Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 24, 2014 | |
Document And Entity Information [Line Items] | ' | ' |
Document type | '10-Q | ' |
Amendment flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Entity Registrant Name | 'DCT Industrial Trust Inc. | ' |
Entity Central Index key | '0001170991 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Common Stock, Shares Outstanding | ' | 338,770,579 |
Trading Symbol | 'dct | ' |
DCT Industrial Operating Partnership LP [Member] | ' | ' |
Document And Entity Information [Line Items] | ' | ' |
Document Period End Date | 30-Sep-14 | ' |
Entity Registrant Name | 'DCT Industrial Operating Partnership LP | ' |
Entity Central Index key | '0001604042 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Land | $917,627 | $883,804 |
Buildings and improvements | 2,661,452 | 2,615,879 |
Intangible lease assets | 85,732 | 82,758 |
Construction in progress | 130,879 | 88,610 |
Total investment in properties | 3,795,690 | 3,671,051 |
Less accumulated depreciation and amortization | -678,740 | -654,097 |
Net investment in properties | 3,116,950 | 3,016,954 |
Investments in and advances to unconsolidated joint ventures | 99,229 | 124,923 |
Net investment in real estate | 3,216,179 | 3,141,877 |
Cash and cash equivalents | 26,326 | 32,226 |
Restricted cash | 3,526 | 12,621 |
Deferred loan costs, net | 8,584 | 10,251 |
Straight-line rent and other receivables, net of allowance for doubtful accounts of $886 and $2,178, respectively | 50,988 | 46,247 |
Other assets, net | 18,084 | 14,545 |
Assets held for sale | 115,446 | 8,196 |
Total assets | 3,439,133 | 3,265,963 |
Liabilities: | ' | ' |
Accounts payable and accrued expenses | 85,496 | 63,281 |
Distributions payable | 24,807 | 23,792 |
Tenant prepaids and security deposits | 26,378 | 28,542 |
Other liabilities | 11,874 | 10,122 |
Intangible lease liabilities, net | 22,791 | 20,389 |
Line of credit | 132,000 | 39,000 |
Senior unsecured notes | 1,122,566 | 1,122,407 |
Mortgage notes | 286,290 | 290,960 |
Liabilities related to assets held for sale | 3,373 | 278 |
Total liabilities | 1,715,575 | 1,598,771 |
Equity/Partners' Capital: | ' | ' |
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none outstanding | ' | ' |
Shares-in-trust, $0.01 par value, 100,000,000 shares authorized, none outstanding | ' | ' |
Common stock, $0.01 par value, 500,000,000 shares authorized 335,052,587 and 320,265,949 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively | 3,351 | 3,203 |
Additional paid-in capital | 2,622,636 | 2,512,024 |
Distributions in excess of earnings | -991,241 | -941,019 |
Accumulated other comprehensive loss | -27,860 | -30,402 |
Total stockholders’ equity | 1,606,886 | 1,543,806 |
Noncontrolling interests | 116,672 | 123,386 |
Total equity | 1,723,558 | 1,667,192 |
Total liabilities and equity | 3,439,133 | 3,265,963 |
DCT Industrial Operating Partnership LP [Member] | ' | ' |
ASSETS | ' | ' |
Land | 917,627 | 883,804 |
Buildings and improvements | 2,661,452 | 2,615,879 |
Intangible lease assets | 85,732 | 82,758 |
Construction in progress | 130,879 | 88,610 |
Total investment in properties | 3,795,690 | 3,671,051 |
Less accumulated depreciation and amortization | -678,740 | -654,097 |
Net investment in properties | 3,116,950 | 3,016,954 |
Investments in and advances to unconsolidated joint ventures | 99,229 | 124,923 |
Net investment in real estate | 3,216,179 | 3,141,877 |
Cash and cash equivalents | 26,326 | 32,226 |
Restricted cash | 3,526 | 12,621 |
Deferred loan costs, net | 8,584 | 10,251 |
Straight-line rent and other receivables, net of allowance for doubtful accounts of $886 and $2,178, respectively | 50,988 | 46,247 |
Other assets, net | 18,084 | 14,545 |
Assets held for sale | 115,446 | 8,196 |
Total assets | 3,439,133 | 3,265,963 |
Liabilities: | ' | ' |
Accounts payable and accrued expenses | 85,496 | 63,281 |
Distributions payable | 24,807 | 23,792 |
Tenant prepaids and security deposits | 26,378 | 28,542 |
Other liabilities | 11,874 | 10,122 |
Intangible lease liabilities, net | 22,791 | 20,389 |
Line of credit | 132,000 | 39,000 |
Senior unsecured notes | 1,122,566 | 1,122,407 |
Mortgage notes | 286,290 | 290,960 |
Liabilities related to assets held for sale | 3,373 | 278 |
Total liabilities | 1,715,575 | 1,598,771 |
Equity/Partners' Capital: | ' | ' |
General Partners: OP Units, 3,522,228 and 3,379,271 issued and outstanding as of September 30, 2014 and December 31, 2013, respectively | 17,408 | 16,872 |
Limited Partners: OP Units, 348,700,556 and 334,547,822 issued and outstanding as of September 30, 2014 and December 31, 2013, respectively | 1,723,424 | 1,670,362 |
Accumulated other comprehensive loss | -29,286 | -32,077 |
Total partners' capital | 1,711,546 | 1,655,157 |
Noncontrolling interests | 12,012 | 12,035 |
Total capital | 1,723,558 | 1,667,192 |
Total liabilities and equity | $3,439,133 | $3,265,963 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Straight-line rent and other receivables, allowance for doubtful accounts | $886 | $2,178 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Shares-in-trust, par value | $0.01 | $0.01 |
Shares-in-trust, shares authorized | 100,000,000 | 100,000,000 |
Shares-in-trust, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 335,052,587 | 320,265,949 |
Common stock, shares outstanding | 335,052,587 | 320,265,949 |
General Partner: OP Units issued | 3,522,228 | 3,379,271 |
General Partner: OP Units outstanding | 3,522,228 | 3,379,271 |
Limited Partner: OP Units issued | 348,700,556 | 334,547,822 |
Limited Partner: OP Units outstanding | 348,700,556 | 334,547,822 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
REVENUES: | ' | ' | ' | ' |
Rental revenues | $84,285 | $73,111 | $250,206 | $209,744 |
Institutional capital management and other fees | 322 | 619 | 1,394 | 2,139 |
Total revenues | 84,607 | 73,730 | 251,600 | 211,883 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Rental expenses | 9,672 | 8,779 | 31,507 | 26,073 |
Real estate taxes | 13,288 | 11,032 | 40,196 | 33,218 |
Real estate related depreciation and amortization | 37,842 | 32,843 | 111,545 | 94,634 |
General and administrative | 6,727 | 6,120 | 21,059 | 19,823 |
Impairment losses | 900 | ' | 5,635 | ' |
Casualty and involuntary conversion (gain) loss | 14 | -294 | -326 | -296 |
Total operating expenses | 68,443 | 58,480 | 209,616 | 173,452 |
Operating income | 16,164 | 15,250 | 41,984 | 38,431 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Development profit, net of taxes | ' | ' | 2,016 | 268 |
Equity in earnings of unconsolidated joint ventures, net | 892 | 759 | 5,202 | 1,721 |
Gain on business combination | ' | ' | 1,000 | ' |
Gain on dispositions of real estate interests | 10,230 | ' | 11,647 | ' |
Interest expense | -16,078 | -15,141 | -48,316 | -47,328 |
Interest and other income | 1,577 | 83 | 1,582 | 310 |
Income tax benefit (expense) and other taxes | 73 | 59 | 257 | -373 |
Income (loss) from continuing operations | 12,858 | 1,010 | 15,372 | -6,971 |
Income (loss) from discontinued operations | 352 | -11,793 | 5,576 | 9,491 |
Consolidated net income of DCT Industrial Trust Inc./DCT Industrial Operating Partnership LP | 13,210 | -10,783 | 20,948 | 2,520 |
Net (income) loss attributable to noncontrolling interests | -801 | 626 | -1,421 | -589 |
Net income attributable to common stockholders/OP Unitholders | 12,409 | -10,157 | 19,527 | 1,931 |
Distributed and undistributed earnings allocated to participating securities | -171 | -173 | -507 | -519 |
Adjusted net income (loss) attributable to common stockholders | 12,238 | -10,330 | 19,020 | 1,412 |
EARNINGS PER COMMON SHARE - BASIC | ' | ' | ' | ' |
Income (loss) from continuing operations | $0.04 | $0 | $0.04 | ($0.03) |
Income (loss) from discontinued operations | $0 | ($0.03) | $0.02 | $0.03 |
Net income (loss) attributable to common stockholders | $0.04 | ($0.03) | $0.06 | $0 |
EARNINGS PER COMMON SHARE - DILUTED | ' | ' | ' | ' |
Income (loss) from continuing operations | $0.04 | $0 | $0.04 | ($0.03) |
Income (loss) from discontinued operations | $0 | ($0.03) | $0.02 | $0.03 |
Net income (loss) attributable to common stockholders | $0.04 | ($0.03) | $0.06 | $0 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ' | ' | ' | ' |
Basic | 333,562 | 304,768 | 328,908 | 292,352 |
Diluted | 334,764 | 305,673 | 330,034 | 292,352 |
Distributions declared per common share | $0.07 | $0.07 | $0.21 | $0.21 |
DCT Industrial Operating Partnership LP [Member] | ' | ' | ' | ' |
REVENUES: | ' | ' | ' | ' |
Rental revenues | 84,285 | 73,111 | 250,206 | 209,744 |
Institutional capital management and other fees | 322 | 619 | 1,394 | 2,139 |
Total revenues | 84,607 | 73,730 | 251,600 | 211,883 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Rental expenses | 9,672 | 8,779 | 31,507 | 26,073 |
Real estate taxes | 13,288 | 11,032 | 40,196 | 33,218 |
Real estate related depreciation and amortization | 37,842 | 32,843 | 111,545 | 94,634 |
General and administrative | 6,727 | 6,120 | 21,059 | 19,823 |
Impairment losses | 900 | ' | 5,635 | ' |
Casualty and involuntary conversion (gain) loss | 14 | -294 | -326 | -296 |
Total operating expenses | 68,443 | 58,480 | 209,616 | 173,452 |
Operating income | 16,164 | 15,250 | 41,984 | 38,431 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Development profit, net of taxes | ' | ' | 2,016 | 268 |
Equity in earnings of unconsolidated joint ventures, net | 892 | 759 | 5,202 | 1,721 |
Gain on business combination | ' | ' | 1,000 | ' |
Gain on dispositions of real estate interests | 10,230 | ' | 11,647 | ' |
Interest expense | -16,078 | -15,141 | -48,316 | -47,328 |
Interest and other income | 1,577 | 83 | 1,582 | 310 |
Income tax benefit (expense) and other taxes | 73 | 59 | 257 | -373 |
Income (loss) from continuing operations | 12,858 | 1,010 | 15,372 | -6,971 |
Income (loss) from discontinued operations | 352 | -11,793 | 5,576 | 9,491 |
Consolidated net income of DCT Industrial Trust Inc./DCT Industrial Operating Partnership LP | 13,210 | -10,783 | 20,948 | 2,520 |
Net (income) loss attributable to noncontrolling interests | -148 | -86 | -385 | -459 |
Net income attributable to common stockholders/OP Unitholders | 13,062 | -10,869 | 20,563 | 2,061 |
Distributed and undistributed earnings allocated to participating securities | -171 | -173 | -507 | -519 |
Adjusted net income (loss) attributable to common stockholders | $12,891 | ($11,042) | $20,056 | $1,542 |
EARNINGS PER COMMON SHARE - BASIC | ' | ' | ' | ' |
Income (loss) from continuing operations | $0.04 | $0 | $0.04 | ($0.03) |
Income (loss) from discontinued operations | $0 | ($0.03) | $0.02 | $0.03 |
Net income (loss) attributable to common stockholders | $0.04 | ($0.03) | $0.06 | $0 |
EARNINGS PER COMMON SHARE - DILUTED | ' | ' | ' | ' |
Income (loss) from continuing operations | $0.04 | $0 | $0.04 | ($0.03) |
Income (loss) from discontinued operations | $0 | ($0.03) | $0.02 | $0.03 |
Net income (loss) attributable to common stockholders | $0.04 | ($0.03) | $0.06 | $0 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ' | ' | ' | ' |
Basic | 350,714 | 323,388 | 346,351 | 311,865 |
Diluted | 351,916 | 324,293 | 347,477 | 311,865 |
Distributions declared per common share | $0.07 | $0.07 | $0.21 | $0.21 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Consolidated net income of DCT Industrial Trust Inc./DCT Industrial Operating Partnership LP | $13,210 | ($10,783) | $20,948 | $2,520 |
Other comprehensive income: | ' | ' | ' | ' |
Net derivative gain (loss) on cash flow hedging instruments | 135 | -246 | -711 | 864 |
Net reclassification adjustment on cash flow hedging instruments | 1,163 | 1,000 | 3,491 | 3,000 |
Other comprehensive income | 1,298 | 754 | 2,780 | 3,864 |
Comprehensive income | 14,508 | -10,029 | 23,728 | 6,384 |
Comprehensive (income) loss attributable to noncontrolling interests | -881 | 376 | -1,659 | -1,224 |
Comprehensive income (loss) attributable to common stockholders | 13,627 | -9,653 | 22,069 | 5,160 |
DCT Industrial Operating Partnership LP [Member] | ' | ' | ' | ' |
Consolidated net income of DCT Industrial Trust Inc./DCT Industrial Operating Partnership LP | 13,210 | -10,783 | 20,948 | 2,520 |
Other comprehensive income: | ' | ' | ' | ' |
Net derivative gain (loss) on cash flow hedging instruments | 135 | -246 | -711 | 864 |
Net reclassification adjustment on cash flow hedging instruments | 1,163 | 1,000 | 3,491 | 3,000 |
Other comprehensive income | 1,298 | 754 | 2,780 | 3,864 |
Comprehensive income | 14,508 | -10,029 | 23,728 | 6,384 |
Comprehensive (income) loss attributable to noncontrolling interests | -156 | -86 | -374 | -459 |
Comprehensive income (loss) attributable to common stockholders | $14,352 | ($10,115) | $23,354 | $5,925 |
Consolidated_Statement_Of_Chan
Consolidated Statement Of Changes In Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Distributions In Excess Of Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Non-Controlling Interests [Member] |
In Thousands, except Share data | ||||||
Balance, value at Dec. 31, 2013 | $1,667,192 | $3,203 | $2,512,024 | ($941,019) | ($30,402) | $123,386 |
Balance, shares at Dec. 31, 2013 | 320,265,949 | 320,266,000 | ' | ' | ' | ' |
Net income | 20,948 | ' | ' | 19,527 | ' | 1,421 |
Other comprehensive income | 2,780 | ' | ' | ' | 2,542 | 238 |
Issuance of common stock, net of offering costs, value | 103,623 | 136 | 103,487 | ' | ' | ' |
Issuance of common stock, net of offering costs, shares | ' | 13,560,000 | ' | ' | ' | ' |
Issuance of common stock, stock-based compensation plans, value | -282 | 3 | -285 | ' | ' | ' |
Issuance of common stock, stock-based compensation plans, shares | 300,000 | 282,000 | ' | ' | ' | ' |
Amortization of stock-based compensation | 4,263 | ' | 1,390 | ' | ' | 2,873 |
Distributions to common stockholders and noncontrolling interests | -74,267 | ' | ' | -69,749 | ' | -4,518 |
Capital contribution from noncontrolling interests | 101 | ' | ' | ' | ' | 101 |
Purchases and redemptions of noncontrolling interests, value | -800 | 9 | 6,020 | ' | ' | -6,829 |
Purchases and redemptions of noncontrolling interests, shares | 900,000 | 945,000 | ' | ' | ' | ' |
Balance, value at Sep. 30, 2014 | $1,723,558 | $3,351 | $2,622,636 | ($991,241) | ($27,860) | $116,672 |
Balance, shares at Sep. 30, 2014 | 335,052,587 | 335,053,000 | ' | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $20,948 | $2,520 |
Adjustments to reconcile consolidated net income of DCT Industrial Trust Inc./DCT Industrial Operating Partnership LP to net cash provided by operating activities: | ' | ' |
Real estate related depreciation and amortization | 111,545 | 101,593 |
Gain on business combination and dispositions of real estate interests | -18,034 | -17,583 |
Distributions of earnings from unconsolidated joint ventures | 3,724 | 7,349 |
Equity in earnings of unconsolidated joint ventures, net | -5,202 | -1,721 |
Casualty and involuntary conversion gain | -326 | -296 |
Impairment losses | 5,767 | 13,279 |
Stock-based compensation | 3,410 | 2,906 |
Straight-line rent | -7,628 | -3,765 |
Other | 3,580 | 4,842 |
Changes in operating assets and liabilities: | ' | ' |
Other receivables and other assets | 3,957 | -5,561 |
Accounts payable, accrued expenses and other liabilities | 7,368 | -583 |
Net cash provided by operating activities | 129,109 | 102,980 |
INVESTING ACTIVITIES: | ' | ' |
Real estate acquisitions | -257,098 | -259,202 |
Capital expenditures and development activities | -134,865 | -107,629 |
Proceeds from dispositions of real estate investments | 126,160 | 112,362 |
Investments in unconsolidated joint ventures | -754 | -1,784 |
Proceeds from casualties and involuntary conversion | 604 | 7,819 |
Distributions of investments in unconsolidated joint ventures | 17,043 | 1,659 |
Other investing activities | 5,970 | -7,790 |
Net cash used in investing activities | -242,940 | -254,565 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from senior unsecured revolving line of credit | 135,000 | 255,000 |
Repayments of senior unsecured revolving line of credit | -42,000 | -313,000 |
Proceeds from senior unsecured notes | ' | 225,000 |
Repayments of senior unsecured notes | ' | -175,000 |
Proceeds from mortgage notes | ' | 16,498 |
Principal payments on mortgage notes | -14,446 | -17,473 |
Proceeds from issuance of common stock | 104,733 | 241,704 |
Offering costs for issuance of common stock and OP Units | -1,392 | -8,467 |
Redemption of noncontrolling interests | -800 | -933 |
Dividends to common stockholders | -68,705 | -60,279 |
Distributions to noncontrolling interests | -4,546 | -5,482 |
Contributions from noncontrolling interests | 101 | 723 |
Other financing activity | -14 | -40 |
Net cash provided by financing activities | 107,931 | 158,251 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -5,900 | 6,666 |
CASH AND CASH EQUIVALENTS, beginning of period | 32,226 | 12,696 |
CASH AND CASH EQUIVALENTS, end of period | 26,326 | 19,362 |
Supplemental Disclosures of Cash Flow Information | ' | ' |
Cash paid for interest, net of capitalized interest | 42,350 | 45,009 |
Supplemental Disclosures of Non-Cash Activities | ' | ' |
Retirement of fully depreciated and amortized assets | 19,396 | 24,249 |
Redemptions of OP Units settled in shares of common stock | 6,029 | 13,688 |
Assumption of mortgage note in connection with real estate acquired | 11,459 | ' |
DCT Industrial Operating Partnership LP [Member] | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net income | 20,948 | 2,520 |
Adjustments to reconcile consolidated net income of DCT Industrial Trust Inc./DCT Industrial Operating Partnership LP to net cash provided by operating activities: | ' | ' |
Real estate related depreciation and amortization | 111,545 | 101,593 |
Gain on business combination and dispositions of real estate interests | -18,034 | -17,583 |
Distributions of earnings from unconsolidated joint ventures | 3,724 | 7,349 |
Equity in earnings of unconsolidated joint ventures, net | -5,202 | -1,721 |
Casualty and involuntary conversion gain | -326 | -296 |
Impairment losses | 5,767 | 13,279 |
Stock-based compensation | 3,410 | 2,906 |
Straight-line rent | -7,628 | -3,765 |
Other | 3,580 | 4,842 |
Changes in operating assets and liabilities: | ' | ' |
Other receivables and other assets | 3,957 | -5,561 |
Accounts payable, accrued expenses and other liabilities | 7,368 | -583 |
Net cash provided by operating activities | 129,109 | 102,980 |
INVESTING ACTIVITIES: | ' | ' |
Real estate acquisitions | -257,098 | -259,202 |
Capital expenditures and development activities | -134,865 | -107,629 |
Proceeds from dispositions of real estate investments | 126,160 | 112,362 |
Investments in unconsolidated joint ventures | -754 | -1,784 |
Proceeds from casualties and involuntary conversion | 604 | 7,819 |
Distributions of investments in unconsolidated joint ventures | 17,043 | 1,659 |
Other investing activities | 5,970 | -7,790 |
Net cash used in investing activities | -242,940 | -254,565 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from senior unsecured revolving line of credit | 135,000 | 255,000 |
Repayments of senior unsecured revolving line of credit | -42,000 | -313,000 |
Proceeds from senior unsecured notes | ' | 225,000 |
Repayments of senior unsecured notes | ' | -175,000 |
Proceeds from mortgage notes | ' | 16,498 |
Principal payments on mortgage notes | -14,446 | -17,473 |
Proceeds from the issuance of OP Units in exchange for contributions from the REIT, net | 103,341 | 233,237 |
OP Unit redemptions | -800 | -933 |
Dividends to common stockholders | -72,753 | -64,801 |
Distributions to noncontrolling interests | -498 | -960 |
Contributions from noncontrolling interests | 101 | 723 |
Other financing activity | -14 | -40 |
Net cash provided by financing activities | 107,931 | 158,251 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -5,900 | 6,666 |
CASH AND CASH EQUIVALENTS, beginning of period | 32,226 | 12,696 |
CASH AND CASH EQUIVALENTS, end of period | 26,326 | 19,362 |
Supplemental Disclosures of Cash Flow Information | ' | ' |
Cash paid for interest, net of capitalized interest | 42,350 | 45,009 |
Supplemental Disclosures of Non-Cash Activities | ' | ' |
Retirement of fully depreciated and amortized assets | 19,396 | 24,249 |
Assumption of mortgage note in connection with real estate acquired | $11,459 | ' |
Consolidated_Statement_Of_Chan1
Consolidated Statement Of Changes In Capital (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Net income | $13,210 | $20,948 |
Other comprehensive income | 1,298 | 2,780 |
Issuance of OP Units, net of selling costs | ' | -282 |
Amortization of stock-based compensation | ' | 4,263 |
Capital contribution from noncontrolling interests | ' | 101 |
DCT Industrial Operating Partnership LP [Member] | ' | ' |
Balance at beginning of period | ' | 1,667,192 |
Net income | 13,210 | 20,948 |
Other comprehensive income | 1,298 | 2,780 |
Issuance of OP Units, net of selling costs | ' | 103,623 |
Issuance of OP Units, share-based compensation plans | ' | -282 |
Amortization of stock-based compensation | ' | 4,263 |
Distributions to OP Unitholders and noncontrolling interests | ' | -74,267 |
Capital contribution from noncontrolling interests | ' | 101 |
Redemption of limited partner OP Units | ' | -800 |
Balance at end of period | 1,723,558 | 1,723,558 |
DCT Industrial Operating Partnership LP [Member] | Accumulated Other Comprehensive Loss [Member] | ' | ' |
Balance at beginning of period | ' | -32,077 |
Other comprehensive income | ' | 2,791 |
Balance at end of period | -29,286 | -29,286 |
DCT Industrial Operating Partnership LP [Member] | Non-Controlling Interests [Member] | ' | ' |
Balance at beginning of period | ' | 12,035 |
Net income | ' | 385 |
Other comprehensive income | ' | -11 |
Distributions to OP Unitholders and noncontrolling interests | ' | -498 |
Capital contribution from noncontrolling interests | ' | 101 |
Balance at end of period | 12,012 | 12,012 |
General Partner [Member] | DCT Industrial Operating Partnership LP [Member] | ' | ' |
Balance at beginning of period | ' | 16,872 |
Balance at begining of period, Units | ' | 3,379 |
Net income | ' | 206 |
Distributions to OP Unitholders and noncontrolling interests | ' | -738 |
Conversion of limited partner OP Units to OP Units of general partner | ' | 1,068 |
Conversion of limited partner OP Units to OP Units of general partner, Units | ' | 143 |
Balance at end of period | 17,408 | 17,408 |
Balance at end of period, Units | 3,522 | 3,522 |
Limited Partners [Member] | DCT Industrial Operating Partnership LP [Member] | ' | ' |
Balance at beginning of period | ' | 1,670,362 |
Balance at begining of period, Units | ' | 334,548 |
Net income | ' | 20,357 |
Issuance of OP Units, net of selling costs | ' | 103,623 |
Issuance of OP Units, net of selling costs, Units | ' | 13,560 |
Issuance of OP Units, share-based compensation plans | ' | -282 |
Issuance of OP Units, share-based compensation plans, Units | ' | 843 |
Amortization of stock-based compensation | ' | 4,263 |
Distributions to OP Unitholders and noncontrolling interests | ' | -73,031 |
Redemption of limited partner OP Units | ' | -800 |
Redemption of limited partner OP Units, Units | ' | -107 |
Conversion of limited partner OP Units to OP Units of general partner | ' | -1,068 |
Conversion of limited partner OP Units to OP Units of general partner, Units | ' | -143 |
Balance at end of period | $1,723,424 | $1,723,424 |
Balance at end of period, Units | 348,701 | 348,701 |
Organization
Organization | 9 Months Ended | |
Sep. 30, 2014 | ||
Organization | ' | |
Note 1 – Organization | ||
DCT Industrial Trust Inc. is a leading industrial real estate company specializing in the acquisition, development, leasing and management of bulk distribution and light industrial properties located in high-volume distribution markets in the United States (“U.S.”). As used herein, the terms “Company,” “we,” “our” and “us” refer to DCT Industrial Trust Inc. and its subsidiaries, including its operating partnership, DCT Industrial Operating Partnership LP. When we use the term “DCT,” we are referring to DCT Industrial Trust Inc. by itself, and not including any of its subsidiaries, and when we use the term the “Operating Partnership,” we are referring to DCT Industrial Operating Partnership LP by itself, and not including any of its subsidiaries. | ||
DCT was formed as a Maryland corporation in April 2002 and has elected to be treated as a real estate investment trust, or REIT, for U.S. federal income tax purposes. We are structured as an umbrella partnership REIT under which substantially all of our current and future business is, and will be, conducted through a majority owned and controlled subsidiary, DCT Industrial Operating Partnership LP, a Delaware limited partnership, for which DCT is the sole general partner. DCT owns properties through the Operating Partnership and its subsidiaries. As of September 30, 2014, DCT owned approximately 95.1% of the outstanding equity interests in the Operating Partnership. | ||
As of September 30, 2014, the Company owned interests in approximately 74.3 million square feet of properties leased to approximately 900 customers, including: | ||
— | 64.9 million square feet comprising 401 consolidated operating properties, including 3.8 million square feet comprising 14 consolidated buildings classified as held for sale, which were 93.5% occupied; | |
— | 8.6 million square feet comprising 25 unconsolidated properties which were 98.0% occupied and operated on behalf of four institutional capital management partners; | |
— | 0.3 million square feet comprising two consolidated properties under redevelopment; and | |
— | 0.5 million square feet comprising four consolidated buildings in development. | |
The Company also has 16 buildings under construction and several projects in predevelopment. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Summary Of Significant Accounting Policies | ' |
Note 2 – Summary of Significant Accounting Policies | |
Interim Financial Information | |
The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited Consolidated Financial Statements include all adjustments, consisting of normal recurring items, necessary for their fair presentation in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with DCT’s audited Consolidated Financial Statements as of December 31, 2013 and related notes thereto as filed on Form 10-K on February 21, 2014 and in conjunction with the Operating Partnership’s audited Consolidated Financial Statements as of December 31, 2013 and related notes thereto as filed on Amendment No. 2 to Form S-4 on April 21, 2014. | |
Basis of Presentation and Principles of Consolidation | |
The accompanying Consolidated Financial Statements include the financial position, results of operations and cash flows of the Company, the Operating Partnership, their wholly-owned qualified REIT subsidiaries and taxable REIT subsidiaries, and their consolidated joint ventures, in which they have a controlling interest. | |
Equity interests in the Operating Partnership held by entities other than DCT are classified within partners’ capital in the Operating Partnership’s financial statements and as noncontrolling interests in DCT’s financial statements. Equity interests in entities consolidated into the Operating Partnership that are held by third parties are reflected in our accompanying balance sheets as noncontrolling interests in consolidated entities. We also have noncontrolling partnership interests in unconsolidated institutional capital management and other joint ventures, which are accounted for under the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. | |
