Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 12, 2015 | Jun. 30, 2014 |
Document And Entity Information [Line Items] | |||
Document type | 10-K | ||
Amendment flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Entity Registrant Name | DCT Industrial Trust Inc. | ||
Entity Central Index key | 1170991 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Common Stock, Shares Outstanding | 88,228,261 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $2.70 | ||
Trading Symbol | dct | ||
DCT Industrial Operating Partnership LP [Member] | |||
Document And Entity Information [Line Items] | |||
Document type | 10-K | ||
Amendment flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Entity Registrant Name | DCT Industrial Operating Partnership LP | ||
Entity Central Index key | 1604042 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Trading Symbol | dct |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Land | $950,963 | $883,804 |
Buildings and improvements | 2,787,959 | 2,615,879 |
Intangible lease assets | 86,515 | 82,758 |
Construction in progress | 134,938 | 88,610 |
Total investment in properties | 3,960,375 | 3,671,051 |
Less accumulated depreciation and amortization | -703,840 | -654,097 |
Net investment in properties | 3,256,535 | 3,016,954 |
Investments in and advances to unconsolidated joint ventures | 94,728 | 124,923 |
Net investment in real estate | 3,351,263 | 3,141,877 |
Cash and cash equivalents | 19,631 | 32,226 |
Restricted cash | 3,779 | 12,621 |
Deferred loan costs, net | 8,026 | 10,251 |
Straight-line rent and other receivables, net of allowance for doubtful accounts | 54,183 | 46,247 |
Other assets, net | 14,652 | 14,545 |
Assets held for sale | 8,196 | |
Total assets | 3,451,534 | 3,265,963 |
Liabilities: | ||
Accounts payable and accrued expenses | 83,543 | 63,281 |
Distributions payable | 25,973 | 23,792 |
Tenant prepaids and security deposits | 30,539 | 28,542 |
Other liabilities | 14,078 | 10,122 |
Intangible lease liabilities, net | 22,940 | 20,389 |
Line of credit | 37,000 | 39,000 |
Senior unsecured notes | 1,122,621 | 1,122,407 |
Mortgage notes | 249,424 | 290,960 |
Liabilities related to assets held for sale | 278 | |
Total liabilities | 1,586,118 | 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 | 0 | 0 |
Common stock, $0.01 par value, 500,000,000 shares authorized 88,012,696 and 80,066,487 shares issued and outstanding as of December 31, 2014 and December 31, 2013, respectively | 880 | 801 |
Additional paid-in capital | 2,762,431 | 2,514,426 |
Distributions in excess of earnings | -986,289 | -941,019 |
Accumulated other comprehensive loss | -27,190 | -30,402 |
Total stockholders’ equity | 1,749,832 | 1,543,806 |
Noncontrolling interests | 115,584 | 123,386 |
Total equity | 1,865,416 | 1,667,192 |
Total liabilities and equity | 3,451,534 | 3,265,963 |
DCT Industrial Operating Partnership LP [Member] | ||
ASSETS | ||
Land | 950,963 | 883,804 |
Buildings and improvements | 2,787,959 | 2,615,879 |
Intangible lease assets | 86,515 | 82,758 |
Construction in progress | 134,938 | 88,610 |
Total investment in properties | 3,960,375 | 3,671,051 |
Less accumulated depreciation and amortization | -703,840 | -654,097 |
Net investment in properties | 3,256,535 | 3,016,954 |
Investments in and advances to unconsolidated joint ventures | 94,728 | 124,923 |
Net investment in real estate | 3,351,263 | 3,141,877 |
Cash and cash equivalents | 19,631 | 32,226 |
Restricted cash | 3,779 | 12,621 |
Deferred loan costs, net | 8,026 | 10,251 |
Straight-line rent and other receivables, net of allowance for doubtful accounts | 54,183 | 46,247 |
Other assets, net | 14,652 | 14,545 |
Assets held for sale | 8,196 | |
Total assets | 3,451,534 | 3,265,963 |
Liabilities: | ||
Accounts payable and accrued expenses | 83,543 | 63,281 |
Distributions payable | 25,973 | 23,792 |
Tenant prepaids and security deposits | 30,539 | 28,542 |
Other liabilities | 14,078 | 10,122 |
Intangible lease liabilities, net | 22,940 | 20,389 |
Line of credit | 37,000 | 39,000 |
Senior unsecured notes | 1,122,621 | 1,122,407 |
Mortgage notes | 249,424 | 290,960 |
Liabilities related to assets held for sale | 278 | |
Total liabilities | 1,586,118 | 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 | 18,819 | 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 | 1,863,050 | 1,670,362 |
Accumulated other comprehensive loss | -28,487 | -32,077 |
Total partners' capital | 1,853,382 | 1,655,157 |
Noncontrolling interests | 12,034 | 12,035 |
Total capital | 1,865,416 | 1,667,192 |
Total liabilities and equity | $3,451,534 | $3,265,963 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Straight-line rent and other receivables, allowance for doubtful accounts | $956 | $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 | 88,012,696 | 80,066,487 |
Common stock, shares outstanding | 88,012,696 | 80,066,487 |
DCT Industrial Operating Partnership LP [Member] | ||
Straight-line rent and other receivables, allowance for doubtful accounts | $956 | $2,178 |
General Partner: OP Units issued | 922,131 | 844,818 |
General Partner: OP Units outstanding | 922,131 | 844,818 |
Limited Partner: OP Units issued | 91,290,942 | 83,636,955 |
Limited Partner: OP Units outstanding | 91,290,942 | 83,636,955 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
REVENUES: | |||
Rental revenues | $334,787 | $286,218 | $236,839 |
Institutional capital management and other fees | 1,739 | 2,787 | 4,059 |
Total revenues | 336,526 | 289,005 | 240,898 |
OPERATING EXPENSES: | |||
Rental expenses | 40,520 | 35,977 | 30,298 |
Real estate taxes | 53,790 | 44,048 | 36,092 |
Real estate related depreciation and amortization | 148,992 | 130,002 | 109,993 |
General and administrative | 29,079 | 28,010 | 25,763 |
Impairment losses | 5,635 | ||
Casualty and involuntary conversion gain | -328 | -296 | -1,174 |
Total operating expenses | 277,688 | 237,741 | 200,972 |
Operating income | 58,838 | 51,264 | 39,926 |
OTHER INCOME (EXPENSE): | |||
Development profit, net of taxes | 2,016 | 268 | 307 |
Equity in earnings of unconsolidated joint ventures, net | 6,462 | 2,405 | 1,087 |
Gain on business combination | 1,000 | ||
Gain on dispositions of real estate interests | 39,671 | ||
Interest expense | -63,236 | -63,394 | -69,274 |
Interest and other income | 1,563 | 274 | 85 |
Income tax benefit (expense) and other taxes | 217 | -68 | -671 |
Income (loss) from continuing operations | 46,531 | -9,251 | -28,540 |
Income from discontinued operations | 5,717 | 26,723 | 11,800 |
Consolidated net income (loss) of DCT Industrial Trust Inc. | 52,248 | 17,472 | -16,740 |
Net (income) loss attributable to noncontrolling interests | -3,084 | -1,602 | 1,654 |
Net Income (loss) attributable to common stockholders/OP Unitholders | 49,164 | 15,870 | -15,086 |
Distributed and undistributed earnings allocated to participating securities | -677 | -692 | -524 |
Adjusted net income (loss) attributable to common stockholders / OP Unitholders | 48,487 | 15,178 | -15,610 |
EARNINGS PER COMMON SHARE - BASIC | |||
Income (loss) from continuing operations | $0.52 | ($0.13) | ($0.41) |
Income from discontinued operations | $0.06 | $0.33 | $0.17 |
Net income (loss) attributable to common stockholders | $0.58 | $0.20 | ($0.24) |
EARNINGS PER COMMON SHARE - DILUTED | |||
Income (loss) from continuing operations | $0.52 | ($0.13) | ($0.41) |
Income from discontinued operations | $0.06 | $0.33 | $0.17 |
Net income (loss) attributable to common stockholders | $0.58 | $0.20 | ($0.24) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||
Basic | 83,280 | 74,692 | 63,708 |
Diluted | 83,572 | 74,692 | 63,708 |
DCT Industrial Operating Partnership LP [Member] | |||
REVENUES: | |||
Rental revenues | 334,787 | 286,218 | 236,839 |
Institutional capital management and other fees | 1,739 | 2,787 | 4,059 |
Total revenues | 336,526 | 289,005 | 240,898 |
OPERATING EXPENSES: | |||
Rental expenses | 40,520 | 35,977 | 30,298 |
Real estate taxes | 53,790 | 44,048 | 36,092 |
Real estate related depreciation and amortization | 148,992 | 130,002 | 109,993 |
General and administrative | 29,079 | 28,010 | 25,763 |
Impairment losses | 5,635 | ||
Casualty and involuntary conversion gain | -328 | -296 | -1,174 |
Total operating expenses | 277,688 | 237,741 | 200,972 |
Operating income | 58,838 | 51,264 | 39,926 |
OTHER INCOME (EXPENSE): | |||
Development profit, net of taxes | 2,016 | 268 | 307 |
Equity in earnings of unconsolidated joint ventures, net | 6,462 | 2,405 | 1,087 |
Gain on business combination | 1,000 | ||
Gain on dispositions of real estate interests | 39,671 | ||
Interest expense | -63,236 | -63,394 | -69,274 |
Interest and other income | 1,563 | 274 | 85 |
Income tax benefit (expense) and other taxes | 217 | -68 | -671 |
Income (loss) from continuing operations | 46,531 | -9,251 | -28,540 |
Income from discontinued operations | 5,717 | 26,723 | 11,800 |
Consolidated net income (loss) of DCT Industrial Trust Inc. | 52,248 | 17,472 | -16,740 |
Net (income) loss attributable to noncontrolling interests | -526 | -589 | 272 |
Net Income (loss) attributable to common stockholders/OP Unitholders | 51,722 | 16,883 | -16,468 |
Distributed and undistributed earnings allocated to participating securities | -677 | -692 | -524 |
Adjusted net income (loss) attributable to common stockholders / OP Unitholders | $51,045 | $16,191 | ($16,992) |
EARNINGS PER COMMON SHARE - BASIC | |||
Income (loss) from continuing operations | $0.52 | ($0.13) | |
Income from discontinued operations | $0.06 | $0.33 | |
Income (loss) from continuing operations | $0.52 | ($0.13) | ($0.41) |
Income from discontinued operations | $0.06 | $0.33 | $0.17 |
Net income (loss) attributable to common stockholders | $0.58 | $0.20 | ($0.24) |
Net income (loss) attributable to OP Unitholders | $0.58 | $0.20 | ($0.24) |
EARNINGS PER COMMON SHARE - DILUTED | |||
Income (loss) from continuing operations | $0.52 | ($0.13) | ($0.41) |
Income from discontinued operations | $0.06 | $0.33 | $0.17 |
Net income (loss) attributable to common stockholders | $0.58 | $0.20 | ($0.24) |
Income (loss) from continuing operations | $0.52 | ($0.13) | ($0.41) |
Income from discontinued operations | $0.06 | $0.33 | $0.17 |
Net income (loss) attributable to OP Unitholders | $0.58 | $0.20 | ($0.24) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||
Basic | 87,611 | 79,462 | 69,547 |
Diluted | 87,903 | 79,462 | 69,547 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated net income (loss) of DCT Industrial Trust Inc./DCT Industrial Operating Partnership LP | $52,248 | $17,472 | ($16,740) |
Other comprehensive income (loss): | |||
Net derivative gain (loss) on cash flow hedging instruments | -1,159 | 675 | -6,776 |
Net reclassification adjustment on cash flow hedging instruments | 4,670 | 4,490 | 2,098 |
Other comprehensive income (loss) | 3,511 | 5,165 | -4,678 |
Comprehensive income (loss) | 55,759 | 22,637 | -21,418 |
Comprehensive (income) loss attributable to noncontrolling interests | -3,383 | -2,403 | 902 |
Comprehensive income (loss) attributable to common stockholders/OP Unitholders | 52,376 | 20,234 | -20,516 |
DCT Industrial Operating Partnership LP [Member] | |||
Consolidated net income (loss) of DCT Industrial Trust Inc./DCT Industrial Operating Partnership LP | 52,248 | 17,472 | -16,740 |
Other comprehensive income (loss): | |||
Net derivative gain (loss) on cash flow hedging instruments | -1,159 | 675 | -6,776 |
Net reclassification adjustment on cash flow hedging instruments | 4,670 | 4,490 | 2,098 |
Other comprehensive income (loss) | 3,511 | 5,165 | -4,678 |
Comprehensive income (loss) | 55,759 | 22,637 | -21,418 |
Comprehensive (income) loss attributable to noncontrolling interests | -447 | -589 | 272 |
Comprehensive income (loss) attributable to common stockholders/OP Unitholders | $55,312 | $22,048 | ($21,146) |
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, 2011 | $1,404,115 | $615 | $2,019,919 | ($783,229) | ($29,336) | $196,146 |
Balance, shares at Dec. 31, 2011 | 61,486,000 | |||||
Net income (loss) | -16,740 | -15,086 | -1,654 | |||
Other comprehensive income (loss) | -4,678 | -5,430 | 752 | |||
Issuance of common stock, net of offering costs, value | 171,328 | 71 | 171,257 | |||
Issuance of common stock, net of offering costs, shares | 7,112,000 | |||||
Issuance of common stock, stock-based compensation plans, value | -288 | 1 | -289 | |||
Issuance of common stock, stock-based compensation plans, shares | 100,000 | 62,000 | ||||
Amortization of stock-based compensation | 4,311 | 1,811 | 2,500 | |||
Distributions to common stockholders and noncontrolling interests | -80,231 | -73,340 | -6,891 | |||
Issuance of noncontrolling interests | -61 | -61 | ||||
Capital contribution from noncontrolling interests | 30 | 30 | ||||
Purchase of noncontrolling interests | -934 | -666 | -268 | |||
Redemptions of noncontrolling interests, value | -3,293 | 14 | 42,752 | -46,059 | ||
Redemptions of noncontrolling interests, shares | 1,400,000 | 1,418,000 | ||||
Balance, value at Dec. 31, 2012 | 1,473,559 | 701 | 2,234,784 | -871,655 | -34,766 | 144,495 |
Balance, shares at Dec. 31, 2012 | 70,078,000 | |||||
Net income (loss) | 17,472 | 15,870 | 1,602 | |||
Other comprehensive income (loss) | 5,165 | 4,364 | 801 | |||
Issuance of common stock, net of offering costs, value | 258,575 | 92 | 258,483 | |||
Issuance of common stock, net of offering costs, shares | 9,204,000 | |||||
Issuance of common stock, stock-based compensation plans, value | -65 | 1 | -66 | |||
Issuance of common stock, stock-based compensation plans, shares | 100,000 | 60,000 | ||||
Amortization of stock-based compensation | 5,108 | 1,843 | 3,265 | |||
Distributions to common stockholders and noncontrolling interests | -92,070 | -85,234 | -6,836 | |||
Capital contribution from noncontrolling interests | 1,073 | 1,073 | ||||
Purchase of noncontrolling interests | -125 | -357 | 232 | |||
Redemptions of noncontrolling interests, value | -1,500 | 7 | 19,739 | -21,246 | ||
Redemptions of noncontrolling interests, shares | 700,000 | 725,000 | ||||
Balance, value at Dec. 31, 2013 | 1,667,192 | 801 | 2,514,426 | -941,019 | -30,402 | 123,386 |
Balance, shares at Dec. 31, 2013 | 80,067,000 | |||||
Net income (loss) | 52,248 | 49,164 | 3,084 | |||
Other comprehensive income (loss) | 3,511 | 3,212 | 299 | |||
Issuance of common stock, net of offering costs, value | 239,007 | 75 | 238,932 | |||
Issuance of common stock, net of offering costs, shares | 7,516,000 | |||||
Issuance of common stock, stock-based compensation plans, value | -1,287 | 1 | -1,288 | |||
Issuance of common stock, stock-based compensation plans, shares | 100,000 | 109,000 | ||||
Common stock retired in connection with reverse stock-split, value | -26 | -26 | ||||
Common stock retired in connection with reverse stock-split, shares | -1,000 | |||||
Amortization of stock-based compensation | 5,975 | 2,093 | 3,882 | |||
Distributions to common stockholders and noncontrolling interests | -100,408 | -94,434 | -5,974 | |||
Capital contribution from noncontrolling interests | 201 | 201 | ||||
Redemptions of noncontrolling interests, value | -997 | 3 | 8,294 | -9,294 | ||
Redemptions of noncontrolling interests, shares | 300,000 | 322,000 | ||||
Balance, value at Dec. 31, 2014 | $1,865,416 | $880 | $2,762,431 | ($986,289) | ($27,190) | $115,584 |
Balance, shares at Dec. 31, 2014 | 88,013,000 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES: | |||
Net income (loss) | $52,248 | $17,472 | ($16,740) |
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 | 148,992 | 137,120 | 126,687 |
Gain on business combination and dispositions of real estate interests | -46,199 | -33,619 | -13,383 |
Distributions of earnings from unconsolidated joint ventures | 4,655 | 8,801 | 4,808 |
Equity in earnings of unconsolidated joint ventures, net | -6,462 | -2,405 | -1,087 |
Casualty and involuntary conversion gain | -328 | -296 | -1,624 |
Impairment losses | 5,767 | 13,279 | 11,422 |
Stock-based compensation | 4,777 | 4,004 | 3,584 |
Straight-line rent | -9,858 | -5,525 | -5,962 |
Other | 3,902 | 6,294 | 6,213 |
Changes in operating assets and liabilities: | |||
Other receivables and other assets | 2,139 | 417 | 1,767 |
Accounts payable, accrued expenses and other liabilities | 10,361 | 7,351 | 3,271 |
Net cash provided by operating activities | 169,994 | 152,893 | 118,956 |
INVESTING ACTIVITIES: | |||
Real estate acquisitions | -363,026 | -402,723 | -360,002 |
Capital expenditures and development activities | -202,595 | -152,922 | -96,095 |
Proceeds from dispositions of real estate investments | 278,381 | 258,224 | 153,747 |
Investments in unconsolidated joint ventures | -777 | -2,756 | -19,417 |
Proceeds from casualties and involuntary conversion | 606 | 8,268 | 681 |
Distributions of investments in unconsolidated joint ventures | 21,436 | 2,175 | 22,877 |
Other investing activities | 6,348 | -11,324 | -929 |
Net cash used in investing activities | -259,627 | -301,058 | -299,138 |
FINANCING ACTIVITIES: | |||
Proceeds from senior unsecured revolving line of credit | 266,000 | 426,000 | 450,000 |
Repayments of senior unsecured revolving line of credit | -268,000 | -497,000 | -340,000 |
Proceeds from senior unsecured notes | 497,355 | 90,000 | |
Repayments of senior unsecured notes | -400,000 | ||
Proceeds from mortgage notes | 16,498 | ||
Principal payments on mortgage notes | -59,645 | -40,744 | -72,672 |
Settlement of cash flow hedge | -33,550 | ||
Proceeds from issuance of common stock | 240,667 | 267,453 | 177,628 |
Offering costs for issuance of common stock and OP Units | -2,947 | -8,878 | -6,361 |
Redemption of noncontrolling interests | -997 | -1,500 | -3,293 |
Dividends to common stockholders | -92,200 | -82,431 | -70,921 |
Distributions to noncontrolling interests | -6,027 | -6,976 | -7,056 |
Contributions from noncontrolling interests | 201 | 723 | 30 |
Other financing activity | -14 | -2,805 | -3,761 |
Net cash provided by financing activities | 77,038 | 167,695 | 180,044 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -12,595 | 19,530 | -138 |
CASH AND CASH EQUIVALENTS, beginning of period | 32,226 | 12,696 | 12,834 |
CASH AND CASH EQUIVALENTS, end of period | 19,631 | 32,226 | 12,696 |
Supplemental Disclosures of Cash Flow Information | |||
Cash paid for interest, net of capitalized interest | 58,788 | 57,177 | 64,795 |
Supplemental Disclosures of Non-Cash Activities | |||
Retirement of fully depreciated and amortized assets | 25,379 | 29,899 | 51,817 |
Redemptions of OP Units settled in shares of common stock | 8,297 | 19,746 | 42,766 |
Assumption of mortgage note in connection with real estate acquired | 20,310 | 73,253 | |
Contributions of real estate from noncontrolling interests | 350 | ||
DCT Industrial Operating Partnership LP [Member] | |||
OPERATING ACTIVITIES: | |||
Net income (loss) | 52,248 | 17,472 | -16,740 |
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 | 148,992 | 137,120 | 126,687 |
Gain on business combination and dispositions of real estate interests | -46,199 | -33,619 | -13,383 |
Distributions of earnings from unconsolidated joint ventures | 4,655 | 8,801 | 4,808 |
Equity in earnings of unconsolidated joint ventures, net | -6,462 | -2,405 | -1,087 |
Casualty and involuntary conversion gain | -328 | -296 | -1,624 |
Impairment losses | 5,767 | 13,279 | 11,422 |
Stock-based compensation | 4,777 | 4,004 | 3,584 |
Straight-line rent | -9,858 | -5,525 | -5,962 |
Other | 3,902 | 6,294 | 6,213 |
Changes in operating assets and liabilities: | |||
Other receivables and other assets | 2,139 | 417 | 1,767 |
Accounts payable, accrued expenses and other liabilities | 10,361 | 7,351 | 3,271 |
Net cash provided by operating activities | 169,994 | 152,893 | 118,956 |
INVESTING ACTIVITIES: | |||
Real estate acquisitions | -363,026 | -402,723 | -360,002 |
Capital expenditures and development activities | -202,595 | -152,922 | -96,095 |
Proceeds from dispositions of real estate investments | 278,381 | 258,224 | 153,747 |
Investments in unconsolidated joint ventures | -777 | -2,756 | -19,417 |
Proceeds from casualties and involuntary conversion | 606 | 8,268 | 681 |
Distributions of investments in unconsolidated joint ventures | 21,436 | 2,175 | 22,877 |
Other investing activities | 6,348 | -11,324 | -929 |
Net cash used in investing activities | -259,627 | -301,058 | -299,138 |
FINANCING ACTIVITIES: | |||
Proceeds from senior unsecured revolving line of credit | 266,000 | 426,000 | 450,000 |
Repayments of senior unsecured revolving line of credit | -268,000 | -497,000 | -340,000 |
Proceeds from senior unsecured notes | 497,355 | 90,000 | |
Repayments of senior unsecured notes | -400,000 | ||
Proceeds from mortgage notes | 16,498 | ||
Principal payments on mortgage notes | -59,645 | -40,744 | -72,672 |
Settlement of cash flow hedge | -33,550 | ||
Proceeds from the issuance of OP Units in exchange for contributions from the REIT, net | 237,720 | 258,575 | 171,267 |
OP Unit redemptions | -997 | -1,500 | -3,293 |
Dividends to common stockholders | -97,525 | -88,380 | -77,946 |
Distributions to noncontrolling interests | -702 | -1,027 | -31 |
Contributions from noncontrolling interests | 201 | 723 | 30 |
Other financing activity | -14 | -2,805 | -3,761 |
Net cash provided by financing activities | 77,038 | 167,695 | 180,044 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -12,595 | 19,530 | -138 |
CASH AND CASH EQUIVALENTS, beginning of period | 32,226 | 12,696 | 12,834 |
CASH AND CASH EQUIVALENTS, end of period | 19,631 | 32,226 | 12,696 |
Supplemental Disclosures of Cash Flow Information | |||
Cash paid for interest, net of capitalized interest | 58,788 | 57,177 | 64,795 |
Supplemental Disclosures of Non-Cash Activities | |||
Retirement of fully depreciated and amortized assets | 25,379 | 29,899 | 51,817 |
Assumption of mortgage note in connection with real estate acquired | 20,310 | 73,253 | |
Contributions of real estate from noncontrolling interests | $350 |
Consolidated_Statement_Of_Chan1
Consolidated Statement Of Changes In Capital (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Balance at beginning of period | ($30,402) | ||
Net income (loss) | 52,248 | 17,472 | -16,740 |
Other comprehensive income (loss) | 3,511 | 5,165 | -4,678 |
Amortization of stock-based compensation | 5,975 | 5,108 | 4,311 |
Capital contribution from noncontrolling interests | 201 | 1,073 | 30 |
Purchase of noncontrolling interests | -125 | -934 | |
Balance at end of period | -27,190 | -30,402 | |
DCT Industrial Operating Partnership LP [Member] | |||
Balance at beginning of period | 1,667,192 | 1,473,559 | 1,404,115 |
Balance at beginning of period | 16,872 | ||
Balance at beginning of period | 1,670,362 | ||
Balance at beginning of period | -32,077 | ||
Balance at beginning of period | 12,035 | ||
Net income (loss) | 52,248 | 17,472 | -16,740 |
Other comprehensive income (loss) | 3,511 | 5,165 | -4,678 |
Issuance of OP Units, net of selling costs | 239,007 | 258,575 | 171,328 |
Issuance of OP Units, share-based compensation plans | -1,287 | -65 | -288 |
OP Units retired in connection with reverse unit-split | -26 | ||
Amortization of stock-based compensation | 5,975 | 5,108 | 4,311 |
Distributions to OP Unitholders and noncontrolling interests | -100,408 | -92,070 | -80,231 |
Capital contribution from noncontrolling interests | 201 | 1,073 | 30 |
Purchase of noncontrolling interests | -125 | -995 | |
Redemption of limited partner OP Units, net | -997 | -1,500 | -3,293 |
Balance at end of period | 1,865,416 | 1,667,192 | 1,473,559 |
Balance at end of period | 18,819 | 16,872 | |
Balance at end of period | 1,863,050 | 1,670,362 | |
Balance at end of period | -28,487 | -32,077 | |
Balance at end of period | 12,034 | 12,035 | |
Accumulated Other Comprehensive Loss [Member] | DCT Industrial Operating Partnership LP [Member] | |||
Balance at beginning of period | -32,077 | -37,242 | -32,564 |
Other comprehensive income (loss) | 3,590 | 5,165 | -4,678 |
Balance at end of period | -28,487 | -32,077 | -37,242 |
Non-Controlling Interests [Member] | |||
Net income (loss) | 3,084 | 1,602 | -1,654 |
Other comprehensive income (loss) | 299 | 801 | 752 |
Amortization of stock-based compensation | 3,882 | 3,265 | 2,500 |
Capital contribution from noncontrolling interests | 201 | 1,073 | 30 |
Purchase of noncontrolling interests | 232 | -268 | |
Non-Controlling Interests [Member] | DCT Industrial Operating Partnership LP [Member] | |||
Balance at beginning of period | 12,035 | 11,168 | 11,908 |
Net income (loss) | 526 | 589 | -272 |
Other comprehensive income (loss) | -79 | ||
Distributions to OP Unitholders and noncontrolling interests | -649 | -1,027 | -215 |
Capital contribution from noncontrolling interests | 201 | 1,073 | 30 |
Purchase of noncontrolling interests | 232 | -283 | |
Balance at end of period | 12,034 | 12,035 | 11,168 |
General Partner [Member] | DCT Industrial Operating Partnership LP [Member] | |||
Balance at beginning of period | 16,872 | 14,996 | 14,248 |
Balance at beginning of period, Units | 845 | 751 | 680 |
Net income (loss) | 517 | 169 | -165 |
Distributions to OP Unitholders and noncontrolling interests | -998 | -910 | -800 |
Conversion of limited partner OP Units to OP Units of general partner | 2,428 | 2,617 | 1,713 |
Conversion of limited partner OP Units to OP Units of general partner, Units | 77 | 94 | 71 |
Balance at end of period | 18,819 | 16,872 | 14,996 |
Balance at end of period, Units | 922 | 845 | 751 |
Limited Partners [Member] | DCT Industrial Operating Partnership LP [Member] | |||
Balance at beginning of period | 1,670,362 | 1,484,637 | 1,410,523 |
Balance at beginning of period, Units | 83,637 | 74,322 | 67,302 |
Net income (loss) | 51,205 | 16,714 | -16,303 |
Issuance of OP Units, net of selling costs | 239,007 | 258,575 | 171,328 |
Issuance of OP Units, net of selling costs, Units | 7,516 | 9,204 | 7,112 |
Issuance of OP Units, share-based compensation plans | -1,287 | -65 | -288 |
Issuance of OP Units, share-based compensation plans, Units | 249 | 258 | 122 |
OP Units retired in connection with reverse unit-split | -26 | ||
OP Units retired in connection with reverse unit-split, Units | -1 | ||
Amortization of stock-based compensation | 5,975 | 5,108 | 4,311 |
Distributions to OP Unitholders and noncontrolling interests | -98,761 | -90,133 | -79,216 |
Purchase of noncontrolling interests | -357 | -712 | |
Redemption of limited partner OP Units, net | -997 | -1,500 | -3,293 |
Redemption of limited partner OP Units, Units | -33 | -53 | -143 |
Conversion of limited partner OP Units to OP Units of general partner | -2,428 | -2,617 | -1,713 |
Conversion of limited partner OP Units to OP Units of general partner, Units | -77 | -94 | -71 |
Balance at end of period | $1,863,050 | $1,670,362 | $1,484,637 |
Balance at end of period, Units | 91,291 | 83,637 | 74,322 |
Organization
Organization | 12 Months Ended | |
Dec. 31, 2014 | ||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
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 December 31, 2014, DCT owned approximately 95.4% of the outstanding equity interests in the Operating Partnership. | ||
On November 17, 2014, we completed 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. All common stock/unit and per share/unit data for all periods presented in this Annual Report on Form 10-K have been restated to give effect to the reverse stock split | ||
As of December 31, 2014, the Company owned interests in approximately 72.3 million square feet of properties leased to approximately 900 customers, including: | ||
— | 62.0 million square feet comprising 393 consolidated operating properties were 95.4% occupied; | |
— | 8.1 million square feet comprising 24 unconsolidated properties were 97.8% occupied and which we operated on behalf of four institutional capital management partners; | |
— | 0.8 million square feet comprising six consolidated properties under redevelopment; and | |
— | 1.4 million square feet comprising seven consolidated buildings in development. | |
The Company also has 14 buildings under construction and several projects in predevelopment. See Note 3 - Investment in Properties for further detail. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Summary Of Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies | ||||
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. | |||||
All square feet, acres, occupancy, number of properties, number of customers and total projected investment disclosed in the notes to the Consolidated Financial Statements are unaudited. | |||||
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 generally accepted accounting principles (“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. | |||||
Capitalization of Costs | |||||
We capitalize costs directly related to the development, pre-development, redevelopment or improvement of our investment in real estate, referred to as capital projects and other activities included within this paragraph. Costs associated with our capital projects are capitalized as incurred. If the project is abandoned, these costs are expensed during the period in which the project is abandoned. Costs considered for capitalization include, but are not limited to, construction costs, interest, real estate taxes and insurance, if appropriate. We capitalize indirect costs such as personnel, office and administrative expenses that are directly related to our development projects based on an estimate of the time spent on the construction and development activities. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress and such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. We determine when the capitalization period begins and ends through communication with project and other managers responsible for the tracking and oversight of individual projects. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. In addition, we capitalize initial direct costs incurred for successful origination of new leases. Costs incurred for maintaining and repairing our properties, which do not extend their useful lives, are expensed as incurred. | |||||
Interest is capitalized based on actual capital expenditures from the period when development or redevelopment commences until the asset is ready for its intended use, at the weighted average borrowing rate during the period. We also capitalize interest on our qualifying investments in unconsolidated joint ventures based on the average capital invested in a venture during the period when the venture has activities in progress necessary to commence its planned principal operations, at our weighted average borrowing rate during the period. A “qualifying investment” is an investment in an unconsolidated joint venture provided that our investee’s activities include the use of funds to acquire qualifying assets, such as development or predevelopment activities, and planned principal operations have not commenced. | |||||
Discontinued Operations and Assets Held for Sale | |||||
We classify certain properties and related assets and liabilities as held for sale when certain criteria are met. At such time, the respective assets and liabilities are presented separately on our Consolidated Balance Sheets. We include liabilities related to assets held for sale that will be transferred in the transaction in “Liabilities related to assets held for sale.” Assets held for sale are reported at the lower of carrying value or estimated fair value less estimated costs to sell. | |||||
Effective January 1, 2014, we adopted accounting standard update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, for all properties not previously sold or classified as held for sale. ASU 2014-08 revised the reporting requirements to only allow a component of an entity, or group of components of an entity, to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Prior to January 1, 2014, properties identified as held for sale and/or disposed of are presented in discontinued operations for all periods presented. | |||||
Gains on sales of real estate assets are recognized if the specific transaction terms meet the various sale recognition criteria as defined by GAAP. If the criteria are not met, we defer the gain until such time that the criteria for sale recognition have been met. Net gains on sales and any impairment losses associated with assets held for sale are presented in continuing operations when recognized. | |||||
Fair Value | |||||
GAAP establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants. The guidance establishes a hierarchy for inputs used in measuring fair value based on observable and unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are based on market data obtained from sources independent of DCT. Unobservable inputs are inputs that reflect our assumptions of pricing the asset or liability based on the best information available in the circumstances. The hierarchy is broken down into three levels as follows: | |||||
Level 1: Inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets; | |||||
Level 2: Inputs include quoted prices for similar assets and liabilities in active or inactive markets or that are observable either directly or indirectly for the asset or liability; and | |||||
Level 3: Unobservable inputs are typically based on management’s own assumptions, as there is little, if any, related observable market activity. | |||||
DCT’s assets and liabilities that are measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||||
Investment in Properties | |||||
We record the assets, liabilities and noncontrolling interests associated with property acquisitions which qualify as business combinations at their respective acquisition date fair values which are derived using a market, income or replacement cost approach, or combination thereof. Acquisition related costs associated with business combinations are expensed as incurred. As defined by GAAP, a business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs or other economic benefits directly to investors or other owners, members or participants. We do not consider acquisitions of land or unoccupied buildings to be business combinations. Rather, these transactions are treated as asset acquisitions and recorded at cost. | |||||
The fair value of identifiable tangible assets such as land, building, building and land improvements, and tenant improvements is determined on an “as-if-vacant” basis. Management considers Level 3 inputs such as the replacement cost of such assets, appraisals, property condition reports, market data and other related information in determining the fair value of the tangible assets. The difference between the fair value and the face value of debt assumed in connection with an acquisition is recorded as a premium or discount and amortized to “Interest expense” over the life of the debt assumed. The valuation of assumed liabilities is based on the current market rate for similar liabilities. The recorded fair value of intangible lease assets includes Level 3 inputs and represents the value associated with in-place leases which include leasing commissions, legal and other costs, as well as an intangible asset or liability resulting from in-place leases being above or below the market rental rates over the lease term on the date of the acquisition. Intangible lease assets or liabilities are amortized over the reasonably assured lease term of the remaining in-place leases as an adjustment to “Rental revenues” or “Real estate related depreciation and amortization” depending on the nature of the intangible. | |||||
We have certain properties which we have acquired or removed from service with the intention to redevelop the property. Buildings under redevelopment require significant construction activities prior to being placed back into service. We generally do not depreciate properties classified as redevelopment until the date that the redevelopment properties are ready for their intended use. | |||||
Real estate, including land, building, building and land improvements, tenant improvements, leasing costs and intangible lease assets and liabilities are stated at historical cost less accumulated depreciation and amortization, unless circumstances indicate that the cost cannot be recovered, in which case, the carrying value of the property is reduced to its estimated fair value. | |||||
Depreciation and Useful Lives of Real Estate Assets | |||||
Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the related assets or liabilities. Our ability to assess the useful lives of our real estate assets accurately is critical to the determination of the appropriate amount of depreciation and amortization expense recorded and the carrying values of the underlying assets. Any change to the estimated depreciable lives of these assets would have an impact on the depreciation and amortization expense we recognize. | |||||
The following table reflects the standard depreciable lives generally used to compute depreciation and amortization. However, such depreciable lives may be different based on the estimated useful life of such assets or liabilities. The carrying value of assets sold or retired and the related accumulated depreciation and/or amortization is derecognized and the resulting gain or loss, if any, is recorded during the period in which such sale or retirement occurs. | |||||
Description | Expected Useful Life | ||||
Land | Not depreciated | ||||
Building | 20 – 40 years | ||||
Building and land improvements | 5 – 20 years | ||||
Tenant improvements | Shorter of lease term or useful life | ||||
Leasing costs | Lease term | ||||
Other intangible lease assets | Average term of leases for property | ||||
Above/below market rent assets/liabilities | Reasonably assured lease term | ||||
Depreciation is not recorded on real estate assets currently held for sale, in pre-development, or being developed or redeveloped until the building is substantially completed and ready for its intended use, not later than one year from cessation of major construction activity. | |||||
Impairment of Properties | |||||
Investments in properties classified as held for use are carried at cost and evaluated for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be recoverable. Examples of such changes in circumstances include the point at which we deem a building to be held for sale, our intended hold period changes, or when a building remains vacant significantly longer than expected. For investments in properties that we intend to hold long-term, the recoverability is based on estimated future undiscounted cash flows. If the asset carrying value is not supported on an undiscounted cash flow basis, the amount of impairment is measured as the difference between the carrying value and the fair value of the asset and is reflected in “Impairment losses” on the Consolidated Statements of Operations. The determination of fair value of real estate assets to be held for use is derived using the discounted cash flow method and involves a number of management assumptions relating to future economic events that could materially affect the determination of the ultimate value, and therefore, the carrying amounts of our real estate. Such assumptions are Level 3 inputs and include, but are not limited to, projected vacancy rates, rental rates, property operating expenses and capital expenditures. The capitalization rate is also a significant driving factor in determining the property valuation and requires management’s judgment of factors such as market knowledge, historical experience, lease terms, customer financial strength, economy, demographics, environment, property location, visibility, age, physical condition and expected return requirements, among other things. The aforementioned factors are taken as a whole by management in determining the valuation of investment property. The valuation is sensitive to the actual results of any of these uncertain factors, either individually or taken as a whole. Should the actual results differ from management’s estimates, the valuation could be negatively affected and may result in additional impairment losses recorded in the Consolidated Financial Statements. | |||||
Investments in and Advances to Unconsolidated Joint Ventures | |||||
We account for our investments in and advances to unconsolidated joint ventures under the equity method because we exercise significant influence over, but do not control, these entities. Under the equity method, these investments (including advances to joint ventures) are initially recorded at cost and are subsequently adjusted to reflect our proportionate share of net earnings or losses of each of the joint ventures, distributions received, contributions made and certain other adjustments, as appropriate. Such investments are included in “Investments in and advances to unconsolidated joint ventures” in our Consolidated Balance Sheets. Distributions from these investments that are related to cash earnings from operations are included as operating activities and distributions that are related to capital transactions are included as investing activities in our Consolidated Statements of Cash Flows. | |||||
Investment properties that were contributed to unconsolidated joint ventures prior to the adoption of ASU 2014-08 are not considered discontinued operations due to our continuing involvement through maintaining an ownership interest in these investment properties and continuing to act as manager of the assets. We recognize any gains from the contribution of investment properties into an unconsolidated joint venture if the recognition criteria have been met and the cash received is not required to be reinvested. Such gains are recognized to the extent of the outside ownership interest in the joint venture in our Consolidated Statements of Operations under the heading of “Gain on dispositions of real estate interests.” Any gain related to the remaining proceeds reduces our basis in the investment in the unconsolidated joint venture, and is recognized into earnings over the weighted average life of the related property’s real estate assets. We recognize our proportionate share of the ongoing earnings or losses of each unconsolidated joint venture in “Equity in earnings of unconsolidated joint ventures, net” in our Consolidated Statements of Operations. | |||||
Impairment of Investments in and Advances to Unconsolidated Joint Ventures | |||||
We evaluate our investments in unconsolidated entities for impairment whenever events or changes in circumstances indicate that there may be an other-than-temporary decline in value. To do so, we calculate the estimated fair value of the investment using a market, income or replacement cost approach, or combination thereof. The amount of impairment recognized, if any, would be the excess of the investment’s carrying amount over its estimated fair value. We consider various factors to determine if a decline in the value of the investment is other-than-temporary. These factors are Level 2 and 3 inputs and include but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, expected term of the investment and the relationships with the other joint venture partners and its lenders. If we believe that the decline in the fair value is temporary, no impairment is recorded. The aforementioned factors are taken as a whole by management in determining the valuation of our investment. Should the actual results differ from management’s estimates, the valuation could be negatively affected and may result in a negative impact on the Consolidated Financial Statements. See Note 4—Investments in and Advances to Unconsolidated Joint Ventures for additional information. | |||||
Cash and Cash Equivalents | |||||
Cash and cash equivalents include cash held in financial institutions and other highly liquid short-term investments with original maturities of three months or less. We have not realized any losses in our cash and cash equivalents and believe that these short-term instruments are not exposed to any significant credit risk. | |||||
Restricted Cash | |||||
Restricted cash consists of escrow deposits held by lenders for real estate taxes, insurance and capital replacement reserves, security deposits and amounts held by intermediary agents to be used for tax-deferred, like-kind exchange transactions. For the year ended December 31, 2013, approximately $8.8 million of restricted cash was included in “Investing Activities” in our Consolidated Statements of Cash Flows related to tax deferred, like-kind exchange transactions. For the year ended December 31, 2014, all funds had been utilized in tax deferred, like-kind exchange transactions. | |||||
Deferred Loan Costs | |||||
Deferred loan costs include fees and costs incurred to obtain long-term financing. These fees and costs are amortized to “Interest expense” over the terms of the related loans. Accumulated amortization of deferred loan costs was approximately $8.5 million and $6.3 million as of December 31, 2014 and 2013, respectively. Unamortized deferred loan costs are fully amortized when debt is retired before the maturity. Our interest expense for the years ended December 31, 2014, 2013 and 2012 includes approximately $2.2 million, $2.7 million and $2.1 million for the amortization of loan costs, respectively, including amounts related to discontinued operations. | |||||
Straight-line Rent and Other Receivables | |||||
Straight-line rent and other receivables include all straight-line rent and current accounts receivable, net of allowances. We maintain an allowance for estimated losses that may result from the inability of our customers to make required payments. If a customer fails to make contractual payments beyond any allowance, we may recognize additional bad debt expense in future periods equal to the net outstanding balances. As of December 31, 2014 and 2013, our allowance for doubtful accounts was approximately $1.0 million and $2.2 million, respectively. | |||||
Debt | |||||
Debt consists of fixed and variable rate secured mortgage notes, senior unsecured notes and bank unsecured credit facilities. Discounts and premiums to the principal amounts are included in the carrying value of debt and amortized to “Interest expense” over the remaining life of the underlying debt. The aggregated premium balance, net of accumulated amortization, was approximately $2.6 million as of December 31, 2014 and 2013. | |||||
Derivative Instruments and Hedging Activities | |||||
We may use interest rate swaps to manage certain interest rate risk. We record derivatives at fair value which are presented on a gross basis in “Other assets, net” or “Other liabilities” in our Consolidated Balance Sheets. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. | |||||
Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. | |||||
For derivatives designated as “cash flow” hedges, the effective portion of the changes in the fair value of the derivative is initially reported in “Accumulated other comprehensive loss” in our Consolidated Balance Sheets (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 change 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. | |||||
Comprehensive Income (Loss) | |||||
We report comprehensive income (loss) in our Consolidated Statements of Comprehensive Income (Loss). Amounts reported in “Accumulated other comprehensive loss” related to settled hedging transactions will be amortized to “Interest expense” as the hedged forecasted transactions occur. Any ineffectiveness related to our hedging transactions is reported in our Consolidated Statements of Operations. See Note 6 – Financial Instruments and Hedging Activities for additional information. | |||||
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 $9.9 million, $5.3 million and $6.3 million, respectively, for the years ended December 31, 2014, 2013 and 2012. | |||||
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 $76.5 million, $63.8 million and $51.7 million, respectively, for the years ended December 31, 2014, 2013 and 2012. | |||||
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 $2.4 million, $1.6 million and $0.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
Future minimum base rental payment, i.e., cash received for monthly contractual rent, due to us from our customers under the terms of non-cancelable operating leases that have commenced as of December 31, 2014 were as follows (in thousands): | |||||
Year Ended December 31, | Amounts | ||||
2015 | $ | 248,914 | |||
2016 | 221,669 | ||||
2017 | 183,342 | ||||
2018 | 143,447 | ||||
2019 | 112,324 | ||||
Thereafter | 299,406 | ||||
Total | $ | 1,209,102 | |||
The schedule does not reflect future rental revenues from the potential renewal or replacement of existing and future leases and excludes tenant recovery income. Additionally, leases where the tenant can terminate the lease with short-term notice are not included. | |||||
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. During the years ended December 31, 2014, 2013 and 2012, early lease termination fees were $2.1 million, $1.3 million and $0.6 million, 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. | |||||
Stock-Based Compensation | |||||
On October 10, 2006, we established the Long-Term Incentive Plan, as amended, to grant restricted stock, LTIP Units, stock options and other awards to our personnel and directors. 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. | |||||
Income and Other Taxes | |||||
We have elected to be taxed as a REIT, as defined under the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, we generally will not be subject to U.S. federal income taxes on our net income that is distributed to our stockholders if we distribute at least 90% of our REIT taxable income to our stockholders. REITs are also subject to a number of other organizational and operational requirements. If we fail to qualify as a REIT in any taxable year, our taxable income will be subject to U.S. federal income tax at regular corporate rates (including any applicable alternative minimum tax). Even if we qualify as a REIT, we may be subject to certain U.S. federal, state and local and non-U.S. income taxes. We also will be required to pay a 100% tax on non-arm’s length transactions between us and our taxable REIT subsidiary and on any net income from gain on property that was held for sale to customers in the ordinary course of business. | |||||
Certain of our operations (property management, asset ownership or management, sales of certain assets, etc.) may be conducted through taxable REIT subsidiaries, which are subsidiaries of the operating partnership and each of which we refer to as a TRS. A TRS is a C-corporation for which a REIT and its subsidiary C-corporation have jointly elected for the C-corporation to be a taxable REIT subsidiary of the REIT and therefore is subject to U.S. federal corporate income tax. | |||||
For our taxable REIT subsidiaries, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for U.S federal income tax purposes, as well as interest and loss carryforwards, and are measured using current enacted tax rates and laws that are expected to be in effect when the differences reverse. We reduce deferred tax assets by recording a valuation allowance when we determine based on available evidence that it is more likely than not that the assets will not be realized. | |||||
The Company recognizes penalties and interest accrued related to unrecognized tax benefits, if any, as income tax expense. To the extent interest and penalties are not assessed with respect to uncertain tax positions, amounts accrued will be reduced and reflected as a reduction of the overall income tax expense. We had no interest expense or penalties related to unrecognized tax benefits for the years ended December 31, 2014, 2013 or 2012. | |||||
We recognize tax benefits of uncertain tax positions only if it is more likely than not that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of December 31, 2014 and 2013, there were no unrecognized tax benefits. We do not anticipate a significant change to the total amount of unrecognized tax benefits within the next 12 months. Our federal income tax returns and income tax returns for various state and local jurisdictions are subject to examination by the Internal Revenue Service for the year ended December 31, 2010 and subsequent years. | |||||
New Accounting Standards | |||||
In February 2013, the Financial Accounting Standards Board (the “FASB”) issued an accounting standard update that requires disclosure of the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount is required under GAAP to be reclassified in its entirety to net income. Additionally, the update requires disclosure of changes in each component of other comprehensive income (“OCI”). The disclosure requirements were retroactively effective for us on January 1, 2013. As this guidance only requires expanded disclosure, the adoption did not have any impact on our Consolidated Financial Statements. | |||||
In April 2014, the FASB issued an 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. | |||||
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 | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||
Investment In Properties | Note 3 - Investment in Properties | ||||||||||||||||||||||||||
Our consolidated investment in properties consist of operating properties, properties under development, redevelopment properties, properties in pre-development and land held for future development or other purposes. The historical cost of our investment in properties was (in thousands): | |||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Operating properties | $ | 3,635,287 | $ | 3,442,442 | |||||||||||||||||||||||
Properties under development | 241,934 | 142,903 | |||||||||||||||||||||||||
Properties under redevelopment | 50,931 | 12,194 | |||||||||||||||||||||||||
Properties in pre-development including land held | 32,223 | 73,512 | |||||||||||||||||||||||||
Total Investment in Properties | 3,960,375 | 3,671,051 | |||||||||||||||||||||||||
Less accumulated depreciation and amortization | (703,840 | ) | (654,097 | ) | |||||||||||||||||||||||
Net Investment in Properties | $ | 3,256,535 | $ | 3,016,954 | |||||||||||||||||||||||
Acquisition Activity | |||||||||||||||||||||||||||
2014 Acquisition Activity | |||||||||||||||||||||||||||
During the year ended December 31, 2014, we acquired 36 buildings totaling 5.6 million square feet for a total purchase price of $363.1 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 $3.0 million during the year ended December 31, 2014, included in “General and administrative” in our Consolidated Statements of Operations. The table below represents a summary of our acquisitions during 2014: | |||||||||||||||||||||||||||
Market | Number of | Square Feet | |||||||||||||||||||||||||
Buildings | |||||||||||||||||||||||||||
East Operating Segment | Atlanta | 1 | 151,000 | ||||||||||||||||||||||||
Baltimore/Washington D.C. | 1 | 120,000 | |||||||||||||||||||||||||
Miami | 1 | 75,000 | |||||||||||||||||||||||||
New Jersey | 1 | 63,000 | |||||||||||||||||||||||||
Central Operating Segment | Chicago | 7 | 2,391,000 | ||||||||||||||||||||||||
Dallas | 3 | 201,000 | |||||||||||||||||||||||||
Houston | 5 | 537,000 | |||||||||||||||||||||||||
West Operating Segment | Northern California | 1 | 750,000 | ||||||||||||||||||||||||
Phoenix | 6 | 465,000 | |||||||||||||||||||||||||
Seattle | 8 | 602,000 | |||||||||||||||||||||||||
Southern California | 2 | 213,000 | |||||||||||||||||||||||||
Total | 36 | 5,568,000 | |||||||||||||||||||||||||
2013 Acquisition Activity | |||||||||||||||||||||||||||
During the year ended December 31, 2013, we acquired 38 buildings totaling 7.1 million square feet for a total purchase price of $359.5 million, excluding our existing ownership of 3.6% in the seven properties previously held by TRT-DCT Venture I (see Note 4 – Investments in and Advances to Unconsolidated Joint Ventures for further detail). Related to these acquisitions, we incurred acquisition costs of approximately $3.6 million during the year ended December 31, 2013, included in “General and administrative” in our Consolidated Statements of Operations. The table below represents a summary of our acquisitions during 2013: | |||||||||||||||||||||||||||
Market | Number of | Square Feet | |||||||||||||||||||||||||
Buildings | |||||||||||||||||||||||||||
East Operating Segment | Atlanta | 4 | 684,000 | ||||||||||||||||||||||||
Charlotte | 1 | 472,000 | |||||||||||||||||||||||||
Miami | 1 | 211,000 | |||||||||||||||||||||||||
New Jersey | 2 | 308,000 | |||||||||||||||||||||||||
Pennsylvania | 5 | 1,275,000 | |||||||||||||||||||||||||
Central Operating Segment | Chicago | 9 | 2,209,000 | ||||||||||||||||||||||||
Dallas | 4 | 506,000 | |||||||||||||||||||||||||
Houston | 1 | 88,000 | |||||||||||||||||||||||||
West Operating Segment | Northern California | 2 | 439,000 | ||||||||||||||||||||||||
Phoenix | 3 | 308,000 | |||||||||||||||||||||||||
Seattle | 1 | 39,000 | |||||||||||||||||||||||||
Southern California | 5 | 583,000 | |||||||||||||||||||||||||
Total | 38 | 7,122,000 | |||||||||||||||||||||||||
Development Activity | |||||||||||||||||||||||||||
2014 Development Activity | |||||||||||||||||||||||||||
Our properties under development include the following: | |||||||||||||||||||||||||||
· | Seven buildings totaling 1.4 million square feet are currently in lease-up as shell-complete activities have been completed as of December 31, 2014, including two buildings totaling 0.2 million square feet that were shell-complete upon acquisition. These properties are 17.4% leased based on weighted average square feet; and | ||||||||||||||||||||||||||
· | 11 projects under construction totaling 3.3 million square feet and three projects under construction and under contract for sale totaling 0.2 million square feet as of December 31, 2014 that are expected to be completed during 2015. | ||||||||||||||||||||||||||
During the year ended December 31, 2014, we acquired seven land parcels totaling approximately 103.2 acres of land in the Chicago, Dallas, Pennsylvania and Seattle markets for approximately $21.5 million that are held for future development. | |||||||||||||||||||||||||||
2014 Development Profits | |||||||||||||||||||||||||||
During the year ended December 31, 2014, we recognized development profits, net of tax of approximately $2.0 million related to the completion and sale of 8th & Vineyard A and 8th & Vineyard B. As of December 31, 2014, we had three development projects for sale that were under contract. Due to the terms of the contracts, timing of payments and the sale recognition criteria of GAAP, no profit was recognized in 2014. | |||||||||||||||||||||||||||
2013 Development Activity | |||||||||||||||||||||||||||
Our properties under development included the following: | |||||||||||||||||||||||||||
· | Two buildings totaling 0.9 million square feet that were shell-complete as of December 31, 2013; and | ||||||||||||||||||||||||||
· | Seven projects under construction totaling 2.7 million square feet as of December 31, 2013. | ||||||||||||||||||||||||||
During the year ended December 31, 2013, we acquired five land parcels totaling approximately 128.6 acres of land in the Southern California, Seattle, Miami and Houston markets for approximately $40.5 million that are held for future development. | |||||||||||||||||||||||||||
2013 Development Profits | |||||||||||||||||||||||||||
Construction was completed during the second quarter of 2013 on the Dulles Summit build-to-suit project. We recognized development profits, net of taxes of approximately $0.3 million and $0.3 million, respectively, for the years ended December 31, 2013 and 2012 related to the development of the Dulles Summit build-to-suit project. As of December 31, 2013, we had one build-to-suit for sale project, 8th & Vineyard A, under contract. Due to the terms of the contract, timing of payments and the sale recognition criteria of GAAP, no profit was recognized in 2013. The construction and sale were completed in January 2014, at which time the development profit, net of taxes, was recognized. | |||||||||||||||||||||||||||
Disposition Activity | |||||||||||||||||||||||||||
2014 Disposition Activity | |||||||||||||||||||||||||||
During the year ended December 31, 2014, we sold 37 consolidated operating properties, totaling 6.4 million square feet, to third-parties for gross proceeds of approximately $283.2 million. We recognized gains of approximately $43.9 million on the disposition of 33 properties and recognized impairment losses of approximately $5.6 million on the disposition of four properties and one property that was held for sale during 2014 in our East and Central operating segments. The impairment losses are included in “Income (loss) from continuing operations” in the Consolidated Statements of Operations. See “Note 15 – Discontinued Operations and Assets Held for Sale” for additional information. The table below represents a summary of our dispositions during 2014: | |||||||||||||||||||||||||||
Market | Number of | Square Feet | |||||||||||||||||||||||||
Buildings | |||||||||||||||||||||||||||
East Operating Segment | Atlanta | 3 | 288,000 | ||||||||||||||||||||||||
Baltimore/Washington D.C. | 3 | 347,000 | |||||||||||||||||||||||||
New Jersey | 5 | 542,000 | |||||||||||||||||||||||||
Pennsylvania | 1 | 112,000 | |||||||||||||||||||||||||
Central Operating Segment | Chicago | 3 | 421,000 | ||||||||||||||||||||||||
Cincinnati | 2 | 840,000 | |||||||||||||||||||||||||
Columbus | 12 | 3,480,000 | |||||||||||||||||||||||||
Dallas | 1 | 21,000 | |||||||||||||||||||||||||
Houston | 7 | 354,000 | |||||||||||||||||||||||||
Total | 37 | 6,405,000 | |||||||||||||||||||||||||
2013 Disposition Activity | |||||||||||||||||||||||||||
During the year ended December 31, 2013, we sold 51 consolidated operating properties, totaling 6.8 million square feet, to third-parties for gross proceeds of approximately $265.8 million. We recognized gains of approximately $33.6 million on the disposition of 36 properties and recognized impairment losses of approximately $13.3 million on the disposition of a portfolio of 15 properties in Dallas. The impairment losses are reflected in “Impairment losses” in the Consolidated Statements of Operations. See “Note 15 – Discontinued Operations and Assets Held for Sale” for additional information. The table below represents a summary of our dispositions during 2013: | |||||||||||||||||||||||||||
Market | Number of | Square Feet | |||||||||||||||||||||||||
Buildings | |||||||||||||||||||||||||||
East Operating Segment | Atlanta | 1 | 578,000 | ||||||||||||||||||||||||
Memphis | 2 | 1,439,000 | |||||||||||||||||||||||||
Central Operating Segment | Cincinnati | 1 | 710,000 | ||||||||||||||||||||||||
Dallas | 17 | 640,000 | |||||||||||||||||||||||||
Louisville | 1 | 221,000 | |||||||||||||||||||||||||
Mexico | 15 | 1,653,000 | |||||||||||||||||||||||||
San Antonio | 13 | 1,177,000 | |||||||||||||||||||||||||
West Operating Segment | Northern California | 1 | 396,000 | ||||||||||||||||||||||||
Total | 51 | 6,814,000 | |||||||||||||||||||||||||
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 $14.7 million, $11.8 million and $9.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||
Our intangible lease assets and liabilities included the following as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||
Gross | Accumulated | Net | Weighted Average Remaining Life (In Years) | Gross | Accumulated | Net | |||||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||||
Other intangible lease assets | $ | 81,996 | $ | (33,031 | ) | $ | 48,965 | $ | 4 | $ | 77,383 | $ | (27,668 | ) | $ | 49,715 | |||||||||||
Above market rent | $ | 4,519 | $ | (1,773 | ) | $ | 2,746 | $ | 3 | $ | 5,375 | $ | (1,761 | ) | $ | 3,614 | |||||||||||
Below market rent | $ | (30,266 | ) | $ | 7,326 | $ | (22,940 | ) | $ | 9 | $ | (26,562 | ) | $ | 6,173 | $ | (20,389 | ) | |||||||||
The following table describes the estimated net amortization of such intangible assets and liabilities and the net impact to rental revenues due to the amortization of above and below market rents for the next five years and thereafter (in thousands): | |||||||||||||||||||||||||||
Estimated Net Increase | |||||||||||||||||||||||||||
Estimated | to Rental Revenues | ||||||||||||||||||||||||||
Net Amortization of | Related to Above and | ||||||||||||||||||||||||||
For the Period Ended December 31, | Lease Intangible Assets | Below Market Rents | |||||||||||||||||||||||||
2015 | $ | 12,634 | $ | 2,623 | |||||||||||||||||||||||
2016 | 10,067 | 2,308 | |||||||||||||||||||||||||
2017 | 7,851 | 1,949 | |||||||||||||||||||||||||
2018 | 5,512 | 1,405 | |||||||||||||||||||||||||
2019 | 4,177 | 991 | |||||||||||||||||||||||||
Thereafter | 8,724 | 10,918 | |||||||||||||||||||||||||
Total | $ | 48,965 | $ | 20,194 | |||||||||||||||||||||||
Casualty and Involuntary Conversion Events | |||||||||||||||||||||||||||
During 2014 and 2013, we recognized gains of approximately $0.3 million in each year as a result of a settlement pursuant to eminent domain proceedings. | |||||||||||||||||||||||||||
During 2012, a series of storms caused damage to some of our properties which were covered by insurance for all losses, subject to our deductibles. The recoveries received for damages were in excess of the sum of our incurred losses for cleanup costs and the net book value written off for the damaged property. After all contingencies relating to the casualties were resolved, we recorded casualty gains of approximately $1.6 million including $0.4 million included in “Income from discontinued operations” in our Consolidated Statements of Operations. | |||||||||||||||||||||||||||
Investments_In_And_Advances_To
Investments In And Advances To Unconsolidated Joint Ventures | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity Method Investments And 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. | |||||||||||||||||
During 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. | |||||||||||||||||
During December 2014, the IDI/DCT, LLC Venture disposed of one property. We received net proceeds of approximately $4.1 million from the transaction and recognized our share of the venture’s gain on the sale of the property, approximately $1.0 million, included in “Equity in earnings of unconsolidated joint ventures, net” in our Consolidated Statements of Operations. | |||||||||||||||||
The following table summarizes our unconsolidated joint ventures as of December 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||
Investments in and | |||||||||||||||||
As of December 31, 2014 | Advances to as of | ||||||||||||||||
Ownership | Number of | December 31, | December 31, | ||||||||||||||
Unconsolidated Joint Ventures | Percentage | Buildings | 2014 | 2013 | |||||||||||||
Institutional Joint Ventures: | |||||||||||||||||
DCT/SPF Industrial Operating LLC | 20 | % | 13 | $ | 39,744 | $ | 41,253 | ||||||||||
TRT-DCT Venture I(1) | 0 | % | - | - | 823 | ||||||||||||
TRT-DCT Venture II(1) | 0 | % | - | - | 1,847 | ||||||||||||
TRT-DCT Venture III | 10 | % | 4 | 1,196 | 1,197 | ||||||||||||
Total Institutional Joint Ventures | 17 | 40,940 | 45,120 | ||||||||||||||
Other: | |||||||||||||||||
Stirling Capital Investments (SCLA)(2) | 50 | % | 6 | 45,342 | 47,978 | ||||||||||||
IDI/DCT, LLC | 50 | % | 1 | 4,363 | 27,735 | ||||||||||||
IDI/DCT Buford, LLC (land only) | 75 | % | - | 4,083 | 4,090 | ||||||||||||
Total Other | 7 | 53,788 | 79,803 | ||||||||||||||
Total | 24 | $ | 94,728 | $ | 124,923 | ||||||||||||
-1 | Our interests in the unconsolidated joint venture were liquidated as of December 31, 2014. | ||||||||||||||||
-2 | Although we contributed 100% of the initial cash equity capital required by the venture, our partners retain certain participant rights in the ventures available cash flows. | ||||||||||||||||
Institutional Capital Management Joint Ventures | |||||||||||||||||
DCT/SPF Industrial Operating LLC | |||||||||||||||||
During 2007, we entered into a joint venture agreement with Industrial Acquisition LLC (“JP Morgan”), an entity advised by JPMorgan Asset Management, to form DCT/SPF Industrial Operating LLC (“JP Morgan Venture”) that owns and operates industrial properties located in the U.S. Our actual ownership percentage may vary depending on amounts of capital contributed and the timing of contributions and distributions. As of December 31, 2014 our ownership interest is 20.0%. As a result of our contribution of properties into the JP Morgan Venture in 2007, we have deferred gains of $2.5 million as of December 31, 2014, which will be recognized through earnings over the weighted average life of the related properties, or upon disposition of the properties to a third-party. | |||||||||||||||||
TRT-DCT Industrial Joint Ventures I, II and III | |||||||||||||||||
We entered into a joint venture with Dividend Capital Diversified Property Fund (“DCDPF”), formerly known as Dividend Capital Total Realty Trust Inc., to form TRT-DCT Venture I on September 1, 2006. As noted above, during 2014 the venture disposed of all of its properties. | |||||||||||||||||
We formed a joint venture with DCDPF, TRT-DCT Industrial Joint Venture II G.P. (“TRT-DCT Venture II”), on March 27, 2007. As a result of our contribution of properties into TRT-DCT Venture II in 2007, we had deferred gains of $0.6 million that were recognized during 2014 upon the disposition of the ventures’ properties. | |||||||||||||||||
We formed a joint venture with DCDPF, TRT-DCT Industrial Joint Venture III, G.P. (“TRT-DCT Venture III”), on September 9, 2008. Our ownership percentage may vary depending on amounts of capital contributed and the timing of contributions and distributions. As of December 31, 2014 our ownership interest is 10.0%. | |||||||||||||||||
Development Projects in Unconsolidated Joint Ventures | |||||||||||||||||
SCLA | |||||||||||||||||
During 2006, we entered into a joint venture agreement with Stirling Airports International, LLC, (“Stirling”), an unrelated third-party, to be the master developer of up to 4,350 acres in Victorville, California, part of the Inland Empire submarket in Southern California. The development project is located at the former George Air Force Base which closed in 1992 and is now known as Southern California Logistics Airport (“SCLA”). We refer to this joint venture as the SCLA joint venture. Stirling entered into two master development agreements which gave it certain rights to be the exclusive developer of the SCLA development project through 2019 (including certain extensions) and assigned these rights to the SCLA joint venture upon the closing of the venture. While our exact share of the equity interests in the SCLA joint venture will depend on the amount of capital we contribute and the timing of contributions and distributions, the SCLA joint venture contemplates an equal sharing between us and Stirling of residual profits and cash flows after all priority distributions. As of December 31, 2014, the SCLA joint venture owned six operating buildings comprised of 2.2 million square feet which were 99.6% occupied and an additional 181.4 acres of land available for development. | |||||||||||||||||
IDI/DCT, LLC | |||||||||||||||||
During 2007, we entered into a joint venture agreement with Industrial Developments International, Inc. (“IDI”), an unrelated third-party developer, to acquire approximately 113 acres of land to develop four distribution buildings comprising approximately 1.9 million square feet in the Savannah, GA, Nashville, TN, Chicago, IL, and Stockton, CA markets. DCT has the right of first offer to buy each of the projects and the buildings are operating. | |||||||||||||||||
As noted above during 2014, we purchased our partner’s 50.0% interest in one building in Chicago, IL and the venture sold its building located in Savannah, GA to a third-party. As a result of capitalized development costs, we had deferred expenses of $0.5 million that were recognized during 2014 upon the disposition of the venture’s property. | |||||||||||||||||
IDI/DCT Buford, LLC | |||||||||||||||||
During 2008, we entered into a joint venture agreement with IDI to form IDI/DCT Buford, LLC. This joint venture was funded for the purpose of developing distribution buildings on approximately 47 acres of land contributed to the joint venture by DCT. IDI and DCT have joint control in all major decisions. | |||||||||||||||||
Summarized Financial Information | |||||||||||||||||
The following table provides unaudited selected combined financial information for unconsolidated joint ventures as of and for the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Real estate, net of accumulated depreciation | $ | 345,005 | $ | 528,130 | $ | 630,478 | |||||||||||
Total assets | $ | 360,200 | $ | 548,833 | $ | 651,971 | |||||||||||
Notes payable | $ | 102,468 | $ | 191,100 | $ | 272,948 | |||||||||||
Total liabilities | $ | 110,432 | $ | 202,620 | $ | 287,046 | |||||||||||
Partners’ capital | $ | 249,768 | $ | 346,213 | $ | 364,925 | |||||||||||
Rental revenues | $ | 39,882 | $ | 54,363 | $ | 66,052 | |||||||||||
Operating expenses | $ | 8,748 | $ | 13,677 | $ | 16,343 | |||||||||||
Depreciation expense | $ | 17,703 | $ | 25,300 | $ | 33,734 | |||||||||||
Interest expense | $ | 4,727 | $ | 11,686 | $ | 22,117 | |||||||||||
Net income (loss) | $ | 6,834 | $ | (1,090 | ) | $ | (3,688 | ) | |||||||||
Our aggregate investment in these unconsolidated joint ventures at December 31, 2014 and 2013 of approximately $94.7 million and $124.9 million, respectively, exceeds our share of the underlying equity in the net assets of the joint ventures by approximately $14.2 million and $14.7 million, respectively, primarily due to costs incurred in connection with the ventures and capitalized interest prior to commencement of plan principal operations. | |||||||||||||||||
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. |
Outstanding_Indebtedness
Outstanding Indebtedness | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Outstanding Indebtedness | Note 5 – Outstanding Indebtedness | ||||||||||||||||
