 2020 | ||||
Jacksonville, FL - 8451 Western Way | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 4,240 | ||||
Initial cost of building and improvements | 13,983 | ||||
Costs Capitalized Subsequent to Acquisition | 86 | ||||
Gross amounts of land | 4,240 | ||||
Gross amounts of building and improvements | 14,069 | ||||
Total real estate properties gross | [2] | 18,309 | |||
Accumulated Depreciation | [3] | $ 1,313 | |||
Year Built/Renovated | [4] | 1968/1975 & 1987 | |||
Depreciable Life (in years) | [5] | 32 years | |||
Year Acquired | 2020 | ||||
Jacksonville, FL - 8000-8001 Belfort Parkway | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,836 | ||||
Initial cost of building and improvements | 9,460 | ||||
Costs Capitalized Subsequent to Acquisition | 81 | ||||
Gross amounts of land | 1,836 | ||||
Gross amounts of building and improvements | 9,541 | ||||
Total real estate properties gross | [2] | 11,377 | |||
Accumulated Depreciation | [3] | $ 294 | |||
Year Built/Renovated | [4] | 1999 | |||
Depreciable Life (in years) | [5] | 40 years | |||
Year Acquired | 2022 | ||||
Kansas City, MO - 5450 Deramus Avenue | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,483 | ||||
Initial cost of building and improvements | 6,609 | ||||
Costs Capitalized Subsequent to Acquisition | 935 | ||||
Gross amounts of land | 1,483 | ||||
Gross amounts of building and improvements | 7,544 | ||||
Total real estate properties gross | [2] | 9,027 | |||
Accumulated Depreciation | [3] | $ 843 | |||
Year Built/Renovated | [4] | 1976/1986 & 1994 | |||
Depreciable Life (in years) | [5] | 20 years | |||
Year Acquired | 2021 | ||||
Memphis, TN - 210 American Dr. | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 928 | ||||
Initial cost of building and improvements | 10,442 | ||||
Costs Capitalized Subsequent to Acquisition | 668 | ||||
Gross amounts of land | 928 | ||||
Gross amounts of building and improvements | 11,110 | ||||
Total real estate properties gross | [2] | 12,038 | |||
Accumulated Depreciation | [3] | $ 7,009 | |||
Year Built/Renovated | [4] | 1967/1981 & 2012 | |||
Depreciable Life (in years) | [5] | 13 years | |||
Year Acquired | 2014 | ||||
Memphis, TN - 6005, 6045 & 6075 Shelby Dr. | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 488 | ||||
Initial cost of building and improvements | 4,919 | ||||
Costs Capitalized Subsequent to Acquisition | 1,990 | ||||
Gross amounts of land | 488 | ||||
Gross amounts of building and improvements | 6,909 | ||||
Total real estate properties gross | [2] | 7,397 | |||
Accumulated Depreciation | [3] | $ 2,933 | |||
Year Built/Renovated | [4] | 1989 | |||
Depreciable Life (in years) | [5] | 19 years | |||
Year Acquired | 2014 | ||||
Memphis, TN - 3635 Knight Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 422 | ||||
Initial cost of building and improvements | 2,820 | ||||
Costs Capitalized Subsequent to Acquisition | 142 | ||||
Gross amounts of land | 422 | ||||
Gross amounts of building and improvements | 2,962 | ||||
Total real estate properties gross | [2] | 3,384 | |||
Accumulated Depreciation | [3] | $ 969 | |||
Year Built/Renovated | [4] | 1986 | |||
Depreciable Life (in years) | [5] | 18 years | |||
Year Acquired | 2017 | ||||
Memphis, TN - Airport Business Park | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,511 | ||||
Initial cost of building and improvements | 4,352 | ||||
Costs Capitalized Subsequent to Acquisition | 2,227 | ||||
Gross amounts of land | 1,511 | ||||
Gross amounts of building and improvements | 6,579 | ||||
Total real estate properties gross | [2] | 8,090 | |||
Accumulated Depreciation | [3] | $ 2,250 | |||
Year Built/Renovated | [4] | 1985-1989 | |||
Depreciable Life (in years) | [5] | 26 years | |||
Year Acquired | 2017 | ||||
Memphis, TN - 4540-4600 Pleasant Hill Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,375 | ||||
Initial cost of building and improvements | 18,854 | ||||
Costs Capitalized Subsequent to Acquisition | (161) | ||||
Gross amounts of land | 1,207 | ||||
Gross amounts of building and improvements | 18,861 | ||||
Total real estate properties gross | [2] | 20,068 | |||
