Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 21-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'CIO | ' |
Entity Registrant Name | 'City Office REIT, Inc. | ' |
Entity Central Index Key | '0001593222 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 6,582,150 |
Condensed_Combined_Balance_She
Condensed Combined Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Assets | ' | ' |
Cash and cash equivalent | $1,000 | $1,000 |
Acquired lease intangibles assets, net | 23,712,046 | ' |
Total Assets | 1,000 | 1,000 |
Stockholders' Equity | ' | ' |
Common stock, $0.01 par value, 100,000 shares authorized, 1,000 shares issued and outstanding | 10 | 10 |
Additional paid in capital | 990 | 990 |
Total stockholders' equity | 1,000 | 1,000 |
Predecessor [Member] | ' | ' |
Assets | ' | ' |
Land | 55,909,525 | 30,164,513 |
Building and improvement | 78,819,693 | 62,908,338 |
Tenant improvement | 19,144,019 | 14,590,971 |
Furniture, fixtures and equipment | 198,114 | 198,114 |
Real estate properties, gross | 154,071,351 | 107,861,936 |
Accumulated depreciation | -9,266,078 | -7,735,450 |
Real estate properties, net | 144,805,273 | 100,126,486 |
Investments in unconsolidated entity | ' | 4,337,899 |
Cash and cash equivalent | 6,528,607 | 7,127,764 |
Restricted cash | 8,465,389 | 7,368,124 |
Rents receivable, net | 5,526,962 | 4,680,284 |
Deferred financing costs, net of accumulated amortization | 4,019,764 | 1,167,666 |
Deferred leasing costs, net of accumulated amortization | 2,246,430 | 2,302,841 |
Acquired lease intangibles assets, net | 24,105,435 | 13,751,563 |
Prepaid expenses and other assets | 646,913 | 296,572 |
Deferred offering costs | 3,395,712 | 1,830,950 |
Total Assets | 199,740,485 | 142,990,149 |
Liabilities: | ' | ' |
Mortgage loans payable | 159,388,640 | 109,916,430 |
Accounts payable and accrued liabilities | 5,557,301 | 2,347,999 |
Deferred rent | 910,833 | 1,488,618 |
Tenant rent deposits | 1,483,427 | 1,361,641 |
Acquired lease intangibles liability, net | 393,389 | 167,346 |
Total Liabilities | 167,733,590 | 115,282,034 |
Commitments and Contingencies (Note 9) | ' | ' |
Equity: | ' | ' |
Owners' equity | 31,066,081 | 26,624,375 |
Noncontrolling interests | 940,814 | 1,083,740 |
Total Equity | 32,006,895 | 27,708,115 |
Total Liabilities and Equity | $199,740,485 | $142,990,149 |
Condensed_Combined_Balance_She1
Condensed Combined Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000 | 100,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Condensed_Combined_Statements_
Condensed Combined Statements of Operations (Predecessor [Member], USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Predecessor [Member] | ' | ' |
Revenues: | ' | ' |
Rental income | $7,236,758 | $2,896,233 |
Expense reimbursement | 450,043 | 288,236 |
Other | 295,660 | 199,793 |
Total Revenues | 7,982,461 | 3,384,262 |
Operating Expenses: | ' | ' |
Property operating expenses | 2,304,462 | 952,835 |
Insurance | 152,858 | 111,117 |
Property taxes | 461,104 | 306,385 |
Property acquisition costs | 806,344 | ' |
Property management fees | 207,617 | 122,219 |
Depreciation and amortization | 3,159,977 | 1,123,980 |
Total Operating Expenses | 7,092,362 | 2,616,536 |
Operating income | 890,099 | 767,726 |
Interest expense, net | 3,161,414 | 943,773 |
Loss from Continuing Operations before Equity Method Investments, Income Taxes | -2,271,315 | -176,047 |
Gain on equity investment | 4,474,644 | ' |
Equity in income of unconsolidated entity | ' | 99,337 |
Net Income/(Loss) | 2,203,329 | -76,710 |
Net Loss Attributable to Noncontrolling Interests | 9,926 | 13,719 |
Net Income/(Loss) Attributable to Predecessor | $2,213,255 | ($62,991) |
Condensed_Combined_Statements_1
Condensed Combined Statements of Changes in Equity (Predecessor [Member], USD $) | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] |
USD ($) | Parent [Member] | Noncontrolling Interest [Member] | |
USD ($) | USD ($) | ||
Beginning balance at Dec. 31, 2012 | $6,009,862 | ' | ' |
Net income (loss) | -76,710 | ' | ' |
Ending balance at Mar. 31, 2013 | ' | ' | ' |
Beginning balance at Dec. 31, 2012 | 6,009,862 | 6,149,404 | -139,542 |
Contributions | 27,472,313 | 26,107,313 | 1,365,000 |
Distributions | -1,596,767 | -1,499,417 | -97,350 |
Net income (loss) | -4,177,293 | -4,132,925 | -44,368 |
Ending balance at Dec. 31, 2013 | 27,708,115 | 26,624,375 | 1,083,740 |
Contributions | 3,595,451 | 3,575,451 | 20,000 |
Distributions | -1,500,000 | -1,347,000 | -153,000 |
Net income (loss) | 2,203,329 | 2,213,255 | -9,926 |
Ending balance at Mar. 31, 2014 | $32,006,895 | $31,066,081 | $940,814 |
Condensed_Combined_Statements_2
Condensed Combined Statements of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash Flows from Financing Activities: | ' | ' |
Cash and Cash Equivalents, End of Period | $1,000 | ' |
Predecessor [Member] | ' | ' |
Cash Flows from Operating Activities: | ' | ' |
Net income (loss) | 2,203,329 | -76,710 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 3,159,977 | 1,123,980 |
Amortization of deferred financing costs | 992,167 | 118,985 |
Amortization of above/below market leases | 123,824 | 97,242 |
Gain on equity investment | -4,474,644 | ' |
Increase in straight-line rent | -709,074 | -482,785 |
Equity in income of unconsolidated entity | ' | -99,337 |
Changes in non-cash working capital: | ' | ' |
Restricted cash | -1,097,265 | -1,066,163 |
Rents receivable, net | -52,927 | -91,210 |
Prepaid expenses and other assets | -350,341 | 219,535 |
Accounts payable and accrued liabilities | 1,751,192 | 221,637 |
Deferred rent | -577,785 | 180,431 |
Tenant rent deposits | 121,786 | 2,289 |
Net Cash Provided By Operating Activities | 1,090,239 | 147,894 |
Cash Flows to Investing Activities: | ' | ' |
Additions to real estate properties | -320,264 | -1,150,308 |
Acquisition of real estate, net of cash assumed | -12,020,893 | ' |
Deferred leasing cost | -64,927 | -64,208 |
Net Cash Used In Investing Activities | -12,406,084 | -1,214,516 |
Cash Flows from Financing Activities: | ' | ' |
Debt issuance cost | -3,844,265 | ' |
Proceeds from mortgage loans payable | 50,000,000 | 830,541 |
Repayment of mortgage loans payable | -36,527,790 | ' |
Owners' contributions | 2,568,743 | ' |
Contributions from noncontrolling interests | 20,000 | ' |
Owners' distributions | -1,347,000 | ' |
Distributions to holders of noncontrolling interests in combined subsidiaries | -153,000 | ' |
Net Cash Provided By Financing Activities | 10,716,688 | 830,541 |
Net Decrease in Cash and Cash Equivalents | -599,157 | -236,081 |
Cash and Cash Equivalents, Beginning of Period | 7,127,764 | 3,106,616 |
Cash and Cash Equivalents, End of Period | 6,528,607 | 2,870,535 |
Supplemental Disclosures of Cash Flow Information: | ' | ' |
Cash paid for interest | $1,957,245 | $1,026,019 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2014 | |
Organization | ' |
1. Organization | |
City Office REIT, Inc. (the “Company”) was organized in the state of Maryland on November 26, 2013. On April 21, 2014, the Company completed its initial public offering (“IPO”) of shares of the Company’s common stock. The Company contributed the net proceeds of the IPO to City Office REIT Operating Partnership, L.P., a Maryland limited partnership (the “Operating Partnership”), in exchange for common units in our Operating Partnership. Both the Company and the Operating Partnership commenced operations upon completion of the IPO and certain related formation transactions (the “Formation Transactions”). | |
The Company’s interest in the Operating Partnership entitles the Company to share in distributions from, and allocations of profits and losses of, the Operating Partnership in proportion to the Company’s percentage ownership of common units. As the sole general partner of the Operating Partnership, the Company has the exclusive power under the partnership agreement to manage and conduct the Operating Partnership’s business, subject to limited approval and voting rights of the limited partners. | |
The Company intends to elect to be taxed and to operate in a manner that will allow it to qualify as a real estate investment trust (“REIT”) commencing with its taxable year ending December 31, 2014. Subject to qualification as a REIT, the Company will be permitted to deduct distributions paid to its stockholders, eliminating the U.S. federal taxation of income represented by such distributions at the Company level. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. | |
Pursuant to the Jumpstart Our Business Startups Act (the “JOBS Act”), the Company qualifies as an emerging growth company (“EGC”). An EGC may choose to take advantage of the extended private company transition period provided for complying with new or revised accounting standards that may be issued by the Financial Accounting Standards Board (“FASB”) or the Securities and Exchange Commission (the “SEC”). The Company has elected to opt out of such extended transition period. This election is irrevocable. | |