We hold interests in both consolidated and unconsolidated joint ventures. All joint ventures over which we have financial and operating control, and variable interest entities (“VIEs”) in which we have determined that we are the primary beneficiary, are included in the Consolidated Financial Statements. We use the equity method of accounting for joint ventures over which we do not have a controlling interest or where we do not exercise significant control over major operating and management decisions but where we exercise significant influence and include our share of earnings or losses of these joint ventures in our consolidated results of operations. | |
We analyze our joint ventures in accordance with GAAP to determine whether they are VIEs and, if so, whether we are the primary beneficiary. Our judgment with respect to our level of influence or control over an entity and whether we are the primary beneficiary of a VIE involves consideration of various factors including the form of our ownership interest, our representation on the entity’s board of directors, the size of our investment (including loans) and our ability to participate in major decisions. Our ability to correctly assess our influence or control over an entity affects the presentation of these investments in the Consolidated Financial Statements and, consequently, our financial position and results of operations. | |
Use of Estimates | |
The preparation of the Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure 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. Actual results could differ from those estimates. | |
Revenue Recognition | |
We record rental revenues on a straight-line basis under which contractual rent increases are recognized evenly over the lease term. Certain properties have leases that provide for tenant occupancy during periods where no rent is due or where minimum rent payments change during the term of the lease. Accordingly, we record receivables from tenants that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. When we acquire a property, the terms of existing leases are considered to commence as of the acquisition date for the purposes of this calculation. The total increase to “Rental revenues” due to straight-line rent adjustments was approximately $2.3 million and $7.6 million for the three and nine months ended September 30, 2014, respectively, and approximately $1.2 million and $3.7 million for the three and nine months ended September 30, 2013, respectively. | |
Tenant recovery income includes payments and amounts due from tenants pursuant to their leases for real estate taxes, insurance and other recoverable property operating expenses and is recognized as “Rental revenues” during the same period the related expenses are incurred. Tenant recovery income recognized as “Rental revenues” was approximately $19.1 million and $57.7 million for the three and nine months ended September 30, 2014, respectively, and $15.9 million and $47.0 million for the three and nine months ended September 30, 2013, respectively. | |
We maintain an allowance for estimated losses that may result from the inability of our tenants to make required payments. If a tenant fails to make contractual payments beyond any allowance, we may recognize additional bad debt expense in future periods equal to the net outstanding balances. | |
In connection with property acquisitions qualifying as business combinations, we may acquire leases with rental rates above or below the market rental rates. Such differences are recorded as an intangible lease asset or liability and amortized to “Rental revenues” over the reasonably assured term of the related leases. The unamortized balances of these assets and liabilities associated with the early termination of leases are fully amortized to their respective revenue line items in our Consolidated Statements of Operations on a straight-line basis over the estimated remaining contractual lease term. The total net impact to “Rental revenues” due to the amortization of above and below market rents was an increase of approximately $0.6 million and $1.5 million for the three and nine months ended September 30, 2014, respectively, and approximately $0.4 million and $1.2 million for the three and nine months ended September 30, 2013, respectively. | |
Early lease termination fees are recorded in “Rental revenues” on a straight-line basis over the estimated remaining contractual lease term or upon collection if collectability is not assured. The total net impact to “Rental revenues” due to early lease termination fees was an increase of approximately $0.3 million and $1.9 million for the three and nine months ended September 30, 2014, respectively, and approximately $0.8 million and $1.1 million for the three and nine months ended September 30, 2013, respectively. | |
We earn revenues from asset management fees, acquisition fees, property management fees and fees for other services pursuant to joint venture and other agreements. These are included in our Consolidated Statements of Operations in “Institutional capital management and other fees.” We recognize revenues from asset management fees, acquisition fees, property management fees and fees for other services when the related fees are earned and are realized or realizable. | |
We develop certain properties for specific buyers, called build-to-suit projects. We make certain judgments based on the specific terms of each project as to the amount and timing of recognition of profits from the project. Projects are generally accounted for using the percentage of completion method or full accrual method. Profits under the percentage of completion method are based on our estimates of the percentage of completion of individual contracts, commencing when the work performed under the contracts reaches a point where the final costs can be estimated with reasonable accuracy. The percentage of completion estimates are based on a comparison of the contract expenditures incurred to the estimated final costs. Changes in job performance, job conditions and estimated profitability may result in revisions to the costs and income and are recognized in the period in which the revisions are determined. If the sale recognition criteria for using the percentage of completion or full accrual methods are not met, we apply another recognition method provided by GAAP, such as the installment or cost recovery methods. The profit recognized from these projects is reported net of estimated taxes, when applicable, and is included in “Development profit, net of taxes” in our Consolidated Statements of Operations. | |
New Accounting Standards | |
In April 2014, the Financial Accounting Standards Board (the “FASB”) issued an accounting standard update (“ASU”) that changes the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. The amendments in the ASU should be applied prospectively and are effective for us beginning January 1, 2015, with early adoption permitted. We adopted this standard effective January 1, 2014. As a result, we anticipate that fewer of our property dispositions made in the normal course of business will qualify for discontinued operations reporting. Gains on the sale of real estate not qualifying as discontinued operations are presented in “Income (loss) from continuing operations” in our Consolidated Statements of Operations. For the six months ended June 30, 2014, such gains were presented outside of continuing operations and amounted to $0.4 million. We elected to change this presentation effective July 1, 2014. See “Note 12 – Discontinued Operations and Assets Held for Sale” for additional information. | |
In May 2014, the FASB issued an ASU that requires companies to recognize revenue from contracts with customers based upon the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard also results in enhanced disclosures about revenue, provides guidance for transactions that were not previously addressed comprehensively and improves guidance for multiple-element arrangements. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is not permitted. The Company is in the process of evaluating the impact this guidance will have on its consolidated financial statements. |
Investment_In_Properties
Investment In Properties | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Investment In Properties | ' | |||||||||||||||||||||||
Note 3 – Investment in Properties | ||||||||||||||||||||||||
Our consolidated investment in properties consists of operating properties, properties under development, redevelopment properties, properties in pre-development and land held for future development or other purposes. The following table provides our historical cost of our investment in properties (in thousands): | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Operating properties | $ | 3,555,321 | $ | 3,442,442 | ||||||||||||||||||||
Properties under development | 190,521 | 142,903 | ||||||||||||||||||||||
Properties under redevelopment | 17,046 | 12,194 | ||||||||||||||||||||||
Properties in pre-development including land held | 32,802 | 73,512 | ||||||||||||||||||||||
Total Investment in Properties | 3,795,690 | 3,671,051 | ||||||||||||||||||||||
Less accumulated depreciation and amortization | (678,740 | ) | (654,097 | ) | ||||||||||||||||||||
Net Investment in Properties | $ | 3,116,950 | $ | 3,016,954 | ||||||||||||||||||||
Acquisition Activity | ||||||||||||||||||||||||
During the nine months ended September 30, 2014, we acquired 20 buildings comprising 4.1 million square feet. These properties located in the Chicago, Dallas, Houston, Northern California, Phoenix, Seattle and Southern California markets were acquired for a total purchase price of approximately $249.6 million. This includes the Company’s purchase of its partner’s 50.0% interest in one building owned by IDI-DCT, LLC, for an incremental investment of $10.3 million for which we recognized a gain of approximately $1.0 million due to the step-up in accounting basis of our previously held interest upon gaining control in the business combination. The gain is reflected in “Gain on business combination” in our Consolidated Statements of Operations. Related to these acquisitions, we incurred acquisition costs of approximately $2.1 million during the nine months ended September 30, 2014, included in “General and administrative” in our Consolidated Statements of Operations. | ||||||||||||||||||||||||
In addition, during the nine months ended September 30, 2014, we acquired 85.1 acres of land in the Chicago, Dallas, Pennsylvania and Seattle markets for approximately $19.7 million that is held for future development. | ||||||||||||||||||||||||
Development Activity | ||||||||||||||||||||||||
As of September 30, 2014, our properties under development include the following: | ||||||||||||||||||||||||
— | Two buildings totaling 0.3 million square feet that are currently in lease-up as shell construction activities have been completed. These buildings are 74.0% leased on a weighted-average basis. | |||||||||||||||||||||||
— | 14 projects under construction totaling 4.1 million square feet and two under-construction development projects for sale totaling 0.1 million square feet. | |||||||||||||||||||||||
— | Two shell complete buildings acquired during 2014, totaling 0.2 million square feet that are currently in lease-up. | |||||||||||||||||||||||
During the nine months ended September 30, 2014, we recognized development profit, net of taxes of approximately $2.0 million related to the completion and sales of 8th & Vineyard A and 8th & Vineyard B. | ||||||||||||||||||||||||
Disposition Activity | ||||||||||||||||||||||||
During the nine months ended September 30, 2014, we sold 17 operating properties totaling 2.5 million square feet, to third parties for gross proceeds of approximately $127.0 million. We recognized gains of approximately $15.7 million on the disposition of 13 properties and recognized impairment losses of approximately $5.4 million on four properties. Additionally, during the nine months ended September 30, 2014, we recognized impairment losses of approximately $0.2 million on one property classified as held for sale. The estimated fair values of the impaired properties were based upon the contractual sales price, a Level 2 fair value measurement. The impairment loss is reflected in “Impairment losses” in the Consolidated Statements of Operations. See “Note 12 – Discontinued Operations and Assets Held for Sale” for additional information. | ||||||||||||||||||||||||
Intangible Lease Assets and Liabilities | ||||||||||||||||||||||||
Aggregate amortization expense for intangible lease assets recognized in connection with property acquisitions (excluding assets and liabilities related to above and below market rents; see “Note 2—Summary of Significant Accounting Policies” for additional information) was approximately $3.6 million and $10.9 million for the three and nine months ended September 30, 2014, respectively, and $3.1 million and $8.3 million for the three and nine months ended September 30, 2013, respectively. Our intangible lease assets and liabilities include the following as of September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
Other intangible lease assets | $ | 81,024 | $ | (31,357 | ) | $ | 49,667 | $ | 77,383 | $ | (27,668 | ) | $ | 49,715 | ||||||||||
Above market rent | $ | 4,708 | $ | (1,784 | ) | $ | 2,924 | $ | 5,375 | $ | (1,761 | ) | $ | 3,614 | ||||||||||
Below market rent | $ | (29,333 | ) | $ | 6,542 | $ | (22,791 | ) | $ | (26,562 | ) | $ | 6,173 | $ | (20,389 | ) | ||||||||
Investments_In_And_Advances_To
Investments In And Advances To Unconsolidated Joint Ventures | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Investments In And Advances To Unconsolidated Joint Ventures [Abstract] | ' | ||||||||||||||||
Investments In And Advances To Unconsolidated Joint Ventures | ' | ||||||||||||||||
Note 4 – Investments in and Advances to Unconsolidated Joint Ventures | |||||||||||||||||
We enter into joint ventures primarily for purposes of operating and developing industrial real estate. Our investments in these joint ventures are included in “Investments in and advances to unconsolidated joint ventures” in our Consolidated Balance Sheets. | |||||||||||||||||
In January 2014, the TRT-DCT Ventures I and II disposed of all their properties. We received net proceeds of approximately $6.6 million from the transactions. Based on the structure of the transactions, we recognized a gain of approximately $0.9 million on the sale of our interest in TRT-DCT Venture I, included in “Gain on dispositions of real estate interests” in our Consolidated Statements of Operations and we recognized our share of the TRT-DCT Venture II’s gain on sale of properties, approximately $2.4 million, included in “Equity in earnings of unconsolidated joint ventures, net” in our Consolidated Statements of Operations. | |||||||||||||||||
During March 2014, we purchased our partner’s 50.0% interest in one building from the IDI-DCT, LLC joint venture for $10.3 million. See “Note 3 – Investment in Properties” for additional information. | |||||||||||||||||
The following table summarizes our unconsolidated joint ventures as of September 30, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||
Investments in and | |||||||||||||||||
As of September 30, 2014 | Advances to as of | ||||||||||||||||
Ownership | Number of | September 30, | December 31, | ||||||||||||||
Unconsolidated Joint Ventures | Percentage | Buildings | 2014 | 2013 | |||||||||||||
Institutional Joint Ventures: | |||||||||||||||||
DCT/SPF Industrial Operating LLC | 20 | % | 13 | $ | 40,192 | $ | 41,253 | ||||||||||
TRT-DCT Venture I | 0 | % | - | - | 823 | ||||||||||||
TRT-DCT Venture II | 0 | % | - | - | 1,847 | ||||||||||||
TRT-DCT Venture III | 10 | % | 4 | 1,156 | 1,197 | ||||||||||||
Total Institutional Joint Ventures | 17 | 41,348 | 45,120 | ||||||||||||||
Other: | |||||||||||||||||
Stirling Capital Investments (SCLA)(1) | 50 | % | 6 | 45,692 | 47,978 | ||||||||||||
IDI/DCT, LLC | 50 | % | 2 | 8,099 | 27,735 | ||||||||||||
IDI/DCT Buford, LLC (land only) | 75 | % | - | 4,090 | 4,090 | ||||||||||||
Total Other | 8 | 57,881 | 79,803 | ||||||||||||||
Total | 25 | $ | 99,229 | $ | 124,923 | ||||||||||||
(1) | Although we contributed 100% of the initial cash equity capital required by the venture, our partners retain certain participation rights in the venture’s available cash flows. | ||||||||||||||||
Guarantees | |||||||||||||||||
There are no lines of credit or side agreements related to, or between, our unconsolidated joint ventures and us, and there are no derivative financial instruments between our unconsolidated joint ventures and us. In addition, we believe we have no material exposure to financial guarantees. |
Financial_Instruments_And_Hedg
Financial Instruments And Hedging Activities | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Financial Instruments And Hedging Activities | ' | |||||||||||||||
Note 5 – Financial Instruments and Hedging Activities | ||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
As of September 30, 2014 and December 31, 2013, the fair values of cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximated their carrying values due to the short-term nature of settlement of these instruments. The fair values of other financial instruments subject to fair value disclosures were determined based on available market information and valuation methodologies we believe to be appropriate estimates for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. Our estimates may differ from the actual amounts that we could realize upon disposition. The following table summarizes these financial instruments (in thousands): | ||||||||||||||||
Balances as of | Balances as of | |||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Amounts | Fair Value | Amounts | Fair Value | |||||||||||||
Borrowings(1): | ||||||||||||||||
Senior unsecured revolving credit facility | $ | 132,000 | $ | 132,000 | $ | 39,000 | $ | 39,000 | ||||||||
Fixed rate debt(2) | $ | 1,183,856 | $ | 1,280,604 | $ | 1,188,367 | $ | 1,263,722 | ||||||||
Variable rate debt | $ | 225,000 | $ | 225,504 | $ | 225,000 | $ | 226,153 | ||||||||
Interest rate contracts: | ||||||||||||||||
Interest rate swap asset (liability)(3) | $ | (23 | ) | $ | (23 | ) | $ | 212 | $ | 212 | ||||||
(1) | The fair values of our borrowings were estimated using a discounted cash flow methodology. Credit spreads and market interest rates used to determine the fair value of these instruments are based on unobservable Level 3 inputs which management has determined to be its best estimate of current market values. | |||||||||||||||
(2) | The carrying amount of our fixed rate debt includes premiums and discounts. | |||||||||||||||
(3) | The fair value of our interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash flows and the discounted expected variable cash flows based on an expectation of future interest rates derived from Level 2 observable market interest rate curves. We also incorporate a credit valuation adjustment, which is derived using unobservable Level 3 inputs, to appropriately reflect both our nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurement. The asset or liability is included in “Other assets” or “Other liabilities,” respectively, in our Consolidated Balance Sheets. | |||||||||||||||
The following table displays a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2014 and 2013. The table also displays gains and losses due to changes in fair value, including both realized and unrealized, recognized in the Consolidated Statements of Operations for Level 3 assets and liabilities. When assets and liabilities are transferred between levels, we recognize the transfer at the beginning of the period. There were no transfers between levels during the nine months ended September 30, 2014 and 2013. | ||||||||||||||||
During the | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Level 3 Assets (Liabilities): | ||||||||||||||||
Interest Rate Swaps: | ||||||||||||||||
Beginning balance at January 1 | $ | 212 | $ | - | ||||||||||||
Net unrealized gain (loss) included in accumulated | (351 | ) | 62 | |||||||||||||
other comprehensive loss | ||||||||||||||||
Realized loss recognized in interest expense | 116 | - | ||||||||||||||
Ending balance at September 30 | $ | (23 | ) | $ | 62 | |||||||||||
Hedging Activities | ||||||||||||||||
To manage interest rate risk for variable rate debt and issuances of fixed rate debt, we primarily use treasury locks and interest rate swaps as part of our cash flow hedging strategy. These derivatives are designed to mitigate the risk of future interest rate increases by providing a fixed interest rate for a limited, pre-determined period of time. Such derivatives have been used to hedge the variability in existing and future interest expense associated with existing variable rate borrowings and forecasted issuances of debt, which may include the issuances of new debt, as well as refinancing of existing debt upon maturity. | ||||||||||||||||
Accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the designation 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. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. 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. | ||||||||||||||||
For derivatives designated as “cash flow” hedges, the effective portion of the changes in the fair value of the derivative is initially reported in “Other comprehensive income (“OCI”)” in our Consolidated Statements of Comprehensive Income (i.e., not included in earnings) and subsequently reclassified into earnings when the hedged transaction affects earnings or the hedging relationship is no longer effective at which time the ineffective portion of the derivative’s changes in fair value is recognized directly into earnings. We assess the effectiveness of each hedging relationship whenever financial statements are issued or earnings are reported and at least every three months. We do not use derivatives for trading or speculative purposes. | ||||||||||||||||
During June 2013, certain of our consolidated ventures entered into two pay-fixed, receive-floating interest rate swaps to hedge the variability of future cash flows attributable to changes in the 1 month LIBOR rates. The pay-fixed, receive-floating swaps have an effective date of June 2013 and a maturity date of June 2023. These interest rates swaps effectively fix the interest rate on the related debt instruments at 4.72%. As of September 30, 2014 and December 31, 2013, we had borrowings payable subject to pay-fixed, receive-floating interest rate swaps with aggregate principal balances of approximately $7.0 million and $7.1 million, respectively. | ||||||||||||||||
The following table presents the effect of our derivative financial instruments on our accompanying consolidated financial statements for the three and nine months ended September 30, 2014 and 2013 (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||
Interest Rate Swaps: | ||||||||||||||||
Amount of gain (loss) recognized in OCI for | $ | 135 | $ | (246 | ) | $ | (711 | ) | $ | 864 | ||||||
effective portion of derivatives | ||||||||||||||||
Amount of loss reclassified from accumulated OCI | $ | (1,163 | ) | $ | (1,000 | ) | $ | (3,491 | ) | $ | (3,000 | ) | ||||
for effective portion of derivatives into interest | ||||||||||||||||
expense and equity in earnings of unconsolidated | ||||||||||||||||
joint ventures | ||||||||||||||||
Amount of loss recognized in interest expense due | $ | - | $ | - | $ | - | $ | - | ||||||||
to missed forecast (ineffective portion and amount | ||||||||||||||||
excluded from effectiveness testing) | ||||||||||||||||
Amounts reported in “Accumulated other comprehensive loss” related to derivatives will be amortized to “Interest expense” as interest payments are made on our current debt and anticipated debt issuances. During the next 12 months, we estimate that approximately $4.2 million will be reclassified from “Accumulated other comprehensive loss” to “Interest expense” resulting in an increase in interest expense. |
Outstanding_Indebtedness
Outstanding Indebtedness | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Outstanding Indebtedness | ' |
Note 6 – Outstanding Indebtedness | |
As of September 30, 2014, our outstanding indebtedness of approximately $1.5 billion consisted of mortgage notes, senior unsecured notes and a senior unsecured revolving credit facility, excluding approximately $48.3 million representing our proportionate share of debt associated with unconsolidated joint ventures. As of December 31, 2013, our outstanding indebtedness of approximately $1.5 billion consisted of mortgage notes, senior unsecured notes and a senior unsecured revolving credit facility, excluding approximately $44.4 million representing our proportionate share of debt associated with unconsolidated joint ventures. | |
As of September 30, 2014, the gross book value of our consolidated properties was approximately $3.8 billion and the gross book value of all properties securing our mortgage debt was approximately $0.7 billion. As of December 31, 2013, the gross book value of our consolidated properties was approximately $3.7 billion and the gross book value of all properties securing our mortgage debt was approximately $0.7 billion. Our debt has various covenants with which we were in compliance as of September 30, 2014 and December 31, 2013. | |
Line of Credit | |
As of September 30, 2014, we had $132.0 million outstanding and $164.5 million available under our senior unsecured revolving credit facility, net of a $3.5 million letter of credit. As of December 31, 2013, we had $39.0 million outstanding and $261.0 million available under our senior unsecured revolving credit facility. | |
Debt Assumptions | |
During 2014, we assumed two mortgage notes with outstanding balances of approximately $10.1 million in connection with property acquisitions. We recorded approximately a $1.4 million premium in connection with the assumption of these notes. | |
Guarantee of Debt | |
DCT has guaranteed the Operating Partnership’s obligations with respect to the senior unsecured notes and the senior unsecured revolving credit facility. |
Noncontrolling_Interests
Noncontrolling Interests | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||||||
Noncontrolling Interests | ' | |||||||||||||||
Note 7 – Noncontrolling Interests | ||||||||||||||||
DCT | ||||||||||||||||
Noncontrolling interests are the portion of equity, or net assets, in a subsidiary not attributable, directly or indirectly, to a parent. Noncontrolling interests of DCT primarily represent limited partnership interests in the Operating Partnership and equity interests held by third party partners in consolidated real estate investments, including related parties as discussed in Note 9 – Related Party Transactions. | ||||||||||||||||
The following table illustrates the noncontrolling interests’ share of consolidated net income (loss) during the three and nine months ended September 30, 2014 and 2013 (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Noncontrolling interests’ share of (income) loss from | $ | (787 | ) | $ | (161 | ) | $ | (1,140 | ) | $ | 11 | |||||
continuing operations | ||||||||||||||||
Noncontrolling interests’ share of (income) loss | (14 | ) | 787 | (281 | ) | (600 | ) | |||||||||
from discontinued operations | ||||||||||||||||
Net (income) loss attributable to noncontrolling interests | $ | (801 | ) | $ | 626 | $ | (1,421 | ) | $ | (589 | ) | |||||
Operating Partnership | ||||||||||||||||
Equity interests in the Operating Partnership held by third parties and LTIP Units, as defined in Note 8 – Stockholders’ Equity of DCT and Partners’ Capital of the Operating Partnership, are classified as permanent equity of the Operating Partnership and as noncontrolling interests of DCT in the Consolidated Balance Sheets. | ||||||||||||||||
All income attributable to noncontrolling interest holders for all periods presented in the Operating Partnership’s Consolidated Statements of Operations is income from continuing operations. |