As of December 31, 2014, our outstanding indebtedness of approximately $1.4 billion consisted of mortgage notes, senior unsecured notes and bank unsecured credit facilities, excluding approximately $42.5 million representing our proportionate share of debt associated with unconsolidated joint ventures. As of December 31, 2013, our outstanding indebtedness of $1.5 billion consisted of mortgage notes, senior unsecured notes and bank unsecured credit facilities, excluding approximately $44.4 million representing our proportionate share of debt associated with unconsolidated joint ventures. | |||||||||||||||||
As of December 31, 2014, the gross book value of our consolidated properties was approximately $4.0 billion and the gross book value of all properties securing our mortgage debt was approximately $0.6 billion. As of December 31, 2013, the total 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 December 31, 2014 and 2013. | |||||||||||||||||
Our outstanding indebtedness as of December 31, 2014 and 2013 is summarized below (in thousands): | |||||||||||||||||
As of December 31, | |||||||||||||||||
Interest Rate (1) | Maturity Date | 2014 | 2013 | ||||||||||||||
Senior Unsecured Notes: | |||||||||||||||||
9 year, fixed rate | 5.43% | 20-Apr | $ | 50,000 | $ | 50,000 | |||||||||||
10 year, fixed rate(2) | 5.77% | 16-Apr | 50,000 | 50,000 | |||||||||||||
Private Placement 5 year, fixed rate | 5.63% | 15-Jun | 40,000 | 40,000 | |||||||||||||
Private Placement 7 year, fixed rate | 6.31% | 17-Jun | 51,000 | 51,000 | |||||||||||||
Private Placement 8 year, fixed rate | 6.52% | 18-Jun | 41,500 | 41,500 | |||||||||||||
Private Placement 11 year, fixed rate | 6.95% | 21-Jun | 77,500 | 77,500 | |||||||||||||
2011 Private Placement 5 year, fixed rate | 4.02% | 16-Aug | 49,000 | 49,000 | |||||||||||||
2011 Private Placement 7 year, fixed rate | 4.69% | 18-Aug | 40,000 | 40,000 | |||||||||||||
2011 Private Placement 8 year, fixed rate | 4.97% | 19-Aug | 46,000 | 46,000 | |||||||||||||
2011 Private Placement 10 year, fixed rate | 5.42% | 21-Aug | 15,000 | 15,000 | |||||||||||||
2011 Private Placement 11 year, fixed rate | 5.50% | 22-Aug | 40,000 | 40,000 | |||||||||||||
2011 Private Placement 12 year, fixed rate | 5.57% | 23-Aug | 35,000 | 35,000 | |||||||||||||
2012 Private Placement 10yr, fixed rate(2) | 4.21% | 22-Sep | 90,000 | 90,000 | |||||||||||||
2013 Bonds, 10 year, fixed rate(2) | 4.50% | 23-Oct | 275,000 | 275,000 | |||||||||||||
Mortgage Secured Notes: | |||||||||||||||||
1700 Desoto | 6.00% | 14-Apr | - | 3,264 | |||||||||||||
10 year, fixed rate(2) | 5.31% | 15-Jan | - | 44,566 | |||||||||||||
Cargo Ventures | 5.77% | 16-Feb | 51,83 | 7 | 52,971 | ||||||||||||
116 Lehigh Drive(4) | 6.08% | 16-Aug | - | 4,453 | |||||||||||||
1725 Puyallup Street | 6.11% | 17-Apr | 3,633 | - | |||||||||||||
6740 Dorsey | 5.62% | 17-Jun | 8,200 | - | |||||||||||||
State Highway 225 | 6.25% | 17-Aug | 5,754 | 5,893 | |||||||||||||
Shelby 4 | 7.40% | 17-Dec | 470 | 609 | |||||||||||||
Miami Commerce Center | 6.91% | 18-Oct | 2,405 | 2,948 | |||||||||||||
Cabot | 6.17% | 19-Feb | 49,559 | 50,357 | |||||||||||||
Cabot(2) | 6.11% | 20-Feb | 64,614 | 66,387 | |||||||||||||
6400 Hollister | 6.70% | 20-Apr | 6,394 | - | |||||||||||||
7425 Pinemont | 6.25% | 20-Jul | 2,450 | 2,488 | |||||||||||||
1625 Rollins Road | 4.25% | 21-Dec | 18,520 | 19,021 | |||||||||||||
Haven A | 7.29% | 22-Oct | 7,025 | 7,676 | |||||||||||||
Shelby 19 | 6.72% | 22-Nov | 7,468 | 8,171 | |||||||||||||
Haven G | 4.72% | 23-Jun | 944 | 965 | |||||||||||||
740 Palmyrita | 4.72% | 23-Jun | 6,020 | 6,155 | |||||||||||||
6th & Rochester | 4.96% | 23-Aug | 2,887 | 3,147 | |||||||||||||
Mohawk(5) | 5.75% | 25-Aug | - | 6,650 | |||||||||||||
1555 Oakley Industrial Blvd | 5.75% | 25-Aug | 6,234 | - | |||||||||||||
Total | 1,144,414 | 1,185,721 | |||||||||||||||
Premiums/Discounts, Net of Amortization | N/A | 2,631 | 2,646 | ||||||||||||||
Total Senior Unsecured Notes and Mortgage Notes, net | N/A | 1,147,045 | 1,188,367 | ||||||||||||||
Bank Unsecured Credit Facilities | |||||||||||||||||
Senior unsecured revolving credit facility | 1.34% | 17-Feb | 37,000 | 39,000 | |||||||||||||
2018 Term loan, variable | 1.51% | 18-Feb | 225,000 | 225,000 | |||||||||||||
Total Bank Unsecured Credit Facilities | N/A | 262,000 | 264,000 | ||||||||||||||
Total Carrying Value of Debt | N/A | $ | 1,409,045 | $ | 1,452,367 | ||||||||||||
Fixed Rate Debt(3) | 5.32% | $ | 1,144,414 | $ | 1,185,721 | ||||||||||||
Premiums/Discounts, Net of Amortization | N/A | 2,631 | 2,646 | ||||||||||||||
Variable Rate Debt(3) | 1.49% | 262,000 | 264,000 | ||||||||||||||
Total Carrying Value of Debt | N/A | $ | 1,409,045 | $ | 1,452,367 | ||||||||||||
(footnotes on following page) | |||||||||||||||||
(1) | Interest rates for fixed rate debt are stated rates. Interest rates for variable rate debt are the interest rate charged as of the last payment in 2014. | ||||||||||||||||
(2) | We settled certain derivative instruments related to these notes and the settlement amount of these derivative instruments are amortized to interest expense over the life of the assigned notes. | ||||||||||||||||
(3) | Weighted average interest rates are based upon outstanding balances as of December 31, 2014. | ||||||||||||||||
-4 | The mortgage note was paid off upon the disposal of the property during 2014. | ||||||||||||||||
-5 | The property securing the mortgage note was substituted with the property 1555 Oakley Industrial Blvd. | ||||||||||||||||
Debt Payoffs, Refinancing and Issuance | |||||||||||||||||
During February 2013, we entered into an amendment with our syndicated bank group whereby we extended and increased our existing $175.0 million senior unsecured term loan to $225.0 million for a period of five years, extended our existing $300.0 million senior unsecured line of credit for a period of four years and received a commitment for an additional $175.0 million senior unsecured term loan with a term of two years. We closed on the additional $175.0 million in March 2013, which was used to refinance a scheduled June 2013 maturity of $175.0 million of other senior unsecured debt. | |||||||||||||||||
During March and April 2013, we retired $11.0 million mortgage notes previously scheduled to mature in April and June of 2013, using proceeds from the Company’s senior unsecured revolving credit facility and our equity offerings. | |||||||||||||||||
During June 2013, we issued two secured mortgage notes with principal balances of $1.0 million and $6.2 million which mature in June 2023. The notes bear interest at a variable rate; however we have fixed the rate at 4.72% using two interest rate swaps (See Note 6 – Financial Instruments and Hedging Activities for further detail). The notes require monthly payments of principal and interest. | |||||||||||||||||
During October 2013, the operating partnership issued $275.0 million aggregate principal amount of 4.50% senior notes due 2023 at 99.038% of face value in a private placement for net proceeds of approximately $269.6 million after offering costs. We primarily used the net proceeds to repay a $15.9 million mortgage note that was scheduled to mature in October 2013, a $50.0 million senior unsecured note that was scheduled to mature in January of 2014 and our $175.0 million senior unsecured term loan that was scheduled to mature in February 2015. | |||||||||||||||||
During January and November 2014, we retired $3.3 million and $43.3 million, respectively, mortgage notes previously scheduled to mature in April 2014 and January 2015, respectively, using proceeds from the Company’s senior unsecured revolving credit facility and our equity offerings. | |||||||||||||||||
Debt Assumptions | |||||||||||||||||
During the year ended December 31, 2014, we assumed three mortgage notes with aggregate outstanding balances totaling $18.3 million in connection with property acquisitions. We recorded approximately a $2.0 million premium in connection with the assumption of these notes. | |||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, the amortization of all premiums/discounts resulted in a reduction of interest expense of approximately $1.8 million, $2.1 million and $1.0 million, respectively, including amounts from discontinued operations. | |||||||||||||||||
Line of Credit | |||||||||||||||||
As of December 31, 2014, we had $37.0 million outstanding and $243.5 million available under our senior unsecured revolving credit facility, net of three letter of credits totaling $19.5 million. As of December 31, 2013, we had $39.0 million outstanding and $261.0 million available under our senior unsecured revolving credit facility. | |||||||||||||||||
Guarantee of Debt | |||||||||||||||||
DCT has guaranteed the Operating Partnership’s obligations with respect to the senior unsecured notes and the senior unsecured revolving credit. | |||||||||||||||||
Interest Expense and Capitalized Interest | |||||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, we incurred interest expense of approximately $72.3 million, $71.7 million and $73.7 million, respectively, including amounts included in discontinued operations. We capitalized approximately $9.1 million, $8.3 million and $4.3 million of interest in 2014, 2013 and 2012, respectively, associated with certain development, redevelopment and other construction activities. | |||||||||||||||||
Debt Maturities | |||||||||||||||||
The following table sets forth the scheduled maturities of our debt and regularly scheduled principal amortization, excluding unamortized premiums, as of December 31, 2014 (in thousands): | |||||||||||||||||
Senior | Mortgage | Bank Unsecured | |||||||||||||||
Unsecured | |||||||||||||||||
Year | Notes | Notes | Credit Facilities | Total | |||||||||||||
2015 | $ | 40,000 | $ | 7,180 | $ | - | $ | 47,180 | |||||||||
2016 | 99,000 | 56,994 | - | 155,994 | |||||||||||||
2017 | 51,000 | 23,615 | 37,000 | 111,615 | |||||||||||||
2018 | 81,500 | 6,554 | 225,000 | -1 | 313,054 | ||||||||||||
2019 | 46,000 | 51,139 | - | 97,139 | |||||||||||||
Thereafter | 582,500 | 98,932 | - | 681,432 | |||||||||||||
Total | $ | 900,000 | $ | 244,414 | $ | 262,000 | $ | 1,406,414 | |||||||||
-1 | The $225.0 million term loan facility is presented in “Senior unsecured notes” in our Consolidated Balance Sheets. | ||||||||||||||||
Financial_Instruments_And_Hedg
Financial Instruments And Hedging Activities | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Financial Instruments And Hedging Activities | Note 6 – Financial Instruments and Hedging Activities | |||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
As of December 31, 2014 and 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): | ||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Amounts | Fair Value | Amounts | Fair Value | |||||||||||||
Borrowings(1): | ||||||||||||||||
Senior unsecured revolving credit facility | $ | 37,000 | $ | 37,000 | $ | 39,000 | $ | 39,000 | ||||||||
Fixed rate debt(2) | $ | 1,147,045 | $ | 1,238,671 | $ | 1,188,367 | $ | 1,263,722 | ||||||||
Variable rate debt | $ | 225,000 | $ | 226,431 | $ | 225,000 | $ | 226,153 | ||||||||
Interest rate contracts: | ||||||||||||||||
Interest rate swap asset (liability)(3) | $ | (167 | ) | $ | (167 | ) | $ | 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 swap 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, net” 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 years ended December 31, 2014 and 2013 (in thousands). 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 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 years ended December 31, 2014 and 2013. | ||||||||||||||||
During the Year Ended December 31, 2014 | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Level 3 Assets (Liabilities): | ||||||||||||||||
Interest Rate Swaps: | ||||||||||||||||
Beginning balance at January 1 | $ | 212 | $ | - | ||||||||||||
Net unrealized gain (loss) included in accumulated other comprehensive loss | (533 | ) | 123 | |||||||||||||
Realized loss recognized in interest expense | 154 | 89 | ||||||||||||||
Ending balance at December 31 | $ | (167 | ) | $ | 212 | |||||||||||
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 OCI in our Consolidated Statements of Comprehensive Income (Loss) (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 December 31, 2014 and 2013, we had borrowings payable subject to pay-fixed, received-floating interest 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 years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||
Interest Rate Swaps: | ||||||||||||||||
Amount of gain (loss) recognized in OCI for | $ | (1,159 | ) | $ | 675 | $ | (6,776 | ) | ||||||||
effective portion of derivatives | ||||||||||||||||
Amount of loss reclassified from accumulated OCI | $ | (4,670 | ) | $ | (4,490 | ) | $ | (2,098 | ) | |||||||
for effective portion of derivatives into interest | ||||||||||||||||
expense and equity in earnings of unconsolidated | ||||||||||||||||
joint ventures, net | ||||||||||||||||
Amount of loss recognized in interest expense due | $ | - | $ | - | $ | 677 | ||||||||||
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. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | |||||||||
Commitments And Contingencies | Note 7 – Commitments and Contingencies | ||||||||
Legal Matters | |||||||||
We are a party to various legal actions and administrative proceedings arising in the ordinary course of business, some of which may be covered by liability insurance, and none of which we expect to have a material adverse effect on our consolidated financial condition or results of operations. | |||||||||
Operating Leases | |||||||||
The following table reflects our contractual obligations as of December 31, 2014, specifically our obligations under operating lease agreements and ground lease agreements (in thousands): | |||||||||
Year Ended December 31, | Operating Leases | Ground Leases | |||||||
2015 | $ | 994 | $ | 564 | |||||
2016 | 856 | 559 | |||||||
2017 | 260 | 551 | |||||||
2018 | 57 | 551 | |||||||
2019 | - | 551 | |||||||
Thereafter | - | 9,682 | |||||||
Total | $ | 2,167 | $ | 12,458 | |||||
Substantially all of the office space and equipment subject to the operating leases are for the use at our corporate and regional offices. Rent expense recognized was approximately $1.1 million, $0.9 million and $0.7 million during the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
Noncontrolling_Interests
Noncontrolling Interests | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Noncontrolling Interest [Abstract] | ||||||||||||
Noncontrolling Interests | Note 8 – 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 12 – Related Party Transactions. Our noncontrolling interests held by third-party partners in our consolidated joint ventures totaled $12.0 million as of December 31, 2014 and 2013. | ||||||||||||
The following table illustrates the noncontrolling interests’ share of consolidated net income (loss) during the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||
Year Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Noncontrolling interests’ share of (income) loss from | $ | (2,801 | ) | $ | 1 | $ | 2,644 | |||||
continuing operations | ||||||||||||
Noncontrolling interests’ share of income | (283 | ) | (1,603 | ) | (990 | ) | ||||||
from discontinued operations | ||||||||||||
Net (income) loss attributable to noncontrolling interests | $ | (3,084 | ) | $ | (1,602 | ) | $ | 1,654 | ||||
Operating Partnership | ||||||||||||
Equity interests in the Operating Partnership held by third parties and LTIP Units, as defined in Note 9 – 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 (loss) 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 | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Stockholders Equity Note [Abstract] | ||||||
Stockholders' Equity of DCT and Partners' Capital of the Operating Partnership | Note 9 – Stockholders’ Equity of DCT and Partners’ Capital of the Operating Partnership | |||||
On November 17, 2014, we completed 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. All common stock/unit and per share/unit data for all periods presented in this Annual Report on Form 10-K have been restated to give effect to the reverse stock split. | ||||||
DCT | ||||||
Common Stock | ||||||
As of December 31, 2014 and 2013, approximately 88.0 million and 80.1 million shares of common stock were issued and outstanding, respectively. | ||||||
On May 29, 2013, we registered a third continuous equity offering program, to replace our continuous equity offering program previously registered on November 20, 2012. During the year ended December 31, 2014, approximately 4.1 million shares were issued through the third continuous equity offering program, at an average price of $30.98 per share for proceeds of approximately $126.6 million, net of offering expenses. During the year ended December 31, 2013, approximately 3.5 million shares were issued through the second and third continuous equity offering programs, at an average price of $29.49 per share for proceeds of approximately $100.4 million, net of offering expenses. During the year ended December 31, 2012, approximately 2.4 million shares were issued through the second continuous equity offering program, at an average price of $25.33 per share for proceeds of approximately $59.2 million, net of offering expenses. The proceeds from the sale of shares were used for general corporate purposes, including funding acquisitions and repaying debt. As of December 31, 2014, no shares were available to be issued under the current offering. | ||||||
On November 7, 2014, we issued 3.4 million shares of common stock in a public offering at a price of $33.68 per share for proceeds of approximately $112.4 million, net of offering expenses, used for acquisitions, development activities, repayment of debt and other general purposes. | ||||||
On August 13, 2013, we issued 5.8 million shares of common stock in a public offering at a price of $28.80 per share for proceeds of approximately $158.2 million, net of offering expenses, used for acquisitions, development activities, repayment of amounts under our senior unsecured revolving credit facility and other general purposes. | ||||||
On September 12, 2012, we issued 4.8 million shares of common stock in a public offering at a price of $24.80 per share for proceeds of approximately $112.1 million, net of offering expenses, used for acquisition and other general purposes. | ||||||
During the years ended December 31, 2014, 2013 and 2012, we issued approximately 0.1 million, 0.1 million and 0.1 million, respectively, shares of common stock related to vested shares of restricted stock, phantom shares and stock option exercises. | ||||||
The holders of shares of our common stock are entitled to one vote per share on all matters voted on by stockholders, including election of our directors. Our articles of incorporation, as amended, do not provide for cumulative voting in the election of our directors. Therefore, the holders of the majority of the outstanding shares of common stock can elect the entire board of directors. Subject to any preferential rights of any outstanding series of our preferred stock and to the distribution of specified amounts upon liquidation with respect to shares-in-trust, the holders of our common stock are entitled to such distributions as may be declared from time to time by our board of directors out of legally available funds and, upon liquidation, are entitled to receive all assets available for distribution to stockholders. All shares issued in our public offerings are fully paid and non-assessable shares of common stock. Holders of our common stock will not have preemptive rights. | ||||||
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 December 31, 2014 and 2013, DCT owned approximately 95.4% 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. | ||||||
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 years ended December 31, 2014, 2013 and 2012, approximately 0.4 million, 0.8 million and 1.6 million OP Units were redeemed for approximately $1.0 million, $1.5 million and $3.3 million in cash and approximately 0.3 million, 0.7 million and 1.4 million shares of DCT common stock, respectively. | ||||||
As of December 31, 2014, 2013 and 2012, there were approximately 4.2 million, 4.4 million and 5.0 million outstanding OP Units held by entities other than DCT and redeemable, with an aggregate redemption value of approximately $149.8 million, $125.9 million and $129.8 million based on the $35.66, $28.52 and $25.96 per share closing price of DCT’s common stock on December 31, 2014, 2013 and 2012, respectively. | ||||||
Allocations of Net Income and Net Losses to Partners | ||||||
The Operating Partnership’s net income and loss will generally be allocated to the general partner and the limited partners in accordance with the respective percentage interests in the OP Units issued by the Operating Partnership | ||||||
Dividend Reinvestment and Stock Purchase Plan | ||||||
We offer shares of common stock through the Dividend Reinvestment and Stock Purchase Plan (the “Plan”). The Plan permits stockholders to acquire additional shares with quarterly dividends and to make additional cash investments to buy shares directly. Shares of common stock may be purchased in the open market, through privately negotiated transactions, or directly from us as newly issued shares of common stock. All shares issued under the Plan were either acquired in the open market or newly issued. | ||||||
Preferred Shares | ||||||
Our board of directors, through the articles of incorporation, as amended, has the authority to authorize the issuance of 50,000,000 preferred shares of any class or series. The rights and terms of such preferred shares will be determined by our board of directors. However, the voting rights of preferred stockholders shall never exceed the voting rights of common stockholders. As of December 31, 2014 and 2013, we had no outstanding shares of preferred stock. | ||||||
Shares-in-Trust | ||||||
Our board of directors, through the articles of incorporation, as amended, has the authority to authorize the issuance of 100,000,000 shares-in-trust which are shares that are automatically exchanged for common or preferred shares as a result of an event that would cause an investor to own, beneficially or constructively, a number of shares in excess of certain limitations. As of December 31, 2014 and 2013, we had no outstanding shares-in-trust. | ||||||
Distributions | ||||||
Our distributions are calculated based upon the total number of shares of our common stock and OP Units outstanding on the distribution record date as declared by our board of directors. We accrue and pay distributions on a quarterly basis. The following table sets forth the distributions that have been paid and/or declared to date by our board of directors: | ||||||
Amount Declared During Quarter Ended in 2014: | Per Share | Date Paid | ||||
December 31, | $ | 0.28 | 10-Jan-15 | |||
September 30, | 0.28 | 15-Oct-14 | ||||
June 30, | 0.28 | 16-Jul-14 | ||||
March 31, | 0.28 | 16-Apr-14 | ||||
Total 2014 | $ | 1.12 | ||||
Amount Declared During Quarter Ended in 2013: | Per Share | Date Paid | ||||
December 31, | $ | 0.28 | 9-Jan-14 | |||
September 30, | 0.28 | 16-Oct-13 | ||||
June 30, | 0.28 | 17-Jul-13 | ||||
March 31, | 0.28 | 17-Apr-13 | ||||
Total 2013 | $ | 1.12 | ||||
Amount Declared During Quarter Ended in 2012: | Per Share | Date Paid | ||||
December 31, | $ | 0.28 | 10-Jan-13 | |||
September 30, | 0.28 | 17-Oct-12 | ||||
June 30, | 0.28 | 18-Jul-12 | ||||
March 31, | 0.28 | 18-Apr-12 | ||||
Total 2012 | $ | 1.12 | ||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share | ||||||||||||
Note 10 – Earnings per Share | ||||||||||||
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 years ended December 31, 2014, 2013 and 2012 (in thousands, except per share amounts): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Earnings per Common Share – Basic and Diluted | ||||||||||||
Numerator | ||||||||||||
Income (loss) from continuing operations | $ | 46,531 | $ | (9,251 | ) | $ | (28,540 | ) | ||||
(Income) loss from continuing operations attributable to | (2,801 | ) | 1 | 2,644 | ||||||||
noncontrolling interests | ||||||||||||
Income (loss) from continuing operations attributable to | 43,730 | (9,250 | ) | (25,896 | ) | |||||||
common stockholders | ||||||||||||
Less: Distributed and undistributed earnings allocated to | (677 | ) | (692 | ) | (524 | ) | ||||||
participating securities | ||||||||||||
Numerator for adjusted income (loss) from continuing | 43,053 | (9,942 | ) | (26,420 | ) | |||||||
operations attributable to common stockholders | ||||||||||||
Income from discontinued operations | 5,717 | 26,723 | 11,800 | |||||||||
Noncontrolling interests' share of income | (283 | ) | (1,603 | ) | (990 | ) | ||||||
from discontinued operations | ||||||||||||
Numerator for income from discontinued operations | 5,434 | 25,120 | 10,810 | |||||||||
attributable to common stockholders | ||||||||||||
Adjusted net income (loss) attributable to common stockholders | $ | 48,487 | $ | 15,178 | $ | (15,610 | ) | |||||
Denominator | ||||||||||||
Weighted average common shares outstanding – basic | 83,280 | 74,692 | 63,708 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options and phantom stock | 292 | - | - | |||||||||
Weighted average common shares outstanding – diluted | 83,572 | 74,692 | 63,708 | |||||||||
Earnings per Common Share – Basic | ||||||||||||
Income (loss) from continuing operations | $ | 0.52 | $ | (0.13 | ) | $ | (0.41 | ) | ||||
Income from discontinued operations | 0.06 | 0.33 | 0.17 | |||||||||
Net income (loss) attributable to common stockholders | $ | 0.58 | $ | 0.2 | $ | (0.24 | ) | |||||
Earnings per Common Share – Diluted | ||||||||||||
Income (loss) from continuing operations | $ | 0.52 | $ | (0.13 | ) | $ | (0.41 | ) | ||||
Income from discontinued operations | 0.06 | 0.33 | 0.17 | |||||||||
Net income (loss) attributable to common stockholders | $ | 0.58 | $ | 0.2 | $ | (0.24 | ) | |||||
Operating Partnership | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per common unit for the years ended December 31, 2014, 2013 and 2012 (in thousands, except per unit amounts): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Earnings per OP Unit – Basic and Diluted | ||||||||||||
Numerator | ||||||||||||
Income (loss) from continuing operations | $ | 46,531 | $ | (9,251 | ) | $ | (28,540 | ) | ||||
(Income) loss from continuing operations attributable to | (526 | ) | (589 | ) | 272 | |||||||
noncontrolling interests | ||||||||||||
Income (loss) from continuing operations attributable to | 46,005 | (9,840 | ) | (28,268 | ) | |||||||
OP Unitholders | ||||||||||||
Less: Distributed and undistributed earnings allocated to | (677 | ) | (692 | ) | (524 | ) | ||||||
participating securities | ||||||||||||
Numerator for adjusted income (loss) from continuing | 45,328 | (10,532 | ) | (28,792 | ) | |||||||
operations attributable to OP Unitholders | ||||||||||||
Income from discontinued operations | 5,717 | 26,723 | 11,800 | |||||||||
Noncontrolling interests' share of income | - | - | - | |||||||||
from discontinued operations | ||||||||||||
Numerator for income from discontinued operations | 5,717 | 26,723 | 11,800 | |||||||||
attributable to OP Unitholders | ||||||||||||
Adjusted net income (loss) attributable to OP Unitholders | $ | 51,045 | $ | 16,191 | $ | (16,992 | ) | |||||
Denominator | ||||||||||||
Weighted average OP Units outstanding – basic | 87,611 | 79,462 | 69,547 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options and phantom stock | 292 | - | - | |||||||||
Weighted average OP Units outstanding – diluted | 87,903 | 79,462 | 69,547 | |||||||||
Earnings per OP Unit – Basic | ||||||||||||
Income (loss) from continuing operations | $ | 0.52 | $ | (0.13 | ) | $ | (0.41 | ) | ||||
Income from discontinued operations | 0.06 | 0.33 | 0.17 | |||||||||
Net income (loss) attributable to OP Unitholders | $ | 0.58 | $ | 0.2 | $ | (0.24 | ) | |||||
Earnings per OP Units – Diluted | ||||||||||||
Income (loss) from continuing operations | $ | 0.52 | $ | (0.13 | ) | $ | (0.41 | ) | ||||
Income from discontinued operations | 0.06 | 0.33 | 0.17 | |||||||||
Net income (loss) attributable to OP Unitholders | $ | 0.58 | $ | 0.2 | $ | (0.24 | ) | |||||
DCT and the Operating Partnership | ||||||||||||
Potentially Dilutive Shares | ||||||||||||
We have excluded from diluted earnings per share the weighted average common share equivalents or common unit equivalents related to 0.7 million and 0.8 million stock options and phantom stock for the years ended December 31, 2013 and 2012, respectively, because their effect would be anti-dilutive. | ||||||||||||
Additionally, for the years ended December 31, 2014, 2013 and 2012, DCT excluded from diluted earnings per share the weighted average common share equivalents related to 4.3 million, 4.8 million and 5.8 million OP Units, respectively, because their effect would be anti-dilutive. |
Equity_Based_Compensation
Equity Based Compensation | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Share Based Compensation [Abstract] | ||||||||||||||||||||||||
Equity Based Compensation | Note 11 – Equity Based Compensation | |||||||||||||||||||||||
Long-Term Incentive Plan | ||||||||||||||||||||||||
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. Subject to adjustment upon certain corporate transactions or events, the total number of shares of our common stock subject to such awards may not exceed 5.8 million shares and in no event may any optionee receive options for more than 0.5 million shares on an annual basis. | ||||||||||||||||||||||||
Phantom Shares | ||||||||||||||||||||||||
Pursuant to the Long-Term Incentive Plan, as amended, the Company may grant phantom shares to non-employee directors. Phantom shares generally vest upon the first anniversary of the grant date, depending on the grant. Once vested and at the discretion of the grantee, the phantom stock can be converted into either cash or common stock at the option of the Company. Phantom shares are recorded at their fair value on the date of grant and are amortized on a straight-line basis over the service period during which term the shares fully vest. | ||||||||||||||||||||||||
Restricted Stock | ||||||||||||||||||||||||
Restricted stock is recorded at fair value on the date of grant and amortized 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 to five years, depending on the grant. | ||||||||||||||||||||||||
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 year ended December 31, 2014, approximately 0.2 million LTIP Units were granted to certain senior executives, which vest over a four to five year period with a total fair value of $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 year ended December 31, 2013, 0.2 million LTIP Units were granted to senior executives, which vest over a four year period with a total fair value of $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 year ended December 31, 2012, we granted approximately 0.2 million LTIP Units to senior executives, which vest over a period of four to five years with a total fair value $3.9 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 72% and risk-free interest rates ranging from 0.82% to 1.04%. | ||||||||||||||||||||||||
Multi-Year Outperformance Program | ||||||||||||||||||||||||
On January 11, 2011, the Company adopted a multi-year outperformance program, which is a long-term incentive compensation program, and granted awards under the program to certain officers and senior executives. | ||||||||||||||||||||||||
The awards entitle participants to receive shares of DCT’s common stock with a maximum value of $10 million based on the absolute and relative total return to stockholders during the three-year performance period beginning on December 31, 2009. Half of the awards are based on DCT’s absolute total return to stockholders during the performance period and the other half are based on our relative total return to stockholders during the performance period compared to the performance of the MSCI US REIT Index during the same period. | ||||||||||||||||||||||||
Each participant’s award is designated as a specified percentage of the aggregate award value earned during the performance period, and participants are also entitled to a share of any unallocated portion of the aggregate award value. At the end of the performance period, each participant will be issued shares of DCT’s common stock with a value equal to that participant’s share of the aggregate award value. Half of the shares of common stock issued will be fully vested upon issuance at the end of the performance period and the remaining half will vest on the first anniversary of that date based on continued employment. The Company may also permit participants to elect to receive their awards in the form of LTIP Units or other equivalent forms of equity in lieu of shares of DCT’s common stock. | ||||||||||||||||||||||||
During the year ended December 31, 2013, approximately 0.1 million LTIP Units were granted with a grant date fair value of approximately $2.4 million. We did not grant any awards under the program during 2014. | ||||||||||||||||||||||||
The following table summarizes the number of awards redeemed and converted to DCT’s common stock on a one for one basis, the fair value at grant date for the awards vested during the period and the number of awards outstanding at period end related to phantom shares, restricted stock and LTIP Units: | ||||||||||||||||||||||||
Phantom Shares | Restricted Stock | LTIP Units | ||||||||||||||||||||||
During the year ended December 31, 2014: | ||||||||||||||||||||||||
Common stock units issued for vested units (in thousands) | 4 | 48 | 8 | |||||||||||||||||||||
Fair value of units vested (in millions) | $ | 0.4 | $ | 1.4 | $ | 3.1 | ||||||||||||||||||
Units outstanding at end of period (in thousands) | 65 | 164 | 896 | |||||||||||||||||||||
During the year ended December 31, 2013: | ||||||||||||||||||||||||
Common stock units issued for vested units (in thousands) | 5 | 47 | - | |||||||||||||||||||||
Fair value of units vested (in millions) | $ | 0.4 | $ | 1.2 | $ | 2.1 | ||||||||||||||||||
Units outstanding at end of period (in thousands) | 53 | 138 | 750 | |||||||||||||||||||||
During the year ended December 31, 2012: | ||||||||||||||||||||||||
Common stock units issued for vested units (in thousands) | 3 | 33 | 172 | |||||||||||||||||||||
Fair value of units vested (in millions) | $ | 0.3 | $ | 0.7 | $ | 1.2 | ||||||||||||||||||
Units outstanding at end of period (in thousands) | 45 | 124 | 484 | |||||||||||||||||||||
The following table summarizes additional information concerning our unvested phantom shares, restricted stock and LTIP Units (shares in thousands): | ||||||||||||||||||||||||
Phantom Shares | Restricted Stock | LTIP Units | ||||||||||||||||||||||
Weighted Average | Weighted Average | Weighted Average | ||||||||||||||||||||||
Grant Date | Grant Date | Grant Date | ||||||||||||||||||||||
Shares | Fair Value | Shares | Fair Value | Shares | Fair Value | |||||||||||||||||||
Unvested at December 31, 2011 | 14 | $ | 22.84 | 87 | $ | 19.88 | 253 | $ | 20.16 | |||||||||||||||
Granted | 18 | 23.52 | 71 | 22.48 | 181 | 22.56 | ||||||||||||||||||
Vested | (14 | ) | 22.84 | (33 | ) | 20.24 | (59 | ) | 20.28 | |||||||||||||||
Forfeited | - | - | (1 | ) | 21.32 | - | - | |||||||||||||||||
Unvested at December 31, 2012 | 18 | $ | 23.52 | 124 | $ | 21.28 | 375 | $ | 20.56 | |||||||||||||||
Granted | 14 | 30.68 | 71 | 28.52 | 266 | 27.48 | ||||||||||||||||||
Vested | (18 | ) | 23.52 | (47 | ) | 20.08 | (198 | ) | 22.92 | |||||||||||||||
Forfeited | - | - | (10 | ) | 24.08 | - | - | |||||||||||||||||
Unvested at December 31, 2013 | 14 | $ | 30.68 | 138 | $ | 25.2 | 443 | $ | 24.16 | |||||||||||||||
Granted | 16 | 31.28 | 83 | 29.84 | 154 | 27.69 | ||||||||||||||||||
Vested | (14 | ) | 30.68 | (48 | ) | 23.93 | (140 | ) | 23.16 | |||||||||||||||
Forfeited | - | - | (9 | ) | 27.8 | - | - | |||||||||||||||||
Unvested at December 31, 2014 | 16 | $ | 31.28 | 164 | $ | 27.77 | 457 | $ | 25.66 | |||||||||||||||
Stock Options | ||||||||||||||||||||||||
The Company may grant stock options to certain employees pursuant to our Long-Term Incentive Plan, as amended. The term of such options is 10 years from the date of grant unless forfeited earlier and the period during which the right to exercise such options fully vests ranges from four to five years from the date of grant. No stock options were granted under our Long-Term Incentive Plan, as amended, prior to 2007. During the year ended December 31, 2014, we issued approximately 56,000 shares of common stock upon the exercise of options to purchase DCT’s common stock by certain employees. There were no options granted during the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||||||||
Independent Director Option Plan | ||||||||||||||||||||||||
Prior to October 6, 2006, we granted stock options under the Independent Director Option Plan, which we used in an effort to attract and retain qualified independent directors. No options were issued under this plan subsequent to 2006. | ||||||||||||||||||||||||
Stock Options Summary Table | ||||||||||||||||||||||||
Stock options granted under the Long-Term Incentive Plan, as amended, and the Independent Director Option Plan are amortized on a straight-line basis over the service period during which the right to exercise such options fully vests. | ||||||||||||||||||||||||
The following table describes total options outstanding, granted, exercised, expired and forfeited as of and during the years ended December 31, 2014, 2013 and 2012, as well as the total options exercisable as of December 31, 2014 (number of options and intrinsic value in thousands): | ||||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
Fair Value | Weighted Average | |||||||||||||||||||||||
Independent | Weighted Average | of Options | Remaining | |||||||||||||||||||||
Director | Long-Term | Option Price | Granted | Contractual | ||||||||||||||||||||
Option Plan | Incentive Plan | Per Share | During the Year | Life (Years) | Intrinsic Value | |||||||||||||||||||
Issued and Outstanding as of December 31, 2011 | 16 | 759 | $ | 25.92 | ||||||||||||||||||||
Granted | - | - | - | $ | - | |||||||||||||||||||
Exercised | - | (80 | ) | 13.96 | $ | 846 | ||||||||||||||||||
Forfeited and/or expired | - | (3 | ) | 33.08 | ||||||||||||||||||||
Issued and Outstanding as of December 31, 2012 | 16 | 676 | $ | 27.28 | ||||||||||||||||||||
Granted | - | - | - | $ | - | |||||||||||||||||||
Exercised | - | (25 | ) | 17.48 | $ | 309 | ||||||||||||||||||
Forfeited and/or expired | (5 | ) | (5 | ) | 37.48 | |||||||||||||||||||
Issued and Outstanding as of December 31, 2013 | 11 | 646 | $ | 27.48 | ||||||||||||||||||||
Granted | - | - | - | $ | - | |||||||||||||||||||
Exercised | - | (192 | ) | 16.82 | $ | 3,154 | ||||||||||||||||||
Forfeited and/or expired | (2 | ) | (3 | ) | 38.75 | |||||||||||||||||||
Issued and Outstanding as of December 31, 2014 | 9 | 451 | $ | 31.78 | 3.3 | $ | 2,679 | |||||||||||||||||
Exercisable as of December 31, 2014 | 9 | 431 | $ | 32.23 | 3.2 | $ | 2,410 | |||||||||||||||||
Equity Compensation Expense | ||||||||||||||||||||||||
The following table summarizes the amount recorded in “General and administrative” expense in our Consolidated Statement of Operations for the amortization of phantom shares, restricted stock, LTIP Units and stock options (in millions): | ||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Phantom Shares | $ | 0.5 | $ | 0.4 | $ | 0.4 | ||||||||||||||||||
Restricted Stock | 1.5 | 1.2 | 1 | |||||||||||||||||||||
LTIP Units | 3.9 | 3.3 | 2.5 | |||||||||||||||||||||
Stock Options | 0.1 | 0.2 | 0.4 | |||||||||||||||||||||
Total Equity Compensation Expense | 6 | 5.1 | 4.3 | |||||||||||||||||||||
Less Amount Capitalized Due to Development | (1.2 | ) | (1.1 | ) | (0.7 | ) | ||||||||||||||||||
and Leasing Activities | ||||||||||||||||||||||||
Net Equity Compensation | $ | 4.8 | $ | 4 | $ | 3.6 | ||||||||||||||||||
The following table summarizes the remaining unrecognized expense and remaining period over which we expect to amortize the expense as of December 31, 2014 related to phantom shares, restricted stock, LTIP Units and stock options (dollars in millions): | ||||||||||||||||||||||||
Unrecognized Expense | Remaining Period | |||||||||||||||||||||||
as of December 31, 2014 | to Recognize Expense | |||||||||||||||||||||||
Phantom Shares | $ | 0.2 | 4 months | |||||||||||||||||||||
Restricted Stock | $ | 3.3 | 2.6 years | |||||||||||||||||||||
LTIP Units | $ | 6.9 | 2.4 years | |||||||||||||||||||||
Stock Options | $ | 0.1 | 1 month | |||||||||||||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 12 – Related Party Transactions |
8th and Vineyard Consolidated Joint Venture | |
In May 2010 we entered into the 8th and 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 and 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. | |
Income_And_Other_Taxes
Income And Other Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income And Other Taxes | Note 13 – Income and Other Taxes | |||||||||||
We operate and expect to continue to operate in a manner to meet all the requirements to qualify for REIT status. We have made our REIT election under Section 856 of the Code for the taxable year ended December 31, 2003 and have not revoked such election. In order for a former C corporation to elect to be a REIT, it must distribute 100% of its C corporation earnings and profits and agree to be subject to federal tax at the corporate level to the extent of any subsequently recognized built-in gains within a 10 year period. We did not have any built-in gains at the time of our conversion to REIT status. As a REIT, we generally will not be subject to federal income taxation at the corporate level to the extent we annually distribute 100% of our REIT taxable income, as defined under the Code, to our stockholders and satisfy other requirements. To continue to qualify as a REIT for federal tax purposes, we must distribute at least 90% of our REIT taxable income annually. | ||||||||||||
Summary of Current and Deferred Income Taxes | ||||||||||||
Components of the provision (benefit) for income taxes were as follows (in thousands): | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income tax expense (benefit) | ||||||||||||
Current: | ||||||||||||
Federal | $ | 89 | $ | 51 | $ | 26 | ||||||
State | 735 | 813 | 825 | |||||||||
Foreign | 105 | (11 | ) | 62 | ||||||||
Total current tax expense (benefit) | $ | 929 | $ | 853 | $ | 913 | ||||||
Deferred: | ||||||||||||
Federal | $ | (875 | ) | $ | (755 | ) | $ | (188 | ) | |||
State | (239 | ) | (41 | ) | (9 | ) | ||||||
Total deferred tax expense (benefit) | $ | (1,114 | ) | $ | (796 | ) | $ | (197 | ) | |||
Total income tax expense (benefit) | $ | (185 | ) | $ | 57 | $ | 716 | |||||
Consolidated Statements of Operations classification | ||||||||||||
Continuing operations expense (benefit) | $ | (217 | ) | $ | 68 | $ | 671 | |||||
Discontinued operations expense (benefit) | $ | 32 | $ | (11 | ) | $ | 45 | |||||
Foreign income taxes are accrued for foreign countries in which DCT operates in accordance with the applicable local laws and regulations, taking into account provisions of applicable double tax treaties. During the years ended December 31, 2014, 2013, and 2012, we incurred $105,000, $(11,000) and $62,000 of foreign income tax (benefit) expenses, respectively, resulting from our operations in Mexico, which were disposed of during 2013. | ||||||||||||
Deferred Income Taxes | ||||||||||||
Deferred income taxes represent the tax effect of temporary differences between the book and tax basis of assets and liabilities. As of December 31, 2014, we had recorded a $2.2 million deferred tax asset, net of valuation allowance of $1.7 million, included in the Consolidated Balance Sheets in “Other assets, net”, and a $0.9 million deferred tax liability, included in the Consolidated Balance Sheets in “Other liabilities”, for federal and state income taxes on our taxable REIT subsidiaries. For the year ended December 31, 2014, net deferred taxes decreased by $0.1 million. $1.1 million of income tax benefit is included in “Income tax benefit (expense) and other taxes” and $1.2 million of tax expense is included in “Development profit, net of taxes” in our Consolidated Statements of Operations. As of December 31, 2013, we had recorded a $2.3 million deferred tax asset, net of valuation allowance of $2.3 million, and a $0.8 million deferred tax liability for federal and state income taxes on our taxable REIT subsidiaries. Deferred tax assets (liabilities) were as follows (in thousands): | ||||||||||||
As of December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred taxes: | ||||||||||||
Depreciation and amortization | $ | 1,879 | $ | 1,673 | ||||||||
Section 163(j) interest limitations | 1,376 | 1,835 | ||||||||||
Basis difference - investments in unconsolidated joint ventures | 507 | 560 | ||||||||||
Net operating loss carryforwards | 62 | 511 | ||||||||||
Other | 137 | (5 | ) | |||||||||
Total deferred tax assets | $ | 3,961 | $ | 4,574 | ||||||||
Valuation allowance | (1,716 | ) | (2,274 | ) | ||||||||
Net deferred income tax assets | $ | 2,245 | $ | 2,300 | ||||||||
Basis difference - investment in properties | $ | (509 | ) | $ | (509 | ) | ||||||
Basis difference - straight-line rent | (390 | ) | (340 | ) | ||||||||
Total deferred tax liabilities | $ | (899 | ) | $ | (849 | ) | ||||||
Net deferred taxes | $ | 1,346 | $ | 1,451 | ||||||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Segment Information | Note 14 – 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. The following segment disclosures exclude the results from discontinued operations (see “Note 15 – 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 December 31, 2014 and 2013 (in thousands): | ||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||
Segments: | ||||||||||||
East assets | $ | 1,010,263 | $ | 1,026,416 | ||||||||
Central assets | 1,067,616 | 1,034,814 | ||||||||||
West assets | 1,245,990 | 1,018,246 | ||||||||||
Total segment net assets | 3,323,869 | 3,079,476 | ||||||||||
Non-segment assets: | ||||||||||||
Non-segment cash and cash equivalents | 16,653 | 25,671 | ||||||||||
Other non-segment assets (1) | 111,012 | 152,620 | ||||||||||
Assets held for sale (2) | - | 8,196 | ||||||||||
Total assets | $ | 3,451,534 | $ | 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 and a reconciliation of our segment rental revenues to our reported consolidated total revenues for the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
East | $ | 111,624 | $ | 95,682 | $ | 82,909 | ||||||
Central | 128,567 | 111,017 | 90,037 | |||||||||
West | 94,596 | 79,519 | 63,893 | |||||||||
Rental revenues | 334,787 | 286,218 | 236,839 | |||||||||
Institutional capital management and other fees | 1,739 | 2,787 | 4,059 | |||||||||
Total revenues | $ | 336,526 | $ | 289,005 | $ | 240,898 | ||||||
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 years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
East | $ | 81,955 | $ | 69,853 | $ | 60,666 | ||||||
Central | 87,281 | 76,327 | 61,800 | |||||||||
West | 71,241 | 60,013 | 47,983 | |||||||||
Property NOI (1) | 240,477 | 206,193 | 170,449 | |||||||||
Institutional capital management and other fees | 1,739 | 2,787 | 4,059 | |||||||||
Gain on business combination | 1,000 | - | - | |||||||||
Gain on dispositions of real estate interests | 39,671 | - | - | |||||||||
Real estate related depreciation and amortization | (148,992 | ) | (130,002 | ) | (109,993 | ) | ||||||
Casualty and involuntary conversion gain | 328 | 296 | 1,174 | |||||||||
Development profit, net of taxes | 2,016 | 268 | 307 | |||||||||
General and administrative | (29,079 | ) | (28,010 | ) | (25,763 | ) | ||||||
Impairment losses | (5,635 | ) | - | - | ||||||||
Equity in earnings of unconsolidated joint ventures, net | 6,462 | 2,405 | 1,087 | |||||||||
Interest expense | (63,236 | ) | (63,394 | ) | (69,274 | ) | ||||||
Interest and other income | 1,563 | 274 | 85 | |||||||||
Income tax benefit (expense) and other taxes | 217 | (68 | ) | (671 | ) | |||||||
Income (loss) from continuing operations | $ | 46,531 | $ | (9,251 | ) | $ | (28,540 | ) | ||||
(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 | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ||||||||||||
Discontinued Operations And Assets Held For Sale | ||||||||||||
Note 15 – Discontinued Operations and Assets Held for Sale | ||||||||||||
Assets Held for Sale | ||||||||||||
As of December 31, 2014, there were no properties classified as held for sale. | ||||||||||||
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 and our January 1, 2014 adoption of ASU 2014-08. | ||||||||||||
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 year ended December 31, 2014. | ||||||||||||
During the year ended December 31, 2014, we sold 37 consolidated operating properties to unrelated third-parties. Twelve of these properties were in the East operating segment and 25 were in the Central operating segment, together totaling approximately 6.4 million square feet. We recognized gains of approximately $43.9 million on the disposition of 33 properties and recognized impairment losses of approximately $5.4 million on the disposition of 4 properties. The estimated fair values of the impaired properties were based upon the contractual sales price, a Level 2 fair value measurement. | ||||||||||||
During the year ended December 31, 2013, we sold 51 consolidated operating properties to unrelated third-parties. Three of these properties were in the East operating segment, 47 were in the Central operating segment and one was in the West operating segment, together totaling approximately 6.8 million square feet. We recognized gains of approximately $33.6 million on the disposition of 36 properties and recognized impairment losses of approximately $13.3 million on the disposition of a portfolio of 15 properties in Dallas. The estimated fair values of the impaired properties were based upon the contractual sales price, a Level 2 fair value measurement. | ||||||||||||
During the year ended December 31, 2012, we sold 36 operating properties to unrelated third-parties. Sixteen of these properties were in the Central operating segment and 20 were in the East operating segment, together totaling approximately 4.1 million square feet. These sales resulted in gains of approximately $13.4 million and impairment losses totaling approximately $11.4 million. The impairment losses were recorded on a portfolio of 13 properties in Atlanta as the assets’ carrying value exceeded their estimated fair value less costs to sell. The estimated fair value of these properties was based upon the contractual sales price, a Level 2 fair value measurement. | ||||||||||||
The following is a summary of the components of income from discontinued operations for the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Rental revenues | $ | 429 | $ | 17,234 | $ | 34,061 | ||||||
Rental expenses and real estate taxes | (19 | ) | (3,538 | ) | (7,735 | ) | ||||||
Real estate related depreciation and amortization | - | (7,118 | ) | (16,694 | ) | |||||||
General and administrative | (38 | ) | (157 | ) | (301 | ) | ||||||
Operating income | 372 | 6,421 | 9,331 | |||||||||
Casualty and involuntary conversion gain | - | - | 450 | |||||||||
Interest expense | - | - | (129 | ) | ||||||||
Interest and other income (expense) | (19 | ) | (49 | ) | 232 | |||||||
Income tax benefit (expense) and other taxes | (32 | ) | 11 | (45 | ) | |||||||
Operating income and other income | 321 | 6,383 | 9,839 | |||||||||
Gain on dispositions of real estate interests | 5,528 | 33,619 | 13,383 | |||||||||
Impairment losses | (132 | ) | (13,279 | ) | (11,422 | ) | ||||||
Income from discontinued operations | $ | 5,717 | $ | 26,723 | $ | 11,800 | ||||||
Quarterly_Results
Quarterly Results | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Quarterly Results | Note 16 – Quarterly Results (Unaudited) | |||||||||||||||||||
DCT | ||||||||||||||||||||
The following tables presents selected unaudited quarterly financial data for each quarter during the years ended December 31, 2014 and 2013 (in thousands except per share information): | ||||||||||||||||||||
For the Quarter Ended | For the Year Ended | |||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | December 31, | ||||||||||||||||
2014 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||
Total revenues | $ | 83,383 | $ | 83,610 | $ | 84,607 | $ | 84,926 | $ | 336,526 | ||||||||||
Total operating expenses | $ | 73,225 | $ | 67,948 | $ | 68,443 | $ | 68,072 | $ | 277,688 | ||||||||||
Operating income | $ | 10,158 | $ | 15,662 | $ | 16,164 | $ | 16,854 | $ | 58,838 | ||||||||||
Income from continuing operations | $ | 459 | $ | 2,055 | $ | 12,858 | $ | 31,159 | $ | 46,531 | ||||||||||
Income from discontinued operations | $ | 9 | $ | 5,215 | $ | 352 | $ | 141 | $ | 5,717 | ||||||||||
Net income attributable to common stockholders | $ | 317 | $ | 6,801 | $ | 12,409 | $ | 29,637 | $ | 49,164 | ||||||||||
Earnings per common share – basic: | ||||||||||||||||||||
Income from continuing operations | $ | 0 | $ | 0.03 | $ | 0.15 | $ | 0.34 | $ | 0.52 | ||||||||||
Income from discontinued operations | $ | 0 | $ | 0.06 | $ | 0 | $ | 0 | $ | 0.06 | ||||||||||
Net income attributable to common stockholders | $ | 0 | $ | 0.09 | $ | 0.15 | $ | 0.34 | $ | 0.58 | ||||||||||
Earnings per common share – diluted: | ||||||||||||||||||||
Income from continuing operations | $ | 0 | $ | 0.03 | $ | 0.15 | $ | 0.34 | $ | 0.52 | ||||||||||
Income from discontinued operations | $ | 0 | $ | 0.06 | $ | 0 | $ | 0 | $ | 0.06 | ||||||||||
Net income attributable to common stockholders | $ | 0 | $ | 0.09 | $ | 0.15 | $ | 0.34 | $ | 0.58 | ||||||||||
Basic common shares outstanding | 80,986 | 82,280 | 83,391 | 86,406 | 83,280 | |||||||||||||||
Diluted common shares outstanding | 81,249 | 82,563 | 83,691 | 86,728 | 83,572 | |||||||||||||||
For the Quarter Ended | For the Year Ended | |||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | December 31, | ||||||||||||||||
2013 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||
Total revenues | $ | 68,121 | $ | 70,031 | $ | 73,730 | $ | 77,123 | $ | 289,005 | ||||||||||
Total operating expenses | $ | 55,406 | $ | 59,566 | $ | 58,480 | $ | 64,289 | $ | 237,741 | ||||||||||
Operating income | $ | 12,715 | $ | 10,465 | $ | 15,250 | $ | 12,834 | $ | 51,264 | ||||||||||
Income (loss) from continuing operations | $ | (3,430 | ) | $ | (4,551 | ) | $ | 1,010 | $ | (2,280 | ) | $ | (9,251 | ) | ||||||
Income (loss) from discontinued operations | $ | 5,066 | $ | 16,218 | $ | (11,793 | ) | $ | 17,232 | $ | 26,723 | |||||||||
Net income (loss) attributable to common stockholders | $ | 1,279 | $ | 10,809 | $ | (10,157 | ) | $ | 13,939 | $ | 15,870 | |||||||||
Earnings per common share – basic: | ||||||||||||||||||||
Income (loss) from continuing operations | $ | (0.05 | ) | $ | (0.06 | ) | $ | 0.01 | $ | (0.03 | ) | $ | (0.13 | ) | ||||||
Income (loss) from discontinued operations | $ | 0.07 | $ | 0.21 | $ | (0.15 | ) | $ | 0.2 | $ | 0.33 | |||||||||
Net income (loss) attributable to common stockholders | $ | 0.02 | $ | 0.15 | $ | (0.14 | ) | $ | 0.17 | $ | 0.2 | |||||||||
Earnings per common share – diluted: | ||||||||||||||||||||
Income (loss) from continuing operations | $ | (0.05 | ) | $ | (0.06 | ) | $ | 0.01 | $ | (0.03 | ) | $ | (0.13 | ) | ||||||
Income (loss) from discontinued operations | $ | 0.07 | $ | 0.21 | $ | (0.15 | ) | $ | 0.2 | $ | 0.33 | |||||||||
Net income (loss) attributable to common stockholders | $ | 0.02 | $ | 0.15 | $ | (0.14 | ) | $ | 0.17 | $ | 0.2 | |||||||||
Basic common shares outstanding | 70,266 | 72,744 | 76,192 | 79,464 | 74,692 | |||||||||||||||
Diluted common shares outstanding | 70,266 | 72,744 | 76,418 | 79,464 | 74,692 | |||||||||||||||
Operating Partnership | ||||||||||||||||||||
The following tables present selected unaudited quarterly financial data for each quarter during the years ended December 31, 2014 and 2013 (in thousands except per share information): | ||||||||||||||||||||
For the Quarter Ended | For the Year Ended | |||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | December 31, | ||||||||||||||||
2014 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||
Total revenues | $ | 83,383 | $ | 83,610 | $ | 84,607 | $ | 84,926 | $ | 336,526 | ||||||||||
Total operating expenses | $ | 73,225 | $ | 67,948 | $ | 68,443 | $ | 68,072 | $ | 277,688 | ||||||||||
Operating income | $ | 10,158 | $ | 15,662 | $ | 16,164 | $ | 16,854 | $ | 58,838 | ||||||||||
Income from continuing operations | $ | 459 | $ | 2,055 | $ | 12,858 | $ | 31,159 | $ | 46,531 | ||||||||||
Income from discontinued operations | $ | 9 | $ | 5,215 | $ | 352 | $ | 141 | $ | 5,717 | ||||||||||
Net income attributable to OP Unitholders | $ | 335 | $ | 7,167 | $ | 13,061 | $ | 31,159 | $ | 51,722 | ||||||||||
Earnings per OP Unit – basic: | ||||||||||||||||||||
Income from continuing operations | $ | 0 | $ | 0.03 | $ | 0.15 | $ | 0.34 | $ | 0.52 | ||||||||||
Income from discontinued operations | $ | 0 | $ | 0.06 | $ | 0 | $ | 0 | $ | 0.06 | ||||||||||
Net income attributable to OP Unitholders | $ | 0 | $ | 0.09 | $ | 0.15 | $ | 0.34 | $ | 0.58 | ||||||||||
Earnings per OP Unit – diluted: | ||||||||||||||||||||
Income from continuing operations | $ | 0 | $ | 0.03 | $ | 0.15 | $ | 0.34 | $ | 0.52 | ||||||||||
Income from discontinued operations | $ | 0 | $ | 0.06 | $ | 0 | $ | 0 | $ | 0.06 | ||||||||||
Net income attributable to OP Unitholders | $ | 0 | $ | 0.09 | $ | 0.15 | $ | 0.34 | $ | 0.58 | ||||||||||
Basic OP Units outstanding | 85,443 | 86,619 | 87,679 | 90,649 | 87,611 | |||||||||||||||
Diluted OP Units outstanding | 85,706 | 86,903 | 87,979 | 90,971 | 87,903 | |||||||||||||||
For the Quarter Ended | For the Year Ended | |||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | December 31, | ||||||||||||||||
2013 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||
Total revenues | $ | 68,121 | $ | 70,031 | $ | 73,730 | $ | 77,123 | $ | 289,005 | ||||||||||
Total operating expenses | $ | 55,406 | $ | 59,566 | $ | 58,480 | $ | 64,289 | $ | 237,741 | ||||||||||
Operating income | $ | 12,715 | $ | 10,465 | $ | 15,250 | $ | 12,834 | $ | 51,264 | ||||||||||
Income (loss) from continuing operations | $ | (3,430 | ) | $ | (4,551 | ) | $ | 1,010 | $ | (2,280 | ) | $ | (9,251 | ) | ||||||
Income (loss) from discontinued operations | $ | 5,066 | $ | 16,218 | $ | (11,793 | ) | $ | 17,232 | $ | 26,723 | |||||||||
Net income (loss) attributable to OP Unitholders | $ | 1,372 | $ | 11,559 | $ | (10,870 | ) | $ | 14,822 | $ | 16,883 | |||||||||
Earnings per OP Unit – basic: | ||||||||||||||||||||
Income (loss) from continuing operations | $ | (0.05 | ) | $ | (0.06 | ) | $ | 0.01 | $ | (0.03 | ) | $ | (0.13 | ) | ||||||
Income (loss) from discontinued operations | $ | 0.07 | $ | 0.2 | $ | (0.15 | ) | $ | 0.21 | $ | 0.33 | |||||||||
Net income (loss) attributable to OP Unitholders | $ | 0.02 | $ | 0.14 | $ | (0.14 | ) | $ | 0.18 | $ | 0.2 | |||||||||
Earnings per OP Unit – diluted: | ||||||||||||||||||||
Income (loss) from continuing operations | $ | (0.05 | ) | $ | (0.06 | ) | $ | 0.01 | $ | (0.03 | ) | $ | (0.13 | ) | ||||||
Income (loss) from discontinued operations | $ | 0.07 | $ | 0.2 | $ | (0.15 | ) | $ | 0.21 | $ | 0.33 | |||||||||
Net income (loss) attributable to OP Unitholders | $ | 0.02 | $ | 0.14 | $ | (0.14 | ) | $ | 0.18 | $ | 0.2 | |||||||||
Basic OP Units outstanding | 75,337 | 77,656 | 80,847 | 83,900 | 79,462 | |||||||||||||||
Diluted OP Units outstanding | 75,337 | 77,656 | 81,073 | 83,900 | 79,462 | |||||||||||||||
Condensed_Consolidated_Financi
Condensed Consolidated Financial Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||||||
Condensed Consolidated Financial Information | Note 17 – Condensed Consolidated Financial Information | |||||||||||||||||||||||
During October 2013, the Operating Partnership 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 consolidated 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 December 31, 2014 and 2013 and for years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||||||||
As the guarantees were made in connection with our note offering in October 2013, the Subsidiary Guarantors’ condensed consolidated information as of December 31, 2013 and 2012 is presented based on the guarantors as of December 31, 2013. Subsequent to December 31, 2013, certain of our subsidiaries were released from their guarantees, primarily due to the disposition of properties. These changes in guarantors were 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 consolidated adjustments principally relate to the elimination of investments in consolidated subsidiaries and intercompany balances and transactions. | ||||||||||||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Land | $ | - | $ | - | $ | 810,864 | $ | 140,099 | $ | - | $ | 950,963 | ||||||||||||
Buildings and improvements | - | - | 2,417,847 | 370,112 | - | 2,787,959 | ||||||||||||||||||
Intangible lease assets | - | - | 66,373 | 20,142 | - | 86,515 | ||||||||||||||||||
Construction in progress | - | - | 122,332 | 12,606 | - | 134,938 | ||||||||||||||||||
Total investment in properties | - | - | 3,417,416 | 542,959 | - | 3,960,375 | ||||||||||||||||||
Less accumulated depreciation and amortization | - | - | (598,993 | ) | (104,847 | ) | - | (703,840 | ) | |||||||||||||||
Net investment in properties | - | - | 2,818,423 | 438,112 | - | 3,256,535 | ||||||||||||||||||
Investments in and advances to unconsolidated | - | 94,122 | 606 | - | - | 94,728 | ||||||||||||||||||
joint ventures | ||||||||||||||||||||||||
Net investment in real estate | - | 94,122 | 2,819,029 | 438,112 | - | 3,351,263 | ||||||||||||||||||
Cash and cash equivalents | - | 19,743 | - | - | (112 | ) | 19,631 | |||||||||||||||||
Restricted cash | - | 3 | 162 | 3,614 | - | 3,779 | ||||||||||||||||||
Deferred loan costs, net | - | 7,580 | 54 | 392 | - | 8,026 | ||||||||||||||||||
Straight-line rent and other receivables, net | - | 101 | 46,462 | 7,620 | - | 54,183 | ||||||||||||||||||
Other assets, net | - | 3,525 | 6,980 | 4,147 | - | 14,652 | ||||||||||||||||||
Intercompany receivables, net | 24,706 | 153,557 | 9,301 | - | (187,564 | ) | - | |||||||||||||||||
Investment in subsidiaries | 1,749,832 | 2,770,752 | 8,175 | - | (4,528,759 | ) | - | |||||||||||||||||
Assets held for sale | - | - | - | - | - | - | ||||||||||||||||||
Total assets | $ | 1,774,538 | $ | 3,049,383 | $ | 2,890,163 | $ | 453,885 | $ | (4,716,435 | ) | $ | 3,451,534 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | - | $ | 10,257 | $ | 56,918 | $ | 16,480 | $ | (112 | ) | $ | 83,543 | |||||||||||
Intercompany payables, net | - | 24,706 | 26,098 | 136,760 | (187,564 | ) | - | |||||||||||||||||
Distributions payable | 24,706 | 1,267 | - | - | - | 25,973 | ||||||||||||||||||
Tenant prepaids and security deposits | - | - | 26,556 | 3,983 | - | 30,539 | ||||||||||||||||||
Other liabilities | - | 150 | 11,007 | 2,921 | - | 14,078 | ||||||||||||||||||
Intangible lease liabilities, net | - | - | 20,419 | 2,521 | - | 22,940 | ||||||||||||||||||
Line of credit | - | 37,000 | - | - | - | 37,000 | ||||||||||||||||||
Senior unsecured notes | - | 1,122,621 | - | - | - | 1,122,621 | ||||||||||||||||||
Mortgage notes | - | - | 6,025 | 243,399 | - | 249,424 | ||||||||||||||||||
Liabilities related to assets held for sale | - | - | - | - | - | - | ||||||||||||||||||
Total liabilities | 24,706 | 1,196,001 | 147,023 | 406,064 | (187,676 | ) | 1,586,118 | |||||||||||||||||
Equity: | ||||||||||||||||||||||||
Stockholders' equity | 1,749,832 | 1,853,382 | 2,743,140 | 47,821 | (4,644,343 | ) | 1,749,832 | |||||||||||||||||
Noncontrolling interests | - | - | - | - | 115,584 | 115,584 | ||||||||||||||||||
Total equity | 1,749,832 | 1,853,382 | 2,743,140 | 47,821 | (4,528,759 | ) | 1,865,416 | |||||||||||||||||
Total liabilities and equity | $ | 1,774,538 | $ | 3,049,383 | $ | 2,890,163 | $ | 453,885 | $ | (4,716,435 | ) | $ | 3,451,534 | |||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Rental revenues | $ | - | $ | - | $ | 271,130 | $ | 63,657 | $ | - | $ | 334,787 | ||||||||||||
Institutional capital management and other fees | - | 504 | - | 1,577 | (342 | ) | 1,739 | |||||||||||||||||
Total revenues | - | 504 | 271,130 | 65,234 | (342 | ) | 336,526 | |||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Rental expenses | - | - | 33,331 | 7,189 | - | 40,520 | ||||||||||||||||||
Real estate taxes | - | - | 43,037 | 10,753 | - | 53,790 | ||||||||||||||||||
Real estate related depreciation and amortization | - | - | 121,269 | 27,723 | - | 148,992 | ||||||||||||||||||
General and administrative | - | 26,573 | 309 | 2,197 | - | 29,079 | ||||||||||||||||||
Impairment losses | - | - | 1,193 | 4,442 | - | 5,635 | ||||||||||||||||||
Casualty and involuntary conversion gain | - | - | (328 | ) | - | - | (328 | ) | ||||||||||||||||
Total operating expenses | - | 26,573 | 198,811 | 52,304 | - | 277,688 | ||||||||||||||||||
Operating income (loss) | - | (26,069 | ) | 72,319 | 12,930 | (342 | ) | 58,838 | ||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Development profit, net of taxes | - | - | - | 1,966 | 50 | 2,016 | ||||||||||||||||||
Equity in earnings (loss) of unconsolidated | - | 6,201 | (31 | ) | - | 292 | 6,462 | |||||||||||||||||
joint ventures, net | ||||||||||||||||||||||||
Gain on business combination | - | 1,000 | - | - | - | 1,000 | ||||||||||||||||||
Gain on dispositions of real estate interests | - | 1,178 | - | 38,493 | - | 39,671 | ||||||||||||||||||
Interest expense | - | (49,332 | ) | (3,736 | ) | (12,591 | ) | 2,423 | (63,236 | ) | ||||||||||||||
Interest and other income (expense) | - | 4,029 | (68 | ) | 25 | (2,423 | ) | 1,563 | ||||||||||||||||
Income tax benefit (expense) and other taxes | - | (552 | ) | 940 | (171 | ) | - | 217 | ||||||||||||||||
Income (loss) from continuing operations | - | (63,545 | ) | 69,424 | 40,652 | - | 46,531 | |||||||||||||||||
Income from discontinued operations | - | - | - | 5,717 | - | 5,717 | ||||||||||||||||||
Equity in earnings of consolidated subsidiaries | 49,164 | 115,267 | 1,986 | - | (166,417 | ) | - | |||||||||||||||||
Consolidated net income | 49,164 | 51,722 | 71,410 | 46,369 | (166,417 | ) | 52,248 | |||||||||||||||||
Net income attributable to noncontrolling interests | - | - | - | - | (3,084 | ) | (3,084 | ) | ||||||||||||||||
Net income attributable to common stockholders | 49,164 | 51,722 | 71,410 | 46,369 | (169,501 | ) | 49,164 | |||||||||||||||||
Distributed and undistributed earnings allocated to | - | (677 | ) | - | - | - | (677 | ) | ||||||||||||||||
participating securities | ||||||||||||||||||||||||
Adjusted net income attributable to | $ | 49,164 | $ | 51,045 | $ | 71,410 | $ | 46,369 | $ | (169,501 | ) | $ | 48,487 | |||||||||||
common stockholders | ||||||||||||||||||||||||
Net income | $ | 49,164 | $ | 51,722 | $ | 71,410 | $ | 46,369 | $ | (166,417 | ) | $ | 52,248 | |||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Net derivative loss on cash flow hedging instruments | - | (626 | ) | - | (533 | ) | - | (1,159 | ) | |||||||||||||||
Net reclassification adjustment on cash flow hedging | - | 4,515 | - | 155 | - | 4,670 | ||||||||||||||||||
instruments | ||||||||||||||||||||||||
Other comprehensive income (loss) | - | 3,889 | - | (378 | ) | - | 3,511 | |||||||||||||||||
Comprehensive income | 49,164 | 55,611 | 71,410 | 45,991 | (166,417 | ) | 55,759 | |||||||||||||||||
Comprehensive income attributable to noncontrolling | - | - | - | - | (3,383 | ) | (3,383 | ) | ||||||||||||||||
interests | ||||||||||||||||||||||||
Comprehensive income attributable to | $ | 49,164 | $ | 55,611 | $ | 71,410 | $ | 45,991 | $ | (169,800 | ) | $ | 52,376 | |||||||||||
common stockholders | ||||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | - | $ | (54,308 | ) | $ | 188,446 | $ | 35,968 | $ | (112 | ) | $ | 169,994 | ||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Real estate acquisitions | - | - | (344,170 | ) | (18,856 | ) | - | (363,026 | ) | |||||||||||||||
Capital expenditures and development activities | - | - | (191,474 | ) | (11,121 | ) | - | (202,595 | ) | |||||||||||||||
Proceeds from dispositions of real estate investments | - | 1,992 | 4,861 | 271,528 | - | 278,381 | ||||||||||||||||||
Investments in unconsolidated joint ventures | - | (777 | ) | - | - | - | (777 | ) | ||||||||||||||||
Proceeds from casualties and involuntary conversion | - | - | 564 | 42 | - | 606 | ||||||||||||||||||
Distributions of investments in unconsolidated | - | 21,436 | - | - | - | 21,436 | ||||||||||||||||||
joint ventures | ||||||||||||||||||||||||
Other investing activities | - | 6,629 | 8 | (289 | ) | - | 6,348 | |||||||||||||||||
Net cash provided by (used in) investing activities | - | 29,280 | (530,211 | ) | 241,304 | - | (259,627 | ) | ||||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Proceeds from senior unsecured revolving line of | - | 266,000 | - | - | - | 266,000 | ||||||||||||||||||
credit | ||||||||||||||||||||||||
Repayments of senior unsecured revolving line of | - | (268,000 | ) | - | - | - | (268,000 | ) | ||||||||||||||||
credit | ||||||||||||||||||||||||
Principal payments on mortgage notes | - | - | (28,425 | ) | (31,220 | ) | - | (59,645 | ) | |||||||||||||||
Proceeds from issuance of common stock | 240,667 | 240,667 | - | - | (240,667 | ) | 240,667 | |||||||||||||||||
Offering costs for issuance of common stock and | (2,947 | ) | (2,947 | ) | - | - | 2,947 | (2,947 | ) | |||||||||||||||
OP Units | ||||||||||||||||||||||||
Net payments relating to intercompany financing | (145,520 | ) | (120,511 | ) | 370,190 | (249,679 | ) | 145,520 | - | |||||||||||||||
Redemption of noncontrolling interests | - | (997 | ) | - | - | - | (997 | ) | ||||||||||||||||
Dividends to common stockholders | (92,200 | ) | (92,200 | ) | - | - | 92,200 | (92,200 | ) | |||||||||||||||
Distributions to noncontrolling interests | - | (5,325 | ) | - | (702 | ) | - | (6,027 | ) | |||||||||||||||
Contributions from noncontrolling interests | - | - | - | 201 | - | 201 | ||||||||||||||||||
Other financing activity | - | (14 | ) | - | - | - | (14 | ) | ||||||||||||||||
Net cash provided by (used in) financing activities | - | 16,673 | 341,765 | (281,400 | ) | - | 77,038 | |||||||||||||||||
Net change in cash and cash equivalents | - | (8,355 | ) | - | (4,128 | ) | (112 | ) | (12,595 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | - | 28,098 | - | 4,128 | - | 32,226 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | - | $ | 19,743 | $ | - | $ | - | $ | (112 | ) | $ | 19,631 | |||||||||||
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 | - | 124,285 | 638 | - | - | 124,923 | ||||||||||||||||||
joint ventures | ||||||||||||||||||||||||
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 Year Ended December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Rental revenues | $ | - | $ | - | $ | 233,250 | $ | 52,968 | $ | - | $ | 286,218 | ||||||||||||
Institutional capital management and other fees | - | 974 | - | 2,149 | (336 | ) | 2,787 | |||||||||||||||||
Total revenues | - | 974 | 233,250 | 55,117 | (336 | ) | 289,005 | |||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Rental expenses | - | - | 30,760 | 5,217 | - | 35,977 | ||||||||||||||||||
Real estate taxes | - | - | 35,096 | 8,952 | - | 44,048 | ||||||||||||||||||
Real estate related depreciation and amortization | - | - | 104,840 | 25,162 | - | 130,002 | ||||||||||||||||||
General and administrative | - | 26,533 | 416 | 1,061 | - | 28,010 | ||||||||||||||||||
Casualty and involuntary conversion (gain) loss | - | - | (353 | ) | 57 | - | (296 | ) | ||||||||||||||||
Total operating expenses | - | 26,533 | 170,759 | 40,449 | - | 237,741 | ||||||||||||||||||
Operating income (loss) | - | (25,559 | ) | 62,491 | 14,668 | (336 | ) | 51,264 | ||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Development profit, net of taxes | - | - | - | 268 | - | 268 | ||||||||||||||||||
Equity in earnings of unconsolidated joint ventures, net | - | 2,050 | 20 | - | 335 | 2,405 | ||||||||||||||||||
Interest expense | - | (47,590 | ) | (5,154 | ) | (13,318 | ) | 2,668 | (63,394 | ) | ||||||||||||||
Interest and other income | - | 2,679 | 12 | 5,762 | (8,179 | ) | 274 | |||||||||||||||||
Income tax benefit (expense) and other taxes | - | (675 | ) | 853 | (246 | ) | - | (68 | ) | |||||||||||||||
Income (loss) from continuing operations | - | (69,095 | ) | 58,222 | 7,134 | (5,512 | ) | (9,251 | ) | |||||||||||||||
Income from discontinued operations | - | - | 867 | 20,344 | 5,512 | 26,723 | ||||||||||||||||||
Equity in earnings of consolidated subsidiaries | 15,870 | 85,978 | 193 | - | (102,041 | ) | - | |||||||||||||||||
Consolidated net income | 15,870 | 16,883 | 59,282 | 27,478 | (102,041 | ) | 17,472 | |||||||||||||||||
Net income attributable to noncontrolling interests | - | - | - | - | (1,602 | ) | (1,602 | ) | ||||||||||||||||
Net income attributable to common | 15,870 | 16,883 | 59,282 | 27,478 | (103,643 | ) | 15,870 | |||||||||||||||||
stockholders | ||||||||||||||||||||||||
Distributed and undistributed earnings allocated to | - | (692 | ) | - | - | - | (692 | ) | ||||||||||||||||
participating securities | ||||||||||||||||||||||||
Adjusted net income attributable to | $ | 15,870 | $ | 16,191 | $ | 59,282 | $ | 27,478 | $ | (103,643 | ) | $ | 15,178 | |||||||||||
common stockholders | ||||||||||||||||||||||||
Net income | $ | 15,870 | $ | 16,883 | $ | 59,282 | $ | 27,478 | $ | (102,041 | ) | $ | 17,472 | |||||||||||
Other comprehensive income | ||||||||||||||||||||||||
Net derivative gain on cash flow hedging instruments | - | 552 | - | 123 | - | 675 | ||||||||||||||||||
Net reclassification adjustment on cash flow hedging | - | 4,490 | - | - | - | 4,490 | ||||||||||||||||||
instruments | ||||||||||||||||||||||||
Other comprehensive income | - | 5,042 | - | 123 | - | 5,165 | ||||||||||||||||||
Comprehensive income | 15,870 | 21,925 | 59,282 | 27,601 | (102,041 | ) | 22,637 | |||||||||||||||||
Comprehensive income attributable to noncontrolling | - | - | - | - | (2,403 | ) | (2,403 | ) | ||||||||||||||||
interests | ||||||||||||||||||||||||
Comprehensive income attributable to common | $ | 15,870 | $ | 21,925 | $ | 59,282 | $ | 27,601 | $ | (104,444 | ) | $ | 20,234 | |||||||||||