Predecessor [Member] | ' |
Organization | ' |
1. Organization and Description of Business | |
City Office REIT, Inc. Predecessor (the “Predecessor”) represents the combination of the six properties outlined below (the “Properties”). The Predecessor does not represent a legal entity. The Predecessor and its related assets and liabilities are under common control and were contributed to a newly formed entity, City Office REIT Operating Partnership, L.P., (the “Operating Partnership”) in connection with the initial public offering (the “IPO”) of City Office REIT, Inc. (the “Company”) on April 21, 2014. | |
As at March 31, 2014, the Properties include: | |
City Center: The Predecessor holds a 90% interest in a property in St. Petersburg, Florida, acquired in December 2010. | |
Central Fairwinds: The Predecessor holds a 90% interest in a property in Orlando, Florida, acquired in May 2012. | |
AmberGlen: The Predecessor holds an 85% interest in a Limited Partnership that owns a property in Portland, Oregon, acquired in December 2009. | |
Washington Group Plaza: The Predecessor holds an 89.9% interest in a property in downtown Boise, Idaho, acquired in June 2013. | |
Corporate Parkway: The Predecessor holds a 100% interest in a property in Allentown, Pennsylvania, acquired in May 2013. | |
Cherry Creek: The Predecessor holds a 100% interest in a property in Denver, Colorado. The Predecessor originally acquired a 42.3% interest in July 2011 and acquired the remaining 57.7% interest in January 2014. | |
The Company is a Maryland corporation formed on November 26, 2013. The Company is the sole general partner of the Operating Partnership and conducted no operations prior to the IPO. | |
Initial Public Offering and Formation Transactions | |
The Company’s operations will be carried on primarily through the Operating Partnership and wholly owned subsidiaries of the Operating Partnership. Both the Company and the Operating Partnership commenced operations upon completion of the IPO and certain related formation transactions (the “Formation Transactions”). | |
On April 21, 2014, we closed the IPO, pursuant to which we sold 5,800,000 shares of our common stock to the public at a public offering price of $12.50 per share. We raised $72.5 million in gross proceeds, resulting in net proceeds to us of approximately $62.7 million after deducting approximately $5.1 million in underwriting discounts and approximately $4.7 million in other expenses relating to the IPO. On May 9, 2014, the underwriters of the IPO exercised their overallotment option to purchase an additional 782,150 shares of our common stock at the IPO price of $12.50 a share resulting in additional gross proceeds to us of approximately $9.8 million resulting in net proceeds to us of $9.1 million after deducting approximately $0.7 million in underwriting discounts. The Company’s common stock began trading on the New York Stock Exchange under the symbol “CIO” on April 15, 2014. | |
The Company contributed the net proceeds of the IPO to the Operating Partnership in exchange for common units in the Operating Partnership. The Operating Partnership utilized a portion of the net proceeds of the IPO to pay fees in connection with the assumption of the indebtedness, pay expenses incurred in connection with the IPO and Formation Transactions and repay loans that were made to several of the contributing entities by certain investors in such entities. The remaining funds are expected to be used for general working capital purposes and to fund potential future acquisitions. | |
Pursuant to the Formation Transactions and exercise of the underwriters’ overallotment option, the Operating Partnership acquired a 100% interest in each of the Washington Group Plaza, Cherry Creek and Corporate Parkway properties and acquired an approximate 76% economic interest in the AmberGlen property, 90% interest in the Central Fairwinds property and 95% interest in the City Center property. These initial property interests were contributed in exchange for 3,251,903 common units, 1,610,765 common stock and $28.5 million of cash. | |
In connection with the IPO and Formation Transactions, the Company, through its Operating Partnership, extinguished the loan on the Central Fairwinds property and completed a refinancing of three properties (Cherry Creek, City Center and Corporate Parkway) with a new $95 million non-recourse mortgage loan and proceeds from the IPO. The loan bears a fixed interest rate of 4.34% and matures on May 6, 2021. | |
The Company intends to elect to be taxed and to operate in a manner that will allow it to qualify as a real estate investment trust (“REIT”) commencing with its taxable year ending December 31, 2014. | |
The accompanying condensed combined financial statements of the Predecessor do not reflect the IPO or the Formation Transactions completed on April 21, 2014. |
Initial_Public_Offering_and_Fo
Initial Public Offering and Formation Transactions | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
Initial Public Offering and Formation Transactions | ' |
2. Initial Public Offering and Formation Transactions | |
The Company’s operations will be carried on primarily through the Operating Partnership and wholly owned subsidiaries of the Operating Partnership. Both the Company and the Operating Partnership commenced operations upon completion of the IPO and Formation Transactions. | |
On April 21, 2014, we closed the IPO, pursuant to which we sold 5,800,000 shares of our common stock to the public at a public offering price of $12.50 per share. We raised $72.5 million in gross proceeds, resulting in net proceeds to us of approximately $62.7 million after deducting approximately $5.1 million in underwriting discounts and approximately $4.7 million in other expenses relating to the IPO. On May 9, 2014, the underwriters of the IPO exercised their overallotment option to purchase an additional 782,150 shares of our common stock at the IPO price of $12.50 a share resulting in additional gross proceeds to us of approximately $9.8 million resulting in net proceeds to us of $9.1 million after deducting approximately $0.7 million in underwriting discounts. The Company’s common stock began trading on the New York Stock Exchange under the symbol “CIO” on April 15, 2014. | |
The Company contributed the net proceeds of the IPO to the Operating Partnership in exchange for common units in the Operating Partnership. The Operating Partnership utilized a portion of the net proceeds of the IPO to pay fees in connection with the assumption of the indebtedness, pay expenses incurred in connection with the IPO and Formation Transactions and repay loans that were made to several of the contributing entities by certain investors in such entities. The remaining funds are expected to be used for general working capital purposes and to fund potential future acquisitions. | |
Pursuant to the Formation Transactions and exercise of the underwriters’ overallotment option, the Operating Partnership acquired a 100% interest in each of the Washington Group Plaza, Cherry Creek and Corporate Parkway properties and an approximate 76% economic interest in the AmberGlen property, 90% interest in the Central Fairwinds property and 95% interest in the City Center property. These initial property interests were contributed in exchange for 3,251,903 common units, 1,610,765 common stock and $28.5 million of cash. | |
In connection with the IPO and Formation Transactions, the Company, through its Operating Partnership, extinguished the loan on the Central Fairwinds property and completed a refinancing of three properties (Cherry Creek, City Center and Corporate Parkway) with a new $95 million non-recourse mortgage loan and proceeds from the IPO. The loan bears a fixed interest rate of 4.34% and matures on May 6, 2021. | |
The accompanying balance sheet of the Company does not reflect the IPO or the Formation Transactions completed on April 21, 2014. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Summary of Significant Accounting Policies | ' |
3. Summary of Significant Accounting Policies | |
Basis of Presentation | |
The unaudited balance sheet has been prepared by management in accordance with United States generally accepted accounting principles. In the opinion of management, this unaudited balance sheet reflects all adjustments, consisting solely of a normal recurring nature, necessary to present fairly, in all material respects, the Company’s financial position for the interim period presented. The Company did not have any operations from the date of formation to March 31, 2014. | |
Offering Costs | |
Costs related to the IPO and Formation Transactions paid by the Company’s predecessor were reimbursed from the proceeds of the IPO. | |
Predecessor [Member] | ' |
Summary of Significant Accounting Policies | ' |
2. Summary of Significant Accounting Policies | |
Basis of Preparation and Summary of Significant Accounting Policies | |