Stockholders_Equity_of_DCT_and
Stockholders' Equity of DCT and Partners' Capital of the Operating Partnership | 9 Months Ended |
Sep. 30, 2014 | |
Stockholders Equity Note [Abstract] | ' |
Stockholders' Equity of DCT and Partners' Capital of the Operating Partnership | ' |
Note 8 – Stockholders’ Equity of DCT and Partners’ Capital of the Operating Partnership | |
DCT | |
Common Stock | |
As of September 30, 2014, approximately 335.1 million shares of common stock were issued and outstanding. | |
On May 29, 2013, the Company registered a third continuous equity offering program, to replace our continuous equity offering program previously registered on November 20, 2012. Pursuant to this offering, DCT may sell up to 20 million shares of common stock from time-to-time through May 29, 2016 in “at-the-market” offerings or certain other transactions. The Company intends to use the proceeds from any sale of shares for general corporate purposes, which may include funding acquisitions and repaying debt. During the nine months ended September 30, 2014 approximately 13.6 million shares were issued through the third continuous equity offering program, at an average price of $7.74 per share for proceeds of $103.6 million, net of offering expenses. As of September 30, 2014, 3.0 million shares remain available to be issued under the current offering. | |
During the nine months ended September 30, 2014, we issued approximately 0.3 million shares of common stock related to vested shares of restricted stock, phantom shares and stock option exercises. During the nine months ended September 30, 2013, we issued approximately 0.2 million shares of common stock related to vested shares of restricted stock, phantom shares and stock option exercises. | |
Operating Partnership | |
OP Units | |
For each share of common stock issued by DCT, the Operating Partnership issues a corresponding OP Unit to DCT in exchange for the contribution of the proceeds from the stock issuances. | |
As of September 30, 2014 and December 31, 2013, DCT owned approximately 95.1% and 94.8%, respectively, of the outstanding equity interests in the Operating Partnership. The remaining common partnership interests in the Operating Partnership were owned by executives of the Company and non-affiliated limited partners. | |
DCT holds its interests through both general and limited partner units. The Amended and Restated Limited Partnership Agreement of the Operating Partnership (the “Partnership Agreement”) stipulates that the general partner shall at all times own a minimum of 1.0% of all outstanding OP Units. As a result, each reporting period certain of DCT’s limited partner units are converted to general partner units to satisfy this requirement as illustrated in the Consolidated Statement of Changes in Capital. | |
Limited partners have the right to require the Company to redeem all or a portion of the OP Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the Partnership Agreement), provided that such OP Units have been outstanding for at least one year. The Company may, in its sole discretion, purchase the OP Units by paying to the limited partner either the Cash Amount or the REIT Shares Amount (generally one share of DCT’s common stock for each OP Unit), as defined in the Partnership Agreement. | |
During the nine months ended September 30, 2014 and 2013, approximately 1.1 million and 2.1 million OP Units were redeemed for approximately $0.8 million and $0.9 million in cash and approximately 0.9 million and 2.0 million shares of DCT common stock, respectively. | |
As of September 30, 2014 and December 31, 2013, there were approximately 17.2 million and 17.7 million outstanding OP Units held by entities other than DCT and redeemable, with an aggregate redemption value of approximately $129.2 million and $125.9 million based on the $7.51 and $7.13 per share closing price of DCT’s common stock on September 30, 2014 and December 31, 2013, respectively. | |
Equity-Based Compensation | |
On October 10, 2006, the Company established the Long-Term Incentive Plan, as amended, to grant restricted stock, stock options and other awards to our personnel and directors, as defined in the plan. Awards granted under this plan are measured at fair value on the grant date and amortized to compensation expense on a straight-line basis over the service period during which the awards fully vest. Such expense is included in “General and administrative” expense in our Consolidated Statements of Operations. Options issued under the Long-Term Incentive Plan are valued using the Black-Scholes option pricing model, which relies on assumptions we make related to the expected term of the options, volatility, dividend yield and risk-free interest rate. During the nine months ended September 30, 2014, we did not grant any stock options. | |
Restricted Stock | |
Holders of restricted stock have voting rights and rights to receive dividends. Restricted stock may not be sold, assigned, transferred, pledged or otherwise disposed of and is subject to a risk of forfeiture prior to the expiration of the applicable vesting period. Restricted stock is recorded at fair value on the date of grant and amortized to compensation expense on a straight-line basis over the service period during which term the stock fully vests. Restricted stock generally vests ratably over a period of four or five years, depending on the grant. During the nine months ended September 30, 2014, we granted approximately 0.3 million shares of restricted stock to certain officers and employees at the weighted-average fair market value of $7.36 per share. | |
LTIP Units | |
Pursuant to the Long-Term Incentive Plan, as amended, the Company may grant limited partnership interests in the Operating Partnership called LTIP Units. Vested LTIP Units may be redeemed by the Company in cash or DCT common stock, at the discretion of the Company, on a one-for-one basis with common shares, subject to certain restrictions of the Partnership Agreement. LTIP Units receive distributions equally along with common shares. LTIP Units are valued by reference to the value of DCT’s common stock and generally vest ratably over a period of four to five years, depending on the grant. LTIP Unit equity compensation is amortized into expense over the service period during which the units vest. | |
During the nine months ended September 30, 2014, approximately 0.6 million LTIP Units were granted to certain senior executives, which vest over a four to five year period with a total fair value of approximately $4.3 million at the date of grant as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a weighted average volatility factor of 40% and a weighted average risk-free interest rate of 1.47%. During the nine months ended September 30, 2014, approximately 0.1 million vested LTIP Units were converted into approximately 0.1 million common shares. As of September 30, 2014, approximately 3.6 million LTIP Units were outstanding of which approximately 1.8 million were vested. | |
During the nine months ended September 30, 2013, approximately 0.7 million LTIP Units were granted to certain senior executives, which vest over a four year period with a total fair value of approximately $4.6 million at the date of grant as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 52% and risk-free interest rate of 0.84%. During the nine months ended September 30, 2013, there were no conversions of vested LTIP Units. As of December 31, 2013, approximately 3.0 million LTIP Units were outstanding of which approximately 1.2 million were vested. In addition, during the nine months ended September 30, 2013, we issued approximately 0.4 million LTIP Units for awards issued in connection with our multi-year outperformance program that ended December 31, 2012. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Note 9 – Related Party Transactions | |
8th & Vineyard Consolidated Joint Venture | |
In 2010, we entered into the 8th & Vineyard joint venture with Iowa Investments, LLC, an entity owned by one of our executives, to purchase 19.3 acres of land held for development in Southern California. Pursuant to the joint venture agreement, we will first receive a return of all capital along with a preferred return. Thereafter, Iowa Investments, LLC will receive a return of all capital along with a promoted interest. The land parcel acquired by 8th & Vineyard was purchased from an entity in which the same executive had a minority ownership. The total acquisition price of $4.7 million was determined to be at fair value. | |
During 2014, we completed the construction and disposition of two buildings. See “Note 3 – Investment in Properties” for additional information. | |
Southern California Consolidated Ventures | |
We entered into four agreements, two in December 2010 and two in January 2011, whereby we acquired a weighted average ownership interest, based on square feet, of approximately 48.4% in five bulk industrial buildings located in the Southern California market. Entities controlled by one of our executives have a weighted average ownership in these properties of approximately 43.7%, based on square feet, and the remaining 7.9% is held by a third party. Each venture partner will earn returns in accordance with their ownership interests. We have controlling rights including management of the operations of the properties and we have consolidated the properties in accordance with GAAP. The total acquisition price of $46.3 million was determined to be at fair value. |
Earnings_Per_ShareUnit
Earnings Per Share/Unit | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share/Unit | ' | |||||||||||||||
Note 10 – Earnings per Share/Unit | ||||||||||||||||
We use the two-class method of computing earnings per common share/unit which is an earnings allocation formula that determines earnings per share/unit for common stock/unit and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Under the two-class method, earnings per common share/unit are computed by dividing the sum of distributed earnings to common stockholders/OP Unitholders and undistributed earnings allocated to common stockholders/OP Unitholders by the weighted average number of common shares/units outstanding for the period. | ||||||||||||||||
A participating security is defined by GAAP as an unvested share-based payment award containing non-forfeitable rights to dividends and must be included in the computation of earnings per share/unit pursuant to the two-class method. Nonvested restricted stock and LTIP Units are considered participating securities as these share-based awards contain non-forfeitable rights to dividends irrespective of whether the awards ultimately vest or expire. | ||||||||||||||||
DCT | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2014 and 2013 (in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Earnings per Common share – Basic and Diluted | ||||||||||||||||
Numerator | ||||||||||||||||
Income (loss) from continuing operations | $ | 12,858 | $ | 1,010 | $ | 15,372 | $ | (6,971 | ) | |||||||
(Income) loss from continuing operations attributable to | (787 | ) | (161 | ) | (1,140 | ) | 11 | |||||||||
noncontrolling interests | ||||||||||||||||
Income (loss) from continuing operations attributable to | 12,071 | 849 | 14,232 | (6,960 | ) | |||||||||||
common stockholders | ||||||||||||||||
Less: Distributed and undistributed earnings allocated to | (171 | ) | (173 | ) | (507 | ) | (519 | ) | ||||||||
participating securities | ||||||||||||||||
Numerator for adjusted income (loss) from continuing | 11,900 | 676 | 13,725 | (7,479 | ) | |||||||||||
operations attributable to common stockholders | ||||||||||||||||
Income (loss) from discontinued operations | 352 | (11,793 | ) | 5,576 | 9,491 | |||||||||||
Noncontrolling interests' share of (income) loss | (14 | ) | 787 | (281 | ) | (600 | ) | |||||||||
from discontinued operations | ||||||||||||||||
Numerator for income (loss) from discontinued operations | 338 | (11,006 | ) | 5,295 | 8,891 | |||||||||||
attributable to common stockholders | ||||||||||||||||
Adjusted net income (loss) attributable to common stockholders | $ | 12,238 | $ | (10,330 | ) | $ | 19,020 | $ | 1,412 | |||||||
Denominator | ||||||||||||||||
Weighted average common shares outstanding – basic | 333,562 | 304,768 | 328,908 | 292,352 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options and phantom stock | 1,202 | 905 | 1,126 | - | ||||||||||||
Weighted average common shares outstanding – diluted | 334,764 | 305,673 | 330,034 | 292,352 | ||||||||||||
Earnings per Common Share – Basic | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.04 | $ | 0 | $ | 0.04 | $ | (0.03 | ) | |||||||
Income (loss) from discontinued operations | 0 | (0.03 | ) | 0.02 | 0.03 | |||||||||||
Net income (loss) attributable to common stockholders | $ | 0.04 | $ | (0.03 | ) | $ | 0.06 | $ | 0 | |||||||
Earnings per Common Share – Diluted | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.04 | $ | 0 | $ | 0.04 | $ | (0.03 | ) | |||||||
Income (loss) from discontinued operations | 0 | (0.03 | ) | 0.02 | 0.03 | |||||||||||
Net income (loss) attributable to common stockholders | $ | 0.04 | $ | (0.03 | ) | $ | 0.06 | $ | 0 | |||||||
Operating Partnership | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per common unit for the three and nine months ended September 30, 2014 and 2013 (in thousands, except per unit amounts): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Earnings per OP Unit – Basic and Diluted | ||||||||||||||||
Numerator | ||||||||||||||||
Income (loss) from continuing operations | $ | 12,858 | $ | 1,010 | $ | 15,372 | $ | (6,971 | ) | |||||||
Income from continuing operations attributable to | (148 | ) | (86 | ) | (385 | ) | (459 | ) | ||||||||
noncontrolling interests | ||||||||||||||||
Income (loss) from continuing operations attributable to | 12,710 | 924 | 14,987 | (7,430 | ) | |||||||||||
OP Unitholders | ||||||||||||||||
Less: Distributed and undistributed earnings allocated to | (171 | ) | (173 | ) | (507 | ) | (519 | ) | ||||||||
participating securities | ||||||||||||||||
Numerator for adjusted income (loss) from continuing | 12,539 | 751 | 14,480 | (7,949 | ) | |||||||||||
operations attributable to OP Unitholders | ||||||||||||||||
Income (loss) from discontinued operations | 352 | (11,793 | ) | 5,576 | 9,491 | |||||||||||
Noncontrolling interests' share of (income) loss | - | - | - | - | ||||||||||||
from discontinued operations | ||||||||||||||||
Numerator for income (loss) from discontinued operations | 352 | (11,793 | ) | 5,576 | 9,491 | |||||||||||
attributable to OP Unitholders | ||||||||||||||||
Adjusted net income (loss) attributable to OP Unitholders | $ | 12,891 | $ | (11,042 | ) | $ | 20,056 | $ | 1,542 | |||||||
Denominator | ||||||||||||||||
Weighted average OP Units outstanding – basic | 350,714 | 323,388 | 346,351 | 311,865 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options and phantom stock | 1,202 | 905 | 1,126 | - | ||||||||||||
Weighted average OP Units outstanding – diluted | 351,916 | 324,293 | 347,477 | 311,865 | ||||||||||||
Earnings per OP Unit – Basic | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.04 | $ | 0 | $ | 0.04 | $ | (0.03 | ) | |||||||
Income (loss) from discontinued operations | 0 | (0.03 | ) | 0.02 | 0.03 | |||||||||||
Net income (loss) attributable to OP Unitholders | $ | 0.04 | $ | (0.03 | ) | $ | 0.06 | $ | 0 | |||||||
Earnings per OP Units – Diluted | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.04 | $ | 0 | $ | 0.04 | $ | (0.03 | ) | |||||||
Income (loss) from discontinued operations | 0 | (0.03 | ) | 0.02 | 0.03 | |||||||||||
Net income (loss) attributable to OP Unitholders | $ | 0.04 | $ | (0.03 | ) | $ | 0.06 | $ | 0 | |||||||
DCT and the Operating Partnership | ||||||||||||||||
Potentially Dilutive Shares | ||||||||||||||||
For the nine months ended September 30, 2013, we excluded from diluted earnings per share the weighted average common share equivalents or common unit equivalents related to 2.8 million stock options and phantom stock because their effect would be anti-dilutive. | ||||||||||||||||
Additionally, for the three and nine months ended September 30, 2014, DCT excluded from diluted earnings per share the weighted average common share equivalents related to 17.2 million and 17.4 million OP Units, respectively, because their effect would be anti-dilutive. During the same periods ended September 30, 2013, DCT excluded from diluted earnings per share the weighted average common share equivalents related to 18.6 million and 19.5 million OP Units, respectively, because their effect would be anti-dilutive. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Note 11 – Segment Information | ||||||||||||||||
The Company’s segments are based on our internal reporting of operating results used to assess performance based on our properties’ geographical markets. Our markets are aggregated into three reportable regions or segments, East, Central and West, which are based on the geographical locations of our properties. Management considers rental revenues and property net operating income aggregated by segment to be the appropriate way to analyze performance. Certain reclassifications have been made to prior year results to conform to the current presentation related to discontinued operations (see “Note 12 – Discontinued Operations and Assets Held” for Sale for additional information). | ||||||||||||||||
The following table reflects our total assets, net of accumulated depreciation and amortization, by segment, as of September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Segments: | ||||||||||||||||
East assets | $ | 975,695 | $ | 1,026,416 | ||||||||||||
Central assets | 1,142,082 | 1,034,814 | ||||||||||||||
West assets | 1,181,021 | 1,018,246 | ||||||||||||||
Total segment net assets | 3,298,798 | 3,079,476 | ||||||||||||||
Non-segment assets: | ||||||||||||||||
Non-segment cash and cash equivalents | 14,125 | 25,671 | ||||||||||||||
Other non-segment assets (1) | 126,210 | 152,620 | ||||||||||||||
Assets held for sale (2) | - | 8,196 | ||||||||||||||
Total assets | $ | 3,439,133 | $ | 3,265,963 | ||||||||||||
(1) | Other non-segment assets primarily consists of investments in and advances to unconsolidated joint ventures, deferred loan costs, other receivables and other assets. | |||||||||||||||
(2) | Represents assets held for sale that meet the definition of a discontinued operation. | |||||||||||||||
The following table sets forth the rental revenues of our segments in continuing operations for the three and nine months ended September 30, 2014 and 2013 (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
East | $ | 27,289 | $ | 25,207 | $ | 84,082 | $ | 69,724 | ||||||||
Central | 32,965 | 28,078 | 97,714 | 81,575 | ||||||||||||
West | 24,031 | 19,826 | 68,410 | 58,445 | ||||||||||||
Rental revenues | 84,285 | 73,111 | 250,206 | 209,744 | ||||||||||||
Institutional capital management and other fees | 322 | 619 | 1,394 | 2,139 | ||||||||||||
Total revenues | $ | 84,607 | $ | 73,730 | $ | 251,600 | $ | 211,883 | ||||||||
The following table sets forth property net operating income of our segments in continuing operations and a reconciliation of our property NOI to our reported “Income (loss) from continuing operations” for the three and nine months ended September 30, 2014 and 2013 (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
East | $ | 20,475 | $ | 18,748 | $ | 61,306 | $ | 50,733 | ||||||||
Central | 22,963 | 19,888 | 65,757 | 55,548 | ||||||||||||
West | 17,887 | 14,664 | 51,440 | 44,172 | ||||||||||||
Property NOI (1) | 61,325 | 53,300 | 178,503 | 150,453 | ||||||||||||
Institutional capital management and other fees | 322 | 619 | 1,394 | 2,139 | ||||||||||||
Gain on business combination | - | - | 1,000 | - | ||||||||||||
Gain on dispositions of real estate interests | 10,230 | - | 11,647 | - | ||||||||||||
Real estate related depreciation and amortization | (37,842 | ) | (32,843 | ) | (111,545 | ) | (94,634 | ) | ||||||||
Casualty and involuntary conversion gain (loss) | (14 | ) | 294 | 326 | 296 | |||||||||||
Development profit, net of taxes | - | - | 2,016 | 268 | ||||||||||||
General and administrative | (6,727 | ) | (6,120 | ) | (21,059 | ) | (19,823 | ) | ||||||||
Impairment losses | (900 | ) | - | (5,635 | ) | - | ||||||||||
Equity in earnings of unconsolidated joint ventures, net | 892 | 759 | 5,202 | 1,721 | ||||||||||||
Interest expense | (16,078 | ) | (15,141 | ) | (48,316 | ) | (47,328 | ) | ||||||||
Interest and other income | 1,577 | 83 | 1,582 | 310 | ||||||||||||
Income tax benefit (expense) and other taxes | 73 | 59 | 257 | (373 | ) | |||||||||||
Income (loss) from continuing operations | $ | 12,858 | $ | 1,010 | $ | 15,372 | $ | (6,971 | ) | |||||||
(1) | Property net operating income (“property NOI”) is defined as rental revenues, including reimbursements, less rental expenses and real estate taxes, which excludes institutional capital management fees, depreciation, amortization, casualty and involuntary conversion gains, impairment, general and administrative expenses, equity in earnings (loss) of unconsolidated joint ventures, interest expense, interest and other income (expense) and income tax benefit (expense) and other taxes. We consider property NOI to be an appropriate supplemental performance measure because property NOI reflects the operating performance of our properties and excludes certain items that are not considered to be controllable in connection with the management of the property such as depreciation, amortization, impairment, general and administrative expenses and interest expense. However, property NOI should not be viewed as an alternative measure of our financial performance since it excludes expenses which could materially impact our results of operations. Further, our property NOI may not be comparable to that of other real estate companies, as they may use different methodologies for calculating property NOI. Therefore, we believe net income (loss) attributable to common stockholders, as defined by GAAP, to be the most appropriate measure to evaluate our overall financial performance. |
Discontinued_Operations_And_As
Discontinued Operations And Assets Held For Sale | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations And Assets Held For Sale | ' | |||||||||||||||
Note 12 – Discontinued Operations and Assets Held for Sale | ||||||||||||||||
Assets Held for Sale | ||||||||||||||||
As of September 30, 2014, two properties in our East operating segment and 12 properties in our Central operating segment are classified as held for sale. In October 2014, we completed the sale of 13 of these properties, including the sale of our Columbus portfolio. | ||||||||||||||||
Discontinued Operations | ||||||||||||||||
We report results of operations from real estate assets that meet the definition of a component of an entity, have been sold or meet the criteria to be classified as held for sale, for which the disposal or expected disposal represents a strategic shift in operations, as discontinued operations. Real estate assets that meet the definition of a component of an entity and were disposed of or held for sale prior to January 1, 2014 are reported as discontinued operations. See “Note 2 – Summary of Significant Accounting Policies” for additional information regarding discontinued operations. | ||||||||||||||||
As of December 31, 2013, we had one operating property in our Central operating segment classified as held for sale that was subsequently sold in May 2014 and reported as a discontinued operation for the three and nine months ended September 30, 2014. | ||||||||||||||||
The following table summarizes the components of income from discontinued operations for the three and nine months ended September 30, 2014 and 2013 (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Rental revenues | $ | 37 | $ | 4,083 | $ | 429 | $ | 15,573 | ||||||||
Rental expenses and real estate taxes | 48 | (668 | ) | (19 | ) | (3,062 | ) | |||||||||
Real estate related depreciation and amortization | - | (1,888 | ) | - | (6,959 | ) | ||||||||||
General and administrative | (1 | ) | (68 | ) | (38 | ) | (235 | ) | ||||||||
Operating income | 84 | 1,459 | 372 | 5,317 | ||||||||||||
Interest and other expense | (2 | ) | (31 | ) | (19 | ) | (113 | ) | ||||||||
Income tax expense | - | (17 | ) | (32 | ) | (17 | ) | |||||||||
Operating income and other income | 82 | 1,411 | 321 | 5,187 | ||||||||||||
Gain on dispositions of real estate interests | 270 | 75 | 5,387 | 17,583 | ||||||||||||
Impairment losses | - | (13,279 | ) | (132 | ) | (13,279 | ) | |||||||||
Income (loss) from discontinued operations | $ | 352 | $ | (11,793 | ) | $ | 5,576 | $ | 9,491 | |||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||
Condensed Consolidating Financial Information | ' | |||||||||||||||||||||||
Note 13 – Condensed Consolidating Financial Information | ||||||||||||||||||||||||
During October 2013, we issued $275.0 million aggregate principal amount of 4.50% senior notes at 99.038% of face value in a private placement. The senior notes are jointly and severally, fully and unconditionally guaranteed by DCT and certain of the Company’s wholly owned subsidiaries. During May 2014, we completed the exchange of these notes for SEC registered notes having substantially identical terms. | ||||||||||||||||||||||||
The following tables present the condensed consolidating financial information for (a) DCT Industrial Trust, Inc. (“Parent” and a guarantor), (b) DCT Industrial Operating Partnership LP (“Subsidiary Issuer”), (c) on a combined basis, the guarantor subsidiaries (“Subsidiary Guarantors”), and (d) on a combined basis, the non-guarantor subsidiaries (“Non-Guarantor Subsidiaries”). Additional columns present consolidating adjustments and consolidated totals as of September 30, 2014 and December 31, 2013 and for the three and nine months ended September 30, 2014 and 2013. | ||||||||||||||||||||||||
As the guarantees were made in connection with our note offering in October 2013, the Subsidiary Guarantors’ condensed consolidating information as of December 31, 2013 and for the period ended September 30, 2013 is presented based on the guarantors as of December 31, 2013. Subsequent to December 31, 2013, certain of our subsidiaries may be released from their guarantees, primarily due to the disposition of properties. These changes in guarantors are reflected prospectively. | ||||||||||||||||||||||||
Separate financial statements of the Subsidiary Guarantors are not presented because the guarantee by each 100% owned Subsidiary Guarantor is full and unconditional, joint and several. Furthermore, there are no significant legal restrictions on the Parent’s ability to obtain funds from its subsidiaries by dividend or loan. | ||||||||||||||||||||||||
Investments in consolidated subsidiaries are accounted for using the equity method for purposes of the combined presentation. The consolidating adjustments principally relate to the elimination of investments in consolidated subsidiaries and intercompany balances and transactions. | ||||||||||||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Land | $ | - | $ | - | $ | 766,443 | $ | 151,184 | $ | - | $ | 917,627 | ||||||||||||
Buildings and improvements | - | - | 2,246,895 | 414,557 | - | 2,661,452 | ||||||||||||||||||
Intangible lease assets | - | - | 63,950 | 21,782 | - | 85,732 | ||||||||||||||||||
Construction in progress | - | - | 121,492 | 9,387 | - | 130,879 | ||||||||||||||||||
Total investment in properties | - | - | 3,198,780 | 596,910 | - | 3,795,690 | ||||||||||||||||||
Less accumulated depreciation and amortization | - | - | (563,113 | ) | (115,627 | ) | - | (678,740 | ) | |||||||||||||||
Net investment in properties | - | - | 2,635,667 | 481,283 | - | 3,116,950 | ||||||||||||||||||