stockholders | ||||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | - | $ | (48,411 | ) | $ | 168,058 | $ | 33,246 | $ | - | $ | 152,893 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Real estate acquisitions | - | - | (382,379 | ) | (20,344 | ) | - | (402,723 | ) | |||||||||||||||
Capital expenditures and development activities | - | - | (137,622 | ) | (15,300 | ) | - | (152,922 | ) | |||||||||||||||
Proceeds from dispositions of real estate investments | - | - | - | 258,224 | - | 258,224 | ||||||||||||||||||
Investments in unconsolidated joint ventures | - | (2,756 | ) | - | - | - | (2,756 | ) | ||||||||||||||||
Proceeds from casualties and involuntary conversion | - | - | 6,370 | 1,898 | - | 8,268 | ||||||||||||||||||
Distributions of investments in unconsolidated | - | 2,175 | - | - | - | 2,175 | ||||||||||||||||||
joint ventures | ||||||||||||||||||||||||
Other investing activities | - | (10,995 | ) | 7 | (336 | ) | - | (11,324 | ) | |||||||||||||||
Net cash provided by (used in) investing activities | - | (11,576 | ) | (513,624 | ) | 224,142 | - | (301,058 | ) | |||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Proceeds from senior unsecured revolving line of credit | - | 426,000 | - | - | - | 426,000 | ||||||||||||||||||
Repayments of senior unsecured revolving line of credit | - | (497,000 | ) | - | - | - | (497,000 | ) | ||||||||||||||||
Proceeds from senior unsecured notes | - | 497,355 | - | - | - | 497,355 | ||||||||||||||||||
Repayments of senior unsecured notes | - | (400,000 | ) | - | - | - | (400,000 | ) | ||||||||||||||||
Proceeds from mortgage notes | - | - | 9,303 | 7,195 | - | 16,498 | ||||||||||||||||||
Principal payments on mortgage notes | - | - | (32,440 | ) | (8,304 | ) | - | (40,744 | ) | |||||||||||||||
Proceeds from issuance of common stock | 267,453 | 267,453 | - | - | (267,453 | ) | 267,453 | |||||||||||||||||
Offering costs for issuance of common stock and | (8,878 | ) | (8,878 | ) | - | - | 8,878 | (8,878 | ) | |||||||||||||||
OP Units | ||||||||||||||||||||||||
Net payments relating to intercompany financing | (176,144 | ) | (113,751 | ) | 368,606 | (254,855 | ) | 176,144 | - | |||||||||||||||
Redemption of noncontrolling interests | - | (1,500 | ) | - | - | - | (1,500 | ) | ||||||||||||||||
Dividends to common stockholders | (82,431 | ) | (82,431 | ) | - | - | 82,431 | (82,431 | ) | |||||||||||||||
Distributions to noncontrolling interests | - | (5,949 | ) | - | (1,027 | ) | - | (6,976 | ) | |||||||||||||||
Contributions from noncontrolling interests | - | - | - | 723 | - | 723 | ||||||||||||||||||
Other financing activity | - | (4,376 | ) | - | 1,571 | - | (2,805 | ) | ||||||||||||||||
Net cash provided by (used in) financing activities | - | 76,923 | 345,469 | (254,697 | ) | - | 167,695 | |||||||||||||||||
Net change in cash and cash equivalents | - | 16,936 | (97 | ) | 2,691 | - | 19,530 | |||||||||||||||||
Cash and cash equivalents, beginning of period | - | 11,162 | 97 | 1,437 | - | 12,696 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | - | $ | 28,098 | $ | - | $ | 4,128 | $ | - | $ | 32,226 | ||||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Rental revenues | $ | - | $ | - | $ | 195,726 | $ | 41,113 | $ | - | $ | 236,839 | ||||||||||||
Institutional capital management and other fees | - | 2,147 | - | 2,405 | (493 | ) | 4,059 | |||||||||||||||||
Total revenues | - | 2,147 | 195,726 | 43,518 | (493 | ) | 240,898 | |||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Rental expenses | - | - | 25,689 | 4,609 | - | 30,298 | ||||||||||||||||||
Real estate taxes | - | - | 29,134 | 6,958 | - | 36,092 | ||||||||||||||||||
Real estate related depreciation and amortization | - | - | 89,286 | 20,707 | - | 109,993 | ||||||||||||||||||
General and administrative | - | 23,893 | 247 | 1,623 | - | 25,763 | ||||||||||||||||||
Casualty and involuntary conversion gain | - | - | (1,123 | ) | (51 | ) | - | (1,174 | ) | |||||||||||||||
Total operating expenses | - | 23,893 | 143,233 | 33,846 | - | 200,972 | ||||||||||||||||||
Operating income (loss) | - | (21,746 | ) | 52,493 | 9,672 | (493 | ) | 39,926 | ||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Development profit, net of taxes | - | - | - | 307 | - | 307 | ||||||||||||||||||
Equity in earnings (loss) of unconsolidated | - | 622 | (28 | ) | - | 493 | 1,087 | |||||||||||||||||
joint ventures, net | ||||||||||||||||||||||||
Interest expense | - | (52,699 | ) | (7,441 | ) | (12,777 | ) | 3,643 | (69,274 | ) | ||||||||||||||
Interest and other income (expense) | - | 4,186 | 11 | 6,776 | (10,888 | ) | 85 | |||||||||||||||||
Income tax benefit (expense) and other taxes | - | (736 | ) | 161 | (96 | ) | - | (671 | ) | |||||||||||||||
Income (loss) from continuing operations | - | (70,373 | ) | 45,196 | 3,882 | (7,245 | ) | (28,540 | ) | |||||||||||||||
Income from discontinued operations | - | - | 654 | 4,416 | 6,730 | 11,800 | ||||||||||||||||||
Equity in earnings (loss) of consolidated subsidiaries | (15,086 | ) | 54,420 | 52 | - | (39,386 | ) | - | ||||||||||||||||
Consolidated net income | (15,086 | ) | (15,953 | ) | 45,902 | 8,298 | (39,901 | ) | (16,740 | ) | ||||||||||||||
Net income attributable to noncontrolling interests | - | - | - | - | 1,654 | 1,654 | ||||||||||||||||||
Net income (loss) attributable to common | (15,086 | ) | (15,953 | ) | 45,902 | 8,298 | (38,247 | ) | (15,086 | ) | ||||||||||||||
stockholders | ||||||||||||||||||||||||
Distributed and undistributed earnings allocated to | - | (524 | ) | - | - | - | (524 | ) | ||||||||||||||||
participating securities | ||||||||||||||||||||||||
Adjusted net income (loss) attributable to | $ | (15,086 | ) | $ | (16,477 | ) | $ | 45,902 | $ | 8,298 | $ | (38,247 | ) | $ | (15,610 | ) | ||||||||
common stockholders | ||||||||||||||||||||||||
Net income (loss) | $ | (15,086 | ) | $ | (15,953 | ) | $ | 45,902 | $ | 8,298 | $ | (39,901 | ) | $ | (16,740 | ) | ||||||||
Other comprehensive loss | ||||||||||||||||||||||||
Net derivative loss on cash flow hedging instruments | - | (6,776 | ) | - | - | - | (6,776 | ) | ||||||||||||||||
Net reclassification adjustment on cash flow | - | 2,098 | - | - | - | 2,098 | ||||||||||||||||||
hedging instruments | ||||||||||||||||||||||||
Other comprehensive loss | - | (4,678 | ) | - | - | - | (4,678 | ) | ||||||||||||||||
Comprehensive income (loss) | (15,086 | ) | (20,631 | ) | 45,902 | 8,298 | (39,901 | ) | (21,418 | ) | ||||||||||||||
Comprehensive income attributable to | - | - | - | - | 902 | 902 | ||||||||||||||||||
noncontrolling interests | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to | $ | (15,086 | ) | $ | (20,631 | ) | $ | 45,902 | $ | 8,298 | $ | (38,999 | ) | $ | (20,516 | ) | ||||||||
common stockholders | ||||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | - | $ | (56,246 | ) | $ | 130,298 | $ | 45,419 | $ | (515 | ) | $ | 118,956 | ||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Real estate acquisitions | - | 601 | (239,248 | ) | (121,355 | ) | - | (360,002 | ) | |||||||||||||||
Capital expenditures and development activities | - | - | (77,342 | ) | (18,753 | ) | - | (96,095 | ) | |||||||||||||||
Proceeds from dispositions of real estate investments | - | - | 25 | 153,722 | - | 153,747 | ||||||||||||||||||
Investments in unconsolidated joint ventures | - | (19,403 | ) | (14 | ) | - | - | (19,417 | ) | |||||||||||||||
Proceeds from casualties and involuntary conversion | - | - | 1,093 | (412 | ) | - | 681 | |||||||||||||||||
Distributions of investments in unconsolidated | - | 22,877 | - | - | - | 22,877 | ||||||||||||||||||
joint ventures | ||||||||||||||||||||||||
Other investing activities | - | - | (673 | ) | (256 | ) | - | (929 | ) | |||||||||||||||
Net cash provided by (used in) investing activities | - | 4,075 | (316,159 | ) | 12,946 | - | (299,138 | ) | ||||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Proceeds from senior unsecured revolving line of credit | - | 450,000 | - | - | - | 450,000 | ||||||||||||||||||
Repayments of senior unsecured revolving line of credit | - | (340,000 | ) | - | - | - | (340,000 | ) | ||||||||||||||||
Proceeds from senior unsecured notes | - | 90,000 | - | - | - | 90,000 | ||||||||||||||||||
Principal payments on mortgage notes | - | - | (45,449 | ) | (27,223 | ) | - | (72,672 | ) | |||||||||||||||
Settlement of cash flow hedge | - | (33,550 | ) | - | - | (33,550 | ) | |||||||||||||||||
Proceeds from issuance of common stock | 177,628 | 177,628 | - | - | (177,628 | ) | 177,628 | |||||||||||||||||
Offering costs for issuance of common stock and OP Units | (6,361 | ) | (6,361 | ) | - | - | 6,361 | (6,361 | ) | |||||||||||||||
Net payments relating to intercompany financing | (100,346 | ) | (204,615 | ) | 231,167 | (27,067 | ) | 100,861 | - | |||||||||||||||
Redemption of noncontrolling interests | - | (3,293 | ) | - | - | - | (3,293 | ) | ||||||||||||||||
Dividends to common stockholders | (70,921 | ) | (70,921 | ) | - | - | 70,921 | (70,921 | ) | |||||||||||||||
Distributions to noncontrolling interests | - | (7,025 | ) | - | (31 | ) | - | (7,056 | ) | |||||||||||||||
Contributions from noncontrolling interests | - | - | - | 30 | - | 30 | ||||||||||||||||||
Other financing activity | - | (2,089 | ) | - | (1,672 | ) | - | (3,761 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | - | 49,774 | 185,718 | (55,963 | ) | 515 | 180,044 | |||||||||||||||||
Net change in cash and cash equivalents | - | (2,397 | ) | (143 | ) | 2,402 | - | (138 | ) | |||||||||||||||
Cash and cash equivalents, beginning of period | - | 13,559 | 240 | (965 | ) | - | 12,834 | |||||||||||||||||
Cash and cash equivalents, end of period | $ | - | $ | 11,162 | $ | 97 | $ | 1,437 | $ | - | $ | 12,696 | ||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 18 – 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 or nonrecognized subsequent events were noted. |
Real_Estate_And_Accumulated_De
Real Estate And Accumulated Depreciation | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Real Estate And Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company(4) | Costs | Gross Amount Carried at 12/31/2014 | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | ||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | ||||||||||||||||||||||||||||||||||||||||||||||
Property | Number of | Encum- | Land | Building and | Total | Acquisition | Land | Building & | Total | Accumulated | Acquisition | Year | ||||||||||||||||||||||||||||||||||
Buildings | brances (5) | Improvements (1) | Costs | Improvements (1) | Costs | Depreciation (6) | Date | Built | ||||||||||||||||||||||||||||||||||||||
(3)(6) | ||||||||||||||||||||||||||||||||||||||||||||||
Newpoint I | 1 | $ | - | $ | 2,143 | $ | 12,908 | $ | 15,051 | $ | (857 | ) | -2 | $ | 2,088 | $ | 12,106 | $ | 14,194 | $ | (4,028 | ) | 3/31/04 | 1997 | ||||||||||||||||||||||
Eagles Landing | 1 | - | 2,595 | 13,475 | 16,070 | (305 | ) | -2 | 2,595 | 13,170 | 15,765 | (5,257 | ) | 6/8/04 | 2003 | |||||||||||||||||||||||||||||||
Southcreek | 4 | 6,234 | 7,843 | 45,385 | 53,228 | 6,990 | 8,342 | 51,876 | 60,218 | (17,957 | ) | 6/8/2004-2/13/2009 | 1999-2006 | |||||||||||||||||||||||||||||||||
Breckinridge Industrial | 2 | - | 1,950 | 10,159 | 12,109 | (930 | ) | -2 | 1,950 | 9,229 | 11,179 | (2,908 | ) | 10/1/04 | 2000 | |||||||||||||||||||||||||||||||
Westgate Industrial | 1 | - | 2,140 | 4,801 | 6,941 | 1,713 | 2,140 | 6,514 | 8,654 | (2,147 | ) | 10/1/04 | 1988 | |||||||||||||||||||||||||||||||||
Westpark Industrial | 1 | - | 815 | 2,709 | 3,524 | 326 | 815 | 3,035 | 3,850 | (1,117 | ) | 10/1/04 | 1981 | |||||||||||||||||||||||||||||||||
Cobb Industrial | 2 | - | 1,120 | 5,249 | 6,369 | 26 | 1,120 | 5,275 | 6,395 | (1,630 | ) | 10/1/04 | 1996 | |||||||||||||||||||||||||||||||||
Cabot Parkway Industrial | 1 | - | 1,103 | 6,616 | 7,719 | (329 | ) | -2 | 1,103 | 6,287 | 7,390 | (1,843 | ) | 10/1/04 | 2000 | |||||||||||||||||||||||||||||||
Atlanta NE Portfolio | 1 | 3,735 | 1,197 | 9,647 | 10,844 | (273 | ) | -2 | 1,197 | 9,374 | 10,571 | (3,052 | ) | 11/5/04 | 1987 | |||||||||||||||||||||||||||||||
Northmont Parkway | 5 | 3,833 | 4,556 | 22,726 | 27,282 | 2,135 | 4,556 | 24,861 | 29,417 | (8,313 | ) | 12/3/04 | 2003 | |||||||||||||||||||||||||||||||||
Fulton Industrial Boulevard | 3 | - | 1,850 | 13,480 | 15,330 | 1,764 | 1,850 | 15,244 | 17,094 | (6,937 | ) | 7/21/05 | 1973-1996 | |||||||||||||||||||||||||||||||||
Penney Road | 1 | - | 401 | 4,145 | 4,546 | 342 | 401 | 4,487 | 4,888 | (1,522 | ) | 7/21/05 | 2001 | |||||||||||||||||||||||||||||||||
Southfield Parkway | 1 | 1,632 | 523 | 3,808 | 4,331 | 69 | 523 | 3,877 | 4,400 | (1,193 | ) | 7/21/05 | 1994 | |||||||||||||||||||||||||||||||||
Livingston Court | 1 | - | 342 | 2,523 | 2,865 | 580 | 342 | 3,103 | 3,445 | (1,372 | ) | 7/21/05 | 1985 | |||||||||||||||||||||||||||||||||
Peterson Place | 2 | - | 321 | 4,144 | 4,465 | (20 | ) | -2 | 321 | 4,124 | 4,445 | (1,483 | ) | 7/21/05 | 1984 | |||||||||||||||||||||||||||||||
McGinnis Ferry | 1 | - | 700 | 6,855 | 7,555 | 1,583 | 691 | 8,447 | 9,138 | (2,198 | ) | 7/21/05 | 1993 | |||||||||||||||||||||||||||||||||
South Royal Atlanta Drive | 1 | - | 174 | 1,896 | 2,070 | 181 | 174 | 2,077 | 2,251 | (798 | ) | 7/21/05 | 1986 | |||||||||||||||||||||||||||||||||
Buford Development | 1 | 2,694 | 1,370 | 7,151 | 8,521 | 1,879 | 1,370 | 9,030 | 10,400 | (2,782 | ) | 3/31/06 | 2006 | |||||||||||||||||||||||||||||||||
Evergreen Boulevard | 2 | 8,683 | 3,123 | 14,265 | 17,388 | 2,396 | 3,123 | 16,661 | 19,784 | (4,375 | ) | 6/9/06 | 1999 | |||||||||||||||||||||||||||||||||
Pleasantdale | 1 | - | 790 | 1,503 | 2,293 | 312 | 819 | 1,786 | 2,605 | (424 | ) | 7/11/11 | 1995 | |||||||||||||||||||||||||||||||||
Evergreen Drive | 1 | - | 1,580 | 7,359 | 8,939 | 2,325 | 1,580 | 9,684 | 11,264 | (1,067 | ) | 4/10/12 | 2001 | |||||||||||||||||||||||||||||||||
Johnson Road | 2 | - | 1,372 | 4,707 | 6,079 | 262 | 1,372 | 4,969 | 6,341 | (705 | ) | 3/28/13 | 2007 | |||||||||||||||||||||||||||||||||
Southfield | 1 | - | 954 | 3,153 | 4,107 | 184 | 954 | 3,337 | 4,291 | (518 | ) | 5/10/13 | 1997 | |||||||||||||||||||||||||||||||||
Battle Drive | 1 | - | 4,950 | 13,990 | 18,940 | 64 | 4,950 | 14,054 | 19,004 | (1,019 | ) | 10/3/13 | 1999 | |||||||||||||||||||||||||||||||||
Cobb International Blvd | 1 | - | 1,790 | 6,403 | 8,193 | - | 1,790 | 6,403 | 8,193 | (108 | ) | 10/21/14 | 1990 | |||||||||||||||||||||||||||||||||
TOTAL ATLANTA MARKET | 39 | 26,811 | 45,702 | 229,057 | 274,759 | 20,417 | 46,166 | 249,010 | 295,176 | (74,753 | ) | |||||||||||||||||||||||||||||||||||
Delta Portfolio | 4 | 2,801 | 5,110 | 22,549 | 27,659 | 2,216 | 5,047 | 24,828 | 29,875 | (7,548 | ) | 4/12/05 | 1986-1993 | |||||||||||||||||||||||||||||||||
Charwood Road | 1 | 4,582 | 1,960 | 10,261 | 12,221 | 800 | 1,960 | 11,061 | 13,021 | (3,708 | ) | 7/21/05 | 1986 | |||||||||||||||||||||||||||||||||
Greenwood Place | 2 | 4,635 | 2,566 | 12,918 | 15,484 | 1,112 | 2,566 | 14,030 | 16,596 | (4,487 | ) | 7/21/05 | 1978-1984 | |||||||||||||||||||||||||||||||||
Guilford Road | 1 | - | 1,879 | 6,650 | 8,529 | 2,139 | 1,879 | 8,789 | 10,668 | (3,349 | ) | 6/9/06 | 1989 | |||||||||||||||||||||||||||||||||
Bollman Place | 1 | - | 1,654 | 6,202 | 7,856 | 485 | 1,654 | 6,687 | 8,341 | (1,927 | ) | 6/9/06 | 1986 | |||||||||||||||||||||||||||||||||
Dulles | 6 | - | 11,125 | 34,066 | 45,191 | 2,778 | 11,125 | 36,844 | 47,969 | (7,267 | ) | 8/4/06 | 2007-2012 | |||||||||||||||||||||||||||||||||
Beckley | 1 | - | 3,002 | 10,700 | 13,702 | 869 | 3,002 | 11,569 | 14,571 | (2,832 | ) | 9/10/10 | 1992 | |||||||||||||||||||||||||||||||||
Dorsey Rd | 1 | 8,200 | 3,676 | 9,475 | 13,151 | 1 | 3,677 | 9,475 | 13,152 | - | 12/18/14 | 1988 | ||||||||||||||||||||||||||||||||||
TOTAL BALTIMORE/ WASHINGTON D.C. MARKET | 17 | 20,218 | 30,972 | 112,821 | 143,793 | 10,400 | 30,910 | 123,283 | 154,193 | (31,118 | ) | |||||||||||||||||||||||||||||||||||
Marine Drive | 1 | - | 2,764 | 17,419 | 20,183 | 9 | 2,764 | 17,428 | 20,192 | (1,328 | ) | 5/10/13 | 1994 | |||||||||||||||||||||||||||||||||
TOTAL CHARLOTTE MARKET | 1 | - | 2,764 | 17,419 | 20,183 | 9 | 2,764 | 17,428 | 20,192 | (1,328 | ) | |||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company(4) | Costs | Gross Amount Carried at 12/31/2014 | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | ||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | ||||||||||||||||||||||||||||||||||||||||||||||
Property | Number of | Encum- | Land | Building and | Total | Acquisition | Land | Building & | Total | Accumulated | Acquisition | Year | ||||||||||||||||||||||||||||||||||
Buildings | brances (5) | Improvements (1) | Costs | Improvements (1) | Costs | Depreciation (6) | Date | Built | ||||||||||||||||||||||||||||||||||||||
(3)(6) | ||||||||||||||||||||||||||||||||||||||||||||||
Gary Ave | 1 | - | 3,191 | 18,505 | 21,696 | 2,299 | 3,191 | 20,804 | 23,995 | (5,696 | ) | 1/5/05 | 2001 | |||||||||||||||||||||||||||||||||
Blackhawk Portfolio | 5 | - | 6,671 | 40,877 | 47,548 | 204 | 6,667 | 41,085 | 47,752 | (14,905 | ) | 6/13/05 | 1974-1987 | |||||||||||||||||||||||||||||||||
East Fabyan Parkway | 1 | - | 1,790 | 10,929 | 12,719 | 467 | 1,790 | 11,396 | 13,186 | (5,770 | ) | 7/21/05 | 1975 | |||||||||||||||||||||||||||||||||
Frontenac Road | 1 | - | 1,647 | 5,849 | 7,496 | 294 | 1,647 | 6,143 | 7,790 | (2,889 | ) | 7/21/05 | 1995 | |||||||||||||||||||||||||||||||||
South Wolf Road | 1 | 8,115 | 4,836 | 18,794 | 23,630 | 3,040 | 4,836 | 21,834 | 26,670 | (9,711 | ) | 7/21/05 | 1982 | |||||||||||||||||||||||||||||||||
Laramie Avenue | 1 | 3,519 | 1,442 | 7,985 | 9,427 | 856 | 1,412 | 8,871 | 10,283 | (3,917 | ) | 7/21/05 | 1972 | |||||||||||||||||||||||||||||||||
Stern Avenue | 1 | - | 505 | 4,947 | 5,452 | (1,847 | ) | -2 | 505 | 3,100 | 3,605 | (1,854 | ) | 7/21/05 | 1979 | |||||||||||||||||||||||||||||||
Mitchell Court | 1 | 6,639 | 5,036 | 8,578 | 13,614 | 751 | 5,036 | 9,329 | 14,365 | (3,948 | ) | 5/1/07 | 1985 | |||||||||||||||||||||||||||||||||
Veterans Parkway | 1 | - | 2,108 | 7,121 | 9,229 | 203 | 2,108 | 7,324 | 9,432 | (2,520 | ) | 10/20/05 | 2005 | |||||||||||||||||||||||||||||||||
Lunt Avenue | 1 | - | 1,620 | 1,988 | 3,608 | 428 | 1,620 | 2,416 | 4,036 | (833 | ) | 3/17/06 | 2005 | |||||||||||||||||||||||||||||||||
Mission Street | 1 | - | 1,765 | 2,377 | 4,142 | 320 | 1,765 | 2,697 | 4,462 | (1,680 | ) | 9/8/08 | 1991 | |||||||||||||||||||||||||||||||||
Wolf Rd | 1 | - | 1,908 | 2,392 | 4,300 | 70 | 1,930 | 2,440 | 4,370 | (771 | ) | 11/22/10 | 1971 | |||||||||||||||||||||||||||||||||
S Lombard Rd | 1 | - | 1,216 | 2,136 | 3,352 | 2,031 | 1,216 | 4,167 | 5,383 | (1,004 | ) | 4/15/11 | 2012 | |||||||||||||||||||||||||||||||||
Arthur Avenue | 1 | - | 3,231 | 1,469 | 4,700 | 468 | 3,203 | 1,965 | 5,168 | (458 | ) | 12/30/11 | 1959 | |||||||||||||||||||||||||||||||||
Center Avenue | 1 | - | 4,128 | 9,896 | 14,024 | 3,792 | 4,128 | 13,688 | 17,816 | (2,079 | ) | 4/19/12 | 2000 | |||||||||||||||||||||||||||||||||
Greenleaf | 1 | - | 625 | 952 | 1,577 | 3,803 | 698 | 4,682 | 5,380 | (427 | ) | 10/19/12 | 1962 | |||||||||||||||||||||||||||||||||
Supreme Drive | 1 | 4,577 | 1,973 | 5,828 | 7,801 | 495 | 1,973 | 6,323 | 8,296 | (1,156 | ) | 11/15/12 | 1994 | |||||||||||||||||||||||||||||||||
White Oak | 1 | - | 3,114 | 5,136 | 8,250 | 391 | 3,114 | 5,527 | 8,641 | (626 | ) | 12/10/12 | 1998 | |||||||||||||||||||||||||||||||||
Della Court | 1 | - | 1,278 | 3,613 | 4,891 | 72 | 1,278 | 3,685 | 4,963 | (500 | ) | 12/27/12 | 2003 | |||||||||||||||||||||||||||||||||
Joliet Road | 1 | - | 5,382 | 12,902 | 18,284 | 1,971 | 5,382 | 14,873 | 20,255 | (1,779 | ) | 12/27/12 | 2004 | |||||||||||||||||||||||||||||||||
Veterans | 1 | - | 2,009 | 7,933 | 9,942 | (93 | ) | -2 | 2,009 | 7,840 | 9,849 | (561 | ) | 5/10/13 | 2005 | |||||||||||||||||||||||||||||||
Central Ave | 1 | - | 11,975 | 2,959 | 14,934 | 50 | 11,975 | 3,009 | 14,984 | (1,850 | ) | 5/10/13 | 1960 | |||||||||||||||||||||||||||||||||
Fox River Business Center | 5 | - | 10,354 | 32,728 | 43,082 | 1,944 | 10,354 | 34,672 | 45,026 | (2,584 | ) | 10/9/13 | 1987-2007 | |||||||||||||||||||||||||||||||||
Morse Avenue | 1 | - | 2,400 | 1,119 | 3,519 | 111 | 2,400 | 1,230 | 3,630 | (415 | ) | 10/31/13 | 1969 | |||||||||||||||||||||||||||||||||
Michael Dr | 1 | - | 2,715 | 6,985 | 9,700 | - | 2,715 | 6,985 | 9,700 | (488 | ) | 1/3/14 | 1984 | |||||||||||||||||||||||||||||||||
S Chicago St | 1 | - | 1,565 | 6,185 | 7,750 | 37 | 1,565 | 6,222 | 7,787 | (208 | ) | 3/14/14 | 2009 | |||||||||||||||||||||||||||||||||
Diehl Rd | 1 | - | 4,593 | 16,268 | 20,861 | 91 | 4,593 | 16,359 | 20,952 | (905 | ) | 3/28/14 | 2008 | |||||||||||||||||||||||||||||||||
Remington Blvd | 3 | - | 18,154 | 71,589 | 89,743 | 548 | 18,154 | 72,137 | 90,291 | (2,558 | ) | 3/16/2012-8/1/2014 | 2000-20012 | |||||||||||||||||||||||||||||||||
TOTAL CHICAGO MARKET | 38 | 22,850 | 107,231 | 318,040 | 425,271 | 22,796 | 107,264 | 340,803 | 448,067 | (72,092 | ) | |||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company(4) | Costs | Gross Amount Carried at 12/31/2014 | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | ||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | ||||||||||||||||||||||||||||||||||||||||||||||
Property | Number of | Encum- | Land | Building and | Total | Acquisition | Land | Building & | Total | Accumulated | Acquisition | Year | ||||||||||||||||||||||||||||||||||
Buildings | brances (5) | Improvements (1) | Costs | Improvements (1) | Costs | Depreciation (6) | Date | Built | ||||||||||||||||||||||||||||||||||||||
(3)(6) | ||||||||||||||||||||||||||||||||||||||||||||||
Park West | 5 | - | 5,893 | 39,878 | 45,771 | (1,861 | ) | -2 | 5,771 | 38,139 | 43,910 | (12,074 | ) | 6/8/04 | 1997-2003 | |||||||||||||||||||||||||||||||
Northwest Business Center | 1 | - | 299 | 4,486 | 4,785 | (1,911 | ) | -2 | 299 | 2,575 | 2,874 | (1,091 | ) | 5/3/04 | 1995 | |||||||||||||||||||||||||||||||
New Buffington Road | 2 | 5,039 | 1,618 | 8,500 | 10,118 | 4,717 | 1,618 | 13,217 | 14,835 | (5,848 | ) | 7/21/05 | 1981 | |||||||||||||||||||||||||||||||||
Olympic Boulevard | 3 | - | 2,096 | 11,788 | 13,884 | 2,079 | 2,096 | 13,867 | 15,963 | (5,459 | ) | 7/21/05 | 1989 | |||||||||||||||||||||||||||||||||
Mineola Pike | 1 | - | 625 | 4,642 | 5,267 | 54 | 625 | 4,696 | 5,321 | (1,752 | ) | 7/21/05 | 1983 | |||||||||||||||||||||||||||||||||
Industrial Road | 2 | - | 629 | 3,344 | 3,973 | 1,368 | 629 | 4,712 | 5,341 | (1,859 | ) | 7/21/05 | 1987 | |||||||||||||||||||||||||||||||||
Dolwick Drive | 1 | - | 579 | 4,670 | 5,249 | 251 | 579 | 4,921 | 5,500 | (1,963 | ) | 7/21/05 | 1979 | |||||||||||||||||||||||||||||||||
Best Place | 1 | - | 1,131 | 5,516 | 6,647 | 2,271 | 1,131 | 7,787 | 8,918 | (3,080 | ) | 7/21/05 | 1996 | |||||||||||||||||||||||||||||||||
Distribution Circle | 1 | - | 688 | 6,838 | 7,526 | 1,764 | 688 | 8,602 | 9,290 | (3,235 | ) | 7/21/05 | 1981 | |||||||||||||||||||||||||||||||||
Creek Road | 1 | - | 377 | 4,925 | 5,302 | 652 | 377 | 5,577 | 5,954 | (2,368 | ) | 6/9/06 | 1983 | |||||||||||||||||||||||||||||||||
Power Line Drive | 1 | - | 70 | 261 | 331 | (3 | ) | -2 | 70 | 258 | 328 | (70 | ) | 6/9/06 | 1984 | |||||||||||||||||||||||||||||||
Foundation Drive | 4 | - | 706 | 3,471 | 4,177 | 411 | 706 | 3,882 | 4,588 | (1,405 | ) | 6/9/06 | 1984-1987 | |||||||||||||||||||||||||||||||||
Jamike Drive | 6 | - | 1,206 | 8,887 | 10,093 | 1,245 | 1,206 | 10,132 | 11,338 | (3,597 | ) | 6/9/06 | 1984-1987 | |||||||||||||||||||||||||||||||||
TOTAL CINCINNATI MARKET | 29 | 5,039 | 15,917 | 107,206 | 123,123 | 11,037 | 15,795 | 118,365 | 134,160 | (43,801 | ) | |||||||||||||||||||||||||||||||||||
Freeport Parkway | 1 | - | 981 | 10,392 | 11,373 | (275 | ) | -2 | 981 | 10,117 | 11,098 | (3,076 | ) | 12/15/03 | 1999 | |||||||||||||||||||||||||||||||
Pinnacle | 1 | - | 521 | 9,683 | 10,204 | (510 | ) | -2 | 521 | 9,173 | 9,694 | (3,011 | ) | 12/15/03 | 2001 | |||||||||||||||||||||||||||||||
Market Industrial | 5 | - | 1,481 | 15,507 | 16,988 | 355 | 1,481 | 15,862 | 17,343 | (4,732 | ) | 10/1/04 | 1981-1985 | |||||||||||||||||||||||||||||||||
Shiloh Industrial | 1 | - | 459 | 4,173 | 4,632 | 171 | 459 | 4,344 | 4,803 | (1,444 | ) | 10/1/04 | 1984 | |||||||||||||||||||||||||||||||||
Avenue R Industrial I | 1 | - | 189 | 2,231 | 2,420 | 99 | 189 | 2,330 | 2,519 | (763 | ) | 10/1/04 | 1980 | |||||||||||||||||||||||||||||||||
Avenue R Industrial II | 1 | - | 271 | 1,139 | 1,410 | 168 | 271 | 1,307 | 1,578 | (514 | ) | 10/1/04 | 1980 | |||||||||||||||||||||||||||||||||
Westfork Center Industrial | 3 | - | 503 | 5,977 | 6,480 | 510 | 503 | 6,487 | 6,990 | (2,064 | ) | 10/1/04 | 1980 | |||||||||||||||||||||||||||||||||
Grand River Rd | 1 | - | 1,380 | 14,504 | 15,884 | (2,426 | ) | -2 | 1,380 | 12,078 | 13,458 | (3,899 | ) | 12/3/04 | 2004 | |||||||||||||||||||||||||||||||
Diplomat Drive | 1 | - | 532 | 3,136 | 3,668 | 2,012 | 532 | 5,148 | 5,680 | (2,265 | ) | 5/26/05 | 1986 | |||||||||||||||||||||||||||||||||
North 28th Street | 1 | - | - | 6,145 | 6,145 | (810 | ) | -2 | - | 5,335 | 5,335 | (2,530 | ) | 7/21/05 | 2000 | |||||||||||||||||||||||||||||||
Esters Boulevard | 1 | - | - | 22,072 | 22,072 | (1,138 | ) | -2 | - | 20,934 | 20,934 | (7,741 | ) | 7/21/05 | 1984-1999 | |||||||||||||||||||||||||||||||
West Story Drive | 1 | - | 777 | 4,646 | 5,423 | 598 | 777 | 5,244 | 6,021 | (2,421 | ) | 7/21/05 | 1997 | |||||||||||||||||||||||||||||||||
Meridian Drive | 1 | 1,201 | 410 | 4,135 | 4,545 | 349 | 410 | 4,484 | 4,894 | (2,140 | ) | 7/21/05 | 1975 | |||||||||||||||||||||||||||||||||
Gateway Drive | 1 | - | 463 | 2,152 | 2,615 | 680 | 463 | 2,832 | 3,295 | (1,222 | ) | 7/21/05 | 1988 | |||||||||||||||||||||||||||||||||
Valwood Parkway | 1 | - | 1,252 | 6,779 | 8,031 | 971 | 1,252 | 7,750 | 9,002 | (2,505 | ) | 7/21/05 | 1984-1996 | |||||||||||||||||||||||||||||||||
Champion Drive | 1 | 1,378 | 672 | 2,598 | 3,270 | 1,108 | 672 | 3,706 | 4,378 | (1,340 | ) | 7/21/05 | 1984 | |||||||||||||||||||||||||||||||||
Sanden Drive | 1 | - | 207 | 2,258 | 2,465 | 443 | 207 | 2,701 | 2,908 | (927 | ) | 7/21/05 | 1994 | |||||||||||||||||||||||||||||||||
North Great Southwest Parkway | 2 | 2,278 | 1,384 | 3,727 | 5,111 | 1,869 | 1,904 | 5,076 | 6,980 | (1,835 | ) | 7/21/05 | 1963-1964 | |||||||||||||||||||||||||||||||||
Royal Lane | 1 | - | - | 3,200 | 3,200 | 314 | - | 3,514 | 3,514 | (1,651 | ) | 7/21/05 | 1986 | |||||||||||||||||||||||||||||||||
GSW Gateway Three | 1 | - | 1,669 | 11,622 | 13,291 | 72 | 1,669 | 11,694 | 13,363 | (5,324 | ) | 1/13/06 | 2001 | |||||||||||||||||||||||||||||||||
Pinnacle Point Drive | 1 | 7,691 | 3,915 | 18,537 | 22,452 | 4,177 | 3,915 | 22,714 | 26,629 | (2,865 | ) | 6/29/12 | 2006 | |||||||||||||||||||||||||||||||||
Ashmore Lane | 1 | - | 3,856 | 16,352 | 20,208 | 1,743 | 3,856 | 18,095 | 21,951 | (1,970 | ) | 12/27/12 | 2004 | |||||||||||||||||||||||||||||||||
La Reunion | 1 | - | 1,469 | 6,778 | 8,247 | 619 | 1,469 | 7,397 | 8,866 | (963 | ) | 4/9/13 | 1983 | |||||||||||||||||||||||||||||||||
Statesman Drive | 1 | - | 574 | 1,978 | 2,552 | - | 574 | 1,978 | 2,552 | (238 | ) | 8/14/13 | 1987 | |||||||||||||||||||||||||||||||||
Diplomacy | 1 | - | 878 | 3,057 | 3,935 | 104 | 878 | 3,161 | 4,039 | (274 | ) | 12/20/13 | 1985 | |||||||||||||||||||||||||||||||||
Eisenhower | 1 | - | 1,105 | 5,684 | 6,789 | 313 | 1,105 | 5,997 | 7,102 | (497 | ) | 12/30/13 | 2006 | |||||||||||||||||||||||||||||||||
511 S Royal Ln | 1 | - | 1,095 | 4,239 | 5,334 | 44 | 1,095 | 4,283 | 5,378 | (308 | ) | 1/31/14 | 2003 | |||||||||||||||||||||||||||||||||
Airline Dr | 1 | - | 1,111 | 2,553 | 3,664 | - | 1,111 | 2,553 | 3,664 | - | 12/31/14 | 1991 | ||||||||||||||||||||||||||||||||||
TOTAL DALLAS MARKET | 35 | 12,548 | 27,154 | 195,254 | 222,408 | 11,560 | 27,674 | 206,294 | 233,968 | (58,519 | ) | |||||||||||||||||||||||||||||||||||
Interpark 70 | 1 | - | 1,383 | 7,566 | 8,949 | (659 | ) | -2 | 1,383 | 6,907 | 8,290 | (2,418 | ) | 9/30/04 | 1998 | |||||||||||||||||||||||||||||||
Pecos Street | 1 | - | 1,860 | 4,821 | 6,681 | 184 | 1,860 | 5,005 | 6,865 | (1,059 | ) | 8/8/11 | 2003 | |||||||||||||||||||||||||||||||||
TOTAL DENVER MARKET | 2 | - | 3,243 | 12,387 | 15,630 | (475 | ) | -2 | 3,243 | 11,912 | 15,155 | (3,477 | ) | |||||||||||||||||||||||||||||||||
West By Northwest | 1 | - | 1,033 | 7,564 | 8,597 | (11 | ) | -2 | 1,033 | 7,553 | 8,586 | (2,554 | ) | 10/30/03 | 1997 | |||||||||||||||||||||||||||||||
Bondesen Business Park | 7 | - | 1,007 | 23,370 | 24,377 | 101 | 988 | 23,490 | 24,478 | (8,027 | ) | 6/3/04 | 2002 | |||||||||||||||||||||||||||||||||
Beltway 8 Business Park | 0 | - | - | - | - | - | - | - | - | - | 6/3/2004-7/1/2005 | 2001-2003 | ||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company(4) | Costs | Gross Amount Carried at 12/31/2014 | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | ||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | ||||||||||||||||||||||||||||||||||||||||||||||
Property | Number of | Encum- | Land | Building and | Total | Acquisition | Land | Building & | Total | Accumulated | Acquisition | Year | ||||||||||||||||||||||||||||||||||
Buildings | brances (5) | Improvements (1) | Costs | Improvements (1) | Costs | Depreciation (6) | Date | Built | ||||||||||||||||||||||||||||||||||||||
(3)(6) | ||||||||||||||||||||||||||||||||||||||||||||||
Greens Crossing | 3 | - | 1,225 | 10,202 | 11,427 | 2,068 | 1,225 | 12,270 | 13,495 | (4,076 | ) | 7/1/05 | 1998-2000 | |||||||||||||||||||||||||||||||||
Gateway at Central Green | 2 | - | 1,079 | 9,929 | 11,008 | 803 | 1,079 | 10,732 | 11,811 | (3,773 | ) | 9/20/05 | 2001 | |||||||||||||||||||||||||||||||||
Fairbanks Center | 1 | - | 707 | 5,205 | 5,912 | 587 | 707 | 5,792 | 6,499 | (1,819 | ) | 3/27/06 | 1999 | |||||||||||||||||||||||||||||||||
Bondesen North | 4 | - | 3,345 | 11,030 | 14,375 | 164 | 2,975 | 11,564 | 14,539 | (3,254 | ) | 6/8/07 | 2006 | |||||||||||||||||||||||||||||||||
Northwest Place | 1 | - | 1,821 | 11,406 | 13,227 | 1,530 | 1,821 | 12,936 | 14,757 | (3,912 | ) | 6/14/07 | 1997 | |||||||||||||||||||||||||||||||||
Warehouse Center Drive | 1 | 2,864 | 1,296 | 6,782 | 8,078 | 12 | 1,296 | 6,794 | 8,090 | (2,521 | ) | 12/3/07 | 2006 | |||||||||||||||||||||||||||||||||
Air Center Drive | 1 | - | 763 | 1,876 | 2,639 | 308 | 711 | 2,236 | 2,947 | (634 | ) | 11/9/10 | 1997 | |||||||||||||||||||||||||||||||||
Beltway Antoine | 7 | - | 7,058 | 31,875 | 38,933 | 1,132 | 7,058 | 33,007 | 40,065 | (8,700 | ) | 8/11/11 | 2007-2008 | |||||||||||||||||||||||||||||||||
Proterra | 1 | - | 2,573 | 8,289 | 10,862 | 2,845 | 2,573 | 11,134 | 13,707 | (1,368 | ) | 8/31/12 | 2013 | |||||||||||||||||||||||||||||||||
Greens Parkway | 1 | - | 704 | 4,093 | 4,797 | 148 | 704 | 4,241 | 4,945 | (815 | ) | 12/7/11 | 2007 | |||||||||||||||||||||||||||||||||
Claymoore Business Center | 2 | - | 1,491 | 4,967 | 6,458 | 1,158 | 1,491 | 6,125 | 7,616 | (1,292 | ) | 5/9/12 | 2001 | |||||||||||||||||||||||||||||||||
Pinemont | 1 | 2,450 | 1,448 | 6,969 | 8,417 | 794 | 1,448 | 7,763 | 9,211 | (1,964 | ) | 6/29/12 | 2000 | |||||||||||||||||||||||||||||||||
State Highway 225 | 2 | 5,755 | 4,062 | 10,657 | 14,719 | 1,203 | 4,062 | 11,860 | 15,922 | (1,901 | ) | 12/13/12 | 1981-1983 | |||||||||||||||||||||||||||||||||
Aeropark | 1 | - | 1,723 | 7,065 | 8,788 | (98 | ) | -2 | 1,723 | 6,967 | 8,690 | (477 | ) | 12/6/13 | 1999 | |||||||||||||||||||||||||||||||
Hollister Rd | 1 | 6,394 | 3,193 | 14,693 | 17,886 | 3 | 3,193 | 14,696 | 17,889 | (637 | ) | 6/5/14 | 1998 | |||||||||||||||||||||||||||||||||
Sam Houston Pkwy West | 1 | - | 1,495 | 3,451 | 4,946 | - | 1,495 | 3,451 | 4,946 | (60 | ) | 10/14/14 | 2002 | |||||||||||||||||||||||||||||||||
Airtex Industrial Center | 1 | - | 2,597 | 12,171 | 14,768 | - | 2,597 | 12,171 | 14,768 | (440 | ) | 12/20/11 | 2013 | |||||||||||||||||||||||||||||||||
TOTAL HOUSTON MARKET | 39 | 17,463 | 38,620 | 191,594 | 230,214 | 12,747 | 38,179 | 204,782 | 242,961 | (48,224 | ) | |||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company(4) | Costs Capitalized | Gross Amount Carried at 12/31/2014 | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | ||||||||||||||||||||||||||||||||||||||||||||||
Property | Number of | Encum- | Land | Building and | Total | Acquisition | Land | Building & | Total | Accumulated | Acquisition | Year | ||||||||||||||||||||||||||||||||||
Buildings | brances (5) | Improvements (1) | Costs | Improvements (1) | Costs | Depreciation (6) | Date | Built | ||||||||||||||||||||||||||||||||||||||
(3)(6) | ||||||||||||||||||||||||||||||||||||||||||||||
Plainfield | 2 | - | 3,095 | 31,369 | 34,464 | 725 | 3,095 | 32,094 | 35,189 | (9,087 | ) | 4/13/2003-4/13/2006 | 1997-2000 | |||||||||||||||||||||||||||||||||
Guion Road | 1 | - | 2,200 | 11,239 | 13,439 | (272 | ) | -2 | 2,200 | 10,967 | 13,167 | (3,153 | ) | 12/15/05 | 1995 | |||||||||||||||||||||||||||||||
Franklin Road | 3 | - | 2,292 | 11,949 | 14,241 | 5,211 | 2,292 | 17,160 | 19,452 | (7,691 | ) | 2/27/06 | 1973 | |||||||||||||||||||||||||||||||||
Perry Road | 1 | - | 1,106 | 7,268 | 8,374 | (182 | ) | -2 | 1,106 | 7,086 | 8,192 | (2,103 | ) | 10/10/07 | 1995 | |||||||||||||||||||||||||||||||
TOTAL INDIANAPOLIS MARKET | 7 | - | 8,693 | 61,825 | 70,518 | 5,482 | 8,693 | 67,307 | 76,000 | (22,034 | ) | |||||||||||||||||||||||||||||||||||
Riverport | 1 | - | 1,279 | 8,812 | 10,091 | (957 | ) | -2 | 1,279 | 7,855 | 9,134 | (2,785 | ) | 5/3/04 | 1996 | |||||||||||||||||||||||||||||||
Freeport | 1 | - | 2,523 | 18,693 | 21,216 | (344 | ) | -2 | 2,523 | 18,349 | 20,872 | (5,318 | ) | 3/14/07 | 1999 | |||||||||||||||||||||||||||||||
Louisville Logistics Center | 1 | - | 2,177 | 11,932 | 14,109 | (938 | ) | -2 | 2,177 | 10,994 | 13,171 | (2,969 | ) | 10/12/07 | 2002 | |||||||||||||||||||||||||||||||
TOTAL LOUISVILLE MARKET | 3 | - | 5,979 | 39,437 | 45,416 | (2,239 | ) | -2 | 5,979 | 37,198 | 43,177 | (11,072 | ) | |||||||||||||||||||||||||||||||||
Chickasaw | 2 | - | 1,141 | 13,837 | 14,978 | (1,053 | ) | -2 | 1,141 | 12,784 | 13,925 | (4,540 | ) | 7/22/03 | 2000-2002 | |||||||||||||||||||||||||||||||
Memphis Portfolio | 5 | 7,938 | 12,524 | 73,700 | 86,224 | 2,646 | 12,622 | 76,248 | 88,870 | (26,882 | ) | 2/16/2005-4/6/2005 | 1997-2000 | |||||||||||||||||||||||||||||||||
Deltapoint | 1 | - | 2,299 | 24,436 | 26,735 | 5,533 | 2,299 | 29,969 | 32,268 | (7,669 | ) | 6/29/07 | 2006 | |||||||||||||||||||||||||||||||||
TOTAL MEMPHIS MARKET | 8 | 7,938 | 15,964 | 111,973 | 127,937 | 7,126 | 16,062 | 119,001 | 135,063 | (39,091 | ) | |||||||||||||||||||||||||||||||||||
Miami Service Center | 1 | - | 1,110 | 3,811 | 4,921 | 1,270 | 1,110 | 5,081 | 6,191 | (1,881 | ) | 4/7/05 | 1987 | |||||||||||||||||||||||||||||||||
Miami Commerce Center | 1 | 2,405 | 3,050 | 10,769 | 13,819 | 5,291 | 3,050 | 16,060 | 19,110 | (5,610 | ) | 4/13/05 | 1991 | |||||||||||||||||||||||||||||||||
Northwest 70th Avenue | 3 | - | 11,889 | 19,972 | 31,861 | 5,678 | 11,889 | 25,650 | 37,539 | (11,109 | ) | 6/9/06 | 1968-1976 | |||||||||||||||||||||||||||||||||
North Andrews Avenue | 1 | - | 6,552 | 6,101 | 12,653 | 1,017 | 6,552 | 7,118 | 13,670 | (2,570 | ) | 6/9/06 | 1999 | |||||||||||||||||||||||||||||||||
Northwest 30th Terrace | 1 | - | 3,273 | 4,196 | 7,469 | 1,364 | 3,273 | 5,560 | 8,833 | (1,237 | ) | 2/18/11 | 1994 | |||||||||||||||||||||||||||||||||
Pan America | 2 | - | 6,386 | 19,497 | 25,883 | 692 | 6,396 | 20,179 | 26,575 | (2,088 | ) | 7/19/11 | 2013 | |||||||||||||||||||||||||||||||||
Northwest 34th Street | 1 | - | 946 | 3,239 | 4,185 | 65 | 946 | 3,304 | 4,250 | (528 | ) | 6/25/12 | 2000 | |||||||||||||||||||||||||||||||||
Miami Gardens | 1 | - | 4,480 | 11,842 | 16,322 | (4,341 | ) | -2 | 4,480 | 7,501 | 11,981 | (801 | ) | 10/22/13 | 1969 | |||||||||||||||||||||||||||||||
TOTAL MIAMI MARKET | 11 | 2,405 | 37,686 | 79,427 | 117,113 | 11,036 | 37,696 | 90,453 | 128,149 | (25,824 | ) | |||||||||||||||||||||||||||||||||||
Eastgate | 1 | - | 1,445 | 13,352 | 14,797 | (506 | ) | -2 | 1,445 | 12,846 | 14,291 | (4,153 | ) | 3/19/04 | 2002 | |||||||||||||||||||||||||||||||
Mid South Logistics Center | 1 | - | 1,772 | 18,288 | 20,060 | 470 | 1,850 | 18,680 | 20,530 | (5,823 | ) | 6/29/04 | 2001 | |||||||||||||||||||||||||||||||||
Rockdale Distribution Center | 1 | - | 2,940 | 12,188 | 15,128 | 6,838 | 2,940 | 19,026 | 21,966 | (4,043 | ) | 12/28/05 | 2013 | |||||||||||||||||||||||||||||||||
Logistics Way | 1 | - | 621 | 17,763 | 18,384 | (909 | ) | -2 | 621 | 16,854 | 17,475 | (4,225 | ) | 9/28/09 | 2007 | |||||||||||||||||||||||||||||||
TOTAL NASHVILLE MARKET | 4 | - | 6,778 | 61,591 | 68,369 | 5,893 | 6,856 | 67,406 | 74,262 | (18,244 | ) | |||||||||||||||||||||||||||||||||||
Brunswick Avenue | 1 | - | 3,665 | 16,380 | 20,045 | 2,515 | 3,665 | 18,895 | 22,560 | (5,541 | ) | 7/21/05 | 1986 | |||||||||||||||||||||||||||||||||
Campus Drive | 1 | - | 1,366 | 4,841 | 6,207 | 1,086 | 1,366 | 5,927 | 7,293 | (2,498 | ) | 7/21/05 | 1975 | |||||||||||||||||||||||||||||||||
Hanover Ave | 1 | - | 4,940 | 8,026 | 12,966 | (232 | ) | -2 | 4,940 | 7,794 | 12,734 | (2,023 | ) | 12/28/05 | 1988 | |||||||||||||||||||||||||||||||
Rockaway | 3 | - | 5,881 | 12,521 | 18,402 | 3,124 | 5,881 | 15,645 | 21,526 | (7,204 | ) | 12/29/05 | 1974 | |||||||||||||||||||||||||||||||||
Kennedy Drive | 1 | - | 3,044 | 6,583 | 9,627 | 495 | 3,044 | 7,078 | 10,122 | (1,753 | ) | 4/14/10 | 2001 | |||||||||||||||||||||||||||||||||
Railroad Avenue | 1 | - | 6,494 | 10,996 | 17,490 | 700 | 6,494 | 11,696 | 18,190 | (4,184 | ) | 1/28/11 | 1964 | |||||||||||||||||||||||||||||||||
Pierce Street | 1 | - | 2,472 | 4,255 | 6,727 | 1,433 | 2,472 | 5,688 | 8,160 | (615 | ) | 12/27/12 | 2003 | |||||||||||||||||||||||||||||||||
Seaview | 1 | - | 5,910 | 10,423 | 16,333 | 1,253 | 5,910 | 11,676 | 17,586 | (990 | ) | 12/20/13 | 1980 | |||||||||||||||||||||||||||||||||
TOTAL NEW JERSEY MARKET | 10 | - | 33,772 | 74,025 | 107,797 | 10,374 | 33,772 | 84,399 | 118,171 | (24,808 | ) | |||||||||||||||||||||||||||||||||||
Eden Rock Industrial | 1 | - | 998 | 2,566 | 3,564 | 339 | 998 | 2,905 | 3,903 | (1,374 | ) | 10/1/04 | 1973 | |||||||||||||||||||||||||||||||||
Bayside Distribution Center | 2 | - | 6,875 | 15,254 | 22,129 | 624 | 6,875 | 15,878 | 22,753 | (4,256 | ) | 11/3/04 | 1998-2000 | |||||||||||||||||||||||||||||||||
Fite Court | 1 | - | 5,316 | 15,499 | 20,815 | 1,132 | 5,316 | 16,631 | 21,947 | (5,299 | ) | 12/28/06 | 2003 | |||||||||||||||||||||||||||||||||
California Logistics Centre | 1 | - | 5,672 | 20,499 | 26,171 | (2,119 | ) | -2 | 5,672 | 18,380 | 24,052 | (5,201 | ) | 4/21/06 | 2001 | |||||||||||||||||||||||||||||||
Cherry Street | 3 | - | 12,584 | 24,582 | 37,166 | 2,634 | 12,584 | 27,216 | 39,800 | (9,806 | ) | 6/9/06 | 1960-1990 | |||||||||||||||||||||||||||||||||
Pike Lane | 3 | - | 2,880 | 8,328 | 11,208 | (41 | ) | -2 | 2,880 | 8,287 | 11,167 | (2,720 | ) | 6/9/06 | 1982 | |||||||||||||||||||||||||||||||
South Vasco Road | 1 | - | 2,572 | 14,809 | 17,381 | 84 | 2,572 | 14,893 | 17,465 | (4,423 | ) | 6/9/06 | 1999 | |||||||||||||||||||||||||||||||||
McLaughlin Avenue | 1 | - | 3,424 | 5,507 | 8,931 | 360 | 3,424 | 5,867 | 9,291 | (2,372 | ) | 6/9/06 | 1975 | |||||||||||||||||||||||||||||||||
Park Lane | 5 | - | 10,977 | 17,216 | 28,193 | 310 | 10,977 | 17,526 | 28,503 | (7,326 | ) | 6/9/06 | 1960-1966 | |||||||||||||||||||||||||||||||||
Valley Drive | 4 | - | 11,238 | 14,244 | 25,482 | 2,547 | 11,238 | 16,791 | 28,029 | (6,439 | ) | 6/9/06 | 1960-1971 | |||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company(4) | Costs | Gross Amount Carried at 12/31/2014 | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | ||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | ||||||||||||||||||||||||||||||||||||||||||||||
Property | Number of | Encum- | Land | Building and | Total Costs | Acquisition | Land | Building & | Total Costs | Accumulated | Acquisition | Year | ||||||||||||||||||||||||||||||||||
Buildings | brances (5) | Improvements (1) | Improvements (1) | (3)(6) | Depreciation (6) | Date | Built | |||||||||||||||||||||||||||||||||||||||
Old Country Road | 1 | - | 1,557 | 1,503 | 3,060 | 545 | 1,557 | 2,048 | 3,605 | (839 | ) | 6/9/06 | 1969 | |||||||||||||||||||||||||||||||||
Cypress Lane | 1 | - | 2,211 | 2,196 | 4,407 | 454 | 2,211 | 2,650 | 4,861 | (1,487 | ) | 6/9/06 | 1970 | |||||||||||||||||||||||||||||||||
Rollins Road | 1 | 18,520 | 17,800 | 17,621 | 35,421 | 778 | 17,659 | 18,540 | 36,199 | (3,623 | ) | 11/4/11 | 1997 | |||||||||||||||||||||||||||||||||
Coliseum Way | 1 | - | 10,229 | 18,255 | 28,484 | 2,738 | 10,229 | 20,993 | 31,222 | (2,677 | ) | 12/11/12 | 1967 | |||||||||||||||||||||||||||||||||
Alpine Way | 1 | - | 2,321 | 2,504 | 4,825 | 274 | 2,321 | 2,778 | 5,099 | (208 | ) | 6/25/13 | 1986 | |||||||||||||||||||||||||||||||||
Chrisman Rd | 1 | - | 2,507 | 48,130 | 50,637 | - | 2,507 | 48,130 | 50,637 | (768 | ) | 9/2/14 | 2004 | |||||||||||||||||||||||||||||||||
TOTAL NORTHERN CALIFORNIA MARKET | 28 | 18,520 | 99,161 | 228,713 | 327,874 | 10,659 | 99,020 | 239,513 | 338,533 | (58,818 | ) | |||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company(4) | Costs | Gross Amount Carried at 12/31/2014 | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | ||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | ||||||||||||||||||||||||||||||||||||||||||||||
Property | Number of | Encum- | Land | Building and | Total Costs | Acquisition | Land | Building & | Total | Accumulated | Acquisition | Year | ||||||||||||||||||||||||||||||||||
Buildings | brances (5) | Improvements (1) | Improvements (1) | Costs | Depreciation (6) | Date | Built | |||||||||||||||||||||||||||||||||||||||
(3)(6) | ||||||||||||||||||||||||||||||||||||||||||||||
Cypress Park East | 2 | - | 2,627 | 13,055 | 15,682 | 1,498 | 2,627 | 14,553 | 17,180 | (4,374 | ) | 10/22/04 | 2000 | |||||||||||||||||||||||||||||||||
East Landstreet Road | 3 | - | 2,251 | 11,979 | 14,230 | 1,223 | 2,251 | 13,202 | 15,453 | (3,955 | ) | 6/9/06 | 1997-2000 | |||||||||||||||||||||||||||||||||
Boggy Creek Road | 8 | - | 8,098 | 30,984 | 39,082 | 2,606 | 8,098 | 33,590 | 41,688 | (9,797 | ) | 6/9/06 | 1993-2007 | |||||||||||||||||||||||||||||||||
ADC North Phase I | 2 | - | 2,475 | 11,941 | 14,416 | 1,992 | 2,475 | 13,933 | 16,408 | (3,250 | ) | 12/19/2006-12/20/2006 | 2008-2009 | |||||||||||||||||||||||||||||||||
American Way | 1 | - | 3,603 | 8,667 | 12,270 | 777 | 3,603 | 9,444 | 13,047 | (1,993 | ) | 8/16/07 | 1997 | |||||||||||||||||||||||||||||||||
Director's Row | 1 | - | 524 | 2,519 | 3,043 | 33 | 524 | 2,552 | 3,076 | (828 | ) | 3/1/11 | 1994 | |||||||||||||||||||||||||||||||||
GE Portfolio | 3 | - | 4,715 | 12,513 | 17,228 | 1,225 | 4,715 | 13,738 | 18,453 | (2,993 | ) | 9/1/11 | 1975-1999 | |||||||||||||||||||||||||||||||||
TOTAL ORLANDO MARKET | 20 | - | 24,293 | 91,658 | 115,951 | 9,354 | 24,293 | 101,012 | 125,305 | (27,190 | ) | |||||||||||||||||||||||||||||||||||
Route 22 | 1 | - | 5,183 | 20,100 | 25,283 | (3,357 | ) | -2 | 5,183 | 16,743 | 21,926 | (5,448 | ) | 7/20/05 | 2003 | |||||||||||||||||||||||||||||||
High Street Portfolio | 2 | - | 3,084 | 4,741 | 7,825 | 661 | 3,084 | 5,402 | 8,486 | (2,496 | ) | 10/26/05 | 1975-1988 | |||||||||||||||||||||||||||||||||
Independence Avenue | 1 | - | 3,133 | 17,542 | 20,675 | 3,119 | 3,133 | 20,661 | 23,794 | (4,845 | ) | 12/26/06 | 1999 | |||||||||||||||||||||||||||||||||
Bobali Drive | 3 | - | 4,107 | 9,288 | 13,395 | 621 | 4,107 | 9,909 | 14,016 | (3,068 | ) | 2/9/07 | 1998-1999 | |||||||||||||||||||||||||||||||||
Snowdrift | 1 | - | 972 | 3,770 | 4,742 | 786 | 972 | 4,556 | 5,528 | (656 | ) | 12/27/12 | 1989 | |||||||||||||||||||||||||||||||||
Silver Springs | 1 | - | 940 | 3,120 | 4,060 | 99 | 940 | 3,219 | 4,159 | (458 | ) | 5/10/13 | 2001 | |||||||||||||||||||||||||||||||||
Commerce Circle | 1 | - | 6,449 | 20,873 | 27,322 | 1,569 | 6,449 | 22,442 | 28,891 | (2,154 | ) | 5/10/13 | 2006 | |||||||||||||||||||||||||||||||||
Bethlehem Crossing | 3 | - | 10,855 | 35,912 | 46,767 | 88 | 10,855 | 36,000 | 46,855 | (3,407 | ) | 6/28/13 | 2004-2007 | |||||||||||||||||||||||||||||||||
TOTAL PENNSYLVANIA MARKET | 13 | - | 34,723 | 115,346 | 150,069 | 3,586 | 34,723 | 118,932 | 153,655 | (22,532 | ) | |||||||||||||||||||||||||||||||||||
North Industrial | 2 | - | 4,566 | 15,899 | 20,465 | 1,817 | 4,566 | 17,716 | 22,282 | (6,158 | ) | 10/1/04 | 1995-1999 | |||||||||||||||||||||||||||||||||
South Industrial I | 2 | - | 2,876 | 14,120 | 16,996 | 1,052 | 2,829 | 15,219 | 18,048 | (5,346 | ) | 10/1/04 | 1987 | |||||||||||||||||||||||||||||||||
South Industrial II | 1 | - | 1,235 | 4,902 | 6,137 | (1,168 | ) | -2 | 1,235 | 3,734 | 4,969 | (1,091 | ) | 10/1/04 | 1990 | |||||||||||||||||||||||||||||||
West Southern Industrial | 1 | - | 555 | 3,376 | 3,931 | (288 | ) | -2 | 555 | 3,088 | 3,643 | (953 | ) | 10/1/04 | 1984 | |||||||||||||||||||||||||||||||
West Geneva Industrial | 3 | - | 413 | 2,667 | 3,080 | 261 | 413 | 2,928 | 3,341 | (997 | ) | 10/1/04 | 1981 | |||||||||||||||||||||||||||||||||
West 24th Industrial | 2 | - | 870 | 4,575 | 5,445 | 180 | 870 | 4,755 | 5,625 | (2,043 | ) | 10/1/04 | 1979-1980 | |||||||||||||||||||||||||||||||||
Sky Harbor Transit Center | 1 | - | 2,534 | 7,597 | 10,131 | (824 | ) | -2 | 2,534 | 6,773 | 9,307 | (2,138 | ) | 11/24/04 | 2002 | |||||||||||||||||||||||||||||||
Roosevelt Distribution Center | 1 | - | 1,154 | 6,441 | 7,595 | (211 | ) | -2 | 1,154 | 6,230 | 7,384 | (1,650 | ) | 5/19/06 | 1988 | |||||||||||||||||||||||||||||||
North 45th Street | 1 | - | 3,149 | 5,051 | 8,200 | 59 | 3,149 | 5,110 | 8,259 | (1,320 | ) | 6/30/11 | 2001 | |||||||||||||||||||||||||||||||||
Broadway Industrial Portfolio | 3 | - | 4,725 | 17,708 | 22,433 | 163 | 4,725 | 17,871 | 22,596 | (1,890 | ) | 8/22/13 | 1974-1986 | |||||||||||||||||||||||||||||||||
South 5th Street | 1 | - | 1,787 | 7,456 | 9,243 | - | 1,787 | 7,456 | 9,243 | (393 | ) | 4/14/14 | 1986 | |||||||||||||||||||||||||||||||||
3405-3445 South 5th Street | 5 | - | 5,007 | 22,196 | 27,203 | - | 5,007 | 22,196 | 27,203 | (407 | ) | 10/17/14 | 1982-1985 | |||||||||||||||||||||||||||||||||
Van Buren | 1 | - | 839 | 961 | 1,800 | 1,568 | 839 | 2,529 | 3,368 | (150 | ) | 1/11/12 | 2013 | |||||||||||||||||||||||||||||||||
TOTAL PHOENIX MARKET | 24 | - | 29,710 | 112,949 | 142,659 | 2,609 | 29,663 | 115,605 | 145,268 | (24,536 | ) | |||||||||||||||||||||||||||||||||||
Industry Drive North | 2 | 8,358 | 5,753 | 16,039 | 21,792 | 2,533 | 5,753 | 18,572 | 24,325 | (6,317 | ) | 7/21/05 | 1996 | |||||||||||||||||||||||||||||||||
South 228th Street | 1 | - | 3,025 | 13,694 | 16,719 | 1,600 | 3,025 | 15,294 | 18,319 | (4,362 | ) | 7/21/05 | 1996 | |||||||||||||||||||||||||||||||||
64th Avenue South | 1 | 5,481 | 3,345 | 9,335 | 12,680 | 779 | 3,345 | 10,114 | 13,459 | (3,162 | ) | 7/21/05 | 1996 | |||||||||||||||||||||||||||||||||
South 192nd Street | 1 | - | 1,286 | 3,433 | 4,719 | 132 | 1,286 | 3,565 | 4,851 | (1,174 | ) | 7/21/05 | 1986 | |||||||||||||||||||||||||||||||||
South 212th Street | 1 | - | 3,095 | 10,253 | 13,348 | 556 | 3,095 | 10,809 | 13,904 | (3,217 | ) | 8/1/05 | 1996 | |||||||||||||||||||||||||||||||||
Southwest 27th Street | 1 | 6,692 | 4,583 | 8,353 | 12,936 | 382 | 4,583 | 8,735 | 13,318 | (4,891 | ) | 7/21/05 | 1995 | |||||||||||||||||||||||||||||||||
13610 52nd St | 1 | - | 4,018 | 9,571 | 13,589 | - | 4,018 | 9,571 | 13,589 | (1,786 | ) | 12/1/10 | 2006 | |||||||||||||||||||||||||||||||||
Southwest 27th Street-Alpak | 1 | - | 4,313 | 4,687 | 9,000 | 130 | 4,313 | 4,817 | 9,130 | (938 | ) | 10/14/11 | 2003 | |||||||||||||||||||||||||||||||||
Milwaukee Avenue | 1 | - | 2,287 | 7,213 | 9,500 | 12 | 2,278 | 7,234 | 9,512 | (1,159 | ) | 8/31/12 | 1987 | |||||||||||||||||||||||||||||||||
Sumner II | 1 | - | 672 | 1,178 | 1,850 | 465 | 672 | 1,643 | 2,315 | (80 | ) | 10/15/12 | 2007 | |||||||||||||||||||||||||||||||||
East Park Bldg 5 | 1 | - | 980 | 2,061 | 3,041 | 423 | 980 | 2,484 | 3,464 | (241 | ) | 8/30/13 | 1997 | |||||||||||||||||||||||||||||||||
228th Street | 1 | - | 1,383 | 2,213 | 3,596 | 457 | 1,383 | 2,670 | 4,053 | (303 | ) | 2/13/14 | 1989 | |||||||||||||||||||||||||||||||||
45th St Court | 1 | - | 1,196 | 3,304 | 4,500 | 51 | 1,196 | 3,355 | 4,551 | (193 | ) | 3/27/14 | 1997 | |||||||||||||||||||||||||||||||||
Puyallup Industrial Park | 4 | 3,633 | 10,332 | 21,423 | 31,755 | 530 | 10,332 | 21,953 | 32,285 | (1,098 | ) | 5/30/2014-9/30/2014 | 1998-2002 | |||||||||||||||||||||||||||||||||
Auburn 44 | 1 | - | 997 | 3,904 | 4,901 | - | 997 | 3,904 | 4,901 | (146 | ) | 8/16/13 | 2014 | |||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company(4) | Costs | Gross Amount Carried at 12/31/2014 | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | ||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | ||||||||||||||||||||||||||||||||||||||||||||||
Property | Number of | Encum- | Land | Building and | Total | Acquisition | Land | Building & | Total | Accumulated | Acquisition | Year | ||||||||||||||||||||||||||||||||||
Buildings | brances (5) | Improvements (1) | Costs | Improvements (1) | Costs | Depreciation (6) | Date | Built | ||||||||||||||||||||||||||||||||||||||
(3)(6) | ||||||||||||||||||||||||||||||||||||||||||||||
Seaway | 2 | - | 3,759 | 13,743 | 17,502 | - | 3,759 | 13,743 | 17,502 | - | 12/23/14 | 2007 | ||||||||||||||||||||||||||||||||||
TOTAL SEATTLE MARKET | 21 | 24,164 | 51,024 | 130,404 | 181,428 | 8,050 | 51,015 | 138,463 | 189,478 | (29,067 | ) | |||||||||||||||||||||||||||||||||||
Rancho Technology Park | 1 | - | 2,790 | 7,048 | 9,838 | (358 | ) | -2 | 2,790 | 6,690 | 9,480 | (2,113 | ) | 10/16/03 | 2002 | |||||||||||||||||||||||||||||||
Foothill Business Center | 3 | - | 13,315 | 9,112 | 22,427 | (543 | ) | -2 | 13,315 | 8,569 | 21,884 | (3,261 | ) | 12/9/04 | 2000 | |||||||||||||||||||||||||||||||
East Slauson Avenue | 3 | 9,009 | 5,499 | 14,775 | 20,274 | 3,004 | 5,499 | 17,779 | 23,278 | (8,755 | ) | 7/21/05 | 1962-1976 | |||||||||||||||||||||||||||||||||
Airport Circle | 1 | - | 3,098 | 8,368 | 11,466 | 1,358 | 3,098 | 9,726 | 12,824 | (2,893 | ) | 7/21/05 | 1992 | |||||||||||||||||||||||||||||||||
Cota Street | 1 | - | 2,802 | 7,624 | 10,426 | 115 | 2,802 | 7,739 | 10,541 | (2,607 | ) | 7/21/05 | 1987 | |||||||||||||||||||||||||||||||||
Twin Oaks Valley Road | 2 | - | 1,815 | 7,855 | 9,670 | 114 | 1,815 | 7,969 | 9,784 | (2,265 | ) | 7/21/05 | 1978-1988 | |||||||||||||||||||||||||||||||||
Meyer Canyon | 1 | - | 5,314 | 9,929 | 15,243 | 1,758 | 5,608 | 11,393 | 17,001 | (2,929 | ) | 6/30/06 | 2001 | |||||||||||||||||||||||||||||||||
Mira Loma | 1 | - | 7,919 | 6,668 | 14,587 | 206 | 7,919 | 6,874 | 14,793 | (1,465 | ) | 12/23/08 | 1997 | |||||||||||||||||||||||||||||||||
Sycamore Canyon | 2 | - | 6,356 | 36,088 | 42,444 | 1,354 | 6,356 | 37,442 | 43,798 | (9,390 | ) | 9/9/09 | 2007 | |||||||||||||||||||||||||||||||||
Colombard Ct | 1 | 1,939 | 1,264 | 3,237 | 4,501 | (1 | ) | -2 | 1,264 | 3,236 | 4,500 | (1,419 | ) | 7/29/10 | 1990 | |||||||||||||||||||||||||||||||
E Airport Drive | 1 | - | 905 | 2,744 | 3,649 | 4 | 905 | 2,748 | 3,653 | (1,044 | ) | 12/23/10 | 1990 | |||||||||||||||||||||||||||||||||
Truck Courts | 3 | - | 26,392 | 17,267 | 43,659 | 5 | 26,392 | 17,272 | 43,664 | (3,383 | ) | 12/29/10 | 1971-1988 | |||||||||||||||||||||||||||||||||
Haven A | 1 | 7,025 | 5,783 | 19,578 | 25,361 | (2,068 | ) | -2 | 5,783 | 17,510 | 23,293 | (2,550 | ) | 12/31/10 | 2001 | |||||||||||||||||||||||||||||||
Haven G | 1 | 944 | 479 | 1,131 | 1,610 | (190 | ) | -2 | 479 | 941 | 1,420 | (135 | ) | 12/31/10 | 2003 | |||||||||||||||||||||||||||||||
6th and Rochester | 1 | 2,887 | 3,111 | 6,428 | 9,539 | (258 | ) | -2 | 3,088 | 6,193 | 9,281 | (1,811 | ) | 1/4/11 | 2001 | |||||||||||||||||||||||||||||||
Palmyrita | 2 | 6,020 | 3,355 | 8,665 | 12,020 | (990 | ) | -2 | 3,355 | 7,675 | 11,030 | (1,376 | ) | 1/11/11 | 2006 | |||||||||||||||||||||||||||||||
Central Avenue | 1 | - | 3,898 | 4,642 | 8,540 | 1,692 | 3,898 | 6,334 | 10,232 | (1,264 | ) | 1/27/11 | 2011 | |||||||||||||||||||||||||||||||||
Byron Road | 1 | - | 2,042 | 2,715 | 4,757 | 326 | 2,042 | 3,041 | 5,083 | (615 | ) | 4/15/11 | 1972 | |||||||||||||||||||||||||||||||||
Slover | 2 | - | 28,025 | 45,404 | 73,429 | 95 | 28,025 | 45,499 | 73,524 | (1,766 | ) | 7/28/2011-9/17/2012 | 2013-2014 | |||||||||||||||||||||||||||||||||
White Birch | 1 | - | 5,081 | 6,177 | 11,258 | 642 | 5,081 | 6,819 | 11,900 | (1,330 | ) | 7/3/12 | 1984 | |||||||||||||||||||||||||||||||||
Pomona Blvd | 4 | - | 6,524 | 9,630 | 16,154 | 2,273 | 6,524 | 11,903 | 18,427 | (1,932 | ) | 10/31/12 | 1987-1988 | |||||||||||||||||||||||||||||||||
Air Freight Portfolio | 3 | 47,261 | 29,978 | 48,469 | 78,447 | 2,800 | 29,928 | 51,319 | 81,247 | (5,398 | ) | 11/15/12 | 1993-2004 | |||||||||||||||||||||||||||||||||
Sampson | 1 | - | 4,848 | 6,277 | 11,125 | 4 | 4,848 | 6,281 | 11,129 | (849 | ) | 3/20/13 | 2000 | |||||||||||||||||||||||||||||||||
Painter | 2 | - | 8,529 | 10,413 | 18,942 | 144 | 8,529 | 10,557 | 19,086 | (1,609 | ) | 3/20/13 | 1966 | |||||||||||||||||||||||||||||||||
DCT Jurupa Ranch(6) | 0 | - | 24,012 | 2,241 | 26,253 | 808 | 24,012 | 3,049 | 27,061 | (2,242 | ) | 8/19/13 | N/A | |||||||||||||||||||||||||||||||||
4th Street | 1 | - | 3,349 | 6,790 | 10,139 | - | 3,349 | 6,790 | 10,139 | (635 | ) | 10/15/13 | 1988 | |||||||||||||||||||||||||||||||||
Arthur | 1 | - | 4,043 | 6,063 | 10,106 | 69 | 4,043 | 6,132 | 10,175 | (597 | ) | 11/27/13 | 1979 | |||||||||||||||||||||||||||||||||
Rutherford Rd | 1 | - | 5,097 | 8,653 | 13,750 | 7 | 5,097 | 8,660 | 13,757 | (137 | ) | 9/29/14 | 1999 | |||||||||||||||||||||||||||||||||
E. Victoria St | 1 | - | 6,010 | 6,360 | 12,370 | - | 6,010 | 6,360 | 12,370 | (35 | ) | 11/26/14 | 1970 | |||||||||||||||||||||||||||||||||
TOTAL SOUTHERN CALIFORNIA MARKET | 44 | 75,085 | 221,633 | 330,351 | 551,984 | 12,370 | 221,854 | 342,500 | 564,354 | (65,805 | ) | |||||||||||||||||||||||||||||||||||
SUB TOTAL CONSOLIDATED OPERATING PROPERTIES | 393 | 233,041 | 841,019 | 2,621,477 | 3,462,496 | 172,791 | 841,621 | 2,793,666 | 3,635,287 | (702,333 | ) | |||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company(4) | Gross Amount Carried at 12/31/2014 | |||||||||||||||||||||||||||||||||||||||||||||
Property | Number of | Encum- | Land | Building and | Total | Costs | Land | Building & | Total | Accumulated | Acquisition | Year | ||||||||||||||||||||||||||||||||||
Buildings | brances (5) | Improvements (1) | Costs | Capitalized | Improvements (1) | Costs | Depreciation (6) | Date | Built | |||||||||||||||||||||||||||||||||||||
Subsequent to Acquisition | (3)(6) | |||||||||||||||||||||||||||||||||||||||||||||
7050 Bennington | 1 | - | 1,091 | 4,167 | 5,258 | 1,610 | 1,091 | 5,777 | 6,868 | - | 8/4/14 | 1999 | ||||||||||||||||||||||||||||||||||
777 Mark Street | 1 | - | 5,701 | 5,681 | 11,382 | 1,292 | 5,701 | 6,973 | 12,674 | - | 8/25/14 | 1986 | ||||||||||||||||||||||||||||||||||
9010 Sterling St | 1 | - | 699 | 1,241 | 1,940 | 106 | 707 | 1,339 | 2,046 | (5 | ) | 12/8/14 | 1982 | |||||||||||||||||||||||||||||||||
2413 Prospect | 1 | - | 4,258 | 12,548 | 16,806 | 238 | 4,258 | 12,786 | 17,044 | - | 12/30/14 | 1999 | ||||||||||||||||||||||||||||||||||
930 New Durham Rd | 1 | - | 1,962 | 2,361 | 4,323 | 521 | 1,970 | 2,874 | 4,844 | (2 | ) | 10/8/14 | 1984 | |||||||||||||||||||||||||||||||||
1700 Desoto Place | 1 | - | 2,255 | 4,340 | 6,595 | 860 | 2,255 | 5,200 | 7,455 | (1,500 | ) | 7/1/11 | 1982 | |||||||||||||||||||||||||||||||||
Properties under redevelopment | 6 | - | 15,966 | 30,338 | 46,304 | 4,627 | 15,982 | 34,949 | 50,931 | (1,507 | ) | |||||||||||||||||||||||||||||||||||
DCT Beltway Tanner Business Park | 1 | - | 3,360 | - | 3,360 | 15,300 | 3,360 | 15,300 | 18,660 | - | ||||||||||||||||||||||||||||||||||||
DCT Sumner South Distribution Center | 1 | - | 2,891 | - | 2,891 | 8,762 | 2,891 | 8,762 | 11,653 | - | ||||||||||||||||||||||||||||||||||||
8th & Vineyard Land C | 0 | - | 713 | - | 713 | 2,657 | 713 | 2,657 | 3,370 | - | ||||||||||||||||||||||||||||||||||||
8th & Vineyard Land E | 0 | - | 549 | - | 549 | 2,433 | 549 | 2,433 | 2,982 | - | ||||||||||||||||||||||||||||||||||||
8th & Vineyard Land D | 0 | - | 959 | - | 959 | 3,314 | 959 | 3,314 | 4,273 | - | ||||||||||||||||||||||||||||||||||||
DCT White River Corporate Center Phase I | 1 | - | 8,639 | - | 8,639 | 31,117 | 8,639 | 31,117 | 39,756 | - | ||||||||||||||||||||||||||||||||||||
DCT Rialto Logistics Center | 0 | - | 19,230 | - | 19,230 | 31,646 | 19,230 | 31,646 | 50,876 | - | ||||||||||||||||||||||||||||||||||||
DCT River West | 0 | - | 2,857 | - | 2,857 | 15,625 | 2,857 | 15,625 | 18,482 | - | ||||||||||||||||||||||||||||||||||||
DCT White River Corporate Center Phase II South | 0 | - | 816 | - | 816 | 3,778 | 816 | 3,778 | 4,594 | - | ||||||||||||||||||||||||||||||||||||
DCT Airtex Industrial Center II | 1 | - | 1,181 | - | 1,181 | 5,754 | 1,181 | 5,754 | 6,935 | - | ||||||||||||||||||||||||||||||||||||
DCT Northwest Crossroads Logistics Centre I | 0 | - | 3,201 | - | 3,201 | 13,178 | 3,201 | 13,178 | 16,379 | - | ||||||||||||||||||||||||||||||||||||
DCT Northwest Crossroads Logistics Centre II | 0 | - | 2,809 | - | 2,809 | 6,456 | 2,809 | 6,456 | 9,265 | - | ||||||||||||||||||||||||||||||||||||
DCT Airport Distribution Center North Building C | 1 | - | 674 | - | 674 | 4,132 | 674 | 4,132 | 4,806 | - | ||||||||||||||||||||||||||||||||||||
DCT Freeport North | 0 | - | 1,068 | - | 1,068 | 4,518 | 1,068 | 4,518 | 5,586 | - | ||||||||||||||||||||||||||||||||||||
7220 North Sam Houston Parkway West | 1 | - | 2,752 | 3,080 | 5,832 | 215 | 2,752 | 3,295 | 6,047 | - | ||||||||||||||||||||||||||||||||||||
7330 North Sam Houston Parkway West | 1 | - | 4,226 | 4,772 | 8,998 | 324 | 4,226 | 5,096 | 9,322 | - | ||||||||||||||||||||||||||||||||||||
DCT Fife 45 North | 0 | - | 1,117 | - | 1,117 | 3,735 | 1,117 | 3,735 | 4,852 | - | ||||||||||||||||||||||||||||||||||||
DCT Fife 45 South | 0 | - | 860 | - | 860 | 2,409 | 860 | 2,409 | 3,269 | - | ||||||||||||||||||||||||||||||||||||
DCT Frankford Trade Center | 0 | - | 998 | - | 998 | 3,693 | 998 | 3,693 | 4,691 | - | ||||||||||||||||||||||||||||||||||||
DCT O'Hare Logistics Center | 0 | - | 4,035 | - | 4,035 | 699 | 4,035 | 699 | 4,734 | - | ||||||||||||||||||||||||||||||||||||
DCT Chrin Commerce Centre | 0 | - | 6,250 | - | 6,250 | 5,152 | 6,250 | 5,152 | 11,402 | - | ||||||||||||||||||||||||||||||||||||
Properties under development | 7 | - | 69,185 | 7,852 | 77,037 | 164,897 | 69,185 | 172,749 | 241,934 | - | ||||||||||||||||||||||||||||||||||||
DCT White River Corporate Center Phase II North | 0 | - | 3,810 | - | 3,810 | 2,857 | 3,810 | 2,857 | 6,667 | - | ||||||||||||||||||||||||||||||||||||
DCT Fife Distribution Center North | 0 | - | 2,591 | - | 2,591 | 1,022 | 2,591 | 1,022 | 3,613 | - | ||||||||||||||||||||||||||||||||||||
DCT Fife Distribution Center South | 0 | - | 3,411 | - | 3,411 | 1,714 | 3,411 | 1,714 | 5,125 | - | ||||||||||||||||||||||||||||||||||||
DCT Waters Ridge | 0 | - | 1,784 | - | 1,784 | 33 | 1,784 | 33 | 1,817 | - | ||||||||||||||||||||||||||||||||||||
6400 Hollister Road - Expansion | 0 | - | 495 | - | 495 | - | 495 | - | 495 | - | ||||||||||||||||||||||||||||||||||||
Seneca Commerce Center Phase I | 0 | - | 1,421 | - | 1,421 | 1,378 | 1,421 | 1,378 | 2,799 | - | ||||||||||||||||||||||||||||||||||||
Seneca Commerce Center Phase II | 0 | - | 1,222 | - | 1,222 | 246 | 1,222 | 246 | 1,468 | - | ||||||||||||||||||||||||||||||||||||
Seneca Commerce Center Phase III | 0 | - | 1,137 | - | 1,137 | 232 | 1,137 | 232 | 1,369 | - | ||||||||||||||||||||||||||||||||||||
DCT Airport Distribution Center North Building D | 0 | - | 612 | - | 612 | 560 | 612 | 560 | 1,172 | - | ||||||||||||||||||||||||||||||||||||
Stonefield Industrial Park-Lnd | 0 | - | 4,959 | - | 4,959 | 6 | 4,959 | 6 | 4,965 | - | ||||||||||||||||||||||||||||||||||||
DCT Jurupa Ranch Land | 0 | - | 2,733 | - | 2,733 | - | 2,733 | - | 2,733 | - | ||||||||||||||||||||||||||||||||||||
Properties in pre-development including land held | - | - | 24,175 | - | 24,175 | 8,048 | 24,175 | 8,048 | 32,223 | - | ||||||||||||||||||||||||||||||||||||
GRAND TOTAL CONSOLIDATED | 406 | $ | 233,041 | $ | 950,345 | $ | 2,659,667 | $ | 3,610,012 | $ | 350,363 | $ | 950,963 | $ | 3,009,412 | $ | 3,960,375 | $ | (703,840 | ) | ||||||||||||||||||||||||||
(1) | Included in Building & Improvements are intangible lease assets and construction in progress. | |||||||||||||||||||||||||||||||||||||||||||||
(2) | Generally these reductions in basis include one or more of the following: i) payments received from seller under master lease agreements and pursuant to GAAP, rental and expense recovery payments under master lease agreements are reflected as a reduction of the basis of the underlying property rather than revenues; ii) write-offs of fixed asset balances due to early lease terminations by contracted customers; iii) write-offs of fully amortized lease related intangible assets and improvements; iv) write-offs of fully amortized tenant leasing costs; and v) other miscellaneous basis adjustments. | |||||||||||||||||||||||||||||||||||||||||||||
(3) | As of December 31, 2014, the aggregate cost for federal income tax purposes of investments in real estate was approximately $3.6 billion. | |||||||||||||||||||||||||||||||||||||||||||||
-4 | For properties developed by DCT, development costs capitalized prior to substantial completion of the properties are included in Initial Costs to Company. | |||||||||||||||||||||||||||||||||||||||||||||
(5) | Reconciliation of total debt to consolidated balance sheet caption as of December 31, 2014: | |||||||||||||||||||||||||||||||||||||||||||||
Total per Schedule III | $ | 233,041 | ||||||||||||||||||||||||||||||||||||||||||||
Unencumbered mortgage notes (secured by letters of credit until substitution properties are encumbered) | 11,373 | |||||||||||||||||||||||||||||||||||||||||||||
Premiums, net of amortization | 5,010 | |||||||||||||||||||||||||||||||||||||||||||||
Total mortgage notes | $ | 249,424 | ||||||||||||||||||||||||||||||||||||||||||||
(6) | A summary of activity for real estate and accumulated depreciation for the year ended December 31, 2014 is as follows: | |||||||||||||||||||||||||||||||||||||||||||||
Investments in properties: | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 3,671,051 | ||||||||||||||||||||||||||||||||||||||||||||
Assets held for sale | 11,383 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year, including held for sale | 3,682,434 | |||||||||||||||||||||||||||||||||||||||||||||
Acquisition of properties | 404,646 | |||||||||||||||||||||||||||||||||||||||||||||
Improvements, including development properties | 223,126 | |||||||||||||||||||||||||||||||||||||||||||||
Divestiture of properties | (323,773 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Improvements, intangibles, tenant leasing cost write-offs | (25,379 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Impairments | (5,635 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Other adjustments | 4,956 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at end of year, including held for sale | $ | 3,960,375 | ||||||||||||||||||||||||||||||||||||||||||||
Assets held for sale | - | |||||||||||||||||||||||||||||||||||||||||||||
Balance at end of year, excluding held for sale | $ | 3,960,375 | ||||||||||||||||||||||||||||||||||||||||||||
Accumulated depreciation and amortization: | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | (654,097 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Assets held for sale | (3,474 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year, including held for sale | $ | (657,571 | ) | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense, including discontinued operations | (149,395 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Divestiture of properties | 79,221 | |||||||||||||||||||||||||||||||||||||||||||||
Improvements, intangibles, tenant leasing cost write-offs | 25,379 | |||||||||||||||||||||||||||||||||||||||||||||
Other adjustments | (1,474 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of year, including held for sale | $ | (703,840 | ) | |||||||||||||||||||||||||||||||||||||||||||
Assets held for sale | - | |||||||||||||||||||||||||||||||||||||||||||||
Balance at end of year, excluding held for sale | $ | (703,840 | ) | |||||||||||||||||||||||||||||||||||||||||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
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. | |||||
All square feet, acres, occupancy, number of properties, number of customers and total projected investment disclosed in the notes to the Consolidated Financial Statements are unaudited. | |||||
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 generally accepted accounting principles (“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 | 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. | |||||
Capitalization Of Costs | Capitalization of Costs | ||||
We capitalize costs directly related to the development, pre-development, redevelopment or improvement of our investment in real estate, referred to as capital projects and other activities included within this paragraph. Costs associated with our capital projects are capitalized as incurred. If the project is abandoned, these costs are expensed during the period in which the project is abandoned. Costs considered for capitalization include, but are not limited to, construction costs, interest, real estate taxes and insurance, if appropriate. We capitalize indirect costs such as personnel, office and administrative expenses that are directly related to our development projects based on an estimate of the time spent on the construction and development activities. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress and such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. We determine when the capitalization period begins and ends through communication with project and other managers responsible for the tracking and oversight of individual projects. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. In addition, we capitalize initial direct costs incurred for successful origination of new leases. Costs incurred for maintaining and repairing our properties, which do not extend their useful lives, are expensed as incurred. | |||||
Interest is capitalized based on actual capital expenditures from the period when development or redevelopment commences until the asset is ready for its intended use, at the weighted average borrowing rate during the period. We also capitalize interest on our qualifying investments in unconsolidated joint ventures based on the average capital invested in a venture during the period when the venture has activities in progress necessary to commence its planned principal operations, at our weighted average borrowing rate during the period. A “qualifying investment” is an investment in an unconsolidated joint venture provided that our investee’s activities include the use of funds to acquire qualifying assets, such as development or predevelopment activities, and planned principal operations have not commenced. | |||||
Discontinued Operations and Assets Held for Sale | Discontinued Operations and Assets Held for Sale | ||||
We classify certain properties and related assets and liabilities as held for sale when certain criteria are met. At such time, the respective assets and liabilities are presented separately on our Consolidated Balance Sheets. We include liabilities related to assets held for sale that will be transferred in the transaction in “Liabilities related to assets held for sale.” Assets held for sale are reported at the lower of carrying value or estimated fair value less estimated costs to sell. | |||||
Effective January 1, 2014, we adopted accounting standard update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, for all properties not previously sold or classified as held for sale. ASU 2014-08 revised the reporting requirements to only allow a component of an entity, or group of components of an entity, to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Prior to January 1, 2014, properties identified as held for sale and/or disposed of are presented in discontinued operations for all periods presented. | |||||
Gains on sales of real estate assets are recognized if the specific transaction terms meet the various sale recognition criteria as defined by GAAP. If the criteria are not met, we defer the gain until such time that the criteria for sale recognition have been met. Net gains on sales and any impairment losses associated with assets held for sale are presented in continuing operations when recognized. | |||||
Fair Value | Fair Value | ||||
GAAP establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants. The guidance establishes a hierarchy for inputs used in measuring fair value based on observable and unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are based on market data obtained from sources independent of DCT. Unobservable inputs are inputs that reflect our assumptions of pricing the asset or liability based on the best information available in the circumstances. The hierarchy is broken down into three levels as follows: | |||||
Level 1: Inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets; | |||||
Level 2: Inputs include quoted prices for similar assets and liabilities in active or inactive markets or that are observable either directly or indirectly for the asset or liability; and | |||||
Level 3: Unobservable inputs are typically based on management’s own assumptions, as there is little, if any, related observable market activity. | |||||
DCT’s assets and liabilities that are measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||||
Investment In Properties | Investment in Properties | ||||
We record the assets, liabilities and noncontrolling interests associated with property acquisitions which qualify as business combinations at their respective acquisition date fair values which are derived using a market, income or replacement cost approach, or combination thereof. Acquisition related costs associated with business combinations are expensed as incurred. As defined by GAAP, a business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs or other economic benefits directly to investors or other owners, members or participants. We do not consider acquisitions of land or unoccupied buildings to be business combinations. Rather, these transactions are treated as asset acquisitions and recorded at cost. | |||||
The fair value of identifiable tangible assets such as land, building, building and land improvements, and tenant improvements is determined on an “as-if-vacant” basis. Management considers Level 3 inputs such as the replacement cost of such assets, appraisals, property condition reports, market data and other related information in determining the fair value of the tangible assets. The difference between the fair value and the face value of debt assumed in connection with an acquisition is recorded as a premium or discount and amortized to “Interest expense” over the life of the debt assumed. The valuation of assumed liabilities is based on the current market rate for similar liabilities. The recorded fair value of intangible lease assets includes Level 3 inputs and represents the value associated with in-place leases which include leasing commissions, legal and other costs, as well as an intangible asset or liability resulting from in-place leases being above or below the market rental rates over the lease term on the date of the acquisition. Intangible lease assets or liabilities are amortized over the reasonably assured lease term of the remaining in-place leases as an adjustment to “Rental revenues” or “Real estate related depreciation and amortization” depending on the nature of the intangible. | |||||
We have certain properties which we have acquired or removed from service with the intention to redevelop the property. Buildings under redevelopment require significant construction activities prior to being placed back into service. We generally do not depreciate properties classified as redevelopment until the date that the redevelopment properties are ready for their intended use. | |||||
Real estate, including land, building, building and land improvements, tenant improvements, leasing costs and intangible lease assets and liabilities are stated at historical cost less accumulated depreciation and amortization, unless circumstances indicate that the cost cannot be recovered, in which case, the carrying value of the property is reduced to its estimated fair value. | |||||
Depreciation And Useful Lives Of Properties | |||||
Depreciation and Useful Lives of Real Estate Assets | |||||
Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the related assets or liabilities. Our ability to assess the useful lives of our real estate assets accurately is critical to the determination of the appropriate amount of depreciation and amortization expense recorded and the carrying values of the underlying assets. Any change to the estimated depreciable lives of these assets would have an impact on the depreciation and amortization expense we recognize. | |||||
The following table reflects the standard depreciable lives generally used to compute depreciation and amortization. However, such depreciable lives may be different based on the estimated useful life of such assets or liabilities. The carrying value of assets sold or retired and the related accumulated depreciation and/or amortization is derecognized and the resulting gain or loss, if any, is recorded during the period in which such sale or retirement occurs. | |||||
Description | Expected Useful Life | ||||
Land | Not depreciated | ||||
Building | 20 – 40 years | ||||
Building and land improvements | 5 – 20 years | ||||
Tenant improvements | Shorter of lease term or useful life | ||||
Leasing costs | Lease term | ||||
Other intangible lease assets | Average term of leases for property | ||||
Above/below market rent assets/liabilities | Reasonably assured lease term | ||||
Depreciation is not recorded on real estate assets currently held for sale, in pre-development, or being developed or redeveloped until the building is substantially completed and ready for its intended use, not later than one year from cessation of major construction activity. | |||||
Impairment Of Properties | Impairment of Properties | ||||