Accumulated Depreciation | [3] | $ 1,892 | |||
Year Built/Renovated | [4] | 1991/2005 | |||
Depreciable Life (in years) | [5] | 37 years | |||
Year Acquired | 2019 | ||||
Memphis, TN - 1700-1710 Dunn Avenue | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 916 | ||||
Initial cost of building and improvements | 5,018 | ||||
Costs Capitalized Subsequent to Acquisition | 1,511 | ||||
Gross amounts of land | 916 | ||||
Gross amounts of building and improvements | 6,529 | ||||
Total real estate properties gross | [2] | 7,445 | |||
Accumulated Depreciation | [3] | $ 676 | |||
Year Built/Renovated | [4] | 1957-1959/1963 & 1973 | |||
Depreciable Life (in years) | [5] | 13 years | |||
Year Acquired | 2021 | ||||
Memphis, TN - 2950 Brother Boulevard | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,089 | ||||
Initial cost of building and improvements | 7,515 | ||||
Costs Capitalized Subsequent to Acquisition | 126 | ||||
Gross amounts of land | 1,089 | ||||
Gross amounts of building and improvements | 7,641 | ||||
Total real estate properties gross | [2] | 8,730 | |||
Accumulated Depreciation | [3] | $ 833 | |||
Year Built/Renovated | [4] | 1987/2019 | |||
Depreciable Life (in years) | [5] | 17 years | |||
Year Acquired | 2021 | ||||
Memphis, TN - 6290 Shelby View Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 163 | ||||
Initial cost of building and improvements | 4,631 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 163 | ||||
Gross amounts of building and improvements | 4,631 | ||||
Total real estate properties gross | [2] | 4,794 | |||
Accumulated Depreciation | [3] | $ 223 | |||
Year Built/Renovated | [4] | 1999/2003 | |||
Depreciable Life (in years) | [5] | 36 years | |||
Year Acquired | 2021 | ||||
Memphis, TN - 10455 Marina Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 613 | ||||
Initial cost of building and improvements | 6,154 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 613 | ||||
Gross amounts of building and improvements | 6,154 | ||||
Total real estate properties gross | [2] | 6,767 | |||
Accumulated Depreciation | [3] | $ 360 | |||
Year Built/Renovated | [4] | 1986 | |||
Depreciable Life (in years) | [5] | 20 years | |||
Year Acquired | 2022 | ||||
Memphis, TN - 10682 Ridgewood Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 261 | ||||
Initial cost of building and improvements | 3,513 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 261 | ||||
Gross amounts of building and improvements | 3,513 | ||||
Total real estate properties gross | [2] | 3,774 | |||
Accumulated Depreciation | [3] | $ 161 | |||
Year Built/Renovated | [4] | 1985 | |||
Depreciable Life (in years) | [5] | 23 years | |||
Year Acquired | 2022 | ||||
Memphis, TN - 1814 S Third Street | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 469 | ||||
Initial cost of building and improvements | 2,510 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 469 | ||||
Gross amounts of building and improvements | 2,510 | ||||
Total real estate properties gross | [2] | 2,979 | |||
Accumulated Depreciation | [3] | $ 213 | |||
Year Built/Renovated | [4] | 1966 | |||
Depreciable Life (in years) | [5] | 14 years | |||
Year Acquired | 2022 | ||||
Memphis, TN - 3650 Distriplex Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 704 | ||||
Initial cost of building and improvements | 12,847 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 704 | ||||
Gross amounts of building and improvements | 12,847 | ||||
Total real estate properties gross | [2] | 13,551 | |||
Accumulated Depreciation | [3] | $ 527 | |||
Year Built/Renovated | [4] | 1997 | |||
Depreciable Life (in years) | [5] | 24 years | |||
Year Acquired | 2022 | ||||
Memphis, TN - 3670 South Perkins Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 215 | ||||
Initial cost of building and improvements | 2,242 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 215 | ||||
Gross amounts of building and improvements | 2,242 | ||||
Total real estate properties gross | [2] | 2,457 | |||
Accumulated Depreciation | [3] | $ 122 | |||
Year Built/Renovated | [4] | 1974 | |||
Depreciable Life (in years) | [5] | 18 years | |||
Year Acquired | 2022 | ||||