Investments in and advances to unconsolidated joint ventures | - | 98,623 | 606 | - | - | 99,229 | ||||||||||||||||||
Net investment in real estate | - | 98,623 | 2,636,273 | 481,283 | - | 3,216,179 | ||||||||||||||||||
Cash and cash equivalents | - | 21,651 | 9,528 | - | (4,853 | ) | 26,326 | |||||||||||||||||
Restricted cash | - | - | 162 | 3,364 | - | 3,526 | ||||||||||||||||||
Deferred loan costs, net | - | 8,121 | - | 463 | - | 8,584 | ||||||||||||||||||
Straight-line rent and other receivables, net | - | 526 | 42,415 | 8,047 | - | 50,988 | ||||||||||||||||||
Other assets, net | - | 4,369 | 9,155 | 4,560 | - | 18,084 | ||||||||||||||||||
Intercompany receivables, net | 23,517 | 154,788 | 4,126 | - | (182,431 | ) | - | |||||||||||||||||
Investment in subsidiaries | 1,606,886 | 2,716,116 | 2,715 | - | (4,325,717 | ) | - | |||||||||||||||||
Assets held for sale | - | - | 99,550 | 15,896 | - | 115,446 | ||||||||||||||||||
Total assets | $ | 1,630,403 | $ | 3,004,194 | $ | 2,803,924 | $ | 513,613 | $ | (4,513,001 | ) | $ | 3,439,133 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | - | $ | 13,230 | $ | 58,353 | $ | 18,766 | $ | (4,853 | ) | $ | 85,496 | |||||||||||
Intercompany payables, net | - | 23,517 | 35,622 | 123,292 | (182,431 | ) | - | |||||||||||||||||
Distributions payable | 23,517 | 1,290 | - | - | - | 24,807 | ||||||||||||||||||
Tenant prepaids and security deposits | - | - | 22,729 | 3,649 | - | 26,378 | ||||||||||||||||||
Other liabilities | - | 45 | 7,678 | 4,151 | - | 11,874 | ||||||||||||||||||
Intangible lease liabilities, net | - | - | 20,059 | 2,732 | - | 22,791 | ||||||||||||||||||
Line of credit | - | 132,000 | - | - | - | 132,000 | ||||||||||||||||||
Senior unsecured notes | - | 1,122,566 | - | - | - | 1,122,566 | ||||||||||||||||||
Mortgage notes | - | - | 33,951 | 252,339 | - | 286,290 | ||||||||||||||||||
Liabilities related to assets held for sale | - | - | 2,725 | 648 | - | 3,373 | ||||||||||||||||||
Total liabilities | 23,517 | 1,292,648 | 181,117 | 405,577 | (187,284 | ) | 1,715,575 | |||||||||||||||||
Equity: | ||||||||||||||||||||||||
Stockholders' equity | 1,606,886 | 1,711,546 | 2,622,807 | 108,036 | (4,442,389 | ) | 1,606,886 | |||||||||||||||||
Noncontrolling interests | - | - | - | - | 116,672 | 116,672 | ||||||||||||||||||
Total equity | 1,606,886 | 1,711,546 | 2,622,807 | 108,036 | (4,325,717 | ) | 1,723,558 | |||||||||||||||||
Total liabilities and equity | $ | 1,630,403 | $ | 3,004,194 | $ | 2,803,924 | $ | 513,613 | $ | (4,513,001 | ) | $ | 3,439,133 | |||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Rental revenues | $ | - | $ | - | $ | 65,876 | $ | 18,409 | $ | - | $ | 84,285 | ||||||||||||
Institutional capital management and other fees | - | 25 | - | 367 | (70 | ) | 322 | |||||||||||||||||
Total revenues | - | 25 | 65,876 | 18,776 | (70 | ) | 84,607 | |||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Rental expenses | - | - | 7,538 | 2,134 | - | 9,672 | ||||||||||||||||||
Real estate taxes | - | - | 10,684 | 2,604 | - | 13,288 | ||||||||||||||||||
Real estate related depreciation and amortization | - | - | 30,442 | 7,400 | - | 37,842 | ||||||||||||||||||
General and administrative | - | 6,347 | 73 | 307 | - | 6,727 | ||||||||||||||||||
Impairment losses | - | - | 201 | 699 | - | 900 | ||||||||||||||||||
Casualty and involuntary conversion loss | - | - | 14 | - | - | 14 | ||||||||||||||||||
Total operating expenses | - | 6,347 | 48,952 | 13,144 | - | 68,443 | ||||||||||||||||||
Operating income (loss) | - | (6,322 | ) | 16,924 | 5,632 | (70 | ) | 16,164 | ||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated | - | 824 | (2 | ) | - | 70 | 892 | |||||||||||||||||
joint ventures, net | ||||||||||||||||||||||||
Gain on dispositions of real estate interests | - | - | - | 10,230 | - | 10,230 | ||||||||||||||||||
Interest expense | - | (12,493 | ) | (972 | ) | (3,195 | ) | 582 | (16,078 | ) | ||||||||||||||
Interest and other income (expense) | - | 2,156 | (17 | ) | (18 | ) | (544 | ) | 1,577 | |||||||||||||||
Income tax benefit (expense) and other taxes | - | (160 | ) | 270 | (37 | ) | - | 73 | ||||||||||||||||
Income (loss) from continuing operations | - | (15,995 | ) | 16,203 | 12,612 | 38 | 12,858 | |||||||||||||||||
Income from discontinued operations | - | - | - | 390 | (38 | ) | 352 | |||||||||||||||||
Equity in earnings of consolidated subsidiaries | 12,409 | 29,057 | 39 | - | (41,505 | ) | - | |||||||||||||||||
Consolidated net income | 12,409 | 13,062 | 16,242 | 13,002 | (41,505 | ) | 13,210 | |||||||||||||||||
Net income attributable to noncontrolling interests | - | - | - | - | (801 | ) | (801 | ) | ||||||||||||||||
Net income attributable to common stockholders | 12,409 | 13,062 | 16,242 | 13,002 | (42,306 | ) | 12,409 | |||||||||||||||||
Distributed and undistributed earnings allocated to | - | (171 | ) | - | - | - | (171 | ) | ||||||||||||||||
participating securities | ||||||||||||||||||||||||
Adjusted net income attributable to | $ | 12,409 | $ | 12,891 | $ | 16,242 | $ | 13,002 | $ | (42,306 | ) | $ | 12,238 | |||||||||||
common stockholders | ||||||||||||||||||||||||
Net income | $ | 12,409 | $ | 13,062 | $ | 16,242 | $ | 13,002 | $ | (41,505 | ) | $ | 13,210 | |||||||||||
Other comprehensive income: | ||||||||||||||||||||||||
Net derivative gain (loss) on cash flow hedging instruments | - | 159 | - | (24 | ) | - | 135 | |||||||||||||||||
Net reclassification adjustment on cash flow hedging | - | 1,124 | - | 39 | - | 1,163 | ||||||||||||||||||
instruments | ||||||||||||||||||||||||
Other comprehensive income | - | 1,283 | - | 15 | - | 1,298 | ||||||||||||||||||
Comprehensive income | 12,409 | 14,345 | 16,242 | 13,017 | (41,505 | ) | 14,508 | |||||||||||||||||
Comprehensive income attributable to noncontrolling | - | - | - | - | (881 | ) | (881 | ) | ||||||||||||||||
interests | ||||||||||||||||||||||||
Comprehensive income attributable to common | $ | 12,409 | $ | 14,345 | $ | 16,242 | $ | 13,017 | $ | (42,386 | ) | $ | 13,627 | |||||||||||
stockholders | ||||||||||||||||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Rental revenues | $ | - | $ | - | $ | 204,840 | $ | 45,366 | $ | - | $ | 250,206 | ||||||||||||
Institutional capital management and other fees | - | 479 | - | 1,185 | (270 | ) | 1,394 | |||||||||||||||||
Total revenues | - | 479 | 204,840 | 46,551 | (270 | ) | 251,600 | |||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Rental expenses | - | - | 26,586 | 4,921 | - | 31,507 | ||||||||||||||||||
Real estate taxes | - | - | 33,033 | 7,163 | - | 40,196 | ||||||||||||||||||
Real estate related depreciation and amortization | - | - | 92,049 | 19,496 | - | 111,545 | ||||||||||||||||||
General and administrative | - | 20,129 | 253 | 677 | - | 21,059 | ||||||||||||||||||
Impairment losses | - | - | 1,193 | 4,442 | - | 5,635 | ||||||||||||||||||
Casualty and involuntary conversion gain | - | - | (326 | ) | - | - | (326 | ) | ||||||||||||||||
Total operating expenses | - | 20,129 | 152,788 | 36,699 | - | 209,616 | ||||||||||||||||||
Operating income (loss) | - | (19,650 | ) | 52,052 | 9,852 | (270 | ) | 41,984 | ||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Development profit, net of taxes | - | - | - | 1,966 | 50 | 2,016 | ||||||||||||||||||
Equity in earnings (loss) of unconsolidated joint | - | 5,014 | (32 | ) | - | 220 | 5,202 | |||||||||||||||||
ventures, net | ||||||||||||||||||||||||
Gain on business combination | - | 1,000 | - | - | - | 1,000 | ||||||||||||||||||
Gain on dispositions of real estate interests | - | 1,175 | - | 10,472 | - | 11,647 | ||||||||||||||||||
Interest expense | - | (37,626 | ) | (3,009 | ) | (9,549 | ) | 1,868 | (48,316 | ) | ||||||||||||||
Interest and other income (expense) | - | 3,480 | (52 | ) | 22 | (1,868 | ) | 1,582 | ||||||||||||||||
Income tax benefit (expense) and other taxes | - | (296 | ) | 734 | (181 | ) | - | 257 | ||||||||||||||||
Income (loss) from continuing operations | - | (46,903 | ) | 49,693 | 12,582 | - | 15,372 | |||||||||||||||||
Income from discontinued operations | - | - | - | 5,576 | - | 5,576 | ||||||||||||||||||
Equity in earnings of consolidated subsidiaries | 19,527 | 67,466 | 2,018 | - | (89,011 | ) | - | |||||||||||||||||
Consolidated net income | 19,527 | 20,563 | 51,711 | 18,158 | (89,011 | ) | 20,948 | |||||||||||||||||
Net income attributable to noncontrolling interests | - | - | - | - | (1,421 | ) | (1,421 | ) | ||||||||||||||||
Net income attributable to common | 19,527 | 20,563 | 51,711 | 18,158 | (90,432 | ) | 19,527 | |||||||||||||||||
stockholders | ||||||||||||||||||||||||
Distributed and undistributed earnings allocated to | - | (507 | ) | - | - | - | (507 | ) | ||||||||||||||||
participating securities | ||||||||||||||||||||||||
Adjusted net income attributable to | $ | 19,527 | $ | 20,056 | $ | 51,711 | $ | 18,158 | $ | (90,432 | ) | $ | 19,020 | |||||||||||
common stockholders | ||||||||||||||||||||||||
Net income | $ | 19,527 | $ | 20,563 | $ | 51,711 | $ | 18,158 | $ | (89,011 | ) | $ | 20,948 | |||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Net derivative loss on cash flow hedging instruments | - | (360 | ) | - | (351 | ) | - | (711 | ) | |||||||||||||||
Net reclassification adjustment on cash flow hedging | - | 3,375 | - | 116 | - | 3,491 | ||||||||||||||||||
instruments | ||||||||||||||||||||||||
Other comprehensive income (loss) | - | 3,015 | - | (235 | ) | - | 2,780 | |||||||||||||||||
Comprehensive income | 19,527 | 23,578 | 51,711 | 17,923 | (89,011 | ) | 23,728 | |||||||||||||||||
Comprehensive income attributable to noncontrolling | - | - | - | - | (1,659 | ) | (1,659 | ) | ||||||||||||||||
interests | ||||||||||||||||||||||||
Comprehensive income attributable to | $ | 19,527 | $ | 23,578 | $ | 51,711 | $ | 17,923 | $ | (90,670 | ) | $ | 22,069 | |||||||||||
common stockholders | ||||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | - | $ | (38,439 | ) | $ | 135,396 | $ | 37,005 | $ | (4,853 | ) | $ | 129,109 | ||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Real estate acquisitions | - | - | (242,455 | ) | (14,643 | ) | - | (257,098 | ) | |||||||||||||||
Capital expenditures and development activities | - | - | (126,100 | ) | (8,765 | ) | - | (134,865 | ) | |||||||||||||||
Proceeds from dispositions of real estate investments | - | 1,988 | 4,825 | 119,347 | - | 126,160 | ||||||||||||||||||
Investments in unconsolidated joint ventures | - | (754 | ) | - | - | - | (754 | ) | ||||||||||||||||
Proceeds from casualties and involuntary conversion | - | - | 562 | 42 | - | 604 | ||||||||||||||||||
Distributions of investments in unconsolidated joint ventures | - | 17,043 | - | - | - | 17,043 | ||||||||||||||||||
Other investing activities | - | 6,247 | 6 | (283 | ) | - | 5,970 | |||||||||||||||||
Net cash provided by (used in) investing activities | - | 24,524 | (363,162 | ) | 95,698 | - | (242,940 | ) | ||||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Proceeds from senior unsecured revolving line of credit | - | 135,000 | - | - | - | 135,000 | ||||||||||||||||||
Repayments of senior unsecured revolving line of credit | - | (42,000 | ) | - | - | - | (42,000 | ) | ||||||||||||||||
Principal payments on mortgage notes | - | - | (494 | ) | (13,952 | ) | - | (14,446 | ) | |||||||||||||||
Proceeds from issuance of common stock | 104,733 | 104,733 | - | - | (104,733 | ) | 104,733 | |||||||||||||||||
Offering costs for issuance of common stock and OP Units | (1,392 | ) | (1,392 | ) | - | - | 1,392 | (1,392 | ) | |||||||||||||||
Net payments relating to intercompany financing | (34,636 | ) | (115,365 | ) | 237,847 | (122,482 | ) | 34,636 | - | |||||||||||||||
Redemption of noncontrolling interests | - | (800 | ) | - | - | - | (800 | ) | ||||||||||||||||
Dividends to common stockholders | (68,705 | ) | (68,705 | ) | - | - | 68,705 | (68,705 | ) | |||||||||||||||
Distributions to noncontrolling interests | - | (4,048 | ) | - | (498 | ) | - | (4,546 | ) | |||||||||||||||
Contributions from noncontrolling interests | - | - | - | 101 | - | 101 | ||||||||||||||||||
Other financing activity | - | 45 | (59 | ) | - | - | (14 | ) | ||||||||||||||||
Net cash provided by (used in) financing activities | - | 7,468 | 237,294 | (136,831 | ) | - | 107,931 | |||||||||||||||||
Net change in cash and cash equivalents | - | (6,447 | ) | 9,528 | (4,128 | ) | (4,853 | ) | (5,900 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | - | 28,098 | - | 4,128 | - | 32,226 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | - | $ | 21,651 | $ | 9,528 | $ | - | $ | (4,853 | ) | $ | 26,326 | |||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Land | $ | - | $ | - | $ | 728,556 | $ | 155,248 | $ | - | $ | 883,804 | ||||||||||||
Buildings and improvements | - | - | 2,192,623 | 423,256 | - | 2,615,879 | ||||||||||||||||||
Intangible lease assets | - | - | 56,429 | 26,329 | - | 82,758 | ||||||||||||||||||
Construction in progress | - | - | 75,235 | 13,375 | - | 88,610 | ||||||||||||||||||
Total investment in properties | - | - | 3,052,843 | 618,208 | - | 3,671,051 | ||||||||||||||||||
Less accumulated depreciation and amortization | - | - | (543,781 | ) | (110,316 | ) | - | (654,097 | ) | |||||||||||||||
Net investment in properties | - | - | 2,509,062 | 507,892 | - | 3,016,954 | ||||||||||||||||||
Investments in and advances to unconsolidated joint ventures | - | 124,285 | 638 | - | - | 124,923 | ||||||||||||||||||
Net investment in real estate | - | 124,285 | 2,509,700 | 507,892 | - | 3,141,877 | ||||||||||||||||||
Cash and cash equivalents | - | 28,098 | - | 4,128 | - | 32,226 | ||||||||||||||||||
Restricted cash | - | 8,841 | 340 | 3,440 | - | 12,621 | ||||||||||||||||||
Deferred loan costs, net | - | 9,737 | - | 514 | - | 10,251 | ||||||||||||||||||
Straight-line rent and other receivables, net | - | 82 | 37,800 | 8,365 | - | 46,247 | ||||||||||||||||||
Other assets, net | - | 3,313 | 7,343 | 3,889 | - | 14,545 | ||||||||||||||||||
Intercompany receivables, net | 22,472 | 137,000 | - | - | (159,472 | ) | - | |||||||||||||||||
Investment in subsidiaries | 1,543,806 | 2,540,233 | 11,965 | - | (4,096,004 | ) | - | |||||||||||||||||
Assets held for sale | - | - | 8,196 | - | - | 8,196 | ||||||||||||||||||
Total assets | $ | 1,566,278 | $ | 2,851,589 | $ | 2,575,344 | $ | 528,228 | $ | (4,255,476 | ) | $ | 3,265,963 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | - | $ | 11,140 | $ | 36,985 | $ | 15,156 | $ | - | $ | 63,281 | ||||||||||||
Intercompany payables, net | - | 22,472 | 44,448 | 92,552 | (159,472 | ) | - | |||||||||||||||||
Distributions payable | 22,472 | 1,320 | - | - | - | 23,792 | ||||||||||||||||||
Tenant prepaids and security deposits | - | - | 24,289 | 4,253 | - | 28,542 | ||||||||||||||||||
Other liabilities | - | 93 | 7,177 | 2,852 | - | 10,122 | ||||||||||||||||||
Intangible lease liabilities, net | - | - | 17,646 | 2,743 | - | 20,389 | ||||||||||||||||||
Line of credit | - | 39,000 | - | - | - | 39,000 | ||||||||||||||||||
Senior unsecured notes | - | 1,122,407 | - | - | - | 1,122,407 | ||||||||||||||||||
Mortgage notes | - | - | 34,480 | 256,480 | - | 290,960 | ||||||||||||||||||
Liabilities related to assets held for sale | - | - | 278 | - | - | 278 | ||||||||||||||||||
Total liabilities | 22,472 | 1,196,432 | 165,303 | 374,036 | (159,472 | ) | 1,598,771 | |||||||||||||||||
Equity: | ||||||||||||||||||||||||
Stockholders' equity | 1,543,806 | 1,655,157 | 2,410,041 | 154,192 | (4,219,390 | ) | 1,543,806 | |||||||||||||||||
Noncontrolling interests | - | - | - | - | 123,386 | 123,386 | ||||||||||||||||||
Total equity | 1,543,806 | 1,655,157 | 2,410,041 | 154,192 | (4,096,004 | ) | 1,667,192 | |||||||||||||||||
Total liabilities and equity | $ | 1,566,278 | $ | 2,851,589 | $ | 2,575,344 | $ | 528,228 | $ | (4,255,476 | ) | $ | 3,265,963 | |||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Rental revenues | $ | - | $ | - | $ | 60,073 | $ | 13,038 | $ | - | $ | 73,111 | ||||||||||||
Institutional capital management and other fees | - | 205 | - | 490 | (76 | ) | 619 | |||||||||||||||||
Total revenues | - | 205 | 60,073 | 13,528 | (76 | ) | 73,730 | |||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Rental expenses | - | - | 7,462 | 1,317 | - | 8,779 | ||||||||||||||||||
Real estate taxes | - | - | 8,914 | 2,118 | - | 11,032 | ||||||||||||||||||
Real estate related depreciation and amortization | - | - | 26,637 | 6,206 | - | 32,843 | ||||||||||||||||||
General and administrative | - | 5,190 | 98 | 832 | - | 6,120 | ||||||||||||||||||
Casualty and involuntary conversion gain | - | - | (294 | ) | - | - | (294 | ) | ||||||||||||||||
Total operating expenses | - | 5,190 | 42,817 | 10,473 | - | 58,480 | ||||||||||||||||||
Operating income (loss) | - | (4,985 | ) | 17,256 | 3,055 | (76 | ) | 15,250 | ||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Equity in earnings of unconsolidated joint ventures, net | - | 672 | 11 | - | 76 | 759 | ||||||||||||||||||
Interest expense | - | (11,114 | ) | (1,307 | ) | (3,287 | ) | 567 | (15,141 | ) | ||||||||||||||
Interest and other income | - | 571 | 2 | 1,820 | (2,310 | ) | 83 | |||||||||||||||||
Income tax benefit (expense) and other taxes | - | (187 | ) | 261 | (15 | ) | - | 59 | ||||||||||||||||
Income (loss) from continuing operations | - | (15,043 | ) | 16,223 | 1,573 | (1,743 | ) | 1,010 | ||||||||||||||||
Income (loss) from discontinued operations | - | - | 254 | (13,790 | ) | 1,743 | (11,793 | ) | ||||||||||||||||
Equity in earnings (loss) of consolidated subsidiaries | (10,157 | ) | 4,174 | 3 | - | 5,980 | - | |||||||||||||||||
Consolidated net income (loss) | (10,157 | ) | (10,869 | ) | 16,480 | (12,217 | ) | 5,980 | (10,783 | ) | ||||||||||||||
Net loss attributable to noncontrolling interests | - | - | - | - | 626 | 626 | ||||||||||||||||||
Net income (loss) attributable to common | (10,157 | ) | (10,869 | ) | 16,480 | (12,217 | ) | 6,606 | (10,157 | ) | ||||||||||||||
stockholders | ||||||||||||||||||||||||
Distributed and undistributed earnings allocated to | - | (173 | ) | - | - | - | (173 | ) | ||||||||||||||||
participating securities | ||||||||||||||||||||||||
Adjusted net income (loss) attributable to | $ | (10,157 | ) | $ | (11,042 | ) | $ | 16,480 | $ | (12,217 | ) | $ | 6,606 | $ | (10,330 | ) | ||||||||
common stockholders | ||||||||||||||||||||||||
Net income (loss) | $ | (10,157 | ) | $ | (10,869 | ) | $ | 16,480 | $ | (12,217 | ) | $ | 5,980 | $ | (10,783 | ) | ||||||||
Other comprehensive income | ||||||||||||||||||||||||
Net derivative gain (loss) on cash flow hedging instruments | - | (254 | ) | - | 8 | - | (246 | ) | ||||||||||||||||
Net reclassification adjustment on cash flow hedging | - | 1,000 | - | - | - | 1,000 | ||||||||||||||||||
instruments | ||||||||||||||||||||||||
Other comprehensive income | - | 746 | - | 8 | - | 754 | ||||||||||||||||||
Comprehensive income (loss) | (10,157 | ) | (10,123 | ) | 16,480 | (12,209 | ) | 5,980 | (10,029 | ) | ||||||||||||||
Comprehensive income attributable to noncontrolling | - | - | - | - | 376 | 376 | ||||||||||||||||||
interests | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to common | $ | (10,157 | ) | $ | (10,123 | ) | $ | 16,480 | $ | (12,209 | ) | $ | 6,356 | $ | (9,653 | ) | ||||||||
stockholders | ||||||||||||||||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Income | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Rental revenues | $ | - | $ | - | $ | 170,089 | $ | 39,655 | $ | - | $ | 209,744 | ||||||||||||
Institutional capital management and other fees | - | 768 | - | 1,622 | (251 | ) | 2,139 | |||||||||||||||||
Total revenues | - | 768 | 170,089 | 41,277 | (251 | ) | 211,883 | |||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Rental expenses | - | - | 22,201 | 3,872 | - | 26,073 | ||||||||||||||||||
Real estate taxes | - | - | 26,475 | 6,743 | - | 33,218 | ||||||||||||||||||
Real estate related depreciation and amortization | - | - | 75,698 | 18,936 | - | 94,634 | ||||||||||||||||||
General and administrative | - | 19,516 | 279 | 28 | - | 19,823 | ||||||||||||||||||
Casualty and involuntary conversion (gain) loss | - | - | (353 | ) | 57 | - | (296 | ) | ||||||||||||||||
Total operating expenses | - | 19,516 | 124,300 | 29,636 | - | 173,452 | ||||||||||||||||||
Operating income (loss) | - | (18,748 | ) | 45,789 | 11,641 | (251 | ) | 38,431 | ||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Development profit, net of taxes | - | - | - | 268 | - | 268 | ||||||||||||||||||
Equity in earnings of unconsolidated joint ventures, net | - | 1,453 | 17 | - | 251 | 1,721 | ||||||||||||||||||
Interest expense | - | (35,335 | ) | (3,926 | ) | (10,058 | ) | 1,991 | (47,328 | ) | ||||||||||||||
Interest and other income | - | 2,000 | 12 | 5,416 | (7,118 | ) | 310 | |||||||||||||||||
Income tax benefit (expense) and other taxes | - | (489 | ) | 342 | (226 | ) | - | (373 | ) | |||||||||||||||
Income (loss) from continuing operations | - | (51,119 | ) | 42,234 | 7,041 | (5,127 | ) | (6,971 | ) | |||||||||||||||
Income from discontinued operations | - | - | 612 | 3,752 | 5,127 | 9,491 | ||||||||||||||||||
Equity in earnings of consolidated subsidiaries | 1,931 | 53,180 | 195 | - | (55,306 | ) | - | |||||||||||||||||
Consolidated net income | 1,931 | 2,061 | 43,041 | 10,793 | (55,306 | ) | 2,520 | |||||||||||||||||
Net income attributable to noncontrolling interests | - | - | - | - | (589 | ) | (589 | ) | ||||||||||||||||
Net income attributable to common stockholders | 1,931 | 2,061 | 43,041 | 10,793 | (55,895 | ) | 1,931 | |||||||||||||||||
Distributed and undistributed earnings allocated to | - | (519 | ) | - | - | - | (519 | ) | ||||||||||||||||
participating securities | ||||||||||||||||||||||||
Adjusted net income attributable to common | $ | 1,931 | $ | 1,542 | $ | 43,041 | $ | 10,793 | $ | (55,895 | ) | $ | 1,412 | |||||||||||
stockholders | ||||||||||||||||||||||||
Net income | $ | 1,931 | $ | 2,061 | $ | 43,041 | $ | 10,793 | $ | (55,306 | ) | $ | 2,520 | |||||||||||
Other comprehensive income | ||||||||||||||||||||||||
Net derivative gain on cash flow hedging instruments | - | 803 | - | 61 | - | 864 | ||||||||||||||||||
Net reclassification adjustment on cash flow hedging | - | 3,000 | - | - | - | 3,000 | ||||||||||||||||||
instruments | ||||||||||||||||||||||||
Other comprehensive income | - | 3,803 | - | 61 | - | 3,864 | ||||||||||||||||||
Comprehensive income | 1,931 | 5,864 | 43,041 | 10,854 | (55,306 | ) | 6,384 | |||||||||||||||||
Comprehensive income attributable to noncontrolling | - | - | - | - | (1,224 | ) | (1,224 | ) | ||||||||||||||||
interests | ||||||||||||||||||||||||
Comprehensive income attributable to common stockholders | $ | 1,931 | $ | 5,864 | $ | 43,041 | $ | 10,854 | $ | (56,530 | ) | $ | 5,160 | |||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | - | $ | (38,884 | ) | $ | 117,754 | $ | 24,110 | $ | - | $ | 102,980 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Real estate acquisitions | - | - | (242,619 | ) | (16,583 | ) | - | (259,202 | ) | |||||||||||||||
Capital expenditures and development activities | - | - | (97,490 | ) | (10,139 | ) | - | (107,629 | ) | |||||||||||||||
Proceeds from dispositions of real estate investments | - | - | - | 112,362 | - | 112,362 | ||||||||||||||||||
Investments in unconsolidated joint ventures | - | (1,784 | ) | - | - | - | (1,784 | ) | ||||||||||||||||
Proceeds from casualties and involuntary conversion | - | - | 5,999 | 1,820 | - | 7,819 | ||||||||||||||||||
Distributions of investments in unconsolidated joint ventures | - | 1,659 | - | - | - | 1,659 | ||||||||||||||||||
Other investing activities | - | (7,514 | ) | 5 | (281 | ) | - | (7,790 | ) | |||||||||||||||
Net cash provided by (used in) investing activities | - | (7,639 | ) | (334,105 | ) | 87,179 | - | (254,565 | ) | |||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Proceeds from senior unsecured revolving line of credit | - | 255,000 | - | - | - | 255,000 | ||||||||||||||||||
Repayments of senior unsecured revolving line of credit | - | (313,000 | ) | - | - | - | (313,000 | ) | ||||||||||||||||
Proceeds from senior unsecured notes | - | 225,000 | - | - | - | 225,000 | ||||||||||||||||||
Repayments of senior unsecured notes | - | (175,000 | ) | - | - | - | (175,000 | ) | ||||||||||||||||
Proceeds from mortgage notes | - | - | 9,303 | 7,195 | - | 16,498 | ||||||||||||||||||
Principal payments on mortgage notes | - | - | (10,988 | ) | (6,485 | ) | - | (17,473 | ) | |||||||||||||||
Proceeds from issuance of common stock | 241,704 | 241,704 | - | - | (241,704 | ) | 241,704 | |||||||||||||||||
Offering costs for issuance of common stock and OP Units | (8,467 | ) | (8,467 | ) | - | - | 8,467 | (8,467 | ) | |||||||||||||||
Net payments relating to intercompany financing | (172,958 | ) | (105,891 | ) | 217,996 | (112,105 | ) | 172,958 | - | |||||||||||||||
Redemption of noncontrolling interests | - | (933 | ) | - | - | - | (933 | ) | ||||||||||||||||
Dividends to common stockholders | (60,279 | ) | (60,279 | ) | - | - | 60,279 | (60,279 | ) | |||||||||||||||
Distributions to noncontrolling interests | - | (4,522 | ) | - | (960 | ) | - | (5,482 | ) | |||||||||||||||
Contributions from noncontrolling interests | - | - | - | 723 | - | 723 | ||||||||||||||||||
Other financing activity | - | (1,538 | ) | (57 | ) | 1,555 | - | (40 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | - | 52,074 | 216,254 | (110,077 | ) | - | 158,251 | |||||||||||||||||
Net change in cash and cash equivalents | - | 5,551 | (97 | ) | 1,212 | - | 6,666 | |||||||||||||||||
Cash and cash equivalents, beginning of period | - | 11,162 | 97 | 1,437 | - | 12,696 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | - | $ | 16,713 | $ | - | $ | 2,649 | $ | - | $ | 19,362 | ||||||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 14 – Subsequent Events | |
GAAP requires an entity to disclose events that occur after the balance sheet date but before financial statements are issued or are available to be issued (“subsequent events”) as well as the date through which an entity has evaluated subsequent events. There are two types of subsequent events. The first type consists of events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements, (“recognized subsequent events”). The second type consists of events that provide evidence about conditions that did not exist at the date of the balance sheet but arose subsequent to that date (“nonrecognized subsequent events”). No significant recognized subsequent events were noted. | |
On October 20, 2014, DCT’s Board of Directors approved a one-for-four reverse stock split of our issued and outstanding common stock and a corresponding reverse split of the partnership interests of the Operating Partnership. The number of authorized shares and the par value of the common stock were not changed. The reverse stock split is expected to take effect on November 17, 2014. The financial statements have not been adjusted because the reverse share split was not effective as of the filing date of this quarterly report. The reverse stock split will be applied retrospectively once it is effective. | |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Interim Financial Information | ' |
Interim Financial Information | |
The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited Consolidated Financial Statements include all adjustments, consisting of normal recurring items, necessary for their fair presentation in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with DCT’s audited Consolidated Financial Statements as of December 31, 2013 and related notes thereto as filed on Form 10-K on February 21, 2014 and in conjunction with the Operating Partnership’s audited Consolidated Financial Statements as of December 31, 2013 and related notes thereto as filed on Amendment No. 2 to Form S-4 on April 21, 2014. | |
Basis Of Presentation | ' |
Basis of Presentation and Principles of Consolidation | |
