Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 23, 2018 | Jun. 30, 2017 | |
Entity Information [Line Items] | |||
Entity Registrant Name | Gramercy Property Trust | ||
Entity Central Index Key | 1,297,587 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Trading Symbol | gpt | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 160,782,974 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 4,478,733,231 | ||
GPT Operating Partnership LP | |||
Entity Information [Line Items] | |||
Entity Registrant Name | GPT Operating Partnership LP | ||
Entity Central Index Key | 1,708,204 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real estate investments, at cost: | ||
Land | $ 1,023,908 | $ 805,264 |
Building and improvements | 4,863,916 | 4,053,125 |
Less: accumulated depreciation | (333,151) | (201,525) |
Total real estate investments, net | 5,554,673 | 4,656,864 |
Cash and cash equivalents | 30,231 | 67,529 |
Restricted cash | 12,723 | 12,904 |
Investment in unconsolidated equity investments | 70,214 | 101,807 |
Assets held for sale, net | 402 | 0 |
Tenant and other receivables, net | 88,750 | 72,795 |
Acquired lease assets, net of accumulated amortization of $220,473 and $133,710 | 598,559 | 618,680 |
Other assets | 100,484 | 72,948 |
Total assets | 6,456,036 | 5,603,527 |
Liabilities: | ||
Senior unsecured revolving credit facility | 357,162 | 65,837 |
Exchangeable senior notes, net | 0 | 108,832 |
Mortgage notes payable, net | 563,521 | 558,642 |
Total long-term debt, net | 2,865,620 | 2,454,775 |
Accounts payable and accrued expenses | 59,619 | 58,380 |
Dividends payable | 61,971 | 53,074 |
Below market lease liabilities, net of accumulated amortization of $28,978 and $26,416 | 166,491 | 230,183 |
Other liabilities | 50,002 | 46,081 |
Total liabilities | 3,203,703 | 2,842,493 |
Commitments and contingencies | ||
Noncontrolling interest in the Operating Partnership | 113,530 | 8,643 |
Equity: | ||
Common shares, par value $0.01, 160,686,822 and 140,647,971 issued and outstanding at December 31, 2017 and December 31, 2016, respectively | 1,607 | 1,406 |
Series A cumulative redeemable preferred shares, par value $0.01, liquidation preference $87,500, and 3,500,000 shares authorized, issued and outstanding at December 31, 2017 and December 31, 2016 | 84,394 | 84,394 |
Additional paid-in-capital | 4,409,677 | 3,887,793 |
Accumulated other comprehensive income (loss) | 12,776 | (4,128) |
Accumulated deficit | (1,369,872) | (1,216,753) |
Total shareholders' equity | 3,138,582 | 2,752,712 |
Noncontrolling interest in other entities | 221 | (321) |
Total equity | 3,138,803 | 2,752,391 |
Partners’ Capital: | ||
Total liabilities and equity | 6,456,036 | 5,603,527 |
Notes payable | ||
Liabilities: | ||
Unsecured debt | 496,785 | 496,464 |
Term Loans | ||
Liabilities: | ||
Unsecured debt | 1,448,152 | 1,225,000 |
GPT Operating Partnership LP | ||
Real estate investments, at cost: | ||
Land | 1,023,908 | 805,264 |
Building and improvements | 4,863,916 | 4,053,125 |
Less: accumulated depreciation | (333,151) | (201,525) |
Total real estate investments, net | 5,554,673 | 4,656,864 |
Cash and cash equivalents | 30,231 | 67,529 |
Restricted cash | 12,723 | 12,904 |
Investment in unconsolidated equity investments | 70,214 | 101,807 |
Assets held for sale, net | 402 | 0 |
Tenant and other receivables, net | 88,750 | 72,795 |
Acquired lease assets, net of accumulated amortization of $220,473 and $133,710 | 598,559 | 618,680 |
Other assets | 100,484 | 72,948 |
Total assets | 6,456,036 | 5,603,527 |
Liabilities: | ||
Senior unsecured revolving credit facility | 357,162 | 65,837 |
Exchangeable senior notes, net | 0 | 108,832 |
Mortgage notes payable, net | 563,521 | 558,642 |
Total long-term debt, net | 2,865,620 | 2,454,775 |
Accounts payable and accrued expenses | 59,619 | 58,380 |
Dividends payable | 61,971 | 53,074 |
Below market lease liabilities, net of accumulated amortization of $28,978 and $26,416 | 166,491 | 230,183 |
Other liabilities | 50,002 | 46,081 |
Total liabilities | 3,203,703 | 2,842,493 |
Commitments and contingencies | ||
Noncontrolling interest in the Operating Partnership | 113,530 | 8,643 |
Equity: | ||
Accumulated other comprehensive income (loss) | 12,776 | (4,128) |
Partners’ Capital: | ||
Series A cumulative redeemable preferred units, liquidation preference $87,500, and 3,500,000 units issued and outstanding at December 31, 2017 and December 31, 2016 | 84,394 | 84,394 |
GPT partners’ capital (1,650,858 and 1,412,916 general partner common units and 159,035,964 and 139,235,055 limited partner common units outstanding at December 31, 2017 and December 31, 2016, respectively) | 3,041,412 | 2,672,446 |
Total GPTOP partners' capital | 3,138,582 | 2,752,712 |
Noncontrolling interest in other entities | 221 | (321) |
Total partners’ capital | 3,138,803 | 2,752,391 |
Total liabilities and equity | 6,456,036 | 5,603,527 |
GPT Operating Partnership LP | Notes payable | ||
Liabilities: | ||
Unsecured debt | 496,785 | 496,464 |
GPT Operating Partnership LP | Term Loans | ||
Liabilities: | ||
Unsecured debt | $ 1,448,152 | $ 1,225,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Acquired lease assets, accumulated amortization (in dollars) | $ 220,473 | $ 133,710 |
Below market lease liabilities, accumulated amortization (in dollars) | $ 28,978 | $ 26,416 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued | 160,686,822 | 140,647,971 |
Common stock, shares outstanding | 160,686,822 | 140,647,971 |
Cumulative redeemable preferred stock, shares authorized | 10,000,000 | |
Cumulative redeemable preferred stock, shares outstanding | 3,500,000 | |
GPT Operating Partnership LP | ||
Acquired lease assets, accumulated amortization (in dollars) | $ 220,473 | $ 133,710 |
Common stock, par value (in usd per share) | $ 0.01 | |
Series A cumulative redeemable preferred units, liquidation preference (in dollars) | $ 87,500 | $ 87,500 |
Series A cumulative redeemable preferred units, units issued | 3,500,000 | 3,500,000 |
Series A cumulative redeemable preferred units, units outstanding | 3,500,000 | 3,500,000 |
General partners' capital, units issued | 1,650,858 | 1,412,916 |
Limited partners' capital, units issued | 159,035,964 | 139,235,055 |
General partners' capital, units outstanding | 1,650,858 | 1,412,916 |
Limited parters' capital, units outstanding | 159,035,964 | 139,235,055 |
Noncontrolling interest | GPT Operating Partnership LP | ||
Limited parters' capital, units outstanding | 4,398,935 | 643,596 |
Series A Preferred Stock | ||
Cumulative redeemable preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Cumulative redeemable preferred stock, liquidation preference (in dollars) | $ 87,500 | $ 87,500 |
Cumulative redeemable preferred stock, shares authorized | 3,500,000 | 3,500,000 |
Cumulative redeemable preferred stock, shares issued | 3,500,000 | 3,500,000 |
Cumulative redeemable preferred stock, shares outstanding | 3,500,000 | 3,500,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | |||
Rental revenue | $ 444,194 | $ 387,032 | $ 169,986 |
Third-party management fees | 10,756 | 35,766 | 22,271 |
Operating expense reimbursements | 83,919 | 86,878 | 41,814 |
Other income | 6,351 | 7,588 | 3,201 |
Total revenues | 545,220 | 517,264 | 237,272 |
Operating Expenses | |||
Property operating expenses | 96,981 | 93,123 | 42,076 |
Property management expenses | 10,948 | 20,118 | 19,446 |
Depreciation and amortization | 263,666 | 241,527 | 97,654 |
General and administrative expenses | 36,887 | 33,237 | 19,794 |
Acquisition and merger-related expenses | 0 | 9,558 | 61,340 |
Total operating expenses | 408,482 | 397,563 | 240,310 |
Operating income (loss) | 136,738 | 119,701 | (3,038) |
Other Expenses: | |||
Interest expense | (96,852) | (75,434) | (34,663) |
Other-than-temporary impairment | (4,081) | 0 | 0 |
Portion of impairment recognized in other comprehensive loss | (809) | 0 | 0 |
Net impairment recognized in earnings | (4,890) | 0 | 0 |
Equity in net income (loss) of unconsolidated equity investments | 48,248 | 2,409 | (1,107) |
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | 0 | 7,229 | 0 |
Loss on extinguishment of debt | (6,702) | (20,890) | (9,472) |
Impairment of real estate investments | (37,822) | (11,107) | 0 |
Income (loss) from continuing operations before provision for taxes | 38,720 | 21,908 | (48,280) |
Provision for taxes | 644 | (3,160) | (2,153) |
Income (loss) from continuing operations | 39,364 | 18,748 | (50,433) |
Income (loss) from discontinued operations before gain on extinguishment of debt and net gain on disposals | (89) | 3,148 | 875 |
Gain on extinguishment of debt | 0 | 1,930 | 0 |
Net gain on disposals | 0 | (321) | 0 |
Income (loss) from discontinued operations | (89) | 5,399 | 875 |
Income (loss) before net gain on disposals | 39,275 | 24,147 | (49,558) |
Gain on sale of European unconsolidated equity investment interests held with a related party | 0 | 5,341 | 0 |
Net gain on disposals | 46,808 | 3,877 | 839 |
Net income (loss) | 86,083 | 33,365 | (48,719) |
Net (income) loss attributable to noncontrolling interest | (820) | (7) | 791 |
Net income (loss) attributable to Gramercy Property Trust | 85,263 | 33,358 | (47,928) |
Preferred share dividends | (6,234) | (6,234) | (6,234) |
Net Income (loss) available to common shareholders | $ 79,029 | $ 27,124 | $ (54,162) |
Basic earnings per share: | |||
Net income from continuing operations, after preferred dividends (in usd per share) | $ 0.52 | $ 0.15 | $ (0.90) |
Net income (loss) from discontinued operations (in usd per share) | 0 | 0.04 | 0.01 |
Net income available to common stockholders (in usd per share) | 0.52 | 0.19 | (0.89) |
Diluted earnings per share: | |||
Net income from continuing operations, after preferred dividends (in usd per share) | 0.52 | 0.15 | (0.90) |
Net income (loss) from discontinued operations (in usd per share) | 0 | 0.04 | 0.01 |
Net income available to common stockholders (in usd per share) | $ 0.52 | $ 0.19 | $ (0.89) |
Basic weighted average common shares outstanding (in shares) | 150,660,964 | 140,192,424 | 60,698,716 |
Diluted weighted average common shares and common share equivalents outstanding (in shares) | 150,679,909 | 141,009,021 | 60,698,716 |
Diluted earnings per unit: | |||
Diluted weighted average common units outstanding (in units) | 61,217,052 | ||
GPT Operating Partnership LP | |||
Revenues | |||
Rental revenue | $ 444,194 | $ 387,032 | $ 169,986 |
Third-party management fees | 10,756 | 35,766 | 22,271 |
Operating expense reimbursements | 83,919 | 86,878 | 41,814 |
Other income | 6,351 | 7,588 | 3,201 |
Total revenues | 545,220 | 517,264 | 237,272 |
Operating Expenses | |||
Property operating expenses | 96,981 | 93,123 | 42,076 |
Property management expenses | 10,948 | 20,118 | 19,446 |
Depreciation and amortization | 263,666 | 241,527 | 97,654 |
General and administrative expenses | 36,887 | 33,237 | 19,794 |
Acquisition and merger-related expenses | 0 | 9,558 | 61,340 |
Total operating expenses | 408,482 | 397,563 | 240,310 |
Operating income (loss) | 136,738 | 119,701 | (3,038) |
Other Expenses: | |||
Interest expense | (96,852) | (75,434) | (34,663) |
Other-than-temporary impairment | (4,081) | 0 | 0 |
Portion of impairment recognized in other comprehensive loss | (809) | 0 | 0 |
Net impairment recognized in earnings | (4,890) | 0 | 0 |
Equity in net income (loss) of unconsolidated equity investments | 48,248 | 2,409 | (1,107) |
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | 0 | 7,229 | 0 |
Loss on extinguishment of debt | (6,702) | (20,890) | (9,472) |
Impairment of real estate investments | (37,822) | (11,107) | 0 |
Income (loss) from continuing operations before provision for taxes | 38,720 | 21,908 | (48,280) |
Provision for taxes | 644 | (3,160) | (2,153) |
Income (loss) from continuing operations | 39,364 | 18,748 | (50,433) |
Income (loss) from discontinued operations before gain on extinguishment of debt and net gain on disposals | (89) | 3,148 | 875 |
Gain on extinguishment of debt | 0 | 1,930 | 0 |
Net gain on disposals | 0 | (321) | 0 |
Income (loss) from discontinued operations | (89) | 5,399 | 875 |
Income (loss) before net gain on disposals | 39,275 | 24,147 | (49,558) |
Gain on sale of European unconsolidated equity investment interests held with a related party | 0 | 5,341 | 0 |
Net gain on disposals | 46,808 | 3,877 | 839 |
Net income (loss) | 86,083 | 33,365 | (48,719) |
Net loss attributable to noncontrolling interest in other partnerships | 114 | 77 | 415 |
Net income (loss) attributable to Gramercy Property Trust | 86,197 | 33,442 | (48,304) |
Preferred share dividends | (6,234) | (6,234) | (6,234) |
Net income (loss) available to common unitholders | $ 79,963 | $ 27,208 | $ (54,538) |
Basic earnings per unit: | |||
Net income from continuing operations, after preferred unit distributions basic (in usd per unit) | $ 0.52 | $ 0.15 | $ (0.90) |
Net income (loss) from discontinued operations, basic (in usd per unit) | 0 | 0.04 | 0.01 |
Net income available to common unitholders, basic (in usd per unit) | 0.52 | 0.19 | (0.89) |
Diluted earnings per unit: | |||
Net income from continuing operations, after preferred unit distributions, diluted (in usd per unit) | 0.52 | 0.15 | (0.90) |
Net income (loss) from discontinued operations, diluted (in usd per unit) | 0 | 0.04 | 0.01 |
Net income available to common unitholders, diluted (in usd per unit) | $ 0.52 | $ 0.19 | $ (0.89) |
Basic weighted average common units outstanding (in units) | 152,396,667 | 140,889,086 | 61,217,052 |
Diluted weighted average common units outstanding (in units) | 152,415,612 | 141,705,683 | 61,217,052 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income (loss) | $ 86,083,000 | $ 33,365,000 | $ (48,719,000) |
Other comprehensive income (loss): | |||
Unrealized gain (loss) on available for sale debt securities | (3,282,000) | 2,689,000 | 1,476,000 |
Unrealized gain (loss) on derivative instruments | 16,070,000 | 5,634,000 | (2,885,000) |
Reclassification of accumulated foreign currency translation adjustments due to disposal | (1,200,000) | (3,737,000) | 0 |
Disposition of European investment | 0 | 1,944,000 | 0 |
Reclassification of unrealized gain of non-derivative net investment hedge into earnings | 1,851,000 | 0 | 0 |
Foreign currency translation adjustments | 2,404,000 | (6,094,000) | (594,000) |
Reclassification of unrealized gain (loss) on terminated derivative instruments into earnings | 1,024,000 | 1,187,000 | (45,000) |
Other comprehensive income (loss) | 16,867,000 | 1,623,000 | (2,048,000) |
Comprehensive income (loss) | 102,950,000 | 34,988,000 | (50,767,000) |
Net (income) loss attributable to noncontrolling interest | (820,000) | (7,000) | 791,000 |
Other comprehensive (income) loss attributable to noncontrolling interest | 379,000 | (54,000) | (4,000) |
Comprehensive income (loss) attributable to Gramercy Property Trust | 102,509,000 | 34,927,000 | (49,980,000) |
GPT Operating Partnership LP | |||
Net income (loss) | 86,083,000 | 33,365,000 | (48,719,000) |
Other comprehensive income (loss): | |||
Unrealized gain (loss) on available for sale debt securities | (3,282,000) | 2,689,000 | 1,476,000 |
Unrealized gain (loss) on derivative instruments | 16,070,000 | 5,634,000 | (2,885,000) |
Reclassification of accumulated foreign currency translation adjustments due to disposal | (1,200,000) | (3,737,000) | 0 |
Disposition of European investment | 0 | 1,944,000 | |
Reclassification of unrealized gain of non-derivative net investment hedge into earnings | 1,851,000 | 0 | 0 |
Foreign currency translation adjustments | 2,404,000 | (6,094,000) | (594,000) |
Reclassification of unrealized gain (loss) on terminated derivative instruments into earnings | 1,024,000 | 1,187,000 | (45,000) |
Other comprehensive income (loss) | 16,867,000 | 1,623,000 | (2,048,000) |
Comprehensive income (loss) | 102,950,000 | 34,988,000 | (50,767,000) |
Net loss attributable to noncontrolling interest in other partnerships | (114,000) | (77,000) | (415,000) |
Other comprehensive (income) loss attributable to noncontrolling interest | 37,000 | 0 | 0 |
Comprehensive income (loss) attributable to Gramercy Property Trust | $ 103,101,000 | $ 35,065,000 | $ (50,352,000) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Deficit) and Noncontrolling Interest - USD ($) | Total | Total Gramercy Property Trust | Common Shares | Preferred Shares | Additional Paid-In- Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings / (Accumulated Deficit) | Noncontrolling interest | Series A Preferred Stock | Series B Preferred Stock |
Balance (in shares) at Dec. 31, 2014 | 49,693,248 | |||||||||
Balance at Dec. 31, 2014 | $ 906,781,000 | $ 906,781,000 | $ 497,000 | $ 1,768,527,000 | $ (3,703,000) | $ (942,934,000) | $ 0 | $ 0 | $ 84,394,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Shares issued in connection with merger (in shares) | 1,829,241,000 | 78,903,588 | ||||||||
Shares issued in connection with the Merger | $ 1,829,241,000 | 1,829,241,000 | $ 789,000 | 1,828,452,000 | 84,394,000 | |||||
Shares issued in connection with the Merger | (84,394,000) | |||||||||
Net income (loss) | (48,343,000) | (47,928,000) | (47,928,000) | (415,000) | ||||||
Change in net unrealized gain (loss) on derivative instruments | (2,930,000) | (2,930,000) | (2,930,000) | |||||||
Change in net unrealized gain (loss) on debt securities | 1,476,000 | 1,476,000 | 1,476,000 | |||||||
Reclassification of unrealized gain on terminated derivative instruments into earnings | (45,000) | |||||||||
Offering costs | (12,090,000) | (12,090,000) | (12,090,000) | |||||||
Issuance of shares (in shares) | 11,091,607 | |||||||||
Issuance of shares | 289,900,000 | 289,900,000 | $ 111,000 | 289,789,000 | ||||||
Issuance of shares - stock purchase plan (in shares) | 4,369 | |||||||||
Issuance of shares - stock purchase plan | 80,000 | 80,000 | 80,000 | |||||||
Issuance of shares - redemption of Exchangeable Senior Notes for common shares | 0 | |||||||||
Stock based compensation - fair value (in shares) | 330,529 | |||||||||
Stock based compensation - fair value | 3,455,000 | 3,455,000 | $ 4,000 | 3,451,000 | ||||||
Conversion of OP Units to commons stock (in shares) | 151,043 | |||||||||
Conversion of OP Units to common stock | 3,788,000 | 3,788,000 | $ 1,000 | 3,787,000 | ||||||
Reallocation of noncontrolling interest in the Operating Partnership | 739,000 | 739,000 | 739,000 | |||||||
Disposition of European unconsolidated equity investment interests held with a related party | 0 | |||||||||
Reclassification of unrealized gain of non-derivative net investment hedge into earnings | 0 | |||||||||
Disposition of European investment | 0 | |||||||||
Dividends on preferred shares | (6,234,000) | (6,234,000) | (6,234,000) | |||||||
Dividends on common shares | (54,358,000) | (54,358,000) | (54,358,000) | |||||||
Contributions to consolidated equity investment | 171,000 | 171,000 | ||||||||
Foreign currency translation adjustment | (599,000) | (594,000) | (594,000) | (5,000) | ||||||
Balance (in shares) at Dec. 31, 2015 | 140,174,384 | |||||||||
Balance at Dec. 31, 2015 | $ 2,911,077,000 | 2,911,326,000 | $ 1,402,000 | 3,882,735,000 | (5,751,000) | (1,051,454,000) | (249,000) | 84,394,000 | $ 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Shares issued in connection with merger (in shares) | 0 | |||||||||
Net income (loss) | $ 33,281,000 | 33,358,000 | 33,358,000 | (77,000) | ||||||
Change in net unrealized gain (loss) on derivative instruments | 5,634,000 | 5,634,000 | 5,634,000 | |||||||
Change in net unrealized gain (loss) on debt securities | 2,689,000 | 2,689,000 | 2,689,000 | |||||||
Reclassification of unrealized gain on terminated derivative instruments into earnings | 1,187,000 | 1,187,000 | 1,187,000 | |||||||
Offering costs | (225,000) | (225,000) | (225,000) | |||||||
Issuance of shares (in shares) | 621 | |||||||||
Issuance of shares | 16,000 | 16,000 | $ 0 | 16,000 | ||||||
Issuance of shares - redemption of Exchangeable Senior Notes for common shares | 0 | |||||||||
Stock based compensation - fair value (in shares) | 300,490 | |||||||||
Stock based compensation - fair value | 3,347,000 | 3,347,000 | $ 3,000 | 3,344,000 | ||||||
Proceeds from stock options exercised (in shares) | 15,948 | |||||||||
Proceeds from share options exercised | $ 167,000 | 167,000 | 167,000 | |||||||
Dividend reinvestment program proceeds (in shares) | 697 | 76 | ||||||||
Dividend reinvestment program proceeds | $ 2,000 | 2,000 | 2,000 | |||||||
Conversion of OP Units to commons stock (in shares) | 156,452 | |||||||||
Conversion of OP Units to common stock | 4,159,000 | 4,159,000 | $ 1,000 | 4,158,000 | ||||||
Reallocation of noncontrolling interest in the Operating Partnership | (2,404,000) | (2,404,000) | (2,404,000) | |||||||
Disposition of European unconsolidated equity investment interests held with a related party | (3,737,000) | (3,737,000) | (3,737,000) | |||||||
Reclassification of unrealized gain of non-derivative net investment hedge into earnings | 0 | |||||||||
Disposition of European investment | 1,944,000 | 1,944,000 | 1,944,000 | |||||||
Dividends on preferred shares | (6,234,000) | (6,234,000) | (6,234,000) | |||||||
Dividends on common shares | (192,423,000) | (192,423,000) | (192,423,000) | |||||||
Foreign currency translation adjustment | $ (6,089,000) | (6,094,000) | (6,094,000) | 5,000 | ||||||
Balance (in shares) at Dec. 31, 2016 | 140,647,971 | 140,647,971 | ||||||||
Balance at Dec. 31, 2016 | $ 2,752,391,000 | 2,752,712,000 | $ 1,406,000 | $ 84,394,000 | 3,887,793,000 | (4,128,000) | (1,216,753,000) | (321,000) | $ 84,394,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Shares issued in connection with merger (in shares) | 0 | |||||||||
Net income (loss) | $ 85,149,000 | 85,263,000 | 85,263,000 | (114,000) | ||||||
Change in net unrealized gain (loss) on derivative instruments | 16,070,000 | 16,070,000 | 16,070,000 | |||||||
Change in net unrealized gain (loss) on debt securities | (3,282,000) | (3,282,000) | (3,282,000) | |||||||
Reclassification of unrealized gain on terminated derivative instruments into earnings | 1,024,000 | 1,024,000 | 1,024,000 | |||||||
Offering costs | (14,231,000) | (14,231,000) | (14,231,000) | |||||||
Issuance of shares (in shares) | 14,569,978 | |||||||||
Issuance of shares | 410,585,000 | 410,585,000 | $ 146,000 | 410,439,000 | ||||||
Issuance of shares - redemption of Exchangeable Senior Notes for common shares (in shares) | 5,258,420 | |||||||||
Issuance of shares - redemption of Exchangeable Senior Notes for common shares | 117,450,000 | 117,450,000 | $ 53,000 | 117,397,000 | ||||||
Stock based compensation - fair value (in shares) | 68,983 | |||||||||
Stock based compensation - fair value | $ 5,785,000 | 5,785,000 | $ 1,000 | 5,784,000 | ||||||
Dividend reinvestment program proceeds (in shares) | 6,863 | 6,863 | ||||||||
Dividend reinvestment program proceeds | $ 194,000 | 194,000 | 194,000 | |||||||
Conversion of OP Units to commons stock (in shares) | 134,607 | |||||||||
Conversion of OP Units to common stock | 3,738,000 | 3,738,000 | $ 1,000 | 3,737,000 | ||||||
Reallocation of noncontrolling interest in the Operating Partnership | (1,436,000) | (1,436,000) | (1,436,000) | |||||||
Disposition of European unconsolidated equity investment interests held with a related party | (1,200,000) | (1,200,000) | (1,200,000) | |||||||
Reclassification of unrealized gain of non-derivative net investment hedge into earnings | 1,851,000 | 1,851,000 | 1,851,000 | |||||||
Contributions to noncontrolling interest in other partnerships | 693,000 | 693,000 | ||||||||
Disposition of European investment | 0 | |||||||||
Dividends on preferred shares | (6,234,000) | (6,234,000) | (6,234,000) | |||||||
Dividends on common shares | (232,148,000) | (232,148,000) | (232,148,000) | |||||||
Foreign currency translation adjustment | $ 2,404,000 | 2,441,000 | 2,441,000 | (37,000) | ||||||
Balance (in shares) at Dec. 31, 2017 | 160,686,822 | 160,686,822 | ||||||||
Balance at Dec. 31, 2017 | $ 3,138,803,000 | $ 3,138,582,000 | $ 1,607,000 | $ 84,394,000 | $ 4,409,677,000 | $ 12,776,000 | $ (1,369,872,000) | $ 221,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Operating Activities: | ||||
Net income (loss) | $ 86,083 | $ 33,365 | $ (48,719) | |
Adjustments to net cash provided by operating activities: | ||||
Depreciation and amortization | 263,666 | 241,637 | 97,654 | |
Amortization of acquired leases to rental revenue and expense | (4,980) | (10,699) | (12,249) | |
Amortization of deferred costs | 2,584 | 1,719 | 3,711 | |
Amortization of discounts and other fees | (836) | (3,814) | (3,212) | |
Amortization of lease inducement costs | 384 | 346 | 269 | |
Straight-line rent adjustment | (30,378) | (25,548) | (12,406) | |
Other-than-temporary impairment on retained bonds | 4,890 | 0 | 0 | |
Impairment of real estate investments | 37,822 | 11,195 | 0 | |
Net gain on disposals | (46,808) | (4,286) | (839) | |
Distributions received from unconsolidated equity investments | 9,530 | 50,891 | 5,704 | |
Equity in net income (loss) of unconsolidated equity investments | 48,248 | 2,409 | (1,107) | |
Gain on remeasurement of previously held unconsolidated equity investment interests | 0 | (7,229) | 0 | |
Gain from sale of unconsolidated equity investment interests held with a related party | 0 | (5,341) | 0 | |
Loss on extinguishment of debt | 6,702 | 18,960 | 9,472 | |
Amortization of share-based compensation | 8,063 | 5,356 | 6,562 | |
Changes in operating assets and liabilities: | ||||
Payment of capitalized leasing costs | (13,753) | (13,616) | (3,132) | |
Tenant and other receivables | 12,039 | (18,727) | 5,403 | |
Other assets | 5,159 | (11,084) | 10,946 | |
Accounts payable and accrued expenses | (5,705) | (24,854) | (22,912) | |
Other liabilities | 4,104 | (6,610) | 0 | |
Net cash provided by operating activities | 290,318 | 229,252 | 37,359 | |
Investing Activities: | ||||
Capital expenditures | (83,748) | (43,429) | (4,577) | |
Distributions from investing activities received from unconsolidated equity investments | 102,762 | 97,932 | 0 | |
Proceeds from sales of unconsolidated equity investment interests held with a related party | 9,327 | 151,546 | 0 | |
Proceeds from sale of real estate | 382,812 | 975,425 | 73,796 | |
Cash, cash equivalents, and restricted cash acquired in connection with the Merger | 0 | 0 | 43,163 | |
Contributions to unconsolidated equity investments | (32,011) | (33,632) | (25,959) | |
Acquisition of real estate, net of cash acquired of $0,$0, and $4,108 | (1,181,949) | (1,059,691) | (919,213) | |
Contributions from noncontrolling interests in other entities | 221 | 0 | 0 | |
Proceeds from servicing advances receivable | 0 | 1,390 | 0 | |
Funding of loan investments | (21,877) | 0 | 0 | |
Net cash provided by (used in) investing activities | (824,463) | 89,541 | (832,790) | |
Financing Activities: | ||||
Proceeds from unsecured term loan and credit facility | 1,055,000 | 536,466 | 2,293,612 | |
Proceeds from senior unsecured notes | 0 | 400,000 | 100,000 | |
Repayment of unsecured term loans and credit facility | (544,744) | (762,199) | (1,831,806) | |
Acquisition of treasury bonds for defeasance | 0 | (144,063) | 0 | |
Proceeds from mortgage notes payable | 2,582 | 9,550 | 0 | |
Repayment of mortgage notes payable | (174,235) | (255,024) | (5,936) | |
Offering costs | (14,231) | (225) | (12,090) | |
Proceeds from sale of common shares | 410,779 | 16 | 289,910 | |
Payments for taxes related to net share settlement of equity awards | (2,623) | 0 | 0 | |
Payment of deferred financing costs | (4,354) | (6,685) | (19,724) | |
Payment of debt extinguishment costs | 0 | (15,868) | 0 | |
Termination of derivatives | 0 | 0 | (3,784) | |
Preferred share dividends paid | (6,234) | (6,234) | (6,234) | |
Common share dividends paid | (224,533) | (148,501) | (54,868) | |
Proceeds from exercise of share options and purchases under the employee share purchase plan | 0 | 167 | 80 | |
Contributions from noncontrolling interests in other entities | 472 | 0 | 169 | |
Distribution to noncontrolling interest in the Operating Partnership | (1,213) | (406) | (421) | |
Net cash provided by (used in) financing activities | 496,666 | (393,006) | 748,908 | |
Net decrease in cash, cash equivalents, and restricted cash | (37,479) | (74,213) | (46,523) | |
Increase (decrease) in cash, cash equivalents, and restricted cash related to foreign currency translation | 0 | (221) | 77 | |
Cash, cash equivalents, and restricted cash at beginning of period | [1] | 80,433 | 154,867 | 201,313 |
Cash, cash equivalents, and restricted cash at end of period | [1] | 42,954 | 80,433 | 154,867 |
GPT Operating Partnership LP | ||||
Operating Activities: | ||||
Net income (loss) | 86,083 | 33,365 | (48,719) | |
Adjustments to net cash provided by operating activities: | ||||
Depreciation and amortization | 263,666 | 241,637 | 97,654 | |
Amortization of acquired leases to rental revenue and expense | (4,980) | (10,699) | (12,249) | |
Amortization of deferred costs | 2,584 | 1,719 | 3,711 | |
Amortization of discounts and other fees | (836) | (3,814) | (3,212) | |
Amortization of lease inducement costs | 384 | 346 | 269 | |
Straight-line rent adjustment | (30,378) | (25,548) | (12,406) | |
Other-than-temporary impairment on retained bonds | 4,890 | 0 | 0 | |
Impairment of real estate investments | 37,822 | 11,195 | 0 | |
Net gain on disposals | (46,808) | (4,286) | (839) | |
Distributions received from unconsolidated equity investments | 9,530 | 50,891 | 5,704 | |
Equity in net income (loss) of unconsolidated equity investments | 48,248 | 2,409 | (1,107) | |
Gain on remeasurement of previously held unconsolidated equity investment interests | 0 | (7,229) | 0 | |
Gain from sale of unconsolidated equity investment interests held with a related party | 0 | (5,341) | 0 | |
Loss on extinguishment of debt | 6,702 | 18,960 | 9,472 | |
Amortization of share-based compensation | 8,063 | 5,356 | 6,562 | |
Changes in operating assets and liabilities: | ||||
Payment of capitalized leasing costs | (13,753) | (13,616) | (3,132) | |
Tenant and other receivables | 12,039 | (18,727) | 5,403 | |
Other assets | 5,159 | (11,084) | 10,946 | |
Accounts payable and accrued expenses | (5,705) | (24,854) | (22,912) | |
Other liabilities | 4,104 | (6,610) | 0 | |
Net cash provided by operating activities | 290,318 | 229,252 | 37,359 | |
Investing Activities: | ||||
Capital expenditures | (83,748) | (43,429) | (4,577) | |
Distributions from investing activities received from unconsolidated equity investments | 102,762 | 97,932 | 0 | |
Proceeds from sales of unconsolidated equity investment interests held with a related party | 9,327 | 151,546 | 0 | |
Proceeds from sale of real estate | 382,812 | 975,425 | 73,796 | |
Cash, cash equivalents, and restricted cash acquired in connection with the Merger | 0 | 0 | 43,163 | |
Contributions to unconsolidated equity investments | (32,011) | (33,632) | (25,959) | |
Acquisition of real estate, net of cash acquired of $0,$0, and $4,108 | (1,181,949) | (1,059,691) | (919,213) | |
Contributions from noncontrolling interests in other entities | 221 | 0 | 0 | |
Proceeds from servicing advances receivable | 0 | 1,390 | 0 | |
Funding of loan investments | (21,877) | 0 | 0 | |
Net cash provided by (used in) investing activities | (824,463) | 89,541 | (832,790) | |
Financing Activities: | ||||
Proceeds from unsecured term loan and credit facility | 1,055,000 | 536,466 | 2,293,612 | |
Proceeds from senior unsecured notes | 0 | 400,000 | 100,000 | |
Repayment of unsecured term loans and credit facility | (544,744) | (762,199) | (1,831,806) | |
Acquisition of treasury bonds for defeasance | 0 | (144,063) | 0 | |
Proceeds from mortgage notes payable | 2,582 | 9,550 | 0 | |
Repayment of mortgage notes payable | (174,235) | (255,024) | (5,936) | |
Offering costs | (14,231) | (225) | (12,090) | |
Proceeds from sale of common shares | 410,779 | 16 | 289,910 | |
Payments for taxes related to net share settlement of equity awards | (2,623) | 0 | 0 | |
Payment of deferred financing costs | (4,354) | (6,685) | (19,724) | |
Payment of debt extinguishment costs | 0 | (15,868) | 0 | |
Termination of derivatives | 0 | 0 | (3,784) | |
Preferred share dividends paid | (6,234) | (6,234) | (6,234) | |
Common share dividends paid | (224,533) | (148,501) | (54,868) | |
Proceeds from exercise of share options and purchases under the employee share purchase plan | 0 | 167 | 80 | |
Contributions from noncontrolling interests in other entities | 472 | 0 | 169 | |
Distribution to noncontrolling interest in the Operating Partnership | (1,213) | (406) | (421) | |
Net cash provided by (used in) financing activities | 496,666 | (393,006) | 748,908 | |
Net decrease in cash, cash equivalents, and restricted cash | (37,479) | (74,213) | (46,523) | |
Increase (decrease) in cash, cash equivalents, and restricted cash related to foreign currency translation | 0 | (221) | 77 | |
Cash, cash equivalents, and restricted cash at beginning of period | [2] | 80,433 | 154,867 | 201,313 |
Cash, cash equivalents, and restricted cash at end of period | [2] | $ 42,954 | $ 80,433 | $ 154,867 |
[1] | Included in the balance as of December 31, 2015 is restricted cash of $9,482 related to assets held for sale as of that date. | |||
[2] | Included in the balance as of December 31, 2015 is restricted cash of $9,482 related to assets held for sale as of that date. |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash acquired from acquisition | $ 0 | $ 0 | $ 43,163 |
Restricted cash of assets held-for-sale | 9,482 | ||
Individual Acquisitions | |||
Cash acquired from acquisition | 0 | 0 | 4,108 |
GPT Operating Partnership LP | |||
Cash acquired from acquisition | $ 0 | $ 0 | 43,163 |
Restricted cash of assets held-for-sale | $ 9,482 |
Consolidated Statement of Partn
Consolidated Statement of Partners' Capital - USD ($) | Total | GPT Operating Partnership LP | GPT Operating Partnership LPTotal GPTOP | GPT Operating Partnership LPPartners' Interest | GPT Operating Partnership LPSeries A Preferred Units | GPT Operating Partnership LPSeries B Preferred Units | GPT Operating Partnership LPAccumulated Other Comprehensive Income (Loss) | GPT Operating Partnership LPNoncontrolling interest | Exchangeable Senior NotesGPT Operating Partnership LP | Exchangeable Senior NotesGPT Operating Partnership LPTotal GPTOP | Exchangeable Senior NotesGPT Operating Partnership LPPartners' Interest | Public issuanceGPT Operating Partnership LP | Public issuanceGPT Operating Partnership LPTotal GPTOP | Public issuanceGPT Operating Partnership LPPartners' Interest | Stock purchase planGPT Operating Partnership LP | Stock purchase planGPT Operating Partnership LPTotal GPTOP | Stock purchase planGPT Operating Partnership LPPartners' Interest |
Beginning balance (in units) at Dec. 31, 2014 | 49,693,248 | ||||||||||||||||
Beginning balance at Dec. 31, 2014 | $ 906,781,000 | $ 906,781,000 | $ 826,090,000 | $ 0 | $ 84,394,000 | $ (3,703,000) | $ 0 | ||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||||||
Units issued in connection with issuance of shares for the merger (in shares) | 78,903,588 | 84,394,000 | |||||||||||||||
Units issued in connection with issuance of shares for the Merger | $ 0 | 1,829,241,000 | 1,829,241,000 | $ 1,829,241,000 | (84,394,000) | ||||||||||||
Net income (loss) | (48,343,000) | (48,343,000) | (47,928,000) | (47,928,000) | (415,000) | ||||||||||||
Change in net unrealized gain (loss) on derivative instruments | (2,930,000) | (2,930,000) | (2,930,000) | (2,930,000) | |||||||||||||
Unrealized gain (loss) on available for sale debt securities | 1,476,000 | 1,476,000 | 1,476,000 | 1,476,000 | |||||||||||||
Reclassification of unrealized gain (loss) on terminated derivative instruments into earnings | (45,000) | (45,000) | |||||||||||||||
Offering costs | (12,090,000) | (12,090,000) | $ (12,090,000) | ||||||||||||||
Issuance of common units resulting from public issuance of common shares (in units) | 11,091,607 | 4,369 | |||||||||||||||
Issuance of common units resulting from public issuance of common shares | $ 289,900,000 | $ 289,900,000 | $ 289,900,000 | $ 80,000 | $ 80,000 | $ 80,000 | |||||||||||
Conversion of OP Units to common units (in units) | 151,043 | ||||||||||||||||
Conversion of OP Units to common units | 3,788,000 | 3,788,000 | $ 3,788,000 | ||||||||||||||
Stock based compensation - fair value (in units) | 330,529 | ||||||||||||||||
Share based compensation - fair value | 3,455,000 | 3,455,000 | $ 3,455,000 | ||||||||||||||
Reallocation of limited partner interest in the Operating Partnership | 739,000 | 739,000 | 739,000 | 739,000 | |||||||||||||
Disposition of European unconsolidated equity investment interests held with a related party | 0 | 0 | |||||||||||||||
Disposition of European investment | 0 | ||||||||||||||||
Reclassification of unrealized gain of non-derivative net investment hedge into earnings | 0 | 0 | |||||||||||||||
Foreign currency translation adjustment | (599,000) | (594,000) | (594,000) | (5,000) | |||||||||||||
Distributions on preferred units | (6,234,000) | (6,234,000) | (6,234,000) | ||||||||||||||
Distributions on common units | (54,358,000) | (54,358,000) | (54,358,000) | ||||||||||||||
Contributions to consolidated equity investment | 171,000 | 171,000 | |||||||||||||||
Ending balance at Dec. 31, 2015 | 2,911,077,000 | 2,911,326,000 | $ 2,832,683,000 | $ 84,394,000 | $ 0 | (5,751,000) | (249,000) | ||||||||||
Ending balance (in units) at Dec. 31, 2015 | 140,174,384 | ||||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||||||
Units issued in connection with issuance of shares for the Merger | 0 | ||||||||||||||||
Net income (loss) | 33,281,000 | 33,281,000 | 33,358,000 | $ 33,358,000 | (77,000) | ||||||||||||
Change in net unrealized gain (loss) on derivative instruments | 5,634,000 | 5,634,000 | 5,634,000 | 5,634,000 | |||||||||||||
Unrealized gain (loss) on available for sale debt securities | 2,689,000 | 2,689,000 | 2,689,000 | 2,689,000 | |||||||||||||
Reclassification of unrealized gain (loss) on terminated derivative instruments into earnings | 1,187,000 | 1,187,000 | 1,187,000 | 1,187,000 | |||||||||||||
Offering costs | (225,000) | (225,000) | $ (225,000) | ||||||||||||||
Issuance of common units resulting from public issuance of common shares (in units) | 621 | ||||||||||||||||
Issuance of common units resulting from public issuance of common shares | 16,000 | 16,000 | $ 16,000 | ||||||||||||||
Conversion of OP Units to common units (in units) | 156,452 | ||||||||||||||||
Conversion of OP Units to common units | 4,159,000 | 4,159,000 | $ 4,159,000 | ||||||||||||||
Stock based compensation - fair value (in units) | 300,490 | ||||||||||||||||
Share based compensation - fair value | 3,347,000 | 3,347,000 | $ 3,347,000 | ||||||||||||||
Proceeds from share options exercised (in units) | 15,948 | ||||||||||||||||
Proceeds from share options exercised | 167,000 | 167,000 | $ 167,000 | ||||||||||||||
Distribution reinvestment program proceeds (in units) | 76 | ||||||||||||||||
Distribution reinvestment program proceeds | 2,000 | 2,000 | $ 2,000 | ||||||||||||||
Reallocation of limited partner interest in the Operating Partnership | (2,404,000) | (2,404,000) | (2,404,000) | (2,404,000) | |||||||||||||
Disposition of European unconsolidated equity investment interests held with a related party | (3,737,000) | (3,737,000) | (3,737,000) | (3,737,000) | |||||||||||||
Disposition of European investment | 1,944,000 | 1,944,000 | 1,944,000 | 1,944,000 | |||||||||||||
Reclassification of unrealized gain of non-derivative net investment hedge into earnings | 0 | 0 | |||||||||||||||
Foreign currency translation adjustment | (6,089,000) | (6,094,000) | (6,094,000) | 5,000 | |||||||||||||
Distributions on preferred units | (6,234,000) | (6,234,000) | (6,234,000) | ||||||||||||||
Distributions on common units | (192,423,000) | (192,423,000) | (192,423,000) | ||||||||||||||
Ending balance at Dec. 31, 2016 | 2,752,391,000 | 2,752,712,000 | $ 2,672,446,000 | 84,394,000 | (4,128,000) | (321,000) | |||||||||||
Ending balance (in units) at Dec. 31, 2016 | 140,647,971 | ||||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||||||
Units issued in connection with issuance of shares for the Merger | 108,751,000 | ||||||||||||||||
Net income (loss) | 85,149,000 | 85,149,000 | 85,263,000 | $ 85,263,000 | (114,000) | ||||||||||||
Change in net unrealized gain (loss) on derivative instruments | 16,070,000 | 16,070,000 | 16,070,000 | 16,070,000 | |||||||||||||
Unrealized gain (loss) on available for sale debt securities | (3,282,000) | (3,282,000) | (3,282,000) | (3,282,000) | |||||||||||||
Reclassification of unrealized gain (loss) on terminated derivative instruments into earnings | 1,024,000 | 1,024,000 | 1,024,000 | 1,024,000 | |||||||||||||
Offering costs | (14,231,000) | (14,231,000) | $ (14,231,000) | ||||||||||||||
Issuance of common units resulting from public issuance of common shares (in units) | 14,569,978 | ||||||||||||||||
Issuance of common units resulting from public issuance of common shares | 410,585,000 | 410,585,000 | $ 410,585,000 | ||||||||||||||
Conversion of OP Units to common units (in units) | 134,607 | 5,258,420 | |||||||||||||||
Conversion of OP Units to common units | 3,738,000 | 3,738,000 | $ 3,738,000 | $ 117,450,000 | $ 117,450,000 | $ 117,450,000 | |||||||||||
Stock based compensation - fair value (in units) | 68,983 | ||||||||||||||||
Share based compensation - fair value | 5,785,000 | 5,785,000 | $ 5,785,000 | ||||||||||||||
Distribution reinvestment program proceeds (in units) | 6,863 | ||||||||||||||||
Distribution reinvestment program proceeds | 194,000 | 194,000 | $ 194,000 | ||||||||||||||
Reallocation of limited partner interest in the Operating Partnership | (1,436,000) | (1,436,000) | (1,436,000) | (1,436,000) | |||||||||||||
Disposition of European unconsolidated equity investment interests held with a related party | (1,200,000) | (1,200,000) | (1,200,000) | (1,200,000) | |||||||||||||
Disposition of European investment | 0 | 0 | |||||||||||||||
Reclassification of unrealized gain of non-derivative net investment hedge into earnings | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 | |||||||||||||
Foreign currency translation adjustment | 2,404,000 | 2,441,000 | 2,441,000 | (37,000) | |||||||||||||
Contributions to noncontrolling interest in other partnerships | $ 693,000 | 693,000 | 693,000 | ||||||||||||||
Distributions on preferred units | (6,234,000) | (6,234,000) | (6,234,000) | ||||||||||||||
Distributions on common units | (232,148,000) | (232,148,000) | (232,148,000) | ||||||||||||||
Ending balance at Dec. 31, 2017 | $ 3,138,803,000 | $ 3,138,582,000 | $ 3,041,412,000 | $ 84,394,000 | $ 12,776,000 | $ 221,000 | |||||||||||
Ending balance (in units) at Dec. 31, 2017 | 160,686,822 | 160,686,822 | 4,398,935 |
Business and Organization
Business and Organization | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Organization | Business and Organization Gramercy Property Trust, or the Company or Gramercy, a Maryland real estate investment trust, or REIT, together with its subsidiary, GPT Operating Partnership LP, or the Operating Partnership, is a leading global investor and asset manager of commercial real estate. Gramercy specializes in acquiring and managing high quality, income producing commercial real estate leased to high quality tenants in major markets in the United States and Europe. Gramercy earns revenues primarily through rental revenues on properties that it owns in the United States. The Company also owns unconsolidated equity investments in the United States, Europe, and Asia. The Company's operations are conducted primarily through the Operating Partnership. As of December 31, 2017 , third-party holders of limited partnership interests owned approximately 2.67% of the Operating Partnership. These interests are referred to as the noncontrolling interests in the Operating Partnership. See Note 13 for more information on the Company’s noncontrolling interests. As of December 31, 2017 , the Company’s wholly-owned portfolio consisted of 365 properties comprising 82,146,063 rentable square feet with 96.5% occupancy. As of December 31, 2017 , the Company had ownership interests in 16 properties which were held in unconsolidated equity investments in the United States and Europe and one property held through the investment in CBRE Strategic Partners Asia. As of December 31, 2017 , the Company managed approximately $1,700,000 of commercial real estate assets, including approximately $1,321,000 of assets in Europe, which includes the increase in value due to the European investment sales in July 2017, discussed below. During the year ended December 31, 2017 , the Company acquired 79 properties aggregating 19,643,747 square feet for a total purchase price of approximately $1,466,811 , including the acquisition of a previously consolidated variable interest entity, or VIE, for $29,605 , a vacant property for $2,400 , two land parcels for $6,840 , and one build-to-suit property upon completion for $63,244 . Additionally, during the year ended December 31, 2017 , the Company acquired seven land parcels for an aggregate purchase price of $10,190 , on which it committed to construct industrial facilities for an estimated $95,511 , one of which was completed in October 2017. During the year ended December 31, 2017 , the Company sold 34 properties and two offices from another asset aggregating 3,203,565 square feet for total gross proceeds of approximately $412,578 . In July 2017, the Company disposed of its existing European unconsolidated equity investment interests, which resulted in net distributions to the Company of approximately $102,785 ( €90,107 ), inclusive of a promoted interest distribution of approximately $8,840 ( €7,727 ). Refer to Note 5 for more information on the sale transactions. Prior to December 17, 2015, the Company was known as Chambers Street Properties, or Chambers. On December 17, 2015, Chambers completed a merger, or the Merger, with Gramercy Property Trust Inc., or Legacy Gramercy. While Chambers was the surviving legal entity, immediately following consummation of the Merger, the Company changed its name to “Gramercy Property Trust” and its New York Stock Exchange, or NYSE, trading symbol to “GPT.” As a result of the Merger, the financial information set forth herein subsequent to December 17, 2015 reflects results of the combined Company and financial information prior to December 17, 2015 reflects Legacy Gramercy results. For this reason, period to period comparisons may not be meaningful. Unless the context requires otherwise, all references to “Company,” “Gramercy,” "we," "our" and "us" mean Legacy Gramercy and its subsidiaries, including Legacy Gramercy’s operating partnership and its subsidiaries, for the periods prior to the Merger closing and Gramercy Property Trust and its subsidiaries, including the Operating Partnership and its consolidated subsidiaries, for periods following the Merger closing. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Reclassification Certain prior year balances have been reclassified to conform with the current year presentation. During the fourth quarter of 2017, the Company adopted Accounting Standards Update, or ASU, No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires restricted cash and cash equivalents to be included with cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. As a result of the adoption, net cash provided by operating activities changed by $(310) , $(2,344) , and $880 , net cash provided by (used in) investing activities changed by $129 , $(11,867) , and $24,662 , and net cash provided by financing activities changed by $0 , $279 , and $50 , for the years ended December 31, 2017, 2016, and 2015, respectively. Principles of Consolidation The Consolidated Financial Statements include the Company’s accounts and those of the Company’s subsidiaries which are wholly-owned or controlled by the Company, or entities which are VIEs in which the Company is the primary beneficiary. The primary beneficiary is the party that absorbs a majority of the VIE’s anticipated losses and/or a majority of the expected returns. The Company has evaluated its investments for potential classification as variable interests by evaluating the sufficiency of each entity’s equity investment at risk to absorb losses. Entities that the Company does not control and are considered VIEs, but where the Company is not the primary beneficiary, are accounted for under the equity method. All significant intercompany balances and transactions have been eliminated. The equity interests of other limited partners in the Company’s Operating Partnership are reflected as noncontrolling interests. See Note 13 for more information on the Company’s noncontrolling interests. Real Estate Investments Real Estate Acquisitions In January 2017, the Financial Accounting Standards Board, or FASB, issued ASU 2017-01, Amendments to Business Combinations, which clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. Although the Company is not required to implement ASU 2017-01 until annual periods beginning after December 15, 2017, including interim periods within those periods, the Company early adopted the new standard in the first quarter of 2017. As a result, the Company evaluated its real estate acquisitions during the year ended December 31, 2017 under the new framework and determined the properties acquired did not meet the definition of a business, thus the transactions were accounted for as asset acquisitions. Refer to the "Recently Issued Accounting Pronouncements" section below for more information on the new guidance and refer to Note 4 for more information on the transactions during the year ended December 31, 2017 . The Company evaluates its acquisitions of real estate, including equity interests in entities that predominantly hold real estate assets, to determine if the acquired assets meet the definition of a business and need to be accounted for as a business combination, or alternatively, should be accounted for as an asset acquisition. An integrated set of assets and activities acquired does not meet the definition of a business if either (i) substantially all the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets, or (ii) the asset and activities acquired do not contain at least an input and a substantive process that together significantly contribute to the ability to create outputs. The Company expects that its real estate acquisitions will not meet the definition of business combinations. Acquisitions of real estate that do not meet the definition of a business, including sale-leaseback transactions that have newly-originated leases and real estate investments under construction, or build-to-suit investments, are recorded as asset acquisitions. The accounting for asset acquisitions is similar to the accounting for business combinations, except that the acquisition consideration, including acquisition costs, is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. Based on this allocation methodology, asset acquisitions do not result in the recognition of goodwill or a bargain purchase. The Company incurs internal transaction costs, which are direct, incremental internal costs related to acquisitions, that are recorded within general and administrative expense. Additionally, for build-to-suit investments in which the Company may engage a developer to construct a property or provide funds to a tenant to develop a property, the Company capitalizes the funds provided to the developer/tenant and real estate taxes, if applicable, during the construction period. To determine the fair value of assets acquired and liabilities assumed in an acquisition, which generally include land, building, improvements, and intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases at the acquisition date, the Company utilizes various estimates, processes and information to determine the as-if-vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, and discounted cash flow analyses. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. The Company assesses the fair value of leases assumed at acquisition based upon estimated cash flow projections that utilize appropriate discount rates and available market information. Refer to the policy section "Intangible Assets and Liabilities" for more information on the Company’s accounting for intangibles. Depreciation is computed using the straight-line method over the shorter of the estimated useful life at acquisition of the capitalized item or 40 years for buildings, five to ten years for building equipment and fixtures, and the lesser of the useful life or the remaining lease term for tenant improvements and leasehold interests. Maintenance and repair expenditures are charged to expense as incurred. For transactions that qualify as business combinations, the Company recognizes the assets acquired and liabilities assumed at fair value, including the value of intangible assets and liabilities, and any excess or deficit of the consideration transferred relative to the fair value of the net assets acquired is recorded as goodwill or a bargain purchase gain, as appropriate. Acquisition costs of business combinations are expensed as incurred. Capital Improvements In leasing space, the Company may provide funding to the lessee through a tenant allowance. Certain improvements are capitalized when they are determined to increase the useful life of the building. During construction of qualifying projects, the Company capitalizes project management fees as permitted to be charged under the lease, if incremental and identifiable. In accounting for tenant allowances, the Company determines whether the allowance represents funding for the construction of leasehold improvements and evaluates the ownership of such improvements. If the Company is considered the owner of the leasehold improvements, the Company capitalizes the amount of the tenant allowance and depreciates it over the shorter of the useful life of the leasehold improvements or the lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements for accounting purposes, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of rental revenue. Factors considered during this evaluation usually include (i) who holds legal title to the improvements, (ii) evidentiary requirements concerning the spending of the tenant allowance, and (iii) other controlling rights provided by the lease agreement (e.g. unilateral control of the tenant space during the build-out process). Determination of the accounting for a tenant allowance is made on a case-by-case basis, considering the facts and circumstances of the individual tenant lease. Impairments The Company reviews the recoverability of a property’s carrying value when circumstances indicate a possible impairment of the value of a property, such as an adverse change in future expected occupancy or a significant decrease in the market price of an asset. The review of recoverability is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as changes in strategy resulting in an increased or decreased holding period, expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If management determines impairment exists due to the inability to recover the carrying value of a property, for properties to be held and used, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property and for assets held for sale, an impairment loss is recorded to the extent that the carrying value exceeds the fair value less estimated cost of disposal. These assessments are recorded as an impairment loss in the Consolidated Statements of Operations in the period the determination is made. The estimated fair value of the asset becomes its new cost basis. For a depreciable long-lived asset to be held and used, the new cost basis will be depreciated or amortized over the remaining useful life of that asset. Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The Company's restricted cash primarily consists of reserves for certain capital improvements, leasing, interest and real estate tax and insurance payments as required by certain mortgage note obligations, as well as proceeds from property sales held by qualified intermediaries to be used for tax-deferred, like-kind exchanges under section 1031 of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Statements of Cash Flows. As of December 31, 2017 2016 Cash and cash equivalents $ 30,231 $ 67,529 Restricted cash 12,723 12,904 Total cash, cash equivalents, and restricted cash $ 42,954 $ 80,433 Variable Interest Entities The Company had five and three consolidated VIEs as of December 31, 2017 and 2016 , respectively, and had two and four unconsolidated VIEs as of December 31, 2017 and 2016 , respectively, which the Company determined based on the structure and control provisions of each entity. Consolidated VIEs The Company’s five consolidated VIEs as of December 31, 2017 included the Operating Partnership and four land parcels in Fort Mill, South Carolina acquired by an investment entity formed in December 2017, on which it will fund the development of four industrial facilities, or the Lakemont Development Investment. The Company has a 95.0% interest in the Lakemont Development Investment and will acquire the seller’s retained 5.0% interest when the properties are developed and leased. As of December 31, 2017 , the Company’s carrying value of the Lakemont Development Investment was $4,584 . The Company’s three consolidated VIEs as of December 31, 2016 included the Operating Partnership, a build-to-suit industrial property in Round Rock, Texas for which the Company was the lender under a non-recourse financing arrangement with the owner and developer, or Proportion Foods, and the entity that provided investment and asset management services to the Gramercy European Property Fund, which was the Company’s unconsolidated European investment formed in 2014, or European Fund Manager. The construction on the property held by Proportion Foods was completed in March 2017, at which time the Company acquired the property. The Company had a 50.0% interest in European Fund Manager, however following the disposal of the Gramercy European Property Fund’s assets in July 2017, European Fund Manager was dissolved. As of December 31, 2017, Proportion Foods and European Fund Manager were no longer considered consolidated VIEs. As of December 31, 2016, the Company’s carrying value of Proportion Foods and European Fund Manager was $19,795 and $1,053 , respectively. Unconsolidated VIEs The Company’s two unconsolidated VIEs as of December 31, 2017 included its retained non-investment grade subordinate bonds, preferred shares and ordinary shares of two collateralized debt obligations, or CDOs, of which there were originally three in 2014, which are collectively herein referred to as the Retained CDO Bonds. In April 2017, one of the CDOs commenced liquidation, from which the Company will not receive any proceeds, thus as of December 31, 2017, one of the Retained CDO Bonds was no longer considered an unconsolidated VIE. Refer to the “Other Assets” section of Note 2 and also to Note 9 for more information on the accounting and valuation of the Retained CDO Bonds. As of December 31, 2017, the Company’s carrying value of the Retained CDO Bonds was $5,527 . The Company’s four unconsolidated VIEs as of December 31, 2016 included the Retained CDO Bonds and the European entity entitled to certain preferential distributions through its interest in the Gramercy European Property Fund, or European Fund Carry Co. Following the sale of the Gramercy European Property Fund’s assets in July 2017, European Fund Carry Co. was dissolved, thus as of December 31, 2017, it was no longer considered an unconsolidated VIE. As of December 31, 2016, the Company’s carrying value of the Retained CDO Bonds and European Fund Carry Co. was $11,906 and $8 , respectively. Tenant and Other Receivables Tenant and other receivables are derived from rental revenue, tenant reimbursements, and management fees. Rental revenue is recorded on a straight-line basis over the initial term of the lease. Since many leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable, and include in revenues, unbilled rent receivables that will only be received if the tenant makes all rent payments required through the expiration of the initial term of the lease. Tenant and other receivables also include receivables related to tenant reimbursements for common area maintenance expenses and certain other recoverable expenses that are recognized as revenue in the period in which the related expenses are incurred. Tenant and other receivables are recorded net of the allowance for doubtful accounts, which was $638 and $57 as of December 31, 2017 and 2016 , respectively. The Company continually reviews receivables related to rent, tenant reimbursements, and management fees, including incentive fees, and determines collectability by taking into consideration the tenant or asset management clients’ payment history, the financial condition of the tenant or asset management client, business conditions in the industry in which the tenant or asset management client operates and economic conditions in the area in which the property or asset management client is located. In the event that the collectability of a receivable is in doubt, the Company increases the allowance for doubtful accounts or records a direct write-off of the receivable, as appropriate. Management fees, including incentive management fees, are recognized as earned in accordance with the terms of the management agreements. The management agreements may contain provisions for fees related to dispositions, administration of the assets including fees related to accounting, valuation and legal services, and management of capital improvements or projects on the underlying assets. Intangible Assets and Liabilities As discussed above in policy section, "Real Estate Acquisitions," the Company follows the acquisition method of accounting for its asset acquisitions and business combinations and thus allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired based on their respective fair values. Identifiable intangible assets include amounts allocated to acquired leases for above- and below-market lease rates and the value of in-place leases. Management also considers information obtained about each property as a result of its pre-acquisition due diligence. Above-market and below-market lease values for properties acquired are recorded based on the present value of the difference between the contractual amount to be paid pursuant to each in-place lease and management’s estimate of the fair market lease rate for each such in-place lease, measured over a period equal to the remaining non-cancelable term of the lease. The present value calculation utilizes a discount rate that reflects the risks associated with the leases acquired. The above-market and below-market lease values are amortized as a reduction of and increase to rental revenue, respectively, over the remaining non-cancelable terms of the respective leases. If a tenant terminates its lease prior to its contractual expiration and no future rental payments will be received, any unamortized balance of the market lease intangibles will be written off to rental revenue. The aggregate value of in-place leases represents the costs of leasing costs, other tenant related costs, and lost revenue that the Company did not have to incur by acquiring a property that is already occupied. Factors considered by management in its analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the anticipated lease-up period. Management also estimates costs to execute similar leases including leasing commissions and other related expenses. The value of in-place leases is amortized to depreciation and amortization expense over the remaining non-cancelable term of the respective leases. In no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease prior to its contractual expiration and no future rental payments will be received, any unamortized balance of the in-place lease intangible will be written off to depreciation and amortization expense. Above-market and below-market ground rent intangibles are recorded for properties acquired in which the Company is the lessee pursuant to a ground lease assumed at acquisition. The above-market and below-market ground rent intangibles are valued similarly to above-market and below-market leases, except that, because the Company is the lessee as opposed to the lessor, the above-market and below-market ground lease values are amortized as a reduction of and increase to rent expense, respectively, over the remaining non-cancelable terms of the respective leases. Intangible assets and liabilities consist of the following: As of December 31, 2017 2016 Intangible assets: In-place leases, net of accumulated amortization of $194,836 and $117,717 $ 545,782 $ 553,924 Above-market leases, net of accumulated amortization of $25,229 and $15,719 46,713 59,647 Below-market ground rent, net of accumulated amortization of $408 and $274 6,064 5,109 Total intangible assets $ 598,559 $ 618,680 Intangible liabilities: Below-market leases, net of accumulated amortization of $28,516 and $26,168 $ 159,652 $ 223,110 Above-market ground rent, net of accumulated amortization of $462 and $248 6,839 7,073 Total intangible liabilities $ 166,491 $ 230,183 The following table provides the weighted average amortization period as of December 31, 2017 for intangible assets and liabilities and their projected amortization for the next five years. Weighted Average Amortization Period (years) 2018 2019 2020 2021 2022 In-place leases 9.3 $ 98,551 $ 85,062 $ 71,384 $ 60,155 $ 46,838 Total to be included in depreciation and amortization expense $ 98,551 $ 85,062 $ 71,384 $ 60,155 $ 46,838 Above-market lease assets 6.9 $ 10,175 $ 9,230 $ 7,292 $ 6,019 $ 3,342 Below-market lease liabilities 17.6 (12,291 ) (12,021 ) (11,585 ) (10,467 ) (9,872 ) Total to be included in rental revenue $ (2,116 ) $ (2,791 ) $ (4,293 ) $ (4,448 ) $ (6,530 ) Below-market ground rent 39.5 $ 158 $ 158 $ 158 $ 158 $ 158 Above-market ground rent 32.3 (214 ) (214 ) (214 ) (214 ) (214 ) Total to be included in property operating expense $ (56 ) $ (56 ) $ (56 ) $ (56 ) $ (56 ) The Company recorded $100,196 , $112,072 , and $37,592 of amortization of intangible assets as part of depreciation and amortization expense for the years ended December 31, 2017 , 2016 , and 2015 , respectively. The Company recorded $4,942 , $10,768 and $12,256 of amortization of intangible assets and liabilities as an increase to rental revenue for the years ended December 31, 2017 , 2016 , and 2015 , respectively. The Company recorded $(79) , $28 , and $41 of amortization of ground rent intangible assets and liabilities as an (increase to) or reduction of property operating expense for the years ended December 2017 , 2016 , and 2015 , respectively. Revenue Real Estate Investments Rental revenue from leases on real estate investments is recognized on a straight-line basis over the term of the lease, regardless of when payments are contractually due. The excess of rental revenue recognized over the amounts contractually due according to the underlying leases are included in tenant and other receivables, net on the Consolidated Balance Sheets. For leases on properties that are under construction at the time of acquisition, the Company begins recognition of rental revenue upon completion of construction of the leased asset and delivery of the leased asset to the tenant. The Company’s lease agreements with tenants also generally contain provisions that require tenants to reimburse the Company for real estate taxes, insurance costs, common area maintenance costs, and other property-related expenses. Under lease arrangements in which the Company is the primary obligor for these expenses, the Company recognizes such amounts as both revenues and operating expenses. Under lease arrangements in which the tenant pays these expenses directly, such amounts are not included in revenues or expenses. These reimbursement amounts are recognized in the period in which the related expenses are incurred. The Company recognizes sales of real estate properties only upon closing. Payments received from purchasers prior to closing are recorded as deposits. Profit on real estate sold is recognized using the full accrual method upon closing when the collectability of the sale price is reasonably assured and the Company is not obligated to perform significant activities after the sale. Profit may be deferred in whole or part until the sale meets the requirements of profit recognition on sale of real estate. Management Fees The Company’s asset and property management agreements may contain provisions for fees related to dispositions, administration of the assets including fees related to accounting, valuation and legal services, and management of capital improvements or projects on the underlying assets. The Company recognizes revenue for fees pursuant to its management agreements in the period in which they are earned. Deferred revenue from management fees received prior to the date earned are included in other liabilities on the Consolidated Balance Sheets. Certain of the Company’s asset management contracts and agreements with its unconsolidated equity investments include provisions that allow it to earn additional fees, generally described as incentive fees or promoted interests, based on the achievement of a targeted valuation or the achievement of a certain internal rate of return on the managed assets held by third parties or the equity investment. The Company recognizes incentive fees on its asset management contracts based upon the amount that would be due pursuant to the contract if the contract were terminated at the reporting date. If the incentive fee is a fixed amount, only a proportionate share of revenue is recognized at the reporting date, with the remaining fees recognized on a straight-line basis over the measurement period. The Company recognizes promoted interest in the period in which it is determined to be appropriately earned pursuant to the terms of the specific agreement. The values of incentive fees and promoted interest fees are periodically evaluated by management. The Company’s management agreement with KBS Acquisition Sub, LLC, or KBS, which has historically been a significant source of its management fee revenue, was terminated on March 31, 2017. For the years ended December 31, 2017 , 2016 , and 2015 , the Company recognized incentive fees of $1,721 , $19,159 , and $3,012 , respectively. Other Income Other income primarily consists of miscellaneous property related income, lease termination fees, income accretion on the Company’s Retained CDO Bonds, realized foreign currency exchange gains (losses), and interest income. Foreign Currency The Company's European management platform performs asset and property management services in Europe. The Company has unconsolidated equity investments in Europe and Asia and previously had two wholly-owned properties in Canada and one wholly-owned property in the United Kingdom until their dispositions in March 2017 and December 2016, respectively. The Company also had borrowings outstanding in euros and British pounds sterling under the multicurrency portion of its revolving credit facility during 2017. Refer to Note 5 for more information on the Company’s foreign unconsolidated equity investments. Foreign Currency Translation During the periods presented, the Company had interests in Europe and Canada for which the functional currencies are the euro, the British pound sterling, and the Canadian dollar, respectively. The Company performs the translation from these foreign currencies to the U.S. dollar for assets and liabilities using the exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted average exchange rate during the period. The Company reports the gains and losses resulting from such translation as a component of other comprehensive income. The Company recorded net translation gains (losses) of $2,441 , $(6,094) , and $(594) for the years ended December 31, 2017 , 2016 , and 2015 , respectively. These translation gains and losses are reclassified to other income within earnings when the Company has substantially exited from the foreign currency denominated asset or liability. Foreign Currency Transactions A transaction gain or loss realized upon settlement of a foreign currency transaction will be included in earnings for the period in which the transaction is settled. Foreign currency intercompany transactions that are scheduled for settlement are included in the determination of net income. Intercompany foreign currency transactions of a long-term nature that do not have a planned or foreseeable future settlement date, in which the entities to the transactions are consolidated or accounted for by the equity method in the Company’s financial statements, are not included in net income but are reported as a component of other comprehensive income. For the years ended December 31, 2017 , 2016 , and 2015 , the Company recognized net realized foreign currency transaction gains (losses) of $109 , $102 and $(23) , respectively, on such transactions. Other Assets The Company includes prepaid expenses, capitalized software costs, contract intangible assets, deferred costs, loan investments, goodwill, derivative assets, and Retained CDO Bonds in other assets. Prepaid Expenses The Company makes payments for certain expenses such as insurance and property taxes in advance of the period in which it receives the benefit. These payments are amortized over the respective period of benefit relating to the contractual arrangement. The Company also makes payments for deposits related to pending acquisitions and financing arrangements, as required by a seller or lender, respectively. Costs prepaid in connection with securing financing for a property are reclassified into deferred financing costs at the time the transaction is completed. Capitalized Software Costs and Contract Intangible Assets The Company capitalizes its costs of software purchased for internal use and once the software is placed into service, the costs are amortized into expense on a straight-line basis over the asset's estimated useful life, which is generally three years. Contracts the Company has assumed in connection with a business combination, such as asset or property management contracts, are recorded at fair value at the time of acquisition, which is determined using a discounted cash flow analysis that considers the contract’s projected cash flows, factoring in any renewal or termination provisions, and a discount rate that reflects the associated risks. The value of the contract intangible is amortized to property management expense on a straight-line basis over the expected remaining useful term of the contract and if the contract is terminated prior to its contractual expiration, any unamortized balance of the contract intangible will be written off to property management expense. Deferred Costs The Company's deferred costs consist of deferred financing costs, deferred leasing costs, and deferred costs of lease inducements, and are presented in other assets net of accumulated amortization. Deferred financing costs are comprised of costs associated with the Company’s unsecured credit facility and include commitment fees, issuance costs, and legal and other third-party costs associated with obtaining the related financing. Deferred financing costs are amortized into interest expense on a straight-line or effective interest basis over the contractual term of the respective agreement. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity and costs incurred in seeking financing transactions that do not close are expensed when it is determined the financing will not close. Deferred leasing costs include direct costs, such as lease commissions, incurred to initiate and renew operating leases and are amortized into depreciation expense on a straight-line basis over the related lease term. The Company also has deferred costs associated with lease inducement fees paid to secure acquisitions, which are amortized on a straight-line basis over the related lease term as a reduction of rental revenue. Loan Investments The Company may originate loans related to specific real estate development projects. In October 2017, the Company entered into an agreement to provide a mezzanine construction loan facility with a maximum commitment of $250,000 to an industrial developer as borrower. The Company has approval rights for all new projects added to the facility, which has an initial term of five years , plus two one -year extension options and earns interest ranging from 9.00% to 12.00% depending on occupancy and loan-to-value. As of December 31, 2017 , the carrying value of the Company’s loan investments was $22,154 and the loan investments had a weighted average interest rate of 10.47% . The Company’s loan investments are presented in other assets at cost, net of accumulated amortization of related loan costs. Loan costs are amortized on a straight-line or effect |
Dispositions, Assets Held for S