The Predecessor represents a combination of certain entities holding interests in real estate that are commonly controlled. Due to their common control, the financial statements of the separate entities which own the properties are presented on a combined basis. The accompanying condensed combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). All significant intercompany balances and transactions have been eliminated in combination. | |
The accompanying condensed combined financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. | |
The information furnished in the accompanying condensed combined financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned condensed combined financial statements for the interim periods. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. These interim financial statements should be read in conjunction with, and follow the same policies and procedures as outlined in the audited combined financial statements for the year ended December 31, 2013, included in the Company’s final prospectus dated April 14, 2014. | |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the combined financial statements and the reported amounts of revenues and expenses during the period. Such estimates are based on management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from management’s estimates. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events | ' |
4. Subsequent Events | |
As discussed in Note 2, the Company completed the IPO and Formation Transactions on April 21, 2014 and repaid approximately $101.0 million of outstanding indebtedness on four properties upon closing. | |
On April 21, 2014, the Company, through its Operating Partnership, entered into a new $11.0 million senior secured revolving credit facility which remains undrawn. The revolving credit facility bears an interest rate of LIBOR plus 2.75%. | |
On April 29, 2014, the Company, through its Operating Partnership, completed a $25.4 million refinancing of the AmberGlen property. The loan bears an interest rate of 4.38% and matures on May 1, 2019. | |
On May 21, 2014, the Company, through its Operating Partnership agreed to acquire a property in Denver, Colorado for $25.1 million. | |
Predecessor [Member] | ' |
Subsequent Events | ' |
10. Subsequent Events | |
As discussed in Note 1, the Company completed the IPO and Formation Transactions on April 21, 2014 and repaid approximately $101.0 million of outstanding indebtedness on four properties upon closing. | |
On April 21, 2014, the Company, through its Operating Partnership, entered into a new $11.0 million senior secured revolving credit facility which remains undrawn. The revolving credit facility bears an interest rate of LIBOR plus 2.75%. | |
On April 29, 2014, the Company, through its Operating Partnership, completed a $25.4 million refinancing of the AmberGlen property. The loan bears an interest rate of 4.38% and matures on May 1, 2019. | |
On May 21, 2014, the Company, through its Operating Partnership agreed to acquire a property in Denver, Colorado for $25.1 million. |
Real_Estate_Investments
Real Estate Investments (Predecessor [Member]) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Predecessor [Member] | ' | ||||||||
Real Estate Investments | ' | ||||||||
3. Real Estate Investments | |||||||||
Acquisitions | |||||||||
During the three months ended March 31, 2014, the Predecessor acquired the following property: | |||||||||
Property | Date | Percentage | |||||||
Acquired | Owned | ||||||||
Cherry Creek | January 2014 | 100 | % | ||||||
The above acquisition has been accounted for as a business combination. | |||||||||
On January 2, 2014, the Predecessor acquired the remaining 57.7% interest it did not already own in ROC-SCCP Cherry Creek I, LP (“Cherry Creek”) for approximately $12.0 million. The acquisition was financed through a new $50 million mortgage loan, the proceeds of which were used to repay $36 million of existing debt of Cherry Creek, fund the payment of $12.0 million to the seller, pay $1.2 million of deferred financing costs and $0.8 million in transactions costs. | |||||||||
The following table summarizes the Company’s preliminary allocation of the purchase price of assets acquired and liabilities assumed during the three months ended March 31, 2014: | |||||||||
Cherry Creek | |||||||||
Land | $ | 25,745,012 | |||||||
Building and improvements | 15,771,277 | ||||||||
Tenant Improvements | 4,372,849 | ||||||||
Acquired intangible assets | 12,009,085 | ||||||||
Accounts payable and accrued liabilities | (815,378 | ) | |||||||
Lease intangible liability | (249,409 | ) | |||||||
Fair value of assets and liabilities at acquisition | $ | 56,833,436 | |||||||
The Predecessor recognized expenses relating to acquisition of $806,344 for the three months ended March 31, 2014. A gain of $4.5 million was recognized from the fair value adjustment associated with the Company’s original ownership due to a change in control, calculated as follows: | |||||||||
Fair value of assets and liabilities acquired | $ | 56,833,436 | |||||||
Less existing mortgage in Cherry Creek | (36,000,000 | ) | |||||||
20,833,436 | |||||||||
Less cash paid to seller | (12,020,893 | ) | |||||||
Fair value of 42.3% equity interest | 8,812,543 | ||||||||
Carrying value of investment in Cherry Creek | (4,337,899 | ) | |||||||
Gain on existing 42.3% equity interest | $ | 4,474,644 | |||||||
The operating results of the acquired property since the date of acquisition have been included in the Predecessor’s combined financial statements. The following table represents the results of the property’s operations since the date of acquisition on a stand-alone basis. | |||||||||
Three months ended | |||||||||
March 31, 2014 | |||||||||
Operating revenues | $ | 1,577,564 | |||||||
Operating expenses | (2,032,013 | ) | |||||||
Interest | (1,503,821 | ) | |||||||
Net loss before gain on equity investment | $ | (1,958,270 | ) | ||||||
The following table presents Cherry Creek’s revenues and income from continuing operations on a pro forma basis as if the Predecessor had completed the acquisition of the property as of January 1, 2013: | |||||||||
Three months ended | |||||||||
March 31, 2013 | |||||||||
Total revenues as reported by the Predecessor | $ | 3,384,262 | |||||||
Plus: Cherry Creek | 1,641,129 | ||||||||
Proforma total revenues | $ | 5,025,391 | |||||||
Total operating income as reported by the Predecessor | $ | 767,132 | |||||||
Property acquisition costs | (806,344 | ) | |||||||
Plus: Cherry Creek | 494,582 | ||||||||
Proforma operating income | $ | 455,370 | |||||||
Lease_Intangibles
Lease Intangibles (Predecessor [Member]) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Predecessor [Member] | ' | ||||||||||||||||||||||||||||
Lease Intangibles | ' | ||||||||||||||||||||||||||||
4. Lease Intangibles | |||||||||||||||||||||||||||||
Lease intangibles and the value of assumed lease obligations as of March 31, 2014 and December 31, 2013 were comprised as follows: | |||||||||||||||||||||||||||||
March 31, 2014 | Above Market | In Place | Leasing | Total | Below Market | Below Market | Total | ||||||||||||||||||||||
Leases | Leases | Commissions | Leases | Ground Lease | |||||||||||||||||||||||||
Cost | $ | 3,043,031 | $ | 21,525,808 | $ | 10,792,982 | $ | 35,361,821 | $ | (418,313 | ) | $ | (138,218 | ) | $ | (556,531 | ) | ||||||||||||
Accumulated amortization | (1,453,516 | ) | (7,594,758 | ) | (2,208,112 | ) | (11,256,386 | ) | 145,930 | 17,212 | 163,142 | ||||||||||||||||||
$ | 1,589,515 | $ | 13,931,050 | $ | 8,584,870 | $ | 24,105,435 | $ | (272,383 | ) | $ | (121,006 | ) | $ | (393,389 | ) | |||||||||||||
December 31, 2013 | Above Market | In Place | Leasing | Total | Below Market | Below Market | Total | ||||||||||||||||||||||
Leases | Leases | Commissions | Leases | Ground Lease | |||||||||||||||||||||||||
Cost | $ | 3,043,030 | $ | 14,885,115 | $ | 5,447,198 | $ | 23,375,343 | $ | (168,904 | ) | $ | (138,218 | ) | $ | (307,122 | ) | ||||||||||||
Accumulated Amortization | (1,306,326 | ) | (6,536,311 | ) | (1,781,143 | ) | (9,623,780 | ) | 123,567 | 16,209 | 139,776 | ||||||||||||||||||
$ | 1,736,704 | $ | 8,348,804 | $ | 3,666,055 | $ | 13,751,563 | $ | (45,337 | ) | $ | (122,009 | ) | $ | (167,346 | ) | |||||||||||||
The Company has adjusted acquired lease intangibles and accounts payable and accrued liabilities as of December 31, 2013 in the amount of $649,192 to conform with the current period presentation as of March 31, 2014. There was no impact to net income resulting from this adjustment. | |||||||||||||||||||||||||||||
The estimated aggregate amortization expense for lease intangibles for the five succeeding years and in the aggregate are as follows: | |||||||||||||||||||||||||||||
2014 | $ | 4,263,386 | |||||||||||||||||||||||||||
2015 | 5,582,229 | ||||||||||||||||||||||||||||
2016 | 4,795,397 | ||||||||||||||||||||||||||||
2017 | 2,345,332 | ||||||||||||||||||||||||||||
2018 | 1,615,205 | ||||||||||||||||||||||||||||