Investments in properties classified as held for use are carried at cost and evaluated for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be recoverable. Examples of such changes in circumstances include the point at which we deem a building to be held for sale, our intended hold period changes, or when a building remains vacant significantly longer than expected. For investments in properties that we intend to hold long-term, the recoverability is based on estimated future undiscounted cash flows. If the asset carrying value is not supported on an undiscounted cash flow basis, the amount of impairment is measured as the difference between the carrying value and the fair value of the asset and is reflected in “Impairment losses” on the Consolidated Statements of Operations. The determination of fair value of real estate assets to be held for use is derived using the discounted cash flow method and involves a number of management assumptions relating to future economic events that could materially affect the determination of the ultimate value, and therefore, the carrying amounts of our real estate. Such assumptions are Level 3 inputs and include, but are not limited to, projected vacancy rates, rental rates, property operating expenses and capital expenditures. The capitalization rate is also a significant driving factor in determining the property valuation and requires management’s judgment of factors such as market knowledge, historical experience, lease terms, customer financial strength, economy, demographics, environment, property location, visibility, age, physical condition and expected return requirements, among other things. The aforementioned factors are taken as a whole by management in determining the valuation of investment property. The valuation is sensitive to the actual results of any of these uncertain factors, either individually or taken as a whole. Should the actual results differ from management’s estimates, the valuation could be negatively affected and may result in additional impairment losses recorded in the Consolidated Financial Statements. | |||||
Investments In And Advances To Unconsolidated Joint Venture | Investments in and Advances to Unconsolidated Joint Ventures | ||||
We account for our investments in and advances to unconsolidated joint ventures under the equity method because we exercise significant influence over, but do not control, these entities. Under the equity method, these investments (including advances to joint ventures) are initially recorded at cost and are subsequently adjusted to reflect our proportionate share of net earnings or losses of each of the joint ventures, distributions received, contributions made and certain other adjustments, as appropriate. Such investments are included in “Investments in and advances to unconsolidated joint ventures” in our Consolidated Balance Sheets. Distributions from these investments that are related to cash earnings from operations are included as operating activities and distributions that are related to capital transactions are included as investing activities in our Consolidated Statements of Cash Flows. | |||||
Investment properties that were contributed to unconsolidated joint ventures prior to the adoption of ASU 2014-08 are not considered discontinued operations due to our continuing involvement through maintaining an ownership interest in these investment properties and continuing to act as manager of the assets. We recognize any gains from the contribution of investment properties into an unconsolidated joint venture if the recognition criteria have been met and the cash received is not required to be reinvested. Such gains are recognized to the extent of the outside ownership interest in the joint venture in our Consolidated Statements of Operations under the heading of “Gain on dispositions of real estate interests.” Any gain related to the remaining proceeds reduces our basis in the investment in the unconsolidated joint venture, and is recognized into earnings over the weighted average life of the related property’s real estate assets. We recognize our proportionate share of the ongoing earnings or losses of each unconsolidated joint venture in “Equity in earnings of unconsolidated joint ventures, net” in our Consolidated Statements of Operations. | |||||
Impairment of Investments in and Advances to Unconsolidated Joint Ventures | Impairment of Investments in and Advances to Unconsolidated Joint Ventures | ||||
We evaluate our investments in unconsolidated entities for impairment whenever events or changes in circumstances indicate that there may be an other-than-temporary decline in value. To do so, we calculate the estimated fair value of the investment using a market, income or replacement cost approach, or combination thereof. The amount of impairment recognized, if any, would be the excess of the investment’s carrying amount over its estimated fair value. We consider various factors to determine if a decline in the value of the investment is other-than-temporary. These factors are Level 2 and 3 inputs and include but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, expected term of the investment and the relationships with the other joint venture partners and its lenders. If we believe that the decline in the fair value is temporary, no impairment is recorded. The aforementioned factors are taken as a whole by management in determining the valuation of our investment. Should the actual results differ from management’s estimates, the valuation could be negatively affected and may result in a negative impact on the Consolidated Financial Statements. See Note 4—Investments in and Advances to Unconsolidated Joint Ventures for additional information. | |||||
Cash And Cash Equivalents | Cash and Cash Equivalents | ||||
Cash and cash equivalents include cash held in financial institutions and other highly liquid short-term investments with original maturities of three months or less. We have not realized any losses in our cash and cash equivalents and believe that these short-term instruments are not exposed to any significant credit risk. | |||||
Restricted Cash | Restricted Cash | ||||
Restricted cash consists of escrow deposits held by lenders for real estate taxes, insurance and capital replacement reserves, security deposits and amounts held by intermediary agents to be used for tax-deferred, like-kind exchange transactions. For the year ended December 31, 2013, approximately $8.8 million of restricted cash was included in “Investing Activities” in our Consolidated Statements of Cash Flows related to tax deferred, like-kind exchange transactions. For the year ended December 31, 2014, all funds had been utilized in tax deferred, like-kind exchange transactions. | |||||
Deferred Loan Costs | Deferred Loan Costs | ||||
Deferred loan costs include fees and costs incurred to obtain long-term financing. These fees and costs are amortized to “Interest expense” over the terms of the related loans. Accumulated amortization of deferred loan costs was approximately $8.5 million and $6.3 million as of December 31, 2014 and 2013, respectively. Unamortized deferred loan costs are fully amortized when debt is retired before the maturity. Our interest expense for the years ended December 31, 2014, 2013 and 2012 includes approximately $2.2 million, $2.7 million and $2.1 million for the amortization of loan costs, respectively, including amounts related to discontinued operations. | |||||
Straight-Line Rent And Other Receivables | Straight-line Rent and Other Receivables | ||||
Straight-line rent and other receivables include all straight-line rent and current accounts receivable, net of allowances. We maintain an allowance for estimated losses that may result from the inability of our customers to make required payments. If a customer fails to make contractual payments beyond any allowance, we may recognize additional bad debt expense in future periods equal to the net outstanding balances. As of December 31, 2014 and 2013, our allowance for doubtful accounts was approximately $1.0 million and $2.2 million, respectively. | |||||
Debt | |||||
Debt | |||||
Debt consists of fixed and variable rate secured mortgage notes, senior unsecured notes and bank unsecured credit facilities. Discounts and premiums to the principal amounts are included in the carrying value of debt and amortized to “Interest expense” over the remaining life of the underlying debt. The aggregated premium balance, net of accumulated amortization, was approximately $2.6 million as of December 31, 2014 and 2013. | |||||
Derivative Instruments And Hedging Activities | Derivative Instruments and Hedging Activities | ||||
We may use interest rate swaps to manage certain interest rate risk. We record derivatives at fair value which are presented on a gross basis in “Other assets, net” or “Other liabilities” in our Consolidated Balance Sheets. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. | |||||
Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. | |||||
For derivatives designated as “cash flow” hedges, the effective portion of the changes in the fair value of the derivative is initially reported in “Accumulated other comprehensive loss” in our Consolidated Balance Sheets (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 change 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. | |||||
Comprehensive Income (Loss) | Comprehensive Income (Loss) | ||||
We report comprehensive income (loss) in our Consolidated Statements of Comprehensive Income (Loss). Amounts reported in “Accumulated other comprehensive loss” related to settled hedging transactions will be amortized to “Interest expense” as the hedged forecasted transactions occur. Any ineffectiveness related to our hedging transactions is reported in our Consolidated Statements of Operations. See Note 6 – Financial Instruments and Hedging Activities for additional information. | |||||
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 $9.9 million, $5.3 million and $6.3 million, respectively, for the years ended December 31, 2014, 2013 and 2012. | |||||
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 $76.5 million, $63.8 million and $51.7 million, respectively, for the years ended December 31, 2014, 2013 and 2012. | |||||
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 $2.4 million, $1.6 million and $0.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
Future minimum base rental payment, i.e., cash received for monthly contractual rent, due to us from our customers under the terms of non-cancelable operating leases that have commenced as of December 31, 2014 were as follows (in thousands): | |||||
Year Ended December 31, | Amounts | ||||
2015 | $ | 248,914 | |||
2016 | 221,669 | ||||
2017 | 183,342 | ||||
2018 | 143,447 | ||||
2019 | 112,324 | ||||
Thereafter | 299,406 | ||||
Total | $ | 1,209,102 | |||
The schedule does not reflect future rental revenues from the potential renewal or replacement of existing and future leases and excludes tenant recovery income. Additionally, leases where the tenant can terminate the lease with short-term notice are not included. | |||||
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. During the years ended December 31, 2014, 2013 and 2012, early lease termination fees were $2.1 million, $1.3 million and $0.6 million, 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. | |||||
Stock-Based Compensation | Stock-Based Compensation | ||||
On October 10, 2006, we established the Long-Term Incentive Plan, as amended, to grant restricted stock, LTIP Units, stock options and other awards to our personnel and directors. 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. | |||||
Income And Other Taxes | Income and Other Taxes | ||||
We have elected to be taxed as a REIT, as defined under the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, we generally will not be subject to U.S. federal income taxes on our net income that is distributed to our stockholders if we distribute at least 90% of our REIT taxable income to our stockholders. REITs are also subject to a number of other organizational and operational requirements. If we fail to qualify as a REIT in any taxable year, our taxable income will be subject to U.S. federal income tax at regular corporate rates (including any applicable alternative minimum tax). Even if we qualify as a REIT, we may be subject to certain U.S. federal, state and local and non-U.S. income taxes. We also will be required to pay a 100% tax on non-arm’s length transactions between us and our taxable REIT subsidiary and on any net income from gain on property that was held for sale to customers in the ordinary course of business. | |||||
Certain of our operations (property management, asset ownership or management, sales of certain assets, etc.) may be conducted through taxable REIT subsidiaries, which are subsidiaries of the operating partnership and each of which we refer to as a TRS. A TRS is a C-corporation for which a REIT and its subsidiary C-corporation have jointly elected for the C-corporation to be a taxable REIT subsidiary of the REIT and therefore is subject to U.S. federal corporate income tax. | |||||
For our taxable REIT subsidiaries, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for U.S federal income tax purposes, as well as interest and loss carryforwards, and are measured using current enacted tax rates and laws that are expected to be in effect when the differences reverse. We reduce deferred tax assets by recording a valuation allowance when we determine based on available evidence that it is more likely than not that the assets will not be realized. | |||||
The Company recognizes penalties and interest accrued related to unrecognized tax benefits, if any, as income tax expense. To the extent interest and penalties are not assessed with respect to uncertain tax positions, amounts accrued will be reduced and reflected as a reduction of the overall income tax expense. We had no interest expense or penalties related to unrecognized tax benefits for the years ended December 31, 2014, 2013 or 2012. | |||||
We recognize tax benefits of uncertain tax positions only if it is more likely than not that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of December 31, 2014 and 2013, there were no unrecognized tax benefits. We do not anticipate a significant change to the total amount of unrecognized tax benefits within the next 12 months. Our federal income tax returns and income tax returns for various state and local jurisdictions are subject to examination by the Internal Revenue Service for the year ended December 31, 2010 and subsequent years. | |||||
New Accounting Standards | New Accounting Standards | ||||
In February 2013, the Financial Accounting Standards Board (the “FASB”) issued an accounting standard update that requires disclosure of the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount is required under GAAP to be reclassified in its entirety to net income. Additionally, the update requires disclosure of changes in each component of other comprehensive income (“OCI”). The disclosure requirements were retroactively effective for us on January 1, 2013. As this guidance only requires expanded disclosure, the adoption did not have any impact on our Consolidated Financial Statements. | |||||
In April 2014, the FASB issued an 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. | |||||
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. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Schedule Of Standard Depreciable Life | |||||
Description | Expected Useful Life | ||||
Land | Not depreciated | ||||
Building | 20 – 40 years | ||||
Building and land improvements | 5 – 20 years | ||||
Tenant improvements | Shorter of lease term or useful life | ||||
Leasing costs | Lease term | ||||
Other intangible lease assets | Average term of leases for property | ||||
Above/below market rent assets/liabilities | Reasonably assured lease term | ||||
Future Minimum Base Rental Payments | |||||
Year Ended December 31, | Amounts | ||||
2015 | $ | 248,914 | |||
2016 | 221,669 | ||||
2017 | 183,342 | ||||
2018 | 143,447 | ||||
2019 | 112,324 | ||||
Thereafter | 299,406 | ||||
Total | $ | 1,209,102 | |||
Investment_In_Properties_Table
Investment In Properties (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Schedule Of Investment In Properties | |||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Operating properties | $ | 3,635,287 | $ | 3,442,442 | |||||||||||||||||||||||
Properties under development | 241,934 | 142,903 | |||||||||||||||||||||||||
Properties under redevelopment | 50,931 | 12,194 | |||||||||||||||||||||||||
Properties in pre-development including land held | 32,223 | 73,512 | |||||||||||||||||||||||||
Total Investment in Properties | 3,960,375 | 3,671,051 | |||||||||||||||||||||||||
Less accumulated depreciation and amortization | (703,840 | ) | (654,097 | ) | |||||||||||||||||||||||
Net Investment in Properties | $ | 3,256,535 | $ | 3,016,954 | |||||||||||||||||||||||
Schedule Of Intangible Lease Assets | Our intangible lease assets and liabilities included the following as of December 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||
Gross | Accumulated | Net | Weighted Average Remaining Life (In Years) | Gross | Accumulated | Net | |||||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||||
Other intangible lease assets | $ | 81,996 | $ | (33,031 | ) | $ | 48,965 | $ | 4 | $ | 77,383 | $ | (27,668 | ) | $ | 49,715 | |||||||||||
Above market rent | $ | 4,519 | $ | (1,773 | ) | $ | 2,746 | $ | 3 | $ | 5,375 | $ | (1,761 | ) | $ | 3,614 | |||||||||||
Below market rent | $ | (30,266 | ) | $ | 7,326 | $ | (22,940 | ) | $ | 9 | $ | (26,562 | ) | $ | 6,173 | $ | (20,389 | ) | |||||||||
Schedule Of Estimated Amortization Of Intangible Lease Assets And Above/Below Market Rents | |||||||||||||||||||||||||||
Estimated Net Increase | |||||||||||||||||||||||||||
Estimated | to Rental Revenues | ||||||||||||||||||||||||||
Net Amortization of | Related to Above and | ||||||||||||||||||||||||||
For the Period Ended December 31, | Lease Intangible Assets | Below Market Rents | |||||||||||||||||||||||||
2015 | $ | 12,634 | $ | 2,623 | |||||||||||||||||||||||
2016 | 10,067 | 2,308 | |||||||||||||||||||||||||
2017 | 7,851 | 1,949 | |||||||||||||||||||||||||
2018 | 5,512 | 1,405 | |||||||||||||||||||||||||
2019 | 4,177 | 991 | |||||||||||||||||||||||||
Thereafter | 8,724 | 10,918 | |||||||||||||||||||||||||
Total | $ | 48,965 | $ | 20,194 | |||||||||||||||||||||||
2014 Disposition Activity [Member] | |||||||||||||||||||||||||||
Summary Of Disposition Activity | |||||||||||||||||||||||||||
Market | Number of | Square Feet | |||||||||||||||||||||||||
Buildings | |||||||||||||||||||||||||||
East Operating Segment | Atlanta | 3 | 288,000 | ||||||||||||||||||||||||
Baltimore/Washington D.C. | 3 | 347,000 | |||||||||||||||||||||||||
New Jersey | 5 | 542,000 | |||||||||||||||||||||||||
Pennsylvania | 1 | 112,000 | |||||||||||||||||||||||||
Central Operating Segment | Chicago | 3 | 421,000 | ||||||||||||||||||||||||
Cincinnati | 2 | 840,000 | |||||||||||||||||||||||||
Columbus | 12 | 3,480,000 | |||||||||||||||||||||||||
Dallas | 1 | 21,000 | |||||||||||||||||||||||||
Houston | 7 | 354,000 | |||||||||||||||||||||||||
Total | 37 | 6,405,000 | |||||||||||||||||||||||||
2013 Disposition Activity [Member] | |||||||||||||||||||||||||||
Summary Of Disposition Activity | |||||||||||||||||||||||||||
Market | Number of | Square Feet | |||||||||||||||||||||||||
Buildings | |||||||||||||||||||||||||||
East Operating Segment | Atlanta | 1 | 578,000 | ||||||||||||||||||||||||
Memphis | 2 | 1,439,000 | |||||||||||||||||||||||||
Central Operating Segment | Cincinnati | 1 | 710,000 | ||||||||||||||||||||||||
Dallas | 17 | 640,000 | |||||||||||||||||||||||||
Louisville | 1 | 221,000 | |||||||||||||||||||||||||
Mexico | 15 | 1,653,000 | |||||||||||||||||||||||||
San Antonio | 13 | 1,177,000 | |||||||||||||||||||||||||
West Operating Segment | Northern California | 1 | 396,000 | ||||||||||||||||||||||||
Total | 51 | 6,814,000 | |||||||||||||||||||||||||
2014 Acquisition Activity [Member] | |||||||||||||||||||||||||||
Summary Of Acquisitions | |||||||||||||||||||||||||||
Market | Number of | Square Feet | |||||||||||||||||||||||||
Buildings | |||||||||||||||||||||||||||
East Operating Segment | Atlanta | 1 | 151,000 | ||||||||||||||||||||||||
Baltimore/Washington D.C. | 1 | 120,000 | |||||||||||||||||||||||||
Miami | 1 | 75,000 | |||||||||||||||||||||||||
New Jersey | 1 | 63,000 | |||||||||||||||||||||||||
Central Operating Segment | Chicago | 7 | 2,391,000 | ||||||||||||||||||||||||
Dallas | 3 | 201,000 | |||||||||||||||||||||||||
Houston | 5 | 537,000 | |||||||||||||||||||||||||
West Operating Segment | Northern California | 1 | 750,000 | ||||||||||||||||||||||||
Phoenix | 6 | 465,000 | |||||||||||||||||||||||||
Seattle | 8 | 602,000 | |||||||||||||||||||||||||
Southern California | 2 | 213,000 | |||||||||||||||||||||||||
Total | 36 | 5,568,000 | |||||||||||||||||||||||||
2013 Acquisition Activity [Member] | |||||||||||||||||||||||||||
Summary Of Acquisitions | |||||||||||||||||||||||||||
Market | Number of | Square Feet | |||||||||||||||||||||||||
Buildings | |||||||||||||||||||||||||||
East Operating Segment | Atlanta | 4 | 684,000 | ||||||||||||||||||||||||
Charlotte | 1 | 472,000 | |||||||||||||||||||||||||
Miami | 1 | 211,000 | |||||||||||||||||||||||||
New Jersey | 2 | 308,000 | |||||||||||||||||||||||||
Pennsylvania | 5 | 1,275,000 | |||||||||||||||||||||||||
Central Operating Segment | Chicago | 9 | 2,209,000 | ||||||||||||||||||||||||
Dallas | 4 | 506,000 | |||||||||||||||||||||||||
Houston | 1 | 88,000 | |||||||||||||||||||||||||
West Operating Segment | Northern California | 2 | 439,000 | ||||||||||||||||||||||||
Phoenix | 3 | 308,000 | |||||||||||||||||||||||||
Seattle | 1 | 39,000 | |||||||||||||||||||||||||
Southern California | 5 | 583,000 | |||||||||||||||||||||||||
Total | 38 | 7,122,000 | |||||||||||||||||||||||||
Investments_In_And_Advances_To1
Investments In And Advances To Unconsolidated Joint Ventures (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | |||||||||||||||||
Investments In And Advances To Unconsolidated Joint Ventures | The following table summarizes our unconsolidated joint ventures as of December 31, 2014 and December 31, 2013 (dollars in thousands): | ||||||||||||||||
Investments in and | |||||||||||||||||
As of December 31, 2014 | Advances to as of | ||||||||||||||||
Ownership | Number of | December 31, | December 31, | ||||||||||||||
Unconsolidated Joint Ventures | Percentage | Buildings | 2014 | 2013 | |||||||||||||
Institutional Joint Ventures: | |||||||||||||||||
DCT/SPF Industrial Operating LLC | 20 | % | 13 | $ | 39,744 | $ | 41,253 | ||||||||||
TRT-DCT Venture I(1) | 0 | % | - | - | 823 | ||||||||||||
TRT-DCT Venture II(1) | 0 | % | - | - | 1,847 | ||||||||||||
TRT-DCT Venture III | 10 | % | 4 | 1,196 | 1,197 | ||||||||||||
Total Institutional Joint Ventures | 17 | 40,940 | 45,120 | ||||||||||||||
Other: | |||||||||||||||||
Stirling Capital Investments (SCLA)(2) | 50 | % | 6 | 45,342 | 47,978 | ||||||||||||
IDI/DCT, LLC | 50 | % | 1 | 4,363 | 27,735 | ||||||||||||
IDI/DCT Buford, LLC (land only) | 75 | % | - | 4,083 | 4,090 | ||||||||||||
Total Other | 7 | 53,788 | 79,803 | ||||||||||||||
Total | 24 | $ | 94,728 | $ | 124,923 | ||||||||||||
-1 | Our interests in the unconsolidated joint venture were liquidated as of December 31, 2014. | ||||||||||||||||
-2 | Although we contributed 100% of the initial cash equity capital required by the venture, our partners retain certain participant rights in the ventures available cash flows. | ||||||||||||||||
Schedule Combined Financial Information For Unconsolidated Joint Ventures | The following table provides unaudited selected combined financial information for unconsolidated joint ventures as of and for the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Real estate, net of accumulated depreciation | $ | 345,005 | $ | 528,130 | $ | 630,478 | |||||||||||
Total assets | $ | 360,200 | $ | 548,833 | $ | 651,971 | |||||||||||
Notes payable | $ | 102,468 | $ | 191,100 | $ | 272,948 | |||||||||||
Total liabilities | $ | 110,432 | $ | 202,620 | $ | 287,046 | |||||||||||
Partners’ capital | $ | 249,768 | $ | 346,213 | $ | 364,925 | |||||||||||
Rental revenues | $ | 39,882 | $ | 54,363 | $ | 66,052 | |||||||||||
Operating expenses | $ | 8,748 | $ | 13,677 | $ | 16,343 | |||||||||||
Depreciation expense | $ | 17,703 | $ | 25,300 | $ | 33,734 | |||||||||||
Interest expense | $ | 4,727 | $ | 11,686 | $ | 22,117 | |||||||||||
Net income (loss) | $ | 6,834 | $ | (1,090 | ) | $ | (3,688 | ) | |||||||||
Our aggregate investment in these unconsolidated joint ventures at December 31, 2014 and 2013 of approximately $94.7 million and $124.9 million, respectively, exceeds our share of the underlying equity in the net assets of the joint ventures by approximately $14.2 million and $14.7 million, respectively, primarily due to costs incurred in connection with the ventures and capitalized interest prior to commencement of plan principal operations. |
Outstanding_Indebtedness_Table
Outstanding Indebtedness (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Schedule Of Outstanding Indebtedness | Our outstanding indebtedness as of December 31, 2014 and 2013 is summarized below (in thousands): | ||||||||||||||||
As of December 31, | |||||||||||||||||
Interest Rate (1) | Maturity Date | 2014 | 2013 | ||||||||||||||
Senior Unsecured Notes: | |||||||||||||||||
9 year, fixed rate | 5.43% | 20-Apr | $ | 50,000 | $ | 50,000 | |||||||||||
10 year, fixed rate(2) | 5.77% | 16-Apr | 50,000 | 50,000 | |||||||||||||
Private Placement 5 year, fixed rate | 5.63% | 15-Jun | 40,000 | 40,000 | |||||||||||||
Private Placement 7 year, fixed rate | 6.31% | 17-Jun | 51,000 | 51,000 | |||||||||||||
Private Placement 8 year, fixed rate | 6.52% | 18-Jun | 41,500 | 41,500 | |||||||||||||
Private Placement 11 year, fixed rate | 6.95% | 21-Jun | 77,500 | 77,500 | |||||||||||||
2011 Private Placement 5 year, fixed rate | 4.02% | 16-Aug | 49,000 | 49,000 | |||||||||||||
2011 Private Placement 7 year, fixed rate | 4.69% | 18-Aug | 40,000 | 40,000 | |||||||||||||
2011 Private Placement 8 year, fixed rate | 4.97% | 19-Aug | 46,000 | 46,000 | |||||||||||||
2011 Private Placement 10 year, fixed rate | 5.42% | 21-Aug | 15,000 | 15,000 | |||||||||||||
2011 Private Placement 11 year, fixed rate | 5.50% | 22-Aug | 40,000 | 40,000 | |||||||||||||
2011 Private Placement 12 year, fixed rate | 5.57% | 23-Aug | 35,000 | 35,000 | |||||||||||||
2012 Private Placement 10yr, fixed rate(2) | 4.21% | 22-Sep | 90,000 | 90,000 | |||||||||||||
2013 Bonds, 10 year, fixed rate(2) | 4.50% | 23-Oct | 275,000 | 275,000 | |||||||||||||
Mortgage Secured Notes: | |||||||||||||||||
1700 Desoto | 6.00% | 14-Apr | - | 3,264 | |||||||||||||
10 year, fixed rate(2) | 5.31% | 15-Jan | - | 44,566 | |||||||||||||
Cargo Ventures | 5.77% | 16-Feb | 51,83 | 7 | 52,971 | ||||||||||||
116 Lehigh Drive(4) | 6.08% | 16-Aug | - | 4,453 | |||||||||||||
1725 Puyallup Street | 6.11% | 17-Apr | 3,633 | - | |||||||||||||
6740 Dorsey | 5.62% | 17-Jun | 8,200 | - | |||||||||||||
State Highway 225 | 6.25% | 17-Aug | 5,754 | 5,893 | |||||||||||||
Shelby 4 | 7.40% | 17-Dec | 470 | 609 | |||||||||||||
Miami Commerce Center | 6.91% | 18-Oct | 2,405 | 2,948 | |||||||||||||
Cabot | 6.17% | 19-Feb | 49,559 | 50,357 | |||||||||||||
Cabot(2) | 6.11% | 20-Feb | 64,614 | 66,387 | |||||||||||||
6400 Hollister | 6.70% | 20-Apr | 6,394 | - | |||||||||||||
7425 Pinemont | 6.25% | 20-Jul | 2,450 | 2,488 | |||||||||||||
1625 Rollins Road | 4.25% | 21-Dec | 18,520 | 19,021 | |||||||||||||
Haven A | 7.29% | 22-Oct | 7,025 | 7,676 | |||||||||||||
Shelby 19 | 6.72% | 22-Nov | 7,468 | 8,171 | |||||||||||||
Haven G | 4.72% | 23-Jun | 944 | 965 | |||||||||||||
740 Palmyrita | 4.72% | 23-Jun | 6,020 | 6,155 | |||||||||||||
6th & Rochester | 4.96% | 23-Aug | 2,887 | 3,147 | |||||||||||||
Mohawk(5) | 5.75% | 25-Aug | - | 6,650 | |||||||||||||
1555 Oakley Industrial Blvd | 5.75% | 25-Aug | 6,234 | - | |||||||||||||
Total | 1,144,414 | 1,185,721 | |||||||||||||||
Premiums/Discounts, Net of Amortization | N/A | 2,631 | 2,646 | ||||||||||||||
Total Senior Unsecured Notes and Mortgage Notes, net | N/A | 1,147,045 | 1,188,367 | ||||||||||||||
Bank Unsecured Credit Facilities | |||||||||||||||||
Senior unsecured revolving credit facility | 1.34% | 17-Feb | 37,000 | 39,000 | |||||||||||||
2018 Term loan, variable | 1.51% | 18-Feb | 225,000 | 225,000 | |||||||||||||
Total Bank Unsecured Credit Facilities | N/A | 262,000 | 264,000 | ||||||||||||||
Total Carrying Value of Debt | N/A | $ | 1,409,045 | $ | 1,452,367 | ||||||||||||
Fixed Rate Debt(3) | 5.32% | $ | 1,144,414 | $ | 1,185,721 | ||||||||||||
Premiums/Discounts, Net of Amortization | N/A | 2,631 | 2,646 | ||||||||||||||
Variable Rate Debt(3) | 1.49% | 262,000 | 264,000 | ||||||||||||||
Total Carrying Value of Debt | N/A | $ | 1,409,045 | $ | 1,452,367 | ||||||||||||
(footnotes on following page) | |||||||||||||||||
(1) | Interest rates for fixed rate debt are stated rates. Interest rates for variable rate debt are the interest rate charged as of the last payment in 2014. | ||||||||||||||||
(2) | We settled certain derivative instruments related to these notes and the settlement amount of these derivative instruments are amortized to interest expense over the life of the assigned notes. | ||||||||||||||||
(3) | Weighted average interest rates are based upon outstanding balances as of December 31, 2014. | ||||||||||||||||
-4 | The mortgage note was paid off upon the disposal of the property during 2014. | ||||||||||||||||
-5 | The property securing the mortgage note was substituted with the property 1555 Oakley Industrial Blvd. | ||||||||||||||||
Schedule Of Maturities Of Debt | The following table sets forth the scheduled maturities of our debt and regularly scheduled principal amortization, excluding unamortized premiums, as of December 31, 2014 (in thousands): | ||||||||||||||||
Senior | Mortgage | Bank Unsecured | |||||||||||||||
Unsecured | |||||||||||||||||
Year | Notes | Notes | Credit Facilities | Total | |||||||||||||
2015 | $ | 40,000 | $ | 7,180 | $ | - | $ | 47,180 | |||||||||
2016 | 99,000 | 56,994 | - | 155,994 | |||||||||||||
2017 | 51,000 | 23,615 | 37,000 | 111,615 | |||||||||||||
2018 | 81,500 | 6,554 | 225,000 | -1 | 313,054 | ||||||||||||
2019 | 46,000 | 51,139 | - | 97,139 | |||||||||||||
Thereafter | 582,500 | 98,932 | - | 681,432 | |||||||||||||
Total | $ | 900,000 | $ | 244,414 | $ | 262,000 | $ | 1,406,414 | |||||||||
— | The $225.0 million term loan facility is presented in “Senior unsecured notes” in our Consolidated Balance Sheets. |
Financial_Instruments_And_Hedg1
Financial Instruments And Hedging Activities (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Summary Of Financial Instruments | ||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Amounts | Fair Value | Amounts | Fair Value | |||||||||||||
Borrowings(1): | ||||||||||||||||
Senior unsecured revolving credit facility | $ | 37,000 | $ | 37,000 | $ | 39,000 | $ | 39,000 | ||||||||
Fixed rate debt(2) | $ | 1,147,045 | $ | 1,238,671 | $ | 1,188,367 | $ | 1,263,722 | ||||||||
Variable rate debt | $ | 225,000 | $ | 226,431 | $ | 225,000 | $ | 226,153 | ||||||||
Interest rate contracts: | ||||||||||||||||
Interest rate swap asset (liability)(3) | $ | (167 | ) | $ | (167 | ) | $ | 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 swap 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, net” or “Other liabilities,” respectively, in our Consolidated Balance Sheets. | |||||||||||||||
Reconciliation Of Liabilities Measured At Fair Value On Recurring Basis Using Unobservable Inputs | During the Year Ended December 31, 2014 | |||||||||||||||
2014 | 2013 | |||||||||||||||
Level 3 Assets (Liabilities): | ||||||||||||||||
Interest Rate Swaps: | ||||||||||||||||
Beginning balance at January 1 | $ | 212 | $ | - | ||||||||||||
Net unrealized gain (loss) included in accumulated other comprehensive loss | (533 | ) | 123 | |||||||||||||
Realized loss recognized in interest expense | 154 | 89 | ||||||||||||||
Ending balance at December 31 | $ | (167 | ) | $ | 212 | |||||||||||
Schedule Of Derivative Financial Instruments On Financial Statements | Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||
Interest Rate Swaps: | ||||||||||||||||
Amount of gain (loss) recognized in OCI for | $ | (1,159 | ) | $ | 675 | $ | (6,776 | ) | ||||||||
effective portion of derivatives | ||||||||||||||||
Amount of loss reclassified from accumulated OCI | $ | (4,670 | ) | $ | (4,490 | ) | $ | (2,098 | ) | |||||||
for effective portion of derivatives into interest | ||||||||||||||||
expense and equity in earnings of unconsolidated | ||||||||||||||||
joint ventures, net | ||||||||||||||||
Amount of loss recognized in interest expense due | $ | - | $ | - | $ | 677 | ||||||||||
to missed forecast (ineffective portion and amount | ||||||||||||||||
excluded from effectiveness testing) | ||||||||||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | |||||||||
Summary Of Our Contractual Obligations Under Operating Lease Agreements And Ground Lease Agreements | The following table reflects our contractual obligations as of December 31, 2014, specifically our obligations under operating lease agreements and ground lease agreements (in thousands): | ||||||||
Year Ended December 31, | Operating Leases | Ground Leases | |||||||
2015 | $ | 994 | $ | 564 | |||||
2016 | 856 | 559 | |||||||
2017 | 260 | 551 | |||||||
2018 | 57 | 551 | |||||||
2019 | - | 551 | |||||||
Thereafter | - | 9,682 | |||||||
Total | $ | 2,167 | $ | 12,458 | |||||
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Noncontrolling Interest [Abstract] | ||||||||||||
Schedule Of Noncontrolling Interest | The following table illustrates the noncontrolling interests’ share of consolidated net income (loss) during the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||
Year Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Noncontrolling interests’ share of (income) loss from | $ | (2,801 | ) | $ | 1 | $ | 2,644 | |||||
continuing operations | ||||||||||||
Noncontrolling interests’ share of income | (283 | ) | (1,603 | ) | (990 | ) | ||||||
from discontinued operations | ||||||||||||
Net (income) loss attributable to noncontrolling interests | $ | (3,084 | ) | $ | (1,602 | ) | $ | 1,654 | ||||
Stockholders_Equity_of_DCT_and1
Stockholders’ Equity of DCT and Partners’ Capital of the Operating Partnership (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Stockholders Equity Note [Abstract] | ||||||
Distributions Paid And/Or Declared To Date By Board Of Directors | ||||||
Amount Declared During Quarter Ended in 2014: | Per Share | Date Paid | ||||
December 31, | $ | 0.28 | 10-Jan-15 | |||
September 30, | 0.28 | 15-Oct-14 | ||||
June 30, | 0.28 | 16-Jul-14 | ||||
March 31, | 0.28 | 16-Apr-14 | ||||
Total 2014 | $ | 1.12 | ||||
Amount Declared During Quarter Ended in 2013: | Per Share | Date Paid | ||||
December 31, | $ | 0.28 | 9-Jan-14 | |||
September 30, | 0.28 | 16-Oct-13 | ||||
June 30, | 0.28 | 17-Jul-13 | ||||
March 31, | 0.28 | 17-Apr-13 | ||||
Total 2013 | $ | 1.12 | ||||
Amount Declared During Quarter Ended in 2012: | Per Share | Date Paid | ||||
December 31, | $ | 0.28 | 10-Jan-13 | |||
September 30, | 0.28 | 17-Oct-12 | ||||
June 30, | 0.28 | 18-Jul-12 | ||||
March 31, | 0.28 | 18-Apr-12 | ||||
Total 2012 | $ | 1.12 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Line Items] | ||||||||||||
Computation Of Basic And Diluted Earnings Per Common Share | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Earnings per Common Share – Basic and Diluted | ||||||||||||
Numerator | ||||||||||||
Income (loss) from continuing operations | $ | 46,531 | $ | (9,251 | ) | $ | (28,540 | ) | ||||
(Income) loss from continuing operations attributable to | (2,801 | ) | 1 | 2,644 | ||||||||
noncontrolling interests | ||||||||||||
Income (loss) from continuing operations attributable to | 43,730 | (9,250 | ) | (25,896 | ) | |||||||
common stockholders | ||||||||||||
Less: Distributed and undistributed earnings allocated to | (677 | ) | (692 | ) | (524 | ) | ||||||
participating securities | ||||||||||||
Numerator for adjusted income (loss) from continuing | 43,053 | (9,942 | ) | (26,420 | ) | |||||||
operations attributable to common stockholders | ||||||||||||
Income from discontinued operations | 5,717 | 26,723 | 11,800 | |||||||||
Noncontrolling interests' share of income | (283 | ) | (1,603 | ) | (990 | ) | ||||||
from discontinued operations | ||||||||||||
Numerator for income from discontinued operations | 5,434 | 25,120 | 10,810 | |||||||||
attributable to common stockholders | ||||||||||||
Adjusted net income (loss) attributable to common stockholders | $ | 48,487 | $ | 15,178 | $ | (15,610 | ) | |||||
Denominator | ||||||||||||
Weighted average common shares outstanding – basic | 83,280 | 74,692 | 63,708 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options and phantom stock | 292 | - | - | |||||||||
Weighted average common shares outstanding – diluted | 83,572 | 74,692 | 63,708 | |||||||||
Earnings per Common Share – Basic | ||||||||||||
Income (loss) from continuing operations | $ | 0.52 | $ | (0.13 | ) | $ | (0.41 | ) | ||||
Income from discontinued operations | 0.06 | 0.33 | 0.17 | |||||||||
Net income (loss) attributable to common stockholders | $ | 0.58 | $ | 0.2 | $ | (0.24 | ) | |||||
Earnings per Common Share – Diluted | ||||||||||||
Income (loss) from continuing operations | $ | 0.52 | $ | (0.13 | ) | $ | (0.41 | ) | ||||
Income from discontinued operations | 0.06 | 0.33 | 0.17 | |||||||||
Net income (loss) attributable to common stockholders | $ | 0.58 | $ | 0.2 | $ | (0.24 | ) | |||||
DCT Industrial Operating Partnership LP [Member] | ||||||||||||
Earnings Per Share [Line Items] | ||||||||||||
Computation Of Basic And Diluted Earnings Per Common Unit | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Earnings per OP Unit – Basic and Diluted | ||||||||||||
Numerator | ||||||||||||
Income (loss) from continuing operations | $ | 46,531 | $ | (9,251 | ) | $ | (28,540 | ) | ||||
(Income) loss from continuing operations attributable to | (526 | ) | (589 | ) | 272 | |||||||
noncontrolling interests | ||||||||||||
Income (loss) from continuing operations attributable to | 46,005 | (9,840 | ) | (28,268 | ) | |||||||
OP Unitholders | ||||||||||||
Less: Distributed and undistributed earnings allocated to | (677 | ) | (692 | ) | (524 | ) | ||||||
participating securities | ||||||||||||
Numerator for adjusted income (loss) from continuing | 45,328 | (10,532 | ) | (28,792 | ) | |||||||
operations attributable to OP Unitholders | ||||||||||||
Income from discontinued operations | 5,717 | 26,723 | 11,800 | |||||||||
Noncontrolling interests' share of income | - | - | - | |||||||||
from discontinued operations | ||||||||||||
Numerator for income from discontinued operations | 5,717 | 26,723 | 11,800 | |||||||||
attributable to OP Unitholders | ||||||||||||
Adjusted net income (loss) attributable to OP Unitholders | $ | 51,045 | $ | 16,191 | $ | (16,992 | ) | |||||
Denominator | ||||||||||||
Weighted average OP Units outstanding – basic | 87,611 | 79,462 | 69,547 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options and phantom stock | 292 | - | - | |||||||||
Weighted average OP Units outstanding – diluted | 87,903 | 79,462 | 69,547 | |||||||||
Earnings per OP Unit – Basic | ||||||||||||
Income (loss) from continuing operations | $ | 0.52 | $ | (0.13 | ) | $ | (0.41 | ) | ||||
Income from discontinued operations | 0.06 | 0.33 | 0.17 | |||||||||
Net income (loss) attributable to OP Unitholders | $ | 0.58 | $ | 0.2 | $ | (0.24 | ) | |||||
Earnings per OP Units – Diluted | ||||||||||||
Income (loss) from continuing operations | $ | 0.52 | $ | (0.13 | ) | $ | (0.41 | ) | ||||
Income from discontinued operations | 0.06 | 0.33 | 0.17 | |||||||||
Net income (loss) attributable to OP Unitholders | $ | 0.58 | $ | 0.2 | $ | (0.24 | ) | |||||
Equity_Based_Compensation_Tabl
Equity Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Share Based Compensation [Abstract] | ||||||||||||||||||||||||
Summary Of Shared Based Compensation Units Redeemed | Phantom Shares | Restricted Stock | LTIP Units | |||||||||||||||||||||
During the year ended December 31, 2014: | ||||||||||||||||||||||||
Common stock units issued for vested units (in thousands) | 4 | 48 | 8 | |||||||||||||||||||||
Fair value of units vested (in millions) | $ | 0.4 | $ | 1.4 | $ | 3.1 | ||||||||||||||||||
Units outstanding at end of period (in thousands) | 65 | 164 | 896 | |||||||||||||||||||||
During the year ended December 31, 2013: | ||||||||||||||||||||||||
Common stock units issued for vested units (in thousands) | 5 | 47 | - | |||||||||||||||||||||
Fair value of units vested (in millions) | $ | 0.4 | $ | 1.2 | $ | 2.1 | ||||||||||||||||||
Units outstanding at end of period (in thousands) | 53 | 138 | 750 | |||||||||||||||||||||
During the year ended December 31, 2012: | ||||||||||||||||||||||||
Common stock units issued for vested units (in thousands) | 3 | 33 | 172 | |||||||||||||||||||||
Fair value of units vested (in millions) | $ | 0.3 | $ | 0.7 | $ | 1.2 | ||||||||||||||||||
Units outstanding at end of period (in thousands) | 45 | 124 | 484 | |||||||||||||||||||||
Additional Information Concerning Unvested Phantom Shares, Restricted Stock And LTIP Units | Phantom Shares | Restricted Stock | LTIP Units | |||||||||||||||||||||
Weighted Average | Weighted Average | Weighted Average | ||||||||||||||||||||||
Grant Date | Grant Date | Grant Date | ||||||||||||||||||||||
Shares | Fair Value | Shares | Fair Value | Shares | Fair Value | |||||||||||||||||||
Unvested at December 31, 2011 | 14 | $ | 22.84 | 87 | $ | 19.88 | 253 | $ | 20.16 | |||||||||||||||
Granted | 18 | 23.52 | 71 | 22.48 | 181 | 22.56 | ||||||||||||||||||
Vested | (14 | ) | 22.84 | (33 | ) | 20.24 | (59 | ) | 20.28 | |||||||||||||||
Forfeited | - | - | (1 | ) | 21.32 | - | - | |||||||||||||||||
Unvested at December 31, 2012 | 18 | $ | 23.52 | 124 | $ | 21.28 | 375 | $ | 20.56 | |||||||||||||||
Granted | 14 | 30.68 | 71 | 28.52 | 266 | 27.48 | ||||||||||||||||||
Vested | (18 | ) | 23.52 | (47 | ) | 20.08 | (198 | ) | 22.92 | |||||||||||||||
Forfeited | - | - | (10 | ) | 24.08 | - | - | |||||||||||||||||
Unvested at December 31, 2013 | 14 | $ | 30.68 | 138 | $ | 25.2 | 443 | $ | 24.16 | |||||||||||||||
Granted | 16 | 31.28 | 83 | 29.84 | 154 | 27.69 | ||||||||||||||||||
Vested | (14 | ) | 30.68 | (48 | ) | 23.93 | (140 | ) | 23.16 | |||||||||||||||
Forfeited | - | - | (9 | ) | 27.8 | - | - | |||||||||||||||||
Unvested at December 31, 2014 | 16 | $ | 31.28 | 164 | $ | 27.77 | 457 | $ | 25.66 | |||||||||||||||
Summary Of Total Options Outstanding, Granted, Exercised, Expired And Forfeited | Weighted Average | |||||||||||||||||||||||
Fair Value | Weighted Average | |||||||||||||||||||||||
Independent | Weighted Average | of Options | Remaining | |||||||||||||||||||||
Director | Long-Term | Option Price | Granted | Contractual | ||||||||||||||||||||
Option Plan | Incentive Plan | Per Share | During the Year | Life (Years) | Intrinsic Value | |||||||||||||||||||
Issued and Outstanding as of December 31, 2011 | 16 | 759 | $ | 25.92 | ||||||||||||||||||||
Granted | - | - | - | $ | - | |||||||||||||||||||
Exercised | - | (80 | ) | 13.96 | $ | 846 | ||||||||||||||||||
Forfeited and/or expired | - | (3 | ) | 33.08 | ||||||||||||||||||||
Issued and Outstanding as of December 31, 2012 | 16 | 676 | $ | 27.28 | ||||||||||||||||||||
Granted | - | - | - | $ | - | |||||||||||||||||||
Exercised | - | (25 | ) | 17.48 | $ | 309 | ||||||||||||||||||
Forfeited and/or expired | (5 | ) | (5 | ) | 37.48 | |||||||||||||||||||
Issued and Outstanding as of December 31, 2013 | 11 | 646 | $ | 27.48 | ||||||||||||||||||||
Granted | - | - | - | $ | - | |||||||||||||||||||
Exercised | - | (192 | ) | 16.82 | $ | 3,154 | ||||||||||||||||||
Forfeited and/or expired | (2 | ) | (3 | ) | 38.75 | |||||||||||||||||||
Issued and Outstanding as of December 31, 2014 | 9 | 451 | $ | 31.78 | 3.3 | $ | 2,679 | |||||||||||||||||
Exercisable as of December 31, 2014 | 9 | 431 | $ | 32.23 | 3.2 | $ | 2,410 | |||||||||||||||||
Summary Of Amount Recorded To General And Administrative Expense | For the Year Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Phantom Shares | $ | 0.5 | $ | 0.4 | $ | 0.4 | ||||||||||||||||||
Restricted Stock | 1.5 | 1.2 | 1 | |||||||||||||||||||||
LTIP Units | 3.9 | 3.3 | 2.5 | |||||||||||||||||||||
Stock Options | 0.1 | 0.2 | 0.4 | |||||||||||||||||||||
Total Equity Compensation Expense | 6 | 5.1 | 4.3 | |||||||||||||||||||||
Less Amount Capitalized Due to Development | (1.2 | ) | (1.1 | ) | (0.7 | ) | ||||||||||||||||||
and Leasing Activities | ||||||||||||||||||||||||
Net Equity Compensation | $ | 4.8 | $ | 4 | $ | 3.6 | ||||||||||||||||||
Summary Of Expense And Period Expected To Amortize | Unrecognized Expense | Remaining Period | ||||||||||||||||||||||
as of December 31, 2014 | to Recognize Expense | |||||||||||||||||||||||
Phantom Shares | $ | 0.2 | 4 months | |||||||||||||||||||||
Restricted Stock | $ | 3.3 | 2.6 years | |||||||||||||||||||||
LTIP Units | $ | 6.9 | 2.4 years | |||||||||||||||||||||
Stock Options | $ | 0.1 | 1 month | |||||||||||||||||||||
Income_And_Other_Taxes_Tables
Income And Other Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Summary of Current and Deferred Income Taxes | Components of the provision (benefit) for income taxes were as follows (in thousands): | |||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income tax expense (benefit) | ||||||||||||
Current: | ||||||||||||
Federal | $ | 89 | $ | 51 | $ | 26 | ||||||
State | 735 | 813 | 825 | |||||||||
Foreign | 105 | (11 | ) | 62 | ||||||||
Total current tax expense (benefit) | $ | 929 | $ | 853 | $ | 913 | ||||||
Deferred: | ||||||||||||
Federal | $ | (875 | ) | $ | (755 | ) | $ | (188 | ) | |||
State | (239 | ) | (41 | ) | (9 | ) | ||||||
Total deferred tax expense (benefit) | $ | (1,114 | ) | $ | (796 | ) | $ | (197 | ) | |||
Total income tax expense (benefit) | $ | (185 | ) | $ | 57 | $ | 716 | |||||
Consolidated Statements of Operations classification | ||||||||||||
Continuing operations expense (benefit) | $ | (217 | ) | $ | 68 | $ | 671 | |||||
Discontinued operations expense (benefit) | $ | 32 | $ | (11 | ) | $ | 45 | |||||
Schedule Of Deferred Tax Assets And Liabilities | Deferred tax assets (liabilities) were as follows (in thousands): | |||||||||||
As of December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred taxes: | ||||||||||||
Depreciation and amortization | $ | 1,879 | $ | 1,673 | ||||||||
Section 163(j) interest limitations | 1,376 | 1,835 | ||||||||||
Basis difference - investments in unconsolidated joint ventures | 507 | 560 | ||||||||||
Net operating loss carryforwards | 62 | 511 | ||||||||||
Other | 137 | (5 | ) | |||||||||
Total deferred tax assets | $ | 3,961 | $ | 4,574 | ||||||||
Valuation allowance | (1,716 | ) | (2,274 | ) | ||||||||
Net deferred income tax assets | $ | 2,245 | $ | 2,300 | ||||||||
Basis difference - investment in properties | $ | (509 | ) | $ | (509 | ) | ||||||
Basis difference - straight-line rent | (390 | ) | (340 | ) | ||||||||
Total deferred tax liabilities | $ | (899 | ) | $ | (849 | ) | ||||||
Net deferred taxes | $ | 1,346 | $ | 1,451 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Total Assets, Net Of Accumulated Depreciation And Amortization, By Segment | The following table reflects our total assets, net of accumulated depreciation and amortization, by segment, as of December 31, 2014 and 2013 (in thousands): | |||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||
Segments: | ||||||||||||
East assets | $ | 1,010,263 | $ | 1,026,416 | ||||||||
Central assets | 1,067,616 | 1,034,814 | ||||||||||
West assets | 1,245,990 | 1,018,246 | ||||||||||
Total segment net assets | 3,323,869 | 3,079,476 | ||||||||||
Non-segment assets: | ||||||||||||
Non-segment cash and cash equivalents | 16,653 | 25,671 | ||||||||||
Other non-segment assets (1) | 111,012 | 152,620 | ||||||||||
Assets held for sale (2) | - | 8,196 | ||||||||||
Total assets | $ | 3,451,534 | $ | 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 Entity | The following table sets forth the rental revenues of our segments in continuing operations and a reconciliation of our segment rental revenues to our reported consolidated total revenues for the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
East | $ | 111,624 | $ | 95,682 | $ | 82,909 | ||||||
Central | 128,567 | 111,017 | 90,037 | |||||||||
West | 94,596 | 79,519 | 63,893 | |||||||||
Rental revenues | 334,787 | 286,218 | 236,839 | |||||||||
Institutional capital management and other fees | 1,739 | 2,787 | 4,059 | |||||||||
Total revenues | $ | 336,526 | $ | 289,005 | $ | 240,898 | ||||||
Reconciliation Of Property Net Operating Income To Consolidated Entity | 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 years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
East | $ | 81,955 | $ | 69,853 | $ | 60,666 | ||||||
Central | 87,281 | 76,327 | 61,800 | |||||||||
West | 71,241 | 60,013 | 47,983 | |||||||||
Property NOI (1) | 240,477 | 206,193 | 170,449 | |||||||||
Institutional capital management and other fees | 1,739 | 2,787 | 4,059 | |||||||||
Gain on business combination | 1,000 | - | - | |||||||||
Gain on dispositions of real estate interests | 39,671 | - | - | |||||||||
Real estate related depreciation and amortization | (148,992 | ) | (130,002 | ) | (109,993 | ) | ||||||
Casualty and involuntary conversion gain | 328 | 296 | 1,174 | |||||||||
Development profit, net of taxes | 2,016 | 268 | 307 | |||||||||
General and administrative | (29,079 | ) | (28,010 | ) | (25,763 | ) | ||||||
Impairment losses | (5,635 | ) | - | - | ||||||||
Equity in earnings of unconsolidated joint ventures, net | 6,462 | 2,405 | 1,087 | |||||||||
Interest expense | (63,236 | ) | (63,394 | ) | (69,274 | ) | ||||||
Interest and other income | 1,563 | 274 | 85 | |||||||||
Income tax benefit (expense) and other taxes | 217 | (68 | ) | (671 | ) | |||||||
Income (loss) from continuing operations | $ | 46,531 | $ | (9,251 | ) | $ | (28,540 | ) | ||||
(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) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ||||||||||||
Summary Of Income (Loss) From Discontinued Operations | The following is a summary of the components of income from discontinued operations for the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Rental revenues | $ | 429 | $ | 17,234 | $ | 34,061 | ||||||
Rental expenses and real estate taxes | (19 | ) | (3,538 | ) | (7,735 | ) | ||||||
Real estate related depreciation and amortization | - | (7,118 | ) | (16,694 | ) | |||||||
General and administrative | (38 | ) | (157 | ) | (301 | ) | ||||||
Operating income | 372 | 6,421 | 9,331 | |||||||||
Casualty and involuntary conversion gain | - | - | 450 | |||||||||
Interest expense | - | - | (129 | ) | ||||||||
Interest and other income (expense) | (19 | ) | (49 | ) | 232 | |||||||
Income tax benefit (expense) and other taxes | (32 | ) | 11 | (45 | ) | |||||||
Operating income and other income | 321 | 6,383 | 9,839 | |||||||||
Gain on dispositions of real estate interests | 5,528 | 33,619 | 13,383 | |||||||||
Impairment losses | (132 | ) | (13,279 | ) | (11,422 | ) | ||||||
Income from discontinued operations | $ | 5,717 | $ | 26,723 | $ | 11,800 | ||||||
Quarterly_Results_Tables
Quarterly Results (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Schedule Of Quarterly Results | For the Quarter Ended | For the Year Ended | ||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | December 31, | ||||||||||||||||
2014 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||
Total revenues | $ | 83,383 | $ | 83,610 | $ | 84,607 | $ | 84,926 | $ | 336,526 | ||||||||||
Total operating expenses | $ | 73,225 | $ | 67,948 | $ | 68,443 | $ | 68,072 | $ | 277,688 | ||||||||||
Operating income | $ | 10,158 | $ | 15,662 | $ | 16,164 | $ | 16,854 | $ | 58,838 | ||||||||||
Income from continuing operations | $ | 459 | $ | 2,055 | $ | 12,858 | $ | 31,159 | $ | 46,531 | ||||||||||
Income from discontinued operations | $ | 9 | $ | 5,215 | $ | 352 | $ | 141 | $ | 5,717 | ||||||||||
Net income attributable to common stockholders | $ | 317 | $ | 6,801 | $ | 12,409 | $ | 29,637 | $ | 49,164 | ||||||||||
Earnings per common share – basic: | ||||||||||||||||||||
Income from continuing operations | $ | 0 | $ | 0.03 | $ | 0.15 | $ | 0.34 | $ | 0.52 | ||||||||||
Income from discontinued operations | $ | 0 | $ | 0.06 | $ | 0 | $ | 0 | $ | 0.06 | ||||||||||
Net income attributable to common stockholders | $ | 0 | $ | 0.09 | $ | 0.15 | $ | 0.34 | $ | 0.58 | ||||||||||
Earnings per common share – diluted: | ||||||||||||||||||||
Income from continuing operations | $ | 0 | $ | 0.03 | $ | 0.15 | $ | 0.34 | $ | 0.52 | ||||||||||
Income from discontinued operations | $ | 0 | $ | 0.06 | $ | 0 | $ | 0 | $ | 0.06 | ||||||||||
Net income attributable to common stockholders | $ | 0 | $ | 0.09 | $ | 0.15 | $ | 0.34 | $ | 0.58 | ||||||||||
Basic common shares outstanding | 80,986 | 82,280 | 83,391 | 86,406 | 83,280 | |||||||||||||||
Diluted common shares outstanding | 81,249 | 82,563 | 83,691 | 86,728 | 83,572 | |||||||||||||||
For the Quarter Ended | For the Year Ended | |||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | December 31, | ||||||||||||||||
2013 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||
Total revenues | $ | 68,121 | $ | 70,031 | $ | 73,730 | $ | 77,123 | $ | 289,005 | ||||||||||
Total operating expenses | $ | 55,406 | $ | 59,566 | $ | 58,480 | $ | 64,289 | $ | 237,741 | ||||||||||
Operating income | $ | 12,715 | $ | 10,465 | $ | 15,250 | $ | 12,834 | $ | 51,264 | ||||||||||
Income (loss) from continuing operations | $ | (3,430 | ) | $ | (4,551 | ) | $ | 1,010 | $ | (2,280 | ) | $ | (9,251 | ) | ||||||
Income (loss) from discontinued operations | $ | 5,066 | $ | 16,218 | $ | (11,793 | ) | $ | 17,232 | $ | 26,723 | |||||||||
Net income (loss) attributable to common stockholders | $ | 1,279 | $ | 10,809 | $ | (10,157 | ) | $ | 13,939 | $ | 15,870 | |||||||||
Earnings per common share – basic: | ||||||||||||||||||||
Income (loss) from continuing operations | $ | (0.05 | ) | $ | (0.06 | ) | $ | 0.01 | $ | (0.03 | ) | $ | (0.13 | ) | ||||||
Income (loss) from discontinued operations | $ | 0.07 | $ | 0.21 | $ | (0.15 | ) | $ | 0.2 | $ | 0.33 | |||||||||
Net income (loss) attributable to common stockholders | $ | 0.02 | $ | 0.15 | $ | (0.14 | ) | $ | 0.17 | $ | 0.2 | |||||||||
Earnings per common share – diluted: | ||||||||||||||||||||
Income (loss) from continuing operations | $ | (0.05 | ) | $ | (0.06 | ) | $ | 0.01 | $ | (0.03 | ) | $ | (0.13 | ) | ||||||
Income (loss) from discontinued operations | $ | 0.07 | $ | 0.21 | $ | (0.15 | ) | $ | 0.2 | $ | 0.33 | |||||||||
Net income (loss) attributable to common stockholders | $ | 0.02 | $ | 0.15 | $ | (0.14 | ) | $ | 0.17 | $ | 0.2 | |||||||||
Basic common shares outstanding | 70,266 | 72,744 | 76,192 | 79,464 | 74,692 | |||||||||||||||
Diluted common shares outstanding | 70,266 | 72,744 | 76,418 | 79,464 | 74,692 | |||||||||||||||
For the Quarter Ended | For the Year Ended | |||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | December 31, | ||||||||||||||||
2014 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||
Total revenues | $ | 83,383 | $ | 83,610 | $ | 84,607 | $ | 84,926 | $ | 336,526 | ||||||||||
Total operating expenses | $ | 73,225 | $ | 67,948 | $ | 68,443 | $ | 68,072 | $ | 277,688 | ||||||||||
Operating income | $ | 10,158 | $ | 15,662 | $ | 16,164 | $ | 16,854 | $ | 58,838 | ||||||||||
Income from continuing operations | $ | 459 | $ | 2,055 | $ | 12,858 | $ | 31,159 | $ | 46,531 | ||||||||||
Income from discontinued operations | $ | 9 | $ | 5,215 | $ | 352 | $ | 141 | $ | 5,717 | ||||||||||
Net income attributable to OP Unitholders | $ | 335 | $ | 7,167 | $ | 13,061 | $ | 31,159 | $ | 51,722 | ||||||||||
Earnings per OP Unit – basic: | ||||||||||||||||||||
Income from continuing operations | $ | 0 | $ | 0.03 | $ | 0.15 | $ | 0.34 | $ | 0.52 | ||||||||||
Income from discontinued operations | $ | 0 | $ | 0.06 | $ | 0 | $ | 0 | $ | 0.06 | ||||||||||
Net income attributable to OP Unitholders | $ | 0 | $ | 0.09 | $ | 0.15 | $ | 0.34 | $ | 0.58 | ||||||||||
Earnings per OP Unit – diluted: | ||||||||||||||||||||
Income from continuing operations | $ | 0 | $ | 0.03 | $ | 0.15 | $ | 0.34 | $ | 0.52 | ||||||||||
Income from discontinued operations | $ | 0 | $ | 0.06 | $ | 0 | $ | 0 | $ | 0.06 | ||||||||||
Net income attributable to OP Unitholders | $ | 0 | $ | 0.09 | $ | 0.15 | $ | 0.34 | $ | 0.58 | ||||||||||
Basic OP Units outstanding | 85,443 | 86,619 | 87,679 | 90,649 | 87,611 | |||||||||||||||
Diluted OP Units outstanding | 85,706 | 86,903 | 87,979 | 90,971 | 87,903 | |||||||||||||||
For the Quarter Ended | For the Year Ended | |||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | December 31, | ||||||||||||||||
2013 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||
Total revenues | $ | 68,121 | $ | 70,031 | $ | 73,730 | $ | 77,123 | $ | 289,005 | ||||||||||
Total operating expenses | $ | 55,406 | $ | 59,566 | $ | 58,480 | $ | 64,289 | $ | 237,741 | ||||||||||
Operating income | $ | 12,715 | $ | 10,465 | $ | 15,250 | $ | 12,834 | $ | 51,264 | ||||||||||
Income (loss) from continuing operations | $ | (3,430 | ) | $ | (4,551 | ) | $ | 1,010 | $ | (2,280 | ) | $ | (9,251 | ) | ||||||
Income (loss) from discontinued operations | $ | 5,066 | $ | 16,218 | $ | (11,793 | ) | $ | 17,232 | $ | 26,723 | |||||||||
Net income (loss) attributable to OP Unitholders | $ | 1,372 | $ | 11,559 | $ | (10,870 | ) | $ | 14,822 | $ | 16,883 | |||||||||
Earnings per OP Unit – basic: | ||||||||||||||||||||
Income (loss) from continuing operations | $ | (0.05 | ) | $ | (0.06 | ) | $ | 0.01 | $ | (0.03 | ) | $ | (0.13 | ) | ||||||
Income (loss) from discontinued operations | $ | 0.07 | $ | 0.2 | $ | (0.15 | ) | $ | 0.21 | $ | 0.33 | |||||||||
Net income (loss) attributable to OP Unitholders | $ | 0.02 | $ | 0.14 | $ | (0.14 | ) | $ | 0.18 | $ | 0.2 | |||||||||
Earnings per OP Unit – diluted: | ||||||||||||||||||||
Income (loss) from continuing operations | $ | (0.05 | ) | $ | (0.06 | ) | $ | 0.01 | $ | (0.03 | ) | $ | (0.13 | ) | ||||||
Income (loss) from discontinued operations | $ | 0.07 | $ | 0.2 | $ | (0.15 | ) | $ | 0.21 | $ | 0.33 | |||||||||
Net income (loss) attributable to OP Unitholders | $ | 0.02 | $ | 0.14 | $ | (0.14 | ) | $ | 0.18 | $ | 0.2 | |||||||||
Basic OP Units outstanding | 75,337 | 77,656 | 80,847 | 83,900 | 79,462 | |||||||||||||||
Diluted OP Units outstanding | 75,337 | 77,656 | 81,073 | 83,900 | 79,462 | |||||||||||||||
Condensed_Consolidated_Financi1
Condensed Consolidated Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||||||
Condensed Consolidated Financial Information | Condensed Consolidated Balance Sheets | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Land | $ | - | $ | - | $ | 810,864 | $ | 140,099 | $ | - | $ | 950,963 | ||||||||||||
Buildings and improvements | - | - | 2,417,847 | 370,112 | - | 2,787,959 | ||||||||||||||||||
Intangible lease assets | - | - | 66,373 | 20,142 | - | 86,515 | ||||||||||||||||||
Construction in progress | - | - | 122,332 | 12,606 | - | 134,938 | ||||||||||||||||||
Total investment in properties | - | - | 3,417,416 | 542,959 | - | 3,960,375 | ||||||||||||||||||
Less accumulated depreciation and amortization | - | - | (598,993 | ) | (104,847 | ) | - | (703,840 | ) | |||||||||||||||
Net investment in properties | - | - | 2,818,423 | 438,112 | - | 3,256,535 | ||||||||||||||||||
Investments in and advances to unconsolidated | - | 94,122 | 606 | - | - | 94,728 | ||||||||||||||||||
joint ventures | ||||||||||||||||||||||||
Net investment in real estate | - | 94,122 | 2,819,029 | 438,112 | - | 3,351,263 | ||||||||||||||||||
Cash and cash equivalents | - | 19,743 | - | - | (112 | ) | 19,631 | |||||||||||||||||
Restricted cash | - | 3 | 162 | 3,614 | - | 3,779 | ||||||||||||||||||
Deferred loan costs, net | - | 7,580 | 54 | 392 | - | 8,026 | ||||||||||||||||||
Straight-line rent and other receivables, net | - | 101 | 46,462 | 7,620 | - | 54,183 | ||||||||||||||||||
Other assets, net | - | 3,525 | 6,980 | 4,147 | - | 14,652 | ||||||||||||||||||
Intercompany receivables, net | 24,706 | 153,557 | 9,301 | - | (187,564 | ) | - | |||||||||||||||||
Investment in subsidiaries | 1,749,832 | 2,770,752 | 8,175 | - | (4,528,759 | ) | - | |||||||||||||||||
Assets held for sale | - | - | - | - | - | - | ||||||||||||||||||
Total assets | $ | 1,774,538 | $ | 3,049,383 | $ | 2,890,163 | $ | 453,885 | $ | (4,716,435 | ) | $ | 3,451,534 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | - | $ | 10,257 | $ | 56,918 | $ | 16,480 | $ | (112 | ) | $ | 83,543 | |||||||||||
Intercompany payables, net | - | 24,706 | 26,098 | 136,760 | (187,564 | ) | - | |||||||||||||||||
Distributions payable | 24,706 | 1,267 | - | - | - | 25,973 | ||||||||||||||||||
Tenant prepaids and security deposits | - | - | 26,556 | 3,983 | - | 30,539 | ||||||||||||||||||
Other liabilities | - | 150 | 11,007 | 2,921 | - | 14,078 | ||||||||||||||||||
Intangible lease liabilities, net | - | - | 20,419 | 2,521 | - | 22,940 | ||||||||||||||||||
Line of credit | - | 37,000 | - | - | - | 37,000 | ||||||||||||||||||
Senior unsecured notes | - | 1,122,621 | - | - | - | 1,122,621 | ||||||||||||||||||
Mortgage notes | - | - | 6,025 | 243,399 | - | 249,424 | ||||||||||||||||||
Liabilities related to assets held for sale | - | - | - | - | - | - | ||||||||||||||||||
Total liabilities | 24,706 | 1,196,001 | 147,023 | 406,064 | (187,676 | ) | 1,586,118 | |||||||||||||||||
Equity: | ||||||||||||||||||||||||
Stockholders' equity | 1,749,832 | 1,853,382 | 2,743,140 | 47,821 | (4,644,343 | ) | 1,749,832 | |||||||||||||||||
Noncontrolling interests | - | - | - | - | 115,584 | 115,584 | ||||||||||||||||||
Total equity | 1,749,832 | 1,853,382 | 2,743,140 | 47,821 | (4,528,759 | ) | 1,865,416 | |||||||||||||||||
Total liabilities and equity | $ | 1,774,538 | $ | 3,049,383 | $ | 2,890,163 | $ | 453,885 | $ | (4,716,435 | ) | $ | 3,451,534 | |||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Rental revenues | $ | - | $ | - | $ | 271,130 | $ | 63,657 | $ | - | $ | 334,787 | ||||||||||||
Institutional capital management and other fees | - | 504 | - | 1,577 | (342 | ) | 1,739 | |||||||||||||||||
Total revenues | - | 504 | 271,130 | 65,234 | (342 | ) | 336,526 | |||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Rental expenses | - | - | 33,331 | 7,189 | - | 40,520 | ||||||||||||||||||
Real estate taxes | - | - | 43,037 | 10,753 | - | 53,790 | ||||||||||||||||||
Real estate related depreciation and amortization | - | - | 121,269 | 27,723 | - | 148,992 | ||||||||||||||||||
General and administrative | - | 26,573 | 309 | 2,197 | - | 29,079 | ||||||||||||||||||
Impairment losses | - | - | 1,193 | 4,442 | - | 5,635 | ||||||||||||||||||
Casualty and involuntary conversion gain | - | - | (328 | ) | - | - | (328 | ) | ||||||||||||||||
Total operating expenses | - | 26,573 | 198,811 | 52,304 | - | 277,688 | ||||||||||||||||||
Operating income (loss) | - | (26,069 | ) | 72,319 | 12,930 | (342 | ) | 58,838 | ||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Development profit, net of taxes | - | - | - | 1,966 | 50 | 2,016 | ||||||||||||||||||
Equity in earnings (loss) of unconsolidated | - | 6,201 | (31 | ) | - | 292 | 6,462 | |||||||||||||||||
joint ventures, net | ||||||||||||||||||||||||
Gain on business combination | - | 1,000 | - | - | - | 1,000 | ||||||||||||||||||
Gain on dispositions of real estate interests | - | 1,178 | - | 38,493 | - | 39,671 | ||||||||||||||||||
Interest expense | - | (49,332 | ) | (3,736 | ) | (12,591 | ) | 2,423 | (63,236 | ) | ||||||||||||||
Interest and other income (expense) | - | 4,029 | (68 | ) | 25 | (2,423 | ) | 1,563 | ||||||||||||||||
Income tax benefit (expense) and other taxes | - | (552 | ) | 940 | (171 | ) | - | 217 | ||||||||||||||||
Income (loss) from continuing operations | - | (63,545 | ) | 69,424 | 40,652 | - | 46,531 | |||||||||||||||||
Income from discontinued operations | - | - | - | 5,717 | - | 5,717 | ||||||||||||||||||
Equity in earnings of consolidated subsidiaries | 49,164 | 115,267 | 1,986 | - | (166,417 | ) | - | |||||||||||||||||
Consolidated net income | 49,164 | 51,722 | 71,410 | 46,369 | (166,417 | ) | 52,248 | |||||||||||||||||
Net income attributable to noncontrolling interests | - | - | - | - | (3,084 | ) | (3,084 | ) | ||||||||||||||||
Net income attributable to common stockholders | 49,164 | 51,722 | 71,410 | 46,369 | (169,501 | ) | 49,164 | |||||||||||||||||
Distributed and undistributed earnings allocated to | - | (677 | ) | - | - | - | (677 | ) | ||||||||||||||||
participating securities | ||||||||||||||||||||||||
Adjusted net income attributable to | $ | 49,164 | $ | 51,045 | $ | 71,410 | $ | 46,369 | $ | (169,501 | ) | $ | 48,487 | |||||||||||
common stockholders | ||||||||||||||||||||||||
Net income | $ | 49,164 | $ | 51,722 | $ | 71,410 | $ | 46,369 | $ | (166,417 | ) | $ | 52,248 | |||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Net derivative loss on cash flow hedging instruments | - | (626 | ) | - | (533 | ) | - | (1,159 | ) | |||||||||||||||
Net reclassification adjustment on cash flow hedging | - | 4,515 | - | 155 | - | 4,670 | ||||||||||||||||||
instruments | ||||||||||||||||||||||||
Other comprehensive income (loss) | - | 3,889 | - | (378 | ) | - | 3,511 | |||||||||||||||||
Comprehensive income | 49,164 | 55,611 | 71,410 | 45,991 | (166,417 | ) | 55,759 | |||||||||||||||||
Comprehensive income attributable to noncontrolling | - | - | - | - | (3,383 | ) | (3,383 | ) | ||||||||||||||||
interests | ||||||||||||||||||||||||
Comprehensive income attributable to | $ | 49,164 | $ | 55,611 | $ | 71,410 | $ | 45,991 | $ | (169,800 | ) | $ | 52,376 | |||||||||||
common stockholders | ||||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | - | $ | (54,308 | ) | $ | 188,446 | $ | 35,968 | $ | (112 | ) | $ | 169,994 | ||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Real estate acquisitions | - | - | (344,170 | ) | (18,856 | ) | - | (363,026 | ) | |||||||||||||||
Capital expenditures and development activities | - | - | (191,474 | ) | (11,121 | ) | - | (202,595 | ) | |||||||||||||||
Proceeds from dispositions of real estate investments | - | 1,992 | 4,861 | 271,528 | - | 278,381 | ||||||||||||||||||
Investments in unconsolidated joint ventures | - | (777 | ) | - | - | - | (777 | ) | ||||||||||||||||
Proceeds from casualties and involuntary conversion | - | - | 564 | 42 | - | 606 | ||||||||||||||||||
Distributions of investments in unconsolidated | - | 21,436 | - | - | - | 21,436 | ||||||||||||||||||
joint ventures | ||||||||||||||||||||||||
Other investing activities | - | 6,629 | 8 | (289 | ) | - | 6,348 | |||||||||||||||||
Net cash provided by (used in) investing activities | - | 29,280 | (530,211 | ) | 241,304 | - | (259,627 | ) | ||||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Proceeds from senior unsecured revolving line of | - | 266,000 | - | - | - | 266,000 | ||||||||||||||||||
credit | ||||||||||||||||||||||||
Repayments of senior unsecured revolving line of | - | (268,000 | ) | - | - | - | (268,000 | ) | ||||||||||||||||
credit | ||||||||||||||||||||||||
Principal payments on mortgage notes | - | - | (28,425 | ) | (31,220 | ) | - | (59,645 | ) | |||||||||||||||
Proceeds from issuance of common stock | 240,667 | 240,667 | - | - | (240,667 | ) | 240,667 | |||||||||||||||||
Offering costs for issuance of common stock and | (2,947 | ) | (2,947 | ) | - | - | 2,947 | (2,947 | ) | |||||||||||||||
OP Units | ||||||||||||||||||||||||
Net payments relating to intercompany financing | (145,520 | ) | (120,511 | ) | 370,190 | (249,679 | ) | 145,520 | - | |||||||||||||||
Redemption of noncontrolling interests | - | (997 | ) | - | - | - | (997 | ) | ||||||||||||||||
Dividends to common stockholders | (92,200 | ) | (92,200 | ) | - | - | 92,200 | (92,200 | ) | |||||||||||||||
Distributions to noncontrolling interests | - | (5,325 | ) | - | (702 | ) | - | (6,027 | ) | |||||||||||||||
Contributions from noncontrolling interests | - | - | - | 201 | - | 201 | ||||||||||||||||||
Other financing activity | - | (14 | ) | - | - | - | (14 | ) | ||||||||||||||||
Net cash provided by (used in) financing activities | - | 16,673 | 341,765 | (281,400 | ) | - | 77,038 | |||||||||||||||||
Net change in cash and cash equivalents | - | (8,355 | ) | - | (4,128 | ) | (112 | ) | (12,595 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | - | 28,098 | - | 4,128 | - | 32,226 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | - | $ | 19,743 | $ | - | $ | - | $ | (112 | ) | $ | 19,631 | |||||||||||
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 | - | 124,285 | 638 | - | - | 124,923 | ||||||||||||||||||
joint ventures | ||||||||||||||||||||||||
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 Year Ended December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Rental revenues | $ | - | $ | - | $ | 233,250 | $ | 52,968 | $ | - | $ | 286,218 | ||||||||||||
Institutional capital management and other fees | - | 974 | - | 2,149 | (336 | ) | 2,787 | |||||||||||||||||
Total revenues | - | 974 | 233,250 | 55,117 | (336 | ) | 289,005 | |||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Rental expenses | - | - | 30,760 | 5,217 | - | 35,977 | ||||||||||||||||||
Real estate taxes | - | - | 35,096 | 8,952 | - | 44,048 | ||||||||||||||||||
Real estate related depreciation and amortization | - | - | 104,840 | 25,162 | - | 130,002 | ||||||||||||||||||
General and administrative | - | 26,533 | 416 | 1,061 | - | 28,010 | ||||||||||||||||||
Casualty and involuntary conversion (gain) loss | - | - | (353 | ) | 57 | - | (296 | ) | ||||||||||||||||
Total operating expenses | - | 26,533 | 170,759 | 40,449 | - | 237,741 | ||||||||||||||||||
Operating income (loss) | - | (25,559 | ) | 62,491 | 14,668 | (336 | ) | 51,264 | ||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Development profit, net of taxes | - | - | - | 268 | - | 268 | ||||||||||||||||||
Equity in earnings of unconsolidated joint ventures, net | - | 2,050 | 20 | - | 335 | 2,405 | ||||||||||||||||||
Interest expense | - | (47,590 | ) | (5,154 | ) | (13,318 | ) | 2,668 | (63,394 | ) | ||||||||||||||
Interest and other income | - | 2,679 | 12 | 5,762 | (8,179 | ) | 274 | |||||||||||||||||
Income tax benefit (expense) and other taxes | - | (675 | ) | 853 | (246 | ) | - | (68 | ) | |||||||||||||||
Income (loss) from continuing operations | - | (69,095 | ) | 58,222 | 7,134 | (5,512 | ) | (9,251 | ) | |||||||||||||||
Income from discontinued operations | - | - | 867 | 20,344 | 5,512 | 26,723 | ||||||||||||||||||
Equity in earnings of consolidated subsidiaries | 15,870 | 85,978 | 193 | - | (102,041 | ) | - | |||||||||||||||||
Consolidated net income | 15,870 | 16,883 | 59,282 | 27,478 | (102,041 | ) | 17,472 | |||||||||||||||||
Net income attributable to noncontrolling interests | - | - | - | - | (1,602 | ) | (1,602 | ) | ||||||||||||||||
Net income attributable to common | 15,870 | 16,883 | 59,282 | 27,478 | (103,643 | ) | 15,870 | |||||||||||||||||
stockholders | ||||||||||||||||||||||||
Distributed and undistributed earnings allocated to | - | (692 | ) | - | - | - | (692 | ) | ||||||||||||||||
participating securities | ||||||||||||||||||||||||
Adjusted net income attributable to | $ | 15,870 | $ | 16,191 | $ | 59,282 | $ | 27,478 | $ | (103,643 | ) | $ | 15,178 | |||||||||||
common stockholders | ||||||||||||||||||||||||
Net income | $ | 15,870 | $ | 16,883 | $ | 59,282 | $ | 27,478 | $ | (102,041 | ) | $ | 17,472 | |||||||||||
Other comprehensive income | ||||||||||||||||||||||||
Net derivative gain on cash flow hedging instruments | - | 552 | - | 123 | - | 675 | ||||||||||||||||||
Net reclassification adjustment on cash flow hedging | - | 4,490 | - | - | - | 4,490 | ||||||||||||||||||
instruments | ||||||||||||||||||||||||
Other comprehensive income | - | 5,042 | - | 123 | - | 5,165 | ||||||||||||||||||
Comprehensive income | 15,870 | 21,925 | 59,282 | 27,601 | (102,041 | ) | 22,637 | |||||||||||||||||
Comprehensive income attributable to noncontrolling | - | - | - | - | (2,403 | ) | (2,403 | ) | ||||||||||||||||
interests | ||||||||||||||||||||||||
Comprehensive income attributable to common | $ | 15,870 | $ | 21,925 | $ | 59,282 | $ | 27,601 | $ | (104,444 | ) | $ | 20,234 | |||||||||||
stockholders | ||||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | - | $ | (48,411 | ) | $ | 168,058 | $ | 33,246 | $ | - | $ | 152,893 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Real estate acquisitions | - | - | (382,379 | ) | (20,344 | ) | - | (402,723 | ) | |||||||||||||||
Capital expenditures and development activities | - | - | (137,622 | ) | (15,300 | ) | - | (152,922 | ) | |||||||||||||||
Proceeds from dispositions of real estate investments | - | - | - | 258,224 | - | 258,224 | ||||||||||||||||||
Investments in unconsolidated joint ventures | - | (2,756 | ) | - | - | - | (2,756 | ) | ||||||||||||||||
Proceeds from casualties and involuntary conversion | - | - | 6,370 | 1,898 | - | 8,268 | ||||||||||||||||||
Distributions of investments in unconsolidated | - | 2,175 | - | - | - | 2,175 | ||||||||||||||||||
joint ventures | ||||||||||||||||||||||||
Other investing activities | - | (10,995 | ) | 7 | (336 | ) | - | (11,324 | ) | |||||||||||||||
Net cash provided by (used in) investing activities | - | (11,576 | ) | (513,624 | ) | 224,142 | - | (301,058 | ) | |||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Proceeds from senior unsecured revolving line of credit | - | 426,000 | - | - | - | 426,000 | ||||||||||||||||||
Repayments of senior unsecured revolving line of credit | - | (497,000 | ) | - | - | - | (497,000 | ) | ||||||||||||||||
Proceeds from senior unsecured notes | - | 497,355 | - | - | - | 497,355 | ||||||||||||||||||
Repayments of senior unsecured notes | - | (400,000 | ) | - | - | - | (400,000 | ) | ||||||||||||||||
Proceeds from mortgage notes | - | - | 9,303 | 7,195 | - | 16,498 | ||||||||||||||||||
Principal payments on mortgage notes | - | - | (32,440 | ) | (8,304 | ) | - | (40,744 | ) | |||||||||||||||