Dispositions, Assets Held for Sale, and Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions, Assets Held for Sale, and Discontinued Operations | Dispositions, Assets Held for Sale, and Discontinued Operations Real Estate Dispositions During the year ended December 31, 2017 , the Company sold 34 properties as well as two offices that are part of another asset. The property sales in 2017 comprised an aggregate 3,203,565 square feet and generated gross proceeds of $412,578 . During the year ended December 31, 2017 , the Company recognized a net gain on disposals of $46,808 related to 32 properties sold during the period. During the year ended December 31, 2017 , the Company recognized a total impairment on real estate investments of $37,822 , of which $19,559 is related to seven properties held as of December 31, 2017 that were determined to have non-recoverable declines in value during the period, and the remainder is related to properties sold during the period. Refer to Note 9 for more information on how the Company determined the non-recurring fair value of these properties. Of the properties sold during the year ended December 31, 2017 , 11 of the sales were structured as like-kind exchanges within the meaning of section 1031 of the Internal Revenue Code. As a result of the sales, the Company deposited $212,942 of the total sale proceeds into a 1031 exchange escrow account with a qualified intermediary, all of which was used as consideration for 15 property acquisitions during the year ended December 31, 2017 . During the year ended December 31, 2016, the Company sold 24 properties, including six properties contributed to Strategic Office Partners, an unconsolidated equity investment in which the Company has a 25.0% interest. During the year ended December 31, 2016, the Company recognized a $3,877 gain on disposals and a $2,844 impairment on real estate investments that were disposed during the period, including $321 net gain on disposals within discontinued operations. During the year ended December 31, 2016, the Company recognized an additional $8,263 impairment on a real estate investment that was held as of December 31, 2016. Six of the properties sold during the year ended December 31, 2016, which were sold for gross proceeds of $397,055 , represent properties assumed in the Merger that were designated as held for sale at the time of Merger closing, and were thus included in discontinued operations for all periods presented. No other properties sold during the years ended December 31, 2017, 2016, or 2015 were included in discontinued operations. During the year ended December 31, 2015, the Company sold seven properties, including the sale of 50.0% of its interest in an office property located in Morristown, New Jersey. The Company recognized a $839 net gain on disposals and no impairments on real estate investments during the year ended December 31, 2015. Assets Held for Sale In the normal course of business the Company identifies non-strategic assets for sale. The Company separately classifies properties held for sale in its Consolidated Financial Statements. As of December 31, 2017 , the Company had one asset classified as held for sale, which had a net asset value of $402 , all of which represented the value of the real estate investments contained in the asset. As of December 31, 2016 , the Company had no assets classified as held for sale. Real estate investments to be disposed of are reported at the lower of carrying amount or estimated fair value, less costs to sell. Once an asset is classified as held for sale, depreciation and amortization expense is no longer recorded. Discontinued Operations The Company's discontinued operations for the years ended December 31, 2017 , 2016 , and 2015 were primarily related to the assets that were assumed in the Merger and simultaneously designated as held for sale. The following operating results for the years ended December 31, 2017 , 2016 , and 2015 are included in discontinued operations for all periods presented: Year Ended December 31, 2017 2016 2015 Operating Results: Revenues $ 5 $ 6,547 $ 2,052 Operating expenses 6 (2,304 ) (290 ) General and administrative expense (100 ) (176 ) (384 ) Interest expense — (807 ) (503 ) Depreciation and amortization — (112 ) — Gain on extinguishment of debt — 1,930 — Income (loss) from operations (89 ) 5,078 875 Net gain on disposals — 321 — Income (loss) from discontinued operations $ (89 ) $ 5,399 $ 875 Discontinued operations have not been segregated in the Consolidated Statements of Cash Flows. The Company's discontinued operations and cash flows related to discontinued operations were not significant for the year ended December 31, 2017. The table below presents additional relevant information pertaining to results of discontinued operations for the years ended December 31, 2016 and 2015 , including depreciation, amortization, capital expenditures, and significant operating and investing noncash items: Year Ended December 31, 2016 2015 Amortization expense $ (112 ) $ — Significant operating noncash items (9,137 ) (273 ) Significant investing noncash items — 131,358 Increase in cash and cash equivalents related to foreign currency translation — 121 Total $ (9,249 ) $ 131,206 |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Real Estate Investments | Real Estate Investments Property Acquisitions During the year ended December 31, 2017 , the Company acquired 79 properties comprising 19,643,747 square feet for an aggregate contract purchase price of approximately $1,466,811 , including the acquisition of a consolidated VIE for $29,605 , a vacant property for $2,400 , two land parcels for $6,840 , and one build-to-suit property upon completion for $63,244 . Additionally, during the year ended December 31, 2017 , the Company acquired seven land parcels for an aggregate purchase price of $10,190 , on which it committed to construct industrial facilities for an aggregate estimated $95,511 , of which one was completed in October 2017. The t otal value of the properties acquired during the year ended December 31, 2017 was comprised of $1,385,617 of real estate assets, $135,414 of intangible assets, and $21,516 of intangible liabilities, including acquisition costs capitalized for the asset acquisitions. Property Purchase Price Allocations As described in Note 2 , during the first quarter of 2017 the Company adopted ASU 2017-01, Amendments to Business Combinations, which amends the definition of a business and provides a revised framework for the determination of whether an integrated set of assets and activities meets the definition of a business. The Company evaluated its real estate acquisitions during the year ended December 31, 2017 under the new framework and, accordingly, accounted for the transactions as asset acquisitions. Prior to adoption of ASU 2017-01 in 2017, the majority of the Company’s acquisitions were accounted for as business combinations. Of the acquisitions prior to 2017, there were 21 properties acquired in 2016 that were accounted for as business combinations which had preliminary purchase price allocations recorded as of December 31, 2016 . The Company finalized the purchase price allocations of these 21 properties during the first quarter of 2017. The aggregate changes recorded from the preliminary purchase price allocations to the finalized purchase price allocations, are shown in the table below and are reflected in earnings for year ended December 31, 2017 : Preliminary Allocations recorded Finalized Allocations recorded Real Estate Assets Intangible Assets Intangible Liabilities Real Estate Assets Intangible Assets Intangible Liabilities Decrease to Rental Revenue Increase to Depreciation and Amortization Expense $ 513,424 $ 61,178 $ 11,093 $ 513,087 $ 60,627 $ 10,205 $ 27 $ 16 |
Unconsolidated Equity Investmen
Unconsolidated Equity Investments | 12 Months Ended |
Dec. 31, 2017 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Unconsolidated Equity Investments | Unconsolidated Equity Investments The Company has investments in a variety of ventures. The Company will co-invest in entities that own multiple properties with various investors or with one partner. The Company may manage the ventures and earn fees, such as asset and property management fees, incentive fees, and promoted interest for its services, or one of the other partners will manage the ventures for similar such fees. Depending on the structure of the venture, the Company’s voting interest may be different than its economic interest. The Company accounts for substantially all of its unconsolidated equity investments under the equity method of accounting because it exercises significant influence, but does not unilaterally control the entities, and is not considered to be the primary beneficiary. In unconsolidated equity investments, the rights of the other investors are protective and participating. Unless the Company is determined to be the primary beneficiary, these rights preclude it from consolidating the investments. The investments are recorded initially at cost as unconsolidated equity investments, as applicable, and subsequently are adjusted for equity interest in net income and contributions and distributions. The amount of the investments on the Consolidated Balance Sheets is evaluated for impairment at each reporting period. None of the unconsolidated equity investment debt is recourse to the Company. Transactions with unconsolidated equity method entities are eliminated to the extent of the Company’s ownership in each such entity. Accordingly, the Company’s share of net income of these equity method entities is included in consolidated net income. As a result of the Merger in 2015, the Company acquired an interest in four unconsolidated entities, the Goodman Europe JV, the Goodman UK JV, CBRE Strategic Partners Asia, and the Duke JV, which are described below. The Company’s equity investment in the entities was fair valued on the Merger closing date, and the difference between the historical carrying value of the net assets and the fair value was recorded as a basis difference, which is amortized to equity in net income (loss) from unconsolidated equity investments over the remaining weighted average useful life of the underlying assets of each entity. As of December 31, 2017 and 2016 , the Company owned properties through unconsolidated equity investments and had investment interests in these unconsolidated entities as follows: As of December 31, 2017 As of December 31, 2016 Investment Ownership % Voting Interest % Partner Investment in Unconsolidated Equity Investment 1 No. of Properties Investment in Unconsolidated Equity 1 No. of Properties Strategic Office Partners 25.0 % 25.0 % TPG Real Estate $ 28,243 13 $ 15,872 6 E-Commerce JV 51.0 % 50.0 % Ample Glow Investments 17,798 — — — Goodman UK JV 80.0 % 50.0 % Goodman Group 15,768 1 25,309 2 CBRE Strategic Partners Asia 5.07 % 5.07 % Various 2,820 1 4,145 2 Philips JV 25.0 % 25.0 % Various — 1 — 1 Morristown JV 50.0 % 50.0 % 21 South Street 2,636 1 2,623 1 Gramercy European Property Fund III 19.9 % 50.0 % Various 2,949 — — — Gramercy European Property Fund 2 — % — % Various — — 50,367 26 Goodman Europe JV 3 — % — % Gramercy European Property Fund — — 3,491 8 Total $ 70,214 17 $ 101,807 46 1. The amounts presented include a basis difference of $1,943 , net of accumulated amortization, for the Goodman UK JV as of December 31, 2017. The amounts presented include basis differences of $2,286 , and $3,941 , net of accumulated amortization, for the Goodman Europe JV and the Goodman UK JV, respectively, as of December 31, 2016 . 2. The Gramercy European Property Fund sold 100.0% of its assets to a third party in July 2017 and was subsequently dissolved, thus the Company had no remaining investment in the entity as of December 31, 2017 . The amount presented as of December 31, 2016 includes European Fund Carry Co., which has a carrying value of $8 for the Company's 25.0% interest. 3. In the table above, the Company’s 94.9% indirect interest in the Goodman Europe JV held through its 14.2% interest in the Gramercy European Property Fund is included in the amount shown for the Gramercy European Property Fund and the Company’s 5.1% direct interest in the Goodman Europe JV is presented separately as the amount shown for the Goodman Europe JV. In July 2017, the Company sold its 5.1% direct interest in the Goodman Europe JV and the assets of the Goodman Europe JV were sold to a third party as part of the aforementioned sale of the assets of Gramercy European Property Fund. The following is a summary of the Company’s unconsolidated equity investments for the years ended December 31, 2017 and 2016 : 2017 2016 Balance at beginning of period $ 101,807 $ 580,000 Contributions to unconsolidated equity investments 1 34,277 76,856 Equity in net income of unconsolidated equity investments, including adjustments for basis differences 48,248 2,409 Other comprehensive income (loss) of unconsolidated equity investments 7,012 (7,264 ) Distributions from unconsolidated equity investments 2 (112,292 ) (411,837 ) Purchase price allocations — 5,000 Reclassification of unrealized gain of non-derivative net investment hedge into earnings 1,851 — Gain on sale and dissolution of unconsolidated equity investment interests — 12,570 Sale of unconsolidated equity investments (9,327 ) (151,546 ) Receivable from dissolution of joint venture — (644 ) Reclassification of accumulated foreign currency translation adjustments due to disposal (1,362 ) (3,737 ) Balance at end of period $ 70,214 $ 101,807 1. Includes the fair value of the six properties of $46,608 contributed by the Company to Strategic Office Partners during 2016. 2. Includes the fair value of the seven properties of $276,100 distributed by the Duke JV to the Company during 2016. Strategic Office Partners In August 2016, the Company partnered with TPG Real Estate, or TPG, to form Strategic Office Partners, an unconsolidated equity investment created for the purpose of acquiring, owning, operating, leasing and selling single-tenant office properties located in high-growth metropolitan areas in the United States. In September 2016, the Company contributed six properties to Strategic Office Partners and during the year ended December 31, 2017 , Strategic Office Partners acquired eight properties and sold one property. As a result of the Company's initial property contribution in 2016, the Company recorded a gain of $2,336 , which is recorded in net gain on disposals in its Consolidated Statements of Operations for the year ended December 31, 2016. The Company provides asset and property management, accounting, construction, and leasing services to Strategic Office Partners, for which it earns management fees and is entitled to a promoted interest. TPG and the Company have committed an aggregate $400,000 to Strategic Office Partners, including $100,000 from the Company. During the year ended December 31, 2017 , the Company contributed $13,450 to Strategic Office Partners and as of December 31, 2017 , the Company's remaining commitment is $70,523 . During the years ended December 31, 2017 and 2016, the Company received cash distributions of $2,710 and $30,581 , respectively, from Strategic Office Partners. E-Commerce JV In November 2017, the Company formed a joint venture with an investment partner, which will acquire, own and manage Class A distribution centers leased to leading e-commerce tenants on long-term leases across the United States, or the E-Commerce JV. The Company has joint control over the E-Commerce JV, which is shared equally with its investment partner. The Company provides asset and property management and accounting services to the E-Commerce JV, for which it earns management fees. The Company has a 51.0% interest in the E-Commerce JV and has committed capital to fund its initial acquisition of six properties, as well as the acquisition of additional properties in the future, subject to the partners' approval. The Company's pro rata funding commitment for the initial six properties is estimated at approximately $110,000 , of which approximately $80,000 will be funded in OP Units and approximately $30,000 will be funded in cash. During the year ended December 31, 2017 , the Company contributed $17,811 in cash to the E-Commerce JV to fund purchase deposits. The E-Commerce JV did not own any properties as of December 31, 2017 . European Investment Funds Gramercy European Property Fund In December 2014, the Company, along with several equity investment partners, formed the Gramercy European Property Fund, a private real estate investment fund, which targets single-tenant industrial, office and specialty retail assets throughout Europe. Since inception, the equity investors, including the Company, have collectively funded $395,213 ( €352,500 ) in equity capital to the Gramercy European Property Fund, of which the Company's cumulative contributions were $55,892 ( €50,000 ). In July 2017, the Gramercy European Property Fund sold 100.0% of its assets to a third party, including 30 properties that it 100.0% owned and eight additional properties that it had a 94.9% interest in through its investment in the Goodman Europe JV. Concurrently, the Company sold its 5.1% direct interest in the Goodman Europe JV to the same entity that acquired the Gramercy European Property Fund’s assets. The transactions resulted in net distributions to the Company of approximately $102,785 ( €90,107 ), inclusive of a promoted interest distribution of approximately $8,840 ( €7,727 ). As a result of the transactions, during the year ended December 31, 2017, the Company recorded net gain on disposal of $27,575 and $6,142 related to the Gramercy European Property Fund and the Goodman Europe JV, respectively, including $(634) and $145 , respectively, related to the write-off of accumulated other comprehensive income, related to the write-off of accumulated other comprehensive income on the net investment hedge, and approximately $8,840 of fee income related to the promoted interest from the European Fund Carry Co. The amount written off from accumulated other comprehensive income into earnings for the Gramercy European Property Fund includes $(1,851) related to the Company's euro-denominated non-derivative net investment hedge, as the euro borrowings under the 2015 Revolving Credit Facility were repaid and the hedge instrument was terminated in connection with the sale transactions during year ended December 31, 2017. All of these amounts are recorded within equity in net income of unconsolidated equity investments on the Company’s Consolidated Statements of Operations for the year ended December 31, 2017. Following the transactions, the Gramercy European Property Fund had no properties, the value of the Company’s investment in the Gramercy European Property Fund had no remaining value, and the Company had no remaining interest in the Goodman Europe JV. During the fourth quarter of 2017, European Fund Carry Co. and European Fund Manager were liquidated. In connection with the sale transactions, the Company's management contract arrangement with the Gramercy European Property Fund was terminated; however, the Company continues to manage the assets that were held by both the Gramercy European Property Fund and the Goodman Europe JV for the new owner through June 2018 pursuant to a new asset management contract entered into upon closing of the sale transactions. Refer to the Management’s Discussion and Analysis for further information on the transaction. During the years ended December 31, 2017, 2016, and 2015, the Company received distributions of $689 , $10,030 , and $0 , respectively, from the Goodman Europe JV and no distributions from the Gramercy European Property Fund, excluding the distributions in 2017 related to the sale transactions described above. In May 2016, the Gramercy European Property Fund acquired a 20.0% interest in the Goodman Europe JV, in which the Company had the remaining 80.0% interest, for a total purchase price of $47,633 ( €42,766 ). In June 2016, the Gramercy European Property Fund acquired 74.9% of the Company’s 80.0% interest in the Goodman Europe JV for a total purchase price of $148,884 ( €134,336 ). As of December 31, 2016, the Company had a 14.2% interest in the Gramercy European Property Fund, which had a 94.9% ownership interest in the Goodman Europe JV, and a 5.1% direct interest in the Goodman Europe JV, as well as an indirect interest in the remaining 94.9% interest that is held through its 14.2% interest in the Gramercy European Property Fund. As a result of the Gramercy European Property Fund’s acquisition of the Goodman Group’s 20.0% interest in the Goodman Europe JV, the Goodman Europe JV shareholder agreement, which previously had the same terms as that of the Goodman UK JV, was amended such that control was allocated to the joint venture partners based upon ownership interest. Following the transactions, the Company maintained significant influence in the Goodman Europe JV, thus it continued to account for its interest using the equity method. Pursuant to the amended Goodman Europe JV shareholder agreement, the Goodman Europe JV paid accounting and property management fees to the Goodman Group and paid investment advisory and other management-related fees to the Gramercy European Property Fund in connection with the services provided by these entities. In December 2016, the Company sold its 5.1% interest in one property located in Lille, France held by the Goodman Europe JV to the Gramercy European Property Fund, in which it had a 14.2% ownership interest, for gross proceeds of $2,662 ( €2,563 ). Refer to Note 8 for additional information on the equity transactions related to the Gramercy European Property Fund and the Goodman Europe JV. Gramercy European Property Fund III In October 2017, the Company formed a new European investment fund with several other equity investment partners, or the Gramercy European Property Fund III, which has total initial capital commitment of $315,278 ( €262,622 ) from all investors, of which the Company’s initial capital commitment is $62,651 ( €52,187 ), representing an interest of approximately 19.9% . The Company provides asset and property management and accounting services to the Gramercy European Property Fund III, for which it is entitled to management fees and a promoted interest. During the year ended December 31, 2017, the Company contributed $3,016 ( €2,514 ) to the Gramercy European Property Fund III, of which $2,266 ( €1,888 ) was accrued at December 31, 2017 and funded in January 2018. The Gramercy European Property Fund III did not own any properties as of December 31, 2017 . Goodman UK JV The Goodman UK JV invests in industrial properties in the United Kingdom. Pursuant to the Goodman UK JV shareholder agreement, if a deadlock arises pertaining to a major decision regarding a specific property, either shareholder may exercise a buy-sell option in relation to the relevant property for the Goodman UK JV. Additionally, after the initial investment period, either shareholder wishing to exit the Goodman UK JV may exercise a buy-sell option with respect to its entire interest. The Goodman Group provides investment advisory, development and property management, and other services to the Goodman UK JV, for which it earns management fees and is entitled to a promoted interest. During the years ended December 31, 2017 , 2016 , and 2015 the Company received distributions of $14,688 , $13,344 , and $0 , respectively, from the Goodman UK JV. CBRE Strategic Partners Asia CBRE Strategic Partners Asia is a real estate investment fund with investments in China. CBRE Strategic Partners Asia has an eight -year term, which began on January 31, 2008 and may be extended for up to two one -year periods with the approval of two-thirds of the limited partners. CBRE Strategic Partners Asia's commitment period has ended; however, it may call capital to fund operations, obligations and liabilities. In March 2016, the limited partners approved a one -year extension. In February 2017, the fund commenced liquidation and it will wind up over the next 12 months. CBRE Strategic Partners Asia is managed by CBRE Investors SP Asia II, LLC, an affiliate of CBRE Global Investors. CBRE Strategic Partners Asia is not obligated to redeem the interests of any of its investors, including of the Company, prior to 2017. Except in certain limited circumstances such as transfers to affiliates or successor trustees or state agencies, the Company will not be permitted to sell its interest in CBRE Strategic Partners Asia without the prior written consent of the general partner, which the general partner may withhold in its sole discretion. The Company’s 5.07% investment in CBRE Strategic Partners Asia is presented in the Consolidated Financial Statements at fair value. See Note 9 for further discussion of the application of the fair value accounting. During the year ended December 31, 2017 , CBRE Strategic Partners Asia sold one of its properties and related to this sale, the Company received distributions of $812 from CBRE Strategic Partners Asia. Philips JV The Company has a 25.0% interest in a joint venture that owns 200 Franklin Square Drive, a 199,900 square foot building located in Somerset, New Jersey which is 100.0% net leased to Philips Holdings, USA Inc., a wholly-owned subsidiary of Royal Philips Electronics through December 2021, or the Philips JV. The property is financed by a $38,662 fixed rate mortgage note with maturity in September 2035. The loan had an anticipated repayment date in September 2015 and, as such, distributions from the property began paying down the loan in September 2015. During the years ended December 31, 2017 and 2016 , the Company received no distributions from the Philips JV and during the year ended December 31, 2015 , the Company received distributions of $344 from the Philips JV. Morristown JV In October 2015, the Company contributed 50.0% of its interest in an office property located in Morristown, New Jersey to a joint venture the Company formed with 21 South Street, a subsidiary of Hampshire Partners Fund VIII LP, or the Morristown JV. Concurrent with the contribution, the Company sold the remaining 50.0% interest in the property to 21 South Street. In October 2015, the Morristown JV entered into a leasing and construction management agreement with Prism Construction Management, LLC to manage the construction of specific improvements at the property. Duke JV The Duke JV invested in industrial and office properties located throughout the United States. The Company’s investment partner, Duke Realty Corporation, or Duke, acted as the managing member of the Duke JV. In June 2016, the Company and Duke entered into a Dissolution and Liquidation Agreement, pursuant to which the Duke JV distributed seven of its properties to the Company and one of its properties and $2,760 to Duke on June 30, 2016. The Duke JV was dissolved in July 2017, following the disposition of its remaining property and final distributions of cash to its members. As a result of the Duke JV's disposition and dissolution transactions, the Company recognized a gain of $7,229 and received cash distributions of $53,807 as well as a final distribution of $41,060 from the Duke JV during the year ended December 31, 2016. Financial Information The Consolidated Balance Sheets for the Company’s unconsolidated equity investments at December 31, 2017 are as follows: Strategic Office Partners E-Commerce JV Goodman UK JV CBRE Strategic Partners Asia Other 1 Assets: Real estate assets, net 2 $ 265,014 $ — $ 18,633 $ 59,373 $ 48,576 Other assets 78,243 35,727 1,473 15,985 18,037 Total assets $ 343,257 $ 35,727 $ 20,106 $ 75,358 $ 66,613 Liabilities and members' equity: Mortgage notes payable $ 213,205 $ — $ — $ — $ 38,662 Other liabilities 15,002 830 203 15,658 3,671 Total liabilities 228,207 830 203 15,658 42,333 Company's equity 28,243 17,798 15,768 2,820 5,585 Other members' equity 86,807 17,099 4,135 56,880 18,695 Liabilities and members' equity $ 343,257 $ 35,727 $ 20,106 $ 75,358 $ 66,613 1. Includes the Philips JV, the Morristown JV, and the Gramercy European Property Fund III. 2. Includes basis adjustments that were recorded by the Company to adjust the unconsolidated equity investments to fair value upon closing of the Merger. The Consolidated Balance Sheets for the Company’s unconsolidated equity investmen ts at December 31, 2016 are as follows: Gramercy European Property Fund 1 Goodman Europe JV Gramercy European Property Fund 2 Total Strategic Office Partners Goodman UK JV CBRE Strategic Partners Asia Other 3 Assets: Real estate assets, net 4 $ 285,087 $ 347,069 $ 632,156 $ 149,484 $ 25,128 $ 87,852 $ 49,580 Other assets 86,273 63,523 149,796 42,323 6,650 12,247 3,020 Total assets $ 371,360 $ 410,592 $ 781,952 $ 191,807 $ 31,778 $ 100,099 $ 52,600 Liabilities and members' equity: Mortgages payable $ 174,269 $ 215,980 $ 390,249 $ 121,894 $ — $ — $ 39,730 Other liabilities 7,778 19,940 27,718 4,347 934 14,383 3,259 Total liabilities 182,047 235,920 417,967 126,241 934 14,383 42,989 Gramercy Property Trust equity 12,734 41,116 53,850 15,872 25,309 4,145 2,631 Other members' equity 176,579 133,556 310,135 49,694 5,535 81,571 6,980 Liabilities and members' equity $ 371,360 $ 410,592 $ 781,952 $ 191,807 $ 31,778 $ 100,099 $ 52,600 1. As of December 31, 2016, the Company had a 5.1% direct interest in the Goodman Europe JV as well as an indirect interest in the remaining 94.9% interest that was held through the Company’s 14.2% interest in the Gramercy European Property Fund. In the table above, the Company’s equity interest in the Goodman Europe JV includes both its direct 5.1% interest as well as its indirect interest that was held through its 14.2% interest in the Gramercy European Property Fund, and the Company’s equity interest in the Gramercy European Property Fund represents its interest in all of the properties owned by the Gramercy European Property Fund except for the properties in the Goodman Europe JV. 2. Excludes the Gramercy European Property Fund’s 94.9% interest in the Goodman Europe JV. 3. Includes the Philips JV, the Morristown JV, and European Fund Carry Co. 4. Includes basis adjustments that were recorded by the Company to adjust the unconsolidated equity investments to fair value upon closing of the Merger. Certain real estate assets in the Company’s unconsolidated equity investments are subject to mortgage notes. The following is a summary of the secured financing arrangements within the Company’s unconsolidated equity investments as of December 31, 2017 : Outstanding Balance 2 Property Unconsolidated Equity Investment Economic Ownership Interest Rate 1 Maturity Date December 31, 2017 December 31, 2016 Strategic Office Partners portfolio 3 Strategic Office Partners 25.0% 4.40% 10/7/2019 $ 169,380 $ 125,000 Tampa, FL Strategic Office Partners 25.0% 5.16% 10/8/2020 37,563 — San Bernandino, CA Strategic Office Partners 25.0% 10.16% 10/8/2020 1,977 — Henderson, NV Strategic Office Partners 25.0% 4.75% 8/6/2025 8,636 — Somerset, NJ Philips JV 25.0% 6.90% 9/11/2035 38,662 39,730 Durrholz, Germany Gramercy European Property Fund 14.2% N/A N/A — 12,289 Venray, Germany Gramercy European Property Fund 14.2% N/A N/A — 13,015 Lille, France Gramercy European Property Fund 14.2% N/A N/A — 27,081 Carlisle, United Kingdom Gramercy European Property Fund 14.2% N/A N/A — 10,443 Oud Beijerland, Netherlands Gramercy European Property Fund 14.2% N/A N/A — 8,077 Zaandam, Netherlands Gramercy European Property Fund 14.2% N/A N/A — 11,647 Kerkrade, Netherlands Gramercy European Property Fund 14.2% N/A N/A — 9,622 Friedrichspark, Germany Gramercy European Property Fund 14.2% N/A N/A — 8,694 Fredersdorf, Germany Gramercy European Property Fund 14.2% N/A N/A — 11,247 Breda, Netherlands Gramercy European Property Fund 14.2% N/A N/A — 9,948 Juechen, Germany Gramercy European Property Fund 14.2% N/A N/A — 18,852 Piaseczno, Poland Gramercy European Property Fund 14.2% N/A N/A — 8,141 Strykow, Poland Gramercy European Property Fund 14.2% N/A N/A — 19,167 Uden, Netherlands Gramercy European Property Fund 14.2% N/A N/A — 8,913 Rotterdam, Netherlands Gramercy European Property Fund 14.2% N/A N/A — 7,633 Frechen, Germany Gramercy European Property Fund 14.2% N/A N/A — 6,043 Meerane, Germany Gramercy European Property Fund 14.2% N/A N/A — 10,138 Amsterdam, Netherlands Gramercy European Property Fund 14.2% N/A N/A — 3,093 Tiel, Netherlands Gramercy European Property Fund 14.2% N/A N/A — 9,174 Netherlands portfolio 4 Gramercy European Property Fund 14.2% N/A N/A — 13,409 Kutno, Poland Gramercy European Property Fund 14.2% N/A N/A — 5,890 European Facility 1 5 Goodman Europe JV 18.6% N/A N/A — 31,551 European Facility 2 5 Goodman Europe JV 18.6% N/A N/A — 106,917 Worksop, United Kingdom Gramercy European Property Fund 14.2% N/A N/A — 10,551 Total mortgage notes payable $ 256,218 $ 546,265 Net deferred financing costs and net debt premium (discount) (4,351 ) 5,608 Total mortgage notes payable, net $ 251,867 $ 551,873 1. Represents the current effective rate as of December 31, 2017 , including the swapped interest rate for mortgage notes that have interest rate swaps. The current interest rate is not adjusted to include the amortization of fair market value premiums or discounts. 2. Mortgage notes are presented at 100.0% of the amount held by the unconsolidated equity investment. 3. There were ten properties under this mortgage note as of December 31, 2017 . 4. There were five properties under this mortgage note as of December 31, 2016. 5. There were eight properties under this mortgage facility as of December 31, 2016. In addition, this represents the Company’s economic ownership in the Goodman Europe JV, which included both its 5.1% direct interest in the Goodman Europe JV as well as an indirect interest in the remaining 94.9% interest that was held through the Company’s 14.2% interest in the Gramercy European Property Fund. The statements of operations for the Company's unconsolidated equity investments for the year ended December 31, 2017 are as follows: Gramercy European Property Fund 1 Goodman Europe JV Gramercy European Property Fund Total Strategic Office Partners Goodman UK JV CBRE Strategic Partners Asia 2 Other 3 Revenues $ 10,581 $ 22,190 $ 32,771 $ 31,942 $ 613 $ (8,804 ) $ 39,648 Operating expenses 1,900 4,048 5,948 10,603 767 1,212 879 Interest expense 1,315 3,424 4,739 8,944 — — 2,707 Depreciation and amortization 4,165 10,032 14,197 13,914 1,037 — 1,332 Total expenses 7,380 17,504 24,884 33,461 1,804 1,212 4,918 Net income (loss) from operations 3,201 4,686 7,887 (1,519 ) (1,191 ) (10,016 ) 34,730 Gain (loss) on derivatives — 2,248 2,248 (944 ) — — — Loss on extinguishment of debt — — — (937 ) — — — Net gain on disposals — 230,392 230,392 9,923 7,871 — — Provision for taxes (70 ) (346 ) (416 ) — 2 — — Net income (loss) $ 3,131 $ 236,980 $ 240,111 $ 6,523 $ 6,682 $ (10,016 ) $ 34,730 Company's share in net income (loss) $ 159 $ 33,871 $ 34,030 $ 1,997 $ 5,344 $ (513 ) $ 8,754 Adjustments for REIT basis (73 ) — (73 ) — (2,292 ) — — Gain (loss) from disposal of Company's Interest 6,142 (5,141 ) 1,001 — — — — Company's equity in net income (loss) within continuing operations $ 6,228 $ 28,730 $ 34,958 $ 1,997 $ 3,052 $ (513 ) $ 8,754 1. Prior to the sale of the assets of the Gramercy European Property Fund and the Company’s sale of its interest in the Goodman Europe JV to a third party in July 2017, the Company had a 5.1% direct interest in the Goodman Europe JV as well as an indirect interest in the remaining 94.9% interest that was held through the Company’s 14.2% interest in the Gramercy European Property Fund. For the year ended December 31, 2017 , the Company’s equity in net income (loss) of the entities is based on these ownership interest percentages. 2. The Company received a distribution of $812 related to the sale of a property in September 2017 by CBRE Strategic Partners Asia. 3. Includes the Philips JV, the Morristown JV, European Fund Carry Co., the E-Commerce JV, and the Gramercy European Property Fund III. The statements of operations for the Company's unconsolidated equity investments for the year ended December 31, 2016 are as follows: Gramercy European Property Fund 1 Goodman Europe JV Gramercy European Property Fund Total Strategic Office Partners Goodman UK JV Duke JV CBRE Strategic Partners Asia Other 2 Revenues $ 24,221 $ 25,834 $ 50,055 $ 6,614 $ 5,911 $ 19,812 $ (19,053 ) $ 4,336 Operating expenses 2,825 5,034 7,859 1,844 1,000 5,309 1,535 466 Acquisition expenses 4,960 5,826 10,786 635 — — — 27 Interest expense 3,128 4,250 7,378 1,757 — 602 — 2,831 Depreciation and amortization 10,967 10,991 21,958 3,440 1,681 7,154 — 1,331 Total expenses 21,880 26,101 47,981 7,676 2,681 13,065 1,535 4,655 Net income (loss) from operations 2,341 (267 ) 2,074 (1,062 ) 3,230 6,747 (20,588 ) (319 ) Gain (loss) on derivatives — (3,551 ) (3,551 ) 510 — — — — Gain (loss) on extinguishment of debt 717 — 717 — — (7,962 ) — — Net gain on disposals — — — — 9,421 66,705 — — Provision for taxes (54 ) (1,207 ) (1,261 ) — (81 ) — — — Net income (loss) $ 3,004 $ (5,025 ) $ (2,021 ) $ (552 ) $ 12,570 $ 65,490 $ (20,588 ) $ (319 ) Company’s share in net income (loss) $ 606 $ (1,025 ) $ (419 ) $ (77 ) $ 10,057 $ 50,424 $ (1,053 ) $ 1 Adjustments for REIT basis 686 — 686 — (2,820 ) (54,390 ) — — Company’s equity in net income (loss) within continuing operations $ 1,292 $ (1,025 ) $ 267 $ (77 ) $ 7,237 $ (3,966 ) $ (1,053 ) $ 1 1. On May 31, 2016, the Gramercy European Property Fund acquired a 20.0% interest in the Goodman Europe JV and on June 30, 2016, the Gramercy European Property Fund acquired 74.9% of the Company’s 80.0% interest in the Goodman Europe JV. As of September 30, 2016, the Company has a 5.1% direct interest in the Goodman Europe JV as well as an indirect interest in the remaining 94.9% interest that is held through the Company’s 14.2% interest in the Gramercy European Property Fund. For the year ended December 31, 2016, the Company’s equity in net income (loss) from the entities is based on these ownership interest percentages during the period. 2. Includes the Philips JV, the Morristown JV, and European Fund Carry Co. The statements of operations for the Company's unconsolidated equity investments for the year ended December 31, 2015 are as follows: European Unconsolidated Equity Investments 1, 2 Duke JV 2 Other 2, 3 Revenues $ 6,172 $ 1,853 $ 4,108 Operating expenses 2,650 565 90 Acquisition expenses 7,865 — — Interest expense 808 113 2,322 Depreciation and amortization 2,590 700 1,341 Total expenses 13,913 1,378 3,753 Net income (loss) from operations (7,741 ) 475 355 Loss on derivatives (1,090 ) — — Provision for taxes (37 ) — (12 ) Net income (loss) $ (8,868 ) $ 475 $ 343 Company’s share in net income (loss) $ (1,583 ) $ 380 $ 406 Adjustments for REIT basis (72 ) (183 ) (55 ) Company’s equity in net income (loss) within continuing operations $ (1,655 ) $ 197 $ 351 1. Includes the Gramercy European Property Fund and the Goodman Europe JV. 2. The results of operations of the investments acquired as part of the Merger, including the Duke JV, the Goodman Europe JV, the Goodman UK JV, and CBRE Strategic Partners Asia, are included for the post-merger period from December 18, 2015 through December 31, 2015. 3. Includes the Philips JV, the Morristown JV, the Goodman UK JV, and CBRE Strategic Partners Asia. |
Debt Obligations
Debt Obligations | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Obligations | Debt Obligations Secured Debt Mortgage Notes Certain real estate assets are subject to mortgage notes. During 2017 , the Company assumed nine non-recourse mortgages totaling $181,107 in connection with seven real estate acquisitions. During 2016 , the Company assumed $244,188 of non-recourse mortgages in connection with 27 real estate acquisitions. During 2015, the Company assumed $618,169 of non-recourse mortgages in connection with 42 real estate acquisitions. During the year ended December 31, 2017 , the Company paid off 11 mortgage notes on 15 properties and the Company refinanced the debt on two properties encumbered by a mortgage note for $10,456 and subsequently transferred the mortgage on these two properties to the buyer of the properties. During the year ended December 31, 2017 , the Company recorded a net gain on the extinguishment related to payoffs and transfers of mortgage debt of $340 . During the year ended December 31, 2016, the Company paid off the debt on 22 properties, transferred one mortgage note to the buyer of the encumbered property, and defeased a mortgage note with an outstanding principal balance of $124,605 that encumbered 11 properties, through the purchase of treasury securities valued at $144,063 , which were immediately sold following the transaction. During the year ended December 31, 2016, the Company recorded a loss on early extinguishment of debt of $20,890 , and a net gain on extinguishment of debt of $1,930 within discontinued operations. Gains or losses on the extinguishment of debt represent unamortized deferred financing costs and mortgage premiums and discounts that were immediately expensed upon termination as well as early termination fees and other costs incurred related to the extinguishments. No gains or losses on extinguishments of mortgage notes were recorded during the year ended December 31, 2015. The Company's mortgage notes include a series of financial and other covenants that the Company has to comply with in order to borrow under them. The Company was in compliance with the covenants under the mortgage note facilities as of December 31, 2017 . The following is a summary of the Company’s secured financing arrangements as of December 31, 2017 : Property Interest Rate 1 Maturity Date Outstanding Balance December 31, December 31, Greenwood, IN 3.59% 6/15/2018 $ 7,257 $ 7,436 Greenfield, IN 3.63% 6/15/2018 5,865 6,010 Logistics Portfolio - Pool 3 2 3.96% 8/1/2018 43,302 43,300 Philadelphia, PA 4.99% 1/1/2019 11,943 12,328 Bridgeview, IL 3.90% 5/1/2019 5,838 6,014 Spartanburg, SC 3.20% 6/1/2019 632 1,025 Charleston, SC 3.11% 8/1/2019 457 986 Lawrence, IN 5.02% 1/1/2020 20,061 20,703 Charlotte, NC 3.28% 1/1/2020 1,538 2,217 Hawthorne, CA 3.52% 8/1/2020 17,207 17,638 Charleston, SC 3.32% 10/1/2020 758 1,001 Charleston, SC 2.97% 10/1/2020 746 984 Charleston, SC 3.37% 10/1/2020 746 984 Charlotte, NC 3.38% 10/1/2020 647 853 Des Plaines, IL 5.54% 10/31/2020 2,385 2,463 Waco, TX 4.75% 12/19/2020 14,890 15,187 Deerfield, IL 3.71% 1/1/2021 10,447 10,804 Winston-Salem, NC 3.41% 6/1/2021 3,354 4,199 Winston-Salem, NC 3.42% 7/1/2021 1,114 1,388 Logistics Portfolio - Pool 1 2 4.27% 1/1/2022 38,107 39,002 CCC Portfolio 2 4.24% 10/6/2022 22,814 23,280 Logistics Portfolio - Pool 4 2 4.36% 12/5/2022 79,500 79,500 Romeoville, IL 3.80% 4/6/2023 24,951 — Romeoville, IL 3 9.37% 4/6/2023 6,623 — KIK USA Portfolio 2 4.31% 7/6/2023 7,154 7,450 Yuma, AZ 5.27% 12/6/2023 11,858 12,058 Allentown, PA 5.16% 1/6/2024 22,690 23,078 Spartanburg, SC 3.72% 2/1/2024 5,635 6,360 Natick, MA 5.21% 3/1/2024 31,224 — Natick, MA 3 10.38% 3/1/2024 3,469 — Maple Grove, MN 3.88% 5/6/2024 16,380 — Curtis Bay, MD 4.31% 7/1/2024 13,500 — Rialto, CA 3.91% 8/1/2024 54,741 — Houston, TX 3.68% 9/1/2024 26,000 — Durham, NC 4.02% 9/6/2024 3,631 — Charleston, SC 3.80% 2/1/2025 6,001 6,658 Hackettstown, NJ 5.49% 3/6/2026 9,455 9,550 Hutchins, TX 5.41% 6/1/2029 21,578 22,764 Buford, GA N/A N/A — 15,512 Woodcliff Lake, NJ N/A N/A — 35,366 Dallas, TX 4 N/A N/A — 9,540 Hebron, KY 4 N/A N/A — 6,628 Property Interest Rate 1 Maturity Date Outstanding Balance December 31, December 31, Jacksonville, FL 4 N/A N/A — 6,852 Phoenix, AZ 4 N/A N/A — 4,120 Minneapolis, MN 4 N/A N/A — 6,001 Ames, IA N/A N/A — 16,436 Columbus, OH N/A N/A — 19,708 Columbus, OH N/A N/A — 5,908 KIK Canada Portfolio 2 N/A N/A — 7,914 Logistics Portfolio - Pool 2 2 N/A N/A — 36,279 Total mortgage notes payable 554,498 555,484 Net deferred financing costs and net debt premium 9,023 3,158 Total mortgage notes payable, net $ 563,521 $ 558,642 1. Represents the interest rate as of December 31, 2017 including the swapped interest rate for loans that have interest rate swaps. The current interest rate is not adjusted to include the amortization of financing costs or fair market value premiums or discounts. 2. There were two properties under the Logistics Portfolio - Pool 3 mortgage, three properties under the Logistics Portfolio - Pool 1 mortgage, five properties under the CCC Portfolio mortgage, six properties under the Logistics Portfolio - Pool 4 mortgage, three properties under the KIK USA Portfolio mortgage, five properties under the Logistics Portfolio - Pool 2 mortgage, and two properties under the KIK Canada Portfolio mortgage as of the latest date presented for the respective mortgage note. 3. Mortgage notes represent mezzanine financing at the properties. 4. These five mortgage notes are cross-collateralized. Unsecured Debt 2015 Credit Facility and Term Loans In December 2015, the Company entered into an agreement, or the Credit Agreement, for a new $1,900,000 credit facility, or the 2015 Credit Facility, consisting of an $850,000 senior unsecured revolving credit facility, or the 2015 Revolving Credit Facility, and $1,050,000 term loan facility with JPMorgan Securities LLC and Merrill Lynch, Pierce, Fenner and Smith Incorporated and terminated Legacy Gramercy's 2014 Credit Facility. The 2015 Revolving Credit Facility, consists of a $750,000 U.S. dollar revolving credit facility and a $100,000 multicurrency revolving credit facility. The 2015 Revolving Credit Facility matures in January 2020 , but may be extended for two additional six month periods upon the payment of applicable fees and satisfaction of certain customary conditions. The term loan facility, or the 2015 Term Loan, consists of a $300,000 term loan facility that matures in January 2019 with one 12 -month extension option, or the 3 -Year Term Loan, and a $750,000 term loan facility that matures in January 2021 , or the 5 -Year Term Loan. Outstanding borrowings under the 2015 Revolving Credit Facility incur interest at a floating rate based upon, at the Company's option, either (i) adjusted LIBOR plus an applicable margin ranging from 0.88% to 1.55% , depending on the Company's credit ratings, or (ii) the alternate base rate plus an applicable margin ranging from 0.00% to 0.55% , depending on the Company's credit ratings. The Company is also required to pay quarterly in arrears a 0.13% to 0.30% facility fee, depending on the credit ratings, on the total commitments under the 2015 Revolving Credit Facility. Outstanding borrowings under the 2015 Term Loan incur interest at a floating rate based upon, at the Company's option, either (i) adjusted LIBOR plus an applicable margin ranging from 0.90% to 1.75% , depending on the Company's credit ratings, or (ii) the alternate base rate plus an applicable margin ranging from 0.00% to 0.75% , depending on the Company's credit ratings. The alternate base rate for the 2015 Revolving Credit Facility is the greater of (x) the prime rate announced by JPMorgan Chase Bank, N.A., (y) 0.50% above the Federal Funds Effective Rate and (z) the adjusted LIBOR for a one-month interest period plus 1.00% . In December 2015, the Company also entered into a new $175,000 7 -year unsecured term loan with Capital One, N.A., or the 7-Year Term Loan, which matures in January 2023 . In October 2017, the Company modified the 7-Year Term Loan by increasing the loan amount to $400,000 and reducing the interest rate to, at the Company's option, either (i) adjusted LIBOR plus an applicable margin ranging from 0.90% to 1.75% , depending on the Company's credit ratings, or (ii) the alternate base rate plus an applicable margin ranging from 0.00% to 0.75% , depending on the Company's credit ratings. The alternate base rate for the 7-Year Term Loan is the greatest of (x) the prime rate announced by Capital One, (y) 0.50% above the Federal Funds Effective Rate and (z) the adjusted LIBOR for a one-month interest period plus 1.00% . During the year ended December 31, 2017, the Company recorded a net loss on the extinguishment related to the upsize of the 7-Year Term Loan of $250 . Prior to the modification, the Company incurred interest at a floating rate based upon, at the Company's option, either (i) adjusted LIBOR plus an applicable margin ranging from 1.30% to 2.10% , depending on the Company's credit ratings, or (ii) the alternate base rate plus an applicable margin ranging from 0.30% to 1.10% , depending on the Company's credit ratings. These unsecured borrowing facilities include a series of financial and other covenants that the Company has to comply with in order to borrow under the facilities. The Company was in compliance with the covenants under the facilities as of December 31, 2017 . Senior Unsecured Notes During 2015 and 2016, the Company issued and sold an aggregate $400,000 principal amount of senior unsecured notes payable in private placements, which have maturities ranging from 2022 through 2026 and bear interest semiannually at rates ranging from 3.89% to 4.97% . Refer to the table later in Note 6 for specific terms of the Company's Senior Unsecured Notes. Chambers Unsecured Credit Facility In connection with the Merger in 2015, the Company assumed Chambers’ existing $850,000 unsecured revolving credit facility and Chambers' four unsecured term loans. Chambers’ unsecured revolving credit facility had a balance of $290,000 and Chambers’ unsecured term loans had an aggregate balance of $570,000 as of December 17, 2015, the closing date of the Merger, and the Company paid off all of these balances on December 17, 2015 in connection with the closing of the 2015 Revolving Credit Facility. 2014 Revolving Credit Facility In June 2014, the Company entered into a $400,000 unsecured credit facility, consisting of a $200,000 senior term loan with an expiration in June 2019, or the 2014 Term Loan, and a $200,000 senior revolving credit facility with an expiration in June 2018, or the 2014 Revolving Credit Facility. In 2015, the Company increased its borrowing capacity under the 2014 Revolving Credit Facility to $400,000 , bifurcated it into a $350,000 U.S. dollar denominated tranche and a $50,000 tranche denominated in certain foreign currencies, and expanded its 2014 Term Loan from $200,000 to $300,000 . In the third quarter of 2015, the Company designated the multicurrency tranche of the 2014 Revolving Credit Facility as a net investment hedge to mitigate the risk from fluctuations in foreign currency exchange rates. Refer to Note 10 for further information on the Company's net investment hedges. Interest on outstanding balances on the 2014 Term Loan and advances made on the 2014 Revolving Credit Facility, were incurred at a floating rate based upon, either (i) LIBOR plus an applicable margin ranging from 1.35% to 2.05% , depending on the Company’s total leverage ratio, or (ii) the applicable base rate plus an applicable margin ranging from 0.35% to 1.05% , depending on the Company’s total leverage ratio. The applicable base rate was the greater of (x) the prime rate, (y) 0.50% above the Federal Funds Effective Rate, and (z) 30 -day LIBOR plus 1.00% . On December 17, 2015, the Company paid off the 2014 Revolving Credit Facility and concurrently replaced the revolving credit facility and term loan under it with the 2015 Revolving Credit Facility, as discussed above. The Company recorded a net loss on the early extinguishment of debt of $9,472 during the year ended December 31, 2015 in connection with the unamortized deferred financing costs that were immediately expensed upon termination. Exchangeable Senior Notes On March 18, 2014, the Company issued $115,000 of 3.75% Exchangeable Senior Notes. The Exchangeable Senior Notes were senior unsecured obligations of a subsidiary of the Operating Partnership and were guaranteed by the Company on a senior unsecured basis. During June 2017, the Exchangeable Senior Notes became redeemable at the option of the Company. In August 2017, the Company called the Exchangeable Senior Notes for redemption. As a result of the Company’s call for redemption, the holders exchanged 100.0% of the Exchangeable Senior Notes for 5,258,420 of the Company’s common shares in September 2017. As of December 31, 2017, there were no Exchangeable Senior Notes outstanding. The fair value of the Exchangeable Senior Notes was determined at issuance to be $106,689 and the discount on the Exchangeable Senior Notes was being amortized to interest expense over their expected life. Upon exchange in September 2017, the Company remeasured the Exchangeable Senior Notes to fair value of $117,450 and then recognized a loss on extinguishment of debt of $6,792 to write them off during the year ended December 31, 2017 , representing the change in fair value and the amount of the unamortized discount and deferred financing costs at the time of exchange. Additionally, during the year ended December 31, 2017 , the Company recorded $42,065 to additional paid in capital in shareholders’ equity related to the extinguishment, representing the difference between the fair value of the debt and equity components of the Exchangeable Senior Notes. As of December 31, 2017 , there was no remaining value recorded for the Exchangeable Senior Notes on the Company’s Consolidated Balance Sheets. As of December 31, 2016, the Exchangeable Senior Notes were recorded as a liability at carrying value $108,832 , net of unamortized discount and deferred financing costs of $6,168 and the fair value of the Exchangeable Senior Notes’ embedded exchange option of $11,726 was recorded in additional paid-in-capital. The terms of the Company’s unsecured debt obligations and outstanding balances as of December 31, 2017 and 2016 are as follows: Stated Interest Rate Effective Interest Rate 1 Maturity Date Outstanding Balance 2017 2016 2015 Revolving Credit Facility - U.S. dollar tranche 2.58% 2.58% 1/8/2020 $ 345,000 $ — 2015 Revolving Credit Facility - Multicurrency tranche 1.45% 1.45% 1/8/2020 12,162 65,837 3-Year Term Loan 2.60% 2.33% 1/8/2019 300,000 300,000 5-Year Term Loan 2.60% 2.70% 1/8/2021 750,000 750,000 7-Year Term Loan 2.46% 3.00% 1/9/2023 400,000 175,000 2015 Senior Unsecured Notes 4.97% 5.07% 12/17/2024 150,000 150,000 2016 Senior Unsecured Notes 3.89% 4.00% 12/15/2022 150,000 150,000 2016 Senior Unsecured Notes 4.26% 4.38% 12/15/2025 100,000 100,000 2016 Senior Unsecured Notes 4.32% 4.43% 12/15/2026 100,000 100,000 Exchangeable Senior Notes 2 3.75% 6.36% 9/15/2017 — 115,000 Total unsecured debt 2,307,162 1,905,837 Deferred financing costs and net debt discount (5,063 ) (9,704 ) Total unsecured debt, net $ 2,302,099 $ 1,896,133 1. Represents the rate at which interest expense is recorded for financial reporting purposes as of December 31, 2017 , which reflects the effect of interest rate swaps and amortization of financing costs and fair market value premiums or discounts. 2. During September 2017, the Exchangeable Senior Notes were exchanged for the Company's common shares. Thus, they have no outstanding balance as of December 31, 2017 . Combined aggregate principal maturities of the Company's unsecured debt obligations, non-recourse mortgages, and unsecured notes, in addition to associated interest payments, as of December 31, 2017 are as follows: 2018 2019 2020 2021 2022 Thereafter Above market interest Total 2015 Revolving Credit Facility $ — $ — $ 357,162 $ — $ — $ — $ — $ 357,162 Term Loans — 300,000 — 750,000 — 400,000 — 1,450,000 Mortgage Notes Payable 1 70,144 30,450 62,834 19,256 141,929 229,885 — 554,498 Senior Unsecured Notes — — — — 150,000 350,000 — 500,000 Interest Payments 2 99,154 93,935 82,261 55,265 51,668 64,605 3,960 450,848 Total $ 169,298 $ 424,385 $ 502,257 $ 824,521 $ 343,597 $ 1,044,490 $ 3,960 $ 3,312,508 1. Mortgage note payments reflect accelerated repayment dates, when applicable, pursuant to related loan agreement. 2. Interest payments do not reflect the effect of interest rate swaps. |
Leasing Agreements
Leasing Agreements | 12 Months Ended |
Dec. 31, 2017 | |
Leases, Operating [Abstract] | |
Leasing Agreements | Leasing Agreements The Company’s properties are leased to tenants under operating leases with expiration dates extending through May 2042 . These leases generally contain rent increases and renewal options. Future minimum rental revenues under non-cancelable leases as of December 31, 2017 , excluding reimbursements for operating expenses, are as follows: 2018 2019 2020 2021 2022 Thereafter Total Operating Leases $ 454,472 $ 437,754 $ 410,316 $ 376,653 $ 324,628 $ 1,696,420 $ 3,700,243 The Company incurred rent expense on ground leases of $2,544 , $2,093 and $1,582 during the years ended December 31, 2017 , 2016 , and 2015 , respectively. |
Transactions with Trustee Relat
Transactions with Trustee Related Entities and Related Parties | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Transactions with Trustee Related Entities and Related Parties | Transactions with Trustee Related Entities and Related Parties In December 2016, the Company sold its 5.1% interest in one property located in Lille, France held by the Goodman Europe JV to the Gramercy European Property Fund, in which the Company had a 14.2% ownership interest, for gross proceeds of $2,662 ( €2,563 ). In July 2017 , the Gramercy European Property Fund sold 100.0% of its assets to an unrelated third party. Refer to Note 5 for more information on the sale transaction. On June 30, 2016, the Company sold 74.9% of its outstanding 80.0% interest in the Goodman Europe JV to the Gramercy European Property Fund for gross proceeds of $148,884 ( €134,336 ), based on third-party valuations for the underlying properties. The Company’s sale of 74.9% of its interest in the Goodman Europe JV resulted in the Company recording a gain of $5,341 during the period, primarily related to depreciation and amortization recorded since Merger closing date. Following the sale transaction, the Company had a 5.1% continuing direct interest in the Goodman Europe JV, which has since been sold. The transaction was entered into in order to achieve efficiencies from the combination of the two European platforms. The Company made cumulative contributions of $55,892 ( €50,000 ) to the Gramercy European Property Fund from inception through July 2017, when the Gramercy European Property Fund’s assets were sold. Refer to Note 5 for more information on the sale transaction. The Company’s Chief Executive Officer, Gordon F. DuGan, was on the board of directors of the Gramercy European Property Fund prior to its sale in July 2017 and committed and fully funded approximately $1,388 ( €1,250 ) in capital to the Gramercy European Property Fund. The two Managing Directors of Gramercy Europe Limited collectively committed and fully funded approximately $1,388 ( €1,250 ) in capital to the Gramercy European Property Fund prior to the sale of its assets in July 2017. Foreign currency commitments have been converted into U.S. dollars based on (i) the foreign exchange rate at the closing date for completed transactions and (ii) the exchange rate that prevailed on December 31, 2017, in the case of unfunded commitments. One of the properties acquired in December 2015 as part of the Merger was partially leased to Duke Realty, the Company’s partner in the Duke JV. Duke Realty acted as the managing member of the Duke JV, which was dissolved in July 2016 as described in Note 5, and as such provided asset management, construction, development, leasing and property management services, for which it was entitled to fees as well as a promoted interest. From the date of the Merger through lease expiration in May 2016, Duke Realty leased 30,777 square feet of one of the Company’s office properties located in Minnesota which had an aggregate 322,551 rentable square feet. Duke Realty paid the Company $333 under the lease for the year ended December 31, 2016 . See Note 5 for more information on the Company’s transactions with the Duke JV. In June 2013, the Company signed a lease agreement with 521 Fifth Fee Owner LLC, an affiliate of SL Green for whom one of the Company's previous directors serves as Chief Executive Officer, for new corporate office space located at 521 Fifth Avenue, 30th Floor, New York, New York. The lease commenced in September 2013, following the completion of certain improvements to the space. The lease is for approximately 6,580 square feet and expires in 2023 with rents of approximately $368 per annum for year one rising to $466 per annum in year ten . The Company paid $388 , $381 , and $375 under the lease for the years ended December 31, 2017 , 2016 , and 2015 , respectively. In January 2017, the Company exercised a cancellation right to terminate the lease, which was effective in August 2018, for a fee of $158 . The Company acquired three properties in January 2015 in an arms-length transaction from affiliates of KTR Capital Partners, a private industrial real estate investment company, for which one of the Company’s trustees, Jeffrey E. Kelter, served as Chief Executive Officer and Chairman of the Board. The properties are located in Milwaukee, Wisconsin, comprise an aggregate 450,000 square feet and were acquired for an aggregate purchase price of approximately $19,750 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC 820-10, “Fair Value Measurements and Disclosures,” among other things, establishes a hierarchical disclosure framework associated with the level of pricing observability utilized in measuring financial instruments and other assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, or an exit price. The Company discloses fair value information, whether or not recognized in the financial statements, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based upon the application of discount rates to estimated future cash flows based upon market yields or by using other valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, fair values are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments and other assets and liabilities measured at fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts. The level of pricing observability generally correlates to the degree of judgment utilized in measuring the fair value of financial instruments and other assets and liabilities. The three broad levels defined are as follows: Level I - This level is comprised of financial instruments and other assets and liabilities that have quoted prices that are available in liquid markets for identical assets or liabilities. Level II - This level is comprised of financial instruments and other assets and liabilities for which quoted prices are available but which are traded less frequently and instruments that are measured at fair value using management’s judgment, where the inputs into the determination of fair value can be directly observed. Level III - This level is comprised of financial instruments and other assets and liabilities that have little to no pricing observability as of the reported date. These financial instruments do not have active markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment and assumptions. The following table presents the carrying value in the financial statements and approximate fair value of assets and liabilities measured on a recurring and non-recurring basis at December 31, 2017 and 2016 : December 31, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Interest rate swaps $ 19,668 $ 19,668 $ 3,769 $ 3,769 Retained CDO Bonds 5,527 5,527 11,906 11,906 Investment in CBRE Strategic Partners Asia 2,820 2,820 4,145 4,145 Real estate investments 1 87,996 87,996 2,413 2,413 Loan investments 2 22,154 21,362 — — Financial liabilities: Interest rate swaps $ 173 $ 173 $ 700 $ 700 Long-term debt 2015 Revolving Credit Facility 2 357,162 357,369 65,837 65,897 3-Year Term Loan 2 300,000 300,091 300,000 300,213 5-Year Term Loan 2 750,000 750,678 750,000 750,959 7-Year Term Loan 2 398,152 400,010 175,000 172,850 Mortgage notes payable 2 563,521 573,826 558,642 567,705 Senior Unsecured Notes 2 496,785 513,229 496,464 498,650 Exchangeable Senior Notes 2 — — 108,832 115,625 1. Amounts as of December 31, 2017 and 2016 represent seven and one real estate investments, respectively, that were impaired during year ended December 31, 2017 and 2016, respectively, and were owned as of the end of the respective reporting periods. 2. Loan investments and long-term debt instruments are classified as Level III due to the significance of unobservable inputs which are based upon management assumptions. The following methods and assumptions were used to estimate the fair value of each class of assets and liabilities for which it is practicable to estimate the value: Cash and cash equivalents, marketable securities, accrued interest, and accounts payable: These balances in the Consolidated Financial Statements reasonably approximate their fair values due to the short maturities of these items. Retained CDO Bonds: Non-investment grade, subordinate CDO bonds, preferred shares and ordinary shares are presented in other assets on the Consolidated Financial Statements at fair value, which is determined on a quarterly basis using an internally developed discounted cash flow model. CBRE Strategic Partners Asia: The investment manager of CBRE Strategic Partners Asia applies valuation techniques for the Company’s investment carried at fair value based upon the application of the income approach, the direct market comparison approach, the replacement cost approach or third-party appraisals to the underlying assets held in the unconsolidated entity in determining the net asset value attributable to the Company’s ownership interest therein. Refer to Note 5 for more information on this investment. Real estate investments: Real estate investments impaired during a period are reported at estimated fair value and real estate investments impaired during a period that are classified as held for sale as of the end of the period are reported at estimated fair value less costs to sell. Loan investments: Loan investments are presented in other assets on the Consolidated Financial Statements at amortized cost and not fair value. The fair value of each investment is estimated by a discounted cash flow model, using discount rates that best reflect current market rates for financings with similar characteristics and credit quality. Derivative instruments: The Company’s derivative instruments, which are comprised of interest rate swap agreements, are carried at fair value in the Consolidated Financial Statements based upon third-party valuations. Derivative fair values are presented within other assets or other liabilities, depending on the balance at the end of the period. Changes in fair value of derivative instruments that represent realized gains (losses) are recorded within interest expense on the Consolidated Statements of Operations. Refer to Note 10 for more information on the derivative instruments. Mortgage notes payable, unsecured term loans, unsecured revolving credit facilities and senior unsecured notes: These instruments are presented in the Consolidated Financial Statements at amortized cost and not at fair value. The fair value of each instrument is estimated using a discounted cash flow model, using discount rates that best reflect current market rates for financings with similar characteristics and credit quality. Mortgage premiums and discounts are amortized to interest expense on the Consolidated Statements of Operations using the effective interest method over the terms of the related notes. Refer to Note 6 for more information on these instruments. Exchangeable Senior Notes: The Exchangeable Senior Notes are presented at amortized cost on the Consolidated Financial Statements. The fair value is determined based upon a discounted cash-flow methodology using discount rates that best reflect current market rates for instruments with similar with characteristics and credit quality. Refer to Note 6 for more information on these instruments. Disclosure about fair value measurements is based on pertinent information available to the Company at the reporting date. Although the Company is not aware of any factors that would significantly affect the reasonable fair value amounts, such amounts have not been comprehensively revalued for the purpose of these financial statements since December 31, 2017 and 2016 , and current estimates of fair value may differ significantly from the amounts presented herein. The following discussion of fair value was determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, fair values are not necessarily indicative of the amounts the Company could realize on disposition of the assets or liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment and the Company evaluates its hierarchy disclosures each quarter. Assets and liabilities measured at fair value on a recurring basis and on a non-recurring basis are categorized in the table below based upon the lowest level of significant input to the valuations. At December 31, 2017 Total Level I Level II Level III Financial Assets: Retained CDO Bonds $ 5,527 $ — $ — $ 5,527 Real estate investments 87,996 — — 87,996 Investment in CBRE Strategic Partners Asia 2,820 — — 2,820 Interest rate swaps 19,668 — — 19,668 $ 116,011 $ — $ — $ 116,011 Financial Liabilities: Interest rate swaps $ (173 ) $ — $ — $ (173 ) $ (173 ) $ — $ — $ (173 ) At December 31, 2016 Total Level I Level II Level III Financial Assets: Retained CDO Bonds $ 11,906 $ — $ — $ 11,906 Real estate investments 2,413 — — 2,413 Investment in CBRE Strategic Partners Asia 4,145 — — 4,145 Interest rate swaps 3,769 — — 3,769 $ 22,233 $ — $ — $ 22,233 Financial Liabilities: Interest rate swaps $ (700 ) $ — $ — $ (700 ) $ (700 ) $ — $ — $ (700 ) Valuation of Level III Instruments Retained CDO Bonds: Retained CDO Bonds are valued on a recurring basis using an internally developed discounted cash flow model. Management estimates the timing and amount of cash flows expected to be collected and applies a discount rate equal to the yield that the Company would expect to pay for similar securities with similar risks at the valuation date. Future expected cash flows generated by management require significant assumptions and judgment regarding the expected resolution of the underlying collateral, which primarily consists of commercial mortgage backed securities. The resolution of the underlying collateral requires further management assumptions regarding timing of workouts and recoveries, loan loss severities and other factors. The models are most sensitive to the unobservable inputs such as the amount of the recoveries of the underlying securities. Significant increases (decreases) in any of those inputs in isolation as well as any change in the expected timing of those inputs would result in a significantly lower (higher) fair value measurement. Due to the inherent uncertainty in the determination of fair value, the Company has designated its Retained CDO Bonds as Level III. Investment in CBRE Strategic Partners Asia: The Company’s investment in CBRE Strategic Partners Asia is based on the Level III valuation inputs applied by the investment manager of CBRE Strategic Partners Asia, utilizing a mix of different approaches for valuing the underlying real estate related investments within the investment company. The approaches include the income approach, direct market comparison approach and the replacement cost approach for newer properties. For investments owned more than one year, except for investments under construction or incurring significant renovation, CBRE Strategic Partners Asia obtains a third-party appraisal. For investments in real estate under construction or incurring significant renovation, the valuation analysis is prepared by the investment manager of CBRE Strategic Partners Asia. The valuations are most sensitive to the unobservable inputs of discount rates, as well as capitalization rates an expected future cash flows, and significant increases (decreases) in these inputs would result in a significantly lower (higher) fair value measurement. The fund’s term ended in January 2017 and commencement of the fund's liquidation was filed in early February 2017. The fund will wind up over the succeeding 24 months. Real estate investments: Real estate investments impaired during a period are reported at estimated fair value and real estate investments impaired during a period that are classified as held for sale as of the end of the period are reported at estimated fair value less costs to sell. The fair value of real estate investments and their related lease intangibles is determined using third-party valuation support, including purchase-sale contracts and other available market information. Key assumptions in the valuations, to which the fair value determinations are most sensitive, include discount and capitalization rates as well as expected future cash flows. Significant increases (decreases) in these inputs would result in a significantly lower (higher) fair value measurement. As the inputs are unobservable, the Company determined the inputs used to value this liability falls within Level III for fair value reporting. Derivative instruments: Interest rate swaps are valued with the assistance of a third-party derivative specialist using a discounted cash flow model, which requires a combination of observable market-based inputs, such as interest rate curves, and unobservable inputs which require significant judgment such as the credit valuation adjustments due to the risk of nonperformance by both the Company and its counterparties. The most significant unobservable input in the fair valuation of derivative instruments is the credit valuation adjustment as it requires significant management judgment regarding changes in the credit risk of the Company or its counterparties, however the primary driver of the fair value of the interest rate swaps is the forward interest rate curve. Total unrealized gains (losses) from derivatives for the years ended December 31, 2017 , 2016 , and 2015 were $16,070 , $5,634 , and $(2,885) , respectively, in accumulated other comprehensive income (loss). Fair Value on a Recurring Basis Quantitative information regarding the valuation techniques and the range of significant unobservable Level III inputs used to determine fair value measurements on a recurring basis as of December 31, 2017 are as follows: Financial Asset (Liability) Fair Value Valuation Technique Unobservable Inputs Range Non-investment grade, subordinate CDO bonds $ 5,527 Discounted cash flows Discount rate 19.0 % Interest rate swaps 1 $ 19,495 Hypothetical derivative method Credit borrowing spread 110 to 195 basis points Investment in CBRE Strategic Partners Asia $ 2,820 Discounted cash flows Discount rate 20.0 % 1. Fair value includes interest rate swap liabilities with an aggregate value of $(173) . The following rollforward table reconciles the beginning and ending balances of financial assets (liabilities) measured at fair value on a recurring basis using Level III inputs as of December 31, 2017 : Retained CDO Bonds Investment in Interest Rate Swaps Total Balance at January 1, 2017 $ 11,906 $ 4,145 $ 3,069 $ 19,120 Amortization of discounts or premiums 1,793 — 32 1,825 Adjustments to fair value: Termination of derivative instrument — — 82 82 Ineffective portion of change in derivative instruments — — 242 242 Unrealized gain on derivatives — — 16,070 16,070 Unrealized loss in other comprehensive income from fair value adjustment (3,282 ) — — (3,282 ) Other-than-temporary impairments (4,890 ) — — (4,890 ) Total loss on fair value adjustments — (513 ) — (513 ) Distributions from financial assets — (812 ) — (812 ) Balance at December 31, 2017 $ 5,527 $ 2,820 $ 19,495 $ 27,842 Fair Value on a Non-Recurring Basis The Company measured its real estate investments impaired during the period, including both assets classified as held for sale and assets held for investment, on a non-recurring basis as of December 31, 2017 and 2016 . The Company recorded impairment on these assets as a result of a change in intent to hold the real estate investments. Real estate investments impaired during the period are reported at estimated fair value and real estate investments impaired during the period that are classified as held for sale as of the end of the period are reported at estimated fair value less costs to sell. The Company measured seven assets on a non-recurring basis as of December 31, 2017 , which were classified as held for investment with a total value of $87,996 as of December 31, 2017 . The Company measured one asset on a non-recurring basis as of December 31, 2016 , which was classified as held for investment and recorded at $2,413 as of December 31, 2016 . |
Derivative and Non-Derivative H
Derivative and Non-Derivative Hedging Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instrument Detail [Abstract] | |
