Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 16, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | EastGroup Properties Inc | ||
Entity Central Index Key | 49,600 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,747,077,000 | ||
Entity Common Stock, Shares Outstanding | 32,383,937 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | |||
Real estate properties | $ 2,049,007,000 | $ 1,894,973,000 | |
Development | 170,441,000 | 179,973,000 | |
Real estate and development properties | 2,219,448,000 | 2,074,946,000 | |
Less accumulated depreciation | (657,454,000) | (600,526,000) | |
Real estate, net | 1,561,994,000 | 1,474,420,000 | |
Unconsolidated investment | 8,004,000 | 7,884,000 | |
Cash | 48,000 | 11,000 | |
Other assets | 96,186,000 | 93,509,000 | |
TOTAL ASSETS | 1,666,232,000 | 1,575,824,000 | |
LIABILITIES | |||
Secured debt | 351,401,000 | 453,776,000 | |
Unsecured debt | 530,000,000 | 380,000,000 | |
Unsecured bank credit facilities | 150,836,000 | 99,401,000 | |
Accounts payable and accrued expenses | 44,181,000 | 39,439,000 | |
Other liabilities | 30,613,000 | 27,593,000 | |
Total Liabilities | 1,107,031,000 | 1,000,209,000 | |
Stockholders’ Equity: | |||
Common shares; $.0001 par value; 70,000,000 shares authorized; 32,421,460 shares issued and outstanding at December 31, 2015 and 32,232,587 at December 31, 2014 | 3,000 | 3,000 | |
Excess shares; $.0001 par value; 30,000,000 shares authorized; no shares issued | 0 | 0 | |
Additional paid-in capital on common shares | 887,207,000 | 874,335,000 | |
Distributions in excess of earnings | (328,892,000) | (300,852,000) | |
Accumulated Other Comprehensive Income (Loss) | (3,456,000) | (2,357,000) | $ 1,629,000 |
Total Stockholders’ Equity | 554,862,000 | 571,129,000 | |
Noncontrolling interest in joint ventures | 4,339,000 | 4,486,000 | |
Total Equity | 559,201,000 | 575,615,000 | $ 518,705,000 |
TOTAL LIABILITIES AND EQUITY | $ 1,666,232,000 | $ 1,575,824,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common shares, authorized | 70,000,000 | 70,000,000 |
Common shares, issued | 32,421,460 | 32,232,587 |
Common shares, outstanding | 32,421,460 | 32,232,587 |
Excess shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Excess shares, authorized | 30,000,000 | 30,000,000 |
Excess shares, issued | 0 | 0 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
REVENUES | |||
Income from real estate operations | $ 234,918 | $ 219,706 | $ 201,849 |
Other income | 90 | 123 | 322 |
Revenues | 235,008 | 219,829 | 202,171 |
EXPENSES | |||
Expenses from real estate operations | 67,402 | 62,797 | 57,885 |
Depreciation and amortization | 73,290 | 70,314 | 65,789 |
General and administrative | 15,091 | 12,726 | 11,725 |
Acquisition costs | 164 | 210 | 191 |
Expenses | 155,947 | 146,047 | 135,590 |
OPERATING INCOME | 79,061 | 73,782 | 66,581 |
OTHER INCOME (EXPENSE) | |||
Interest expense | (34,666) | (35,486) | (35,192) |
Gain on Sales of Real Estate Investments | 2,903 | 9,188 | 0 |
Other | 1,101 | 989 | 949 |
INCOME FROM CONTINUING OPERATIONS | 48,399 | 48,473 | 32,338 |
DISCONTINUED OPERATIONS | |||
Income from real estate operations | 0 | 0 | 89 |
Gain on sales of nondepreciable real estate investments | 0 | 0 | 0 |
Gain on sales of real estate investments | 0 | 0 | 798 |
INCOME FROM DISCONTINUED OPERATIONS | 0 | 0 | 887 |
NET INCOME | 48,399 | 48,473 | 33,225 |
Net income attributable to noncontrolling interest in joint ventures | (533) | (532) | (610) |
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | 47,866 | 47,941 | 32,615 |
Other comprehensive income (loss) - cash flow hedges | (1,099) | (3,986) | 2,021 |
TOTAL COMPREHENSIVE INCOME | $ 46,767 | $ 43,955 | $ 34,636 |
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||
Income from continuing operations | $ 1.49 | $ 1.53 | $ 1.05 |
Income from discontinued operations | 0 | 0 | 0.03 |
Net income attributable to common stockholders | $ 1.49 | $ 1.53 | $ 1.08 |
Weighted average shares outstanding | 32,091 | 31,341 | 30,162 |
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||
Income from continuing operations | $ 1.49 | $ 1.52 | $ 1.05 |
Income from discontinued operations | 0 | 0 | 0.03 |
Net income attributable to common stockholders | $ 1.49 | $ 1.52 | $ 1.08 |
Weighted average shares outstanding | 32,196 | 31,452 | 30,269 |
AMOUNTS ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||
Income from continuing operations | $ 47,866 | $ 47,941 | $ 31,728 |
Income from discontinued operations | 0 | 0 | 887 |
Net income attributable to common stockholders | $ 47,866 | $ 47,941 | $ 32,615 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) | Total | Common Stock | Additional Paid-in Capital | Distributions In Excess Of Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest in Joint Ventures |
BALANCE at Dec. 31, 2012 | $ 491,176,000 | $ 3,000 | $ 731,950,000 | $ (245,249,000) | $ (392,000) | $ 4,864,000 |
Comprehensive income | ||||||
Net income | 33,225,000 | 0 | 0 | 32,615,000 | 0 | 610,000 |
Net unrealized change in fair value of interest rate swaps | 2,021,000 | 0 | 0 | 0 | 2,021,000 | 0 |
Common dividends declared - $2.14, $2.22 and $2.34 per share in 2013, 2014 and 2015, respectively | (65,535,000) | 0 | 0 | (65,535,000) | 0 | 0 |
Stock-based compensation, net of forfeitures | 5,540,000 | 0 | 5,540,000 | 0 | 0 | 0 |
Issuance of 890,085, 1,246,400 and 106,751 shares of common stock, common stock offering, net of expenses in 2013, 2014 and 2015, respectively | 53,247,000 | 0 | 53,247,000 | 0 | 0 | 0 |
Issuance of 4,500 shares of common stock, options exercised in 2013 | 120,000 | 0 | 120,000 | 0 | 0 | 0 |
Issuance of 3,577, 3,626 and 4,536 shares of common stock, dividend reinvestment plan in 2013, 2014 and 2015, respectively | 206,000 | 0 | 206,000 | 0 | 0 | 0 |
Withheld 9,412, 31,673 and 32,409 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock in 2013, 2014 and 2015, respectively | (528,000) | 0 | (528,000) | 0 | 0 | 0 |
Distributions to noncontrolling interest | (767,000) | 0 | 0 | 0 | 0 | (767,000) |
BALANCE at Dec. 31, 2013 | 518,705,000 | 3,000 | 790,535,000 | (278,169,000) | 1,629,000 | 4,707,000 |
Comprehensive income | ||||||
Net income | 48,473,000 | 0 | 0 | 47,941,000 | 0 | 532,000 |
Net unrealized change in fair value of interest rate swaps | (3,986,000) | 0 | 0 | 0 | (3,986,000) | 0 |
Common dividends declared - $2.14, $2.22 and $2.34 per share in 2013, 2014 and 2015, respectively | (70,624,000) | 0 | 0 | (70,624,000) | 0 | 0 |
Stock-based compensation, net of forfeitures | 6,567,000 | 0 | 6,567,000 | 0 | 0 | 0 |
Issuance of 890,085, 1,246,400 and 106,751 shares of common stock, common stock offering, net of expenses in 2013, 2014 and 2015, respectively | 78,868,000 | 0 | 78,868,000 | 0 | 0 | 0 |
Issuance of 3,577, 3,626 and 4,536 shares of common stock, dividend reinvestment plan in 2013, 2014 and 2015, respectively | 227,000 | 0 | 227,000 | 0 | 0 | 0 |
Withheld 9,412, 31,673 and 32,409 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock in 2013, 2014 and 2015, respectively | (1,862,000) | 0 | (1,862,000) | 0 | 0 | 0 |
Distributions to noncontrolling interest | (753,000) | 0 | 0 | 0 | 0 | (753,000) |
BALANCE at Dec. 31, 2014 | 575,615,000 | 3,000 | 874,335,000 | (300,852,000) | (2,357,000) | 4,486,000 |
Comprehensive income | ||||||
Net income | 48,399,000 | 0 | 0 | 47,866,000 | 0 | 533,000 |
Net unrealized change in fair value of interest rate swaps | (1,099,000) | 0 | 0 | 0 | (1,099,000) | 0 |
Common dividends declared - $2.14, $2.22 and $2.34 per share in 2013, 2014 and 2015, respectively | (75,906,000) | 0 | 0 | (75,906,000) | 0 | 0 |
Stock-based compensation, net of forfeitures | 8,423,000 | 0 | (8,423,000) | 0 | 0 | 0 |
Issuance of 890,085, 1,246,400 and 106,751 shares of common stock, common stock offering, net of expenses in 2013, 2014 and 2015, respectively | 6,233,000 | 0 | 6,233,000 | 0 | 0 | 0 |
Issuance of 3,577, 3,626 and 4,536 shares of common stock, dividend reinvestment plan in 2013, 2014 and 2015, respectively | 257,000 | 0 | 257,000 | 0 | 0 | 0 |
Withheld 9,412, 31,673 and 32,409 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock in 2013, 2014 and 2015, respectively | (2,041,000) | 0 | 2,041,000 | 0 | 0 | 0 |
Distributions to noncontrolling interest | (680,000) | 0 | 0 | 0 | 0 | (680,000) |
BALANCE at Dec. 31, 2015 | $ 559,201,000 | $ 3,000 | $ 887,207,000 | $ (328,892,000) | $ (3,456,000) | $ 4,339,000 |
CONSOLIDATED STATEMENTS OF CHA6
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stockholders' Equity Attributable to Parent | |||
Common dividends declared - per share (in dollars per share) | $ 2.34 | $ 2.22 | $ 2.14 |
Issuance of shares of common stock, common stock offering, net of expenses (in shares) | 106,751 | 1,246,400 | 890,085 |
Issuance of shares of common stock, options exercised (in shares) | 0 | 0 | 4,500 |
Issuance of shares of common stock, dividend reinvestment plan (in shares) | 4,536 | 3,626 | 3,577 |
Withheld shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock (in shares) | 32,409 | 31,673 | 9,412 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING ACTIVITIES | |||
Net income | $ 48,399,000 | $ 48,473,000 | $ 33,225,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization from continuing operations | 73,290,000 | 70,314,000 | 65,789,000 |
Depreciation and amortization from discontinued operations | 0 | 0 | 130,000 |
Stock-based compensation expense | 6,733,000 | 5,146,000 | 4,229,000 |
Gain on sales of land and real estate investments | (3,026,000) | (9,286,000) | (822,000) |
Changes in operating assets and liabilities: | |||
Accrued income and other assets | (782,000) | 523,000 | (1,629,000) |
Accounts payable, accrued expenses and prepaid rent | 6,928,000 | 2,315,000 | 8,906,000 |
Other | (157,000) | (28,000) | (78,000) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 131,385,000 | 117,457,000 | 109,750,000 |
INVESTING ACTIVITIES | |||
Real estate development | (95,032,000) | (97,696,000) | (76,240,000) |
Purchases of real estate | (31,574,000) | (48,805,000) | (72,397,000) |
Real estate improvements | (24,514,000) | (20,524,000) | (20,807,000) |
Proceeds from sales of real estate investments | 5,156,000 | 20,625,000 | 4,273,000 |
Capital contributions to unconsolidated investment | 0 | (5,132,000) | 0 |
Repayments on mortgage loans receivable | 116,000 | 3,902,000 | 463,000 |
Changes in accrued development costs | (1,705,000) | 241,000 | 509,000 |
Changes in other assets and other liabilities | (8,865,000) | (12,181,000) | (11,912,000) |
NET CASH USED IN INVESTING ACTIVITIES | (156,418,000) | (159,570,000) | (176,111,000) |
FINANCING ACTIVITIES | |||
Proceeds from unsecured bank credit facilities | 420,104,000 | 350,214,000 | 424,375,000 |
Repayments on unsecured bank credit facilities | (368,669,000) | (339,765,000) | (411,583,000) |
Repayments on secured debt | (102,337,000) | (48,846,000) | (107,953,000) |
Proceeds from unsecured debt | 150,000,000 | 75,000,000 | 175,000,000 |
Debt issuance costs | (1,952,000) | (499,000) | (2,222,000) |
Distributions paid to stockholders (not including dividends accrued on unvested restricted stock) | (75,845,000) | (70,456,000) | (64,798,000) |
Proceeds from common stock offerings | 6,233,000 | 78,868,000 | 53,247,000 |
Proceeds from exercise of stock options | 0 | 0 | 120,000 |
Proceeds from dividend reinvestment plan | 256,000 | 216,000 | 206,000 |
Other | (2,720,000) | (2,616,000) | (1,281,000) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 25,070,000 | 42,116,000 | 65,111,000 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 37,000 | 3,000 | (1,250,000) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 11,000 | 8,000 | 1,258,000 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 48,000 | 11,000 | 8,000 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Cash paid for interest, net of amount capitalized of $5,257, $4,942, and $5,064 for 2015, 2014 and 2013, respectively | 33,164,000 | 34,426,000 | 32,880,000 |
Fair value of debt assumed by the Company in the purchase of real estate | $ 0 | $ 2,846,000 | $ 0 |
CONSOLIDATED STATEMENTS OF CAS8
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash paid for interest, net of amount capitalized | $ 5,257 | $ 4,942 | $ 5,064 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES (a) Principles of Consolidation The consolidated financial statements include the accounts of EastGroup Properties, Inc., its wholly owned subsidiaries and its investment in any joint ventures in which the Company has a controlling interest. At December 31, 2015 , 2014 and 2013 , the Company had a controlling interest in two joint ventures: the 80% owned University Business Center and the 80% owned Castilian Research Center. The Company records 100% of the joint ventures’ assets, liabilities, revenues and expenses with noncontrolling interests provided for in accordance with the joint venture agreements. The equity method of accounting is used for the Company’s 50% undivided tenant-in-common interest in Industry Distribution Center II. All significant intercompany transactions and accounts have been eliminated in consolidation. (b) Income Taxes EastGroup, a Maryland corporation, has qualified as a real estate investment trust (REIT) under Sections 856-860 of the Internal Revenue Code and intends to continue to qualify as such. To maintain its status as a REIT, the Company is required to distribute at least 90% of its ordinary taxable income to its stockholders. If the Company has a capital gain, it has the option of (i) deferring recognition of the capital gain through a tax-deferred exchange, (ii) declaring and paying a capital gain dividend on any recognized net capital gain resulting in no corporate level tax, or (iii) retaining and paying corporate income tax on its net long-term capital gain, with the shareholders reporting their proportional share of the undistributed long-term capital gain and receiving a credit or refund of their share of the tax paid by the Company. The Company distributed all of its 2015 , 2014 and 2013 taxable income to its stockholders. Accordingly, no significant provisions for income taxes were necessary. The following table summarizes the federal income tax treatment for all distributions by the Company for the years ended 2015 , 2014 and 2013 . Federal Income Tax Treatment of Share Distributions Years Ended December 31, 2015 2014 2013 Common Share Distributions: Ordinary dividends $ 2.24258 2.02398 1.91678 Nondividend distributions 0.02774 0.08974 0.21054 Unrecaptured Section 1250 capital gain 0.06968 0.09470 0.00270 Other capital gain — 0.01158 0.00998 Total Common Share Distributions $ 2.34000 2.22000 2.14000 EastGroup applies the principles of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740, Income Taxes, when evaluating and accounting for uncertainty in income taxes. With few exceptions, the Company’s 2011 and earlier tax years are closed for examination by U.S. federal, state and local tax authorities. In accordance with the provisions of ASC 740, the Company had no significant uncertain tax positions as of December 31, 2015 and 2014 . The Company’s income may differ for tax and financial reporting purposes principally because of (1) the timing of the deduction for the provision for possible losses and losses on investments, (2) the timing of the recognition of gains or losses from the sale of investments, (3) different depreciation methods and lives, (4) real estate properties having a different basis for tax and financial reporting purposes, (5) mortgage loans having a different basis for tax and financial reporting purposes, thereby producing different gains upon collection of these loans, and (6) differences in book and tax allowances and timing for stock-based compensation expense. (c) Income Recognition Minimum rental income from real estate operations is recognized on a straight-line basis. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the lives of the individual leases. The Company maintains allowances for doubtful accounts receivable, including straight-line rents receivable, based upon estimates determined by management. Management specifically analyzes aged receivables, customer credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. Revenue is recognized on payments received from tenants for early terminations after all criteria have been met in accordance with ASC 840, Leases. The Company recognizes gains on sales of real estate in accordance with the principles set forth in ASC 360, Property, Plant and Equipment . Upon closing of real estate transactions, the provisions of ASC 360 require consideration for the transfer of rights of ownership to the purchaser, receipt of an adequate cash down payment from the purchaser, adequate continuing investment by the purchaser and no substantial continuing involvement by the Company. If the requirements for recognizing gains have not been met, the sale and related costs are recorded, but the gain is deferred and recognized by a method other than the full accrual method. The Company recognizes interest income on mortgage loans on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected. If applicable, discounts on mortgage loans receivable are amortized over the lives of the loans using a method that does not differ materially from the interest method. The Company evaluates the collectibility of both interest and principal on each of its loans to determine whether the loans are impaired. A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the underlying collateral (if the loan is collateralized) less costs to sell. As of December 31, 2015 and 2014 , there was no significant uncertainty of collection; therefore, interest income was recognized. As of December 31, 2015 and 2014 , the Company determined that no allowance for collectibility of the mortgage loans receivable was necessary. (d) Real Estate Properties EastGroup has one reportable segment–industrial properties. These properties are concentrated in major Sunbelt markets of the United States, primarily in the states of Florida, Texas, Arizona, California and North Carolina, have similar economic characteristics and also meet the other criteria that permit the properties to be aggregated into one reportable segment. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows (including estimated future expenditures necessary to substantially complete the asset) expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. As of December 31, 2015 and 2014 , the Company determined that no impairment charges on the Company’s real estate properties were necessary. Depreciation of buildings and other improvements is computed using the straight-line method over estimated useful lives of generally 40 years for buildings and 3 to 15 years for improvements. Building improvements are capitalized, while maintenance and repair expenses are charged to expense as incurred. Significant renovations and improvements that improve or extend the useful life of the assets are capitalized. Depreciation expense for continuing and discontinued operations was $59,882,000 , $57,303,000 and $ 54,284,000 for 2015 , 2014 and 2013 , respectively. (e) Development During the period in which a property is under development, costs associated with development (i.e., land, construction costs, interest expense, property taxes and other costs associated with development) are aggregated into the total capitalized costs of the property. Included in these costs are management’s estimates for the portions of internal costs (primarily personnel costs) deemed related to such development activities. The internal costs are allocated to specific development properties based on development activity. As the property becomes occupied, depreciation commences on the occupied portion of the building, and costs are capitalized only for the portion of the building that remains vacant. When the property becomes 80% occupied or one year after completion of the shell construction (whichever comes first), capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases. The properties are then transferred to Real estate properties , and depreciation commences on the entire property (excluding the land). (f) Real Estate Held for Sale The Company considers a real estate property to be held for sale when it meets the criteria established under ASC 360, Property, Plant and Equipment, including when it is probable that the property will be sold within a year. Real estate properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. In April 2014, the FASB issued Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amended the requirements for reporting discontinued operations. Under ASU 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. In addition, this ASU requires additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. EastGroup performs an analysis of properties sold to determine whether the sales qualify for discontinued operations presentation. Typically, when the Company disposes of operating properties, the sales are not considered to be disposals of a component of an entity or a group of components of an entity representing a strategic shift that has (or will have) a major effect on the entity's operations and financial results. The Company adopted the provisions of ASU 2014-08 as of January 1, 2014, and has applied the provisions prospectively. Prior to the adoption of ASU 2014-08, the results of operations for the operating properties sold or held for sale during the reported periods were shown under Discontinued Operations on the Consolidated Statements of Income and Comprehensive Income. Interest expense was not generally allocated to the properties held for sale or whose operations are included under Discontinued Operations unless the mortgage was required to be paid in full upon the sale of the property. (g) Derivative Instruments and Hedging Activities EastGroup applies ASC 815, Derivatives and Hedging , which requires all entities with derivative instruments to disclose information regarding how and why the entity uses derivative instruments and how derivative instruments and related hedged items affect the entity’s financial position, financial performance and cash flows. See Note 13 for a discussion of the Company's derivative instruments and hedging activities. (h) Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. (i) Amortization Debt origination costs are deferred and amortized over the term of each loan using the effective interest method. Amortization of loan costs for continuing operations was $1,336,000 , $1,236,000 and $1,289,000 for 2015 , 2014 and 2013 , respectively. Leasing costs are deferred and amortized using the straight-line method over the term of the lease. Leasing costs paid during the period are included in Changes in other assets and other liabilities in the Investing Activities section on the Consolidated Statements of Cash Flows. Leasing costs amortization expense for continuing and discontinued operations was $9,038,000 , $8,284,000 and $7,354,000 for 2015 , 2014 and 2013 , respectively. Amortization expense for in-place lease intangibles is disclosed below in Business Combinations and Acquired Intangibles . (j) Business Combinations and Acquired Intangibles Upon acquisition of real estate properties, the Company applies the principles of ASC 805, Business Combinations , which requires that acquisition-related costs be recognized as expenses in the periods in which the costs are incurred and the services are received. The Codification also provides guidance on how to properly determine the allocation of the purchase price among the individual components of both the tangible and intangible assets based on their respective fair values. Goodwill is recorded when the purchase price exceeds the fair value of the assets and liabilities acquired. Factors considered by management in allocating the cost of the properties acquired include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. The allocation to tangible assets (land, building and improvements) is based upon management’s determination of the value of the property as if it were vacant using discounted cash flow models. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar properties. The cost of the properties acquired may be adjusted based on indebtedness assumed from the seller that is determined to be above or below market rates. The purchase price is also allocated among the following categories of intangible assets: the above or below market component of in-place leases, the value of in-place leases, and the value of customer relationships. The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a discount rate reflecting the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above and below market leases are included in Other Assets and Other Liabilities , respectively, on the Consolidated Balance Sheets and are amortized to rental income over the remaining terms of the respective leases. The total amount of intangible assets is further allocated to in-place lease values and customer relationship values based upon management’s assessment of their respective values. These intangible assets are included in Other Assets on the Consolidated Balance Sheets and are amortized over the remaining term of the existing lease, or the anticipated life of the customer relationship, as applicable. Amortization of above and below market leases increased rental income by $448,000 , $421,000 and $188,000 in 2015 , 2014 and 2013 , respectively. Amortization expense for in-place lease intangibles for continuing and discontinued operations was $4,370,000 , $4,727,000 and $4,281,000 for 2015 , 2014 and 2013 , respectively. Projected amortization of in-place lease intangibles for the next five years as of December 31, 2015 is as follows: Years Ending December 31, (In thousands) 2016 $ 3,886 2017 2,540 2018 1,513 2019 1,078 2020 724 During 2015, the Company acquired Southpark Corporate Center and Springdale Business Center, both in Austin, Texas, for a total cost of $31,574,000 , of which $28,648,000 was allocated to Real estate properties. EastGroup allocated $5,494,000 of the total purchase price to land using third party land valuations for the Austin market. The market values are considered to be Level 3 inputs as defined by ASC 820, Fair Value Measurements and Disclosures (see Note 18 for additional information on ASC 820). Intangibles associated with the purchase of real estate were allocated as follows: $3,453,000 to in-place lease intangibles (included in Other Assets on the Consolidated Balance Sheets) and $527,000 to below market leases (included in Other Liabilities on the Consolidated Balance Sheets). These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. During 2014, EastGroup acquired the following operating properties: Ridge Creek Distribution Center III in Charlotte, North Carolina; Colorado Crossing Distribution Center in Austin, Texas; and Ramona Distribution Center in Chino, California. The Company purchased these properties for a total cost of $51,652,000 , of which $47,477,000 was allocated to Real estate properties . The Company allocated $10,822,000 of the total purchase price to land using third party land valuations for the Charlotte, Austin and Chino markets. The market values are considered to be Level 3 inputs as defined by ASC 820. Intangibles associated with the purchase of real estate were allocated as follows: $5,074,000 to in-place lease intangibles, $4,000 to above market leases and $903,000 to below market leases. The Company paid cash of $48,805,000 for the properties and intangibles acquired, assumed a mortgage of $2,617,000 and recorded a premium of $230,000 to adjust the mortgage loan assumed to fair value. During 2013, EastGroup acquired the following operating properties: Northfield Distribution Center in Dallas, Texas, and Interchange Park II in Charlotte, North Carolina. The Company purchased these properties for a total cost of $72,397,000 , of which $65,387,000 was allocated to Real estate properties . The Company allocated $13,218,000 of the total purchase price to land using third party land valuations for the Dallas and Charlotte markets. The market values are considered to be Level 3 inputs as defined by ASC 820. Intangibles associated with the purchase of real estate were allocated as follows: $8,399,000 to in-place lease intangibles, $158,000 to above market leases and $1,547,000 to below market leases. The Company periodically reviews the recoverability of goodwill (at least annually) and the recoverability of other intangibles (on a quarterly basis) for possible impairment. In management’s opinion, no impairment of goodwill and other intangibles existed at December 31, 2015 and 2014 . (k) Stock-Based Compensation In May 2004, the stockholders of the Company approved the EastGroup Properties, Inc. 2004 Equity Incentive Plan ("the 2004 Plan"), which was further amended by the Board of Directors in September 2005 and December 2006. This plan authorized the issuance of common stock to employees in the form of options, stock appreciation rights, restricted stock, deferred stock units, performance shares, bonus stock or stock in lieu of cash compensation. In April 2013, the Board of Directors adopted the EastGroup Properties, Inc. 2013 Equity Incentive Plan (the “2013 Equity Plan”) upon the recommendation of the Compensation Committee; the 2013 Equity Plan was approved by the Company's stockholders and became effective May 29, 2013. The 2013 Equity Plan replaced the 2004 Plan and the 2005 Directors Equity Incentive Plan. Typically, the Company issues new shares to fulfill stock grants or upon the exercise of stock options. EastGroup applies the provisions of ASC 718, Compensation – Stock Compensation , to account for its stock-based compensation plans. ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. The cost for market-based awards and awards that only require service are expensed on a straight-line basis over the requisite service periods. The cost for performance-based awards is determined using the graded vesting attribution method which recognizes each separate vesting portion of the award as a separate award on a straight-line basis over the requisite service period. This method accelerates the expensing of the award compared to the straight-line method. The total compensation expense for service and performance based awards is based upon the fair market value of the shares on the grant date, adjusted for estimated forfeitures. The grant date fair value for awards that have been granted and are subject to a future market condition (total shareholder return) are determined using a simulation pricing model developed to specifically accommodate the unique features of the awards (the Company did not have any such awards in 2015, 2014 or 2013). During the restricted period for awards no longer subject to contingencies, the Company accrues dividends and holds the certificates for the shares; however, the employee can vote the shares. Share certificates and dividends are delivered to the employee as they vest. (l) Earnings Per Share The Company applies ASC 260, Earnings Per Share , which requires companies to present basic and diluted earnings per share (EPS). Basic EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period. The Company’s basic EPS is calculated by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding. The weighted average number of common shares outstanding does not include any potentially dilutive securities or any unvested restricted shares of common stock. These unvested restricted shares, although classified as issued and outstanding, are considered forfeitable until the restrictions lapse and will not be included in the basic EPS calculation until the shares are vested. Diluted EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period and to each share that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. The Company calculates diluted EPS by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding plus the dilutive effect of unvested restricted stock and stock options had the options been exercised. The dilutive effect of stock options and their equivalents (such as unvested restricted stock) is determined using the treasury stock method which assumes exercise of the options as of the beginning of the period or when issued, if later, and assumes proceeds from the exercise of options are used to purchase common stock at the average market price during the period. (m) Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues and expenses during the reporting period and to disclose material contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. (n) Risks and Uncertainties The state of the overall economy can significantly impact the Company’s operational performance and thus impact its financial position. Should EastGroup experience a significant decline in operational performance, it may affect the Company’s ability to make distributions to its shareholders, service debt, or meet other financial obligations. (o) Recent Accounting Pronouncements EastGroup has evaluated all ASUs released by the FASB through the date the financial statements were issued and determined that the following ASUs apply to the Company. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The effective date of ASU was extended by one year by ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The new standard is effective for the Company on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures beginning with the Form 10-Q for the period ended March 31, 2018. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 801): Amendments to Consolidation Analysis, under which all legal entities are subject to reevaluation under the revised consolidation model. The ASU modifies whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, affects the consolidation analysis of reporting entities that are involved with VIEs, and provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. EastGroup plans to adopt ASU 2015-02 effective January 1, 2016. The Company does not anticipate the adoption of ASU 2015-02 will have a material impact on the Company's financial condition or results of operations. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. For public business entities, the ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Entities should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, entities are required to comply with the applicable disclosures for a change in an accounting principle. EastGroup plans to adopt ASU 2015-03 effective January 1, 2016; as such, the Company plans to present debt issuance costs as a direct deduction from the carrying amounts of its debt liabilities and to provide all necessary disclosures beginning with the Form 10-Q for the period ended March 31, 2016. In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which adds comments from the Securities and Exchange Commission (SEC) addressing ASU 2015-03, as discussed above, and debt issuance costs related to line-of-credit arrangements. The SEC commented it would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. EastGroup plans to adopt ASU 2015-15 in connection with its adoption of ASU 2015-03 effective January 1, 2016. The Company does not anticipate the adoption of ASU 2015-15 will have a material impact on the Company's financial condition or results of operations. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized costs on the balance sheet. EastGroup plans to adopt ASU 2016-01effective January 1, 2018. The Company does not anticipate the adoption of ASU 2016-01 will have a material impact on the Company's financial condition or results of operations. (p) Classification of Book Overdraft on Consolidated Statements of Cash Flows The Company classifies changes in book overdraft in which the bank has not advanced cash to the Company to cover outstanding checks as an operating activity. Such amounts are included in Accounts payable, accrued expenses and prepaid rent in the Operating Activities section on the Consolidated Statements of Cash Flows. (q) Reclassifications Certain reclassifications have been made in the 2014 and 2013 consolidated financial statements to conform to the 2015 presentation. |
REAL ESTATE PROPERTIES
REAL ESTATE PROPERTIES | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
REAL ESTATE PROPERTIES | REAL ESTATE PROPERTIES The Company’s Real estate properties and Development at December 31, 2015 and 2014 were as follows: December 31, 2015 2014 (In thousands) Real estate properties: Land $ 301,435 283,116 Buildings and building improvements 1,393,688 1,284,961 Tenant and other improvements 353,884 326,896 Development 170,441 179,973 2,219,448 2,074,946 Less accumulated depreciation (657,454 ) (600,526 ) $ 1,561,994 1,474,420 EastGroup acquired operating properties during 2015 , 2014 and 2013 as discussed in Note 1(j). Real estate properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amended the requirements for reporting discontinued operations. Prior to the adoption of ASU 2014-08, the results of operations for the operating properties sold or held for sale during the reported periods were shown under Discontinued Operations on the Consolidated Statements of Income and Comprehensive Income. Interest expense was not generally allocated to the properties held for sale or whose operations were included under Discontinued Operations unless the mortgage was required to be paid in full upon the sale of the property. ASU 2014-08 is described in further in Note 1(f). In 2015, EastGroup sold one operating property, the last of its three Ambassador Row Warehouses. The results of operations and gain on sale for the property sold during 2015 are reported under Income from Continuing Operations on the Consolidated Statements of Income and Comprehensive Income. The gain on sale is included in Gain on sales of real estate investments. In 2014, the Company sold the following operating properties: Northpoint Commerce Center, Tampa West Distribution Center VI, Clay Campbell Distribution Center, Kirby Business Center and two of its three Ambassador Row Warehouses. The results of operations and gains on sales for the properties sold during 2014 are reported under Income from Continuing Operations on the Consolidated Statements of Income and Comprehensive Income. The gains on sales are included in Gain on sales of real estate investments. In 2013, the Company sold the following operating properties: Tampa East Distribution Center II, Tampa West Distribution Center V and Tampa West Distribution Center VII. The results of operations and gains on sales for the properties sold in 2013 are reported under Discontinued Operations on the Consolidated Statements of Income and Comprehensive Income. No interest expense was allocated to the properties held for sale or whose operations are included under Discontinued Operations. Gain on Sales of Real Estate A summary of Gain on sales of real estate investments for the years ended December 31, 2015 , 2014 and 2013 follows: Real Estate Properties Location Size (in Square Feet) Date Sold Net Sales Price Basis Recognized Gain (In thousands) 2015 Ambassador Row Warehouse Dallas, TX 185,000 04/13/2015 $ 4,998 2,095 2,903 2014 Northpoint Commerce Center Oklahoma City, OK 58,000 03/28/2014 $ 3,471 3,376 95 Tampa West Distribution Center VI Tampa, FL 9,000 07/08/2014 682 446 236 Clay Campbell Distribution Center Houston, TX 118,000 09/30/2014 7,690 2,826 4,864 Kirby Business Park Houston, TX 125,000 09/30/2014 5,306 2,989 2,317 Ambassador Row Warehouses Dallas, TX 132,000 12/30/2014 3,358 1,682 1,676 Total for 2014 $ 20,507 11,319 9,188 2013 Tampa West Distribution Center V Tampa, FL 12,000 12/20/2013 $ 609 442 167 Tampa West Distribution Center VII Tampa, FL 6,000 12/20/2013 422 417 5 Tampa East Distribution Center II Tampa, FL 31,000 12/30/2013 1,929 1,303 626 Total for 2013 $ 2,960 2,162 798 The table above includes sales of operating properties; the Company also sold parcels of land during the years presented. During the year ended December 31, 2015, EastGroup sold a small parcel of land in New Orleans for $170,000 and recognized a gain on $123,000 . During the year ended December 31, 2014, EastGroup sold a small parcel of land in Orlando for a net sales price of $118,000 and recognized a gain of $98,000 . During 2013, the Company sold a small parcel of land in Orlando for a net sales price of $1,313,000 and recognized a gain of $24,000 . The gains on sales of land are included in Other on the Consolidated Statements of Income and Comprehensive Income. The following table presents the components of revenues and expenses for the properties sold or held for sale during 2013 . DISCONTINUED OPERATIONS Year Ended December 31, 2013 (In thousands) Income from real estate operations $ 306 Expenses from real estate operations (87 ) Property net operating income from discontinued operations 219 Depreciation and amortization (130 ) Income from real estate operations 89 Gain on sales of real estate investments 798 Income from discontinued operations $ 887 The Company’s development program as of December 31, 2015 , was comprised of the properties detailed in the table below. Costs incurred include capitalization of interest costs during the period of construction. The interest costs capitalized on development properties for 2015 were $5,257,000 compared to $4,942,000 for 2014 and $5,064,000 for 2013 . In addition, EastGroup capitalized internal development costs of $4,467,000 during the year ended December 31, 2015 , compared to $4,040,000 during 2014 and $3,730,000 in 2013 . Total capital invested for development during 2015 was $95,032,000 , which primarily consisted of costs of $66,882,000 and $20,395,000 as detailed in the development activity table below and costs of $7,879,000 on development properties subsequent to transfer to Real Estate Properties . The capitalized costs incurred on development properties subsequent to transfer to Real Estate Properties include capital improvements at the properties and do not include other capitalized costs associated with development (i.e., interest expense, property taxes and internal personnel costs). DEVELOPMENT Costs Incurred Anticipated Building Conversion Date Costs Transferred in 2015 (1) For the Year Ended 12/31/15 Cumulative as of 12/31/15 Estimated Total Costs (2) (In thousands) (Unaudited) (Unaudited) (Unaudited) LEASE-UP Building Size (Square feet) Alamo Ridge I, San Antonio, TX 96,000 $ — 1,877 7,352 8,500 02/16 Alamo Ridge II, San Antonio, TX 62,000 — 773 4,139 4,700 02/16 Madison II & III, Tampa, FL 127,000 — 3,737 7,417 8,000 02/16 West Road III, Houston, TX 78,000 — 917 4,782 5,000 03/16 Ten West Crossing 7, Houston, TX 68,000 — 902 4,072 4,900 04/16 West Road IV, Houston, TX 65,000 1,292 3,393 4,685 5,400 08/16 Kyrene 202 VI, Phoenix, AZ 123,000 1,515 5,505 7,020 9,500 09/16 ParkView 1-3, Dallas, TX 276,000 — 13,180 17,256 19,600 10/16 Total Lease-Up 895,000 2,807 30,284 56,723 65,600 UNDER CONSTRUCTION Alamo Ridge III, San Antonio, TX 135,000 2,120 260 2,380 12,200 10/16 South 35th Avenue, Phoenix, AZ (3) 124,000 — 1,171 1,171 1,200 01/17 Eisenhauer Point 1 & 2, San Antonio, TX 201,000 1,880 4,880 6,760 13,500 02/17 Horizon III, Orlando, FL 109,000 2,399 3,716 6,115 7,800 02/17 Ten Sky Harbor, Phoenix, AZ 64,000 1,653 1,999 3,652 6,000 03/17 Steele Creek VI, Charlotte, NC 137,000 1,273 1,631 2,904 7,600 05/17 Total Under Construction 770,000 9,325 13,657 22,982 48,300 PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) Estimated Building Size (Square feet) Phoenix, AZ 261,000 (3,168 ) 3,192 3,487 Tucson, AZ 70,000 — — 417 Fort Myers, FL 663,000 — — 17,858 Orlando, FL 912,000 (5,015 ) 1,535 20,371 Tampa, FL 290,000 (2,255 ) 710 4,639 Jackson, MS 28,000 — — 706 Charlotte, NC 281,000 (1,273 ) 711 4,421 Dallas, TX 519,000 — 6,477 8,126 El Paso, TX 251,000 — — 2,444 Houston, TX 1,607,000 (2,581 ) 5,458 24,587 San Antonio, TX 453,000 (4,000 ) 4,858 3,680 Total Prospective Development 5,335,000 (18,292 ) 22,941 90,736 7,000,000 $ (6,160 ) 66,882 170,441 DEVELOPMENTS COMPLETED AND TRANSFERRED TO REAL ESTATE PROPERTIES DURING 2015 Building Size (Square feet) Building Conversion Date Horizon I, Orlando, FL 109,000 $ — (16 ) 7,096 02/15 Kyrene 202 II, Phoenix, AZ 45,000 — 61 3,470 02/15 Steele Creek III, Charlotte, NC 108,000 — (179 ) 7,141 02/15 Steele Creek II, Charlotte, NC 71,000 — 22 4,945 03/15 World Houston 39, Houston, TX 94,000 — 420 5,476 06/15 World Houston 42, Houston, TX 94,000 1,289 3,733 5,022 07/15 World Houston 41, Houston, TX 104,000 — 603 5,949 08/15 Horizon II, Orlando, FL 123,000 — 232 7,892 09/15 Sky Harbor 6, Phoenix, AZ 31,000 — 1,352 2,972 10/15 Ten West Crossing 6, Houston, TX 64,000 — 470 4,712 10/15 Thousand Oaks 4, San Antonio, TX 66,000 — 1,576 4,519 10/15 West Road I, Houston, TX 63,000 — 662 4,939 10/15 Kyrene 202 I, Phoenix, AZ 75,000 — 195 6,134 11/15 Rampart IV, Denver, CO 84,000 — 1,178 8,125 11/15 Oak Creek VIII, Tampa, FL 108,000 2,255 3,074 5,329 12/15 Steele Creek IV, Charlotte, NC 57,000 — 736 4,196 12/15 Horizon IV, Orlando, FL 123,000 2,616 6,276 8,892 12/15 Total Transferred to Real Estate Properties 1,419,000 $ 6,160 20,395 96,809 (4) (1) Represents costs transferred from Prospective Development (primarily land) to Under Construction during the period. Negative amounts represent land inventory costs transferred to Under Construction. (2) Included in these costs are development obligations o f $12.0 million and tenant improvement obligations of $4.3 million on properties under development. (3) This property is a manufacturing building undergoing redevelopment to a multi-tenant use building. (4) Represents cumulative costs at the date of transfer. The following schedule indicates approximate future minimum rental receipts under non-cancelable leases for real estate properties by year as of December 31, 2015 : Future Minimum Rental Receipts Under Non-Cancelable Leases Years Ending December 31, (In thousands) 2016 $ 176,082 2017 144,173 2018 110,845 2019 84,253 2020 58,448 Thereafter 87,841 Total minimum receipts $ 661,642 Ground Leases As of December 31, 2015 , the Company owned two properties in Florida, two properties in Texas and one property in Arizona that are subject to ground leases. These leases have terms of 40 to 50 years, expiration dates of August 2031 to November 2037, and renewal options of 15 to 35 years, except for the one lease in Arizona which is automatically and perpetually renewed annually. Total ground lease expenditures for continuing and discontinued operations for the years ended December 31, 2015 , 2014 and 2013 were $756,000 , $745,000 and $740,000 , respectively. Payments are subject to increases at 3 to 10 year intervals based upon the agreed or appraised fair market value of the leased premises on the adjustment date or the Consumer Price Index percentage increase since the base rent date. The following schedule indicates approximate future minimum ground lease payments for these properties by year as of December 31, 2015 : Future Minimum Ground Lease Payments Years Ending December 31, (In thousands) 2016 $ 756 2017 756 2018 756 2019 756 2020 756 Thereafter 11,186 Total minimum payments $ 14,966 |
UNCONSOLIDATED INVESTMENT
UNCONSOLIDATED INVESTMENT | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
UNCONSOLIDATED INVESTMENT | UNCONSOLIDATED INVESTMENT The Company owns a 50% undivided tenant-in-common interest in Industry Distribution Center II, a 309,000 square foot warehouse distribution building in the City of Industry (Los Angeles), California. The building was constructed in 1998 and is 100% leased through December 2018 to a single tenant who owns the other 50% interest in the property. This investment is accounted for under the equity method of accounting and had a carrying value of $8,004,000 at December 31, 2015 , and $7,884,000 at December 31, 2014 . |
MORTGAGE LOANS RECEIVABLE
MORTGAGE LOANS RECEIVABLE | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract] | |
MORTGAGE LOANS RECEIVABLE | MORTGAGE LOANS RECEIVABLE As of December 31, 2015 and 2014, the Company had two mortgage loans receivable, both of which are classified as first mortgage loans, have effective interest rates of 5.25% and mature in October 2017 . Mortgage loans receivable are included in Other Assets on the Consolidated Balance Sheets. See Note 5 for a summary of Other Assets . |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
OTHER ASSETS | OTHER ASSETS A summary of the Company’s Other Assets follows: December 31, 2015 December 31, 2014 (In thousands) Leasing costs (principally commissions) $ 59,043 56,171 Accumulated amortization of leasing costs (23,455 ) (22,951 ) Leasing costs (principally commissions), net of accumulated amortization 35,588 33,220 Straight-line rents receivable 26,482 25,013 Allowance for doubtful accounts on straight-line rents receivable (167 ) (102 ) Straight-line rents receivable, net of allowance for doubtful accounts 26,315 24,911 Accounts receivable 5,615 4,459 Allowance for doubtful accounts on accounts receivable (394 ) (379 ) Accounts receivable, net of allowance for doubtful accounts 5,221 4,080 Acquired in-place lease intangibles 19,061 20,118 Accumulated amortization of acquired in-place lease intangibles (8,205 ) (8,345 ) Acquired in-place lease intangibles, net of accumulated amortization 10,856 11,773 Acquired above market lease intangibles 1,337 1,575 Accumulated amortization of acquired above market lease intangibles (684 ) (699 ) Acquired above market lease intangibles, net of accumulated amortization 653 876 Loan costs 8,788 8,166 Accumulated amortization of loan costs (4,460 ) (4,454 ) Loan costs, net of accumulated amortization 4,328 3,712 Mortgage loans receivable 4,875 4,991 Interest rate swap assets 400 812 Goodwill 990 990 Escrow deposits for 1031 exchange — 698 Prepaid expenses and other assets 6,960 7,446 Total Other Assets $ 96,186 93,509 |