Memphis, TN - 3980 Premier Avenue | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 354 | ||||
Initial cost of building and improvements | 3,835 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 354 | ||||
Gross amounts of building and improvements | 3,835 | ||||
Total real estate properties gross | [2] | 4,189 | |||
Accumulated Depreciation | [3] | $ 226 | |||
Year Built/Renovated | [4] | 1964 | |||
Depreciable Life (in years) | [5] | 17 years | |||
Year Acquired | 2022 | ||||
Memphis, TN - 5846 Distribution Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 164 | ||||
Initial cost of building and improvements | 2,092 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 164 | ||||
Gross amounts of building and improvements | 2,092 | ||||
Total real estate properties gross | [2] | 2,256 | |||
Accumulated Depreciation | [3] | $ 84 | |||
Year Built/Renovated | [4] | 1984 | |||
Depreciable Life (in years) | [5] | 30 years | |||
Year Acquired | 2022 | ||||
Memphis, TN - 7560 Priority Lane | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 159 | ||||
Initial cost of building and improvements | 1,561 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 159 | ||||
Gross amounts of building and improvements | 1,561 | ||||
Total real estate properties gross | [2] | 1,720 | |||
Accumulated Depreciation | [3] | $ 84 | |||
Year Built/Renovated | [4] | 1988 | |||
Depreciable Life (in years) | [5] | 21 years | |||
Year Acquired | 2022 | ||||
Memphis, TN - 8970 Deerfield Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 241 | ||||
Initial cost of building and improvements | 2,256 | ||||
Costs Capitalized Subsequent to Acquisition | 334 | ||||
Gross amounts of land | 241 | ||||
Gross amounts of building and improvements | 2,590 | ||||
Total real estate properties gross | [2] | 2,831 | |||
Accumulated Depreciation | [3] | $ 129 | |||
Year Built/Renovated | [4] | 1977 | |||
Depreciable Life (in years) | [5] | 22 years | |||
Year Acquired | 2022 | ||||
Memphis, TN - Collins Industrial Memphis | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 950 | ||||
Initial cost of building and improvements | 12,889 | ||||
Costs Capitalized Subsequent to Acquisition | 117 | ||||
Gross amounts of land | 950 | ||||
Gross amounts of building and improvements | 13,006 | ||||
Total real estate properties gross | [2] | 13,956 | |||
Accumulated Depreciation | [3] | $ 595 | |||
Year Built/Renovated | [4] | 1989-2001 | |||
Year Acquired | 2022 | ||||
Memphis, TN - Collins Industrial Memphis | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Depreciable Life (in years) | [5] | 16 years | |||
Memphis, TN - Collins Industrial Memphis | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Depreciable Life (in years) | [5] | 32 years | |||
Memphis, TN - Outland Center Memphis I | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 678 | ||||
Initial cost of building and improvements | 9,227 | ||||
Costs Capitalized Subsequent to Acquisition | 56 | ||||
Gross amounts of land | 678 | ||||
Gross amounts of building and improvements | 9,283 | ||||
Total real estate properties gross | [2] | 9,961 | |||
Accumulated Depreciation | [3] | $ 429 | |||
Year Built/Renovated | [4] | 1988 | |||
Year Acquired | 2022 | ||||
Memphis, TN - Outland Center Memphis I | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Depreciable Life (in years) | [5] | 21 years | |||
Memphis, TN - Outland Center Memphis I | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Depreciable Life (in years) | [5] | 25 years | |||
Memphis, TN - Outland Center Memphis II | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 892 | ||||
Initial cost of building and improvements | 7,424 | ||||
Costs Capitalized Subsequent to Acquisition | 12 | ||||
Gross amounts of land | 892 | ||||
Gross amounts of building and improvements | 7,436 | ||||
Total real estate properties gross | [2] | 8,328 | |||
Accumulated Depreciation | [3] | $ 479 | |||
Year Built/Renovated | [4] | 1989 | |||
Year Acquired | 2022 | ||||
Memphis, TN - Outland Center Memphis II | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Depreciable Life (in years) | [5] | 15 years | |||