The accompanying Consolidated Financial Statements include the financial position, results of operations and cash flows of the Company, the Operating Partnership, their wholly-owned qualified REIT subsidiaries and taxable REIT subsidiaries, and their consolidated joint ventures, in which they have a controlling interest. | |
Equity interests in the Operating Partnership held by entities other than DCT are classified within partners’ capital in the Operating Partnership’s financial statements and as noncontrolling interests in DCT’s financial statements. Equity interests in entities consolidated into the Operating Partnership that are held by third parties are reflected in our accompanying balance sheets as noncontrolling interests in consolidated entities. We also have noncontrolling partnership interests in unconsolidated institutional capital management and other joint ventures, which are accounted for under the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. | |
Principles Of Consolidation | ' |
We hold interests in both consolidated and unconsolidated joint ventures. All joint ventures over which we have financial and operating control, and variable interest entities (“VIEs”) in which we have determined that we are the primary beneficiary, are included in the Consolidated Financial Statements. We use the equity method of accounting for joint ventures over which we do not have a controlling interest or where we do not exercise significant control over major operating and management decisions but where we exercise significant influence and include our share of earnings or losses of these joint ventures in our consolidated results of operations. | |
We analyze our joint ventures in accordance with GAAP to determine whether they are VIEs and, if so, whether we are the primary beneficiary. Our judgment with respect to our level of influence or control over an entity and whether we are the primary beneficiary of a VIE involves consideration of various factors including the form of our ownership interest, our representation on the entity’s board of directors, the size of our investment (including loans) and our ability to participate in major decisions. Our ability to correctly assess our influence or control over an entity affects the presentation of these investments in the Consolidated Financial Statements and, consequently, our financial position and results of operations. | |
Use Of Estimates Policy | ' |
Use of Estimates | |
The preparation of the Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure 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. Actual results could differ from those estimates. | |
Revenue Recognition | ' |
Revenue Recognition | |
We record rental revenues on a straight-line basis under which contractual rent increases are recognized evenly over the lease term. Certain properties have leases that provide for tenant occupancy during periods where no rent is due or where minimum rent payments change during the term of the lease. Accordingly, we record receivables from tenants that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. When we acquire a property, the terms of existing leases are considered to commence as of the acquisition date for the purposes of this calculation. The total increase to “Rental revenues” due to straight-line rent adjustments was approximately $2.3 million and $7.6 million for the three and nine months ended September 30, 2014, respectively, and approximately $1.2 million and $3.7 million for the three and nine months ended September 30, 2013, respectively. | |
Tenant recovery income includes payments and amounts due from tenants pursuant to their leases for real estate taxes, insurance and other recoverable property operating expenses and is recognized as “Rental revenues” during the same period the related expenses are incurred. Tenant recovery income recognized as “Rental revenues” was approximately $19.1 million and $57.7 million for the three and nine months ended September 30, 2014, respectively, and $15.9 million and $47.0 million for the three and nine months ended September 30, 2013, respectively. | |
We maintain an allowance for estimated losses that may result from the inability of our tenants to make required payments. If a tenant fails to make contractual payments beyond any allowance, we may recognize additional bad debt expense in future periods equal to the net outstanding balances. | |
In connection with property acquisitions qualifying as business combinations, we may acquire leases with rental rates above or below the market rental rates. Such differences are recorded as an intangible lease asset or liability and amortized to “Rental revenues” over the reasonably assured term of the related leases. The unamortized balances of these assets and liabilities associated with the early termination of leases are fully amortized to their respective revenue line items in our Consolidated Statements of Operations on a straight-line basis over the estimated remaining contractual lease term. The total net impact to “Rental revenues” due to the amortization of above and below market rents was an increase of approximately $0.6 million and $1.5 million for the three and nine months ended September 30, 2014, respectively, and approximately $0.4 million and $1.2 million for the three and nine months ended September 30, 2013, respectively. | |
Early lease termination fees are recorded in “Rental revenues” on a straight-line basis over the estimated remaining contractual lease term or upon collection if collectability is not assured. The total net impact to “Rental revenues” due to early lease termination fees was an increase of approximately $0.3 million and $1.9 million for the three and nine months ended September 30, 2014, respectively, and approximately $0.8 million and $1.1 million for the three and nine months ended September 30, 2013, respectively. | |
We earn revenues from asset management fees, acquisition fees, property management fees and fees for other services pursuant to joint venture and other agreements. These are included in our Consolidated Statements of Operations in “Institutional capital management and other fees.” We recognize revenues from asset management fees, acquisition fees, property management fees and fees for other services when the related fees are earned and are realized or realizable. | |
We develop certain properties for specific buyers, called build-to-suit projects. We make certain judgments based on the specific terms of each project as to the amount and timing of recognition of profits from the project. Projects are generally accounted for using the percentage of completion method or full accrual method. Profits under the percentage of completion method are based on our estimates of the percentage of completion of individual contracts, commencing when the work performed under the contracts reaches a point where the final costs can be estimated with reasonable accuracy. The percentage of completion estimates are based on a comparison of the contract expenditures incurred to the estimated final costs. Changes in job performance, job conditions and estimated profitability may result in revisions to the costs and income and are recognized in the period in which the revisions are determined. If the sale recognition criteria for using the percentage of completion or full accrual methods are not met, we apply another recognition method provided by GAAP, such as the installment or cost recovery methods. The profit recognized from these projects is reported net of estimated taxes, when applicable, and is included in “Development profit, net of taxes” in our Consolidated Statements of Operations. |
Investment_In_Properties_Table
Investment In Properties (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Investment In Properties | ' | |||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Operating properties | $ | 3,555,321 | $ | 3,442,442 | ||||||||||||||||||||
Properties under development | 190,521 | 142,903 | ||||||||||||||||||||||
Properties under redevelopment | 17,046 | 12,194 | ||||||||||||||||||||||
Properties in pre-development including land held | 32,802 | 73,512 | ||||||||||||||||||||||
Total Investment in Properties | 3,795,690 | 3,671,051 | ||||||||||||||||||||||
Less accumulated depreciation and amortization | (678,740 | ) | (654,097 | ) | ||||||||||||||||||||
Net Investment in Properties | $ | 3,116,950 | $ | 3,016,954 | ||||||||||||||||||||
Schedule Of Intangible Lease Assets | ' | |||||||||||||||||||||||
Our intangible lease assets and liabilities include the following as of September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
Other intangible lease assets | $ | 81,024 | $ | (31,357 | ) | $ | 49,667 | $ | 77,383 | $ | (27,668 | ) | $ | 49,715 | ||||||||||
Above market rent | $ | 4,708 | $ | (1,784 | ) | $ | 2,924 | $ | 5,375 | $ | (1,761 | ) | $ | 3,614 | ||||||||||
Below market rent | $ | (29,333 | ) | $ | 6,542 | $ | (22,791 | ) | $ | (26,562 | ) | $ | 6,173 | $ | (20,389 | ) | ||||||||
Investments_In_And_Advances_To1
Investments In And Advances To Unconsolidated Joint Ventures (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Investments In And Advances To Unconsolidated Joint Ventures [Abstract] | ' | ||||||||||||||||
Investments In And Advances To Unconsolidated Joint Ventures | ' | ||||||||||||||||
The following table summarizes our unconsolidated joint ventures as of September 30, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||
Investments in and | |||||||||||||||||
As of September 30, 2014 | Advances to as of | ||||||||||||||||
Ownership | Number of | September 30, | December 31, | ||||||||||||||
Unconsolidated Joint Ventures | Percentage | Buildings | 2014 | 2013 | |||||||||||||
Institutional Joint Ventures: | |||||||||||||||||
DCT/SPF Industrial Operating LLC | 20 | % | 13 | $ | 40,192 | $ | 41,253 | ||||||||||
TRT-DCT Venture I | 0 | % | - | - | 823 | ||||||||||||
TRT-DCT Venture II | 0 | % | - | - | 1,847 | ||||||||||||
TRT-DCT Venture III | 10 | % | 4 | 1,156 | 1,197 | ||||||||||||
Total Institutional Joint Ventures | 17 | 41,348 | 45,120 | ||||||||||||||
Other: | |||||||||||||||||
Stirling Capital Investments (SCLA)(1) | 50 | % | 6 | 45,692 | 47,978 | ||||||||||||
IDI/DCT, LLC | 50 | % | 2 | 8,099 | 27,735 | ||||||||||||
IDI/DCT Buford, LLC (land only) | 75 | % | - | 4,090 | 4,090 | ||||||||||||
Total Other | 8 | 57,881 | 79,803 | ||||||||||||||
Total | 25 | $ | 99,229 | $ | 124,923 | ||||||||||||
(1) | Although we contributed 100% of the initial cash equity capital required by the venture, our partners retain certain participation rights in the venture’s available cash flows. |
Financial_Instruments_And_Hedg1
Financial Instruments And Hedging Activities (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Summary Of Financial Instruments | ' | |||||||||||||||
Balances as of | Balances as of | |||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Amounts | Fair Value | Amounts | Fair Value | |||||||||||||
Borrowings(1): | ||||||||||||||||
Senior unsecured revolving credit facility | $ | 132,000 | $ | 132,000 | $ | 39,000 | $ | 39,000 | ||||||||
Fixed rate debt(2) | $ | 1,183,856 | $ | 1,280,604 | $ | 1,188,367 | $ | 1,263,722 | ||||||||
Variable rate debt | $ | 225,000 | $ | 225,504 | $ | 225,000 | $ | 226,153 | ||||||||
Interest rate contracts: | ||||||||||||||||
Interest rate swap asset (liability)(3) | $ | (23 | ) | $ | (23 | ) | $ | 212 | $ | 212 | ||||||
(1) | The fair values of our borrowings were estimated using a discounted cash flow methodology. Credit spreads and market interest rates used to determine the fair value of these instruments are based on unobservable Level 3 inputs which management has determined to be its best estimate of current market values. | |||||||||||||||
(2) | The carrying amount of our fixed rate debt includes premiums and discounts. | |||||||||||||||
(3) | The fair value of our interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash flows and the discounted expected variable cash flows based on an expectation of future interest rates derived from Level 2 observable market interest rate curves. We also incorporate a credit valuation adjustment, which is derived using unobservable Level 3 inputs, to appropriately reflect both our nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurement. The asset or liability is included in “Other assets” or “Other liabilities,” respectively, in our Consolidated Balance Sheets. | |||||||||||||||
Reconciliation Of Liabilities Measured At Fair Value On Recurring Basis Using Unobservable Inputs | ' | |||||||||||||||
During the | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Level 3 Assets (Liabilities): | ||||||||||||||||
Interest Rate Swaps: | ||||||||||||||||
Beginning balance at January 1 | $ | 212 | $ | - | ||||||||||||
Net unrealized gain (loss) included in accumulated | (351 | ) | 62 | |||||||||||||
other comprehensive loss | ||||||||||||||||
Realized loss recognized in interest expense | 116 | - | ||||||||||||||
Ending balance at September 30 | $ | (23 | ) | $ | 62 | |||||||||||
Schedule Of Derivative Financial Instruments On Financial Statements | ' | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||
Interest Rate Swaps: | ||||||||||||||||
Amount of gain (loss) recognized in OCI for | $ | 135 | $ | (246 | ) | $ | (711 | ) | $ | 864 | ||||||
effective portion of derivatives | ||||||||||||||||
Amount of loss reclassified from accumulated OCI | $ | (1,163 | ) | $ | (1,000 | ) | $ | (3,491 | ) | $ | (3,000 | ) | ||||
for effective portion of derivatives into interest | ||||||||||||||||
expense and equity in earnings of unconsolidated | ||||||||||||||||
joint ventures | ||||||||||||||||
Amount of loss recognized in interest expense due | $ | - | $ | - | $ | - | $ | - | ||||||||
to missed forecast (ineffective portion and amount | ||||||||||||||||
excluded from effectiveness testing) | ||||||||||||||||
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||||||
Schedule Of Noncontrolling Interest | ' | |||||||||||||||
The following table illustrates the noncontrolling interests’ share of consolidated net income (loss) during the three and nine months ended September 30, 2014 and 2013 (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Noncontrolling interests’ share of (income) loss from | $ | (787 | ) | $ | (161 | ) | $ | (1,140 | ) | $ | 11 | |||||
continuing operations | ||||||||||||||||
Noncontrolling interests’ share of (income) loss | (14 | ) | 787 | (281 | ) | (600 | ) | |||||||||
from discontinued operations | ||||||||||||||||
Net (income) loss attributable to noncontrolling interests | $ | (801 | ) | $ | 626 | $ | (1,421 | ) | $ | (589 | ) | |||||
Earnings_Per_ShareUnit_Tables
Earnings Per Share/Unit (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Line Items] | ' | |||||||||||||||
Computation Of Basic And Diluted Earnings Per Common Share | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Earnings per Common share – Basic and Diluted | ||||||||||||||||
Numerator | ||||||||||||||||
Income (loss) from continuing operations | $ | 12,858 | $ | 1,010 | $ | 15,372 | $ | (6,971 | ) | |||||||
(Income) loss from continuing operations attributable to | (787 | ) | (161 | ) | (1,140 | ) | 11 | |||||||||
noncontrolling interests | ||||||||||||||||
Income (loss) from continuing operations attributable to | 12,071 | 849 | 14,232 | (6,960 | ) | |||||||||||
common stockholders | ||||||||||||||||
Less: Distributed and undistributed earnings allocated to | (171 | ) | (173 | ) | (507 | ) | (519 | ) | ||||||||
participating securities | ||||||||||||||||
Numerator for adjusted income (loss) from continuing | 11,900 | 676 | 13,725 | (7,479 | ) | |||||||||||
operations attributable to common stockholders | ||||||||||||||||
Income (loss) from discontinued operations | 352 | (11,793 | ) | 5,576 | 9,491 | |||||||||||
Noncontrolling interests' share of (income) loss | (14 | ) | 787 | (281 | ) | (600 | ) | |||||||||
from discontinued operations | ||||||||||||||||
Numerator for income (loss) from discontinued operations | 338 | (11,006 | ) | 5,295 | 8,891 | |||||||||||
attributable to common stockholders | ||||||||||||||||
Adjusted net income (loss) attributable to common stockholders | $ | 12,238 | $ | (10,330 | ) | $ | 19,020 | $ | 1,412 | |||||||
Denominator | ||||||||||||||||
Weighted average common shares outstanding – basic | 333,562 | 304,768 | 328,908 | 292,352 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options and phantom stock | 1,202 | 905 | 1,126 | - | ||||||||||||
Weighted average common shares outstanding – diluted | 334,764 | 305,673 | 330,034 | 292,352 | ||||||||||||
Earnings per Common Share – Basic | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.04 | $ | 0 | $ | 0.04 | $ | (0.03 | ) | |||||||
Income (loss) from discontinued operations | 0 | (0.03 | ) | 0.02 | 0.03 | |||||||||||
Net income (loss) attributable to common stockholders | $ | 0.04 | $ | (0.03 | ) | $ | 0.06 | $ | 0 | |||||||
Earnings per Common Share – Diluted | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.04 | $ | 0 | $ | 0.04 | $ | (0.03 | ) | |||||||
Income (loss) from discontinued operations | 0 | (0.03 | ) | 0.02 | 0.03 | |||||||||||
Net income (loss) attributable to common stockholders | $ | 0.04 | $ | (0.03 | ) | $ | 0.06 | $ | 0 | |||||||
DCT Industrial Operating Partnership LP [Member] | ' | |||||||||||||||
Earnings Per Share [Line Items] | ' | |||||||||||||||
Computation Of Basic And Diluted Earnings Per Common Unit | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Earnings per OP Unit – Basic and Diluted | ||||||||||||||||
Numerator | ||||||||||||||||
Income (loss) from continuing operations | $ | 12,858 | $ | 1,010 | $ | 15,372 | $ | (6,971 | ) | |||||||
Income from continuing operations attributable to | (148 | ) | (86 | ) | (385 | ) | (459 | ) | ||||||||
noncontrolling interests | ||||||||||||||||
Income (loss) from continuing operations attributable to | 12,710 | 924 | 14,987 | (7,430 | ) | |||||||||||
OP Unitholders | ||||||||||||||||
Less: Distributed and undistributed earnings allocated to | (171 | ) | (173 | ) | (507 | ) | (519 | ) | ||||||||
participating securities | ||||||||||||||||
Numerator for adjusted income (loss) from continuing | 12,539 | 751 | 14,480 | (7,949 | ) | |||||||||||
operations attributable to OP Unitholders | ||||||||||||||||
Income (loss) from discontinued operations | 352 | (11,793 | ) | 5,576 | 9,491 | |||||||||||
Noncontrolling interests' share of (income) loss | - | - | - | - | ||||||||||||
from discontinued operations | ||||||||||||||||
Numerator for income (loss) from discontinued operations | 352 | (11,793 | ) | 5,576 | 9,491 | |||||||||||
attributable to OP Unitholders | ||||||||||||||||
Adjusted net income (loss) attributable to OP Unitholders | $ | 12,891 | $ | (11,042 | ) | $ | 20,056 | $ | 1,542 | |||||||
Denominator | ||||||||||||||||
Weighted average OP Units outstanding – basic | 350,714 | 323,388 | 346,351 | 311,865 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options and phantom stock | 1,202 | 905 | 1,126 | - | ||||||||||||
Weighted average OP Units outstanding – diluted | 351,916 | 324,293 | 347,477 | 311,865 | ||||||||||||
Earnings per OP Unit – Basic | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.04 | $ | 0 | $ | 0.04 | $ | (0.03 | ) | |||||||
Income (loss) from discontinued operations | 0 | (0.03 | ) | 0.02 | 0.03 | |||||||||||
Net income (loss) attributable to OP Unitholders | $ | 0.04 | $ | (0.03 | ) | $ | 0.06 | $ | 0 | |||||||
Earnings per OP Units – Diluted | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.04 | $ | 0 | $ | 0.04 | $ | (0.03 | ) | |||||||
Income (loss) from discontinued operations | 0 | (0.03 | ) | 0.02 | 0.03 | |||||||||||
Net income (loss) attributable to OP Unitholders | $ | 0.04 | $ | (0.03 | ) | $ | 0.06 | $ | 0 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Total Assets, Net Of Accumulated Depreciation And Amortization, By Segment | ' | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Segments: | ||||||||||||||||
East assets | $ | 975,695 | $ | 1,026,416 | ||||||||||||
Central assets | 1,142,082 | 1,034,814 | ||||||||||||||
West assets | 1,181,021 | 1,018,246 | ||||||||||||||
Total segment net assets | 3,298,798 | 3,079,476 | ||||||||||||||
Non-segment assets: | ||||||||||||||||
Non-segment cash and cash equivalents | 14,125 | 25,671 | ||||||||||||||
Other non-segment assets (1) | 126,210 | 152,620 | ||||||||||||||
Assets held for sale (2) | - | 8,196 | ||||||||||||||
Total assets | $ | 3,439,133 | $ | 3,265,963 | ||||||||||||
(1) | Other non-segment assets primarily consists of investments in and advances to unconsolidated joint ventures, deferred loan costs, other receivables and other assets. | |||||||||||||||
(2) | Represents assets held for sale that meet the definition of a discontinued operation. | |||||||||||||||
Reconciliation Of Segment Rental Revenues To Consolidated Revenue | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
East | $ | 27,289 | $ | 25,207 | $ | 84,082 | $ | 69,724 | ||||||||
Central | 32,965 | 28,078 | 97,714 | 81,575 | ||||||||||||
West | 24,031 | 19,826 | 68,410 | 58,445 | ||||||||||||
Rental revenues | 84,285 | 73,111 | 250,206 | 209,744 | ||||||||||||
Institutional capital management and other fees | 322 | 619 | 1,394 | 2,139 | ||||||||||||
Total revenues | $ | 84,607 | $ | 73,730 | $ | 251,600 | $ | 211,883 | ||||||||
Reconciliation Of Property Net Operating Income To Consolidated Revenue | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
East | $ | 20,475 | $ | 18,748 | $ | 61,306 | $ | 50,733 | ||||||||
Central | 22,963 | 19,888 | 65,757 | 55,548 | ||||||||||||
West | 17,887 | 14,664 | 51,440 | 44,172 | ||||||||||||
Property NOI (1) | 61,325 | 53,300 | 178,503 | 150,453 | ||||||||||||
Institutional capital management and other fees | 322 | 619 | 1,394 | 2,139 | ||||||||||||
Gain on business combination | - | - | 1,000 | - | ||||||||||||
Gain on dispositions of real estate interests | 10,230 | - | 11,647 | - | ||||||||||||
Real estate related depreciation and amortization | (37,842 | ) | (32,843 | ) | (111,545 | ) | (94,634 | ) | ||||||||
Casualty and involuntary conversion gain (loss) | (14 | ) | 294 | 326 | 296 | |||||||||||
Development profit, net of taxes | - | - | 2,016 | 268 | ||||||||||||
General and administrative | (6,727 | ) | (6,120 | ) | (21,059 | ) | (19,823 | ) | ||||||||
Impairment losses | (900 | ) | - | (5,635 | ) | - | ||||||||||
Equity in earnings of unconsolidated joint ventures, net | 892 | 759 | 5,202 | 1,721 | ||||||||||||
Interest expense | (16,078 | ) | (15,141 | ) | (48,316 | ) | (47,328 | ) | ||||||||
Interest and other income | 1,577 | 83 | 1,582 | 310 | ||||||||||||
Income tax benefit (expense) and other taxes | 73 | 59 | 257 | (373 | ) | |||||||||||
Income (loss) from continuing operations | $ | 12,858 | $ | 1,010 | $ | 15,372 | $ | (6,971 | ) | |||||||
(1) | Property net operating income (“property NOI”) is defined as rental revenues, including reimbursements, less rental expenses and real estate taxes, which excludes institutional capital management fees, depreciation, amortization, casualty and involuntary conversion gains, impairment, general and administrative expenses, equity in earnings (loss) of unconsolidated joint ventures, interest expense, interest and other income (expense) and income tax benefit (expense) and other taxes. We consider property NOI to be an appropriate supplemental performance measure because property NOI reflects the operating performance of our properties and excludes certain items that are not considered to be controllable in connection with the management of the property such as depreciation, amortization, impairment, general and administrative expenses and interest expense. However, property NOI should not be viewed as an alternative measure of our financial performance since it excludes expenses which could materially impact our results of operations. Further, our property NOI may not be comparable to that of other real estate companies, as they may use different methodologies for calculating property NOI. Therefore, we believe net income (loss) attributable to common stockholders, as defined by GAAP, to be the most appropriate measure to evaluate our overall financial performance. |
Discontinued_Operations_And_As1
Discontinued Operations And Assets Held For Sale (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | |||||||||||||||
Summary Of Income (Loss) From Discontinued Operations | ' | |||||||||||||||
The following table summarizes the components of income from discontinued operations for the three and nine months ended September 30, 2014 and 2013 (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Rental revenues | $ | 37 | $ | 4,083 | $ | 429 | $ | 15,573 | ||||||||
Rental expenses and real estate taxes | 48 | (668 | ) | (19 | ) | (3,062 | ) | |||||||||
Real estate related depreciation and amortization | - | (1,888 | ) | - | (6,959 | ) | ||||||||||
General and administrative | (1 | ) | (68 | ) | (38 | ) | (235 | ) | ||||||||
Operating income | 84 | 1,459 | 372 | 5,317 | ||||||||||||
Interest and other expense | (2 | ) | (31 | ) | (19 | ) | (113 | ) | ||||||||
Income tax expense | - | (17 | ) | (32 | ) | (17 | ) | |||||||||
Operating income and other income | 82 | 1,411 | 321 | 5,187 | ||||||||||||
Gain on dispositions of real estate interests | 270 | 75 | 5,387 | 17,583 | ||||||||||||
Impairment losses | - | (13,279 | ) | (132 | ) | (13,279 | ) | |||||||||
Income (loss) from discontinued operations | $ | 352 | $ | (11,793 | ) | $ | 5,576 | $ | 9,491 | |||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||
Condensed Consolidating Financial Information | ' | |||||||||||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Land | $ | - | $ | - | $ | 766,443 | $ | 151,184 | $ | - | $ | 917,627 | ||||||||||||
Buildings and improvements | - | - | 2,246,895 | 414,557 | - | 2,661,452 | ||||||||||||||||||
Intangible lease assets | - | - | 63,950 | 21,782 | - | 85,732 | ||||||||||||||||||
Construction in progress | - | - | 121,492 | 9,387 | - | 130,879 | ||||||||||||||||||
Total investment in properties | - | - | 3,198,780 | 596,910 | - | 3,795,690 | ||||||||||||||||||
Less accumulated depreciation and amortization | - | - | (563,113 | ) | (115,627 | ) | - | (678,740 | ) | |||||||||||||||
Net investment in properties | - | - | 2,635,667 | 481,283 | - | 3,116,950 | ||||||||||||||||||
Investments in and advances to unconsolidated joint ventures | - | 98,623 | 606 | - | - | 99,229 | ||||||||||||||||||
Net investment in real estate | - | 98,623 | 2,636,273 | 481,283 | - | 3,216,179 | ||||||||||||||||||
Cash and cash equivalents | - | 21,651 | 9,528 | - | (4,853 | ) | 26,326 | |||||||||||||||||
Restricted cash | - | - | 162 | 3,364 | - | 3,526 | ||||||||||||||||||
Deferred loan costs, net | - | 8,121 | - | 463 | - | 8,584 | ||||||||||||||||||
Straight-line rent and other receivables, net | - | 526 | 42,415 | 8,047 | - | 50,988 | ||||||||||||||||||
Other assets, net | - | 4,369 | 9,155 | 4,560 | - | 18,084 | ||||||||||||||||||
Intercompany receivables, net | 23,517 | 154,788 | 4,126 | - | (182,431 | ) | - | |||||||||||||||||
Investment in subsidiaries | 1,606,886 | 2,716,116 | 2,715 | - | (4,325,717 | ) | - | |||||||||||||||||
Assets held for sale | - | - | 99,550 | 15,896 | - | 115,446 | ||||||||||||||||||
Total assets | $ | 1,630,403 | $ | 3,004,194 | $ | 2,803,924 | $ | 513,613 | $ | (4,513,001 | ) | $ | 3,439,133 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | - | $ | 13,230 | $ | 58,353 | $ | 18,766 | $ | (4,853 | ) | $ | 85,496 | |||||||||||
Intercompany payables, net | - | 23,517 | 35,622 | 123,292 | (182,431 | ) | - | |||||||||||||||||
Distributions payable | 23,517 | 1,290 | - | - | - | 24,807 | ||||||||||||||||||
Tenant prepaids and security deposits | - | - | 22,729 | 3,649 | - | 26,378 | ||||||||||||||||||
Other liabilities | - | 45 | 7,678 | 4,151 | - | 11,874 | ||||||||||||||||||