Derivative and Non-Derivative Hedging Instruments | Derivative and Non-Derivative Hedging Instruments In the normal course of business, the Company is exposed to the effect of interest rate changes and foreign exchange rate changes. The Company limits these risks by following established risk management policies and procedures including the use of derivatives and net investment hedges. The Company uses a variety of derivative instruments to manage, or hedge, interest rate risk. The Company enters into hedging and derivative instruments that will be maximally effective in reducing the interest rate risk and foreign currency exchange rate risk exposure that they are designated to hedge. This effectiveness is essential for qualifying for hedge accounting. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract. The Company uses a variety of commonly used derivative products that are considered “plain vanilla” derivatives. These derivatives typically include interest rate swaps, forward starting swaps, caps, collars and floors. The Company expressly prohibits the use of unconventional derivative instruments and using derivative instruments for trading or speculative purposes. Further, the Company has a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. The Company recognizes all derivatives on the Consolidated Balance Sheets at fair value within other assets or other liabilities, depending on the balance at the end of the period. Derivatives that are not designated as hedges must be adjusted to fair value through income. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset, liability or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value will be immediately recognized in earnings. Derivative accounting may increase or decrease reported net income and shareholders’ equity prospectively, depending on future levels of the LIBOR swap spreads and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows, provided the contract is carried through to full term. Refer to Note 9 for additional information on the Company's derivative instruments, including the fair value measurement of these instruments. Borrowings on the Company’s multicurrency tranche of the 2015 Revolving Credit Facility, which are designated as non-derivative net investment hedges, are recognized at par value based on the exchange rate in effect on the date of the draw. Subsequent changes in the exchange rates of the Company’s non-derivative net investment hedges are recognized as part of the cumulative foreign currency translation adjustment within other comprehensive income. The following table summarizes the Company’s derivative and non-derivative hedging instruments at December 31, 2017 : Benchmark Rate Notional Value Strike Rate Effective Date Expiration Date Fair Value Interest Rate Swap - Waco 1 mo. USD-LIBOR-BBA $14,890 4.55% 12/19/2013 12/19/2020 $ (173 ) Interest Rate Swap - 3-Year Term Loan 1 mo. USD-LIBOR-BBA $100,000 1.22% 12/19/2016 12/17/2018 538 Interest Rate Swap - 3-Year Term Loan 1 mo. USD-LIBOR-BBA $100,000 1.23% 12/19/2016 12/17/2018 533 Interest Rate Swap - 3-Year Term Loan 1 mo. USD-LIBOR-BBA $100,000 1.24% 12/19/2016 12/17/2018 523 Interest Rate Swap - 5-Year Term Loan 1 mo. USD-LIBOR-BBA $750,000 1.60% 12/17/2015 12/17/2020 10,136 Interest Rate Swap - 7-Year Term Loan 1 mo. USD-LIBOR-BBA $175,000 1.82% 12/17/2015 1/9/2023 2,568 Interest Rate Swap - 7-Year Term Loan 1 mo. USD-LIBOR-BBA $60,000 1.95% 10/13/2017 1/9/2023 518 Interest Rate Swap - 7-Year Term Loan 1 mo. USD-LIBOR-BBA $40,000 2.01% 10/13/2017 1/9/2023 227 Interest Rate Swap - 7-Year Term Loan 1 mo. USD-LIBOR-BBA $39,500 1.96% 10/13/2017 1/9/2023 303 Interest Rate Swap - 7-Year Term Loan 1 mo. USD-LIBOR-BBA $31,500 1.96% 10/13/2017 1/9/2023 245 Interest Rate Swap - 7-Year Term Loan 1 mo. USD-LIBOR-BBA $31,500 2.00% 10/13/2017 1/9/2023 195 Interest Rate Swap - 7-Year Term Loan 1 mo. USD-LIBOR-BBA $22,500 1.95% 10/13/2017 1/9/2023 188 Forward Starting Swap 1 3 mo. USD-LIBOR-BBA $250,000 2.23% 12/20/2017 12/20/2027 3,694 Net Investment Hedge in GBP-denominated investments USD-GBP exchange rate £9,000 N/A 7/15/2016 N/A — Total hedging instruments $ 19,495 1. During the year ended December 31, 2017 , the Company entered into one forward starting swap to hedge the risk of changes in the interest-related cash outflows associated with potential new long-term debt arrangements. The forward starting swap has a mandatory early termination date of March 20, 2018. As of December 31, 2017 , the Company’s derivative instruments consist of interest rate swaps, which are cash flow hedges. Through its interest rate swaps, the Company is hedging exposure to variability in future interest payments on its debt facilities. During 2017, the Company entered into one forward starting swap to hedge the risk of changes in the interest-related cash outflows associated with potential new long-term debt arrangements and also entered into six new interest rate swaps in connection with the upsize of its 7-Year Term Loan. The Company's interest rate swap derivative instruments were reported in other assets at fair value of $19,668 and in other liabilities at fair value of $(173) at December 31, 2017 . Swap gain (loss) is recognized in interest expense in the Consolidated Statements of Operations and represents interest rate swap hedge ineffectiveness, or amounts excluded from ineffectiveness, which relates to the off-market financing element associated with certain derivatives. Swap gain (loss) of $(242) , $869 , and $(600) was recognized as interest expense in the Consolidated Statements of Operations for the years ended December 31, 2017 , 2016 , and 2015 , respectively. During the years ended December 31, 2017 , 2016 , and 2015 , the Company reclassified $1,024 , $1,187 , and $(45) , respectively, from accumulated other comprehensive income into interest expense related to a derivative terminated in 2015. Over time, the realized and unrealized gains and losses held in accumulated other comprehensive income will be reclassified into earnings in the same periods in which the hedged interest payments affect earnings. During the next 12 months, the Company expects that $(2,699) will be reclassified from other comprehensive income as an increase in interest expense for the Company’s interest rate swaps as of December 31, 2017 . Additionally, the Company will recognize $1,563 in interest expense on a straight-line basis over the remaining original term of terminated swaps through June 2019, representing amortization of the remaining accumulated other comprehensive income balance related to the swap, and of this amount $1,087 will be recognized in interest expense during the next 12 months. The Company hedges its investments based in foreign currencies using non-derivative net investment hedges in conjunction with borrowings under the multicurrency tranche of its 2015 Revolving Credit Facility. The Company’s non-derivative net investment hedge on its euro-denominated investments, which was entered into in September 2015, was used to hedge exposure to changes in the euro U.S. dollar exchange rate underlying its unconsolidated equity investments in the Gramercy European Property Fund and the Goodman Europe JV, both of which had euros as their functional currency. The Company terminated its euro-denominated non-derivative net investment hedge during the third quarter of 2017 in connection with the sale of its euro-denominated investments, which are discussed in detail in Note 5. The Company’s non-derivative net investment hedge on its British pound sterling-denominated investments, which was entered into in July 2016, is used to hedge exposure to changes in the British pound sterling U.S. dollar exchange rate underlying its unconsolidated equity investment in the Goodman UK JV and its wholly-owned property in Coventry, UK until its disposition in December 2016, both of which have British pounds sterling as their functional currency. At December 31, 2017 , the non-derivative net investment hedge value is reported at carrying value as a net liability of $12,162 , which is included in the balance of the senior unsecured revolving credit facility on the Consolidated Balance Sheets. In connection with the sale of its euro-denominated investments and termination of the related non-derivative net investment hedge, the Company reclassified $1,851 from accumulated other comprehensive income in earnings representing the accumulated foreign currency translation adjustments recorded since inception of the hedges. During the years ended December 31, 2017 , 2016, and 2015, the Company recorded a net gain (loss) of $(4,219) , $5,154 , and $0 , respectively, in other comprehensive income from the impact of exchange rates related to the non-derivative net investment hedges. When the non-derivative net investments being hedged are sold or substantially liquidated, the balance of the translation adjustment accumulated in other comprehensive income will be reclassified into earnings. |
Shareholders' Equity (Deficit)
Shareholders' Equity (Deficit) of the Company | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Shareholders' Equity (Deficit) of the Company | Shareholders’ Equity (Deficit) of the Company As of December 31, 2017 and 2016 , the Company's authorized capital shares consisted of 500,000,000 shares of beneficial interest, $0.01 par value per share, of which the Company is authorized to issue up to 490,000,000 common shares of beneficial interest, $0.01 par value per share, or common shares, and 10,000,000 preferred shares of beneficial interest, $0.01 par value per share, or preferred shares. As of December 31, 2017 , 160,686,822 common shares and 3,500,000 preferred shares were issued and outstanding. During September 2017, the Company issued 5,258,420 of its common shares to satisfy the exchange of 100.0% of the Exchangeable Senior Notes for 100.0% common shares. In April 2017, the Company completed an underwritten public offering of 10,350,000 common shares, which includes the exercise in full by the underwriters of their option to purchase 1,350,000 additional common shares. The common shares were issued at a public offering price of $27.60 per share and the net proceeds from the offering were approximately $274,234 . In December 2016, the Company amended its Declaration of Trust decreasing the number of its authorized capital shares from 1,000,000,000 shares to 500,000,000 shares and decreasing the number of its authorized common shares from 990,000,000 shares to 490,000,000 shares. In December 2016, the Company's board of trustees approved a 1-for-3 reverse share split of its common shares and outstanding OP Units. The reverse share split was effective after the close of trading on December 30, 2016 and the Company's common shares began trading on a reverse-split-adjusted basis on the NYSE on January 3, 2017. Dividends For the year ended December 31, 2017 , the Company’s common dividends are as follows: Quarter Ended Record Date Payment Date Common dividend per share Preferred dividend per share March 31, 2017 March 31, 2017 April 14, 2017 $ 0.375 $ 0.445 June 30, 2017 June 30, 2017 July 14, 2017 $ 0.375 $ 0.445 September 30, 2017 September 30, 2017 October 16, 2017 $ 0.375 $ 0.445 December 31, 2017 December 29, 2017 January 12, 2018 $ 0.375 $ 0.445 For the year ended December 31, 2017 , dividends paid represented 65.0% ordinary income, 4.2% capital gains, and 30.8% return of capital. For the year ended December 31, 2016, dividends paid represented 68.0% ordinary income, 26.3% capital gains, and 5.7% return of capital. Employee Share Purchase Plan In June 2017, the Company’s shareholders approved an Employee Share Purchase Plan, or ESPP, which enables the Company’s eligible employees to purchase the common shares through payroll deductions. The ESPP has a maximum of 250,000 common shares available for issuance and provides for eligible employees to purchase the common shares during defined offering periods at a purchase price determined at the discretion of the board of trustees, which has been initially established to be equal to 90.0% of the lower of either (i) the closing price of the Company’s common shares on the first day of the offering period and (ii) the closing price of the Company’s common shares on the last day of the offering period. As of December 31, 2017 , there were no shares issued under the ESPP. Dividend Reinvestment Plan In June 2016, the Company adopted a dividend reinvestment plan, or DRIP, under which shareholders may use their dividends and optional cash payments to purchase additional common shares of the Company. In August 2016, the Company registered 3,333,333 common shares related to the DRIP. During the years ended December 31, 2017 and 2016 , 6,863 and 697 shares were issued under the DRIP, respectively, and as of December 31, 2017 , there were 3,325,773 shares available for issuance under the DRIP. Share Repurchase Program In February 2016, the Company’s board of trustees approved a share repurchase program authorizing the Company to repurchase up to $100,000 of the Company’s outstanding common shares. Purchases under the program will be made from time to time in the open market or in privately negotiated transactions. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, share price, applicable legal requirements and other factors. The program will be suspended or discontinued at any time. As of December 31, 2017 , the Company had not repurchased any shares under the share repurchase program. At-The-Market Equity Offering Program In July 2016, the Company’s board of trustees approved the establishment of an “at the market” equity issuance program, or ATM Program, pursuant to which the Company may offer and sell common shares with an aggregate gross sales price of up to $375,000 . During the year ended December 31, 2017 , the Company sold 4,219,978 common shares through the ATM Program for net proceeds of approximately $123,051 . During the year ended December 31, 2016, there were no common shares sold under the ATM Program. Preferred Shares Holders of the Company's 7.125% Series A Preferred Shares, or Series A Preferred Shares, are entitled to receive annual dividends of $1.78125 per share on a quarterly basis and dividends are cumulative, subject to certain provisions. On or after August 15, 2019, the Company can, at its option, redeem the Series A Preferred Shares at par for cash. At December 31, 2017 , the Company had 3,500,000 of its Series A Preferred Shares outstanding with a mandatory liquidation preference of $25.00 per share. The Company's Series A Preferred Shares were issued upon closing of the Merger on a one-for-one basis in exchange for Legacy Gramercy’s 3,500,000 shares of 7.125% Series B Preferred Stock, or Series B Preferred Stock. Series A Preferred Shares and Series B Preferred Stock had the same preferences, rights and privileges. Equity Incentive Plans In June 2016, the Company instituted its 2016 Equity Incentive Plan, which was approved by the Company’s board of trustees and shareholders. The 2016 Equity Incentive Plan allows for the following awards to be made: (i) share options that qualify as incentive share options under Section 422 of the Internal Revenue Code, (ii) share options that do not qualify, (iii) share appreciation rights, (iv) share awards, (v) restricted share units, and (vi) dividend equivalents and other equity awards, including LTIP Units. The aggregate number of common shares of the Company that may be issued or transferred under the 2016 Equity Incentive Plan is 4,000,000 shares, subject to adjustment in certain circumstances. The Company’s common shares that are issued or transferred under the 2016 Equity Plan may be authorized but unissued common shares of the Company or reacquired common shares of the Company, including common shares of the Company that it purchases on the open market for purposes of the 2016 Equity Incentive Plan. The 2016 Equity Incentive Plan became effective on June 23, 2016 and will terminate on the day immediately preceding the tenth anniversary of its effective date, unless sooner terminated by the board of trustees. As of December 31, 2017 , there were 2,732,649 shares available for grant under the 2016 Equity Incentive Plan. The fair value of legacy Chambers' equity awards that vested in the Merger was allocated between consideration and acquisition and merger related expense based upon the portion of the service period attributable to the term that had passed before the Merger closing and the remaining original term. The Legacy Gramercy equity incentive plans continued substantially under their original terms following the Merger, with the exception of some changes in vesting for certain awards that resulted from the close of the Merger, which are described in further detail below. Following the Merger until the adoption of the 2016 Equity Incentive Plan in June 2016, the Company’s active equity incentive plan, from which share awards were issued, was the Chambers equity incentive plan, or the 2013 Equity Incentive Plan. The Company’s 2012 Inducement Plan and 2012 Outperformance Plan, collectively the Outperformance Plans, as well as its 2004 Equity Incentive Plan, 2013 Equity Incentive Plan, and 2015 Equity Incentive Plan continued to exist following the Merger, however they are inactive and thus no new share awards will be issued out of any of these plans. In June 2012, the Company adopted the 2012 Inducement Equity Incentive Plan, or the 2012 Inducement Plan, in connection with the hiring of Gordon F. DuGan, Benjamin P. Harris, and Nicholas L. Pell, who joined the Company on July 1, 2012. In July 2012, the Company adopted the 2012 Long-Term Outperformance Plan, or 2012 Outperformance Plan, which provides that if certain performance goals are achieved and other conditions are met, limited partnership interests in the Company’s Operating Partnership, or LTIP Units, would be issued to certain executives under the 2012 Inducement Equity Incentive Plan and to certain executives under the 2004 Equity Incentive Plan. Once LTIP Units are earned and vested, they are convertible into OP Units and included in the Company's noncontrolling interest, as discussed in Note 12. Equity awards issued under the 2012 Inducement Plan had a fair value of $6,125 on the date of grant and LTIP Units awarded under the 2012 Outperformance Plan had a fair value of $2,715 on the date of grant, as calculated in accordance with ASC 718. During the year ended December 31, 2017 , the final 98,084 restricted share units vested under the 2012 Inducement Plan and the final 329,757 LTIP Units vested under the 2012 Outperformance Plan. As of December 31, 2017 , all awards under the Outperformance Plans have vested and no further awards are eligible for issuance. Equity Plan Activities During the years ended December 31, 2017 and 2016, the Company issued a maximum total of 596,460 and 568,990 LTIP Units, respectively, under its 2016 Equity Incentive Plan. The number of LTIPs Units actually earned by the grantees will be based on the achievement of established performance hurdles with respect to the Company’s actual and relative total shareholder returns during the period from July 1 in the year of issuance through June 30 in the third year subsequent to issuance. Of the earned units issued each year, 50.0% will vest each on June 30 of the third and fourth years following their issuance, based on continued employment through these dates. The LTIP Units issued in 2017 and 2016 had an aggregate fair value of $7,800 and $7,552 , respectively, as of their date of grant. The fair value of LTIP Units is estimated by a third-party valuation specialist who performs its valuation in accordance with ASC 718. The valuation is based upon the target number of LTIP Units awarded using probabilistic techniques including the Monte Carlo method. The primary inputs in the valuation include share price volatility of the Company and its expected dividend yield, which are highly subjective and generally require significant analysis and judgment to develop, as well as the risk-free rate. The expected price volatility, dividend yield, and risk-free rate used to estimate the fair value of the LTIP Units issued in 2017 were 19.0% , 5.1% , and 1.53% , respectively. The weighted average expected price volatility, dividend yield, and risk-free rate used to estimate the fair value of the LTIP Units issued in 2016 were 21.3% , 4.8% , and 1.10% , respectively. The Company accounts for share-based awards using the fair value recognition provisions. Awards of shares or restricted shares are expensed as compensation over the benefit period and may require inputs that are highly subjective and require significant management judgment and analysis to develop. The Company assumes a forfeiture rate which impacts the amount of aggregate compensation cost recognized. The Company allows employees the option to satisfy minimum statutory tax-withholding requirements related to shares that vested during the period by withholding common shares equal to the required amount. Through December 31, 2017 , 1,034,647 restricted shares had been issued under the equity incentive plans, of which 72.3% have vested. As of December 31, 2017 , 2016 , and 2015 , the Company had 347,676 , 318,807 , and 228,066 weighted average restricted shares outstanding, respectively. Except for certain performance based awards, the vested and unvested shares are currently entitled to receive distributions on common shares if common share dividends are paid by declared by the Company. Holders of restricted shares are prohibited from selling such shares until they vest but are provided the ability to vote such shares beginning on the date of grant. Compensation expense of $2,914 , $2,313 and $1,360 was recorded for the years ended December 31, 2017 , 2016 , and 2015 , respectively, related to the issuance of restricted shares. Compensation expense of $3,704 will be recorded over the course of the next 28 months representing the remaining weighted average vesting period of equity awards issued under the Equity Incentive Plans as of December 31, 2017 . Compensation expense of $4,449 , $2,325 , and $1,952 was recorded for the years ended December 31, 2017 , 2016 , and 2015 , respectively, for the Company's Outperformance Plans. Compensation expense of $11,327 will be recorded over the course of the next 38 months , representing the remaining weighted average vesting period of the awards issued under the Outperformance Plans as of December 31, 2017 . A summary of the Company’s restricted share units and restricted share awards as of December 31, 2017 is presented below: Number of Awards Weighted Average Fair Value Nonvested awards at beginning of period 416,920 $ 20.10 Granted 89,755 27.32 Vested (220,190 ) 19.24 Lapsed or canceled (3,112 ) 23.75 Nonvested awards at end of period 283,373 $ 23.02 Share Option Awards The Company has not issued any share options in 2017 or 2016 and does not have plans to issue share option awards in the future. The Company has 70,971 options outstanding as of December 31, 2017 with a weighted average exercise price of $23.19 and a remaining weighted average contractual life of 84 months . Earnings per Share The Company presents both basic and diluted earnings per share, or EPS. Basic EPS is computed by dividing net income (loss) available to common shareholders, as adjusted for unallocated earnings attributable to certain participating securities, if any, by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, as long as their inclusion would not be anti-dilutive. The two-class method is an earnings allocation methodology that determines EPS for common shares and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The Company has certain share-based payment awards that contain non-forfeitable rights to dividends, which are considered participating securities for the purposes of computing EPS pursuant to the two-class method, and therefore the Company applies the two-class method in its computation of EPS. Basic and Diluted EPS for the years ended December 31, 2017 , 2016 , and 2015 are computed as follows: Year Ended December 31, 2017 2016 2015 Numerator – Income (loss): Net income (loss) from continuing operations $ 39,364 $ 18,748 $ (50,433 ) Net income (loss) from discontinued operations (89 ) 5,399 875 Net income (loss) before net gain on disposals 39,275 24,147 (49,558 ) Net gain on disposals 46,808 3,877 839 Gain on sale of European unconsolidated equity investment interests held with a related party — 5,341 — Net Income (loss) 86,083 33,365 (48,719 ) Less: Net (income) loss attributable to noncontrolling interest (820 ) (7 ) 791 Less: Nonforfeitable dividends allocated to participating shareholders (938 ) (841 ) (104 ) Less: Preferred share dividends (6,234 ) (6,234 ) (6,234 ) Net income (loss) available to common shares outstanding $ 78,091 $ 26,283 $ (54,266 ) Denominator – Weighted average shares 1 : Basic weighted average shares outstanding 150,660,964 140,192,424 60,698,716 Effect of dilutive securities: Unvested non-participating share based payment awards — 35,144 — Options 18,945 14,179 — Exchangeable Senior Notes — 767,274 — Diluted weighted average shares outstanding 150,679,909 141,009,021 60,698,716 1. Share and per share amounts have been adjusted for the 1-for-3 reverse share split completed on December 30, 2016. The Company’s options and other share-based payment awards used in the computation of EPS were calculated using the treasury share method. As discussed in Note 6, 100.0% of the Company’s Exchangeable Senior Notes were exchanged for 5,258,420 of the Company’s common shares in September 2017. In prior periods, the Company had the intent and ability to settle the debt component of the Exchangeable Senior Notes in cash and the excess conversion premium in shares, thus for these periods the Company only included the effect of the excess conversion premium in the calculation of Diluted EPS. As the final exchange was completed in all shares, for the year ended December 31, 2017 , the Company used the if-converted method to evaluate the Exchangeable Senior Notes for dilution for the period from January 1, 2017 through their specific conversion dates in September 2017. The impact of the Exchangeable Senior Notes was anti-dilutive during the year ended December 31, 2017 and was therefore excluded from the calculation of Diluted EPS for the period. For the year ended December 31, 2015, 17,659 share options, 1,044,416 unvested share based payment awards, 518,336 common shares related to outside interests in the Operating Partnership, and 157,385 Exchangeable Senior Notes were computed using the treasury share method, which due to the net loss from continuing operations excluding amounts attributable to noncontrolling interest and adjusted for preferred dividends declared during the period were anti-dilutive and excluded from Diluted EPS. For the year ended December 31, 2015, the Company excluded unvested restricted share awards of 228,066 from its weighted average basic shares outstanding due to the net loss from continuing operations excluding amounts attributable to noncontrolling interest and adjusted for preferred dividends declared during the period. For the years ended December 31, 2017 and 2016 , the net income (loss) attributable to the outside interests in the Operating Partnership has been excluded from the numerator and 1,735,703 and 696,662 weighted average shares, respectively, related to the outside interests in the Operating Partnership have been excluded from the denominator for the purpose of calculating Diluted EPS as there would have been no effect had such amounts been included. Refer to Note 13 for more information on the outside interests in the Operating Partnership. Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss) as of December 31, 2017 , 2016 , and 2015 is comprised of the following: As of December 31, 2017 2016 2015 Net unrealized gain (loss) on derivative securities $ 15,630 $ (440 ) $ (6,074 ) Net unrealized gain on debt instruments 417 3,699 1,010 Foreign currency translation adjustments: Net gain on non-derivative net investment hedges 1 297 4,516 14 Other foreign currency translation adjustments (5,734 ) (13,045 ) (656 ) Reclassification of swap gain into interest expense 2,166 1,142 (45 ) Total accumulated other comprehensive income (loss) $ 12,776 $ (4,128 ) $ (5,751 ) 1. The foreign currency translation adjustment associated with the Company’s non-derivative net investment hedge related to its European investments is included in other comprehensive income (loss). The balance reflects write-offs of $1,851 and $652 on the Company’s non-derivative net investment hedge during the years ended December 31, 2017 and 2016, respectively. |
Partners' Capital of the Operat
Partners' Capital of the Operating Partnership | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Partners' Capital of the Operating Partnership | Partners' Capital of the Operating Partnership The Company is the sole general partner of the Operating Partnership. As of December 31, 2017 , the Company owned 160,686,822 of the outstanding general and limited partnership interests, or 97.33% , of the Operating Partnership. The number of common units in the Operating Partnership is equivalent to the number of outstanding common shares of the Company, and the entitlement of all the Operating Partnership’s common units to quarterly distributions and payments in liquidation are substantially the same as those of the Company's common shareholders. Similarly, in the case of each series of preferred units in the Operating Partnership held by the Company, there is a series of preferred shares that is equivalent in number and carries substantially the same terms as such series of the Operating Partnership’s preferred units. Limited Partner Units As of December 31, 2017 , limited partners other than the Company owned 4,398,935 common units, or 2.67% , of the Operating Partnership. Earnings per Unit The Operating Partnership's earnings per unit for the years ended December 31, 2017 , 2016 , and 2015 are computed as follows: Year Ended December 31, 2017 2016 2015 Numerator – Income (loss): Net income (loss) from continuing operations $ 39,364 $ 18,748 $ (50,433 ) Net income (loss) from discontinued operations (89 ) 5,399 875 Net income (loss) before net gain on disposals 39,275 24,147 (49,558 ) Net gain on disposals 46,808 3,877 839 Gain on sale of European unconsolidated equity investment interests held with a related party — 5,341 — Net Income (loss) 86,083 33,365 (48,719 ) Less: Net loss attributable to noncontrolling interest in other partnerships 114 77 415 Less: Nonforfeitable dividends allocated to participating unitholders (938 ) (841 ) (104 ) Less: Preferred unit distributions (6,234 ) (6,234 ) (6,234 ) Net income (loss) available to common units outstanding $ 79,025 $ 26,367 $ (54,642 ) Denominator – Weighted average units 1 : Basic weighted average units outstanding 152,396,667 140,889,086 61,217,052 Effect of dilutive securities: Unvested non-participating share based payment awards — 35,144 — Options 18,945 14,179 — Exchangeable Senior Notes — 767,274 — Diluted weighted average units outstanding 152,415,612 141,705,683 61,217,052 1. Unit and per unit amounts have been adjusted for the 1-for-3 reverse share split completed on December 30, 2016. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests represent the outside equity interests in the Operating Partnership as well as third-party equity interests in the Company’s other consolidated subsidiaries. Outside Equity Interests in Operating Partnership The outside equity interests in the Operating Partnership include common units of limited partnership interest in the Operating Partnership, or OP Units, and the earned and vested portion of limited partnership interests in the Operating Partnership granted by the Company pursuant to its share-based compensation plans, or LTIP Units, which are convertible on a one-for-one basis into OP Units. The aggregate outstanding noncontrolling interest in the Operating Partnership as of December 31, 2017 represented an interest of approximately 2.67% in the Operating Partnership. A portion of the Operating Partnership’s net income (loss) during each reporting period is attributed to noncontrolling interests based on the weighted average percentage ownership of both OP Unit holders and earned and vested LTIP Unit holders relative to the sum of the Company’s total outstanding common shares, OP Units, and earned and vested LTIP Units. OP Units In 2014, the Company issued 1,004,363 OP Units in connection with the acquisition of three properties. In 2017, the Company issued 3,560,188 OP Units in connection with the acquisition of nine properties. The Company’s OP Units are redeemable at the election of the holder for cash equal to the then fair market value of one of the Company’s common shares, par value $0.01 per share, except that the Company may, at its election, acquire each OP Unit for one of its common shares. The OP Unit holders do not have any obligation to provide additional contributions to the Operating Partnership, nor do they have any decision-making powers or control over the business of the Operating Partnership. The OP Unit holders do not have voting rights; however, they are entitled to receive dividends. The OP Unit redemption rights are outside of the Company’s control, and thus the OP Units are classified as a component of temporary equity and are shown in the mezzanine equity section of the Company’s Consolidated Financial Statements. The Company is party by assumption to a registration rights agreement with the holders of the OP Units that requires the Company, subject to the terms and conditions and certain exceptions set forth therein, to file and maintain a registration statement relating to the issuance of shares of its common shares upon redemption of OP Units. As of December 31, 2017 , 3,739,420 OP Units were outstanding, which can be redeemed for 3,739,420 of the Company's common shares. During the years ended December 31, 2017 and 2016 , 134,607 and 156,452 OP Units, respectively, were converted on a one-for-one basis into the Company's common shares. At December 31, 2017 , 3,739,420 common shares of the Company were reserved for issuance upon redemption of OP Units. OP Units are recorded at the greater of cost basis or fair market value based on the closing share price of the Company’s common shares at the end of the reporting period. The Company recognizes changes in fair value in the OP Units through accumulated deficit, however decreases in fair value are recognized only to the extent that increases to the amount in temporary equity were previously recorded. As of December 31, 2017 , the value of the OP units was $113,530 . LTIP Units The Company’s LTIP Units that have been earned and are vested are convertible into OP Units on a one-for-one basis at the election of the holder. Consistent with the characteristics of the OP Units, holders of earned and vested LTIP Units do not have any obligation to provide additional contributions to the Operating Partnership, do not have any decision-making powers or control over the business of the Operating Partnership, and do not have voting rights; however, they are entitled to receive dividends. The earned and vested LTIP Units have no basis until they are converted into OP Units, thus they had no value as of December 31, 2017 . As of December 31, 2017 , noncontrolling interest owners held 659,515 earned and vested LTIP Units, which, upon conversion into OP Units, can be redeemed for 659,515 of the Company’s common shares. During the years ended December 31, 2017 and 2016 , there were no earned and vested LTIP Units converted into OP Units or redeemed for common shares of the Company. At December 31, 2017 , 659,515 common shares of the Company were reserved for issuance upon conversion of the earned and vested LTIP Units into OP Units and their subsequent redemption for common shares. Below is the rollforward of the activity relating to the noncontrolling interests in the Operating Partnership as of December 31, 2017 and 2016 : As of December 31, 2017 2016 Balance at beginning of period $ 8,643 $ 10,892 Issuance of noncontrolling interests in the Operating Partnership 108,751 — Redemption of noncontrolling interests in the Operating Partnership (3,738 ) (4,159 ) Net income attribution 934 84 Fair value adjustments 1,436 2,404 Dividends (2,496 ) (578 ) Balance at end of period $ 113,530 $ 8,643 Interests in Other Entities There are entities that the Company consolidates into its Consolidated Financial Statements based on the structure of the entities and their control provisions. As of December 31, 2017, the Company consolidated the Lakemont Development Investment and during the year ended December 31, 2017 until its dissolution in the fourth quarter of 2017, the Company consolidated European Fund Manager, which were both consolidated VIEs of the Company. The Company’s interest in these entities is presented in the equity section of its Consolidated Financial Statements. Refer to Note 2 for further discussion of these entities and consolidation considerations. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Funding Commitments During March 2017, construction was completed on the Company’s build-to-suit property in Round Rock, Texas, which the Company acquired upon completion for $29,605 . As of December 31, 2017 , the Company is obligated to fund the development of two properties and remaining improvements at one development property, for which it has remaining cumulative future commitments of $71,009 . The Company has committed $62,651 ( €52,187 ) to the Gramercy European Property Fund III. The Company contributed $3,016 ( €2,514 ) to the Gramercy European Property Fund III as of December 31, 2017, of which $2,266 ( €1,888 ) was accrued at December 31, 2017 and funded in January 2018. Foreign currency commitments have been converted into U.S. dollars based on (i) the foreign exchange rate at the closing date for completed transactions and (ii) the exchange rate that prevailed on December 31, 2017 , in the case of unfunded commitments. The Company has a 51.0% interest in the E-Commerce JV and has committed capital to fund its initial acquisition of six properties, as well as the acquisition of additional properties in the future, subject to the partners' approval. The Company's pro rata funding commitment for the initial six properties is estimated at approximately $110,000 , which will be funded using a combination of OP Units and cash. As of December 31, 2017 , the Company funded $17,811 in cash to the E-Commerce JV. The Company has committed to fund $100,000 to Strategic Office Partners, of which $29,477 and $16,027 was funded as of December 31, 2017 and December 31, 2016, respectively. See Note 5 for further information on the Company's commitments to its unconsolidated equity investments. Legal Proceedings Legacy Gramercy, its board of directors, and Chambers were named as defendants in various putative class action lawsuits brought by purported Legacy Gramercy stockholders challenging the Merger. The lawsuits were consolidated into a New York state court action, or the New York Action, and a Maryland state court action, or the Maryland Action. On March 1, 2017, the court entered a Final Order and Judgment approving the settlement, awarding plaintiffs’ attorney fees and expenses, and dismissing the New York Action with prejudice. On March 22, 2017, pursuant to the stipulation of settlement, plaintiffs in the Maryland Action filed a notice of dismissal with prejudice with the Circuit Court for Baltimore County, Maryland, which the court entered on April 11, 2017. In connection with the Company’s property acquisitions and the Merger, the Company identified a risk that it may have to pay future amounts to tenants related to continuing operating expense reimbursement audits. In 2017, the Company settled the majority of its operating expense reimbursement audits and paid $3,500 pursuant to a settlement in February 2017. In addition, the Company and/or one or more of its subsidiaries is party to various litigation matters that are considered routine litigation incidental to our or their business, none of which are considered material. Office Leases The Company has several office locations, which are each subject to operating lease agreements. These office locations include the Company’s corporate office at 90 Park Avenue, New York, New York, and the Company’s various regional offices located across the United States and Europe. The Company's previous corporate office location through November 2016 was at 521 Fifth Avenue, New York, New York. Related to its operating leases for office locations, the Company incurred rent expense of $2,251 , $1,816 , and $775 for the years ended December 31, 2017 , 2016 , and 2015 , respectively. The Company's lease for its corporate office at 90 Park Avenue has annual rent of $1,318 for year one through year five and annual rent of $1,402 for year six through year 11 . The 90 Park Avenue lease expires in April 2027 and has one five -year renewal option. In January 2017, the Company exercised a cancellation right to terminate the lease for its previous corporate office space at 521 Fifth Avenue, which is effective in August 2018, for a fee of $158 . The 521 Fifth Avenue lease has annual rent of $388 in 2017 and $394 in 2018. In January 2017, the Company entered into a sublease for the 521 Fifth Avenue office space, with a lease term of February 2017 through August 2018. Capital and Operating Ground Leases Certain properties acquired are subject to ground leases, which are accounted for as operating and capital leases, as applicable. The ground leases have varying ending dates, renewal options and rental rate escalations, with the latest lease extending to June 2053 . Future minimum rental payments to be made by the Company under these noncancelable ground leases, excluding increases resulting from increases in the consumer price index, are as follows: 2018 2019 2020 2021 2022 Thereafter Total Ground Leases - Operating $ 2,491 $ 2,552 $ 2,555 $ 2,522 $ 2,551 $ 71,739 $ 84,410 Ground Leases - Capital 1 — — — — 329 330 Total $ 2,492 $ 2,552 $ 2,555 $ 2,522 $ 2,551 $ 72,068 $ 84,740 The Company incurred rent expense on ground leases of $2,544 , $2,093 and $1,582 during the years ended December 31, 2017 , 2016 , and 2015 , respectively. Rent expense is recognized on a straight-line basis regardless of when payments are due. Accounts payable and accrued expenses in the accompanying Consolidated Balance Sheets includes an accrual for rental expense recognized in excess of amounts due at that time. Rent expense related to leasehold interests is included in property operating expenses and rent expense related to office rentals is included in general and administrative expense and property management expense. All of the Company's capital leases are ground leases and as of December 31, 2017 , 2016 , and 2015 , the total gross and net value of assets under the Company's capital leases was $21,500 , $16,312 , and $2,758 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code, beginning with its taxable year ended December 31, 2004. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute annually at least 90.0% of its ordinary taxable income to its shareholders. As a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that it distributes to its shareholders. If the Company fails to qualify as a REIT in any taxable year, it will then be subject to U.S. federal income taxes on taxable income, without reduction for distributions, at regular corporate rates. In addition, the Company will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distributions to its shareholders. However, the Company believes that it is organized and will operate in such a manner as to qualify for treatment as a REIT and the Company intends to operate in the foreseeable future in such a manner so that it will qualify as a REIT for U.S. federal income tax purposes. The Company may, however, be subject to certain state and local taxes. The Company has in the past established, and may in the future establish, taxable REIT subsidiaries, or TRSs, to effect various taxable transactions. The Company’s TRSs are subject to federal, state and local taxes. The Company’s asset and property management business conducts its business through a wholly-owned TRS. The Company’s provision for income taxes for the years ended December 31, 2017 , 2016 , and 2015 is summarized as follows: Year Ended December 31, 2017 2016 2015 Current: Federal $ 741 $ (2,198 ) $ (859 ) State and local (97 ) (962 ) (1,009 ) Total current 644 (3,160 ) (1,868 ) Deferred: Federal — — (228 ) State and local — — (57 ) Total deferred — — (285 ) Total income tax (expense) benefit $ 644 $ (3,160 ) $ (2,153 ) As of December 31, 2017 , returns for the calendar years 2014 through 2017 remain subject to examination by the Internal Revenue Service and various state and local tax jurisdictions. Income taxes, primarily related to the Company’s TRSs, are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities recorded in accordance with GAAP and their respective tax basis and operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided if the Company believes it is more likely than not that all or a portion of a deferred tax asset will not be realized. Any increase or decrease in a valuation allowance is included in the tax provision when such a change occurs. The asset management agreement with KBS has been terminated effective in the first quarter of 2017, therefore the activity in the Company's TRSs will be immaterial going forward. The income tax provision differs from the amount computed by applying the statutory federal income tax rate to pretax operating income, as follows: Year Ended December 31, 2017 2016 2015 Income tax (expense) benefit at federal statutory rate $ (29,617 ) $ (12,781 ) $ 16,020 Tax effect of REIT election 30,358 10,583 (17,328 ) State and local taxes, net of federal benefit (83 ) (953 ) (839 ) Permanent difference (14 ) (9 ) (6 ) Total income tax (expense) benefit $ 644 $ (3,160 ) $ (2,153 ) As of December 31, 2017 , the Company and each of its taxable subsidiaries which file corporate tax returns, had total net loss carryforwards, inclusive of net operating losses and capital losses, of approximately $34,000 available for use in future periods. The aggregate amounts of net operating loss carryforwards and capital loss carryforwards as of December 31, 2017 are subject to the completion of the 2017 tax returns. Net operating loss carryforwards and capital loss carryforwards can generally be used to offset future ordinary income and capital gains of the entity originating the losses, for up to 20 years and five years, respectively, however, the Company has limits on the maximum amount of loss carryforwards that can be used in any given year. In January 2011 and December 2015, the Company and some of its subsidiaries experienced an ownership change, as defined for purposes of Section 382 of the Internal Revenue Code of 1986, as amended. In general, an “ownership change” occurs if there is a change in ownership of more than 50.0% of common stock during a cumulative three-year period. For this purpose, determinations of ownership changes are generally limited to shareholders deemed to own 5.0% or more of the Company’s common stock. The provisions of Section 382 will apply an annual limit to the amount of net loss carryforwards that can be used by the Company or its subsidiary that generated the loss to offset future ordinary income and capital gains received by the Company or the subsidiary (as the case may be), beginning with the 2011 taxable year. Because the Company uses separate subsidiary REITs and TRSs to conduct different aspects of its business, losses incurred by the individual subsidiary REITs or TRSs are only available to offset taxable income derived by each respective subsidiary REIT or TRS. Accordingly, to the extent the Company, a subsidiary REIT or a TRS has taxable income in future years and has net loss carryforwards incurred prior to the ownership changes which are available to be utilized, such net loss carryforwards would be limited in future years, and they may have greater taxable income as a result of such limitation. The Company’s policy for interest and penalties, if any, on material uncertain tax positions recognized in the financial statements is to classify these as interest expense and operating expense, respectively. As of December 31, 2017 , 2016 , and 2015 , the Company did not incur any material interest or penalties. |
Environmental Matters
Environmental Matters | 12 Months Ended |
Dec. 31, 2017 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Matters | Environmental Matters The Company believes that it is in compliance in all material respects with applicable federal, state and local ordinances and regulations regarding environmental issues. Its management is not aware of any environmental liability that it believes would have a materially adverse impact on the Company’s financial position, results of operations or cash flows. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table represents supplemental cash flow disclosures for the years ended December 31, 2017 , 2016 , and 2015 : Year Ended December 31, 2017 2016 2015 Supplemental cash flow disclosures: Interest paid $ 93,051 $ 77,081 $ 30,303 Income taxes paid 1,176 2,906 1,730 Proceeds from 1031 exchanges from sale of real estate 212,973 723,863 — Use of funds from 1031 exchanges for acquisitions of real estate (212,973 ) (723,831 ) — Non-cash activity: Net assets acquired in the Merger in exchange for common stock $ — $ — $ 1,829,241 Common stock registered in exchange for net assets acquired in the Merger — — 1,829,241 Fair value adjustment to noncontrolling interest in the Operating Partnership 1,436 2,404 (769 ) Debt assumed in acquisition of real estate 181,107 244,188 618,169 Debt transferred in disposition of real estate (10,456 ) (101,432 ) — Non-cash acquisition of consolidated VIE 24,930 — — Dividend reinvestment plan proceeds 194 — — Distribution of real estate assets from unconsolidated equity investment — 263,015 — Treasury securities transferred in connection with defeasance of notes payable — (144,063 ) — Transfer of defeased note payable — 124,605 — Contribution of real estate assets as investment in unconsolidated equity investments — (182,168 ) — Redemption of units of noncontrolling interest in the Operating Partnership for common shares (3,738 ) (4,159 ) (3,784 ) Real estate acquired for units of noncontrolling interest in the Operating Partnership 108,751 — — Redemption of Exchangeable Senior Notes for common shares 117,450 — — |
Selected Quarterly Financial Da
Selected Quarterly Financial Data of the Company (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Selected Quarterly Financial Information [Abstract] | |
Selected Quarterly Financial Data of the Company (unaudited) | Selected Quarterly Financial Data of the Company (unaudited) The following tables summarize the Company's quarterly financial information for the years ended December 31, 2017 and 2016 : 2017 Quarter Ended December 31, September 30, June 30, March 31, Total revenues $ 149,006 $ 134,855 $ 131,365 $ 129,994 Operating income 39,192 30,360 34,435 32,751 Interest expense (26,291 ) (24,266 ) (23,239 ) (23,056 ) Net impairment recognized in earnings — — — (4,890 ) Equity in net income (loss) of unconsolidated equity investments (636 ) 48,730 248 (94 ) Gain (loss) on extinguishment of debt (11 ) (6,751 ) 268 (208 ) Impairment of real estate investments (16,407 ) (3,064 ) (5,580 ) (12,771 ) Provision for taxes (3 ) 598 (147 ) 196 Income (loss) from continuing operations (4,156 ) 45,607 5,985 (8,072 ) Loss from discontinued operations (13 ) (24 ) (28 ) (24 ) Income (loss) before net gain on disposals (4,169 ) 45,583 5,957 (8,096 ) Net gain on disposals 22,550 4,879 2,002 17,377 Net income 18,381 50,462 7,959 9,281 Net (income) loss attributable to noncontrolling interest (446 ) (333 ) 113 (154 ) Net income attributable to Gramercy Property Trust 17,935 50,129 8,072 9,127 Preferred share dividends (1,558 ) (1,559 ) (1,558 ) (1,559 ) Net income available to common shareholders $ 16,377 $ 48,570 $ 6,514 $ 7,568 Basic earnings per share: Net income from continuing operations, after preferred dividends $ 0.10 $ 0.32 $ 0.04 $ 0.05 Net income from discontinued operations — — — — Net income available to common shareholders $ 0.10 $ 0.32 $ 0.04 $ 0.05 Diluted earnings per share: Net income from continuing operations, after preferred dividends $ 0.10 $ 0.32 $ 0.04 $ 0.05 Net income from discontinued operations — — — — Net income available to common shareholders $ 0.10 $ 0.32 $ 0.04 $ 0.05 Basic weighted average common shares outstanding 160,339,133 152,619,352 148,542,916 140,907,399 Diluted weighted average common shares outstanding 160,358,728 157,507,213 149,914,443 141,875,619 2016 Quarter Ended December 31, September 30, June 30, March 31, Total revenues $ 126,202 $ 131,092 $ 139,425 $ 120,545 Operating income 25,460 31,297 37,469 25,475 Interest expense (18,163 ) (18,409 ) (16,909 ) (21,953 ) Equity in net income (loss) of unconsolidated equity investments 6,470 (1,138 ) (168 ) (2,755 ) Gain on dissolution of previously held U.S. unconsolidated equity investment interests — — 7,229 — Loss on extinguishment of debt — (13,777 ) (1,356 ) (5,757 ) Impairment of real estate investments (10,054 ) (1,053 ) — — Provision for taxes 574 (331 ) (2,700 ) (703 ) Income (loss) from continuing operations 4,287 (3,411 ) 23,565 (5,693 ) Income from discontinued operations 354 347 58 4,640 Income (loss) before net gain on disposals 4,641 (3,064 ) 23,623 (1,053 ) Gain on sale of European unconsolidated equity investment interests held with a related party — — 5,341 — Net gain on disposals 1,541 2,336 — — Net income (loss) 6,182 (728 ) 28,964 (1,053 ) Net (income) loss attributable to noncontrolling interest 145 (221 ) (51 ) 120 Net income (loss) attributable to Gramercy Property Trust 6,327 (949 ) 28,913 (933 ) Preferred share dividends (1,558 ) (1,559 ) (1,558 ) (1,559 ) Net Income (loss) available to common shareholders $ 4,769 $ (2,508 ) $ 27,355 $ (2,492 ) Basic earnings per share: Net income (loss) from continuing operations, after preferred dividends $ 0.03 $ (0.02 ) $ 0.19 $ (0.05 ) Net income from discontinued operations — — — 0.03 Net income (loss) available to common shareholders $ 0.03 $ (0.02 ) $ 0.19 $ (0.02 ) Diluted earnings per share: Net income (loss) from continuing operations, after preferred dividends $ 0.03 $ (0.02 ) $ 0.19 $ (0.05 ) Net income from discontinued operations — — — 0.03 Net income (loss) available to common shareholders $ 0.03 $ (0.02 ) $ 0.19 $ (0.02 ) Basic weighted average common shares outstanding 140,298,149 140,257,503 140,776,976 140,060,405 Diluted weighted average common shares outstanding 141,228,218 140,257,503 142,514,202 140,060,405 Selected Quarterly Financial Data of the Operating Partnership (unaudited) The following tables summarize the Company's quarterly financial information for the years ended December 31, 2017 and 2016 : 2017 Quarter Ended December 31, September 30, June 30, March 31, Total revenues $ 149,006 $ 134,855 $ 131,365 $ 129,994 Operating income 39,192 30,360 34,435 32,751 Interest expense (26,291 ) (24,266 ) (23,239 ) (23,056 ) Net impairment recognized in earnings — — — (4,890 ) Equity in net income (loss) of unconsolidated equity investments (636 ) 48,730 248 (94 ) Gain (loss) on extinguishment of debt (11 ) (6,751 ) 268 (208 ) Impairment of real estate investments (16,407 ) (3,064 ) (5,580 ) (12,771 ) Provision for taxes (3 ) 598 (147 ) 196 Income (loss) from continuing operations (4,156 ) 45,607 5,985 (8,072 ) Loss from discontinued operations (13 ) (24 ) (28 ) (24 ) Income (loss) before net gain on disposals (4,169 ) 45,583 5,957 (8,096 ) Net gain on disposals 22,550 4,879 2,002 17,377 Net income 18,381 50,462 7,959 9,281 Net (income) loss attributable to noncontrolling interest in other partnerships — 97 137 (120 ) Net income attributable to GPTOP 18,381 50,559 8,096 9,161 Preferred unit distributions (1,558 ) (1,559 ) (1,558 ) (1,559 ) Net income available to common unitholders $ 16,823 $ 49,000 $ 6,538 $ 7,602 Basic earnings per unit: Net income from continuing operations, after preferred unit distributions $ 0.10 $ 0.32 $ 0.04 $ 0.05 Net income from discontinued operations — — — — Net income available to common unitholders $ 0.10 $ 0.32 $ 0.04 $ 0.05 Diluted earnings per unit: Net income from continuing operations, after preferred unit distributions $ 0.10 $ 0.32 $ 0.04 $ 0.05 Net income from discontinued operations — — — — Net income available to common unitholders $ 0.10 $ 0.32 $ 0.04 $ 0.05 Basic weighted average common units outstanding 164,705,027 153,971,961 149,103,359 141,527,985 Diluted weighted average common units outstanding 164,724,622 158,859,822 150,474,886 142,496,205 2016 Quarter Ended December 31, September 30, June 30, March 31, Total revenues $ 126,202 $ 131,092 $ 139,425 $ 120,545 Operating income 25,460 31,297 37,469 25,475 Interest expense (18,163 ) (18,409 ) (16,909 ) (21,953 ) Equity in net income (loss) of unconsolidated equity investments 6,470 (1,138 ) (168 ) (2,755 ) Gain on dissolution of previously held U.S. unconsolidated equity investment interests — — 7,229 — Loss on extinguishment of debt — (13,777 ) (1,356 ) (5,757 ) Impairment of real estate investments (10,054 ) (1,053 ) — — Provision for taxes 574 (331 ) (2,700 ) (703 ) Income (loss) from continuing operations 4,287 (3,411 ) 23,565 (5,693 ) Income from discontinued operations 354 347 58 4,640 Income (loss) before net gain on disposals 4,641 (3,064 ) 23,623 (1,053 ) Gain on sale of European unconsolidated equity investment interests held with a related party — — 5,341 — Net gain on disposals 1,541 2,336 — — Net income (loss) 6,182 (728 ) 28,964 (1,053 ) Net (income) loss attributable to noncontrolling interest in other partnerships 168 (229 ) 27 111 Net income (loss) attributable to GPTOP 6,350 (957 ) 28,991 (942 ) Preferred unit dividends (1,558 ) (1,559 ) (1,558 ) (1,559 ) Net income (loss) available to common unitholders $ 4,792 $ (2,516 ) $ 27,433 $ (2,501 ) Basic earnings per unit: Net income (loss) from continuing operations, after preferred unit distributions $ 0.03 $ (0.02 ) $ 0.19 $ (0.05 ) Net income from discontinued operations — — — 0.03 Net income (loss) available to common unitholders $ 0.03 $ (0.02 ) $ 0.19 $ (0.02 ) Diluted earnings per unit: Net income (loss) from continuing operations, after preferred unit distributions $ 0.03 $ (0.02 ) $ 0.19 $ (0.05 ) Net income from discontinued operations — — — 0.03 Net income (loss) available to common unitholders $ 0.03 $ (0.02 ) $ 0.19 $ (0.02 ) Basic weighted average common units outstanding 140,934,854 140,596,612 141,179,745 140,518,506 Diluted weighted average common units outstanding 141,864,923 140,596,612 142,514,202 140,518,506 |
Selected Quarterly Financial 28
Selected Quarterly Financial Data of the Operating Partnership (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Selected Quarterly Financial Data of the Operating Partnership (unaudited) | Selected Quarterly Financial Data of the Company (unaudited) The following tables summarize the Company's quarterly financial information for the years ended December 31, 2017 and 2016 : 2017 Quarter Ended December 31, September 30, June 30, March 31, Total revenues $ 149,006 $ 134,855 $ 131,365 $ 129,994 Operating income 39,192 30,360 34,435 32,751 Interest expense (26,291 ) (24,266 ) (23,239 ) (23,056 ) Net impairment recognized in earnings — — — (4,890 ) Equity in net income (loss) of unconsolidated equity investments (636 ) 48,730 248 (94 ) Gain (loss) on extinguishment of debt (11 ) (6,751 ) 268 (208 ) Impairment of real estate investments (16,407 ) (3,064 ) (5,580 ) (12,771 ) Provision for taxes (3 ) 598 (147 ) 196 Income (loss) from continuing operations (4,156 ) 45,607 5,985 (8,072 ) Loss from discontinued operations (13 ) (24 ) (28 ) (24 ) Income (loss) before net gain on disposals (4,169 ) 45,583 5,957 (8,096 ) Net gain on disposals 22,550 4,879 2,002 17,377 Net income 18,381 50,462 7,959 9,281 Net (income) loss attributable to noncontrolling interest (446 ) (333 ) 113 (154 ) Net income attributable to Gramercy Property Trust 17,935 50,129 8,072 9,127 Preferred share dividends (1,558 ) (1,559 ) (1,558 ) (1,559 ) Net income available to common shareholders $ 16,377 $ 48,570 $ 6,514 $ 7,568 Basic earnings per share: Net income from continuing operations, after preferred dividends $ 0.10 $ 0.32 $ 0.04 $ 0.05 Net income from discontinued operations — — — — Net income available to common shareholders $ 0.10 $ 0.32 $ 0.04 $ 0.05 Diluted earnings per share: Net income from continuing operations, after preferred dividends $ 0.10 $ 0.32 $ 0.04 $ 0.05 Net income from discontinued operations — — — — Net income available to common shareholders $ 0.10 $ 0.32 $ 0.04 $ 0.05 Basic weighted average common shares outstanding 160,339,133 152,619,352 148,542,916 140,907,399 Diluted weighted average common shares outstanding 160,358,728 157,507,213 149,914,443 141,875,619 2016 Quarter Ended December 31, September 30, June 30, March 31, Total revenues $ 126,202 $ 131,092 $ 139,425 $ 120,545 Operating income 25,460 31,297 37,469 25,475 Interest expense (18,163 ) (18,409 ) (16,909 ) (21,953 ) Equity in net income (loss) of unconsolidated equity investments 6,470 (1,138 ) (168 ) (2,755 ) Gain on dissolution of previously held U.S. unconsolidated equity investment interests — — 7,229 — Loss on extinguishment of debt — (13,777 ) (1,356 ) (5,757 ) Impairment of real estate investments (10,054 ) (1,053 ) — — Provision for taxes 574 (331 ) (2,700 ) (703 ) Income (loss) from continuing operations 4,287 (3,411 ) 23,565 (5,693 ) Income from discontinued operations 354 347 58 4,640 Income (loss) before net gain on disposals 4,641 (3,064 ) 23,623 (1,053 ) Gain on sale of European unconsolidated equity investment interests held with a related party — — 5,341 — Net gain on disposals 1,541 2,336 — — Net income (loss) 6,182 (728 ) 28,964 (1,053 ) Net (income) loss attributable to noncontrolling interest 145 (221 ) (51 ) 120 Net income (loss) attributable to Gramercy Property Trust 6,327 (949 ) 28,913 (933 ) Preferred share dividends (1,558 ) (1,559 ) (1,558 ) (1,559 ) Net Income (loss) available to common shareholders $ 4,769 $ (2,508 ) $ 27,355 $ (2,492 ) Basic earnings per share: Net income (loss) from continuing operations, after preferred dividends $ 0.03 $ (0.02 ) $ 0.19 $ (0.05 ) Net income from discontinued operations — — — 0.03 Net income (loss) available to common shareholders $ 0.03 $ (0.02 ) $ 0.19 $ (0.02 ) Diluted earnings per share: Net income (loss) from continuing operations, after preferred dividends $ 0.03 $ (0.02 ) $ 0.19 $ (0.05 ) Net income from discontinued operations — — — 0.03 Net income (loss) available to common shareholders $ 0.03 $ (0.02 ) $ 0.19 $ (0.02 ) Basic weighted average common shares outstanding 140,298,149 140,257,503 140,776,976 140,060,405 Diluted weighted average common shares outstanding 141,228,218 140,257,503 142,514,202 140,060,405 Selected Quarterly Financial Data of the Operating Partnership (unaudited) The following tables summarize the Company's quarterly financial information for the years ended December 31, 2017 and 2016 : 2017 Quarter Ended December 31, September 30, June 30, March 31, Total revenues $ 149,006 $ 134,855 $ 131,365 $ 129,994 Operating income 39,192 30,360 34,435 32,751 Interest expense (26,291 ) (24,266 ) (23,239 ) (23,056 ) Net impairment recognized in earnings — — — (4,890 ) Equity in net income (loss) of unconsolidated equity investments (636 ) 48,730 248 (94 ) Gain (loss) on extinguishment of debt (11 ) (6,751 ) 268 (208 ) Impairment of real estate investments (16,407 ) (3,064 ) (5,580 ) (12,771 ) Provision for taxes (3 ) 598 (147 ) 196 Income (loss) from continuing operations (4,156 ) 45,607 5,985 (8,072 ) Loss from discontinued operations (13 ) (24 ) (28 ) (24 ) Income (loss) before net gain on disposals (4,169 ) 45,583 5,957 (8,096 ) Net gain on disposals 22,550 4,879 2,002 17,377 Net income 18,381 50,462 7,959 9,281 Net (income) loss attributable to noncontrolling interest in other partnerships — 97 137 (120 ) Net income attributable to GPTOP 18,381 50,559 8,096 9,161 Preferred unit distributions (1,558 ) (1,559 ) (1,558 ) (1,559 ) Net income available to common unitholders $ 16,823 $ 49,000 $ 6,538 $ 7,602 Basic earnings per unit: Net income from continuing operations, after preferred unit distributions $ 0.10 $ 0.32 $ 0.04 $ 0.05 Net income from discontinued operations — — — — Net income available to common unitholders $ 0.10 $ 0.32 $ 0.04 $ 0.05 Diluted earnings per unit: Net income from continuing operations, after preferred unit distributions $ 0.10 $ 0.32 $ 0.04 $ 0.05 Net income from discontinued operations — — — — Net income available to common unitholders $ 0.10 $ 0.32 $ 0.04 $ 0.05 Basic weighted average common units outstanding 164,705,027 153,971,961 149,103,359 141,527,985 Diluted weighted average common units outstanding 164,724,622 158,859,822 150,474,886 142,496,205 2016 Quarter Ended December 31, September 30, June 30, March 31, Total revenues $ 126,202 $ 131,092 $ 139,425 $ 120,545 Operating income 25,460 31,297 37,469 25,475 Interest expense (18,163 ) (18,409 ) (16,909 ) (21,953 ) Equity in net income (loss) of unconsolidated equity investments 6,470 (1,138 ) (168 ) (2,755 ) Gain on dissolution of previously held U.S. unconsolidated equity investment interests — — 7,229 — Loss on extinguishment of debt — (13,777 ) (1,356 ) (5,757 ) Impairment of real estate investments (10,054 ) (1,053 ) — — Provision for taxes 574 (331 ) (2,700 ) (703 ) Income (loss) from continuing operations 4,287 (3,411 ) 23,565 (5,693 ) Income from discontinued operations 354 347 58 4,640 Income (loss) before net gain on disposals 4,641 (3,064 ) 23,623 (1,053 ) Gain on sale of European unconsolidated equity investment interests held with a related party — — 5,341 — Net gain on disposals 1,541 2,336 — — Net income (loss) 6,182 (728 ) 28,964 (1,053 ) Net (income) loss attributable to noncontrolling interest in other partnerships 168 (229 ) 27 111 Net income (loss) attributable to GPTOP 6,350 (957 ) 28,991 (942 ) Preferred unit dividends (1,558 ) (1,559 ) (1,558 ) (1,559 ) Net income (loss) available to common unitholders $ 4,792 $ (2,516 ) $ 27,433 $ (2,501 ) Basic earnings per unit: Net income (loss) from continuing operations, after preferred unit distributions $ 0.03 $ (0.02 ) $ 0.19 $ (0.05 ) Net income from discontinued operations — — — 0.03 Net income (loss) available to common unitholders $ 0.03 $ (0.02 ) $ 0.19 $ (0.02 ) Diluted earnings per unit: Net income (loss) from continuing operations, after preferred unit distributions $ 0.03 $ (0.02 ) $ 0.19 $ (0.05 ) Net income from discontinued operations — — — 0.03 Net income (loss) available to common unitholders $ 0.03 $ (0.02 ) $ 0.19 $ (0.02 ) Basic weighted average common units outstanding 140,934,854 140,596,612 141,179,745 140,518,506 Diluted weighted average common units outstanding 141,864,923 140,596,612 142,514,202 140,518,506 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In February 2018, the Company declared a first quarter 2018 common dividend of $0.375 per share, payable on April 16, 2018 to shareholders of record as of March 30, 2018. In February 2018, the Company also declared a first quarter 2018 dividend on its 7.125% Series A Preferred Shares in the amount of $0.44531 per share, payable on April 2, 2018 to preferred shareholders of record as of the close of business on March 19, 2018. Subsequent to December 31, 2017, the Company closed on the acquisition of one industrial property which is comprised of 162,056 rentable square feet and is 100.0% occupied for a purchase price of approximately $10,550 . Subsequent to December 31, 2017, the Company closed on the disposition of four properties which comprised an aggregate 974,373 rentable square feet for aggregate gross proceeds of approximately $75,062 . Subsequent to December 31, 2017, the Company issued 996,098 OP Units valued at approximately $29,076 in connection with its contribution to the E-Commerce JV for the acquisition of two properties. |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | Tenant and Other Receivables - Balance at Additions Deductions Balance at December 31, 2017 $ 57 $ 815 $ (234 ) $ 638 December 31, 2016 $ 204 $ 77 $ (224 ) $ 57 December 31, 2015 $ 188 $ (63 ) $ 79 $ 204 |
Schedule III - Real Estate Inve
Schedule III - Real Estate Investments | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Real Estate Investments | Initial Costs 2 Costs Capitalized Subsequent to Acquisition 3 Gross Amount at Which Carried December 31, 2017 City State Acquisition Date Encumbrances 1 Land Building and Improvements Land, Building, and Improvements Land Building and Improvements Total 4 Accumulated Depreciation December 31, 2017 5 Industrial Properties: Greenwood IN 11/20/2012 $ 7,245 $ 1,200 $ 12,002 $ — $ 1,200 $ 12,002 $ 13,202 $ (1,772 ) Greenfield IN 11/20/2012 5,854 600 9,357 — 600 9,357 9,957 (1,308 ) Olive Branch MS 3/11/2013 — 2,250 18,891 36 2,250 18,927 21,177 (2,459 ) Garland TX 3/19/2013 — 2,200 6,081 1,109 2,200 7,190 9,390 (1,873 ) East Brunswick NJ 3/28/2013 — 5,700 4,626 139 5,700 4,765 10,465 (1,011 ) Atlanta GA 5/6/2013 — 1,700 4,949 (260 ) 1,700 4,689 6,389 (876 ) Bellmawr NJ 5/30/2013 — 540 2,992 (90 ) 540 2,902 3,442 (380 ) Hialeah Gardens FL 5/31/2013 — 4,839 1,437 19,997 4,839 21,434 26,273 (1,875 ) Deer Park NY 6/18/2013 — 1,596 1,926 — 1,596 1,926 3,522 (657 ) Elkridge MD 6/19/2013 — 2,589 3,034 — 2,589 3,034 5,623 (909 ) Houston TX 6/26/2013 — 3,251 2,650 (789 ) 3,251 1,861 5,112 (542 ) Orlando FL 6/26/2013 — 1,644 2,904 — 1,644 2,904 4,548 (1,062 ) Hutchins TX 6/27/2013 23,338 10,867 40,104 — 10,867 40,104 50,971 (11,628 ) Swedesboro NJ 6/28/2013 — 1,070 9,603 — 1,070 9,603 10,673 (1,270 ) Atlanta GA 8/22/2013 — 224 3,150 — 224 3,150 3,374 (1,112 ) Manassas VA 9/5/2013 — 890 2,796 — 890 2,796 3,686 (401 ) Manassas VA 9/5/2013 — 546 3,401 — 546 3,401 3,947 (477 ) Yuma AZ 10/1/2013 11,740 1,897 16,275 18 1,897 16,293 18,190 (2,833 ) Austin TX 10/23/2013 — 1,017 6,527 115 1,017 6,642 7,659 (1,031 ) Galesburg IL 11/15/2013 — 300 903 — 300 903 1,203 (165 ) Lawrence IN 11/15/2013 19,671 2,168 27,485 (38 ) 2,168 27,447 29,615 (3,775 ) Peru IL 11/15/2013 — 869 4,438 — 869 4,438 5,307 (651 ) Waco TX 11/21/2013 14,776 1,615 17,940 — 1,615 17,940 19,555 (2,220 ) Chicago IL 11/22/2013 — 3,070 1,983 25 3,070 2,008 5,078 (597 ) Allentown PA 12/23/2013 22,591 4,767 25,468 — 4,767 25,468 30,235 (4,614 ) Vernon CA 12/30/2013 — 5,400 9,420 — 5,400 9,420 14,820 (1,283 ) Des Plaines IL 2/28/2014 2,366 1,512 3,720 — 1,512 3,720 5,232 (840 ) Elgin IL 4/23/2014 — 1,675 4,712 — 1,675 4,712 6,387 (544 ) Harrisburg PA 5/1/2014 — 1,896 5,689 36 1,896 5,725 7,621 (992 ) Elk Grove Village IL 5/20/2014 — 5,876 12,618 — 5,876 12,618 18,494 (1,711 ) Tampa FL 5/29/2014 — 1,839 6,589 — 1,839 6,589 8,428 (1,051 ) Malvern PA 6/30/2014 — 2,085 21,494 — 2,085 21,494 23,579 (2,770 ) Ames IA 7/31/2014 — 2,650 20,364 21 2,650 20,385 23,035 (2,919 ) Buford GA 7/31/2014 — 3,495 19,452 — 3,495 19,452 22,947 (2,677 ) Wilson NC 7/31/2014 — 633 14,073 48 633 14,121 14,754 (1,730 ) Arlington Heights IL 8/19/2014 — 2,205 14,595 — 2,205 14,595 16,800 (1,783 ) Medley FL 8/27/2014 — 7,503 624 (381 ) 7,503 243 7,746 (39 ) Medley FL 8/27/2014 — 3,300 141 (100 ) 3,300 41 3,341 (14 ) Medley FL 8/27/2014 — 4,622 386 (113 ) 4,622 273 4,895 (48 ) Santa Clara CA 9/11/2014 — 16,670 1,920 — 16,670 1,920 18,590 (617 ) Bloomingdale IL 9/19/2014 — 1,118 5,150 53 1,118 5,203 6,321 (652 ) Kenosha WI 9/24/2014 — 1,530 7,383 — 1,530 7,383 8,913 (945 ) Worcester MA 9/24/2014 — 1,391 16,877 95 1,391 16,972 18,363 (2,045 ) Miami FL 10/24/2014 — 3,980 6,376 503 3,980 6,879 10,859 (912 ) Morrow GA 11/25/2014 — 656 5,490 — 656 5,490 6,146 (1,157 ) Puyallup WA 12/2/2014 — 2,825 6,584 — 2,825 6,584 9,409 (896 ) Lewisville TX 12/4/2014 — 1,287 4,500 — 1,287 4,500 5,787 (674 ) Rolling Meadows IL 12/4/2014 — 3,240 6,705 (244 ) 2,996 6,705 9,701 (588 ) Groveport OH 12/4/2014 — 785 5,437 — 785 5,437 6,222 (656 ) Midway GA 12/8/2014 — 4,999 15,698 — 4,999 15,698 20,697 (1,693 ) Buffalo Grove IL 12/18/2014 — 1,055 3,079 165 1,055 3,244 4,299 (374 ) Burr Ridge IL 12/18/2014 — 1,230 2,608 — 1,230 2,608 3,838 (302 ) Initial Costs 2 Costs Capitalized Subsequent to Acquisition 3 Gross Amount at Which Carried December 31, 2017 City State Acquisition Date Encumbrances 1 Land Building and Improvements Land, Building, and Improvements Land Building and Improvements Total 4 Accumulated Depreciation December 31, 2017 5 Hamlet NC 12/19/2014 — 292 10,418 — 292 10,418 10,710 (1,039 ) Downers Grove IL 12/23/2014 — 1,414 8,426 — 1,414 8,426 9,840 (964 ) Bolingbrook IL 12/23/2014 — 2,257 10,375 — 2,257 10,375 12,632 (1,164 ) St Louis MO 1/6/2015 — 1,398 7,502 390 1,398 7,892 9,290 (849 ) Cinnaminson NJ 1/9/2015 — 2,149 22,035 — 2,149 22,035 24,184 (3,311 ) Milford CT 2/2/2015 — 465 5,271 7 465 5,278 5,743 (566 ) Sussex WI 2/13/2015 — 1,806 5,441 — 1,806 5,441 7,247 (1,333 ) Milwaukee WI 2/13/2015 — 601 3,640 — 601 3,640 4,241 (1,079 ) Oak Creek WI 2/13/2015 — 969 5,058 — 969 5,058 6,027 (998 ) Kent WA 3/5/2015 — 4,919 11,928 268 4,919 12,196 17,115 (1,374 ) San Jose CA 3/9/2015 — 11,466 26,229 502 11,466 26,731 38,197 (2,317 ) El Segundo CA 3/11/2015 — 7,412 43,403 — 7,412 43,403 50,815 (3,142 ) Richfield OH 3/11/2015 — 522 24,230 — 522 24,230 24,752 (2,264 ) Richardson TX 3/11/2015 — 1,360 7,619 2,192 1,360 9,811 11,171 (1,117 ) Houston TX 3/11/2015 — 6,628 35,637 2,225 6,628 37,862 44,490 (3,514 ) Aurora CO 3/11/2015 — 453 5,363 — 453 5,363 5,816 (536 ) Dixon IL 3/11/2015 — 1,078 18,413 — 1,078 18,413 19,491 (2,263 ) Oswego IL 3/26/2015 — 767 3,167 645 767 3,812 4,579 (652 ) Obetz OH 4/10/2015 — 1,955 19,381 225 1,955 19,606 21,561 (1,679 ) Auburn WA 5/7/2015 — 2,543 9,121 — 2,543 9,121 11,664 (865 ) Fairfield CA 5/7/2015 — 949 2,205 — 949 2,205 3,154 (192 ) San Bernardino CA 5/7/2015 — 2,308 7,613 — 2,308 7,613 9,921 (663 ) Orlando FL 6/10/2015 — 1,658 5,412 4,622 1,658 10,034 11,692 (651 ) Orlando FL 6/10/2015 — 1,756 4,346 106 1,756 4,452 6,208 (606 ) Vernon CA 7/6/2015 — 7,813 14,428 — 7,813 14,428 22,241 (1,099 ) Philadelphia PA 7/21/2015 11,854 3,986 17,963 — 3,986 17,963 21,949 (1,296 ) Fridley MN 7/22/2015 — 5,229 29,754 321 5,229 30,075 35,304 (4,112 ) Pinellas Park FL 9/25/2015 — 2,260 8,891 — 2,260 8,891 11,151 (532 ) Norcross GA 11/24/2015 — 1,079 5,437 — 1,079 5,437 6,516 (441 ) Norcross GA 11/24/2015 — 878 2,867 38 878 2,905 3,783 (273 ) Richardson TX 12/17/2015 — 900 7,810 — 900 7,810 8,710 (510 ) Allen TX 12/17/2015 — 724 5,334 — 724 5,334 6,058 (338 ) Richardson TX 12/17/2015 — 566 2,871 230 566 3,101 3,667 (215 ) Bolingbrook IL 12/17/2015 — 2,481 15,082 52 2,481 15,134 17,615 (1,086 ) Spartanburg SC 12/17/2015 6,087 646 9,565 — 646 9,565 10,211 (1,138 ) Spartanburg SC 12/17/2015 643 166 3,174 — 166 3,174 3,340 (291 ) Spartanburg SC 12/17/2015 — 215 3,304 — 215 3,304 3,519 (333 ) Spartanburg SC 12/17/2015 — 453 1,775 — 453 1,775 2,228 (207 ) Goose Creek SC 12/17/2015 462 1,486 6,902 — 1,486 6,902 8,388 (747 ) Goose Creek SC 12/17/2015 757 713 4,274 — 713 4,274 4,987 (382 ) Goose Creek SC 12/17/2015 — 322 3,244 — 322 3,244 3,566 (248 ) Goose Creek SC 12/17/2015 6,424 1,137 13,740 — 1,137 13,740 14,877 (1,114 ) Summerville SC 12/17/2015 — 474 16,766 — 474 16,766 17,240 (1,702 ) Moncks Corner SC 12/17/2015 765 585 1,796 — 585 1,796 2,381 (280 ) Orangeburg SC 12/17/2015 779 493 3,519 24 493 3,543 4,036 (336 ) Kings Mountain NC 12/17/2015 665 256 3,336 804 256 4,140 4,396 (310 ) Kings Mountain NC 12/17/2015 1,574 440 9,308 — 440 9,308 9,748 (784 ) Winston-Salem NC 12/17/2015 1,156 910 3,579 — 910 3,579 4,489 (418 ) Winston-Salem NC 12/17/2015 3,480 1,691 11,468 — 1,691 11,468 13,159 (897 ) Spartanburg SC 12/17/2015 — 170 1,519 81 170 1,600 1,770 (188 ) Spartanburg SC 12/17/2015 — 194 3,251 — 194 3,251 3,445 (333 ) Spartanburg SC 12/17/2015 — 260 2,934 4,297 260 7,231 7,491 (672 ) Spartanburg SC 12/17/2015 — 293 6,205 — 293 6,205 6,498 (582 ) Initial Costs 2 Costs Capitalized Subsequent to Acquisition 3 Gross Amount at Which Carried December 31, 2017 City State Acquisition Date Encumbrances 1 Land Building and Improvements Land, Building, and Improvements Land Building and Improvements Total 4 Accumulated Depreciation December 31, 2017 5 Duncan SC 12/17/2015 — 329 4,033 — 329 4,033 4,362 (520 ) Duncan SC 12/17/2015 — 182 622 — 182 622 804 (121 ) Duncan SC 12/17/2015 — 347 2,216 2,442 347 4,658 5,005 (532 ) Duncan SC 12/17/2015 — 172 1,912 — 172 1,912 2,084 (217 ) Spartanburg SC 12/17/2015 — 91 712 — 91 712 803 (217 ) Spartanburg SC 12/17/2015 — 112 1,887 — 112 1,887 1,999 (266 ) Duncan SC 12/17/2015 — 451 2,394 135 451 2,529 2,980 (327 ) Duncan SC 12/17/2015 — 586 2,471 — 586 2,471 3,057 (225 ) Kings Mountain NC 12/17/2015 — 1,107 17,664 — 1,107 17,664 18,771 (1,367 ) Bellingham MA 12/17/2015 — 1,366 15,037 — 1,366 15,037 16,403 (1,153 ) Jacksonville FL 12/17/2015 — 2,865 29,096 — 2,865 29,096 31,961 (2,592 ) Fort Worth TX 12/17/2015 — 2,772 24,789 — 2,772 24,789 27,561 (1,626 ) Hebron KY 12/17/2015 — 1,646 7,106 — 1,646 7,106 8,752 (783 ) Elkton FL 12/17/2015 — 1,797 16,688 — 1,797 16,688 18,485 (1,231 ) Tolleson AZ 12/17/2015 — 1,584 10,252 639 1,584 10,891 12,475 (963 ) Wilmer TX 12/17/2015 — 1,262 51,903 — 1,262 51,903 53,165 (3,367 ) Aurora CO 12/17/2015 — 1,979 26,637 1,456 1,979 28,093 30,072 (1,712 ) University Park IL 12/17/2015 — 1,453 69,923 — 1,453 69,923 71,376 (4,386 ) Olathe KS 12/17/2015 — 2,990 53,531 209 2,990 53,740 56,730 (3,665 ) Rogers MN 12/17/2015 — 886 15,838 347 886 16,185 17,071 (1,087 ) Belcamp MD 12/17/2015 — 6,490 54,200 — 6,490 54,200 60,690 (4,187 ) Belcamp MD 12/17/2015 — 2,200 1,454 — 2,200 1,454 3,654 (279 ) Aberdeen MD 12/17/2015 — 3,735 40,396 — 3,735 40,396 44,131 (2,668 ) Spartanburg SC 12/17/2015 — 1,414 7,246 — 1,414 7,246 8,660 (798 ) Plainfield IN 12/17/2015 — 3,633 29,264 — 3,633 29,264 32,897 (2,078 ) Hawthorne CA 12/17/2015 18,521 20,361 33,831 — 20,361 33,831 54,192 (2,842 ) Sauget IL 12/17/2015 — 841 18,176 (1,280 ) 785 16,952 17,737 (1,739 ) Pittston PA 12/17/2015 — 1,966 44,037 20 1,966 44,057 46,023 (2,969 ) Hazelton PA 12/17/2015 — 2,421 37,291 2,515 2,421 39,806 42,227 (2,865 ) Pittston PA 12/17/2015 — 616 10,045 — 616 10,045 10,661 (736 ) Jessup PA 12/17/2015 — 956 8,979 66 956 9,045 10,001 (736 ) Hackettstown NJ 12/22/2015 9,255 2,260 10,985 — 2,260 10,985 13,245 (760 ) Nashville TN 12/24/2015 — 1,015 3,868 — 1,015 3,868 4,883 (428 ) La Vergne TN 12/24/2015 — 1,140 6,117 — 1,140 6,117 7,257 (590 ) Bedford Park IL 1/28/2016 — 2,210 10,127 — 2,210 10,127 12,337 (672 ) Moselle MS 1/28/2016 — 270 3,267 — 270 3,267 3,537 (284 ) Indianapolis IN 2/22/2016 — 2,726 27,795 2,997 2,726 30,792 33,518 (1,377 ) Bridgeview IL 4/26/2016 6,110 2,348 17,342 — 2,348 17,342 19,690 (1,033 ) New Braunfels TX 4/26/2016 — 1,040 2,364 — 1,040 2,364 3,404 (210 ) Auburndale FL 4/26/2016 1,697 431 2,879 — 431 2,879 3,310 (702 ) Salem VA 4/26/2016 1,642 235 2,862 — 235 2,862 3,097 (300 ) Santa Fe Springs CA 4/26/2016 3,988 10,578 7,949 — 10,578 7,949 18,527 (515 ) Baltimore MD 4/26/2016 6,065 2,315 6,386 — 2,315 6,386 8,701 (768 ) Elizabeth NJ 4/26/2016 2,530 2,624 1,396 — 2,624 1,396 4,020 (164 ) Monroe Twp NJ 4/26/2016 2,460 935 2,483 — 935 2,483 3,418 (196 ) Santa Ana CA 4/26/2016 5,799 9,262 2,213 — 9,262 2,213 11,475 (366 ) Tracy CA 4/26/2016 6,289 1,696 6,986 — 1,696 6,986 8,682 (912 ) Deerfield Beach FL 5/2/2016 — 11,228 8,141 — 11,228 8,141 19,369 (786 ) Belcamp MD 5/5/2016 — 2,748 17,935 52 2,748 17,987 20,735 (921 ) Curtis Bay MD 5/5/2016 — 3,773 19,787 — 3,773 19,787 23,560 (1,022 ) Hagerstown MD 5/5/2016 — 3,699 28,042 — 3,699 28,042 31,741 (1,506 ) Miami FL 5/16/2016 — 2,700 6,386 — 2,700 6,386 9,086 (410 ) Romeoville IL 6/16/2016 — 5,400 24,021 — 5,400 24,021 29,421 (1,240 ) Initial Costs 2 Costs Capitalized Subsequent to Acquisition 3 Gross Amount at Which Carried December 31, 2017 City State Acquisition Date Encumbrances 1 Land Building and Improvements Land, Building, and Improvements Land Building and Improvements Total 4 Accumulated Depreciation December 31, 2017 5 Ball Ground GA 6/28/2016 — 576 7,397 81 576 7,478 8,054 (311 ) Lake Zurich IL 6/29/2016 — 2,571 8,278 — 2,571 8,278 10,849 (477 ) Whitestown IN 6/30/2016 — 2,158 68,643 1 2,158 68,644 70,802 (3,027 ) Jacksonville FL 6/30/2016 — 5,686 32,009 — 5,686 32,009 37,695 (1,839 ) Wilmer TX 6/30/2016 — 986 38,800 — 986 38,800 39,786 (1,799 ) West Jefferson OH 6/30/2016 — 2,205 50,853 — 2,205 50,853 53,058 (3,118 ) Tampa FL 6/30/2016 — 1,202 9,536 — 1,202 9,536 10,738 (506 ) Houston TX 7/14/2016 — 2,294 615 — 2,294 615 2,909 (251 ) Houston TX 7/14/2016 — 2,466 1,053 — 2,466 1,053 3,519 (300 ) Fridley MN 7/20/2016 — 1,380 14,231 — 1,380 14,231 15,611 (601 ) Largo FL 7/26/2016 — 1,318 1,351 — 1,318 1,351 2,669 (183 ) Littleton MA 8/10/2016 — 5,292 31,268 — 5,292 31,268 36,560 (1,385 ) Byhalia MS 8/15/2016 — 1,662 23,353 — 1,662 23,353 25,015 (986 ) McCook IL 8/19/2016 — 5,988 30,526 — 5,988 30,526 36,514 (1,212 ) Hanover Park IL 8/29/2016 — 2,932 14,809 — 2,932 14,809 17,741 (735 ) Durham NC 9/8/2016 — 925 8,543 — 925 8,543 9,468 (329 ) Santa Fe Springs CA 9/9/2016 — 1,616 4,162 2 1,616 4,164 5,780 (161 ) Santa Fe Springs CA 9/9/2016 — 1,372 1,063 1 1,372 1,064 2,436 (75 ) Santa Fe Springs CA 9/9/2016 — 8,655 8,689 — 8,655 8,689 17,344 (552 ) Anaheim CA 9/23/2016 — 9,601 14,432 — 9,601 14,432 24,033 (608 ) Fulton GA 9/23/2016 — 1,166 4,766 — 1,166 4,766 5,932 (305 ) Fulton GA 9/23/2016 — 862 2,981 — 862 2,981 3,843 (204 ) Anaheim CA 10/3/2016 — 4,059 4,045 12 4,059 4,057 8,116 (226 ) Naperville IL 10/5/2016 — 4,960 24,014 2,777 4,960 26,791 31,751 (1,266 ) Henderson NV 10/6/2016 — 3,947 18,749 — 3,947 18,749 22,696 (685 ) Black Creek GA 10/11/2016 — 2,210 27,074 — 2,210 27,074 29,284 (1,063 ) Montgomery NY 10/13/2016 — 4,310 17,912 3 4,310 17,915 22,225 (909 ) Oakland CA 10/14/2016 — 4,957 5,279 401 4,957 5,680 10,637 (303 ) Elkridge MD 11/22/2016 — 2,509 2,605 2 2,509 2,607 5,116 (201 ) Commerce City CO 11/29/2016 — 3,141 7,693 — 3,141 7,693 10,834 (400 ) West Chester OH 12/9/2016 — 442 7,928 — 442 7,928 8,370 (322 ) Swedesboro NJ 12/9/2016 — 3,352 9,861 — 3,352 9,861 13,213 (419 ) Southaven MS 12/15/2016 17,823 1,463 26,630 315 1,463 26,945 28,408 (1,027 ) Southaven MS 12/15/2016 8,769 1,026 15,272 113 1,026 15,385 16,411 (603 ) Memphis TN 12/15/2016 — 2,267 31,266 — 2,267 31,266 33,533 (1,172 ) Memphis TN 12/15/2016 — 1,759 18,021 — 1,759 18,021 19,780 (795 ) McDonough GA 12/15/2016 12,861 3,142 23,633 — 3,142 23,633 26,775 (919 ) Fairburn GA 12/15/2016 — 5,360 57,616 — 5,360 57,616 62,976 (1,878 ) Plainfield IN 12/15/2016 13,907 4,380 27,012 — 4,380 27,012 31,392 (1,150 ) Plainfield IN 12/15/2016 