Memphis, TN - Outland Center Memphis II | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Depreciable Life (in years) | [5] | 22 years | |||
Memphis, TN - Outland/Burbank Industrial | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 924 | ||||
Initial cost of building and improvements | 12,805 | ||||
Costs Capitalized Subsequent to Acquisition | 63 | ||||
Gross amounts of land | 924 | ||||
Gross amounts of building and improvements | 12,868 | ||||
Total real estate properties gross | [2] | 13,792 | |||
Accumulated Depreciation | [3] | $ 600 | |||
Year Built/Renovated | [4] | 1969-1996 | |||
Year Acquired | 2022 | ||||
Memphis, TN - Outland/Burbank Industrial | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Depreciable Life (in years) | [5] | 20 years | |||
Memphis, TN - Outland/Burbank Industrial | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Depreciable Life (in years) | [5] | 23 years | |||
Memphis, TN - Place Industrial Memphis | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 342 | ||||
Initial cost of building and improvements | 3,529 | ||||
Costs Capitalized Subsequent to Acquisition | 404 | ||||
Gross amounts of land | 342 | ||||
Gross amounts of building and improvements | 3,933 | ||||
Total real estate properties gross | [2] | 4,275 | |||
Accumulated Depreciation | [3] | $ 195 | |||
Year Built/Renovated | [4] | 1980-1988 | |||
Year Acquired | 2022 | ||||
Memphis, TN - Place Industrial Memphis | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Depreciable Life (in years) | [5] | 20 years | |||
Memphis, TN - Place Industrial Memphis | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Depreciable Life (in years) | [5] | 25 years | |||
Memphis, TN - Shelby Distribution II | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 312 | ||||
Initial cost of building and improvements | 4,564 | ||||
Costs Capitalized Subsequent to Acquisition | 208 | ||||
Gross amounts of land | 312 | ||||
Gross amounts of building and improvements | 4,772 | ||||
Total real estate properties gross | [2] | 5,084 | |||
Accumulated Depreciation | [3] | $ 184 | |||
Year Built/Renovated | [4] | 1998 | |||
Year Acquired | 2022 | ||||
Memphis, TN - Shelby Distribution II | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Depreciable Life (in years) | [5] | 25 years | |||
Memphis, TN - Shelby Distribution II | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Depreciable Life (in years) | [5] | 27 years | |||
Memphis, TN - Willow Lake Industrial | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 231 | ||||
Initial cost of building and improvements | 2,861 | ||||
Costs Capitalized Subsequent to Acquisition | 17 | ||||
Gross amounts of land | 231 | ||||
Gross amounts of building and improvements | 2,878 | ||||
Total real estate properties gross | [2] | 3,109 | |||
Accumulated Depreciation | [3] | $ 136 | |||
Year Built/Renovated | [4] | 1989 | |||
Depreciable Life (in years) | [5] | 23 years | |||
Year Acquired | 2022 | ||||
Memphis, TN - AE Beaty Drive/Appling Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 850 | ||||
Initial cost of building and improvements | 6,589 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 850 | ||||
Gross amounts of building and improvements | 6,589 | ||||
Total real estate properties gross | [2] | 7,439 | |||
Accumulated Depreciation | [3] | $ 171 | |||
Year Built/Renovated | [4] | 2006 | |||
Depreciable Life (in years) | [5] | 45 years | |||
Year Acquired | 2022 | ||||
Philadelphia, PA - 4 East Stow Road | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 1,580 | ||||
Initial cost of building and improvements | 6,954 | ||||
Costs Capitalized Subsequent to Acquisition | 174 | ||||
Gross amounts of land | 1,580 | ||||
Gross amounts of building and improvements | 7,128 | ||||
Total real estate properties gross | [2] | 8,708 | |||
Accumulated Depreciation | [3] | $ 3,289 | |||
Year Built/Renovated | [4] | 1986 | |||
Depreciable Life (in years) | [5] | 22 years | |||
Year Acquired | 2014 | ||||
St. Louis, MO - 2635-2645 Metro Boulevard | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 656 | ||||