SECURED AND UNSECURED DEBT
SECURED AND UNSECURED DEBT | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
SECURED AND UNSECURED DEBT | A summary of Secured Debt follows: Interest Rate Monthly P&I Payment Maturity Date Carrying Amount of Securing Real Estate at December 31, 2015 Balance at December 31, Property 2015 2014 (In thousands) Beltway II-IV, Commerce Park I, Eastlake, Fairgrounds, Nations Ford, Techway Southwest III, Wetmore 1-4 and World Houston 15 & 22 5.50% $ 536,552 Repaid $ — — 58,262 Country Club I, Lake Pointe, Techway Southwest II and World Houston 19 & 20 4.98% 256,952 Repaid — — 26,074 Huntwood and Wiegman I 5.68% 265,275 09/05/2016 19,991 25,567 27,246 Alamo Downs, Arion 1-15 & 17, Rampart I-IV, Santan 10 I and World Houston 16 5.97% 557,467 10/05/2016 57,654 53,563 56,945 Arion 16, Broadway VI, Chino, East University I & II, Northpark, Santan 10 II, 55 th Avenue and World Houston 1 & 2, 21 & 23 5.57% 518,885 09/05/2017 49,692 50,971 54,259 Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington (1) 7.50% 539,747 05/05/2019 47,123 54,689 56,970 Blue Heron II 5.39% 16,176 02/29/2020 4,174 735 884 40 th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Ocean View, Techway Southwest IV, Wetmore 5-8 and World Houston 26, 28, 29 & 30 4.39% 463,778 01/05/2021 68,092 61,312 64,119 America Plaza, Central Green, Glenmont, Interstate I-III, Rojas, Stemmons Circle, Venture, West Loop and World Houston 3-9 4.75% 420,045 06/05/2021 43,369 55,223 57,579 Arion 18, Beltway Crossing VI & VII, Commerce Park II & III, Concord, Interstate V-VII, Lakeview, Ridge Creek II, Southridge IV & V and World Houston 32 4.09% 329,796 01/05/2022 59,908 46,584 48,592 Ramona 3.85% 16,287 11/30/2026 9,344 2,757 2,846 $ 359,347 351,401 453,776 (1) This mortgage loan has a recourse liability of $5.0 million which will be released based on the secured properties generating certain base rent amounts. A summary of Unsecured Debt follows: Balance at December 31, Interest Rate Maturity Date 2015 2014 (In thousands) $80 Million Unsecured Term Loan (1) 2.770% 08/15/2018 $ 80,000 80,000 $50 Million Unsecured Term Loan 3.910% 12/21/2018 50,000 50,000 $75 Million Unsecured Term Loan (2) 2.846% 07/31/2019 75,000 75,000 $75 Million Unsecured Term Loan (3) 3.752% 12/20/2020 75,000 75,000 $75 Million Unsecured Term Loan (4) 3.031% 02/28/2022 75,000 — $100 Million Senior Unsecured Notes: $30 Million Notes 3.800% 08/28/2020 30,000 30,000 $50 Million Notes 3.800% 08/28/2023 50,000 50,000 $20 Million Notes 3.800% 08/28/2025 20,000 20,000 $25 Million Senior Unsecured Notes 3.970% 10/01/2025 25,000 — $50 Million Senior Unsecured Notes 3.990% 10/07/2025 50,000 — $ 530,000 380,000 (1) The interest rate on this unsecured term loan is comprised of LIBOR plus 175 basis points subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into an interest rate swap to convert the loan's LIBOR rate to a fixed interest rate, providing the Company an effective interest rate on the term loan of 2.770% as of December 31, 2015 . See Note 13 for additional information on the interest rate swap. (2) The interest rate on this unsecured term loan is comprised of LIBOR plus 115 basis points subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into an interest rate swap to convert the loan's LIBOR rate to a fixed interest rate, providing the Company a weighted average effective interest rate on the term loan of 2.846% as of December 31, 2015 . See Note 13 for additional information on the interest rate swap. (3) The interest rate on this unsecured term loan is comprised of LIBOR plus 140 basis points subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into two interest rate swaps to convert the loan's LIBOR rate to a fixed interest rate, providing the Company a weighted average effective interest rate on the term loan of 3.752% as of December 31, 2015 . See Note 13 for additional information on the interest rate swaps. (4) The interest rate on this unsecured term loan is comprised of LIBOR plus 140 basis points subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into an interest rate swap to convert the loan's LIBOR rate to a fixed interest rate, providing the Company a weighted average effective interest rate on the term loan of 3.031% as of December 31, 2015 . See Note 13 for additional information on the interest rate swap. The Company’s unsecured term loans have certain restrictive covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage, and the Company was in compliance with all of its debt covenants at December 31, 2015 . The Company currently intends to repay its debt obligations, both in the short-term and long-term, through its operating cash flows, borrowings under its unsecured bank credit facilities, proceeds from new debt (primarily unsecured), and/or proceeds from the issuance of equity instruments. Principal payments on long-term debt, including Secured Debt and Unsecured Debt (not including Unsecured Bank Credit Facilities ), due during the next five years as of December 31, 2015 are as follows: Years Ending December 31, (In thousands) 2016 $ 92,804 2017 58,239 2018 141,316 2019 130,569 2020 114,097 |
UNSECURED BANK CREDIT FACILITIE
UNSECURED BANK CREDIT FACILITIES | 12 Months Ended |
Dec. 31, 2015 | |
Line of Credit Facility [Abstract] | |
UNSECURED BANK CREDIT FACILITIES | Until July 30, 2015, EastGroup had $225 million and $25 million unsecured bank credit facilities with margins over LIBOR of 117.5 basis points, facility fees of 22.5 basis points and maturity dates of January 5, 2017 . The Company closed amended credit facilities on July 30, 2015 . The amended agreements expand the facilities to $300 million and $35 million , reduce the current applicable margins to 100 basis points and the current applicable facility fees to 20 basis points, and extend the maturity dates to July 30, 2019 . EastGroup's amended $300 million unsecured revolving credit facility is with a group of nine banks and matures on July 30, 2019 . The credit facility contains an option for a one -year extension (at the Company's election) and a $150 million expansion (with agreement by all parties). The interest rate on each tranche is usually reset on a monthly basis and as of December 31, 2015 , was LIBOR plus 100 basis points with an annual facility fee of 20 basis points. The margin and facility fee are subject to changes in the Company's credit ratings. At December 31, 2015 , the weighted average interest rate was 1.394% on a balance of $137,000,000 . The Company's amended $35 million agreement matures on July 30, 2019 , and it contains a provision that the credit facility would automatically be extended for one year if the extension option in the $300 million facility is exercised. The interest rate is reset on a daily basis and as of December 31, 2015 , was LIBOR plus 100 basis points with an annual facility fee of 20 basis points. The margin and facility fee are subject to changes in the Company's credit ratings. At December 31, 2015 , the interest rate was 1.430% on a balance of $13,836,000 . Average unsecured bank credit facilities borrowings were $109,777,000 in 2015 compared to $96,162,000 in 2014 with weighted average interest rates of 1.85% in 2015 compared to 1.92% in 2014 . Weighted average interest rates (including amortization of loan costs) were 2.30% for 2015 and 2.35% for 2014 . Amortization of unsecured bank credit facilities costs was $493,000 , $413,000 and $410,000 for 2015 , 2014 and 2013 , respectively. The Company’s unsecured bank credit facilities have certain restrictive covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage, and the Company was in compliance with all of its debt covenants at December 31, 2015 . |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ACCOUNTS PAYABLE AND ACCRUED EXPENSES A summary of the Company’s Accounts Payable and Accrued Expenses follows: December 31, 2015 2014 (In thousands) Property taxes payable $ 16,055 15,216 Development costs payable 6,215 7,920 Property capital expenditures payable 2,818 1,554 Interest payable 3,704 3,500 Dividends payable on unvested restricted stock 2,157 2,096 Other payables and accrued expenses 13,232 9,153 Total Accounts Payable and Accrued Expenses $ 44,181 39,439 |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES A summary of the Company’s Other Liabilities follows: December 31, 2015 2014 (In thousands) Security deposits $ 13,943 12,803 Prepaid rent and other deferred income 10,003 8,971 Acquired below-market lease intangibles 3,485 3,657 Accumulated amortization of below-market lease intangibles (1,353 ) (1,380 ) Acquired below-market lease intangibles, net of accumulated amortization 2,132 2,277 Interest rate swap liabilities 3,960 3,314 Prepaid tenant improvement reimbursements 493 212 Other liabilities 82 16 Total Other Liabilities $ 30,613 27,593 |
COMMON STOCK ACTIVITY
COMMON STOCK ACTIVITY | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
COMMON STOCK ACTIVITY | COMMON STOCK ACTIVITY The following table presents the common stock activity for the three years ended December 31, 2015 : Years Ended December 31, 2015 2014 2013 Common Shares Shares outstanding at beginning of year 32,232,587 30,937,225 29,928,490 Common stock offerings 106,751 1,246,400 890,085 Stock options exercised — — 4,500 Dividend reinvestment plan 4,536 3,626 3,577 Incentive restricted stock granted 100,622 71,642 112,099 Incentive restricted stock forfeited — (2,375 ) — Director common stock awarded 9,373 7,742 7,469 Director restricted stock granted — — 417 Restricted stock withheld for tax obligations (32,409 ) (31,673 ) (9,412 ) Shares outstanding at end of year 32,421,460 32,232,587 30,937,225 Common Stock Issuances The following table presents the common stock issuance activity for the three years ended December 31, 2015 : Years Ended December 31, Number of Common Shares Issued Net Proceeds (In thousands) 2015 106,751 $ 6,233 2014 1,246,400 78,868 2013 890,085 53,247 Dividend Reinvestment Plan The Company has a dividend reinvestment plan that allows stockholders to reinvest cash distributions in new shares of the Company. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company follows the provisions of ASC 718, Compensation – Stock Compensation , to account for its stock-based compensation plans. ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. Equity Incentive Plan In May 2004, the stockholders of the Company approved the EastGroup Properties, Inc. 2004 Equity Incentive Plan (the “2004 Plan”) that authorized the issuance of up to 1,900,000 shares of common stock to employees in the form of options, stock appreciation rights, restricted stock, deferred stock units, performance shares, bonus stock or stock in lieu of cash compensation. The 2004 Plan was further amended by the Board of Directors in September 2005 and December 2006. In April 2013, the Board of Directors adopted the EastGroup Properties, Inc. 2013 Equity Incentive Plan (the “2013 Equity Plan”) upon the recommendation of the Compensation Committee; the 2013 Equity Plan was approved by the Company's stockholders and became effective May 29, 2013. The 2013 Equity Plan replaced the 2004 Plan and the 2005 Directors Equity Incentive Plan. The 2013 Equity Plan permits the grant of awards to employees and directors with respect to 2,000,000 shares of common stock. There were 1,802,000 , 1,900,800 and 1,971,164 total shares available for grant under the 2013 Equity Plan as of December 31, 2015, 2014, and 2013, respectively. Typically, the Company issues new shares to fulfill stock grants. Stock-based compensation cost for employees was $7,891,000 , $6,071,000 and $5,087,000 for 2015 , 2014 and 2013 , respectively, of which $1,672,000 , $1,415,000 and $1,253,000 were capitalized as part of the Company’s development costs for the respective years. Employee Equity Awards The Company's restricted stock program is designed to provide incentives for management to achieve goals established by the Compensation Committee. The awards act as a retention device, as they vest over time, allowing participants to benefit from dividends on shares as well as potential stock appreciation. Equity awards align management's interests with the long-term interests of shareholders. The vesting periods of the Company’s restricted stock plans vary, as determined by the Compensation Committee. Restricted stock is granted to executive officers subject to both continued service and the satisfaction of certain annual performance goals and multi-year market conditions as determined by the Compensation Committee. Restricted stock is granted to non-executive officers subject only to continued service. The cost for market-based awards and awards that only require service is amortized on a straight-line basis over the requisite service periods. The total compensation expense for service and performance based awards is based upon the fair market value of the shares on the grant date, adjusted for estimated forfeitures. In March 2015, the Compensation Committee of the Company's Board of Directors (the Committee) evaluated the Company's performance compared to certain annual performance goals (primarily funds from operations (FFO) per share and total shareholder return) for the year ended December 31, 2014. Based on the evaluation, 42,447 shares were awarded to the Company’s executive officers at a grant date fair value of $61.13 per share. These shares vested 20% on both the dates shares were determined and awarded and on January 1, 2016, and will vest 20% per year on January 1 in years 2017, 2018 and 2019. The shares will be expensed on a straight-line basis over the remaining service period. Also in March 2015, the Committee evaluated the Company’s total return, both on an absolute basis for 2014 as well as on a relative basis compared to the NAREIT Equity Index, NAREIT Industrial Index and Russell 2000 Index for the five-year period ended December 31, 2014. Based on the evaluation, 34,650 shares were awarded to the Company’s executive officers at a grant date fair value of $61.13 per share. These shares vested 25% on both the dates shares were determined and awarded and on January 1, 2016, and will vest 25% per year on January 1 in years 2017 and 2018. The shares will be expensed on a straight-line basis over the remaining service period. In the second quarter of 2015, the Company’s Board of Directors approved an equity compensation plan for its executive officers based upon certain annual performance measures (primarily FFO per share and total shareholder return). Any shares issued pursuant to this compensation plan will be determined by the Compensation Committee in its discretion and issued in the first quarter of 2016. The number of shares to be issued on the grant date could range from zero to 49,366 . These shares will vest 20% on the date shares are determined and awarded and generally will vest 20% per year on each January 1 for the subsequent four years. Also in the second quarter of 2015, EastGroup’s Board of Directors approved a long-term equity compensation plan for the Company’s executive officers. The awards will be based on the results of the Company's total shareholder return, both on an absolute basis for 2015 as well as on a relative basis compared to the NAREIT Equity Index, NAREIT Industrial Index and Russell 2000 Index over the five-year period ended December 31, 2015. Any shares issued pursuant to this equity compensation plan will be determined by the Compensation Committee and issued in the first quarter of 2016. The number of shares to be issued on the grant date could range from zero to 51,432 . These shares will vest 25% on the date shares are determined and awarded and generally will vest 25% per year on each January 1 for the subsequent three years. Notwithstanding the foregoing, shares issued to the Company’s retiring Chief Executive Officer, David H. Hoster II, vested on January 1, 2016; the shares expected to be awarded to Mr. Hoster in the first quarter of 2016 will become fully vested on the date shares are determined and awarded. In addition, shares issued to the Company's Chief Financial Officer, N. Keith McKey, will become fully vested no later than April 6, 2016. During the second quarter of 2015, 23,525 shares were granted to certain non-executive officers subject only to continued service as of the vesting date. These shares, which had a grant date fair value of $60.89 per share, vested 20% on January 1, 2016 and will vest 20% per year on January 1 in years 2017, 2018, 2019 and 2020. During the restricted period for awards no longer subject to contingencies, the Company accrues dividends and holds the certificates for the shares; however, the employee can vote the shares. For shares subject to contingencies, dividends are accrued based upon the number of shares expected to be awarded. Share certificates and dividends are delivered to the employee as they vest. As of December 31, 2015 , there was $5,080,000 of unrecognized compensation cost related to unvested restricted stock compensation for employees and directors that is expected to be recognized over a weighted average period of 2.7 years. Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to employees with the related weighted average grant date fair value share prices for 2015 , 2014 and 2013 . Of the shares that vested in 2015 , 2014 and 2013 , 32,409 shares, 31,673 shares and 9,412 shares, respectively, were withheld by the Company to satisfy the tax obligations for those employees who elected this option as permitted under the applicable equity plan. The fair value of shares that were granted during 2015 , 2014 and 2013 was $6,145,000 , $4,439,000 and $6,364,000 , respectively. As of the vesting date, the fair value of shares that vested during 2015 , 2014 and 2013 was $6,664,000 , $5,712,000 and $1,700,000 , respectively. Restricted Stock Activity: Years Ended December 31, 2015 2014 2013 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 265,911 $ 49.79 293,989 $ 47.17 212,206 $ 42.84 Granted 100,622 61.07 71,642 61.96 112,099 56.77 Forfeited — — (2,375 ) 52.72 — — Vested (105,835 ) 53.40 (97,345 ) 50.76 (30,316 ) 52.32 Unvested at end of year 260,698 52.68 265,911 49.79 293,989 47.17 Following is a vesting schedule of the total unvested shares as of December 31, 2015 : Unvested Shares Vesting Schedule Number of Shares 2016 139,333 2017 41,138 2018 31,215 2019 24,507 2020 24,505 Total Unvested Shares 260,698 Employee Stock Options The Company has not granted stock options to employees since 2002. Outstanding employee stock options vested equally over a two-year period; accordingly, all options are now vested. There were no employee stock option exercises during 2015, 2014 or 2013. Directors Equity Awards The Company previously had a directors equity plan that was approved by stockholders and adopted in 2005 (the "2005 Plan"), which authorized the issuance of up to 50,000 shares of common stock through awards of shares and restricted shares granted to non-employee directors of the Company. The 2005 Plan was further amended by the Board of Directors in May 2006, May 2008, May 2011 and May 2012. The 2005 Plan was replaced by the 2013 Equity Plan effective May 29, 2013, and the Board of Directors has adopted a policy under the 2013 Equity Plan pursuant to which awards will be made to non-employee Directors. The current policy provides that the Company shall automatically award an annual retainer share award to each non-employee Director who has been elected or reelected as a member of the Board of Directors at the Annual Meeting. The number of shares shall be equal to $75,000 divided by the fair market value of a share on the date of such election. If a non-employee Director is elected or appointed to the Board of Directors other than at an Annual Meeting of the Company, the annual retainer share award shall be pro rated. The policy also provides that each new non-employee Director appointed or elected will receive an automatic award of restricted shares of Common Stock on the effective date of election or appointment equal to $25,000 divided by the fair market value of the Company's Common Stock on such date. These restricted shares will vest over a four -year period upon the performance of future service as a Director, subject to certain exceptions. Directors were issued 9,373 shares, 7,742 shares and 7,469 shares of common stock as annual retainer awards for 2015 , 2014 and 2013 , respectively. In addition, during 2013, 417 shares were granted to a newly elected non-employee Director subject only to continued service as of the vesting date. The shares, which have a grant date fair value of $59.97 per share, vested 25% on each of December 6, 2014 and 2015 and will vest 25% per year on December 6 in years 2016 and 2017. As of the vesting date, the fair value of shares that vested during 2015 and 2014 was $6,000 and $7,000 , respectively. Stock-based compensation expense for directors was $514,000 , $490,000 and $395,000 for 2015 , 2014 and 2013 , respectively. There were no director stock options exercised in 2015 or 2014. The intrinsic value realized by directors from the exercise of options was $172,000 for 2013 . There were no director stock options granted or expired during the years presented below. Following is a summary of the total director stock options exercised with related weighted average exercise share prices for 2015 , 2014 and 2013 . Stock Option Activity: Years Ended December 31, 2015 2014 2013 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at beginning of year — $ — — $ — 4,500 $ 26.60 Exercised — — — — (4,500 ) 26.60 Outstanding at end of year — — — — — — Exercisable at end of year — $ — — $ — — $ — |
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME | 12 Months Ended |
Dec. 31, 2015 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