Thereafter | 5,110,497 | ||||||||||||||||||||||||||||
$ | 23,712,046 | ||||||||||||||||||||||||||||
Mortgage_Loans_Payable
Mortgage Loans Payable (Predecessor [Member]) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Predecessor [Member] | ' | ||||||||||||||||
Mortgage Loans Payable | ' | ||||||||||||||||
5. Mortgage Loans Payable | |||||||||||||||||
The following table summarizes the Predecessor’s secured indebtedness as of March 31, 2014 and December 31, 2013: | |||||||||||||||||
Property | March 31, | December 31, | Interest | Maturity | |||||||||||||
2014 | 2013 | Rate as of | |||||||||||||||
March 31, 2013 | |||||||||||||||||
City Center (1) | $ | 22,471,320 | $ | 22,333,938 | 6 | % (2) | June 2014 | (3) | |||||||||
Central Fairwinds (4) | 10,000,000 | 10,000,000 | 6.25 | % | October 2015 | ||||||||||||
Cherry Creek(5) | 49,819,016 | — | 5 | % | January 2016 | ||||||||||||
Corporate Parkway (4) | 18,808,333 | 19,133,333 | 7.25 | % | April 2016 | (6) | |||||||||||
AmberGlen | 23,500,000 | 23,500,000 | 6.25 | % | July 2017 | (7) | |||||||||||
Washington Group Plaza (5) | 34,789,971 | 34,949,159 | 3.85 | % | July 2018 | ||||||||||||
Total | $ | 159,388,640 | $ | 109,916,430 | |||||||||||||
All interest rates are fixed interest rates with the exception of City Center as explained in footnote (2) below. | |||||||||||||||||
-1 | Interest payable monthly plus monthly principal payment of $20,000. | ||||||||||||||||
-2 | Interest rate is equal to a floating rate per annum equal to LIBOR plus 4%, but in no event shall the interest rate be lower than 6%. | ||||||||||||||||
-3 | In November 2013, the Predecessor exercised its option to extend the maturity date of the loan for a six month period. The Predecessor has one and a half year of additional extension option. | ||||||||||||||||
-4 | Interest only payable monthly, principal due on maturity. | ||||||||||||||||
-5 | Interest payable monthly plus principal based on 360 months of amortization. | ||||||||||||||||
-6 | With extension option of three consecutive terms of one year. | ||||||||||||||||
-7 | The Predecessor has the option to extend the debt to July 2022. | ||||||||||||||||
The scheduled principal repayments of mortgage payable as of March 31, 2014 are as follows: | |||||||||||||||||
2014 | $ | 24,741,702 | |||||||||||||||
2015 | 13,024,555 | ||||||||||||||||
2016 | 65,127,567 | ||||||||||||||||
2017 | 24,205,054 | ||||||||||||||||
2018 | 32,289,762 | ||||||||||||||||
Thereafter | — | ||||||||||||||||
$ | 159,388,640 | ||||||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments (Predecessor [Member]) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Predecessor [Member] | ' | ||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||||||
6. Fair Value of Financial Instruments | |||||||||||||||||||||||||
Fair Value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: | |||||||||||||||||||||||||
Level 1 Inputs – quoted prices in active markets for identical assets or liabilities | |||||||||||||||||||||||||
Level 2 Inputs – observable inputs other than quoted prices in active markets for identical assets and liabilities | |||||||||||||||||||||||||
Level 3 Inputs – unobservable inputs | |||||||||||||||||||||||||
Financial assets whose fair values are measured on a recurring basis consist only of an interest rate swap. The fair value of the interest rate swap is calculated based on Level 2 inputs. | |||||||||||||||||||||||||
As of March 31, 2014, the Predecessor had not designated its interest rate swap as a hedge. This derivative was not speculative and was used to manage the Predecessor’s exposure to interest rate movements and other identified risks, but the Predecessor elected not to designate these instruments in hedging relationships based on the provisions in ASC 815-10. The changes in fair value of derivatives not designated in hedging relationships have been recognized in earnings. Summarized below is the interest rate derivative that was not designated as a cash flow hedge and the fair value of all derivative assets and liabilities as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Fair Value as of | |||||||||||||||||||||||||
Property | Type of | Notional | Maturity | Effective rate | March 31, 2014 | December 31, 2013 | |||||||||||||||||||
Instrument | amount | date | |||||||||||||||||||||||
City Center | Interest Rate Swap | $ | 15,000,000 | June 2014 | 6 | % | $ | — | $ | — | |||||||||||||||
With the exception of fixed rate mortgage loans payable, the carrying amounts of the Predecessor’s financial instruments approximate their fair value. The Predecessor determines the fair value of its fixed rate mortgage loan payable based on a discounted cash flow analysis using a discount rate that approximates the current borrowing rates for instruments of similar maturities. Based on this, the Predecessor has determined that the fair value of these instruments was $138,850,000 and $88,500,000 as of March 31, 2014 and December 31, 2013, respectively. Although the Predecessor has determined that the majority of the inputs used to value its fixed rate debt fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its fixed rate debt utilize Level 3 inputs, such as estimates of current credit spreads. Accordingly, mortgage loans payable have been classified as Level 3 fair value measurements. |
Related_Party_Transactions
Related Party Transactions (Predecessor [Member]) | 3 Months Ended |
Mar. 31, 2014 | |
Predecessor [Member] | ' |
Related Party Transactions | ' |
7. Related Party Transactions | |
Property Management Fees | |
Five of the properties (City Center, Central Fairwinds, AmberGlen, Washington Group Plaza and Cherry Creek) engaged related parties to perform asset and property management services for a fee ranging from 1.75% to 3.5% of gross revenue. | |
In addition to the base property management fee of 1.75% of gross revenue or $10,000 per month paid to a related party for the property management of Washington Group Plaza, the property manager is also entitled to an additional incentive commission equal to the lesser of (a) 15% of net operating income in excess of $5 million in 2013, $5.45 million in 2014 and $5.6 million in 2015; or (b) 1% of all monthly gross revenue. The asset and management agreement has an initial term of three years and will automatically renew for successive two year periods. This agreement can be terminated by the Company or the property manager upon thirty days prior written notice to the other party. | |
The costs of these services, aggregating $207,617 and $122,219 for the three months ended March 31, 2014 and 2013, respectively, were recorded as property management fees on the accompanying combined statements of operations. | |
Deferred Offering and Financing Costs | |
Deferred offering and financing costs directly associated with the IPO and Formation Transactions of $1,564,762 and $2,100,000, respectively, were recorded for the three months ended March 31, 2014. The Predecessor has recorded $1,006,708 as an owners’ contribution by an entity under common control and $2,658,054 as an accrued liability during the period. |
Future_Minimum_Rent_Schedule
Future Minimum Rent Schedule (Predecessor [Member]) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Predecessor [Member] | ' | ||||
Future Minimum Rent Schedule | ' | ||||
8. Future Minimum Rent Schedule | |||||
Future minimum lease payments to be received as of March 31, 2014 under noncancellable operating leases for the next five years and thereafter are as follows: | |||||
2014 | $ | 21,261,225 | |||
2015 | 28,703,827 | ||||
2016 | 21,985,373 | ||||
2017 | 14,565,259 | ||||
2018 | 11,342,441 | ||||
Thereafter | 56,477,035 | ||||
$ | 154,335,160 | ||||
The above minimum lease payments to be received do not include reimbursements from tenants for certain operating expenses and real estate taxes and do not include early termination payments provided for in certain leases. | |||||
Two state government tenants currently have the exercisable right to terminate its lease if the state does not appropriate rent in its annual budgets. The Predecessor has determined that the occurrence of the government tenant not appropriating the rent in its annual budget is a remote contingency and accordingly recognizes lease revenue on a straight-line basis over the respective lease term. These tenants represent approximately 51.5% of our total future minimum lease payments as of March 31, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies (Predecessor [Member]) | 3 Months Ended |
Mar. 31, 2014 | |
Predecessor [Member] | ' |
Commitments and Contingencies | ' |
9. Commitments and Contingencies | |
Property Management Fees | |
Washington Group Plaza engaged a related party to perform asset and management services for base and incentive fees as discussed in Note 7. | |
Fees under this agreement were $79,106 for the three months ended March 31, 2014 and are recorded as management fees on the accompanying condensed combined statements of operations. | |