Initial cost of building and improvements | 2,576 | ||||
Costs Capitalized Subsequent to Acquisition | 16 | ||||
Gross amounts of land | 656 | ||||
Gross amounts of building and improvements | 2,592 | ||||
Total real estate properties gross | [2] | 3,248 | |||
Accumulated Depreciation | [3] | $ 333 | |||
Year Built/Renovated | [4] | 1979 | |||
Depreciable Life (in years) | [5] | 30 years | |||
Year Acquired | 2019 | ||||
St. Louis, MO - 5531-5555 Phantom Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,133 | ||||
Initial cost of building and improvements | 3,976 | ||||
Costs Capitalized Subsequent to Acquisition | 1 | ||||
Gross amounts of land | 1,133 | ||||
Gross amounts of building and improvements | 3,977 | ||||
Total real estate properties gross | [2] | 5,110 | |||
Accumulated Depreciation | [3] | $ 692 | |||
Year Built/Renovated | [4] | 1971 | |||
Depreciable Life (in years) | [5] | 22 years | |||
Year Acquired | 2019 | ||||
St. Louis, MO - Grissom Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 656 | ||||
Initial cost of building and improvements | 2,780 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 656 | ||||
Gross amounts of building and improvements | 2,780 | ||||
Total real estate properties gross | [2] | 3,436 | |||
Accumulated Depreciation | [3] | $ 412 | |||
Year Built/Renovated | [4] | 1970 | |||
Depreciable Life (in years) | [5] | 19 years | |||
Year Acquired | 2020 | ||||
St. Louis, MO - St. Louis Commerce Center | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 3,927 | ||||
Initial cost of building and improvements | 20,995 | ||||
Costs Capitalized Subsequent to Acquisition | 404 | ||||
Gross amounts of land | 3,927 | ||||
Gross amounts of building and improvements | 21,399 | ||||
Total real estate properties gross | [2] | 25,326 | |||
Accumulated Depreciation | [3] | $ 1,819 | |||
Year Built/Renovated | [4] | 1999-2001 | |||
Depreciable Life (in years) | [5] | 33 years | |||
Year Acquired | 2020 | ||||
St, Louis, MO - 11646 Lakeside Crossing | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,282 | ||||
Initial cost of building and improvements | 9,293 | ||||
Costs Capitalized Subsequent to Acquisition | 6 | ||||
Gross amounts of land | 1,282 | ||||
Gross amounts of building and improvements | 9,299 | ||||
Total real estate properties gross | [2] | 10,581 | |||
Accumulated Depreciation | [3] | $ 378 | |||
Year Built/Renovated | [4] | 2005 | |||
Depreciable Life (in years) | [5] | 35 years | |||
Year Acquired | 2021 | ||||
St, Louis, MO - 160-275 Corporate Woods Place | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 2,183 | ||||
Initial cost of building and improvements | 5,956 | ||||
Costs Capitalized Subsequent to Acquisition | 187 | ||||
Gross amounts of land | 2,183 | ||||
Gross amounts of building and improvements | 6,143 | ||||
Total real estate properties gross | [2] | 8,326 | |||
Accumulated Depreciation | [3] | $ 608 | |||
Year Built/Renovated | [4] | 1990 | |||
Depreciable Life (in years) | [5] | 19 years | |||
Year Acquired | 2021 | ||||
St, Louis, MO - 3919 Lakeview Corporate Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 4,265 | ||||
Initial cost of building and improvements | 46,225 | ||||
Costs Capitalized Subsequent to Acquisition | 109 | ||||
Gross amounts of land | 4,265 | ||||
Gross amounts of building and improvements | 46,334 | ||||
Total real estate properties gross | [2] | 50,599 | |||
Accumulated Depreciation | [3] | $ 1,835 | |||
Year Built/Renovated | [4] | 1970 | |||
Depreciable Life (in years) | [5] | 37 years | |||
Year Acquired | 2021 | ||||
St, Louis, MO - 3051 Gateway | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 3,148 | ||||
Initial cost of building and improvements | 29,791 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 3,148 | ||||
Gross amounts of building and improvements | 29,791 | ||||
Total real estate properties gross | [2] | 32,939 | |||
Accumulated Depreciation | [3] | $ 1,207 | |||
Year Built/Renovated | [4] | 2016 | |||
Depreciable Life (in years) | [5] | 36 years | |||
Year Acquired | 2021 | ||||
St, Louis, MO - 349 Gateway | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Costs of Land | 3,255 | ||||