Intangible lease liabilities, net | - | - | 20,059 | 2,732 | - | 22,791 | ||||||||||||||||||
Line of credit | - | 132,000 | - | - | - | 132,000 | ||||||||||||||||||
Senior unsecured notes | - | 1,122,566 | - | - | - | 1,122,566 | ||||||||||||||||||
Mortgage notes | - | - | 33,951 | 252,339 | - | 286,290 | ||||||||||||||||||
Liabilities related to assets held for sale | - | - | 2,725 | 648 | - | 3,373 | ||||||||||||||||||
Total liabilities | 23,517 | 1,292,648 | 181,117 | 405,577 | (187,284 | ) | 1,715,575 | |||||||||||||||||
Equity: | ||||||||||||||||||||||||
Stockholders' equity | 1,606,886 | 1,711,546 | 2,622,807 | 108,036 | (4,442,389 | ) | 1,606,886 | |||||||||||||||||
Noncontrolling interests | - | - | - | - | 116,672 | 116,672 | ||||||||||||||||||
Total equity | 1,606,886 | 1,711,546 | 2,622,807 | 108,036 | (4,325,717 | ) | 1,723,558 | |||||||||||||||||
Total liabilities and equity | $ | 1,630,403 | $ | 3,004,194 | $ | 2,803,924 | $ | 513,613 | $ | (4,513,001 | ) | $ | 3,439,133 | |||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Rental revenues | $ | - | $ | - | $ | 65,876 | $ | 18,409 | $ | - | $ | 84,285 | ||||||||||||
Institutional capital management and other fees | - | 25 | - | 367 | (70 | ) | 322 | |||||||||||||||||
Total revenues | - | 25 | 65,876 | 18,776 | (70 | ) | 84,607 | |||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Rental expenses | - | - | 7,538 | 2,134 | - | 9,672 | ||||||||||||||||||
Real estate taxes | - | - | 10,684 | 2,604 | - | 13,288 | ||||||||||||||||||
Real estate related depreciation and amortization | - | - | 30,442 | 7,400 | - | 37,842 | ||||||||||||||||||
General and administrative | - | 6,347 | 73 | 307 | - | 6,727 | ||||||||||||||||||
Impairment losses | - | - | 201 | 699 | - | 900 | ||||||||||||||||||
Casualty and involuntary conversion loss | - | - | 14 | - | - | 14 | ||||||||||||||||||
Total operating expenses | - | 6,347 | 48,952 | 13,144 | - | 68,443 | ||||||||||||||||||
Operating income (loss) | - | (6,322 | ) | 16,924 | 5,632 | (70 | ) | 16,164 | ||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated | - | 824 | (2 | ) | - | 70 | 892 | |||||||||||||||||
joint ventures, net | ||||||||||||||||||||||||
Gain on dispositions of real estate interests | - | - | - | 10,230 | - | 10,230 | ||||||||||||||||||
Interest expense | - | (12,493 | ) | (972 | ) | (3,195 | ) | 582 | (16,078 | ) | ||||||||||||||
Interest and other income (expense) | - | 2,156 | (17 | ) | (18 | ) | (544 | ) | 1,577 | |||||||||||||||
Income tax benefit (expense) and other taxes | - | (160 | ) | 270 | (37 | ) | - | 73 | ||||||||||||||||
Income (loss) from continuing operations | - | (15,995 | ) | 16,203 | 12,612 | 38 | 12,858 | |||||||||||||||||
Income from discontinued operations | - | - | - | 390 | (38 | ) | 352 | |||||||||||||||||
Equity in earnings of consolidated subsidiaries | 12,409 | 29,057 | 39 | - | (41,505 | ) | - | |||||||||||||||||
Consolidated net income | 12,409 | 13,062 | 16,242 | 13,002 | (41,505 | ) | 13,210 | |||||||||||||||||
Net income attributable to noncontrolling interests | - | - | - | - | (801 | ) | (801 | ) | ||||||||||||||||
Net income attributable to common stockholders | 12,409 | 13,062 | 16,242 | 13,002 | (42,306 | ) | 12,409 | |||||||||||||||||
Distributed and undistributed earnings allocated to | - | (171 | ) | - | - | - | (171 | ) | ||||||||||||||||
participating securities | ||||||||||||||||||||||||
Adjusted net income attributable to | $ | 12,409 | $ | 12,891 | $ | 16,242 | $ | 13,002 | $ | (42,306 | ) | $ | 12,238 | |||||||||||
common stockholders | ||||||||||||||||||||||||
Net income | $ | 12,409 | $ | 13,062 | $ | 16,242 | $ | 13,002 | $ | (41,505 | ) | $ | 13,210 | |||||||||||
Other comprehensive income: | ||||||||||||||||||||||||
Net derivative gain (loss) on cash flow hedging instruments | - | 159 | - | (24 | ) | - | 135 | |||||||||||||||||
Net reclassification adjustment on cash flow hedging | - | 1,124 | - | 39 | - | 1,163 | ||||||||||||||||||
instruments | ||||||||||||||||||||||||
Other comprehensive income | - | 1,283 | - | 15 | - | 1,298 | ||||||||||||||||||
Comprehensive income | 12,409 | 14,345 | 16,242 | 13,017 | (41,505 | ) | 14,508 | |||||||||||||||||
Comprehensive income attributable to noncontrolling | - | - | - | - | (881 | ) | (881 | ) | ||||||||||||||||
interests | ||||||||||||||||||||||||
Comprehensive income attributable to common | $ | 12,409 | $ | 14,345 | $ | 16,242 | $ | 13,017 | $ | (42,386 | ) | $ | 13,627 | |||||||||||
stockholders | ||||||||||||||||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Rental revenues | $ | - | $ | - | $ | 204,840 | $ | 45,366 | $ | - | $ | 250,206 | ||||||||||||
Institutional capital management and other fees | - | 479 | - | 1,185 | (270 | ) | 1,394 | |||||||||||||||||
Total revenues | - | 479 | 204,840 | 46,551 | (270 | ) | 251,600 | |||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Rental expenses | - | - | 26,586 | 4,921 | - | 31,507 | ||||||||||||||||||
Real estate taxes | - | - | 33,033 | 7,163 | - | 40,196 | ||||||||||||||||||
Real estate related depreciation and amortization | - | - | 92,049 | 19,496 | - | 111,545 | ||||||||||||||||||
General and administrative | - | 20,129 | 253 | 677 | - | 21,059 | ||||||||||||||||||
Impairment losses | - | - | 1,193 | 4,442 | - | 5,635 | ||||||||||||||||||
Casualty and involuntary conversion gain | - | - | (326 | ) | - | - | (326 | ) | ||||||||||||||||
Total operating expenses | - | 20,129 | 152,788 | 36,699 | - | 209,616 | ||||||||||||||||||
Operating income (loss) | - | (19,650 | ) | 52,052 | 9,852 | (270 | ) | 41,984 | ||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Development profit, net of taxes | - | - | - | 1,966 | 50 | 2,016 | ||||||||||||||||||
Equity in earnings (loss) of unconsolidated joint | - | 5,014 | (32 | ) | - | 220 | 5,202 | |||||||||||||||||
ventures, net | ||||||||||||||||||||||||
Gain on business combination | - | 1,000 | - | - | - | 1,000 | ||||||||||||||||||
Gain on dispositions of real estate interests | - | 1,175 | - | 10,472 | - | 11,647 | ||||||||||||||||||
Interest expense | - | (37,626 | ) | (3,009 | ) | (9,549 | ) | 1,868 | (48,316 | ) | ||||||||||||||
Interest and other income (expense) | - | 3,480 | (52 | ) | 22 | (1,868 | ) | 1,582 | ||||||||||||||||
Income tax benefit (expense) and other taxes | - | (296 | ) | 734 | (181 | ) | - | 257 | ||||||||||||||||
Income (loss) from continuing operations | - | (46,903 | ) | 49,693 | 12,582 | - | 15,372 | |||||||||||||||||
Income from discontinued operations | - | - | - | 5,576 | - | 5,576 | ||||||||||||||||||
Equity in earnings of consolidated subsidiaries | 19,527 | 67,466 | 2,018 | - | (89,011 | ) | - | |||||||||||||||||
Consolidated net income | 19,527 | 20,563 | 51,711 | 18,158 | (89,011 | ) | 20,948 | |||||||||||||||||
Net income attributable to noncontrolling interests | - | - | - | - | (1,421 | ) | (1,421 | ) | ||||||||||||||||
Net income attributable to common | 19,527 | 20,563 | 51,711 | 18,158 | (90,432 | ) | 19,527 | |||||||||||||||||
stockholders | ||||||||||||||||||||||||
Distributed and undistributed earnings allocated to | - | (507 | ) | - | - | - | (507 | ) | ||||||||||||||||
participating securities | ||||||||||||||||||||||||
Adjusted net income attributable to | $ | 19,527 | $ | 20,056 | $ | 51,711 | $ | 18,158 | $ | (90,432 | ) | $ | 19,020 | |||||||||||
common stockholders | ||||||||||||||||||||||||
Net income | $ | 19,527 | $ | 20,563 | $ | 51,711 | $ | 18,158 | $ | (89,011 | ) | $ | 20,948 | |||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Net derivative loss on cash flow hedging instruments | - | (360 | ) | - | (351 | ) | - | (711 | ) | |||||||||||||||
Net reclassification adjustment on cash flow hedging | - | 3,375 | - | 116 | - | 3,491 | ||||||||||||||||||
instruments | ||||||||||||||||||||||||
Other comprehensive income (loss) | - | 3,015 | - | (235 | ) | - | 2,780 | |||||||||||||||||
Comprehensive income | 19,527 | 23,578 | 51,711 | 17,923 | (89,011 | ) | 23,728 | |||||||||||||||||
Comprehensive income attributable to noncontrolling | - | - | - | - | (1,659 | ) | (1,659 | ) | ||||||||||||||||
interests | ||||||||||||||||||||||||
Comprehensive income attributable to | $ | 19,527 | $ | 23,578 | $ | 51,711 | $ | 17,923 | $ | (90,670 | ) | $ | 22,069 | |||||||||||
common stockholders | ||||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | - | $ | (38,439 | ) | $ | 135,396 | $ | 37,005 | $ | (4,853 | ) | $ | 129,109 | ||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Real estate acquisitions | - | - | (242,455 | ) | (14,643 | ) | - | (257,098 | ) | |||||||||||||||
Capital expenditures and development activities | - | - | (126,100 | ) | (8,765 | ) | - | (134,865 | ) | |||||||||||||||
Proceeds from dispositions of real estate investments | - | 1,988 | 4,825 | 119,347 | - | 126,160 | ||||||||||||||||||
Investments in unconsolidated joint ventures | - | (754 | ) | - | - | - | (754 | ) | ||||||||||||||||
Proceeds from casualties and involuntary conversion | - | - | 562 | 42 | - | 604 | ||||||||||||||||||
Distributions of investments in unconsolidated joint ventures | - | 17,043 | - | - | - | 17,043 | ||||||||||||||||||
Other investing activities | - | 6,247 | 6 | (283 | ) | - | 5,970 | |||||||||||||||||
Net cash provided by (used in) investing activities | - | 24,524 | (363,162 | ) | 95,698 | - | (242,940 | ) | ||||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Proceeds from senior unsecured revolving line of credit | - | 135,000 | - | - | - | 135,000 | ||||||||||||||||||
Repayments of senior unsecured revolving line of credit | - | (42,000 | ) | - | - | - | (42,000 | ) | ||||||||||||||||
Principal payments on mortgage notes | - | - | (494 | ) | (13,952 | ) | - | (14,446 | ) | |||||||||||||||
Proceeds from issuance of common stock | 104,733 | 104,733 | - | - | (104,733 | ) | 104,733 | |||||||||||||||||
Offering costs for issuance of common stock and OP Units | (1,392 | ) | (1,392 | ) | - | - | 1,392 | (1,392 | ) | |||||||||||||||
Net payments relating to intercompany financing | (34,636 | ) | (115,365 | ) | 237,847 | (122,482 | ) | 34,636 | - | |||||||||||||||
Redemption of noncontrolling interests | - | (800 | ) | - | - | - | (800 | ) | ||||||||||||||||
Dividends to common stockholders | (68,705 | ) | (68,705 | ) | - | - | 68,705 | (68,705 | ) | |||||||||||||||
Distributions to noncontrolling interests | - | (4,048 | ) | - | (498 | ) | - | (4,546 | ) | |||||||||||||||
Contributions from noncontrolling interests | - | - | - | 101 | - | 101 | ||||||||||||||||||
Other financing activity | - | 45 | (59 | ) | - | - | (14 | ) | ||||||||||||||||
Net cash provided by (used in) financing activities | - | 7,468 | 237,294 | (136,831 | ) | - | 107,931 | |||||||||||||||||
Net change in cash and cash equivalents | - | (6,447 | ) | 9,528 | (4,128 | ) | (4,853 | ) | (5,900 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | - | 28,098 | - | 4,128 | - | 32,226 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | - | $ | 21,651 | $ | 9,528 | $ | - | $ | (4,853 | ) | $ | 26,326 | |||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Land | $ | - | $ | - | $ | 728,556 | $ | 155,248 | $ | - | $ | 883,804 | ||||||||||||
Buildings and improvements | - | - | 2,192,623 | 423,256 | - | 2,615,879 | ||||||||||||||||||
Intangible lease assets | - | - | 56,429 | 26,329 | - | 82,758 | ||||||||||||||||||
Construction in progress | - | - | 75,235 | 13,375 | - | 88,610 | ||||||||||||||||||
Total investment in properties | - | - | 3,052,843 | 618,208 | - | 3,671,051 | ||||||||||||||||||
Less accumulated depreciation and amortization | - | - | (543,781 | ) | (110,316 | ) | - | (654,097 | ) | |||||||||||||||
Net investment in properties | - | - | 2,509,062 | 507,892 | - | 3,016,954 | ||||||||||||||||||
Investments in and advances to unconsolidated joint ventures | - | 124,285 | 638 | - | - | 124,923 | ||||||||||||||||||
Net investment in real estate | - | 124,285 | 2,509,700 | 507,892 | - | 3,141,877 | ||||||||||||||||||
Cash and cash equivalents | - | 28,098 | - | 4,128 | - | 32,226 | ||||||||||||||||||
Restricted cash | - | 8,841 | 340 | 3,440 | - | 12,621 | ||||||||||||||||||
Deferred loan costs, net | - | 9,737 | - | 514 | - | 10,251 | ||||||||||||||||||
Straight-line rent and other receivables, net | - | 82 | 37,800 | 8,365 | - | 46,247 | ||||||||||||||||||
Other assets, net | - | 3,313 | 7,343 | 3,889 | - | 14,545 | ||||||||||||||||||
Intercompany receivables, net | 22,472 | 137,000 | - | - | (159,472 | ) | - | |||||||||||||||||
Investment in subsidiaries | 1,543,806 | 2,540,233 | 11,965 | - | (4,096,004 | ) | - | |||||||||||||||||
Assets held for sale | - | - | 8,196 | - | - | 8,196 | ||||||||||||||||||
Total assets | $ | 1,566,278 | $ | 2,851,589 | $ | 2,575,344 | $ | 528,228 | $ | (4,255,476 | ) | $ | 3,265,963 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | - | $ | 11,140 | $ | 36,985 | $ | 15,156 | $ | - | $ | 63,281 | ||||||||||||
Intercompany payables, net | - | 22,472 | 44,448 | 92,552 | (159,472 | ) | - | |||||||||||||||||
Distributions payable | 22,472 | 1,320 | - | - | - | 23,792 | ||||||||||||||||||
Tenant prepaids and security deposits | - | - | 24,289 | 4,253 | - | 28,542 | ||||||||||||||||||
Other liabilities | - | 93 | 7,177 | 2,852 | - | 10,122 | ||||||||||||||||||
Intangible lease liabilities, net | - | - | 17,646 | 2,743 | - | 20,389 | ||||||||||||||||||
Line of credit | - | 39,000 | - | - | - | 39,000 | ||||||||||||||||||
Senior unsecured notes | - | 1,122,407 | - | - | - | 1,122,407 | ||||||||||||||||||
Mortgage notes | - | - | 34,480 | 256,480 | - | 290,960 | ||||||||||||||||||
Liabilities related to assets held for sale | - | - | 278 | - | - | 278 | ||||||||||||||||||
Total liabilities | 22,472 | 1,196,432 | 165,303 | 374,036 | (159,472 | ) | 1,598,771 | |||||||||||||||||
Equity: | ||||||||||||||||||||||||
Stockholders' equity | 1,543,806 | 1,655,157 | 2,410,041 | 154,192 | (4,219,390 | ) | 1,543,806 | |||||||||||||||||
Noncontrolling interests | - | - | - | - | 123,386 | 123,386 | ||||||||||||||||||
Total equity | 1,543,806 | 1,655,157 | 2,410,041 | 154,192 | (4,096,004 | ) | 1,667,192 | |||||||||||||||||
Total liabilities and equity | $ | 1,566,278 | $ | 2,851,589 | $ | 2,575,344 | $ | 528,228 | $ | (4,255,476 | ) | $ | 3,265,963 | |||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Rental revenues | $ | - | $ | - | $ | 60,073 | $ | 13,038 | $ | - | $ | 73,111 | ||||||||||||
Institutional capital management and other fees | - | 205 | - | 490 | (76 | ) | 619 | |||||||||||||||||
Total revenues | - | 205 | 60,073 | 13,528 | (76 | ) | 73,730 | |||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Rental expenses | - | - | 7,462 | 1,317 | - | 8,779 | ||||||||||||||||||
Real estate taxes | - | - | 8,914 | 2,118 | - | 11,032 | ||||||||||||||||||
Real estate related depreciation and amortization | - | - | 26,637 | 6,206 | - | 32,843 | ||||||||||||||||||
General and administrative | - | 5,190 | 98 | 832 | - | 6,120 | ||||||||||||||||||
Casualty and involuntary conversion gain | - | - | (294 | ) | - | - | (294 | ) | ||||||||||||||||
Total operating expenses | - | 5,190 | 42,817 | 10,473 | - | 58,480 | ||||||||||||||||||
Operating income (loss) | - | (4,985 | ) | 17,256 | 3,055 | (76 | ) | 15,250 | ||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Equity in earnings of unconsolidated joint ventures, net | - | 672 | 11 | - | 76 | 759 | ||||||||||||||||||
Interest expense | - | (11,114 | ) | (1,307 | ) | (3,287 | ) | 567 | (15,141 | ) | ||||||||||||||
Interest and other income | - | 571 | 2 | 1,820 | (2,310 | ) | 83 | |||||||||||||||||
Income tax benefit (expense) and other taxes | - | (187 | ) | 261 | (15 | ) | - | 59 | ||||||||||||||||
Income (loss) from continuing operations | - | (15,043 | ) | 16,223 | 1,573 | (1,743 | ) | 1,010 | ||||||||||||||||
Income (loss) from discontinued operations | - | - | 254 | (13,790 | ) | 1,743 | (11,793 | ) | ||||||||||||||||
Equity in earnings (loss) of consolidated subsidiaries | (10,157 | ) | 4,174 | 3 | - | 5,980 | - | |||||||||||||||||
Consolidated net income (loss) | (10,157 | ) | (10,869 | ) | 16,480 | (12,217 | ) | 5,980 | (10,783 | ) | ||||||||||||||
Net loss attributable to noncontrolling interests | - | - | - | - | 626 | 626 | ||||||||||||||||||
Net income (loss) attributable to common | (10,157 | ) | (10,869 | ) | 16,480 | (12,217 | ) | 6,606 | (10,157 | ) | ||||||||||||||
stockholders | ||||||||||||||||||||||||
Distributed and undistributed earnings allocated to | - | (173 | ) | - | - | - | (173 | ) | ||||||||||||||||
participating securities | ||||||||||||||||||||||||
Adjusted net income (loss) attributable to | $ | (10,157 | ) | $ | (11,042 | ) | $ | 16,480 | $ | (12,217 | ) | $ | 6,606 | $ | (10,330 | ) | ||||||||
common stockholders | ||||||||||||||||||||||||
Net income (loss) | $ | (10,157 | ) | $ | (10,869 | ) | $ | 16,480 | $ | (12,217 | ) | $ | 5,980 | $ | (10,783 | ) | ||||||||
Other comprehensive income | ||||||||||||||||||||||||
Net derivative gain (loss) on cash flow hedging instruments | - | (254 | ) | - | 8 | - | (246 | ) | ||||||||||||||||
Net reclassification adjustment on cash flow hedging | - | 1,000 | - | - | - | 1,000 | ||||||||||||||||||
instruments | ||||||||||||||||||||||||
Other comprehensive income | - | 746 | - | 8 | - | 754 | ||||||||||||||||||
Comprehensive income (loss) | (10,157 | ) | (10,123 | ) | 16,480 | (12,209 | ) | 5,980 | (10,029 | ) | ||||||||||||||
Comprehensive income attributable to noncontrolling | - | - | - | - | 376 | 376 | ||||||||||||||||||
interests | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to common | $ | (10,157 | ) | $ | (10,123 | ) | $ | 16,480 | $ | (12,209 | ) | $ | 6,356 | $ | (9,653 | ) | ||||||||
stockholders | ||||||||||||||||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Income | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Rental revenues | $ | - | $ | - | $ | 170,089 | $ | 39,655 | $ | - | $ | 209,744 | ||||||||||||
Institutional capital management and other fees | - | 768 | - | 1,622 | (251 | ) | 2,139 | |||||||||||||||||
Total revenues | - | 768 | 170,089 | 41,277 | (251 | ) | 211,883 | |||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Rental expenses | - | - | 22,201 | 3,872 | - | 26,073 | ||||||||||||||||||
Real estate taxes | - | - | 26,475 | 6,743 | - | 33,218 | ||||||||||||||||||
Real estate related depreciation and amortization | - | - | 75,698 | 18,936 | - | 94,634 | ||||||||||||||||||
General and administrative | - | 19,516 | 279 | 28 | - | 19,823 | ||||||||||||||||||
Casualty and involuntary conversion (gain) loss | - | - | (353 | ) | 57 | - | (296 | ) | ||||||||||||||||
Total operating expenses | - | 19,516 | 124,300 | 29,636 | - | 173,452 | ||||||||||||||||||
Operating income (loss) | - | (18,748 | ) | 45,789 | 11,641 | (251 | ) | 38,431 | ||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Development profit, net of taxes | - | - | - | 268 | - | 268 | ||||||||||||||||||
Equity in earnings of unconsolidated joint ventures, net | - | 1,453 | 17 | - | 251 | 1,721 | ||||||||||||||||||
Interest expense | - | (35,335 | ) | (3,926 | ) | (10,058 | ) | 1,991 | (47,328 | ) | ||||||||||||||
Interest and other income | - | 2,000 | 12 | 5,416 | (7,118 | ) | 310 | |||||||||||||||||
Income tax benefit (expense) and other taxes | - | (489 | ) | 342 | (226 | ) | - | (373 | ) | |||||||||||||||
Income (loss) from continuing operations | - | (51,119 | ) | 42,234 | 7,041 | (5,127 | ) | (6,971 | ) | |||||||||||||||
Income from discontinued operations | - | - | 612 | 3,752 | 5,127 | 9,491 | ||||||||||||||||||
Equity in earnings of consolidated subsidiaries | 1,931 | 53,180 | 195 | - | (55,306 | ) | - | |||||||||||||||||
Consolidated net income | 1,931 | 2,061 | 43,041 | 10,793 | (55,306 | ) | 2,520 | |||||||||||||||||
Net income attributable to noncontrolling interests | - | - | - | - | (589 | ) | (589 | ) | ||||||||||||||||
Net income attributable to common stockholders | 1,931 | 2,061 | 43,041 | 10,793 | (55,895 | ) | 1,931 | |||||||||||||||||
Distributed and undistributed earnings allocated to | - | (519 | ) | - | - | - | (519 | ) | ||||||||||||||||
participating securities | ||||||||||||||||||||||||
Adjusted net income attributable to common | $ | 1,931 | $ | 1,542 | $ | 43,041 | $ | 10,793 | $ | (55,895 | ) | $ | 1,412 | |||||||||||
stockholders | ||||||||||||||||||||||||
Net income | $ | 1,931 | $ | 2,061 | $ | 43,041 | $ | 10,793 | $ | (55,306 | ) | $ | 2,520 | |||||||||||
Other comprehensive income | ||||||||||||||||||||||||
Net derivative gain on cash flow hedging instruments | - | 803 | - | 61 | - | 864 | ||||||||||||||||||
Net reclassification adjustment on cash flow hedging | - | 3,000 | - | - | - | 3,000 | ||||||||||||||||||
instruments | ||||||||||||||||||||||||
Other comprehensive income | - | 3,803 | - | 61 | - | 3,864 | ||||||||||||||||||
Comprehensive income | 1,931 | 5,864 | 43,041 | 10,854 | (55,306 | ) | 6,384 | |||||||||||||||||
Comprehensive income attributable to noncontrolling | - | - | - | - | (1,224 | ) | (1,224 | ) | ||||||||||||||||
interests | ||||||||||||||||||||||||
Comprehensive income attributable to common stockholders | $ | 1,931 | $ | 5,864 | $ | 43,041 | $ | 10,854 | $ | (56,530 | ) | $ | 5,160 | |||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | - | $ | (38,884 | ) | $ | 117,754 | $ | 24,110 | $ | - | $ | 102,980 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Real estate acquisitions | - | - | (242,619 | ) | (16,583 | ) | - | (259,202 | ) | |||||||||||||||
Capital expenditures and development activities | - | - | (97,490 | ) | (10,139 | ) | - | (107,629 | ) | |||||||||||||||
Proceeds from dispositions of real estate investments | - | - | - | 112,362 | - | 112,362 | ||||||||||||||||||
Investments in unconsolidated joint ventures | - | (1,784 | ) | - | - | - | (1,784 | ) | ||||||||||||||||
Proceeds from casualties and involuntary conversion | - | - | 5,999 | 1,820 | - | 7,819 | ||||||||||||||||||
Distributions of investments in unconsolidated joint ventures | - | 1,659 | - | - | - | 1,659 | ||||||||||||||||||
Other investing activities | - | (7,514 | ) | 5 | (281 | ) | - | (7,790 | ) | |||||||||||||||
Net cash provided by (used in) investing activities | - | (7,639 | ) | (334,105 | ) | 87,179 | - | (254,565 | ) | |||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Proceeds from senior unsecured revolving line of credit | - | 255,000 | - | - | - | 255,000 | ||||||||||||||||||
Repayments of senior unsecured revolving line of credit | - | (313,000 | ) | - | - | - | (313,000 | ) | ||||||||||||||||
Proceeds from senior unsecured notes | - | 225,000 | - | - | - | 225,000 | ||||||||||||||||||
Repayments of senior unsecured notes | - | (175,000 | ) | - | - | - | (175,000 | ) | ||||||||||||||||
Proceeds from mortgage notes | - | - | 9,303 | 7,195 | - | 16,498 | ||||||||||||||||||
Principal payments on mortgage notes | - | - | (10,988 | ) | (6,485 | ) | - | (17,473 | ) | |||||||||||||||
Proceeds from issuance of common stock | 241,704 | 241,704 | - | - | (241,704 | ) | 241,704 | |||||||||||||||||
Offering costs for issuance of common stock and OP Units | (8,467 | ) | (8,467 | ) | - | - | 8,467 | (8,467 | ) | |||||||||||||||
Net payments relating to intercompany financing | (172,958 | ) | (105,891 | ) | 217,996 | (112,105 | ) | 172,958 | - | |||||||||||||||
Redemption of noncontrolling interests | - | (933 | ) | - | - | - | (933 | ) | ||||||||||||||||
Dividends to common stockholders | (60,279 | ) | (60,279 | ) | - | - | 60,279 | (60,279 | ) | |||||||||||||||
Distributions to noncontrolling interests | - | (4,522 | ) | - | (960 | ) | - | (5,482 | ) | |||||||||||||||
Contributions from noncontrolling interests | - | - | - | 723 | - | 723 | ||||||||||||||||||
Other financing activity | - | (1,538 | ) | (57 | ) | 1,555 | - | (40 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | - | 52,074 | 216,254 | (110,077 | ) | - | 158,251 | |||||||||||||||||
Net change in cash and cash equivalents | - | 5,551 | (97 | ) | 1,212 | - | 6,666 | |||||||||||||||||
Cash and cash equivalents, beginning of period | - | 11,162 | 97 | 1,437 | - | 12,696 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | - | $ | 16,713 | $ | - | $ | 2,649 | $ | - | $ | 19,362 | ||||||||||||
Organization_Details
Organization (Details) | Sep. 30, 2014 | Dec. 31, 2013 |
sqft | ||
customer | ||
property | ||
Organization [Line Items] | ' | ' |
Percentage of outstanding equity ownership interest | 95.10% | 94.80% |
Square feet of properties | 74,300,000 | ' |
Number of customers leased | 900 | ' |
Number of properties | 25 | ' |
Consolidated Operating Properties [Member] | ' | ' |
Organization [Line Items] | ' | ' |
Square feet of properties | 64,900,000 | ' |
Number of properties | 401 | ' |
Occupancy rate | 93.50% | ' |
Buildings Held For Sale [Member] | ' | ' |
Organization [Line Items] | ' | ' |
Square feet of properties | 3,800,000 | ' |
Number of properties | 14 | ' |
Unconsolidated Properties [Member] | ' | ' |
Organization [Line Items] | ' | ' |
Square feet of properties | 8,600,000 | ' |
Number of properties | 25 | ' |
Occupancy rate | 98.00% | ' |
Number of institutional partners | 4 | ' |
Redevelopment [Member] | ' | ' |
Organization [Line Items] | ' | ' |
Square feet of properties | 300,000 | ' |
Number of properties | 2 | ' |
Buildings In Development [Member] | ' | ' |
Organization [Line Items] | ' | ' |
Square feet of properties | 500,000 | ' |
Number of properties | 4 | ' |
Buildings Under Construction [Member] | ' | ' |
Organization [Line Items] | ' | ' |
Number of properties | 16 | ' |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 6 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | ||||
Operating Activities [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Increase in rental revenue due straight-line rent adjustment | ' | $7,628,000 | $3,765,000 | $2,300,000 | $1,200,000 | $7,600,000 | $3,700,000 |
Tenant recovery | ' | ' | ' | 19,100,000 | 15,900,000 | 57,700,000 | 47,000,000 |
Increase (decrease) on rental revenues due to amortization of above and below market rents and accelerated amortization due to early lease terminations | ' | ' | ' | 600,000 | 400,000 | 1,500,000 | 1,200,000 |
Increase on rental revenues due to early lease terminations fees | ' | ' | ' | 300,000 | 800,000 | 1,900,000 | 1,100,000 |
Gain on sale of real estate | $400,000 | ' | ' | ' | ' | ' | ' |
Investment_In_Properties_Sched
Investment In Properties (Schedule Of Investment In Properties) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Operating properties | $3,555,321 | $3,442,442 |
Properties under development | 190,521 | 142,903 |
Properties under redevelopment | 17,046 | 12,194 |
Properties in pre-development including land held | 32,802 | 73,512 |
Total investment in properties | 3,795,690 | 3,671,051 |
Less accumulated depreciation and amortization | -678,740 | -654,097 |
Net Investment in Properties | $3,116,950 | $3,016,954 |
Investment_In_Properties_Narra
Investment In Properties (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
sqft | sqft | |||||
property | property | |||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' |
Number of properties | 25 | ' | ' | 25 | ' | ' |
Square feet of properties | 74,300,000 | ' | ' | 74,300,000 | ' | ' |
Total investment in properties | $3,795,690,000 | ' | ' | $3,795,690,000 | ' | $3,671,051,000 |
Business combination gain recognized | ' | ' | ' | 1,000,000 | ' | ' |
Development profits | ' | ' | ' | 2,016,000 | 268,000 | ' |
Impairment losses | 900,000 | ' | ' | 5,635,000 | ' | ' |
Proceeds from dispositions of real estate investments | ' | ' | ' | 126,160,000 | 112,362,000 | ' |
Gain on sale of real estate | ' | ' | 400,000 | ' | ' | ' |
Aggregate amortization expense for intangible lease assets | 3,600,000 | 3,100,000 | ' | 10,900,000 | 8,300,000 | ' |
Disposition Activity, Recognized Gain [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' |
Number of properties | 13 | ' | ' | 13 | ' | ' |
Gain on sale of real estate | ' | ' | ' | 15,700,000 | ' | ' |