Other | |
The Predecessor is obligated under certain tenant leases to fund tenant improvements and the expansion of the underlying leased properties. | |
Under various federal, state and local laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may be liable for the cost of removal or remediation of certain hazardous or toxic substances disposed, stored, generated, released, manufactured or discharged from, on, at, under, or in a property. As such, the Predecessor may be potentially liable for costs associated with any potential environmental remediation at any of its formerly or currently owned properties. | |
The Predecessor believes that it is in compliance in all material respects with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not aware of any environmental liability that it believes would have a material adverse impact on the Predecessor’s financial position or results of operations. Management is unaware of any instances in which the Predecessor would incur significant environmental costs if any or all properties were sold, disposed of or abandoned. However, there can be no assurance that any such non-compliance, liability, claim or expenditure will not arise in the future. | |
The Predecessor is involved from time to time in lawsuits and other disputes which arise in the ordinary course of business. As of March 31, 2014 management believes that these matters will not have a material adverse effect, individually or in the aggregate, on the Predecessor’s financial position or results of operations. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation | ' |
Basis of Presentation | |
The unaudited balance sheet has been prepared by management in accordance with United States generally accepted accounting principles. In the opinion of management, this unaudited balance sheet reflects all adjustments, consisting solely of a normal recurring nature, necessary to present fairly, in all material respects, the Company’s financial position for the interim period presented. The Company did not have any operations from the date of formation to March 31, 2014. | |
Offering Costs | ' |
Offering Costs | |
Costs related to the IPO and Formation Transactions paid by the Company’s predecessor were reimbursed from the proceeds of the IPO. | |
Predecessor [Member] | ' |
Basis of Presentation | ' |
Basis of Preparation and Summary of Significant Accounting Policies | |
The Predecessor represents a combination of certain entities holding interests in real estate that are commonly controlled. Due to their common control, the financial statements of the separate entities which own the properties are presented on a combined basis. The accompanying condensed combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). All significant intercompany balances and transactions have been eliminated in combination. | |
The accompanying condensed combined financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. | |
The information furnished in the accompanying condensed combined financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned condensed combined financial statements for the interim periods. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. These interim financial statements should be read in conjunction with, and follow the same policies and procedures as outlined in the audited combined financial statements for the year ended December 31, 2013, included in the Company’s final prospectus dated April 14, 2014. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the combined financial statements and the reported amounts of revenues and expenses during the period. Such estimates are based on management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from management’s estimates. |
Real_Estate_Investments_Tables
Real Estate Investments (Tables) (Predecessor [Member]) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Predecessor [Member] | ' | ||||||||
Schedule of Acquired Property | ' | ||||||||
During the three months ended March 31, 2014, the Predecessor acquired the following property: | |||||||||
Property | Date | Percentage | |||||||
Acquired | Owned | ||||||||
Cherry Creek | January 2014 | 100 | % | ||||||
Schedule of Preliminary Allocation of Purchase Price of Assets Acquired and Liabilities Assumed | ' | ||||||||
The following table summarizes the Company’s preliminary allocation of the purchase price of assets acquired and liabilities assumed during the three months ended March 31, 2014: | |||||||||
Cherry Creek | |||||||||
Land | $ | 25,745,012 | |||||||
Building and improvements | 15,771,277 | ||||||||
Tenant Improvements | 4,372,849 | ||||||||
Acquired intangible assets | 12,009,085 | ||||||||
Accounts payable and accrued liabilities | (815,378 | ) | |||||||
Lease intangible liability | (249,409 | ) | |||||||
Fair value of assets and liabilities at acquisition | $ | 56,833,436 | |||||||
Schedule of Realized Gain Loss on Investments | ' | ||||||||
The Predecessor recognized expenses relating to acquisition of $806,344 for the three months ended March 31, 2014. A gain of $4.5 million was recognized from the fair value adjustment associated with the Company’s original ownership due to a change in control, calculated as follows: | |||||||||
Fair value of assets and liabilities acquired | $ | 56,833,436 | |||||||
Less existing mortgage in Cherry Creek | (36,000,000 | ) | |||||||
20,833,436 | |||||||||
Less cash paid to seller | (12,020,893 | ) | |||||||
Fair value of 42.3% equity interest | 8,812,543 | ||||||||
Carrying value of investment in Cherry Creek | (4,337,899 | ) | |||||||
Gain on existing 42.3% equity interest | $ | 4,474,644 | |||||||
Schedule of Operating Results Relating to Acquired Entities | ' | ||||||||
The following table represents the results of the property’s operations since the date of acquisition on a stand-alone basis. | |||||||||
Three months ended | |||||||||
March 31, 2014 | |||||||||
Operating revenues | $ | 1,577,564 | |||||||
Operating expenses | (2,032,013 | ) | |||||||
Interest | (1,503,821 | ) | |||||||
Net loss before gain on equity investment | $ | (1,958,270 | ) | ||||||
Schedule of Business Acquisition Pro Forma Results of Operations | ' | ||||||||
The following table presents Cherry Creek’s revenues and income from continuing operations on a pro forma basis as if the Predecessor had completed the acquisition of the property as of January 1, 2013: | |||||||||
Three months ended | |||||||||
March 31, 2013 | |||||||||
Total revenues as reported by the Predecessor | $ | 3,384,262 | |||||||
Plus: Cherry Creek | 1,641,129 | ||||||||
Proforma total revenues | $ | 5,025,391 | |||||||
Total operating income as reported by the Predecessor | $ | 767,132 | |||||||
Property acquisition costs | (806,344 | ) | |||||||
Plus: Cherry Creek | 494,582 | ||||||||
Proforma operating income | $ | 455,370 | |||||||
Lease_Intangibles_Tables
Lease Intangibles (Tables) (Predecessor [Member]) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Predecessor [Member] | ' | ||||||||||||||||||||||||||||
Schedule of Lease Intangibles and Value of Assumed Lease Obligations | ' | ||||||||||||||||||||||||||||
Lease intangibles and the value of assumed lease obligations as of March 31, 2014 and December 31, 2013 were comprised as follows: | |||||||||||||||||||||||||||||
March 31, 2014 | Above Market | In Place | Leasing | Total | Below Market | Below Market | Total | ||||||||||||||||||||||
Leases | Leases | Commissions | Leases | Ground Lease | |||||||||||||||||||||||||
Cost | $ | 3,043,031 | $ | 21,525,808 | $ | 10,792,982 | $ | 35,361,821 | $ | (418,313 | ) | $ | (138,218 | ) | $ | (556,531 | ) | ||||||||||||
Accumulated amortization | (1,453,516 | ) | (7,594,758 | ) | (2,208,112 | ) | (11,256,386 | ) | 145,930 | 17,212 | 163,142 | ||||||||||||||||||
$ | 1,589,515 | $ | 13,931,050 | $ | 8,584,870 | $ | 24,105,435 | $ | (272,383 | ) | $ | (121,006 | ) | $ | (393,389 | ) | |||||||||||||
December 31, 2013 | Above Market | In Place | Leasing | Total | Below Market | Below Market | Total | ||||||||||||||||||||||
Leases | Leases | Commissions | Leases | Ground Lease | |||||||||||||||||||||||||
Cost | $ | 3,043,030 | $ | 14,885,115 | $ | 5,447,198 | $ | 23,375,343 | $ | (168,904 | ) | $ | (138,218 | ) | $ | (307,122 | ) | ||||||||||||
Accumulated Amortization | (1,306,326 | ) | (6,536,311 | ) | (1,781,143 | ) | (9,623,780 | ) | 123,567 | 16,209 | 139,776 | ||||||||||||||||||
$ | 1,736,704 | $ | 8,348,804 | $ | 3,666,055 | $ | 13,751,563 | $ | (45,337 | ) | $ | (122,009 | ) | $ | (167,346 | ) | |||||||||||||
Estimated Aggregate Amortization Expense for Lease Intangibles | ' | ||||||||||||||||||||||||||||
The estimated aggregate amortization expense for lease intangibles for the five succeeding years and in the aggregate are as follows: | |||||||||||||||||||||||||||||
2014 | $ | 4,263,386 | |||||||||||||||||||||||||||
2015 | 5,582,229 | ||||||||||||||||||||||||||||
2016 | 4,795,397 | ||||||||||||||||||||||||||||