10,388 2,361 21,362 402 2,361 21,764 24,125 (855 ) West Chester OH 12/15/2016 12,233 1,896 17,433 — 1,896 17,433 19,329 (713 ) West Chester OH 12/15/2016 7,808 1,636 12,275 — 1,636 12,275 13,911 (488 ) Walton KY 12/15/2016 14,381 2,327 23,802 — 2,327 23,802 26,129 (892 ) Summerville SC 12/15/2016 24,899 6,445 46,323 — 6,445 46,323 52,768 (1,467 ) Fairfield CA 12/15/2016 18,568 9,935 33,960 35 9,935 33,995 43,930 (1,511 ) Irving TX 12/15/2016 16,240 — 32,010 26 — 32,036 32,036 (1,011 ) Woodland CA 12/15/2016 — 2,056 10,239 — 2,056 10,239 12,295 (516 ) Woodland CA 12/15/2016 — 2,136 10,304 — 2,136 10,304 12,440 (525 ) Jacksonville FL 12/15/2016 — 2,453 17,590 — 2,453 17,590 20,043 (833 ) York PA 12/20/2016 — 1,348 5,254 — 1,348 5,254 6,602 (251 ) Alpharetta GA 12/28/2016 — 1,604 7,910 — 1,604 7,910 9,514 (265 ) Fort Worth TX 3/2/2017 — 3,007 18,934 18 3,007 18,952 21,959 (657 ) Vernon CA 3/15/2017 — 700 1,738 7 700 1,745 2,445 (49 ) Initial Costs 2 Costs Capitalized Subsequent to Acquisition 3 Gross Amount at Which Carried December 31, 2017 City State Acquisition Date Encumbrances 1 Land Building and Improvements Land, Building, and Improvements Land Building and Improvements Total 4 Accumulated Depreciation December 31, 2017 5 Fort Worth TX 3/24/2017 — 3,515 10,911 68 3,515 10,979 14,494 (510 ) Suwanee GA 3/30/2017 — 1,566 8,242 115 1,566 8,357 9,923 (264 ) Douglasville GA 3/30/2017 — 2,653 25,962 — 2,653 25,962 28,615 (566 ) Durham NC 3/30/2017 3,650 1,036 7,148 — 1,036 7,148 8,184 (194 ) Round Rock TX 3/31/2017 — 1,820 28,265 2 1,820 28,267 30,087 (819 ) Garden City GA 4/24/2017 — 3,130 16,915 — 3,130 16,915 20,045 (343 ) Columbia MD 4/26/2017 — 5,872 19,885 — 5,872 19,885 25,757 (567 ) Fontana CA 5/5/2017 — 4,259 3,826 — 4,259 3,826 8,085 (146 ) Austin TX 5/5/2017 — 1,094 8,723 — 1,094 8,723 9,817 (175 ) Tempe AZ 6/19/2017 — 3,229 — — 3,229 — 3,229 — Columbus OH 6/22/2017 — 1,443 10,080 — 1,443 10,080 11,523 (265 ) Medley FL 6/23/2017 — 3,252 14,841 — 3,252 14,841 18,093 (226 ) Phoenix AZ 6/23/2017 — 1,854 1,085 8,294 1,854 9,379 11,233 — Fort Wayne IN 6/26/2017 — 1,029 20,052 — 1,029 20,052 21,081 (339 ) Concord NC 6/30/2017 — 622 5,564 — 622 5,564 6,186 (112 ) Greer SC 6/30/2017 — 626 16,020 — 626 16,020 16,646 (233 ) Duncan SC 6/30/2017 — 1,125 17,049 32 1,125 17,081 18,206 (327 ) Dania Beach FL 6/30/2017 — 3,846 — — 3,846 — 3,846 — Whitsett NC 7/11/2017 — 1,171 22,967 — 1,171 22,967 24,138 (398 ) Curtis Bay MD 7/19/2017 13,532 4,100 26,567 — 4,100 26,567 30,667 (345 ) Opa Locka FL 7/20/2017 — 25,342 2,809 — 25,342 2,809 28,151 (217 ) Opa Locka FL 7/20/2017 — 35,003 9,753 193 35,003 9,946 44,949 (313 ) Opa Locka FL 7/20/2017 — 10,835 2,388 57 10,835 2,445 13,280 (111 ) Rancho Cucamonga CA 8/3/2017 — 1,013 3,145 — 1,013 3,145 4,158 (37 ) Rancho Cucamonga CA 8/3/2017 — 3,811 1,766 — 3,811 1,766 5,577 (44 ) Carteret NJ 8/3/2017 — 2,064 7,533 — 2,064 7,533 9,597 (110 ) Bedford Park IL 8/7/2017 — 2,513 2,828 — 2,513 2,828 5,341 (125 ) Bedford Park IL 8/7/2017 — 3,167 5,855 — 3,167 5,855 9,022 (177 ) Bedford Park IL 8/7/2017 — 3,134 5,083 — 3,134 5,083 8,217 (166 ) Bedford Park IL 8/7/2017 — 5,869 8,862 — 5,869 8,862 14,731 (290 ) Chicago IL 8/16/2017 — 5,933 46,318 — 5,933 46,318 52,251 (404 ) Houston TX 8/21/2017 26,709 1,299 35,640 — 1,299 35,640 36,939 (314 ) Dallas TX 8/28/2017 — 390 3,615 — 390 3,615 4,005 (46 ) Dallas TX 8/28/2017 — 692 5,914 — 692 5,914 6,606 (73 ) Mesquite TX 8/28/2017 — 1,628 14,613 — 1,628 14,613 16,241 (162 ) Atlanta GA 8/28/2017 — 1,181 6,046 — 1,181 6,046 7,227 (97 ) Atlanta GA 8/28/2017 — 1,190 5,722 120 1,190 5,842 7,032 (84 ) Atlanta GA 8/28/2017 — 855 3,676 — 855 3,676 4,531 (58 ) Atlanta GA 8/28/2017 — 1,187 6,158 27 1,187 6,185 7,372 (80 ) Atlanta GA 8/28/2017 — 1,832 7,076 — 1,832 7,076 8,908 (117 ) Atlanta GA 8/28/2017 — 1,704 7,852 — 1,704 7,852 9,556 (110 ) Atlanta GA 8/28/2017 — 1,691 8,611 — 1,691 8,611 10,302 (122 ) Atlanta GA 8/28/2017 — 1,659 8,566 — 1,659 8,566 10,225 (118 ) Atlanta GA 8/28/2017 — 927 4,782 — 927 4,782 5,709 (62 ) Atlanta GA 8/28/2017 — 951 3,856 — 951 3,856 4,807 (63 ) Atlanta GA 8/28/2017 — 1,496 7,811 — 1,496 7,811 9,307 (129 ) Atlanta GA 8/28/2017 — 1,231 6,695 — 1,231 6,695 7,926 (98 ) Atlanta GA 8/28/2017 — 1,132 5,602 — 1,132 5,602 6,734 (85 ) Atlanta GA 8/28/2017 — 2,681 12,364 — 2,681 12,364 15,045 (168 ) Olive Branch MS 8/28/2017 — 769 11,093 — 769 11,093 11,862 (105 ) Olive Branch MS 8/28/2017 — 771 8,631 — 771 8,631 9,402 (87 ) Olive Branch MS 8/28/2017 — 925 13,943 — 925 13,943 14,868 (138 ) Olive Branch MS 8/28/2017 — 1,972 39,389 — 1,972 39,389 41,361 (370 ) Initial Costs 2 Costs Capitalized Subsequent to Acquisition 3 Gross Amount at Which Carried December 31, 2017 City State Acquisition Date Encumbrances 1 Land Building and Improvements Land, Building, and Improvements Land Building and Improvements Total 4 Accumulated Depreciation December 31, 2017 5 New Lennox IL 8/28/2017 — 3,364 12,797 — 3,364 12,797 16,161 (178 ) Carol Stream IL 8/28/2017 — 1,257 6,376 — 1,257 6,376 7,633 (82 ) Groveport OH 8/28/2017 — 2,730 35,039 — 2,730 35,039 37,769 (363 ) Groveport OH 8/28/2017 — 2,199 21,972 — 2,199 21,972 24,171 (260 ) Tinley Park IL 8/28/2017 — 546 1,497 15 546 1,512 2,058 (20 ) Tinley Park IL 8/28/2017 — 1,723 6,322 — 1,723 6,322 8,045 (86 ) Tinley Park IL 8/28/2017 — 398 1,689 — 398 1,689 2,087 (20 ) Tinley Park IL 8/28/2017 — 1,294 4,603 — 1,294 4,603 5,897 (62 ) Tinley Park IL 8/28/2017 — 3,407 11,745 — 3,407 11,745 15,152 (183 ) Tinley Park IL 8/28/2017 — 11,413 41,645 600 11,413 42,245 53,658 (497 ) Tinley Park IL 8/28/2017 — 1,192 4,245 — 1,192 4,245 5,437 (57 ) McDonough GA 8/28/2017 — 2,602 16,879 — 2,602 16,879 19,481 (191 ) Rialto CA 9/1/2017 57,916 24,992 45,144 — 24,992 45,144 70,136 (487 ) Chicago IL 9/1/2017 — 7,608 29,159 — 7,608 29,159 36,767 (354 ) Maple Grove MN 9/1/2017 16,870 3,675 20,471 — 3,675 20,471 24,146 (230 ) Duncan SC 9/1/2017 — 661 9,962 — 661 9,962 10,623 (98 ) Katy TX 9/7/2017 — 5,014 10,672 — 5,014 10,672 15,686 (103 ) Katy TX 9/7/2017 — 3,879 7,862 — 3,879 7,862 11,741 (82 ) Norcross GA 9/20/2017 — 9,056 54,241 — 9,056 54,241 63,297 (422 ) Charlotte NC 9/20/2017 — 742 11,762 — 742 11,762 12,504 (86 ) Summerville SC 10/2/2017 — 3,154 129 14,447 3,154 14,576 17,730 (75 ) Greenville SC 10/4/2017 — 1,110 300 22,845 1,110 23,145 24,255 (161 ) Romeoville IL 10/4/2017 33,126 8,387 45,290 — 8,387 45,290 53,677 (358 ) Natick MA 10/4/2017 36,510 18,421 26,694 — 18,421 26,694 45,115 (204 ) Reno NV 10/4/2017 — — 9,842 — — 9,842 9,842 (120 ) Fort Mill SC 12/12/2017 — 1,169 — — 1,169 — 1,169 — Fort Mill SC 12/12/2017 — 1,446 — — 1,446 — 1,446 — Fort Mill SC 12/12/2017 — 1,168 — — 1,168 — 1,168 — Fort Mill SC 12/12/2017 — 800 — — 800 — 800 — McDonough GA 12/14/2017 — 3,909 24,083 — 3,909 24,083 27,992 (63 ) Olive Branch MS 12/21/2017 — 4,805 2,221 — 4,805 2,221 7,026 — Miramar FL 12/28/2017 — 5,733 5,459 — 5,733 5,459 11,192 — Office Properties St. Louis MO 5/15/2014 — 899 545 170 899 715 1,614 (445 ) Nashville TN 5/20/2014 — 2,995 8,879 62 2,995 8,941 11,936 (1,015 ) Phoenix AZ 6/9/2014 — — 6,206 222 — 6,428 6,428 (884 ) Phoenix AZ 6/9/2014 — — 14,605 328 — 14,933 14,933 (2,242 ) Phoenix AZ 6/9/2014 — — 6,834 114 — 6,948 6,948 (925 ) Phoenix AZ 6/9/2014 — — 6,202 114 — 6,316 6,316 (855 ) Mesa AZ 6/9/2014 — 796 2,411 — 796 2,411 3,207 (423 ) Phoenix AZ 6/9/2014 — — 11,206 — — 11,206 11,206 (1,661 ) Ontario CA 6/9/2014 — 2,767 4,299 36 2,767 4,335 7,102 (730 ) Sacramento CA 6/9/2014 — 924 3,710 (2,908 ) 344 1,382 1,726 (509 ) Riverside CA 6/9/2014 — 2,446 6,808 85 2,446 6,893 9,339 (1,058 ) Sunnyvale CA 6/9/2014 — 6,903 5,574 — 6,903 5,574 12,477 (912 ) Jacksonville FL 6/9/2014 — 5,953 28,118 9,562 5,953 37,680 43,633 (4,540 ) Jacksonville FL 6/9/2014 — 3,212 11,324 2,707 3,212 14,031 17,243 (1,795 ) Jacksonville FL 6/9/2014 — 555 1,583 42 555 1,625 2,180 (306 ) Jacksonville FL 6/9/2014 — 118 450 355 118 805 923 (82 ) Jacksonville FL 6/9/2014 — 598 1,607 11 598 1,618 2,216 (287 ) Port Charlotte FL 6/9/2014 — 956 2,167 (881 ) 683 1,559 2,242 (409 ) Miami Lakes FL 6/9/2014 — 8,439 13,078 343 8,439 13,421 21,860 (2,270 ) Tampa FL 6/9/2014 — 2,534 3,493 — 2,534 3,493 6,027 (545 ) Initial Costs 2 Costs Capitalized Subsequent to Acquisition 3 Gross Amount at Which Carried December 31, 2017 City State Acquisition Date Encumbrances 1 Land Building and Improvements Land, Building, and Improvements Land Building and Improvements Total 4 Accumulated Depreciation December 31, 2017 5 Savannah GA 6/9/2014 — 1,006 3,828 172 1,006 4,000 5,006 (529 ) Overland Park KS 6/9/2014 — 547 3,384 — 547 3,384 3,931 (511 ) Annapolis MD 6/9/2014 — 779 3,623 — 779 3,623 4,402 (467 ) Springfield MO 6/9/2014 — 1,211 2,154 (758 ) 904 1,703 2,607 (351 ) Carrollton TX 6/9/2014 — 1,476 2,494 — 1,476 2,494 3,970 (427 ) Houston TX 6/9/2014 — 1,000 5,284 227 1,000 5,511 6,511 (786 ) Mission TX 6/9/2014 — 614 1,342 35 614 1,377 1,991 (297 ) Parsippany NJ 9/30/2014 — 2,133 4,108 127 2,133 4,235 6,368 (640 ) Charlotte NC 2/3/2015 — 1,944 12,613 — 1,944 12,613 14,557 (1,091 ) Irving TX 3/11/2015 — 4,260 47,397 166 4,260 47,563 51,823 (3,659 ) Parsippany NJ 3/11/2015 — 5,215 39,985 — 5,215 39,985 45,200 (3,519 ) Plantation FL 3/11/2015 — 12,721 32,270 (2,952 ) 11,870 30,169 42,039 (2,972 ) Commerce CA 3/11/2015 — 5,112 14,910 — 5,112 14,910 20,022 (1,252 ) Houston TX 12/17/2015 — 4,854 24,924 266 4,854 25,190 30,044 (1,414 ) Chantilly VA 12/17/2015 — 1,730 12,265 — 1,730 12,265 13,995 (791 ) Woodcliff Lake NJ 12/17/2015 — 4,175 22,499 — 4,175 22,499 26,674 (1,434 ) Deerfield IL 12/17/2015 10,748 2,218 10,026 78 2,218 10,104 12,322 (622 ) Parsippany NJ 12/17/2015 — 3,318 31,682 — 3,318 31,682 35,000 (1,945 ) Phoenix AZ 12/17/2015 — — 48,350 — — 48,350 48,350 (2,901 ) Philadelphia PA 12/17/2015 — 6,220 65,687 — 6,220 65,687 71,907 (3,930 ) Raleigh NC 12/17/2015 — 1,224 5,047 — 1,224 5,047 6,271 (331 ) Raleigh NC 12/17/2015 — 1,578 16,035 478 1,578 16,513 18,091 (948 ) Raleigh NC 12/17/2015 — 1,614 18,756 235 1,614 18,991 20,605 (1,071 ) Houston TX 12/17/2015 — 3,833 22,934 13,474 3,833 36,408 40,241 (1,977 ) Dublin OH 12/17/2015 — 3,535 22,622 (10,330 ) 2,139 13,688 15,827 (1,641 ) Miramar FL 12/17/2015 — 11,664 8,566 — 11,664 8,566 20,230 (883 ) Miramar FL 12/17/2015 — 6,510 19,697 118 6,510 19,815 26,325 (1,199 ) Lake Forest IL 6/30/2016 — 5,036 9,994 — 5,036 9,994 15,030 (470 ) Specialty Retail Properties Emmaus PA 6/6/2013 — 407 986 — 407 986 1,393 (240 ) Calabash NC 6/6/2013 — 187 290 (24 ) 187 266 453 (64 ) Franklin Park IL 11/21/2013 — 4,512 2,457 — 4,512 2,457 6,969 (541 ) Bakersfield CA 6/9/2014 — 503 2,670 — 503 2,670 3,173 (443 ) El Segundo CA 6/9/2014 — 2,812 1,879 — 2,812 1,879 4,691 (324 ) Gardena CA 6/9/2014 — 2,970 5,564 — 2,970 5,564 8,534 (872 ) Los Angeles CA 6/9/2014 — 1,403 3,128 — 1,403 3,128 4,531 (424 ) North Hollywood CA 6/9/2014 — 2,504 5,106 — 2,504 5,106 7,610 (702 ) Los Angeles CA 6/9/2014 — 1,146 1,909 164 1,146 2,073 3,219 (320 ) Salinas CA 6/9/2014 — 944 3,791 — 944 3,791 4,735 (593 ) Santa Barbara CA 6/9/2014 — 2,883 5,220 — 2,883 5,220 8,103 (697 ) Santa Maria CA 6/9/2014 — 1,458 4,703 — 1,458 4,703 6,161 (673 ) Mission Hills CA 6/9/2014 — 1,434 3,166 1 1,434 3,167 4,601 (450 ) Clearwater FL 6/9/2014 — 1,389 3,354 — 1,389 3,354 4,743 (501 ) Jacksonville FL 6/9/2014 — 741 1,011 — 741 1,011 1,752 (196 ) Baltimore MD 6/9/2014 — 751 2,249 147 751 2,396 3,147 (403 ) Richland MO 6/9/2014 — 78 1,183 — 78 1,183 1,261 (216 ) Springfield MO 6/9/2014 — — 2,432 — — 2,432 2,432 (372 ) Bellingham WA 6/9/2014 — 1,663 2,702 — 1,663 2,702 4,365 (408 ) Reston VA 6/10/2015 — 4,440 28,070 — 4,440 28,070 32,510 (1,934 ) Mansfield TX 6/10/2015 — 3,050 23,684 — 3,050 23,684 26,734 (1,633 ) Canton MI 6/10/2015 — 950 24,620 — 950 24,620 25,570 (1,751 ) Collierville TN 6/10/2015 — 2,950 24,161 — 2,950 24,161 27,111 (1,646 ) Deerfield OH 6/10/2015 — 3,620 20,880 — 3,620 20,880 24,500 (1,492 ) Initial Costs 2 Costs Capitalized Subsequent to Acquisition 3 Gross Amount at Which Carried December 31, 2017 City State Acquisition Date Encumbrances 1 Land Building and Improvements Land, Building, and Improvements Land Building and Improvements Total 4 Accumulated Depreciation December 31, 2017 5 Bixby OK 6/10/2015 — 2,410 22,663 — 2,410 22,663 25,073 (1,552 ) Centennial CO 6/10/2015 — 2,400 29,043 — 2,400 29,043 31,443 (1,985 ) Eden Prairie MN 6/10/2015 — 2,290 20,549 — 2,290 20,549 22,839 (2,254 ) $ 563,521 $ 1,027,615 $ 4,750,240 $ 109,969 $ 1,023,908 $ 4,863,916 $ 5,887,824 $ (333,151 ) 1. Encumbrances represent balances at December 31, 2017 of mortgage notes payable, net of unamortized deferred financing costs, premiums, and discounts, that are collateralized by the property for which they are noted. 2. Initial costs reflect adjustments recorded to finalize purchase price allocations. 3. Includes asset impairment writedowns and disposals of land, building, and improvements. 4. The aggregate cost basis of land, building and improvements, before depreciation, for Federal income tax purposes at December 31, 2017 was $6,339,902 (unaudited). 5. The Company computes depreciation expense using the straight-line method over the shorter of the estimated useful life at acquisition of the capitalized item or 40 years for buildings, five to ten years for building equipment and fixtures, and the lesser of the useful life or the remaining lease term for tenant improvements and leasehold interests. Set forth below is a rollforward of the carrying values for the Company's real estate investments classified as held for investment: Year Ended December 31, 2017 2016 2015 Investment in real estate: Balance at beginning of year $ 4,858,389 $ 4,016,304 $ 1,067,620 Improvements 72,104 51,427 22,734 Acquisitions 1,383,819 1,407,171 3,018,585 Acquisitions designated as held for sale — 28,611 348,582 Change in held for sale (412 ) (28,611 ) (348,582 ) Write-off of fully depreciated assets (1,124 ) (1,556 ) (358 ) Impairments (37,822 ) (11,195 ) (356 ) Property sales (387,130 ) (603,762 ) (91,921 ) Balance at end of year $ 5,887,824 $ 4,858,389 $ 4,016,304 Accumulated depreciation: Balance at beginning of year $ 201,525 $ 84,627 $ 27,598 Depreciation expense 160,828 127,984 59,145 Write-off of fully depreciated assets (1,123 ) (1,556 ) (358 ) Change in held for sale (10 ) — — Property sales (28,069 ) (9,530 ) (1,758 ) Balance at end of year $ 333,151 $ 201,525 $ 84,627 |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2017 | |
Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate | Description Interest Rate 1 Final maturity date Periodic payment term Prior liens Face amount of mortgages Carrying amount of mortgages Principal amount of loans subject to delinquent principal or interest Mezzanine construction loan facility 10.47 % 11/5/2022 Interest Only N/A $ 21,877 $ 22,154 $ — 1. Represents the weighted average interest rate as of December 31, 2017. The interest rates for individual draws under the facility are variable in the range of 9.00% to 12.00% , based on loan-to-cost ratio or loan-to-value ratio and occupancy level. December 31, 2017 Balance at beginning of year $ — Advance 21,877 Interest accretion 220 Financing costs 57 Balance at end of year $ 22,154 |
Significant Accounting Polici33
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Reclassification | Reclassification Certain prior year balances have been reclassified to conform with the current year presentation. During the fourth quarter of 2017, the Company adopted Accounting Standards Update, or ASU, No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires restricted cash and cash equivalents to be included with cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. As a result of the adoption, net cash provided by operating activities changed by $(310) , $(2,344) , and $880 , net cash provided by (used in) investing activities changed by $129 , $(11,867) , and $24,662 , and net cash provided by financing activities changed by $0 , $279 , and $50 , for the years ended December 31, 2017, 2016, and 2015, respectively. |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the Company’s accounts and those of the Company’s subsidiaries which are wholly-owned or controlled by the Company, or entities which are VIEs in which the Company is the primary beneficiary. The primary beneficiary is the party that absorbs a majority of the VIE’s anticipated losses and/or a majority of the expected returns. The Company has evaluated its investments for potential classification as variable interests by evaluating the sufficiency of each entity’s equity investment at risk to absorb losses. Entities that the Company does not control and are considered VIEs, but where the Company is not the primary beneficiary, are accounted for under the equity method. All significant intercompany balances and transactions have been eliminated. The equity interests of other limited partners in the Company’s Operating Partnership are reflected as noncontrolling interests. See Note 13 for more information on the Company’s noncontrolling interests. |
Real Estate Investments | Real Estate Investments Real Estate Acquisitions In January 2017, the Financial Accounting Standards Board, or FASB, issued ASU 2017-01, Amendments to Business Combinations, which clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. Although the Company is not required to implement ASU 2017-01 until annual periods beginning after December 15, 2017, including interim periods within those periods, the Company early adopted the new standard in the first quarter of 2017. As a result, the Company evaluated its real estate acquisitions during the year ended December 31, 2017 under the new framework and determined the properties acquired did not meet the definition of a business, thus the transactions were accounted for as asset acquisitions. Refer to the "Recently Issued Accounting Pronouncements" section below for more information on the new guidance and refer to Note 4 for more information on the transactions during the year ended December 31, 2017 . The Company evaluates its acquisitions of real estate, including equity interests in entities that predominantly hold real estate assets, to determine if the acquired assets meet the definition of a business and need to be accounted for as a business combination, or alternatively, should be accounted for as an asset acquisition. An integrated set of assets and activities acquired does not meet the definition of a business if either (i) substantially all the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets, or (ii) the asset and activities acquired do not contain at least an input and a substantive process that together significantly contribute to the ability to create outputs. The Company expects that its real estate acquisitions will not meet the definition of business combinations. Acquisitions of real estate that do not meet the definition of a business, including sale-leaseback transactions that have newly-originated leases and real estate investments under construction, or build-to-suit investments, are recorded as asset acquisitions. The accounting for asset acquisitions is similar to the accounting for business combinations, except that the acquisition consideration, including acquisition costs, is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. Based on this allocation methodology, asset acquisitions do not result in the recognition of goodwill or a bargain purchase. The Company incurs internal transaction costs, which are direct, incremental internal costs related to acquisitions, that are recorded within general and administrative expense. Additionally, for build-to-suit investments in which the Company may engage a developer to construct a property or provide funds to a tenant to develop a property, the Company capitalizes the funds provided to the developer/tenant and real estate taxes, if applicable, during the construction period. To determine the fair value of assets acquired and liabilities assumed in an acquisition, which generally include land, building, improvements, and intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases at the acquisition date, the Company utilizes various estimates, processes and information to determine the as-if-vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, and discounted cash flow analyses. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. The Company assesses the fair value of leases assumed at acquisition based upon estimated cash flow projections that utilize appropriate discount rates and available market information. Refer to the policy section "Intangible Assets and Liabilities" for more information on the Company’s accounting for intangibles. Depreciation is computed using the straight-line method over the shorter of the estimated useful life at acquisition of the capitalized item or 40 years for buildings, five to ten years for building equipment and fixtures, and the lesser of the useful life or the remaining lease term for tenant improvements and leasehold interests. Maintenance and repair expenditures are charged to expense as incurred. For transactions that qualify as business combinations, the Company recognizes the assets acquired and liabilities assumed at fair value, including the value of intangible assets and liabilities, and any excess or deficit of the consideration transferred relative to the fair value of the net assets acquired is recorded as goodwill or a bargain purchase gain, as appropriate. Acquisition costs of business combinations are expensed as incurred. Capital Improvements In leasing space, the Company may provide funding to the lessee through a tenant allowance. Certain improvements are capitalized when they are determined to increase the useful life of the building. During construction of qualifying projects, the Company capitalizes project management fees as permitted to be charged under the lease, if incremental and identifiable. In accounting for tenant allowances, the Company determines whether the allowance represents funding for the construction of leasehold improvements and evaluates the ownership of such improvements. If the Company is considered the owner of the leasehold improvements, the Company capitalizes the amount of the tenant allowance and depreciates it over the shorter of the useful life of the leasehold improvements or the lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements for accounting purposes, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of rental revenue. Factors considered during this evaluation usually include (i) who holds legal title to the improvements, (ii) evidentiary requirements concerning the spending of the tenant allowance, and (iii) other controlling rights provided by the lease agreement (e.g. unilateral control of the tenant space during the build-out process). Determination of the accounting for a tenant allowance is made on a case-by-case basis, considering the facts and circumstances of the individual tenant lease. Impairments The Company reviews the recoverability of a property’s carrying value when circumstances indicate a possible impairment of the value of a property, such as an adverse change in future expected occupancy or a significant decrease in the market price of an asset. The review of recoverability is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as changes in strategy resulting in an increased or decreased holding period, expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If management determines impairment exists due to the inability to recover the carrying value of a property, for properties to be held and used, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property and for assets held for sale, an impairment loss is recorded to the extent that the carrying value exceeds the fair value less estimated cost of disposal. These assessments are recorded as an impairment loss in the Consolidated Statements of Operations in the period the determination is made. The estimated fair value of the asset becomes its new cost basis. For a depreciable long-lived asset to be held and used, the new cost basis will be depreciated or amortized over the remaining useful life of that asset. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The Company's restricted cash primarily consists of reserves for certain capital improvements, leasing, interest and real estate tax and insurance payments as required by certain mortgage note obligations, as well as proceeds from property sales held by qualified intermediaries to be used for tax-deferred, like-kind exchanges under section 1031 of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. |
Variable Interest Entities, Consolidated and Unconsolidated | Variable Interest Entities The Company had five and three consolidated VIEs as of December 31, 2017 and 2016 , respectively, and had two and four unconsolidated VIEs as of December 31, 2017 and 2016 , respectively, which the Company determined based on the structure and control provisions of each entity. Consolidated VIEs The Company’s five consolidated VIEs as of December 31, 2017 included the Operating Partnership and four land parcels in Fort Mill, South Carolina acquired by an investment entity formed in December 2017, on which it will fund the development of four industrial facilities, or the Lakemont Development Investment. The Company has a 95.0% interest in the Lakemont Development Investment and will acquire the seller’s retained 5.0% interest when the properties are developed and leased. As of December 31, 2017 , the Company’s carrying value of the Lakemont Development Investment was $4,584 . The Company’s three consolidated VIEs as of December 31, 2016 included the Operating Partnership, a build-to-suit industrial property in Round Rock, Texas for which the Company was the lender under a non-recourse financing arrangement with the owner and developer, or Proportion Foods, and the entity that provided investment and asset management services to the Gramercy European Property Fund, which was the Company’s unconsolidated European investment formed in 2014, or European Fund Manager. The construction on the property held by Proportion Foods was completed in March 2017, at which time the Company acquired the property. The Company had a 50.0% interest in European Fund Manager, however following the disposal of the Gramercy European Property Fund’s assets in July 2017, European Fund Manager was dissolved. As of December 31, 2017, Proportion Foods and European Fund Manager were no longer considered consolidated VIEs. As of December 31, 2016, the Company’s carrying value of Proportion Foods and European Fund Manager was $19,795 and $1,053 , respectively. Unconsolidated VIEs The Company’s two unconsolidated VIEs as of December 31, 2017 included its retained non-investment grade subordinate bonds, preferred shares and ordinary shares of two collateralized debt obligations, or CDOs, of which there were originally three in 2014, which are collectively herein referred to as the Retained CDO Bonds. In April 2017, one of the CDOs commenced liquidation, from which the Company will not receive any proceeds, thus as of December 31, 2017, one of the Retained CDO Bonds was no longer considered an unconsolidated VIE. Refer to the “Other Assets” section of Note 2 and also to Note 9 for more information on the accounting and valuation of the Retained CDO Bonds. As of December 31, 2017, the Company’s carrying value of the Retained CDO Bonds was $5,527 . The Company’s four unconsolidated VIEs as of December 31, 2016 included the Retained CDO Bonds and the European entity entitled to certain preferential distributions through its interest in the Gramercy European Property Fund, or European Fund Carry Co. Following the sale of the Gramercy European Property Fund’s assets in July 2017, European Fund Carry Co. was dissolved, thus as of December 31, 2017, it was no longer considered an unconsolidated VIE. |
Tenant and Other Receivables | Tenant and Other Receivables Tenant and other receivables are derived from rental revenue, tenant reimbursements, and management fees. Rental revenue is recorded on a straight-line basis over the initial term of the lease. Since many leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable, and include in revenues, unbilled rent receivables that will only be received if the tenant makes all rent payments required through the expiration of the initial term of the lease. Tenant and other receivables also include receivables related to tenant reimbursements for common area maintenance expenses and certain other recoverable expenses that are recognized as revenue in the period in which the related expenses are incurred. Tenant and other receivables are recorded net of the allowance for doubtful accounts, which was $638 and $57 as of December 31, 2017 and 2016 , respectively. The Company continually reviews receivables related to rent, tenant reimbursements, and management fees, including incentive fees, and determines collectability by taking into consideration the tenant or asset management clients’ payment history, the financial condition of the tenant or asset management client, business conditions in the industry in which the tenant or asset management client operates and economic conditions in the area in which the property or asset management client is located. In the event that the collectability of a receivable is in doubt, the Company increases the allowance for doubtful accounts or records a direct write-off of the receivable, as appropriate. Management fees, including incentive management fees, are recognized as earned in accordance with the terms of the management agreements. The management agreements may contain provisions for fees related to dispositions, administration of the assets including fees related to accounting, valuation and legal services, and management of capital improvements or projects on the underlying assets. |
Intangible Assets and Liabilities | Intangible Assets and Liabilities As discussed above in policy section, "Real Estate Acquisitions," the Company follows the acquisition method of accounting for its asset acquisitions and business combinations and thus allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired based on their respective fair values. Identifiable intangible assets include amounts allocated to acquired leases for above- and below-market lease rates and the value of in-place leases. Management also considers information obtained about each property as a result of its pre-acquisition due diligence. Above-market and below-market lease values for properties acquired are recorded based on the present value of the difference between the contractual amount to be paid pursuant to each in-place lease and management’s estimate of the fair market lease rate for each such in-place lease, measured over a period equal to the remaining non-cancelable term of the lease. The present value calculation utilizes a discount rate that reflects the risks associated with the leases acquired. The above-market and below-market lease values are amortized as a reduction of and increase to rental revenue, respectively, over the remaining non-cancelable terms of the respective leases. If a tenant terminates its lease prior to its contractual expiration and no future rental payments will be received, any unamortized balance of the market lease intangibles will be written off to rental revenue. The aggregate value of in-place leases represents the costs of leasing costs, other tenant related costs, and lost revenue that the Company did not have to incur by acquiring a property that is already occupied. Factors considered by management in its analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the anticipated lease-up period. Management also estimates costs to execute similar leases including leasing commissions and other related expenses. The value of in-place leases is amortized to depreciation and amortization expense over the remaining non-cancelable term of the respective leases. In no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease prior to its contractual expiration and no future rental payments will be received, any unamortized balance of the in-place lease intangible will be written off to depreciation and amortization expense. Above-market and below-market ground rent intangibles are recorded for properties acquired in which the Company is the lessee pursuant to a ground lease assumed at acquisition. The above-market and below-market ground rent intangibles are valued similarly to above-market and below-market leases, except that, because the Company is the lessee as opposed to the lessor, the above-market and below-market ground lease values are amortized as a reduction of and increase to rent expense, respectively, over the remaining non-cancelable terms of the respective leases. |
Revenue | Revenue Real Estate Investments Rental revenue from leases on real estate investments is recognized on a straight-line basis over the term of the lease, regardless of when payments are contractually due. The excess of rental revenue recognized over the amounts contractually due according to the underlying leases are included in tenant and other receivables, net on the Consolidated Balance Sheets. For leases on properties that are under construction at the time of acquisition, the Company begins recognition of rental revenue upon completion of construction of the leased asset and delivery of the leased asset to the tenant. The Company’s lease agreements with tenants also generally contain provisions that require tenants to reimburse the Company for real estate taxes, insurance costs, common area maintenance costs, and other property-related expenses. Under lease arrangements in which the Company is the primary obligor for these expenses, the Company recognizes such amounts as both revenues and operating expenses. Under lease arrangements in which the tenant pays these expenses directly, such amounts are not included in revenues or expenses. These reimbursement amounts are recognized in the period in which the related expenses are incurred. The Company recognizes sales of real estate properties only upon closing. Payments received from purchasers prior to closing are recorded as deposits. Profit on real estate sold is recognized using the full accrual method upon closing when the collectability of the sale price is reasonably assured and the Company is not obligated to perform significant activities after the sale. Profit may be deferred in whole or part until the sale meets the requirements of profit recognition on sale of real estate. Management Fees The Company’s asset and property management agreements may contain provisions for fees related to dispositions, administration of the assets including fees related to accounting, valuation and legal services, and management of capital improvements or projects on the underlying assets. The Company recognizes revenue for fees pursuant to its management agreements in the period in which they are earned. Deferred revenue from management fees received prior to the date earned are included in other liabilities on the Consolidated Balance Sheets. Certain of the Company’s asset management contracts and agreements with its unconsolidated equity investments include provisions that allow it to earn additional fees, generally described as incentive fees or promoted interests, based on the achievement of a targeted valuation or the achievement of a certain internal rate of return on the managed assets held by third parties or the equity investment. The Company recognizes incentive fees on its asset management contracts based upon the amount that would be due pursuant to the contract if the contract were terminated at the reporting date. If the incentive fee is a fixed amount, only a proportionate share of revenue is recognized at the reporting date, with the remaining fees recognized on a straight-line basis over the measurement period. The Company recognizes promoted interest in the period in which it is determined to be appropriately earned pursuant to the terms of the specific agreement. The values of incentive fees and promoted interest fees are periodically evaluated by management. The Company’s management agreement with KBS Acquisition Sub, LLC, or KBS, which has historically been a significant source of its management fee revenue, was terminated on March 31, 2017. For the years ended December 31, 2017 , 2016 , and 2015 , the Company recognized incentive fees of $1,721 , $19,159 , and $3,012 , respectively. Other Income Other income primarily consists of miscellaneous property related income, lease termination fees, income accretion on the Company’s Retained CDO Bonds, realized foreign currency exchange gains (losses), and interest income. |
Foreign Currency | Foreign Currency The Company's European management platform performs asset and property management services in Europe. The Company has unconsolidated equity investments in Europe and Asia and previously had two wholly-owned properties in Canada and one wholly-owned property in the United Kingdom until their dispositions in March 2017 and December 2016, respectively. The Company also had borrowings outstanding in euros and British pounds sterling under the multicurrency portion of its revolving credit facility during 2017. Refer to Note 5 for more information on the Company’s foreign unconsolidated equity investments. Foreign Currency Translation During the periods presented, the Company had interests in Europe and Canada for which the functional currencies are the euro, the British pound sterling, and the Canadian dollar, respectively. The Company performs the translation from these foreign currencies to the U.S. dollar for assets and liabilities using the exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted average exchange rate during the period. The Company reports the gains and losses resulting from such translation as a component of other comprehensive income. The Company recorded net translation gains (losses) of $2,441 , $(6,094) , and $(594) for the years ended December 31, 2017 , 2016 , and 2015 , respectively. These translation gains and losses are reclassified to other income within earnings when the Company has substantially exited from the foreign currency denominated asset or liability. Foreign Currency Transactions A transaction gain or loss realized upon settlement of a foreign currency transaction will be included in earnings for the period in which the transaction is settled. Foreign currency intercompany transactions that are scheduled for settlement are included in the determination of net income. Intercompany foreign currency transactions of a long-term nature that do not have a planned or foreseeable future settlement date, in which the entities to the transactions are consolidated or accounted for by the equity method in the Company’s financial statements, are not included in net income but are reported as a component of other comprehensive income. |
Other Assets | Other Assets The Company includes prepaid expenses, capitalized software costs, contract intangible assets, deferred costs, loan investments, goodwill, derivative assets, and Retained CDO Bonds in other assets. Prepaid Expenses The Company makes payments for certain expenses such as insurance and property taxes in advance of the period in which it receives the benefit. These payments are amortized over the respective period of benefit relating to the contractual arrangement. The Company also makes payments for deposits related to pending acquisitions and financing arrangements, as required by a seller or lender, respectively. Costs prepaid in connection with securing financing for a property are reclassified into deferred financing costs at the time the transaction is completed. Capitalized Software Costs and Contract Intangible Assets The Company capitalizes its costs of software purchased for internal use and once the software is placed into service, the costs are amortized into expense on a straight-line basis over the asset's estimated useful life, which is generally three years. Contracts the Company has assumed in connection with a business combination, such as asset or property management contracts, are recorded at fair value at the time of acquisition, which is determined using a discounted cash flow analysis that considers the contract’s projected cash flows, factoring in any renewal or termination provisions, and a discount rate that reflects the associated risks. The value of the contract intangible is amortized to property management expense on a straight-line basis over the expected remaining useful term of the contract and if the contract is terminated prior to its contractual expiration, any unamortized balance of the contract intangible will be written off to property management expense. |
Deferred Costs | Deferred Costs The Company's deferred costs consist of deferred financing costs, deferred leasing costs, and deferred costs of lease inducements, and are presented in other assets net of accumulated amortization. Deferred financing costs are comprised of costs associated with the Company’s unsecured credit facility and include commitment fees, issuance costs, and legal and other third-party costs associated with obtaining the related financing. Deferred financing costs are amortized into interest expense on a straight-line or effective interest basis over the contractual term of the respective agreement. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity and costs incurred in seeking financing transactions that do not close are expensed when it is determined the financing will not close. Deferred leasing costs include direct costs, such as lease commissions, incurred to initiate and renew operating leases and are amortized into depreciation expense on a straight-line basis over the related lease term. The Company also has deferred costs associated with lease inducement fees paid to secure acquisitions, which are amortized on a straight-line basis over the related lease term as a reduction of rental revenue. |
Loan Investments | Loan Investments The Company may originate loans related to specific real estate development projects. In October 2017, the Company entered into an agreement to provide a mezzanine construction loan facility with a maximum commitment of $250,000 to an industrial developer as borrower. The Company has approval rights for all new projects added to the facility, which has an initial term of five years , plus two one -year extension options and earns interest ranging from 9.00% to 12.00% depending on occupancy and loan-to-value. As of December 31, 2017 , the carrying value of the Company’s loan investments was $22,154 and the loan investments had a weighted average interest rate of 10.47% . The Company’s loan investments are presented in other assets at cost, net of accumulated amortization of related loan costs. Loan costs are amortized on a straight-line or effective interest basis over the contractual terms of the respective agreements and the amortization is reflected as interest expense. Unamortized costs related to loan investments are expensed when the associated loan is refinanced or repaid before maturity. Interest earned on the loan investments is recorded in other income. The Company will suspend accrual of interest income on a loan investment at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful, and such accrual will be resumed when the investment becomes contractually current and performance has resumed. The Company evaluates its loan investments for possible credit losses each period using factors such as delinquencies, collateral quality, loss experience, and economic conditions. Based on this analysis, the Company will establish a provision for possible credit loss for specific loan investments concluded to have possible credit losses, and, if it is deemed is probable that a loan’s contractual amounts will not be collected, the investment is considered impaired. All of the Company’s loan investments are considered to be held to maturity and, as such, if an impairment is indicated on a loan investment, the Company will record a valuation allowance and corresponding expense based on the excess of the investment’s carrying amount over the net fair value of its collateral. There were no loan reserves recorded during the year ended December 31, 2017 and all of the Company’s loan investments were performing in accordance with the terms of the relevant investments as of December 31, 2017 . |
Goodwill | Goodwill Goodwill represents the fair value of the synergies expected to be achieved upon consummation of a business combination and is measured as the excess of consideration transferred over the net assets acquired at acquisition date. The Company recognized goodwill of $3,802 related to the acquisition of Gramercy Europe Limited. The carrying value of goodwill is adjusted each reporting period for the effect of foreign currency translation adjustments. The carrying value of goodwill at December 31, 2017 and 2016 was $3,272 and $2,988 , respectively. The Company’s goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company takes a qualitative approach to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. |
Retained CDO Bonds | Retained CDO Bonds The Company records the Retained CDO Bonds at fair value using a discounted cash flow model based upon management’s estimate of future cash flows expected to be collected. There is no guarantee that the Company will realize any proceeds from this investment, or what the timing will be for the expected remaining life of the Retained CDO Bonds. The Company considers these investments to be not of high credit quality and does not expect a full recovery of interest and principal. Therefore, the Company has suspended interest income accruals on these investments. The Company classifies the Retained CDO Bonds as available for sale. On a quarterly basis, the Company evaluates the Retained CDO Bonds to determine whether significant changes in estimated cash flows or unrealized losses on these investments, if any, reflect a decline in value which is other-than-temporary. If there is a decrease in estimated cash flows and the investment is in an unrealized loss position, the Company will record an other-than-temporary impairment, or OTTI, in the Consolidated Statements of Operations. Refer to Note 9 for further discussion regarding the fair value measurement of the Retained CDO Bonds. |
Benefit Plans | Benefit Plans The Company has a 401(k) Savings/Retirement Plan, or the 401(k) Plan, to cover eligible employees of the Company, and any designated affiliate. The 401(k) Plan permits eligible employees to defer up to 15.0% of their annual compensation, subject to certain limitations imposed by the Internal Revenue Code. The employees’ elective deferrals are immediately vested and non-forfeitable. The 401(k) Plan provides for discretionary matching contributions by the Company. Except for the 401(k) Plan, at December 31, 2017 the Company did not maintain a defined benefit pension plan, post-retirement health and welfare plan or other benefit plans. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash investments, debt investments and accounts receivable. The Company places its cash investments in excess of insured amounts with high quality financial institutions. Concentrations of credit risk also arise when a number of the Company’s tenants or asset management clients are engaged in similar business activities or are subject to similar economic risks or conditions that could cause their inability to meet contractual obligations to the Company. The Company regularly monitors its portfolio to assess potential concentrations of credit risk. Management believes the current credit risk portfolio is reasonably well diversified. |
Segment Reporting | Segment Reporting Accounting Standards Codification, or ASC, 280, Segment Reporting, establishes standards for the manner in which public enterprises report information about operating segments. In prior periods, the Company has viewed and presented its operations as two segments, Investments/Corporate and Asset Management. However, based upon the significant reduction in the Company’s third-party asset management operations following the expiration of the KBS management contract as of March 31, 2017, the Company views its operations as one segment, which consists of net leasing operations. The Company has no other reportable segments. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles, or GAAP, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to customers in an amount reflecting the consideration it expects to receive in exchange for those goods or services. The guidance also requires enhanced disclosures related to the nature, amount, timing, and uncertainty of revenue that is recognized. In April 2016, the FASB issued ASU 2016-10, which amends the new revenue recognition guidance on identifying performance obligations. In February 2017, the FASB issued ASU 2017-05, which clarifies the scope of gains and losses from the derecognition of nonfinancial assets and provides guidance for the partial sales of nonfinancial assets in context of the new revenue standard. The new revenue recognition guidance is effective for the first interim period within annual reporting periods beginning after December 15, 2017, with early adoption permitted for the first interim period within annual reporting periods beginning after December 15, 2016. Companies may use either a full retrospective or a modified retrospective approach to adopt the new guidance. A substantial portion of the Company’s revenue consists of rental revenue from leasing arrangements, which is specifically excluded from the new revenue guidance, however the Company also generates revenue from operating expense reimbursements, management fees, incentive fees, and gains and impairments on disposals, which will be impacted by the new revenue standard. The Company will adopt the standard in the first quarter of 2018 using the modified retrospective approach and the impact of adoption will not have a material impact on its Consolidated Financial Statements. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The guidance requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and to record changes in instruments specific credit risk for financial liabilities measured under the fair value option in other comprehensive income. The update is effective for fiscal years beginning after December 15, 2017, and for interim periods therein. The Company has not yet adopted this new guidance and is currently evaluating the impact of adopting this new accounting standard on its Consolidated Financial Statements. I n February 2016, the FASB issued ASU 2016-02, Leases, which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The update will be effective beginning in the first quarter of 2019 and early adoption is permitted. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company’s accounting for leases in which it is a lessor, which represents most of its leasing arrangements, will be largely unchanged under ASU 2016-02, however the Company is a lessee in several operating and ground leases and the accounting for these arrangements is more significantly impacted by the new standard. Pursuant to the new guidance, lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. The Company is continuing to evaluate the impact of adopting the new leases standard on its Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting. The update serves to simplify the accounting for share-based payment award transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification of awards on the statement of cash flows. The guidance in the ASU is effective for fiscal years beginning after December 15, 2016. The Company adopted the new guidance in the first quarter of 2017. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments Credit Losses, which amends the existing accounting guidance related to credit losses on financial instruments. The amendments in the update replace the incurred loss impairment methodology in the current accounting standards with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The update is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact of adopting the update on its Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows Classification of Certain Cash Receipts and Cash Payments, which serves to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting the update on its Consolidated Financial Statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires the statement of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The updated guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years and must be adopted using a retrospective transition method to each period presented, with early adoption permitted. The Company adopted the update in the fourth quarter of 2017 and the impact of the adoption on the Company's Consolidated Financial Statements is shown above in the "Reclassification" section of Note 2. In January 2017, the FASB issued ASU 2017-01, Amendments to Business Combinations, which amends the current guidance to clarify the definition of a business in order to assist entities in evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The guidance is effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted under certain circumstances. The amendments must be applied prospectively as of the beginning of the period of adoption. The Company elected to early adopt ASU 2017-01 in the first quarter of 2017, as described in the “Real Estate Acquisitions” section above. In January 2017, the FASB issued ASU 2017-04, Intangibles- Goodwill and Other, which simplifies the accounting for goodwill impairments. Under the new guidance, step 2 of the analysis is eliminated and thus, rather than calculating an implied value of goodwill to determine impairment, a goodwill impairment will be recorded based on the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 31, 2019 with early adoption permitted for impairment tests after January 1, 2017. The Company is currently evaluating the impact of this guidance on its Consolidated Financial Statements. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation: Scope of Modification Accounting. The amendment provides guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting. The guidance is effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted under certain circumstances. The Company is currently evaluating the impact of this guidance on its Consolidated Financial Statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. The Company is currently evaluating the impact of this guidance on its Consolidated Financial Statements. |
Significant Accounting Polici34
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Statements of Cash Flows. As of December 31, 2017 2016 Cash and cash equivalents $ 30,231 $ 67,529 Restricted cash 12,723 12,904 Total cash, cash equivalents, and restricted cash $ 42,954 $ 80,433 |
Schedule of Intangible Assets and Acquired Lease Obligations | Intangible assets and liabilities consist of the following: As of December 31, 2017 2016 Intangible assets: In-place leases, net of accumulated amortization of $194,836 and $117,717 $ 545,782 $ 553,924 Above-market leases, net of accumulated amortization of $25,229 and $15,719 46,713 59,647 Below-market ground rent, net of accumulated amortization of $408 and $274 6,064 5,109 Total intangible assets $ 598,559 $ 618,680 Intangible liabilities: Below-market leases, net of accumulated amortization of $28,516 and $26,168 $ 159,652 $ 223,110 Above-market ground rent, net of accumulated amortization of $462 and $248 6,839 7,073 Total intangible liabilities $ 166,491 $ 230,183 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table provides the weighted average amortization period as of December 31, 2017 for intangible assets and liabilities and their projected amortization for the next five years. Weighted Average Amortization Period (years) 2018 2019 2020 2021 2022 In-place leases 9.3 $ 98,551 $ 85,062 $ 71,384 $ 60,155 $ 46,838 Total to be included in depreciation and amortization expense $ 98,551 $ 85,062 $ 71,384 $ 60,155 $ 46,838 Above-market lease assets 6.9 $ 10,175 $ 9,230 $ 7,292 $ 6,019 $ 3,342 Below-market lease liabilities 17.6 (12,291 ) (12,021 ) (11,585 ) (10,467 ) (9,872 ) Total to be included in rental revenue $ (2,116 ) $ (2,791 ) $ (4,293 ) $ (4,448 ) $ (6,530 ) Below-market ground rent 39.5 $ 158 $ 158 $ 158 $ 158 $ 158 Above-market ground rent 32.3 (214 ) (214 ) (214 ) (214 ) (214 ) Total to be included in property operating expense $ (56 ) $ (56 ) $ (56 ) $ (56 ) $ (56 ) |
Schedule of Retained Collateralized Debt Obligation Bonds | A summary of the Company’s Retained CDO Bonds as of and for the years ended December 31, 2017 and 2016 is as follows: As of and for the year ended December 31, Number of Securities Face Value Amortized Cost Gross Unrealized Gain Other-than- temporary impairment Fair Value Weighted Average Expected Life (years) 2017 6 $ 326,979 $ 5,110 $ 417 $ (4,890 ) $ 5,527 1.1 2016 9 $ 384,784 $ 8,207 $ 3,699 $ — $ 11,906 1.6 |
Other Than Temporary Impairment Credit Losses Recognized in Earnings | The following table summarizes the activity related to credit losses on the Retained CDO Bonds for the years ended December 31, 2017 , 2016 , and 2015 : 2017 2016 2015 Balance at beginning of period of credit losses on Retained CDO Bonds for which a portion of an OTTI was recognized in other comprehensive income (loss) $ (491 ) $ 3,196 $ 6,818 Additions to credit losses: On Retained CDO Bonds for which an OTTI was previously recognized and a portion of an OTTI was recognized in other comprehensive income (loss) (4,890 ) — — For increases in cash flows expected to be collected that are recognized over the remaining life of the Retained CDO Bonds 1,412 (3,687 ) (3,622 ) Balance at end of period of credit of losses on Retained CDO Bonds for which a portion of an OTTI was recognized in other comprehensive income (loss) $ (3,969 ) $ (491 ) $ 3,196 |
Dispositions, Assets Held for35
Dispositions, Assets Held for Sale, and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The Company's discontinued operations for the years ended December 31, 2017 , 2016 , and 2015 were primarily related to the assets that were assumed in the Merger and simultaneously designated as held for sale. The following operating results for the years ended December 31, 2017 , 2016 , and 2015 are included in discontinued operations for all periods presented: Year Ended December 31, 2017 2016 2015 Operating Results: Revenues $ 5 $ 6,547 $ 2,052 Operating expenses 6 (2,304 ) (290 ) General and administrative expense (100 ) (176 ) (384 ) Interest expense — (807 ) (503 ) Depreciation and amortization — (112 ) — Gain on extinguishment of debt — 1,930 — Income (loss) from operations (89 ) 5,078 875 Net gain on disposals — 321 — Income (loss) from discontinued operations $ (89 ) $ 5,399 $ 875 |
Schedule of Significant Operating and Investing Noncash Items | The table below presents additional relevant information pertaining to results of discontinued operations for the years ended December 31, 2016 and 2015 , including depreciation, amortization, capital expenditures, and significant operating and investing noncash items: Year Ended December 31, 2016 2015 Amortization expense $ (112 ) $ — Significant operating noncash items (9,137 ) (273 ) Significant investing noncash items — 131,358 Increase in cash and cash equivalents related to foreign currency translation — 121 Total $ (9,249 ) $ 131,206 The following table represents supplemental cash flow disclosures for the years ended December 31, 2017 , 2016 , and 2015 : Year Ended December 31, 2017 2016 2015 Supplemental cash flow disclosures: Interest paid $ 93,051 $ 77,081 $ 30,303 Income taxes paid 1,176 2,906 1,730 Proceeds from 1031 exchanges from sale of real estate 212,973 723,863 — Use of funds from 1031 exchanges for acquisitions of real estate (212,973 ) (723,831 ) — Non-cash activity: Net assets acquired in the Merger in exchange for common stock $ — $ — $ 1,829,241 Common stock registered in exchange for net assets acquired in the Merger — — 1,829,241 Fair value adjustment to noncontrolling interest in the Operating Partnership 1,436 2,404 (769 ) Debt assumed in acquisition of real estate 181,107 244,188 618,169 Debt transferred in disposition of real estate (10,456 ) (101,432 ) — Non-cash acquisition of consolidated VIE 24,930 — — Dividend reinvestment plan proceeds 194 — — Distribution of real estate assets from unconsolidated equity investment — 263,015 — Treasury securities transferred in connection with defeasance of notes payable — (144,063 ) — Transfer of defeased note payable — 124,605 — Contribution of real estate assets as investment in unconsolidated equity investments — (182,168 ) — Redemption of units of noncontrolling interest in the Operating Partnership for common shares (3,738 ) (4,159 ) (3,784 ) Real estate acquired for units of noncontrolling interest in the Operating Partnership 108,751 — — Redemption of Exchangeable Senior Notes for common shares 117,450 — — |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The aggregate changes recorded from the preliminary purchase price allocations to the finalized purchase price allocations, are shown in the table below and are reflected in earnings for year ended December 31, 2017 : Preliminary Allocations recorded Finalized Allocations recorded Real Estate Assets Intangible Assets Intangible Liabilities Real Estate Assets Intangible Assets Intangible Liabilities Decrease to Rental Revenue Increase to Depreciation and Amortization Expense $ 513,424 $ 61,178 $ 11,093 $ 513,087 $ 60,627 $ 10,205 $ 27 $ 16 |
Unconsolidated Equity Investm37
Unconsolidated Equity Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Equity Method Investments | As of December 31, 2017 and 2016 , the Company owned properties through unconsolidated equity investments and had investment interests in these unconsolidated entities as follows: As of December 31, 2017 As of December 31, 2016 Investment Ownership % Voting Interest % Partner Investment in Unconsolidated Equity Investment 1 No. of Properties Investment in Unconsolidated Equity 1 No. of Properties Strategic Office Partners 25.0 % 25.0 % TPG Real Estate $ 28,243 13 $ 15,872 6 E-Commerce JV 51.0 % 50.0 % Ample Glow Investments 17,798 — — — Goodman UK JV 80.0 % 50.0 % Goodman Group 15,768 1 25,309 2 CBRE Strategic Partners Asia 5.07 % 5.07 % Various 2,820 1 4,145 2 Philips JV 25.0 % 25.0 % Various — 1 — 1 Morristown JV 50.0 % 50.0 % 21 South Street 2,636 1 2,623 1 Gramercy European Property Fund III 19.9 % 50.0 % Various 2,949 — — — Gramercy European Property Fund 2 — % — % Various — — 50,367 26 Goodman Europe JV 3 — % — % Gramercy European Property Fund — — 3,491 8 Total $ 70,214 17 $ 101,807 46 1. The amounts presented include a basis difference of $1,943 , net of accumulated amortization, for the Goodman UK JV as of December 31, 2017. The amounts presented include basis differences of $2,286 , and $3,941 , net of accumulated amortization, for the Goodman Europe JV and the Goodman UK JV, respectively, as of December 31, 2016 . 2. The Gramercy European Property Fund sold 100.0% of its assets to a third party in July 2017 and was subsequently dissolved, thus the Company had no remaining investment in the entity as of December 31, 2017 . The amount presented as of December 31, 2016 includes European Fund Carry Co., which has a carrying value of $8 for the Company's 25.0% interest. 3. In the table above, the Company’s 94.9% indirect interest in the Goodman Europe JV held through its 14.2% interest in the Gramercy European Property Fund is included in the amount shown for the Gramercy European Property Fund and the Company’s 5.1% direct interest in the Goodman Europe JV is presented separately as the amount shown for the Goodman Europe JV. In July 2017, the Company sold its 5.1% direct interest in the Goodman Europe JV and the assets of the Goodman Europe JV were sold to a third party as part of the aforementioned sale of the assets of Gramercy European Property Fund. |
Summary Investment Holdings | The following is a summary of the Company’s unconsolidated equity investments for the years ended December 31, 2017 and 2016 : 2017 2016 Balance at beginning of period $ 101,807 $ 580,000 Contributions to unconsolidated equity investments 1 34,277 76,856 Equity in net income of unconsolidated equity investments, including adjustments for basis differences 48,248 2,409 Other comprehensive income (loss) of unconsolidated equity investments 7,012 (7,264 ) Distributions from unconsolidated equity investments 2 (112,292 ) (411,837 ) Purchase price allocations — 5,000 Reclassification of unrealized gain of non-derivative net investment hedge into earnings 1,851 — Gain on sale and dissolution of unconsolidated equity investment interests — 12,570 Sale of unconsolidated equity investments (9,327 ) (151,546 ) Receivable from dissolution of joint venture — (644 ) Reclassification of accumulated foreign currency translation adjustments due to disposal (1,362 ) (3,737 ) Balance at end of period $ 70,214 $ 101,807 1. Includes the fair value of the six properties of $46,608 contributed by the Company to Strategic Office Partners during 2016. 2. Includes the fair value of the seven properties of $276,100 distributed by the Duke JV to the Company during 2016. |
Schedule of Combined Balance Sheet for the Company's Joint Venture | The Consolidated Balance Sheets for the Company’s unconsolidated equity investments at December 31, 2017 are as follows: Strategic Office Partners E-Commerce JV Goodman UK JV CBRE Strategic Partners Asia Other 1 Assets: Real estate assets, net 2 $ 265,014 $ — $ 18,633 $ 59,373 $ 48,576 Other assets 78,243 35,727 1,473 15,985 18,037 Total assets $ 343,257 $ 35,727 $ 20,106 $ 75,358 $ 66,613 Liabilities and members' equity: Mortgage notes payable $ 213,205 $ — $ — $ — $ 38,662 Other liabilities 15,002 830 203 15,658 3,671 Total liabilities 228,207 830 203 15,658 42,333 Company's equity 28,243 17,798 15,768 2,820 5,585 Other members' equity 86,807 17,099 4,135 56,880 18,695 Liabilities and members' equity $ 343,257 $ 35,727 $ 20,106 $ 75,358 $ 66,613 1. Includes the Philips JV, the Morristown JV, and the Gramercy European Property Fund III. 2. Includes basis adjustments that were recorded by the Company to adjust the unconsolidated equity investments to fair value upon closing of the Merger. The Consolidated Balance Sheets for the Company’s unconsolidated equity investmen ts at December 31, 2016 are as follows: Gramercy European Property Fund 1 Goodman Europe JV Gramercy European Property Fund 2 Total Strategic Office Partners Goodman UK JV CBRE Strategic Partners Asia Other 3 Assets: Real estate assets, net 4 $ 285,087 $ 347,069 $ 632,156 $ 149,484 $ 25,128 $ 87,852 $ 49,580 Other assets 86,273 63,523 149,796 42,323 6,650 12,247 3,020 Total assets $ 371,360 $ 410,592 $ 781,952 $ 191,807 $ 31,778 $ 100,099 $ 52,600 Liabilities and members' equity: Mortgages payable $ 174,269 $ 215,980 $ 390,249 $ 121,894 $ — $ — $ 39,730 Other liabilities 7,778 19,940 27,718 4,347 934 14,383 3,259 Total liabilities 182,047 235,920 417,967 126,241 934 14,383 42,989 Gramercy Property Trust equity 12,734 41,116 53,850 15,872 25,309 4,145 2,631 Other members' equity 176,579 133,556 310,135 49,694 5,535 81,571 6,980 Liabilities and members' equity $ 371,360 $ 410,592 $ 781,952 $ 191,807 $ 31,778 $ 100,099 $ 52,600 1. As of December 31, 2016, the Company had a 5.1% direct interest in the Goodman Europe JV as well as an indirect interest in the remaining 94.9% interest that was held through the Company’s 14.2% interest in the Gramercy European Property Fund. In the table above, the Company’s equity interest in the Goodman Europe JV includes both its direct 5.1% interest as well as its indirect interest that was held through its 14.2% interest in the Gramercy European Property Fund, and the Company’s equity interest in the Gramercy European Property Fund represents its interest in all of the properties owned by the Gramercy European Property Fund except for the properties in the Goodman Europe JV. 2. Excludes the Gramercy European Property Fund’s 94.9% interest in the Goodman Europe JV. 3. Includes the Philips JV, the Morristown JV, and European Fund Carry Co. 4. Includes basis adjustments that were recorded by the Company to adjust the unconsolidated equity investments to fair value upon closing of the Merger. Certain real estate assets in the Company’s unconsolidated equity investments are subject to mortgage notes. The following is a summary of the secured financing arrangements within the Company’s unconsolidated equity investments as of December 31, 2017 : Outstanding Balance 2 Property Unconsolidated Equity Investment Economic Ownership Interest Rate 1 Maturity Date December 31, 2017 December 31, 2016 Strategic Office Partners portfolio 3 Strategic Office Partners 25.0% 4.40% 10/7/2019 $ 169,380 $ 125,000 Tampa, FL Strategic Office Partners 25.0% 5.16% 10/8/2020 37,563 — San Bernandino, CA Strategic Office Partners 25.0% 10.16% 10/8/2020 1,977 — Henderson, NV Strategic Office Partners 25.0% 4.75% 8/6/2025 8,636 — Somerset, NJ Philips JV 25.0% 6.90% 9/11/2035 38,662 39,730 Durrholz, Germany Gramercy European Property Fund 14.2% N/A N/A — 12,289 Venray, Germany Gramercy European Property Fund 14.2% N/A N/A — 13,015 Lille, France Gramercy European Property Fund 14.2% N/A N/A — 27,081 Carlisle, United Kingdom Gramercy European Property Fund 14.2% N/A N/A — 10,443 Oud Beijerland, Netherlands Gramercy European Property Fund 14.2% N/A N/A — 8,077 Zaandam, Netherlands Gramercy European Property Fund 14.2% N/A N/A — 11,647 Kerkrade, Netherlands Gramercy European Property Fund 14.2% N/A N/A — 9,622 Friedrichspark, Germany Gramercy European Property Fund 14.2% N/A N/A — 8,694 Fredersdorf, Germany Gramercy European Property Fund 14.2% N/A N/A — 11,247 Breda, Netherlands Gramercy European Property Fund 14.2% N/A N/A — 9,948 Juechen, Germany Gramercy European Property Fund 14.2% N/A N/A — 18,852 Piaseczno, Poland Gramercy European Property Fund 14.2% N/A N/A — 8,141 Strykow, Poland Gramercy European Property Fund 14.2% N/A N/A — 19,167 Uden, Netherlands Gramercy European Property Fund 14.2% N/A N/A — 8,913 Rotterdam, Netherlands Gramercy European Property Fund 14.2% N/A N/A — 7,633 Frechen, Germany Gramercy European Property Fund 14.2% N/A N/A — 6,043 Meerane, Germany Gramercy European Property Fund 14.2% N/A N/A — 10,138 Amsterdam, Netherlands Gramercy European Property Fund 14.2% N/A N/A — 3,093 Tiel, Netherlands Gramercy European Property Fund 14.2% N/A N/A — 9,174 Netherlands portfolio 4 Gramercy European Property Fund 14.2% N/A N/A — 13,409 Kutno, Poland Gramercy European Property Fund 14.2% N/A N/A — 5,890 European Facility 1 5 Goodman Europe JV 18.6% N/A N/A — 31,551 European Facility 2 5 Goodman Europe JV 18.6% N/A N/A — 106,917 Worksop, United Kingdom Gramercy European Property Fund 14.2% N/A N/A — 10,551 Total mortgage notes payable $ 256,218 $ 546,265 Net deferred financing costs and net debt premium (discount) (4,351 ) 5,608 Total mortgage notes payable, net $ 251,867 $ 551,873 1. Represents the current effective rate as of December 31, 2017 , including the swapped interest rate for mortgage notes that have interest rate swaps. The current interest rate is not adjusted to include the amortization of fair market value premiums or discounts. 2. Mortgage notes are presented at 100.0% of the amount held by the unconsolidated equity investment. 3. There were ten properties under this mortgage note as of December 31, 2017 . 4. There were five properties under this mortgage note as of December 31, 2016. 5. There were eight properties under this mortgage facility as of December 31, 2016. In addition, this represents the Company’s economic ownership in the Goodman Europe JV, which included both its 5.1% direct interest in the Goodman Europe JV as well as an indirect interest in the remaining 94.9% interest that was held through the Company’s 14.2% interest in the Gramercy European Property Fund. |
Schedule of Combined Income Statement for the Company's Joint Venture | The statements of operations for the Company's unconsolidated equity investments for the year ended December 31, 2017 are as follows: Gramercy European Property Fund 1 Goodman Europe JV Gramercy European Property Fund Total Strategic Office Partners Goodman UK JV CBRE Strategic Partners Asia 2 Other 3 Revenues $ 10,581 $ 22,190 $ 32,771 $ 31,942 $ 613 $ (8,804 ) $ 39,648 Operating expenses 1,900 4,048 5,948 10,603 767 1,212 879 Interest expense 1,315 3,424 4,739 8,944 — — 2,707 Depreciation and amortization 4,165 10,032 14,197 13,914 1,037 — 1,332 Total expenses 7,380 17,504 24,884 33,461 1,804 1,212 4,918 Net income (loss) from operations 3,201 4,686 7,887 (1,519 ) (1,191 ) (10,016 ) 34,730 Gain (loss) on derivatives — 2,248 2,248 (944 ) — — — Loss on extinguishment of debt — — — (937 ) — — — Net gain on disposals — 230,392 230,392 9,923 7,871 — — Provision for taxes (70 ) (346 ) (416 ) — 2 — — Net income (loss) $ 3,131 $ 236,980 $ 240,111 $ 6,523 $ 6,682 $ (10,016 ) $ 34,730 Company's share in net income (loss) $ 159 $ 33,871 $ 34,030 $ 1,997 $ 5,344 $ (513 ) $ 8,754 Adjustments for REIT basis (73 ) — (73 ) — (2,292 ) — — Gain (loss) from disposal of Company's Interest 6,142 (5,141 ) 1,001 — — — — Company's equity in net income (loss) within continuing operations $ 6,228 $ 28,730 $ 34,958 $ 1,997 $ 3,052 $ (513 ) $ 8,754 1. Prior to the sale of the assets of the Gramercy European Property Fund and the Company’s sale of its interest in the Goodman Europe JV to a third party in July 2017, the Company had a 5.1% direct interest in the Goodman Europe JV as well as an indirect interest in the remaining 94.9% interest that was held through the Company’s 14.2% interest in the Gramercy European Property Fund. For the year ended December 31, 2017 , the Company’s equity in net income (loss) of the entities is based on these ownership interest percentages. 2. The Company received a distribution of $812 related to the sale of a property in September 2017 by CBRE Strategic Partners Asia. 3. Includes the Philips JV, the Morristown JV, European Fund Carry Co., the E-Commerce JV, and the Gramercy European Property Fund III. The statements of operations for the Company's unconsolidated equity investments for the year ended December 31, 2016 are as follows: Gramercy European Property Fund 1 Goodman Europe JV Gramercy European Property Fund Total Strategic Office Partners Goodman UK JV Duke JV CBRE Strategic Partners Asia Other 2 Revenues $ 24,221 $ 25,834 $ 50,055 $ 6,614 $ 5,911 $ 19,812 $ (19,053 ) $ 4,336 Operating expenses 2,825 5,034 7,859 1,844 1,000 5,309 1,535 466 Acquisition expenses 4,960 5,826 10,786 635 — — — 27 Interest expense 3,128 4,250 7,378 1,757 — 602 — 2,831 Depreciation and amortization 10,967 10,991 21,958 3,440 1,681 7,154 — 1,331 Total expenses 21,880 26,101 47,981 7,676 2,681 13,065 1,535 4,655 Net income (loss) from operations 2,341 (267 ) 2,074 (1,062 ) 3,230 6,747 (20,588 ) (319 ) Gain (loss) on derivatives — (3,551 ) (3,551 ) 510 — — — — Gain (loss) on extinguishment of debt 717 — 717 — — (7,962 ) — — Net gain on disposals — — — — 9,421 66,705 — — Provision for taxes (54 ) (1,207 ) (1,261 ) — (81 ) — — — Net income (loss) $ 3,004 $ (5,025 ) $ (2,021 ) $ (552 ) $ 12,570 $ 65,490 $ (20,588 ) $ (319 ) Company’s share in net income (loss) $ 606 $ (1,025 ) $ (419 ) $ (77 ) $ 10,057 $ 50,424 $ (1,053 ) $ 1 Adjustments for REIT basis 686 — 686 — (2,820 ) (54,390 ) — — Company’s equity in net income (loss) within continuing operations $ 1,292 $ (1,025 ) $ 267 $ (77 ) $ 7,237 $ (3,966 ) $ (1,053 ) $ 1 1. On May 31, 2016, the Gramercy European Property Fund acquired a 20.0% interest in the Goodman Europe JV and on June 30, 2016, the Gramercy European Property Fund acquired 74.9% of the Company’s 80.0% interest in the Goodman Europe JV. As of September 30, 2016, the Company has a 5.1% direct interest in the Goodman Europe JV as well as an indirect interest in the remaining 94.9% interest that is held through the Company’s 14.2% interest in the Gramercy European Property Fund. For the year ended December 31, 2016, the Company’s equity in net income (loss) from the entities is based on these ownership interest percentages during the period. 2. Includes the Philips JV, the Morristown JV, and European Fund Carry Co. The statements of operations for the Company's unconsolidated equity investments for the year ended December 31, 2015 are as follows: European Unconsolidated Equity Investments 1, 2 Duke JV 2 Other 2, 3 Revenues $ 6,172 $ 1,853 $ 4,108 Operating expenses 2,650 565 90 Acquisition expenses 7,865 — — Interest expense 808 113 2,322 Depreciation and amortization 2,590 700 1,341 Total expenses 13,913 1,378 3,753 Net income (loss) from operations (7,741 ) 475 355 Loss on derivatives (1,090 ) — — Provision for taxes (37 ) — (12 ) Net income (loss) $ (8,868 ) $ 475 $ 343 Company’s share in net income (loss) $ (1,583 ) $ 380 $ 406 Adjustments for REIT basis (72 ) (183 ) (55 ) Company’s equity in net income (loss) within continuing operations $ (1,655 ) $ 197 $ 351 1. Includes the Gramercy European Property Fund and the Goodman Europe JV. 2. The results of operations of the investments acquired as part of the Merger, including the Duke JV, the Goodman Europe JV, the Goodman UK JV, and CBRE Strategic Partners Asia, are included for the post-merger period from December 18, 2015 through December 31, 2015. 3. Includes the Philips JV, the Morristown JV, the Goodman UK JV, and CBRE Strategic Partners Asia. |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Mortgage Notes Payable | The following is a summary of the Company’s secured financing arrangements as of December 31, 2017 : Property Interest Rate 1 Maturity Date Outstanding Balance December 31, December 31, Greenwood, IN 3.59% 6/15/2018 $ 7,257 $ 7,436 Greenfield, IN 3.63% 6/15/2018 5,865 6,010 Logistics Portfolio - Pool 3 2 3.96% 8/1/2018 43,302 43,300 Philadelphia, PA 4.99% 1/1/2019 11,943 12,328 Bridgeview, IL 3.90% 5/1/2019 5,838 6,014 Spartanburg, SC 3.20% 6/1/2019 632 1,025 Charleston, SC 3.11% 8/1/2019 457 986 Lawrence, IN 5.02% 1/1/2020 20,061 20,703 Charlotte, NC 3.28% 1/1/2020 1,538 2,217 Hawthorne, CA 3.52% 8/1/2020 17,207 17,638 Charleston, SC 3.32% 10/1/2020 758 1,001 Charleston, SC 2.97% 10/1/2020 746 984 Charleston, SC 3.37% 10/1/2020 746 984 Charlotte, NC 3.38% 10/1/2020 647 853 Des Plaines, IL 5.54% 10/31/2020 2,385 2,463 Waco, TX 4.75% 12/19/2020 14,890 15,187 Deerfield, IL 3.71% 1/1/2021 10,447 10,804 Winston-Salem, NC 3.41% 6/1/2021 3,354 4,199 Winston-Salem, NC 3.42% 7/1/2021 1,114 1,388 Logistics Portfolio - Pool 1 2 4.27% 1/1/2022 38,107 39,002 CCC Portfolio 2 4.24% 10/6/2022 22,814 23,280 Logistics Portfolio - Pool 4 2 4.36% 12/5/2022 79,500 79,500 Romeoville, IL 3.80% 4/6/2023 24,951 — Romeoville, IL 3 9.37% 4/6/2023 6,623 — KIK USA Portfolio 2 4.31% 7/6/2023 7,154 7,450 Yuma, AZ 5.27% 12/6/2023 11,858 12,058 Allentown, PA 5.16% 1/6/2024 22,690 23,078 Spartanburg, SC 3.72% 2/1/2024 5,635 6,360 Natick, MA 5.21% 3/1/2024 31,224 — Natick, MA 3 10.38% 3/1/2024 3,469 — Maple Grove, MN 3.88% 5/6/2024 16,380 — Curtis Bay, MD 4.31% 7/1/2024 13,500 — Rialto, CA 3.91% 8/1/2024 54,741 — Houston, TX 3.68% 9/1/2024 26,000 — Durham, NC 4.02% 9/6/2024 3,631 — Charleston, SC 3.80% 2/1/2025 6,001 6,658 Hackettstown, NJ 5.49% 3/6/2026 9,455 9,550 Hutchins, TX 5.41% 6/1/2029 21,578 22,764 Buford, GA N/A N/A — 15,512 Woodcliff Lake, NJ N/A N/A — 35,366 Dallas, TX 4 N/A N/A — 9,540 Hebron, KY 4 N/A N/A — 6,628 Property Interest Rate 1 Maturity Date Outstanding Balance December 31, December 31, Jacksonville, FL 4 N/A N/A — 6,852 Phoenix, AZ 4 N/A N/A — 4,120 Minneapolis, MN 4 N/A N/A — 6,001 Ames, IA N/A N/A — 16,436 Columbus, OH N/A N/A — 19,708 Columbus, OH N/A N/A — 5,908 KIK Canada Portfolio 2 N/A N/A — 7,914 Logistics Portfolio - Pool 2 2 N/A N/A — 36,279 Total mortgage notes payable 554,498 555,484 Net deferred financing costs and net debt premium 9,023 3,158 Total mortgage notes payable, net $ 563,521 $ 558,642 1. Represents the interest rate as of December 31, 2017 including the swapped interest rate for loans that have interest rate swaps. The current interest rate is not adjusted to include the amortization of financing costs or fair market value premiums or discounts. 2. There were two properties under the Logistics Portfolio - Pool 3 mortgage, three properties under the Logistics Portfolio - Pool 1 mortgage, five properties under the CCC Portfolio mortgage, six properties under the Logistics Portfolio - Pool 4 mortgage, three properties under the KIK USA Portfolio mortgage, five properties under the Logistics Portfolio - Pool 2 mortgage, and two properties under the KIK Canada Portfolio mortgage as of the latest date presented for the respective mortgage note. 3. Mortgage notes represent mezzanine financing at the properties. 4. These five mortgage notes are cross-collateralized. |