Disposition Activity, Recognized Impairment Losses [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' |
Number of properties | 4 | ' | ' | 4 | ' | ' |
Impairment losses | ' | ' | ' | 5,400,000 | ' | ' |
Disposition Activity [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' |
Square feet of properties | 2,500,000 | ' | ' | 2,500,000 | ' | ' |
Number of real estate properties sold | ' | ' | ' | 17 | ' | ' |
Proceeds from dispositions of real estate investments | ' | ' | ' | 127,000,000 | ' | ' |
Disposition Activity Recognized Impairment Losses Held For Sale | ' | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' |
Number of properties | 1 | ' | ' | 1 | ' | ' |
Impairment losses | ' | ' | ' | 200,000 | ' | ' |
Development Activity [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' |
Square feet of properties | 100,000 | ' | ' | 100,000 | ' | ' |
Lease-up [Member] | Development Activity [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' |
Square feet of properties | 300,000 | ' | ' | 300,000 | ' | ' |
Number of buildings acquired | ' | ' | ' | 2 | ' | ' |
Area of property leased | 200,000 | ' | ' | 200,000 | ' | ' |
8th & Vineyard A [Member] | Development Activity [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' |
Development profits | ' | ' | ' | 2,000,000 | ' | ' |
100% Leased [Member] | Development Activity [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' |
Number of properties | 2 | ' | ' | 2 | ' | ' |
Percentage Leased | ' | ' | ' | 74.00% | ' | ' |
Buildings Under Construction [Member] | Development Activity [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' |
Square feet of properties | 4,100,000 | ' | ' | 4,100,000 | ' | ' |
Number of projects | ' | ' | ' | 14 | ' | ' |
Buildings Under Construction [Member] | Development Activity [Member] | Assets Held-for-sale [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' |
Number of projects | ' | ' | ' | 2 | ' | ' |
IDI/DCT, LLC [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' | 50.00% | ' | ' |
Number of properties | 2 | ' | ' | 2 | ' | ' |
Acquisition Activity [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' |
Business combination gain recognized | ' | ' | ' | 1,000,000 | ' | ' |
Acquisition Activity [Member] | IDI/DCT, LLC [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' | 50.00% | ' | ' |
Number of properties | 1 | ' | ' | 1 | ' | ' |
Total investment in properties | 10,300,000 | ' | ' | 10,300,000 | ' | ' |
Dallas, Chicago And Seattle Market [Member] | Acquisition Activity [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' |
Number of properties | 20 | ' | ' | 20 | ' | ' |
Square feet of properties | 4,100,000 | ' | ' | 4,100,000 | ' | ' |
Total investment in properties | 249,600,000 | ' | ' | 249,600,000 | ' | ' |
Real estate acquisition related costs | ' | ' | ' | 2,100,000 | ' | ' |
Dallas And Seattle Market [Member] | Acquisition Activity [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' |
Total investment in properties | $19,700,000 | ' | ' | $19,700,000 | ' | ' |
Area of property acquired | ' | ' | ' | 85.1 | ' | ' |
Investment_In_Properties_Sched1
Investment In Properties (Schedule Of Intangible Lease Assets) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Intangible Lease Assets [Member] | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Gross | $81,024 | $77,383 |
Accumulated Amortization | -31,357 | -27,668 |
Net | 49,667 | 49,715 |
Above Market Rent [Member] | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Gross | 4,708 | 5,375 |
Accumulated Amortization | -1,784 | -1,761 |
Net | 2,924 | 3,614 |
Below Market Rent [Member] | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Gross | -29,333 | -26,562 |
Accumulated Amortization | 6,542 | 6,173 |
Net | ($22,791) | ($20,389) |
Investments_In_And_Advances_To2
Investments In And Advances To Unconsolidated Joint Ventures (Investments In And Advances To Unconsolidated Joint Ventures) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | ||||
property | property | |||||||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Equity in earnings of unconsolidated joint ventures, net | $892,000 | $759,000 | $5,202,000 | $1,721,000 | ' | |||
Proceeds from dispositions of real estate investments | ' | ' | 126,160,000 | 112,362,000 | ' | |||
Number of operating properties | 25 | ' | 25 | ' | ' | |||
Total investment in properties | 3,795,690,000 | ' | 3,795,690,000 | ' | 3,671,051,000 | |||
Investments in and advances to unconsolidated joint ventures | 99,229,000 | ' | 99,229,000 | ' | 124,923,000 | |||
Percentage Of Initial Cash Equity Capital | ' | ' | 100.00% | ' | ' | |||
Institutional Joint Ventures [Member] | ' | ' | ' | ' | ' | |||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Number of operating properties | 17 | ' | 17 | ' | ' | |||
Investments in and advances to unconsolidated joint ventures | 41,348,000 | ' | 41,348,000 | ' | 45,120,000 | |||
Other [Member] | ' | ' | ' | ' | ' | |||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Number of operating properties | 8 | ' | 8 | ' | ' | |||
Investments in and advances to unconsolidated joint ventures | 57,881,000 | ' | 57,881,000 | ' | 79,803,000 | |||
Trt Dct Venture One | ' | ' | ' | ' | ' | |||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Gain on dispositions of real estate interests | ' | ' | 900,000 | ' | ' | |||
Ownership Percentage | 0.00% | ' | 0.00% | ' | ' | |||
Investments in and advances to unconsolidated joint ventures | ' | ' | ' | ' | 823,000 | |||
Trt Dct Venture Two | ' | ' | ' | ' | ' | |||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Equity in earnings of unconsolidated joint ventures, net | ' | ' | 2,400,000 | ' | ' | |||
Ownership Percentage | 0.00% | ' | 0.00% | ' | ' | |||
Investments in and advances to unconsolidated joint ventures | ' | ' | ' | ' | 1,847,000 | |||
Trt Dct Venture One And Two | ' | ' | ' | ' | ' | |||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Proceeds from dispositions of real estate investments | ' | ' | 6,600,000 | ' | ' | |||
IDI/DCT, LLC [Member] | ' | ' | ' | ' | ' | |||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Ownership Percentage | 50.00% | ' | 50.00% | ' | ' | |||
Number of operating properties | 2 | ' | 2 | ' | ' | |||
Investments in and advances to unconsolidated joint ventures | 8,099,000 | ' | 8,099,000 | ' | 27,735,000 | |||
IDI/DCT, LLC [Member] | Acquisition Activity [Member] | ' | ' | ' | ' | ' | |||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Number of operating properties | 1 | ' | 1 | ' | ' | |||
Total investment in properties | 10,300,000 | ' | 10,300,000 | ' | ' | |||
DCT/SPF Industrial Operating LLC [Member] | ' | ' | ' | ' | ' | |||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Ownership Percentage | 20.00% | ' | 20.00% | ' | ' | |||
Number of operating properties | 13 | ' | 13 | ' | ' | |||
Investments in and advances to unconsolidated joint ventures | 40,192,000 | ' | 40,192,000 | ' | 41,253,000 | |||
TRT-DCT Venture III [Member] | ' | ' | ' | ' | ' | |||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Ownership Percentage | 10.00% | ' | 10.00% | ' | ' | |||
Number of operating properties | 4 | ' | 4 | ' | ' | |||
Investments in and advances to unconsolidated joint ventures | 1,156,000 | ' | 1,156,000 | ' | 1,197,000 | |||
Stirling Capital Investments (SCLA) [Member] | ' | ' | ' | ' | ' | |||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Ownership Percentage | 50.00% | [1] | ' | 50.00% | [1] | ' | ' | |
Number of operating properties | 6 | [1] | ' | 6 | [1] | ' | ' | |
Investments in and advances to unconsolidated joint ventures | 45,692,000 | [1] | ' | 45,692,000 | [1] | ' | 47,978,000 | [1] |
IDI/DCT Buford, LLC (Land Only) [Member] | ' | ' | ' | ' | ' | |||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Ownership Percentage | 75.00% | ' | 75.00% | ' | ' | |||
Investments in and advances to unconsolidated joint ventures | $4,090,000 | ' | $4,090,000 | ' | $4,090,000 | |||
[1] | Although we contributed 100% of the initial cash equity capital required by the venture, our partners retain certain participation rights in the venture’s available cash flows. |
Financial_Instruments_And_Hedg2
Financial Instruments And Hedging Activities (Summary Of Financial Instruments) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Carrying Amounts | $132,000 | $39,000 | ||
Carrying Amounts | 1,500,000 | 1,500,000 | ||
Senior Unsecured Revolving Credit Facility [Member] | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Carrying Amounts | 132,000 | [1] | 39,000 | [1] |
Estimated Fair Value | 132,000 | [1] | 39,000 | [1] |
Fixed Rate Debt [Member] | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Carrying Amounts | 1,183,856 | [1],[2] | 1,188,367 | [1],[2] |
Estimated Fair Value | 1,280,604 | [1],[2] | 1,263,722 | [1],[2] |
Variable Rate Debt [Member] | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Carrying Amounts | 225,000 | [1] | 225,000 | [1] |
Estimated Fair Value | 225,504 | [1] | 226,153 | [1] |
Interest Rate Swaps [Member] | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Interest rate swap asset (liability), Carrying Amounts | -23 | [3] | 212 | [3] |
Interest rate swap asset (liability), Estimated Fair Value | ($23) | [3] | $212 | [3] |
[1] | The fair values of our borrowings were estimated using a discounted cash flow methodology. Credit spreads and market interest rates used to determine the fair value of these instruments are based on unobservable Level 3 inputs which management has determined to be its best estimate of current market values. | |||
[2] | The carrying amount of our fixed rate debt includes premiums and discounts. | |||
[3] | The fair value of our interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash flows and the discounted expected variable cash flows based on an expectation of future interest rates derived from Level 2 observable market interest rate curves. We also incorporate a credit valuation adjustment, which is derived using unobservable Level 3 inputs, to appropriately reflect both our nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurement. The asset or liability is included in “Other assets†or “Other liabilities,†respectively, in our Consolidated Balance Sheets. |
Financial_Instruments_And_Hedg3
Financial Instruments And Hedging Activities (Reconciliation Of Liabilities Measured At Fair Value On Recurring Basis Using Unobservable Inputs) (Details) (Interest Rate Swaps [Member], USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Interest Rate Swaps [Member] | ' | ' |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance at January 1 | $212 | ' |
Net unrealized gain (loss) included in accumulated other comprehensive loss | -351 | 62 |
Realized loss recognized in interest expense | 116 | ' |
Ending balance at September 30 | ($23) | $62 |
Financial_Instruments_And_Hedg4
Financial Instruments And Hedging Activities (Narrative) (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ' | ' |
Fixed interest rate | ' | 4.72% | ' |
Notional Amount of Nonderivative Instruments | ' | $7 | $7.10 |
Estimated amount that will be reclassified from accumulated other comprehensive loss to interest expenses | $4.20 | ' | ' |
Financial_Instruments_And_Hedg5
Financial Instruments And Hedging Activities (Schedule Of Derivative Financial Instruments On Financial Statements) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' |
Amount of gain (loss) recognized in OCI for effective portion of derivatives | $135 | ($246) | ($711) | $864 |
Amount of loss reclassified from accumulated OCI for effective portion of derivatives into interest expense and equity in earnings of unconsolidated joint ventures | -1,163 | -1,000 | -3,491 | -3,000 |
Amount of loss recognized in interest expense due to missed forecast (ineffective portion and amount excluded from effectiveness testing) | $0 | $0 | $0 | $0 |
Outstanding_Indebtedness_Detai
Outstanding Indebtedness (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Loan | ||
Debt Instrument [Line Items] | ' | ' |
Outstanding indebtedness | $1,500,000,000 | $1,500,000,000 |
Proportionate share of debt associated with unconsolidated joint ventures | 48,300,000 | 44,400,000 |
Total investment in properties | 3,795,690,000 | 3,671,051,000 |
Gross book value of properties securing mortgage notes | 700,000,000 | 700,000,000 |
Carrying Amounts | 132,000,000 | 39,000,000 |
Number of notes assumed | 2 | ' |
Assumption of mortgage note in connection with real estate acquired | 10,100,000 | ' |
Premium in connection with the assumption of the note | 1,400,000 | ' |
Senior Unsecured Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying Amounts | 132,000,000 | 39,000,000 |
Senior unsecured facility, available | 164,500,000 | 261,000,000 |
Letters of Credit Outstanding | $3,500,000 | ' |
Noncontrolling_Interests_Sched
Noncontrolling Interests (Schedule Of Noncontrolling Interests) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Noncontrolling Interest [Abstract] | ' | ' | ' | ' |
Noncontrolling interests' share of (income) loss from continuing operations | ($787) | ($161) | ($1,140) | $11 |
Noncontrolling interests' share of income from discontinued operations | -14 | 787 | -281 | -600 |
Net income attributable to noncontrolling interests | ($801) | $626 | ($1,421) | ($589) |
Stockholders_Equity_of_DCT_and1
Stockholders' Equity of DCT and Partners' Capital of the Operating Partnership (Details) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | 29-May-13 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
LTIP Units [Member] | LTIP Units [Member] | LTIP Units [Member] | Certain Senior Executives [Member] | Certain Senior Executives [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Continuous Equity Offering Program [Member] | Continuous Equity Offering Program [Member] | Continuous Equity Offering Program [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | ||||
LTIP Units [Member] | LTIP Units [Member] | Certain Senior Executives [Member] | Certain Senior Executives [Member] | Certain Senior Executives [Member] | Average [Member] | Certain Officers and Employees [Member] | Minimum [Member] | Maximum [Member] | |||||||||||
LTIP Units [Member] | LTIP Units [Member] | LTIP Units [Member] | |||||||||||||||||
Stockholders Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 335,052,587 | ' | 320,265,949 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | 335,052,587 | ' | 320,265,949 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock offering price per share, average | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.74 | ' | ' | ' | ' |
Common stock issued through offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,600,000 | ' | ' | ' | ' | ' | ' |
Proceeds from common stock offering | $103,623,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $103,600,000 | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' |
Remaining shares available for issuance | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, stock-based compensation plans, shares | 300,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in operating partnership | 95.10% | ' | 94.80% | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchases and redemptions of noncontrolling interests, shares | 900,000 | 2,000,000 | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of OP units | 800,000 | 900,000 | ' | ' | ' | ' | 100,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for redemption of partnership units | 1,100,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating partnership units outstanding | 17,200,000 | ' | 17,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption value of OP units | 129,200,000 | ' | 125,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing price of DCT's common stock | $7.51 | ' | $7.13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options granted during the period | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares granted during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' |
Vesting period (years) | ' | ' | ' | ' | ' | ' | '0 years | '4 years | ' | '4 years | '4 years | '5 years | ' | ' | ' | ' | ' | '4 years | '5 years |
Weighted-average fair market value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.36 | ' | ' | ' |
LTIP units granted | ' | ' | ' | ' | ' | ' | 600,000 | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of shares granted | ' | ' | ' | ' | ' | ' | $4,300,000 | $4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Volatility factor | ' | ' | ' | ' | ' | ' | 40.00% | 52.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | ' | ' | ' | ' | 1.47% | 0.84% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of vested LTIP Units | 800,000 | 900,000 | ' | ' | ' | ' | 100,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LTIP units outstanding | ' | ' | ' | ' | 3,600,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LTIP units vested | ' | ' | ' | ' | 1,800,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LTIP units issued | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Sep. 30, 2014 | 31-May-10 | Sep. 30, 2014 | Jan. 31, 2011 | Dec. 31, 2010 | Sep. 30, 2014 |
In Millions, unless otherwise specified | property | 8th And Vineyard Consolidated Joint Venture [Member] | 8th & Vineyard A and 8th & Vineyard B [Member] | Southern California Consolidated Ventures [Member] | Southern California Consolidated Ventures [Member] | Southern California Consolidated Ventures [Member] |
sqft | acre | Construction And Disposition [Member] | agreement | agreement | ||
property | ||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Land held for development | 74,300,000 | 19.3 | ' | ' | ' | ' |
Acquisition price of land | ' | $4.70 | ' | ' | ' | ' |
Number of operating properties | 25 | ' | 2 | ' | ' | ' |
Number of acquisition agreements | ' | ' | ' | 2 | 2 | ' |
Weighted average ownership percentage | ' | ' | ' | ' | ' | 48.40% |
Weighted average ownership interest rate controlled by executives | ' | ' | ' | ' | ' | 43.70% |
Weighted average ownership interest rate held by third party | ' | ' | ' | ' | ' | 7.90% |
Acquisition price of buildings | ' | ' | ' | ' | ' | $46.30 |
Earnings_Per_ShareUnit_Computa
Earnings Per Share/Unit (Computation Of Basic And Diluted Earnings Per Common Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Income (loss) from continuing operations | $12,858 | $1,010 | $15,372 | ($6,971) |
(Income) loss from continuing operations attributable to noncontrolling interests | -787 | -161 | -1,140 | 11 |
Income (loss) from continuing operations attributable to common stockholders/OP Unitholders | 12,071 | 849 | 14,232 | -6,960 |
Less: Distributed and undistributed earnings allocated to participating securities | -171 | -173 | -507 | -519 |
Numerator for adjusted income (loss) from continuing operations attributable to common stockholders | 11,900 | 676 | 13,725 | -7,479 |
Income (loss) from discontinued operations | 352 | -11,793 | 5,576 | 9,491 |
Noncontrolling interests' share of income from discontinued operations | -14 | 787 | -281 | -600 |
Numerator for income (loss) from discontinued operations attributable to common stockholders | 338 | -11,006 | 5,295 | 8,891 |
Adjusted net income (loss) attributable to common stockholders | $12,238 | ($10,330) | $19,020 | $1,412 |
Weighted average common shares outstanding – basic | 333,562 | 304,768 | 328,908 | 292,352 |
Stock options and phantom stock | 1,202 | 905 | 1,126 | ' |
Weighted average common shares outstanding – diluted | 334,764 | 305,673 | 330,034 | 292,352 |
Income (loss) from continuing operations | $0.04 | $0 | $0.04 | ($0.03) |
Income (loss) from discontinued operations | $0 | ($0.03) | $0.02 | $0.03 |
Net income (loss) attributable to common stockholders | $0.04 | ($0.03) | $0.06 | $0 |
Income (loss) from continuing operations | $0.04 | $0 | $0.04 | ($0.03) |
Income (loss) from discontinued operations | $0 | ($0.03) | $0.02 | $0.03 |
Net income (loss) attributable to common stockholders | $0.04 | ($0.03) | $0.06 | $0 |
Earnings_Per_ShareUnit_Computa1
Earnings Per Share/Unit (Computation Of Basic And Diluted Earnings Per Common Unit) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Income (loss) from continuing operations | $12,858 | $1,010 | $15,372 | ($6,971) |
(Income) loss from continuing operations attributable to noncontrolling interests | -787 | -161 | -1,140 | 11 |
Income (loss) from continuing operations attributable to common stockholders/OP Unitholders | 12,071 | 849 | 14,232 | -6,960 |
Less: Distributed and undistributed earnings allocated to participating securities | -171 | -173 | -507 | -519 |
Numerator for adjusted income (loss) from continuing operations attributable to common stockholders | 11,900 | 676 | 13,725 | -7,479 |
Income (loss) from discontinued operations | 352 | -11,793 | 5,576 | 9,491 |
Noncontrolling interests' share of (income) loss from discontinued operations | -14 | 787 | -281 | -600 |
Numerator for income (loss) from discontinued operations attributable to common stockholders | 338 | -11,006 | 5,295 | 8,891 |
Adjusted net income (loss) attributable to common stockholders | 12,238 | -10,330 | 19,020 | 1,412 |
Stock options and phantom stock | 1,202 | 905 | 1,126 | ' |
Weighted average common shares outstanding – diluted | 334,764 | 305,673 | 330,034 | 292,352 |
Net income (loss) attributable to common stockholders | $0.04 | ($0.03) | $0.06 | $0 |
Income (loss) from continuing operations | $0.04 | $0 | $0.04 | ($0.03) |
Income (loss) from discontinued operations | $0 | ($0.03) | $0.02 | $0.03 |
Net income (loss) attributable to common stockholders | $0.04 | ($0.03) | $0.06 | $0 |
DCT Industrial Operating Partnership LP [Member] | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Income (loss) from continuing operations | 12,858 | 1,010 | 15,372 | -6,971 |
(Income) loss from continuing operations attributable to noncontrolling interests | -148 | -86 | -385 | -459 |
Income (loss) from continuing operations attributable to common stockholders/OP Unitholders | 12,710 | 924 | 14,987 | -7,430 |
Less: Distributed and undistributed earnings allocated to participating securities | -171 | -173 | -507 | -519 |
Numerator for adjusted income (loss) from continuing operations attributable to common stockholders | 12,539 | 751 | 14,480 | -7,949 |
Income (loss) from discontinued operations | 352 | -11,793 | 5,576 | 9,491 |
Noncontrolling interests' share of (income) loss from discontinued operations | 0 | 0 | 0 | 0 |
Numerator for income (loss) from discontinued operations attributable to common stockholders | 352 | -11,793 | 5,576 | 9,491 |
Adjusted net income (loss) attributable to common stockholders | $12,891 | ($11,042) | $20,056 | $1,542 |
Weighted average OP Units outstanding – basic | 350,714 | 323,388 | 346,351 | 311,865 |
Stock options and phantom stock | 1,202 | 905 | 1,126 | ' |
Weighted average common shares outstanding – diluted | 351,916 | 324,293 | 347,477 | 311,865 |
Income (loss) from continuing operations | $0.04 | $0 | $0.04 | ($0.03) |
Income (loss) from discontinued operations | $0 | ($0.03) | $0.02 | $0.03 |
Net income (loss) attributable to common stockholders | $0.04 | ($0.03) | $0.06 | $0 |
Income (loss) from continuing operations | $0.04 | $0 | $0.04 | ($0.03) |
Income (loss) from discontinued operations | $0 | ($0.03) | $0.02 | $0.03 |
Net income (loss) attributable to common stockholders | $0.04 | ($0.03) | $0.06 | $0 |
Earnings_Per_ShareUnit_Narrati
Earnings Per Share/Unit (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Stock Options And Phantom Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive securities | ' | ' | ' | 2.8 |
OP Units [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive securities | 17.2 | 18.6 | 17.4 | 19.5 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2014 | |
segment | |
Segment Reporting [Abstract] | ' |
Reportable regions | 3 |
Segment_Information_Total_Asse
Segment Information (Total Assets, Net Of Accumulated Depreciation And Amortization, By Segment) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ' | ' | ||
Total segment net assets | $3,298,798 | $3,079,476 | ||
Non-segment cash and cash equivalents | 14,125 | 25,671 | ||
Other non-segment assets | 126,210 | [1] | 152,620 | [1] |
Assets held for sale | ' | 8,196 | [2] | |
Total assets | 3,439,133 | 3,265,963 | ||
East [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total segment net assets | 975,695 | 1,026,416 | ||
Central [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total segment net assets | 1,142,082 | 1,034,814 | ||
West [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total segment net assets | $1,181,021 | $1,018,246 | ||
[1] | Other non-segment assets primarily consists of investments in and advances to unconsolidated joint ventures, deferred loan costs, other receivables and other assets. | |||
[2] | Represents assets held for sale that meet the definition of a discontinued operation. |
Segment_Information_Reconcilia
Segment Information (Reconciliation Of Segment Rental Revenues To Consolidated Entity) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total rental revenues from operating properties in continuing operations | $84,285 | $73,111 | $250,206 | $209,744 |
Institutional capital management and other fees | 322 | 619 | 1,394 | 2,139 |
Total revenues | 84,607 | 73,730 | 251,600 | 211,883 |
East [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total rental revenues from operating properties in continuing operations | 27,289 | 25,207 | 84,082 | 69,724 |
Central [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total rental revenues from operating properties in continuing operations | 32,965 | 28,078 | 97,714 | 81,575 |
West [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total rental revenues from operating properties in continuing operations | $24,031 | $19,826 | $68,410 | $58,445 |
Segment_Information_Reconcilia1
Segment Information (Reconciliation Of Property Net Operating Income To Consolidated Entity) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total property NOI | $61,325 | [1] | $53,300 | [1] | $178,503 | [1] | $150,453 | [1] |
Institutional capital management and other fees | 322 | 619 | 1,394 | 2,139 | ||||
Business combination gain recognized | ' | ' | 1,000 | ' | ||||
Gain on dispositions of real estate interests | 10,230 | ' | 11,647 | ' | ||||
Real estate related depreciation and amortization | -37,842 | -32,843 | -111,545 | -94,634 | ||||
Casualty and involuntary conversion gain (loss) | -14 | 294 | 326 | 296 | ||||
Development profits | ' | ' | 2,016 | 268 | ||||
General and administrative | -6,727 | -6,120 | -21,059 | -19,823 | ||||
Impairment losses | -900 | ' | -5,635 | ' | ||||
Equity in earnings of unconsolidated joint ventures, net | 892 | 759 | 5,202 | 1,721 | ||||
Interest expense | -16,078 | -15,141 | -48,316 | -47,328 | ||||
Interest and other income | 1,577 | 83 | 1,582 | 310 | ||||
Income tax benefit (expense) and other taxes | 73 | 59 | 257 | -373 | ||||
Income (loss) from continuing operations | 12,858 | 1,010 | 15,372 | -6,971 | ||||
East [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Property NOI | 20,475 | 18,748 | 61,306 | 50,733 | ||||
Central [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Property NOI | 22,963 | 19,888 | 65,757 | 55,548 | ||||
West [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Property NOI | $17,887 | $14,664 | $51,440 | $44,172 | ||||