2017 | 2,345,332 | ||||||||||||||||||||||||||||
2018 | 1,615,205 | ||||||||||||||||||||||||||||
Thereafter | 5,110,497 | ||||||||||||||||||||||||||||
$ | 23,712,046 | ||||||||||||||||||||||||||||
Mortgage_Loans_Payable_Tables
Mortgage Loans Payable (Tables) (Predecessor [Member]) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Predecessor [Member] | ' | ||||||||||||||||
Summary of Secured Indebtedness | ' | ||||||||||||||||
The following table summarizes the Predecessor’s secured indebtedness as of March 31, 2014 and December 31, 2013: | |||||||||||||||||
Property | March 31, | December 31, | Interest | Maturity | |||||||||||||
2014 | 2013 | Rate as of | |||||||||||||||
March 31, 2013 | |||||||||||||||||
City Center (1) | $ | 22,471,320 | $ | 22,333,938 | 6 | % (2) | June 2014 | (3) | |||||||||
Central Fairwinds (4) | 10,000,000 | 10,000,000 | 6.25 | % | October 2015 | ||||||||||||
Cherry Creek(5) | 49,819,016 | — | 5 | % | January 2016 | ||||||||||||
Corporate Parkway (4) | 18,808,333 | 19,133,333 | 7.25 | % | April 2016 | (6) | |||||||||||
AmberGlen | 23,500,000 | 23,500,000 | 6.25 | % | July 2017 | (7) | |||||||||||
Washington Group Plaza (5) | 34,789,971 | 34,949,159 | 3.85 | % | July 2018 | ||||||||||||
Total | $ | 159,388,640 | $ | 109,916,430 | |||||||||||||
All interest rates are fixed interest rates with the exception of City Center as explained in footnote (2) below. | |||||||||||||||||
-1 | Interest payable monthly plus monthly principal payment of $20,000. | ||||||||||||||||
-2 | Interest rate is equal to a floating rate per annum equal to LIBOR plus 4%, but in no event shall the interest rate be lower than 6%. | ||||||||||||||||
-3 | In November 2013, the Predecessor exercised its option to extend the maturity date of the loan for a six month period. The Predecessor has one and a half year of additional extension option. | ||||||||||||||||
-4 | Interest only payable monthly, principal due on maturity. | ||||||||||||||||
-5 | Interest payable monthly plus principal based on 360 months of amortization. | ||||||||||||||||
-6 | With extension option of three consecutive terms of one year. | ||||||||||||||||
-7 | The Predecessor has the option to extend the debt to July 2022. | ||||||||||||||||
Schedule of Principal Repayments of Mortgage Payable | ' | ||||||||||||||||
The scheduled principal repayments of mortgage payable as of March 31, 2014 are as follows: | |||||||||||||||||
2014 | $ | 24,741,702 | |||||||||||||||
2015 | 13,024,555 | ||||||||||||||||
2016 | 65,127,567 | ||||||||||||||||
2017 | 24,205,054 | ||||||||||||||||
2018 | 32,289,762 | ||||||||||||||||
Thereafter | — | ||||||||||||||||
$ | 159,388,640 | ||||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) (Predecessor [Member]) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Predecessor [Member] | ' | ||||||||||||||||||||||||
Summary of Interest Rate Derivative Not Designated as Cash Flow Hedge | ' | ||||||||||||||||||||||||
Summarized below is the interest rate derivative that was not designated as a cash flow hedge and the fair value of all derivative assets and liabilities as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Fair Value as of | |||||||||||||||||||||||||
Property | Type of | Notional | Maturity | Effective rate | March 31, 2014 | December 31, 2013 | |||||||||||||||||||
Instrument | amount | date | |||||||||||||||||||||||
City Center | Interest Rate Swap | $ | 15,000,000 | June 2014 | 6 | % | $ | — | $ | — |
Future_Minimum_Rent_Schedule_T
Future Minimum Rent Schedule (Tables) (Predecessor [Member]) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Predecessor [Member] | ' | ||||
Schedule of Future Minimum Lease Payments under Noncancellable Operating Leases | ' | ||||
Future minimum lease payments to be received as of March 31, 2014 under noncancellable operating leases for the next five years and thereafter are as follows: | |||||
2014 | $ | 21,261,225 | |||
2015 | 28,703,827 | ||||
2016 | 21,985,373 | ||||
2017 | 14,565,259 | ||||
2018 | 11,342,441 | ||||
Thereafter | 56,477,035 | ||||
$ | 154,335,160 | ||||
Organization_Additional_Inform
Organization - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Company formation date | 26-Nov-13 |
Operation commencement date | 21-Apr-14 |
Initial_Public_Offering_and_Fo1
Initial Public Offering and Formation Transactions - Additional Information (Detail) (USD $) | Mar. 31, 2014 | 9-May-14 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Mar. 31, 2014 | Jan. 02, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Jul. 31, 2011 | Mar. 31, 2014 | 9-May-14 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | ||
Washington Group Plaza [Member] | Cherry Creek [Member] | Corporate Parkway [Member] | AmberGlen [Member] | Central Fairwinds [Member] | City Center Property [Member] | Common Units [Member] | Common Stock [Member] | Cherry Creek [Member] | Cherry Creek [Member] | Cherry Creek [Member] | Cherry Creek [Member] | Non-recourse Mortgage Loan [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||
Property | Washington Group Plaza [Member] | Cherry Creek [Member] | Corporate Parkway [Member] | AmberGlen [Member] | Central Fairwinds [Member] | Non-recourse Mortgage Loan [Member] | Common Units [Member] | Common Stock [Member] | |||||||||||||||||||
Initial Public Offering [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued in IPO, shares | ' | ' | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued in IPO, price per share | ' | ' | $12.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.50 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued to underwriters under overallotment option | ' | 782,150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 782,150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
IPO Closed date | 21-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds from IPO | ' | $9,800,000 | $72,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,800,000 | $72,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net procceds from IPO | ' | 9,100,000 | 62,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,100,000 | 62,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriting discounts | ' | 700,000 | 5,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | 5,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Other expenses relating to IPO | ' | ' | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase consideration, units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,251,903 | 1,610,765 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,251,903 | 1,610,765 |
Purchase consideration, cash paid | ' | ' | 28,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | 12,020,893 | ' | ' | ' | ' | 28,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of ownership interest acquired in properties | ' | ' | ' | 100.00% | 100.00% | 100.00% | 76.00% | 90.00% | 95.00% | ' | ' | ' | 57.70% | 100.00% | 57.70% | 42.30% | ' | ' | ' | 100.00% | 100.00% | 100.00% | 76.00% | 90.00% | ' | ' | ' |
Number of properties in which loan refinanced | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' |
Non-recourse mortgage loan, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $95,000,000 | ' | ' | ' | ' | ' | ' | $95,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Non-recourse mortgage loan, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.34% | ' | ' | ' | ' | ' | ' | ' | 4.34% | ' | ' |
Non-recourse mortgage loan, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6-May-21 | ' | ' | ' | ' | ' | ' | ' | 6-May-21 | ' | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | 0 Months Ended | |||||||
Apr. 21, 2014 | 21-May-14 | Apr. 29, 2014 | Apr. 21, 2014 | Mar. 31, 2014 | Apr. 21, 2014 | 21-May-14 | Apr. 29, 2014 | Apr. 21, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |
Property | Denver Colorado [Member] | AmberGlen [Member] | Revolving Credit Facility [Member] | Property | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
Property | Denver Colorado [Member] | AmberGlen [Member] | Revolving Credit Facility [Member] | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of outstanding indebtedness | $101,000,000 | ' | ' | ' | ' | $101,000,000 | ' | ' | ' |
Number of real estate properties | 4 | ' | ' | ' | 5 | 4 | ' | ' | ' |
Revolving credit facility, current borrowing capacity | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | 11,000,000 |
Debt instrument, interest rate | ' | ' | ' | 2.75% | ' | ' | ' | ' | ' |
Revolving credit facility interest rate, Description | ' | ' | ' | 'LIBOR plus 2.75% | ' | ' | ' | ' | ' |
Refinancing of mortgage property | ' | ' | 25,400,000 | ' | ' | ' | ' | 25,400,000 | ' |
Debt instrument, interest rate | ' | ' | 4.38% | ' | ' | ' | ' | 4.38% | ' |
Debt instrument, maturity date | ' | ' | 1-May-19 | ' | ' | ' | ' | 1-May-19 | ' |
Payment to acquire property | $28,500,000 | $25,100,000 | ' | ' | ' | $28,500,000 | $25,100,000 | ' | ' |
Debt instrument, spread | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% |