Components of Unsecured Debt Obligations | The terms of the Company’s unsecured debt obligations and outstanding balances as of December 31, 2017 and 2016 are as follows: Stated Interest Rate Effective Interest Rate 1 Maturity Date Outstanding Balance 2017 2016 2015 Revolving Credit Facility - U.S. dollar tranche 2.58% 2.58% 1/8/2020 $ 345,000 $ — 2015 Revolving Credit Facility - Multicurrency tranche 1.45% 1.45% 1/8/2020 12,162 65,837 3-Year Term Loan 2.60% 2.33% 1/8/2019 300,000 300,000 5-Year Term Loan 2.60% 2.70% 1/8/2021 750,000 750,000 7-Year Term Loan 2.46% 3.00% 1/9/2023 400,000 175,000 2015 Senior Unsecured Notes 4.97% 5.07% 12/17/2024 150,000 150,000 2016 Senior Unsecured Notes 3.89% 4.00% 12/15/2022 150,000 150,000 2016 Senior Unsecured Notes 4.26% 4.38% 12/15/2025 100,000 100,000 2016 Senior Unsecured Notes 4.32% 4.43% 12/15/2026 100,000 100,000 Exchangeable Senior Notes 2 3.75% 6.36% 9/15/2017 — 115,000 Total unsecured debt 2,307,162 1,905,837 Deferred financing costs and net debt discount (5,063 ) (9,704 ) Total unsecured debt, net $ 2,302,099 $ 1,896,133 1. Represents the rate at which interest expense is recorded for financial reporting purposes as of December 31, 2017 , which reflects the effect of interest rate swaps and amortization of financing costs and fair market value premiums or discounts. 2. During September 2017, the Exchangeable Senior Notes were exchanged for the Company's common shares. Thus, they have no outstanding balance as of December 31, 2017 . |
Schedule of Maturities of Long-term Debt | Combined aggregate principal maturities of the Company's unsecured debt obligations, non-recourse mortgages, and unsecured notes, in addition to associated interest payments, as of December 31, 2017 are as follows: 2018 2019 2020 2021 2022 Thereafter Above market interest Total 2015 Revolving Credit Facility $ — $ — $ 357,162 $ — $ — $ — $ — $ 357,162 Term Loans — 300,000 — 750,000 — 400,000 — 1,450,000 Mortgage Notes Payable 1 70,144 30,450 62,834 19,256 141,929 229,885 — 554,498 Senior Unsecured Notes — — — — 150,000 350,000 — 500,000 Interest Payments 2 99,154 93,935 82,261 55,265 51,668 64,605 3,960 450,848 Total $ 169,298 $ 424,385 $ 502,257 $ 824,521 $ 343,597 $ 1,044,490 $ 3,960 $ 3,312,508 1. Mortgage note payments reflect accelerated repayment dates, when applicable, pursuant to related loan agreement. 2. Interest payments do not reflect the effect of interest rate swaps. |
Leasing Agreements (Tables)
Leasing Agreements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases, Operating [Abstract] | |
Schedule of Future Minimum Rental Payments for Lease Agreements | Future minimum rental revenues under non-cancelable leases as of December 31, 2017 , excluding reimbursements for operating expenses, are as follows: 2018 2019 2020 2021 2022 Thereafter Total Operating Leases $ 454,472 $ 437,754 $ 410,316 $ 376,653 $ 324,628 $ 1,696,420 $ 3,700,243 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Value and Fair Value of Financial Instruments | The following table presents the carrying value in the financial statements and approximate fair value of assets and liabilities measured on a recurring and non-recurring basis at December 31, 2017 and 2016 : December 31, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Interest rate swaps $ 19,668 $ 19,668 $ 3,769 $ 3,769 Retained CDO Bonds 5,527 5,527 11,906 11,906 Investment in CBRE Strategic Partners Asia 2,820 2,820 4,145 4,145 Real estate investments 1 87,996 87,996 2,413 2,413 Loan investments 2 22,154 21,362 — — Financial liabilities: Interest rate swaps $ 173 $ 173 $ 700 $ 700 Long-term debt 2015 Revolving Credit Facility 2 357,162 357,369 65,837 65,897 3-Year Term Loan 2 300,000 300,091 300,000 300,213 5-Year Term Loan 2 750,000 750,678 750,000 750,959 7-Year Term Loan 2 398,152 400,010 175,000 172,850 Mortgage notes payable 2 563,521 573,826 558,642 567,705 Senior Unsecured Notes 2 496,785 513,229 496,464 498,650 Exchangeable Senior Notes 2 — — 108,832 115,625 1. Amounts as of December 31, 2017 and 2016 represent seven and one real estate investments, respectively, that were impaired during year ended December 31, 2017 and 2016, respectively, and were owned as of the end of the respective reporting periods. 2. Loan investments and long-term debt instruments are classified as Level III due to the significance of unobservable inputs which are based upon management assumptions. |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis and on a non-recurring basis are categorized in the table below based upon the lowest level of significant input to the valuations. At December 31, 2017 Total Level I Level II Level III Financial Assets: Retained CDO Bonds $ 5,527 $ — $ — $ 5,527 Real estate investments 87,996 — — 87,996 Investment in CBRE Strategic Partners Asia 2,820 — — 2,820 Interest rate swaps 19,668 — — 19,668 $ 116,011 $ — $ — $ 116,011 Financial Liabilities: Interest rate swaps $ (173 ) $ — $ — $ (173 ) $ (173 ) $ — $ — $ (173 ) At December 31, 2016 Total Level I Level II Level III Financial Assets: Retained CDO Bonds $ 11,906 $ — $ — $ 11,906 Real estate investments 2,413 — — 2,413 Investment in CBRE Strategic Partners Asia 4,145 — — 4,145 Interest rate swaps 3,769 — — 3,769 $ 22,233 $ — $ — $ 22,233 Financial Liabilities: Interest rate swaps $ (700 ) $ — $ — $ (700 ) $ (700 ) $ — $ — $ (700 ) |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Valuation Techniques | Quantitative information regarding the valuation techniques and the range of significant unobservable Level III inputs used to determine fair value measurements on a recurring basis as of December 31, 2017 are as follows: Financial Asset (Liability) Fair Value Valuation Technique Unobservable Inputs Range Non-investment grade, subordinate CDO bonds $ 5,527 Discounted cash flows Discount rate 19.0 % Interest rate swaps 1 $ 19,495 Hypothetical derivative method Credit borrowing spread 110 to 195 basis points Investment in CBRE Strategic Partners Asia $ 2,820 Discounted cash flows Discount rate 20.0 % 1. Fair value includes interest rate swap liabilities with an aggregate value of $(173) . |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following rollforward table reconciles the beginning and ending balances of financial assets (liabilities) measured at fair value on a recurring basis using Level III inputs as of December 31, 2017 : Retained CDO Bonds Investment in Interest Rate Swaps Total Balance at January 1, 2017 $ 11,906 $ 4,145 $ 3,069 $ 19,120 Amortization of discounts or premiums 1,793 — 32 1,825 Adjustments to fair value: Termination of derivative instrument — — 82 82 Ineffective portion of change in derivative instruments — — 242 242 Unrealized gain on derivatives — — 16,070 16,070 Unrealized loss in other comprehensive income from fair value adjustment (3,282 ) — — (3,282 ) Other-than-temporary impairments (4,890 ) — — (4,890 ) Total loss on fair value adjustments — (513 ) — (513 ) Distributions from financial assets — (812 ) — (812 ) Balance at December 31, 2017 $ 5,527 $ 2,820 $ 19,495 $ 27,842 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following rollforward table reconciles the beginning and ending balances of financial assets (liabilities) measured at fair value on a recurring basis using Level III inputs as of December 31, 2017 : Retained CDO Bonds Investment in Interest Rate Swaps Total Balance at January 1, 2017 $ 11,906 $ 4,145 $ 3,069 $ 19,120 Amortization of discounts or premiums 1,793 — 32 1,825 Adjustments to fair value: Termination of derivative instrument — — 82 82 Ineffective portion of change in derivative instruments — — 242 242 Unrealized gain on derivatives — — 16,070 16,070 Unrealized loss in other comprehensive income from fair value adjustment (3,282 ) — — (3,282 ) Other-than-temporary impairments (4,890 ) — — (4,890 ) Total loss on fair value adjustments — (513 ) — (513 ) Distributions from financial assets — (812 ) — (812 ) Balance at December 31, 2017 $ 5,527 $ 2,820 $ 19,495 $ 27,842 |
Derivative and Non-Derivative41
Derivative and Non-Derivative Hedging Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instrument Detail [Abstract] | |
Schedule of Derivative Instruments | The following table summarizes the Company’s derivative and non-derivative hedging instruments at December 31, 2017 : Benchmark Rate Notional Value Strike Rate Effective Date Expiration Date Fair Value Interest Rate Swap - Waco 1 mo. USD-LIBOR-BBA $14,890 4.55% 12/19/2013 12/19/2020 $ (173 ) Interest Rate Swap - 3-Year Term Loan 1 mo. USD-LIBOR-BBA $100,000 1.22% 12/19/2016 12/17/2018 538 Interest Rate Swap - 3-Year Term Loan 1 mo. USD-LIBOR-BBA $100,000 1.23% 12/19/2016 12/17/2018 533 Interest Rate Swap - 3-Year Term Loan 1 mo. USD-LIBOR-BBA $100,000 1.24% 12/19/2016 12/17/2018 523 Interest Rate Swap - 5-Year Term Loan 1 mo. USD-LIBOR-BBA $750,000 1.60% 12/17/2015 12/17/2020 10,136 Interest Rate Swap - 7-Year Term Loan 1 mo. USD-LIBOR-BBA $175,000 1.82% 12/17/2015 1/9/2023 2,568 Interest Rate Swap - 7-Year Term Loan 1 mo. USD-LIBOR-BBA $60,000 1.95% 10/13/2017 1/9/2023 518 Interest Rate Swap - 7-Year Term Loan 1 mo. USD-LIBOR-BBA $40,000 2.01% 10/13/2017 1/9/2023 227 Interest Rate Swap - 7-Year Term Loan 1 mo. USD-LIBOR-BBA $39,500 1.96% 10/13/2017 1/9/2023 303 Interest Rate Swap - 7-Year Term Loan 1 mo. USD-LIBOR-BBA $31,500 1.96% 10/13/2017 1/9/2023 245 Interest Rate Swap - 7-Year Term Loan 1 mo. USD-LIBOR-BBA $31,500 2.00% 10/13/2017 1/9/2023 195 Interest Rate Swap - 7-Year Term Loan 1 mo. USD-LIBOR-BBA $22,500 1.95% 10/13/2017 1/9/2023 188 Forward Starting Swap 1 3 mo. USD-LIBOR-BBA $250,000 2.23% 12/20/2017 12/20/2027 3,694 Net Investment Hedge in GBP-denominated investments USD-GBP exchange rate £9,000 N/A 7/15/2016 N/A — Total hedging instruments $ 19,495 1. During the year ended December 31, 2017 , the Company entered into one forward starting swap to hedge the risk of changes in the interest-related cash outflows associated with potential new long-term debt arrangements. The forward starting swap has a mandatory early termination date of March 20, 2018. |
Shareholders' Equity (Deficit42
Shareholders' Equity (Deficit) of the Company (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Dividends Paid | For the year ended December 31, 2017 , the Company’s common dividends are as follows: Quarter Ended Record Date Payment Date Common dividend per share Preferred dividend per share March 31, 2017 March 31, 2017 April 14, 2017 $ 0.375 $ 0.445 June 30, 2017 June 30, 2017 July 14, 2017 $ 0.375 $ 0.445 September 30, 2017 September 30, 2017 October 16, 2017 $ 0.375 $ 0.445 December 31, 2017 December 29, 2017 January 12, 2018 $ 0.375 $ 0.445 |
Schedule of Share-based Compensation, Activity, Equity Awards Excluding Options | A summary of the Company’s restricted share units and restricted share awards as of December 31, 2017 is presented below: Number of Awards Weighted Average Fair Value Nonvested awards at beginning of period 416,920 $ 20.10 Granted 89,755 27.32 Vested (220,190 ) 19.24 Lapsed or canceled (3,112 ) 23.75 Nonvested awards at end of period 283,373 $ 23.02 |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | Basic and Diluted EPS for the years ended December 31, 2017 , 2016 , and 2015 are computed as follows: Year Ended December 31, 2017 2016 2015 Numerator – Income (loss): Net income (loss) from continuing operations $ 39,364 $ 18,748 $ (50,433 ) Net income (loss) from discontinued operations (89 ) 5,399 875 Net income (loss) before net gain on disposals 39,275 24,147 (49,558 ) Net gain on disposals 46,808 3,877 839 Gain on sale of European unconsolidated equity investment interests held with a related party — 5,341 — Net Income (loss) 86,083 33,365 (48,719 ) Less: Net (income) loss attributable to noncontrolling interest (820 ) (7 ) 791 Less: Nonforfeitable dividends allocated to participating shareholders (938 ) (841 ) (104 ) Less: Preferred share dividends (6,234 ) (6,234 ) (6,234 ) Net income (loss) available to common shares outstanding $ 78,091 $ 26,283 $ (54,266 ) Denominator – Weighted average shares 1 : Basic weighted average shares outstanding 150,660,964 140,192,424 60,698,716 Effect of dilutive securities: Unvested non-participating share based payment awards — 35,144 — Options 18,945 14,179 — Exchangeable Senior Notes — 767,274 — Diluted weighted average shares outstanding 150,679,909 141,009,021 60,698,716 1. Share and per share amounts have been adjusted for the 1-for-3 reverse share split completed on December 30, 2016. The Operating Partnership's earnings per unit for the years ended December 31, 2017 , 2016 , and 2015 are computed as follows: Year Ended December 31, 2017 2016 2015 Numerator – Income (loss): Net income (loss) from continuing operations $ 39,364 $ 18,748 $ (50,433 ) Net income (loss) from discontinued operations (89 ) 5,399 875 Net income (loss) before net gain on disposals 39,275 24,147 (49,558 ) Net gain on disposals 46,808 3,877 839 Gain on sale of European unconsolidated equity investment interests held with a related party — 5,341 — Net Income (loss) 86,083 33,365 (48,719 ) Less: Net loss attributable to noncontrolling interest in other partnerships 114 77 415 Less: Nonforfeitable dividends allocated to participating unitholders (938 ) (841 ) (104 ) Less: Preferred unit distributions (6,234 ) (6,234 ) (6,234 ) Net income (loss) available to common units outstanding $ 79,025 $ 26,367 $ (54,642 ) Denominator – Weighted average units 1 : Basic weighted average units outstanding 152,396,667 140,889,086 61,217,052 Effect of dilutive securities: Unvested non-participating share based payment awards — 35,144 — Options 18,945 14,179 — Exchangeable Senior Notes — 767,274 — Diluted weighted average units outstanding 152,415,612 141,705,683 61,217,052 1. Unit and per unit amounts have been adjusted for the 1-for-3 reverse share split completed on December 30, 2016. |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss) as of December 31, 2017 , 2016 , and 2015 is comprised of the following: As of December 31, 2017 2016 2015 Net unrealized gain (loss) on derivative securities $ 15,630 $ (440 ) $ (6,074 ) Net unrealized gain on debt instruments 417 3,699 1,010 Foreign currency translation adjustments: Net gain on non-derivative net investment hedges 1 297 4,516 14 Other foreign currency translation adjustments (5,734 ) (13,045 ) (656 ) Reclassification of swap gain into interest expense 2,166 1,142 (45 ) Total accumulated other comprehensive income (loss) $ 12,776 $ (4,128 ) $ (5,751 ) 1. The foreign currency translation adjustment associated with the Company’s non-derivative net investment hedge related to its European investments is included in other comprehensive income (loss). The balance reflects write-offs of $1,851 and $652 on the Company’s non-derivative net investment hedge during the years ended December 31, 2017 and 2016, respectively. |
Partners' Capital of the Oper43
Partners' Capital of the Operating Partnership (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | Basic and Diluted EPS for the years ended December 31, 2017 , 2016 , and 2015 are computed as follows: Year Ended December 31, 2017 2016 2015 Numerator – Income (loss): Net income (loss) from continuing operations $ 39,364 $ 18,748 $ (50,433 ) Net income (loss) from discontinued operations (89 ) 5,399 875 Net income (loss) before net gain on disposals 39,275 24,147 (49,558 ) Net gain on disposals 46,808 3,877 839 Gain on sale of European unconsolidated equity investment interests held with a related party — 5,341 — Net Income (loss) 86,083 33,365 (48,719 ) Less: Net (income) loss attributable to noncontrolling interest (820 ) (7 ) 791 Less: Nonforfeitable dividends allocated to participating shareholders (938 ) (841 ) (104 ) Less: Preferred share dividends (6,234 ) (6,234 ) (6,234 ) Net income (loss) available to common shares outstanding $ 78,091 $ 26,283 $ (54,266 ) Denominator – Weighted average shares 1 : Basic weighted average shares outstanding 150,660,964 140,192,424 60,698,716 Effect of dilutive securities: Unvested non-participating share based payment awards — 35,144 — Options 18,945 14,179 — Exchangeable Senior Notes — 767,274 — Diluted weighted average shares outstanding 150,679,909 141,009,021 60,698,716 1. Share and per share amounts have been adjusted for the 1-for-3 reverse share split completed on December 30, 2016. The Operating Partnership's earnings per unit for the years ended December 31, 2017 , 2016 , and 2015 are computed as follows: Year Ended December 31, 2017 2016 2015 Numerator – Income (loss): Net income (loss) from continuing operations $ 39,364 $ 18,748 $ (50,433 ) Net income (loss) from discontinued operations (89 ) 5,399 875 Net income (loss) before net gain on disposals 39,275 24,147 (49,558 ) Net gain on disposals 46,808 3,877 839 Gain on sale of European unconsolidated equity investment interests held with a related party — 5,341 — Net Income (loss) 86,083 33,365 (48,719 ) Less: Net loss attributable to noncontrolling interest in other partnerships 114 77 415 Less: Nonforfeitable dividends allocated to participating unitholders (938 ) (841 ) (104 ) Less: Preferred unit distributions (6,234 ) (6,234 ) (6,234 ) Net income (loss) available to common units outstanding $ 79,025 $ 26,367 $ (54,642 ) Denominator – Weighted average units 1 : Basic weighted average units outstanding 152,396,667 140,889,086 61,217,052 Effect of dilutive securities: Unvested non-participating share based payment awards — 35,144 — Options 18,945 14,179 — Exchangeable Senior Notes — 767,274 — Diluted weighted average units outstanding 152,415,612 141,705,683 61,217,052 1. Unit and per unit amounts have been adjusted for the 1-for-3 reverse share split completed on December 30, 2016. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest in the Operating Partnership | Below is the rollforward of the activity relating to the noncontrolling interests in the Operating Partnership as of December 31, 2017 and 2016 : As of December 31, 2017 2016 Balance at beginning of period $ 8,643 $ 10,892 Issuance of noncontrolling interests in the Operating Partnership 108,751 — Redemption of noncontrolling interests in the Operating Partnership (3,738 ) (4,159 ) Net income attribution 934 84 Fair value adjustments 1,436 2,404 Dividends (2,496 ) (578 ) Balance at end of period $ 113,530 $ 8,643 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments | Future minimum rental payments to be made by the Company under these noncancelable ground leases, excluding increases resulting from increases in the consumer price index, are as follows: 2018 2019 2020 2021 2022 Thereafter Total Ground Leases - Operating $ 2,491 $ 2,552 $ 2,555 $ 2,522 $ 2,551 $ 71,739 $ 84,410 Ground Leases - Capital 1 — — — — 329 330 Total $ 2,492 $ 2,552 $ 2,555 $ 2,522 $ 2,551 $ 72,068 $ 84,740 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The Company’s provision for income taxes for the years ended December 31, 2017 , 2016 , and 2015 is summarized as follows: Year Ended December 31, 2017 2016 2015 Current: Federal $ 741 $ (2,198 ) $ (859 ) State and local (97 ) (962 ) (1,009 ) Total current 644 (3,160 ) (1,868 ) Deferred: Federal — — (228 ) State and local — — (57 ) Total deferred — — (285 ) Total income tax (expense) benefit $ 644 $ (3,160 ) $ (2,153 ) |
Schedule of Effective Income Tax Rate Reconciliation | The income tax provision differs from the amount computed by applying the statutory federal income tax rate to pretax operating income, as follows: Year Ended December 31, 2017 2016 2015 Income tax (expense) benefit at federal statutory rate $ (29,617 ) $ (12,781 ) $ 16,020 Tax effect of REIT election 30,358 10,583 (17,328 ) State and local taxes, net of federal benefit (83 ) (953 ) (839 ) Permanent difference (14 ) (9 ) (6 ) Total income tax (expense) benefit $ 644 $ (3,160 ) $ (2,153 ) |
Supplemental Cash Flow Inform47
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Significant Operating and Investing Noncash Items | The table below presents additional relevant information pertaining to results of discontinued operations for the years ended December 31, 2016 and 2015 , including depreciation, amortization, capital expenditures, and significant operating and investing noncash items: Year Ended December 31, 2016 2015 Amortization expense $ (112 ) $ — Significant operating noncash items (9,137 ) (273 ) Significant investing noncash items — 131,358 Increase in cash and cash equivalents related to foreign currency translation — 121 Total $ (9,249 ) $ 131,206 The following table represents supplemental cash flow disclosures for the years ended December 31, 2017 , 2016 , and 2015 : Year Ended December 31, 2017 2016 2015 Supplemental cash flow disclosures: Interest paid $ 93,051 $ 77,081 $ 30,303 Income taxes paid 1,176 2,906 1,730 Proceeds from 1031 exchanges from sale of real estate 212,973 723,863 — Use of funds from 1031 exchanges for acquisitions of real estate (212,973 ) (723,831 ) — Non-cash activity: Net assets acquired in the Merger in exchange for common stock $ — $ — $ 1,829,241 Common stock registered in exchange for net assets acquired in the Merger — — 1,829,241 Fair value adjustment to noncontrolling interest in the Operating Partnership 1,436 2,404 (769 ) Debt assumed in acquisition of real estate 181,107 244,188 618,169 Debt transferred in disposition of real estate (10,456 ) (101,432 ) — Non-cash acquisition of consolidated VIE 24,930 — — Dividend reinvestment plan proceeds 194 — — Distribution of real estate assets from unconsolidated equity investment — 263,015 — Treasury securities transferred in connection with defeasance of notes payable — (144,063 ) — Transfer of defeased note payable — 124,605 — Contribution of real estate assets as investment in unconsolidated equity investments — (182,168 ) — Redemption of units of noncontrolling interest in the Operating Partnership for common shares (3,738 ) (4,159 ) (3,784 ) Real estate acquired for units of noncontrolling interest in the Operating Partnership 108,751 — — Redemption of Exchangeable Senior Notes for common shares 117,450 — — |
Selected Quarterly Financial 48
Selected Quarterly Financial Data of the Company (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Financial Information | The following tables summarize the Company's quarterly financial information for the years ended December 31, 2017 and 2016 : 2017 Quarter Ended December 31, September 30, June 30, March 31, Total revenues $ 149,006 $ 134,855 $ 131,365 $ 129,994 Operating income 39,192 30,360 34,435 32,751 Interest expense (26,291 ) (24,266 ) (23,239 ) (23,056 ) Net impairment recognized in earnings — — — (4,890 ) Equity in net income (loss) of unconsolidated equity investments (636 ) 48,730 248 (94 ) Gain (loss) on extinguishment of debt (11 ) (6,751 ) 268 (208 ) Impairment of real estate investments (16,407 ) (3,064 ) (5,580 ) (12,771 ) Provision for taxes (3 ) 598 (147 ) 196 Income (loss) from continuing operations (4,156 ) 45,607 5,985 (8,072 ) Loss from discontinued operations (13 ) (24 ) (28 ) (24 ) Income (loss) before net gain on disposals (4,169 ) 45,583 5,957 (8,096 ) Net gain on disposals 22,550 4,879 2,002 17,377 Net income 18,381 50,462 7,959 9,281 Net (income) loss attributable to noncontrolling interest (446 ) (333 ) 113 (154 ) Net income attributable to Gramercy Property Trust 17,935 50,129 8,072 9,127 Preferred share dividends (1,558 ) (1,559 ) (1,558 ) (1,559 ) Net income available to common shareholders $ 16,377 $ 48,570 $ 6,514 $ 7,568 Basic earnings per share: Net income from continuing operations, after preferred dividends $ 0.10 $ 0.32 $ 0.04 $ 0.05 Net income from discontinued operations — — — — Net income available to common shareholders $ 0.10 $ 0.32 $ 0.04 $ 0.05 Diluted earnings per share: Net income from continuing operations, after preferred dividends $ 0.10 $ 0.32 $ 0.04 $ 0.05 Net income from discontinued operations — — — — Net income available to common shareholders $ 0.10 $ 0.32 $ 0.04 $ 0.05 Basic weighted average common shares outstanding 160,339,133 152,619,352 148,542,916 140,907,399 Diluted weighted average common shares outstanding 160,358,728 157,507,213 149,914,443 141,875,619 2016 Quarter Ended December 31, September 30, June 30, March 31, Total revenues $ 126,202 $ 131,092 $ 139,425 $ 120,545 Operating income 25,460 31,297 37,469 25,475 Interest expense (18,163 ) (18,409 ) (16,909 ) (21,953 ) Equity in net income (loss) of unconsolidated equity investments 6,470 (1,138 ) (168 ) (2,755 ) Gain on dissolution of previously held U.S. unconsolidated equity investment interests — — 7,229 — Loss on extinguishment of debt — (13,777 ) (1,356 ) (5,757 ) Impairment of real estate investments (10,054 ) (1,053 ) — — Provision for taxes 574 (331 ) (2,700 ) (703 ) Income (loss) from continuing operations 4,287 (3,411 ) 23,565 (5,693 ) Income from discontinued operations 354 347 58 4,640 Income (loss) before net gain on disposals 4,641 (3,064 ) 23,623 (1,053 ) Gain on sale of European unconsolidated equity investment interests held with a related party — — 5,341 — Net gain on disposals 1,541 2,336 — — Net income (loss) 6,182 (728 ) 28,964 (1,053 ) Net (income) loss attributable to noncontrolling interest 145 (221 ) (51 ) 120 Net income (loss) attributable to Gramercy Property Trust 6,327 (949 ) 28,913 (933 ) Preferred share dividends (1,558 ) (1,559 ) (1,558 ) (1,559 ) Net Income (loss) available to common shareholders $ 4,769 $ (2,508 ) $ 27,355 $ (2,492 ) Basic earnings per share: Net income (loss) from continuing operations, after preferred dividends $ 0.03 $ (0.02 ) $ 0.19 $ (0.05 ) Net income from discontinued operations — — — 0.03 Net income (loss) available to common shareholders $ 0.03 $ (0.02 ) $ 0.19 $ (0.02 ) Diluted earnings per share: Net income (loss) from continuing operations, after preferred dividends $ 0.03 $ (0.02 ) $ 0.19 $ (0.05 ) Net income from discontinued operations — — — 0.03 Net income (loss) available to common shareholders $ 0.03 $ (0.02 ) $ 0.19 $ (0.02 ) Basic weighted average common shares outstanding 140,298,149 140,257,503 140,776,976 140,060,405 Diluted weighted average common shares outstanding 141,228,218 140,257,503 142,514,202 140,060,405 The following tables summarize the Company's quarterly financial information for the years ended December 31, 2017 and 2016 : 2017 Quarter Ended December 31, September 30, June 30, March 31, Total revenues $ 149,006 $ 134,855 $ 131,365 $ 129,994 Operating income 39,192 30,360 34,435 32,751 Interest expense (26,291 ) (24,266 ) (23,239 ) (23,056 ) Net impairment recognized in earnings — — — (4,890 ) Equity in net income (loss) of unconsolidated equity investments (636 ) 48,730 248 (94 ) Gain (loss) on extinguishment of debt (11 ) (6,751 ) 268 (208 ) Impairment of real estate investments (16,407 ) (3,064 ) (5,580 ) (12,771 ) Provision for taxes (3 ) 598 (147 ) 196 Income (loss) from continuing operations (4,156 ) 45,607 5,985 (8,072 ) Loss from discontinued operations (13 ) (24 ) (28 ) (24 ) Income (loss) before net gain on disposals (4,169 ) 45,583 5,957 (8,096 ) Net gain on disposals 22,550 4,879 2,002 17,377 Net income 18,381 50,462 7,959 9,281 Net (income) loss attributable to noncontrolling interest in other partnerships — 97 137 (120 ) Net income attributable to GPTOP 18,381 50,559 8,096 9,161 Preferred unit distributions (1,558 ) (1,559 ) (1,558 ) (1,559 ) Net income available to common unitholders $ 16,823 $ 49,000 $ 6,538 $ 7,602 Basic earnings per unit: Net income from continuing operations, after preferred unit distributions $ 0.10 $ 0.32 $ 0.04 $ 0.05 Net income from discontinued operations — — — — Net income available to common unitholders $ 0.10 $ 0.32 $ 0.04 $ 0.05 Diluted earnings per unit: Net income from continuing operations, after preferred unit distributions $ 0.10 $ 0.32 $ 0.04 $ 0.05 Net income from discontinued operations — — — — Net income available to common unitholders $ 0.10 $ 0.32 $ 0.04 $ 0.05 Basic weighted average common units outstanding 164,705,027 153,971,961 149,103,359 141,527,985 Diluted weighted average common units outstanding 164,724,622 158,859,822 150,474,886 142,496,205 2016 Quarter Ended December 31, September 30, June 30, March 31, Total revenues $ 126,202 $ 131,092 $ 139,425 $ 120,545 Operating income 25,460 31,297 37,469 25,475 Interest expense (18,163 ) (18,409 ) (16,909 ) (21,953 ) Equity in net income (loss) of unconsolidated equity investments 6,470 (1,138 ) (168 ) (2,755 ) Gain on dissolution of previously held U.S. unconsolidated equity investment interests — — 7,229 — Loss on extinguishment of debt — (13,777 ) (1,356 ) (5,757 ) Impairment of real estate investments (10,054 ) (1,053 ) — — Provision for taxes 574 (331 ) (2,700 ) (703 ) Income (loss) from continuing operations 4,287 (3,411 ) 23,565 (5,693 ) Income from discontinued operations 354 347 58 4,640 Income (loss) before net gain on disposals 4,641 (3,064 ) 23,623 (1,053 ) Gain on sale of European unconsolidated equity investment interests held with a related party — — 5,341 — Net gain on disposals 1,541 2,336 — — Net income (loss) 6,182 (728 ) 28,964 (1,053 ) Net (income) loss attributable to noncontrolling interest in other partnerships 168 (229 ) 27 111 Net income (loss) attributable to GPTOP 6,350 (957 ) 28,991 (942 ) Preferred unit dividends (1,558 ) (1,559 ) (1,558 ) (1,559 ) Net income (loss) available to common unitholders $ 4,792 $ (2,516 ) $ 27,433 $ (2,501 ) Basic earnings per unit: Net income (loss) from continuing operations, after preferred unit distributions $ 0.03 $ (0.02 ) $ 0.19 $ (0.05 ) Net income from discontinued operations — — — 0.03 Net income (loss) available to common unitholders $ 0.03 $ (0.02 ) $ 0.19 $ (0.02 ) Diluted earnings per unit: Net income (loss) from continuing operations, after preferred unit distributions $ 0.03 $ (0.02 ) $ 0.19 $ (0.05 ) Net income from discontinued operations — — — 0.03 Net income (loss) available to common unitholders $ 0.03 $ (0.02 ) $ 0.19 $ (0.02 ) Basic weighted average common units outstanding 140,934,854 140,596,612 141,179,745 140,518,506 Diluted weighted average common units outstanding 141,864,923 140,596,612 142,514,202 140,518,506 |
Selected Quarterly Financial 49
Selected Quarterly Financial Data of the Operating Partnership (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Quarterly Financial Information | The following tables summarize the Company's quarterly financial information for the years ended December 31, 2017 and 2016 : 2017 Quarter Ended December 31, September 30, June 30, March 31, Total revenues $ 149,006 $ 134,855 $ 131,365 $ 129,994 Operating income 39,192 30,360 34,435 32,751 Interest expense (26,291 ) (24,266 ) (23,239 ) (23,056 ) Net impairment recognized in earnings — — — (4,890 ) Equity in net income (loss) of unconsolidated equity investments (636 ) 48,730 248 (94 ) Gain (loss) on extinguishment of debt (11 ) (6,751 ) 268 (208 ) Impairment of real estate investments (16,407 ) (3,064 ) (5,580 ) (12,771 ) Provision for taxes (3 ) 598 (147 ) 196 Income (loss) from continuing operations (4,156 ) 45,607 5,985 (8,072 ) Loss from discontinued operations (13 ) (24 ) (28 ) (24 ) Income (loss) before net gain on disposals (4,169 ) 45,583 5,957 (8,096 ) Net gain on disposals 22,550 4,879 2,002 17,377 Net income 18,381 50,462 7,959 9,281 Net (income) loss attributable to noncontrolling interest (446 ) (333 ) 113 (154 ) Net income attributable to Gramercy Property Trust 17,935 50,129 8,072 9,127 Preferred share dividends (1,558 ) (1,559 ) (1,558 ) (1,559 ) Net income available to common shareholders $ 16,377 $ 48,570 $ 6,514 $ 7,568 Basic earnings per share: Net income from continuing operations, after preferred dividends $ 0.10 $ 0.32 $ 0.04 $ 0.05 Net income from discontinued operations — — — — Net income available to common shareholders $ 0.10 $ 0.32 $ 0.04 $ 0.05 Diluted earnings per share: Net income from continuing operations, after preferred dividends $ 0.10 $ 0.32 $ 0.04 $ 0.05 Net income from discontinued operations — — — — Net income available to common shareholders $ 0.10 $ 0.32 $ 0.04 $ 0.05 Basic weighted average common shares outstanding 160,339,133 152,619,352 148,542,916 140,907,399 Diluted weighted average common shares outstanding 160,358,728 157,507,213 149,914,443 141,875,619 2016 Quarter Ended December 31, September 30, June 30, March 31, Total revenues $ 126,202 $ 131,092 $ 139,425 $ 120,545 Operating income 25,460 31,297 37,469 25,475 Interest expense (18,163 ) (18,409 ) (16,909 ) (21,953 ) Equity in net income (loss) of unconsolidated equity investments 6,470 (1,138 ) (168 ) (2,755 ) Gain on dissolution of previously held U.S. unconsolidated equity investment interests — — 7,229 — Loss on extinguishment of debt — (13,777 ) (1,356 ) (5,757 ) Impairment of real estate investments (10,054 ) (1,053 ) — — Provision for taxes 574 (331 ) (2,700 ) (703 ) Income (loss) from continuing operations 4,287 (3,411 ) 23,565 (5,693 ) Income from discontinued operations 354 347 58 4,640 Income (loss) before net gain on disposals 4,641 (3,064 ) 23,623 (1,053 ) Gain on sale of European unconsolidated equity investment interests held with a related party — — 5,341 — Net gain on disposals 1,541 2,336 — — Net income (loss) 6,182 (728 ) 28,964 (1,053 ) Net (income) loss attributable to noncontrolling interest 145 (221 ) (51 ) 120 Net income (loss) attributable to Gramercy Property Trust 6,327 (949 ) 28,913 (933 ) Preferred share dividends (1,558 ) (1,559 ) (1,558 ) (1,559 ) Net Income (loss) available to common shareholders $ 4,769 $ (2,508 ) $ 27,355 $ (2,492 ) Basic earnings per share: Net income (loss) from continuing operations, after preferred dividends $ 0.03 $ (0.02 ) $ 0.19 $ (0.05 ) Net income from discontinued operations — — — 0.03 Net income (loss) available to common shareholders $ 0.03 $ (0.02 ) $ 0.19 $ (0.02 ) Diluted earnings per share: Net income (loss) from continuing operations, after preferred dividends $ 0.03 $ (0.02 ) $ 0.19 $ (0.05 ) Net income from discontinued operations — — — 0.03 Net income (loss) available to common shareholders $ 0.03 $ (0.02 ) $ 0.19 $ (0.02 ) Basic weighted average common shares outstanding 140,298,149 140,257,503 140,776,976 140,060,405 Diluted weighted average common shares outstanding 141,228,218 140,257,503 142,514,202 140,060,405 The following tables summarize the Company's quarterly financial information for the years ended December 31, 2017 and 2016 : 2017 Quarter Ended December 31, September 30, June 30, March 31, Total revenues $ 149,006 $ 134,855 $ 131,365 $ 129,994 Operating income 39,192 30,360 34,435 32,751 Interest expense (26,291 ) (24,266 ) (23,239 ) (23,056 ) Net impairment recognized in earnings — — — (4,890 ) Equity in net income (loss) of unconsolidated equity investments (636 ) 48,730 248 (94 ) Gain (loss) on extinguishment of debt (11 ) (6,751 ) 268 (208 ) Impairment of real estate investments (16,407 ) (3,064 ) (5,580 ) (12,771 ) Provision for taxes (3 ) 598 (147 ) 196 Income (loss) from continuing operations (4,156 ) 45,607 5,985 (8,072 ) Loss from discontinued operations (13 ) (24 ) (28 ) (24 ) Income (loss) before net gain on disposals (4,169 ) 45,583 5,957 (8,096 ) Net gain on disposals 22,550 4,879 2,002 17,377 Net income 18,381 50,462 7,959 9,281 Net (income) loss attributable to noncontrolling interest in other partnerships — 97 137 (120 ) Net income attributable to GPTOP 18,381 50,559 8,096 9,161 Preferred unit distributions (1,558 ) (1,559 ) (1,558 ) (1,559 ) Net income available to common unitholders $ 16,823 $ 49,000 $ 6,538 $ 7,602 Basic earnings per unit: Net income from continuing operations, after preferred unit distributions $ 0.10 $ 0.32 $ 0.04 $ 0.05 Net income from discontinued operations — — — — Net income available to common unitholders $ 0.10 $ 0.32 $ 0.04 $ 0.05 Diluted earnings per unit: Net income from continuing operations, after preferred unit distributions $ 0.10 $ 0.32 $ 0.04 $ 0.05 Net income from discontinued operations — — — — Net income available to common unitholders $ 0.10 $ 0.32 $ 0.04 $ 0.05 Basic weighted average common units outstanding 164,705,027 153,971,961 149,103,359 141,527,985 Diluted weighted average common units outstanding 164,724,622 158,859,822 150,474,886 142,496,205 2016 Quarter Ended December 31, September 30, June 30, March 31, Total revenues $ 126,202 $ 131,092 $ 139,425 $ 120,545 Operating income 25,460 31,297 37,469 25,475 Interest expense (18,163 ) (18,409 ) (16,909 ) (21,953 ) Equity in net income (loss) of unconsolidated equity investments 6,470 (1,138 ) (168 ) (2,755 ) Gain on dissolution of previously held U.S. unconsolidated equity investment interests — — 7,229 — Loss on extinguishment of debt — (13,777 ) (1,356 ) (5,757 ) Impairment of real estate investments (10,054 ) (1,053 ) — — Provision for taxes 574 (331 ) (2,700 ) (703 ) Income (loss) from continuing operations 4,287 (3,411 ) 23,565 (5,693 ) Income from discontinued operations 354 347 58 4,640 Income (loss) before net gain on disposals 4,641 (3,064 ) 23,623 (1,053 ) Gain on sale of European unconsolidated equity investment interests held with a related party — — 5,341 — Net gain on disposals 1,541 2,336 — — Net income (loss) 6,182 (728 ) 28,964 (1,053 ) Net (income) loss attributable to noncontrolling interest in other partnerships 168 (229 ) 27 111 Net income (loss) attributable to GPTOP 6,350 (957 ) 28,991 (942 ) Preferred unit dividends (1,558 ) (1,559 ) (1,558 ) (1,559 ) Net income (loss) available to common unitholders $ 4,792 $ (2,516 ) $ 27,433 $ (2,501 ) Basic earnings per unit: Net income (loss) from continuing operations, after preferred unit distributions $ 0.03 $ (0.02 ) $ 0.19 $ (0.05 ) Net income from discontinued operations — — — 0.03 Net income (loss) available to common unitholders $ 0.03 $ (0.02 ) $ 0.19 $ (0.02 ) Diluted earnings per unit: Net income (loss) from continuing operations, after preferred unit distributions $ 0.03 $ (0.02 ) $ 0.19 $ (0.05 ) Net income from discontinued operations — — — 0.03 Net income (loss) available to common unitholders $ 0.03 $ (0.02 ) $ 0.19 $ (0.02 ) Basic weighted average common units outstanding 140,934,854 140,596,612 141,179,745 140,518,506 Diluted weighted average common units outstanding 141,864,923 140,596,612 142,514,202 140,518,506 |
Business and Organization (Narr
Business and Organization (Narrative) (Details) € in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2017land_parcel | Jul. 31, 2017USD ($)Property | Jul. 31, 2017EUR (€)Property | Mar. 31, 2017Property | Dec. 31, 2017USD ($)ft²buildingProperty | Dec. 31, 2017USD ($)ft²buildingProperty | Dec. 31, 2017USD ($)ft²buildingPropertyland_parcel | Dec. 31, 2017USD ($)ft²buildingProperty | Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($)Property | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||
No. of Properties | Property | 17 | 17 | 17 | 17 | 46 | |||||
Number of properties acquired | 21 | 79 | 2 | |||||||
Area of real estate properties acquired | ft² | 19,643,747 | |||||||||
Purchase price | $ 1,466,811 | |||||||||
Payments to Acquire Land | 6,840 | |||||||||
Building and improvements | 4,863,916 | $ 4,863,916 | $ 4,863,916 | $ 4,863,916 | $ 4,053,125 | |||||
Number of real estate properties sold | Property | 24 | 7 | ||||||||
Proceeds from sale of property held-for-sale | 412,578 | |||||||||
Proceeds from sale of ownership interest in equity method investment | 102,762 | $ 97,932 | $ 0 | |||||||
Properties sold | ||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||
Number of real estate properties sold | Property | 34 | |||||||||
Area of properties sold | ft² | 3,203,565 | |||||||||
Build-to-suit property | ||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||
Number of properties acquired | Property | 1 | |||||||||
Purchase price | 63,244 | |||||||||
Industrial facility | ||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||
Number of properties acquired | land_parcel | 1 | 7 | ||||||||
Payments to Acquire Land | 10,190 | |||||||||
Building and improvements | 95,511 | $ 95,511 | $ 95,511 | $ 95,511 | ||||||
Office properties | Properties sold | ||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||
Number of real estate properties sold | Property | 2 | |||||||||
Land | ||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||
Purchase price | 2,400 | |||||||||
VIE | ||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||
Purchase price | $ 29,605 | |||||||||
CBRE Strategic Partners Asia | ||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||
No. of Properties | Property | 1 | 1 | 1 | 1 | 2 | |||||
Number of real estate properties sold | Property | 1 | |||||||||
Gramercy European Property Fund | ||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||
No. of Properties | Property | 30 | 30 | 0 | 0 | 0 | 0 | 26 | |||
Proceeds from sale of ownership interest in equity method investment | $ 102,785 | € 90,107 | ||||||||
Distribution received from joint venture | $ 8,840 | € 7,727 | ||||||||
Wholly Owned Properties | ||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||
No. of Properties | building | 365 | 365 | 365 | 365 | ||||||
Area of real estate property | ft² | 82,146,063 | 82,146,063 | 82,146,063 | 82,146,063 | ||||||
Occupancy rate | 96.50% | 96.50% | 96.50% | 96.50% | ||||||
Unconsolidated properties | ||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||
No. of Properties | Property | 16 | 16 | 16 | 16 | ||||||
GPT Operating Partnership LP | ||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||
Ownership percentage by noncontrolling owners | 2.67% | 2.67% | 2.67% | 2.67% | ||||||
Building and improvements | $ 4,863,916 | $ 4,863,916 | $ 4,863,916 | $ 4,863,916 | $ 4,053,125 | |||||
Proceeds from sale of ownership interest in equity method investment | 102,762 | $ 97,932 | $ 0 | |||||||
Gramercy asset management | Commercial lease properties | ||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||
Available for sale securities and other investments | 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000 | ||||||
Gramercy asset management | Commercial lease properties | Europe | ||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||
Available for sale securities and other investments | $ 1,321,000 | $ 1,321,000 | $ 1,321,000 | $ 1,321,000 |
Significant Accounting Polici51
Significant Accounting Policies (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2017USD ($)Propertyextensionentity | Mar. 31, 2017Propertysegment | Dec. 31, 2017USD ($)Propertyextensionentity | Dec. 31, 2017USD ($)Propertyextensionentity | Dec. 31, 2017USD ($)Propertyextensionentity | Dec. 31, 2017USD ($)Propertyextensionentity | Dec. 31, 2017USD ($)Propertysegmentextensionentity | Dec. 31, 2017USD ($)Propertyextensionland_parcelentity | Dec. 31, 2016USD ($)Propertyentity | Dec. 31, 2015USD ($) | Mar. 31, 2018USD ($) | |
Accounting Policies [Line Items] | |||||||||||
Net cash provided by operating activities | $ 290,318 | $ 229,252 | $ 37,359 | ||||||||
Net cash provided by (used in) investing activities | (824,463) | 89,541 | (832,790) | ||||||||
Net cash provided by (used in) financing activities | $ 496,666 | $ (393,006) | 748,908 | ||||||||
Number of consolidated VIEs | entity | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 3 | |||
Number of unconsolidated variable interest entities | entity | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 4 | |||
Number of properties acquired | 21 | 79 | 2 | ||||||||
Allowance for doubtful accounts receivable | $ 638 | $ 638 | $ 638 | $ 638 | $ 638 | $ 638 | $ 638 | $ 57 | |||
Amortization of intangible assets | 100,196 | 112,072 | 37,592 | ||||||||
Amortization of off market lease unfavorable and off market lease favorable | 4,942 | 10,768 | 12,256 | ||||||||
Amortization of ground rent intangible assets and liabilities | 10,948 | 20,118 | 19,446 | ||||||||
Incentive fee recognized | $ 1,721 | $ 19,159 | 3,012 | ||||||||
No. of Properties | Property | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 46 | |||
Foreign currency translation gains (losses) | $ 2,441 | $ (6,094) | (594) | ||||||||
Foreign currency transaction gains (losses), realized | 109 | 102 | (23) | ||||||||
Deferred percentage maximum of employee's annual compensation | 15.00% | ||||||||||
Number of operating segments | segment | 2 | 1 | |||||||||
Accounting Standards Update 2016-18 | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Net cash provided by operating activities | (310) | (2,344) | 880 | ||||||||
Net cash provided by (used in) investing activities | 129 | (11,867) | 24,662 | ||||||||
Net cash provided by (used in) financing activities | 0 | $ 279 | $ 50 | ||||||||
Retained Earnings | Forecast | Accounting Standards Update 2014-09 | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Adjustments for ASUs | $ 1,000 | ||||||||||
Sales Revenue, Goods, Net | Customer Concentration Risk | Bank Of America | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Concentration risk, percentage | 12.10% | 24.20% | |||||||||
Sales Revenue, Goods, Net | Customer Concentration Risk | Bank Of America | Below-market lease liabilities | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Concentration risk, percentage | 5.20% | 7.10% | |||||||||
Retained CDO Bonds | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Retained collateralized debt obligations (CDOs) bonds, other-than-temporary impairment | 4,890 | $ 0 | $ 0 | ||||||||
ThreadGreen Europe Limited | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Goodwill (reclassified) | $ 3,272 | $ 3,272 | 3,272 | $ 3,272 | $ 3,272 | $ 3,272 | $ 3,272 | 2,988 | 3,802 | ||
Mezzanine construction loan facility | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Maximum borrowing balance | $ 250,000 | $ 250,000 | $ 250,000 | $ 250,000 | $ 250,000 | $ 250,000 | $ 250,000 | ||||
Facility term | 5 years | ||||||||||
Number of extensions | extension | 2 | 2 | 2 | 2 | 2 | 2 | 2 | ||||
Term of extensions | 1 year | ||||||||||
Outstanding facility balance | $ 22,154 | $ 22,154 | $ 22,154 | $ 22,154 | $ 22,154 | $ 22,154 | $ 22,154 | ||||
Weighted-average interest rate during period | 10.47% | ||||||||||
Ground Lease | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Amortization of ground rent intangible assets and liabilities | $ (79) | $ 28 | $ 41 | ||||||||
Software | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Useful life | 3 years | ||||||||||
Lakemont Development Investment | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Number of properties acquired | Property | 4 | ||||||||||
Ownership % | 95.00% | 95.00% | 95.00% | 95.00% | 95.00% | 95.00% | 95.00% | ||||
Ownership percentage by noncontrolling owners | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | ||||
Carrying value of consolidated VIE | $ 4,584 | $ 4,584 | $ 4,584 | $ 4,584 | $ 4,584 | $ 4,584 | $ 4,584 | ||||
Proportion Foods | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Ownership % | 50.00% | ||||||||||
Carrying value of consolidated VIE | 19,795 | 19,795 | 19,795 | 19,795 | 19,795 | 19,795 | 19,795 | ||||
European fund manager | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Carrying value of consolidated VIE | $ 1,053 | ||||||||||
Retained CDO Bonds | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Carrying value of unconsolidated VIE | $ 5,527 | $ 5,527 | $ 5,527 | $ 5,527 | $ 5,527 | $ 5,527 | $ 5,527 | 11,906 | |||
Gramercy Europe Asset Management - European Fund Carry Co | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Ownership % | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | ||||
Carrying value of unconsolidated VIE | $ 8 | ||||||||||
Gramercy Europe Asset | Canada | |||||||||||
Accounting Policies [Line Items] | |||||||||||
No. of Properties | Property | 2 | 2 | 2 | 2 | 2 | 2 | 2 | ||||
Gramercy Europe Asset | United Kingdom | |||||||||||
Accounting Policies [Line Items] | |||||||||||
No. of Properties | Property | 1 | 1 | 1 | 1 | 1 | 1 | 1 | ||||
Minimum | Mezzanine construction loan facility | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Interest rate on facility | 9.00% | 9.00% | 9.00% | 9.00% | 9.00% | 9.00% | 9.00% | ||||
Maximum | Mezzanine construction loan facility | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Interest rate on facility | 12.00% | 12.00% | 12.00% | 12.00% | 12.00% | 12.00% | 12.00% | ||||
Building | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Property, plant and equipment, useful life | 40 years | ||||||||||
Building Equipment and Fixtures | Minimum | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Property, plant and equipment, useful life | 5 years | ||||||||||
Building Equipment and Fixtures | Maximum | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Property, plant and equipment, useful life | 10 years |
Significant Accounting Polici52
Significant Accounting Policies (Components of Cash, Cash Equivalents, and Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||||
Cash and cash equivalents | $ 30,231 | $ 67,529 | |||
Restricted cash | 12,723 | 12,904 | |||
Total cash, cash equivalents, and restricted cash | [1] | $ 42,954 | $ 80,433 | $ 154,867 | $ 201,313 |
[1] | Included in the balance as of December 31, 2015 is restricted cash of $9,482 related to assets held for sale as of that date. |
Significant Accounting Polici53
Significant Accounting Policies (Schedule of Intangible Assets and Acquired Lease Obligations) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Intangible assets: | ||
Total intangible assets | $ 598,559 | $ 618,680 |
Finite-lived intangible assets, accumulated amortization | 220,473 | 133,710 |
Intangible liabilities: | ||
Total intangible liabilities | 166,491 | 230,183 |
In-place leases | ||
Intangible assets: | ||
Total intangible assets | 545,782 | 553,924 |
Finite-lived intangible assets, accumulated amortization | 194,836 | 117,717 |
Above-market lease assets | ||
Intangible assets: | ||
Total intangible assets | 46,713 | 59,647 |
Finite-lived intangible assets, accumulated amortization | 25,229 | 15,719 |
Below-market ground rent | ||
Intangible assets: | ||
Total intangible assets | 6,064 | 5,109 |
Finite-lived intangible assets, accumulated amortization | 408 | 274 |
Below-market lease liabilities | ||
Intangible liabilities: | ||
Total intangible liabilities | 159,652 | 223,110 |
Finite-lived intangible liabilities, accumulated amortization | 28,516 | 26,168 |
Above-market ground rent | ||
Intangible liabilities: | ||
Total intangible liabilities | 6,839 | 7,073 |
Finite-lived intangible liabilities, accumulated amortization | $ 462 | $ 248 |
Significant Accounting Polici54
Significant Accounting Policies (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Depreciation and amortization expense | |
Finite-Lived Intangible Assets | |
2,018 | $ 98,551 |
2,019 | 85,062 |
2,020 | 71,384 |
2,021 | 60,155 |
2,022 | 46,838 |
Rental revenue | |
Finite-Lived Intangible Assets, Amortization Expense And Below Market Leases, Amortized Income | |
2,018 | (2,116) |
2,019 | (2,791) |
2,020 | (4,293) |
2,021 | (4,448) |
2,022 | (6,530) |
Property operating expense | |
Finite-Lived Intangible Assets, Amortization Expense And Below Market Leases, Amortized Income | |
2,018 | (56) |
2,019 | (56) |
2,020 | (56) |
2,021 | (56) |
2,022 | $ (56) |
In-place leases | |
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items] | |
Weighted Average Amortization Period (years) | 9 years 3 months 19 days |
In-place leases | Depreciation and amortization expense | |
Finite-Lived Intangible Assets | |
2,018 | $ 98,551 |
2,019 | 85,062 |
2,020 | 71,384 |
2,021 | 60,155 |
2,022 | $ 46,838 |
Above-market lease assets | |
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items] | |
Weighted Average Amortization Period (years) | 6 years 10 months 25 days |
Above-market lease assets | Rental revenue | |
Finite-Lived Intangible Assets | |
2,018 | $ 10,175 |
2,019 | 9,230 |
2,020 | 7,292 |
2,021 | 6,019 |
2,022 | $ 3,342 |
Below-market lease liabilities | |
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items] | |
Weighted Average Amortization Period (years) | 17 years 7 months 6 days |
Below-market lease liabilities | Rental revenue | |
Below Market Lease | |
2,018 | $ (12,291) |
2,019 | (12,021) |
2,020 | (11,585) |
2,021 | (10,467) |
2,022 | $ (9,872) |
Below-market ground rent | |
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items] | |
Weighted Average Amortization Period (years) | 39 years 6 months |
Below-market ground rent | Property operating expense | |
Finite-Lived Intangible Assets | |
2,018 | $ 158 |
2,019 | 158 |
2,020 | 158 |
2,021 | 158 |
2,022 | $ 158 |
Above-market ground rent | |
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items] | |
Weighted Average Amortization Period (years) | 32 years 3 months 19 days |
Above-market ground rent | Property operating expense | |
Finite-Lived Intangible Assets, Amortization Expense And Below Market Leases, Amortized Income | |
2,018 | $ 214 |
2,019 | 214 |
2,020 | 214 |
2,021 | 214 |
2,022 | $ 214 |
Significant Accounting Polici55
Significant Accounting Policies (Schedule of Retained Collateralized Debt Obligation Bonds) (Details) - Retained CDO Bonds $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)security | Dec. 31, 2016USD ($)security | Dec. 31, 2015USD ($) | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Number of Securities | security | 6 | 9 | |
Face Value | $ 326,979 | $ 384,784 | |
Amortized Cost | 5,110 | 8,207 | |
Gross Unrealized Gain | 417 | 3,699 | |
Other-than- temporary impairment | (4,890) | 0 | $ 0 |
Fair Value | $ 5,527 | $ 11,906 | |
Weighted Average Expected Life (years) | 1 year 1 month 6 days | 1 year 7 months 6 days |
Significant Accounting Polici56
Significant Accounting Policies (Other Than Temporary Impairment Credit Losses Recognized in Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 2,752,712 | ||
Additions to credit losses: | |||
Ending balance | 3,138,582 | $ 2,752,712 | |
Accumulated Other-than-Temporary Impairment Attributable to Parent [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (491) | 3,196 | $ 6,818 |
Additions to credit losses: | |||
On Retained CDO Bonds for which an OTTI was previously recognized and a portion of an OTTI was recognized in other comprehensive income | (4,890) | 0 | 0 |
For increases in cash flows expected to be collected that are recognized over the remaining life of the Retained CDO Bonds | 1,412 | (3,687) | (3,622) |
Ending balance | $ (3,969) | $ (491) | $ 3,196 |
Dispositions, Assets Held for57
Dispositions, Assets Held for Sale, and Discontinued Operations (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017USD ($)Property | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($)Property | Dec. 31, 2016USD ($)Property | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)Property | Dec. 31, 2017USD ($)Property | Dec. 31, 2017USD ($)Propertyland_parcel | Dec. 31, 2017USD ($)ft²Property | Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($)Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Number of real estate properties sold | 24 | 7 | ||||||||||||
Proceeds from sale of property held-for-sale | $ | $ 412,578,000 | |||||||||||||
Net gain on disposals | $ | $ 22,550,000 | $ 4,879,000 | $ 2,002,000 | $ 17,377,000 | $ 1,541,000 | $ 2,336,000 | $ 0 | $ 0 | 46,808,000 | $ 3,877,000 | $ 839,000 | |||
Number of properties sold at a gain | 32 | |||||||||||||
Impairment of real estate investments | $ | $ 16,407,000 | $ 3,064,000 | $ 5,580,000 | $ 12,771,000 | $ 10,054,000 | $ 1,053,000 | $ 0 | $ 0 | 37,822,000 | 11,107,000 | 0 | |||
Impairment of long-lived assets to be disposed of | $ | $ 19,559,000 | $ 2,844,000 | 0 | |||||||||||
Number of real estate properties impaired | 7 | 1 | 7 | 7 | 7 | 7 | 1 | |||||||
Number of properties acquired | 21 | 79 | 2 | |||||||||||
Net gains from disposals | $ | $ 3,877,000 | $ 839,000 | ||||||||||||
Morristown JV | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Ownership % | 50.00% | |||||||||||||
Strategic Office Partners | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Number of real estate properties sold | 1 | |||||||||||||
Ownership % | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | |||||||||
Strategic Office Partners | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Number of real estate properties sold | 6 | |||||||||||||
1031 Exchange | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Number of real estate properties sold | 11 | |||||||||||||
Proceeds from sale of property held-for-sale | $ | $ 212,942,000 | |||||||||||||
Number of properties acquired | 15 | |||||||||||||
Properties sold | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Number of real estate properties sold | 34 | |||||||||||||
Area of properties sold | ft² | 3,203,565 | |||||||||||||
Properties sold | Office properties | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Number of real estate properties sold | 2 | |||||||||||||
Discontinued Operations | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Gain on disposal | $ | $ 321,000 | |||||||||||||
Discontinued Operations | Chambers Street Properties | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Number of real estate properties sold | 6 | |||||||||||||
Proceeds from sale of property held-for-sale | $ | $ 397,055,000 | |||||||||||||
Assets Held-for-sale | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Impairment of long-lived assets to be disposed of | $ | $ 8,263,000 | |||||||||||||
Number of properties held-for-sale | 1 | 0 | 1 | 1 | 1 | 1 | 0 | |||||||
Net asset value | $ | $ 402,000 | $ 402,000 | $ 402,000 | $ 402,000 | $ 402,000 |
Dispositions, Assets Held for58
Dispositions, Assets Held for Sale, and Discontinued Operations (Schedule of Operating Results of Assets Held-for-sale Including in Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Results: | |||||||||||
Gain on extinguishment of debt | $ 0 | $ 1,930 | $ 0 | ||||||||
Income (loss) from operations | (89) | 3,148 | 875 | ||||||||
Income (loss) from discontinued operations | $ (13) | $ (24) | $ (28) | $ (24) | $ 354 | $ 347 | $ 58 | $ 4,640 | (89) | 5,399 | 875 |
Discontinued Operations | |||||||||||
Operating Results: | |||||||||||
Revenues | 5 | 6,547 | 2,052 | ||||||||
Operating expenses | 6 | (2,304) | (290) | ||||||||
General and administrative expense | (100) | (176) | (384) | ||||||||
Interest expense | 0 | (807) | (503) | ||||||||
Depreciation and amortization | 0 | (112) | 0 | ||||||||
Gain on extinguishment of debt | 0 | 1,930 | 0 | ||||||||
Income (loss) from operations | (89) | 5,078 | 875 | ||||||||
Net gain on disposals | 0 | 321 | 0 | ||||||||
Income (loss) from discontinued operations | $ (89) | $ 5,399 | $ 875 |
Dispositions, Assets Held for59
Dispositions, Assets Held for Sale, and Discontinued Operations (Schedule of Significant Operating and Investing Noncash Items) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Amortization expense | $ (836) | $ (3,814) | $ (3,212) |
Increase in cash and cash equivalents related to foreign currency translation | $ 0 | (221) | 77 |
Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Amortization expense | (112) | 0 | |
Significant operating noncash items | (9,137) | (273) | |
Significant investing noncash items | 0 | 131,358 | |
Increase in cash and cash equivalents related to foreign currency translation | 0 | 121 | |
Total | $ (9,249) | $ 131,206 |
Real Estate Investments (Narrat
Real Estate Investments (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Oct. 31, 2017land_parcel | Mar. 31, 2017Property | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($)Property | Dec. 31, 2017USD ($)land_parcel | Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($) | |
Business Acquisition [Line Items] | |||||||
Number of properties acquired | 21 | 79 | 2 | ||||
Area of real estate properties acquired | ft² | 19,643,747 | ||||||
Purchase price | $ 1,466,811 | ||||||
Payments to Acquire Land | 6,840 | ||||||
Building and improvements | 4,863,916 | $ 4,863,916 | $ 4,863,916 | $ 4,863,916 | $ 4,053,125 | ||
Individual Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Real estate assets | 1,385,617 | 1,385,617 | 1,385,617 | 1,385,617 | |||
Intangible Assets | 135,414 | 135,414 | 135,414 | 135,414 | |||
Intangible Liabilities | 21,516 | $ 21,516 | $ 21,516 | 21,516 | |||
Build-to-suit property | |||||||
Business Acquisition [Line Items] | |||||||
Number of properties acquired | Property | 1 | ||||||
Purchase price | 63,244 | ||||||
Industrial facility | |||||||
Business Acquisition [Line Items] | |||||||
Number of properties acquired | land_parcel | 1 | 7 | |||||
Payments to Acquire Land | 10,190 | ||||||
Building and improvements | 95,511 | $ 95,511 | $ 95,511 | $ 95,511 | |||
Land | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price | 2,400 | ||||||
VIE | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price | $ 29,605 |
Real Estate Investments (Proper
Real Estate Investments (Property Purchase Price Allocation) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017Property | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($)Property | Dec. 31, 2017USD ($)land_parcel | |
Real Estate Properties [Line Items] | ||||
Number of Acquisitions | 21 | 79 | 2 | |
Individual Acquisitions | ||||
Real Estate Properties [Line Items] | ||||
Intangible Assets | $ 135,414 | $ 135,414 | $ 135,414 | |
Intangible Liabilities | 21,516 | 21,516 | 21,516 | |
Individual Acquisitions | Preliminary Allocations | ||||
Real Estate Properties [Line Items] | ||||
Real Estate Assets | 513,424 | 513,424 | 513,424 | |
Intangible Assets | 61,178 | 61,178 | 61,178 | |
Intangible Liabilities | 11,093 | 11,093 | 11,093 | |
Finalized Allocations recorded | Individual Acquisitions | ||||
Real Estate Properties [Line Items] | ||||
Real Estate Assets | 513,087 | 513,087 | 513,087 | |
Intangible Assets | 60,627 | 60,627 | 60,627 | |
Intangible Liabilities | 10,205 | $ 10,205 | $ 10,205 | |
Increase (Decrease) to Rental Revenue | 27 | |||
Decrease to Depreciation and Amortization Expense | $ 16 |
Unconsolidated Equity Investm62
Unconsolidated Equity Investments (Narrative) (Details) € in Thousands, £ in Thousands | Jun. 30, 2016USD ($)Property | Jun. 30, 2016EUR (€)Property | May 31, 2016USD ($) | May 31, 2016EUR (€) | Jan. 31, 2018USD ($) | Jan. 31, 2018EUR (€) | Nov. 30, 2017Property | Jul. 31, 2017USD ($)Property | Jul. 31, 2017EUR (€)Property | Dec. 31, 2016USD ($)Property | Dec. 31, 2016EUR (€)Property | Sep. 30, 2016Property | Aug. 31, 2016USD ($) | Jul. 31, 2016USD ($) | Mar. 31, 2016 | Mar. 01, 2018Property | Sep. 30, 2017USD ($) | Mar. 31, 2017Property | Dec. 31, 2016USD ($)Property | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)ft²Propertyextensionentity | Dec. 31, 2017USD ($)ft²Propertyextensionentity | Dec. 31, 2017USD ($)ft²Propertyextensionentity | Dec. 31, 2017USD ($)ft²Propertyextensionland_parcelentity | Dec. 31, 2017EUR (€) | Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($)Property | Dec. 31, 2017EUR (€)ft²Propertyextensionentity | Dec. 31, 2017GBP (£)ft²Propertyextensionentity | Oct. 31, 2017USD ($) | Oct. 31, 2017EUR (€) | Oct. 08, 2015 |
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Number of real estate properties sold | Property | 24 | 7 | ||||||||||||||||||||||||||||||||
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | $ 0 | $ 0 | $ 7,229,000 | $ 0 | $ 0 | $ 7,229,000 | $ 0 | |||||||||||||||||||||||||||
Contributions to unconsolidated equity investments | 34,277,000 | 76,856,000 | ||||||||||||||||||||||||||||||||
Number of properties acquired | 21 | 79 | 2 | |||||||||||||||||||||||||||||||
Distributions received from unconsolidated equity investments | $ 9,530,000 | $ 50,891,000 | 5,704,000 | |||||||||||||||||||||||||||||||
No. of Properties | Property | 46 | 46 | 46 | 17 | 17 | 17 | 17 | 46 | 17 | 17 | ||||||||||||||||||||||||
Proceeds from sale of ownership interest in equity method investment | $ 102,762,000 | $ 97,932,000 | 0 | |||||||||||||||||||||||||||||||
Mortgages | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Number of properties acquired | Property | 27 | |||||||||||||||||||||||||||||||||
Duke Realty | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Number of properties acquired | Property | 1 | 1 | ||||||||||||||||||||||||||||||||
Distributions received from unconsolidated equity investments | $ 2,760,000 | |||||||||||||||||||||||||||||||||
Strategic Office Partners | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Number of real estate properties sold | Property | 6 | |||||||||||||||||||||||||||||||||
Gramercy Europe Committed | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Initial equity capital available | $ 395,213,000 | 395,213,000 | $ 395,213,000 | $ 395,213,000 | € 352,500 | |||||||||||||||||||||||||||||
Philips JV | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Distribution received from joint venture | 0 | 344,000 | ||||||||||||||||||||||||||||||||
E-Commerce JV | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Commitment amount | $ 110,000,000 | $ 110,000,000 | $ 110,000,000 | $ 110,000,000 | ||||||||||||||||||||||||||||||
Ownership % | 51.00% | 51.00% | 51.00% | 51.00% | 51.00% | 51.00% | ||||||||||||||||||||||||||||
Number of properties acquired | Property | 6 | 6 | ||||||||||||||||||||||||||||||||
Capital contributions, partnership units | $ 80,000,000 | |||||||||||||||||||||||||||||||||
Capital contributions, cash | $ 30,000,000 | |||||||||||||||||||||||||||||||||
No. of Properties | Property | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Contributions to investments | $ 17,811,000 | |||||||||||||||||||||||||||||||||
Voting Interest % | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||||||||
Gramercy European Property Fund | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | $ 27,575,000 | |||||||||||||||||||||||||||||||||
Contributions to unconsolidated equity investments | $ 55,892,000 | € 50,000 | ||||||||||||||||||||||||||||||||
Distribution received from joint venture | $ 8,840,000 | € 7,727 | ||||||||||||||||||||||||||||||||
Ownership % | 14.20% | 14.20% | 14.20% | 0.00% | 0.00% | 0.00% | 0.00% | 14.20% | 0.00% | 0.00% | ||||||||||||||||||||||||
Ownership interest sold | 100.00% | 100.00% | ||||||||||||||||||||||||||||||||
No. of Properties | Property | 30 | 30 | 26 | 26 | 26 | 0 | 0 | 0 | 0 | 26 | 0 | 0 | ||||||||||||||||||||||
Proceeds from sale of ownership interest in equity method investment | $ 102,785,000 | € 90,107 | ||||||||||||||||||||||||||||||||
Write-off related to sale | (634,000) | |||||||||||||||||||||||||||||||||
Voting Interest % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||||||||||||||||||||||||||
Duke JV | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | $ 7,229,000 | |||||||||||||||||||||||||||||||||
Number of properties acquired | Property | 7 | 7 | 7 | |||||||||||||||||||||||||||||||
Distributions received from unconsolidated equity investments | $ 41,060,000 | $ 53,807,000 | ||||||||||||||||||||||||||||||||
Ownership percentage transferred | 100.00% | 100.00% | ||||||||||||||||||||||||||||||||
Goodman Europe JV | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | $ 5,341,000 | 6,142,000 | ||||||||||||||||||||||||||||||||
Ownership % | 5.10% | 5.10% | 5.10% | 5.10% | 80.00% | 5.10% | 80.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.10% | 0.00% | 0.00% | ||||||||||||||||||||
Distributions received from unconsolidated equity investments | $ 689,000 | $ 10,030,000 | 0 | |||||||||||||||||||||||||||||||
No. of Properties | Property | 8 | 8 | 8 | 8 | 8 | 0 | 0 | 0 | 0 | 8 | 0 | 0 | ||||||||||||||||||||||
Proceeds from sale of ownership interest in equity method investment | $ 148,884,000 | € 134,336 | ||||||||||||||||||||||||||||||||
Write-off related to sale | $ 145,000 | |||||||||||||||||||||||||||||||||
Voting Interest % | 5.10% | 5.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||||||||||||||||||||||||
Goodman Europe JV | Gramercy European Property Fund | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Ownership % | 94.90% | 94.90% | 94.90% | 94.90% | 94.90% | 94.90% | 94.90% | 94.90% | 94.90% | 94.90% | ||||||||||||||||||||||||
Proceeds from sale of ownership interest in equity method investment | $ 47,633,000 | € 42,766 | ||||||||||||||||||||||||||||||||
Ownership interest acquired | 20.00% | 20.00% | 74.90% | |||||||||||||||||||||||||||||||
Gramercy European Property Fund III | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Ownership % | 19.90% | 19.90% | 19.90% | 19.90% | 19.90% | 19.90% | ||||||||||||||||||||||||||||
No. of Properties | Property | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Aggregate cost | $ 315,278,000 | € 262,622 | ||||||||||||||||||||||||||||||||
Contributions to investments | $ 3,016,000 | € 2,514 | ||||||||||||||||||||||||||||||||
Voting Interest % | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||||||||
Gramercy European Property Fund III | GPT | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Aggregate cost | $ 62,651,000 | $ 62,651,000 | $ 62,651,000 | $ 62,651,000 | € 52,187 | |||||||||||||||||||||||||||||
CBRE Strategic Partners Asia | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Number of real estate properties sold | Property | 1 | |||||||||||||||||||||||||||||||||
Ownership % | 5.07% | 5.07% | 5.07% | 5.07% | 5.07% | 5.07% | ||||||||||||||||||||||||||||
Distributions received from unconsolidated equity investments | $ 812,000 | |||||||||||||||||||||||||||||||||
No. of Properties | Property | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | ||||||||||||||||||||||||
Term of agreement | 8 years | |||||||||||||||||||||||||||||||||
Number of extensions | extension | 2 | 2 | 2 | 2 | 2 | 2 | ||||||||||||||||||||||||||||
Term of extensions | 1 year | 1 year | ||||||||||||||||||||||||||||||||
Voting Interest % | 5.07% | 5.07% | 5.07% | 5.07% | 5.07% | 5.07% | ||||||||||||||||||||||||||||
Morristown JV | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Ownership % | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | |||||||||||||||||||||||||||
No. of Properties | Property | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | ||||||||||||||||||||||||
Voting Interest % | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | |||||||||||||||||||||||||||
Strategic Office Partners | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Number of properties contributed | Property | 6 | 8 | 6 | |||||||||||||||||||||||||||||||
Number of real estate properties sold | Property | 1 | |||||||||||||||||||||||||||||||||
Commitment amount | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | ||||||||||||||||||||||||||||||
Contributions to unconsolidated equity investments | 13,450,000 | |||||||||||||||||||||||||||||||||
Remaining commitment amount | $ 70,523,000 | 70,523,000 | $ 70,523,000 | $ 70,523,000 | ||||||||||||||||||||||||||||||
Distribution received from joint venture | $ 2,710,000 | $ 30,581,000 | ||||||||||||||||||||||||||||||||
Ownership % | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | ||||||||||||||||||||||||||||
No. of Properties | Property | 6 | 6 | 6 | 13 | 13 | 13 | 13 | 6 | 13 | 13 | ||||||||||||||||||||||||
Voting Interest % | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | ||||||||||||||||||||||||||||
Strategic Office Partners | TPG Real Estate | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | $ 2,336,000 | |||||||||||||||||||||||||||||||||
Strategic Office Partners | GPT | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Commitment amount | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | ||||||||||||||||||||||||||||||
Goodman UK JV | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Ownership % | 80.00% | 80.00% | 80.00% | 80.00% | 80.00% | 80.00% | ||||||||||||||||||||||||||||
Distributions received from unconsolidated equity investments | $ 14,688,000 | $ 13,344,000 | $ 0 | |||||||||||||||||||||||||||||||
No. of Properties | Property | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | ||||||||||||||||||||||||
Voting Interest % | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||||||||
Philips JV | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Ownership % | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | ||||||||||||||||||||||||||||
Area of real estate property | ft² | 199,900 | 199,900 | 199,900 | 199,900 | 199,900 | 199,900 | ||||||||||||||||||||||||||||
Percentage of occupancy for leased office and industrial property | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Face amount of mortgages | $ 38,662,000 | $ 38,662,000 | $ 38,662,000 | $ 38,662,000 | ||||||||||||||||||||||||||||||
Lille, France | Goodman Europe JV | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
No. of Properties | Property | 1 | 1 | 1 | 1 | ||||||||||||||||||||||||||||||
Proceeds from sale of ownership interest in equity method investment | $ 2,662,000 | € 2,563 | ||||||||||||||||||||||||||||||||
Morristown JV | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Ownership % | 50.00% | |||||||||||||||||||||||||||||||||
Chambers Street Properties | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Number of unconsolidated entities | entity | 4 | 4 | 4 | 4 | 4 | 4 | ||||||||||||||||||||||||||||
Subsequent Event | E-Commerce JV | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Number of properties acquired | Property | 2 | |||||||||||||||||||||||||||||||||
Subsequent Event | Gramercy European Property Fund III | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Contributions to investments | $ 2,266,000 | € 1,888 | ||||||||||||||||||||||||||||||||
Goodman Europe JV | Gramercy European Property Fund | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Ownership % | 14.20% | 14.20% | 14.20% | 14.20% | 14.20% | 14.20% | 14.20% | 14.20% | 14.20% | 14.20% | ||||||||||||||||||||||||
Net Investment Hedge in GBP-denominated Investments | Not Designated as Hedging Instrument | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Derivative, Notional Amount | £ | £ (9,000) | |||||||||||||||||||||||||||||||||
Net Investment Hedge in GBP-denominated Investments | Not Designated as Hedging Instrument | Gramercy European Property Fund | ||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||||||||||||||||||
Derivative, Notional Amount | $ (1,851,000) | $ (1,851,000) | $ (1,851,000) | $ (1,851,000) |
Unconsolidated Equity Investm63
Unconsolidated Equity Investments (Summary of Unconsolidated Equity Investments) (Details) $ in Thousands | 1 Months Ended | |||||
Jul. 31, 2017Property | Dec. 31, 2017USD ($)Property | Dec. 31, 2016USD ($)Property | Sep. 30, 2016 | Dec. 31, 2015USD ($) | Oct. 08, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Investment in unconsolidated equity investment | $ 70,214 | $ 101,807 | $ 580,000 | |||
No. of Properties | Property | 17 | 46 | ||||
Strategic Office Partners | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 25.00% | |||||
Voting Interest % | 25.00% | |||||
Investment in unconsolidated equity investment | $ 28,243 | $ 15,872 | ||||
No. of Properties | Property | 13 | 6 | ||||
E-Commerce JV | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 51.00% | |||||
Voting Interest % | 50.00% | |||||
Investment in unconsolidated equity investment | $ 17,798 | $ 0 | ||||
No. of Properties | Property | 0 | 0 | ||||
Goodman UK JV | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 80.00% | |||||
Voting Interest % | 50.00% | |||||
Investment in unconsolidated equity investment | $ 15,768 | $ 25,309 | ||||
No. of Properties | Property | 1 | 2 | ||||
Basis difference | $ 1,943 | $ 3,941 | ||||
CBRE Strategic Partners Asia | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 5.07% | |||||
Voting Interest % | 5.07% | |||||
Investment in unconsolidated equity investment | $ 2,820 | $ 4,145 | ||||
No. of Properties | Property | 1 | 2 | ||||
Philips JV | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 25.00% | |||||
Voting Interest % | 25.00% | |||||
Investment in unconsolidated equity investment | $ 0 | $ 0 | ||||
No. of Properties | Property | 1 | 1 | ||||
Morristown JV | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 50.00% | 50.00% | ||||
Voting Interest % | 50.00% | 50.00% | ||||
Investment in unconsolidated equity investment | $ 2,636 | $ 2,623 | ||||
No. of Properties | Property | 1 | 1 | ||||
Gramercy European Property Fund III | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 19.90% | |||||
Voting Interest % | 50.00% | |||||
Investment in unconsolidated equity investment | $ 2,949 | $ 0 | ||||
No. of Properties | Property | 0 | 0 | ||||
Gramercy European Property Fund | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 0.00% | 14.20% | ||||
Voting Interest % | 0.00% | |||||
Investment in unconsolidated equity investment | $ 0 | $ 50,367 | ||||
No. of Properties | Property | 30 | 0 | 26 | |||
Ownership interest sold | 100.00% | |||||
Goodman Europe JV | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 5.10% | 0.00% | 5.10% | 80.00% | ||
Voting Interest % | 5.10% | 0.00% | ||||
Investment in unconsolidated equity investment | $ 0 | $ 3,491 | ||||
No. of Properties | Property | 8 | 0 | 8 | |||
Basis difference | $ 2,286 | |||||
Goodman Europe JV | Gramercy European Property Fund | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 94.90% | 94.90% | ||||
Gramercy Europe Asset Management - European Fund Carry Co | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 25.00% | |||||
Investment in unconsolidated equity investment | $ 8 | |||||