COMPREHENSIVE INCOME | COMPREHENSIVE INCOME Total Comprehensive Income is comprised of net income plus all other changes in equity from non-owner sources and is presented on the Consolidated Statements of Income and Comprehensive Income. The components of Accumulated Other Comprehensive Income (Loss) for 2015 , 2014 and 2013 are presented in the Company’s Consolidated Statements of Changes in Equity and are summarized below. See Note 13 for information regarding the Company’s interest rate swaps. Years Ended December 31, 2015 2014 2013 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): (In thousands) Balance at beginning of year $ (2,357 ) 1,629 (392 ) Change in fair value of interest rate swaps (1,099 ) (3,986 ) 2,021 Balance at end of year $ (3,456 ) (2,357 ) 1,629 |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risk, including interest rate, liquidity and credit risk primarily by managing the amount, sources, and duration of its debt funding and, to a limited extent, the use of derivative instruments. Specifically, the Company has entered into derivative instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative instruments, described below, are used to manage differences in the amount, timing and duration of the Company's known or expected cash payments principally related to certain of the Company's borrowings. The Company's objective in using interest rate derivatives is to change variable interest rates to fixed interest rates by using interest rate swaps. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of December 31, 2015 , EastGroup had five interest rate swaps outstanding, all of which are used to hedge the variable cash flows associated with unsecured loans. All of the Company's interest rate swaps convert the related loans' LIBOR rate components to fixed interest rates for the entire terms of the loans, and the Company has concluded that each of the hedging relationships is highly effective. The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in Other Comprehensive Income (Loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives, which is immaterial for the periods reported, is recognized directly in earnings (included in Other on the Consolidated Statements of Income and Comprehensive Income). Amounts reported in Other Comprehensive Income (Loss) related to derivatives will be reclassified to Interest Expense as interest payments are made on the Company's variable-rate debt. The Company estimates that an additional $2,934,000 will be reclassified from Other Comprehensive Income as an increase to Interest Expense over the next twelve months. As of January 1, 2013, the Company changed its valuation methodology for over-the-counter (“OTC”) derivatives to discount cash flows based on Overnight Index Swap (“OIS”) rates. Uncollateralized or partially-collateralized trades are discounted at OIS, but include appropriate economic adjustments for funding costs (i.e., a LIBOR-OIS basis adjustment to approximate uncollateralized cost of funds) and credit risk. The Company made the changes to better align its inputs, assumptions, and pricing methodologies with those used in its principal market by most dealers and major market participants. As of January 1, 2015, the Company began calculating its derivative prices using mid-market prices; prior to that date, the Company used bid-market prices. The changes in valuation methodology were applied prospectively and were considered changes in accounting estimates resulting from recent developments in the marketplace. Management has assessed the impact of the changes for all periods presented and has deemed the impact to be immaterial to the Company's financial statements. As of December 31, 2015 and 2014 , the Company had the following outstanding interest rate derivatives that are designated as cash flow hedges of interest rate risk: Interest Rate Derivative Notional Amount as of December 31, 2015 Notional Amount as of December 31, 2014 (In thousands) Interest Rate Swap $80,000 $80,000 Interest Rate Swap $75,000 $75,000 Interest Rate Swap $75,000 — Interest Rate Swap $60,000 $60,000 Interest Rate Swap $15,000 $15,000 The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2015 and 2014 . See Note 18 for additional information on the fair value of the Company's interest rate swaps. Derivatives As of December 31, 2015 Derivatives As of December 31, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges: Interest rate swap assets Other Assets $ 400 Other Assets $ 812 Interest rate swap liabilities Other Liabilities 3,960 Other Liabilities 3,314 The table below presents the effect of the Company's derivative financial instruments on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2015 , 2014 and 2013 : Years Ended December 31, 2015 2014 2013 (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS Interest Rate Swaps: Amount of income (loss) recognized in Other Comprehensive Income (Loss) on derivatives $ (5,374 ) (6,777 ) 1,350 Amount of loss reclassified from Accumulated Other Comprehensive Income (Loss) into Interest Expense (4,275 ) (2,791 ) (671 ) See Note 12 for additional information on the Company's Accumulated Other Comprehensive Income (Loss) resulting from its interest rate swaps. Derivative financial agreements expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. The Company believes it minimizes the credit risk by transacting with financial institutions the Company regards as credit-worthy. The Company has an agreement with its derivative counterparties containing a provision stating that the Company could be declared in default on its derivative obligations if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender. As of December 31, 2015 , the fair value of derivatives in an asset position related to these agreements was $400,000 , and the fair value of derivatives in a liability position related to these agreements was $3,960,000 . If the Company breached any of the contractual provisions of the derivative contract, it would be required to settle its obligation under the agreements at the swap termination value. As of December 31, 2015 , the swap termination value of derivatives in an asset position was an asset in the amount of $407,000 , and the swap termination value of derivatives in a liability position was a liability in the amount of $4,039,000 . |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The Company applies ASC 260, Earnings Per Share , which requires companies to present basic and diluted EPS. Reconciliation of the numerators and denominators in the basic and diluted EPS computations is as follows: 2015 2014 2013 (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 47,866 47,941 32,615 Denominator – weighted average shares outstanding 32,091 31,341 30,162 DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 47,866 47,941 32,615 Denominator: Weighted average shares outstanding 32,091 31,341 30,162 Unvested restricted stock 105 111 107 Total Shares 32,196 31,452 30,269 |
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED | QUARTERLY RESULTS OF OPERATIONS – UNAUDITED 2015 Quarter Ended 2014 Quarter Ended Mar 31 Jun 30 Sep 30 Dec 31 Mar 31 Jun 30 Sep 30 Dec 31 (In thousands, except per share data) Revenues $ 57,959 60,989 58,795 61,269 53,128 54,037 63,693 59,148 Expenses (47,898 ) (46,326 ) (46,698 ) (49,691 ) (44,614 ) (44,795 ) (45,832 ) (46,292 ) Net Income 10,061 14,663 12,097 11,578 8,514 9,242 17,861 12,856 Net income attributable to noncontrolling interest in joint ventures (131 ) (130 ) (129 ) (143 ) (142 ) (124 ) (132 ) (134 ) Net income attributable to EastGroup Properties, Inc. common stockholders $ 9,930 14,533 11,968 11,435 8,372 9,118 17,729 12,722 BASIC PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) Net income attributable to common stockholders $ 0.31 0.45 0.37 0.36 0.27 0.29 0.56 0.40 Weighted average shares outstanding 32,032 32,045 32,126 32,159 30,806 31,137 31,515 31,892 DILUTED PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) Net income attributable to common stockholders $ 0.31 0.45 0.37 0.35 0.27 0.29 0.56 0.40 Weighted average shares outstanding 32,109 32,139 32,248 32,314 30,886 31,244 31,644 32,043 (1) The above quarterly earnings per share calculations are based on the weighted average number of common shares outstanding during each quarter for basic earnings per share and the weighted average number of outstanding common shares and common share equivalents during each quarter for diluted earnings per share. The annual earnings per share calculations in the Consolidated Statements of Income and Comprehensive Income are based on the weighted average number of common shares outstanding during each year for basic earnings per share and the weighted average number of outstanding common shares and common share equivalents during each year for diluted earnings per share. The sum of quarterly financial data may vary from the annual data due to rounding. |
DEFINED CONTRIBUTION PLAN
DEFINED CONTRIBUTION PLAN | 12 Months Ended |
Dec. 31, 2015 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |
DEFINED CONTRIBUTION PLAN | DEFINED CONTRIBUTION PLAN EastGroup maintains a 401(k) plan for its employees. The Company makes matching contributions of 50% of the employee’s contribution (limited to 10% of compensation as defined by the plan) and may also make annual discretionary contributions. The Company’s total expense for this plan was $585,000 , $457,000 and $550,000 for 2015 , 2014 and 2013 , respectively. |
LEGAL MATTERS
LEGAL MATTERS | 12 Months Ended |
Dec. 31, 2015 | |
Loss Contingency [Abstract] | |
LEGAL MATTERS | LEGAL MATTERS The Company is not presently involved in any material litigation nor, to its knowledge, is any material litigation threatened against the Company or its properties, other than routine litigation (that is not material) arising in the ordinary course of business. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS ASC 820, Fair Value Measurements and Disclosures, defines fair value 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. ASC 820 also provides guidance for using fair value to measure financial assets and liabilities. The Codification requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3). The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments in accordance with ASC 820 at December 31, 2015 and 2014 . December 31, 2015 2014 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial Assets: Cash and cash equivalents $ 48 48 11 11 Cash held in escrow for 1031 exchange — — 698 698 Mortgage loans receivable 4,875 4,896 4,991 5,055 Interest rate swap assets 400 400 812 812 Financial Liabilities: Secured debt 351,401 366,491 453,776 478,659 Unsecured debt 530,000 509,326 380,000 364,295 Unsecured bank credit facilities 150,836 150,670 99,401 99,638 Interest rate swap liabilities 3,960 3,960 3,314 3,314 (1) Carrying amounts shown in the table are included in the Consolidated Balance Sheets under the indicated captions, except as indicated in the notes below. The following methods and assumptions were used to estimate the fair value of each class of financial instruments: Cash and cash equivalents: The carrying amounts approximate fair value due to the short maturity of those instruments. Cash held in escrow for 1031 exchange (included in Other Assets on the Consolidated Balance Sheets): The carrying amounts approximate fair value due to the short maturity of those instruments. Mortgage loans receivable (included in Other Assets on the Consolidated Balance Sheets): The fair value is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities (Level 2 input). Interest rate swap assets (included in Other Assets on the Consolidated Balances Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, LIBOR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 13 for additional information on the Company's interest rate swaps. Secured debt: The fair value of the Company’s secured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input). Unsecured debt: The fair value of the Company’s unsecured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input). Unsecured bank credit facilities: The fair value of the Company’s unsecured bank credit facilities is estimated by discounting expected cash flows at current market rates (Level 2 input). Interest rate swap liabilities (included in Other Liabilities on the Consolidated Balance Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, LIBOR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 13 for additional information on the Company's interest rate swaps. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On February 12, 2016, EastGroup sold its Northwest Point Distribution and Service Centers in Houston. The sale of the properties, which contain 232,000 square feet, generated gross sales proceeds of approximately $15.6 million . The Company expects to record a gain on the sale in the first quarter of 2016. On February 10, 2016, EastGroup executed a commitment letter for a $65 million senior unsecured term loan which is expected to close on April 1, 2016. The loan will have a seven -year term and interest only payments. It will bear interest at the annual rate of LIBOR plus an applicable margin (currently 1.65% ) based on the Company's senior unsecured long-term debt rating. The Company also entered into an interest rate swap agreement to convert the loan's LIBOR rate component to a fixed interest rate for the entire term of the loan providing a total effective fixed interest rate of 2.863% . |
SCHEDULE III
SCHEDULE III | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III | SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Real Estate Properties (c): Industrial: FLORIDA Tampa 56th Street Commerce Park $ — 843 3,567 4,324 843 7,891 8,734 5,568 1993 1981/86/97 Jetport Commerce Park — 1,575 6,591 5,738 1,575 12,329 13,904 7,654 1993-99 1974-85 Westport Commerce Center — 980 3,800 2,611 980 6,411 7,391 4,281 1994 1983/87 Benjamin Distribution Center I & II — 843 3,963 1,490 883 5,413 6,296 3,481 1997 1996 Benjamin Distribution Center III — 407 1,503 482 407 1,985 2,392 1,485 1999 1988 Palm River Center — 1,190 4,625 2,493 1,190 7,118 8,308 4,330 1997/98 1990/97/98 Palm River North I & III — 1,005 4,688 2,295 1,005 6,983 7,988 3,887 1998 2000 Palm River North II — 634 4,418 381 634 4,799 5,433 3,254 1997/98 1999 Palm River South I — 655 3,187 619 655 3,806 4,461 1,607 2000 2005 Palm River South II — 655 — 4,360 655 4,360 5,015 1,951 2000 2006 Walden Distribution Center I — 337 3,318 498 337 3,816 4,153 1,920 1997/98 2001 Walden Distribution Center II — 465 3,738 981 465 4,719 5,184 2,517 1998 1998 Oak Creek Distribution Center I — 1,109 6,126 1,364 1,109 7,490 8,599 3,504 1998 1998 Oak Creek Distribution Center II — 647 3,603 1,104 647 4,707 5,354 2,193 2003 2001 Oak Creek Distribution Center III — 439 — 3,178 556 3,061 3,617 1,020 2005 2007 Oak Creek Distribution Center IV — 682 6,472 669 682 7,141 7,823 2,271 2005 2001 Oak Creek Distribution Center V — 724 — 5,817 916 5,625 6,541 1,932 2005 2007 Oak Creek Distribution Center VI — 642 — 5,039 812 4,869 5,681 1,318 2005 2008 Oak Creek Distribution Center VIII — 843 — 6,188 1,051 5,980 7,031 15 2005 2015 Oak Creek Distribution Center IX — 618 — 4,962 780 4,800 5,580 1,068 2005 2009 Oak Creek Distribution Center A — 185 — 1,492 185 1,492 1,677 395 2005 2008 Oak Creek Distribution Center B — 227 — 1,497 227 1,497 1,724 392 2005 2008 Airport Commerce Center — 1,257 4,012 923 1,257 4,935 6,192 2,453 1998 1998 Westlake Distribution Center — 1,333 6,998 2,150 1,333 9,148 10,481 4,851 1998 1998/99 Expressway Commerce Center I — 915 5,346 1,044 915 6,390 7,305 2,997 2002 2004 Expressway Commerce Center II — 1,013 3,247 385 1,013 3,632 4,645 1,743 2003 2001 Silo Bend Distribution Center — 4,131 27,497 1,149 4,131 28,646 32,777 4,284 2011 1987/90 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Tampa East Distribution Center — 791 4,758 458 791 5,216 6,007 906 2011 1984 Tampa West Distribution Center — 2,139 8,502 1,052 2,140 9,553 11,693 1,626 2011 1975/93/94 Madison Distribution Center — 495 2,779 381 495 3,160 3,655 521 2012 2007 Orlando Chancellor Center — 291 1,711 252 291 1,963 2,254 1,122 1996/97 1996/97 Exchange Distribution Center I — 603 2,414 2,135 603 4,549 5,152 3,059 1994 1975 Exchange Distribution Center II — 300 945 298 300 1,243 1,543 675 2002 1976 Exchange Distribution Center III — 320 997 403 320 1,400 1,720 811 2002 1980 Sunbelt Distribution Center — 1,474 5,745 5,757 1,474 11,502 12,976 7,803 1989/97/98 1974/87/97/98 John Young Commerce Center I — 497 2,444 931 497 3,375 3,872 1,804 1997/98 1997/98 John Young Commerce Center II — 512 3,613 489 512 4,102 4,614 2,415 1998 1999 Altamonte Commerce Center I — 1,498 2,661 2,585 1,498 5,246 6,744 3,560 1999 1980/82 Altamonte Commerce Center II — 745 2,618 1,196 745 3,814 4,559 1,948 2003 1975 Sunport Center I — 555 1,977 708 555 2,685 3,240 1,364 1999 1999 Sunport Center II — 597 3,271 1,501 597 4,772 5,369 3,165 1999 2001 Sunport Center III — 642 3,121 1,029 642 4,150 4,792 1,940 1999 2002 Sunport Center IV — 642 2,917 1,474 642 4,391 5,033 1,953 1999 2004 Sunport Center V — 750 2,509 2,183 750 4,692 5,442 2,478 1999 2005 Sunport Center VI — 672 — 3,472 672 3,472 4,144 1,186 1999 2006 Southridge Commerce Park I — 373 — 4,822 373 4,822 5,195 2,555 2003 2006 Southridge Commerce Park II — 342 — 4,421 342 4,421 4,763 2,001 2003 2007 Southridge Commerce Park III — 547 — 5,538 547 5,538 6,085 1,809 2003 2007 Southridge Commerce Park IV (h) 3,102 506 — 4,584 506 4,584 5,090 1,588 2003 2006 Southridge Commerce Park V (h) 2,980 382 — 4,508 382 4,508 4,890 1,828 2003 2006 Southridge Commerce Park VI — 571 — 5,182 571 5,182 5,753 1,527 2003 2007 Southridge Commerce Park VII — 520 — 6,727 520 6,727 7,247 1,932 2003 2008 Southridge Commerce Park VIII — 531 — 6,343 531 6,343 6,874 1,588 2003 2008 Southridge Commerce Park IX — 468 — 6,413 468 6,413 6,881 867 2003 2012 Southridge Commerce Park X — 414 — 4,826 414 4,826 5,240 415 2003 2012 Southridge Commerce Park XI — 513 — 5,870 513 5,870 6,383 653 2003 2012 Southridge Commerce Park XII — 2,025 — 16,930 2,025 16,930 18,955 3,763 2005 2008 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Horizon Commerce Park I — 991 — 6,464 991 6,464 7,455 300 2008 2014 Horizon Commerce Park II — 1,111 — 7,114 1,111 7,114 8,225 249 2008 2014 Horizon Commerce Park IV — 1,097 — 8,131 1,097 8,131 9,228 — 2008 2015 Jacksonville Deerwood Distribution Center — 1,147 1,799 2,929 1,147 4,728 5,875 2,572 1989 1978 Phillips Distribution Center — 1,375 2,961 4,317 1,375 7,278 8,653 4,929 1994 1984/95 Lake Pointe Business Park — 3,442 6,450 7,607 3,442 14,057 17,499 9,915 1993 1986/87 Ellis Distribution Center — 540 7,513 1,149 540 8,662 9,202 4,266 1997 1977 Westside Distribution Center — 2,011 15,374 7,139 2,011 22,513 24,524 10,675 1997/2008 1984/85 Beach Commerce Center — 476 1,899 634 476 2,533 3,009 1,270 2000 2000 Interstate Distribution Center — 1,879 5,700 1,682 1,879 7,382 9,261 3,436 2005 1990 Fort Lauderdale/Palm Beach area Linpro Commerce Center — 613 2,243 1,775 616 4,015 4,631 3,023 1996 1986 Cypress Creek Business Park — — 2,465 1,853 — 4,318 4,318 2,710 1997 1986 Lockhart Distribution Center — — 3,489 2,828 — 6,317 6,317 3,795 1997 1986 Interstate Commerce Center — 485 2,652 786 485 3,438 3,923 2,137 1998 1988 Executive Airport Distribution Center (k) 7,990 1,991 4,857 5,108 1,991 9,965 11,956 4,361 2001 2004/06 Sample 95 Business Park — 2,202 8,785 3,052 2,202 11,837 14,039 7,242 1996/98 1990/99 Blue Heron Distribution Center — 975 3,626 1,850 975 5,476 6,451 3,245 1999 1986 Blue Heron Distribution Center II 735 1,385 4,222 809 1,385 5,031 6,416 2,242 2004 1988 Blue Heron Distribution Center III — 450 — 2,664 450 2,664 3,114 772 2004 2009 Fort Myers SunCoast Commerce Center I — 911 — 4,768 928 4,751 5,679 1,471 2005 2008 SunCoast Commerce Center II — 911 — 4,952 928 4,935 5,863 1,705 2005 2007 SunCoast Commerce Center III — 1,720 — 6,556 1,763 6,513 8,276 1,746 2006 2008 CALIFORNIA San Francisco area Wiegman Distribution Center I (i) 9,409 2,197 8,788 1,948 2,308 10,625 12,933 5,548 1996 1986/87 Wiegman Distribution Center II — 2,579 4,316 110 2,579 4,426 7,005 434 2012 1998 Huntwood Distribution Center (i) 16,158 3,842 15,368 2,987 3,842 18,355 22,197 9,591 1996 1988 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total San Clemente Distribution Center — 893 2,004 852 893 2,856 3,749 1,622 1997 1978 Yosemite Distribution Center — 259 7,058 1,329 259 8,387 8,646 4,213 1999 1974/87 Los Angeles area Kingsview Industrial Center (e) 2,605 643 2,573 615 643 3,188 3,831 1,748 1996 1980 Dominguez Distribution Center (e) 7,615 2,006 8,025 1,170 2,006 9,195 11,201 5,128 1996 1977 Main Street Distribution Center — 1,606 4,103 787 1,606 4,890 6,496 2,519 1999 1999 Walnut Business Center (e) 6,604 2,885 5,274 1,555 2,885 6,829 9,714 3,512 1996 1966/90 Washington Distribution Center (e) 4,891 1,636 4,900 658 1,636 5,558 7,194 2,838 1997 1996/97 Chino Distribution Center (f) 8,774 2,544 10,175 1,623 2,544 11,798 14,342 6,987 1998 1980 Ramona Distribution Center 2,757 3,761 5,751 3 3,761 5,754 9,515 171 2014 1984 Industry Distribution Center I (e) 18,306 10,230 12,373 4,323 10,230 16,696 26,926 7,547 1998 1959 Industry Distribution Center III (e) 1,941 — 3,012 (157 ) — 2,855 2,855 2,855 2007 1992 Chestnut Business Center — 1,674 3,465 220 1,674 3,685 5,359 1,723 1998 1999 Los Angeles Corporate Center — 1,363 5,453 3,056 1,363 8,509 9,872 5,176 1996 1986 Santa Barbara University Business Center — 5,517 22,067 5,766 5,519 27,831 33,350 15,216 1996 1987/88 Castilian Research Center — 2,719 1,410 4,846 2,719 6,256 8,975 1,418 2005 2007 Fresno Shaw Commerce Center (e) 12,727 2,465 11,627 4,627 2,465 16,254 18,719 9,689 1998 1978/81/87 San Diego Eastlake Distribution Center — 3,046 6,888 1,751 3,046 8,639 11,685 4,854 1997 1989 Ocean View Corporate Center (k) 9,603 6,577 7,105 686 6,577 7,791 14,368 2,143 2010 2005 TEXAS Dallas Interstate Distribution Center I & II (g) 6,114 1,746 4,941 3,189 1,746 8,130 9,876 5,562 1988 1978 Interstate Distribution Center III (g) 2,488 519 2,008 1,491 519 3,499 4,018 1,650 2000 1979 Interstate Distribution Center IV — 416 2,481 456 416 2,937 3,353 1,337 2004 2002 Interstate Distribution Center V, VI & VII (h) 4,646 1,824 4,106 1,694 1,824 5,800 7,624 2,225 2009 1979/80/81 Venture Warehouses (g) 4,785 1,452 3,762 2,515 1,452 6,277 7,729 4,628 1988 1979 Stemmons Circle (g) 1,899 363 2,014 690 363 2,704 3,067 1,699 1998 1977 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total North Stemmons II — 150 583 506 150 1,089 1,239 528 2002 1971 North Stemmons III — 380 2,066 48 380 2,114 2,494 571 2007 1974 Shady Trail Distribution Center — 635 3,621 1,094 635 4,715 5,350 2,032 2003 1998 Valwood Distribution Center — 4,361 34,405 1,788 4,361 36,193 40,554 4,819 2012 1986/87/97/98 Northfield Distribution Center — 12,471 50,713 1,357 12,470 52,071 64,541 6,834 2013 1999-2001/03/04/08 Houston Northwest Point Business Park — 1,243 5,640 4,703 1,243 10,343 11,586 6,916 1994 1984/85 Lockwood Distribution Center — 749 5,444 1,985 749 7,429 8,178 4,209 1997 1968/69 West Loop Distribution Center (g) 4,739 905 4,383 2,366 905 6,749 7,654 4,149 1997/2000 1980 World Houston Int'l Business Ctr 1 & 2 (f) 5,143 660 5,893 1,854 660 7,747 8,407 4,212 1998 1996 World Houston Int'l Business Ctr 3, 4 & 5 (g) 5,343 1,025 6,413 1,193 1,025 7,606 8,631 4,127 1998 1998 World Houston Int'l Business Ctr 6 (g) 2,079 425 2,423 510 425 2,933 3,358 1,663 1998 1998 World Houston Int'l Business Ctr 7 & 8 (g) 5,840 680 4,584 4,170 680 8,754 9,434 4,940 1998 1998 World Houston Int'l Business Ctr 9 (g) 4,265 800 4,355 1,734 800 6,089 6,889 2,544 1998 1998 World Houston Int'l Business Ctr 10 — 933 4,779 349 933 5,128 6,061 2,209 2001 1999 World Houston Int'l Business Ctr 11 — 638 3,764 1,195 638 4,959 5,597 2,515 1999 1999 World Houston Int'l Business Ctr 12 — 340 2,419 383 340 2,802 3,142 1,477 2000 2002 World Houston Int'l Business Ctr 13 — 282 2,569 374 282 2,943 3,225 1,784 2000 2002 World Houston Int'l Business Ctr 14 — 722 2,629 535 722 3,164 3,886 1,600 2000 2003 World Houston Int'l Business Ctr 15 — 731 — 6,124 731 6,124 6,855 2,904 2000 2007 World Houston Int'l Business Ctr 16 (j) 3,373 519 4,248 1,144 519 5,392 5,911 2,791 2000 2005 World Houston Int'l Business Ctr 17 — 373 1,945 799 373 2,744 3,117 1,177 2000 2004 World Houston Int'l Business Ctr 18 — 323 1,512 251 323 1,763 2,086 764 2005 1995 World Houston Int'l Business Ctr 19 — 373 2,256 1,126 373 3,382 3,755 1,785 2000 2004 World Houston Int'l Business Ctr 20 — 1,008 1,948 1,307 1,008 3,255 4,263 1,758 2000 2004 World Houston Int'l Business Ctr 21 (f) 2,410 436 — 3,504 436 3,504 3,940 1,233 2000/03 2006 World Houston Int'l Business Ctr 22 — 436 — 4,537 436 4,537 4,973 1,748 2000 2007 World Houston Int'l Business Ctr 23 (f) 4,927 910 — 7,145 910 7,145 8,055 2,479 2000 2007 World Houston Int'l Business Ctr 24 — 837 — 5,516 837 5,516 6,353 2,066 2005 2008 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total World Houston Int'l Business Ctr 25 — 508 — 3,762 508 3,762 4,270 1,203 2005 2008 World Houston Int'l Business Ctr 26 (k) 2,432 445 — 3,194 445 3,194 3,639 978 2005 2008 World Houston Int'l Business Ctr 27 — 837 — 5,004 837 5,004 5,841 1,378 2005 2008 World Houston Int'l Business Ctr 28 (k) 3,176 550 — 4,202 550 4,202 4,752 1,134 2005 2009 World Houston Int'l Business Ctr 29 (k) 3,288 782 — 4,138 974 3,946 4,920 1,042 2007 2009 World Houston Int'l Business Ctr 30 (k) 4,512 981 — 5,771 1,222 5,530 6,752 1,754 2007 2009 World Houston Int'l Business Ctr 31A — 684 — 3,912 684 3,912 4,596 1,078 2008 2011 World Houston Int'l Business Ctr 31B — 546 — 3,537 546 3,537 4,083 560 2008 2012 World Houston Int'l Business Ctr 32 (h) 4,195 1,225 — 5,660 1,526 5,359 6,885 847 2007 2012 World Houston Int'l Business Ctr 33 — 1,166 — 7,859 1,166 7,859 9,025 829 2011 2013 World Houston Int'l Business Ctr 34 — 439 — 3,373 439 3,373 3,812 370 2005 2012 World Houston Int'l Business Ctr 35 — 340 — 2,475 340 2,475 2,815 227 2005 2012 World Houston Int'l Business Ctr 36 — 685 — 4,878 685 4,878 5,563 486 2011 2013 World Houston Int'l Business Ctr 37 — 759 — 6,370 759 6,370 7,129 497 2011 2013 World Houston Int'l Business Ctr 38 — 1,053 — 7,312 1,053 7,312 8,365 703 2011 2013 World Houston Int'l Business Ctr 39 — 620 — 5,199 620 5,199 5,819 154 2011 2014 World Houston Int'l Business Ctr 40 — 1,072 — 9,340 1,072 9,340 10,412 396 2011 2014 World Houston Int'l Business Ctr 41 — 649 — 5,954 649 5,954 6,603 105 2011 2014 World Houston Int'l Business Ctr 42 — 571 — 4,812 571 4,812 5,383 77 2011 2015 America Plaza (g) 3,910 662 4,660 993 662 5,653 6,315 3,129 1998 1996 Central Green Distribution Center (g) 2,930 566 4,031 135 566 4,166 4,732 2,179 1999 1998 Glenmont Business Park (g) 6,141 936 6,161 2,823 936 8,984 9,920 4,852 1998 1999/2000 Techway Southwest I — 729 3,765 2,281 729 6,046 6,775 3,257 2000 2001 Techway Southwest II — 550 3,689 1,283 550 4,972 5,522 2,332 2000 2004 Techway Southwest III — 597 — 5,578 751 5,424 6,175 2,426 1999 2006 Techway Southwest IV (k) 4,187 535 — 5,730 674 5,591 6,265 1,765 1999 2008 Beltway Crossing Business Park I — 458 5,712 2,450 458 8,162 8,620 3,678 2002 2001 Beltway Crossing Business Park II — 415 — 2,892 415 2,892 3,307 1,092 2005 2007 Beltway Crossing Business Park III — 460 — 3,094 460 3,094 3,554 1,216 2005 2008 Beltway Crossing Business Park IV — 460 — 3,035 460 3,035 3,495 1,194 2005 2008 Beltway Crossing Business Park