[1] | Property net operating income (“property NOIâ€) is defined as rental revenues, including reimbursements, less rental expenses and real estate taxes, which excludes institutional capital management fees, depreciation, amortization, casualty and involuntary conversion gains, impairment, general and administrative expenses, equity in earnings (loss) of unconsolidated joint ventures, interest expense, interest and other income (expense) and income tax benefit (expense) and other taxes. We consider property NOI to be an appropriate supplemental performance measure because property NOI reflects the operating performance of our properties and excludes certain items that are not considered to be controllable in connection with the management of the property such as depreciation, amortization, impairment, general and administrative expenses and interest expense. However, property NOI should not be viewed as an alternative measure of our financial performance since it excludes expenses which could materially impact our results of operations. Further, our property NOI may not be comparable to that of other real estate companies, as they may use different methodologies for calculating property NOI. Therefore, we believe net income (loss) attributable to common stockholders, as defined by GAAP, to be the most appropriate measure to evaluate our overall financial performance. |
Discontinued_Operations_And_As2
Discontinued Operations And Assets Held For Sale (Narrative) (Details) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 31, 2014 |
property | East [Member] | Central [Member] | Subsequent Event | |
property | property | property | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Number of properties | 25 | 2 | 12 | ' |
Number of real estate properties sold | ' | ' | ' | 13 |
Discontinued_Operations_And_As3
Discontinued Operations And Assets Held For Sale (Summary Of Income (Loss) From Discontinued Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Discontinued Operations And Disposal Groups [Abstract] | ' | ' | ' | ' |
Rental revenues | $37 | $4,083 | $429 | $15,573 |
Rental expenses and real estate taxes | 48 | -668 | -19 | -3,062 |
Real estate related depreciation and amortization | ' | -1,888 | ' | -6,959 |
General and administrative | -1 | -68 | -38 | -235 |
Operating income | 84 | 1,459 | 372 | 5,317 |
Interest and other expense | -2 | -31 | -19 | -113 |
Income tax expense | ' | -17 | -32 | -17 |
Operating income and other income | 82 | 1,411 | 321 | 5,187 |
Gain on dispositions of real estate interests | 270 | 75 | 5,387 | 17,583 |
Impairment losses | ' | -13,279 | -132 | -13,279 |
Income (loss) from discontinued operations | $352 | ($11,793) | $5,576 | $9,491 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Narrative) (Details) (Senior Notes [Member], USD $) | 1 Months Ended |
Oct. 31, 2013 | |
Senior Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument face value | $275,000,000 |
Debt instrument stated rate | 4.50% |
Debt instrument discount rate | 99.04% |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Condensed Consolidated Balance Sheets) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Land | $917,627 | $883,804 | ' | ' |
Buildings and improvements | 2,661,452 | 2,615,879 | ' | ' |
Intangible lease assets | 85,732 | 82,758 | ' | ' |
Construction in progress | 130,879 | 88,610 | ' | ' |
Total investment in properties | 3,795,690 | 3,671,051 | ' | ' |
Less accumulated depreciation and amortization | -678,740 | -654,097 | ' | ' |
Net investment in properties | 3,116,950 | 3,016,954 | ' | ' |
Investments in and advances to unconsolidated joint ventures | 99,229 | 124,923 | ' | ' |
Net investment in real estate | 3,216,179 | 3,141,877 | ' | ' |
Cash and cash equivalents | 26,326 | 32,226 | 19,362 | 12,696 |
Restricted cash | 3,526 | 12,621 | ' | ' |
Deferred loan costs, net | 8,584 | 10,251 | ' | ' |
Straight-line rent and other receivables, net of allowance for doubtful accounts of $886 and $2,178, respectively | 50,988 | 46,247 | ' | ' |
Other assets, net | 18,084 | 14,545 | ' | ' |
Assets held for sale | 115,446 | 8,196 | ' | ' |
Total assets | 3,439,133 | 3,265,963 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Accounts payable and accrued expenses | 85,496 | 63,281 | ' | ' |
Distributions payable | 24,807 | 23,792 | ' | ' |
Tenant prepaids and security deposits | 26,378 | 28,542 | ' | ' |
Other liabilities | 11,874 | 10,122 | ' | ' |
Intangible lease liabilities, net | 22,791 | 20,389 | ' | ' |
Line of credit | 132,000 | 39,000 | ' | ' |
Senior unsecured notes | 1,122,566 | 1,122,407 | ' | ' |
Mortgage notes | 286,290 | 290,960 | ' | ' |
Liabilities related to assets held for sale | 3,373 | 278 | ' | ' |
Total liabilities | 1,715,575 | 1,598,771 | ' | ' |
Equity/Partners' Capital: | ' | ' | ' | ' |
Stockholders' equity | 1,606,886 | 1,543,806 | ' | ' |
Noncontrolling interests | 116,672 | 123,386 | ' | ' |
Total equity | 1,723,558 | 1,667,192 | ' | ' |
Total liabilities and equity | 3,439,133 | 3,265,963 | ' | ' |
DCT Industrial Trust Inc. [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Intercompany receivables, net | 23,517 | 22,472 | ' | ' |
Investment in subsidiaries | 1,606,886 | 1,543,806 | ' | ' |
Total assets | 1,630,403 | 1,566,278 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Distributions payable | 23,517 | 22,472 | ' | ' |
Total liabilities | 23,517 | 22,472 | ' | ' |
Equity/Partners' Capital: | ' | ' | ' | ' |
Stockholders' equity | 1,606,886 | 1,543,806 | ' | ' |
Total equity | 1,606,886 | 1,543,806 | ' | ' |
Total liabilities and equity | 1,630,403 | 1,566,278 | ' | ' |
Subsidiary Issuer [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Investments in and advances to unconsolidated joint ventures | 98,623 | 124,285 | ' | ' |
Net investment in real estate | 98,623 | 124,285 | ' | ' |
Cash and cash equivalents | 21,651 | 28,098 | 16,713 | 11,162 |
Restricted cash | ' | 8,841 | ' | ' |
Deferred loan costs, net | 8,121 | 9,737 | ' | ' |
Straight-line rent and other receivables, net of allowance for doubtful accounts of $886 and $2,178, respectively | 526 | 82 | ' | ' |
Other assets, net | 4,369 | 3,313 | ' | ' |
Intercompany receivables, net | 154,788 | 137,000 | ' | ' |
Investment in subsidiaries | 2,716,116 | 2,540,233 | ' | ' |
Total assets | 3,004,194 | 2,851,589 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Accounts payable and accrued expenses | 13,230 | 11,140 | ' | ' |
Intercompany payables, net | 23,517 | 22,472 | ' | ' |
Distributions payable | 1,290 | 1,320 | ' | ' |
Other liabilities | 45 | 93 | ' | ' |
Line of credit | 132,000 | 39,000 | ' | ' |
Senior unsecured notes | 1,122,566 | 1,122,407 | ' | ' |
Total liabilities | 1,292,648 | 1,196,432 | ' | ' |
Equity/Partners' Capital: | ' | ' | ' | ' |
Stockholders' equity | 1,711,546 | 1,655,157 | ' | ' |
Total equity | 1,711,546 | 1,655,157 | ' | ' |
Total liabilities and equity | 3,004,194 | 2,851,589 | ' | ' |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Land | 766,443 | 728,556 | ' | ' |
Buildings and improvements | 2,246,895 | 2,192,623 | ' | ' |
Intangible lease assets | 63,950 | 56,429 | ' | ' |
Construction in progress | 121,492 | 75,235 | ' | ' |
Total investment in properties | 3,198,780 | 3,052,843 | ' | ' |
Less accumulated depreciation and amortization | -563,113 | -543,781 | ' | ' |
Net investment in properties | 2,635,667 | 2,509,062 | ' | ' |
Investments in and advances to unconsolidated joint ventures | 606 | 638 | ' | ' |
Net investment in real estate | 2,636,273 | 2,509,700 | ' | ' |
Cash and cash equivalents | 9,528 | ' | ' | 97 |
Restricted cash | 162 | 340 | ' | ' |
Straight-line rent and other receivables, net of allowance for doubtful accounts of $886 and $2,178, respectively | 42,415 | 37,800 | ' | ' |
Other assets, net | 9,155 | 7,343 | ' | ' |
Intercompany receivables, net | 4,126 | ' | ' | ' |
Investment in subsidiaries | 2,715 | 11,965 | ' | ' |
Assets held for sale | 99,550 | 8,196 | ' | ' |
Total assets | 2,803,924 | 2,575,344 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Accounts payable and accrued expenses | 58,353 | 36,985 | ' | ' |
Intercompany payables, net | 35,622 | 44,448 | ' | ' |
Tenant prepaids and security deposits | 22,729 | 24,289 | ' | ' |
Other liabilities | 7,678 | 7,177 | ' | ' |
Intangible lease liabilities, net | 20,059 | 17,646 | ' | ' |
Mortgage notes | 33,951 | 34,480 | ' | ' |
Liabilities related to assets held for sale | 2,725 | 278 | ' | ' |
Total liabilities | 181,117 | 165,303 | ' | ' |
Equity/Partners' Capital: | ' | ' | ' | ' |
Stockholders' equity | 2,622,807 | 2,410,041 | ' | ' |
Total equity | 2,622,807 | 2,410,041 | ' | ' |
Total liabilities and equity | 2,803,924 | 2,575,344 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Land | 151,184 | 155,248 | ' | ' |
Buildings and improvements | 414,557 | 423,256 | ' | ' |
Intangible lease assets | 21,782 | 26,329 | ' | ' |
Construction in progress | 9,387 | 13,375 | ' | ' |
Total investment in properties | 596,910 | 618,208 | ' | ' |
Less accumulated depreciation and amortization | -115,627 | -110,316 | ' | ' |
Net investment in properties | 481,283 | 507,892 | ' | ' |
Net investment in real estate | 481,283 | 507,892 | ' | ' |
Cash and cash equivalents | ' | 4,128 | 2,649 | 1,437 |
Restricted cash | 3,364 | 3,440 | ' | ' |
Deferred loan costs, net | 463 | 514 | ' | ' |
Straight-line rent and other receivables, net of allowance for doubtful accounts of $886 and $2,178, respectively | 8,047 | 8,365 | ' | ' |
Other assets, net | 4,560 | 3,889 | ' | ' |
Assets held for sale | 15,896 | ' | ' | ' |
Total assets | 513,613 | 528,228 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Accounts payable and accrued expenses | 18,766 | 15,156 | ' | ' |
Intercompany payables, net | 123,292 | 92,552 | ' | ' |
Tenant prepaids and security deposits | 3,649 | 4,253 | ' | ' |
Other liabilities | 4,151 | 2,852 | ' | ' |
Intangible lease liabilities, net | 2,732 | 2,743 | ' | ' |
Mortgage notes | 252,339 | 256,480 | ' | ' |
Liabilities related to assets held for sale | 648 | ' | ' | ' |
Total liabilities | 405,577 | 374,036 | ' | ' |
Equity/Partners' Capital: | ' | ' | ' | ' |
Stockholders' equity | 108,036 | 154,192 | ' | ' |
Total equity | 108,036 | 154,192 | ' | ' |
Total liabilities and equity | 513,613 | 528,228 | ' | ' |
Consolidating Adjustments [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | -4,853 | ' | ' | ' |
Intercompany receivables, net | -182,431 | -159,472 | ' | ' |
Investment in subsidiaries | -4,325,717 | -4,096,004 | ' | ' |
Total assets | -4,513,001 | -4,255,476 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Accounts payable and accrued expenses | -4,853 | ' | ' | ' |
Intercompany payables, net | -182,431 | -159,472 | ' | ' |
Total liabilities | -187,284 | -159,472 | ' | ' |
Equity/Partners' Capital: | ' | ' | ' | ' |
Stockholders' equity | -4,442,389 | -4,219,390 | ' | ' |
Noncontrolling interests | 116,672 | 123,386 | ' | ' |
Total equity | -4,325,717 | -4,096,004 | ' | ' |
Total liabilities and equity | ($4,513,001) | ($4,255,476) | ' | ' |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Condensed Consolidated Statements Of Operations And Comprehensive Income(Loss)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
REVENUES: | ' | ' | ' | ' |
Rental revenues | $84,285 | $73,111 | $250,206 | $209,744 |
Institutional capital management and other fees | 322 | 619 | 1,394 | 2,139 |
Total revenues | 84,607 | 73,730 | 251,600 | 211,883 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Rental expenses | 9,672 | 8,779 | 31,507 | 26,073 |
Real estate taxes | 13,288 | 11,032 | 40,196 | 33,218 |
Real estate related depreciation and amortization | 37,842 | 32,843 | 111,545 | 94,634 |
General and administrative | 6,727 | 6,120 | 21,059 | 19,823 |
Impairment losses | 900 | ' | 5,635 | ' |
Casualty and involuntary conversion (gain) loss | 14 | -294 | -326 | -296 |
Total operating expenses | 68,443 | 58,480 | 209,616 | 173,452 |
Operating income | 16,164 | 15,250 | 41,984 | 38,431 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Development profit, net of taxes | ' | ' | 2,016 | 268 |
Equity in earnings of unconsolidated joint ventures, net | 892 | 759 | 5,202 | 1,721 |
Gain on business combination | ' | ' | 1,000 | ' |
Gain on dispositions of real estate interests | 10,230 | ' | 11,647 | ' |
Interest expense | -16,078 | -15,141 | -48,316 | -47,328 |
Interest and other income | 1,577 | 83 | 1,582 | 310 |
Income tax benefit (expense) and other taxes | 73 | 59 | 257 | -373 |
Income (loss) from continuing operations | 12,858 | 1,010 | 15,372 | -6,971 |
Income (loss) from discontinued operations | 352 | -11,793 | 5,576 | 9,491 |
Consolidated net income of DCT Industrial Trust Inc./DCT Industrial Operating Partnership LP | 13,210 | -10,783 | 20,948 | 2,520 |
Net (income) loss attributable to noncontrolling interests | -801 | 626 | -1,421 | -589 |
Net income attributable to common stockholders/OP Unitholders | 12,409 | -10,157 | 19,527 | 1,931 |
Distributed and undistributed earnings allocated to participating securities | -171 | -173 | -507 | -519 |
Adjusted net income (loss) attributable to common stockholders | 12,238 | -10,330 | 19,020 | 1,412 |
Net income | 13,210 | -10,783 | 20,948 | 2,520 |
Other comprehensive income: | ' | ' | ' | ' |
Net derivative gain (loss) on cash flow hedging instruments | 135 | -246 | -711 | 864 |
Net reclassification adjustment on cash flow hedging instruments | 1,163 | 1,000 | 3,491 | 3,000 |
Other comprehensive income | 1,298 | 754 | 2,780 | 3,864 |
Comprehensive income | 14,508 | -10,029 | 23,728 | 6,384 |
Comprehensive (income) loss attributable to noncontrolling interests | -881 | 376 | -1,659 | -1,224 |
Comprehensive income (loss) attributable to common stockholders | 13,627 | -9,653 | 22,069 | 5,160 |
DCT Industrial Trust Inc. [Member] | ' | ' | ' | ' |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Equity in earnings of consolidated subsidiaries | 12,409 | -10,157 | 19,527 | 1,931 |
Consolidated net income of DCT Industrial Trust Inc./DCT Industrial Operating Partnership LP | 12,409 | -10,157 | 19,527 | 1,931 |
Net income attributable to common stockholders/OP Unitholders | 12,409 | -10,157 | 19,527 | 1,931 |
Adjusted net income (loss) attributable to common stockholders | 12,409 | -10,157 | 19,527 | 1,931 |
Net income | 12,409 | -10,157 | 19,527 | 1,931 |
Other comprehensive income: | ' | ' | ' | ' |
Comprehensive income | 12,409 | -10,157 | 19,527 | 1,931 |
Comprehensive income (loss) attributable to common stockholders | 12,409 | -10,157 | 19,527 | 1,931 |
Subsidiary Issuer [Member] | ' | ' | ' | ' |
REVENUES: | ' | ' | ' | ' |
Institutional capital management and other fees | 25 | 205 | 479 | 768 |
Total revenues | 25 | 205 | 479 | 768 |
OPERATING EXPENSES: | ' | ' | ' | ' |
General and administrative | 6,347 | 5,190 | 20,129 | 19,516 |
Total operating expenses | 6,347 | 5,190 | 20,129 | 19,516 |
Operating income | -6,322 | -4,985 | -19,650 | -18,748 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Equity in earnings of unconsolidated joint ventures, net | 824 | 672 | 5,014 | 1,453 |
Gain on business combination | ' | ' | 1,000 | ' |
Gain on dispositions of real estate interests | ' | ' | 1,175 | ' |
Interest expense | -12,493 | -11,114 | -37,626 | -35,335 |
Interest and other income | 2,156 | 571 | 3,480 | 2,000 |
Income tax benefit (expense) and other taxes | -160 | -187 | -296 | -489 |
Income (loss) from continuing operations | -15,995 | -15,043 | -46,903 | -51,119 |
Equity in earnings of consolidated subsidiaries | 29,057 | 4,174 | 67,466 | 53,180 |
Consolidated net income of DCT Industrial Trust Inc./DCT Industrial Operating Partnership LP | 13,062 | -10,869 | 20,563 | 2,061 |
Net income attributable to common stockholders/OP Unitholders | 13,062 | -10,869 | 20,563 | 2,061 |
Distributed and undistributed earnings allocated to participating securities | -171 | -173 | -507 | -519 |
Adjusted net income (loss) attributable to common stockholders | 12,891 | -11,042 | 20,056 | 1,542 |
Net income | 13,062 | -10,869 | 20,563 | 2,061 |
Other comprehensive income: | ' | ' | ' | ' |
Net derivative gain (loss) on cash flow hedging instruments | 159 | -254 | -360 | 803 |
Net reclassification adjustment on cash flow hedging instruments | 1,124 | 1,000 | 3,375 | 3,000 |
Other comprehensive income | 1,283 | 746 | 3,015 | 3,803 |
Comprehensive income | 14,345 | -10,123 | 23,578 | 5,864 |
Comprehensive income (loss) attributable to common stockholders | 14,345 | -10,123 | 23,578 | 5,864 |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
REVENUES: | ' | ' | ' | ' |
Rental revenues | 65,876 | 60,073 | 204,840 | 170,089 |
Total revenues | 65,876 | 60,073 | 204,840 | 170,089 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Rental expenses | 7,538 | 7,462 | 26,586 | 22,201 |
Real estate taxes | 10,684 | 8,914 | 33,033 | 26,475 |
Real estate related depreciation and amortization | 30,442 | 26,637 | 92,049 | 75,698 |
General and administrative | 73 | 98 | 253 | 279 |
Impairment losses | 201 | ' | 1,193 | ' |
Casualty and involuntary conversion (gain) loss | 14 | -294 | -326 | -353 |
Total operating expenses | 48,952 | 42,817 | 152,788 | 124,300 |
Operating income | 16,924 | 17,256 | 52,052 | 45,789 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Equity in earnings of unconsolidated joint ventures, net | -2 | 11 | -32 | 17 |
Interest expense | -972 | -1,307 | -3,009 | -3,926 |
Interest and other income | -17 | 2 | -52 | 12 |
Income tax benefit (expense) and other taxes | 270 | 261 | 734 | 342 |
Income (loss) from continuing operations | 16,203 | 16,223 | 49,693 | 42,234 |
Income (loss) from discontinued operations | ' | 254 | ' | 612 |
Equity in earnings of consolidated subsidiaries | 39 | 3 | 2,018 | 195 |
Consolidated net income of DCT Industrial Trust Inc./DCT Industrial Operating Partnership LP | 16,242 | 16,480 | 51,711 | 43,041 |
Net income attributable to common stockholders/OP Unitholders | 16,242 | 16,480 | 51,711 | 43,041 |
Adjusted net income (loss) attributable to common stockholders | 16,242 | 16,480 | 51,711 | 43,041 |
Net income | 16,242 | 16,480 | 51,711 | 43,041 |
Other comprehensive income: | ' | ' | ' | ' |
Comprehensive income | 16,242 | 16,480 | 51,711 | 43,041 |
Comprehensive income (loss) attributable to common stockholders | 16,242 | 16,480 | 51,711 | 43,041 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
REVENUES: | ' | ' | ' | ' |
Rental revenues | 18,409 | 13,038 | 45,366 | 39,655 |
Institutional capital management and other fees | 367 | 490 | 1,185 | 1,622 |
Total revenues | 18,776 | 13,528 | 46,551 | 41,277 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Rental expenses | 2,134 | 1,317 | 4,921 | 3,872 |
Real estate taxes | 2,604 | 2,118 | 7,163 | 6,743 |
Real estate related depreciation and amortization | 7,400 | 6,206 | 19,496 | 18,936 |
General and administrative | 307 | 832 | 677 | 28 |
Impairment losses | 699 | ' | 4,442 | ' |
Casualty and involuntary conversion (gain) loss | ' | ' | ' | 57 |
Total operating expenses | 13,144 | 10,473 | 36,699 | 29,636 |
Operating income | 5,632 | 3,055 | 9,852 | 11,641 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Development profit, net of taxes | ' | ' | 1,966 | 268 |
Gain on dispositions of real estate interests | 10,230 | ' | 10,472 | ' |
Interest expense | -3,195 | -3,287 | -9,549 | -10,058 |
Interest and other income | -18 | 1,820 | 22 | 5,416 |
Income tax benefit (expense) and other taxes | -37 | -15 | -181 | -226 |
Income (loss) from continuing operations | 12,612 | 1,573 | 12,582 | 7,041 |
Income (loss) from discontinued operations | 390 | -13,790 | 5,576 | 3,752 |
Consolidated net income of DCT Industrial Trust Inc./DCT Industrial Operating Partnership LP | 13,002 | -12,217 | 18,158 | 10,793 |
Net income attributable to common stockholders/OP Unitholders | 13,002 | -12,217 | 18,158 | 10,793 |
Adjusted net income (loss) attributable to common stockholders | 13,002 | -12,217 | 18,158 | 10,793 |
Net income | 13,002 | -12,217 | 18,158 | 10,793 |
Other comprehensive income: | ' | ' | ' | ' |
Net derivative gain (loss) on cash flow hedging instruments | -24 | 8 | -351 | 61 |
Net reclassification adjustment on cash flow hedging instruments | 39 | ' | 116 | ' |
Other comprehensive income | 15 | 8 | -235 | 61 |
Comprehensive income | 13,017 | -12,209 | 17,923 | 10,854 |
Comprehensive income (loss) attributable to common stockholders | 13,017 | -12,209 | 17,923 | 10,854 |
Consolidating Adjustments [Member] | ' | ' | ' | ' |
REVENUES: | ' | ' | ' | ' |
Institutional capital management and other fees | -70 | -76 | -270 | -251 |
Total revenues | -70 | -76 | -270 | -251 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Operating income | -70 | -76 | -270 | -251 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Development profit, net of taxes | ' | ' | 50 | ' |
Equity in earnings of unconsolidated joint ventures, net | 70 | 76 | 220 | 251 |
Interest expense | 582 | 567 | 1,868 | 1,991 |
Interest and other income | -544 | -2,310 | -1,868 | -7,118 |
Income (loss) from continuing operations | 38 | -1,743 | ' | -5,127 |
Income (loss) from discontinued operations | -38 | 1,743 | ' | 5,127 |
Equity in earnings of consolidated subsidiaries | -41,505 | 5,980 | -89,011 | -55,306 |
Consolidated net income of DCT Industrial Trust Inc./DCT Industrial Operating Partnership LP | -41,505 | 5,980 | -89,011 | -55,306 |
Net (income) loss attributable to noncontrolling interests | -801 | 626 | -1,421 | -589 |
Net income attributable to common stockholders/OP Unitholders | -42,306 | 6,606 | -90,432 | -55,895 |
Adjusted net income (loss) attributable to common stockholders | -42,306 | 6,606 | -90,432 | -55,895 |
Net income | -41,505 | 5,980 | -89,011 | -55,306 |
Other comprehensive income: | ' | ' | ' | ' |
Comprehensive income | -41,505 | 5,980 | -89,011 | -55,306 |
Comprehensive (income) loss attributable to noncontrolling interests | -881 | 376 | -1,659 | -1,224 |
Comprehensive income (loss) attributable to common stockholders | ($42,386) | $6,356 | ($90,670) | ($56,530) |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information (Condensed Consolidated Statements Of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net cash provided by (used in) operating activities | $129,109 | $102,980 |
INVESTING ACTIVITIES: | ' | ' |
Real estate acquisitions | -257,098 | -259,202 |
Capital expenditures and development activities | -134,865 | -107,629 |
Proceeds from dispositions of real estate investments | 126,160 | 112,362 |
Investments in unconsolidated joint ventures | -754 | -1,784 |
Proceeds from casualties and involuntary conversion | 604 | 7,819 |
Distributions of investments in unconsolidated joint ventures | 17,043 | 1,659 |
Other investing activities | 5,970 | -7,790 |
Net cash used in investing activities | -242,940 | -254,565 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from senior unsecured revolving line of credit | 135,000 | 255,000 |
Repayments of senior unsecured revolving line of credit | -42,000 | -313,000 |
Proceeds from senior unsecured notes | ' | 225,000 |
Repayments of senior unsecured notes | ' | -175,000 |
Proceeds from mortgage notes | ' | 16,498 |
Principal payments on mortgage notes | -14,446 | -17,473 |
Proceeds from issuance of common stock | 104,733 | 241,704 |
Offering costs for issuance of common stock and OP Units | -1,392 | -8,467 |
Redemption of noncontrolling interests | -800 | -933 |
Dividends to common stockholders | -68,705 | -60,279 |
Distributions to noncontrolling interests | -4,546 | -5,482 |
Contributions from noncontrolling interests | 101 | 723 |
Other financing activity | -14 | -40 |
Net cash provided by financing activities | 107,931 | 158,251 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -5,900 | 6,666 |
CASH AND CASH EQUIVALENTS, beginning of period | 32,226 | 12,696 |
CASH AND CASH EQUIVALENTS, end of period | 26,326 | 19,362 |
DCT Industrial Trust Inc. [Member] | ' | ' |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of common stock | 104,733 | 241,704 |
Offering costs for issuance of common stock and OP Units | -1,392 | -8,467 |
Net payments relating to intercompany financing | -34,636 | -172,958 |
Dividends to common stockholders | -68,705 | -60,279 |
Subsidiary Issuer [Member] | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net cash provided by (used in) operating activities | -38,439 | -38,884 |
INVESTING ACTIVITIES: | ' | ' |
Proceeds from dispositions of real estate investments | 1,988 | ' |
Investments in unconsolidated joint ventures | -754 | -1,784 |
Distributions of investments in unconsolidated joint ventures | 17,043 | 1,659 |
Other investing activities | 6,247 | -7,514 |
Net cash used in investing activities | 24,524 | -7,639 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from senior unsecured revolving line of credit | 135,000 | 255,000 |
Repayments of senior unsecured revolving line of credit | -42,000 | -313,000 |
Proceeds from senior unsecured notes | ' | 225,000 |
Repayments of senior unsecured notes | ' | -175,000 |
Proceeds from issuance of common stock | 104,733 | 241,704 |
Offering costs for issuance of common stock and OP Units | -1,392 | -8,467 |
Net payments relating to intercompany financing | -115,365 | -105,891 |
Redemption of noncontrolling interests | -800 | -933 |
Dividends to common stockholders | -68,705 | -60,279 |
Distributions to noncontrolling interests | -4,048 | -4,522 |
Other financing activity | 45 | -1,538 |
Net cash provided by financing activities | 7,468 | 52,074 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -6,447 | 5,551 |
CASH AND CASH EQUIVALENTS, beginning of period | 28,098 | 11,162 |
CASH AND CASH EQUIVALENTS, end of period | 21,651 | 16,713 |
Subsidiary Guarantors [Member] | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net cash provided by (used in) operating activities | 135,396 | 117,754 |
INVESTING ACTIVITIES: | ' | ' |
Real estate acquisitions | -242,455 | -242,619 |
Capital expenditures and development activities | -126,100 | -97,490 |
Proceeds from dispositions of real estate investments | 4,825 | ' |
Proceeds from casualties and involuntary conversion | 562 | 5,999 |
Other investing activities | 6 | 5 |
Net cash used in investing activities | -363,162 | -334,105 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from mortgage notes | ' | 9,303 |
Principal payments on mortgage notes | -494 | -10,988 |
Net payments relating to intercompany financing | 237,847 | 217,996 |
Other financing activity | -59 | -57 |
Net cash provided by financing activities | 237,294 | 216,254 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 9,528 | -97 |
CASH AND CASH EQUIVALENTS, beginning of period | ' | 97 |
CASH AND CASH EQUIVALENTS, end of period | 9,528 | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net cash provided by (used in) operating activities | 37,005 | 24,110 |
INVESTING ACTIVITIES: | ' | ' |
Real estate acquisitions | -14,643 | -16,583 |
Capital expenditures and development activities | -8,765 | -10,139 |
Proceeds from dispositions of real estate investments | 119,347 | 112,362 |
Proceeds from casualties and involuntary conversion | 42 | 1,820 |
Other investing activities | -283 | -281 |
Net cash used in investing activities | 95,698 | 87,179 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from mortgage notes | ' | 7,195 |
Principal payments on mortgage notes | -13,952 | -6,485 |
Net payments relating to intercompany financing | -122,482 | -112,105 |
Distributions to noncontrolling interests | -498 | -960 |
Contributions from noncontrolling interests | 101 | 723 |
Other financing activity | ' | 1,555 |
Net cash provided by financing activities | -136,831 | -110,077 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -4,128 | 1,212 |
CASH AND CASH EQUIVALENTS, beginning of period | 4,128 | 1,437 |
CASH AND CASH EQUIVALENTS, end of period | ' | 2,649 |
Consolidating Adjustments [Member] | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net cash provided by (used in) operating activities | -4,853 | ' |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of common stock | -104,733 | -241,704 |
Offering costs for issuance of common stock and OP Units | 1,392 | 8,467 |
Net payments relating to intercompany financing | 34,636 | 172,958 |
Dividends to common stockholders | 68,705 | 60,279 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -4,853 | ' |
CASH AND CASH EQUIVALENTS, end of period | ($4,853) | ' |