Goodman Europe JV | Gramercy European Property Fund | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 14.20% | 14.20% |
Unconsolidated Equity Investm64
Unconsolidated Equity Investments (Rollforward of Unconsolidated Equity Investments) (Details) | Jun. 30, 2016Property | Sep. 30, 2016Property | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($)Property | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017Property | Dec. 31, 2017land_parcel | Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of properties acquired | 21 | 79 | 2 | ||||||||||||
Real estate property, value | $ 1,466,811,000 | ||||||||||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||
Beginning balance | $ 101,807,000 | $ 580,000,000 | 101,807,000 | $ 580,000,000 | |||||||||||
Contributions to unconsolidated equity investments | 34,277,000 | 76,856,000 | |||||||||||||
Equity in net income (loss) of unconsolidated equity investments | $ (636,000) | $ 48,730,000 | $ 248,000 | (94,000) | $ 6,470,000 | $ (1,138,000) | $ (168,000) | $ (2,755,000) | 48,248,000 | 2,409,000 | $ (1,107,000) | ||||
Other comprehensive income (loss) of unconsolidated equity investments | 7,012,000 | (7,264,000) | |||||||||||||
Distributions from unconsolidated equity investments | (112,292,000) | (411,837,000) | |||||||||||||
Purchase price allocations | 0 | 5,000,000 | |||||||||||||
Reclassification of unrealized gain of non-derivative net investment hedge into earnings | 1,851,000 | 0 | 0 | ||||||||||||
Gain on sale and dissolution of unconsolidated equity investment interests | 0 | 12,570,000 | |||||||||||||
Sale of unconsolidated equity investments | (9,327,000) | (151,546,000) | |||||||||||||
Receivable from dissolution of joint venture | 0 | (644,000) | |||||||||||||
Reclassification of accumulated foreign currency translation adjustments due to disposal | (1,362,000) | (3,737,000) | |||||||||||||
Ending balance | 70,214,000 | 101,807,000 | 70,214,000 | $ 101,807,000 | $ 580,000,000 | ||||||||||
Strategic Office Partners | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of properties contributed | Property | 6 | 8 | 6 | ||||||||||||
Real estate property, value | $ 46,608,000 | ||||||||||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||
Beginning balance | $ 15,872,000 | 15,872,000 | |||||||||||||
Contributions to unconsolidated equity investments | 13,450,000 | ||||||||||||||
Ending balance | $ 28,243,000 | $ 15,872,000 | $ 28,243,000 | $ 15,872,000 | |||||||||||
Duke JV | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of properties acquired | Property | 7 | 7 | |||||||||||||
Real estate property, value | $ 276,100,000 |
Unconsolidated Equity Investm65
Unconsolidated Equity Investments (Combined Balance Sheets for the Company's Joint Ventures) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jul. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Gramercy Europe Asset Management - European Fund Carry Co | ||||
Liabilities and members' equity: | ||||
Ownership % | 25.00% | |||
Gramercy European Property Fund | ||||
Liabilities and members' equity: | ||||
Ownership % | 0.00% | 14.20% | ||
Goodman Europe JV | ||||
Liabilities and members' equity: | ||||
Ownership % | 0.00% | 5.10% | 5.10% | 80.00% |
Goodman Europe JV | Gramercy European Property Fund | ||||
Liabilities and members' equity: | ||||
Ownership % | 94.90% | 94.90% | ||
Strategic Office Partners | ||||
Liabilities and members' equity: | ||||
Ownership % | 25.00% | |||
E-Commerce JV | ||||
Liabilities and members' equity: | ||||
Ownership % | 51.00% | |||
Goodman UK JV | ||||
Liabilities and members' equity: | ||||
Ownership % | 80.00% | |||
CBRE Strategic Partners Asia | ||||
Liabilities and members' equity: | ||||
Ownership % | 5.07% | |||
Joint Venture | Gramercy European Property Fund | Europe | ||||
Assets: | ||||
Real estate assets, net | $ 632,156 | |||
Other assets | 149,796 | |||
Total assets | 781,952 | |||
Liabilities and members' equity: | ||||
Mortgage notes payable | 390,249 | |||
Other liabilities | 27,718 | |||
Total liabilities | 417,967 | |||
Company's equity | 53,850 | |||
Other members' equity | 310,135 | |||
Liabilities and members' equity | 781,952 | |||
Joint Venture | Goodman Europe JV | Europe | ||||
Assets: | ||||
Real estate assets, net | 285,087 | |||
Other assets | 86,273 | |||
Total assets | 371,360 | |||
Liabilities and members' equity: | ||||
Mortgage notes payable | 174,269 | |||
Other liabilities | 7,778 | |||
Total liabilities | 182,047 | |||
Company's equity | 12,734 | |||
Other members' equity | 176,579 | |||
Liabilities and members' equity | 371,360 | |||
Joint Venture | Gramercy European Property Fund (excluding legacy Goodman Europe JV) | Europe | ||||
Assets: | ||||
Real estate assets, net | 347,069 | |||
Other assets | 63,523 | |||
Total assets | 410,592 | |||
Liabilities and members' equity: | ||||
Mortgage notes payable | 215,980 | |||
Other liabilities | 19,940 | |||
Total liabilities | 235,920 | |||
Company's equity | 41,116 | |||
Other members' equity | 133,556 | |||
Liabilities and members' equity | 410,592 | |||
Joint Venture | Strategic Office Partners | ||||
Assets: | ||||
Real estate assets, net | $ 265,014 | 149,484 | ||
Other assets | 78,243 | 42,323 | ||
Total assets | 343,257 | 191,807 | ||
Liabilities and members' equity: | ||||
Mortgage notes payable | 213,205 | 121,894 | ||
Other liabilities | 15,002 | 4,347 | ||
Total liabilities | 228,207 | 126,241 | ||
Company's equity | 28,243 | 15,872 | ||
Other members' equity | 86,807 | 49,694 | ||
Liabilities and members' equity | 343,257 | 191,807 | ||
Joint Venture | E-Commerce JV | ||||
Assets: | ||||
Real estate assets, net | 0 | |||
Other assets | 35,727 | |||
Total assets | 35,727 | |||
Liabilities and members' equity: | ||||
Mortgage notes payable | 0 | |||
Other liabilities | 830 | |||
Total liabilities | 830 | |||
Company's equity | 17,798 | |||
Other members' equity | 17,099 | |||
Liabilities and members' equity | 35,727 | |||
Joint Venture | Goodman UK JV | ||||
Assets: | ||||
Real estate assets, net | 18,633 | 25,128 | ||
Other assets | 1,473 | 6,650 | ||
Total assets | 20,106 | 31,778 | ||
Liabilities and members' equity: | ||||
Mortgage notes payable | 0 | 0 | ||
Other liabilities | 203 | 934 | ||
Total liabilities | 203 | 934 | ||
Company's equity | 15,768 | 25,309 | ||
Other members' equity | 4,135 | 5,535 | ||
Liabilities and members' equity | 20,106 | 31,778 | ||
Joint Venture | CBRE Strategic Partners Asia | ||||
Assets: | ||||
Real estate assets, net | 59,373 | 87,852 | ||
Other assets | 15,985 | 12,247 | ||
Total assets | 75,358 | 100,099 | ||
Liabilities and members' equity: | ||||
Mortgage notes payable | 0 | 0 | ||
Other liabilities | 15,658 | 14,383 | ||
Total liabilities | 15,658 | 14,383 | ||
Company's equity | 2,820 | 4,145 | ||
Other members' equity | 56,880 | 81,571 | ||
Liabilities and members' equity | 75,358 | 100,099 | ||
Joint Venture | Other | ||||
Assets: | ||||
Real estate assets, net | 48,576 | 49,580 | ||
Other assets | 18,037 | 3,020 | ||
Total assets | 66,613 | 52,600 | ||
Liabilities and members' equity: | ||||
Mortgage notes payable | 38,662 | 39,730 | ||
Other liabilities | 3,671 | 3,259 | ||
Total liabilities | 42,333 | 42,989 | ||
Company's equity | 5,585 | 2,631 | ||
Other members' equity | 18,695 | 6,980 | ||
Liabilities and members' equity | $ 66,613 | $ 52,600 |
Unconsolidated Equity Investm66
Unconsolidated Equity Investments (Real Estate Assets Subject to Mortgages) (Details) $ in Thousands | Dec. 31, 2017USD ($)Property | Jul. 31, 2017 | Dec. 31, 2016USD ($) | Sep. 30, 2016 |
Strategic Office Partners | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 25.00% | |||
Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 0.00% | 14.20% | ||
Goodman Europe JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 0.00% | 5.10% | 5.10% | 80.00% |
Goodman Europe JV | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 94.90% | 94.90% | ||
Philips JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 25.00% | |||
Mortgages | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total mortgage notes payable, net | $ 554,498 | |||
Wholly Owned Properties | Strategic Office Partners Portfolio | Strategic Office Partners | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 25.00% | |||
Wholly Owned Properties | Durrholz, Germany | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | Tampa, FL | Strategic Office Partners | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 25.00% | |||
Wholly Owned Properties | San Bernandino, CA | Strategic Office Partners | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 25.00% | |||
Wholly Owned Properties | Venray, Germany | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | Lille, France | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | Carlisle, United Kingdom | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | Oud Beijerland, Netherlands | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | Zaandam, Netherlands | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | Kerkrade, Netherlands | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | Friedrichspark, Germany | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | Fredersdorf, Germany | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | Breda, Netherlands | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | Juechen, Germany | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | Piaseczno, Poland | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | Strykow, Poland | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | Uden, Netherlands | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | Rotterdam, Netherlands | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | Frechen, Germany | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | Meerane, Germany | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | Amsterdam, Netherlands | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | Tiel, Netherlands | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | Netherlands Portfolio | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | Kutno, Poland | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | European Facility 1 | Goodman Europe JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 18.60% | |||
Wholly Owned Properties | European Facility 2 | Goodman Europe JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 18.60% | |||
Wholly Owned Properties | Henderson, NV | Strategic Office Partners | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 25.00% | |||
Wholly Owned Properties | Worksop, United Kingdom | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 14.20% | |||
Wholly Owned Properties | Somerset, NJ | Philips JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic Ownership | 25.00% | |||
Wholly Owned Properties | Mortgages | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | $ 256,218 | $ 546,265 | ||
Net deferred financing costs and net debt premium (discount) | (4,351) | 5,608 | ||
Total mortgage notes payable, net | $ 251,867 | 551,873 | ||
Percentage of face amount of debt presented | 100.00% | |||
Wholly Owned Properties | Mortgages | Strategic Office Partners Portfolio | Strategic Office Partners | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Interest Rate | 4.40% | |||
Outstanding Balance | $ 169,380 | 125,000 | ||
Number of properties under mortgage | Property | 10 | |||
Wholly Owned Properties | Mortgages | Durrholz, Germany | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | $ 0 | 12,289 | ||
Wholly Owned Properties | Mortgages | Tampa, FL | Strategic Office Partners | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Interest Rate | 5.20% | |||
Outstanding Balance | $ 37,563 | 0 | ||
Wholly Owned Properties | Mortgages | San Bernandino, CA | Strategic Office Partners | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Interest Rate | 10.20% | |||
Outstanding Balance | $ 1,977 | 0 | ||
Wholly Owned Properties | Mortgages | Venray, Germany | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | 0 | 13,015 | ||
Wholly Owned Properties | Mortgages | Lille, France | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | 0 | 27,081 | ||
Wholly Owned Properties | Mortgages | Carlisle, United Kingdom | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | 0 | 10,443 | ||
Wholly Owned Properties | Mortgages | Oud Beijerland, Netherlands | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | 0 | 8,077 | ||
Wholly Owned Properties | Mortgages | Zaandam, Netherlands | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | 0 | 11,647 | ||
Wholly Owned Properties | Mortgages | Kerkrade, Netherlands | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | 0 | 9,622 | ||
Wholly Owned Properties | Mortgages | Friedrichspark, Germany | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | 0 | 8,694 | ||
Wholly Owned Properties | Mortgages | Fredersdorf, Germany | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | 0 | 11,247 | ||
Wholly Owned Properties | Mortgages | Breda, Netherlands | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | 0 | 9,948 | ||
Wholly Owned Properties | Mortgages | Juechen, Germany | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | 0 | 18,852 | ||
Wholly Owned Properties | Mortgages | Piaseczno, Poland | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | 0 | 8,141 | ||
Wholly Owned Properties | Mortgages | Strykow, Poland | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | 0 | 19,167 | ||
Wholly Owned Properties | Mortgages | Uden, Netherlands | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | 0 | 8,913 | ||
Wholly Owned Properties | Mortgages | Rotterdam, Netherlands | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | 0 | 7,633 | ||
Wholly Owned Properties | Mortgages | Frechen, Germany | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | 0 | 6,043 | ||
Wholly Owned Properties | Mortgages | Meerane, Germany | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | 0 | 10,138 | ||
Wholly Owned Properties | Mortgages | Amsterdam, Netherlands | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | 0 | 3,093 | ||
Wholly Owned Properties | Mortgages | Tiel, Netherlands | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | 0 | 9,174 | ||
Wholly Owned Properties | Mortgages | Netherlands Portfolio | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | 0 | 13,409 | ||
Wholly Owned Properties | Mortgages | Kutno, Poland | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | 0 | 5,890 | ||
Wholly Owned Properties | Mortgages | European Facility 1 | Goodman Europe JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | $ 0 | 31,551 | ||
Number of properties under mortgage | Property | 5 | |||
Wholly Owned Properties | Mortgages | European Facility 2 | Goodman Europe JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | $ 0 | 106,917 | ||
Wholly Owned Properties | Mortgages | Henderson, NV | Strategic Office Partners | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Interest Rate | 4.80% | |||
Outstanding Balance | $ 8,636 | 0 | ||
Wholly Owned Properties | Mortgages | Worksop, United Kingdom | Gramercy European Property Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding Balance | $ 0 | 10,551 | ||
Wholly Owned Properties | Mortgages | Somerset, NJ | Philips JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Interest Rate | 6.90% | |||
Outstanding Balance | $ 38,662 | $ 39,730 | ||
Wholly Owned Properties | Mortgages | European Facility | Goodman Europe JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of properties under mortgage | Property | 8 |
Unconsolidated Equity Investm67
Unconsolidated Equity Investments (Combined Income Statement for the Company's Joint Ventures) (Details) - USD ($) | Jun. 30, 2016 | May 31, 2016 | Jul. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2017 |
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | $ 0 | $ 0 | $ 7,229,000 | $ 0 | $ 0 | $ 7,229,000 | $ 0 | ||||||||
Company's equity in net income (loss) within continuing operations | $ (636,000) | $ 48,730,000 | $ 248,000 | $ (94,000) | $ 6,470,000 | $ (1,138,000) | $ (168,000) | $ (2,755,000) | 48,248,000 | 2,409,000 | (1,107,000) | ||||
Distributions received from unconsolidated equity investments | $ 9,530,000 | $ 50,891,000 | 5,704,000 | ||||||||||||
Gramercy Europe Asset Management - European Fund Carry Co | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Ownership % | 25.00% | 25.00% | |||||||||||||
Gramercy European Property Fund | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | 27,575,000 | ||||||||||||||
Ownership % | 0.00% | 14.20% | 0.00% | 14.20% | |||||||||||
Goodman Europe JV | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | $ 5,341,000 | $ 6,142,000 | |||||||||||||
Ownership % | 0.00% | 5.10% | 80.00% | 0.00% | 5.10% | 5.10% | |||||||||
Distributions received from unconsolidated equity investments | $ 689,000 | $ 10,030,000 | 0 | ||||||||||||
Goodman Europe JV | Gramercy European Property Fund | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Ownership interest acquired | 20.00% | 74.90% | |||||||||||||
Ownership % | 94.90% | 94.90% | 94.90% | 94.90% | |||||||||||
Strategic Office Partners | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Ownership % | 25.00% | 25.00% | |||||||||||||
Goodman UK JV | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Ownership % | 80.00% | 80.00% | |||||||||||||
Distributions received from unconsolidated equity investments | $ 14,688,000 | $ 13,344,000 | 0 | ||||||||||||
Duke JV | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | 7,229,000 | ||||||||||||||
Distributions received from unconsolidated equity investments | $ 41,060,000 | 53,807,000 | |||||||||||||
CBRE Strategic Partners Asia | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Ownership % | 5.07% | 5.07% | |||||||||||||
Distributions received from unconsolidated equity investments | $ 812,000 | ||||||||||||||
Joint Venture | Strategic Office Partners | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Revenues | 31,942,000 | 6,614,000 | |||||||||||||
Operating expenses | 10,603,000 | 1,844,000 | |||||||||||||
Acquisition expenses | 635,000 | ||||||||||||||
Interest expense | 8,944,000 | 1,757,000 | |||||||||||||
Depreciation and amortization | 13,914,000 | 3,440,000 | |||||||||||||
Total expenses | 33,461,000 | 7,676,000 | |||||||||||||
Net income (loss) from operations | (1,519,000) | (1,062,000) | |||||||||||||
Gain (loss) on derivatives | (944,000) | 510,000 | |||||||||||||
Loss on extinguishment of debt | (937,000) | 0 | |||||||||||||
Net gain on disposals | 9,923,000 | 0 | |||||||||||||
Provision for taxes | 0 | 0 | |||||||||||||
Net income (loss) | 6,523,000 | (552,000) | |||||||||||||
Company's share in net income (loss) | 1,997,000 | (77,000) | |||||||||||||
Adjustments for REIT basis | 0 | 0 | |||||||||||||
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | 0 | ||||||||||||||
Company's equity in net income (loss) within continuing operations | 1,997,000 | (77,000) | |||||||||||||
Joint Venture | Goodman UK JV | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Revenues | 613,000 | 5,911,000 | |||||||||||||
Operating expenses | 767,000 | 1,000,000 | |||||||||||||
Acquisition expenses | 0 | ||||||||||||||
Interest expense | 0 | 0 | |||||||||||||
Depreciation and amortization | 1,037,000 | 1,681,000 | |||||||||||||
Total expenses | 1,804,000 | 2,681,000 | |||||||||||||
Net income (loss) from operations | (1,191,000) | 3,230,000 | |||||||||||||
Gain (loss) on derivatives | 0 | 0 | |||||||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||||||
Net gain on disposals | 7,871,000 | 9,421,000 | |||||||||||||
Provision for taxes | 2,000 | (81,000) | |||||||||||||
Net income (loss) | 6,682,000 | 12,570,000 | |||||||||||||
Company's share in net income (loss) | 5,344,000 | 10,057,000 | |||||||||||||
Adjustments for REIT basis | (2,292,000) | (2,820,000) | |||||||||||||
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | 0 | ||||||||||||||
Company's equity in net income (loss) within continuing operations | 3,052,000 | 7,237,000 | |||||||||||||
Joint Venture | Duke JV | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Revenues | 19,812,000 | 1,853,000 | |||||||||||||
Operating expenses | 5,309,000 | 565,000 | |||||||||||||
Acquisition expenses | 0 | 0 | |||||||||||||
Interest expense | 602,000 | 113,000 | |||||||||||||
Depreciation and amortization | 7,154,000 | 700,000 | |||||||||||||
Total expenses | 13,065,000 | 1,378,000 | |||||||||||||
Net income (loss) from operations | 6,747,000 | 475,000 | |||||||||||||
Gain (loss) on derivatives | 0 | 0 | |||||||||||||
Loss on extinguishment of debt | (7,962,000) | ||||||||||||||
Net gain on disposals | 66,705,000 | ||||||||||||||
Provision for taxes | 0 | 0 | |||||||||||||
Net income (loss) | 65,490,000 | 475,000 | |||||||||||||
Company's share in net income (loss) | 50,424,000 | 380,000 | |||||||||||||
Adjustments for REIT basis | (54,390,000) | (183,000) | |||||||||||||
Company's equity in net income (loss) within continuing operations | (3,966,000) | 197,000 | |||||||||||||
Joint Venture | CBRE Strategic Partners Asia | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Revenues | (8,804,000) | (19,053,000) | |||||||||||||
Operating expenses | 1,212,000 | 1,535,000 | |||||||||||||
Acquisition expenses | 0 | ||||||||||||||
Interest expense | 0 | 0 | |||||||||||||
Depreciation and amortization | 0 | 0 | |||||||||||||
Total expenses | 1,212,000 | 1,535,000 | |||||||||||||
Net income (loss) from operations | (10,016,000) | (20,588,000) | |||||||||||||
Gain (loss) on derivatives | 0 | 0 | |||||||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||||||
Net gain on disposals | 0 | 0 | |||||||||||||
Provision for taxes | 0 | 0 | |||||||||||||
Net income (loss) | (10,016,000) | (20,588,000) | |||||||||||||
Company's share in net income (loss) | (513,000) | (1,053,000) | |||||||||||||
Adjustments for REIT basis | 0 | 0 | |||||||||||||
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | 0 | ||||||||||||||
Company's equity in net income (loss) within continuing operations | (513,000) | (1,053,000) | |||||||||||||
Joint Venture | Other | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Revenues | 39,648,000 | 4,336,000 | 4,108,000 | ||||||||||||
Operating expenses | 879,000 | 466,000 | 90,000 | ||||||||||||
Acquisition expenses | 27,000 | 0 | |||||||||||||
Interest expense | 2,707,000 | 2,831,000 | 2,322,000 | ||||||||||||
Depreciation and amortization | 1,332,000 | 1,331,000 | 1,341,000 | ||||||||||||
Total expenses | 4,918,000 | 4,655,000 | 3,753,000 | ||||||||||||
Net income (loss) from operations | 34,730,000 | (319,000) | 355,000 | ||||||||||||
Gain (loss) on derivatives | 0 | 0 | 0 | ||||||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||||||
Net gain on disposals | 0 | 0 | |||||||||||||
Provision for taxes | 0 | 0 | (12,000) | ||||||||||||
Net income (loss) | 34,730,000 | (319,000) | 343,000 | ||||||||||||
Company's share in net income (loss) | 8,754,000 | 1,000 | 406,000 | ||||||||||||
Adjustments for REIT basis | 0 | 0 | (55,000) | ||||||||||||
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | 0 | ||||||||||||||
Company's equity in net income (loss) within continuing operations | 8,754,000 | 1,000 | 351,000 | ||||||||||||
Joint Venture | Europe | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Revenues | 6,172,000 | ||||||||||||||
Operating expenses | 2,650,000 | ||||||||||||||
Acquisition expenses | 7,865,000 | ||||||||||||||
Interest expense | 808,000 | ||||||||||||||
Depreciation and amortization | 2,590,000 | ||||||||||||||
Total expenses | 13,913,000 | ||||||||||||||
Net income (loss) from operations | (7,741,000) | ||||||||||||||
Gain (loss) on derivatives | (1,090,000) | ||||||||||||||
Provision for taxes | (37,000) | ||||||||||||||
Net income (loss) | (8,868,000) | ||||||||||||||
Company's share in net income (loss) | (1,583,000) | ||||||||||||||
Adjustments for REIT basis | (72,000) | ||||||||||||||
Company's equity in net income (loss) within continuing operations | $ (1,655,000) | ||||||||||||||
Joint Venture | Europe | Gramercy European Property Fund | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Revenues | 32,771,000 | 50,055,000 | |||||||||||||
Operating expenses | 5,948,000 | 7,859,000 | |||||||||||||
Acquisition expenses | 10,786,000 | ||||||||||||||
Interest expense | 4,739,000 | 7,378,000 | |||||||||||||
Depreciation and amortization | 14,197,000 | 21,958,000 | |||||||||||||
Total expenses | 24,884,000 | 47,981,000 | |||||||||||||
Net income (loss) from operations | 7,887,000 | 2,074,000 | |||||||||||||
Gain (loss) on derivatives | 2,248,000 | (3,551,000) | |||||||||||||
Loss on extinguishment of debt | 0 | 717,000 | |||||||||||||
Net gain on disposals | 230,392,000 | 0 | |||||||||||||
Provision for taxes | (416,000) | (1,261,000) | |||||||||||||
Net income (loss) | 240,111,000 | (2,021,000) | |||||||||||||
Company's share in net income (loss) | 34,030,000 | (419,000) | |||||||||||||
Adjustments for REIT basis | (73,000) | 686,000 | |||||||||||||
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | 1,001,000 | ||||||||||||||
Company's equity in net income (loss) within continuing operations | 34,958,000 | 267,000 | |||||||||||||
Joint Venture | Europe | Goodman Europe JV | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Revenues | 10,581,000 | 24,221,000 | |||||||||||||
Operating expenses | 1,900,000 | 2,825,000 | |||||||||||||
Acquisition expenses | 4,960,000 | ||||||||||||||
Interest expense | 1,315,000 | 3,128,000 | |||||||||||||
Depreciation and amortization | 4,165,000 | 10,967,000 | |||||||||||||
Total expenses | 7,380,000 | 21,880,000 | |||||||||||||
Net income (loss) from operations | 3,201,000 | 2,341,000 | |||||||||||||
Gain (loss) on derivatives | 0 | 0 | |||||||||||||
Loss on extinguishment of debt | 0 | 717,000 | |||||||||||||
Net gain on disposals | 0 | 0 | |||||||||||||
Provision for taxes | (70,000) | (54,000) | |||||||||||||
Net income (loss) | 3,131,000 | 3,004,000 | |||||||||||||
Company's share in net income (loss) | 159,000 | 606,000 | |||||||||||||
Adjustments for REIT basis | (73,000) | 686,000 | |||||||||||||
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | 6,142,000 | ||||||||||||||
Company's equity in net income (loss) within continuing operations | 6,228,000 | 1,292,000 | |||||||||||||
Joint Venture | Europe | Gramercy European Property Fund (excluding legacy Goodman Europe JV) | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Revenues | 22,190,000 | 25,834,000 | |||||||||||||
Operating expenses | 4,048,000 | 5,034,000 | |||||||||||||
Acquisition expenses | 5,826,000 | ||||||||||||||
Interest expense | 3,424,000 | 4,250,000 | |||||||||||||
Depreciation and amortization | 10,032,000 | 10,991,000 | |||||||||||||
Total expenses | 17,504,000 | 26,101,000 | |||||||||||||
Net income (loss) from operations | 4,686,000 | (267,000) | |||||||||||||
Gain (loss) on derivatives | 2,248,000 | (3,551,000) | |||||||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||||||
Net gain on disposals | 230,392,000 | 0 | |||||||||||||
Provision for taxes | (346,000) | (1,207,000) | |||||||||||||
Net income (loss) | 236,980,000 | (5,025,000) | |||||||||||||
Company's share in net income (loss) | 33,871,000 | (1,025,000) | |||||||||||||
Adjustments for REIT basis | 0 | 0 | |||||||||||||
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | (5,141,000) | ||||||||||||||
Company's equity in net income (loss) within continuing operations | $ 28,730,000 | $ (1,025,000) | |||||||||||||
Goodman Europe JV | Gramercy European Property Fund | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Ownership % | 14.20% | 14.20% | 14.20% | 14.20% |
Debt Obligations (Secured Debt)
Debt Obligations (Secured Debt) (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($)Property | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($)Property | Dec. 31, 2017USD ($)land_parcel | Dec. 31, 2017USD ($)mortgage | Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($)Property | |
Debt Instrument [Line Items] | ||||||||||||||
Number of non-recourse mortgages assumed | mortgage | 9 | |||||||||||||
Number of properties acquired | 21 | 79 | 2 | |||||||||||
Number of mortgages paid off | mortgage | 11 | |||||||||||||
Number of properties associated with loans repaid | Property | 2 | |||||||||||||
Loss on extinguishment of debt | $ (11) | $ (6,751) | $ 268 | $ (208) | $ 0 | $ (13,777) | $ (1,356) | $ (5,757) | $ (6,702) | $ (20,890) | $ (9,472) | |||
Gain on extinguishment of debt, discontinued operations | 0 | 1,930 | 0 | |||||||||||
US Treasury Securities [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Treasury securities value | 144,063 | 144,063 | ||||||||||||
Mortgages | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Defeasance of mortgage loan | $ 124,605 | |||||||||||||
Number of properties encumbered by debt that was defeased | Property | 11 | |||||||||||||
Mortgages | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of properties acquired | Property | 27 | |||||||||||||
Number of properties associated with loans repaid | Property | 15 | 22 | ||||||||||||
Long-term Debt, Refinanced, Amount | 10,456 | |||||||||||||
Number of mortgages transferred | 2 | 1 | ||||||||||||
Loss on extinguishment of debt | (340) | |||||||||||||
Individual Acquisitions | Mortgages | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Non-recourse debt | $ 181,107 | $ 244,188 | $ 181,107 | $ 181,107 | $ 181,107 | $ 181,107 | $ 244,188 | $ 618,169 | ||||||
Number of properties acquired | Property | 7 | 42 |
Debt Obligations (Schedule of M
Debt Obligations (Schedule of Mortgage Notes Payable) (Details) $ in Thousands | Dec. 31, 2017USD ($)PropertySecurityLoan | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | ||
Number of loans cross-collateralized by properties | SecurityLoan | 5 | |
Mortgage Notes Payable | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 554,498 | $ 555,484 |
Plus net deferred financing costs and net debt premium | (9,023) | (3,158) |
Total mortgage notes payable, net | $ 563,521 | 558,642 |
Mortgage Notes Payable | Greenwood, IN | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.59% | |
Outstanding Balance | $ 7,257 | 7,436 |
Mortgage Notes Payable | Greenfield, IN | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.63% | |
Outstanding Balance | $ 5,865 | 6,010 |
Mortgage Notes Payable | Logistics Portfolio - Pool 3 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.96% | |
Outstanding Balance | $ 43,302 | 43,300 |
Number of properties under mortgage | Property | 2 | |
Mortgage Notes Payable | Philadelphia, PA | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.99% | |
Outstanding Balance | $ 11,943 | 12,328 |
Mortgage Notes Payable | Bridgeview, IL | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.90% | |
Outstanding Balance | $ 5,838 | 6,014 |
Mortgage Notes Payable | Spartanburg, SC | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.20% | |
Outstanding Balance | $ 632 | 1,025 |
Mortgage Notes Payable | Charleston, SC | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.11% | |
Outstanding Balance | $ 457 | 986 |
Mortgage Notes Payable | Lawrence, IN | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.02% | |
Outstanding Balance | $ 20,061 | 20,703 |
Mortgage Notes Payable | Charlotte, NC | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.28% | |
Outstanding Balance | $ 1,538 | 2,217 |
Mortgage Notes Payable | Hawthorne, CA | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.52% | |
Outstanding Balance | $ 17,207 | 17,638 |
Mortgage Notes Payable | Charleston, SC | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.32% | |
Outstanding Balance | $ 758 | 1,001 |
Mortgage Notes Payable | Charleston, SC | ||
Debt Instrument [Line Items] | ||
Interest Rate | 2.97% | |
Outstanding Balance | $ 746 | 984 |
Mortgage Notes Payable | Charleston, SC | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.37% | |
Outstanding Balance | $ 746 | 984 |
Mortgage Notes Payable | Charlotte, NC | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.38% | |
Outstanding Balance | $ 647 | 853 |
Mortgage Notes Payable | Des Plaines, IL | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.54% | |
Outstanding Balance | $ 2,385 | 2,463 |
Mortgage Notes Payable | Waco, TX | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.75% | |
Outstanding Balance | $ 14,890 | 15,187 |
Mortgage Notes Payable | Deerfield, IL | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.71% | |
Outstanding Balance | $ 10,447 | 10,804 |
Mortgage Notes Payable | Winston-Salem, NC | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.41% | |
Outstanding Balance | $ 3,354 | 4,199 |
Mortgage Notes Payable | Winston-Salem, NC | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.42% | |
Outstanding Balance | $ 1,114 | 1,388 |
Mortgage Notes Payable | Logistics Portfolio - Pool 1 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.27% | |
Outstanding Balance | $ 38,107 | 39,002 |
Number of properties under mortgage | Property | 3 | |
Mortgage Notes Payable | CCC Portfolio | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.24% | |
Outstanding Balance | $ 22,814 | 23,280 |
Number of properties under mortgage | Property | 5 | |
Mortgage Notes Payable | Logistics Portfolio - Pool 4 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.36% | |
Outstanding Balance | $ 79,500 | 79,500 |
Number of properties under mortgage | Property | 6 | |
Mortgage Notes Payable | Romeoville, IL | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.80% | |
Outstanding Balance | $ 24,951 | 0 |
Mortgage Notes Payable | Romeoville, IL | ||
Debt Instrument [Line Items] | ||
Interest Rate | 9.37% | |
Outstanding Balance | $ 6,623 | 0 |
Mortgage Notes Payable | KIK USA Portfolio | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.31% | |
Outstanding Balance | $ 7,154 | 7,450 |
Number of properties under mortgage | Property | 3 | |
Mortgage Notes Payable | Yuma, AZ | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.27% | |
Outstanding Balance | $ 11,858 | 12,058 |
Mortgage Notes Payable | Allentown, PA | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.16% | |
Outstanding Balance | $ 22,690 | 23,078 |
Mortgage Notes Payable | Spartanburg, SC | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.72% | |
Outstanding Balance | $ 5,635 | 6,360 |
Mortgage Notes Payable | Natick, MA | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.21% | |
Outstanding Balance | $ 31,224 | 0 |
Mortgage Notes Payable | Natick, MA | ||
Debt Instrument [Line Items] | ||
Interest Rate | 10.38% | |
Outstanding Balance | $ 3,469 | 0 |
Mortgage Notes Payable | Maple Grove, MN | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.88% | |
Outstanding Balance | $ 16,380 | 0 |
Mortgage Notes Payable | Curtis Bay, MD | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.31% | |
Outstanding Balance | $ 13,500 | 0 |
Mortgage Notes Payable | Rialto, CA | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.91% | |
Outstanding Balance | $ 54,741 | 0 |
Mortgage Notes Payable | Houston, TX | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.68% | |
Outstanding Balance | $ 26,000 | 0 |
Mortgage Notes Payable | Durham, NC | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.02% | |
Outstanding Balance | $ 3,631 | 0 |
Mortgage Notes Payable | Charleston, SC | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.80% | |
Outstanding Balance | $ 6,001 | 6,658 |
Mortgage Notes Payable | Hackettstown, NJ | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.49% | |
Outstanding Balance | $ 9,455 | 9,550 |
Mortgage Notes Payable | Hutchins, TX | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.41% | |
Outstanding Balance | $ 21,578 | 22,764 |
Mortgage Notes Payable | Buford, GA | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 0 | 15,512 |
Mortgage Notes Payable | Woodcliff Lake, NJ | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 0 | 35,366 |
Mortgage Notes Payable | Dallas, TX | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 0 | 9,540 |
Mortgage Notes Payable | Cincinnati, KY | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 0 | 6,628 |
Mortgage Notes Payable | Jacksonville, FL | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 0 | 6,852 |
Mortgage Notes Payable | Phoenix, AZ | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 0 | 4,120 |
Mortgage Notes Payable | Minneapolis, MN | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 0 | 6,001 |
Mortgage Notes Payable | Ames, IA | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 0 | 16,436 |
Mortgage Notes Payable | Columbus, OH | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 0 | 19,708 |
Mortgage Notes Payable | Columbus, OH | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 0 | 5,908 |
Mortgage Notes Payable | KIK Canada Portfolio | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 0 | 7,914 |
Number of properties under mortgage | Property | 2 | |
Mortgage Notes Payable | Logistics Portfolio - Pool 2 | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 0 | $ 36,279 |
Number of properties under mortgage | Property | 5 |
Debt Obligations (Unsecured Deb
Debt Obligations (Unsecured Debt) (Narrative) (Details) | Dec. 17, 2015USD ($) | Sep. 30, 2017shares | Dec. 31, 2017USD ($)instrument | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)extensioninstrument | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Oct. 31, 2017USD ($) | Jul. 31, 2015USD ($) | May 31, 2015USD ($) | Jun. 09, 2014USD ($) | Mar. 18, 2014USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||||
Loss on extinguishment of debt | $ 11,000 | $ 6,751,000 | $ (268,000) | $ 208,000 | $ 0 | $ 13,777,000 | $ 1,356,000 | $ 5,757,000 | $ 6,702,000 | $ 20,890,000 | $ 9,472,000 | |||||||
Outstanding Balance | 357,162,000 | 65,837,000 | 357,162,000 | 65,837,000 | ||||||||||||||
Adjustments to Additional Paid in Capital, Other | 11,726,000 | |||||||||||||||||
Term Loans | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Unsecured Debt | $ 1,448,152,000 | 1,225,000,000 | $ 1,448,152,000 | 1,225,000,000 | ||||||||||||||
Term Loans | Chambers Street Properties | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Number of term loans | instrument | 4 | 4 | ||||||||||||||||
Unsecured Debt | $ 570,000,000 | |||||||||||||||||
Unsecured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, carrying amount | $ 2,307,162,000 | 1,905,837,000 | $ 2,307,162,000 | 1,905,837,000 | ||||||||||||||
Plus net deferred financing costs and net debt premium | 5,063,000 | 9,704,000 | $ 5,063,000 | 9,704,000 | ||||||||||||||
Unsecured Debt Senior Term Loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, carrying amount | $ 300,000,000 | $ 200,000,000 | ||||||||||||||||
Unsecured Debt Senior Revolving Credit Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Current borrowing capacity | $ 200,000,000 | |||||||||||||||||
Unsecured Revolving Credit And Term Loan Agreement | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 1.35% | |||||||||||||||||
Unsecured Revolving Credit And Term Loan Agreement | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.05% | |||||||||||||||||
Unsecured Revolving Credit And Term Loan Agreement | Base Rate | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.35% | |||||||||||||||||
Unsecured Revolving Credit And Term Loan Agreement | Base Rate | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 1.05% | |||||||||||||||||
Unsecured Revolving Credit And Term Loan Agreement | Federal Funds Rate | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||||||||||||||
Unsecured Revolving Credit And Term Loan Agreement | LIBOR 30-Day | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||||||||||||||
Revolving Credit Facility | Line of Credit | Chambers Street Properties | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 850,000,000 | $ 850,000,000 | ||||||||||||||||
Outstanding Balance | 290,000,000 | |||||||||||||||||
JPMorgan Chase Bank | Revolving Credit Facility | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Commitment fee percentage | 0.125% | |||||||||||||||||
JPMorgan Chase Bank | Revolving Credit Facility | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Commitment fee percentage | 0.30% | |||||||||||||||||
JPMorgan Chase Bank | Revolving Credit Facility | LIBOR | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.875% | |||||||||||||||||
JPMorgan Chase Bank | Revolving Credit Facility | LIBOR | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 1.55% | |||||||||||||||||
JPMorgan Chase Bank | Revolving Credit Facility | Base Rate | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.00% | |||||||||||||||||
JPMorgan Chase Bank | Revolving Credit Facility | Base Rate | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.55% | |||||||||||||||||
2015 Revolving Credit Facility | Unsecured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest Rate | 2.58% | 2.58% | ||||||||||||||||
Debt instrument, carrying amount | $ 345,000,000 | 0 | $ 345,000,000 | 0 | ||||||||||||||
2015 Revolving Credit Facility | JPMorgan Chase Bank | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | 1,900,000,000 | |||||||||||||||||
Line of credit facility, number of extensions | extension | 2 | |||||||||||||||||
Term of extension | 6 months | |||||||||||||||||
Unsecured Credit Facility | JPMorgan Chase Bank | Revolving Credit Facility | Line of Credit | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Face amount | 850,000,000 | |||||||||||||||||
Unsecured Credit Facility | JPMorgan Chase Bank | Revolving Credit Facility | Term Loans | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Face amount | 1,050,000,000 | |||||||||||||||||
2015 Revolving Credit Facility - US Dollars Tranche | JPMorgan Chase Bank | Revolving Credit Facility | Line of Credit | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Face amount | 750,000,000 | |||||||||||||||||
2015 Revolving Credit Facility - Multicurrency Tranche | Unsecured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest Rate | 1.45% | 1.45% | ||||||||||||||||
Debt instrument, carrying amount | $ 12,162,000 | 65,837,000 | $ 12,162,000 | 65,837,000 | ||||||||||||||
2015 Revolving Credit Facility - Multicurrency Tranche | JPMorgan Chase Bank | Revolving Credit Facility | Line of Credit | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Face amount | 100,000,000 | |||||||||||||||||
3-Year Term Loan | Unsecured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest Rate | 2.60% | 2.60% | ||||||||||||||||
Debt instrument, carrying amount | $ 300,000,000 | 300,000,000 | $ 300,000,000 | 300,000,000 | ||||||||||||||
3-Year Term Loan | JPMorgan Chase Bank | Term Loans | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Face amount | 300,000,000 | |||||||||||||||||
Term of instrument | 3 years | |||||||||||||||||
JPM Term Loan | JPMorgan Chase Bank | Term Loans | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility, number of extensions | extension | 1 | |||||||||||||||||
Term of extension | 12 months | |||||||||||||||||
JPM Term Loan | JPMorgan Chase Bank | Term Loans | LIBOR | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.90% | |||||||||||||||||
JPM Term Loan | JPMorgan Chase Bank | Term Loans | LIBOR | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 1.75% | |||||||||||||||||
JPM Term Loan | JPMorgan Chase Bank | Term Loans | Base Rate | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.00% | |||||||||||||||||
JPM Term Loan | JPMorgan Chase Bank | Term Loans | Base Rate | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.75% | |||||||||||||||||
JPM Term Loan | JPMorgan Chase Bank | Term Loans | Federal Funds Rate | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||||||||||||||
JPM Term Loan | JPMorgan Chase Bank | Term Loans | LIBOR 30-Day | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||||||||||||||
5-Year Term Loan | Unsecured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest Rate | 2.60% | 2.60% | ||||||||||||||||
Debt instrument, carrying amount | $ 750,000,000 | 750,000,000 | $ 750,000,000 | 750,000,000 | ||||||||||||||
5-Year Term Loan | JPMorgan Chase Bank | Term Loans | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Face amount | 750,000,000 | |||||||||||||||||
Term of instrument | 5 years | |||||||||||||||||
7-Year Term Loan | Term Loans | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Loss on extinguishment of debt | $ 250,000 | |||||||||||||||||
7-Year Term Loan | Unsecured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest Rate | 2.46% | 2.46% | ||||||||||||||||
Debt instrument, carrying amount | $ 400,000,000 | 175,000,000 | $ 400,000,000 | 175,000,000 | ||||||||||||||
7-Year Term Loan | Capital One | Term Loans | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Face amount | $ 175,000,000 | $ 400,000 | ||||||||||||||||
Term of instrument | 7 years | |||||||||||||||||
7-Year Term Loan | Capital One | Term Loans | LIBOR | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 1.30% | |||||||||||||||||
7-Year Term Loan | Capital One | Term Loans | LIBOR | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.10% | |||||||||||||||||
7-Year Term Loan | Capital One | Term Loans | Base Rate | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.30% | |||||||||||||||||
7-Year Term Loan | Capital One | Term Loans | Base Rate | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 1.10% | |||||||||||||||||
7-Year Term Loan | Capital One | Term Loans | Federal Funds Rate | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||||||||||||||
7-Year Term Loan | Capital One | Term Loans | LIBOR 30-Day | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||||||||||||||
Senior Unsecured Notes | Unsecured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Face amount | $ 400,000,000 | $ 400,000,000 | ||||||||||||||||
Senior Unsecured Notes | Unsecured Debt | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest Rate | 3.89% | 3.89% | ||||||||||||||||
Senior Unsecured Notes | Unsecured Debt | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest Rate | 4.97% | 4.97% | ||||||||||||||||
2014 Revolving Credit Facility - US Dollars Tranche | Unsecured Debt Senior Revolving Credit Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Current borrowing capacity | $ 350,000,000 | |||||||||||||||||
2014 Revolving Credit Facility - Multicurrency Tranche | Unsecured Debt Senior Revolving Credit Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Current borrowing capacity | $ 50,000,000 | |||||||||||||||||
2014 Revolving Credit Facility | Line of Credit | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Loss on extinguishment of debt | $ 9,472,000 | |||||||||||||||||
Exchangeable Senior Notes 3.75% | Convertible debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Face amount | $ 115,000,000 | |||||||||||||||||
Loss on extinguishment of debt | $ 6,792,000 | |||||||||||||||||
Interest Rate | 3.75% | 3.75% | ||||||||||||||||
Percentage of instrument converted | 100.00% | |||||||||||||||||
Instrument converted, shares issued (in shares) | shares | 5,258,420 | |||||||||||||||||
Long-term Debt, Fair Value | $ 117,450,000 | $ 117,450,000 | $ 106,689,000 | |||||||||||||||
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | $ (42,065,000) | |||||||||||||||||
Debt Instrument Discount Carrying Value | $ 108,832,000 | $ 108,832,000 | ||||||||||||||||
Plus net deferred financing costs and net debt premium | $ 6,168,000 | $ 6,168,000 |
Debt Obligations (Components of
Debt Obligations (Components of Unsecured Debt Obligations) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Line of Credit Facility [Line Items] | ||
Outstanding Balance | $ 357,162 | $ 65,837 |
2015 Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Total mortgage notes payable, net | 357,162 | |
Unsecured Debt | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, carrying amount | 2,307,162 | 1,905,837 |
Net deferred financing costs and net debt premium (discount) | (5,063) | (9,704) |
Total mortgage notes payable, net | $ 2,302,099 | 1,896,133 |
Unsecured Debt | 2015 Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Unswapped Interest Rate | 2.58% | |
Effective Interest Rate | 2.58% | |
Debt instrument, carrying amount | $ 345,000 | 0 |
Unsecured Debt | 2015 Revolving Credit Facility - Multicurrency Tranche | ||
Line of Credit Facility [Line Items] | ||
Unswapped Interest Rate | 1.45% | |
Effective Interest Rate | 1.45% | |
Debt instrument, carrying amount | $ 12,162 | 65,837 |
Unsecured Debt | 3-Year Term Loan | ||
Line of Credit Facility [Line Items] | ||
Unswapped Interest Rate | 2.60% | |
Effective Interest Rate | 2.33% | |
Debt instrument, carrying amount | $ 300,000 | 300,000 |
Unsecured Debt | 5-Year Term Loan | ||
Line of Credit Facility [Line Items] | ||
Unswapped Interest Rate | 2.60% | |
Effective Interest Rate | 2.70% | |
Debt instrument, carrying amount | $ 750,000 | 750,000 |
Unsecured Debt | 7-Year Term Loan | ||
Line of Credit Facility [Line Items] | ||
Unswapped Interest Rate | 2.46% | |
Effective Interest Rate | 3.00% | |
Debt instrument, carrying amount | $ 400,000 | 175,000 |
Unsecured Debt | 2015 Senior Notes Due 2024 [Member] | ||
Line of Credit Facility [Line Items] | ||
Unswapped Interest Rate | 4.97% | |
Effective Interest Rate | 5.07% | |
Debt instrument, carrying amount | $ 150,000 | 150,000 |
Unsecured Debt | 2016 Senior Notes Due 2022 [Member] | ||
Line of Credit Facility [Line Items] | ||
Unswapped Interest Rate | 3.89% | |
Effective Interest Rate | 4.00% | |
Debt instrument, carrying amount | $ 150,000 | 150,000 |
Unsecured Debt | 2016 Senior Notes Due 2025 [Member] | ||
Line of Credit Facility [Line Items] | ||
Unswapped Interest Rate | 4.26% | |
Effective Interest Rate | 4.38% | |
Debt instrument, carrying amount | $ 100,000 | 100,000 |
Unsecured Debt | 2016 Senior Notes Due 2026 [Member] | ||
Line of Credit Facility [Line Items] | ||
Unswapped Interest Rate | 4.32% | |
Effective Interest Rate | 4.43% | |
Debt instrument, carrying amount | $ 100,000 | 100,000 |
Unsecured Debt | Exchangeable Senior Notes | ||
Line of Credit Facility [Line Items] | ||
Unswapped Interest Rate | 3.75% | |
Effective Interest Rate | 6.36% | |
Debt instrument, carrying amount | $ 0 | $ 115,000 |
Debt Obligations (Schedule of72
Debt Obligations (Schedule of Maturities of Long-term Debt) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Long-term Debt, Interest Payments, Fiscal Year Maturity [Abstract] | |
2018, interest | $ 99,154 |
2019, interest | 93,935 |
2020, interest | 82,261 |
2021, interest | 55,265 |
2022, interest | 51,668 |
Thereafter, interest | 64,605 |
Above / below market interest, interest | 3,960 |
Interest payments, total | 450,848 |
Long-term Debt and Interest, Fiscal Year Maturity [Abstract] | |
2018, total | 169,298 |
2019, total | 424,385 |
2020, total | 502,257 |
2021, total | 824,521 |
2022, total | 343,597 |
Thereafter, total | 1,044,490 |
Above / below market interest, total | 3,312,508 |
2015 Revolving Credit Facility | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,018 | 0 |
2,019 | 0 |
2,020 | 357,162 |
2,021 | 0 |
2,022 | 0 |
Thereafter | 0 |
Total mortgage notes payable, net | 357,162 |
Long-term Debt, Interest Payments, Fiscal Year Maturity [Abstract] | |
Above / below market interest, interest | 0 |
Senior Unsecured Notes | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
2,022 | 150,000 |
Thereafter | 350,000 |
Total mortgage notes payable, net | 500,000 |
Long-term Debt, Interest Payments, Fiscal Year Maturity [Abstract] | |
Above / below market interest, interest | 0 |
Term Loans | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,018 | 0 |
2,019 | 300,000 |
2,020 | 0 |
2,021 | 750,000 |
2,022 | 0 |
Thereafter | 400,000 |
Total mortgage notes payable, net | 1,450,000 |
Long-term Debt, Interest Payments, Fiscal Year Maturity [Abstract] | |
Above / below market interest, interest | 0 |
Mortgage Notes Payable | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,018 | 70,144 |
2,019 | 30,450 |
2,020 | 62,834 |
2,021 | 19,256 |
2,022 | 141,929 |
Thereafter | 229,885 |
Total mortgage notes payable, net | 554,498 |
Long-term Debt, Interest Payments, Fiscal Year Maturity [Abstract] | |
Above / below market interest, interest | $ 0 |
Leasing Agreements (Narrative)
Leasing Agreements (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases, Operating [Abstract] | |||
Rent expense on ground leases | $ 2,544 | $ 2,093 | $ 1,582 |
Leasing Agreements (Schedule of
Leasing Agreements (Schedule of Future Minimum Rental Payments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Leases, Operating [Abstract] | |
2,018 | $ 454,472 |
2,019 | 437,754 |
2,020 | 410,316 |
2,021 | 376,653 |
2,022 | 324,628 |
Thereafter | 1,696,420 |
Total minimum lease rental income | $ 3,700,243 |
Transactions with Trustee Rel75
Transactions with Trustee Related Entities and Related Parties (Narrative) (Details) € in Thousands, $ in Thousands | Jun. 30, 2016USD ($)Property | Jun. 30, 2016EUR (€)Property | May 31, 2016USD ($)ft²Property | May 31, 2016EUR (€)ft²Property | Jul. 31, 2017USD ($)Property | Jul. 31, 2017EUR (€)Property | Jan. 31, 2017USD ($) | Dec. 31, 2016USD ($)Property | Dec. 31, 2016EUR (€) | Jan. 31, 2015USD ($)ft²Property | Jun. 30, 2013USD ($)ft² | Sep. 30, 2017USD ($) | Mar. 31, 2017Property | Dec. 31, 2016USD ($)Property | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)Propertydirector | Dec. 31, 2017USD ($)Propertydirector | Dec. 31, 2017USD ($)Propertyland_parceldirector | Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($) | Dec. 31, 2017EUR (€)Propertydirector |
Related Party Transaction [Line Items] | |||||||||||||||||||||||
No. of Properties | Property | 46 | 46 | 17 | 17 | 17 | 46 | 17 | ||||||||||||||||
Proceeds from sale of ownership interest in equity method investment | $ 102,762 | $ 97,932 | $ 0 | ||||||||||||||||||||
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | $ 0 | $ 0 | $ 7,229 | $ 0 | 0 | 7,229 | 0 | ||||||||||||||||
Investments in joint ventures | $ 101,807 | $ 101,807 | 70,214 | $ 70,214 | $ 70,214 | 101,807 | |||||||||||||||||
Number of properties acquired | 21 | 79 | 2 | ||||||||||||||||||||
Purchase price | 1,466,811 | ||||||||||||||||||||||
Company | Gramercy Europe | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Initial equity capital available | 55,892 | $ 55,892 | $ 55,892 | € 50,000 | |||||||||||||||||||
Chief Executive Officer | Gramercy Europe | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Investments in joint ventures | 1,388 | 1,388 | 1,388 | 1,250 | |||||||||||||||||||
Managing Directors | Gramercy Europe | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Investments in joint ventures | 1,388 | $ 1,388 | $ 1,388 | € 1,250 | |||||||||||||||||||
Fifth Fee Owner Llc | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Area of real estate property | ft² | 6,580 | ||||||||||||||||||||||
Payments for rent | 388 | 381 | $ 375 | ||||||||||||||||||||
Lease termination fee | $ 158 | ||||||||||||||||||||||
Fifth Fee Owner Llc | Minimum | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Operating leases, rent expense, minimum | $ 368 | 1,318 | |||||||||||||||||||||
Fifth Fee Owner Llc | Maximum | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Operating leases, rent expense, minimum | $ 466 | $ 1,402 | |||||||||||||||||||||
Duke Realty | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 333 | ||||||||||||||||||||||
Number of properties acquired | Property | 1 | 1 | |||||||||||||||||||||
KTR Capital Partners | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Number of properties acquired | Property | 3 | ||||||||||||||||||||||
Purchase price | $ 19,750 | ||||||||||||||||||||||
Lille, France | Gramercy European Property Fund | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Proceeds from sale of real estate | $ 2,662 | € 2,563 | |||||||||||||||||||||
Minnesota | Duke Realty | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Number of properties partially leased | Property | 1 | 1 | 1 | 1 | 1 | ||||||||||||||||||
Area of properties leased | ft² | 30,777 | 30,777 | |||||||||||||||||||||
Area of real estate property | ft² | 322,551 | 322,551 | |||||||||||||||||||||
Milwaukee, Wisconsin | KTR Capital Partners | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Area of real estate property | ft² | 450,000 | ||||||||||||||||||||||
Goodman Europe JV | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Ownership % | 5.10% | 5.10% | 5.10% | 5.10% | 80.00% | 0.00% | 0.00% | 0.00% | 5.10% | 0.00% | |||||||||||||
No. of Properties | Property | 8 | 8 | 8 | 8 | 0 | 0 | 0 | 8 | 0 | ||||||||||||||
Proceeds from sale of ownership interest in equity method investment | $ 148,884 | € 134,336 | |||||||||||||||||||||
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | $ 5,341 | $ 6,142 | |||||||||||||||||||||
Goodman Europe JV | Gramercy European Property Fund | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Ownership % | 94.90% | 94.90% | 94.90% | 94.90% | 94.90% | 94.90% | 94.90% | ||||||||||||||||
Ownership interest sold | 20.00% | 20.00% | 74.90% | ||||||||||||||||||||
Proceeds from sale of ownership interest in equity method investment | $ 47,633 | € 42,766 | |||||||||||||||||||||
Goodman Europe JV | Lille, France | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
No. of Properties | Property | 1 | 1 | 1 | ||||||||||||||||||||
Proceeds from sale of ownership interest in equity method investment | $ 2,662 | € 2,563 | |||||||||||||||||||||
Gramercy European Property Fund | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Ownership % | 14.20% | 14.20% | 0.00% | 0.00% | 0.00% | 14.20% | 0.00% | ||||||||||||||||
No. of Properties | Property | 30 | 30 | 26 | 26 | 0 | 0 | 0 | 26 | 0 | ||||||||||||||
Ownership interest sold | 100.00% | 100.00% | |||||||||||||||||||||
Proceeds from sale of ownership interest in equity method investment | $ 102,785 | € 90,107 | |||||||||||||||||||||
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | $ 27,575 | ||||||||||||||||||||||
Gramercy Europe Asset | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Number of managing directors | director | 2 | 2 | 2 | 2 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Property | Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of real estate properties impaired | Property | 7 | 1 | |
Change in net unrealized loss on derivative instruments | $ 16,070 | $ 5,634 | $ (2,885) |
Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets | 116,011 | 22,233 | |
Real estate investments | Fair Value | Investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets | $ 87,996 | 2,413 | |
Real estate investments | Fair Value | Investments | Held for Investment | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets | $ 87,996 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Carrying Value and Fair Value of Financial Instruments) (Details) $ in Thousands | Dec. 31, 2017USD ($)Property | Dec. 31, 2016USD ($)Property |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Number of real estate properties impaired | Property | 7 | 1 |
Retained CDO Bonds | ||
Financial assets: | ||
Investments | $ 5,527 | |
Carrying Value | ||
Financial assets: | ||
Loan investments | 22,154 | $ 0 |
Financial liabilities: | ||
2015 Revolving Credit Facility | 357,162 | 65,837 |
Mortgage notes payable | 563,521 | 558,642 |
Carrying Value | 3-Year Term Loan | ||
Financial liabilities: | ||
Term Loans | 300,000 | 300,000 |
Carrying Value | 5-Year Term Loan | ||
Financial liabilities: | ||
Term Loans | 750,000 | 750,000 |
Carrying Value | 7-Year Term Loan | ||
Financial liabilities: | ||
Term Loans | 398,152 | 175,000 |
Carrying Value | Senior Unsecured Notes | ||
Financial liabilities: | ||
Senior Notes | 496,785 | 496,464 |
Carrying Value | Exchangeable Senior Notes | ||
Financial liabilities: | ||
Senior Notes | 0 | 108,832 |
Carrying Value | Interest rate swaps | ||
Financial assets: | ||
Interest rate swaps | 19,668 | 3,769 |
Financial liabilities: | ||
Interest rate swaps | 173 | 700 |
Carrying Value | Retained CDO Bonds | ||
Financial assets: | ||
Investments | 5,527 | 11,906 |
Carrying Value | Equity Method Investments | ||
Financial assets: | ||
Investments | 2,820 | 4,145 |
Carrying Value | Real estate investments | ||
Financial assets: | ||
Investments | 87,996 | 2,413 |
Fair Value | ||
Financial assets: | ||
Loan investments | 21,362 | 0 |
Financial liabilities: | ||
2015 Revolving Credit Facility | 357,369 | 65,897 |
Mortgage notes payable | 573,826 | 567,705 |
Fair Value | 3-Year Term Loan | ||
Financial liabilities: | ||
Term Loans | 300,091 | 300,213 |
Fair Value | 5-Year Term Loan | ||
Financial liabilities: | ||
Term Loans | 750,678 | 750,959 |
Fair Value | 7-Year Term Loan | ||
Financial liabilities: | ||
Term Loans | 400,010 | 172,850 |
Fair Value | Senior Unsecured Notes | ||
Financial liabilities: | ||
Senior Notes | 513,229 | 498,650 |
Fair Value | Exchangeable Senior Notes | ||
Financial liabilities: | ||
Senior Notes | 0 | 115,625 |
Fair Value | Interest rate swaps | ||
Financial assets: | ||
Interest rate swaps | 19,668 | 3,769 |
Financial liabilities: | ||
Interest rate swaps | 173 | 700 |
Fair Value | Retained CDO Bonds | ||
Financial assets: | ||
Investments | 5,527 | 11,906 |
Fair Value | Equity Method Investments | ||
Financial assets: | ||
Investments | 2,820 | 4,145 |
Fair Value | Real estate investments | ||
Financial assets: | ||
Investments | $ 87,996 | $ 2,413 |
Fair Value Measurements (Sche78
Fair Value Measurements (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - Fair Value - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | $ 116,011 | $ 22,233 |
Financial Liabilities | (173) | (700) |
Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | (173) | (700) |
Retained CDO Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 5,527 | 11,906 |
Investments | Real estate investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 87,996 | 2,413 |
Investments | Equity Method Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 2,820 | 4,145 |
Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 19,668 | 3,769 |
Level I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Financial Liabilities | 0 | 0 |
Level I | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | 0 | 0 |
Level I | Retained CDO Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Level I | Investments | Real estate investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Level I | Investments | Equity Method Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Level I | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Level II | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Financial Liabilities | 0 | 0 |
Level II | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | 0 | 0 |
Level II | Retained CDO Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Level II | Investments | Real estate investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Level II | Investments | Equity Method Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Level II | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Level III | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 116,011 | 22,233 |
Financial Liabilities | (173) | (700) |
Level III | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | (173) | (700) |
Level III | Retained CDO Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 5,527 | 11,906 |
Level III | Investments | Real estate investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 87,996 | 2,413 |
Level III | Investments | Equity Method Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 2,820 | 4,145 |
Level III | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | $ 19,668 | $ 3,769 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, Assets and Liabilities Measured on Recurring Basis, Valuation Techniques) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
CBRE Strategic Partners Asia | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 2,820 | |
Discount rate | 20.00% | |
Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, fair value | $ 19,495 | |
Interest rate swaps | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 1.10% | |
Interest rate swaps | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 1.95% | |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Aggregate value | $ 173 | $ 700 |
Fair Value | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Aggregate value | 173 | 700 |
Non-investment grade, subordinate CDO bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 5,527 | |
Discount rate | 19.00% | |
Non-investment grade, subordinate CDO bonds | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 5,527 | $ 11,906 |
Fair Value Measurements (Fair80
Fair Value Measurements (Fair Value, Financial Assets (Liabilities) Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 19,120 |
Amortization of discounts or premiums | 1,825 |
Adjustments to fair value: | |
Unrealized loss in other comprehensive income from fair value adjustment | (3,282) |
Other-than-temporary impairments | (4,890) |
Total loss on fair value adjustments | (513) |
Distributions from financial assets | (812) |
Ending balance | 27,842 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Ineffective portion of change in derivative instruments | 242 |
Unrealized gain on derivatives | 16,070 |
CBRE Strategic Partners Asia | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | 4,145 |
Adjustments to fair value: | |
Total loss on fair value adjustments | (513) |
Distributions from financial assets | (812) |
Ending balance | 2,820 |
Level III | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Termination of derivative instrument | 82 |
Interest rate swaps | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Amortization of discounts or premiums | 32 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Beginning balance | 3,069 |
Ineffective portion of change in derivative instruments | 242 |
Unrealized gain on derivatives | 16,070 |
Ending balance | 19,495 |
Retained CDO Bonds | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | 11,906 |
Amortization of discounts or premiums | 1,793 |
Adjustments to fair value: | |
Unrealized loss in other comprehensive income from fair value adjustment | (3,282) |
Other-than-temporary impairments | (4,890) |
Ending balance | $ 5,527 |
Derivative and Non-Derivative81
Derivative and Non-Derivative Hedging Instruments (Schedule of Derivative Instruments) (Details) - Not Designated as Hedging Instrument £ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017GBP (£) |
Derivative [Line Items] | ||
Fair Value | $ 19,495 | |
Interest Rate Swap Strike Rate 4.55% | ||
Derivative [Line Items] | ||
Notional Value | $ 14,890 | |
Strike Rate | 4.55% | 4.55% |
Fair Value | $ (173) | |
Interest Rate Swap Strike Rate 1.22% | ||
Derivative [Line Items] | ||
Notional Value | $ 100,000 | |
Strike Rate | 1.22% | 1.22% |
Fair Value | $ 538 | |
Interest Rate Swap Strike Rate 1.23% | ||
Derivative [Line Items] | ||
Notional Value | $ 100,000 | |
Strike Rate | 1.23% | 1.23% |
Fair Value | $ 533 | |
Interest Rate Swap Strike Rate 1.24% | ||
Derivative [Line Items] | ||
Notional Value | $ 100,000 | |
Strike Rate | 1.24% | 1.24% |
Fair Value | $ 523 | |
Interest Rate Swap Strike Rate 1.60% | ||
Derivative [Line Items] | ||
Notional Value | $ 750,000 | |
Strike Rate | 1.60% | 1.60% |
Fair Value | $ 10,136 | |
Interest Rate Swap Strike Rate 1.82% | ||
Derivative [Line Items] | ||
Notional Value | $ 175,000 | |
Strike Rate | 1.82% | 1.82% |
Fair Value | $ 2,568 | |
Interest Rate Swap Strike Rate 1.95% | ||
Derivative [Line Items] | ||
Notional Value | $ 60,000 | |
Strike Rate | 1.95% | 1.95% |
Fair Value | $ 518 | |
Interest Rate Swap Strike Rate 2.01% | ||
Derivative [Line Items] | ||
Notional Value | $ 40,000 | |
Strike Rate | 2.01% | 2.01% |
Fair Value | $ 227 | |
Interest Rate Swap Strike Rate 1.96% | ||
Derivative [Line Items] | ||
Notional Value | $ 39,500 | |
Strike Rate | 1.96% | 1.96% |
Fair Value | $ 303 | |
Interest Rate Swap Strike Rate 1.96% | ||
Derivative [Line Items] | ||
Notional Value | $ 31,500 | |
Strike Rate | 1.96% | 1.96% |
Fair Value | $ 245 | |
Interest Rate Swap Strike Rate 2.00% | ||
Derivative [Line Items] | ||
Notional Value | $ 31,500 | |
Strike Rate | 2.00% | 2.00% |
Fair Value | $ 195 | |
Interest Rate Swap Strike Rate 1.95% | ||
Derivative [Line Items] | ||
Notional Value | $ 22,500 | |
Strike Rate | 1.95% | 1.95% |
Fair Value | $ 188 | |
Forward Interest Rate Swap | ||
Derivative [Line Items] | ||
Notional Value | $ 250,000 | |
Strike Rate | 2.23% | 2.23% |
Fair Value | $ 3,694 | |
Net Investment Hedge in GBP-denominated Investments | ||
Derivative [Line Items] | ||
Notional Value | £ | £ 9,000 | |
Fair Value | $ 0 |
Derivative and Non-Derivative82
Derivative and Non-Derivative Hedging Instruments (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)instrument | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | |||||||||||
Swap gain (losses) | $ (242,000) | $ 869,000 | $ (600,000) | ||||||||
Interest expense | $ 26,291,000 | $ 24,266,000 | $ 23,239,000 | $ 23,056,000 | $ 18,163,000 | $ 18,409,000 | $ 16,909,000 | $ 21,953,000 | 96,852,000 | 75,434,000 | 34,663,000 |
Reclassification of unrealized gain of non-derivative net investment hedge into earnings | $ 1,851,000 | 0 | 0 | ||||||||
Forward Interest Rate Swap | |||||||||||
Derivative [Line Items] | |||||||||||
Contracts entered into | instrument | 1 | ||||||||||
Interest rate swaps | |||||||||||
Derivative [Line Items] | |||||||||||
Contracts entered into | instrument | 6 | ||||||||||
Derivative, fair value | 19,495,000 | $ 19,495,000 | |||||||||
Assets at fair value | 19,668,000 | 19,668,000 | |||||||||
Net liability of derivative | 173,000 | 173,000 | |||||||||
Interest expense | 1,024,000 | $ 1,187,000 | (45,000) | ||||||||
Amounts reclassified from OCI | (2,699,000) | ||||||||||
Interest expense to be recognized | 1,563,000 | ||||||||||
Recognized in interest expense in 12 months | (1,087,000) | (1,087,000) | |||||||||
Net Investment Hedge in Gramercy European Property Fund | |||||||||||
Derivative [Line Items] | |||||||||||
Net liability of derivative | 12,162,000 | 12,162,000 | |||||||||
Reclassification of unrealized gain of non-derivative net investment hedge into earnings | 1,851,000 | ||||||||||
Hedge ineffectiveness | $ (4,219,000) | $ 5,154,000 | $ 0 | ||||||||
Not Designated as Hedging Instrument | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, fair value | 19,495,000 | 19,495,000 | |||||||||
Not Designated as Hedging Instrument | Forward Interest Rate Swap | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, fair value | $ 3,694,000 | $ 3,694,000 |
Shareholders' Equity (Deficit83
Shareholders' Equity (Deficit) of the Company (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2017shares | Apr. 30, 2017USD ($)$ / sharesshares | Dec. 31, 2016$ / sharesshares | Jun. 30, 2016shares | Feb. 28, 2015 | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Feb. 29, 2016USD ($) | |
Class of Stock [Line Items] | |||||||||
Capital units, authorized | 1,000,000,000 | 500,000,000 | 1,000,000,000 | ||||||
Common stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Common stock, shares authorized | 990,000,000 | 490,000,000 | 990,000,000 | ||||||
Cumulative redeemable preferred stock, shares authorized | 10,000,000 | ||||||||
Common stock, shares issued | 140,647,971 | 160,686,822 | 140,647,971 | ||||||
Sales price (in usd per share) | $ / shares | $ 27.60 | ||||||||
Proceeds from sale of common stock (in usd) | $ | $ 274,234,000 | $ 410,779,000 | $ 16,000 | $ 289,910,000 | |||||
Reverse stock split ratio | 0.3333 | 0.25 | |||||||
Ordinary income dividend percent | 65.00% | 68.00% | |||||||
Capital gains dividend percent | 4.20% | 26.30% | |||||||
Return of capital dividends percent | 30.80% | 5.70% | |||||||
ESPP shares allocated (in shares) | 250,000 | ||||||||
Purchase price percent of market value | 90.00% | ||||||||
Shares registered for DRIP | 3,333,333 | ||||||||
Dividend reinvestment program proceeds (in shares) | 6,863 | 697 | |||||||
Shares available for DRIP (in shares) | 3,325,773 | ||||||||
Authorized repurchase amount (in usd) | $ | $ 100,000 | ||||||||
Series A Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Cumulative redeemable preferred stock, shares authorized | 3,500,000 | 3,500,000 | 3,500,000 | ||||||
Cumulative redeemable preferred stock, shares issued | 3,500,000 | 3,500,000 | 3,500,000 | ||||||
Convertible debt | Exchangeable Senior Notes 3.75% | |||||||||
Class of Stock [Line Items] | |||||||||
Instrument converted, shares issued (in shares) | 5,258,420 | ||||||||
Percentage of instrument converted | 100.00% | ||||||||
Public offering | |||||||||
Class of Stock [Line Items] | |||||||||
Shares issued in transaction (in shares) | 10,350,000 | ||||||||
Underwriters option | |||||||||
Class of Stock [Line Items] | |||||||||
Shares issued in transaction (in shares) | 1,350,000 |
Shareholders' Equity (Deficit84
Shareholders' Equity (Deficit) of the Company (Summary of Common Dividends) (Details) - $ / shares | 3 Months Ended | |||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | |
Equity [Abstract] | ||||
Common dividend per share | $ 0.375 | $ 0.375 | $ 0.375 | $ 0.375 |
Preferred dividend per share | $ 0.445 | $ 0.445 | $ 0.445 | $ 0.445 |
Shareholders' Equity (Deficit85
Shareholders' Equity (Deficit) of the Company (Summary of Restricted Stock and Restricted Stock Units) (Details) - Restricted Stock and Restricted Stock Units (RSUs) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Number of Awards | |
Nonvested awards at beginning of period (in shares) | shares | 416,920 |
Granted (in shares) | shares | 89,755 |
Vested (in shares) | shares | (220,190) |
Lapsed or canceled (in shares) | shares | (3,112) |
Nonvested awards at end of period (in shares) | shares | 283,373 |
Weighted Average Fair Value | |
Nonvested awards at beginning of period (in usd per share) | $ / shares | $ 20.10 |
Granted (in usd per share) | $ / shares | 27.32 |
Vested (in usd per share) | $ / shares | 19.24 |
Lapsed or canceled (in usd per share) | $ / shares | 23.75 |
Nonvested awards at end of period (in usd per share) | $ / shares | $ 23.02 |
Shareholders' Equity (Deficit86
Shareholders' Equity (Deficit) of the Company (At-The-Marketing Equity Offering Program) (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Jul. 31, 2016 | Dec. 31, 2017 | |
Class of Stock [Line Items] | ||
Gross sales price | $ 375,000,000 | |
At Market Offering | ||
Class of Stock [Line Items] | ||
Issuance of shares (in shares) | 4,219,978 | |
Proceeds from issuance of common stock, net | $ 123,051,000 |
Shareholders' Equity (Deficit87
Shareholders' Equity (Deficit) of the Company (Preferred Stock) (Narrative) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | ||
Preferred stock, shares outstanding | 3,500,000 | |
Series A Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, shares outstanding | 3,500,000 | 3,500,000 |
Preferred stock, liquidation preference per share (in usd per share) | $ 25 | |
7.125% Series A Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, rate | 7.125% | |
Preferred stock, dividend rate (in usd per share) | $ 1.78125 | |
Chambers Street Properties | Series B Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, rate | 7.125% |
Shareholders' Equity (Deficit88
Shareholders' Equity (Deficit) of the Company (Equity Incentive Plans) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2012 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested units | 98,084 | |||
Long-term Incentive Plan Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested units | 329,757 | 0 | ||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested restricted shares outstanding (in shares) | 347,676 | 318,807 | 228,066 | |
2016 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 4,000,000 | |||
Shares available for grant (in shares) | 2,732,649 | |||
Shares issued in period (in shares) | 596,460 | |||
Shares issued during period, net of forfeitures | $ 7,800 | |||
Expected volatility | 19.00% | |||
Dividend yield | 5.10% | |||
Risk-free interest rate | 1.53% | |||
Grants in period (in shares) | 1,034,647 | |||
Shares vesting percentage | 72.30% | |||
2016 Equity Incentive Plan | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 2,914 | $ 2,313 | ||
Share based compensation expense, not yet recognized | $ 3,704 | |||
Share based compensation expense, not yet recognized, period of recognition | 28 months | |||
2016 Equity Incentive Plan | Period One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 50.00% | |||
2016 Equity Incentive Plan | Period Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 50.00% | |||
2012 Inducement Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant date fair value | $ 6,125 | |||
2012 Outperformance Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant date fair value | $ 2,715 | |||
Share-based compensation expense | $ 4,449 | $ 2,325 | $ 1,952 | |
Share based compensation expense, not yet recognized | $ 11,327 | |||
Share based compensation expense, not yet recognized, period of recognition | 38 months | |||
Equity Incentive Plan | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 1,360 | |||
Equity Incentive Plan | Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding (in shares) | 70,971 | |||
Weighted average exercise price (in usd per share) | $ 23.19 | |||
Contractual term | 84 months | |||
Executive Officer | Long-term Incentive Plan Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate grant date fair value | $ 7,552 | |||
Grants in period (in shares) | 568,990 | |||
Weighted Average | 2016 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 21.33% | |||
Dividend yield | 4.77% | |||
Risk-free interest rate | 1.10% |
Shareholders' Equity (Deficit89
Shareholders' Equity (Deficit) of the Company (Schedule of Calculation of Numerator and Denominator in Earnings Per Share) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator - Income (loss) | |||||||||||
Net income (loss) from continuing operations | $ (4,156) | $ 45,607 | $ 5,985 | $ (8,072) | $ 4,287 | $ (3,411) | $ 23,565 | $ (5,693) | $ 39,364 | $ 18,748 | $ (50,433) |
Net income (loss) from discontinued operations | (13) | (24) | (28) | (24) | 354 | 347 | 58 | 4,640 | (89) | 5,399 | 875 |
Income (loss) before net gain on disposals | (4,169) | 45,583 | 5,957 | (8,096) | 4,641 | (3,064) | 23,623 | (1,053) | 39,275 | 24,147 | (49,558) |
Net gain on disposals | 22,550 | 4,879 | 2,002 | 17,377 | 1,541 | 2,336 | 0 | 0 | 46,808 | 3,877 | 839 |
Gain on sale of European unconsolidated equity investment interests held with a related party | 0 | 0 | 5,341 | 0 | 0 | 5,341 | 0 | ||||
Net income (loss) | 18,381 | 50,462 | 7,959 | 9,281 | 6,182 | (728) | 28,964 | (1,053) | 86,083 | 33,365 | (48,719) |
Net (income) loss attributable to noncontrolling interest | (446) | (333) | 113 | (154) | 145 | (221) | (51) | 120 | (820) | (7) | 791 |
Less: Nonforfeitable dividends allocated to participating shareholders | (938) | (841) | (104) | ||||||||
Preferred share dividends | $ (1,558) | $ (1,559) | $ (1,558) | $ (1,559) | $ (1,558) | $ (1,559) | $ (1,558) | $ (1,559) | (6,234) | (6,234) | (6,234) |
Net income (loss) available to common shares outstanding | $ 78,091 | $ 26,283 | $ (54,266) | ||||||||