V (k) 3,711 701 — 4,852 701 4,852 5,553 1,707 2005 2008 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Beltway Crossing Business Park VI (h) 4,043 618 — 6,017 618 6,017 6,635 1,522 2005 2008 Beltway Crossing Business Park VII (h) 4,052 765 — 5,884 765 5,884 6,649 1,958 2005 2009 Beltway Crossing Business Park VIII — 721 — 4,576 721 4,576 5,297 939 2005 2011 Beltway Crossing Business Park IX — 418 — 2,113 418 2,113 2,531 282 2007 2012 Beltway Crossing Business Park X — 733 — 3,871 733 3,871 4,604 477 2007 2012 Beltway Crossing Business Park XI — 690 — 4,101 690 4,101 4,791 366 2007 2013 West Road Business Park I — 621 — 4,324 621 4,324 4,945 159 2012 2014 West Road Business Park II — 981 — 5,285 981 5,285 6,266 235 2012 2014 Ten West Crossing 1 — 566 — 2,997 566 2,997 3,563 314 2012 2013 Ten West Crossing 2 — 829 — 4,385 833 4,381 5,214 453 2012 2013 Ten West Crossing 3 — 609 — 4,357 613 4,353 4,966 446 2012 2013 Ten West Crossing 4 — 694 — 4,506 699 4,501 5,200 365 2012 2014 Ten West Crossing 5 — 933 — 5,866 940 5,859 6,799 322 2012 2014 Ten West Crossing 6 — 640 — 4,113 644 4,109 4,753 96 2012 2014 El Paso Butterfield Trail — — 20,725 8,420 — 29,145 29,145 16,841 1997/2000 1987/95 Rojas Commerce Park (g) 4,690 900 3,659 3,016 900 6,675 7,575 4,707 1999 1986 Americas Ten Business Center I — 526 2,778 1,181 526 3,959 4,485 2,125 2001 2003 San Antonio Alamo Downs Distribution Center (j) 5,077 1,342 6,338 1,216 1,342 7,554 8,896 3,948 2004 1986/2002 Arion Business Park 1-13, 15 (j) 23,508 4,143 31,432 5,616 4,143 37,048 41,191 15,762 2005 1988-2000/06 Arion Business Park 14 (j) 2,180 423 — 3,397 423 3,397 3,820 1,218 2005 2006 Arion Business Park 16 (f) 2,424 427 — 3,535 427 3,535 3,962 1,073 2005 2007 Arion Business Park 17 (j) 2,622 616 — 3,978 616 3,978 4,594 1,939 2005 2007 Arion Business Park 18 (h) 1,689 418 — 2,354 418 2,354 2,772 947 2005 2008 Wetmore Business Center 1-4 — 1,494 10,804 3,097 1,494 13,901 15,395 6,337 2005 1998/99 Wetmore Business Center 5 (k) 2,573 412 — 3,438 412 3,438 3,850 1,407 2006 2008 Wetmore Business Center 6 (k) 2,726 505 — 3,574 505 3,574 4,079 1,243 2006 2008 Wetmore Business Center 7 (k) 2,930 546 — 3,838 546 3,838 4,384 818 2006 2008 Wetmore Business Center 8 (k) 5,812 1,056 — 7,640 1,056 7,640 8,696 2,049 2006 2008 Fairgrounds Business Park — 1,644 8,209 2,102 1,644 10,311 11,955 4,420 2007 1985/86 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Rittiman Distribution Center — 1,083 6,649 289 1,083 6,938 8,021 957 2011 2000 Thousand Oaks Distribution Center 1 — 607 — 4,286 607 4,286 4,893 674 2008 2012 Thousand Oaks Distribution Center 2 — 794 — 4,719 794 4,719 5,513 646 2008 2012 Thousand Oaks Distribution Center 3 — 772 — 4,457 772 4,457 5,229 414 2008 2013 Thousand Oaks Distribution Center 4 — 753 — 3,953 753 3,953 4,706 24 2013 2015 Austin Colorado Crossing Distribution Center — 4,602 19,757 61 4,602 19,818 24,420 1,698 2014 2009 Southpark Corporate Center — 2,670 14,756 — 2,670 14,756 17,426 268 2015 1995 Springdale Business Center — 2,824 8,398 — 2,824 8,398 11,222 111 2015 2000 ARIZONA Phoenix area Broadway Industrial Park I — 837 3,349 932 837 4,281 5,118 2,523 1996 1971 Broadway Industrial Park II — 455 482 180 455 662 1,117 408 1999 1971 Broadway Industrial Park III — 775 1,742 531 775 2,273 3,048 1,268 2000 1983 Broadway Industrial Park IV — 380 1,652 783 380 2,435 2,815 1,406 2000 1986 Broadway Industrial Park V — 353 1,090 120 353 1,210 1,563 638 2002 1980 Broadway Industrial Park VI (f) 1,904 599 1,855 658 599 2,513 3,112 1,387 2002 1979 Broadway Industrial Park VII — 450 650 232 450 882 1,332 136 2011 1999 Kyrene Distribution Center — 1,490 4,453 1,514 1,490 5,967 7,457 3,490 1999 1981/2001 Southpark Distribution Center — 918 2,738 644 918 3,382 4,300 1,472 2001 2000 Santan 10 Distribution Center I (j) 2,176 846 2,647 319 846 2,966 3,812 1,306 2001 2005 Santan 10 Distribution Center II (f) 3,797 1,088 — 5,119 1,088 5,119 6,207 1,976 2004 2007 Chandler Freeways — 1,525 — 7,381 1,525 7,381 8,906 516 2012 2013 Kyrene 202 Business Park I — 653 — 5,777 653 5,777 6,430 145 2011 2014 Kyrene 202 Business Park II — 387 — 3,414 387 3,414 3,801 110 2011 2014 Metro Business Park — 1,927 7,708 6,747 1,927 14,455 16,382 9,101 1996 1977/79 35th Avenue Distribution Center (original building currently undergoing redevelopment) — 418 2,381 206 418 2,587 3,005 1,226 1997 1967 51st Avenue Distribution Center — 300 2,029 977 300 3,006 3,306 1,765 1998 1987 East University Distribution Center I & II (f) 4,365 1,120 4,482 1,533 1,120 6,015 7,135 3,525 1998 1987/89 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total East University Distribution Center III — 444 698 208 444 906 1,350 184 2010 1981 55th Avenue Distribution Center (f) 3,394 912 3,717 919 917 4,631 5,548 2,848 1998 1987 Interstate Commons Distribution Center I — 798 3,632 1,708 798 5,340 6,138 2,914 1999 1988 Interstate Commons Distribution Center II — 320 2,448 429 320 2,877 3,197 1,372 1999 2000 Interstate Commons Distribution Center III — 242 — 2,996 242 2,996 3,238 861 2000 2008 Airport Commons Distribution Center — 1,000 1,510 1,336 1,000 2,846 3,846 1,479 2003 1971 40th Avenue Distribution Center (k) 4,519 703 — 6,059 703 6,059 6,762 1,670 2004 2008 Sky Harbor Business Park — 5,839 — 21,324 5,839 21,324 27,163 5,785 2006 2008 Sky Harbor Business Park 6 — 807 — 2,177 807 2,177 2,984 20 2014 2015 Tucson Country Club Commerce Center I — 506 3,564 2,173 693 5,550 6,243 2,338 1997/2003 1994/2003 Country Club Commerce Center II — 442 3,381 37 442 3,418 3,860 1,056 2007 2000 Country Club Commerce Center III & IV — 1,407 — 11,794 1,575 11,626 13,201 3,432 2007 2009 Airport Distribution Center — 1,103 4,672 1,549 1,103 6,221 7,324 3,576 1998 1995 Southpointe Distribution Center — — 3,982 2,950 — 6,932 6,932 3,997 1999 1989 Benan Distribution Center — 707 1,842 635 707 2,477 3,184 1,287 2005 2001 NORTH CAROLINA Charlotte area NorthPark Business Park (f) 13,833 2,758 15,932 3,924 2,758 19,856 22,614 7,910 2006 1987-89 Lindbergh Business Park — 470 3,401 444 470 3,845 4,315 1,371 2007 2001/03 Commerce Park Center I — 765 4,303 791 765 5,094 5,859 1,687 2007 1983 Commerce Park Center II (h) 1,362 335 1,603 297 335 1,900 2,235 475 2010 1987 Commerce Park Center III (h) 2,225 558 2,225 868 558 3,093 3,651 726 2010 1981 Nations Ford Business Park — 3,924 16,171 3,128 3,924 19,299 23,223 7,679 2007 1989/94 Airport Commerce Center — 1,454 10,136 1,620 1,454 11,756 13,210 3,374 2008 2001/02 Interchange Park I — 986 7,949 476 986 8,425 9,411 2,240 2008 1989 Interchange Park II — 746 1,456 55 746 1,511 2,257 121 2013 2000 Ridge Creek Distribution Center I — 1,284 13,163 780 1,284 13,943 15,227 3,341 2008 2006 Ridge Creek Distribution Center II (h) 10,142 3,033 11,497 2,116 3,033 13,613 16,646 1,688 2011 2003 Ridge Creek Distribution Center III — 2,459 11,147 381 2,459 11,528 13,987 702 2014 2013 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Lakeview Business Center (h) 4,332 1,392 5,068 650 1,392 5,718 7,110 978 2011 1996 Steele Creek Commerce Park I — 993 — 4,314 1,010 4,297 5,307 372 2013 2014 Steele Creek Commerce Park II — 941 — 4,457 957 4,441 5,398 246 2013 2014 Steele Creek Commerce Park III — 1,464 — 6,396 1,469 6,391 7,860 295 2013 2014 Steele Creek Commerce Park IV — 684 — 3,925 687 3,922 4,609 32 2013 2015 Waterford Distribution Center — 654 3,392 501 654 3,893 4,547 928 2008 2000 LOUISIANA New Orleans Elmwood Business Park — 2,861 6,337 4,264 2,861 10,601 13,462 7,125 1997 1979 Riverbend Business Park — 2,557 17,623 6,210 2,557 23,833 26,390 12,750 1997 1984 COLORADO Denver Rampart Distribution Center I (j) 3,618 1,023 3,861 1,455 1,023 5,316 6,339 3,872 1988 1987 Rampart Distribution Center II (j) 2,494 230 2,977 1,164 230 4,141 4,371 2,610 1996/97 1996/97 Rampart Distribution Center III (j) 3,660 1,098 3,884 1,431 1,098 5,315 6,413 2,703 1997/98 1999 Rampart Distribution Center IV (j) 4,855 590 — 7,918 590 7,918 8,508 52 2012 2014 Concord Distribution Center (h) 3,816 1,051 4,773 439 1,051 5,212 6,263 1,760 2007 2000 Centennial Park (k) 3,853 750 3,319 1,697 750 5,016 5,766 1,579 2007 1990 NEVADA Las Vegas Arville Distribution Center — 4,933 5,094 330 4,933 5,424 10,357 1,527 2009 1997 MISSISSIPPI Jackson area Interchange Business Park — 343 5,007 3,080 343 8,087 8,430 4,926 1997 1981 Tower Automotive — — 9,958 1,228 17 11,169 11,186 4,333 2001 2002 Metro Airport Commerce Center I — 303 1,479 1,029 303 2,508 2,811 1,439 2001 2003 TENNESSEE Memphis Memphis I — 250 1,916 1,426 250 3,342 3,592 1,868 1998 1975 351,401 298,884 965,253 784,870 301,435 1,747,572 2,049,007 657,292 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Industrial Development (d): FLORIDA Oak Creek Distribution Center land — 1,226 — 2,345 1,447 2,124 3,571 — 2005 n/a Madison Distribution Center II & III — 624 — 6,793 624 6,793 7,417 61 2012 2015 Madison Distribution Center land — 565 — 503 565 503 1,068 — 2012 n/a Horizon Commerce Park III — 991 — 5,124 991 5,124 6,115 — 2008/09 n/a Horizon Commerce Park land — 9,160 — 11,211 9,160 11,211 20,371 — 2008/09 n/a SunCoast Commerce Center land — 10,892 — 6,966 11,104 6,754 17,858 — 2006 n/a TEXAS North Stemmons land — 537 — 276 537 276 813 — 2001 n/a ParkView Commerce Center 1-3 — 2,663 — 14,593 2,663 14,593 17,256 — 2014 2015 ParkView Commerce Center land — 400 — 104 405 99 504 — 2014 n/a CreekView 121 land — 5,874 — 499 5,874 499 6,373 — 2015 n/a Valwood Distribution Center land — 416 — 20 416 20 436 — 2012 n/a World Houston Int'l Business Ctr land — 4,617 — 3,200 5,351 2,466 7,817 — 2000 n/a World Houston Int'l Business Ctr land - 2011 expansion — 3,498 — 3,861 4,783 2,576 7,359 — 2011 n/a World Houston Int'l Business Ctr land - 2015 expansion — 6,040 — 246 6,040 246 6,286 — 2015 n/a Ten West Crossing 7 — 584 — 3,488 588 3,484 4,072 — 2012 2015 Ten West Crossing land — 1,127 — 797 1,135 789 1,924 — 2012 n/a West Road Business Park III — 597 — 4,185 597 4,185 4,782 — 2012 2015 West Road Business Park IV — 621 — 4,064 621 4,064 4,685 5 2012 2015 West Road Business Park land — 483 — 718 484 717 1,201 — 2012 n/a Americas Ten Business Center II & III land — 1,365 — 1,079 1,365 1,079 2,444 — 2001 n/a Alamo Ridge Business Park I — 623 — 6,729 623 6,729 7,352 96 2007 2015 Alamo Ridge Business Park II — 402 — 3,737 402 3,737 4,139 — 2007 2015 Alamo Ridge Business Park III — 907 — 1,473 907 1,473 2,380 — 2007 n/a Alamo Ridge Business Park land — 356 — 487 355 488 843 — 2007 n/a Eisenhauer Point Business Park 1 & 2 — 1,881 — 4,879 1,881 4,879 6,760 — 2015 n/a Eisenhauer Point Business Park land — 2,513 — 324 2,519 318 2,837 — 2015 n/a ARIZONA Kyrene 202 Business Park VI — 936 — 6,084 936 6,084 7,020 — 2011 2015 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Kyrene 202 Business Park land — 1,244 — 878 1,244 878 2,122 — 2011 n/a 35th Avenue Distribution Center - redevelopment — — — 1,171 — 1,171 1,171 — 1997 n/a Ten Sky Harbor Business Center — 1,568 — 2,084 1,569 2,083 3,652 — 2015 n/a Falcon Field Business Center land — 1,315 — 50 1,315 50 1,365 — 2015 n/a Airport Distribution Center II land — 300 — 117 300 117 417 — 2000 n/a NORTH CAROLINA Steele Creek Commerce Center VI — 867 — 2,037 869 2,035 2,904 — 2013/14 n/a Steele Creek Commerce Center land — 1,804 — 999 1,821 982 2,803 — 2013/14/15 n/a Airport Commerce Center III land — 855 — 763 855 763 1,618 — 2008 n/a MISSISSIPPI Metro Airport Commerce Center II land — 307 — 399 307 399 706 — 2001 n/a — 68,158 — 102,283 70,653 99,788 170,441 162 Total real estate owned (a)(b) $ 351,401 367,042 965,253 887,153 372,088 1,847,360 2,219,448 657,454 See accompanying Report of Independent Registered Public Accounting Firm on Financial Statement Schedules . (a) Changes in Real Estate Properties follow: Years Ended December 31, 2015 2014 2013 (In thousands) Balance at beginning of year $ 2,074,946 1,927,326 1,768,032 Purchases of real estate properties 28,648 47,477 65,387 Development of real estate properties 95,032 97,696 76,240 Improvements to real estate properties 25,778 19,862 21,438 Carrying amount of investments sold (4,750 ) (17,049 ) (3,475 ) Write-off of improvements (206 ) (366 ) (296 ) Balance at end of year (1) $ 2,219,448 2,074,946 1,927,326 (1) Includes 20% noncontrolling interests in Castilian Research Center of $1,795,000 at December 31, 2015 and $1,794,000 at December 31, 2014 and in University Business Center of $6,670,000 and $6,536,000 , respectively. Changes in the accumulated depreciation on real estate properties follow: Years Ended December 31, 2015 2014 2013 (In thousands) Balance at beginning of year $ 600,526 550,113 496,247 Depreciation expense 59,882 57,303 54,284 Accumulated depreciation on assets sold (2,748 ) (6,525 ) (126 ) Other (206 ) (365 ) (292 ) Balance at end of year $ 657,454 600,526 550,113 (b) The estimated aggregate cost of real estate properties at December 31, 2015 for federal income tax purposes was approximately $2,188,766,000 before estimated accumulated tax depreciation of $425,700,000 . The federal income tax return for the year ended December 31, 2015 , has not been filed and accordingly, this estimate is based on preliminary data. (c) The Company computes depreciation using the straight-line method over the estimated useful lives of the buildings (generally 40 years) and improvements (generally 3 to 15 years). (d) The Company transfers development properties to real estate properties the earlier of 80% occupancy or one year after completion of the shell construction. (e) EastGroup has a $54,689,000 limited recourse first mortgage loan with an insurance company secured by Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington. The loan has a recourse liability of $5 million which will be released based on the secured properties generating certain base rent amounts. (f) EastGroup has a $50,971,000 non-recourse first mortgage loan with an insurance company secured by Arion 16, Broadway VI, Chino, East University I & II, Northpark, Santan 10 II, 55 th Avenue and World Houston 1 & 2 and 21 & 23. (g) EastGroup has a $55,223,000 non-recourse first mortgage loan with an insurance company secured by America Plaza, Central Green, Glenmont, Interstate I-III, Rojas, Stemmons Circle, Venture, West Loop and World Houston 3-9. (h) EastGroup has a $46,584,000 non-recourse first mortgage loan with an insurance company secured by Arion 18, Beltway Crossing VI & VII, Commerce Park II & III, Concord, Interstate V-VII, Lakeview, Ridge Creek II, Southridge IV & V and World Houston 32. (i) EastGroup has a $25,567,000 non-recourse first mortgage loan with an insurance company secured by Huntwood and Wiegman I. (j) EastGroup has a $53,563,000 non-recourse first mortgage loan with an insurance company secured by Alamo Downs, Arion 1-15 & 17, Rampart I-IV, Santan 10 I an |
SCHEDULE IV
SCHEDULE IV | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Loans on Real Estate [Abstract] | |
SCHEDULE IV | SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE December 31, 2015 Number of Loans Interest Rate Maturity Date Periodic Payment Terms First mortgage loans: JCB Limited - California 1 5.25 % October 2017 Principal and interest due monthly JCB Limited - California 1 5.25 % October 2017 Principal and interest due monthly Total mortgage loans (a) 2 Face Amount of Mortgages Dec. 31, 2015 Carrying Amount of Mortgages Principal Amount of Loans Subject to Delinquent Principal or Interest (b) (In thousands) First mortgage loans: JCB Limited - California $ 1,977 1,977 — JCB Limited - California 2,898 2,898 — Total mortgage loans $ 4,875 4,875 (c)(d) — (a) Reference is made to allowance for possible losses on mortgage loans receivable in the Notes to Consolidated Financial Statements. (b) Interest in arrears for three months or less is disregarded in computing principal amount of loans subject to delinquent interest. (c) Changes in mortgage loans follow: Years Ended December 31, 2015 2014 2013 (In thousands) Balance at beginning of year $ 4,991 8,870 9,323 Advances on mortgage loans receivable — — — Payments on mortgage loans receivable (116 ) (3,902 ) (463 ) Amortization of discount on mortgage loan receivable — 23 10 Balance at end of year $ 4,875 4,991 8,870 (d) The aggregate cost for federal income tax purposes is approximately $4.88 million . The federal income tax return for the year ended December 31, 2015 , has not been filed and, accordingly, the income tax basis of mortgage loans as of December 31, 2015 , is based on preliminary data. See accompanying Report of Independent Registered Public Accounting Firm on Financial Statement Schedules. |
SIGNIFICANT ACCOUNTING POLICI30
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of EastGroup Properties, Inc., its wholly owned subsidiaries and its investment in any joint ventures in which the Company has a controlling interest. At December 31, 2015 , 2014 and 2013 , the Company had a controlling interest in two joint ventures: the 80% owned University Business Center and the 80% owned Castilian Research Center. The Company records 100% of the joint ventures’ assets, liabilities, revenues and expenses with noncontrolling interests provided for in accordance with the joint venture agreements. The equity method of accounting is used for the Company’s 50% undivided tenant-in-common interest in Industry Distribution Center II. All significant intercompany transactions and accounts have been eliminated in consolidation. |
Income Taxes | Income Taxes EastGroup, a Maryland corporation, has qualified as a real estate investment trust (REIT) under Sections 856-860 of the Internal Revenue Code and intends to continue to qualify as such. To maintain its status as a REIT, the Company is required to distribute at least 90% of its ordinary taxable income to its stockholders. If the Company has a capital gain, it has the option of (i) deferring recognition of the capital gain through a tax-deferred exchange, (ii) declaring and paying a capital gain dividend on any recognized net capital gain resulting in no corporate level tax, or (iii) retaining and paying corporate income tax on its net long-term capital gain, with the shareholders reporting their proportional share of the undistributed long-term capital gain and receiving a credit or refund of their share of the tax paid by the Company. The Company distributed all of its 2015 , 2014 and 2013 taxable income to its stockholders. Accordingly, no significant provisions for income taxes were necessary. The following table summarizes the federal income tax treatment for all distributions by the Company for the years ended 2015 , 2014 and 2013 . Federal Income Tax Treatment of Share Distributions Years Ended December 31, 2015 2014 2013 Common Share Distributions: Ordinary dividends $ 2.24258 2.02398 1.91678 Nondividend distributions 0.02774 0.08974 0.21054 Unrecaptured Section 1250 capital gain 0.06968 0.09470 0.00270 Other capital gain — 0.01158 0.00998 Total Common Share Distributions $ 2.34000 2.22000 2.14000 EastGroup applies the principles of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740, Income Taxes, when evaluating and accounting for uncertainty in income taxes. With few exceptions, the Company’s 2011 and earlier tax years are closed for examination by U.S. federal, state and local tax authorities. In accordance with the provisions of ASC 740, the Company had no significant uncertain tax positions as of December 31, 2015 and 2014 . The Company’s income may differ for tax and financial reporting purposes principally because of (1) the timing of the deduction for the provision for possible losses and losses on investments, (2) the timing of the recognition of gains or losses from the sale of investments, (3) different depreciation methods and lives, (4) real estate properties having a different basis for tax and financial reporting purposes, (5) mortgage loans having a different basis for tax and financial reporting purposes, thereby producing different gains upon collection of these loans, and (6) differences in book and tax allowances and timing for stock-based compensation expense. |
Income Recognition | Income Recognition Minimum rental income from real estate operations is recognized on a straight-line basis. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the lives of the individual leases. The Company maintains allowances for doubtful accounts receivable, including straight-line rents receivable, based upon estimates determined by management. Management specifically analyzes aged receivables, customer credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. Revenue is recognized on payments received from tenants for early terminations after all criteria have been met in accordance with ASC 840, Leases. The Company recognizes gains on sales of real estate in accordance with the principles set forth in ASC 360, Property, Plant and Equipment . Upon closing of real estate transactions, the provisions of ASC 360 require consideration for the transfer of rights of ownership to the purchaser, receipt of an adequate cash down payment from the purchaser, adequate continuing investment by the purchaser and no substantial continuing involvement by the Company. If the requirements for recognizing gains have not been met, the sale and related costs are recorded, but the gain is deferred and recognized by a method other than the full accrual method. The Company recognizes interest income on mortgage loans on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected. If applicable, discounts on mortgage loans receivable are amortized over the lives of the loans using a method that does not differ materially from the interest method. The Company evaluates the collectibility of both interest and principal on each of its loans to determine whether the loans are impaired. A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the underlying collateral (if the loan is collateralized) less costs to sell. |
Real Estate Properties | Real Estate Properties EastGroup has one reportable segment–industrial properties. These properties are concentrated in major Sunbelt markets of the United States, primarily in the states of Florida, Texas, Arizona, California and North Carolina, have similar economic characteristics and also meet the other criteria that permit the properties to be aggregated into one reportable segment. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows (including estimated future expenditures necessary to substantially complete the asset) expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. As of December 31, 2015 and 2014 , the Company determined that no impairment charges on the Company’s real estate properties were necessary. Depreciation of buildings and other improvements is computed using the straight-line method over estimated useful lives of generally 40 years for buildings and 3 to 15 years for improvements. Building improvements are capitalized, while maintenance and repair expenses are charged to expense as incurred. Significant renovations and improvements that improve or extend the useful life of the assets are capitalized. |
Development | Development During the period in which a property is under development, costs associated with development (i.e., land, construction costs, interest expense, property taxes and other costs associated with development) are aggregated into the total capitalized costs of the property. Included in these costs are management’s estimates for the portions of internal costs (primarily personnel costs) deemed related to such development activities. The internal costs are allocated to specific development properties based on development activity. As the property becomes occupied, depreciation commences on the occupied portion of the building, and costs are capitalized only for the portion of the building that remains vacant. When the property becomes 80% occupied or one year after completion of the shell construction (whichever comes first), capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases. The properties are then transferred to Real estate properties , and depreciation commences on the entire property (excluding the land). |