Proceeds from issuance of common stock | 267,453 | 267,453 | - | - | (267,453 | ) | 267,453 | |||||||||||||||||
Offering costs for issuance of common stock and | (8,878 | ) | (8,878 | ) | - | - | 8,878 | (8,878 | ) | |||||||||||||||
OP Units | ||||||||||||||||||||||||
Net payments relating to intercompany financing | (176,144 | ) | (113,751 | ) | 368,606 | (254,855 | ) | 176,144 | - | |||||||||||||||
Redemption of noncontrolling interests | - | (1,500 | ) | - | - | - | (1,500 | ) | ||||||||||||||||
Dividends to common stockholders | (82,431 | ) | (82,431 | ) | - | - | 82,431 | (82,431 | ) | |||||||||||||||
Distributions to noncontrolling interests | - | (5,949 | ) | - | (1,027 | ) | - | (6,976 | ) | |||||||||||||||
Contributions from noncontrolling interests | - | - | - | 723 | - | 723 | ||||||||||||||||||
Other financing activity | - | (4,376 | ) | - | 1,571 | - | (2,805 | ) | ||||||||||||||||
Net cash provided by (used in) financing activities | - | 76,923 | 345,469 | (254,697 | ) | - | 167,695 | |||||||||||||||||
Net change in cash and cash equivalents | - | 16,936 | (97 | ) | 2,691 | - | 19,530 | |||||||||||||||||
Cash and cash equivalents, beginning of period | - | 11,162 | 97 | 1,437 | - | 12,696 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | - | $ | 28,098 | $ | - | $ | 4,128 | $ | - | $ | 32,226 | ||||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Rental revenues | $ | - | $ | - | $ | 195,726 | $ | 41,113 | $ | - | $ | 236,839 | ||||||||||||
Institutional capital management and other fees | - | 2,147 | - | 2,405 | (493 | ) | 4,059 | |||||||||||||||||
Total revenues | - | 2,147 | 195,726 | 43,518 | (493 | ) | 240,898 | |||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Rental expenses | - | - | 25,689 | 4,609 | - | 30,298 | ||||||||||||||||||
Real estate taxes | - | - | 29,134 | 6,958 | - | 36,092 | ||||||||||||||||||
Real estate related depreciation and amortization | - | - | 89,286 | 20,707 | - | 109,993 | ||||||||||||||||||
General and administrative | - | 23,893 | 247 | 1,623 | - | 25,763 | ||||||||||||||||||
Casualty and involuntary conversion gain | - | - | (1,123 | ) | (51 | ) | - | (1,174 | ) | |||||||||||||||
Total operating expenses | - | 23,893 | 143,233 | 33,846 | - | 200,972 | ||||||||||||||||||
Operating income (loss) | - | (21,746 | ) | 52,493 | 9,672 | (493 | ) | 39,926 | ||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Development profit, net of taxes | - | - | - | 307 | - | 307 | ||||||||||||||||||
Equity in earnings (loss) of unconsolidated | - | 622 | (28 | ) | - | 493 | 1,087 | |||||||||||||||||
joint ventures, net | ||||||||||||||||||||||||
Interest expense | - | (52,699 | ) | (7,441 | ) | (12,777 | ) | 3,643 | (69,274 | ) | ||||||||||||||
Interest and other income (expense) | - | 4,186 | 11 | 6,776 | (10,888 | ) | 85 | |||||||||||||||||
Income tax benefit (expense) and other taxes | - | (736 | ) | 161 | (96 | ) | - | (671 | ) | |||||||||||||||
Income (loss) from continuing operations | - | (70,373 | ) | 45,196 | 3,882 | (7,245 | ) | (28,540 | ) | |||||||||||||||
Income from discontinued operations | - | - | 654 | 4,416 | 6,730 | 11,800 | ||||||||||||||||||
Equity in earnings (loss) of consolidated subsidiaries | (15,086 | ) | 54,420 | 52 | - | (39,386 | ) | - | ||||||||||||||||
Consolidated net income | (15,086 | ) | (15,953 | ) | 45,902 | 8,298 | (39,901 | ) | (16,740 | ) | ||||||||||||||
Net income attributable to noncontrolling interests | - | - | - | - | 1,654 | 1,654 | ||||||||||||||||||
Net income (loss) attributable to common | (15,086 | ) | (15,953 | ) | 45,902 | 8,298 | (38,247 | ) | (15,086 | ) | ||||||||||||||
stockholders | ||||||||||||||||||||||||
Distributed and undistributed earnings allocated to | - | (524 | ) | - | - | - | (524 | ) | ||||||||||||||||
participating securities | ||||||||||||||||||||||||
Adjusted net income (loss) attributable to | $ | (15,086 | ) | $ | (16,477 | ) | $ | 45,902 | $ | 8,298 | $ | (38,247 | ) | $ | (15,610 | ) | ||||||||
common stockholders | ||||||||||||||||||||||||
Net income (loss) | $ | (15,086 | ) | $ | (15,953 | ) | $ | 45,902 | $ | 8,298 | $ | (39,901 | ) | $ | (16,740 | ) | ||||||||
Other comprehensive loss | ||||||||||||||||||||||||
Net derivative loss on cash flow hedging instruments | - | (6,776 | ) | - | - | - | (6,776 | ) | ||||||||||||||||
Net reclassification adjustment on cash flow | - | 2,098 | - | - | - | 2,098 | ||||||||||||||||||
hedging instruments | ||||||||||||||||||||||||
Other comprehensive loss | - | (4,678 | ) | - | - | - | (4,678 | ) | ||||||||||||||||
Comprehensive income (loss) | (15,086 | ) | (20,631 | ) | 45,902 | 8,298 | (39,901 | ) | (21,418 | ) | ||||||||||||||
Comprehensive income attributable to | - | - | - | - | 902 | 902 | ||||||||||||||||||
noncontrolling interests | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to | $ | (15,086 | ) | $ | (20,631 | ) | $ | 45,902 | $ | 8,298 | $ | (38,999 | ) | $ | (20,516 | ) | ||||||||
common stockholders | ||||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | - | $ | (56,246 | ) | $ | 130,298 | $ | 45,419 | $ | (515 | ) | $ | 118,956 | ||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Real estate acquisitions | - | 601 | (239,248 | ) | (121,355 | ) | - | (360,002 | ) | |||||||||||||||
Capital expenditures and development activities | - | - | (77,342 | ) | (18,753 | ) | - | (96,095 | ) | |||||||||||||||
Proceeds from dispositions of real estate investments | - | - | 25 | 153,722 | - | 153,747 | ||||||||||||||||||
Investments in unconsolidated joint ventures | - | (19,403 | ) | (14 | ) | - | - | (19,417 | ) | |||||||||||||||
Proceeds from casualties and involuntary conversion | - | - | 1,093 | (412 | ) | - | 681 | |||||||||||||||||
Distributions of investments in unconsolidated | - | 22,877 | - | - | - | 22,877 | ||||||||||||||||||
joint ventures | ||||||||||||||||||||||||
Other investing activities | - | - | (673 | ) | (256 | ) | - | (929 | ) | |||||||||||||||
Net cash provided by (used in) investing activities | - | 4,075 | (316,159 | ) | 12,946 | - | (299,138 | ) | ||||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Proceeds from senior unsecured revolving line of credit | - | 450,000 | - | - | - | 450,000 | ||||||||||||||||||
Repayments of senior unsecured revolving line of credit | - | (340,000 | ) | - | - | - | (340,000 | ) | ||||||||||||||||
Proceeds from senior unsecured notes | - | 90,000 | - | - | - | 90,000 | ||||||||||||||||||
Principal payments on mortgage notes | - | - | (45,449 | ) | (27,223 | ) | - | (72,672 | ) | |||||||||||||||
Settlement of cash flow hedge | - | (33,550 | ) | - | - | (33,550 | ) | |||||||||||||||||
Proceeds from issuance of common stock | 177,628 | 177,628 | - | - | (177,628 | ) | 177,628 | |||||||||||||||||
Offering costs for issuance of common stock and OP Units | (6,361 | ) | (6,361 | ) | - | - | 6,361 | (6,361 | ) | |||||||||||||||
Net payments relating to intercompany financing | (100,346 | ) | (204,615 | ) | 231,167 | (27,067 | ) | 100,861 | - | |||||||||||||||
Redemption of noncontrolling interests | - | (3,293 | ) | - | - | - | (3,293 | ) | ||||||||||||||||
Dividends to common stockholders | (70,921 | ) | (70,921 | ) | - | - | 70,921 | (70,921 | ) | |||||||||||||||
Distributions to noncontrolling interests | - | (7,025 | ) | - | (31 | ) | - | (7,056 | ) | |||||||||||||||
Contributions from noncontrolling interests | - | - | - | 30 | - | 30 | ||||||||||||||||||
Other financing activity | - | (2,089 | ) | - | (1,672 | ) | - | (3,761 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | - | 49,774 | 185,718 | (55,963 | ) | 515 | 180,044 | |||||||||||||||||
Net change in cash and cash equivalents | - | (2,397 | ) | (143 | ) | 2,402 | - | (138 | ) | |||||||||||||||
Cash and cash equivalents, beginning of period | - | 13,559 | 240 | (965 | ) | - | 12,834 | |||||||||||||||||
Cash and cash equivalents, end of period | $ | - | $ | 11,162 | $ | 97 | $ | 1,437 | $ | - | $ | 12,696 | ||||||||||||
Organization_Narrative_Details
Organization (Narrative) (Details) | 0 Months Ended | ||
Nov. 17, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
sqft | |||
property | |||
customer | |||
Organization [Line Items] | |||
Percentage of outstanding equity ownership interest | 95.40% | 94.80% | |
Reverse stock split | 0.25 | ||
Square feet of properties | 72,300,000 | ||
Number of customers leased | 900 | ||
Number of properties | 406 | ||
Consolidated Operating Properties [Member] | |||
Organization [Line Items] | |||
Square feet of properties | 62,000,000 | ||
Number of properties | 393 | ||
Occupancy rate | 95.40% | ||
Unconsolidated Properties [Member] | |||
Organization [Line Items] | |||
Square feet of properties | 8,100,000 | ||
Number of properties | 24 | ||
Occupancy rate | 97.80% | ||
Number of institutional partners | 4 | ||
Redevelopment [Member] | |||
Organization [Line Items] | |||
Square feet of properties | 800,000 | ||
Number of properties | 6 | ||
Buildings In Development [Member] | |||
Organization [Line Items] | |||
Square feet of properties | 1,400,000 | ||
Number of properties | 7 | ||
Buildings Under Construction [Member] | |||
Organization [Line Items] | |||
Number of properties | 14 |
Summary_Of_Accounting_Policies
Summary Of Accounting Policies (Schedule Of Standard Depreciable Life) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Land [Member] | |
Summary Of Significant Accounting Policy [Line Items] | |
Standard depreciable life | Not depreciated |
Buildings [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policy [Line Items] | |
Standard Depreciable Life | 40 years |
Buildings [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policy [Line Items] | |
Standard Depreciable Life | 20 years |
Building And Land Improvements [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policy [Line Items] | |
Standard Depreciable Life | 20 years |
Building And Land Improvements [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policy [Line Items] | |
Standard Depreciable Life | 5 years |
Tenant Improvements [Member] | |
Summary Of Significant Accounting Policy [Line Items] | |
Standard depreciable life | Shorter of lease term or useful life |
Leasing Costs [Member] | |
Summary Of Significant Accounting Policy [Line Items] | |
Standard depreciable life | Lease term |
Other Intangible Lease Assets [Member] | |
Summary Of Significant Accounting Policy [Line Items] | |
Standard depreciable life | Average term of leases for property |
Above/Below Market Rent Assets/Liabilities [Member] | |
Summary Of Significant Accounting Policy [Line Items] | |
Standard depreciable life | Reasonably assured lease term |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Summary Of Significant Accounting Policy [Line Items] | |||
Restricted cash | $3,779,000 | $12,621,000 | |
Accumulated amortization of deferred loan costs | 8,500,000 | 6,300,000 | |
Amortization costs included in interest expense | 2,200,000 | 2,700,000 | 2,100,000 |
Allowance on doubtful accounts | 956,000 | 2,178,000 | |
Premium balances net of accumulated amortization | 2,600,000 | 2,600,000 | |
Increase in rental revenue due straight-line rent adjustment | 9,858,000 | 5,525,000 | 5,962,000 |
Minimum percentage of distribution of REIT taxable income | 90.00% | ||
Percentage of distribution of earnings to elect as REIT | 100.00% | ||
Interest expense or penalties related to unrecognized tax benefits | 0 | 0 | 0 |
Unrecognized tax benefits | 0 | 0 | |
Continuing Operations [Member] | |||
Summary Of Significant Accounting Policy [Line Items] | |||
Increase in rental revenue due straight-line rent adjustment | 9,900,000 | 5,300,000 | 6,300,000 |
Tenant recovery | 76,500,000 | 63,800,000 | 51,700,000 |
Increase (decrease) on rental revenues due to amortization of above and below market rents and accelerated amortization due to early lease terminations | 2,400,000 | 1,600,000 | 800,000 |
Increase on rental revenues due to early lease terminations fees | 2,100,000 | 1,300,000 | 600,000 |
Cash Flow Investing Activities [Member] | |||
Summary Of Significant Accounting Policy [Line Items] | |||
Restricted cash | $8,800,000 |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Future Minimum Base Rental Payments) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Accounting Policies [Abstract] | |
2015 | $248,914 |
2016 | 221,669 |
2017 | 183,342 |
2018 | 143,447 |
2019 | 112,324 |
Thereafter | 299,406 |
Total | $1,209,102 |
Investment_In_Properties_Sched
Investment In Properties (Schedule Of Investment In Properties) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real Estate [Abstract] | ||
Operating properties | $3,635,287 | $3,442,442 |
Properties under development | 241,934 | 142,903 |
Properties under redevelopment | 50,931 | 12,194 |
Properties in pre-development including land held | 32,223 | 73,512 |
Total investment in properties | 3,960,375 | 3,671,051 |
Less accumulated depreciation and amortization | -703,840 | -654,097 |
Net Investment in Properties | $3,256,535 | $3,016,954 |
Investment_In_Properties_Narra
Investment In Properties (Narrative) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2007 | ||
sqft | acre | ||||
sqft | |||||
Real Estate Properties [Line Items] | |||||
Square feet of properties | 72,300,000 | ||||
Total investment in properties | $3,960,375,000 | [1],[2] | $3,671,051,000 | ||
Business combination gain recognized | 1,000,000 | ||||
Development profit, net of taxes | 2,016,000 | 268,000 | 307,000 | ||
Impairment losses | 5,635,000 | ||||
Aggregate amortization expense for intangible lease assets | 14,700,000 | 11,800,000 | 9,600,000 | ||
Casualty gain on sale of property damaged | 328,000 | 296,000 | 1,624,000 | ||
Discontinued Operations [Member] | |||||
Real Estate Properties [Line Items] | |||||
Casualty gain on sale of property damaged | 400,000 | ||||
2014 Disposition Activity [Member] | |||||
Real Estate Properties [Line Items] | |||||
Square feet of properties | 6,405,000 | ||||
Number of real estate properties sold | 37 | ||||
Proceeds from dispositions of real estate investments | 283,200,000 | ||||
Gain on sale of property | 43,900,000 | ||||
Number of properties resulting in gain from sale | 33 | ||||
Number of properties | 1 | ||||
2014 Disposition Activity [Member] | Disposition Properties Four [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties sold | 4 | ||||
Impairment losses | 5,600,000 | ||||
2013 Disposition Activity [Member] | |||||
Real Estate Properties [Line Items] | |||||
Square feet of properties | 6,814,000 | ||||
Number of real estate properties sold | 51 | ||||
Proceeds from dispositions of real estate investments | 265,800,000 | ||||
Gain on sale of property | 33,600,000 | ||||
Number of properties resulting in gain from sale | 36 | ||||
2013 Disposition Activity [Member] | Dallas Market [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties sold | 15 | ||||
Impairment losses | 13,300,000 | ||||
Build-To-Suit For Sale [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Buildings | 2 | 1 | |||
Development profit, net of taxes | 0 | 300,000 | 300,000 | ||
Build-To-Suit For Sale [Member] | Eighth And Vineyard A [Member] | |||||
Real Estate Properties [Line Items] | |||||
Development profit, net of taxes | 2,000,000 | 0 | |||
Build-To-Suit For Sale [Member] | Eighth And Vineyard B [Member] | |||||
Real Estate Properties [Line Items] | |||||
Development profit, net of taxes | 2,000,000 | ||||
2014 Development Activity [Member] | |||||
Real Estate Properties [Line Items] | |||||
Square feet of properties | 1,400,000 | ||||
Number of buildings in development | 7 | ||||
Weighted Average Lease Percentage | 17.40% | ||||
Development in process | 11 | ||||
Area of real estate property under construction | 3,300,000 | ||||
Development in process | 3 | ||||
Area of real estate property in process | 200,000 | ||||
Project Completion Year | 2015 | ||||
Acquisition of land parcels | 7 | ||||
Area of property acquired | 103.2 | ||||
Acquisition price of land parcels | 21,500,000 | ||||
2014 Development Activity [Member] | Shell-complete [Member] | |||||
Real Estate Properties [Line Items] | |||||
Square feet of properties | 200,000 | ||||
Number of buildings in development | 2 | ||||
IDI/DCT, LLC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Square feet of properties | 1,900,000 | ||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Land (in acres) | 113 | ||||
TRT-DCT Venture I [Member] | |||||
Real Estate Properties [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 0.00% | [3] | |||
2014 Acquisition Activity [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Buildings | 36 | ||||
Square feet of properties | 5,568,000 | ||||
Total investment in properties | 363,100,000 | ||||
Real estate acquisition related costs | 3,000,000 | ||||
Business combination gain recognized | 1,000,000 | ||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
2014 Acquisition Activity [Member] | IDI/DCT, LLC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Real estate acquisition related costs | 10,300,000 | ||||
2013 Acquisition Activity [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Buildings | 38 | 38 | |||
Square feet of properties | 7,122,000 | ||||
Total investment in properties | 359,500,000 | ||||
Real estate acquisition related costs | 3,600,000 | ||||
Development in process | 7 | ||||
Area of real estate property under construction | 2,700,000 | ||||
Acquisition of land parcels | 5 | ||||
Acquisition price of land parcels | $40,500,000 | ||||
Land (in acres) | 128.6 | ||||
2013 Acquisition Activity [Member] | Shell-complete [Member] | |||||
Real Estate Properties [Line Items] | |||||
Square feet of properties | 900,000 | ||||
Number of buildings in development | 2 | ||||
2013 Acquisition Activity [Member] | TRT-DCT Venture I [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of Buildings | 7 | ||||
Equity Method Investment, Ownership Percentage | 3.60% | ||||
[1] | As of December 31, 2014, the aggregate cost for federal income tax purposes of investments in real estate was approximately $3.6 billion. | ||||
[2] | (6) A summary of activity for real estate and accumulated depreciation for the year ended December 31, 2014 is as follows: Investments in properties: Balance at beginning of year $3,671,051 Assets held for sale 11,383 Balance at beginning of year, including held for sale 3,682,434 Acquisition of properties 404,646 Improvements, including development properties 223,126 Divestiture of properties (323,773) Improvements, intangibles, tenant leasing cost write-offs (25,379) Impairments (5,635) Other adjustments 4,956 Balance at end of year, including held for sale $3,960,375 Assets held for sale - Balance at end of year, excluding held for sale $3,960,375 Accumulated depreciation and amortization: Balance at beginning of year (654,097) Assets held for sale (3,474) Balance at beginning of year, including held for sale $(657,571) Depreciation and amortization expense, including discontinued operations (149,395) Divestiture of properties 79,221 Improvements, intangibles, tenant leasing cost write-offs 25,379 Other adjustments (1,474) Balance at end of year, including held for sale $(703,840) Assets held for sale - Balance at end of year, excluding held for sale $(703,840) | ||||
[3] | Our interests in the unconsolidated joint venture were liquidated as of December 31, 2014. |
Investment_In_Properties_Sched1
Investment In Properties (Schedule Of Acquisition Activity) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
property | property | |
sqft | sqft | |
Real Estate Properties [Line Items] | ||
Square feet of properties | 72,300,000 | |
2014 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 36 | |
Square feet of properties | 5,568,000 | |
2013 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 38 | 38 |
Square feet of properties | 7,122,000 | |
Atlanta Market [Member] | East Operating Segment [Member] | 2014 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 1 | |
Square feet of properties | 151,000 | |
Atlanta Market [Member] | East Operating Segment [Member] | 2013 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 4 | |
Square feet of properties | 684,000 | |
Baltimore/Washington D.C. Market [Member] | East Operating Segment [Member] | 2014 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 1 | |
Square feet of properties | 120,000 | |
Miami Market [Member] | East Operating Segment [Member] | 2014 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 1 | |
Square feet of properties | 75,000 | |
New Jersey Market [Member] | East Operating Segment [Member] | 2014 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 1 | |
Square feet of properties | 63,000 | |
New Jersey Market [Member] | East Operating Segment [Member] | 2013 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 2 | |
Square feet of properties | 308,000 | |
Chicago Market [Member] | Central Operating Segment [Member] | 2014 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 7 | |
Square feet of properties | 2,391,000 | |
Dallas Market [Member] | Central Operating Segment [Member] | 2014 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 3 | |
Square feet of properties | 201,000 | |
Dallas Market [Member] | Central Operating Segment [Member] | 2013 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 4 | |
Square feet of properties | 506,000 | |
Houston Market [Member] | Central Operating Segment [Member] | 2014 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 5 | |
Square feet of properties | 537,000 | |
Houston Market [Member] | Central Operating Segment [Member] | 2013 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 1 | |
Square feet of properties | 88,000 | |
Northern California Market [Member] | West Operating Segment [Member] | 2014 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 1 | |
Square feet of properties | 750,000 | |
Northern California Market [Member] | West Operating Segment [Member] | 2013 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 2 | |
Square feet of properties | 439,000 | |
Phoenix Market [Member] | West Operating Segment [Member] | 2014 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 6 | |
Square feet of properties | 465,000 | |
Seattle Market [Member] | West Operating Segment [Member] | 2014 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 8 | |
Square feet of properties | 602,000 | |
Southern California Market [Member] | West Operating Segment [Member] | 2014 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 2 | |
Square feet of properties | 213,000 | |
Charlotte Market | East Operating Segment [Member] | 2013 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 1 | |
Square feet of properties | 472,000 | |
Memphis Market | East Operating Segment [Member] | 2013 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 1 | |
Square feet of properties | 211,000 | |
Pennsylvania | East Operating Segment [Member] | 2013 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 5 | |
Square feet of properties | 1,275,000 | |
Chicago | Central Operating Segment [Member] | 2013 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 9 | |
Square feet of properties | 2,209,000 | |
Phoenix | West Operating Segment [Member] | 2013 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 3 | |
Square feet of properties | 308,000 | |
Seattle | West Operating Segment [Member] | 2013 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 1 | |
Square feet of properties | 39,000 | |
Southern California | West Operating Segment [Member] | 2013 Acquisition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 5 | |
Square feet of properties | 583,000 |
Investment_In_Properties_Sched2
Investment In Properties (Schedule Of Disposition Activity) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
property | property | |
sqft | sqft | |
Real Estate Properties [Line Items] | ||
Square feet of properties | 72,300,000 | |
2014 Disposition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 37 | |
Square feet of properties | 6,405,000 | |
2014 Disposition Activity [Member] | East Operating Segment [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 12 | |
2014 Disposition Activity [Member] | East Operating Segment [Member] | Atlanta Market [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 3 | |
Square feet of properties | 288,000 | |
2014 Disposition Activity [Member] | East Operating Segment [Member] | Baltimore/Washington D.C. Market [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 3 | |
Square feet of properties | 347,000 | |
2014 Disposition Activity [Member] | East Operating Segment [Member] | New Jersey Market [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 5 | |
Square feet of properties | 542,000 | |
2014 Disposition Activity [Member] | East Operating Segment [Member] | Pennsylvania Market [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 1 | |
Square feet of properties | 112,000 | |
2014 Disposition Activity [Member] | Central Operating Segment [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 25 | |
2014 Disposition Activity [Member] | Central Operating Segment [Member] | Chicago Market [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 3 | |
Square feet of properties | 421,000 | |
2014 Disposition Activity [Member] | Central Operating Segment [Member] | Cincinnati Market [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 2 | |
Square feet of properties | 840,000 | |
2014 Disposition Activity [Member] | Central Operating Segment [Member] | Columbus Market [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 12 | |
Square feet of properties | 3,480,000 | |
2014 Disposition Activity [Member] | Central Operating Segment [Member] | Dallas Market [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 1 | |
Square feet of properties | 21,000 | |
2014 Disposition Activity [Member] | Central Operating Segment [Member] | Houston Market [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 7 | |
Square feet of properties | 354,000 | |
2013 Disposition Activity [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 51 | |
Square feet of properties | 6,814,000 | |
2013 Disposition Activity [Member] | Dallas Market [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 15 | |
2013 Disposition Activity [Member] | East Operating Segment [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 3 | |
2013 Disposition Activity [Member] | East Operating Segment [Member] | Atlanta Market [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 1 | |
Square feet of properties | 578,000 | |
2013 Disposition Activity [Member] | East Operating Segment [Member] | Memphis Market | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 2 | |
Square feet of properties | 1,439,000 | |
2013 Disposition Activity [Member] | Central Operating Segment [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 47 | |
2013 Disposition Activity [Member] | Central Operating Segment [Member] | Cincinnati Market [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 1 | |
Square feet of properties | 710,000 | |
2013 Disposition Activity [Member] | Central Operating Segment [Member] | Dallas Market [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 17 | |
Square feet of properties | 640,000 | |
2013 Disposition Activity [Member] | Central Operating Segment [Member] | Louisville Market [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 1 | |
Square feet of properties | 221,000 | |
2013 Disposition Activity [Member] | Central Operating Segment [Member] | Mexico Market [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 15 | |
Square feet of properties | 1,653,000 | |
2013 Disposition Activity [Member] | Central Operating Segment [Member] | San Antonio Market [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 13 | |
Square feet of properties | 1,177,000 | |
2013 Disposition Activity [Member] | West Operating Segment [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 1 | |
2013 Disposition Activity [Member] | West Operating Segment [Member] | Northern California Market [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 1 | |
Square feet of properties | 396,000 |
Investment_In_Properties_Sched3
Investment In Properties (Schedule Of Intangible Lease Assets) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Net | $48,965 | |
Weighted Average Remaining Life (In Years) | 9 years | |
Below market rent, Gross | -30,266 | -26,562 |
Below market rent, Accumulated Amortization | 7,326 | 6,173 |
Below market rent, Net | -22,940 | -20,389 |
Other Intangible Lease Assets [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Gross | 81,996 | 77,383 |
Accumulated Amortization | -33,031 | -27,668 |
Net | 48,965 | 49,715 |
Weighted Average Remaining Life (In Years) | 4 years | |
Above Market Rent [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Gross | 4,519 | 5,375 |
Accumulated Amortization | -1,773 | -1,761 |
Net | $2,746 | $3,614 |
Weighted Average Remaining Life (In Years) | 3 years |
Investment_In_Properties_Sched4
Investment In Properties (Schedule Of Estimated Amortization Of Intangible Lease Assets And Above/Below Market Rents) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Investments [Abstract] | |
Estimated Net Amortization of Intangible Lease Assets, 2015 | $12,634 |
Estimated Net Amortization of Intangible Lease Assets, 2016 | 10,067 |
Estimated Net Amortization of Intangible Lease Assets, 2017 | 7,851 |
Estimated Net Amortization of Intangible Lease Assets, 2018 | 5,512 |
Estimated Net Amortization of Intangible Lease Assets, 2019 | 4,177 |
Estimated Net Amortization of Intangible Lease Assets, Thereafter | 8,724 |
Net | 48,965 |
Estimated Net (Increase) to Rental Revenues Related to Above and Below Market Rents, 2015 | 2,623 |
Estimated Net (Increase) to Rental Revenues Related to Above and Below Market Rents, 2016 | 2,308 |
Estimated Net (Increase) to Rental Revenues Related to Above and Below Market Rents, 2017 | 1,949 |
Estimated Net (Increase) to Rental Revenues Related to Above and Below Market Rents, 2018 | 1,405 |
Estimated Net (Increase) to Rental Revenues Related to Above and Below Market Rents, 2019 | 991 |
Estimated Net (Increase) to Rental Revenues Related to Above and Below Market Rents, Thereafter | 10,918 |
Estimated Net (Increase) to Rental Revenues Related to Above and Below Market Rents, Total | $20,194 |
Investments_In_And_Advances_To2
Investments In And Advances To Unconsolidated Joint Ventures (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2007 | Dec. 31, 2006 | Dec. 31, 2008 | ||||
property | property | acre | acre | acre | ||||||
sqft | property | |||||||||
sqft | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Equity in earnings of unconsolidated joint ventures, net | $6,462,000 | $2,405,000 | $1,087,000 | |||||||
Proceeds from dispositions of real estate investments | 278,381,000 | 258,224,000 | 153,747,000 | |||||||
Total investment in properties | 3,960,375,000 | 3,671,051,000 | 3,960,375,000 | |||||||
Number of properties | 406 | 406 | ||||||||
Square feet of properties | 72,300,000 | 72,300,000 | ||||||||
Investments in and advances to unconsolidated joint ventures | 94,728,000 | 124,923,000 | 94,728,000 | |||||||
Exceeds our share of the underlying equity in net assets of our joint ventures | 14,200,000 | 14,700,000 | 14,200,000 | |||||||
TRT-DCT Venture I [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Gain on dispositions of real estate interests | 900,000 | |||||||||
Ownership Percentage | 0.00% | [1] | 0.00% | [1] | ||||||
Recognition of previously deferred gain on disposal of property | 900,000 | |||||||||
Investments in and advances to unconsolidated joint ventures | 823,000 | [1] | ||||||||
TRT-DCT Venture II [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Gain on dispositions of real estate interests | 600,000 | |||||||||
Equity in earnings of unconsolidated joint ventures, net | 2,400,000 | |||||||||
Ownership Percentage | 0.00% | [1] | 0.00% | [1] | ||||||
Recognition of previously deferred gain on disposal of property | 600,000 | |||||||||
Investments in and advances to unconsolidated joint ventures | 1,847,000 | [1] | ||||||||
Trt DCT Venture I and II [Member] | ||||||||||
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] | ||||||||||
Equity in earnings of unconsolidated joint ventures, net | 1,000,000 | |||||||||
Proceeds from dispositions of real estate investments | 4,100,000 | |||||||||
Ownership Percentage | 50.00% | 50.00% | ||||||||
Number of properties | 1 | 1 | 4 | |||||||
Land (in acres) | 113 | |||||||||
Square feet of properties | 1,900,000 | |||||||||
Investments in and advances to unconsolidated joint ventures | 4,363,000 | 27,735,000 | 4,363,000 | |||||||
IDI/DCT, LLC [Member] | Acquisition Activity [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Number of real estate property contributed by joint venture partner | 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% | ||||||||
Deferred gains on property | 2,500,000 | |||||||||
Investments in and advances to unconsolidated joint ventures | 39,744,000 | 41,253,000 | 39,744,000 | |||||||
TRT-DCT Venture III [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Ownership Percentage | 10.00% | 10.00% | ||||||||
Investments in and advances to unconsolidated joint ventures | 1,196,000 | 1,197,000 | 1,196,000 | |||||||
SCLA [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Number of properties | 6 | 6 | ||||||||
Percentage of operating building occupied | 99.60% | |||||||||
Land (in acres) | 181.4 | 181.4 | 4,350 | |||||||
Square feet of properties | 2,200,000 | 2,200,000 | ||||||||
DCT [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Ownership Percentage | 50.00% | 50.00% | ||||||||
Number of properties | 1 | 1 | ||||||||
Deferred Costs | 500,000 | 500,000 | ||||||||
IDI/DCT Buford, LLC (Land Only) [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Ownership Percentage | 75.00% | 75.00% | ||||||||
Land (in acres) | 47 | |||||||||
Investments in and advances to unconsolidated joint ventures | $4,083,000 | $4,090,000 | $4,083,000 | |||||||
[1] | Our interests in the unconsolidated joint venture were liquidated as of December 31, 2014. |
Investments_In_And_Advances_To3
Investments In And Advances To Unconsolidated Joint Ventures (Investments In And Advances To Unconsolidated Joint Ventures) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
property | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Number of Buildings | 24 | |||
Investments in and advances to unconsolidated joint ventures | $94,728 | $124,923 | ||
Percentage Of Initial Cash Equity Capital | 100.00% | |||
Institutional Joint Ventures [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Number of Buildings | 17 | |||
Investments in and advances to unconsolidated joint ventures | 40,940 | 45,120 | ||
Other [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Number of Buildings | 7 | |||
Investments in and advances to unconsolidated joint ventures | 53,788 | 79,803 | ||
DCT/SPF Industrial Operating LLC [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Ownership Percentage | 20.00% | |||
Number of Buildings | 13 | |||
Investments in and advances to unconsolidated joint ventures | 39,744 | 41,253 | ||
TRT-DCT Venture I [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Ownership Percentage | 0.00% | [1] | ||
Investments in and advances to unconsolidated joint ventures | 823 | [1] | ||
TRT-DCT Venture II [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Ownership Percentage | 0.00% | [1] | ||
Investments in and advances to unconsolidated joint ventures | 1,847 | [1] | ||
TRT-DCT Venture III [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Ownership Percentage | 10.00% | |||
Number of Buildings | 4 | |||
Investments in and advances to unconsolidated joint ventures | 1,196 | 1,197 | ||
Stirling Capital Investments (SCLA) [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Ownership Percentage | 50.00% | [2] | ||
Number of Buildings | 6 | [2] | ||
Investments in and advances to unconsolidated joint ventures | 45,342 | [2] | 47,978 | [2] |
IDI/DCT, LLC [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Ownership Percentage | 50.00% | |||
Number of Buildings | 1 | |||
Investments in and advances to unconsolidated joint ventures | 4,363 | 27,735 | ||
IDI/DCT Buford, LLC (Land Only) [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Ownership Percentage | 75.00% | |||
Investments in and advances to unconsolidated joint ventures | $4,083 | $4,090 | ||
[1] | Our interests in the unconsolidated joint venture were liquidated as of December 31, 2014. | |||
[2] | Although we contributed 100% of the initial cash equity capital required by the venture, our partners retain certain participant rights in the ventures available cash flows |
Investments_In_And_Advances_To4
Investments In And Advances To Unconsolidated Joint Ventures (Selected Combined Financial Information For Unconsolidated Joint Ventures) (Details) (Unconsolidated Joint Ventures [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Unconsolidated Joint Ventures [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Real estate, net of accumulated depreciation | $345,005 | $528,130 | $630,478 |
Total assets | 360,200 | 548,833 | 651,971 |
Notes payable | 102,468 | 191,100 | 272,948 |
Total liabilities | 110,432 | 202,620 | 287,046 |
Partners’ capital | 249,768 | 346,213 | 364,925 |
Rental revenues | 39,882 | 54,363 | 66,052 |
Operating expenses | 8,748 | 13,677 | 16,343 |
Depreciation expense | 17,703 | 25,300 | 33,734 |
Interest expense | 4,727 | 11,686 | 22,117 |
Net income (loss) | $6,834 | ($1,090) | ($3,688) |
Outstanding_Indebtedness_Narra
Outstanding Indebtedness (Narrative) (Details) (USD $) | 1 Months Ended | 2 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||||
Nov. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2013 | Oct. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | |||
Loan | item | |||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding indebtedness | $1,406,414,000 | $1,500,000,000 | ||||||||||
Proportionate share of debt associated with unconsolidated joint ventures | 42,500,000 | 44,400,000 | ||||||||||
Total investment in properties | 3,960,375,000 | 3,671,051,000 | ||||||||||
Repayments of mortgage notes payable | 43,300,000 | 3,300,000 | 11,000,000 | |||||||||
Number of interest rate swaps | 2 | |||||||||||
Proceeds from senior unsecured notes | 497,355,000 | 90,000,000 | ||||||||||
Number of notes assumed | 3 | |||||||||||
Assumption of mortgage note in connection with real estate acquired | 18,300,000 | |||||||||||
Premium in connection with the assumption of the note | 2,000,000 | |||||||||||
Amortization of debt discount/premium | 1,800,000 | 2,100,000 | 1,000,000 | |||||||||
Total bank unsecured credit facilities | 37,000,000 | 39,000,000 | ||||||||||
Interest expense incurred | 72,300,000 | 71,700,000 | 73,700,000 | |||||||||
Capitalized interest | 9,100,000 | 8,300,000 | 4,300,000 | |||||||||
Maturity Date One [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument Maturity Month and Year | 2013-04 | |||||||||||
Maturity Date Two [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument Maturity Month and Year | 2013-06 | |||||||||||
Senior Unsecured Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face value | 175,000,000 | |||||||||||
Debt instrument, term | 5 years | |||||||||||
Commitment for senior unsecured term loan | 175,000,000 | |||||||||||
Loan period commitment | 2 years | |||||||||||
Early repayment of senior debt | 175,000,000 | |||||||||||
Debt Instrument Maturity Month and Year | 2015-02 | |||||||||||
Senior Unsecured Term Loan [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face value | 175,000,000 | |||||||||||
Senior Unsecured Term Loan [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face value | 225,000,000 | |||||||||||
Senior Unsecured Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Early repayment of senior debt | 50,000,000 | 175,000,000 | ||||||||||
Debt Instrument Maturity Month and Year | 2014-01 | |||||||||||
Secured Mortgage Note I [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face value | 1,000,000 | |||||||||||
Secured Mortgage Note II [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face value | 6,200,000 | |||||||||||
Secured Mortgage Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of mortgage notes payable | 15,900,000 | |||||||||||
Debt Instrument Maturity Month and Year | 2023-06 | |||||||||||
Number of mortgage notes issued | 2 | |||||||||||
Number of interest rate swaps | 2 | |||||||||||
Debt interest rate | 4.72% | |||||||||||
Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face value | 275,000,000 | |||||||||||
Debt interest rate | 4.50% | |||||||||||
Debt instrument, redemption price, percentage | 99.04% | |||||||||||
Proceeds from senior unsecured notes | 269,600,000 | |||||||||||
Debt Instrument Maturity Year | 2023 | |||||||||||
Mortgage Notes, Fixed Rate, 8 Year [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument Maturity Month and Year | 2013-10 | |||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, expiration period | 4 years | |||||||||||
Total capacity under revolving credit facility | 300,000,000 | |||||||||||
Debt Instrument Maturity Month and Year | 2017-02 | |||||||||||
Total bank unsecured credit facilities | 37,000,000 | [1] | 39,000,000 | [1] | ||||||||
Senior unsecured facility, available | 243,500,000 | 261,000,000 | ||||||||||
Letters of Credit Outstanding | 19,500,000 | |||||||||||
Mortgage Loans On Real Estate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total investment in properties | $600,000,000 | $700,000,000 | ||||||||||
[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. |
Outstanding_Indebtedness_Summa
Outstanding Indebtedness (Summary Of Outstanding Indebtedness) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | ||
Debt Instrument [Line Items] | |||||
Outstanding indebtedness | $1,144,414 | $1,185,721 | |||
Fixed interest rate debt | 5.32% | [1],[2] | 4.72% | ||
Variable interest rate debt | 1.49% | [1],[2] | |||
Premiums/Discounts, Net of Amortization | 2,631 | 2,646 | |||
Total Senior Unsecured Notes and Mortgage Notes, net | 1,147,045 | 1,188,367 | |||
Total bank unsecured credit facilities | 262,000 | 264,000 | |||
Total Carrying Value of Debt | 1,409,045 | 1,452,367 | |||
Fixed Rate Debt | 1,144,414 | [2] | 1,185,721 | [2] | |
Variable Rate Debt | 262,000 | [2] | 264,000 | [2] | |
Senior Unsecured Notes, 9 Year, Fixed Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.43% | [1] | |||
Debt Instrument Maturity Month and Year | 2020-04 | ||||
Outstanding indebtedness | 50,000 | 50,000 | |||
Senior Unsecured Notes, 10 Year, Fixed Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.77% | [1],[3] | |||
Debt Instrument Maturity Month and Year | 2016-04 | [3] | |||
Outstanding indebtedness | 50,000 | [3] | 50,000 | [3] | |
Senior Unsecured Notes, Private Placement 5 Year, Fixed Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.63% | [1] | |||
Debt Instrument Maturity Month and Year | 2015-06 | ||||
Outstanding indebtedness | 40,000 | 40,000 | |||
Senior Unsecured Notes, Private Placement 7 Year, Fixed Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 6.31% | [1] | |||
Debt Instrument Maturity Month and Year | 2017-06 | ||||
Outstanding indebtedness | 51,000 | 51,000 | |||
Senior Unsecured Notes, Private Placement 8 Year, Fixed Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 6.52% | [1] | |||
Debt Instrument Maturity Month and Year | 2018-06 | ||||
Outstanding indebtedness | 41,500 | 41,500 | |||
Senior Unsecured Notes, Private Placement 11 Year, Fixed Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 6.95% | [1] | |||
Debt Instrument Maturity Month and Year | 2021-06 | ||||
Outstanding indebtedness | 77,500 | 77,500 | |||
Senior Unsecured Notes, 2011 Private Placement 5 Year, Fixed Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 4.02% | [1] | |||
Debt Instrument Maturity Month and Year | 2016-08 | ||||
Outstanding indebtedness | 49,000 | 49,000 | |||
Senior Unsecured Notes, 2011 Private Placement 7 Year, Fixed Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 4.69% | [1] | |||
Debt Instrument Maturity Month and Year | 2018-08 | ||||
Outstanding indebtedness | 40,000 | 40,000 | |||
Senior Unsecured Notes, 2011 Private Placement 8 Year, Fixed Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 4.97% | [1] | |||
Debt Instrument Maturity Month and Year | 2019-08 | ||||
Outstanding indebtedness | 46,000 | 46,000 | |||
Senior Unsecured Notes, 2011 Private Placement 10 Year, Fixed Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.42% | [1] | |||
Debt Instrument Maturity Month and Year | 2021-08 | ||||
Outstanding indebtedness | 15,000 | 15,000 | |||
Senior Unsecured Notes, 2011 Private Placement 11 Year, Fixed Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.50% | [1] | |||
Debt Instrument Maturity Month and Year | 2022-08 | ||||
Outstanding indebtedness | 40,000 | 40,000 | |||
Senior Unsecured Notes, 2011 Private Placement 12 Year, Fixed Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.57% | [1] | |||
Debt Instrument Maturity Month and Year | 2023-08 | ||||
Outstanding indebtedness | 35,000 | 35,000 | |||
Senior Unsecured Notes, 2012 Private Placement 10 Year Fixed Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 4.21% | [1],[3] | |||
Debt Instrument Maturity Month and Year | 2022-09 | [3] | |||
Outstanding indebtedness | 90,000 | [3] | 90,000 | [3] | |
Senior Unsecured Notes, 2013 Bonds 10 Year Fixed Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 4.50% | [1] | |||
Debt Instrument Maturity Month and Year | 2023-10 | ||||
Outstanding indebtedness | 275,000 | 275,000 | |||
Mortgage Secured Notes, Fixed Rate, 1700 Desoto [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 6.00% | [1] | |||
Debt Instrument Maturity Month and Year | 2014-04 | ||||
Outstanding indebtedness | 3,264 | ||||
Mortgage Secured Notes, Fixed Rate, 10 Year [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.31% | [1],[3] | |||
Debt Instrument Maturity Month and Year | 2015-01 | [3] | |||
Outstanding indebtedness | 44,566 | [3] | |||
Mortgage Secured Notes, Fixed Rate, Cargo Ventures [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.77% | [1] | |||
Debt Instrument Maturity Month and Year | 2016-02 | ||||
Outstanding indebtedness | 5,183 | 52,971 | |||
Mortgage Secured Notes, Fixed Rate 116 Lehigh Drive [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 6.08% | [1],[4] | |||
Debt Instrument Maturity Month and Year | 2016-08 | [4] | |||
Outstanding indebtedness | 4,453 | [4] | |||
Mortgage Secured Notes, Fixed Rate, 1725 Puyallup Street [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 6.11% | [1] | |||
Debt Instrument Maturity Month and Year | 2017-04 | ||||
Outstanding indebtedness | 3,633 | ||||
Mortgage Secured Notes, Fixed Rate, 6740 Dorsey [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.62% | [1] | |||
Debt Instrument Maturity Month and Year | 2017-06 | ||||
Outstanding indebtedness | 8,200 | ||||
Mortgage Secured Notes, Fixed Rate, State Highway 225 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 6.25% | [1] | |||
Debt Instrument Maturity Month and Year | 2017-08 | ||||
Outstanding indebtedness | 5,754 | 5,893 | |||
Mortgage Secured Notes, Fixed Rate, Shelby 4 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 7.40% | [1] | |||
Debt Instrument Maturity Month and Year | 2017-12 | ||||
Outstanding indebtedness | 470 | 609 | |||
Mortgage Secured Notes, Fixed Rate, Miami Commerce Center [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 6.91% | [1] | |||
Debt Instrument Maturity Month and Year | 2018-10 | ||||
Outstanding indebtedness | 2,405 | 2,948 | |||
Mortgage Secured Notes, 6.17% Fixed Rate, Cabot [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 6.17% | [1] | |||
Debt Instrument Maturity Month and Year | 2019-02 | ||||
Outstanding indebtedness | 49,559 | 50,357 | |||
Mortgage Secured Notes, 6.11% Fixed Rate, Cabot [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 6.11% | [1] | |||
Debt Instrument Maturity Month and Year | 2020-02 | ||||
Outstanding indebtedness | 64,614 | 66,387 | |||
Mortgage Secured Notes, Fixed Rate, 6400 Hollister [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 6.70% | [1] | |||
Debt Instrument Maturity Month and Year | 2020-04 | ||||
Outstanding indebtedness | 6,394 | ||||
Mortgage Secured Notes Fixed Rate 7425 Pinemont [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 6.25% | [1] | |||
Debt Instrument Maturity Month and Year | 2020-07 | ||||
Outstanding indebtedness | 2,450 | 2,488 | |||
Mortgage Secured Notes Fixed Rate 1625 Rollins Road [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 4.25% | [1] | |||
Debt Instrument Maturity Month and Year | 2021-12 | ||||
Outstanding indebtedness | 18,520 | 19,021 | |||
Mortgage Secured Notes, Fixed Rate, Haven A [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 7.29% | [1] | |||
Debt Instrument Maturity Month and Year | 2022-10 | ||||
Outstanding indebtedness | 7,025 | 7,676 | |||
Mortgage Secured Notes, Fixed Rate, Shelby 19 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 6.72% | [1] | |||
Debt Instrument Maturity Month and Year | 2022-11 | ||||
Outstanding indebtedness | 7,468 | 8,171 | |||
Mortgage Secured Notes, Fixed Rate, Haven G [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 4.72% | [1] | |||
Debt Instrument Maturity Month and Year | 2023-06 | ||||
Outstanding indebtedness | 944 | 965 | |||
Mortgage Secured Notes, Fixed Rate 740 Palmyrita [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 4.72% | [1] | |||
Debt Instrument Maturity Month and Year | 2023-06 | ||||
Outstanding indebtedness | 6,020 | 6,155 | |||
Mortgage Secured Notes, Fixed Rate, 6th & Rochester [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 4.96% | [1] | |||
Debt Instrument Maturity Month and Year | 2023-08 | ||||
Outstanding indebtedness | 2,887 | 3,147 | |||
Mortgage Secured Notes, Fixed Rate, Mohawk [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.75% | [1],[5] | |||
Debt Instrument Maturity Month and Year | 2025-08 | [5] | |||
Outstanding indebtedness | 6,650 | [5] | |||
Mortgage Secured Notes, Fixed Rate, 1555 Oakley Industrial Blvd [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.75% | [1] | |||
Debt Instrument Maturity Month and Year | 2025-08 | ||||
Outstanding indebtedness | 6,234 | ||||
2018 Term loan, Variable [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument Maturity Month and Year | 2018-02 | ||||
Bank unsecured credit facilities, Interest rate | 1.51% | [1] | |||
Total bank unsecured credit facilities | 225,000 | 225,000 | |||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument Maturity Month and Year | 2017-02 | ||||
Bank unsecured credit facilities, Interest rate | 1.34% | [1] | |||
Total bank unsecured credit facilities | $37,000 | $39,000 | |||
[1] | Interest rates for fixed rate debt are stated rates. Interest rates for variable rate debt are the interest rate charged as of the last payment in 2014. | ||||
[2] | Weighted average interest rates are based upon outstanding balances as of December 31, 2014. | ||||
[3] | We settled certain derivative instruments related to these notes and the settlement amount of these derivative instruments are amortized to interest expense over the life of the assigned notes. | ||||
[4] | The mortgage note was paid off upon the disposal of the property during 2014. | ||||
[5] | The property securing the mortgage note was substituted with the property 1555 Oakley Industrial Blvd. |
Outstanding_Indebtedness_Sched
Outstanding Indebtedness (Schedule Of Maturities Of Debt) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
2015 | $47,180 | ||
2016 | 155,994 | ||
2017 | 111,615 | ||
2018 | 313,054 | ||
2019 | 97,139 | ||
Thereafter | 681,432 | ||
Total | 1,406,414 | 1,500,000 | |
Senior Unsecured Notes [Member] | |||
Debt Instrument [Line Items] | |||
2015 | 40,000 | ||
2016 | 99,000 | ||
2017 | 51,000 | ||
2018 | 81,500 | ||
2019 | 46,000 | ||
Thereafter | 582,500 | ||
Total | 900,000 | ||
Mortgage Notes [Member] | |||
Debt Instrument [Line Items] | |||
2015 | 7,180 | ||
2016 | 56,994 | ||
2017 | 23,615 | ||
2018 | 6,554 | ||
2019 | 51,139 | ||
Thereafter | 98,932 | ||
Total | 244,414 | ||
Bank Unsecured Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
2017 | 37,000 | ||
2018 | 225,000 | [1] | |
Total | $262,000 | ||
[1] | (1) The $225.0 million term loan facility is presented in “Senior unsecured notes†in our Consolidated Balance Sheets. |
Outstanding_Indebtedness_Sched1
Outstanding Indebtedness (Schedule Of Maturities Of Debt) (Parenthetical) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $1,122,621 | $1,122,407 |
Bank Unsecured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $225,000 |
Financial_Instruments_And_Hedg2
Financial Instruments And Hedging Activities (Summary Of Financial Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Carrying Amounts | $37,000 | $39,000 | ||
Carrying Amounts | 1,406,414 | 1,500,000 | ||
Interest rate swap asset (liability), Carrying Amounts | -167 | [1] | 212 | [1] |
Interest Rate Swaps [Member] | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Interest rate swap asset (liability), Estimated Fair Value | -167 | [1] | 212 | [1] |
Revolving Credit Facility [Member] | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Carrying Amounts | 37,000 | [2] | 39,000 | [2] |
Estimated Fair Value | 37,000 | [2] | 39,000 | [2] |
Fixed Rate Debt [Member] | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Carrying Amounts | 1,147,045 | [2],[3] | 1,188,367 | [2],[3] |
Estimated Fair Value | 1,238,671 | [2],[3] | 1,263,722 | [2],[3] |
Variable Rate Debt [Member] | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Carrying Amounts | 225,000 | [2] | 225,000 | [2] |
Estimated Fair Value | $226,431 | [2] | $226,153 | [2] |
[1] | The fair value of our interest rate swap 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, net†or “Other liabilities,†respectively, in our Consolidated Balance Sheets. | |||
[2] | 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. | |||
[3] | The carrying amount of our fixed rate debt includes premiums and discounts. |
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 $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 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 | -533 | 123 |
Realized loss recognized in interest expense | 154 | 89 |
Ending balance at December 31 | ($167) | $212 |
Financial_Instruments_And_Hedg4
Financial Instruments And Hedging Activities (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Number of pay-fixed, receive-floating interest rate swaps | 2 | |||
Fixed interest rate | 5.32% | [1],[2] | 4.72% | |
Notional amount of non derivative Instruments | $7 | $7.10 | ||
Estimated amount that will be reclassified from accumulated other comprehensive loss to interest expenses | $4.20 | |||
Interest Rate Swaps [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Maturity date | 1-Jun-23 | |||
[1] | Interest rates for fixed rate debt are stated rates. Interest rates for variable rate debt are the interest rate charged as of the last payment in 2014. | |||
[2] | Weighted average interest rates are based upon outstanding balances as of December 31, 2014. |
Financial_Instruments_And_Hedg5
Financial Instruments And Hedging Activities (Schedule Of Derivative Financial Instruments On Financial Statements) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Amount of gain (loss) recognized in OCI for effective portion of derivatives | ($1,159) | $675 | ($6,776) |
Interest Rate Swaps [Member] | |||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Amount of gain (loss) recognized in OCI for effective portion of derivatives | -1,159 | 675 | -6,776 |
Amount of loss reclassified from accumulated OCI for effective portion of derivatives into interest expense and equity in earnings of unconsolidated joint ventures, net | -4,670 | -4,490 | -2,098 |
Amount of loss recognized in interest expense due to missed forecast (ineffective portion and amount excluded from effectiveness testing) | $677 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Summary Of Our Contractual Obligations Under Operating Lease Agreements And Ground Lease Agreements) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases [Member] | |
Operating Leased Assets [Line Items] | |
2015 | $994 |
2016 | 856 |
2017 | 260 |
2018 | 57 |
Total | 2,167 |
Ground Leases [Member] | |
Operating Leased Assets [Line Items] | |
2015 | 564 |
2016 | 559 |
2017 | 551 |
2018 | 551 |
2019 | 551 |
Thereafter | 9,682 |
Total | $12,458 |
Commitments_And_Contingencies_2
Commitments And Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments And Contingencies Disclosure [Abstract] | |||
Rent expense | $1.10 | $0.90 | $0.70 |
Noncontrolling_Interests_Narra
Noncontrolling Interests (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Noncontrolling Interest [Abstract] | ||
Noncontrolling interests held by third party | $12 | $12 |
Noncontrolling_Interests_Sched
Noncontrolling Interests (Schedule Of Noncontrolling Interests) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Noncontrolling Interest [Abstract] | |||
Noncontrolling interests' share of (income) loss from continuing operations | ($2,801) | $1 | $2,644 |
Noncontrolling interests' share of income from discontinued operations | -283 | -1,603 | -990 |
Net income attributable to noncontrolling interests | ($3,084) | ($1,602) | $1,654 |
Stockholders_Equity_of_DCT_and2
Stockholders' Equity of DCT and Partners' Capital of the Operating Partnership (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 07, 2014 | Aug. 13, 2013 | Sep. 12, 2012 | |
Stockholders Equity [Line Items] | ||||||
Common stock, shares issued | 88,012,696 | 80,066,487 | ||||
Common stock, shares outstanding | 88,012,696 | 80,066,487 | ||||
Proceeds from common stock offering | $239,007,000 | $258,575,000 | $171,328,000 | |||
Net proceeds from issuance of common stock in a public offering | 240,667,000 | 267,453,000 | 177,628,000 | |||
Issuance of common stock, stock-based compensation plans, shares | 100,000 | 100,000 | 100,000 | |||
Ownership interest in operating partnership | 95.40% | 94.80% | ||||
Cash paid for redemption of partnership units | 400,000 | 800,000 | 1,600,000 | |||
Redemption of OP units | 1,000,000 | 1,500,000 | 3,300,000 | |||
Purchases and redemptions of noncontrolling interests, shares | 300,000 | 700,000 | 1,400,000 | |||
Operating partnership units outstanding | 4,200,000 | 4,400,000 | 5,000,000 | |||
Redemption value of partnership units | 149,800,000 | 125,900,000 | 129,800,000 | |||
Closing price of DCT's common stock | $35.66 | $28.52 | $25.96 | |||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | ||||
Preferred stock, shares outstanding | 0 | 0 | ||||
Shares-in-trust, shares authorized | 100,000,000 | 100,000,000 | ||||
Shares-in-trust, shares outstanding | 0 | 0 | ||||
Public Offering [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Common stock issued through offering | 3,400,000 | 5,800,000 | 4,800,000 | |||
Common stock offering price per share | $33.68 | $28.80 | $24.80 | |||
Net proceeds from issuance of common stock in a public offering | 112,400,000 | 158,200,000 | 112,100,000 | |||
Continuous Equity Offering Program [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Common stock, shares available for future issuance | 0 | |||||
Common stock issued through offering | 4,100,000 | 3,500,000 | 2,400,000 | |||
Proceeds from common stock offering | $126,600,000 | $100,400,000 | $59,200,000 | |||
Continuous Equity Offering Program [Member] | Average [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Common stock offering price per share, average | $30.98 | $29.49 | $25.33 |
Stockholders_Equity_of_DCT_and3
Stockholders' Equity of DCT and Partners' Capital of the Operating Partnership (Distributions Paid And/Or Declared To Date By Board Of Directors) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stockholders Equity Note [Abstract] | |||||||||||||||
Amount Declared, Per Share | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $1.12 | $1.12 | $1.12 |
Amount Declared, Date Paid | 10-Jan-15 | 15-Oct-14 | 16-Jul-14 | 16-Apr-14 | 9-Jan-14 | 16-Oct-13 | 17-Jul-13 | 17-Apr-13 | 10-Jan-13 | 17-Oct-12 | 18-Jul-12 | 18-Apr-12 |
Earnings_Per_Share_Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Common Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Income (loss) from continuing operations | $31,159 | $12,858 | $2,055 | $459 | ($2,280) | $1,010 | ($4,551) | ($3,430) | $46,531 | ($9,251) | ($28,540) |
(Income) loss from continuing operations attributable to noncontrolling interests | -2,801 | 1 | 2,644 | ||||||||
Income (loss) from continuing operations attributable to common stockholders | 43,730 | -9,250 | -25,896 | ||||||||
Less: Distributed and undistributed earnings allocated to participating securities | -677 | -692 | -524 | ||||||||
Numerator for adjusted income (loss) from continuing operations attributable to common stockholders/OP Unitholders | 43,053 | -9,942 | -26,420 | ||||||||
Income from discontinued operations | 141 | 352 | 5,215 | 9 | 17,232 | -11,793 | 16,218 | 5,066 | 5,717 | 26,723 | 11,800 |
Noncontrolling interests' share of income from discontinued operations | -283 | -1,603 | -990 | ||||||||
Numerator for income from discontinued operations attributable to common stockholders/OP Unitholders | 5,434 | 25,120 | 10,810 | ||||||||
Adjusted net income (loss) attributable to common stockholders / OP Unitholders | $48,487 | $15,178 | ($15,610) | ||||||||
Weighted average common shares outstanding – basic | 86,406 | 83,391 | 82,280 | 80,986 | 79,464 | 76,192 | 72,744 | 70,266 | 83,280 | 74,692 | 63,708 |
Stock options and phantom stock | 292 | ||||||||||
Weighted average common shares outstanding – diluted | 86,728 | 83,691 | 82,563 | 81,249 | 79,464 | 76,418 | 72,744 | 70,266 | 83,572 | 74,692 | 63,708 |
Income (loss) from continuing operations | $0.34 | $0.15 | $0.03 | $0 | ($0.03) | $0.01 | ($0.06) | ($0.05) | $0.52 | ($0.13) | ($0.41) |
Income from discontinued operations | $0 | $0 | $0.06 | $0 | $0.20 | ($0.15) | $0.21 | $0.07 | $0.06 | $0.33 | $0.17 |
Net income (loss) attributable to common stockholders | $0.34 | $0.15 | $0.09 | $0 | $0.17 | ($0.14) | $0.15 | $0.02 | $0.58 | $0.20 | ($0.24) |
Income (loss) from continuing operations | $0.34 | $0.15 | $0.03 | $0 | ($0.03) | $0.01 | ($0.06) | ($0.05) | $0.52 | ($0.13) | ($0.41) |
Income from discontinued operations | $0.06 | $0.33 | $0.17 | ||||||||
Net income (loss) attributable to common stockholders | $0.34 | $0.15 | $0.09 | $0 | $0.17 | ($0.14) | $0.15 | $0.02 | $0.58 | $0.20 | ($0.24) |
Earnings_Per_Share_Computation1
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Common Unit) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Line Items] | |||||||||||
Income (loss) from continuing operations | $31,159 | $12,858 | $2,055 | $459 | ($2,280) | $1,010 | ($4,551) | ($3,430) | $46,531 | ($9,251) | ($28,540) |
(Income) loss from continuing operations attributable to noncontrolling interests | -2,801 | 1 | 2,644 | ||||||||
Income (loss) from continuing operations attributable to common stockholders | 43,730 | -9,250 | -25,896 | ||||||||
Less: Distributed and undistributed earnings allocated to participating securities | -677 | -692 | -524 | ||||||||
Numerator for adjusted income (loss) from continuing operations attributable to common stockholders/OP Unitholders | 43,053 | -9,942 | -26,420 | ||||||||
Income from discontinued operations | 141 | 352 | 5,215 | 9 | 17,232 | -11,793 | 16,218 | 5,066 | 5,717 | 26,723 | 11,800 |
Noncontrolling interests' share of income from discontinued operations | -283 | -1,603 | -990 | ||||||||
Numerator for income from discontinued operations attributable to common stockholders/OP Unitholders | 5,434 | 25,120 | 10,810 | ||||||||
Adjusted net income (loss) attributable to common stockholders / OP Unitholders | 48,487 | 15,178 | -15,610 | ||||||||
Stock options and phantom stock | 292 | ||||||||||
Weighted average common shares outstanding – diluted | 86,728 | 83,691 | 82,563 | 81,249 | 79,464 | 76,418 | 72,744 | 70,266 | 83,572 | 74,692 | 63,708 |
Net income (loss) attributable to common stockholders | $0.34 | $0.15 | $0.09 | $0 | $0.17 | ($0.14) | $0.15 | $0.02 | $0.58 | $0.20 | ($0.24) |
Income (loss) from continuing operations | $0.34 | $0.15 | $0.03 | $0 | ($0.03) | $0.01 | ($0.06) | ($0.05) | $0.52 | ($0.13) | ($0.41) |
Income from discontinued operations | $0.06 | $0.33 | $0.17 | ||||||||
Net income (loss) attributable to common stockholders | $0.34 | $0.15 | $0.09 | $0 | $0.17 | ($0.14) | $0.15 | $0.02 | $0.58 | $0.20 | ($0.24) |
DCT Industrial Operating Partnership LP [Member] | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Income (loss) from continuing operations | 31,159 | 12,858 | 2,055 | 459 | -2,280 | 1,010 | -4,551 | -3,430 | 46,531 | -9,251 | -28,540 |
(Income) loss from continuing operations attributable to noncontrolling interests | -526 | -589 | 272 | ||||||||
Income (loss) from continuing operations attributable to common stockholders | 46,005 | -9,840 | -28,268 | ||||||||
Less: Distributed and undistributed earnings allocated to participating securities | -677 | -692 | -524 | ||||||||
Numerator for adjusted income (loss) from continuing operations attributable to common stockholders/OP Unitholders | 45,328 | -10,532 | -28,792 | ||||||||
Income from discontinued operations | 141 | 352 | 5,215 | 9 | 17,232 | -11,793 | 16,218 | 5,066 | 5,717 | 26,723 | 11,800 |
Numerator for income from discontinued operations attributable to common stockholders/OP Unitholders | 5,717 | 26,723 | 11,800 | ||||||||
Adjusted net income (loss) attributable to common stockholders / OP Unitholders | $51,045 | $16,191 | ($16,992) | ||||||||
Weighted average OP Units outstanding – basic | 87,611 | 79,462 | 69,547 | ||||||||
Stock options and phantom stock | 292 | ||||||||||
Weighted average common shares outstanding – diluted | 90,971 | 87,979 | 86,903 | 85,706 | 83,900 | 81,073 | 77,656 | 75,337 | 87,903 | 79,462 | 69,547 |
Income (loss) from continuing operations | $0.52 | ($0.13) | ($0.41) | ||||||||
Income from discontinued operations | $0.06 | $0.33 | $0.17 | ||||||||
Net income (loss) attributable to common stockholders | $0.34 | $0.15 | $0.09 | $0 | $0.18 | ($0.14) | $0.14 | $0.02 | $0.58 | $0.20 | ($0.24) |
Income (loss) from continuing operations | $0.34 | $0.15 | $0.03 | $0 | ($0.03) | $0.01 | ($0.06) | ($0.05) | $0.52 | ($0.13) | ($0.41) |
Income from discontinued operations | $0.06 | $0.33 | $0.17 | ||||||||
Net income (loss) attributable to common stockholders | $0.34 | $0.15 | $0.09 | $0 | $0.18 | ($0.14) | $0.14 | $0.02 | $0.58 | $0.20 | ($0.24) |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options And Phantom Stock [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 0.7 | 0.8 | |
OP Units [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 4.3 | 4.8 | 5.8 |
Equity_Based_Compensation_Narr
Equity Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Oct. 10, 2006 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
LTIP Units granted | 0 | 0 | 0 | ||
Maximum dollar value of shares can be granted | $10 | ||||
LTIPs, converted to OP units | 100,000 | ||||
Issuance of common stock, stock-based compensation plans, shares | 100,000 | 100,000 | 100,000 | ||
Common Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Issuance of common stock, stock-based compensation plans, shares | 109,000 | 60,000 | 62,000 | ||
Long Term Incentive Plans [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock shares authorized and not to exceed | 5,800,000 | ||||
Common stock shares authorized annual maximum per optionee | 500,000 | ||||
LTIP Units granted | 0 | ||||
Long Term Incentive Plans [Member] | Common Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Issuance of common stock, stock-based compensation plans, shares | 56,000 | ||||
Long Term Incentive Plans [Member] | Certain Senior Executives [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Fair value of shares granted | 4.3 | ||||
LTIP Units granted | 200,000 | ||||
Volatility factor | 40.00% | ||||
Risk-free interest rate | 1.47% | ||||
Long Term Incentive Plans [Member] | Minimum [Member] | Certain Senior Executives [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period (years) | 4 years | ||||
Long Term Incentive Plans [Member] | Maximum [Member] | Certain Senior Executives [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period (years) | 5 years | ||||
Restricted Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
LTIP Units granted | 83,000 | 71,000 | 71,000 | ||
Restricted Stock [Member] | Common Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Issuance of common stock, stock-based compensation plans, shares | 48,000 | 47,000 | 33,000 | ||
Restricted Stock [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period (years) | 4 years | ||||
Restricted Stock [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period (years) | 5 years | ||||
LTIP Units [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
LTIP Units granted | 154,000 | 266,000 | 181,000 | ||
LTIP Units [Member] | Common Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Issuance of common stock, stock-based compensation plans, shares | 8,000 | 172,000 | |||
LTIP Units [Member] | Certain Senior Executives [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period (years) | 4 years | ||||
Fair value of shares granted | 4.6 | 3.9 | |||
LTIP Units granted | 200,000 | 200,000 | |||
Volatility factor | 52.00% | 72.00% | |||
Risk-free interest rate | 0.84% | ||||
Risk-free interest rate, minimum | 0.82% | ||||
Risk-free interest rate, maximum | 1.04% | ||||
LTIP Units [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period (years) | 4 years | ||||
LTIP Units [Member] | Minimum [Member] | Certain Senior Executives [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period (years) | 4 years | ||||
LTIP Units [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period (years) | 5 years | ||||
LTIP Units [Member] | Maximum [Member] | Certain Senior Executives [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period (years) | 5 years | ||||
Stock Options [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Multi-Year Outperformance Program, performance period | Three-year | ||||
Stock option expiration period (in years) | 10 years | ||||
Stock options granted during the period | 0 | ||||
Stock Options [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period (years) | 4 years | ||||
Stock Options [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period (years) | 5 years | ||||
Multi Year Outperformance Program[Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation, grant date fair value of the awards granted | 2.4 | ||||
Independent Director Option Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock options granted during the period | 0 |
Equity_Based_Compensation_Summ
Equity Based Compensation (Summary Of Awards Redeemed And Converted) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock units issued for vested units | 100,000 | 100,000 | 100,000 |
Common Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock units issued for vested units | 109,000 | 60,000 | 62,000 |
Phantom Shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Fair value of units vested | 0.4 | 0.4 | 0.3 |
Awards outstanding at end of period | 65,000 | 53,000 | 45,000 |
Phantom Shares [Member] | Common Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock units issued for vested units | 4,000 | 5,000 | 3,000 |
Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Fair value of units vested | 1.4 | 1.2 | 0.7 |
Awards outstanding at end of period | 164,000 | 138,000 | 124,000 |
Restricted Stock [Member] | Common Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock units issued for vested units | 48,000 | 47,000 | 33,000 |
LTIP Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Fair value of units vested | 3.1 | 2.1 | 1.2 |
Awards outstanding at end of period | 896,000 | 750,000 | 484,000 |
LTIP Units [Member] | Common Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock units issued for vested units | 8,000 | 172,000 |
Equity_Based_Compensation_Addi
Equity Based Compensation (Additional Information Concerning Unvested Phantom Shares, Restricted Stock And LTIP Units) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Granted, Shares | 0 | 0 | 0 |
Phantom Shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unvested Shares, beginning balance | 14,000 | 18,000 | 14,000 |
Granted, Shares | 16,000 | 14,000 | 18,000 |
Vested, Shares | -14,000 | -18,000 | -14,000 |
Unvested Shares, ending balance | 16,000 | 14,000 | 18,000 |
Weighted Average Grant Date Fair Value, beginning balance | 30.68 | 23.52 | 22.84 |
Granted, Weighted Average Grant Date Fair Value | 31.28 | 30.68 | 23.52 |
Vested, Weighted Average Grant Date Fair Value | 30.68 | 23.52 | 22.84 |
Weighted Average Grant Date Fair Value, ending balance | 31.28 | 30.68 | 23.52 |
Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unvested Shares, beginning balance | 138,000 | 124,000 | 87,000 |
Granted, Shares | 83,000 | 71,000 | 71,000 |
Vested, Shares | -48,000 | -47,000 | -33,000 |
Forfeited, Shares | -9,000 | -10,000 | -1,000 |
Unvested Shares, ending balance | 164,000 | 138,000 | 124,000 |
Weighted Average Grant Date Fair Value, beginning balance | 25.2 | 21.28 | 19.88 |
Granted, Weighted Average Grant Date Fair Value | 29.84 | 28.52 | 22.48 |
Vested, Weighted Average Grant Date Fair Value | 23.93 | 20.08 | 20.24 |
Forfeited, Weighted Average Grant Date Fair Value | 27.8 | 24.08 | 21.32 |
Weighted Average Grant Date Fair Value, ending balance | 27.77 | 25.2 | 21.28 |
LTIP Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unvested Shares, beginning balance | 443,000 | 375,000 | 253,000 |
Granted, Shares | 154,000 | 266,000 | 181,000 |
Vested, Shares | -140,000 | -198,000 | -59,000 |
Unvested Shares, ending balance | 457,000 | 443,000 | 375,000 |
Weighted Average Grant Date Fair Value, beginning balance | 24.16 | 20.56 | 20.16 |
Granted, Weighted Average Grant Date Fair Value | 27.69 | 27.48 | 22.56 |
Vested, Weighted Average Grant Date Fair Value | 23.16 | 22.92 | 20.28 |
Weighted Average Grant Date Fair Value, ending balance | 25.66 | 24.16 | 20.56 |
Equity_Based_Compensation_Summ1