Denominator - Weighted Average shares: | |||||||||||
Weighted average shares outstanding (in shares) | 150,660,964 | 140,192,424 | 60,698,716 | ||||||||
Effect of dilutive securities | |||||||||||
Unvested share based payment awards (in shares) | 0 | 35,144 | 0 | ||||||||
Option (in shares) | 18,945 | 14,179 | 0 | ||||||||
Exchangeable Senior Notes (in shares) | 0 | 767,274 | 0 | ||||||||
Diluted shares (in shares) | 160,358,728 | 157,507,213 | 149,914,443 | 141,875,619 | 141,228,218 | 140,257,503 | 142,514,202 | 140,060,405 | 150,679,909 | 141,009,021 | 60,698,716 |
Shareholders' Equity (Deficit90
Shareholders' Equity (Deficit) of the Company (Earnings per Share) (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Option | |||
Class of Stock [Line Items] | |||
Value of securities excluded from computation of EPS | 17,659 | ||
Stock Compensation Plan | |||
Class of Stock [Line Items] | |||
Value of securities excluded from computation of EPS | 1,044,416 | ||
OP Units | |||
Class of Stock [Line Items] | |||
Value of securities excluded from computation of EPS | 518,336 | ||
Exchangeable Senior Notes | |||
Class of Stock [Line Items] | |||
Value of securities excluded from computation of EPS | 157,385 | ||
Outside Interests in Operating Partnership | |||
Class of Stock [Line Items] | |||
Value of securities excluded from computation of EPS | 1,735,703 | 696,662 |
Shareholders' Equity (Deficit91
Shareholders' Equity (Deficit) of the Company (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity [Abstract] | |||
Net unrealized gain (loss) on derivative securities | $ 15,630 | $ (440) | $ (6,074) |
Net unrealized gain on debt instruments | 417 | 3,699 | 1,010 |
Foreign currency translation adjustments: | |||
Net gain on non-derivative net investment hedges | 297 | 4,516 | 14 |
Other foreign currency translation adjustments | (5,734) | (13,045) | (656) |
Reclassification of swap gain into interest expense | 2,166 | 1,142 | (45) |
Total accumulated other comprehensive income (loss) | 12,776 | (4,128) | $ (5,751) |
Write-offs of non-derivative net investment hedges | $ 1,851 | $ 652 |
Partners' Capital of the Oper92
Partners' Capital of the Operating Partnership (Narrative) (Details) - GPT Operating Partnership LP | Dec. 31, 2017shares |
Limited Partners' Capital Account [Line Items] | |
Partnership units (in units) | 160,686,822 |
Ownership interest in Operating Partnership | 97.33% |
Ownership percentage by noncontrolling owners | 2.67% |
Noncontrolling interest | |
Limited Partners' Capital Account [Line Items] | |
Partnership units (in units) | 4,398,935 |
Partners' Capital of the Oper93
Partners' Capital of the Operating Partnership (Calculation of Earnings Per Share) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator - Income (loss) | |||||||||||
Net income (loss) from continuing operations | $ (4,156) | $ 45,607 | $ 5,985 | $ (8,072) | $ 4,287 | $ (3,411) | $ 23,565 | $ (5,693) | $ 39,364 | $ 18,748 | $ (50,433) |
Net income (loss) from discontinued operations | (13) | (24) | (28) | (24) | 354 | 347 | 58 | 4,640 | (89) | 5,399 | 875 |
Income (loss) before net gain on disposals | (4,169) | 45,583 | 5,957 | (8,096) | 4,641 | (3,064) | 23,623 | (1,053) | 39,275 | 24,147 | (49,558) |
Net gain on disposals | 22,550 | 4,879 | 2,002 | 17,377 | 1,541 | 2,336 | 0 | 0 | 46,808 | 3,877 | 839 |
Gain on sale of European unconsolidated equity investment interests held with a related party | 0 | 0 | 5,341 | 0 | 0 | 5,341 | 0 | ||||
Net income (loss) | 18,381 | 50,462 | 7,959 | 9,281 | 6,182 | (728) | 28,964 | (1,053) | 86,083 | 33,365 | (48,719) |
Less: Nonforfeitable dividends allocated to participating unitholders | (938) | (841) | (104) | ||||||||
Less: Preferred unit distributions | (1,558) | (1,559) | (1,558) | (1,559) | (1,558) | (1,559) | (1,558) | (1,559) | $ (6,234) | $ (6,234) | (6,234) |
Net income available to common unitholders | $ (54,642) | ||||||||||
Effect of dilutive securities | |||||||||||
Unvested non-participating unit based payment awards (in units) | 0 | 35,144 | 0 | ||||||||
Option (in units) | 18,945 | 14,179 | 0 | ||||||||
Exchangeable Senior Notes (in units) | 0 | 767,274 | 0 | ||||||||
Diluted shares (in shares) | 61,217,052 | ||||||||||
GPT Operating Partnership LP | |||||||||||
Numerator - Income (loss) | |||||||||||
Net income (loss) from continuing operations | (4,156) | 45,607 | 5,985 | (8,072) | 4,287 | (3,411) | 23,565 | (5,693) | $ 39,364 | $ 18,748 | $ (50,433) |
Net income (loss) from discontinued operations | (13) | (24) | (28) | (24) | 354 | 347 | 58 | 4,640 | (89) | 5,399 | 875 |
Income (loss) before net gain on disposals | (4,169) | 45,583 | 5,957 | (8,096) | 4,641 | (3,064) | 23,623 | (1,053) | 39,275 | 24,147 | (49,558) |
Net gain on disposals | 22,550 | 4,879 | 2,002 | 17,377 | 1,541 | 2,336 | 0 | 0 | 46,808 | 3,877 | 839 |
Gain on sale of European unconsolidated equity investment interests held with a related party | 0 | 0 | 5,341 | 0 | 0 | 5,341 | 0 | ||||
Net income (loss) | $ 18,381 | $ 50,462 | $ 7,959 | $ 9,281 | $ 6,182 | $ (728) | $ 28,964 | $ (1,053) | 86,083 | 33,365 | (48,719) |
Less: Net (gain) loss attributable to noncontrolling interest in other partnerships | 114 | 77 | 415 | ||||||||
Less: Nonforfeitable dividends allocated to participating unitholders | (938) | (841) | (104) | ||||||||
Less: Preferred unit distributions | (6,234) | (6,234) | $ (6,234) | ||||||||
Net income available to common unitholders | $ 79,025 | $ 26,367 | |||||||||
Denominator – Weighted average shares | |||||||||||
Weighted average basic units outstanding (in units) | 164,705,027 | 153,971,961 | 149,103,359 | 141,527,985 | 140,934,854 | 140,596,612 | 141,179,745 | 140,518,506 | 152,396,667 | 140,889,086 | 61,217,052 |
Effect of dilutive securities | |||||||||||
Unvested non-participating unit based payment awards (in units) | 0 | 35,144 | 0 | ||||||||
Option (in units) | 18,945 | 14,179 | 0 | ||||||||
Exchangeable Senior Notes (in units) | 0 | 767,274 | 0 | ||||||||
Diluted shares (in shares) | 164,724,622 | 158,859,822 | 150,474,886 | 142,496,205 | 141,864,923 | 140,596,612 | 142,514,202 | 140,518,506 | 152,415,612 | 141,705,683 | 61,217,052 |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2017Property | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2017USD ($)Property$ / sharesshares | Dec. 31, 2017USD ($)land_parcel$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2014Propertyshares | Dec. 31, 2015USD ($) | |
Noncontrolling Interest [Line Items] | |||||||
Number of properties acquired | 21 | 79 | 2 | ||||
Common stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||
Capital shares reserved for future issuance | 3,739,420 | 3,739,420 | 3,739,420 | ||||
Noncontrolling interest in operating partnership (in usd) | $ | $ 113,530 | $ 113,530 | $ 113,530 | $ 8,643 | |||
Long-term Incentive Plan Units | |||||||
Noncontrolling Interest [Line Items] | |||||||
Capital shares reserved for future issuance | 659,515 | 659,515 | 659,515 | ||||
Vested units | 329,757 | 0 | |||||
GPT Operating Partnership LP | |||||||
Noncontrolling Interest [Line Items] | |||||||
Ownership percentage by noncontrolling owners | 2.67% | 2.67% | 2.67% | ||||
Common stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Temporary equity, shares outstanding | 159,035,964 | 159,035,964 | 159,035,964 | 139,235,055 | |||
Noncontrolling interest in operating partnership (in usd) | $ | $ 113,530 | $ 113,530 | $ 113,530 | $ 8,643 | |||
GPT Operating Partnership LP | Long-term Incentive Plan Units | |||||||
Noncontrolling Interest [Line Items] | |||||||
Vested units | 659,515 | ||||||
Acquired By Issuance of OP Units | GPT Operating Partnership LP | |||||||
Noncontrolling Interest [Line Items] | |||||||
Number of properties acquired | Property | 9 | 3 | |||||
OP Units | GPT Operating Partnership LP | |||||||
Noncontrolling Interest [Line Items] | |||||||
Units issued in connection with issuance of shares for the merger (in shares) | 3,560,188 | 1,004,363 | |||||
Temporary equity, shares outstanding | 3,739,420 | 3,739,420 | 3,739,420 | ||||
Shares converted | 134,607 | 156,452 | |||||
Noncontrolling interest in operating partnership (in usd) | $ | $ 113,530 | $ 113,530 | $ 113,530 | $ 8,643 | $ 10,892 |
Noncontrolling Interests (Nonco
Noncontrolling Interests (Noncontrolling Interest in the Operating Partnership) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Noncontrolling Interest Items [Abstract] | ||
Balance at beginning of period | $ 8,643 | |
Balance at end of period | 113,530 | $ 8,643 |
GPT Operating Partnership LP | ||
Noncontrolling Interest Items [Abstract] | ||
Balance at beginning of period | 8,643 | |
Balance at end of period | 113,530 | 8,643 |
OP Units | GPT Operating Partnership LP | ||
Noncontrolling Interest Items [Abstract] | ||
Balance at beginning of period | 8,643 | 10,892 |
Issuance of noncontrolling interests in the Operating Partnership | 108,751 | 0 |
Redemption of noncontrolling interests in the Operating Partnership | (3,738) | (4,159) |
Net income attribution | (934) | 84 |
Fair value adjustments | 1,436 | 2,404 |
Dividends | (2,496) | (578) |
Balance at end of period | $ 113,530 | $ 8,643 |
Commitments and Contingencies96
Commitments and Contingencies (Narrative) (Details) € in Thousands, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Jan. 31, 2018USD ($) | Jan. 31, 2018EUR (€) | Dec. 31, 2017USD ($)Property | Nov. 30, 2017Property | Feb. 28, 2017USD ($) | Jan. 31, 2017USD ($) | Jun. 30, 2013USD ($) | Mar. 01, 2018Property | Mar. 31, 2017USD ($)Property | Dec. 31, 2017USD ($)Property | Dec. 31, 2017USD ($)Property | Dec. 31, 2017USD ($)Property | Dec. 31, 2017USD ($)Propertyland_parcel | Dec. 31, 2017EUR (€) | Dec. 31, 2017USD ($)Propertyrenewal_option | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017EUR (€)Property | Oct. 31, 2017USD ($) | Oct. 31, 2017EUR (€) | |
Commitments And Contingencies [Line Items] | ||||||||||||||||||||
Number of properties acquired | 21 | 79 | 2 | |||||||||||||||||
Rent expense | $ 2,251 | $ 1,816 | $ 775 | |||||||||||||||||
Rent, year one | $ 2,491 | $ 2,491 | 2,491 | $ 2,491 | $ 2,491 | $ 2,491 | ||||||||||||||
Rent, year two | 2,552 | 2,552 | 2,552 | 2,552 | 2,552 | 2,552 | ||||||||||||||
Rent expense on ground leases | 2,544 | 2,093 | 1,582 | |||||||||||||||||
Assets under capital leases | $ 21,500 | $ 21,500 | 21,500 | $ 21,500 | $ 21,500 | $ 21,500 | 16,312 | $ 2,758 | ||||||||||||
Fifth Fee Owner Llc | ||||||||||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||||||||||
Renewal options | renewal_option | 1 | |||||||||||||||||||
Renewal term | 5 years | |||||||||||||||||||
Lease termination fee | $ 158 | |||||||||||||||||||
Operating Expense Reimbursement Audits | Settled Litigation | ||||||||||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||||||||||
Settlement payments | $ 3,500 | |||||||||||||||||||
Minimum | Fifth Fee Owner Llc | ||||||||||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||||||||||
Operating leases, rent expense, minimum | $ 368 | 1,318 | ||||||||||||||||||
Maximum | Fifth Fee Owner Llc | ||||||||||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||||||||||
Operating leases, rent expense, minimum | $ 466 | $ 1,402 | ||||||||||||||||||
Lakemont Development Investment | ||||||||||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||||||||||
Ownership percentage by noncontrolling owners | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | |||||||||||||
Ownership % | 95.00% | 95.00% | 95.00% | 95.00% | 95.00% | 95.00% | 95.00% | |||||||||||||
Number of properties acquired | Property | 4 | |||||||||||||||||||
Gramercy European Property Fund III | ||||||||||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||||||||||
Aggregate cost | $ 315,278 | € 262,622 | ||||||||||||||||||
Contributions to investments | $ 3,016 | € 2,514 | ||||||||||||||||||
Ownership % | 19.90% | 19.90% | 19.90% | 19.90% | 19.90% | 19.90% | 19.90% | |||||||||||||
Gramercy European Property Fund III | Subsequent Event | ||||||||||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||||||||||
Contributions to investments | $ 2,266 | € 1,888 | ||||||||||||||||||
Gramercy European Property Fund III | GPT | ||||||||||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||||||||||
Aggregate cost | $ 62,651 | $ 62,651 | $ 62,651 | $ 62,651 | $ 62,651 | $ 62,651 | € 52,187 | |||||||||||||
E-Commerce JV | ||||||||||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||||||||||
Commitment amount | $ 110,000 | $ 110,000 | 110,000 | $ 110,000 | $ 110,000 | $ 110,000 | ||||||||||||||
Contributions to investments | $ 17,811 | |||||||||||||||||||
Ownership % | 51.00% | 51.00% | 51.00% | 51.00% | 51.00% | 51.00% | 51.00% | |||||||||||||
Number of properties acquired | Property | 6 | 6 | ||||||||||||||||||
E-Commerce JV | Subsequent Event | ||||||||||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||||||||||
Number of properties acquired | Property | 2 | |||||||||||||||||||
Strategic Office Partners | ||||||||||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||||||||||
Commitment amount | $ 400,000 | $ 400,000 | $ 400,000 | $ 400,000 | $ 400,000 | $ 400,000 | ||||||||||||||
Ownership % | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | |||||||||||||
Amount funded | $ 29,477 | $ 29,477 | $ 29,477 | $ 29,477 | $ 29,477 | $ 29,477 | $ 16,027 | |||||||||||||
Strategic Office Partners | GPT | ||||||||||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||||||||||
Commitment amount | 100,000 | 100,000 | 100,000 | $ 100,000 | 100,000 | 100,000 | ||||||||||||||
Build-to-suit property | ||||||||||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||||||||||
Number of properties acquired | Property | 1 | |||||||||||||||||||
Round Rock | ||||||||||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||||||||||
Real Estate Assets | $ 29,605 | |||||||||||||||||||
Commitment amount | $ 71,009 | $ 71,009 | $ 71,009 | $ 71,009 | $ 71,009 | $ 71,009 | ||||||||||||||
Round Rock | Build-to-suit property | ||||||||||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||||||||||
Properties obligated to build | Property | 2 | 2 | 2 | 2 | 2 | 2 | 2 | |||||||||||||
London Office | ||||||||||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||||||||||
Rent, year one | $ 388 | $ 388 | $ 388 | $ 388 | $ 388 | $ 388 | ||||||||||||||
Rent, year two | $ 394 | $ 394 | $ 394 | $ 394 | $ 394 | $ 394 |
Commitments and Contingencies97
Commitments and Contingencies (Schedule of Future Minimum Rental Payments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Ground Leases - Operating | |
2018, operating | $ 2,491 |
2019, operating | 2,552 |
2020, operating | 2,555 |
2021, operating | 2,522 |
2022, operating | 2,551 |
Thereafter, operating | 71,739 |
Total minimum rent expense, operating | 84,410 |
Ground Leases - Capital | |
2018, capital | 1 |
2019, capital | 0 |
2020, capital | 0 |
2021, capital | 0 |
2022, capital | 0 |
Thereafter, capital | 329 |
Total minimum rent expense, capital | 330 |
Total | |
2,018 | 2,492 |
2,019 | 2,552 |
2,020 | 2,555 |
2,021 | 2,522 |
2,022 | 2,551 |
Thereafter | 72,068 |
Total | $ 84,740 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||||||||||
Federal | $ 741 | $ (2,198) | $ (859) | ||||||||
State and local | (97) | (962) | (1,009) | ||||||||
Total current | 644 | (3,160) | (1,868) | ||||||||
Deferred: | |||||||||||
Federal | 0 | 0 | (228) | ||||||||
State and local | 0 | 0 | (57) | ||||||||
Total deferred | 0 | 0 | (285) | ||||||||
Total income tax )expense) benefit | $ 3 | $ (598) | $ 147 | $ (196) | $ (574) | $ 331 | $ 2,700 | $ 703 | $ (644) | $ 3,160 | $ 2,153 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Income Tax Contingency [Line Items] | |
Operating loss carryforwards | $ 34,000 |
Capital loss carryforwards expiration duration | 5 years |
Maximum | |
Income Tax Contingency [Line Items] | |
Operating loss carryforwards expiration duration | 20 years |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Effective Income Tax Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||
Income tax (expense) benefit at federal statutory rate | $ (29,617) | $ (12,781) | $ 16,020 | ||||||||
Tax effect of REIT election | 30,358 | 10,583 | (17,328) | ||||||||
State and local taxes, net of federal benefit | (83) | (953) | (839) | ||||||||
Permanent difference | (14) | (9) | (6) | ||||||||
Total income tax )expense) benefit | $ 3 | $ (598) | $ 147 | $ (196) | $ (574) | $ 331 | $ 2,700 | $ 703 | $ (644) | $ 3,160 | $ 2,153 |
Supplemental Cash Flow Infor101
Supplemental Cash Flow Information (Supplemental Cash Flow Information) (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental cash flow disclosures: | |||
Interest paid | $ 93,051 | $ 77,081 | $ 30,303 |
Income taxes paid | 1,176 | 2,906 | 1,730 |
Proceeds from 1031 exchanges from sale of real estate | 212,973 | 723,863 | 0 |
Use of funds from 1031 exchanges for acquisitions of real estate | (212,973) | (723,831) | 0 |
Non-cash activity: | |||
Net assets acquired in the Merger in exchange for common stock | $ 0 | $ 0 | $ 1,829,241 |
Common stock registered in exchange for net assets acquired in the Merger | 0 | 0 | 1,829,241 |
Fair value adjustment to noncontrolling interest in the Operating Partnership | $ 1,436 | $ 2,404 | $ (769) |
Debt assumed in acquisition of real estate | 181,107 | 244,188 | 618,169 |
Debt transferred in disposition of real estate | (10,456) | (101,432) | 0 |
Non-cash acquisition of consolidated VIE | 24,930 | 0 | 0 |
Dividend reinvestment plan proceeds | 194 | 0 | 0 |
Distribution of real estate assets from unconsolidated equity investment | 0 | 263,015 | 0 |
Treasury securities transferred in connection with defeasance of notes payable | 0 | (144,063) | 0 |
Transfer of defeased note payable | 0 | 124,605 | 0 |
Contribution of real estate assets as investment in unconsolidated equity investments | 0 | (182,168) | 0 |
Redemption of units of noncontrolling interest in the Operating Partnership for common shares | (3,738) | (4,159) | (3,784) |
Real estate acquired for units of noncontrolling interest in the Operating Partnership | 108,751 | 0 | 0 |
Redemption of Exchangeable Senior Notes for common shares | $ 117,450 | $ 0 | $ 0 |
Selected Quarterly Financial102
Selected Quarterly Financial Data of the Company (unaudited) (Schedule of Quarterly Financial Information of the Company) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||||||||||
Total revenues | $ 149,006 | $ 134,855 | $ 131,365 | $ 129,994 | $ 126,202 | $ 131,092 | $ 139,425 | $ 120,545 | $ 545,220 | $ 517,264 | $ 237,272 |
Operating income | 39,192 | 30,360 | 34,435 | 32,751 | 25,460 | 31,297 | 37,469 | 25,475 | 136,738 | 119,701 | (3,038) |
Interest Expense | (26,291) | (24,266) | (23,239) | (23,056) | (18,163) | (18,409) | (16,909) | (21,953) | (96,852) | (75,434) | (34,663) |
Net impairment recognized in earnings | 0 | 0 | 0 | (4,890) | (4,890) | 0 | 0 | ||||
Equity in net income (loss) of unconsolidated equity investments | (636) | 48,730 | 248 | (94) | 6,470 | (1,138) | (168) | (2,755) | 48,248 | 2,409 | (1,107) |
Gain on dissolution of previously held U.S. unconsolidated equity investment interests | 0 | 0 | 7,229 | 0 | 0 | 7,229 | 0 | ||||
Loss on extinguishment of debt | (11) | (6,751) | 268 | (208) | 0 | (13,777) | (1,356) | (5,757) | (6,702) | (20,890) | (9,472) |
Impairment of real estate investments | (16,407) | (3,064) | (5,580) | (12,771) | (10,054) | (1,053) | 0 | 0 | (37,822) | (11,107) | 0 |
Provision for taxes | (3) | 598 | (147) | 196 | 574 | (331) | (2,700) | (703) | 644 | (3,160) | (2,153) |
Income (loss) from continuing operations | (4,156) | 45,607 | 5,985 | (8,072) | 4,287 | (3,411) | 23,565 | (5,693) | 39,364 | 18,748 | (50,433) |
Net income (loss) from discontinued operations | (13) | (24) | (28) | (24) | 354 | 347 | 58 | 4,640 | (89) | 5,399 | 875 |
Income (loss) before net gain on disposals | (4,169) | 45,583 | 5,957 | (8,096) | 4,641 | (3,064) | 23,623 | (1,053) | 39,275 | 24,147 | (49,558) |
Gain on sale of European unconsolidated equity investment interests held with a related party | 0 | 0 | 5,341 | 0 | 0 | 5,341 | 0 | ||||
Net gain on disposals | 22,550 | 4,879 | 2,002 | 17,377 | 1,541 | 2,336 | 0 | 0 | 46,808 | 3,877 | 839 |
Net income (loss) | 18,381 | 50,462 | 7,959 | 9,281 | 6,182 | (728) | 28,964 | (1,053) | 86,083 | 33,365 | (48,719) |
Net (income) loss attributable to noncontrolling interest | (446) | (333) | 113 | (154) | 145 | (221) | (51) | 120 | (820) | (7) | 791 |
Net income (loss) attributable to Gramercy Property Trust | 17,935 | 50,129 | 8,072 | 9,127 | 6,327 | (949) | 28,913 | (933) | 85,263 | 33,358 | (47,928) |
Preferred share dividends | (1,558) | (1,559) | (1,558) | (1,559) | (1,558) | (1,559) | (1,558) | (1,559) | (6,234) | (6,234) | (6,234) |
Net Income (loss) available to common shareholders | $ 16,377 | $ 48,570 | $ 6,514 | $ 7,568 | $ 4,769 | $ (2,508) | $ 27,355 | $ (2,492) | $ 79,029 | $ 27,124 | $ (54,162) |
Basic earnings per share: | |||||||||||
Net loss from continuing operations, net of non-controlling interest and after preferred dividends (in dollars per share) | $ 0.10 | $ 0.32 | $ 0.04 | $ 0.05 | $ 0.03 | $ (0.02) | $ 0.19 | $ (0.05) | $ 0.52 | $ 0.15 | $ (0.90) |
Net income (loss) from discontinued operations (in usd per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.03 | 0 | 0.04 | 0.01 |
Net income available to common stockholders (in usd per share) | 0.10 | 0.32 | 0.04 | 0.05 | 0.03 | (0.02) | 0.19 | (0.02) | 0.52 | 0.19 | (0.89) |
Diluted earnings per share: | |||||||||||
Net loss from continuing operations, net of non-controlling interest and after preferred dividends (in dollars per share) | 0.10 | 0.32 | 0.04 | 0.05 | 0.03 | (0.02) | 0.19 | (0.05) | 0.52 | 0.15 | (0.90) |
Net income (loss) from discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.03 | 0 | 0.04 | 0.01 |
Net income available to common stockholders (in usd per share) | $ 0.10 | $ 0.32 | $ 0.04 | $ 0.05 | $ 0.03 | $ (0.02) | $ 0.19 | $ (0.02) | $ 0.52 | $ 0.19 | $ (0.89) |
Basic weighted average common shares outstanding (in shares) | 160,339,133 | 152,619,352 | 148,542,916 | 140,907,399 | 140,298,149 | 140,257,503 | 140,776,976 | 140,060,405 | 150,660,964 | 140,192,424 | 60,698,716 |
Diluted weighted average common shares and common share equivalents outstanding (in shares) | 160,358,728 | 157,507,213 | 149,914,443 | 141,875,619 | 141,228,218 | 140,257,503 | 142,514,202 | 140,060,405 | 150,679,909 | 141,009,021 | 60,698,716 |
Selected Quarterly Financial103
Selected Quarterly Financial Data of the Operating Partnership (unaudited) (Schedule of Quarterly Financial Information of the Operating Partnership) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 149,006 | $ 134,855 | $ 131,365 | $ 129,994 | $ 126,202 | $ 131,092 | $ 139,425 | $ 120,545 | $ 545,220 | $ 517,264 | $ 237,272 |
Gross Profit | 39,192 | 30,360 | 34,435 | 32,751 | 25,460 | 31,297 | 37,469 | 25,475 | 136,738 | 119,701 | (3,038) |
Interest Expense | (26,291) | (24,266) | (23,239) | (23,056) | (18,163) | (18,409) | (16,909) | (21,953) | (96,852) | (75,434) | (34,663) |
Net impairment recognized in earnings | 0 | 0 | 0 | (4,890) | (4,890) | 0 | 0 | ||||
Equity in net income (loss) of unconsolidated equity investments | (636) | 48,730 | 248 | (94) | 6,470 | (1,138) | (168) | (2,755) | 48,248 | 2,409 | (1,107) |
Loss on extinguishment of debt | (11) | (6,751) | 268 | (208) | 0 | (13,777) | (1,356) | (5,757) | (6,702) | (20,890) | (9,472) |
Impairment of real estate investments | (16,407) | (3,064) | (5,580) | (12,771) | (10,054) | (1,053) | 0 | 0 | (37,822) | (11,107) | 0 |
Total income tax benefit (provision) | (3) | 598 | (147) | 196 | 574 | (331) | (2,700) | (703) | 644 | (3,160) | (2,153) |
Net income (loss) from continuing operations | (4,156) | 45,607 | 5,985 | (8,072) | 4,287 | (3,411) | 23,565 | (5,693) | 39,364 | 18,748 | (50,433) |
Net income (loss) from discontinued operations | (13) | (24) | (28) | (24) | 354 | 347 | 58 | 4,640 | (89) | 5,399 | 875 |
Income (Loss) before Gain (Loss) on Sale of Properties | (4,169) | 45,583 | 5,957 | (8,096) | 4,641 | (3,064) | 23,623 | (1,053) | 39,275 | 24,147 | (49,558) |
Gain on sale of European unconsolidated equity investment interests held with a related party | 0 | 0 | 5,341 | 0 | 0 | 5,341 | 0 | ||||
Net gain on disposals | 22,550 | 4,879 | 2,002 | 17,377 | 1,541 | 2,336 | 0 | 0 | 46,808 | 3,877 | 839 |
Net income (loss) | 18,381 | 50,462 | 7,959 | 9,281 | 6,182 | (728) | 28,964 | (1,053) | 86,083 | 33,365 | (48,719) |
Net (income) loss attributable to noncontrolling interest | (446) | (333) | 113 | (154) | 145 | (221) | (51) | 120 | (820) | (7) | 791 |
Net income (loss) | 17,935 | 50,129 | 8,072 | 9,127 | 6,327 | (949) | 28,913 | (933) | 85,263 | 33,358 | (47,928) |
Preferred stock redemption costs | (6,234) | (6,234) | $ (6,234) | ||||||||
Diluted weighted average common units outstanding (in units) | 61,217,052 | ||||||||||
GPT Operating Partnership LP | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 149,006 | 134,855 | 131,365 | 129,994 | 126,202 | 131,092 | 139,425 | 120,545 | 545,220 | 517,264 | $ 237,272 |
Gross Profit | 39,192 | 30,360 | 34,435 | 32,751 | 25,460 | 31,297 | 37,469 | 25,475 | 136,738 | 119,701 | (3,038) |
Interest Expense | (26,291) | (24,266) | (23,239) | (23,056) | (18,163) | (18,409) | (16,909) | (21,953) | (96,852) | (75,434) | (34,663) |
Net impairment recognized in earnings | 0 | 0 | 0 | (4,890) | (4,890) | 0 | 0 | ||||
Equity in net income (loss) of unconsolidated equity investments | (636) | 48,730 | 248 | (94) | 6,470 | (1,138) | (168) | (2,755) | 48,248 | 2,409 | (1,107) |
Gain on remeasurement of previously held unconsolidated equity investment interests | 0 | 0 | 7,229 | 0 | |||||||
Loss on extinguishment of debt | (11) | (6,751) | 268 | (208) | 0 | (13,777) | (1,356) | (5,757) | (6,702) | (20,890) | (9,472) |
Impairment of real estate investments | (16,407) | (3,064) | (5,580) | (12,771) | (10,054) | (1,053) | 0 | 0 | (37,822) | (11,107) | 0 |
Total income tax benefit (provision) | (3) | 598 | (147) | 196 | 574 | (331) | (2,700) | (703) | 644 | (3,160) | (2,153) |
Net income (loss) from continuing operations | (4,156) | 45,607 | 5,985 | (8,072) | 4,287 | (3,411) | 23,565 | (5,693) | 39,364 | 18,748 | (50,433) |
Net income (loss) from discontinued operations | (13) | (24) | (28) | (24) | 354 | 347 | 58 | 4,640 | (89) | 5,399 | 875 |
Income (Loss) before Gain (Loss) on Sale of Properties | (4,169) | 45,583 | 5,957 | (8,096) | 4,641 | (3,064) | 23,623 | (1,053) | 39,275 | 24,147 | (49,558) |
Gain on sale of European unconsolidated equity investment interests held with a related party | 0 | 0 | 5,341 | 0 | 0 | 5,341 | 0 | ||||
Net gain on disposals | 22,550 | 4,879 | 2,002 | 17,377 | 1,541 | 2,336 | 0 | 0 | 46,808 | 3,877 | 839 |
Net income (loss) | 18,381 | 50,462 | 7,959 | 9,281 | 6,182 | (728) | 28,964 | (1,053) | 86,083 | 33,365 | (48,719) |
Net (income) loss attributable to noncontrolling interest | 0 | 97 | 137 | (120) | 168 | (229) | 27 | 111 | |||
Net income (loss) | 18,381 | 50,559 | 8,096 | 9,161 | 6,350 | (957) | 28,991 | (942) | 86,197 | 33,442 | (48,304) |
Preferred stock redemption costs | (1,558) | (1,559) | (1,558) | (1,559) | (1,558) | (1,559) | (1,558) | (1,559) | (6,234) | (6,234) | (6,234) |
Net Income (Loss) Allocated to General Partners | $ 16,823 | $ 49,000 | $ 6,538 | $ 7,602 | $ 4,792 | $ (2,516) | $ 27,433 | $ (2,501) | $ 79,963 | $ 27,208 | $ (54,538) |
Net income from continuing operations, after preferred unit distributions basic (in usd per unit) | $ 0.10 | $ 0.32 | $ 0.04 | $ 0.05 | $ 0.03 | $ (0.02) | $ 0.19 | $ (0.05) | $ 0.52 | $ 0.15 | $ (0.90) |
Net income (loss) from discontinued operations, basic (in usd per unit) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.03 | 0 | 0.04 | 0.01 |
Net income available to common unitholders, diluted (in usd per unit) | 0.10 | 0.32 | 0.04 | 0.05 | 0.03 | (0.02) | 0.19 | (0.02) | 0.52 | 0.19 | (0.89) |
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic, Net of Tax | 0.10 | 0.32 | 0.04 | 0.05 | 0.03 | (0.02) | 0.19 | (0.02) | 0.52 | 0.19 | (0.89) |
Net income from continuing operations, after preferred unit distributions, diluted (in usd per unit) | 0.10 | 0.32 | 0.04 | 0.05 | 0.03 | (0.02) | 0.19 | (0.05) | 0.52 | 0.15 | (0.90) |
Net income (loss) from discontinued operations, diluted (in usd per unit) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0.03 | $ 0 | $ 0.04 | $ 0.01 |
Basic weighted average common units outstanding (in units) | 164,705,027 | 153,971,961 | 149,103,359 | 141,527,985 | 140,934,854 | 140,596,612 | 141,179,745 | 140,518,506 | 152,396,667 | 140,889,086 | 61,217,052 |
Diluted weighted average common units outstanding (in units) | 164,724,622 | 158,859,822 | 150,474,886 | 142,496,205 | 141,864,923 | 140,596,612 | 142,514,202 | 140,518,506 | 152,415,612 | 141,705,683 | 61,217,052 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2018$ / shares | Nov. 30, 2017Property | Mar. 01, 2018USD ($)ft²Propertyshares | Dec. 31, 2017$ / shares | Sep. 30, 2017$ / shares | Jun. 30, 2017$ / shares | Mar. 31, 2017Property$ / shares | Dec. 31, 2017USD ($) | Dec. 31, 2017 | Dec. 31, 2017Property | Dec. 31, 2017land_parcel | Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($)Property | |
Subsequent Event [Line Items] | |||||||||||||
Common dividend per share | $ / shares | $ 0.375 | $ 0.375 | $ 0.375 | $ 0.375 | |||||||||
Preferred dividend per share | $ / shares | $ 0.445 | $ 0.445 | $ 0.445 | $ 0.445 | |||||||||
Number of properties acquired | 21 | 79 | 2 | ||||||||||
Number of real estate properties sold | 24 | 7 | |||||||||||
Issuance of units for acquisitions | $ | $ 108,751 | $ 0 | $ 0 | ||||||||||
Subsequent Event | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Common dividend per share | $ / shares | $ 0.375 | ||||||||||||
Preferred dividend per share | $ / shares | $ 0.44531 | ||||||||||||
7.125% Series A Preferred Stock | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Preferred stock, rate | 7.125% | ||||||||||||
Individual Acquisitions | Subsequent Event | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Area of real estate property | ft² | 162,056 | ||||||||||||
Occupancy rate | 100.00% | ||||||||||||
Payments to acquire real estate | $ | $ 10,550 | ||||||||||||
Industrial property | Individual Acquisitions | Subsequent Event | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Number of properties acquired | 1 | ||||||||||||
Properties sold | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Number of real estate properties sold | 34 | ||||||||||||
Properties sold | Subsequent Event | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Area of real estate property | ft² | 974,373 | ||||||||||||
Number of real estate properties sold | 4 | ||||||||||||
Proceeds from sale of real estate | $ | $ 75,062 | ||||||||||||
E-Commerce JV | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Number of properties acquired | 6 | 6 | |||||||||||
E-Commerce JV | Subsequent Event | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Number of properties acquired | 2 | ||||||||||||
Issuance of units for acquisition (in units) | shares | 996,098 | ||||||||||||
Issuance of units for acquisitions | $ | $ 29,076 |
Schedule II Valuation and Qu105
Schedule II Valuation and Qualifying Accounts (Details) - Tenant and Other Receivables - Allowance - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 57 | $ 204 | $ 188 |
Additions Charged to Costs and Expenses | 815 | 77 | (63) |
Deductions | (234) | (224) | 79 |
Balance at End of Year | $ 638 | $ 57 | $ 204 |
Schedule III - Real Estate I106
Schedule III - Real Estate Investments (Schedule of Real Estate Investments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | $ 563,521 |
Initial Costs - Land | 1,027,615 |
Initial Costs - Building and Improvements | 4,750,240 |
Land, Building, and Improvements | 109,969 |
Gross Amount - Land | 1,023,908 |
Gross Amount - Building and Improvements | 4,863,916 |
Total Amount on Land and Building Improvements | 5,887,824 |
Accumulated Depreciation | (333,151) |
Greenwood, IN | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 7,245 |
Initial Costs - Land | 1,200 |
Initial Costs - Building and Improvements | 12,002 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,200 |
Gross Amount - Building and Improvements | 12,002 |
Total Amount on Land and Building Improvements | 13,202 |
Accumulated Depreciation | (1,772) |
Greenfield, IN | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 5,854 |
Initial Costs - Land | 600 |
Initial Costs - Building and Improvements | 9,357 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 600 |
Gross Amount - Building and Improvements | 9,357 |
Total Amount on Land and Building Improvements | 9,957 |
Accumulated Depreciation | (1,308) |
Olive Branch, MS | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,250 |
Initial Costs - Building and Improvements | 18,891 |
Land, Building, and Improvements | 36 |
Gross Amount - Land | 2,250 |
Gross Amount - Building and Improvements | 18,927 |
Total Amount on Land and Building Improvements | 21,177 |
Accumulated Depreciation | (2,459) |
Olive Branch, MS | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 769 |
Initial Costs - Building and Improvements | 11,093 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 769 |
Gross Amount - Building and Improvements | 11,093 |
Total Amount on Land and Building Improvements | 11,862 |
Accumulated Depreciation | (105) |
Olive Branch, MS | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 771 |
Initial Costs - Building and Improvements | 8,631 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 771 |
Gross Amount - Building and Improvements | 8,631 |
Total Amount on Land and Building Improvements | 9,402 |
Accumulated Depreciation | (87) |
Olive Branch, MS | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 925 |
Initial Costs - Building and Improvements | 13,943 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 925 |
Gross Amount - Building and Improvements | 13,943 |
Total Amount on Land and Building Improvements | 14,868 |
Accumulated Depreciation | (138) |
Olive Branch, MS | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,972 |
Initial Costs - Building and Improvements | 39,389 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,972 |
Gross Amount - Building and Improvements | 39,389 |
Total Amount on Land and Building Improvements | 41,361 |
Accumulated Depreciation | (370) |
New Lennox, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,364 |
Initial Costs - Building and Improvements | 12,797 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,364 |
Gross Amount - Building and Improvements | 12,797 |
Total Amount on Land and Building Improvements | 16,161 |
Accumulated Depreciation | (178) |
Carol Stream, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,257 |
Initial Costs - Building and Improvements | 6,376 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,257 |
Gross Amount - Building and Improvements | 6,376 |
Total Amount on Land and Building Improvements | 7,633 |
Accumulated Depreciation | (82) |
Groveport, OH | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,730 |
Initial Costs - Building and Improvements | 35,039 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,730 |
Gross Amount - Building and Improvements | 35,039 |
Total Amount on Land and Building Improvements | 37,769 |
Accumulated Depreciation | (363) |
Groveport, OH | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,199 |
Initial Costs - Building and Improvements | 21,972 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,199 |
Gross Amount - Building and Improvements | 21,972 |
Total Amount on Land and Building Improvements | 24,171 |
Accumulated Depreciation | (260) |
Tinley Park, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 546 |
Initial Costs - Building and Improvements | 1,497 |
Land, Building, and Improvements | 15 |
Gross Amount - Land | 546 |
Gross Amount - Building and Improvements | 1,512 |
Total Amount on Land and Building Improvements | 2,058 |
Accumulated Depreciation | (20) |
Tinley Park, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,723 |
Initial Costs - Building and Improvements | 6,322 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,723 |
Gross Amount - Building and Improvements | 6,322 |
Total Amount on Land and Building Improvements | 8,045 |
Accumulated Depreciation | (86) |
Tinley Park, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 398 |
Initial Costs - Building and Improvements | 1,689 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 398 |
Gross Amount - Building and Improvements | 1,689 |
Total Amount on Land and Building Improvements | 2,087 |
Accumulated Depreciation | (20) |
Tinley Park, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,294 |
Initial Costs - Building and Improvements | 4,603 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,294 |
Gross Amount - Building and Improvements | 4,603 |
Total Amount on Land and Building Improvements | 5,897 |
Accumulated Depreciation | (62) |
Tinley Park, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,407 |
Initial Costs - Building and Improvements | 11,745 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,407 |
Gross Amount - Building and Improvements | 11,745 |
Total Amount on Land and Building Improvements | 15,152 |
Accumulated Depreciation | (183) |
Tinley Park, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 11,413 |
Initial Costs - Building and Improvements | 41,645 |
Land, Building, and Improvements | 600 |
Gross Amount - Land | 11,413 |
Gross Amount - Building and Improvements | 42,245 |
Total Amount on Land and Building Improvements | 53,658 |
Accumulated Depreciation | (497) |
Tinley Park, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,192 |
Initial Costs - Building and Improvements | 4,245 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,192 |
Gross Amount - Building and Improvements | 4,245 |
Total Amount on Land and Building Improvements | 5,437 |
Accumulated Depreciation | (57) |
McDonough, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,602 |
Initial Costs - Building and Improvements | 16,879 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,602 |
Gross Amount - Building and Improvements | 16,879 |
Total Amount on Land and Building Improvements | 19,481 |
Accumulated Depreciation | (191) |
Garland, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,200 |
Initial Costs - Building and Improvements | 6,081 |
Land, Building, and Improvements | 1,109 |
Gross Amount - Land | 2,200 |
Gross Amount - Building and Improvements | 7,190 |
Total Amount on Land and Building Improvements | 9,390 |
Accumulated Depreciation | (1,873) |
East Brunswick, NJ | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 5,700 |
Initial Costs - Building and Improvements | 4,626 |
Land, Building, and Improvements | 139 |
Gross Amount - Land | 5,700 |
Gross Amount - Building and Improvements | 4,765 |
Total Amount on Land and Building Improvements | 10,465 |
Accumulated Depreciation | (1,011) |
Atlanta, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,700 |
Initial Costs - Building and Improvements | 4,949 |
Land, Building, and Improvements | (260) |
Gross Amount - Land | 1,700 |
Gross Amount - Building and Improvements | 4,689 |
Total Amount on Land and Building Improvements | 6,389 |
Accumulated Depreciation | (876) |
Atlanta, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,181 |
Initial Costs - Building and Improvements | 6,046 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,181 |
Gross Amount - Building and Improvements | 6,046 |
Total Amount on Land and Building Improvements | 7,227 |
Accumulated Depreciation | (97) |
Bellmawr, NJ | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 540 |
Initial Costs - Building and Improvements | 2,992 |
Land, Building, and Improvements | (90) |
Gross Amount - Land | 540 |
Gross Amount - Building and Improvements | 2,902 |
Total Amount on Land and Building Improvements | 3,442 |
Accumulated Depreciation | (380) |
Hialeah Gardens, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 4,839 |
Initial Costs - Building and Improvements | 1,437 |
Land, Building, and Improvements | 19,997 |
Gross Amount - Land | 4,839 |
Gross Amount - Building and Improvements | 21,434 |
Total Amount on Land and Building Improvements | 26,273 |
Accumulated Depreciation | (1,875) |
Deer Park, NY | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,596 |
Initial Costs - Building and Improvements | 1,926 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,596 |
Gross Amount - Building and Improvements | 1,926 |
Total Amount on Land and Building Improvements | 3,522 |
Accumulated Depreciation | (657) |
Elkridge, MD | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,589 |
Initial Costs - Building and Improvements | 3,034 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,589 |
Gross Amount - Building and Improvements | 3,034 |
Total Amount on Land and Building Improvements | 5,623 |
Accumulated Depreciation | (909) |
Houston, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,251 |
Initial Costs - Building and Improvements | 2,650 |
Land, Building, and Improvements | (789) |
Gross Amount - Land | 3,251 |
Gross Amount - Building and Improvements | 1,861 |
Total Amount on Land and Building Improvements | 5,112 |
Accumulated Depreciation | (542) |
Houston, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 26,709 |
Initial Costs - Land | 1,299 |
Initial Costs - Building and Improvements | 35,640 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,299 |
Gross Amount - Building and Improvements | 35,640 |
Total Amount on Land and Building Improvements | 36,939 |
Accumulated Depreciation | (314) |
Dallas, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 390 |
Initial Costs - Building and Improvements | 3,615 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 390 |
Gross Amount - Building and Improvements | 3,615 |
Total Amount on Land and Building Improvements | 4,005 |
Accumulated Depreciation | (46) |
Dallas, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 692 |
Initial Costs - Building and Improvements | 5,914 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 692 |
Gross Amount - Building and Improvements | 5,914 |
Total Amount on Land and Building Improvements | 6,606 |
Accumulated Depreciation | (73) |
Mesquite, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,628 |
Initial Costs - Building and Improvements | 14,613 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,628 |
Gross Amount - Building and Improvements | 14,613 |
Total Amount on Land and Building Improvements | 16,241 |
Accumulated Depreciation | (162) |
Orlando, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,644 |
Initial Costs - Building and Improvements | 2,904 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,644 |
Gross Amount - Building and Improvements | 2,904 |
Total Amount on Land and Building Improvements | 4,548 |
Accumulated Depreciation | (1,062) |
Hutchins, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 23,338 |
Initial Costs - Land | 10,867 |
Initial Costs - Building and Improvements | 40,104 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 10,867 |
Gross Amount - Building and Improvements | 40,104 |
Total Amount on Land and Building Improvements | 50,971 |
Accumulated Depreciation | (11,628) |
Swedesboro, NJ | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,070 |
Initial Costs - Building and Improvements | 9,603 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,070 |
Gross Amount - Building and Improvements | 9,603 |
Total Amount on Land and Building Improvements | 10,673 |
Accumulated Depreciation | (1,270) |
Atlanta, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 224 |
Initial Costs - Building and Improvements | 3,150 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 224 |
Gross Amount - Building and Improvements | 3,150 |
Total Amount on Land and Building Improvements | 3,374 |
Accumulated Depreciation | (1,112) |
Atlanta, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,190 |
Initial Costs - Building and Improvements | 5,722 |
Land, Building, and Improvements | 120 |
Gross Amount - Land | 1,190 |
Gross Amount - Building and Improvements | 5,842 |
Total Amount on Land and Building Improvements | 7,032 |
Accumulated Depreciation | (84) |
Atlanta, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 855 |
Initial Costs - Building and Improvements | 3,676 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 855 |
Gross Amount - Building and Improvements | 3,676 |
Total Amount on Land and Building Improvements | 4,531 |
Accumulated Depreciation | (58) |
Atlanta, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,187 |
Initial Costs - Building and Improvements | 6,158 |
Land, Building, and Improvements | 27 |
Gross Amount - Land | 1,187 |
Gross Amount - Building and Improvements | 6,185 |
Total Amount on Land and Building Improvements | 7,372 |
Accumulated Depreciation | (80) |
Atlanta, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,832 |
Initial Costs - Building and Improvements | 7,076 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,832 |
Gross Amount - Building and Improvements | 7,076 |
Total Amount on Land and Building Improvements | 8,908 |
Accumulated Depreciation | (117) |
Atlanta, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,704 |
Initial Costs - Building and Improvements | 7,852 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,704 |
Gross Amount - Building and Improvements | 7,852 |
Total Amount on Land and Building Improvements | 9,556 |
Accumulated Depreciation | (110) |
Atlanta, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,691 |
Initial Costs - Building and Improvements | 8,611 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,691 |
Gross Amount - Building and Improvements | 8,611 |
Total Amount on Land and Building Improvements | 10,302 |
Accumulated Depreciation | (122) |
Atlanta, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,659 |
Initial Costs - Building and Improvements | 8,566 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,659 |
Gross Amount - Building and Improvements | 8,566 |
Total Amount on Land and Building Improvements | 10,225 |
Accumulated Depreciation | (118) |
Atlanta, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 927 |
Initial Costs - Building and Improvements | 4,782 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 927 |
Gross Amount - Building and Improvements | 4,782 |
Total Amount on Land and Building Improvements | 5,709 |
Accumulated Depreciation | (62) |
Atlanta, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 951 |
Initial Costs - Building and Improvements | 3,856 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 951 |
Gross Amount - Building and Improvements | 3,856 |
Total Amount on Land and Building Improvements | 4,807 |
Accumulated Depreciation | (63) |
Atlanta, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,496 |
Initial Costs - Building and Improvements | 7,811 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,496 |
Gross Amount - Building and Improvements | 7,811 |
Total Amount on Land and Building Improvements | 9,307 |
Accumulated Depreciation | (129) |
Atlanta, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,231 |
Initial Costs - Building and Improvements | 6,695 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,231 |
Gross Amount - Building and Improvements | 6,695 |
Total Amount on Land and Building Improvements | 7,926 |
Accumulated Depreciation | (98) |
Atlanta, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,132 |
Initial Costs - Building and Improvements | 5,602 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,132 |
Gross Amount - Building and Improvements | 5,602 |
Total Amount on Land and Building Improvements | 6,734 |
Accumulated Depreciation | (85) |
Atlanta, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,681 |
Initial Costs - Building and Improvements | 12,364 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,681 |
Gross Amount - Building and Improvements | 12,364 |
Total Amount on Land and Building Improvements | 15,045 |
Accumulated Depreciation | (168) |
Manassas, VA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 890 |
Initial Costs - Building and Improvements | 2,796 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 890 |
Gross Amount - Building and Improvements | 2,796 |
Total Amount on Land and Building Improvements | 3,686 |
Accumulated Depreciation | (401) |
Manassas, VA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 546 |
Initial Costs - Building and Improvements | 3,401 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 546 |
Gross Amount - Building and Improvements | 3,401 |
Total Amount on Land and Building Improvements | 3,947 |
Accumulated Depreciation | (477) |
Yuma, AZ | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 11,740 |
Initial Costs - Land | 1,897 |
Initial Costs - Building and Improvements | 16,275 |
Land, Building, and Improvements | 18 |
Gross Amount - Land | 1,897 |
Gross Amount - Building and Improvements | 16,293 |
Total Amount on Land and Building Improvements | 18,190 |
Accumulated Depreciation | (2,833) |
Austin, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,017 |
Initial Costs - Building and Improvements | 6,527 |
Land, Building, and Improvements | 115 |
Gross Amount - Land | 1,017 |
Gross Amount - Building and Improvements | 6,642 |
Total Amount on Land and Building Improvements | 7,659 |
Accumulated Depreciation | (1,031) |
Austin, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,094 |
Initial Costs - Building and Improvements | 8,723 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,094 |
Gross Amount - Building and Improvements | 8,723 |
Total Amount on Land and Building Improvements | 9,817 |
Accumulated Depreciation | (175) |
Tempe, AZ | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,229 |
Initial Costs - Building and Improvements | 0 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,229 |
Gross Amount - Building and Improvements | 0 |
Total Amount on Land and Building Improvements | 3,229 |
Accumulated Depreciation | 0 |
Columbus, OH | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,443 |
Initial Costs - Building and Improvements | 10,080 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,443 |
Gross Amount - Building and Improvements | 10,080 |
Total Amount on Land and Building Improvements | 11,523 |
Accumulated Depreciation | (265) |
Medley, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,252 |
Initial Costs - Building and Improvements | 14,841 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,252 |
Gross Amount - Building and Improvements | 14,841 |
Total Amount on Land and Building Improvements | 18,093 |
Accumulated Depreciation | (226) |
Galesburg, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 300 |
Initial Costs - Building and Improvements | 903 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 300 |
Gross Amount - Building and Improvements | 903 |
Total Amount on Land and Building Improvements | 1,203 |
Accumulated Depreciation | (165) |
Lawrence, IN | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 19,671 |
Initial Costs - Land | 2,168 |
Initial Costs - Building and Improvements | 27,485 |
Land, Building, and Improvements | (38) |
Gross Amount - Land | 2,168 |
Gross Amount - Building and Improvements | 27,447 |
Total Amount on Land and Building Improvements | 29,615 |
Accumulated Depreciation | (3,775) |
Peru, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 869 |
Initial Costs - Building and Improvements | 4,438 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 869 |
Gross Amount - Building and Improvements | 4,438 |
Total Amount on Land and Building Improvements | 5,307 |
Accumulated Depreciation | (651) |
Waco, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 14,776 |
Initial Costs - Land | 1,615 |
Initial Costs - Building and Improvements | 17,940 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,615 |
Gross Amount - Building and Improvements | 17,940 |
Total Amount on Land and Building Improvements | 19,555 |
Accumulated Depreciation | (2,220) |
Chicago, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,070 |
Initial Costs - Building and Improvements | 1,983 |
Land, Building, and Improvements | 25 |
Gross Amount - Land | 3,070 |
Gross Amount - Building and Improvements | 2,008 |
Total Amount on Land and Building Improvements | 5,078 |
Accumulated Depreciation | (597) |
Chicago, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 5,933 |
Initial Costs - Building and Improvements | 46,318 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 5,933 |
Gross Amount - Building and Improvements | 46,318 |
Total Amount on Land and Building Improvements | 52,251 |
Accumulated Depreciation | (404) |
Allentown, PA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 22,591 |
Initial Costs - Land | 4,767 |
Initial Costs - Building and Improvements | 25,468 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 4,767 |
Gross Amount - Building and Improvements | 25,468 |
Total Amount on Land and Building Improvements | 30,235 |
Accumulated Depreciation | (4,614) |
Vernon, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 5,400 |
Initial Costs - Building and Improvements | 9,420 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 5,400 |
Gross Amount - Building and Improvements | 9,420 |
Total Amount on Land and Building Improvements | 14,820 |
Accumulated Depreciation | (1,283) |
Des Plaines, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 2,366 |
Initial Costs - Land | 1,512 |
Initial Costs - Building and Improvements | 3,720 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,512 |
Gross Amount - Building and Improvements | 3,720 |
Total Amount on Land and Building Improvements | 5,232 |
Accumulated Depreciation | (840) |
Elgin, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,675 |
Initial Costs - Building and Improvements | 4,712 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,675 |
Gross Amount - Building and Improvements | 4,712 |
Total Amount on Land and Building Improvements | 6,387 |
Accumulated Depreciation | (544) |
Harrisburg, PA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,896 |
Initial Costs - Building and Improvements | 5,689 |
Land, Building, and Improvements | 36 |
Gross Amount - Land | 1,896 |
Gross Amount - Building and Improvements | 5,725 |
Total Amount on Land and Building Improvements | 7,621 |
Accumulated Depreciation | (992) |
ElK Grove Village, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 5,876 |
Initial Costs - Building and Improvements | 12,618 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 5,876 |
Gross Amount - Building and Improvements | 12,618 |
Total Amount on Land and Building Improvements | 18,494 |
Accumulated Depreciation | (1,711) |
Tampa, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,839 |
Initial Costs - Building and Improvements | 6,589 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,839 |
Gross Amount - Building and Improvements | 6,589 |
Total Amount on Land and Building Improvements | 8,428 |
Accumulated Depreciation | (1,051) |
Malvern, PA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,085 |
Initial Costs - Building and Improvements | 21,494 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,085 |
Gross Amount - Building and Improvements | 21,494 |
Total Amount on Land and Building Improvements | 23,579 |
Accumulated Depreciation | (2,770) |
Ames, IA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,650 |
Initial Costs - Building and Improvements | 20,364 |
Land, Building, and Improvements | 21 |
Gross Amount - Land | 2,650 |
Gross Amount - Building and Improvements | 20,385 |
Total Amount on Land and Building Improvements | 23,035 |
Accumulated Depreciation | (2,919) |
Buford, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,495 |
Initial Costs - Building and Improvements | 19,452 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,495 |
Gross Amount - Building and Improvements | 19,452 |
Total Amount on Land and Building Improvements | 22,947 |
Accumulated Depreciation | (2,677) |
Wilson, NC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 633 |
Initial Costs - Building and Improvements | 14,073 |
Land, Building, and Improvements | 48 |
Gross Amount - Land | 633 |
Gross Amount - Building and Improvements | 14,121 |
Total Amount on Land and Building Improvements | 14,754 |
Accumulated Depreciation | (1,730) |
Arlington Heights, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,205 |
Initial Costs - Building and Improvements | 14,595 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,205 |
Gross Amount - Building and Improvements | 14,595 |
Total Amount on Land and Building Improvements | 16,800 |
Accumulated Depreciation | (1,783) |
Medley, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 7,503 |
Initial Costs - Building and Improvements | 624 |
Land, Building, and Improvements | (381) |
Gross Amount - Land | 7,503 |
Gross Amount - Building and Improvements | 243 |
Total Amount on Land and Building Improvements | 7,746 |
Accumulated Depreciation | (39) |
Medley, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,300 |
Initial Costs - Building and Improvements | 141 |
Land, Building, and Improvements | (100) |
Gross Amount - Land | 3,300 |
Gross Amount - Building and Improvements | 41 |
Total Amount on Land and Building Improvements | 3,341 |
Accumulated Depreciation | (14) |
Medley, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 4,622 |
Initial Costs - Building and Improvements | 386 |
Land, Building, and Improvements | (113) |
Gross Amount - Land | 4,622 |
Gross Amount - Building and Improvements | 273 |
Total Amount on Land and Building Improvements | 4,895 |
Accumulated Depreciation | (48) |
Santa Clara, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 16,670 |
Initial Costs - Building and Improvements | 1,920 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 16,670 |
Gross Amount - Building and Improvements | 1,920 |
Total Amount on Land and Building Improvements | 18,590 |
Accumulated Depreciation | (617) |
Bloomingdale, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,118 |
Initial Costs - Building and Improvements | 5,150 |
Land, Building, and Improvements | 53 |
Gross Amount - Land | 1,118 |
Gross Amount - Building and Improvements | 5,203 |
Total Amount on Land and Building Improvements | 6,321 |
Accumulated Depreciation | (652) |
Kenosha, WI | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,530 |
Initial Costs - Building and Improvements | 7,383 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,530 |
Gross Amount - Building and Improvements | 7,383 |
Total Amount on Land and Building Improvements | 8,913 |
Accumulated Depreciation | (945) |
Worcester, MA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,391 |
Initial Costs - Building and Improvements | 16,877 |
Land, Building, and Improvements | 95 |
Gross Amount - Land | 1,391 |
Gross Amount - Building and Improvements | 16,972 |
Total Amount on Land and Building Improvements | 18,363 |
Accumulated Depreciation | (2,045) |
Miami, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,980 |
Initial Costs - Building and Improvements | 6,376 |
Land, Building, and Improvements | 503 |
Gross Amount - Land | 3,980 |
Gross Amount - Building and Improvements | 6,879 |
Total Amount on Land and Building Improvements | 10,859 |
Accumulated Depreciation | (912) |
Morrow, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 656 |
Initial Costs - Building and Improvements | 5,490 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 656 |
Gross Amount - Building and Improvements | 5,490 |
Total Amount on Land and Building Improvements | 6,146 |
Accumulated Depreciation | (1,157) |
Puyallup, WA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,825 |
Initial Costs - Building and Improvements | 6,584 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,825 |
Gross Amount - Building and Improvements | 6,584 |
Total Amount on Land and Building Improvements | 9,409 |
Accumulated Depreciation | (896) |
Lewisville, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,287 |
Initial Costs - Building and Improvements | 4,500 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,287 |
Gross Amount - Building and Improvements | 4,500 |
Total Amount on Land and Building Improvements | 5,787 |
Accumulated Depreciation | (674) |
Rolling Meadows, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,240 |
Initial Costs - Building and Improvements | 6,705 |
Land, Building, and Improvements | (244) |
Gross Amount - Land | 2,996 |
Gross Amount - Building and Improvements | 6,705 |
Total Amount on Land and Building Improvements | 9,701 |
Accumulated Depreciation | (588) |
Groveport, OH | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 785 |
Initial Costs - Building and Improvements | 5,437 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 785 |
Gross Amount - Building and Improvements | 5,437 |
Total Amount on Land and Building Improvements | 6,222 |
Accumulated Depreciation | (656) |
Midway, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 4,999 |
Initial Costs - Building and Improvements | 15,698 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 4,999 |
Gross Amount - Building and Improvements | 15,698 |
Total Amount on Land and Building Improvements | 20,697 |
Accumulated Depreciation | (1,693) |
Buffalo Grove, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,055 |
Initial Costs - Building and Improvements | 3,079 |
Land, Building, and Improvements | 165 |
Gross Amount - Land | 1,055 |
Gross Amount - Building and Improvements | 3,244 |
Total Amount on Land and Building Improvements | 4,299 |
Accumulated Depreciation | (374) |
Burr Ridge, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,230 |
Initial Costs - Building and Improvements | 2,608 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,230 |
Gross Amount - Building and Improvements | 2,608 |
Total Amount on Land and Building Improvements | 3,838 |
Accumulated Depreciation | (302) |
Hamlet, NC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 292 |
Initial Costs - Building and Improvements | 10,418 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 292 |
Gross Amount - Building and Improvements | 10,418 |
Total Amount on Land and Building Improvements | 10,710 |
Accumulated Depreciation | (1,039) |
Downers Grove, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,414 |
Initial Costs - Building and Improvements | 8,426 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,414 |
Gross Amount - Building and Improvements | 8,426 |
Total Amount on Land and Building Improvements | 9,840 |
Accumulated Depreciation | (964) |
Bolingbrook, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,257 |
Initial Costs - Building and Improvements | 10,375 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,257 |
Gross Amount - Building and Improvements | 10,375 |
Total Amount on Land and Building Improvements | 12,632 |
Accumulated Depreciation | (1,164) |
St Louis, MO | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,398 |
Initial Costs - Building and Improvements | 7,502 |
Land, Building, and Improvements | 390 |
Gross Amount - Land | 1,398 |
Gross Amount - Building and Improvements | 7,892 |
Total Amount on Land and Building Improvements | 9,290 |
Accumulated Depreciation | (849) |
Cinnaminson, NJ | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,149 |
Initial Costs - Building and Improvements | 22,035 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,149 |
Gross Amount - Building and Improvements | 22,035 |
Total Amount on Land and Building Improvements | 24,184 |
Accumulated Depreciation | (3,311) |
Millford, CT | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 465 |
Initial Costs - Building and Improvements | 5,271 |
Land, Building, and Improvements | 7 |
Gross Amount - Land | 465 |
Gross Amount - Building and Improvements | 5,278 |
Total Amount on Land and Building Improvements | 5,743 |
Accumulated Depreciation | (566) |
Sussex, WI | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,806 |
Initial Costs - Building and Improvements | 5,441 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,806 |
Gross Amount - Building and Improvements | 5,441 |
Total Amount on Land and Building Improvements | 7,247 |
Accumulated Depreciation | (1,333) |
Milwaukee, WI | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 601 |
Initial Costs - Building and Improvements | 3,640 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 601 |
Gross Amount - Building and Improvements | 3,640 |
Total Amount on Land and Building Improvements | 4,241 |
Accumulated Depreciation | (1,079) |
Oak Creek, WI | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 969 |
Initial Costs - Building and Improvements | 5,058 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 969 |
Gross Amount - Building and Improvements | 5,058 |
Total Amount on Land and Building Improvements | 6,027 |
Accumulated Depreciation | (998) |
Kent, WA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 4,919 |
Initial Costs - Building and Improvements | 11,928 |
Land, Building, and Improvements | 268 |
Gross Amount - Land | 4,919 |
Gross Amount - Building and Improvements | 12,196 |
Total Amount on Land and Building Improvements | 17,115 |
Accumulated Depreciation | (1,374) |
San Jose, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 11,466 |
Initial Costs - Building and Improvements | 26,229 |
Land, Building, and Improvements | 502 |
Gross Amount - Land | 11,466 |
Gross Amount - Building and Improvements | 26,731 |
Total Amount on Land and Building Improvements | 38,197 |
Accumulated Depreciation | (2,317) |
El Segundo, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 7,412 |
Initial Costs - Building and Improvements | 43,403 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 7,412 |
Gross Amount - Building and Improvements | 43,403 |
Total Amount on Land and Building Improvements | 50,815 |
Accumulated Depreciation | (3,142) |
Richfield, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 522 |
Initial Costs - Building and Improvements | 24,230 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 522 |
Gross Amount - Building and Improvements | 24,230 |
Total Amount on Land and Building Improvements | 24,752 |
Accumulated Depreciation | (2,264) |
Richardson, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,360 |
Initial Costs - Building and Improvements | 7,619 |
Land, Building, and Improvements | 2,192 |
Gross Amount - Land | 1,360 |
Gross Amount - Building and Improvements | 9,811 |
Total Amount on Land and Building Improvements | 11,171 |
Accumulated Depreciation | (1,117) |
Houston, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 6,628 |
Initial Costs - Building and Improvements | 35,637 |
Land, Building, and Improvements | 2,225 |
Gross Amount - Land | 6,628 |
Gross Amount - Building and Improvements | 37,862 |
Total Amount on Land and Building Improvements | 44,490 |
Accumulated Depreciation | (3,514) |
Aurora, CO | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 453 |
Initial Costs - Building and Improvements | 5,363 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 453 |
Gross Amount - Building and Improvements | 5,363 |
Total Amount on Land and Building Improvements | 5,816 |
Accumulated Depreciation | (536) |
Dixon, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,078 |
Initial Costs - Building and Improvements | 18,413 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,078 |
Gross Amount - Building and Improvements | 18,413 |
Total Amount on Land and Building Improvements | 19,491 |
Accumulated Depreciation | (2,263) |
Oswego, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 767 |
Initial Costs - Building and Improvements | 3,167 |
Land, Building, and Improvements | 645 |
Gross Amount - Land | 767 |
Gross Amount - Building and Improvements | 3,812 |
Total Amount on Land and Building Improvements | 4,579 |
Accumulated Depreciation | (652) |
Obetz, OH | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,955 |
Initial Costs - Building and Improvements | 19,381 |
Land, Building, and Improvements | 225 |
Gross Amount - Land | 1,955 |
Gross Amount - Building and Improvements | 19,606 |
Total Amount on Land and Building Improvements | 21,561 |
Accumulated Depreciation | (1,679) |
Auburn, WA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,543 |
Initial Costs - Building and Improvements | 9,121 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,543 |
Gross Amount - Building and Improvements | 9,121 |
Total Amount on Land and Building Improvements | 11,664 |
Accumulated Depreciation | (865) |
Fairfield, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 949 |
Initial Costs - Building and Improvements | 2,205 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 949 |
Gross Amount - Building and Improvements | 2,205 |
Total Amount on Land and Building Improvements | 3,154 |
Accumulated Depreciation | (192) |
San Bernardino, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,308 |
Initial Costs - Building and Improvements | 7,613 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,308 |
Gross Amount - Building and Improvements | 7,613 |
Total Amount on Land and Building Improvements | 9,921 |
Accumulated Depreciation | (663) |
Orlando, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,658 |
Initial Costs - Building and Improvements | 5,412 |
Land, Building, and Improvements | 4,622 |
Gross Amount - Land | 1,658 |
Gross Amount - Building and Improvements | 10,034 |
Total Amount on Land and Building Improvements | 11,692 |
Accumulated Depreciation | (651) |
Orlando, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,756 |
Initial Costs - Building and Improvements | 4,346 |
Land, Building, and Improvements | 106 |
Gross Amount - Land | 1,756 |
Gross Amount - Building and Improvements | 4,452 |
Total Amount on Land and Building Improvements | 6,208 |
Accumulated Depreciation | (606) |
Vernon, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 7,813 |
Initial Costs - Building and Improvements | 14,428 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 7,813 |
Gross Amount - Building and Improvements | 14,428 |
Total Amount on Land and Building Improvements | 22,241 |
Accumulated Depreciation | (1,099) |
Vernon, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 700 |
Initial Costs - Building and Improvements | 1,738 |
Land, Building, and Improvements | 7 |
Gross Amount - Land | 700 |
Gross Amount - Building and Improvements | 1,745 |
Total Amount on Land and Building Improvements | 2,445 |
Accumulated Depreciation | (49) |
Fort Worth, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,515 |
Initial Costs - Building and Improvements | 10,911 |
Land, Building, and Improvements | 68 |
Gross Amount - Land | 3,515 |
Gross Amount - Building and Improvements | 10,979 |
Total Amount on Land and Building Improvements | 14,494 |
Accumulated Depreciation | (510) |
Suwanee, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,566 |
Initial Costs - Building and Improvements | 8,242 |
Land, Building, and Improvements | 115 |
Gross Amount - Land | 1,566 |
Gross Amount - Building and Improvements | 8,357 |
Total Amount on Land and Building Improvements | 9,923 |
Accumulated Depreciation | (264) |
Douglasville, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,653 |
Initial Costs - Building and Improvements | 25,962 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,653 |
Gross Amount - Building and Improvements | 25,962 |
Total Amount on Land and Building Improvements | 28,615 |
Accumulated Depreciation | (566) |
Durham, NC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 3,650 |
Initial Costs - Land | 1,036 |
Initial Costs - Building and Improvements | 7,148 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,036 |
Gross Amount - Building and Improvements | 7,148 |
Total Amount on Land and Building Improvements | 8,184 |
Accumulated Depreciation | (194) |
Round Rock | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,820 |
Initial Costs - Building and Improvements | 28,265 |
Land, Building, and Improvements | 2 |
Gross Amount - Land | 1,820 |
Gross Amount - Building and Improvements | 28,267 |
Total Amount on Land and Building Improvements | 30,087 |
Accumulated Depreciation | (819) |
Garden City, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,130 |
Initial Costs - Building and Improvements | 16,915 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,130 |
Gross Amount - Building and Improvements | 16,915 |
Total Amount on Land and Building Improvements | 20,045 |
Accumulated Depreciation | (343) |
Columbia, MD | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 5,872 |
Initial Costs - Building and Improvements | 19,885 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 5,872 |
Gross Amount - Building and Improvements | 19,885 |
Total Amount on Land and Building Improvements | 25,757 |
Accumulated Depreciation | (567) |
Fontana, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 4,259 |
Initial Costs - Building and Improvements | 3,826 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 4,259 |
Gross Amount - Building and Improvements | 3,826 |
Total Amount on Land and Building Improvements | 8,085 |
Accumulated Depreciation | (146) |
Philadelphia, PA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 11,854 |
Initial Costs - Land | 3,986 |
Initial Costs - Building and Improvements | 17,963 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,986 |
Gross Amount - Building and Improvements | 17,963 |
Total Amount on Land and Building Improvements | 21,949 |
Accumulated Depreciation | (1,296) |
Fridley, MN | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 5,229 |
Initial Costs - Building and Improvements | 29,754 |
Land, Building, and Improvements | 321 |
Gross Amount - Land | 5,229 |
Gross Amount - Building and Improvements | 30,075 |
Total Amount on Land and Building Improvements | 35,304 |
Accumulated Depreciation | (4,112) |
Pinellas Park, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,260 |
Initial Costs - Building and Improvements | 8,891 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,260 |
Gross Amount - Building and Improvements | 8,891 |
Total Amount on Land and Building Improvements | 11,151 |
Accumulated Depreciation | (532) |
Norcross, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,079 |
Initial Costs - Building and Improvements | 5,437 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,079 |
Gross Amount - Building and Improvements | 5,437 |
Total Amount on Land and Building Improvements | 6,516 |
Accumulated Depreciation | (441) |
Norcross, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 9,056 |
Initial Costs - Building and Improvements | 54,241 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 9,056 |
Gross Amount - Building and Improvements | 54,241 |
Total Amount on Land and Building Improvements | 63,297 |
Accumulated Depreciation | (422) |
Charlotte, NC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 742 |
Initial Costs - Building and Improvements | 11,762 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 742 |
Gross Amount - Building and Improvements | 11,762 |
Total Amount on Land and Building Improvements | 12,504 |
Accumulated Depreciation | (86) |
Summerville, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,154 |
Initial Costs - Building and Improvements | 129 |
Land, Building, and Improvements | 14,447 |
Gross Amount - Land | 3,154 |
Gross Amount - Building and Improvements | 14,576 |
Total Amount on Land and Building Improvements | 17,730 |
Accumulated Depreciation | (75) |
Greenville, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,110 |
Initial Costs - Building and Improvements | 300 |
Land, Building, and Improvements | 22,845 |
Gross Amount - Land | 1,110 |
Gross Amount - Building and Improvements | 23,145 |
Total Amount on Land and Building Improvements | 24,255 |
Accumulated Depreciation | (161) |
Romeoville, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 33,126 |
Initial Costs - Land | 8,387 |
Initial Costs - Building and Improvements | 45,290 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 8,387 |
Gross Amount - Building and Improvements | 45,290 |
Total Amount on Land and Building Improvements | 53,677 |
Accumulated Depreciation | (358) |
Natick, MA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 36,510 |
Initial Costs - Land | 18,421 |
Initial Costs - Building and Improvements | 26,694 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 18,421 |
Gross Amount - Building and Improvements | 26,694 |
Total Amount on Land and Building Improvements | 45,115 |
Accumulated Depreciation | (204) |
Reno, NV | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 0 |
Initial Costs - Building and Improvements | 9,842 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 0 |
Gross Amount - Building and Improvements | 9,842 |
Total Amount on Land and Building Improvements | 9,842 |
Accumulated Depreciation | (120) |
Fort Mill, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,169 |
Initial Costs - Building and Improvements | 0 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,169 |
Gross Amount - Building and Improvements | 0 |
Total Amount on Land and Building Improvements | 1,169 |
Accumulated Depreciation | 0 |
Fort Mill, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,446 |
Initial Costs - Building and Improvements | 0 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,446 |
Gross Amount - Building and Improvements | 0 |
Total Amount on Land and Building Improvements | 1,446 |
Accumulated Depreciation | 0 |
Fort Mill, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,168 |
Initial Costs - Building and Improvements | 0 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,168 |
Gross Amount - Building and Improvements | 0 |
Total Amount on Land and Building Improvements | 1,168 |
Accumulated Depreciation | 0 |
Fort Mill, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 800 |
Initial Costs - Building and Improvements | 0 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 800 |
Gross Amount - Building and Improvements | 0 |
Total Amount on Land and Building Improvements | 800 |
Accumulated Depreciation | 0 |
McDonough, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,909 |
Initial Costs - Building and Improvements | 24,083 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,909 |
Gross Amount - Building and Improvements | 24,083 |
Total Amount on Land and Building Improvements | 27,992 |
Accumulated Depreciation | (63) |
Olive Branch, MS | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 4,805 |
Initial Costs - Building and Improvements | 2,221 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 4,805 |
Gross Amount - Building and Improvements | 2,221 |
Total Amount on Land and Building Improvements | 7,026 |
Accumulated Depreciation | 0 |
Norcross, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 878 |
Initial Costs - Building and Improvements | 2,867 |
Land, Building, and Improvements | 38 |
Gross Amount - Land | 878 |
Gross Amount - Building and Improvements | 2,905 |
Total Amount on Land and Building Improvements | 3,783 |