Debt instrument, description of basis | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR |
Organization_and_Description_o
Organization and Description of Business - Additional Information (Detail) (USD $) | Mar. 31, 2014 | 9-May-14 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Mar. 31, 2014 | 9-May-14 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Mar. 31, 2014 | Apr. 21, 2014 | Mar. 31, 2014 | Apr. 21, 2014 | Mar. 31, 2014 | Apr. 21, 2014 | Mar. 31, 2014 | Apr. 21, 2014 | Mar. 31, 2014 | Apr. 21, 2014 | Mar. 31, 2014 | Apr. 21, 2014 | Jan. 02, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Jul. 31, 2011 | Apr. 21, 2014 |
Subsequent Event [Member] | Subsequent Event [Member] | Common Units [Member] | Common Stock [Member] | Central Fairwinds [Member] | Washington Group Plaza [Member] | Corporate Parkway [Member] | AmberGlen [Member] | Cherry Creek [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | ||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Common Units [Member] | Common Stock [Member] | Non-recourse Mortgage Loan [Member] | Non-recourse Mortgage Loan [Member] | City Center [Member] | City Center [Member] | Central Fairwinds [Member] | Central Fairwinds [Member] | Washington Group Plaza [Member] | Washington Group Plaza [Member] | Corporate Parkway [Member] | Corporate Parkway [Member] | AmberGlen [Member] | AmberGlen [Member] | Cherry Creek [Member] | Cherry Creek [Member] | Cherry Creek [Member] | Cherry Creek [Member] | Cherry Creek [Member] | |||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||
Business Description And Basis Of Presentation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of ownership interest in properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | 90.00% | ' | 89.90% | ' | 100.00% | ' | 85.00% | ' | ' | 100.00% | ' | ' | ' |
Percent of additional ownership interest acquired in properties | ' | ' | ' | ' | ' | 90.00% | 100.00% | 100.00% | 76.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | 90.00% | ' | 100.00% | ' | 100.00% | ' | 76.00% | 57.70% | 100.00% | 57.70% | 42.30% | 100.00% |
Common stock issued in IPO, shares | ' | ' | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued in IPO, price per share | ' | ' | $12.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued to underwriters under overallotment option | ' | 782,150 | ' | ' | ' | ' | ' | ' | ' | ' | 782,150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
IPO Closed date | 21-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds from IPO | ' | $9,800,000 | $72,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | $9,800,000 | $72,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net procceds from IPO | ' | 9,100,000 | 62,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | 9,100,000 | 62,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriting discounts | ' | 700,000 | 5,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | 5,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other expenses relating to IPO | ' | ' | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase consideration, units issued | ' | ' | ' | 3,251,903 | 1,610,765 | ' | ' | ' | ' | ' | ' | ' | ' | 3,251,903 | 1,610,765 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase consideration, cash paid | ' | ' | 28,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | 12,020,893 | ' | ' | ' |
Non-recourse mortgage loan, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $95,000,000 | ' | $95,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-recourse mortgage loan, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.34% | 4.34% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-recourse mortgage loan, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6-May-21 | 6-May-21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_Investments_Schedu
Real Estate Investments - Schedule of Acquired Property (Detail) (Predecessor [Member], Cherry Creek [Member]) | Mar. 31, 2014 | Jan. 31, 2014 | Jan. 02, 2014 | Jul. 31, 2011 |
Predecessor [Member] | Cherry Creek [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Real estate property, date acquired | '2014-01 | ' | ' | ' |
Real estate property, percentage owned | 100.00% | 57.70% | 57.70% | 42.30% |
Real_Estate_Investments_Additi
Real Estate Investments - Additional Information (Detail) (Predecessor [Member], USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||
Mar. 31, 2014 | Dec. 31, 2013 | Jan. 02, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Jul. 31, 2011 | |
Cherry Creek [Member] | Cherry Creek [Member] | Cherry Creek [Member] | Cherry Creek [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Business acquisition, ownership percentage | ' | ' | 57.70% | 100.00% | 57.70% | 42.30% |
Business acquisition, purchase consideration | ' | ' | $12,000,000 | $12,020,893 | ' | ' |
Business acquisition, liabilities assumed | ' | ' | 50,000,000 | ' | ' | ' |
Repayment of debt | ' | ' | 36,000,000 | 36,000,000 | ' | ' |
Business acquisition, deferred financing costs | 4,019,764 | 1,167,666 | 1,200,000 | ' | ' | ' |
Business acquisition, transaction costs | ' | ' | 800,000 | ' | ' | ' |
Expenses related to acquisition | ' | ' | ' | 806,344 | ' | ' |
Gain on equity investment | $4,474,644 | ' | ' | $4,474,644 | ' | ' |
Real_Estate_Investments_Schedu1
Real Estate Investments - Schedule of Preliminary Allocation of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) (Predecessor [Member], Cherry Creek [Member], USD $) | Mar. 31, 2014 |
Predecessor [Member] | Cherry Creek [Member] | ' |
Business Acquisition [Line Items] | ' |
Land | $25,745,012 |
Building and improvements | 15,771,277 |
Tenant Improvements | 4,372,849 |
Acquired intangible assets | 12,009,085 |
Accounts payable and accrued liabilities | -815,378 |
Lease intangible liability | -249,409 |
Fair value of assets and liabilities at acquisition | $56,833,436 |
Real_Estate_Investments_Schedu2
Real Estate Investments - Schedule of Realized Gain Loss on Investments (Detail) (Predecessor [Member], USD $) | Dec. 31, 2013 | Jan. 02, 2014 | Mar. 31, 2014 |
Cherry Creek [Member] | Cherry Creek [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' |
Fair value of assets and liabilities acquired | ' | ' | $56,833,436 |
Less existing mortgage in Cherry Creek | ' | -36,000,000 | -36,000,000 |
Fair value of assets and liabilities acquired, after mortgage | ' | ' | 20,833,436 |
Less cash paid to seller | ' | -12,000,000 | -12,020,893 |
Fair value of 42.3% equity interest | ' | ' | 8,812,543 |
Carrying value of investment in Cherry Creek | -4,337,899 | ' | -4,337,899 |
Gain on existing 42.3% equity interest | ' | ' | $4,474,644 |
Real_Estate_Investments_Schedu3
Real Estate Investments - Schedule of Realized Gain Loss on Investments (Parenthetical) (Detail) (Predecessor [Member], Cherry Creek [Member]) | Mar. 31, 2014 |
Predecessor [Member] | Cherry Creek [Member] | ' |
Business Acquisition [Line Items] | ' |
Percentage of equity interest | 42.30% |
Real_Estate_Investments_Schedu4
Real Estate Investments - Schedule of Operating Results Relating to Acquired Entities (Detail) (Predecessor [Member], USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Business Acquisition [Line Items] | ' | ' |
Operating revenues | $7,982,461 | $3,384,262 |
Operating expenses | -7,092,362 | -2,616,536 |
Interest | -3,161,414 | -943,773 |
Loss from Continuing Operations before Equity Method Investments, Income Taxes | -2,271,315 | -176,047 |
Cherry Creek [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Operating revenues | 1,577,564 | 3,384,262 |
Operating expenses | -2,032,013 | ' |
Interest | -1,503,821 | ' |
Loss from Continuing Operations before Equity Method Investments, Income Taxes | ($1,958,270) | ' |
Real_Estate_Investments_Schedu5
Real Estate Investments - Schedule of Business Acquisition Pro Forma Results of Operations (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Business Acquisition [Line Items] | ' | ' |
Proforma total revenues | ' | $5,025,391 |
Proforma operating income | ' | 455,370 |
Cherry Creek [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Proforma total revenues | ' | 1,641,129 |
Proforma operating income | ' | 494,582 |
Predecessor [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total revenues as reported by the Predecessor | 7,982,461 | 3,384,262 |
Total operating income as reported by the Predecessor | 890,099 | 767,726 |
Property acquisition costs | -806,344 | ' |
Predecessor [Member] | Cherry Creek [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total revenues as reported by the Predecessor | 1,577,564 | 3,384,262 |
Total operating income as reported by the Predecessor | ' | 767,132 |
Property acquisition costs | ' | ($806,344) |
Lease_Intangibles_Schedule_of_
Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total | $23,712,046 | ' |
Predecessor [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total | 24,105,435 | 13,751,563 |