Equity Based Compensation (Summary Of Total Options Outstanding, Granted, Exercised, Expired And Forfeited) (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted Average Option Price Per Share, Issued and Outstanding, Beginning balance | $27.48 | $27.28 | $25.92 | |
Weighted Average Option Price Per Share, Exercised | $16.82 | $17.48 | $13.96 | |
Weighted Average Option Price Per Share, Forfeited and/or expired | $38.75 | $37.48 | $33.08 | |
Weighted Average Option Price Per Share, Issued and Outstanding, ending balance | $31.78 | $27.48 | $27.28 | |
Weighted Average Option Price Per Share, Exercisable | $32.23 | |||
Weighted Average Remaining Contractual Life (Years), Issued and Outstanding | 3 years 3 months 18 days | |||
Weighted Average Remaining Contractual Life (Years), Exercisable | 3 years 2 months 12 days | |||
Intrinsic Value, Exercised | $3,154 | $309 | $846 | |
Intrinsic Value, Issued and Outstanding | 2,679 | |||
Intrinsic Value, Exercisable | $2,410 | |||
Independent Director Option Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Issued and Outstanding, Shares, Beginning balance | 11 | 16 | 16 | |
Options, Forfeited and/or expired | -2 | -5 | ||
Issued and Outstanding, Shares, Ending balance | 9 | 11 | 16 | |
Options, Exercisable | 9 | |||
Long Term Incentive Plans [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Issued and Outstanding, Shares, Beginning balance | 646 | 676 | 759 | |
Options, Exercised | -192 | -25 | -80 | |
Options, Forfeited and/or expired | -3 | -5 | -3 | |
Issued and Outstanding, Shares, Ending balance | 451 | 646 | 676 | |
Options, Exercisable | 431 |
Equity_Based_Compensation_Summ2
Equity Based Compensation (Summary Of Amount Recorded To General And Administrative Expense) (Details) (General And Administrative Expense [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total Equity Compensation Expense | $6 | $5.10 | $4.30 |
Less Amount Capitalized Due to Development and Leasing Activities | -1.2 | -1.1 | -0.7 |
Net Equity Compensation | 4.8 | 4 | 3.6 |
Phantom Shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total Equity Compensation Expense | 0.5 | 0.4 | 0.4 |
Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total Equity Compensation Expense | 1.5 | 1.2 | 1 |
LTIP Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total Equity Compensation Expense | 3.9 | 3.3 | 2.5 |
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total Equity Compensation Expense | $0.10 | $0.20 | $0.40 |
Equity_Based_Compensation_Summ3
Equity Based Compensation (Summary Of Expense And Period Expected To Amortize) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Phantom Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Expense as of December 31, 2014 | $0.20 |
Remaining Period to Recognize Expense | 4 months |
Restricted Stock [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Expense as of December 31, 2014 | 3.3 |
Remaining Period to Recognize Expense | 2 years 7 months 6 days |
LTIP Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Expense as of December 31, 2014 | 6.9 |
Remaining Period to Recognize Expense | 2 years 4 months 24 days |
Stock Options [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Expense as of December 31, 2014 | $0.10 |
Remaining Period to Recognize Expense | 1 month |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | 31-May-10 | Jan. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2014 |
acre | agreement | agreement | ||
Related Party Transaction [Line Items] | ||||
Land held for development | 72,300,000 | |||
Number of properties | 406 | |||
8th And Vineyard Consolidated Joint Venture [Member] | ||||
Related Party Transaction [Line Items] | ||||
Land held for development | 19.3 | |||
Acquisition price of land and buildings | $4.70 | |||
8th and Vineyard A and 8th and Vineyard B [Member] | Construction And Disposition [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of properties | 2 | |||
Southern California Consolidated Ventures [Member] | ||||
Related Party Transaction [Line Items] | ||||
Acquisition price of land and buildings | $46.30 | |||
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% |
Income_And_Other_Taxes_Narrati
Income And Other Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Percentage of distribution of earnings to elect as REIT | 100.00% | ||
Minimum percentage of distribution of REIT taxable income | 90.00% | ||
Foreign income tax (benefit) expenses | $105,000 | ($11,000) | $62,000 |
Deferred tax asset, net of valuation allowance | 2,245,000 | 2,300,000 | |
Deferred tax liabilities | 899,000 | 849,000 | |
Deferred tax assets: Valuation allowance | 1,716,000 | 2,274,000 | |
Decrease in net deferred taxes | -100,000 | ||
Income tax expense (Benefit) | 1,100,000 | ||
Development profits tax | $1,200,000 |
Income_And_Other_Taxes_Summary
Income And Other Taxes (Summary Of Current And Deferred Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Income tax expense (benefit): Current: Federal | $89 | $51 | $26 |
Income tax expense (benefit): Current: State | 735 | 813 | 825 |
Income tax expense (benefit): Current: Foreign | 105 | -11 | 62 |
Total current tax expense (benefit) | 929 | 853 | 913 |
Income tax expense (benefit): Deferred: Federal | -875 | -755 | -188 |
Income tax expense (benefit): Deferred: State | -239 | -41 | -9 |
Total deferred tax expense (benefit) | -1,114 | -796 | -197 |
Total income tax expense (benefit) | -185 | 57 | 716 |
Consolidated Statements of Operations classification: Continuing operations expense (benefit) | -217 | 68 | 671 |
Consolidated Statements of Operations classification: Discontinued operations expense (benefit) | $32 | ($11) | $45 |
Income_And_Other_Taxes_Schedul
Income And Other Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Deferred tax assets: Depreciation and amortization | $1,879 | $1,673 |
Deferred tax assets: Section 163(j) interest limitations | 1,376 | 1,835 |
Deferred tax assets: Basis difference - investments in unconsolidated joint ventures | 507 | 560 |
Deferred tax assets: Net operating loss carryforwards | 62 | 511 |
Deferred tax assets: Other | 137 | -5 |
Total deferred tax assets | 3,961 | 4,574 |
Deferred tax assets: Valuation allowance | -1,716 | -2,274 |
Deferred tax asset, net | 2,245 | 2,300 |
Deferred tax liabilities: Basis difference - investment in properties | -509 | -509 |
Deferred tax liabilities: Basis difference - straight-line rent | -390 | -340 |
Total deferred tax liabilities | -899 | -849 |
Net deferred taxes | $1,346 | $1,451 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment_Information_Total_Asse
Segment Information (Total Assets, Net Of Accumulated Depreciation And Amortization, By Segment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | $3,451,534 | $3,265,963 | ||||
Non-segment cash and cash equivalents | 19,631 | 32,226 | 12,696 | 12,834 | ||
Other non-segment assets | 14,652 | 14,545 | ||||
Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 3,323,869 | 3,079,476 | ||||
Operating Segments [Member] | East Operating Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 1,010,263 | 1,026,416 | ||||
Operating Segments [Member] | Central Operating Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 1,067,616 | 1,034,814 | ||||
Operating Segments [Member] | West Operating Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 1,245,990 | 1,018,246 | ||||
Corporate, Non-Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Non-segment cash and cash equivalents | 16,653 | 25,671 | ||||
Other non-segment assets | 111,012 | [1] | 152,620 | [1] | ||
Assets held for sale | $8,196 | [2] | ||||
[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 | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Total rental revenues from operating properties in continuing operations | $334,787 | $286,218 | $236,839 | ||||||||
Institutional capital management and other fees | 1,739 | 2,787 | 4,059 | ||||||||
Total revenues | 84,926 | 84,607 | 83,610 | 83,383 | 77,123 | 73,730 | 70,031 | 68,121 | 336,526 | 289,005 | 240,898 |
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total rental revenues from operating properties in continuing operations | 334,787 | 286,218 | 236,839 | ||||||||
Operating Segments [Member] | East Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total rental revenues from operating properties in continuing operations | 111,624 | 95,682 | 82,909 | ||||||||
Operating Segments [Member] | Central Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total rental revenues from operating properties in continuing operations | 128,567 | 111,017 | 90,037 | ||||||||
Operating Segments [Member] | West Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total rental revenues from operating properties in continuing operations | $94,596 | $79,519 | $63,893 |
Segment_Information_Reconcilia1
Segment Information (Reconciliation Of Property Net Operating Income To Consolidated Entity) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||||||||||
Total property NOI | $16,854 | $16,164 | $15,662 | $10,158 | $12,834 | $15,250 | $10,465 | $12,715 | $58,838 | $51,264 | $39,926 | |||
Institutional capital management and other fees | 1,739 | 2,787 | 4,059 | |||||||||||
Gain on business combination | 1,000 | |||||||||||||
Gain on dispositions of real estate interests | 39,671 | |||||||||||||
Real estate related depreciation and amortization | -148,992 | -130,002 | -109,993 | |||||||||||
Casualty and involuntary conversion gain | 328 | 296 | 1,174 | |||||||||||
Development profit, net of taxes | 2,016 | 268 | 307 | |||||||||||
General and administrative | -29,079 | -28,010 | -25,763 | |||||||||||
Impairment losses | -5,635 | |||||||||||||
Equity in earnings of unconsolidated joint ventures, net | 6,462 | 2,405 | 1,087 | |||||||||||
Interest expense | -63,236 | -63,394 | -69,274 | |||||||||||
Interest and other income | 1,563 | 274 | 85 | |||||||||||
Income tax benefit (expense) and other taxes | 217 | -68 | -671 | |||||||||||
Income (loss) from continuing operations | 31,159 | 12,858 | 2,055 | 459 | -2,280 | 1,010 | -4,551 | -3,430 | 46,531 | -9,251 | -28,540 | |||
Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total property NOI | 240,477 | [1] | 206,193 | [1] | 170,449 | [1] | ||||||||
Operating Segments [Member] | East Operating Segment [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total property NOI | 81,955 | 69,853 | 60,666 | |||||||||||
Operating Segments [Member] | Central Operating Segment [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total property NOI | 87,281 | 76,327 | 61,800 | |||||||||||
Operating Segments [Member] | West Operating Segment [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total property NOI | $71,241 | $60,013 | $47,983 | |||||||||||
[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) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
property | property | property | |
sqft | sqft | sqft | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of properties | 406 | ||
Square feet of properties | 72,300,000 | ||
Impairment losses | $5,635,000 | ||
2014 Disposition Activity [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of real estate properties sold | 37 | ||
Square feet of properties | 6,405,000 | ||
Gain on sale of property | 43,900,000 | ||
Number of properties resulting in gain from sale | 33 | ||
2014 Disposition Activity [Member] | Disposition Properties Four [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of real estate properties sold | 4 | ||
Impairment losses | 5,400,000 | ||
Impairment losses | 5,600,000 | ||
2014 Disposition Activity [Member] | East Operating Segment [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of real estate properties sold | 12 | ||
2014 Disposition Activity [Member] | East Operating Segment [Member] | Atlanta Market [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of real estate properties sold | 3 | ||
Square feet of properties | 288,000 | ||
2014 Disposition Activity [Member] | Central Operating Segment [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of real estate properties sold | 25 | ||
2014 Disposition Activity [Member] | Central Operating Segment [Member] | Dallas Market [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of real estate properties sold | 1 | ||
Square feet of properties | 21,000 | ||
2013 Disposition Activity [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of real estate properties sold | 51 | ||
Square feet of properties | 6,814,000 | ||
Gain on sale of property | 33,600,000 | ||
Number of properties resulting in gain from sale | 36 | ||
2013 Disposition Activity [Member] | Dallas Market [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of real estate properties sold | 15 | ||
Impairment losses | 13,300,000 | ||
2013 Disposition Activity [Member] | East Operating Segment [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of real estate properties sold | 3 | ||
2013 Disposition Activity [Member] | East Operating Segment [Member] | Atlanta Market [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of real estate properties sold | 1 | ||
Square feet of properties | 578,000 | ||
2013 Disposition Activity [Member] | Central Operating Segment [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of real estate properties sold | 47 | ||
2013 Disposition Activity [Member] | Central Operating Segment [Member] | Dallas Market [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of real estate properties sold | 17 | ||
Square feet of properties | 640,000 | ||
2013 Disposition Activity [Member] | West Operating Segment [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of real estate properties sold | 1 | ||
2012 Disposition Activity [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of real estate properties sold | 36 | ||
Square feet of properties | 4,100,000 | ||
Gain on sale of property | 13,400,000 | ||
Impairment losses | $11,400,000 | ||
2012 Disposition Activity [Member] | Atlanta Market [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of real estate properties sold | 13 | ||
2012 Disposition Activity [Member] | East Operating Segment [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of real estate properties sold | 20 | ||
2012 Disposition Activity [Member] | Central Operating Segment [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of real estate properties sold | 16 | ||
Assets Held for Sale [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of properties | 0 |
Discontinued_Operations_And_As3
Discontinued Operations And Assets Held For Sale (Summary Of Income (Loss) From Discontinued Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Discontinued Operations And Disposal Groups [Abstract] | |||||||||||
Rental revenues | $429 | $17,234 | $34,061 | ||||||||
Rental expenses and real estate taxes | -19 | -3,538 | -7,735 | ||||||||
Real estate related depreciation and amortization | -7,118 | -16,694 | |||||||||
General and administrative | -38 | -157 | -301 | ||||||||
Operating income | 372 | 6,421 | 9,331 | ||||||||
Casualty and involuntary conversion gain | 450 | ||||||||||
Interest expense | -129 | ||||||||||
Interest and other income (expense) | -19 | -49 | 232 | ||||||||
Income tax benefit (expense) and other taxes | -32 | 11 | -45 | ||||||||
Operating income and other income | 321 | 6,383 | 9,839 | ||||||||
Gain on dispositions of real estate interests | 5,528 | 33,619 | 13,383 | ||||||||
Impairment losses | -132 | -13,279 | -11,422 | ||||||||
Income from discontinued operations | $141 | $352 | $5,215 | $9 | $17,232 | ($11,793) | $16,218 | $5,066 | $5,717 | $26,723 | $11,800 |
Quarterly_Results_Schedule_Of_
Quarterly Results (Schedule Of Quarterly Results) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Quarterly Financial Information [Line Items] | |||||||||||
Total revenues | $84,926 | $84,607 | $83,610 | $83,383 | $77,123 | $73,730 | $70,031 | $68,121 | $336,526 | $289,005 | $240,898 |
Total operating expenses | 68,072 | 68,443 | 67,948 | 73,225 | 64,289 | 58,480 | 59,566 | 55,406 | 277,688 | 237,741 | 200,972 |
Operating income | 16,854 | 16,164 | 15,662 | 10,158 | 12,834 | 15,250 | 10,465 | 12,715 | 58,838 | 51,264 | 39,926 |
Income (loss) from continuing operations | 31,159 | 12,858 | 2,055 | 459 | -2,280 | 1,010 | -4,551 | -3,430 | 46,531 | -9,251 | -28,540 |
Income (loss) from discontinued operations | 141 | 352 | 5,215 | 9 | 17,232 | -11,793 | 16,218 | 5,066 | 5,717 | 26,723 | 11,800 |
Net Income (loss) attributable to common stockholders/OP Unitholders | 29,637 | 12,409 | 6,801 | 317 | 13,939 | -10,157 | 10,809 | 1,279 | 49,164 | 15,870 | -15,086 |
Earnings per common share – basic: | |||||||||||
Income (loss) from continuing operations | $0.34 | $0.15 | $0.03 | $0 | ($0.03) | $0.01 | ($0.06) | ($0.05) | $0.52 | ($0.13) | ($0.41) |
Income (loss) from discontinued operations | $0 | $0 | $0.06 | $0 | $0.20 | ($0.15) | $0.21 | $0.07 | $0.06 | $0.33 | $0.17 |
Net Income (loss) attributable to common stockholders/OP Unitholders | $0.34 | $0.15 | $0.09 | $0 | $0.17 | ($0.14) | $0.15 | $0.02 | $0.58 | $0.20 | ($0.24) |
Earnings per common share – diluted: | |||||||||||
Income (loss) from continuing operations | $0.34 | $0.15 | $0.03 | $0 | ($0.03) | $0.01 | ($0.06) | ($0.05) | $0.52 | ($0.13) | ($0.41) |
Income (loss) from discontinued operations | $0 | $0 | $0.06 | $0 | $0.20 | ($0.15) | $0.21 | $0.07 | $0.06 | $0.33 | |
Net Income (loss) attributable to common stockholders/OP Unitholders | $0.34 | $0.15 | $0.09 | $0 | $0.17 | ($0.14) | $0.15 | $0.02 | $0.58 | $0.20 | ($0.24) |
Weighted average common shares outstanding – basic | 86,406 | 83,391 | 82,280 | 80,986 | 79,464 | 76,192 | 72,744 | 70,266 | 83,280 | 74,692 | 63,708 |
Diluted common shares outstanding | 86,728 | 83,691 | 82,563 | 81,249 | 79,464 | 76,418 | 72,744 | 70,266 | 83,572 | 74,692 | 63,708 |
DCT Industrial Operating Partnership LP [Member] | |||||||||||
Schedule of Quarterly Financial Information [Line Items] | |||||||||||
Total revenues | 84,926 | 84,607 | 83,610 | 83,383 | 77,123 | 73,730 | 70,031 | 68,121 | 336,526 | 289,005 | 240,898 |
Total operating expenses | 68,072 | 68,443 | 67,948 | 73,225 | 64,289 | 58,480 | 59,566 | 55,406 | 277,688 | 237,741 | 200,972 |
Operating income | 16,854 | 16,164 | 15,662 | 10,158 | 12,834 | 15,250 | 10,465 | 12,715 | 58,838 | 51,264 | 39,926 |
Income (loss) from continuing operations | 31,159 | 12,858 | 2,055 | 459 | -2,280 | 1,010 | -4,551 | -3,430 | 46,531 | -9,251 | -28,540 |
Income (loss) from discontinued operations | 141 | 352 | 5,215 | 9 | 17,232 | -11,793 | 16,218 | 5,066 | 5,717 | 26,723 | 11,800 |
Net Income (loss) attributable to common stockholders/OP Unitholders | $31,159 | $13,061 | $7,167 | $335 | $14,822 | ($10,870) | $11,559 | $1,372 | $51,722 | $16,883 | ($16,468) |
Earnings per common share – basic: | |||||||||||
Income (loss) from continuing operations | $0.34 | $0.15 | $0.03 | $0 | ($0.03) | $0.01 | ($0.06) | ($0.05) | $0.52 | ($0.13) | |
Income (loss) from discontinued operations | $0 | $0 | $0.06 | $0 | $0.21 | ($0.15) | $0.20 | $0.07 | $0.06 | $0.33 | |
Net Income (loss) attributable to common stockholders/OP Unitholders | $0.34 | $0.15 | $0.09 | $0 | $0.18 | ($0.14) | $0.14 | $0.02 | $0.58 | $0.20 | ($0.24) |
Earnings per common share – diluted: | |||||||||||
Income (loss) from continuing operations | $0.34 | $0.15 | $0.03 | $0 | ($0.03) | $0.01 | ($0.06) | ($0.05) | $0.52 | ($0.13) | ($0.41) |
Income (loss) from discontinued operations | $0 | $0 | $0.06 | $0 | $0.21 | ($0.15) | $0.20 | $0.07 | $0.06 | $0.33 | |
Net Income (loss) attributable to common stockholders/OP Unitholders | $0.34 | $0.15 | $0.09 | $0 | $0.18 | ($0.14) | $0.14 | $0.02 | $0.58 | $0.20 | ($0.24) |
Weighted average common shares outstanding – basic | 90,649 | 87,679 | 86,619 | 85,443 | 83,900 | 80,847 | 77,656 | 75,337 | 87,611 | 79,462 | 69,547 |
Diluted common shares outstanding | 90,971 | 87,979 | 86,903 | 85,706 | 83,900 | 81,073 | 77,656 | 75,337 | 87,903 | 79,462 | 69,547 |
Condensed_Consolidated_Financi2
Condensed Consolidated Financial Information (Narrative) (Details) (Senior Notes [Member], USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Oct. 31, 2013 |
Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument face value | $275 |
Debt instrument stated rate | 4.50% |
Debt instrument discount rate | 99.04% |
Condensed_Consolidated_Financi3
Condensed Consolidated Financial Information (Condensed Consolidated Balance Sheets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Land | $950,963 | $883,804 | ||
Buildings and improvements | 2,787,959 | 2,615,879 | ||
Intangible lease assets | 86,515 | 82,758 | ||
Construction in progress | 134,938 | 88,610 | ||
Total investment in properties | 3,960,375 | 3,671,051 | ||
Less accumulated depreciation and amortization | -703,840 | -654,097 | ||
Net investment in properties | 3,256,535 | 3,016,954 | ||
Investments in and advances to unconsolidated joint ventures | 94,728 | 124,923 | ||
Net investment in real estate | 3,351,263 | 3,141,877 | ||
Cash and cash equivalents | 19,631 | 32,226 | 12,696 | 12,834 |
Restricted cash | 3,779 | 12,621 | ||
Deferred loan costs, net | 8,026 | 10,251 | ||
Straight-line rent and other receivables, net | 54,183 | 46,247 | ||
Other assets, net | 14,652 | 14,545 | ||
Assets held for sale | 8,196 | |||
Total assets | 3,451,534 | 3,265,963 | ||
Liabilities: | ||||
Accounts payable and accrued expenses | 83,543 | 63,281 | ||
Distributions payable | 25,973 | 23,792 | ||
Tenant prepaids and security deposits | 30,539 | 28,542 | ||
Other liabilities | 14,078 | 10,122 | ||
Intangible lease liabilities, net | 22,940 | 20,389 | ||
Line of credit | 37,000 | 39,000 | ||
Senior unsecured notes | 1,122,621 | 1,122,407 | ||
Mortgage notes | 249,424 | 290,960 | ||
Liabilities related to assets held for sale | 278 | |||
Total liabilities | 1,586,118 | 1,598,771 | ||
Equity/Partners' Capital: | ||||
Stockholders' equity | 1,749,832 | 1,543,806 | ||
Noncontrolling interests | 115,584 | 123,386 | ||
Total equity | 1,865,416 | 1,667,192 | 1,473,559 | 1,404,115 |
Total liabilities and equity | 3,451,534 | 3,265,963 | ||
DCT Industrial Trust Inc. [Member] | ||||
ASSETS | ||||
Intercompany receivables, net | 24,706 | 22,472 | ||
Investment in subsidiaries | 1,749,832 | 1,543,806 | ||
Total assets | 1,774,538 | 1,566,278 | ||
Liabilities: | ||||
Distributions payable | 24,706 | 22,472 | ||
Total liabilities | 24,706 | 22,472 | ||
Equity/Partners' Capital: | ||||
Stockholders' equity | 1,749,832 | 1,543,806 | ||
Total equity | 1,749,832 | 1,543,806 | ||
Total liabilities and equity | 1,774,538 | 1,566,278 | ||
Subsidiary Issuer [Member] | ||||
ASSETS | ||||
Investments in and advances to unconsolidated joint ventures | 94,122 | 124,285 | ||
Net investment in real estate | 94,122 | 124,285 | ||
Cash and cash equivalents | 19,743 | 28,098 | 11,162 | 13,559 |
Restricted cash | 3 | 8,841 | ||
Deferred loan costs, net | 7,580 | 9,737 | ||
Straight-line rent and other receivables, net | 101 | 82 | ||
Other assets, net | 3,525 | 3,313 | ||
Intercompany receivables, net | 153,557 | 137,000 | ||
Investment in subsidiaries | 2,770,752 | 2,540,233 | ||
Total assets | 3,049,383 | 2,851,589 | ||
Liabilities: | ||||
Accounts payable and accrued expenses | 10,257 | 11,140 | ||
Intercompany payables, net | 24,706 | 22,472 | ||
Distributions payable | 1,267 | 1,320 | ||
Other liabilities | 150 | 93 | ||
Line of credit | 37,000 | 39,000 | ||
Senior unsecured notes | 1,122,621 | 1,122,407 | ||
Total liabilities | 1,196,001 | 1,196,432 | ||
Equity/Partners' Capital: | ||||
Stockholders' equity | 1,853,382 | 1,655,157 | ||
Total equity | 1,853,382 | 1,655,157 | ||
Total liabilities and equity | 3,049,383 | 2,851,589 | ||
Subsidiary Guarantors [Member] | ||||
ASSETS | ||||
Land | 810,864 | 728,556 | ||
Buildings and improvements | 2,417,847 | 2,192,623 | ||
Intangible lease assets | 66,373 | 56,429 | ||
Construction in progress | 122,332 | 75,235 | ||
Total investment in properties | 3,417,416 | 3,052,843 | ||
Less accumulated depreciation and amortization | -598,993 | -543,781 | ||
Net investment in properties | 2,818,423 | 2,509,062 | ||
Investments in and advances to unconsolidated joint ventures | 606 | 638 | ||
Net investment in real estate | 2,819,029 | 2,509,700 | ||
Cash and cash equivalents | 97 | 240 | ||
Restricted cash | 162 | 340 | ||
Deferred loan costs, net | 54 | |||
Straight-line rent and other receivables, net | 46,462 | 37,800 | ||
Other assets, net | 6,980 | 7,343 | ||
Intercompany receivables, net | 9,301 | |||
Investment in subsidiaries | 8,175 | 11,965 | ||
Assets held for sale | 8,196 | |||
Total assets | 2,890,163 | 2,575,344 | ||
Liabilities: | ||||
Accounts payable and accrued expenses | 56,918 | 36,985 | ||
Intercompany payables, net | 26,098 | 44,448 | ||
Tenant prepaids and security deposits | 26,556 | 24,289 | ||
Other liabilities | 11,007 | 7,177 | ||
Intangible lease liabilities, net | 20,419 | 17,646 | ||
Mortgage notes | 6,025 | 34,480 | ||
Liabilities related to assets held for sale | 278 | |||
Total liabilities | 147,023 | 165,303 | ||
Equity/Partners' Capital: | ||||
Stockholders' equity | 2,743,140 | 2,410,041 | ||
Total equity | 2,743,140 | 2,410,041 | ||
Total liabilities and equity | 2,890,163 | 2,575,344 | ||
Non-Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Land | 140,099 | 155,248 | ||
Buildings and improvements | 370,112 | 423,256 | ||
Intangible lease assets | 20,142 | 26,329 | ||
Construction in progress | 12,606 | 13,375 | ||
Total investment in properties | 542,959 | 618,208 | ||
Less accumulated depreciation and amortization | -104,847 | -110,316 | ||
Net investment in properties | 438,112 | 507,892 | ||
Net investment in real estate | 438,112 | 507,892 | ||
Cash and cash equivalents | 4,128 | 1,437 | -965 | |
Restricted cash | 3,614 | 3,440 | ||
Deferred loan costs, net | 392 | 514 | ||
Straight-line rent and other receivables, net | 7,620 | 8,365 | ||
Other assets, net | 4,147 | 3,889 | ||
Total assets | 453,885 | 528,228 | ||
Liabilities: | ||||
Accounts payable and accrued expenses | 16,480 | 15,156 | ||
Intercompany payables, net | 136,760 | 92,552 | ||
Tenant prepaids and security deposits | 3,983 | 4,253 | ||
Other liabilities | 2,921 | 2,852 | ||
Intangible lease liabilities, net | 2,521 | 2,743 | ||
Mortgage notes | 243,399 | 256,480 | ||
Total liabilities | 406,064 | 374,036 | ||
Equity/Partners' Capital: | ||||
Stockholders' equity | 47,821 | 154,192 | ||
Total equity | 47,821 | 154,192 | ||
Total liabilities and equity | 453,885 | 528,228 | ||
Consolidating Adjustments [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | -112 | |||
Intercompany receivables, net | -187,564 | -159,472 | ||
Investment in subsidiaries | -4,528,759 | -4,096,004 | ||
Total assets | -4,716,435 | -4,255,476 | ||
Liabilities: | ||||
Accounts payable and accrued expenses | -112 | |||
Intercompany payables, net | -187,564 | -159,472 | ||
Total liabilities | -187,676 | -159,472 | ||
Equity/Partners' Capital: | ||||
Stockholders' equity | -4,644,343 | -4,219,390 | ||
Noncontrolling interests | 115,584 | 123,386 | ||
Total equity | -4,528,759 | -4,096,004 | ||
Total liabilities and equity | ($4,716,435) | ($4,255,476) |
Condensed_Consolidated_Financi4
Condensed Consolidated Financial Information (Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
REVENUES: | |||||||||||
Rental revenues | $334,787 | $286,218 | $236,839 | ||||||||
Institutional capital management and other fees | 1,739 | 2,787 | 4,059 | ||||||||
Total revenues | 84,926 | 84,607 | 83,610 | 83,383 | 77,123 | 73,730 | 70,031 | 68,121 | 336,526 | 289,005 | 240,898 |
OPERATING EXPENSES: | |||||||||||
Rental expenses | 40,520 | 35,977 | 30,298 | ||||||||
Real estate taxes | 53,790 | 44,048 | 36,092 | ||||||||
Real estate related depreciation and amortization | 148,992 | 130,002 | 109,993 | ||||||||
General and administrative | 29,079 | 28,010 | 25,763 | ||||||||
Impairment losses | 5,635 | ||||||||||
Casualty and involuntary conversion (gain) loss | -328 | -296 | -1,174 | ||||||||
Total operating expenses | 68,072 | 68,443 | 67,948 | 73,225 | 64,289 | 58,480 | 59,566 | 55,406 | 277,688 | 237,741 | 200,972 |
Operating income | 16,854 | 16,164 | 15,662 | 10,158 | 12,834 | 15,250 | 10,465 | 12,715 | 58,838 | 51,264 | 39,926 |
OTHER INCOME (EXPENSE): | |||||||||||
Development profit, net of taxes | 2,016 | 268 | 307 | ||||||||
Equity in earnings gain (loss) of unconsolidated joint ventures, net | 6,462 | 2,405 | 1,087 | ||||||||
Gain on business combination | 1,000 | ||||||||||
Gain on dispositions of real estate interests | 39,671 | ||||||||||
Interest expense | -63,236 | -63,394 | -69,274 | ||||||||
Interest and other income | 1,563 | 274 | 85 | ||||||||
Income tax benefit (expense) and other taxes | 217 | -68 | -671 | ||||||||
Income (loss) from continuing operations | 31,159 | 12,858 | 2,055 | 459 | -2,280 | 1,010 | -4,551 | -3,430 | 46,531 | -9,251 | -28,540 |
Income from discontinued operations | 141 | 352 | 5,215 | 9 | 17,232 | -11,793 | 16,218 | 5,066 | 5,717 | 26,723 | 11,800 |
Consolidated net income (loss) of DCT Industrial Trust Inc. | 52,248 | 17,472 | -16,740 | ||||||||
Net (income) loss attributable to noncontrolling interests | -3,084 | -1,602 | 1,654 | ||||||||
Net Income (loss) attributable to common stockholders/OP Unitholders | 29,637 | 12,409 | 6,801 | 317 | 13,939 | -10,157 | 10,809 | 1,279 | 49,164 | 15,870 | -15,086 |
Distributed and undistributed earnings allocated to participating securities | -677 | -692 | -524 | ||||||||
Adjusted net income (loss) attributable to common stockholders / OP Unitholders | 48,487 | 15,178 | -15,610 | ||||||||
Net income (loss) | 52,248 | 17,472 | -16,740 | ||||||||
Other comprehensive income (loss): | |||||||||||
Net derivative gain (loss) on cash flow hedging instruments | -1,159 | 675 | -6,776 | ||||||||
Net reclassification adjustment on cash flow hedging instruments | 4,670 | 4,490 | 2,098 | ||||||||
Other comprehensive income (loss) | 3,511 | 5,165 | -4,678 | ||||||||
Comprehensive income (loss) | 55,759 | 22,637 | -21,418 | ||||||||
Comprehensive (income) loss attributable to noncontrolling interests | -3,383 | -2,403 | 902 | ||||||||
Comprehensive income (loss) attributable to common stockholders/OP Unitholders | 52,376 | 20,234 | -20,516 | ||||||||
DCT Industrial Trust Inc. [Member] | |||||||||||
OTHER INCOME (EXPENSE): | |||||||||||
Equity in earnings of consolidated subsidiaries | 49,164 | 15,870 | -15,086 | ||||||||
Consolidated net income (loss) of DCT Industrial Trust Inc. | 49,164 | 15,870 | -15,086 | ||||||||
Net Income (loss) attributable to common stockholders/OP Unitholders | 49,164 | 15,870 | -15,086 | ||||||||
Adjusted net income (loss) attributable to common stockholders / OP Unitholders | 49,164 | 15,870 | -15,086 | ||||||||
Net income (loss) | 49,164 | 15,870 | -15,086 | ||||||||
Other comprehensive income (loss): | |||||||||||
Comprehensive income (loss) | 49,164 | 15,870 | -15,086 | ||||||||
Comprehensive income (loss) attributable to common stockholders/OP Unitholders | 49,164 | 15,870 | -15,086 | ||||||||
Subsidiary Issuer [Member] | |||||||||||
REVENUES: | |||||||||||
Institutional capital management and other fees | 504 | 974 | 2,147 | ||||||||
Total revenues | 504 | 974 | 2,147 | ||||||||
OPERATING EXPENSES: | |||||||||||
General and administrative | 26,573 | 26,533 | 23,893 | ||||||||
Total operating expenses | 26,573 | 26,533 | 23,893 | ||||||||
Operating income | -26,069 | -25,559 | -21,746 | ||||||||
OTHER INCOME (EXPENSE): | |||||||||||
Equity in earnings gain (loss) of unconsolidated joint ventures, net | 6,201 | 2,050 | 622 | ||||||||
Gain on business combination | 1,000 | ||||||||||
Gain on dispositions of real estate interests | 1,178 | ||||||||||
Interest expense | -49,332 | -47,590 | -52,699 | ||||||||
Interest and other income | 4,029 | 2,679 | 4,186 | ||||||||
Income tax benefit (expense) and other taxes | -552 | -675 | -736 | ||||||||
Income (loss) from continuing operations | -63,545 | -69,095 | -70,373 | ||||||||
Equity in earnings of consolidated subsidiaries | 115,267 | 85,978 | 54,420 | ||||||||
Consolidated net income (loss) of DCT Industrial Trust Inc. | 51,722 | 16,883 | -15,953 | ||||||||
Net Income (loss) attributable to common stockholders/OP Unitholders | 51,722 | 16,883 | -15,953 | ||||||||
Distributed and undistributed earnings allocated to participating securities | -677 | -692 | -524 | ||||||||
Adjusted net income (loss) attributable to common stockholders / OP Unitholders | 51,045 | 16,191 | -16,477 | ||||||||
Net income (loss) | 51,722 | 16,883 | -15,953 | ||||||||
Other comprehensive income (loss): | |||||||||||
Net derivative gain (loss) on cash flow hedging instruments | -626 | 552 | -6,776 | ||||||||
Net reclassification adjustment on cash flow hedging instruments | 4,515 | 4,490 | 2,098 | ||||||||
Other comprehensive income (loss) | 3,889 | 5,042 | -4,678 | ||||||||
Comprehensive income (loss) | 55,611 | 21,925 | -20,631 | ||||||||
Comprehensive income (loss) attributable to common stockholders/OP Unitholders | 55,611 | 21,925 | -20,631 | ||||||||
Subsidiary Guarantors [Member] | |||||||||||
REVENUES: | |||||||||||
Rental revenues | 271,130 | 233,250 | 195,726 | ||||||||
Total revenues | 271,130 | 233,250 | 195,726 | ||||||||
OPERATING EXPENSES: | |||||||||||
Rental expenses | 33,331 | 30,760 | 25,689 | ||||||||
Real estate taxes | 43,037 | 35,096 | 29,134 | ||||||||
Real estate related depreciation and amortization | 121,269 | 104,840 | 89,286 | ||||||||
General and administrative | 309 | 416 | 247 | ||||||||
Impairment losses | 1,193 | ||||||||||
Casualty and involuntary conversion (gain) loss | -328 | -353 | -1,123 | ||||||||
Total operating expenses | 198,811 | 170,759 | 143,233 | ||||||||
Operating income | 72,319 | 62,491 | 52,493 | ||||||||
OTHER INCOME (EXPENSE): | |||||||||||
Equity in earnings gain (loss) of unconsolidated joint ventures, net | -31 | 20 | -28 | ||||||||
Interest expense | -3,736 | -5,154 | -7,441 | ||||||||
Interest and other income | -68 | 12 | 11 | ||||||||
Income tax benefit (expense) and other taxes | 940 | 853 | 161 | ||||||||
Income (loss) from continuing operations | 69,424 | 58,222 | 45,196 | ||||||||
Income from discontinued operations | 867 | 654 | |||||||||
Equity in earnings of consolidated subsidiaries | 1,986 | 193 | 52 | ||||||||
Consolidated net income (loss) of DCT Industrial Trust Inc. | 71,410 | 59,282 | 45,902 | ||||||||
Net Income (loss) attributable to common stockholders/OP Unitholders | 71,410 | 59,282 | 45,902 | ||||||||
Adjusted net income (loss) attributable to common stockholders / OP Unitholders | 71,410 | 59,282 | 45,902 | ||||||||
Net income (loss) | 71,410 | 59,282 | 45,902 | ||||||||
Other comprehensive income (loss): | |||||||||||
Comprehensive income (loss) | 71,410 | 59,282 | 45,902 | ||||||||
Comprehensive income (loss) attributable to common stockholders/OP Unitholders | 71,410 | 59,282 | 45,902 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
REVENUES: | |||||||||||
Rental revenues | 63,657 | 52,968 | 41,113 | ||||||||
Institutional capital management and other fees | 1,577 | 2,149 | 2,405 | ||||||||
Total revenues | 65,234 | 55,117 | 43,518 | ||||||||
OPERATING EXPENSES: | |||||||||||
Rental expenses | 7,189 | 5,217 | 4,609 | ||||||||
Real estate taxes | 10,753 | 8,952 | 6,958 | ||||||||
Real estate related depreciation and amortization | 27,723 | 25,162 | 20,707 | ||||||||
General and administrative | 2,197 | 1,061 | 1,623 | ||||||||
Impairment losses | 4,442 | ||||||||||
Casualty and involuntary conversion (gain) loss | 57 | -51 | |||||||||
Total operating expenses | 52,304 | 40,449 | 33,846 | ||||||||
Operating income | 12,930 | 14,668 | 9,672 | ||||||||
OTHER INCOME (EXPENSE): | |||||||||||
Development profit, net of taxes | 1,966 | 268 | 307 | ||||||||
Gain on dispositions of real estate interests | 38,493 | ||||||||||
Interest expense | -12,591 | -13,318 | -12,777 | ||||||||
Interest and other income | 25 | 5,762 | 6,776 | ||||||||
Income tax benefit (expense) and other taxes | -171 | -246 | -96 | ||||||||
Income (loss) from continuing operations | 40,652 | 7,134 | 3,882 | ||||||||
Income from discontinued operations | 5,717 | 20,344 | 4,416 | ||||||||
Consolidated net income (loss) of DCT Industrial Trust Inc. | 46,369 | 27,478 | 8,298 | ||||||||
Net Income (loss) attributable to common stockholders/OP Unitholders | 46,369 | 27,478 | 8,298 | ||||||||
Adjusted net income (loss) attributable to common stockholders / OP Unitholders | 46,369 | 27,478 | 8,298 | ||||||||
Net income (loss) | 46,369 | 27,478 | 8,298 | ||||||||
Other comprehensive income (loss): | |||||||||||
Net derivative gain (loss) on cash flow hedging instruments | -533 | 123 | |||||||||
Net reclassification adjustment on cash flow hedging instruments | 155 | ||||||||||
Other comprehensive income (loss) | -378 | 123 | |||||||||
Comprehensive income (loss) | 45,991 | 27,601 | 8,298 | ||||||||
Comprehensive income (loss) attributable to common stockholders/OP Unitholders | 45,991 | 27,601 | 8,298 | ||||||||
Consolidating Adjustments [Member] | |||||||||||
REVENUES: | |||||||||||
Institutional capital management and other fees | -342 | -336 | -493 | ||||||||
Total revenues | -342 | -336 | -493 | ||||||||
OPERATING EXPENSES: | |||||||||||
Operating income | -342 | -336 | -493 | ||||||||
OTHER INCOME (EXPENSE): | |||||||||||
Development profit, net of taxes | 50 | ||||||||||
Equity in earnings gain (loss) of unconsolidated joint ventures, net | 292 | 335 | 493 | ||||||||
Interest expense | 2,423 | 2,668 | 3,643 | ||||||||
Interest and other income | -2,423 | -8,179 | -10,888 | ||||||||
Income (loss) from continuing operations | -5,512 | -7,245 | |||||||||
Income from discontinued operations | 5,512 | 6,730 | |||||||||
Equity in earnings of consolidated subsidiaries | -166,417 | -102,041 | -39,386 | ||||||||
Consolidated net income (loss) of DCT Industrial Trust Inc. | -166,417 | -102,041 | -39,901 | ||||||||
Net (income) loss attributable to noncontrolling interests | -3,084 | -1,602 | 1,654 | ||||||||
Net Income (loss) attributable to common stockholders/OP Unitholders | -169,501 | -103,643 | -38,247 | ||||||||
Adjusted net income (loss) attributable to common stockholders / OP Unitholders | -169,501 | -103,643 | -38,247 | ||||||||
Net income (loss) | -166,417 | -102,041 | -39,901 | ||||||||
Other comprehensive income (loss): | |||||||||||
Comprehensive income (loss) | -166,417 | -102,041 | -39,901 | ||||||||
Comprehensive (income) loss attributable to noncontrolling interests | -3,383 | -2,403 | 902 | ||||||||
Comprehensive income (loss) attributable to common stockholders/OP Unitholders | ($169,800) | ($104,444) | ($38,999) |
Condensed_Consolidated_Financi5
Condensed Consolidated Financial Information (Condensed Consolidated Statements Of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES: | |||
Net cash provided by (used in) operating activities | $169,994 | $152,893 | $118,956 |
INVESTING ACTIVITIES: | |||
Real estate acquisitions | -363,026 | -402,723 | -360,002 |
Capital expenditures and development activities | -202,595 | -152,922 | -96,095 |
Proceeds from dispositions of real estate investments | 278,381 | 258,224 | 153,747 |
Investments in unconsolidated joint ventures | -777 | -2,756 | -19,417 |
Proceeds from casualties and involuntary conversion | 606 | 8,268 | 681 |
Distributions of investments in unconsolidated joint ventures | 21,436 | 2,175 | 22,877 |
Other investing activities | 6,348 | -11,324 | -929 |
Net cash used in investing activities | -259,627 | -301,058 | -299,138 |
FINANCING ACTIVITIES: | |||
Proceeds from senior unsecured revolving line of credit | 266,000 | 426,000 | 450,000 |
Repayments of senior unsecured revolving line of credit | -268,000 | -497,000 | -340,000 |
Proceeds from senior unsecured notes | 497,355 | 90,000 | |
Repayments of senior unsecured notes | -400,000 | ||
Proceeds from mortgage notes | 16,498 | ||
Principal payments on mortgage notes | -59,645 | -40,744 | -72,672 |
Settlement of cash flow hedge | -33,550 | ||
Proceeds from issuance of common stock | 240,667 | 267,453 | 177,628 |
Offering costs for issuance of common stock and OP Units | -2,947 | -8,878 | -6,361 |
Redemption of noncontrolling interests | -997 | -1,500 | -3,293 |
Dividends to common stockholders | -92,200 | -82,431 | -70,921 |
Distributions to noncontrolling interests | -6,027 | -6,976 | -7,056 |
Contributions from noncontrolling interests | 201 | 723 | 30 |
Other financing activity | -14 | -2,805 | -3,761 |
Net cash provided by financing activities | 77,038 | 167,695 | 180,044 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -12,595 | 19,530 | -138 |
CASH AND CASH EQUIVALENTS, beginning of period | 32,226 | 12,696 | 12,834 |
CASH AND CASH EQUIVALENTS, end of period | 19,631 | 32,226 | 12,696 |
DCT Industrial Trust Inc. [Member] | |||
FINANCING ACTIVITIES: | |||
Proceeds from issuance of common stock | 240,667 | 267,453 | 177,628 |
Offering costs for issuance of common stock and OP Units | -2,947 | -8,878 | -6,361 |
Net payments relating to intercompany financing | -145,520 | -176,144 | -100,346 |
Dividends to common stockholders | -92,200 | -82,431 | -70,921 |
Subsidiary Issuer [Member] | |||
OPERATING ACTIVITIES: | |||
Net cash provided by (used in) operating activities | -54,308 | -48,411 | -56,246 |
INVESTING ACTIVITIES: | |||
Real estate acquisitions | 601 | ||
Proceeds from dispositions of real estate investments | 1,992 | ||
Investments in unconsolidated joint ventures | -777 | -2,756 | -19,403 |
Distributions of investments in unconsolidated joint ventures | 21,436 | 2,175 | 22,877 |
Other investing activities | 6,629 | -10,995 | |
Net cash used in investing activities | 29,280 | -11,576 | 4,075 |
FINANCING ACTIVITIES: | |||
Proceeds from senior unsecured revolving line of credit | 266,000 | 426,000 | 450,000 |
Repayments of senior unsecured revolving line of credit | -268,000 | -497,000 | -340,000 |
Proceeds from senior unsecured notes | 497,355 | 90,000 | |
Repayments of senior unsecured notes | -400,000 | ||
Settlement of cash flow hedge | -33,550 | ||
Proceeds from issuance of common stock | 240,667 | 267,453 | 177,628 |
Offering costs for issuance of common stock and OP Units | -2,947 | -8,878 | -6,361 |
Net payments relating to intercompany financing | -120,511 | -113,751 | -204,615 |
Redemption of noncontrolling interests | -997 | -1,500 | -3,293 |
Dividends to common stockholders | -92,200 | -82,431 | -70,921 |
Distributions to noncontrolling interests | -5,325 | -5,949 | -7,025 |
Other financing activity | -14 | -4,376 | -2,089 |
Net cash provided by financing activities | 16,673 | 76,923 | 49,774 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -8,355 | 16,936 | -2,397 |
CASH AND CASH EQUIVALENTS, beginning of period | 28,098 | 11,162 | 13,559 |
CASH AND CASH EQUIVALENTS, end of period | 19,743 | 28,098 | 11,162 |
Subsidiary Guarantors [Member] | |||
OPERATING ACTIVITIES: | |||
Net cash provided by (used in) operating activities | 188,446 | 168,058 | 130,298 |
INVESTING ACTIVITIES: | |||
Real estate acquisitions | -344,170 | -382,379 | -239,248 |
Capital expenditures and development activities | -191,474 | -137,622 | -77,342 |
Proceeds from dispositions of real estate investments | 4,861 | 25 | |
Investments in unconsolidated joint ventures | -14 | ||
Proceeds from casualties and involuntary conversion | 564 | 6,370 | 1,093 |
Other investing activities | 8 | 7 | -673 |
Net cash used in investing activities | -530,211 | -513,624 | -316,159 |
FINANCING ACTIVITIES: | |||
Proceeds from mortgage notes | 9,303 | ||
Principal payments on mortgage notes | -28,425 | -32,440 | -45,449 |
Net payments relating to intercompany financing | 370,190 | 368,606 | 231,167 |
Net cash provided by financing activities | 341,765 | 345,469 | 185,718 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -97 | -143 | |
CASH AND CASH EQUIVALENTS, beginning of period | 97 | 240 | |
CASH AND CASH EQUIVALENTS, end of period | 97 | ||
Non-Guarantor Subsidiaries [Member] | |||
OPERATING ACTIVITIES: | |||
Net cash provided by (used in) operating activities | 35,968 | 33,246 | 45,419 |
INVESTING ACTIVITIES: | |||
Real estate acquisitions | -18,856 | -20,344 | -121,355 |
Capital expenditures and development activities | -11,121 | -15,300 | -18,753 |
Proceeds from dispositions of real estate investments | 271,528 | 258,224 | 153,722 |
Proceeds from casualties and involuntary conversion | 42 | 1,898 | -412 |
Other investing activities | -289 | -336 | -256 |
Net cash used in investing activities | 241,304 | 224,142 | 12,946 |
FINANCING ACTIVITIES: | |||
Proceeds from mortgage notes | 7,195 | ||
Principal payments on mortgage notes | -31,220 | -8,304 | -27,223 |
Net payments relating to intercompany financing | -249,679 | -254,855 | -27,067 |
Distributions to noncontrolling interests | -702 | -1,027 | -31 |
Contributions from noncontrolling interests | 201 | 723 | 30 |
Other financing activity | 1,571 | -1,672 | |
Net cash provided by financing activities | -281,400 | -254,697 | -55,963 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -4,128 | 2,691 | 2,402 |
CASH AND CASH EQUIVALENTS, beginning of period | 4,128 | 1,437 | -965 |
CASH AND CASH EQUIVALENTS, end of period | 4,128 | 1,437 | |
Consolidating Adjustments [Member] | |||
OPERATING ACTIVITIES: | |||
Net cash provided by (used in) operating activities | -112 | -515 | |
FINANCING ACTIVITIES: | |||
Proceeds from issuance of common stock | -240,667 | -267,453 | -177,628 |
Offering costs for issuance of common stock and OP Units | 2,947 | 8,878 | 6,361 |
Net payments relating to intercompany financing | 145,520 | 176,144 | 100,861 |
Dividends to common stockholders | 92,200 | 82,431 | 70,921 |
Net cash provided by financing activities | 515 | ||
NET CHANGE IN CASH AND CASH EQUIVALENTS | -112 | ||
CASH AND CASH EQUIVALENTS, end of period | ($112) |
Real_Estate_And_Accumulated_De1
Real Estate And Accumulated Depreciation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | ||
property | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 406 | ||
Encumbrances | $233,041,000 | [1] | |
Initial Cost to Company, Land | 950,345,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,659,667,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 3,610,012,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 350,363,000 | ||
Gross Amount Carried at 12/31/2014, Land | 950,963,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,009,412,000 | [3] | |
Total investment in properties | 3,960,375,000 | [4],[5] | 3,671,051,000 |
Accumulated Depreciation | -703,840,000 | [4] | -654,097,000 |
Properties Under Redevelopment [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 6 | ||
Initial Cost to Company, Land | 15,966,000 | [2] | |
Initial Cost to Company, Building & Improvements | 30,338,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 46,304,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 4,627,000 | ||
Gross Amount Carried at 12/31/2014, Land | 15,982,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 34,949,000 | [3] | |
Total investment in properties | 50,931,000 | [4],[5] | |
Accumulated Depreciation | -1,507,000 | [4] | |
Properties Under Development [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 7 | ||
Initial Cost to Company, Land | 69,185,000 | [2] | |
Initial Cost to Company, Building & Improvements | 7,852,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 77,037,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 164,897,000 | ||
Gross Amount Carried at 12/31/2014, Land | 69,185,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 172,749,000 | [3] | |
Total investment in properties | 241,934,000 | [4],[5] | |
Properties In Pre Development Including Land Held [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Initial Cost to Company, Land | 24,175,000 | [2] | |
Initial Cost to Company, Total Costs | 24,175,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 8,048,000 | ||
Gross Amount Carried at 12/31/2014, Land | 24,175,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 8,048,000 | [3] | |
Total investment in properties | 32,223,000 | [4],[5] | |
Consolidated Operating Properties [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 393 | ||
Encumbrances | 233,041 | [1] | |
Initial Cost to Company, Land | 841,019,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,621,477,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 3,462,496,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 172,791,000 | ||
Gross Amount Carried at 12/31/2014, Land | 841,621,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,793,666,000 | [3] | |
Total investment in properties | 3,635,287,000 | [4],[5] | |
Accumulated Depreciation | -702,333,000 | [4] | |
7050 Bennington [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,091,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,167,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 5,258,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,610,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,091,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,777,000 | [3] | |
Total investment in properties | 6,868,000 | [4],[5] | |
Acquisition Date | 4-Aug-14 | ||
Year Built | 1999 | ||
777 Mark Street [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 5,701,000 | [2] | |
Initial Cost to Company, Building & Improvements | 5,681,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 11,382,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,292,000 | ||
Gross Amount Carried at 12/31/2014, Land | 5,701,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,973,000 | [3] | |
Total investment in properties | 12,674,000 | [4],[5] | |
Acquisition Date | 25-Aug-14 | ||
Year Built | 1986 | ||
9010 Sterling St [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 699,000 | [2] | |
Initial Cost to Company, Building & Improvements | 1,241,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 1,940,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 106,000 | ||
Gross Amount Carried at 12/31/2014, Land | 707,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 1,339,000 | [3] | |
Total investment in properties | 2,046,000 | [4],[5] | |
Accumulated Depreciation | -5,000 | [4] | |
Acquisition Date | 8-Dec-14 | ||
Year Built | 1982 | ||
2413 Prospect [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 4,258,000 | [2] | |
Initial Cost to Company, Building & Improvements | 12,548,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 16,806,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 238,000 | ||
Gross Amount Carried at 12/31/2014, Land | 4,258,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 12,786,000 | [3] | |
Total investment in properties | 17,044,000 | [4],[5] | |
Acquisition Date | 30-Dec-14 | ||
Year Built | 1999 | ||
930 New Durham Rd [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,962,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,361,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 4,323,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 521,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,970,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,874,000 | [3] | |
Total investment in properties | 4,844,000 | [4],[5] | |
Accumulated Depreciation | -2,000 | [4] | |
Acquisition Date | 8-Oct-14 | ||
Year Built | 1984 | ||
1700 Desoto Place [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,255,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,340,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 6,595,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 860,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,255,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,200,000 | [3] | |
Total investment in properties | 7,455,000 | [4],[5] | |
Accumulated Depreciation | -1,500,000 | [4] | |
Acquisition Date | 1-Jul-11 | ||
Year Built | 1982 | ||
DCT Beltway Tanner Business Park [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 3,360,000 | [2] | |
Initial Cost to Company, Total Costs | 3,360,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 15,300,000 | ||
Gross Amount Carried at 12/31/2014, Land | 3,360,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 15,300,000 | [3] | |
Total investment in properties | 18,660,000 | [4],[5] | |
DCT Sumner South Distribution Center [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,891,000 | [2] | |
Initial Cost to Company, Total Costs | 2,891,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 8,762,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,891,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 8,762,000 | [3] | |
Total investment in properties | 11,653,000 | [4],[5] | |
8th & Vineyard Land C [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 713,000 | [2] | |
Initial Cost to Company, Total Costs | 713,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,657,000 | ||
Gross Amount Carried at 12/31/2014, Land | 713,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,657,000 | [3] | |
Total investment in properties | 3,370,000 | [4],[5] | |
8th & Vineyard Land E [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 549,000 | [2] | |
Initial Cost to Company, Total Costs | 549,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,433,000 | ||
Gross Amount Carried at 12/31/2014, Land | 549,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,433,000 | [3] | |
Total investment in properties | 2,982,000 | [4],[5] | |
8th & Vineyard Land D [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 959,000 | [2] | |
Initial Cost to Company, Total Costs | 959,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 3,314,000 | ||
Gross Amount Carried at 12/31/2014, Land | 959,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,314,000 | [3] | |
Total investment in properties | 4,273,000 | [4],[5] | |
DCT White River Corporate Center Phase I [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 8,639,000 | [2] | |
Initial Cost to Company, Total Costs | 8,639,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 31,117,000 | ||
Gross Amount Carried at 12/31/2014, Land | 8,639,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 31,117,000 | [3] | |
Total investment in properties | 39,756,000 | [4],[5] | |
DCT Rialto Logistics Center [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 19,230,000 | [2] | |
Initial Cost to Company, Total Costs | 19,230,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 31,646,000 | ||
Gross Amount Carried at 12/31/2014, Land | 19,230,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 31,646,000 | [3] | |
Total investment in properties | 50,876,000 | [4],[5] | |
DCT River West [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 2,857,000 | [2] | |
Initial Cost to Company, Total Costs | 2,857,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 15,625,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,857,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 15,625,000 | [3] | |
Total investment in properties | 18,482,000 | [4],[5] | |
DCT White River Corporate Center Phase II South [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 816,000 | [2] | |
Initial Cost to Company, Total Costs | 816,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 3,778,000 | ||
Gross Amount Carried at 12/31/2014, Land | 816,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,778,000 | [3] | |
Total investment in properties | 4,594,000 | [4],[5] | |
DCT Airtex Industrial Center II [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,181,000 | [2] | |
Initial Cost to Company, Total Costs | 1,181,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 5,754,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,181,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,754,000 | [3] | |
Total investment in properties | 6,935,000 | [4],[5] | |
DCT Northwest Crossroads Logistics Centre I [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 3,201,000 | [2] | |
Initial Cost to Company, Total Costs | 3,201,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 13,178,000 | ||
Gross Amount Carried at 12/31/2014, Land | 3,201,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 13,178,000 | [3] | |
Total investment in properties | 16,379,000 | [4],[5] | |
DCT Northwest Crossroads Logistics Centre II [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 2,809,000 | [2] | |
Initial Cost to Company, Total Costs | 2,809,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 6,456,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,809,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,456,000 | [3] | |
Total investment in properties | 9,265,000 | [4],[5] | |
DCT Airport Distribution Center North Building C [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 674,000 | [2] | |
Initial Cost to Company, Total Costs | 674,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 4,132,000 | ||
Gross Amount Carried at 12/31/2014, Land | 674,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 4,132,000 | [3] | |
Total investment in properties | 4,806,000 | [4],[5] | |
DCT Freeport North [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 1,068,000 | [2] | |
Initial Cost to Company, Total Costs | 1,068,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 4,518,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,068,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 4,518,000 | [3] | |
Total investment in properties | 5,586,000 | [4],[5] | |
7220 North Sam Houston Parkway West [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,752,000 | [2] | |
Initial Cost to Company, Building & Improvements | 3,080,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 5,832,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 215,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,752,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,295,000 | [3] | |
Total investment in properties | 6,047,000 | [4],[5] | |
7330 North Sam Houston Parkway West [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 4,226,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,772,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 8,998,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 324,000 | ||
Gross Amount Carried at 12/31/2014, Land | 4,226,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,096,000 | [3] | |
Total investment in properties | 9,322,000 | [4],[5] | |
DCT Fife 45 North [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 1,117,000 | [2] | |
Initial Cost to Company, Total Costs | 1,117,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 3,735,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,117,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,735,000 | [3] | |
Total investment in properties | 4,852,000 | [4],[5] | |
DCT Fife 45 South [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 860,000 | [2] | |
Initial Cost to Company, Total Costs | 860,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,409,000 | ||
Gross Amount Carried at 12/31/2014, Land | 860,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,409,000 | [3] | |
Total investment in properties | 3,269,000 | [4],[5] | |
DCT Frankford Trade Center [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 998,000 | [2] | |
Initial Cost to Company, Total Costs | 998,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 3,693,000 | ||
Gross Amount Carried at 12/31/2014, Land | 998,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,693,000 | [3] | |
Total investment in properties | 4,691,000 | [4],[5] | |
DCT O'Hare Logistics Center [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 4,035,000 | [2] | |
Initial Cost to Company, Total Costs | 4,035,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 699,000 | ||
Gross Amount Carried at 12/31/2014, Land | 4,035,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 699,000 | [3] | |
Total investment in properties | 4,734,000 | [4],[5] | |
DCT Chrin Commerce Centre [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 6,250,000 | [2] | |
Initial Cost to Company, Total Costs | 6,250,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 5,152,000 | ||
Gross Amount Carried at 12/31/2014, Land | 6,250,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,152,000 | [3] | |
Total investment in properties | 11,402,000 | [4],[5] | |
DCT White River Corporate Center Phase II North [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 3,810,000 | [2] | |
Initial Cost to Company, Total Costs | 3,810,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,857,000 | ||
Gross Amount Carried at 12/31/2014, Land | 3,810,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,857,000 | [3] | |
Total investment in properties | 6,667,000 | [4],[5] | |
DCT Fife Distribution Center North [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 2,591,000 | [2] | |
Initial Cost to Company, Total Costs | 2,591,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,022,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,591,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 1,022,000 | [3] | |
Total investment in properties | 3,613,000 | [4],[5] | |
DCT Fife Distribution Center South [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 3,411,000 | [2] | |
Initial Cost to Company, Total Costs | 3,411,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,714,000 | ||
Gross Amount Carried at 12/31/2014, Land | 3,411,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 1,714,000 | [3] | |
Total investment in properties | 5,125,000 | [4],[5] | |
DCT Waters Ridge [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 1,784,000 | [2] | |
Initial Cost to Company, Total Costs | 1,784,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 33,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,784,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 33,000 | [3] | |
Total investment in properties | 1,817,000 | [4],[5] | |
6400 Hollister Road - Expansion [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 495,000 | [2] | |
Initial Cost to Company, Total Costs | 495,000 | [2] | |
Gross Amount Carried at 12/31/2014, Land | 495,000 | ||
Total investment in properties | 495,000 | [4],[5] | |
Seneca Commerce Center Phase I [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 1,421,000 | [2] | |
Initial Cost to Company, Total Costs | 1,421,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,378,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,421,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 1,378,000 | [3] | |
Total investment in properties | 2,799,000 | [4],[5] | |
Seneca Commerce Center Phase II [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 1,222,000 | [2] | |
Initial Cost to Company, Total Costs | 1,222,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 246,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,222,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 246,000 | [3] | |
Total investment in properties | 1,468,000 | [4],[5] | |
Seneca Commerce Center Phase III [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 1,137,000 | [2] | |
Initial Cost to Company, Total Costs | 1,137,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 232,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,137,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 232,000 | [3] | |
Total investment in properties | 1,369,000 | [4],[5] | |
DCT Airport Distribution Center North Building D [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 612,000 | [2] | |
Initial Cost to Company, Total Costs | 612,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 560,000 | ||
Gross Amount Carried at 12/31/2014, Land | 612,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 560,000 | [3] | |
Total investment in properties | 1,172,000 | [4],[5] | |
Stonefield Industrial Park-Lnd [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 4,959,000 | [2] | |
Initial Cost to Company, Total Costs | 4,959,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 6,000 | ||
Gross Amount Carried at 12/31/2014, Land | 4,959,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,000 | [3] | |
Total investment in properties | 4,965,000 | [4],[5] | |
DCT Jurupa Ranch Land [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 2,733,000 | [2] | |
Initial Cost to Company, Total Costs | 2,733,000 | [2] | |
Gross Amount Carried at 12/31/2014, Land | 2,733,000 | ||
Total investment in properties | 2,733,000 | [4],[5] | |
Atlanta Market [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 39 | ||
Encumbrances | 26,811,000 | [1] | |
Initial Cost to Company, Land | 45,702,000 | [2] | |
Initial Cost to Company, Building & Improvements | 229,057,000 | [2] | |
Initial Cost to Company, Total Costs | 274,759,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 20,417,000 | ||
Gross Amount Carried at 12/31/2014, Land | 46,166,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 249,010,000 | [3] | |
Total investment in properties | 295,176,000 | [4],[5] | |
Accumulated Depreciation | -74,753,000 | [4] | |
Atlanta Market [Member] | Newpoint I [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,143,000 | [2] | |
Initial Cost to Company, Building & Improvements | 12,908,000 | [2] | |
Initial Cost to Company, Total Costs | 15,051,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -857,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 2,088,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 12,106,000 | [3] | |
Total investment in properties | 14,194,000 | [4],[5] | |
Accumulated Depreciation | -4,028,000 | [4] | |
Acquisition Date | 31-Mar-14 | ||
Year Built | 1997 | ||
Atlanta Market [Member] | Eagles Landing [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,595,000 | [2] | |
Initial Cost to Company, Building & Improvements | 13,475,000 | [2] | |
Initial Cost to Company, Total Costs | 16,070,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -305,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 2,595,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 13,170,000 | [3] | |
Total investment in properties | 15,765,000 | [4],[5] | |
Accumulated Depreciation | -5,257,000 | [4] | |
Acquisition Date | 8-Jun-04 | ||
Year Built | 2003 | ||
Atlanta Market [Member] | Southecreek [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 4 | ||
Encumbrances | 6,234,000 | [1] | |
Initial Cost to Company, Land | 7,843,000 | [2] | |
Initial Cost to Company, Building & Improvements | 45,385,000 | [2] | |
Initial Cost to Company, Total Costs | 53,228,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 6,990,000 | ||
Gross Amount Carried at 12/31/2014, Land | 8,342,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 51,876,000 | [3] | |
Total investment in properties | 60,218,000 | [4],[5] | |
Accumulated Depreciation | -17,957,000 | [4] | |
Acquisition start date | 6/8/04 | ||
Acquisition end date | 2/13/09 | ||
Year Built, start date | 1999 | ||
Year Built, end date | 2006 | ||
Atlanta Market [Member] | Breckinridge Industrial [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 1,950,000 | [2] | |
Initial Cost to Company, Building & Improvements | 10,159,000 | [2] | |
Initial Cost to Company, Total Costs | 12,109,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -930,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 1,950,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 9,229,000 | [3] | |
Total investment in properties | 11,179,000 | [4],[5] | |
Accumulated Depreciation | -2,908,000 | [4] | |
Acquisition Date | 1-Oct-04 | ||
Year Built | 2000 | ||
Atlanta Market [Member] | Westgate Industrial [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,140,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,801,000 | [2] | |
Initial Cost to Company, Total Costs | 6,941,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,713,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,140,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,514,000 | [3] | |
Total investment in properties | 8,654,000 | [4],[5] | |
Accumulated Depreciation | -2,147,000 | [4] | |
Acquisition Date | 1-Oct-04 | ||
Year Built | 1988 | ||
Atlanta Market [Member] | Westpark Industrial [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 815,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,709,000 | [2] | |
Initial Cost to Company, Total Costs | 3,524,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 326,000 | ||
Gross Amount Carried at 12/31/2014, Land | 815,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,035,000 | [3] | |
Total investment in properties | 3,850,000 | [4],[5] | |
Accumulated Depreciation | -1,117,000 | [4] | |
Acquisition Date | 1-Oct-04 | ||
Year Built | 1981 | ||
Atlanta Market [Member] | Cobb Industrial [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 1,120,000 | [2] | |
Initial Cost to Company, Building & Improvements | 5,249,000 | [2] | |
Initial Cost to Company, Total Costs | 6,369,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 26,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,120,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,275,000 | [3] | |
Total investment in properties | 6,395,000 | [4],[5] | |
Accumulated Depreciation | -1,630,000 | [4] | |
Acquisition Date | 1-Oct-04 | ||
Year Built | 1996 | ||
Atlanta Market [Member] | Cabot Parkway Industrial [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,103,000 | [2] | |
Initial Cost to Company, Building & Improvements | 6,616,000 | [2] | |
Initial Cost to Company, Total Costs | 7,719,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -329,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 1,103,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,287,000 | [3] | |
Total investment in properties | 7,390,000 | [4],[5] | |
Accumulated Depreciation | -1,843,000 | [4] | |
Acquisition Date | 1-Oct-04 | ||
Year Built | 2000 | ||
Atlanta Market [Member] | Atlanta NE Portfolio [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 3,735,000 | [1] | |
Initial Cost to Company, Land | 1,197,000 | [2] | |
Initial Cost to Company, Building & Improvements | 9,647,000 | [2] | |
Initial Cost to Company, Total Costs | 10,844,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -273,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 1,197,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 9,374,000 | [3] | |
Total investment in properties | 10,571,000 | [4],[5] | |
Accumulated Depreciation | -3,052,000 | [4] | |
Acquisition Date | 5-Nov-04 | ||
Year Built | 1987 | ||
Atlanta Market [Member] | Northmont Parkway [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 5 | ||
Encumbrances | 3,833,000 | [1] | |
Initial Cost to Company, Land | 4,556,000 | [2] | |
Initial Cost to Company, Building & Improvements | 22,726,000 | [2] | |
Initial Cost to Company, Total Costs | 27,282,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,135,000 | ||
Gross Amount Carried at 12/31/2014, Land | 4,556,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 24,861,000 | [3] | |
Total investment in properties | 29,417,000 | [4],[5] | |
Accumulated Depreciation | -8,313,000 | [4] | |
Acquisition Date | 3-Dec-04 | ||
Year Built | 2003 | ||
Atlanta Market [Member] | Fulton Industrial Boulevard [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 3 | ||
Initial Cost to Company, Land | 1,850,000 | [2] | |
Initial Cost to Company, Building & Improvements | 13,480,000 | [2] | |
Initial Cost to Company, Total Costs | 15,330,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,764,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,850,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 15,244,000 | [3] | |
Total investment in properties | 17,094,000 | [4],[5] | |
Accumulated Depreciation | -6,937,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built, start date | 1973 | ||
Year Built, end date | 1996 | ||
Atlanta Market [Member] | Penney Road [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 401,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,145,000 | [2] | |
Initial Cost to Company, Total Costs | 4,546,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 342,000 | ||
Gross Amount Carried at 12/31/2014, Land | 401,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 4,487,000 | [3] | |
Total investment in properties | 4,888,000 | [4],[5] | |
Accumulated Depreciation | -1,522,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built | 2001 | ||
Atlanta Market [Member] | Southfield Parkway [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 1,632,000 | [1] | |
Initial Cost to Company, Land | 523,000 | [2] | |
Initial Cost to Company, Building & Improvements | 3,808,000 | [2] | |
Initial Cost to Company, Total Costs | 4,331,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 69,000 | ||
Gross Amount Carried at 12/31/2014, Land | 523,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,877,000 | [3] | |
Total investment in properties | 4,400,000 | [4],[5] | |
Accumulated Depreciation | -1,193,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built | 1994 | ||
Atlanta Market [Member] | Livingston Court [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 342,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,523,000 | [2] | |
Initial Cost to Company, Total Costs | 2,865,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 580,000 | ||
Gross Amount Carried at 12/31/2014, Land | 342,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,103,000 | [3] | |
Total investment in properties | 3,445,000 | [4],[5] | |
Accumulated Depreciation | -1,372,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built | 1985 | ||
Atlanta Market [Member] | Peterson Place [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 321,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,144,000 | [2] | |
Initial Cost to Company, Total Costs | 4,465,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -20,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 321,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 4,124,000 | [3] | |
Total investment in properties | 4,445,000 | [4],[5] | |
Accumulated Depreciation | -1,483,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built | 1984 | ||
Atlanta Market [Member] | McGinnis Ferry [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 700,000 | [2] | |
Initial Cost to Company, Building & Improvements | 6,855,000 | [2] | |
Initial Cost to Company, Total Costs | 7,555,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,583,000 | ||
Gross Amount Carried at 12/31/2014, Land | 691,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 8,447,000 | [3] | |