Accumulated Depreciation | (273) |
Richardson, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 900 |
Initial Costs - Building and Improvements | 7,810 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 900 |
Gross Amount - Building and Improvements | 7,810 |
Total Amount on Land and Building Improvements | 8,710 |
Accumulated Depreciation | (510) |
Allen, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 724 |
Initial Costs - Building and Improvements | 5,334 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 724 |
Gross Amount - Building and Improvements | 5,334 |
Total Amount on Land and Building Improvements | 6,058 |
Accumulated Depreciation | (338) |
Richardson, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 566 |
Initial Costs - Building and Improvements | 2,871 |
Land, Building, and Improvements | 230 |
Gross Amount - Land | 566 |
Gross Amount - Building and Improvements | 3,101 |
Total Amount on Land and Building Improvements | 3,667 |
Accumulated Depreciation | (215) |
Bolingbrook, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,481 |
Initial Costs - Building and Improvements | 15,082 |
Land, Building, and Improvements | 52 |
Gross Amount - Land | 2,481 |
Gross Amount - Building and Improvements | 15,134 |
Total Amount on Land and Building Improvements | 17,615 |
Accumulated Depreciation | (1,086) |
Spartanburg, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 6,087 |
Initial Costs - Land | 646 |
Initial Costs - Building and Improvements | 9,565 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 646 |
Gross Amount - Building and Improvements | 9,565 |
Total Amount on Land and Building Improvements | 10,211 |
Accumulated Depreciation | (1,138) |
Spartanburg, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 643 |
Initial Costs - Land | 166 |
Initial Costs - Building and Improvements | 3,174 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 166 |
Gross Amount - Building and Improvements | 3,174 |
Total Amount on Land and Building Improvements | 3,340 |
Accumulated Depreciation | (291) |
Spartanburg, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 215 |
Initial Costs - Building and Improvements | 3,304 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 215 |
Gross Amount - Building and Improvements | 3,304 |
Total Amount on Land and Building Improvements | 3,519 |
Accumulated Depreciation | (333) |
Spartanburg, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 453 |
Initial Costs - Building and Improvements | 1,775 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 453 |
Gross Amount - Building and Improvements | 1,775 |
Total Amount on Land and Building Improvements | 2,228 |
Accumulated Depreciation | (207) |
Goose Creek, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 462 |
Initial Costs - Land | 1,486 |
Initial Costs - Building and Improvements | 6,902 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,486 |
Gross Amount - Building and Improvements | 6,902 |
Total Amount on Land and Building Improvements | 8,388 |
Accumulated Depreciation | (747) |
Goose Creek, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 757 |
Initial Costs - Land | 713 |
Initial Costs - Building and Improvements | 4,274 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 713 |
Gross Amount - Building and Improvements | 4,274 |
Total Amount on Land and Building Improvements | 4,987 |
Accumulated Depreciation | (382) |
Goose Creek, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 322 |
Initial Costs - Building and Improvements | 3,244 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 322 |
Gross Amount - Building and Improvements | 3,244 |
Total Amount on Land and Building Improvements | 3,566 |
Accumulated Depreciation | (248) |
Goose Creek, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 6,424 |
Initial Costs - Land | 1,137 |
Initial Costs - Building and Improvements | 13,740 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,137 |
Gross Amount - Building and Improvements | 13,740 |
Total Amount on Land and Building Improvements | 14,877 |
Accumulated Depreciation | (1,114) |
Summerville, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 474 |
Initial Costs - Building and Improvements | 16,766 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 474 |
Gross Amount - Building and Improvements | 16,766 |
Total Amount on Land and Building Improvements | 17,240 |
Accumulated Depreciation | (1,702) |
Moncks Corner, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 765 |
Initial Costs - Land | 585 |
Initial Costs - Building and Improvements | 1,796 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 585 |
Gross Amount - Building and Improvements | 1,796 |
Total Amount on Land and Building Improvements | 2,381 |
Accumulated Depreciation | (280) |
Orangeburg, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 779 |
Initial Costs - Land | 493 |
Initial Costs - Building and Improvements | 3,519 |
Land, Building, and Improvements | 24 |
Gross Amount - Land | 493 |
Gross Amount - Building and Improvements | 3,543 |
Total Amount on Land and Building Improvements | 4,036 |
Accumulated Depreciation | (336) |
Kings Mountain, NC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 665 |
Initial Costs - Land | 256 |
Initial Costs - Building and Improvements | 3,336 |
Land, Building, and Improvements | 804 |
Gross Amount - Land | 256 |
Gross Amount - Building and Improvements | 4,140 |
Total Amount on Land and Building Improvements | 4,396 |
Accumulated Depreciation | (310) |
Kings Mountain, NC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 1,574 |
Initial Costs - Land | 440 |
Initial Costs - Building and Improvements | 9,308 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 440 |
Gross Amount - Building and Improvements | 9,308 |
Total Amount on Land and Building Improvements | 9,748 |
Accumulated Depreciation | (784) |
Winston-Salem, NC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 1,156 |
Initial Costs - Land | 910 |
Initial Costs - Building and Improvements | 3,579 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 910 |
Gross Amount - Building and Improvements | 3,579 |
Total Amount on Land and Building Improvements | 4,489 |
Accumulated Depreciation | (418) |
Winston-Salem, NC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 3,480 |
Initial Costs - Land | 1,691 |
Initial Costs - Building and Improvements | 11,468 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,691 |
Gross Amount - Building and Improvements | 11,468 |
Total Amount on Land and Building Improvements | 13,159 |
Accumulated Depreciation | (897) |
Spartanburg, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 170 |
Initial Costs - Building and Improvements | 1,519 |
Land, Building, and Improvements | 81 |
Gross Amount - Land | 170 |
Gross Amount - Building and Improvements | 1,600 |
Total Amount on Land and Building Improvements | 1,770 |
Accumulated Depreciation | (188) |
Spartanburg, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 194 |
Initial Costs - Building and Improvements | 3,251 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 194 |
Gross Amount - Building and Improvements | 3,251 |
Total Amount on Land and Building Improvements | 3,445 |
Accumulated Depreciation | (333) |
Spartanburg, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 260 |
Initial Costs - Building and Improvements | 2,934 |
Land, Building, and Improvements | 4,297 |
Gross Amount - Land | 260 |
Gross Amount - Building and Improvements | 7,231 |
Total Amount on Land and Building Improvements | 7,491 |
Accumulated Depreciation | (672) |
Spartanburg, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 293 |
Initial Costs - Building and Improvements | 6,205 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 293 |
Gross Amount - Building and Improvements | 6,205 |
Total Amount on Land and Building Improvements | 6,498 |
Accumulated Depreciation | (582) |
Duncan, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 329 |
Initial Costs - Building and Improvements | 4,033 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 329 |
Gross Amount - Building and Improvements | 4,033 |
Total Amount on Land and Building Improvements | 4,362 |
Accumulated Depreciation | (520) |
Duncan, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,125 |
Initial Costs - Building and Improvements | 17,049 |
Land, Building, and Improvements | 32 |
Gross Amount - Land | 1,125 |
Gross Amount - Building and Improvements | 17,081 |
Total Amount on Land and Building Improvements | 18,206 |
Accumulated Depreciation | (327) |
Dania Beach, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,846 |
Initial Costs - Building and Improvements | 0 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,846 |
Gross Amount - Building and Improvements | 0 |
Total Amount on Land and Building Improvements | 3,846 |
Accumulated Depreciation | 0 |
Whitsett, NC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,171 |
Initial Costs - Building and Improvements | 22,967 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,171 |
Gross Amount - Building and Improvements | 22,967 |
Total Amount on Land and Building Improvements | 24,138 |
Accumulated Depreciation | (398) |
Curtis Bay, MD | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 13,532 |
Initial Costs - Land | 4,100 |
Initial Costs - Building and Improvements | 26,567 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 4,100 |
Gross Amount - Building and Improvements | 26,567 |
Total Amount on Land and Building Improvements | 30,667 |
Accumulated Depreciation | (345) |
Opa Locka, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 25,342 |
Initial Costs - Building and Improvements | 2,809 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 25,342 |
Gross Amount - Building and Improvements | 2,809 |
Total Amount on Land and Building Improvements | 28,151 |
Accumulated Depreciation | (217) |
Opa Locka, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 35,003 |
Initial Costs - Building and Improvements | 9,753 |
Land, Building, and Improvements | 193 |
Gross Amount - Land | 35,003 |
Gross Amount - Building and Improvements | 9,946 |
Total Amount on Land and Building Improvements | 44,949 |
Accumulated Depreciation | (313) |
Opa Locka, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 10,835 |
Initial Costs - Building and Improvements | 2,388 |
Land, Building, and Improvements | 57 |
Gross Amount - Land | 10,835 |
Gross Amount - Building and Improvements | 2,445 |
Total Amount on Land and Building Improvements | 13,280 |
Accumulated Depreciation | (111) |
Rancho Cucamonga, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,013 |
Initial Costs - Building and Improvements | 3,145 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,013 |
Gross Amount - Building and Improvements | 3,145 |
Total Amount on Land and Building Improvements | 4,158 |
Accumulated Depreciation | (37) |
Rancho Cucamonga, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,811 |
Initial Costs - Building and Improvements | 1,766 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,811 |
Gross Amount - Building and Improvements | 1,766 |
Total Amount on Land and Building Improvements | 5,577 |
Accumulated Depreciation | (44) |
Carteret, NJ | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,064 |
Initial Costs - Building and Improvements | 7,533 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,064 |
Gross Amount - Building and Improvements | 7,533 |
Total Amount on Land and Building Improvements | 9,597 |
Accumulated Depreciation | (110) |
Duncan, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 182 |
Initial Costs - Building and Improvements | 622 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 182 |
Gross Amount - Building and Improvements | 622 |
Total Amount on Land and Building Improvements | 804 |
Accumulated Depreciation | (121) |
Duncan, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 347 |
Initial Costs - Building and Improvements | 2,216 |
Land, Building, and Improvements | 2,442 |
Gross Amount - Land | 347 |
Gross Amount - Building and Improvements | 4,658 |
Total Amount on Land and Building Improvements | 5,005 |
Accumulated Depreciation | (532) |
Duncan, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 172 |
Initial Costs - Building and Improvements | 1,912 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 172 |
Gross Amount - Building and Improvements | 1,912 |
Total Amount on Land and Building Improvements | 2,084 |
Accumulated Depreciation | (217) |
Spartanburg, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 91 |
Initial Costs - Building and Improvements | 712 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 91 |
Gross Amount - Building and Improvements | 712 |
Total Amount on Land and Building Improvements | 803 |
Accumulated Depreciation | (217) |
Spartanburg, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 112 |
Initial Costs - Building and Improvements | 1,887 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 112 |
Gross Amount - Building and Improvements | 1,887 |
Total Amount on Land and Building Improvements | 1,999 |
Accumulated Depreciation | (266) |
Duncan, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 451 |
Initial Costs - Building and Improvements | 2,394 |
Land, Building, and Improvements | 135 |
Gross Amount - Land | 451 |
Gross Amount - Building and Improvements | 2,529 |
Total Amount on Land and Building Improvements | 2,980 |
Accumulated Depreciation | (327) |
Duncan, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 586 |
Initial Costs - Building and Improvements | 2,471 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 586 |
Gross Amount - Building and Improvements | 2,471 |
Total Amount on Land and Building Improvements | 3,057 |
Accumulated Depreciation | (225) |
Kings Mountain, NC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,107 |
Initial Costs - Building and Improvements | 17,664 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,107 |
Gross Amount - Building and Improvements | 17,664 |
Total Amount on Land and Building Improvements | 18,771 |
Accumulated Depreciation | (1,367) |
Bellingham, MA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,366 |
Initial Costs - Building and Improvements | 15,037 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,366 |
Gross Amount - Building and Improvements | 15,037 |
Total Amount on Land and Building Improvements | 16,403 |
Accumulated Depreciation | (1,153) |
Jacksonville, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,865 |
Initial Costs - Building and Improvements | 29,096 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,865 |
Gross Amount - Building and Improvements | 29,096 |
Total Amount on Land and Building Improvements | 31,961 |
Accumulated Depreciation | (2,592) |
Fort Worth, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,772 |
Initial Costs - Building and Improvements | 24,789 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,772 |
Gross Amount - Building and Improvements | 24,789 |
Total Amount on Land and Building Improvements | 27,561 |
Accumulated Depreciation | (1,626) |
Hebron, KY | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,646 |
Initial Costs - Building and Improvements | 7,106 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,646 |
Gross Amount - Building and Improvements | 7,106 |
Total Amount on Land and Building Improvements | 8,752 |
Accumulated Depreciation | (783) |
Elkton, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,797 |
Initial Costs - Building and Improvements | 16,688 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,797 |
Gross Amount - Building and Improvements | 16,688 |
Total Amount on Land and Building Improvements | 18,485 |
Accumulated Depreciation | (1,231) |
Tolleson, AZ | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,584 |
Initial Costs - Building and Improvements | 10,252 |
Land, Building, and Improvements | 639 |
Gross Amount - Land | 1,584 |
Gross Amount - Building and Improvements | 10,891 |
Total Amount on Land and Building Improvements | 12,475 |
Accumulated Depreciation | (963) |
Wilmer, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,262 |
Initial Costs - Building and Improvements | 51,903 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,262 |
Gross Amount - Building and Improvements | 51,903 |
Total Amount on Land and Building Improvements | 53,165 |
Accumulated Depreciation | (3,367) |
Aurora, CO | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,979 |
Initial Costs - Building and Improvements | 26,637 |
Land, Building, and Improvements | 1,456 |
Gross Amount - Land | 1,979 |
Gross Amount - Building and Improvements | 28,093 |
Total Amount on Land and Building Improvements | 30,072 |
Accumulated Depreciation | (1,712) |
University Park, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,453 |
Initial Costs - Building and Improvements | 69,923 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,453 |
Gross Amount - Building and Improvements | 69,923 |
Total Amount on Land and Building Improvements | 71,376 |
Accumulated Depreciation | (4,386) |
Olathe, KS | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,990 |
Initial Costs - Building and Improvements | 53,531 |
Land, Building, and Improvements | 209 |
Gross Amount - Land | 2,990 |
Gross Amount - Building and Improvements | 53,740 |
Total Amount on Land and Building Improvements | 56,730 |
Accumulated Depreciation | (3,665) |
Rogers, MN | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 886 |
Initial Costs - Building and Improvements | 15,838 |
Land, Building, and Improvements | 347 |
Gross Amount - Land | 886 |
Gross Amount - Building and Improvements | 16,185 |
Total Amount on Land and Building Improvements | 17,071 |
Accumulated Depreciation | (1,087) |
Belcamp, MD | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 6,490 |
Initial Costs - Building and Improvements | 54,200 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 6,490 |
Gross Amount - Building and Improvements | 54,200 |
Total Amount on Land and Building Improvements | 60,690 |
Accumulated Depreciation | (4,187) |
Belcamp, MD | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,200 |
Initial Costs - Building and Improvements | 1,454 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,200 |
Gross Amount - Building and Improvements | 1,454 |
Total Amount on Land and Building Improvements | 3,654 |
Accumulated Depreciation | (279) |
Aberdeen, MD | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,735 |
Initial Costs - Building and Improvements | 40,396 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,735 |
Gross Amount - Building and Improvements | 40,396 |
Total Amount on Land and Building Improvements | 44,131 |
Accumulated Depreciation | (2,668) |
Spartanburg, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,414 |
Initial Costs - Building and Improvements | 7,246 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,414 |
Gross Amount - Building and Improvements | 7,246 |
Total Amount on Land and Building Improvements | 8,660 |
Accumulated Depreciation | (798) |
Plainfield, IN | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,633 |
Initial Costs - Building and Improvements | 29,264 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,633 |
Gross Amount - Building and Improvements | 29,264 |
Total Amount on Land and Building Improvements | 32,897 |
Accumulated Depreciation | (2,078) |
Hawthorne, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 18,521 |
Initial Costs - Land | 20,361 |
Initial Costs - Building and Improvements | 33,831 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 20,361 |
Gross Amount - Building and Improvements | 33,831 |
Total Amount on Land and Building Improvements | 54,192 |
Accumulated Depreciation | (2,842) |
Sauget, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 841 |
Initial Costs - Building and Improvements | 18,176 |
Land, Building, and Improvements | (1,280) |
Gross Amount - Land | 785 |
Gross Amount - Building and Improvements | 16,952 |
Total Amount on Land and Building Improvements | 17,737 |
Accumulated Depreciation | (1,739) |
Pittston, PA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,966 |
Initial Costs - Building and Improvements | 44,037 |
Land, Building, and Improvements | 20 |
Gross Amount - Land | 1,966 |
Gross Amount - Building and Improvements | 44,057 |
Total Amount on Land and Building Improvements | 46,023 |
Accumulated Depreciation | (2,969) |
Hazelton, PA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,421 |
Initial Costs - Building and Improvements | 37,291 |
Land, Building, and Improvements | 2,515 |
Gross Amount - Land | 2,421 |
Gross Amount - Building and Improvements | 39,806 |
Total Amount on Land and Building Improvements | 42,227 |
Accumulated Depreciation | (2,865) |
Pittston, PA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 616 |
Initial Costs - Building and Improvements | 10,045 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 616 |
Gross Amount - Building and Improvements | 10,045 |
Total Amount on Land and Building Improvements | 10,661 |
Accumulated Depreciation | (736) |
Jessup, PA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 956 |
Initial Costs - Building and Improvements | 8,979 |
Land, Building, and Improvements | 66 |
Gross Amount - Land | 956 |
Gross Amount - Building and Improvements | 9,045 |
Total Amount on Land and Building Improvements | 10,001 |
Accumulated Depreciation | (736) |
Hackettstown, NJ | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 9,255 |
Initial Costs - Land | 2,260 |
Initial Costs - Building and Improvements | 10,985 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,260 |
Gross Amount - Building and Improvements | 10,985 |
Total Amount on Land and Building Improvements | 13,245 |
Accumulated Depreciation | (760) |
Nashville, TN | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,015 |
Initial Costs - Building and Improvements | 3,868 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,015 |
Gross Amount - Building and Improvements | 3,868 |
Total Amount on Land and Building Improvements | 4,883 |
Accumulated Depreciation | (428) |
La Vergne, TN | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,140 |
Initial Costs - Building and Improvements | 6,117 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,140 |
Gross Amount - Building and Improvements | 6,117 |
Total Amount on Land and Building Improvements | 7,257 |
Accumulated Depreciation | (590) |
Bedford Park, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,210 |
Initial Costs - Building and Improvements | 10,127 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,210 |
Gross Amount - Building and Improvements | 10,127 |
Total Amount on Land and Building Improvements | 12,337 |
Accumulated Depreciation | (672) |
Bedford Park, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,513 |
Initial Costs - Building and Improvements | 2,828 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,513 |
Gross Amount - Building and Improvements | 2,828 |
Total Amount on Land and Building Improvements | 5,341 |
Accumulated Depreciation | (125) |
Bedford Park, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,167 |
Initial Costs - Building and Improvements | 5,855 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,167 |
Gross Amount - Building and Improvements | 5,855 |
Total Amount on Land and Building Improvements | 9,022 |
Accumulated Depreciation | (177) |
Bedford Park, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,134 |
Initial Costs - Building and Improvements | 5,083 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,134 |
Gross Amount - Building and Improvements | 5,083 |
Total Amount on Land and Building Improvements | 8,217 |
Accumulated Depreciation | (166) |
Bedford Park, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 5,869 |
Initial Costs - Building and Improvements | 8,862 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 5,869 |
Gross Amount - Building and Improvements | 8,862 |
Total Amount on Land and Building Improvements | 14,731 |
Accumulated Depreciation | (290) |
Moselle, MS | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 270 |
Initial Costs - Building and Improvements | 3,267 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 270 |
Gross Amount - Building and Improvements | 3,267 |
Total Amount on Land and Building Improvements | 3,537 |
Accumulated Depreciation | (284) |
Indianapolis, IN | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,726 |
Initial Costs - Building and Improvements | 27,795 |
Land, Building, and Improvements | 2,997 |
Gross Amount - Land | 2,726 |
Gross Amount - Building and Improvements | 30,792 |
Total Amount on Land and Building Improvements | 33,518 |
Accumulated Depreciation | (1,377) |
Bridgeview, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 6,110 |
Initial Costs - Land | 2,348 |
Initial Costs - Building and Improvements | 17,342 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,348 |
Gross Amount - Building and Improvements | 17,342 |
Total Amount on Land and Building Improvements | 19,690 |
Accumulated Depreciation | (1,033) |
New Braunfels, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,040 |
Initial Costs - Building and Improvements | 2,364 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,040 |
Gross Amount - Building and Improvements | 2,364 |
Total Amount on Land and Building Improvements | 3,404 |
Accumulated Depreciation | (210) |
Auburndale, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 1,697 |
Initial Costs - Land | 431 |
Initial Costs - Building and Improvements | 2,879 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 431 |
Gross Amount - Building and Improvements | 2,879 |
Total Amount on Land and Building Improvements | 3,310 |
Accumulated Depreciation | (702) |
Salem, VA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 1,642 |
Initial Costs - Land | 235 |
Initial Costs - Building and Improvements | 2,862 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 235 |
Gross Amount - Building and Improvements | 2,862 |
Total Amount on Land and Building Improvements | 3,097 |
Accumulated Depreciation | (300) |
Santa Fe Springs, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 3,988 |
Initial Costs - Land | 10,578 |
Initial Costs - Building and Improvements | 7,949 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 10,578 |
Gross Amount - Building and Improvements | 7,949 |
Total Amount on Land and Building Improvements | 18,527 |
Accumulated Depreciation | (515) |
Baltimore, MD | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 6,065 |
Initial Costs - Land | 2,315 |
Initial Costs - Building and Improvements | 6,386 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,315 |
Gross Amount - Building and Improvements | 6,386 |
Total Amount on Land and Building Improvements | 8,701 |
Accumulated Depreciation | (768) |
Elizabeth, NJ | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 2,530 |
Initial Costs - Land | 2,624 |
Initial Costs - Building and Improvements | 1,396 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,624 |
Gross Amount - Building and Improvements | 1,396 |
Total Amount on Land and Building Improvements | 4,020 |
Accumulated Depreciation | (164) |
Monroe Twp, NJ | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 2,460 |
Initial Costs - Land | 935 |
Initial Costs - Building and Improvements | 2,483 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 935 |
Gross Amount - Building and Improvements | 2,483 |
Total Amount on Land and Building Improvements | 3,418 |
Accumulated Depreciation | (196) |
Santa Ana, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 5,799 |
Initial Costs - Land | 9,262 |
Initial Costs - Building and Improvements | 2,213 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 9,262 |
Gross Amount - Building and Improvements | 2,213 |
Total Amount on Land and Building Improvements | 11,475 |
Accumulated Depreciation | (366) |
Tracy, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 6,289 |
Initial Costs - Land | 1,696 |
Initial Costs - Building and Improvements | 6,986 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,696 |
Gross Amount - Building and Improvements | 6,986 |
Total Amount on Land and Building Improvements | 8,682 |
Accumulated Depreciation | (912) |
Deerfield Beach, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 11,228 |
Initial Costs - Building and Improvements | 8,141 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 11,228 |
Gross Amount - Building and Improvements | 8,141 |
Total Amount on Land and Building Improvements | 19,369 |
Accumulated Depreciation | (786) |
Belcamp, MD | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,748 |
Initial Costs - Building and Improvements | 17,935 |
Land, Building, and Improvements | 52 |
Gross Amount - Land | 2,748 |
Gross Amount - Building and Improvements | 17,987 |
Total Amount on Land and Building Improvements | 20,735 |
Accumulated Depreciation | (921) |
Curtis Bay, MD | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,773 |
Initial Costs - Building and Improvements | 19,787 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,773 |
Gross Amount - Building and Improvements | 19,787 |
Total Amount on Land and Building Improvements | 23,560 |
Accumulated Depreciation | (1,022) |
Hagerstown, MD | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,699 |
Initial Costs - Building and Improvements | 28,042 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,699 |
Gross Amount - Building and Improvements | 28,042 |
Total Amount on Land and Building Improvements | 31,741 |
Accumulated Depreciation | (1,506) |
Miami, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,700 |
Initial Costs - Building and Improvements | 6,386 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,700 |
Gross Amount - Building and Improvements | 6,386 |
Total Amount on Land and Building Improvements | 9,086 |
Accumulated Depreciation | (410) |
Romeoville, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 5,400 |
Initial Costs - Building and Improvements | 24,021 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 5,400 |
Gross Amount - Building and Improvements | 24,021 |
Total Amount on Land and Building Improvements | 29,421 |
Accumulated Depreciation | (1,240) |
Ball Ground, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 576 |
Initial Costs - Building and Improvements | 7,397 |
Land, Building, and Improvements | 81 |
Gross Amount - Land | 576 |
Gross Amount - Building and Improvements | 7,478 |
Total Amount on Land and Building Improvements | 8,054 |
Accumulated Depreciation | (311) |
Lake Zurich, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,571 |
Initial Costs - Building and Improvements | 8,278 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,571 |
Gross Amount - Building and Improvements | 8,278 |
Total Amount on Land and Building Improvements | 10,849 |
Accumulated Depreciation | (477) |
Whitestown, IN | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,158 |
Initial Costs - Building and Improvements | 68,643 |
Land, Building, and Improvements | 1 |
Gross Amount - Land | 2,158 |
Gross Amount - Building and Improvements | 68,644 |
Total Amount on Land and Building Improvements | 70,802 |
Accumulated Depreciation | (3,027) |
Jacksonville, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 5,686 |
Initial Costs - Building and Improvements | 32,009 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 5,686 |
Gross Amount - Building and Improvements | 32,009 |
Total Amount on Land and Building Improvements | 37,695 |
Accumulated Depreciation | (1,839) |
Wilmer, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 986 |
Initial Costs - Building and Improvements | 38,800 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 986 |
Gross Amount - Building and Improvements | 38,800 |
Total Amount on Land and Building Improvements | 39,786 |
Accumulated Depreciation | (1,799) |
West Jefferson, OH | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,205 |
Initial Costs - Building and Improvements | 50,853 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,205 |
Gross Amount - Building and Improvements | 50,853 |
Total Amount on Land and Building Improvements | 53,058 |
Accumulated Depreciation | (3,118) |
Tampa, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,202 |
Initial Costs - Building and Improvements | 9,536 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,202 |
Gross Amount - Building and Improvements | 9,536 |
Total Amount on Land and Building Improvements | 10,738 |
Accumulated Depreciation | (506) |
Houston, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,294 |
Initial Costs - Building and Improvements | 615 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,294 |
Gross Amount - Building and Improvements | 615 |
Total Amount on Land and Building Improvements | 2,909 |
Accumulated Depreciation | (251) |
Houston, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,466 |
Initial Costs - Building and Improvements | 1,053 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,466 |
Gross Amount - Building and Improvements | 1,053 |
Total Amount on Land and Building Improvements | 3,519 |
Accumulated Depreciation | (300) |
Fridley, MN | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,380 |
Initial Costs - Building and Improvements | 14,231 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,380 |
Gross Amount - Building and Improvements | 14,231 |
Total Amount on Land and Building Improvements | 15,611 |
Accumulated Depreciation | (601) |
Largo, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,318 |
Initial Costs - Building and Improvements | 1,351 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,318 |
Gross Amount - Building and Improvements | 1,351 |
Total Amount on Land and Building Improvements | 2,669 |
Accumulated Depreciation | (183) |
Littleton, MA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 5,292 |
Initial Costs - Building and Improvements | 31,268 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 5,292 |
Gross Amount - Building and Improvements | 31,268 |
Total Amount on Land and Building Improvements | 36,560 |
Accumulated Depreciation | (1,385) |
Byhalia, MS | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,662 |
Initial Costs - Building and Improvements | 23,353 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,662 |
Gross Amount - Building and Improvements | 23,353 |
Total Amount on Land and Building Improvements | 25,015 |
Accumulated Depreciation | (986) |
McCook, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 5,988 |
Initial Costs - Building and Improvements | 30,526 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 5,988 |
Gross Amount - Building and Improvements | 30,526 |
Total Amount on Land and Building Improvements | 36,514 |
Accumulated Depreciation | (1,212) |
Hanover Park, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,932 |
Initial Costs - Building and Improvements | 14,809 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,932 |
Gross Amount - Building and Improvements | 14,809 |
Total Amount on Land and Building Improvements | 17,741 |
Accumulated Depreciation | (735) |
Durham, NC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 925 |
Initial Costs - Building and Improvements | 8,543 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 925 |
Gross Amount - Building and Improvements | 8,543 |
Total Amount on Land and Building Improvements | 9,468 |
Accumulated Depreciation | (329) |
Santa Fe Springs, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,616 |
Initial Costs - Building and Improvements | 4,162 |
Land, Building, and Improvements | 2 |
Gross Amount - Land | 1,616 |
Gross Amount - Building and Improvements | 4,164 |
Total Amount on Land and Building Improvements | 5,780 |
Accumulated Depreciation | (161) |
Santa Fe Springs, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,372 |
Initial Costs - Building and Improvements | 1,063 |
Land, Building, and Improvements | 1 |
Gross Amount - Land | 1,372 |
Gross Amount - Building and Improvements | 1,064 |
Total Amount on Land and Building Improvements | 2,436 |
Accumulated Depreciation | (75) |
Santa Fe Springs, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 8,655 |
Initial Costs - Building and Improvements | 8,689 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 8,655 |
Gross Amount - Building and Improvements | 8,689 |
Total Amount on Land and Building Improvements | 17,344 |
Accumulated Depreciation | (552) |
Anaheim, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 9,601 |
Initial Costs - Building and Improvements | 14,432 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 9,601 |
Gross Amount - Building and Improvements | 14,432 |
Total Amount on Land and Building Improvements | 24,033 |
Accumulated Depreciation | (608) |
Fulton, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,166 |
Initial Costs - Building and Improvements | 4,766 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,166 |
Gross Amount - Building and Improvements | 4,766 |
Total Amount on Land and Building Improvements | 5,932 |
Accumulated Depreciation | (305) |
Fulton, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 862 |
Initial Costs - Building and Improvements | 2,981 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 862 |
Gross Amount - Building and Improvements | 2,981 |
Total Amount on Land and Building Improvements | 3,843 |
Accumulated Depreciation | (204) |
Anaheim, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 4,059 |
Initial Costs - Building and Improvements | 4,045 |
Land, Building, and Improvements | 12 |
Gross Amount - Land | 4,059 |
Gross Amount - Building and Improvements | 4,057 |
Total Amount on Land and Building Improvements | 8,116 |
Accumulated Depreciation | (226) |
Naperville, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 4,960 |
Initial Costs - Building and Improvements | 24,014 |
Land, Building, and Improvements | 2,777 |
Gross Amount - Land | 4,960 |
Gross Amount - Building and Improvements | 26,791 |
Total Amount on Land and Building Improvements | 31,751 |
Accumulated Depreciation | (1,266) |
Henderson, NV | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,947 |
Initial Costs - Building and Improvements | 18,749 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,947 |
Gross Amount - Building and Improvements | 18,749 |
Total Amount on Land and Building Improvements | 22,696 |
Accumulated Depreciation | (685) |
Black Creek, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,210 |
Initial Costs - Building and Improvements | 27,074 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,210 |
Gross Amount - Building and Improvements | 27,074 |
Total Amount on Land and Building Improvements | 29,284 |
Accumulated Depreciation | (1,063) |
Montgomery, NY | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 4,310 |
Initial Costs - Building and Improvements | 17,912 |
Land, Building, and Improvements | 3 |
Gross Amount - Land | 4,310 |
Gross Amount - Building and Improvements | 17,915 |
Total Amount on Land and Building Improvements | 22,225 |
Accumulated Depreciation | (909) |
Oakland, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 4,957 |
Initial Costs - Building and Improvements | 5,279 |
Land, Building, and Improvements | 401 |
Gross Amount - Land | 4,957 |
Gross Amount - Building and Improvements | 5,680 |
Total Amount on Land and Building Improvements | 10,637 |
Accumulated Depreciation | (303) |
Elkridge, MD | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,509 |
Initial Costs - Building and Improvements | 2,605 |
Land, Building, and Improvements | 2 |
Gross Amount - Land | 2,509 |
Gross Amount - Building and Improvements | 2,607 |
Total Amount on Land and Building Improvements | 5,116 |
Accumulated Depreciation | (201) |
Commerce City, CO | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,141 |
Initial Costs - Building and Improvements | 7,693 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,141 |
Gross Amount - Building and Improvements | 7,693 |
Total Amount on Land and Building Improvements | 10,834 |
Accumulated Depreciation | (400) |
West Chester, OH | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 442 |
Initial Costs - Building and Improvements | 7,928 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 442 |
Gross Amount - Building and Improvements | 7,928 |
Total Amount on Land and Building Improvements | 8,370 |
Accumulated Depreciation | (322) |
Swedesboro, NJ | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,352 |
Initial Costs - Building and Improvements | 9,861 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,352 |
Gross Amount - Building and Improvements | 9,861 |
Total Amount on Land and Building Improvements | 13,213 |
Accumulated Depreciation | (419) |
Southaven, MS | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 17,823 |
Initial Costs - Land | 1,463 |
Initial Costs - Building and Improvements | 26,630 |
Land, Building, and Improvements | 315 |
Gross Amount - Land | 1,463 |
Gross Amount - Building and Improvements | 26,945 |
Total Amount on Land and Building Improvements | 28,408 |
Accumulated Depreciation | (1,027) |
Southaven, MS | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 8,769 |
Initial Costs - Land | 1,026 |
Initial Costs - Building and Improvements | 15,272 |
Land, Building, and Improvements | 113 |
Gross Amount - Land | 1,026 |
Gross Amount - Building and Improvements | 15,385 |
Total Amount on Land and Building Improvements | 16,411 |
Accumulated Depreciation | (603) |
Memphis, TN | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,267 |
Initial Costs - Building and Improvements | 31,266 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,267 |
Gross Amount - Building and Improvements | 31,266 |
Total Amount on Land and Building Improvements | 33,533 |
Accumulated Depreciation | (1,172) |
Memphis, TN | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,759 |
Initial Costs - Building and Improvements | 18,021 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,759 |
Gross Amount - Building and Improvements | 18,021 |
Total Amount on Land and Building Improvements | 19,780 |
Accumulated Depreciation | (795) |
McDonough, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 12,861 |
Initial Costs - Land | 3,142 |
Initial Costs - Building and Improvements | 23,633 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,142 |
Gross Amount - Building and Improvements | 23,633 |
Total Amount on Land and Building Improvements | 26,775 |
Accumulated Depreciation | (919) |
Rialto, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 57,916 |
Initial Costs - Land | 24,992 |
Initial Costs - Building and Improvements | 45,144 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 24,992 |
Gross Amount - Building and Improvements | 45,144 |
Total Amount on Land and Building Improvements | 70,136 |
Accumulated Depreciation | (487) |
Chicago, IL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 7,608 |
Initial Costs - Building and Improvements | 29,159 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 7,608 |
Gross Amount - Building and Improvements | 29,159 |
Total Amount on Land and Building Improvements | 36,767 |
Accumulated Depreciation | (354) |
Maple Grove, MN | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 16,870 |
Initial Costs - Land | 3,675 |
Initial Costs - Building and Improvements | 20,471 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,675 |
Gross Amount - Building and Improvements | 20,471 |
Total Amount on Land and Building Improvements | 24,146 |
Accumulated Depreciation | (230) |
Duncan, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 661 |
Initial Costs - Building and Improvements | 9,962 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 661 |
Gross Amount - Building and Improvements | 9,962 |
Total Amount on Land and Building Improvements | 10,623 |
Accumulated Depreciation | (98) |
Katy, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 5,014 |
Initial Costs - Building and Improvements | 10,672 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 5,014 |
Gross Amount - Building and Improvements | 10,672 |
Total Amount on Land and Building Improvements | 15,686 |
Accumulated Depreciation | (103) |
Katy, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,879 |
Initial Costs - Building and Improvements | 7,862 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,879 |
Gross Amount - Building and Improvements | 7,862 |
Total Amount on Land and Building Improvements | 11,741 |
Accumulated Depreciation | (82) |
Fairburn, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 5,360 |
Initial Costs - Building and Improvements | 57,616 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 5,360 |
Gross Amount - Building and Improvements | 57,616 |
Total Amount on Land and Building Improvements | 62,976 |
Accumulated Depreciation | (1,878) |
Plainfield, IN | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 13,907 |
Initial Costs - Land | 4,380 |
Initial Costs - Building and Improvements | 27,012 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 4,380 |
Gross Amount - Building and Improvements | 27,012 |
Total Amount on Land and Building Improvements | 31,392 |
Accumulated Depreciation | (1,150) |
Plainfield, IN | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 10,388 |
Initial Costs - Land | 2,361 |
Initial Costs - Building and Improvements | 21,362 |
Land, Building, and Improvements | 402 |
Gross Amount - Land | 2,361 |
Gross Amount - Building and Improvements | 21,764 |
Total Amount on Land and Building Improvements | 24,125 |
Accumulated Depreciation | (855) |
West Chester, OH | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 12,233 |
Initial Costs - Land | 1,896 |
Initial Costs - Building and Improvements | 17,433 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,896 |
Gross Amount - Building and Improvements | 17,433 |
Total Amount on Land and Building Improvements | 19,329 |
Accumulated Depreciation | (713) |
West Chester, OH | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 7,808 |
Initial Costs - Land | 1,636 |
Initial Costs - Building and Improvements | 12,275 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,636 |
Gross Amount - Building and Improvements | 12,275 |
Total Amount on Land and Building Improvements | 13,911 |
Accumulated Depreciation | (488) |
Walton, KY | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 14,381 |
Initial Costs - Land | 2,327 |
Initial Costs - Building and Improvements | 23,802 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,327 |
Gross Amount - Building and Improvements | 23,802 |
Total Amount on Land and Building Improvements | 26,129 |
Accumulated Depreciation | (892) |
Summerville, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 24,899 |
Initial Costs - Land | 6,445 |
Initial Costs - Building and Improvements | 46,323 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 6,445 |
Gross Amount - Building and Improvements | 46,323 |
Total Amount on Land and Building Improvements | 52,768 |
Accumulated Depreciation | (1,467) |
Fairfield, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 18,568 |
Initial Costs - Land | 9,935 |
Initial Costs - Building and Improvements | 33,960 |
Land, Building, and Improvements | 35 |
Gross Amount - Land | 9,935 |
Gross Amount - Building and Improvements | 33,995 |
Total Amount on Land and Building Improvements | 43,930 |
Accumulated Depreciation | (1,511) |
Irving, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 16,240 |
Initial Costs - Land | 0 |
Initial Costs - Building and Improvements | 32,010 |
Land, Building, and Improvements | 26 |
Gross Amount - Land | 0 |
Gross Amount - Building and Improvements | 32,036 |
Total Amount on Land and Building Improvements | 32,036 |
Accumulated Depreciation | (1,011) |
Woodland, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,056 |
Initial Costs - Building and Improvements | 10,239 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,056 |
Gross Amount - Building and Improvements | 10,239 |
Total Amount on Land and Building Improvements | 12,295 |
Accumulated Depreciation | (516) |
Woodland, CA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,136 |
Initial Costs - Building and Improvements | 10,304 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,136 |
Gross Amount - Building and Improvements | 10,304 |
Total Amount on Land and Building Improvements | 12,440 |
Accumulated Depreciation | (525) |
York, PA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,348 |
Initial Costs - Building and Improvements | 5,254 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,348 |
Gross Amount - Building and Improvements | 5,254 |
Total Amount on Land and Building Improvements | 6,602 |
Accumulated Depreciation | (251) |
Alpharetta, GA | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,604 |
Initial Costs - Building and Improvements | 7,910 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,604 |
Gross Amount - Building and Improvements | 7,910 |
Total Amount on Land and Building Improvements | 9,514 |
Accumulated Depreciation | (265) |
Fort Worth, TX | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,007 |
Initial Costs - Building and Improvements | 18,934 |
Land, Building, and Improvements | 18 |
Gross Amount - Land | 3,007 |
Gross Amount - Building and Improvements | 18,952 |
Total Amount on Land and Building Improvements | 21,959 |
Accumulated Depreciation | (657) |
St Louis, MO | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 899 |
Initial Costs - Building and Improvements | 545 |
Land, Building, and Improvements | 170 |
Gross Amount - Land | 899 |
Gross Amount - Building and Improvements | 715 |
Total Amount on Land and Building Improvements | 1,614 |
Accumulated Depreciation | (445) |
Nashville, TN | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,995 |
Initial Costs - Building and Improvements | 8,879 |
Land, Building, and Improvements | 62 |
Gross Amount - Land | 2,995 |
Gross Amount - Building and Improvements | 8,941 |
Total Amount on Land and Building Improvements | 11,936 |
Accumulated Depreciation | (1,015) |
Phoenix, AZ | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,854 |
Initial Costs - Building and Improvements | 1,085 |
Land, Building, and Improvements | 8,294 |
Gross Amount - Land | 1,854 |
Gross Amount - Building and Improvements | 9,379 |
Total Amount on Land and Building Improvements | 11,233 |
Accumulated Depreciation | 0 |
Phoenix, AZ | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 0 |
Initial Costs - Building and Improvements | 6,206 |
Land, Building, and Improvements | 222 |
Gross Amount - Land | 0 |
Gross Amount - Building and Improvements | 6,428 |
Total Amount on Land and Building Improvements | 6,428 |
Accumulated Depreciation | (884) |
Fort Wayne, IN | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,029 |
Initial Costs - Building and Improvements | 20,052 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,029 |
Gross Amount - Building and Improvements | 20,052 |
Total Amount on Land and Building Improvements | 21,081 |
Accumulated Depreciation | (339) |
Concord, NC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 622 |
Initial Costs - Building and Improvements | 5,564 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 622 |
Gross Amount - Building and Improvements | 5,564 |
Total Amount on Land and Building Improvements | 6,186 |
Accumulated Depreciation | (112) |
Greer, SC | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 626 |
Initial Costs - Building and Improvements | 16,020 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 626 |
Gross Amount - Building and Improvements | 16,020 |
Total Amount on Land and Building Improvements | 16,646 |
Accumulated Depreciation | (233) |
Phoenix, AZ | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 0 |
Initial Costs - Building and Improvements | 14,605 |
Land, Building, and Improvements | 328 |
Gross Amount - Land | 0 |
Gross Amount - Building and Improvements | 14,933 |
Total Amount on Land and Building Improvements | 14,933 |
Accumulated Depreciation | (2,242) |
Phoenix, AZ | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 0 |
Initial Costs - Building and Improvements | 6,834 |
Land, Building, and Improvements | 114 |
Gross Amount - Land | 0 |
Gross Amount - Building and Improvements | 6,948 |
Total Amount on Land and Building Improvements | 6,948 |
Accumulated Depreciation | (925) |
Phoenix, AZ | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 0 |
Initial Costs - Building and Improvements | 6,202 |
Land, Building, and Improvements | 114 |
Gross Amount - Land | 0 |
Gross Amount - Building and Improvements | 6,316 |
Total Amount on Land and Building Improvements | 6,316 |
Accumulated Depreciation | (855) |
Mesa, AZ | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 796 |
Initial Costs - Building and Improvements | 2,411 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 796 |
Gross Amount - Building and Improvements | 2,411 |
Total Amount on Land and Building Improvements | 3,207 |
Accumulated Depreciation | (423) |
Phoenix, AZ | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 0 |
Initial Costs - Building and Improvements | 11,206 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 0 |
Gross Amount - Building and Improvements | 11,206 |
Total Amount on Land and Building Improvements | 11,206 |
Accumulated Depreciation | (1,661) |
Ontario, CA | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,767 |
Initial Costs - Building and Improvements | 4,299 |
Land, Building, and Improvements | 36 |
Gross Amount - Land | 2,767 |
Gross Amount - Building and Improvements | 4,335 |
Total Amount on Land and Building Improvements | 7,102 |
Accumulated Depreciation | (730) |
Sacramento, CA | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 924 |
Initial Costs - Building and Improvements | 3,710 |
Land, Building, and Improvements | (2,908) |
Gross Amount - Land | 344 |
Gross Amount - Building and Improvements | 1,382 |
Total Amount on Land and Building Improvements | 1,726 |
Accumulated Depreciation | (509) |
Glendale, AZ | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,446 |
Initial Costs - Building and Improvements | 6,808 |
Land, Building, and Improvements | 85 |
Gross Amount - Land | 2,446 |
Gross Amount - Building and Improvements | 6,893 |
Total Amount on Land and Building Improvements | 9,339 |
Accumulated Depreciation | (1,058) |
Ontario, CA | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 6,903 |
Initial Costs - Building and Improvements | 5,574 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 6,903 |
Gross Amount - Building and Improvements | 5,574 |
Total Amount on Land and Building Improvements | 12,477 |
Accumulated Depreciation | (912) |
Newport Beach, CA | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 5,953 |
Initial Costs - Building and Improvements | 28,118 |
Land, Building, and Improvements | 9,562 |
Gross Amount - Land | 5,953 |
Gross Amount - Building and Improvements | 37,680 |
Total Amount on Land and Building Improvements | 43,633 |
Accumulated Depreciation | (4,540) |
Sacramento, CA | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,212 |
Initial Costs - Building and Improvements | 11,324 |
Land, Building, and Improvements | 2,707 |
Gross Amount - Land | 3,212 |
Gross Amount - Building and Improvements | 14,031 |
Total Amount on Land and Building Improvements | 17,243 |
Accumulated Depreciation | (1,795) |
Sacramento, CA | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 555 |
Initial Costs - Building and Improvements | 1,583 |
Land, Building, and Improvements | 42 |
Gross Amount - Land | 555 |
Gross Amount - Building and Improvements | 1,625 |
Total Amount on Land and Building Improvements | 2,180 |
Accumulated Depreciation | (306) |
Pomona, CA | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 118 |
Initial Costs - Building and Improvements | 450 |
Land, Building, and Improvements | 355 |
Gross Amount - Land | 118 |
Gross Amount - Building and Improvements | 805 |
Total Amount on Land and Building Improvements | 923 |
Accumulated Depreciation | (82) |
Riverside, CA | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 598 |
Initial Costs - Building and Improvements | 1,607 |
Land, Building, and Improvements | 11 |
Gross Amount - Land | 598 |
Gross Amount - Building and Improvements | 1,618 |
Total Amount on Land and Building Improvements | 2,216 |
Accumulated Depreciation | (287) |
San Bernadino, CA | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 956 |
Initial Costs - Building and Improvements | 2,167 |
Land, Building, and Improvements | (881) |
Gross Amount - Land | 683 |
Gross Amount - Building and Improvements | 1,559 |
Total Amount on Land and Building Improvements | 2,242 |
Accumulated Depreciation | (409) |
Sunnyvale, CA | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 8,439 |
Initial Costs - Building and Improvements | 13,078 |
Land, Building, and Improvements | 343 |
Gross Amount - Land | 8,439 |
Gross Amount - Building and Improvements | 13,421 |
Total Amount on Land and Building Improvements | 21,860 |
Accumulated Depreciation | (2,270) |
Tampa, FL | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,534 |
Initial Costs - Building and Improvements | 3,493 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,534 |
Gross Amount - Building and Improvements | 3,493 |
Total Amount on Land and Building Improvements | 6,027 |
Accumulated Depreciation | (545) |
Jacksonville, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,453 |
Initial Costs - Building and Improvements | 17,590 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,453 |
Gross Amount - Building and Improvements | 17,590 |
Total Amount on Land and Building Improvements | 20,043 |
Accumulated Depreciation | (833) |
Jacksonville, FL | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,006 |
Initial Costs - Building and Improvements | 3,828 |
Land, Building, and Improvements | 172 |
Gross Amount - Land | 1,006 |
Gross Amount - Building and Improvements | 4,000 |
Total Amount on Land and Building Improvements | 5,006 |
Accumulated Depreciation | (529) |
Jacksonville, FL | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 547 |
Initial Costs - Building and Improvements | 3,384 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 547 |
Gross Amount - Building and Improvements | 3,384 |
Total Amount on Land and Building Improvements | 3,931 |
Accumulated Depreciation | (511) |
Jacksonville, FL | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 779 |
Initial Costs - Building and Improvements | 3,623 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 779 |
Gross Amount - Building and Improvements | 3,623 |
Total Amount on Land and Building Improvements | 4,402 |
Accumulated Depreciation | (467) |
Jacksonville, FL | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,211 |
Initial Costs - Building and Improvements | 2,154 |
Land, Building, and Improvements | (758) |
Gross Amount - Land | 904 |
Gross Amount - Building and Improvements | 1,703 |
Total Amount on Land and Building Improvements | 2,607 |
Accumulated Depreciation | (351) |
Jacksonville, FL | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,476 |
Initial Costs - Building and Improvements | 2,494 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,476 |
Gross Amount - Building and Improvements | 2,494 |
Total Amount on Land and Building Improvements | 3,970 |
Accumulated Depreciation | (427) |
Jacksonville, FL | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,000 |
Initial Costs - Building and Improvements | 5,284 |
Land, Building, and Improvements | 227 |
Gross Amount - Land | 1,000 |
Gross Amount - Building and Improvements | 5,511 |
Total Amount on Land and Building Improvements | 6,511 |
Accumulated Depreciation | (786) |
Jacksonville, FL | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 614 |
Initial Costs - Building and Improvements | 1,342 |
Land, Building, and Improvements | 35 |
Gross Amount - Land | 614 |
Gross Amount - Building and Improvements | 1,377 |
Total Amount on Land and Building Improvements | 1,991 |
Accumulated Depreciation | (297) |
Jacksonville, FL | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,133 |
Initial Costs - Building and Improvements | 4,108 |
Land, Building, and Improvements | 127 |
Gross Amount - Land | 2,133 |
Gross Amount - Building and Improvements | 4,235 |
Total Amount on Land and Building Improvements | 6,368 |
Accumulated Depreciation | (640) |
Jacksonville, FL | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,944 |
Initial Costs - Building and Improvements | 12,613 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,944 |
Gross Amount - Building and Improvements | 12,613 |
Total Amount on Land and Building Improvements | 14,557 |
Accumulated Depreciation | (1,091) |
Jacksonville, FL | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 4,260 |
Initial Costs - Building and Improvements | 47,397 |
Land, Building, and Improvements | 166 |
Gross Amount - Land | 4,260 |
Gross Amount - Building and Improvements | 47,563 |
Total Amount on Land and Building Improvements | 51,823 |
Accumulated Depreciation | (3,659) |
Jacksonville, FL | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 741 |
Initial Costs - Building and Improvements | 1,011 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 741 |
Gross Amount - Building and Improvements | 1,011 |
Total Amount on Land and Building Improvements | 1,752 |
Accumulated Depreciation | (196) |
Port Charlotte, FL | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 5,215 |
Initial Costs - Building and Improvements | 39,985 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 5,215 |
Gross Amount - Building and Improvements | 39,985 |
Total Amount on Land and Building Improvements | 45,200 |
Accumulated Depreciation | (3,519) |
Miami Lakes, FL | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 12,721 |
Initial Costs - Building and Improvements | 32,270 |
Land, Building, and Improvements | (2,952) |
Gross Amount - Land | 11,870 |
Gross Amount - Building and Improvements | 30,169 |
Total Amount on Land and Building Improvements | 42,039 |
Accumulated Depreciation | (2,972) |
Tampa, FL | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 5,112 |
Initial Costs - Building and Improvements | 14,910 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 5,112 |
Gross Amount - Building and Improvements | 14,910 |
Total Amount on Land and Building Improvements | 20,022 |
Accumulated Depreciation | (1,252) |
Savannah, GA | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 4,854 |
Initial Costs - Building and Improvements | 24,924 |
Land, Building, and Improvements | 266 |
Gross Amount - Land | 4,854 |
Gross Amount - Building and Improvements | 25,190 |
Total Amount on Land and Building Improvements | 30,044 |
Accumulated Depreciation | (1,414) |
Overland Park, KS | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,730 |
Initial Costs - Building and Improvements | 12,265 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,730 |
Gross Amount - Building and Improvements | 12,265 |
Total Amount on Land and Building Improvements | 13,995 |
Accumulated Depreciation | (791) |
Annapolis, MD | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 4,175 |
Initial Costs - Building and Improvements | 22,499 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 4,175 |
Gross Amount - Building and Improvements | 22,499 |
Total Amount on Land and Building Improvements | 26,674 |
Accumulated Depreciation | (1,434) |
Springfield, MO | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 10,748 |
Initial Costs - Land | 2,218 |
Initial Costs - Building and Improvements | 10,026 |
Land, Building, and Improvements | 78 |
Gross Amount - Land | 2,218 |
Gross Amount - Building and Improvements | 10,104 |
Total Amount on Land and Building Improvements | 12,322 |
Accumulated Depreciation | (622) |
Carollton, TX | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,318 |
Initial Costs - Building and Improvements | 31,682 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,318 |
Gross Amount - Building and Improvements | 31,682 |
Total Amount on Land and Building Improvements | 35,000 |
Accumulated Depreciation | (1,945) |
Houston, TX | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 0 |
Initial Costs - Building and Improvements | 48,350 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 0 |
Gross Amount - Building and Improvements | 48,350 |
Total Amount on Land and Building Improvements | 48,350 |
Accumulated Depreciation | (2,901) |
Mission, TX | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 6,220 |
Initial Costs - Building and Improvements | 65,687 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 6,220 |
Gross Amount - Building and Improvements | 65,687 |
Total Amount on Land and Building Improvements | 71,907 |
Accumulated Depreciation | (3,930) |
Spokane, WA | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,224 |
Initial Costs - Building and Improvements | 5,047 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,224 |
Gross Amount - Building and Improvements | 5,047 |
Total Amount on Land and Building Improvements | 6,271 |
Accumulated Depreciation | (331) |
Malvern, EN | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,578 |
Initial Costs - Building and Improvements | 16,035 |
Land, Building, and Improvements | 478 |
Gross Amount - Land | 1,578 |
Gross Amount - Building and Improvements | 16,513 |
Total Amount on Land and Building Improvements | 18,091 |
Accumulated Depreciation | (948) |
Parsippany, NJ | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,614 |
Initial Costs - Building and Improvements | 18,756 |
Land, Building, and Improvements | 235 |
Gross Amount - Land | 1,614 |
Gross Amount - Building and Improvements | 18,991 |
Total Amount on Land and Building Improvements | 20,605 |
Accumulated Depreciation | (1,071) |
Charlotte, NC | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,833 |
Initial Costs - Building and Improvements | 22,934 |
Land, Building, and Improvements | 13,474 |
Gross Amount - Land | 3,833 |
Gross Amount - Building and Improvements | 36,408 |
Total Amount on Land and Building Improvements | 40,241 |
Accumulated Depreciation | (1,977) |
Irving, TX | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,535 |
Initial Costs - Building and Improvements | 22,622 |
Land, Building, and Improvements | (10,330) |
Gross Amount - Land | 2,139 |
Gross Amount - Building and Improvements | 13,688 |
Total Amount on Land and Building Improvements | 15,827 |
Accumulated Depreciation | (1,641) |
Parsippany, NJ | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 11,664 |
Initial Costs - Building and Improvements | 8,566 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 11,664 |
Gross Amount - Building and Improvements | 8,566 |
Total Amount on Land and Building Improvements | 20,230 |
Accumulated Depreciation | (883) |
Plantation, TX | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 6,510 |
Initial Costs - Building and Improvements | 19,697 |
Land, Building, and Improvements | 118 |
Gross Amount - Land | 6,510 |
Gross Amount - Building and Improvements | 19,815 |
Total Amount on Land and Building Improvements | 26,325 |
Accumulated Depreciation | (1,199) |
Commerce, CO | Office properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 5,036 |
Initial Costs - Building and Improvements | 9,994 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 5,036 |
Gross Amount - Building and Improvements | 9,994 |
Total Amount on Land and Building Improvements | 15,030 |
Accumulated Depreciation | (470) |
Emmaus, PA | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 407 |
Initial Costs - Building and Improvements | 986 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 407 |
Gross Amount - Building and Improvements | 986 |
Total Amount on Land and Building Improvements | 1,393 |
Accumulated Depreciation | (240) |
Deerfield, IL | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,620 |
Initial Costs - Building and Improvements | 20,880 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,620 |
Gross Amount - Building and Improvements | 20,880 |
Total Amount on Land and Building Improvements | 24,500 |
Accumulated Depreciation | (1,492) |
Miramar, FL | Industrial property | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 5,733 |
Initial Costs - Building and Improvements | 5,459 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 5,733 |
Gross Amount - Building and Improvements | 5,459 |
Total Amount on Land and Building Improvements | 11,192 |
Accumulated Depreciation | 0 |
Baltimore, MD | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 751 |
Initial Costs - Building and Improvements | 2,249 |
Land, Building, and Improvements | 147 |
Gross Amount - Land | 751 |
Gross Amount - Building and Improvements | 2,396 |
Total Amount on Land and Building Improvements | 3,147 |
Accumulated Depreciation | (403) |
Bellingham, WA | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,663 |
Initial Costs - Building and Improvements | 2,702 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,663 |
Gross Amount - Building and Improvements | 2,702 |
Total Amount on Land and Building Improvements | 4,365 |
Accumulated Depreciation | (408) |
Reston, VA | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 4,440 |
Initial Costs - Building and Improvements | 28,070 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 4,440 |
Gross Amount - Building and Improvements | 28,070 |
Total Amount on Land and Building Improvements | 32,510 |
Accumulated Depreciation | (1,934) |
Colorado Springs, CO | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 187 |
Initial Costs - Building and Improvements | 290 |
Land, Building, and Improvements | (24) |
Gross Amount - Land | 187 |
Gross Amount - Building and Improvements | 266 |
Total Amount on Land and Building Improvements | 453 |
Accumulated Depreciation | (64) |
Franklin Park, IL | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 4,512 |
Initial Costs - Building and Improvements | 2,457 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 4,512 |
Gross Amount - Building and Improvements | 2,457 |
Total Amount on Land and Building Improvements | 6,969 |
Accumulated Depreciation | (541) |
Bakersfield, CA | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 503 |
Initial Costs - Building and Improvements | 2,670 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 503 |
Gross Amount - Building and Improvements | 2,670 |
Total Amount on Land and Building Improvements | 3,173 |
Accumulated Depreciation | (443) |
Mansfield, TX | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 3,050 |
Initial Costs - Building and Improvements | 23,684 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 3,050 |
Gross Amount - Building and Improvements | 23,684 |
Total Amount on Land and Building Improvements | 26,734 |
Accumulated Depreciation | (1,633) |
Canton, MI | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 950 |
Initial Costs - Building and Improvements | 24,620 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 950 |
Gross Amount - Building and Improvements | 24,620 |
Total Amount on Land and Building Improvements | 25,570 |
Accumulated Depreciation | (1,751) |
El Segundo, CA | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,812 |
Initial Costs - Building and Improvements | 1,879 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,812 |
Gross Amount - Building and Improvements | 1,879 |
Total Amount on Land and Building Improvements | 4,691 |
Accumulated Depreciation | (324) |
Collierville, TN | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,950 |
Initial Costs - Building and Improvements | 24,161 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,950 |
Gross Amount - Building and Improvements | 24,161 |
Total Amount on Land and Building Improvements | 27,111 |
Accumulated Depreciation | (1,646) |
Deerfield, OH | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,970 |
Initial Costs - Building and Improvements | 5,564 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,970 |
Gross Amount - Building and Improvements | 5,564 |
Total Amount on Land and Building Improvements | 8,534 |
Accumulated Depreciation | (872) |
Los Angeles, CA | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,403 |
Initial Costs - Building and Improvements | 3,128 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,403 |
Gross Amount - Building and Improvements | 3,128 |
Total Amount on Land and Building Improvements | 4,531 |
Accumulated Depreciation | (424) |
North Hollywood, CA | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,504 |
Initial Costs - Building and Improvements | 5,106 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,504 |
Gross Amount - Building and Improvements | 5,106 |
Total Amount on Land and Building Improvements | 7,610 |
Accumulated Depreciation | (702) |
Los Angeles, CA | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,146 |
Initial Costs - Building and Improvements | 1,909 |
Land, Building, and Improvements | 164 |
Gross Amount - Land | 1,146 |
Gross Amount - Building and Improvements | 2,073 |
Total Amount on Land and Building Improvements | 3,219 |
Accumulated Depreciation | (320) |
Bixby, OK | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,410 |
Initial Costs - Building and Improvements | 22,663 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,410 |
Gross Amount - Building and Improvements | 22,663 |
Total Amount on Land and Building Improvements | 25,073 |
Accumulated Depreciation | (1,552) |
Centennial, CO | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,400 |
Initial Costs - Building and Improvements | 29,043 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,400 |
Gross Amount - Building and Improvements | 29,043 |
Total Amount on Land and Building Improvements | 31,443 |
Accumulated Depreciation | (1,985) |
Summit, CO | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 944 |
Initial Costs - Building and Improvements | 3,791 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 944 |
Gross Amount - Building and Improvements | 3,791 |
Total Amount on Land and Building Improvements | 4,735 |
Accumulated Depreciation | (593) |
Eden Prairie, MN | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,290 |
Initial Costs - Building and Improvements | 20,549 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,290 |
Gross Amount - Building and Improvements | 20,549 |
Total Amount on Land and Building Improvements | 22,839 |
Accumulated Depreciation | (2,254) |
Santa Barbara, CA | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 2,883 |
Initial Costs - Building and Improvements | 5,220 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 2,883 |
Gross Amount - Building and Improvements | 5,220 |
Total Amount on Land and Building Improvements | 8,103 |
Accumulated Depreciation | (697) |
Santa Maria, CA | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,458 |
Initial Costs - Building and Improvements | 4,703 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,458 |
Gross Amount - Building and Improvements | 4,703 |
Total Amount on Land and Building Improvements | 6,161 |
Accumulated Depreciation | (673) |
Mission Hills, CA | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,434 |
Initial Costs - Building and Improvements | 3,166 |
Land, Building, and Improvements | 1 |
Gross Amount - Land | 1,434 |
Gross Amount - Building and Improvements | 3,167 |
Total Amount on Land and Building Improvements | 4,601 |
Accumulated Depreciation | (450) |
Clearwater, FL | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 1,389 |
Initial Costs - Building and Improvements | 3,354 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 1,389 |
Gross Amount - Building and Improvements | 3,354 |
Total Amount on Land and Building Improvements | 4,743 |
Accumulated Depreciation | (501) |
Richland, MO | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 78 |
Initial Costs - Building and Improvements | 1,183 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 78 |
Gross Amount - Building and Improvements | 1,183 |
Total Amount on Land and Building Improvements | 1,261 |
Accumulated Depreciation | (216) |
Springfield, MO | Special Retail Properties | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial Costs - Land | 0 |
Initial Costs - Building and Improvements | 2,432 |
Land, Building, and Improvements | 0 |
Gross Amount - Land | 0 |
Gross Amount - Building and Improvements | 2,432 |
Total Amount on Land and Building Improvements | 2,432 |
Accumulated Depreciation | $ (372) |
Schedule III - Real Estate I107
Schedule III - Real Estate Investments (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Federal tax basis | $ 6,339,902 |
Building | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Minimum | Building Equipment and Fixtures | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Maximum | Building Equipment and Fixtures | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Schedule III - Real Estate I108
Schedule III - Real Estate Investments (Rollforward of Carrying Values of Real Estate Investments Held-for-Investment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment in real estate: | |||
Balance at end of year | $ 5,887,824 | ||
Accumulated depreciation: | |||
Balance at end of year | 333,151 | ||
Continuing Operations | |||
Investment in real estate: | |||
Balance at beginning of year | 4,858,389 | $ 4,016,304 | $ 1,067,620 |
Improvements | 72,104 | 51,427 | 22,734 |
Acquisitions | 1,383,819 | 1,407,171 | 3,018,585 |
Acquisitions designated as held for sale | 0 | 28,611 | 348,582 |
Change in held for sale | (412) | (28,611) | (348,582) |
Write-off of fully depreciated assets | (1,124) | (1,556) | (358) |
Impairments | (37,822) | (11,195) | (356) |
Property sales | (387,130) | (603,762) | (91,921) |
Balance at end of year | 5,887,824 | 4,858,389 | 4,016,304 |
Accumulated depreciation: | |||
Balance at beginning of year | 201,525 | 84,627 | 27,598 |
Depreciation expense | 160,828 | 127,984 | 59,145 |
Write-off of fully depreciated assets | (1,123) | (1,556) | (358) |
Change in held for sale | (10) | 0 | 0 |
Property sales | (28,069) | (9,530) | (1,758) |
Balance at end of year | $ 333,151 | $ 201,525 | $ 84,627 |
Schedule IV - Mortgage Loans109
Schedule IV - Mortgage Loans on Real Estate (Summary of Mortgage Loans on Real Estate) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Minimum | |
Mortgage Loans on Real Estate [Line Items] | |
Interest Rate | 9.00% |
Maximum | |
Mortgage Loans on Real Estate [Line Items] | |
Interest Rate | 12.00% |
Mezzanine construction loan facility | |
Mortgage Loans on Real Estate [Line Items] | |
Interest Rate | 10.47% |
Face amount of mortgages | $ 21,877 |
Carrying amount of mortgages | 22,154 |
Principal amount of loans subject to delinquent principal or interest | $ 0 |
Schedule IV - Mortgage Loans110
Schedule IV - Mortgage Loans on Real Estate (Movement in Mortgage Loans on Real Estate) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |
Balance at beginning of year | $ 0 |
Advance | 21,877 |
Interest accretion | 220 |
Financing costs | 57 |
Financing costs | $ 22,154 |