Real Estate Held for Sale | Real Estate Held for Sale The Company considers a real estate property to be held for sale when it meets the criteria established under ASC 360, Property, Plant and Equipment, including when it is probable that the property will be sold within a year. Real estate properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. In April 2014, the FASB issued Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amended the requirements for reporting discontinued operations. Under ASU 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. In addition, this ASU requires additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. EastGroup performs an analysis of properties sold to determine whether the sales qualify for discontinued operations presentation. Typically, when the Company disposes of operating properties, the sales are not considered to be disposals of a component of an entity or a group of components of an entity representing a strategic shift that has (or will have) a major effect on the entity's operations and financial results. The Company adopted the provisions of ASU 2014-08 as of January 1, 2014, and has applied the provisions prospectively. Prior to the adoption of ASU 2014-08, the results of operations for the operating properties sold or held for sale during the reported periods were shown under Discontinued Operations on the Consolidated Statements of Income and Comprehensive Income. Interest expense was not generally allocated to the properties held for sale or whose operations are included under Discontinued Operations unless the mortgage was required to be paid in full upon the sale of the property. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities EastGroup applies ASC 815, Derivatives and Hedging , which requires all entities with derivative instruments to disclose information regarding how and why the entity uses derivative instruments and how derivative instruments and related hedged items affect the entity’s financial position, financial performance and cash flows. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. |
Debt Origination Costs | Debt origination costs are deferred and amortized over the term of each loan using the effective interest method. |
Leasing Costs | Leasing costs are deferred and amortized using the straight-line method over the term of the lease. Leasing costs paid during the period are included in Changes in other assets and other liabilities in the Investing Activities section on the Consolidated Statements of Cash Flows. |
Business Combinations and Acquired Intangibles | Business Combinations and Acquired Intangibles Upon acquisition of real estate properties, the Company applies the principles of ASC 805, Business Combinations , which requires that acquisition-related costs be recognized as expenses in the periods in which the costs are incurred and the services are received. The Codification also provides guidance on how to properly determine the allocation of the purchase price among the individual components of both the tangible and intangible assets based on their respective fair values. Goodwill is recorded when the purchase price exceeds the fair value of the assets and liabilities acquired. Factors considered by management in allocating the cost of the properties acquired include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. The allocation to tangible assets (land, building and improvements) is based upon management’s determination of the value of the property as if it were vacant using discounted cash flow models. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar properties. The cost of the properties acquired may be adjusted based on indebtedness assumed from the seller that is determined to be above or below market rates. The purchase price is also allocated among the following categories of intangible assets: the above or below market component of in-place leases, the value of in-place leases, and the value of customer relationships. The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a discount rate reflecting the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above and below market leases are included in Other Assets and Other Liabilities , respectively, on the Consolidated Balance Sheets and are amortized to rental income over the remaining terms of the respective leases. The total amount of intangible assets is further allocated to in-place lease values and customer relationship values based upon management’s assessment of their respective values. These intangible assets are included in Other Assets on the Consolidated Balance Sheets and are amortized over the remaining term of the existing lease, or the anticipated life of the customer relationship, as applicable. Amortization of above and below market leases increased rental income by $448,000 , $421,000 and $188,000 in 2015 , 2014 and 2013 , respectively. Amortization expense for in-place lease intangibles for continuing and discontinued operations was $4,370,000 , $4,727,000 and $4,281,000 for 2015 , 2014 and 2013 , respectively. Projected amortization of in-place lease intangibles for the next five years as of December 31, 2015 is as follows: Years Ending December 31, (In thousands) 2016 $ 3,886 2017 2,540 2018 1,513 2019 1,078 2020 724 During 2015, the Company acquired Southpark Corporate Center and Springdale Business Center, both in Austin, Texas, for a total cost of $31,574,000 , of which $28,648,000 was allocated to Real estate properties. EastGroup allocated $5,494,000 of the total purchase price to land using third party land valuations for the Austin market. The market values are considered to be Level 3 inputs as defined by ASC 820, Fair Value Measurements and Disclosures (see Note 18 for additional information on ASC 820). Intangibles associated with the purchase of real estate were allocated as follows: $3,453,000 to in-place lease intangibles (included in Other Assets on the Consolidated Balance Sheets) and $527,000 to below market leases (included in Other Liabilities on the Consolidated Balance Sheets). These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. During 2014, EastGroup acquired the following operating properties: Ridge Creek Distribution Center III in Charlotte, North Carolina; Colorado Crossing Distribution Center in Austin, Texas; and Ramona Distribution Center in Chino, California. The Company purchased these properties for a total cost of $51,652,000 , of which $47,477,000 was allocated to Real estate properties . The Company allocated $10,822,000 of the total purchase price to land using third party land valuations for the Charlotte, Austin and Chino markets. The market values are considered to be Level 3 inputs as defined by ASC 820. Intangibles associated with the purchase of real estate were allocated as follows: $5,074,000 to in-place lease intangibles, $4,000 to above market leases and $903,000 to below market leases. The Company paid cash of $48,805,000 for the properties and intangibles acquired, assumed a mortgage of $2,617,000 and recorded a premium of $230,000 to adjust the mortgage loan assumed to fair value. During 2013, EastGroup acquired the following operating properties: Northfield Distribution Center in Dallas, Texas, and Interchange Park II in Charlotte, North Carolina. The Company purchased these properties for a total cost of $72,397,000 , of which $65,387,000 was allocated to Real estate properties . The Company allocated $13,218,000 of the total purchase price to land using third party land valuations for the Dallas and Charlotte markets. The market values are considered to be Level 3 inputs as defined by ASC 820. Intangibles associated with the purchase of real estate were allocated as follows: $8,399,000 to in-place lease intangibles, $158,000 to above market leases and $1,547,000 to below market leases. The Company periodically reviews the recoverability of goodwill (at least annually) and the recoverability of other intangibles (on a quarterly basis) for possible impairment. |
Stock-Based Compensation | Stock-Based Compensation In May 2004, the stockholders of the Company approved the EastGroup Properties, Inc. 2004 Equity Incentive Plan ("the 2004 Plan"), which was further amended by the Board of Directors in September 2005 and December 2006. This plan authorized the issuance of common stock to employees in the form of options, stock appreciation rights, restricted stock, deferred stock units, performance shares, bonus stock or stock in lieu of cash compensation. In April 2013, the Board of Directors adopted the EastGroup Properties, Inc. 2013 Equity Incentive Plan (the “2013 Equity Plan”) upon the recommendation of the Compensation Committee; the 2013 Equity Plan was approved by the Company's stockholders and became effective May 29, 2013. The 2013 Equity Plan replaced the 2004 Plan and the 2005 Directors Equity Incentive Plan. Typically, the Company issues new shares to fulfill stock grants or upon the exercise of stock options. EastGroup applies the provisions of ASC 718, Compensation – Stock Compensation , to account for its stock-based compensation plans. ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. The cost for market-based awards and awards that only require service are expensed on a straight-line basis over the requisite service periods. The cost for performance-based awards is determined using the graded vesting attribution method which recognizes each separate vesting portion of the award as a separate award on a straight-line basis over the requisite service period. This method accelerates the expensing of the award compared to the straight-line method. The total compensation expense for service and performance based awards is based upon the fair market value of the shares on the grant date, adjusted for estimated forfeitures. The grant date fair value for awards that have been granted and are subject to a future market condition (total shareholder return) are determined using a simulation pricing model developed to specifically accommodate the unique features of the awards (the Company did not have any such awards in 2015, 2014 or 2013). During the restricted period for awards no longer subject to contingencies, the Company accrues dividends and holds the certificates for the shares; however, the employee can vote the shares. Share certificates and dividends are delivered to the employee as they vest. |
Earnings Per Share | Earnings Per Share The Company applies ASC 260, Earnings Per Share , which requires companies to present basic and diluted earnings per share (EPS). Basic EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period. The Company’s basic EPS is calculated by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding. The weighted average number of common shares outstanding does not include any potentially dilutive securities or any unvested restricted shares of common stock. These unvested restricted shares, although classified as issued and outstanding, are considered forfeitable until the restrictions lapse and will not be included in the basic EPS calculation until the shares are vested. Diluted EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period and to each share that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. The Company calculates diluted EPS by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding plus the dilutive effect of unvested restricted stock and stock options had the options been exercised. The dilutive effect of stock options and their equivalents (such as unvested restricted stock) is determined using the treasury stock method which assumes exercise of the options as of the beginning of the period or when issued, if later, and assumes proceeds from the exercise of options are used to purchase common stock at the average market price during the period. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues and expenses during the reporting period and to disclose material contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. |
New Accounting Pronouncements, Policy | Accounting Pronouncements EastGroup has evaluated all ASUs released by the FASB through the date the financial statements were issued and determined that the following ASUs apply to the Company. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The effective date of ASU was extended by one year by ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The new standard is effective for the Company on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures beginning with the Form 10-Q for the period ended March 31, 2018. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 801): Amendments to Consolidation Analysis, under which all legal entities are subject to reevaluation under the revised consolidation model. The ASU modifies whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, affects the consolidation analysis of reporting entities that are involved with VIEs, and provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. EastGroup plans to adopt ASU 2015-02 effective January 1, 2016. The Company does not anticipate the adoption of ASU 2015-02 will have a material impact on the Company's financial condition or results of operations. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. For public business entities, the ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Entities should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, entities are required to comply with the applicable disclosures for a change in an accounting principle. EastGroup plans to adopt ASU 2015-03 effective January 1, 2016; as such, the Company plans to present debt issuance costs as a direct deduction from the carrying amounts of its debt liabilities and to provide all necessary disclosures beginning with the Form 10-Q for the period ended March 31, 2016. In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which adds comments from the Securities and Exchange Commission (SEC) addressing ASU 2015-03, as discussed above, and debt issuance costs related to line-of-credit arrangements. The SEC commented it would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. EastGroup plans to adopt ASU 2015-15 in connection with its adoption of ASU 2015-03 effective January 1, 2016. The Company does not anticipate the adoption of ASU 2015-15 will have a material impact on the Company's financial condition or results of operations. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized costs on the balance sheet. EastGroup plans to adopt ASU 2016-01effective January 1, 2018. The Company does not anticipate the adoption of ASU 2016-01 will have a material impact on the Company's financial condition or results of operations. |
Classification of Book Overdraft on Consolidated Statements of Cash Flows | Classification of Book Overdraft on Consolidated Statements of Cash Flows The Company classifies changes in book overdraft in which the bank has not advanced cash to the Company to cover outstanding checks as an operating activity. Such amounts are included in Accounts payable, accrued expenses and prepaid rent in the Operating Activities section on the Consolidated Statements of Cash Flows. |
Reclassifications | Reclassifications Certain reclassifications have been made in the 2014 and 2013 consolidated financial statements to conform to the 2015 presentation. |
SIGNIFICANT ACCOUNTING POLICI31
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Federal Income Tax Treatment of Share Distributions | The following table summarizes the federal income tax treatment for all distributions by the Company for the years ended 2015 , 2014 and 2013 . Federal Income Tax Treatment of Share Distributions Years Ended December 31, 2015 2014 2013 Common Share Distributions: Ordinary dividends $ 2.24258 2.02398 1.91678 Nondividend distributions 0.02774 0.08974 0.21054 Unrecaptured Section 1250 capital gain 0.06968 0.09470 0.00270 Other capital gain — 0.01158 0.00998 Total Common Share Distributions $ 2.34000 2.22000 2.14000 |
Projected amortization of in-place lease intangibles for the next five years | Projected amortization of in-place lease intangibles for the next five years as of December 31, 2015 is as follows: Years Ending December 31, (In thousands) 2016 $ 3,886 2017 2,540 2018 1,513 2019 1,078 2020 724 |
REAL ESTATE PROPERTIES (Tables)
REAL ESTATE PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties | The Company’s Real estate properties and Development at December 31, 2015 and 2014 were as follows: December 31, 2015 2014 (In thousands) Real estate properties: Land $ 301,435 283,116 Buildings and building improvements 1,393,688 1,284,961 Tenant and other improvements 353,884 326,896 Development 170,441 179,973 2,219,448 2,074,946 Less accumulated depreciation (657,454 ) (600,526 ) $ 1,561,994 1,474,420 |
Gain on Sales of Real Estate | A summary of Gain on sales of real estate investments for the years ended December 31, 2015 , 2014 and 2013 follows: Real Estate Properties Location Size (in Square Feet) Date Sold Net Sales Price Basis Recognized Gain (In thousands) 2015 Ambassador Row Warehouse Dallas, TX 185,000 04/13/2015 $ 4,998 2,095 2,903 2014 Northpoint Commerce Center Oklahoma City, OK 58,000 03/28/2014 $ 3,471 3,376 95 Tampa West Distribution Center VI Tampa, FL 9,000 07/08/2014 682 446 236 Clay Campbell Distribution Center Houston, TX 118,000 09/30/2014 7,690 2,826 4,864 Kirby Business Park Houston, TX 125,000 09/30/2014 5,306 2,989 2,317 Ambassador Row Warehouses Dallas, TX 132,000 12/30/2014 3,358 1,682 1,676 Total for 2014 $ 20,507 11,319 9,188 2013 Tampa West Distribution Center V Tampa, FL 12,000 12/20/2013 $ 609 442 167 Tampa West Distribution Center VII Tampa, FL 6,000 12/20/2013 422 417 5 Tampa East Distribution Center II Tampa, FL 31,000 12/30/2013 1,929 1,303 626 Total for 2013 $ 2,960 2,162 798 |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The following table presents the components of revenues and expenses for the properties sold or held for sale during 2013 . DISCONTINUED OPERATIONS Year Ended December 31, 2013 (In thousands) Income from real estate operations $ 306 Expenses from real estate operations (87 ) Property net operating income from discontinued operations 219 Depreciation and amortization (130 ) Income from real estate operations 89 Gain on sales of real estate investments 798 Income from discontinued operations $ 887 |
Development | DEVELOPMENT Costs Incurred Anticipated Building Conversion Date Costs Transferred in 2015 (1) For the Year Ended 12/31/15 Cumulative as of 12/31/15 Estimated Total Costs (2) (In thousands) (Unaudited) (Unaudited) (Unaudited) LEASE-UP Building Size (Square feet) Alamo Ridge I, San Antonio, TX 96,000 $ — 1,877 7,352 8,500 02/16 Alamo Ridge II, San Antonio, TX 62,000 — 773 4,139 4,700 02/16 Madison II & III, Tampa, FL 127,000 — 3,737 7,417 8,000 02/16 West Road III, Houston, TX 78,000 — 917 4,782 5,000 03/16 Ten West Crossing 7, Houston, TX 68,000 — 902 4,072 4,900 04/16 West Road IV, Houston, TX 65,000 1,292 3,393 4,685 5,400 08/16 Kyrene 202 VI, Phoenix, AZ 123,000 1,515 5,505 7,020 9,500 09/16 ParkView 1-3, Dallas, TX 276,000 — 13,180 17,256 19,600 10/16 Total Lease-Up 895,000 2,807 30,284 56,723 65,600 UNDER CONSTRUCTION Alamo Ridge III, San Antonio, TX 135,000 2,120 260 2,380 12,200 10/16 South 35th Avenue, Phoenix, AZ (3) 124,000 — 1,171 1,171 1,200 01/17 Eisenhauer Point 1 & 2, San Antonio, TX 201,000 1,880 4,880 6,760 13,500 02/17 Horizon III, Orlando, FL 109,000 2,399 3,716 6,115 7,800 02/17 Ten Sky Harbor, Phoenix, AZ 64,000 1,653 1,999 3,652 6,000 03/17 Steele Creek VI, Charlotte, NC 137,000 1,273 1,631 2,904 7,600 05/17 Total Under Construction 770,000 9,325 13,657 22,982 48,300 PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) Estimated Building Size (Square feet) Phoenix, AZ 261,000 (3,168 ) 3,192 3,487 Tucson, AZ 70,000 — — 417 Fort Myers, FL 663,000 — — 17,858 Orlando, FL 912,000 (5,015 ) 1,535 20,371 Tampa, FL 290,000 (2,255 ) 710 4,639 Jackson, MS 28,000 — — 706 Charlotte, NC 281,000 (1,273 ) 711 4,421 Dallas, TX 519,000 — 6,477 8,126 El Paso, TX 251,000 — — 2,444 Houston, TX 1,607,000 (2,581 ) 5,458 24,587 San Antonio, TX 453,000 (4,000 ) 4,858 3,680 Total Prospective Development 5,335,000 (18,292 ) 22,941 90,736 7,000,000 $ (6,160 ) 66,882 170,441 DEVELOPMENTS COMPLETED AND TRANSFERRED TO REAL ESTATE PROPERTIES DURING 2015 Building Size (Square feet) Building Conversion Date Horizon I, Orlando, FL 109,000 $ — (16 ) 7,096 02/15 Kyrene 202 II, Phoenix, AZ 45,000 — 61 3,470 02/15 Steele Creek III, Charlotte, NC 108,000 — (179 ) 7,141 02/15 Steele Creek II, Charlotte, NC 71,000 — 22 4,945 03/15 World Houston 39, Houston, TX 94,000 — 420 5,476 06/15 World Houston 42, Houston, TX 94,000 1,289 3,733 5,022 07/15 World Houston 41, Houston, TX 104,000 — 603 5,949 08/15 Horizon II, Orlando, FL 123,000 — 232 7,892 09/15 Sky Harbor 6, Phoenix, AZ 31,000 — 1,352 2,972 10/15 Ten West Crossing 6, Houston, TX 64,000 — 470 4,712 10/15 Thousand Oaks 4, San Antonio, TX 66,000 — 1,576 4,519 10/15 West Road I, Houston, TX 63,000 — 662 4,939 10/15 Kyrene 202 I, Phoenix, AZ 75,000 — 195 6,134 11/15 Rampart IV, Denver, CO 84,000 — 1,178 8,125 11/15 Oak Creek VIII, Tampa, FL 108,000 2,255 3,074 5,329 12/15 Steele Creek IV, Charlotte, NC 57,000 — 736 4,196 12/15 Horizon IV, Orlando, FL 123,000 2,616 6,276 8,892 12/15 Total Transferred to Real Estate Properties 1,419,000 $ 6,160 20,395 96,809 (4) (1) Represents costs transferred from Prospective Development (primarily land) to Under Construction during the period. Negative amounts represent land inventory costs transferred to Under Construction. (2) Included in these costs are development obligations o f $12.0 million and tenant improvement obligations of $4.3 million on properties under development. (3) This property is a manufacturing building undergoing redevelopment to a multi-tenant use building. (4) Represents cumulative costs at the date of transfer. |
Future Minimum Rental Receipts Under Non-cancelable Leases | The following schedule indicates approximate future minimum rental receipts under non-cancelable leases for real estate properties by year as of December 31, 2015 : Future Minimum Rental Receipts Under Non-Cancelable Leases Years Ending December 31, (In thousands) 2016 $ 176,082 2017 144,173 2018 110,845 2019 84,253 2020 58,448 Thereafter 87,841 Total minimum receipts $ 661,642 |
Future Minimum Ground Lease Payments | The following schedule indicates approximate future minimum ground lease payments for these properties by year as of December 31, 2015 : Future Minimum Ground Lease Payments Years Ending December 31, (In thousands) 2016 $ 756 2017 756 2018 756 2019 756 2020 756 Thereafter 11,186 Total minimum payments $ 14,966 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
Other Assets | A summary of the Company’s Other Assets follows: December 31, 2015 December 31, 2014 (In thousands) Leasing costs (principally commissions) $ 59,043 56,171 Accumulated amortization of leasing costs (23,455 ) (22,951 ) Leasing costs (principally commissions), net of accumulated amortization 35,588 33,220 Straight-line rents receivable 26,482 25,013 Allowance for doubtful accounts on straight-line rents receivable (167 ) (102 ) Straight-line rents receivable, net of allowance for doubtful accounts 26,315 24,911 Accounts receivable 5,615 4,459 Allowance for doubtful accounts on accounts receivable (394 ) (379 ) Accounts receivable, net of allowance for doubtful accounts 5,221 4,080 Acquired in-place lease intangibles 19,061 20,118 Accumulated amortization of acquired in-place lease intangibles (8,205 ) (8,345 ) Acquired in-place lease intangibles, net of accumulated amortization 10,856 11,773 Acquired above market lease intangibles 1,337 1,575 Accumulated amortization of acquired above market lease intangibles (684 ) (699 ) Acquired above market lease intangibles, net of accumulated amortization 653 876 Loan costs 8,788 8,166 Accumulated amortization of loan costs (4,460 ) (4,454 ) Loan costs, net of accumulated amortization 4,328 3,712 Mortgage loans receivable 4,875 4,991 Interest rate swap assets 400 812 Goodwill 990 990 Escrow deposits for 1031 exchange — 698 Prepaid expenses and other assets 6,960 7,446 Total Other Assets $ 96,186 93,509 |
SECURED AND UNSECURED DEBT (Tab
SECURED AND UNSECURED DEBT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Secured debt | A summary of Secured Debt follows: Interest Rate Monthly P&I Payment Maturity Date Carrying Amount of Securing Real Estate at December 31, 2015 Balance at December 31, Property 2015 2014 (In thousands) Beltway II-IV, Commerce Park I, Eastlake, Fairgrounds, Nations Ford, Techway Southwest III, Wetmore 1-4 and World Houston 15 & 22 5.50% $ 536,552 Repaid $ — — 58,262 Country Club I, Lake Pointe, Techway Southwest II and World Houston 19 & 20 4.98% 256,952 Repaid — — 26,074 Huntwood and Wiegman I 5.68% 265,275 09/05/2016 19,991 25,567 27,246 Alamo Downs, Arion 1-15 & 17, Rampart I-IV, Santan 10 I and World Houston 16 5.97% 557,467 10/05/2016 57,654 53,563 56,945 Arion 16, Broadway VI, Chino, East University I & II, Northpark, Santan 10 II, 55 th Avenue and World Houston 1 & 2, 21 & 23 5.57% 518,885 09/05/2017 49,692 50,971 54,259 Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington (1) 7.50% 539,747 05/05/2019 47,123 54,689 56,970 Blue Heron II 5.39% 16,176 02/29/2020 4,174 735 884 40 th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Ocean View, Techway Southwest IV, Wetmore 5-8 and World Houston 26, 28, 29 & 30 4.39% 463,778 01/05/2021 68,092 61,312 64,119 America Plaza, Central Green, Glenmont, Interstate I-III, Rojas, Stemmons Circle, Venture, West Loop and World Houston 3-9 4.75% 420,045 06/05/2021 43,369 55,223 57,579 Arion 18, Beltway Crossing VI & VII, Commerce Park II & III, Concord, Interstate V-VII, Lakeview, Ridge Creek II, Southridge IV & V and World Houston 32 4.09% 329,796 01/05/2022 59,908 46,584 48,592 Ramona 3.85% 16,287 11/30/2026 9,344 2,757 2,846 $ 359,347 351,401 453,776 (1) This mortgage loan has a recourse liability of $5.0 million which will be released based on the secured properties generating certain base rent amounts. |