Initial cost of building and improvements | 36,451 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Gross amounts of land | 3,255 | ||||
Gross amounts of building and improvements | 36,451 | ||||
Total real estate properties gross | [2] | 39,706 | |||
Accumulated Depreciation | [3] | $ 1,978 | |||
Year Built/Renovated | [4] | 2016 | |||
Depreciable Life (in years) | [5] | 36 years | |||
Year Acquired | 2021 | ||||
St, Louis, MO - 4848 Park 370 Boulevard | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,041 | ||||
Initial cost of building and improvements | 6,127 | ||||
Costs Capitalized Subsequent to Acquisition | 13 | ||||
Gross amounts of land | 1,041 | ||||
Gross amounts of building and improvements | 6,140 | ||||
Total real estate properties gross | [2] | 7,181 | |||
Accumulated Depreciation | [3] | $ 291 | |||
Year Built/Renovated | [4] | 2006 | |||
Depreciable Life (in years) | [5] | 32 years | |||
Year Acquired | 2021 | ||||
St, Louis, MO - 9150 Latty Avenue | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 1,674 | ||||
Initial cost of building and improvements | 5,076 | ||||
Costs Capitalized Subsequent to Acquisition | 54 | ||||
Gross amounts of land | 1,674 | ||||
Gross amounts of building and improvements | 5,130 | ||||
Total real estate properties gross | [2] | 6,804 | |||
Accumulated Depreciation | [3] | $ 526 | |||
Year Built/Renovated | [4] | 1965/2018 | |||
Depreciable Life (in years) | [5] | 22 years | |||
Year Acquired | 2021 | ||||
St. Louis, MO - 1901-1939 Belt Way Drive | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 2,492 | ||||
Initial cost of building and improvements | 5,109 | ||||
Costs Capitalized Subsequent to Acquisition | 110 | ||||
Gross amounts of land | 2,492 | ||||
Gross amounts of building and improvements | 5,219 | ||||
Total real estate properties gross | [2] | 7,711 | |||
Accumulated Depreciation | [3] | $ 201 | |||
Year Built/Renovated | [4] | 1986 | |||
Depreciable Life (in years) | [5] | 26 years | |||
Year Acquired | 2022 | ||||
Total Real Estate Owned | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Initial Costs of Land | $ 231,144 | ||||
Initial cost of building and improvements | 1,215,869 | ||||
Costs Capitalized Subsequent to Acquisition | 55,744 | ||||
Gross amounts of land | 230,754 | ||||
Gross amounts of building and improvements | 1,272,003 | ||||
Total real estate properties gross | 1,502,757 | ||||
Accumulated Depreciation | $ 204,803 | ||||
[1]These properties secure the $389,531 Secured Debt.[2]Total does not include development projects of $45,317, corporate office leasehold improvements of $2,425, Columbus property management office of $4,476 and the finance lease right of use asset of $871 related to the ground sublease at 2100 International Parkway.[3]Total does not include accumulated depreciation related to corporate office leasehold improvements of $722 and Columbus property management office of $104.[4]Renovation means significant upgrades, alterations, or additions to building interiors or exteriors and/or systems.[5]Depreciation is calculated over the remaining useful life of the respective property as determined at the time of the purchase allocation, ranging from 11-45 years for buildings and 3-13 years for improvements. |
Schedule III Real Estate Prop_2
Schedule III Real Estate Properties and Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate | |||
Balance at the beginning of the year | $ 1,254,007 | $ 886,681 | $ 655,788 |
Additions during the year | 302,265 | 374,461 | 231,040 |
Disposals during the year | (426) | (7,135) | (147) |
Balance at the end of the year | 1,555,846 | 1,254,007 | 886,681 |
Accumulated Depreciation | |||
Balance at the beginning of the year | 142,192 | 98,283 | 63,877 |
Depreciation expense | 63,557 | 45,398 | 34,484 |
Disposals during the year | (120) | (1,489) | (78) |
Balance at the end of the year | $ 205,629 | $ 142,192 | $ 98,283 |
Schedule III (Details Narrative
Schedule III (Details Narrative) $ in Thousands | Dec. 31, 2022 USD ($) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real estate federal income tax basis | $ 1,635,996 |