Predecessor [Member] | Above Market Leases [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 3,043,031 | 3,043,030 |
Accumulated amortization | -1,453,516 | -1,306,326 |
Total | 1,589,515 | 1,736,704 |
Predecessor [Member] | In Place Leases [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 21,525,808 | 14,885,115 |
Accumulated amortization | -7,594,758 | -6,536,311 |
Total | 13,931,050 | 8,348,804 |
Predecessor [Member] | Leasing Commissions [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 10,792,982 | 5,447,198 |
Accumulated amortization | -2,208,112 | -1,781,143 |
Total | 8,584,870 | 3,666,055 |
Predecessor [Member] | Above Market and In Place Leases and Leasing Commissions [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 35,361,821 | 23,375,343 |
Accumulated amortization | -11,256,386 | -9,623,780 |
Total | 24,105,435 | 13,751,563 |
Predecessor [Member] | Below Market Leases [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | -418,313 | -168,904 |
Accumulated amortization | 145,930 | 123,567 |
Total | -272,383 | -45,337 |
Predecessor [Member] | Below Market Ground Lease [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | -138,218 | -138,218 |
Accumulated amortization | 17,212 | 16,209 |
Total | -121,006 | -122,009 |
Predecessor [Member] | Total of Below Market and Below Market Ground Leases [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | -556,531 | -307,122 |
Accumulated amortization | 163,142 | 139,776 |
Total | ($393,389) | ($167,346) |
Lease_Intangibles_Additional_I
Lease Intangibles - Additional Information (Detail) (Predecessor [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Predecessor [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Prior period reclassification adjustment of lease intangibles and accounts payable and accrued liabilities | $649,192 |
Impact to net income | $0 |
Lease_Intangibles_Estimated_Ag
Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) (USD $) | Mar. 31, 2014 |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ' |
2014 | $4,263,386 |
2015 | 5,582,229 |
2016 | 4,795,397 |
2017 | 2,345,332 |
2018 | 1,615,205 |
Thereafter | 5,110,497 |
Total | $23,712,046 |
Mortgage_Loans_Payable_Summary
Mortgage Loans Payable - Summary of Predecessor's Secured Indebtedness (Detail) (Predecessor [Member], USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' | ' |
Secured indebtedness | $159,388,640 | $109,916,430 | ' |
City Center [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Secured indebtedness | 22,471,320 | 22,333,938 | ' |
Interest Rate | ' | ' | 6.00% |
Maturity | '2014-06 | ' | ' |
Central Fairwinds [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Secured indebtedness | 10,000,000 | 10,000,000 | ' |
Interest Rate | ' | ' | 6.25% |
Maturity | '2015-10 | ' | ' |
Cherry Creek [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Secured indebtedness | 49,819,016 | ' | ' |
Interest Rate | ' | ' | 5.00% |
Maturity | '2016-01 | ' | ' |
Corporate Parkway [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Secured indebtedness | 18,808,333 | 19,133,333 | ' |
Interest Rate | ' | ' | 7.25% |
Maturity | '2016-04 | ' | ' |
AmberGlen [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Secured indebtedness | 23,500,000 | 23,500,000 | ' |
Interest Rate | ' | ' | 6.25% |
Maturity | '2017-07 | ' | ' |
Washington Group Plaza [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Secured indebtedness | $34,789,971 | $34,949,159 | ' |
Interest Rate | ' | ' | 3.85% |
Maturity | '2018-07 | ' | ' |
Mortgage_Loans_Payable_Summary1
Mortgage Loans Payable - Summary of Predecessor's Secured Indebtedness (Parenthetical) (Detail) (Predecessor [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
City Center [Member] | ' |
Debt Instrument [Line Items] | ' |
Monthly interest payable plus principal payment | $20,000 |
Percentage to be added with LIBOR | 4.00% |
Floating interest rate, Description | 'Interest rate is equal to a floating rate per annum equal to LIBOR plus 4%, but in no event shall the interest rate be lower than 6%. |
Minimum floating interest rate | 6.00% |
Extension option period, Description | 'The Predecessor has one and a half year of additional extension option. |
Extension period | '6 months |
Corporate Parkway [Member] | ' |
Debt Instrument [Line Items] | ' |
Extension option period, Description | 'Three consecutive terms of one year. |
AmberGlen [Member] | ' |
Debt Instrument [Line Items] | ' |
Extension option period, Description | 'The Predecessor has the option to extend the debt to July 2022. |
Washington Group Plaza [Member] | ' |
Debt Instrument [Line Items] | ' |
Amortization period | '360 months |
Mortgage_Loans_Payable_Schedul
Mortgage Loans Payable - Schedule of Principal Repayments of Mortgage Payable (Detail) (Predecessor [Member], USD $) | Mar. 31, 2014 |
Predecessor [Member] | ' |
Debt Instrument [Line Items] | ' |
2014 | $24,741,702 |
2015 | 13,024,555 |
2016 | 65,127,567 |
2017 | 24,205,054 |
2018 | 32,289,762 |
Thereafter | ' |
Total principal repayments of mortgage payable | $159,388,640 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Summary of Interest Rate Derivative Not Designated as Cash Flow Hedge (Detail) (City Center [Member], Predecessor [Member], USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
City Center [Member] | Predecessor [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Type of Instrument | 'Interest Rate Swap | ' |
Notional amount | $15,000,000 | ' |
Maturity date | 30-Jun-14 | ' |
Effective rate | 6.00% | ' |
Fair Value | ' | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Additional Information (Detail) (Predecessor [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Predecessor [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgage loans payable, fair value | $138,850,000 | $88,500,000 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (Predecessor [Member], USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Property | |||
Related Party Transaction [Line Items] | ' | ' | ' |
Number of real estate properties | 5 | ' | ' |
Property management fee, Description | 'Fee ranging from 1.75% to 3.5% of gross revenue | ' | ' |
Property management fees | $207,617 | $122,219 | ' |
Deferred offering costs | 3,395,712 | ' | 1,830,950 |
Deferred financing costs | 4,019,764 | ' | 1,167,666 |
Owners' contribution | 1,006,708 | ' | ' |
Accured liability | 2,658,054 | ' | ' |
Washington Group Plaza [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Property management fee, percentage | 1.75% | ' | ' |
Property management fee, amount per month paid | 10,000 | ' | ' |
Property management fee, percentage of gross revenue | 1.00% | ' | ' |
Property management fee in excess of net operating income, percentage | 15.00% | ' | ' |
Property management fees | 79,106 | ' | ' |
Washington Group Plaza [Member] | 2013 [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Minimum property management fee | 5,000,000 | ' | ' |
Washington Group Plaza [Member] | 2014 [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Minimum property management fee | 5,450,000 | ' | ' |
Washington Group Plaza [Member] | 2015 [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Minimum property management fee | 5,600,000 | ' | ' |
Asset management agreement initial term | '3 years | ' | ' |
Asset management agreement renewal term | '2 years | ' | ' |
Asset management agreement termination description | 'This agreement can be terminated by the Company or the property manager upon thirty days prior written notice to the other party. | ' | ' |
Formation Transaction [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Deferred offering costs | 1,564,762 | ' | ' |
Deferred financing costs | $2,100,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Property management fee, percentage | 1.75% | ' | ' |
Maximum [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Property management fee, percentage | 3.50% | ' | ' |
Future_Minimum_Rent_Schedule_S
Future Minimum Rent Schedule - Schedule of Future Minimum Lease Payments under Noncancellable Operating Leases (Detail) (Predecessor [Member], USD $) | Mar. 31, 2014 |
Predecessor [Member] | ' |
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ' |
2014 | $21,261,225 |
2015 | 28,703,827 |
2016 | 21,985,373 |
2017 | 14,565,259 |
2018 | 11,342,441 |
Thereafter | 56,477,035 |
Total future minimum lease payments to be received | $154,335,160 |
Future_Minimum_Rent_Schedule_A
Future Minimum Rent Schedule - Additional Information (Detail) (Predecessor [Member]) | Mar. 31, 2014 |
Predecessor [Member] | ' |
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ' |
Percentage of total future minimum lease payments | 51.50% |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (Predecessor [Member], USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Other Commitments [Line Items] | ' | ' |
Property management fees | $207,617 | $122,219 |
Washington Group Plaza [Member] | ' | ' |
Other Commitments [Line Items] | ' | ' |
Property management fees | $79,106 | ' |