Unsecured debt | A summary of Unsecured Debt follows: Balance at December 31, Interest Rate Maturity Date 2015 2014 (In thousands) $80 Million Unsecured Term Loan (1) 2.770% 08/15/2018 $ 80,000 80,000 $50 Million Unsecured Term Loan 3.910% 12/21/2018 50,000 50,000 $75 Million Unsecured Term Loan (2) 2.846% 07/31/2019 75,000 75,000 $75 Million Unsecured Term Loan (3) 3.752% 12/20/2020 75,000 75,000 $75 Million Unsecured Term Loan (4) 3.031% 02/28/2022 75,000 — $100 Million Senior Unsecured Notes: $30 Million Notes 3.800% 08/28/2020 30,000 30,000 $50 Million Notes 3.800% 08/28/2023 50,000 50,000 $20 Million Notes 3.800% 08/28/2025 20,000 20,000 $25 Million Senior Unsecured Notes 3.970% 10/01/2025 25,000 — $50 Million Senior Unsecured Notes 3.990% 10/07/2025 50,000 — $ 530,000 380,000 (1) The interest rate on this unsecured term loan is comprised of LIBOR plus 175 basis points subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into an interest rate swap to convert the loan's LIBOR rate to a fixed interest rate, providing the Company an effective interest rate on the term loan of 2.770% as of December 31, 2015 . See Note 13 for additional information on the interest rate swap. (2) The interest rate on this unsecured term loan is comprised of LIBOR plus 115 basis points subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into an interest rate swap to convert the loan's LIBOR rate to a fixed interest rate, providing the Company a weighted average effective interest rate on the term loan of 2.846% as of December 31, 2015 . See Note 13 for additional information on the interest rate swap. (3) The interest rate on this unsecured term loan is comprised of LIBOR plus 140 basis points subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into two interest rate swaps to convert the loan's LIBOR rate to a fixed interest rate, providing the Company a weighted average effective interest rate on the term loan of 3.752% as of December 31, 2015 . See Note 13 for additional information on the interest rate swaps. (4) The interest rate on this unsecured term loan is comprised of LIBOR plus 140 basis points subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into an interest rate swap to convert the loan's LIBOR rate to a fixed interest rate, providing the Company a weighted average effective interest rate on the term loan of 3.031% as of December 31, 2015 . See Note 13 for additional information on the interest rate swap. |
Principal payments due during the next five years | Principal payments on long-term debt, including Secured Debt and Unsecured Debt (not including Unsecured Bank Credit Facilities ), due during the next five years as of December 31, 2015 are as follows: Years Ending December 31, (In thousands) 2016 $ 92,804 2017 58,239 2018 141,316 2019 130,569 2020 114,097 |
ACCOUNTS PAYABLE AND ACCRUED 35
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Summary of Accounts Payable and Accrued Expenses | A summary of the Company’s Accounts Payable and Accrued Expenses follows: December 31, 2015 2014 (In thousands) Property taxes payable $ 16,055 15,216 Development costs payable 6,215 7,920 Property capital expenditures payable 2,818 1,554 Interest payable 3,704 3,500 Dividends payable on unvested restricted stock 2,157 2,096 Other payables and accrued expenses 13,232 9,153 Total Accounts Payable and Accrued Expenses $ 44,181 39,439 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Summary of other liabilities | A summary of the Company’s Other Liabilities follows: December 31, 2015 2014 (In thousands) Security deposits $ 13,943 12,803 Prepaid rent and other deferred income 10,003 8,971 Acquired below-market lease intangibles 3,485 3,657 Accumulated amortization of below-market lease intangibles (1,353 ) (1,380 ) Acquired below-market lease intangibles, net of accumulated amortization 2,132 2,277 Interest rate swap liabilities 3,960 3,314 Prepaid tenant improvement reimbursements 493 212 Other liabilities 82 16 Total Other Liabilities $ 30,613 27,593 |
COMMON STOCK ACTIVITY (Tables)
COMMON STOCK ACTIVITY (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Common Stock Activity | The following table presents the common stock activity for the three years ended December 31, 2015 : Years Ended December 31, 2015 2014 2013 Common Shares Shares outstanding at beginning of year 32,232,587 30,937,225 29,928,490 Common stock offerings 106,751 1,246,400 890,085 Stock options exercised — — 4,500 Dividend reinvestment plan 4,536 3,626 3,577 Incentive restricted stock granted 100,622 71,642 112,099 Incentive restricted stock forfeited — (2,375 ) — Director common stock awarded 9,373 7,742 7,469 Director restricted stock granted — — 417 Restricted stock withheld for tax obligations (32,409 ) (31,673 ) (9,412 ) Shares outstanding at end of year 32,421,460 32,232,587 30,937,225 |
Common Stock Issuances Table [Table Text Block] | The following table presents the common stock issuance activity for the three years ended December 31, 2015 : Years Ended December 31, Number of Common Shares Issued Net Proceeds (In thousands) 2015 106,751 $ 6,233 2014 1,246,400 78,868 2013 890,085 53,247 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted Stock Activity | Restricted Stock Activity: Years Ended December 31, 2015 2014 2013 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 265,911 $ 49.79 293,989 $ 47.17 212,206 $ 42.84 Granted 100,622 61.07 71,642 61.96 112,099 56.77 Forfeited — — (2,375 ) 52.72 — — Vested (105,835 ) 53.40 (97,345 ) 50.76 (30,316 ) 52.32 Unvested at end of year 260,698 52.68 265,911 49.79 293,989 47.17 |
Restricted Stock Non-vested Awards By Expected Vesting Period | Following is a vesting schedule of the total unvested shares as of December 31, 2015 : Unvested Shares Vesting Schedule Number of Shares 2016 139,333 2017 41,138 2018 31,215 2019 24,507 2020 24,505 Total Unvested Shares 260,698 |
Stock Option Activity (Directors) | Following is a summary of the total director stock options exercised with related weighted average exercise share prices for 2015 , 2014 and 2013 . Stock Option Activity: Years Ended December 31, 2015 2014 2013 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at beginning of year — $ — — $ — 4,500 $ 26.60 Exercised — — — — (4,500 ) 26.60 Outstanding at end of year — — — — — — Exercisable at end of year — $ — — $ — — $ — |
COMPREHENSIVE INCOME (Tables)
COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | The components of Accumulated Other Comprehensive Income (Loss) for 2015 , 2014 and 2013 are presented in the Company’s Consolidated Statements of Changes in Equity and are summarized below. See Note 13 for information regarding the Company’s interest rate swaps. Years Ended December 31, 2015 2014 2013 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): (In thousands) Balance at beginning of year $ (2,357 ) 1,629 (392 ) Change in fair value of interest rate swaps (1,099 ) (3,986 ) 2,021 Balance at end of year $ (3,456 ) (2,357 ) 1,629 |
DERIVATIVE INSTRUMENTS AND HE40
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative [Line Items] | |
Schedule of Interest Rate Derivatives [Table Text Block] | As of December 31, 2015 and 2014 , the Company had the following outstanding interest rate derivatives that are designated as cash flow hedges of interest rate risk: Interest Rate Derivative Notional Amount as of December 31, 2015 Notional Amount as of December 31, 2014 (In thousands) Interest Rate Swap $80,000 $80,000 Interest Rate Swap $75,000 $75,000 Interest Rate Swap $75,000 — Interest Rate Swap $60,000 $60,000 Interest Rate Swap $15,000 $15,000 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2015 and 2014 . See Note 18 for additional information on the fair value of the Company's interest rate swaps. Derivatives As of December 31, 2015 Derivatives As of December 31, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges: Interest rate swap assets Other Assets $ 400 Other Assets $ 812 Interest rate swap liabilities Other Liabilities 3,960 Other Liabilities 3,314 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The table below presents the effect of the Company's derivative financial instruments on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2015 , 2014 and 2013 : Years Ended December 31, 2015 2014 2013 (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS Interest Rate Swaps: Amount of income (loss) recognized in Other Comprehensive Income (Loss) on derivatives $ (5,374 ) (6,777 ) 1,350 Amount of loss reclassified from Accumulated Other Comprehensive Income (Loss) into Interest Expense (4,275 ) (2,791 ) (671 ) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Reconciliation of the numerators and denominators in the basic and diluted EPS computations is as follows: 2015 2014 2013 (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 47,866 47,941 32,615 Denominator – weighted average shares outstanding 32,091 31,341 30,162 DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 47,866 47,941 32,615 Denominator: Weighted average shares outstanding 32,091 31,341 30,162 Unvested restricted stock 105 111 107 Total Shares 32,196 31,452 30,269 |
QUARTERLY RESULTS OF OPERATIO42
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly results of operations | 2015 Quarter Ended 2014 Quarter Ended Mar 31 Jun 30 Sep 30 Dec 31 Mar 31 Jun 30 Sep 30 Dec 31 (In thousands, except per share data) Revenues $ 57,959 60,989 58,795 61,269 53,128 54,037 63,693 59,148 Expenses (47,898 ) (46,326 ) (46,698 ) (49,691 ) (44,614 ) (44,795 ) (45,832 ) (46,292 ) Net Income 10,061 14,663 12,097 11,578 8,514 9,242 17,861 12,856 Net income attributable to noncontrolling interest in joint ventures (131 ) (130 ) (129 ) (143 ) (142 ) (124 ) (132 ) (134 ) Net income attributable to EastGroup Properties, Inc. common stockholders $ 9,930 14,533 11,968 11,435 8,372 9,118 17,729 12,722 BASIC PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) Net income attributable to common stockholders $ 0.31 0.45 0.37 0.36 0.27 0.29 0.56 0.40 Weighted average shares outstanding 32,032 32,045 32,126 32,159 30,806 31,137 31,515 31,892 DILUTED PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) Net income attributable to common stockholders $ 0.31 0.45 0.37 0.35 0.27 0.29 0.56 0.40 Weighted average shares outstanding 32,109 32,139 32,248 32,314 30,886 31,244 31,644 32,043 (1) The above quarterly earnings per share calculations are based on the weighted average number of common shares outstanding during each quarter for basic earnings per share and the weighted average number of outstanding common shares and common share equivalents during each quarter for diluted earnings per share. The annual earnings per share calculations in the Consolidated Statements of Income and Comprehensive Income are based on the weighted average number of common shares outstanding during each year for basic earnings per share and the weighted average number of outstanding common shares and common share equivalents during each year for diluted earnings per share. The sum of quarterly financial data may vary from the annual data due to rounding. |
FAIR VALUE OF FINANCIAL INSTR43
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Carrying amounts and fair value of financial instruments | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments in accordance with ASC 820 at December 31, 2015 and 2014 . December 31, 2015 2014 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial Assets: Cash and cash equivalents $ 48 48 11 11 Cash held in escrow for 1031 exchange — — 698 698 Mortgage loans receivable 4,875 4,896 4,991 5,055 Interest rate swap assets 400 400 812 812 Financial Liabilities: Secured debt 351,401 366,491 453,776 478,659 Unsecured debt 530,000 509,326 380,000 364,295 Unsecured bank credit facilities 150,836 150,670 99,401 99,638 Interest rate swap liabilities 3,960 3,960 3,314 3,314 (1) Carrying amounts shown in the table are included in the Consolidated Balance Sheets under the indicated captions, except as indicated in the notes below. |
SIGNIFICANT ACCOUNTING POLICI44
SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2015joint_ventures | |
Controlling interest Joint ventures [Abstract] | |
Joint Ventures | 2 |
University Business Centers [Member] | |
Controlling interest Joint ventures [Abstract] | |
Controlling interest in joint ventures (in hundredths) | 80.00% |
Joint ventures' assets, liabilities, revenues and expenses with noncontrolling interests (in hundredths) | 100.00% |
Castilian Research Center [Member] | |
Controlling interest Joint ventures [Abstract] | |
Controlling interest in joint ventures (in hundredths) | 80.00% |
Joint ventures' assets, liabilities, revenues and expenses with noncontrolling interests (in hundredths) | 100.00% |
Industry Distribution Center II - undivided tenant [Member] | |
Tenant-in-common interest [Abstract] | |
Equity method of accounting is used for undivided tenant-in-common interest in Industry Distribution Center II (in hundredths) | 50.00% |
SIGNIFICANT ACCOUNTING POLICI45
SIGNIFICANT ACCOUNTING POLICIES (Details 1) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||
Document Fiscal Year Focus | 2,015 | ||
Federal Income Tax Treatment of Share Distributions [Abstract] | |||
Ordinary taxable income distribution requirement | 90.00% | ||
Common Stock | |||
Federal Income Tax Treatment of Share Distributions [Abstract] | |||
Ordinary dividends (in dollars per share) | $ 2.24258 | $ 2.02398 | $ 1.91678 |
Nondividend distributions (in dollars per share) | 0.02774 | 0.08974 | 0.21054 |
Unrecaptured Section 1250 capital gain (in dollars per share) | 0.06968 | 0.09470 | 0.00270 |
Other capital gain (in dollars per share) | 0 | 0.01158 | 0.00998 |
Total Common Share Distributions | $ 2.34000 | $ 2.22000 | $ 2.14000 |
SIGNIFICANT ACCOUNTING POLICI46
SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Cost of Services, Depreciation | $ 59,882,000 | $ 57,303,000 | $ 54,284,000 |
Percentage of Occupation When Development Cost Ceased Being Capitalized | 80.00% | ||
Length of Time After Project Completion When Development Cost Ceased Being Capitalized | 1 year | ||
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life (in years) | 40 years | ||
Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life (in years) | 3 years | ||
Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life (in years) | 15 years |
SIGNIFICANT ACCOUNTING POLICI47
SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Amortization of loan costs for continuing operations | $ 1,336,000 | $ 1,236,000 | $ 1,289,000 |
Leasing costs amortization expense | $ 9,038,000 | $ 8,284,000 | $ 7,354,000 |
SIGNIFICANT ACCOUNTING POLICI48
SIGNIFICANT ACCOUNTING POLICIES (Details 4) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Above and below market leases Increase (decrease) rental Income | $ 448,000 | $ 421,000 | $ 188,000 |
Amortization expense for in-place lease intangibles | 4,370,000 | 4,727,000 | 4,281,000 |
Projected amortization of in-place lease intangibles for the next five years [Abstract] | |||
2,016 | 3,886,000 | ||
2,017 | 2,540,000 | ||
2,018 | 1,513,000 | ||
2,019 | 1,078,000 | ||
2,020 | 724,000 | ||
Southpark Corporate Center and Springdale Business Center [Member] | |||
Acquired operating properties [Abstract] | |||
Total cost of properties purchased | 31,574,000 | ||
Total amount allocated to real estate properties | 28,648,000 | ||
Total purchase price to land | 5,494,000 | ||
Southpark Corporate Center and Springdale Business Center [Member] | Leases, Acquired-in-Place [Member] | |||
Acquired operating properties [Abstract] | |||
Intangibles acquired associated with purchase of Real Estate | 3,453,000 | ||
Southpark Corporate Center and Springdale Business Center [Member] | Below market lease [Member] | |||
Acquired operating properties [Abstract] | |||
Intangibles acquired associated with purchase of Real Estate | $ 527,000 | ||
Ridge Creek Distribution Center III, Colorado Crossing Distribution Center and Ramona Distribution Center [Domain] | |||
Acquired operating properties [Abstract] | |||
Total cost of properties purchased | 51,652,000 | ||
Total amount allocated to real estate properties | 47,477,000 | ||
Total purchase price to land | 10,822,000 | ||
Cash paid for acquired properties | 48,805,000 | ||
Mortgages assumed in connection with purchase of real estate, face amount | 2,617,000 | ||
Premium on mortgage loan, amount recognized at assumption of loan | 230,000 | ||
Ridge Creek Distribution Center III, Colorado Crossing Distribution Center and Ramona Distribution Center [Domain] | Above Market Leases [Member] | |||
Acquired operating properties [Abstract] | |||
Intangibles acquired associated with purchase of Real Estate | 4,000 | ||
Ridge Creek Distribution Center III, Colorado Crossing Distribution Center and Ramona Distribution Center [Domain] | Leases, Acquired-in-Place [Member] | |||
Acquired operating properties [Abstract] | |||
Intangibles acquired associated with purchase of Real Estate | 5,074,000 | ||
Ridge Creek Distribution Center III, Colorado Crossing Distribution Center and Ramona Distribution Center [Domain] | Below market lease [Member] | |||
Acquired operating properties [Abstract] | |||
Intangibles acquired associated with purchase of Real Estate | $ 903,000 | ||
Northfield Distribution Center and Interchange Park II [Domain] | |||
Acquired operating properties [Abstract] | |||
Total cost of properties purchased | 72,397,000 | ||
Total amount allocated to real estate properties | 65,387,000 | ||
Total purchase price to land | 13,218,000 | ||
Northfield Distribution Center and Interchange Park II [Domain] | Above Market Leases [Member] | |||
Acquired operating properties [Abstract] | |||
Intangibles acquired associated with purchase of Real Estate | 158,000 | ||
Northfield Distribution Center and Interchange Park II [Domain] | Leases, Acquired-in-Place [Member] | |||
Acquired operating properties [Abstract] | |||
Intangibles acquired associated with purchase of Real Estate | 8,399,000 | ||
Northfield Distribution Center and Interchange Park II [Domain] | Below market lease [Member] | |||
Acquired operating properties [Abstract] | |||
Intangibles acquired associated with purchase of Real Estate | $ 1,547,000 |
REAL ESTATE PROPERTIES REAL EST
REAL ESTATE PROPERTIES REAL ESTATE PROPERTIES 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate [Abstract] | ||
Land | $ 301,435 | $ 283,116 |
Investment Building and Building Improvements | 1,393,688 | 1,284,961 |
Tenant Improvements | 353,884 | 326,896 |
Development | 170,441 | 179,973 |
Real Estate Investment Property, at Cost | 2,219,448 | 2,074,946 |
Real Estate Investment Property, Accumulated Depreciation | 657,454 | 600,526 |
Real Estate Investment Property, Net | $ 1,561,994 | $ 1,474,420 |
REAL ESTATE PROPERTIES REAL E50
REAL ESTATE PROPERTIES REAL ESTATE PROPERTIES 2 (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)ft² | Dec. 31, 2014USD ($)ft² | Dec. 31, 2013USD ($)ft² | |
Sales of real estate properties [Line Items] | |||
Net Sales Price of Real Estate Sold | $ 20,507,000 | $ 2,960,000 | |
Basis | 11,319,000 | 2,162,000 | |
Gain on Sales of Real Estate Investments | $ 2,903,000 | 9,188,000 | 0 |
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | 798,000 | ||
Depreciation and amortization from discontinued operations | 0 | 0 | (130,000) |
Income from real estate operations | 0 | 0 | 89,000 |
Gain on sales of nondepreciable real estate investments | 0 | 0 | 0 |
Gain on sales of real estate investments | 0 | 0 | 798,000 |
INCOME FROM DISCONTINUED OPERATIONS | $ 0 | $ 0 | $ 887,000 |
Ambassador Row Warehouse (one building sold in 2015) [Member] | |||
Sales of real estate properties [Line Items] | |||
Size (in square feet) of property sold | ft² | 185,000 | ||
Date Of Property Sale | 4/13/15 | ||
Net Sales Price of Real Estate Sold | $ 4,998,000 | ||
Basis | 2,095,000 | ||
Gain on Sales of Real Estate Investments | 2,903,000 | ||
Northpoint Commerce Center [Member] | |||
Sales of real estate properties [Line Items] | |||
Size (in square feet) of property sold | ft² | 58,000 | ||
Date Of Property Sale | 3/28/2014 | ||
Net Sales Price of Real Estate Sold | $ 3,471,000 | ||
Basis | 3,376,000 | ||
Gain on Sales of Real Estate Investments | $ 95,000 | ||
Tampa West Distribution Center VI [Domain] | |||
Sales of real estate properties [Line Items] | |||
Size (in square feet) of property sold | ft² | 9,000 | ||
Date Of Property Sale | 7/8/2014 | ||
Net Sales Price of Real Estate Sold | $ 682,000 | ||
Basis | 446,000 | ||
Gain on Sales of Real Estate Investments | $ 236,000 | ||
Clay Campbell Distribution Center [Member] | |||
Sales of real estate properties [Line Items] | |||
Size (in square feet) of property sold | ft² | 118,000 | ||
Date Of Property Sale | 9/30/2014 | ||
Net Sales Price of Real Estate Sold | $ 7,690,000 | ||
Basis | 2,826,000 | ||
Gain on Sales of Real Estate Investments | $ 4,864,000 | ||
Kirby Business Center [Member] | |||
Sales of real estate properties [Line Items] | |||
Size (in square feet) of property sold | ft² | 125,000 | ||
Date Of Property Sale | 9/30/2014 | ||
Net Sales Price of Real Estate Sold | $ 5,306,000 | ||
Basis | 2,989,000 | ||
Gain on Sales of Real Estate Investments | $ 2,317,000 | ||
Ambassador Row Warehouses (two buildings sold in 2014) [Member] | |||
Sales of real estate properties [Line Items] | |||
Size (in square feet) of property sold | ft² | 132,000 | ||
Date Of Property Sale | 12/30/2014 | ||
Net Sales Price of Real Estate Sold | $ 3,358,000 | ||
Basis | 1,682,000 | ||
Gain on Sales of Real Estate Investments | 1,676,000 | ||
Tampa West Distribution Center V [Member] | |||
Sales of real estate properties [Line Items] | |||
Size (in square feet) of property sold | ft² | 12,000 | ||
Date Of Property Sale | 12/20/13 | ||
Net Sales Price of Real Estate Sold | $ 609,000 | ||
Basis | 442,000 | ||
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | $ 167,000 | ||
Tampa West Distribution Center VII [Member] | |||
Sales of real estate properties [Line Items] | |||
Size (in square feet) of property sold | ft² | 6,000 | ||
Date Of Property Sale | 12/20/13 | ||
Net Sales Price of Real Estate Sold | $ 422,000 | ||
Basis | 417,000 | ||
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | $ 5,000 | ||
Tampa East Distribution Center II [Member] | |||
Sales of real estate properties [Line Items] | |||
Size (in square feet) of property sold | ft² | 31,000 | ||
Date Of Property Sale | 12/30/13 | ||
Net Sales Price of Real Estate Sold | $ 1,929,000 | ||
Basis | 1,303,000 | ||
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | 626,000 | ||
Land [Member] | |||
Sales of real estate properties [Line Items] | |||
Proceeds from Sale of Property, Plant, and Equipment | 170,000 | 118,000 | 1,313,000 |
Gain on sales of land | $ 123,000 | $ 98,000 | 24,000 |
Discontinued Operations, Disposed of by Sale [Member] | |||
Sales of real estate properties [Line Items] | |||
Income from real estate operations | 306,000 | ||
Expenses from real estate operations | (87,000) | ||
Property net operating income from discontinued operations | 219,000 | ||
Depreciation and amortization from discontinued operations | (130,000) | ||
Income from real estate operations | 89,000 | ||
Gain on sales of real estate investments | 798,000 | ||
INCOME FROM DISCONTINUED OPERATIONS | $ 887,000 |
REAL ESTATE PROPERTIES 3 (Detai
REAL ESTATE PROPERTIES 3 (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($)ft² | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
DEVELOPMENT [Abstract] | ||||
Interest costs capitalized on development properties | $ 5,257,000 | $ 4,942,000 | $ 5,064,000 | |
Internal Development Costs Capitalized During Period | 4,467,000 | 4,040,000 | 3,730,000 | |
Improvements on developments transferred to real estate properties | 7,879,000 | |||
Development costs incurred, for the period | 95,032,000 | 97,696,000 | $ 76,240,000 | |
Development | 170,441,000 | $ 179,973,000 | ||
Future Minimum payments receivable [Abstract] | ||||
2,016 | 176,082,000 | |||
2,017 | 144,173,000 | |||
2,018 | 110,845,000 | |||
2,019 | 84,253,000 | |||
2,020 | 58,448,000 | |||
Thereafter | 87,841,000 | |||
Total minimum receipts | $ 661,642,000 | |||
Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 895,000 | |||