Total investment in properties | 9,138,000 | [4],[5] | |
Accumulated Depreciation | -2,198,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built | 1993 | ||
Atlanta Market [Member] | South Royal Atlanta Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 174,000 | [2] | |
Initial Cost to Company, Building & Improvements | 1,896,000 | [2] | |
Initial Cost to Company, Total Costs | 2,070,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 181,000 | ||
Gross Amount Carried at 12/31/2014, Land | 174,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,077,000 | [3] | |
Total investment in properties | 2,251,000 | [4],[5] | |
Accumulated Depreciation | -798,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built | 1986 | ||
Atlanta Market [Member] | Buford Development [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 2,694,000 | [1] | |
Initial Cost to Company, Land | 1,370,000 | [2] | |
Initial Cost to Company, Building & Improvements | 7,151,000 | [2] | |
Initial Cost to Company, Total Costs | 8,521,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,879,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,370,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 9,030,000 | [3] | |
Total investment in properties | 10,400,000 | [4],[5] | |
Accumulated Depreciation | -2,782,000 | [4] | |
Acquisition Date | 31-Mar-06 | ||
Year Built | 2006 | ||
Atlanta Market [Member] | Evergreen Boulevard [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Encumbrances | 8,683,000 | [1] | |
Initial Cost to Company, Land | 3,123,000 | [2] | |
Initial Cost to Company, Building & Improvements | 14,265,000 | [2] | |
Initial Cost to Company, Total Costs | 17,388,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,396,000 | ||
Gross Amount Carried at 12/31/2014, Land | 3,123,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 16,661,000 | [3] | |
Total investment in properties | 19,784,000 | [4],[5] | |
Accumulated Depreciation | -4,375,000 | [4] | |
Acquisition Date | 6-Sep-06 | ||
Year Built | 1999 | ||
Atlanta Market [Member] | Pleasantdale [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 790,000 | [2] | |
Initial Cost to Company, Building & Improvements | 1,503,000 | [2] | |
Initial Cost to Company, Total Costs | 2,293,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 312,000 | ||
Gross Amount Carried at 12/31/2014, Land | 819,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 1,786,000 | [3] | |
Total investment in properties | 2,605,000 | [4],[5] | |
Accumulated Depreciation | -424,000 | [4] | |
Acquisition Date | 11-Jul-11 | ||
Year Built | 1995 | ||
Atlanta Market [Member] | Evergreen Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,580,000 | [2] | |
Initial Cost to Company, Building & Improvements | 7,359,000 | [2] | |
Initial Cost to Company, Total Costs | 8,939,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,325,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,580,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 9,684,000 | [3] | |
Total investment in properties | 11,264,000 | [4],[5] | |
Accumulated Depreciation | -1,067,000 | [4] | |
Acquisition Date | 10-Apr-12 | ||
Year Built | 2001 | ||
Atlanta Market [Member] | Johnson Road [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 1,372,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,707,000 | [2] | |
Initial Cost to Company, Total Costs | 6,079,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 262,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,372,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 4,969,000 | [3] | |
Total investment in properties | 6,341,000 | [4],[5] | |
Accumulated Depreciation | -705,000 | [4] | |
Acquisition Date | 28-Mar-13 | ||
Year Built | 2007 | ||
Atlanta Market [Member] | Southfield [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 954,000 | [2] | |
Initial Cost to Company, Building & Improvements | 3,153,000 | [2] | |
Initial Cost to Company, Total Costs | 4,107,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 184,000 | ||
Gross Amount Carried at 12/31/2014, Land | 954,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,337,000 | [3] | |
Total investment in properties | 4,291,000 | [4],[5] | |
Accumulated Depreciation | -518,000 | [4] | |
Acquisition Date | 10-May-13 | ||
Year Built | 1997 | ||
Atlanta Market [Member] | Battle Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 4,950,000 | [2] | |
Initial Cost to Company, Building & Improvements | 13,990,000 | [2] | |
Initial Cost to Company, Total Costs | 18,940,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 64,000 | ||
Gross Amount Carried at 12/31/2014, Land | 4,950,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 14,054,000 | [3] | |
Total investment in properties | 19,004,000 | [4],[5] | |
Accumulated Depreciation | -1,019,000 | [4] | |
Acquisition Date | 3-Oct-13 | ||
Year Built | 1999 | ||
Atlanta Market [Member] | Cobb International Blvd [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,790,000 | [2] | |
Initial Cost to Company, Building & Improvements | 6,403,000 | [2] | |
Initial Cost to Company, Total Costs | 8,193,000 | [2] | |
Gross Amount Carried at 12/31/2014, Land | 1,790,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,403,000 | [3] | |
Total investment in properties | 8,193,000 | [4],[5] | |
Accumulated Depreciation | -108,000 | [4] | |
Acquisition Date | 21-Oct-14 | ||
Year Built | 1990 | ||
Baltimore/Washington D.C. Market [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 17 | ||
Encumbrances | 20,218,000 | [1] | |
Initial Cost to Company, Land | 30,972,000 | [2] | |
Initial Cost to Company, Building & Improvements | 112,821,000 | [2] | |
Initial Cost to Company, Total Costs | 143,793,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 10,400,000 | ||
Gross Amount Carried at 12/31/2014, Land | 30,910,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 123,283,000 | [3] | |
Total investment in properties | 154,193,000 | [4],[5] | |
Accumulated Depreciation | -31,118,000 | [4] | |
Baltimore/Washington D.C. Market [Member] | Delta Portfolio [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 4 | ||
Encumbrances | 2,801,000 | [1] | |
Initial Cost to Company, Land | 5,110,000 | [2] | |
Initial Cost to Company, Building & Improvements | 22,549,000 | [2] | |
Initial Cost to Company, Total Costs | 27,659,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,216,000 | ||
Gross Amount Carried at 12/31/2014, Land | 5,047,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 24,828,000 | [3] | |
Total investment in properties | 29,875,000 | [4],[5] | |
Accumulated Depreciation | -7,548,000 | [4] | |
Acquisition Date | 12-Apr-05 | ||
Year Built, start date | 1986 | ||
Year Built, end date | 1993 | ||
Baltimore/Washington D.C. Market [Member] | Charwood Road [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 4,582,000 | [1] | |
Initial Cost to Company, Land | 1,960,000 | [2] | |
Initial Cost to Company, Building & Improvements | 10,261,000 | [2] | |
Initial Cost to Company, Total Costs | 12,221,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 800,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,960,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 11,061,000 | [3] | |
Total investment in properties | 13,021,000 | [4],[5] | |
Accumulated Depreciation | -3,708,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built | 1986 | ||
Baltimore/Washington D.C. Market [Member] | Greenwood Place [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Encumbrances | 4,635,000 | [1] | |
Initial Cost to Company, Land | 2,566,000 | [2] | |
Initial Cost to Company, Building & Improvements | 12,918,000 | [2] | |
Initial Cost to Company, Total Costs | 15,484,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,112,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,566,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 14,030,000 | [3] | |
Total investment in properties | 16,596,000 | [4],[5] | |
Accumulated Depreciation | -4,487,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built, start date | 1978 | ||
Year Built, end date | 1984 | ||
Baltimore/Washington D.C. Market [Member] | Guilford Road [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,879,000 | [2] | |
Initial Cost to Company, Building & Improvements | 6,650,000 | [2] | |
Initial Cost to Company, Total Costs | 8,529,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,139,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,879,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 8,789,000 | [3] | |
Total investment in properties | 10,668,000 | [4],[5] | |
Accumulated Depreciation | -3,349,000 | [4] | |
Acquisition Date | 9-Jun-06 | ||
Year Built | 1989 | ||
Baltimore/Washington D.C. Market [Member] | Bollman Place [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,654,000 | [2] | |
Initial Cost to Company, Building & Improvements | 6,202,000 | [2] | |
Initial Cost to Company, Total Costs | 7,856,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 485,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,654,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,687,000 | [3] | |
Total investment in properties | 8,341,000 | [4],[5] | |
Accumulated Depreciation | -1,927,000 | [4] | |
Acquisition Date | 9-Jun-06 | ||
Year Built | 1986 | ||
Baltimore/Washington D.C. Market [Member] | Dulles [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 6 | ||
Initial Cost to Company, Land | 11,125,000 | [2] | |
Initial Cost to Company, Building & Improvements | 34,066,000 | [2] | |
Initial Cost to Company, Total Costs | 45,191,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,778,000 | ||
Gross Amount Carried at 12/31/2014, Land | 11,125,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 36,844,000 | [3] | |
Total investment in properties | 47,969,000 | [4],[5] | |
Accumulated Depreciation | -7,267,000 | [4] | |
Acquisition Date | 4-Aug-06 | ||
Year Built, start date | 2007 | ||
Year Built, end date | 2012 | ||
Baltimore/Washington D.C. Market [Member] | Beckley [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 3,002,000 | [2] | |
Initial Cost to Company, Building & Improvements | 10,700,000 | [2] | |
Initial Cost to Company, Total Costs | 13,702,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 869,000 | ||
Gross Amount Carried at 12/31/2014, Land | 3,002,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 11,569,000 | [3] | |
Total investment in properties | 14,571,000 | [4],[5] | |
Accumulated Depreciation | -2,832,000 | [4] | |
Acquisition Date | 10-Sep-10 | ||
Year Built | 1992 | ||
Baltimore/Washington D.C. Market [Member] | Dorsey Rd [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 8,200,000 | [1] | |
Initial Cost to Company, Land | 3,676,000 | [2] | |
Initial Cost to Company, Building & Improvements | 9,475,000 | [2] | |
Initial Cost to Company, Total Costs | 13,151,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,000 | ||
Gross Amount Carried at 12/31/2014, Land | 3,677,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 9,475,000 | [3] | |
Total investment in properties | 13,152,000 | [4],[5] | |
Acquisition Date | 18-Dec-14 | ||
Year Built | 1988 | ||
Charlotte Market | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,764,000 | [2] | |
Initial Cost to Company, Building & Improvements | 17,419,000 | [2] | |
Initial Cost to Company, Total Costs | 20,183,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 9,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,764,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 17,428,000 | [3] | |
Total investment in properties | 20,192,000 | [4],[5] | |
Accumulated Depreciation | -1,328,000 | [4] | |
Charlotte Market | Marine Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,764,000 | [2] | |
Initial Cost to Company, Building & Improvements | 17,419,000 | [2] | |
Initial Cost to Company, Total Costs | 20,183,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 9,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,764,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 17,428,000 | [3] | |
Total investment in properties | 20,192,000 | [4],[5] | |
Accumulated Depreciation | -1,328,000 | [4] | |
Acquisition Date | 10-May-13 | ||
Year Built | 1994 | ||
Chicago Market [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 38 | ||
Encumbrances | 22,850,000 | [1] | |
Initial Cost to Company, Land | 107,231,000 | [2] | |
Initial Cost to Company, Building & Improvements | 318,040,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 425,271,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 22,796,000 | ||
Gross Amount Carried at 12/31/2014, Land | 107,264,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 340,803,000 | [3] | |
Total investment in properties | 448,067,000 | [4],[5] | |
Accumulated Depreciation | 448,067,000 | [4] | |
Chicago Market [Member] | Gary Ave [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 3,191,000 | [2] | |
Initial Cost to Company, Building & Improvements | 18,505,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 21,696,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,299,000 | ||
Gross Amount Carried at 12/31/2014, Land | 3,191,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 20,804,000 | [3] | |
Total investment in properties | 23,995,000 | [4],[5] | |
Accumulated Depreciation | 23,995,000 | [4] | |
Acquisition Date | 5-Jan-15 | ||
Year Built | 2001 | ||
Chicago Market [Member] | Blackhawk Portfolio [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 5 | ||
Initial Cost to Company, Land | 6,671,000 | [2] | |
Initial Cost to Company, Building & Improvements | 40,877,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 47,548,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 204,000 | ||
Gross Amount Carried at 12/31/2014, Land | 6,667,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 41,085,000 | [3] | |
Total investment in properties | 47,752,000 | [4],[5] | |
Accumulated Depreciation | 47,752,000 | [4] | |
Acquisition Date | 13-Jun-05 | ||
Year Built, start date | 1974 | ||
Year Built, end date | 1987 | ||
Chicago Market [Member] | East Fabyan Parkway [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,790,000 | [2] | |
Initial Cost to Company, Building & Improvements | 10,929,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 12,719,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 467,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,790,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 11,396,000 | [3] | |
Total investment in properties | 13,186,000 | [4],[5] | |
Accumulated Depreciation | 13,186,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built | 1975 | ||
Chicago Market [Member] | Frontenac Road [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,647,000 | [2] | |
Initial Cost to Company, Building & Improvements | 5,849,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 7,496,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 294,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,647,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,143,000 | [3] | |
Total investment in properties | 7,790,000 | [4],[5] | |
Accumulated Depreciation | 7,790,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built | 1995 | ||
Chicago Market [Member] | South Wolf Road [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 8,115,000 | [1] | |
Initial Cost to Company, Land | 4,836,000 | [2] | |
Initial Cost to Company, Building & Improvements | 18,794,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 23,630,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 3,040,000 | ||
Gross Amount Carried at 12/31/2014, Land | 4,836,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 21,834,000 | [3] | |
Total investment in properties | 26,670,000 | [4],[5] | |
Accumulated Depreciation | 26,670,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built | 1982 | ||
Chicago Market [Member] | Laramie Avenue [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 3,519,000 | [1] | |
Initial Cost to Company, Land | 1,442,000 | [2] | |
Initial Cost to Company, Building & Improvements | 7,985,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 9,427,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 856,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,412,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 8,871,000 | [3] | |
Total investment in properties | 10,283,000 | [4],[5] | |
Accumulated Depreciation | 10,283,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built | 1972 | ||
Chicago Market [Member] | Stern Avenue [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 505,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,947,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 5,452,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -1,847,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 505,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,100,000 | [3] | |
Total investment in properties | 3,605,000 | [4],[5] | |
Accumulated Depreciation | 3,605,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built | 1979 | ||
Chicago Market [Member] | Mitchell Court [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 6,639,000 | [1] | |
Initial Cost to Company, Land | 5,036,000 | [2] | |
Initial Cost to Company, Building & Improvements | 8,578,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 13,614,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 751,000 | ||
Gross Amount Carried at 12/31/2014, Land | 5,036,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 9,329,000 | [3] | |
Total investment in properties | 14,365,000 | [4],[5] | |
Accumulated Depreciation | 14,365,000 | [4] | |
Acquisition Date | 1-May-07 | ||
Year Built | 1985 | ||
Chicago Market [Member] | Veterans Parkway [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,108,000 | [2] | |
Initial Cost to Company, Building & Improvements | 7,121,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 9,229,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 203,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,108,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 7,324,000 | [3] | |
Total investment in properties | 9,432,000 | [4],[5] | |
Accumulated Depreciation | 9,432,000 | [4] | |
Acquisition Date | 20-Oct-05 | ||
Year Built | 2005 | ||
Chicago Market [Member] | Lunt Avenue [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,620,000 | [2] | |
Initial Cost to Company, Building & Improvements | 1,988,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 3,608,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 428,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,620,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,416,000 | [3] | |
Total investment in properties | 4,036,000 | [4],[5] | |
Accumulated Depreciation | 4,036,000 | [4] | |
Acquisition Date | 17-Mar-06 | ||
Year Built | 2005 | ||
Chicago Market [Member] | Mission Street [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,765,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,377,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 4,142,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 320,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,765,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,697,000 | [3] | |
Total investment in properties | 4,462,000 | [4],[5] | |
Accumulated Depreciation | 4,462,000 | [4] | |
Acquisition Date | 8-Aug-09 | ||
Year Built | 1991 | ||
Chicago Market [Member] | Wolf Rd [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,908,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,392,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 4,300,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 70,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,930,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,440,000 | [3] | |
Total investment in properties | 4,370,000 | [4],[5] | |
Accumulated Depreciation | 4,370,000 | [4] | |
Acquisition Date | 22-Nov-10 | ||
Year Built | 1971 | ||
Chicago Market [Member] | S Lombard Rd [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,216,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,136,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 3,352,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,031,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,216,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 4,167,000 | [3] | |
Total investment in properties | 5,383,000 | [4],[5] | |
Accumulated Depreciation | 5,383,000 | [4] | |
Acquisition Date | 15-Apr-11 | ||
Year Built | 2012 | ||
Chicago Market [Member] | Arthur Avenue [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 3,231,000 | [2] | |
Initial Cost to Company, Building & Improvements | 1,469,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 4,700,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 468,000 | ||
Gross Amount Carried at 12/31/2014, Land | 3,203,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 1,965,000 | [3] | |
Total investment in properties | 5,168,000 | [4],[5] | |
Accumulated Depreciation | 5,168,000 | [4] | |
Acquisition Date | 30-Dec-11 | ||
Year Built | 1959 | ||
Chicago Market [Member] | Center Avenue [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 4,128,000 | [2] | |
Initial Cost to Company, Building & Improvements | 9,896,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 14,024,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 3,792,000 | ||
Gross Amount Carried at 12/31/2014, Land | 4,128,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 13,688,000 | [3] | |
Total investment in properties | 17,816,000 | [4],[5] | |
Accumulated Depreciation | 17,816,000 | [4] | |
Acquisition Date | 19-Apr-12 | ||
Year Built | 2000 | ||
Chicago Market [Member] | Greenleaf [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 625,000 | [2] | |
Initial Cost to Company, Building & Improvements | 952,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 1,577,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 3,803,000 | ||
Gross Amount Carried at 12/31/2014, Land | 698,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 4,682,000 | [3] | |
Total investment in properties | 5,380,000 | [4],[5] | |
Accumulated Depreciation | 5,380,000 | [4] | |
Acquisition Date | 19-Oct-12 | ||
Year Built | 1962 | ||
Chicago Market [Member] | Supreme Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 4,577,000 | [1] | |
Initial Cost to Company, Land | 1,973,000 | [2] | |
Initial Cost to Company, Building & Improvements | 5,828,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 7,801,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 495,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,973,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,323,000 | [3] | |
Total investment in properties | 8,296,000 | [4],[5] | |
Accumulated Depreciation | 8,296,000 | [4] | |
Acquisition Date | 15-Nov-12 | ||
Year Built | 1994 | ||
Chicago Market [Member] | White Oak [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 3,114,000 | [2] | |
Initial Cost to Company, Building & Improvements | 5,136,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 8,250,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 391,000 | ||
Gross Amount Carried at 12/31/2014, Land | 3,114,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,527,000 | [3] | |
Total investment in properties | 8,641,000 | [4],[5] | |
Accumulated Depreciation | 8,641,000 | [4] | |
Acquisition Date | 10-Dec-12 | ||
Year Built | 1998 | ||
Chicago Market [Member] | Della Court [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,278,000 | [2] | |
Initial Cost to Company, Building & Improvements | 3,613,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 4,891,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 72,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,278,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,685,000 | [3] | |
Total investment in properties | 4,963,000 | [4],[5] | |
Accumulated Depreciation | 4,963,000 | [4] | |
Acquisition Date | 27-Dec-12 | ||
Year Built | 2003 | ||
Chicago Market [Member] | Joliet Road [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 5,382,000 | [2] | |
Initial Cost to Company, Building & Improvements | 12,902,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 18,284,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,971,000 | ||
Gross Amount Carried at 12/31/2014, Land | 5,382,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 14,873,000 | [3] | |
Total investment in properties | 20,255,000 | [4],[5] | |
Accumulated Depreciation | 20,255,000 | [4] | |
Acquisition Date | 27-Dec-12 | ||
Year Built | 2004 | ||
Chicago Market [Member] | Veterans [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,009,000 | [2] | |
Initial Cost to Company, Building & Improvements | 7,933,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 9,942,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -93,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 2,009,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 7,840,000 | [3] | |
Total investment in properties | 9,849,000 | [4],[5] | |
Accumulated Depreciation | 9,849,000 | [4] | |
Acquisition Date | 10-May-13 | ||
Year Built | 2005 | ||
Chicago Market [Member] | Central Ave [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 11,975,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,959,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 14,934,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 50,000 | ||
Gross Amount Carried at 12/31/2014, Land | 11,975,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,009,000 | [3] | |
Total investment in properties | 14,984,000 | [4],[5] | |
Accumulated Depreciation | 14,984,000 | [4] | |
Acquisition Date | 10-May-13 | ||
Year Built | 1960 | ||
Chicago Market [Member] | Fox River Business Center [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 5 | ||
Initial Cost to Company, Land | 10,354,000 | [2] | |
Initial Cost to Company, Building & Improvements | 32,728,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 43,082,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,944,000 | ||
Gross Amount Carried at 12/31/2014, Land | 10,354,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 34,672,000 | [3] | |
Total investment in properties | 45,026,000 | [4],[5] | |
Accumulated Depreciation | 45,026,000 | [4] | |
Acquisition Date | 9-Oct-13 | ||
Year Built, start date | 1987 | ||
Year Built, end date | 2007 | ||
Chicago Market [Member] | Morse Avenue [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,400,000 | [2] | |
Initial Cost to Company, Building & Improvements | 1,119,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 3,519,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 111,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,400,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 1,230,000 | [3] | |
Total investment in properties | 3,630,000 | [4],[5] | |
Accumulated Depreciation | 3,630,000 | [4] | |
Acquisition Date | 31-Oct-13 | ||
Year Built | 1969 | ||
Chicago Market [Member] | Michael Dr [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,715,000 | [2] | |
Initial Cost to Company, Building & Improvements | 6,985,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 9,700,000 | [2] | |
Gross Amount Carried at 12/31/2014, Land | 2,715,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,985,000 | [3] | |
Total investment in properties | 9,700,000 | [4],[5] | |
Accumulated Depreciation | 9,700,000 | [4] | |
Acquisition Date | 3-Jan-14 | ||
Year Built | 1984 | ||
Chicago Market [Member] | S Chicago St [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,565,000 | [2] | |
Initial Cost to Company, Building & Improvements | 6,185,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 7,750,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 37,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,565,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,222,000 | [3] | |
Total investment in properties | 7,787,000 | [4],[5] | |
Accumulated Depreciation | 7,787,000 | [4] | |
Acquisition Date | 14-Mar-14 | ||
Year Built | 2009 | ||
Chicago Market [Member] | Diehl Rd [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 4,593,000 | [2] | |
Initial Cost to Company, Building & Improvements | 16,268,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 20,861,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 91,000 | ||
Gross Amount Carried at 12/31/2014, Land | 4,593,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 16,359,000 | [3] | |
Total investment in properties | 20,952,000 | [4],[5] | |
Accumulated Depreciation | 20,952,000 | [4] | |
Acquisition Date | 28-Mar-14 | ||
Year Built | 2008 | ||
Chicago Market [Member] | Remington Blvd [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 3 | ||
Initial Cost to Company, Land | 18,154,000 | [2] | |
Initial Cost to Company, Building & Improvements | 71,589,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 89,743,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 548,000 | ||
Gross Amount Carried at 12/31/2014, Land | 18,154,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 72,137,000 | [3] | |
Total investment in properties | 90,291,000 | [4],[5] | |
Accumulated Depreciation | 90,291,000 | [4] | |
Acquisition start date | 3/16/12 | ||
Acquisition end date | 8/1/14 | ||
Year Built, start date | 2000 | ||
Year Built, end date | 2012 | ||
Cincinnati Market [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 29 | ||
Encumbrances | 5,039,000 | [1] | |
Initial Cost to Company, Land | 15,917,000 | [2] | |
Initial Cost to Company, Building & Improvements | 107,206,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 123,123,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 11,037,000 | ||
Gross Amount Carried at 12/31/2014, Land | 15,795,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 118,365,000 | [3] | |
Total investment in properties | 134,160,000 | [4],[5] | |
Accumulated Depreciation | -43,801,000 | [4] | |
Cincinnati Market [Member] | Park West [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 5 | ||
Initial Cost to Company, Land | 5,893,000 | [2] | |
Initial Cost to Company, Building & Improvements | 39,878,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 45,771,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -1,861,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 5,771,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 38,139,000 | [3] | |
Total investment in properties | 43,910,000 | [4],[5] | |
Accumulated Depreciation | -12,074,000 | [4] | |
Acquisition Date | 8-Jun-04 | ||
Year Built, start date | 1997 | ||
Year Built, end date | 2003 | ||
Cincinnati Market [Member] | Northwest Business Center [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 299,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,486,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 4,785,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -1,911,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 299,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,575,000 | [3] | |
Total investment in properties | 2,874,000 | [4],[5] | |
Accumulated Depreciation | -1,091,000 | [4] | |
Acquisition Date | 3-May-04 | ||
Cincinnati Market [Member] | New Buffington Road [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Encumbrances | 5,039,000 | [1] | |
Initial Cost to Company, Land | 1,618,000 | [2] | |
Initial Cost to Company, Building & Improvements | 8,500,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 10,118,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 4,717,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,618,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 13,217,000 | [3] | |
Total investment in properties | 14,835,000 | [4],[5] | |
Accumulated Depreciation | -5,848,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Cincinnati Market [Member] | Olympic Boulevard [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 3 | ||
Initial Cost to Company, Land | 2,096,000 | [2] | |
Initial Cost to Company, Building & Improvements | 11,788,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 13,884,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,079,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,096,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 13,867,000 | [3] | |
Total investment in properties | 15,963,000 | [4],[5] | |
Accumulated Depreciation | -5,459,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Cincinnati Market [Member] | Mineola Pike [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 625,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,642,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 5,267,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 54,000 | ||
Gross Amount Carried at 12/31/2014, Land | 625,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 4,696,000 | [3] | |
Total investment in properties | 5,321,000 | [4],[5] | |
Accumulated Depreciation | -1,752,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Cincinnati Market [Member] | Industrial Road [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 629,000 | [2] | |
Initial Cost to Company, Building & Improvements | 3,344,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 3,973,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,368,000 | ||
Gross Amount Carried at 12/31/2014, Land | 629,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 4,712,000 | [3] | |
Total investment in properties | 5,341,000 | [4],[5] | |
Accumulated Depreciation | -1,859,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Cincinnati Market [Member] | Dolwick Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 579,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,670,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 5,249,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 251,000 | ||
Gross Amount Carried at 12/31/2014, Land | 579,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 4,921,000 | [3] | |
Total investment in properties | 5,500,000 | [4],[5] | |
Accumulated Depreciation | -1,963,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Cincinnati Market [Member] | Best Place [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,131,000 | [2] | |
Initial Cost to Company, Building & Improvements | 5,516,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 6,647,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,271,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,131,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 7,787,000 | [3] | |
Total investment in properties | 8,918,000 | [4],[5] | |
Accumulated Depreciation | -3,080,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Cincinnati Market [Member] | Distribution Circle [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 688,000 | [2] | |
Initial Cost to Company, Building & Improvements | 6,838,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 7,526,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,764,000 | ||
Gross Amount Carried at 12/31/2014, Land | 688,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 8,602,000 | [3] | |
Total investment in properties | 9,290,000 | [4],[5] | |
Accumulated Depreciation | -3,235,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Cincinnati Market [Member] | Creek Road [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 377,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,925,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 5,302,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 652,000 | ||
Gross Amount Carried at 12/31/2014, Land | 377,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,577,000 | [3] | |
Total investment in properties | 5,954,000 | [4],[5] | |
Accumulated Depreciation | -2,368,000 | [4] | |
Acquisition Date | 9-Jun-06 | ||
Cincinnati Market [Member] | Power Line Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 70,000 | [2] | |
Initial Cost to Company, Building & Improvements | 261,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 331,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -3,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 70,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 258,000 | [3] | |
Total investment in properties | 328,000 | [4],[5] | |
Accumulated Depreciation | -70,000 | [4] | |
Acquisition Date | 9-Jun-06 | ||
Cincinnati Market [Member] | Foundation Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 4 | ||
Initial Cost to Company, Land | 706,000 | [2] | |
Initial Cost to Company, Building & Improvements | 3,471,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 4,177,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 411,000 | ||
Gross Amount Carried at 12/31/2014, Land | 706,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,882,000 | [3] | |
Total investment in properties | 4,588,000 | [4],[5] | |
Accumulated Depreciation | -1,405,000 | [4] | |
Acquisition Date | 9-Jun-06 | ||
Year Built, start date | 1984 | ||
Year Built, end date | 1987 | ||
Cincinnati Market [Member] | Jamike Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 6 | ||
Initial Cost to Company, Land | 1,206,000 | [2] | |
Initial Cost to Company, Building & Improvements | 8,887,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 10,093,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,245,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,206,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 10,132,000 | [3] | |
Total investment in properties | 11,338,000 | [4],[5] | |
Accumulated Depreciation | -3,597,000 | [4] | |
Acquisition Date | 9-Jun-06 | ||
Year Built, start date | 1984 | ||
Year Built, end date | 1987 | ||
Dallas Market [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 35 | ||
Encumbrances | 12,548,000 | [1] | |
Initial Cost to Company, Land | 27,154,000 | [2] | |
Initial Cost to Company, Building & Improvements | 195,254,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 222,408,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 11,560,000 | ||
Gross Amount Carried at 12/31/2014, Land | 27,674,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 206,294,000 | [3] | |
Total investment in properties | 233,968,000 | [4],[5] | |
Accumulated Depreciation | -58,519,000 | [4] | |
Dallas Market [Member] | Freeport Parkway [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 981,000 | [2] | |
Initial Cost to Company, Building & Improvements | 10,392,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 11,373,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -275,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 981,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 10,117,000 | [3] | |
Total investment in properties | 11,098,000 | [4],[5] | |
Accumulated Depreciation | -3,076,000 | [4] | |
Acquisition Date | 15-Dec-03 | ||
Dallas Market [Member] | Pinnacle [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 521,000 | [2] | |
Initial Cost to Company, Building & Improvements | 9,683,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 10,204,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -510,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 521,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 9,173,000 | [3] | |
Total investment in properties | 9,694,000 | [4],[5] | |
Accumulated Depreciation | -3,011,000 | [4] | |
Acquisition Date | 15-Dec-03 | ||
Dallas Market [Member] | Market Industrial [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 5 | ||
Initial Cost to Company, Land | 1,481,000 | [2] | |
Initial Cost to Company, Building & Improvements | 15,507,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 16,988,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 355,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,481,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 15,862,000 | [3] | |
Total investment in properties | 17,343,000 | [4],[5] | |
Accumulated Depreciation | -4,732,000 | [4] | |
Acquisition Date | 1-Oct-04 | ||
Year Built, start date | 1981 | ||
Year Built, end date | 1985 | ||
Dallas Market [Member] | Shiloh Industrial [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 459,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,173,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 4,632,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 171,000 | ||
Gross Amount Carried at 12/31/2014, Land | 459,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 4,344,000 | [3] | |
Total investment in properties | 4,803,000 | [4],[5] | |
Accumulated Depreciation | -1,444,000 | [4] | |
Acquisition Date | 1-Oct-04 | ||
Dallas Market [Member] | Avenue R Industrial I [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 189,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,231,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 2,420,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 99,000 | ||
Gross Amount Carried at 12/31/2014, Land | 189,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,330,000 | [3] | |
Total investment in properties | 2,519,000 | [4],[5] | |
Accumulated Depreciation | -763,000 | [4] | |
Acquisition Date | 1-Oct-04 | ||
Dallas Market [Member] | Avenue R Industrial II [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 271,000 | [2] | |
Initial Cost to Company, Building & Improvements | 1,139,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 1,410,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 168,000 | ||
Gross Amount Carried at 12/31/2014, Land | 271,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 1,307,000 | [3] | |
Total investment in properties | 1,578,000 | [4],[5] | |
Accumulated Depreciation | -514,000 | [4] | |
Acquisition Date | 1-Oct-04 | ||
Dallas Market [Member] | Westfork Center Industrial [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 3 | ||
Initial Cost to Company, Land | 503,000 | [2] | |
Initial Cost to Company, Building & Improvements | 5,977,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 6,480,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 510,000 | ||
Gross Amount Carried at 12/31/2014, Land | 503,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,487,000 | [3] | |
Total investment in properties | 6,990,000 | [4],[5] | |
Accumulated Depreciation | -2,064,000 | [4] | |
Acquisition Date | 1-Oct-04 | ||
Dallas Market [Member] | Grand River Rd [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,380,000 | [2] | |
Initial Cost to Company, Building & Improvements | 14,504,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 15,884,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -2,426,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 1,380,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 12,078,000 | [3] | |
Total investment in properties | 13,458,000 | [4],[5] | |
Accumulated Depreciation | -3,899,000 | [4] | |
Acquisition Date | 3-Dec-04 | ||
Dallas Market [Member] | Diplomat Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 532,000 | [2] | |
Initial Cost to Company, Building & Improvements | 3,136,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 3,668,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,012,000 | ||
Gross Amount Carried at 12/31/2014, Land | 532,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,148,000 | [3] | |
Total investment in properties | 5,680,000 | [4],[5] | |
Accumulated Depreciation | -2,265,000 | [4] | |
Acquisition Date | 26-May-05 | ||
Dallas Market [Member] | North 28th Street [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Building & Improvements | 6,145,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 6,145,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -810,000 | [6] | |
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,335,000 | [3] | |
Total investment in properties | 5,335,000 | [4],[5] | |
Accumulated Depreciation | -2,530,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Dallas Market [Member] | Esters Boulevard [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Building & Improvements | 22,072,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 22,072,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -1,138,000 | [6] | |
Gross Amount Carried at 12/31/2014, Building & Improvements | 20,934,000 | [3] | |
Total investment in properties | 20,934,000 | [4],[5] | |
Accumulated Depreciation | -7,741,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built, start date | 1984 | ||
Year Built, end date | 1999 | ||
Dallas Market [Member] | West Story Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 777,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,646,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 5,423,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 598,000 | ||
Gross Amount Carried at 12/31/2014, Land | 777,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,244,000 | [3] | |
Total investment in properties | 6,021,000 | [4],[5] | |
Accumulated Depreciation | -2,421,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Dallas Market [Member] | Meridian Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 1,201,000 | [1] | |
Initial Cost to Company, Land | 410,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,135,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 4,545,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 349,000 | ||
Gross Amount Carried at 12/31/2014, Land | 410,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 4,484,000 | [3] | |
Total investment in properties | 4,894,000 | [4],[5] | |
Accumulated Depreciation | -2,140,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Dallas Market [Member] | Gateway Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 463,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,152,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 2,615,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 680,000 | ||
Gross Amount Carried at 12/31/2014, Land | 463,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,832,000 | [3] | |
Total investment in properties | 3,295,000 | [4],[5] | |
Accumulated Depreciation | -1,222,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Dallas Market [Member] | Valwood Parkway [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,252,000 | [2] | |
Initial Cost to Company, Building & Improvements | 6,779,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 8,031,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 971,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,252,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 7,750,000 | [3] | |
Total investment in properties | 9,002,000 | [4],[5] | |
Accumulated Depreciation | -2,505,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built, start date | 1984 | ||
Year Built, end date | 1996 | ||
Dallas Market [Member] | Champion Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 1,378,000 | [1] | |
Initial Cost to Company, Land | 672,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,598,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 3,270,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,108,000 | ||
Gross Amount Carried at 12/31/2014, Land | 672,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,706,000 | [3] | |
Total investment in properties | 4,378,000 | [4],[5] | |
Accumulated Depreciation | -1,340,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Dallas Market [Member] | Sanden Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 207,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,258,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 2,465,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 443,000 | ||
Gross Amount Carried at 12/31/2014, Land | 207,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,701,000 | [3] | |
Total investment in properties | 2,908,000 | [4],[5] | |
Accumulated Depreciation | -927,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Dallas Market [Member] | North Great Southwest Parkway [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Encumbrances | 2,278,000 | [1] | |
Initial Cost to Company, Land | 1,384,000 | [2] | |
Initial Cost to Company, Building & Improvements | 3,727,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 5,111,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,869,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,904,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,076,000 | [3] | |
Total investment in properties | 6,980,000 | [4],[5] | |
Accumulated Depreciation | -1,835,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built, start date | 1963 | ||
Year Built, end date | 1964 | ||
Dallas Market [Member] | Royal Lane [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Building & Improvements | 3,200,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 3,200,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 314,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,514,000 | [3] | |
Total investment in properties | 3,514,000 | [4],[5] | |
Accumulated Depreciation | -1,651,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Dallas Market [Member] | GSW Gateway Three [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,669,000 | [2] | |
Initial Cost to Company, Building & Improvements | 11,622,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 13,291,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 72,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,669,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 11,694,000 | [3] | |
Total investment in properties | 13,363,000 | [4],[5] | |
Accumulated Depreciation | -5,324,000 | [4] | |
Acquisition Date | 13-Jan-06 | ||
Dallas Market [Member] | Pinnacle Point Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 7,691,000 | [1] | |
Initial Cost to Company, Land | 3,915,000 | [2] | |
Initial Cost to Company, Building & Improvements | 18,537,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 22,452,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 4,177,000 | ||
Gross Amount Carried at 12/31/2014, Land | 3,915,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 22,714,000 | [3] | |
Total investment in properties | 26,629,000 | [4],[5] | |
Accumulated Depreciation | -2,865,000 | [4] | |
Acquisition Date | 29-Jun-12 | ||
Dallas Market [Member] | Ashmore Lane [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 3,856,000 | [2] | |
Initial Cost to Company, Building & Improvements | 16,352,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 20,208,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,743,000 | ||
Gross Amount Carried at 12/31/2014, Land | 3,856,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 18,095,000 | [3] | |
Total investment in properties | 21,951,000 | [4],[5] | |
Accumulated Depreciation | -1,970,000 | [4] | |
Acquisition Date | 27-Dec-12 | ||
Dallas Market [Member] | La Reunion [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,469,000 | [2] | |
Initial Cost to Company, Building & Improvements | 6,778,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 8,247,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 619,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,469,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 7,397,000 | [3] | |
Total investment in properties | 8,866,000 | [4],[5] | |
Accumulated Depreciation | -963,000 | [4] | |
Acquisition Date | 9-Apr-13 | ||
Dallas Market [Member] | Statesman Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 574,000 | [2] | |
Initial Cost to Company, Building & Improvements | 1,978,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 2,552,000 | [2] | |
Gross Amount Carried at 12/31/2014, Land | 574,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 1,978,000 | [3] | |
Total investment in properties | 2,552,000 | [4],[5] | |
Accumulated Depreciation | -238,000 | [4] | |
Acquisition Date | 14-Aug-13 | ||
Dallas Market [Member] | Diplomacy [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 878,000 | [2] | |
Initial Cost to Company, Building & Improvements | 3,057,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 3,935,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 104,000 | ||
Gross Amount Carried at 12/31/2014, Land | 878,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,161,000 | [3] | |
Total investment in properties | 4,039,000 | [4],[5] | |
Accumulated Depreciation | -274,000 | [4] | |
Acquisition Date | 20-Dec-13 | ||
Dallas Market [Member] | Eisenhower [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,105,000 | [2] | |
Initial Cost to Company, Building & Improvements | 5,684,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 6,789,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 313,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,105,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,997,000 | [3] | |
Total investment in properties | 7,102,000 | [4],[5] | |
Accumulated Depreciation | -497,000 | [4] | |
Acquisition Date | 30-Dec-13 | ||
Dallas Market [Member] | 511 S Royal Ln [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,095,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,239,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 5,334,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 44,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,095,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 4,283,000 | [3] | |
Total investment in properties | 5,378,000 | [4],[5] | |
Accumulated Depreciation | -308,000 | [4] | |
Acquisition Date | 31-Jan-14 | ||
Dallas Market [Member] | Airline Dr [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,111,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,553,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 3,664,000 | [2] | |
Gross Amount Carried at 12/31/2014, Land | 1,111,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,553,000 | [3] | |
Total investment in properties | 3,664,000 | [4],[5] | |
Acquisition Date | 31-Dec-14 | ||
Denver Market [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 3,243,000 | [2] | |
Initial Cost to Company, Building & Improvements | 12,387,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 15,630,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -475,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 3,243,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 11,912,000 | [3] | |
Total investment in properties | 15,155,000 | [4],[5] | |
Accumulated Depreciation | -3,477,000 | [4] | |
Denver Market [Member] | Interpark 70 [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,383,000 | [2] | |
Initial Cost to Company, Building & Improvements | 7,566,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 8,949,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -659,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 1,383,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,907,000 | [3] | |
Total investment in properties | 8,290,000 | [4],[5] | |
Accumulated Depreciation | -2,418,000 | [4] | |
Acquisition Date | 30-Sep-04 | ||
Denver Market [Member] | Pecos Street [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,860,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,821,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 6,681,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 184,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,860,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,005,000 | [3] | |
Total investment in properties | 6,865,000 | [4],[5] | |
Accumulated Depreciation | -1,059,000 | [4] | |
Acquisition Date | 8-Aug-11 | ||
Houston Market [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 39 | ||
Encumbrances | 17,463,000 | [1] | |
Initial Cost to Company, Land | 38,620,000 | ||
Initial Cost to Company, Building & Improvements | 191,594,000 | [2] | |
Initial Cost to Company, Total Costs | 230,214,000 | [2],[3] | |
Costs Capitalized Subsequent to Acquisition | 12,747,000 | ||
Gross Amount Carried at 12/31/2014, Land | 38,179,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 204,782,000 | [3],[4] | |
Total investment in properties | 242,961,000 | [4] | |
Accumulated Depreciation | 242,961,000 | ||
Houston Market [Member] | West By Northwest [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,033,000 | [2] | |
Initial Cost to Company, Building & Improvements | 7,564,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 8,597,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -11,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 1,033,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 7,553,000 | [3] | |
Total investment in properties | 8,586,000 | [4],[5] | |
Accumulated Depreciation | -2,554,000 | [4] | |
Acquisition Date | 30-Oct-03 | ||
Houston Market [Member] | Bondesen Business Park [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 7 | ||
Initial Cost to Company, Land | 1,007,000 | [2] | |
Initial Cost to Company, Building & Improvements | 23,370,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 24,377,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 101,000 | ||
Gross Amount Carried at 12/31/2014, Land | 988,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 23,490,000 | [3] | |
Total investment in properties | 24,478,000 | [4],[5] | |
Accumulated Depreciation | -8,027,000 | [4] | |
Acquisition Date | 3-Jun-04 | ||
Houston Market [Member] | Beltway 8 Business Park [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Acquisition start date | 6/3/04 | ||
Acquisition end date | 7/1/05 | ||
Year Built, start date | 2001 | ||
Year Built, end date | 2003 | ||
Houston Market [Member] | Greens Crossing [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 3 | ||
Initial Cost to Company, Land | 1,225,000 | ||
Initial Cost to Company, Building & Improvements | 10,202,000 | [2] | |
Initial Cost to Company, Total Costs | 11,427,000 | [2],[3] | |
Costs Capitalized Subsequent to Acquisition | 2,068,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,225,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 12,270,000 | [3],[4] | |
Total investment in properties | 13,495,000 | [4] | |
Accumulated Depreciation | 13,495,000 | ||
Acquisition Date | 1-Jul-05 | ||
Year Built, start date | 1998 | ||
Year Built, end date | 2000 | ||
Houston Market [Member] | Gateway at Central Green [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 1,079,000 | ||
Initial Cost to Company, Building & Improvements | 9,929,000 | [2] | |
Initial Cost to Company, Total Costs | 11,008,000 | [2],[3] | |
Costs Capitalized Subsequent to Acquisition | 803,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,079,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 10,732,000 | [3],[4] | |
Total investment in properties | 11,811,000 | [4] | |
Accumulated Depreciation | 11,811,000 | ||
Acquisition Date | 20-Sep-05 | ||
Year Built | 2001 | ||
Houston Market [Member] | Fairbanks Center [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 707,000 | ||
Initial Cost to Company, Building & Improvements | 5,205,000 | [2] | |
Initial Cost to Company, Total Costs | 5,912,000 | [2],[3] | |
Costs Capitalized Subsequent to Acquisition | 587,000 | ||
Gross Amount Carried at 12/31/2014, Land | 707,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,792,000 | [3],[4] | |
Total investment in properties | 6,499,000 | [4] | |
Accumulated Depreciation | 6,499,000 | ||
Acquisition Date | 27-Mar-06 | ||
Year Built | 1999 | ||
Houston Market [Member] | Bondesen North [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 4 | ||
Initial Cost to Company, Land | 3,345,000 | ||
Initial Cost to Company, Building & Improvements | 11,030,000 | [2] | |
Initial Cost to Company, Total Costs | 14,375,000 | [2],[3] | |
Costs Capitalized Subsequent to Acquisition | 164,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,975,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 11,564,000 | [3],[4] | |
Total investment in properties | 14,539,000 | [4] | |
Accumulated Depreciation | 14,539,000 | ||
Acquisition Date | 8-Jun-07 | ||
Year Built | 2006 | ||
Houston Market [Member] | Northwest Place [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,821,000 | ||
Initial Cost to Company, Building & Improvements | 11,406,000 | [2] | |
Initial Cost to Company, Total Costs | 13,227,000 | [2],[3] | |
Costs Capitalized Subsequent to Acquisition | 1,530,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,821,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 12,936,000 | [3],[4] | |
Total investment in properties | 14,757,000 | [4] | |
Accumulated Depreciation | 14,757,000 | ||
Acquisition Date | 14-Jun-07 | ||
Year Built | 1997 | ||
Houston Market [Member] | Warehouse Center Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 2,864,000 | [1] | |
Initial Cost to Company, Land | 1,296,000 | ||
Initial Cost to Company, Building & Improvements | 6,782,000 | [2] | |
Initial Cost to Company, Total Costs | 8,078,000 | [2],[3] | |
Costs Capitalized Subsequent to Acquisition | 12,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,296,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,794,000 | [3],[4] | |
Total investment in properties | 8,090,000 | [4] | |
Accumulated Depreciation | 8,090,000 | ||
Acquisition Date | 3-Dec-07 | ||
Year Built | 2006 | ||
Houston Market [Member] | Air Center Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 763,000 | ||
Initial Cost to Company, Building & Improvements | 1,876,000 | [2] | |
Initial Cost to Company, Total Costs | 2,639,000 | [2],[3] | |
Costs Capitalized Subsequent to Acquisition | 308,000 | ||
Gross Amount Carried at 12/31/2014, Land | 711,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,236,000 | [3],[4] | |
Total investment in properties | 2,947,000 | [4] | |
Accumulated Depreciation | 2,947,000 | ||
Acquisition Date | 9-Nov-10 | ||
Year Built | 1997 | ||
Houston Market [Member] | Beltway Antoine [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 7 | ||
Initial Cost to Company, Land | 7,058,000 | ||
Initial Cost to Company, Building & Improvements | 31,875,000 | [2] | |
Initial Cost to Company, Total Costs | 38,933,000 | [2],[3] | |
Costs Capitalized Subsequent to Acquisition | 1,132,000 | ||
Gross Amount Carried at 12/31/2014, Land | 7,058,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 33,007,000 | [3],[4] | |
Total investment in properties | 40,065,000 | [4] | |
Accumulated Depreciation | 40,065,000 | ||
Acquisition Date | 11-Aug-11 | ||
Year Built, start date | 2007 | ||
Year Built, end date | 2008 | ||
Houston Market [Member] | Proterra [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,573,000 | ||
Initial Cost to Company, Building & Improvements | 8,289,000 | [2] | |
Initial Cost to Company, Total Costs | 10,862,000 | [2],[3] | |
Costs Capitalized Subsequent to Acquisition | 2,845,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,573,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 11,134,000 | [3],[4] | |
Total investment in properties | 13,707,000 | [4] | |
Accumulated Depreciation | 13,707,000 | ||
Acquisition Date | 31-Aug-12 | ||
Year Built | 2013 | ||
Houston Market [Member] | Greens Parkway [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 704,000 | ||
Initial Cost to Company, Building & Improvements | 4,093,000 | [2] | |
Initial Cost to Company, Total Costs | 4,797,000 | [2],[3] | |
Costs Capitalized Subsequent to Acquisition | 148,000 | ||
Gross Amount Carried at 12/31/2014, Land | 704,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 4,241,000 | [3],[4] | |
Total investment in properties | 4,945,000 | [4] | |
Accumulated Depreciation | 4,945,000 | ||
Acquisition Date | 7-Dec-11 | ||
Year Built | 2007 | ||
Houston Market [Member] | Claymoore Business Center [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 1,491,000 | ||
Initial Cost to Company, Building & Improvements | 4,967,000 | [2] | |
Initial Cost to Company, Total Costs | 6,458,000 | [2],[3] | |
Costs Capitalized Subsequent to Acquisition | 1,158,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,491,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,125,000 | [3],[4] | |
Total investment in properties | 7,616,000 | [4] | |
Accumulated Depreciation | 7,616,000 | ||
Acquisition Date | 9-May-12 | ||
Year Built | 2001 | ||
Houston Market [Member] | Pinemont [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 2,450,000 | [1] | |
Initial Cost to Company, Land | 1,448,000 | ||
Initial Cost to Company, Building & Improvements | 6,969,000 | [2] | |
Initial Cost to Company, Total Costs | 8,417,000 | [2],[3] | |
Costs Capitalized Subsequent to Acquisition | 794,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,448,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 7,763,000 | [3],[4] | |
Total investment in properties | 9,211,000 | [4] | |
Accumulated Depreciation | 9,211,000 | ||
Acquisition Date | 29-Jun-12 | ||
Year Built | 2000 | ||
Houston Market [Member] | State Highway 225 [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Encumbrances | 5,755,000 | [1] | |
Initial Cost to Company, Land | 4,062,000 | ||
Initial Cost to Company, Building & Improvements | 10,657,000 | [2] | |
Initial Cost to Company, Total Costs | 14,719,000 | [2],[3] | |
Costs Capitalized Subsequent to Acquisition | 1,203,000 | ||
Gross Amount Carried at 12/31/2014, Land | 4,062,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 11,860,000 | [3],[4] | |
Total investment in properties | 15,922,000 | [4] | |
Accumulated Depreciation | 15,922,000 | ||
Acquisition Date | 13-Dec-12 | ||
Year Built, start date | 1981 | ||
Year Built, end date | 1983 | ||
Houston Market [Member] | Aeropark [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,723,000 | ||
Initial Cost to Company, Building & Improvements | 7,065,000 | [2] | |
Initial Cost to Company, Total Costs | 8,788,000 | [2],[3] | |
Costs Capitalized Subsequent to Acquisition | -98,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 1,723,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,967,000 | [3],[4] | |
Total investment in properties | 8,690,000 | [4] | |
Accumulated Depreciation | 8,690,000 | ||
Acquisition Date | 6-Dec-13 | ||
Year Built | 1999 | ||
Houston Market [Member] | Hollister Rd [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 6,394,000 | [1] | |
Initial Cost to Company, Land | 3,193,000 | ||
Initial Cost to Company, Building & Improvements | 14,693,000 | [2] | |
Initial Cost to Company, Total Costs | 17,886,000 | [2],[3] | |
Costs Capitalized Subsequent to Acquisition | 3,000 | ||
Gross Amount Carried at 12/31/2014, Land | 3,193,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 14,696,000 | [3],[4] | |
Total investment in properties | 17,889,000 | [4] | |
Accumulated Depreciation | 17,889,000 | ||
Acquisition Date | 6-May-14 | ||
Year Built | 1998 | ||
Houston Market [Member] | Sam Houston Pkwy West [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,495,000 | ||
Initial Cost to Company, Building & Improvements | 3,451,000 | [2] | |
Initial Cost to Company, Total Costs | 4,946,000 | [2],[3] | |
Gross Amount Carried at 12/31/2014, Land | 1,495,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,451,000 | [3],[4] | |
Total investment in properties | 4,946,000 | [4] | |
Accumulated Depreciation | 4,946,000 | ||
Acquisition Date | 14-Oct-14 | ||
Year Built | 2002 | ||
Houston Market [Member] | Airtex Industrial Center [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,597,000 | ||
Initial Cost to Company, Building & Improvements | 12,171,000 | [2] | |
Initial Cost to Company, Total Costs | 14,768,000 | [2],[3] | |
Gross Amount Carried at 12/31/2014, Land | 2,597,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 12,171,000 | [3],[4] | |
Total investment in properties | 14,768,000 | [4] | |
Accumulated Depreciation | 14,768,000 | ||
Acquisition Date | 20-Dec-11 | ||
Year Built | 2013 | ||
Indianapolis Market [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 7 | ||
Initial Cost to Company, Land | 8,693,000 | [2] | |
Initial Cost to Company, Building & Improvements | 61,825,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 70,518,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 5,482,000 | ||
Gross Amount Carried at 12/31/2014, Land | 8,693,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 67,307,000 | [3] | |
Total investment in properties | 76,000,000 | [4],[5] | |
Accumulated Depreciation | 76,000,000 | [4] | |
Indianapolis Market [Member] | Penney Road [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,106,000 | [2] | |
Initial Cost to Company, Building & Improvements | 7,268,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 8,374,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -182,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 1,106,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 7,086,000 | [3] | |
Total investment in properties | 8,192,000 | [4],[5] | |
Accumulated Depreciation | 8,192,000 | [4] | |
Acquisition Date | 10-Oct-07 | ||
Year Built | 1995 | ||
Indianapolis Market [Member] | Plainfield [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 3,095,000 | [2] | |
Initial Cost to Company, Building & Improvements | 31,369,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 34,464,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 725,000 | ||
Gross Amount Carried at 12/31/2014, Land | 3,095,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 32,094,000 | [3] | |
Total investment in properties | 35,189,000 | [4],[5] | |
Accumulated Depreciation | 35,189,000 | [4] | |
Acquisition start date | 4/13/03 | ||
Acquisition end date | 4/13/06 | ||
Year Built, start date | 1997 | ||
Year Built, end date | 2000 | ||
Indianapolis Market [Member] | Guion Road [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,200,000 | [2] | |
Initial Cost to Company, Building & Improvements | 11,239,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 13,439,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -272,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 2,200,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 10,967,000 | [3] | |
Total investment in properties | 13,167,000 | [4],[5] | |
Accumulated Depreciation | 13,167,000 | [4] | |
Acquisition Date | 15-Dec-05 | ||
Year Built | 1995 | ||
Indianapolis Market [Member] | Franklin Road [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 3 | ||
Initial Cost to Company, Land | 2,292,000 | [2] | |
Initial Cost to Company, Building & Improvements | 11,949,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 14,241,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 5,211,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,292,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 17,160,000 | [3] | |
Total investment in properties | 19,452,000 | [4],[5] | |
Accumulated Depreciation | 19,452,000 | [4] | |
Acquisition Date | 27-Feb-06 | ||
Year Built | 1973 | ||
Louisville Market [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 3 | ||
Initial Cost to Company, Land | 5,979,000 | [2] | |
Initial Cost to Company, Building & Improvements | 39,437,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 45,416,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -2,239,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 5,979,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 37,198,000 | [3] | |
Total investment in properties | 43,177,000 | [4],[5] | |
Accumulated Depreciation | 43,177,000 | [4] | |
Louisville Market [Member] | Riverport [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,279,000 | [2] | |
Initial Cost to Company, Building & Improvements | 8,812,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 10,091,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -957,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 1,279,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 7,855,000 | [3] | |
Total investment in properties | 9,134,000 | [4],[5] | |
Accumulated Depreciation | 9,134,000 | [4] | |
Acquisition Date | 3-May-04 | ||
Year Built | 1996 | ||
Louisville Market [Member] | Freeport [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,523,000 | [2] | |
Initial Cost to Company, Building & Improvements | 18,693,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 21,216,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -344,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 2,523,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 18,349,000 | [3] | |
Total investment in properties | 20,872,000 | [4],[5] | |
Accumulated Depreciation | 20,872,000 | [4] | |
Acquisition Date | 14-Mar-07 | ||
Year Built | 1999 | ||
Louisville Market [Member] | Louisville Logistics Center [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,177,000 | [2] | |
Initial Cost to Company, Building & Improvements | 11,932,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 14,109,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -938,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 2,177,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 10,994,000 | [3] | |
Total investment in properties | 13,171,000 | [4],[5] | |
Accumulated Depreciation | 13,171,000 | [4] | |
Acquisition Date | 12-Oct-07 | ||
Year Built | 2002 | ||
Memphis Market | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 8 | ||
Encumbrances | 7,938,000 | [1] | |
Initial Cost to Company, Land | 15,964,000 | [2] | |
Initial Cost to Company, Building & Improvements | 111,973,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 127,937,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 7,126,000 | ||
Gross Amount Carried at 12/31/2014, Land | 16,062,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 119,001,000 | [3] | |
Total investment in properties | 135,063,000 | [4],[5] | |
Accumulated Depreciation | 135,063,000 | [4] | |
Memphis Market | Chickasaw [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 1,141,000 | [2] | |
Initial Cost to Company, Building & Improvements | 13,837,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 14,978,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -1,053,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 1,141,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 12,784,000 | [3] | |
Total investment in properties | 13,925,000 | [4],[5] | |
Accumulated Depreciation | 13,925,000 | [4] | |
Acquisition Date | 22-Jul-03 | ||
Year Built, start date | 2000 | ||
Year Built, end date | 2002 | ||
Memphis Market | Memphis Portfolio [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 5 | ||
Encumbrances | 7,938,000 | [1] | |
Initial Cost to Company, Land | 12,524,000 | [2] | |
Initial Cost to Company, Building & Improvements | 73,700,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 86,224,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,646,000 | ||
Gross Amount Carried at 12/31/2014, Land | 12,622,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 76,248,000 | [3] | |
Total investment in properties | 88,870,000 | [4],[5] | |
Accumulated Depreciation | 88,870,000 | [4] | |
Acquisition start date | 2/16/05 | ||
Acquisition end date | 2/16/05 | ||
Year Built, start date | 1997 | ||
Year Built, end date | 2000 | ||
Memphis Market | Deltapoint [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,299,000 | [2] | |
Initial Cost to Company, Building & Improvements | 24,436,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 26,735,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 5,533,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,299,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 29,969,000 | [3] | |
Total investment in properties | 32,268,000 | [4],[5] | |
Accumulated Depreciation | 32,268,000 | [4] | |
Acquisition Date | 29-Jun-07 | ||
Year Built | 2006 | ||
Miami Market [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 11 | ||
Encumbrances | 2,405,000 | [1] | |
Initial Cost to Company, Land | 37,686,000 | [2] | |
Initial Cost to Company, Building & Improvements | 79,427,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 117,113,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 11,036,000 | ||
Gross Amount Carried at 12/31/2014, Land | 37,696,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 90,453,000 | [3] | |
Total investment in properties | 128,149,000 | [4],[5] | |
Accumulated Depreciation | 128,149,000 | [4] | |
Miami Market [Member] | Miami Service Center [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,110,000 | [2] | |
Initial Cost to Company, Building & Improvements | 3,811,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 4,921,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,270,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,110,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,081,000 | [3] | |
Total investment in properties | 6,191,000 | [4],[5] | |
Accumulated Depreciation | 6,191,000 | [4] | |
Acquisition Date | 7-Apr-05 | ||
Year Built | 1987 | ||
Miami Market [Member] | Miami Commerce Center [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 2,405,000 | [1] | |
Initial Cost to Company, Land | 3,050,000 | [2] | |
Initial Cost to Company, Building & Improvements | 10,769,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 13,819,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 5,291,000 | ||
Gross Amount Carried at 12/31/2014, Land | 3,050,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 16,060,000 | [3] | |
Total investment in properties | 19,110,000 | [4],[5] | |
Accumulated Depreciation | 19,110,000 | [4] | |
Acquisition Date | 13-Apr-05 | ||
Year Built | 1991 | ||
Miami Market [Member] | Northwest 70th Avenue [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 3 | ||
Initial Cost to Company, Land | 11,889,000 | [2] | |
Initial Cost to Company, Building & Improvements | 19,972,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 31,861,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 5,678,000 | ||
Gross Amount Carried at 12/31/2014, Land | 11,889,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 25,650,000 | [3] | |
Total investment in properties | 37,539,000 | [4],[5] | |
Accumulated Depreciation | 37,539,000 | [4] | |
Acquisition Date | 9-Jun-06 | ||
Year Built, start date | 1968 | ||
Year Built, end date | 1976 | ||
Miami Market [Member] | North Andrews Avenue [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 6,552,000 | [2] | |
Initial Cost to Company, Building & Improvements | 6,101,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 12,653,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,017,000 | ||
Gross Amount Carried at 12/31/2014, Land | 6,552,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 7,118,000 | [3] | |
Total investment in properties | 13,670,000 | [4],[5] | |
Accumulated Depreciation | 13,670,000 | [4] | |
Acquisition Date | 9-Jun-06 | ||
Year Built | 1999 | ||
Miami Market [Member] | Northwest 30th Terrace [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 3,273,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,196,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 7,469,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,364,000 | ||
Gross Amount Carried at 12/31/2014, Land | 3,273,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,560,000 | [3] | |
Total investment in properties | 8,833,000 | [4],[5] | |
Accumulated Depreciation | 8,833,000 | [4] | |
Acquisition Date | 18-Feb-11 | ||
Year Built | 1994 | ||
Miami Market [Member] | Pan America [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 6,386,000 | [2] | |
Initial Cost to Company, Building & Improvements | 19,497,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 25,883,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 692,000 | ||
Gross Amount Carried at 12/31/2014, Land | 6,396,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 20,179,000 | [3] | |
Total investment in properties | 26,575,000 | [4],[5] | |
Accumulated Depreciation | 26,575,000 | [4] | |
Acquisition Date | 19-Jul-11 | ||
Year Built | 2013 | ||
Miami Market [Member] | Northwest 34th Terrace [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 946,000 | [2] | |
Initial Cost to Company, Building & Improvements | 3,239,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 4,185,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 65,000 | ||
Gross Amount Carried at 12/31/2014, Land | 946,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,304,000 | [3] | |
Total investment in properties | 4,250,000 | [4],[5] | |
Accumulated Depreciation | 4,250,000 | [4] | |
Acquisition Date | 25-Jun-12 | ||
Year Built | 2000 | ||
Miami Market [Member] | Miami Gardens [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 4,480,000 | [2] | |
Initial Cost to Company, Building & Improvements | 11,842,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 16,322,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -4,341,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 4,480,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 7,501,000 | [3] | |
Total investment in properties | 11,981,000 | [4],[5] | |
Accumulated Depreciation | 11,981,000 | [4] | |
Acquisition Date | 12-Oct-13 | ||
Year Built | 1969 | ||
Nashville Market [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 4 | ||
Initial Cost to Company, Land | 6,778,000 | [2] | |
Initial Cost to Company, Building & Improvements | 61,591,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 68,369,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 5,893,000 | ||
Gross Amount Carried at 12/31/2014, Land | 6,856,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 67,406,000 | [3] | |
Total investment in properties | 74,262,000 | [4],[5] | |
Accumulated Depreciation | 74,262,000 | [4] | |
Nashville Market [Member] | Eastgate [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,445,000 | [2] | |
Initial Cost to Company, Building & Improvements | 13,352,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 14,797,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -506,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 1,445,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 12,846,000 | [3] | |
Total investment in properties | 14,291,000 | [4],[5] | |
Accumulated Depreciation | 14,291,000 | [4] | |
Acquisition Date | 19-Mar-04 | ||
Year Built | 2002 | ||
Nashville Market [Member] | Mid South Logistics Center [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,772,000 | [2] | |
Initial Cost to Company, Building & Improvements | 18,288,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 20,060,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 470,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,850,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 18,680,000 | [3] | |
Total investment in properties | 20,530,000 | [4],[5] | |
Accumulated Depreciation | 20,530,000 | [4] | |
Acquisition Date | 29-Jun-04 | ||
Year Built | 2001 | ||
Nashville Market [Member] | Rockdale Distribution Center [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,940,000 | [2] | |
Initial Cost to Company, Building & Improvements | 12,188,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 15,128,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 6,838,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,940,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 19,026,000 | [3] | |
Total investment in properties | 21,966,000 | [4],[5] | |
Accumulated Depreciation | 21,966,000 | [4] | |
Acquisition Date | 28-Dec-05 | ||
Year Built | 2013 | ||
Nashville Market [Member] | Logistics Way [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 621,000 | [2] | |
Initial Cost to Company, Building & Improvements | 17,763,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 18,384,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -909,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 621,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 16,854,000 | [3] | |
Total investment in properties | 17,475,000 | [4],[5] | |
Accumulated Depreciation | 17,475,000 | [4] | |
Acquisition Date | 28-Sep-09 | ||
Year Built | 2007 | ||
New Jersey Market [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 10 | ||
Initial Cost to Company, Land | 33,772,000 | [2] | |
Initial Cost to Company, Building & Improvements | 74,025,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 107,797,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 10,374,000 | ||
Gross Amount Carried at 12/31/2014, Land | 33,772,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 84,399,000 | [3] | |
Total investment in properties | 118,171,000 | [4],[5] | |
Accumulated Depreciation | 118,171,000 | [4] | |
New Jersey Market [Member] | Brunswick Avenue [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 3,665,000 | [2] | |
Initial Cost to Company, Building & Improvements | 16,380,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 20,045,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,515,000 | ||
Gross Amount Carried at 12/31/2014, Land | 3,665,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 18,895,000 | [3] | |
Total investment in properties | 22,560,000 | [4],[5] | |
Accumulated Depreciation | 22,560,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built | 1986 | ||
New Jersey Market [Member] | Campus Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,366,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,841,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 6,207,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,086,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,366,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,927,000 | [3] | |
Total investment in properties | 7,293,000 | [4],[5] | |
Accumulated Depreciation | 7,293,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built | 1975 | ||
New Jersey Market [Member] | Hanover Ave [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 4,940,000 | [2] | |
Initial Cost to Company, Building & Improvements | 8,026,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 12,966,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -232,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 4,940,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 7,794,000 | [3] | |
Total investment in properties | 12,734,000 | [4],[5] | |
Accumulated Depreciation | 12,734,000 | [4] | |
Acquisition Date | 28-Dec-05 | ||
Year Built | 1988 | ||
New Jersey Market [Member] | Rockaway [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 3 | ||
Initial Cost to Company, Land | 5,881,000 | [2] | |
Initial Cost to Company, Building & Improvements | 12,521,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 18,402,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 3,124,000 | ||
Gross Amount Carried at 12/31/2014, Land | 5,881,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 15,645,000 | [3] | |
Total investment in properties | 21,526,000 | [4],[5] | |
Accumulated Depreciation | 21,526,000 | [4] | |
Acquisition Date | 29-Dec-05 | ||
Year Built | 1974 | ||
New Jersey Market [Member] | Kennedy Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 3,044,000 | [2] | |
Initial Cost to Company, Building & Improvements | 6,583,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 9,627,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 495,000 | ||
Gross Amount Carried at 12/31/2014, Land | 3,044,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 7,078,000 | [3] | |
Total investment in properties | 10,122,000 | [4],[5] | |
Accumulated Depreciation | 10,122,000 | [4] | |
Acquisition Date | 14-Apr-10 | ||
Year Built | 2001 | ||
New Jersey Market [Member] | Railroad Avenue [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 6,494,000 | [2] | |
Initial Cost to Company, Building & Improvements | 10,996,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 17,490,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 700,000 | ||
Gross Amount Carried at 12/31/2014, Land | 6,494,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 11,696,000 | [3] | |
Total investment in properties | 18,190,000 | [4],[5] | |
Accumulated Depreciation | 18,190,000 | [4] | |
Acquisition Date | 28-Jan-11 | ||
Year Built | 1964 | ||
New Jersey Market [Member] | Pierce Street [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,472,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,255,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 6,727,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,433,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,472,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,688,000 | [3] | |
Total investment in properties | 8,160,000 | [4],[5] | |
Accumulated Depreciation | 8,160,000 | [4] | |
Acquisition Date | 27-Dec-12 | ||
Year Built | 2003 | ||
New Jersey Market [Member] | Seaview [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 5,910,000 | [2] | |
Initial Cost to Company, Building & Improvements | 10,423,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 16,333,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,253,000 | ||
Gross Amount Carried at 12/31/2014, Land | 5,910,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 11,676,000 | [3] | |
Total investment in properties | 17,586,000 | [4],[5] | |
Accumulated Depreciation | 17,586,000 | [4] | |
Acquisition Date | 20-Dec-13 | ||
Year Built | 1980 | ||
Northern California Market [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 28 | ||
Encumbrances | 18,520,000 | [1] | |
Initial Cost to Company, Land | 99,161,000 | [2] | |
Initial Cost to Company, Building & Improvements | 228,713,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 327,874,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 10,659,000 | ||
Gross Amount Carried at 12/31/2014, Land | 99,020,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 239,513,000 | [3] | |
Total investment in properties | 239,513,000 | [4],[5] | |
Accumulated Depreciation | -58,818,000 | [4] | |
Northern California Market [Member] | Eden Rock Industrial [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 998,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,566,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 3,564,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 339,000 | ||
Gross Amount Carried at 12/31/2014, Land | 998,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,905,000 | [3] | |
Total investment in properties | 3,903,000 | [4],[5] | |
Accumulated Depreciation | 3,903,000 | [4] | |
Acquisition Date | 1-Oct-04 | ||
Year Built | 1973 | ||
Northern California Market [Member] | Bayside Distribution Center [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 6,875,000 | [2] | |
Initial Cost to Company, Building & Improvements | 15,254,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 22,129,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 624,000 | ||
Gross Amount Carried at 12/31/2014, Land | 6,875,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 15,878,000 | [3] | |
Total investment in properties | 22,753,000 | [4],[5] | |
Accumulated Depreciation | 22,753,000 | [4] | |
Acquisition Date | 3-Nov-04 | ||
Year Built, start date | 1998 | ||
Year Built, end date | 2000 | ||
Northern California Market [Member] | Fite Court [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 5,316,000 | [2] | |
Initial Cost to Company, Building & Improvements | 15,499,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 20,815,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,132,000 | ||
Gross Amount Carried at 12/31/2014, Land | 5,316,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 16,631,000 | [3] | |
Total investment in properties | 21,947,000 | [4],[5] | |
Accumulated Depreciation | 21,947,000 | [4] | |
Acquisition Date | 28-Dec-06 | ||
Year Built | 2003 | ||
Northern California Market [Member] | California Logistics Centre [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 5,672,000 | [2] | |
Initial Cost to Company, Building & Improvements | 20,499,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 26,171,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -2,119,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 5,672,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 18,380,000 | [3] | |
Total investment in properties | 24,052,000 | [4],[5] | |
Accumulated Depreciation | 24,052,000 | [4] | |
Acquisition Date | 21-Apr-06 | ||
Year Built | 2001 | ||
Northern California Market [Member] | Cherry Street [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 3 | ||
Initial Cost to Company, Land | 12,584,000 | [2] | |
Initial Cost to Company, Building & Improvements | 24,582,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 37,166,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,634,000 | ||
Gross Amount Carried at 12/31/2014, Land | 12,584,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 27,216,000 | [3] | |
Total investment in properties | 39,800,000 | [4],[5] | |
Accumulated Depreciation | 39,800,000 | [4] | |
Acquisition Date | 9-Jun-06 | ||
Year Built, start date | 1960 | ||
Year Built, end date | 1990 | ||
Northern California Market [Member] | Pike Lane [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 3 | ||
Initial Cost to Company, Land | 2,880,000 | [2] | |
Initial Cost to Company, Building & Improvements | 8,328,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 11,208,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -41,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 2,880,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 8,287,000 | [3] | |
Total investment in properties | 11,167,000 | [4],[5] | |
Accumulated Depreciation | 11,167,000 | [4] | |
Acquisition Date | 9-Jun-06 | ||
Year Built | 1982 | ||
Northern California Market [Member] | South Vasco Road [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,572,000 | [2] | |
Initial Cost to Company, Building & Improvements | 14,809,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 17,381,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 84,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,572,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 14,893,000 | [3] | |
Total investment in properties | 17,465,000 | [4],[5] | |
Accumulated Depreciation | 17,465,000 | [4] | |
Acquisition Date | 9-Jun-06 | ||
Year Built | 1999 | ||
Northern California Market [Member] | McLaughlin Avenue [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 3,424,000 | [2] | |
Initial Cost to Company, Building & Improvements | 5,507,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 8,931,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 360,000 | ||
Gross Amount Carried at 12/31/2014, Land | 3,424,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,867,000 | [3] | |
Total investment in properties | 9,291,000 | [4],[5] | |
Accumulated Depreciation | 9,291,000 | [4] | |
Acquisition Date | 9-Jun-06 | ||
Year Built | 1975 | ||
Northern California Market [Member] | Park Lane [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 5 | ||
Initial Cost to Company, Land | 10,977,000 | [2] | |
Initial Cost to Company, Building & Improvements | 17,216,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 28,193,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 310,000 | ||
Gross Amount Carried at 12/31/2014, Land | 10,977,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 17,526,000 | [3] | |
Total investment in properties | 28,503,000 | [4],[5] | |
Accumulated Depreciation | 28,503,000 | [4] | |
Acquisition Date | 9-Jun-06 | ||
Year Built, start date | 1960 | ||
Year Built, end date | 1966 | ||
Northern California Market [Member] | Valley Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 4 | ||
Initial Cost to Company, Land | 11,238,000 | [2] | |
Initial Cost to Company, Building & Improvements | 14,244,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 25,482,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,547,000 | ||
Gross Amount Carried at 12/31/2014, Land | 11,238,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 16,791,000 | [3] | |
Total investment in properties | 28,029,000 | [4],[5] | |
Accumulated Depreciation | 28,029,000 | [4] | |
Acquisition Date | 9-Jun-06 | ||
Year Built, start date | 1960 | ||
Year Built, end date | 1971 | ||
Northern California Market [Member] | Old Country Road [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,557,000 | [2] | |
Initial Cost to Company, Building & Improvements | 1,503,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 3,060,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 545,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,557,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,048,000 | [3] | |
Total investment in properties | 2,048,000 | [4],[5] | |
Accumulated Depreciation | -839,000 | [4] | |
Acquisition Date | 9-Jun-06 | ||
Year Built | 1969 | ||
Northern California Market [Member] | Cypress Lane [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,211,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,196,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 4,407,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 454,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,211,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,650,000 | [3] | |
Total investment in properties | 2,650,000 | [4],[5] | |
Accumulated Depreciation | -1,487,000 | [4] | |
Acquisition Date | 9-Jun-06 | ||
Year Built | 1970 | ||
Northern California Market [Member] | Rollins Road [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 18,520,000 | [1] | |
Initial Cost to Company, Land | 17,800,000 | [2] | |
Initial Cost to Company, Building & Improvements | 17,621,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 35,421,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 778,000 | ||
Gross Amount Carried at 12/31/2014, Land | 17,659,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 18,540,000 | [3] | |
Total investment in properties | 18,540,000 | [4],[5] | |
Accumulated Depreciation | -3,623,000 | [4] | |
Acquisition Date | 4-Nov-11 | ||
Year Built | 1997 | ||
Northern California Market [Member] | Coliseum Way [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 10,229,000 | [2] | |
Initial Cost to Company, Building & Improvements | 18,255,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 28,484,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,738,000 | ||
Gross Amount Carried at 12/31/2014, Land | 10,229,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 20,993,000 | [3] | |
Total investment in properties | 20,993,000 | [4],[5] | |
Accumulated Depreciation | -2,677,000 | [4] | |
Acquisition Date | 11-Dec-12 | ||
Year Built | 1967 | ||
Northern California Market [Member] | Alpine Way [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,321,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,504,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 4,825,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 274,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,321,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,778,000 | [3] | |
Total investment in properties | 2,778,000 | [4],[5] | |
Accumulated Depreciation | -208,000 | [4] | |
Acquisition Date | 25-Jun-13 | ||
Year Built | 1986 | ||
Northern California Market [Member] | Chrisman Rd | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,507,000 | [2] | |
Initial Cost to Company, Building & Improvements | 48,130,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 50,637,000 | [2] | |
Gross Amount Carried at 12/31/2014, Land | 2,507,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 48,130,000 | [3] | |
Total investment in properties | 48,130,000 | [4],[5] | |
Accumulated Depreciation | -768,000 | [4] | |
Acquisition Date | 2-Sep-14 | ||
Year Built | 2004 | ||
Orlando Market [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 20 | ||
Initial Cost to Company, Land | 24,293,000 | [2] | |
Initial Cost to Company, Building & Improvements | 91,658,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 115,951,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 9,354,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 24,293,000 | [3] | |
Total investment in properties | 101,012,000 | [4],[5] | |
Accumulated Depreciation | -27,190,000 | [4] | |
Orlando Market [Member] | Cypress Park East [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 2,627,000 | [2] | |
Initial Cost to Company, Building & Improvements | 13,055,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 15,682,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,498,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,627,000 | [3] | |
Total investment in properties | 14,553,000 | [4],[5] | |
Accumulated Depreciation | -4,374,000 | [4] | |
Acquisition Date | 22-Oct-04 | ||
Year Built | 2000 | ||
Orlando Market [Member] | East Land Street Road [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 3 | ||
Initial Cost to Company, Land | 2,251,000 | [2] | |
Initial Cost to Company, Building & Improvements | 11,979,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 14,230,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,223,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,251,000 | [3] | |
Total investment in properties | 13,202,000 | [4],[5] | |
Accumulated Depreciation | -3,955,000 | [4] | |
Acquisition Date | 9-Jun-06 | ||
Year Built | 1997-2000 | ||
Year Built, start date | 1997 | ||
Year Built, end date | 2000 | ||
Orlando Market [Member] | Boggy Creek Road [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 8 | ||
Initial Cost to Company, Land | 8,098,000 | [2] | |
Initial Cost to Company, Building & Improvements | 30,984,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 39,082,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,606,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 8,098,000 | [3] | |
Total investment in properties | 33,590,000 | [4],[5] | |
Accumulated Depreciation | -9,797,000 | [4] | |
Acquisition Date | 9-Jun-06 | ||
Year Built | 1993-2007 | ||
Year Built, start date | 1993 | ||
Year Built, end date | 2007 | ||
Orlando Market [Member] | ADC North Phase I [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 2,475,000 | [2] | |
Initial Cost to Company, Building & Improvements | 11,941,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 14,416,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,992,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,475,000 | [3] | |
Total investment in properties | 13,933,000 | [4],[5] | |
Accumulated Depreciation | -3,250,000 | [4] | |
Acquisition start date | 12/19/06 | ||
Acquisition end date | 12/20/06 | ||
Year Built, start date | 2008 | ||
Year Built, end date | 2009 | ||
Orlando Market [Member] | American Way [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 3,603,000 | [2] | |
Initial Cost to Company, Building & Improvements | 8,667,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 12,270,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 777,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,603,000 | [3] | |
Total investment in properties | 9,444,000 | [4],[5] | |
Accumulated Depreciation | -1,993,000 | [4] | |
Acquisition Date | 16-Aug-07 | ||
Year Built | 1997 | ||
Orlando Market [Member] | Director's Row [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 524,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,519,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 3,043,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 33,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 524,000 | [3] | |
Total investment in properties | 2,552,000 | [4],[5] | |
Accumulated Depreciation | -828,000 | [4] | |
Acquisition Date | 1-Mar-11 | ||
Year Built | 1994 | ||
Orlando Market [Member] | GE Portfolio [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 3 | ||
Initial Cost to Company, Land | 4,715,000 | [2] | |
Initial Cost to Company, Building & Improvements | 12,513,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 17,228,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,225,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 4,715,000 | [3] | |
Total investment in properties | 13,738,000 | [4],[5] | |
Accumulated Depreciation | -2,993,000 | [4] | |
Acquisition Date | 1-Sep-11 | ||
Year Built, start date | 1975 | ||
Year Built, end date | 1999 | ||
Pennsylvania Market [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 13 | ||
Initial Cost to Company, Land | 34,723,000 | [2] | |
Initial Cost to Company, Building & Improvements | 115,346,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 150,069,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 3,586,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 34,723,000 | [3] | |
Total investment in properties | 118,932,000 | [4],[5] | |
Accumulated Depreciation | -22,532,000 | [4] | |
Pennsylvania Market [Member] | Route Twenty Two [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 5,183,000 | [2] | |
Initial Cost to Company, Building & Improvements | 20,100,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 25,283,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -3,357,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | -2,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,183,000 | [3] | |
Total investment in properties | 16,743,000 | [4],[5] | |
Accumulated Depreciation | -5,448,000 | [4] | |
Acquisition Date | 20-Jul-05 | ||
Year Built | 2003 | ||
Pennsylvania Market [Member] | High Street Portfolio [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 3,084,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,741,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 7,825,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 661,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,084,000 | [3] | |
Total investment in properties | 5,402,000 | [4],[5] | |
Accumulated Depreciation | -2,496,000 | [4] | |
Acquisition Date | 26-Oct-05 | ||
Year Built, start date | 1975 | ||
Year Built, end date | 1988 | ||
Pennsylvania Market [Member] | Independence Avenue [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 3,133,000 | [2] | |
Initial Cost to Company, Building & Improvements | 17,542,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 20,675,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 3,119,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,133,000 | [3] | |
Total investment in properties | 20,661,000 | [4],[5] | |
Accumulated Depreciation | -4,845,000 | [4] | |
Acquisition Date | 26-Dec-06 | ||
Year Built | 1999 | ||
Pennsylvania Market [Member] | Bobali Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 3 | ||
Initial Cost to Company, Land | 4,107,000 | [2] | |
Initial Cost to Company, Building & Improvements | 9,288,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 13,395,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 621,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 4,107,000 | [3] | |
Total investment in properties | 9,909,000 | [4],[5] | |
Accumulated Depreciation | -3,068,000 | [4] | |
Acquisition Date | 9-Feb-07 | ||
Year Built, start date | 1998 | ||
Year Built, end date | 1999 | ||
Pennsylvania Market [Member] | Snowdrift [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 972,000 | [2] | |
Initial Cost to Company, Building & Improvements | 3,770,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 4,742,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 786,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 972,000 | [3] | |
Total investment in properties | 4,556,000 | [4],[5] | |
Accumulated Depreciation | -656,000 | [4] | |
Acquisition Date | 27-Dec-12 | ||
Year Built | 1989 | ||
Pennsylvania Market [Member] | Silver Springs [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 940,000 | [2] | |
Initial Cost to Company, Building & Improvements | 3,120,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 4,060,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 99,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 940,000 | [3] | |
Total investment in properties | 3,219,000 | [4],[5] | |
Accumulated Depreciation | -458,000 | [4] | |
Acquisition Date | 10-May-13 | ||
Year Built | 2001 | ||
Pennsylvania Market [Member] | Columbus Market [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 6,449,000 | [2] | |
Initial Cost to Company, Building & Improvements | 20,873,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 27,322,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,569,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,449,000 | [3] | |
Total investment in properties | 22,442,000 | [4],[5] | |
Accumulated Depreciation | -2,154,000 | [4] | |
Acquisition Date | 10-May-13 | ||
Year Built | 2006 | ||
Pennsylvania Market [Member] | Bethlehem Crossing | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 3 | ||
Initial Cost to Company, Land | 10,855,000 | [2] | |
Initial Cost to Company, Building & Improvements | 35,912,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 46,767,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 88,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 10,855,000 | [3] | |
Total investment in properties | 36,000,000 | [4],[5] | |
Accumulated Depreciation | -3,407,000 | [4] | |
Acquisition Date | 28-Jun-13 | ||
Year Built | 2004-2007 | ||
Year Built, start date | 2004 | ||
Year Built, end date | 2007 | ||
Phoenix Market [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 24 | ||
Initial Cost to Company, Land | 29,710,000 | [2] | |
Initial Cost to Company, Building & Improvements | 112,949,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 142,659,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,609,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 29,663,000 | [3] | |
Total investment in properties | 115,605,000 | [4],[5] | |
Accumulated Depreciation | -24,536,000 | [4] | |
Phoenix Market [Member] | West Story Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 870,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,575,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 5,445,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 180,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 870,000 | [3] | |
Total investment in properties | 4,755,000 | [4],[5] | |
Accumulated Depreciation | -2,043,000 | [4] | |
Acquisition Date | 1-Oct-04 | ||
Year Built | 1979-1980 | ||
Phoenix Market [Member] | North Industrial [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 4,566,000 | [2] | |
Initial Cost to Company, Building & Improvements | 15,899,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 20,465,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,817,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 4,566,000 | [3] | |
Total investment in properties | 17,716,000 | [4],[5] | |
Accumulated Depreciation | -6,158,000 | [4] | |
Acquisition Date | 1-Oct-04 | ||
Year Built | 1995-1999 | ||
Year Built, start date | 1995 | ||
Year Built, end date | 1999 | ||
Phoenix Market [Member] | South Industrial I [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 2,876,000 | [2] | |
Initial Cost to Company, Building & Improvements | 14,120,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 16,996,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,052,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,829,000 | [3] | |
Total investment in properties | 15,219,000 | [4],[5] | |
Accumulated Depreciation | -5,346,000 | [4] | |
Acquisition Date | 1-Oct-04 | ||
Year Built | 1987 | ||
Phoenix Market [Member] | South Industrial II [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,235,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,902,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 6,137,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -1,168,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | -2,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 1,235,000 | [3] | |
Total investment in properties | 3,734,000 | [4],[5] | |
Accumulated Depreciation | -1,091,000 | [4] | |
Acquisition Date | 1-Oct-04 | ||
Year Built | 1990 | ||
Phoenix Market [Member] | West Southern Industrial [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 555,000 | [2] | |
Initial Cost to Company, Building & Improvements | 3,376,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 3,931,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -288,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | -2,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 555,000 | [3] | |
Total investment in properties | 3,088,000 | [4],[5] | |
Accumulated Depreciation | -953,000 | [4] | |
Acquisition Date | 1-Oct-04 | ||
Year Built | 1984 | ||
Phoenix Market [Member] | West Geneva Industrial [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 3 | ||
Initial Cost to Company, Land | 413,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,667,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 3,080,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 261,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 413,000 | [3] | |
Total investment in properties | 2,928,000 | [4],[5] | |
Accumulated Depreciation | -997,000 | [4] | |
Acquisition Date | 1-Oct-04 | ||
Year Built | 1981 | ||
Phoenix Market [Member] | Sky Harbor Transit Center [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,534,000 | [2] | |
Initial Cost to Company, Building & Improvements | 7,597,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 10,131,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -824,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | -2,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,534,000 | [3] | |
Total investment in properties | 6,773,000 | [4],[5] | |
Accumulated Depreciation | -2,138,000 | [4] | |
Acquisition Date | 24-Nov-04 | ||
Year Built | 2002 | ||
Phoenix Market [Member] | Roosevelt Distribution Center [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,154,000 | [2] | |
Initial Cost to Company, Building & Improvements | 6,441,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 7,595,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -211,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | -2,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 1,154,000 | [3] | |
Total investment in properties | 6,230,000 | [4],[5] | |
Accumulated Depreciation | -1,650,000 | [4] | |
Acquisition Date | 19-May-06 | ||
Year Built | 1988 | ||
Phoenix Market [Member] | North 45th Street [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 3,149,000 | [2] | |
Initial Cost to Company, Building & Improvements | 5,051,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 8,200,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 59,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,149,000 | [3] | |
Total investment in properties | 5,110,000 | [4],[5] | |
Accumulated Depreciation | -1,320,000 | [4] | |
Acquisition Date | 30-Jun-11 | ||
Year Built | 2001 | ||
Phoenix Market [Member] | Broadway Industrial Portfolio [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 3 | ||
Initial Cost to Company, Land | 4,725,000 | [2] | |
Initial Cost to Company, Building & Improvements | 17,708,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 22,433,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 163,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 4,725,000 | [3] | |
Total investment in properties | 17,871,000 | [4],[5] | |
Accumulated Depreciation | -1,890,000 | [4] | |
Acquisition Date | 22-Aug-13 | ||
Year Built, start date | 1974 | ||
Year Built, end date | 1986 | ||
Phoenix Market [Member] | South 5th Street [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,787,000 | [2] | |
Initial Cost to Company, Building & Improvements | 7,456,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 9,243,000 | [2] | |
Gross Amount Carried at 12/31/2014, Building & Improvements | 1,787,000 | [3] | |
Total investment in properties | 7,456,000 | [4],[5] | |
Accumulated Depreciation | -393,000 | [4] | |
Acquisition Date | 14-Apr-14 | ||
Year Built | 1986 | ||
Phoenix Market [Member] | 3405-3445 South 5th Street [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 5 | ||
Initial Cost to Company, Land | 5,007,000 | [2] | |
Initial Cost to Company, Building & Improvements | 22,196,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 27,203,000 | [2] | |
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,007,000 | [3] | |
Total investment in properties | 22,196,000 | [4],[5] | |
Accumulated Depreciation | -407,000 | [4] | |
Acquisition Date | 17-Oct-14 | ||
Year Built, start date | 1982 | ||
Year Built, end date | 1985 | ||
Phoenix Market [Member] | Van Buren [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 839,000 | [2] | |
Initial Cost to Company, Building & Improvements | 961,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 1,800,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,568,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 839,000 | [3] | |
Total investment in properties | 2,529,000 | [4],[5] | |
Accumulated Depreciation | -150,000 | [4] | |
Acquisition Date | 11-Jan-12 | ||
Year Built | 2013 | ||
Seattle Market [Member] | Industry Drive North [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Encumbrances | 8,358,000 | [1] | |
Initial Cost to Company, Land | 5,753,000 | [2] | |
Initial Cost to Company, Building & Improvements | 16,039,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 21,792,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,533,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 5,753,000 | [3] | |
Total investment in properties | 18,572,000 | [4],[5] | |
Accumulated Depreciation | -6,317,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built | 1996 | ||
Seattle Market [Member] | South 228th Street [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 3,025,000 | [2] | |
Initial Cost to Company, Building & Improvements | 13,694,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 16,719,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,600,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,025,000 | [3] | |
Total investment in properties | 15,294,000 | [4],[5] | |
Accumulated Depreciation | -4,362,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built | 1996 | ||
Seattle Market [Member] | 64th Avenue South [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 5,481,000 | [1] | |
Initial Cost to Company, Land | 3,345,000 | [2] | |
Initial Cost to Company, Building & Improvements | 9,335,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 12,680,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 779,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,345,000 | [3] | |
Total investment in properties | 10,114,000 | [4],[5] | |
Accumulated Depreciation | -3,162,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built | 1996 | ||
Seattle Market [Member] | South 192nd Street [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,286,000 | [2] | |
Initial Cost to Company, Building & Improvements | 3,433,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 4,719,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 132,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 1,286,000 | [3] | |
Total investment in properties | 3,565,000 | [4],[5] | |
Accumulated Depreciation | -1,174,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built | 1986 | ||
Seattle Market [Member] | South 212th Street [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 3,095,000 | [2] | |
Initial Cost to Company, Building & Improvements | 10,253,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 13,348,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 556,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,095,000 | [3] | |
Total investment in properties | 10,809,000 | [4],[5] | |
Accumulated Depreciation | -3,217,000 | [4] | |
Acquisition Date | 1-Aug-05 | ||
Year Built | 1996 | ||
Seattle Market [Member] | Southwest 27th Street [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 6,692,000 | [1] | |
Initial Cost to Company, Land | 4,583,000 | [2] | |
Initial Cost to Company, Building & Improvements | 8,353,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 12,936,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 382,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 4,583,000 | [3] | |
Total investment in properties | 8,735,000 | [4],[5] | |
Accumulated Depreciation | -4,891,000 | [4] | |
Acquisition Date | 21-Jul-05 | ||
Year Built | 1995 | ||
Seattle Market [Member] | 13610 52nd St [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 4,018,000 | [2] | |
Initial Cost to Company, Building & Improvements | 9,571,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 13,589,000 | [2] | |
Gross Amount Carried at 12/31/2014, Building & Improvements | 4,018,000 | [3] | |
Total investment in properties | 9,571,000 | [4],[5] | |
Accumulated Depreciation | -1,786,000 | [4] | |
Acquisition Date | 1-Dec-10 | ||
Year Built | 2006 | ||
Seattle Market [Member] | Southwest 27th Street-Alpak [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 4,313,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,687,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 9,000,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 130,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 4,313,000 | [3] | |
Total investment in properties | 4,817,000 | [4],[5] | |
Accumulated Depreciation | -938,000 | [4] | |
Acquisition Date | 14-Oct-11 | ||
Year Built | 2003 | ||
Seattle Market [Member] | Milwaukee Avenue [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,287,000 | [2] | |
Initial Cost to Company, Building & Improvements | 7,213,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 9,500,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 12,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,278,000 | [3] | |
Total investment in properties | 7,234,000 | [4],[5] | |
Accumulated Depreciation | -1,159,000 | [4] | |
Acquisition Date | 31-Aug-12 | ||
Year Built | 1987 | ||
Seattle Market [Member] | Sumner II [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 672,000 | [2] | |
Initial Cost to Company, Building & Improvements | 1,178,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 1,850,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 465,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 672,000 | [3] | |
Total investment in properties | 1,643,000 | [4],[5] | |
Accumulated Depreciation | -80,000 | [4] | |
Acquisition Date | 15-Oct-12 | ||
Year Built | 2007 | ||
Seattle Market [Member] | East Park Bldg 5 [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 980,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,061,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 3,041,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 423,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 980,000 | [3] | |
Total investment in properties | 2,484,000 | [4],[5] | |
Accumulated Depreciation | -241,000 | [4] | |
Acquisition Date | 30-Aug-13 | ||
Year Built | 1997 | ||
Seattle Market [Member] | 228th Street [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,383,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,213,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 3,596,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 457,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 1,383,000 | [3] | |
Total investment in properties | 2,670,000 | [4],[5] | |
Accumulated Depreciation | -303,000 | [4] | |
Acquisition Date | 13-Feb-14 | ||
Year Built | 1989 | ||
Seattle Market [Member] | 45th St Court [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 1,196,000 | [2] | |
Initial Cost to Company, Building & Improvements | 3,304,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 4,500,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 51,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 1,196,000 | [3] | |
Total investment in properties | 3,355,000 | [4],[5] | |
Accumulated Depreciation | -193,000 | [4] | |
Acquisition Date | 27-Mar-14 | ||
Year Built | 1997 | ||
Seattle Market [Member] | Puyallup Industrial Park [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 4 | ||
Encumbrances | 3,633,000 | [1] | |
Initial Cost to Company, Land | 10,332,000 | [2] | |
Initial Cost to Company, Building & Improvements | 21,423,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 31,755,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 530,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 10,332,000 | [3] | |
Total investment in properties | 21,953,000 | [4],[5] | |
Accumulated Depreciation | -1,098,000 | [4] | |
Acquisition start date | 5/30/14 | ||
Acquisition end date | 9/30/14 | ||
Year Built, start date | 1998 | ||
Year Built, end date | 2002 | ||
Seattle Market [Member] | Auburn 44 [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 997,000 | [2] | |
Initial Cost to Company, Building & Improvements | 3,904,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 4,901,000 | [2] | |
Gross Amount Carried at 12/31/2014, Building & Improvements | 997,000 | [3] | |
Total investment in properties | 3,904,000 | [4],[5] | |
Accumulated Depreciation | -146,000 | [4] | |
Acquisition Date | 16-Aug-13 | ||
Year Built | 2014 | ||
Seattle | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 21 | ||
Encumbrances | 24,164 | [1] | |
Initial Cost to Company, Land | 51,024,000 | [2] | |
Initial Cost to Company, Building & Improvements | 130,404,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 181,428,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 8,050,000 | ||
Gross Amount Carried at 12/31/2014, Land | 51,015,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 138,463,000 | [3] | |
Total investment in properties | 189,478,000 | [4],[5] | |
Accumulated Depreciation | -29,067,000 | [4] | |
Seattle | Seaway [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 3,759,000 | [2] | |
Initial Cost to Company, Building & Improvements | 13,743,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 17,502,000 | [2] | |
Gross Amount Carried at 12/31/2014, Land | 3,759,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 13,743,000 | [3] | |
Total investment in properties | 17,502,000 | [4],[5] | |
Southern California Market [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 44 | ||
Encumbrances | 75,085 | [1] | |
Initial Cost to Company, Land | 221,633,000 | [2] | |
Initial Cost to Company, Building & Improvements | 330,351,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 551,984,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 12,370,000 | ||
Gross Amount Carried at 12/31/2014, Land | 221,854,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 342,500,000 | [3] | |
Total investment in properties | 564,354,000 | [4],[5] | |
Accumulated Depreciation | -65,805,000 | [4] | |
Southern California Market [Member] | Airline Dr [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 3,098,000 | [2] | |
Initial Cost to Company, Building & Improvements | 8,368,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 11,466,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,358,000 | ||
Gross Amount Carried at 12/31/2014, Land | 3,098,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 9,726,000 | [3] | |
Total investment in properties | 12,824,000 | [4],[5] | |
Accumulated Depreciation | -2,893,000 | [4] | |
Southern California Market [Member] | Rancho Technology Park [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,790,000 | [2] | |
Initial Cost to Company, Building & Improvements | 7,048,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 9,838,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -358,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 2,790,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,690,000 | [3] | |
Total investment in properties | 9,480,000 | [4],[5] | |
Accumulated Depreciation | -2,113,000 | [4] | |
Southern California Market [Member] | Foothill Business Center [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 3 | ||
Initial Cost to Company, Land | 13,315,000 | [2] | |
Initial Cost to Company, Building & Improvements | 9,112,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 22,427,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -543,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 13,315,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 8,569,000 | [3] | |
Total investment in properties | 21,884,000 | [4],[5] | |
Accumulated Depreciation | -3,261,000 | [4] | |
Southern California Market [Member] | East Slauson Avenue [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 3 | ||
Encumbrances | 9,009 | [1] | |
Initial Cost to Company, Land | 5,499,000 | [2] | |
Initial Cost to Company, Building & Improvements | 14,775,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 20,274,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 3,004,000 | ||
Gross Amount Carried at 12/31/2014, Land | 5,499,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 17,779,000 | [3] | |
Total investment in properties | 23,278,000 | [4],[5] | |
Accumulated Depreciation | -8,755,000 | [4] | |
Year Built, start date | 1962 | ||
Year Built, end date | 1976 | ||
Southern California Market [Member] | Cota Street [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,802,000 | [2] | |
Initial Cost to Company, Building & Improvements | 7,624,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 10,426,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 115,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,802,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 7,739,000 | [3] | |
Total investment in properties | 10,541,000 | [4],[5] | |
Accumulated Depreciation | -2,607,000 | [4] | |
Southern California Market [Member] | Twin Oaks Valley Road [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 1,815,000 | [2] | |
Initial Cost to Company, Building & Improvements | 7,855,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 9,670,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 114,000 | ||
Gross Amount Carried at 12/31/2014, Land | 1,815,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 7,969,000 | [3] | |
Total investment in properties | 9,784,000 | [4],[5] | |
Accumulated Depreciation | -2,265,000 | [4] | |
Year Built, start date | 1978 | ||
Year Built, end date | 1988 | ||
Southern California Market [Member] | Meyer Canyon [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 5,314,000 | [2] | |
Initial Cost to Company, Building & Improvements | 9,929,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 15,243,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,758,000 | ||
Gross Amount Carried at 12/31/2014, Land | 5,608,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 11,393,000 | [3] | |
Total investment in properties | 17,001,000 | [4],[5] | |
Accumulated Depreciation | -2,929,000 | [4] | |
Southern California Market [Member] | Mira Loma [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 7,919,000 | [2] | |
Initial Cost to Company, Building & Improvements | 6,668,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 14,587,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 206,000 | ||
Gross Amount Carried at 12/31/2014, Land | 7,919,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,874,000 | [3] | |
Total investment in properties | 14,793,000 | [4],[5] | |
Accumulated Depreciation | -1,465,000 | [4] | |
Southern California Market [Member] | Sycamore Canyon [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 6,356,000 | [2] | |
Initial Cost to Company, Building & Improvements | 36,088,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 42,444,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,354,000 | ||
Gross Amount Carried at 12/31/2014, Land | 6,356,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 37,442,000 | [3] | |
Total investment in properties | 43,798,000 | [4],[5] | |
Accumulated Depreciation | -9,390,000 | [4] | |
Southern California Market [Member] | Colombard Ct [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 1,939 | [1] | |
Initial Cost to Company, Land | 1,264,000 | [2] | |
Initial Cost to Company, Building & Improvements | 3,237,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 4,501,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -1,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 1,264,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,236,000 | [3] | |
Total investment in properties | 4,500,000 | [4],[5] | |
Accumulated Depreciation | -1,419,000 | [4] | |
Southern California Market [Member] | E Airport Drive [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 905,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,744,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 3,649,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 4,000 | ||
Gross Amount Carried at 12/31/2014, Land | 905,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 2,748,000 | [3] | |
Total investment in properties | 3,653,000 | [4],[5] | |
Accumulated Depreciation | -1,044,000 | [4] | |
Southern California Market [Member] | Truck Courts [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 3 | ||
Initial Cost to Company, Land | 26,392,000 | [2] | |
Initial Cost to Company, Building & Improvements | 17,267,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 43,659,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 5,000 | ||
Gross Amount Carried at 12/31/2014, Land | 26,392,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 17,272,000 | [3] | |
Total investment in properties | 43,664,000 | [4],[5] | |
Accumulated Depreciation | -3,383,000 | [4] | |
Year Built, start date | 1971 | ||
Year Built, end date | 1988 | ||
Southern California Market [Member] | Haven A [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 7,025 | [1] | |
Initial Cost to Company, Land | 5,783,000 | [2] | |
Initial Cost to Company, Building & Improvements | 19,578,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 25,361,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -2,068,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 5,783,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 17,510,000 | [3] | |
Total investment in properties | 23,293,000 | [4],[5] | |
Accumulated Depreciation | -2,550,000 | [4] | |
Southern California Market [Member] | Haven G [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 944 | [1] | |
Initial Cost to Company, Land | 479,000 | [2] | |
Initial Cost to Company, Building & Improvements | 1,131,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 1,610,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -190,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 479,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 941,000 | [3] | |
Total investment in properties | 1,420,000 | [4],[5] | |
Accumulated Depreciation | -135,000 | [4] | |
Southern California Market [Member] | 6th and Rochester [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Encumbrances | 2,887 | [1] | |
Initial Cost to Company, Land | 3,111,000 | [2] | |
Initial Cost to Company, Building & Improvements | 6,428,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 9,539,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -258,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 3,088,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,193,000 | [3] | |
Total investment in properties | 9,281,000 | [4],[5] | |
Accumulated Depreciation | -1,811,000 | [4] | |
Southern California Market [Member] | Palmyrita [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Encumbrances | 6,020 | [1] | |
Initial Cost to Company, Land | 3,355,000 | [2] | |
Initial Cost to Company, Building & Improvements | 8,665,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 12,020,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | -990,000 | [6] | |
Gross Amount Carried at 12/31/2014, Land | 3,355,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 7,675,000 | [3] | |
Total investment in properties | 11,030,000 | [4],[5] | |
Accumulated Depreciation | -1,376,000 | [4] | |
Southern California Market [Member] | Central Avenue [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 3,898,000 | [2] | |
Initial Cost to Company, Building & Improvements | 4,642,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 8,540,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 1,692,000 | ||
Gross Amount Carried at 12/31/2014, Land | 3,898,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,334,000 | [3] | |
Total investment in properties | 10,232,000 | [4],[5] | |
Accumulated Depreciation | -1,264,000 | [4] | |
Southern California Market [Member] | Byron Road [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 2,042,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,715,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 4,757,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 326,000 | ||
Gross Amount Carried at 12/31/2014, Land | 2,042,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,041,000 | [3] | |
Total investment in properties | 5,083,000 | [4],[5] | |
Accumulated Depreciation | -615,000 | [4] | |
Southern California Market [Member] | Slover [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 28,025,000 | [2] | |
Initial Cost to Company, Building & Improvements | 45,404,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 73,429,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 95,000 | ||
Gross Amount Carried at 12/31/2014, Land | 28,025,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 45,499,000 | [3] | |
Total investment in properties | 73,524,000 | [4],[5] | |
Accumulated Depreciation | -1,766,000 | [4] | |
Acquisition start date | 7/28/11 | ||
Acquisition end date | 9/17/12 | ||
Year Built, start date | 2013 | ||
Year Built, end date | 2014 | ||
Southern California Market [Member] | White Birch [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 5,081,000 | [2] | |
Initial Cost to Company, Building & Improvements | 6,177,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 11,258,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 642,000 | ||
Gross Amount Carried at 12/31/2014, Land | 5,081,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,819,000 | [3] | |
Total investment in properties | 11,900,000 | [4],[5] | |
Accumulated Depreciation | -1,330,000 | [4] | |
Southern California Market [Member] | Pomona Blvd [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 4 | ||
Initial Cost to Company, Land | 6,524,000 | [2] | |
Initial Cost to Company, Building & Improvements | 9,630,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 16,154,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,273,000 | ||
Gross Amount Carried at 12/31/2014, Land | 6,524,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 11,903,000 | [3] | |
Total investment in properties | 18,427,000 | [4],[5] | |
Accumulated Depreciation | -1,932,000 | [4] | |
Year Built, start date | 1987 | ||
Year Built, end date | 1988 | ||
Southern California Market [Member] | Air Freight Portfolio [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 3 | ||
Encumbrances | 47,261 | [1] | |
Initial Cost to Company, Land | 29,978,000 | [2] | |
Initial Cost to Company, Building & Improvements | 48,469,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 78,447,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 2,800,000 | ||
Gross Amount Carried at 12/31/2014, Land | 29,928,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 51,319,000 | [3] | |
Total investment in properties | 81,247,000 | [4],[5] | |
Accumulated Depreciation | -5,398,000 | [4] | |
Year Built, start date | 1993 | ||
Year Built, end date | 2004 | ||
Southern California Market [Member] | Sampson [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 4,848,000 | [2] | |
Initial Cost to Company, Building & Improvements | 6,277,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 11,125,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 4,000 | ||
Gross Amount Carried at 12/31/2014, Land | 4,848,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,281,000 | [3] | |
Total investment in properties | 11,129,000 | [4],[5] | |
Accumulated Depreciation | -849,000 | [4] | |
Southern California Market [Member] | Painter [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 2 | ||
Initial Cost to Company, Land | 8,529,000 | [2] | |
Initial Cost to Company, Building & Improvements | 10,413,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 18,942,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 144,000 | ||
Gross Amount Carried at 12/31/2014, Land | 8,529,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 10,557,000 | [3] | |
Total investment in properties | 19,086,000 | [4],[5] | |
Accumulated Depreciation | -1,609,000 | [4] | |
Southern California Market [Member] | DCT Jurupa Ranch [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 0 | ||
Initial Cost to Company, Land | 24,012,000 | [2] | |
Initial Cost to Company, Building & Improvements | 2,241,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 26,253,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 808,000 | ||
Gross Amount Carried at 12/31/2014, Land | 24,012,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 3,049,000 | [3] | |
Total investment in properties | 27,061,000 | [4],[5] | |
Accumulated Depreciation | -2,242,000 | [4] | |
Southern California Market [Member] | 4th Street [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 3,349,000 | [2] | |
Initial Cost to Company, Building & Improvements | 6,790,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 10,139,000 | [2] | |
Gross Amount Carried at 12/31/2014, Land | 3,349,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,790,000 | [3] | |
Total investment in properties | 10,139,000 | [4],[5] | |
Accumulated Depreciation | -635,000 | [4] | |
Southern California Market [Member] | Arthur [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 4,043,000 | [2] | |
Initial Cost to Company, Building & Improvements | 6,063,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 10,106,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 69,000 | ||
Gross Amount Carried at 12/31/2014, Land | 4,043,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,132,000 | [3] | |
Total investment in properties | 10,175,000 | [4],[5] | |
Accumulated Depreciation | -597,000 | [4] | |
Southern California Market [Member] | Rutherford Rd [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 5,097,000 | [2] | |
Initial Cost to Company, Building & Improvements | 8,653,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 13,750,000 | [2] | |
Costs Capitalized Subsequent to Acquisition | 7,000 | ||
Gross Amount Carried at 12/31/2014, Land | 5,097,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 8,660,000 | [3] | |
Total investment in properties | 13,757,000 | [4],[5] | |
Accumulated Depreciation | -137,000 | [4] | |
Southern California Market [Member] | E. Victoria St [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Number of properties | 1 | ||
Initial Cost to Company, Land | 6,010,000 | [2] | |
Initial Cost to Company, Building & Improvements | 6,360,000 | [2],[3] | |
Initial Cost to Company, Total Costs | 12,370,000 | [2] | |
Gross Amount Carried at 12/31/2014, Land | 6,010,000 | ||
Gross Amount Carried at 12/31/2014, Building & Improvements | 6,360,000 | [3] | |
Total investment in properties | 12,370,000 | [4],[5] | |
Accumulated Depreciation | ($35,000) | [4] | |
[1] | (5) Reconciliation of total debt to consolidated balance sheet caption as of December 31, 2014:  Total per Schedule III $233,041 Unencumbered mortgage notes (secured by letters of credit until substitution properties are encumbered) 11,373 Premiums, net of amortization 5,010 Total mortgage notes $249,424 | ||
[2] | For properties developed by DCT, development costs capitalized prior to substantial completion of the properties are included in Initial Costs to Company. | ||
[3] | Included in Building & Improvements are intangible lease assets and construction in progress. | ||
[4] | (6) A summary of activity for real estate and accumulated depreciation for the year ended December 31, 2014 is as follows: Investments in properties: Balance at beginning of year $3,671,051 Assets held for sale 11,383 Balance at beginning of year, including held for sale 3,682,434 Acquisition of properties 404,646 Improvements, including development properties 223,126 Divestiture of properties (323,773) Improvements, intangibles, tenant leasing cost write-offs (25,379) Impairments (5,635) Other adjustments 4,956 Balance at end of year, including held for sale $3,960,375 Assets held for sale - Balance at end of year, excluding held for sale $3,960,375 Accumulated depreciation and amortization: Balance at beginning of year (654,097) Assets held for sale (3,474) Balance at beginning of year, including held for sale $(657,571) Depreciation and amortization expense, including discontinued operations (149,395) Divestiture of properties 79,221 Improvements, intangibles, tenant leasing cost write-offs 25,379 Other adjustments (1,474) Balance at end of year, including held for sale $(703,840) Assets held for sale - Balance at end of year, excluding held for sale $(703,840) | ||
[5] | As of December 31, 2014, the aggregate cost for federal income tax purposes of investments in real estate was approximately $3.6 billion. | ||
[6] | Generally these reductions in basis include one or more of the following: i) payments received from seller under master lease agreements and pursuant to GAAP, rental and expense recovery payments under master lease agreements are reflected as a reduction of the basis of the underlying property rather than revenues; ii) write-offs of fixed asset balances due to early lease terminations by contracted customers; iii) write-offs of fully amortized lease related intangible assets and improvements; iv) write-offs of fully amortized tenant leasing costs; and v) other miscellaneous basis adjustments. |
Real_Estate_And_Accumulated_De2
Real Estate And Accumulated Depreciation (Reconciliation Of Total Debt To Consolidated Balance Sheet Caption) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ||
Total per Schedule III | $233,041 | [1] |
Unencumbered mortgage notes (secured by letters of credit until substitution properties are encumbered) | 11,373 | |
Premiums, net of amortization | 5,010 | |
Total mortgage notes | $249,424 | |
[1] | (5) Reconciliation of total debt to consolidated balance sheet caption as of December 31, 2014:  Total per Schedule III $233,041 Unencumbered mortgage notes (secured by letters of credit until substitution properties are encumbered) 11,373 Premiums, net of amortization 5,010 Total mortgage notes $249,424 |
Real_Estate_And_Accumulated_De3
Real Estate And Accumulated Depreciation (Summary Of Activity For Real Estate And Accumulated Depreciation) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ||
Balance at beginning of year | $3,671,051 | |
Assets held for sale | 11,383 | |
Balance at beginning of year, including held for sale | 3,682,434 | |
Acquisition of properties | 404,646 | |
Improvements, including development properties | 223,126 | |
Divestiture of properties | -323,773 | |
Improvements, intangibles, tenant leasing cost write-offs | -25,379 | |
Impairment losses | -5,635 | |
Other adjustments | 4,956 | |
Balance at end of year, including held for sale | 3,960,375 | [1],[2] |
Balance at end of year, excluding held for sale | 3,960,375 | |
Balance at beginning of year | -654,097 | |
Assets held for sale | -3,474 | |
Balance at beginning of year, including held for sale | -657,571 | |
Depreciation and amortization expense, including discontinued operations | -149,395 | |
Divestiture of properties | 79,221 | |
Improvements, intangibles, tenant leasing cost write-offs | 25,379 | |
Other adjustments | -1,474 | |
Balance at end of year, including held for sale | -703,840 | [2] |
Balance at end of year, excluding held for sale | ($703,840) | |
[1] | As of December 31, 2014, the aggregate cost for federal income tax purposes of investments in real estate was approximately $3.6 billion. | |
[2] | (6) A summary of activity for real estate and accumulated depreciation for the year ended December 31, 2014 is as follows: Investments in properties: Balance at beginning of year $3,671,051 Assets held for sale 11,383 Balance at beginning of year, including held for sale 3,682,434 Acquisition of properties 404,646 Improvements, including development properties 223,126 Divestiture of properties (323,773) Improvements, intangibles, tenant leasing cost write-offs (25,379) Impairments (5,635) Other adjustments 4,956 Balance at end of year, including held for sale $3,960,375 Assets held for sale - Balance at end of year, excluding held for sale $3,960,375 Accumulated depreciation and amortization: Balance at beginning of year (654,097) Assets held for sale (3,474) Balance at beginning of year, including held for sale $(657,571) Depreciation and amortization expense, including discontinued operations (149,395) Divestiture of properties 79,221 Improvements, intangibles, tenant leasing cost write-offs 25,379 Other adjustments (1,474) Balance at end of year, including held for sale $(703,840) Assets held for sale - Balance at end of year, excluding held for sale $(703,840) |