Development Costs Transferred | [1] | $ 2,807,000 | ||
Development costs incurred, for the period | 30,284,000 | |||
Development | 56,723,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 65,600,000 | ||
Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 770,000 | |||
Development Costs Transferred | [1] | $ 9,325,000 | ||
Development costs incurred, for the period | 13,657,000 | |||
Development | 22,982,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 48,300,000 | ||
Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 5,335,000 | |||
Development Costs Transferred | [1] | $ (18,292,000) | ||
Development costs incurred, for the period | 22,941,000 | |||
Development | $ 90,736,000 | |||
Prospective Development [Member] | Phoenix Area [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 261,000 | |||
Development Costs Transferred | [1] | $ (3,168,000) | ||
Development costs incurred, for the period | 3,192,000 | |||
Development | $ 3,487,000 | |||
Prospective Development [Member] | Tucson [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 70,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 0 | |||
Development | $ 417,000 | |||
Prospective Development [Member] | Fort Myers [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 663,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 0 | |||
Development | $ 17,858,000 | |||
Prospective Development [Member] | Orlando [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 912,000 | |||
Development Costs Transferred | [1] | $ (5,015,000) | ||
Development costs incurred, for the period | 1,535,000 | |||
Development | $ 20,371,000 | |||
Prospective Development [Member] | Tampa [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 290,000 | |||
Development Costs Transferred | [1] | $ (2,255,000) | ||
Development costs incurred, for the period | 710,000 | |||
Development | $ 4,639,000 | |||
Prospective Development [Member] | Jackson area [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 28,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 0 | |||
Development | $ 706,000 | |||
Prospective Development [Member] | Charlotte [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 281,000 | |||
Development Costs Transferred | [1] | $ (1,273,000) | ||
Development costs incurred, for the period | 711,000 | |||
Development | $ 4,421,000 | |||
Prospective Development [Member] | Dallas [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 519,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 6,477,000 | |||
Development | $ 8,126,000 | |||
Prospective Development [Member] | El Paso [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 251,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 0 | |||
Development | $ 2,444,000 | |||
Prospective Development [Member] | Houston [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 1,607,000 | |||
Development Costs Transferred | [1] | $ (2,581,000) | ||
Development costs incurred, for the period | 5,458,000 | |||
Development | $ 24,587,000 | |||
Prospective Development [Member] | San Antonio [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 453,000 | |||
Development Costs Transferred | [1] | $ (4,000,000) | ||
Development costs incurred, for the period | 4,858,000 | |||
Development | $ 3,680,000 | |||
Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 1,419,000 | |||
Development Costs Transferred | [1] | $ 6,160,000 | ||
Development costs incurred, for the period | 20,395,000 | |||
Development | [3] | $ 96,809,000 | ||
Development completed and transferred to Real estate properties [Member] | West Road I [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 63,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 662,000 | |||
Development | [3] | $ 4,939,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 10/15 | |||
Development completed and transferred to Real estate properties [Member] | Kyrene 202 I [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 75,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 195,000 | |||
Development | [3] | $ 6,134,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 11/15 | |||
Development completed and transferred to Real estate properties [Member] | Ten West Crossing 6 [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 64,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 470,000 | |||
Development | [3] | $ 4,712,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 10/15 | |||
Development completed and transferred to Real estate properties [Member] | World Houston 41 [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 104,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 603,000 | |||
Development | [3] | $ 5,949,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 08/15 | |||
Development completed and transferred to Real estate properties [Member] | Steele Creek III [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 108,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | (179,000) | |||
Development | [3] | $ 7,141,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/15 | |||
Development completed and transferred to Real estate properties [Member] | Horizon II [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 123,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 232,000 | |||
Development | [3] | $ 7,892,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 09/15 | |||
Development completed and transferred to Real estate properties [Member] | Sky Harbor 6 [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 31,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 1,352,000 | |||
Development | [3] | $ 2,972,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 10/15 | |||
Development completed and transferred to Real estate properties [Member] | Horizon IV [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 123,000 | |||
Development Costs Transferred | [1] | $ 2,616,000 | ||
Development costs incurred, for the period | 6,276,000 | |||
Development | [3] | $ 8,892,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 12/15 | |||
Development completed and transferred to Real estate properties [Member] | Horizon I [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 109,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | (16,000) | |||
Development | [3] | $ 7,096,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/15 | |||
Development completed and transferred to Real estate properties [Member] | Kyrene 202 II [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 45,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 61,000 | |||
Development | [3] | $ 3,470,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/15 | |||
Development completed and transferred to Real estate properties [Member] | Steele Creek II [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 71,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 22,000 | |||
Development | [3] | $ 4,945,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 03/15 | |||
Development completed and transferred to Real estate properties [Member] | World Houston 39 [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 94,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 420,000 | |||
Development | [3] | $ 5,476,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 06/15 | |||
Development completed and transferred to Real estate properties [Member] | Rampart IV [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 84,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 1,178,000 | |||
Development | [3] | $ 8,125,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 11/15 | |||
Development completed and transferred to Real estate properties [Member] | Oak Creek VIII [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 108,000 | |||
Development Costs Transferred | [1] | $ 2,255,000 | ||
Development costs incurred, for the period | 3,074,000 | |||
Development | [3] | $ 5,329,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 12/15 | |||
Development completed and transferred to Real estate properties [Member] | Steele Creek IV [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 57,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 736,000 | |||
Development | [3] | $ 4,196,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 12/15 | |||
Development completed and transferred to Real estate properties [Member] | World Houston 42 [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 94,000 | |||
Development Costs Transferred | [1] | $ 1,289,000 | ||
Development costs incurred, for the period | 3,733,000 | |||
Development | [3] | $ 5,022,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 07/15 | |||
Development completed and transferred to Real estate properties [Member] | Thousand Oaks 4 [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 66,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 1,576,000 | |||
Development | [3] | $ 4,519,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 10/15 | |||
Lease Up Construction And Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 7,000,000 | |||
Development Costs Transferred | [1] | $ (6,160,000) | ||
Development costs incurred, for the period | 66,882,000 | |||
Development | 170,441,000 | |||
Development obligations | 12,000,000 | |||
Tenant improvement obligations | $ 4,300,000 | |||
Alamo Ridge I [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 96,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 1,877,000 | |||
Development | 7,352,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 8,500,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/16 | |||
Alamo Ridge II [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 62,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 773,000 | |||
Development | 4,139,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 4,700,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/16 | |||
Madison II & III [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 127,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 3,737,000 | |||
Development | 7,417,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 8,000,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/16 | |||
West Road III [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 78,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 917,000 | |||
Development | 4,782,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 5,000,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 03/16 | |||
Ten West Crossing 7 [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 68,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 902,000 | |||
Development | 4,072,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 4,900,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/16 | |||
ParkView 1-3 [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 276,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 13,180,000 | |||
Development | 17,256,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 19,600,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 10/16 | |||
Alamo Ridge III [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 135,000 | |||
Development Costs Transferred | [1] | $ 2,120,000 | ||
Development costs incurred, for the period | 260,000 | |||
Development | 2,380,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 12,200,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 10/16 | |||
35th Avenue Distribution Center [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | [4] | 124,000 | ||
Development Costs Transferred | [1],[4] | $ 0 | ||
Development costs incurred, for the period | [4] | 1,171,000 | ||
Development | [4] | 1,171,000 | ||
Estimated Total Cumulative Development Costs | [2],[4] | $ 1,200,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | [4] | 01/17 | ||
Eisenhauer Point 1 & 2 [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 201,000 | |||
Development Costs Transferred | [1] | $ 1,880,000 | ||
Development costs incurred, for the period | 4,880,000 | |||
Development | 6,760,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 13,500,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/17 | |||
Horizon III [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 109,000 | |||
Development Costs Transferred | [1] | $ 2,399,000 | ||
Development costs incurred, for the period | 3,716,000 | |||
Development | 6,115,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 7,800,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/17 | |||
Ten Sky Harbor [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 64,000 | |||
Development Costs Transferred | [1] | $ 1,653,000 | ||
Development costs incurred, for the period | 1,999,000 | |||
Development | 3,652,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 6,000,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 03/17 | |||
Steele Creek VI [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 137,000 | |||
Development Costs Transferred | [1] | $ 1,273,000 | ||
Development costs incurred, for the period | 1,631,000 | |||
Development | 2,904,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 7,600,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 05/17 | |||
West Road IV [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 65,000 | |||
Development Costs Transferred | [1] | $ 1,292,000 | ||
Development costs incurred, for the period | 3,393,000 | |||
Development | 4,685,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 5,400,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 08/16 | |||
Kyrene 202 VI [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 123,000 | |||
Development Costs Transferred | [1] | $ 1,515,000 | ||
Development costs incurred, for the period | 5,505,000 | |||
Development | 7,020,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 9,500,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 09/16 | |||
[1] | Represents costs transferred from Prospective Development (primarily land) to Under Construction during the period. Negative amounts represent land inventory costs transferred to Under Construction. | |||
[2] | Included in these costs are development obligations of $12.0 million and tenant improvement obligations of $4.3 million on properties under development. | |||
[3] | Represents cumulative costs at the date of transfer. | |||
[4] | This property is a manufacturing building undergoing redevelopment to a multi-tenant use building. |
REAL ESTATE PROPERTIES 4 (Detai
REAL ESTATE PROPERTIES 4 (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
State or Province [Line Items] | |||
Leases terms minimum (in years) | 40 years | ||
Leases terms maximum (in years) | 50 years | ||
Renewal period option minimum (in years) | 15 years | ||
Renewal period option maximum (in years) | 35 years | ||
Total ground lease expenditures for continuing and discontinued operations | $ 756,000 | $ 745,000 | $ 740,000 |
Payment increase interval minimum (in years) | 3 years | ||
Payment increase interval maximum (in years) | 10 years | ||
Future Total Minimum Ground Lease Payments [Abstract] | |||
2,016 | $ 756,000 | ||
2,017 | 756,000 | ||
2,018 | 756,000 | ||
2,019 | 756,000 | ||
2,020 | 756,000 | ||
Thereafter | 11,186,000 | ||
Total minimum payments | $ 14,966,000 | ||
FLORIDA [Member] | |||
State or Province [Line Items] | |||
Number of properties subject to ground leases | 2 | ||
TEXAS [Member] | |||
State or Province [Line Items] | |||
Number of properties subject to ground leases | 2 | ||
ARIZONA [Member] | |||
State or Province [Line Items] | |||
Number of properties subject to ground leases | 1 |
UNCONSOLIDATED INVESTMENT (Deta
UNCONSOLIDATED INVESTMENT (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)ft² | Dec. 31, 2014USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Year Constructed | 1,998 | |
Investment's carrying value under the equity method of accounting | $ 8,004,000 | $ 7,884,000 |
Industry Distribution Center II - undivided tenant [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage (in hundredths) | 50.00% | |
Real estate properties (in square feet) | ft² | 309,000 | |
Building lease percentage | 100.00% | |
Investment's carrying value under the equity method of accounting | $ 8,004,000 | $ 7,884,000 |
Industry Distribution Center II [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Single tenant joint partner ownership (in hundredths) | 50.00% |
MORTGAGE LOANS RECEIVABLE (Deta
MORTGAGE LOANS RECEIVABLE (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | [1],[2] | $ 4,875,000 | ||
Mortgage recourse loan | 4,875,000 | |||
First Mortgage [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, New Mortgage Loans | $ 0 | $ 0 | $ 0 | |
Number of mortgage loans receivable | 2 | 2 | ||
Effective interest rate (in hundredths) | 5.25% | |||
[1] | Changes in mortgage loans follow: Years Ended December 31,2015 2014 2013(In thousands)Balance at beginning of year$4,991 8,870 9,323Advances on mortgage loans receivable— — —Payments on mortgage loans receivable(116) (3,902) (463)Amortization of discount on mortgage loan receivable— 23 10Balance at end of year$4,875 4,991 8,870 | |||
[2] | The aggregate cost for federal income tax purposes is approximately $4.88 million. The federal income tax return for the year ended December 31, 2015, has not been filed and, accordingly, the income tax basis of mortgage loans as of December 31, 2015, is based on preliminary data. |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Assets Components [Abstract] | ||
Leasing costs (principally commissions) | $ 59,043 | $ 56,171 |
Accumulated amortization of leasing costs | (23,455) | (22,951) |
Leasing costs (principally commissions), net of accumulated amortization | 35,588 | 33,220 |
Straight-line rents receivable | 26,482 | 25,013 |
Allowance for doubtful accounts on straight-line rents receivable | (167) | (102) |
Straight-line rents receivable, net of allowance for doubtful accounts | 26,315 | 24,911 |
Accounts receivable | 5,615 | 4,459 |
Allowance for doubtful accounts on accounts receivable | (394) | (379) |
Accounts receivable, net of allowance for doubtful accounts | 5,221 | 4,080 |
Acquired in-place lease intangibles | 19,061 | 20,118 |
Accumulated amortization of acquired in-place lease intangibles | (8,205) | (8,345) |
Acquired in-place lease intangibles, net of accumulated amortization | 10,856 | 11,773 |
Acquired above market lease intangibles | 1,337 | 1,575 |
Accumulated amortization of acquired above market lease intangibles | (684) | (699) |
Acquired above market lease intangibles, net of accumulated amortization | 653 | 876 |
Loan costs | 8,788 | 8,166 |
Accumulated amortization of loan costs | (4,460) | (4,454) |
Loan costs, net of accumulated amortization | 4,328 | 3,712 |
Mortgage loans receivable | 4,875 | 4,991 |
Interest rate swap assets | 400 | 812 |
Goodwill | 990 | 990 |
Escrow deposits for 1031 exchange | 0 | 698 |
Prepaid expenses and other assets | 6,960 | 7,446 |
Other Assets Total | $ 96,186 | $ 93,509 |
SECURED AND UNSECURED DEBT (Det
SECURED AND UNSECURED DEBT (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Decimal | Dec. 31, 2014USD ($) | ||
Secured and Unsecured Debt [Line Items] | |||
Carrying Amount of Securing Real Estate | $ 359,347,000 | ||
Secured debt | 351,401,000 | $ 453,776,000 | |
Recourse liability | 5,000,000 | ||
Loans Payable, Noncurrent [Abstract] | |||
Unsecured debt | 530,000,000 | 380,000,000 | |
Secured and unsecured debt [Member] | |||
Payments of principal over the next five years [Abstract] | |||
2,016 | 92,804,000 | ||
2,017 | 58,239,000 | ||
2,018 | 141,316,000 | ||
2,019 | 130,569,000 | ||
2,020 | $ 114,097,000 | ||
$80 million Unsecured Term Loan [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Debt instrument, spread above LIBOR variable rate (in basis points) | Decimal | 175 | ||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | [1] | 2.77% | |
Debt Instrument, Maturity Date | [1] | Aug. 15, 2018 | |
Unsecured debt | [1] | $ 80,000,000 | 80,000,000 |
$50 Million Unsecured Term Loan [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | 3.91% | ||
Debt Instrument, Maturity Date | Dec. 21, 2018 | ||
Unsecured debt | $ 50,000,000 | 50,000,000 | |
Seventy-Five Million Unsecured Term Loan (closed in 2014) [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Debt instrument, spread above LIBOR variable rate (in basis points) | Decimal | 115 | ||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | [2] | 2.846% | |
Debt Instrument, Maturity Date | [2] | Jul. 31, 2019 | |
Unsecured debt | [2] | $ 75,000,000 | 75,000,000 |
$75 Million Unsecured Term Loan [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Debt instrument, spread above LIBOR variable rate (in basis points) | Decimal | 140 | ||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | [3] | 3.752% | |
Debt Instrument, Maturity Date | [3] | Dec. 20, 2020 | |
Unsecured debt | [3] | $ 75,000,000 | 75,000,000 |
Seventy-Five Million Unsecured Term Loan executed in 2015 [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Debt instrument, spread above LIBOR variable rate (in basis points) | Decimal | 140 | ||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | [4] | 3.031% | |
Debt Instrument, Maturity Date | [4] | Feb. 28, 2022 | |
Unsecured debt | [4] | $ 75,000,000 | 0 |
Thirty million senior unsecured notes [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | 3.80% | ||
Debt Instrument, Maturity Date | Aug. 28, 2020 | ||
Unsecured debt | $ 30,000,000 | 30,000,000 | |
Fifty million senior unsecured notes [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | 3.80% | ||
Debt Instrument, Maturity Date | Aug. 28, 2023 | ||
Unsecured debt | $ 50,000,000 | 50,000,000 | |
Twenty million senior unsecured notes [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | 3.80% | ||
Debt Instrument, Maturity Date | Aug. 28, 2025 | ||
Unsecured debt | $ 20,000,000 | 20,000,000 | |
Twenty-five million senior unsecured notes (executed in 2015) [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | 3.97% | ||
Debt Instrument, Maturity Date | Oct. 1, 2025 | ||
Unsecured debt | $ 25,000,000 | 0 | |
Fifty million senior unsecured notes (executed in 2015) [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | 3.99% | ||
Debt Instrument, Maturity Date | Oct. 7, 2025 | ||
Unsecured debt | $ 50,000,000 | 0 | |
Beltway II, III and IV, Commerce Park 1, Eastlake, Fairgrounds I-IV, Nations Ford I-IV, Techway Southwest III, Wetmore I-IV and World Houston 15 and 22 [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Interest Rate (in hundredths) | 5.50% | ||
Monthly P & I Payment | $ 536,552 | ||
Carrying Amount of Securing Real Estate | 0 | ||
Secured debt | $ 0 | 58,262,000 | |
Country Club I, Lake Pointe, Techway Southwest II and World Houston 19 and 20 [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Interest Rate (in hundredths) | 4.98% | ||
Monthly P & I Payment | $ 256,952 | ||
Carrying Amount of Securing Real Estate | 0 | ||
Secured debt | $ 0 | 26,074,000 | |
Huntwood and Wiegman I-IV Distribution Centers [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Interest Rate (in hundredths) | 5.68% | ||
Monthly P & I Payment | $ 265,275 | ||
Maturity Date | 9/5/2016 | ||
Carrying Amount of Securing Real Estate | $ 19,991,000 | ||
Secured debt | $ 25,567,000 | 27,246,000 | |
Alamo Downs, Arion 1-15 and 17, Rampart I, II, III & IV, Santan 10 and World Houston 16 [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Interest Rate (in hundredths) | 5.97% | ||
Monthly P & I Payment | $ 557,467 | ||
Maturity Date | 10/5/2016 | ||
Carrying Amount of Securing Real Estate | $ 57,654,000 | ||
Secured debt | $ 53,563,000 | 56,945,000 | |
Arion 16, Broadway VI, Chino, East University I and II, Northpark I-IV, Santan 10 II, 55th Avenue and World Houston 1 and 2, 21 and 23 [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Interest Rate (in hundredths) | 5.57% | ||
Monthly P & I Payment | $ 518,885 | ||
Maturity Date | 9/5/2017 | ||
Carrying Amount of Securing Real Estate | $ 49,692,000 | ||
Secured debt | $ 50,971,000 | 54,259,000 | |
Dominguez, Industry I and III, Kingsview, Shaw, Walnut and Washington [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Interest Rate (in hundredths) | [5] | 7.50% | |
Monthly P & I Payment | [5] | $ 539,747 | |
Maturity Date | [5] | 5/5/2019 | |
Carrying Amount of Securing Real Estate | [5] | $ 47,123,000 | |
Secured debt | [5] | $ 54,689,000 | 56,970,000 |
Blue Heron Distribution Center II [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Interest Rate (in hundredths) | 5.39% | ||
Monthly P & I Payment | $ 16,176 | ||
Maturity Date | 2/29/2020 | ||
Carrying Amount of Securing Real Estate | $ 4,174,000 | ||
Secured debt | $ 735,000 | 884,000 | |
Fortieth Avenue, Beltway V, Centennial Park, Executive Airport, Ocean View, Techway Southwest IV, Wetmore V-VIII and World Houston 26, 28, 29 and 30 [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Interest Rate (in hundredths) | 4.39% | ||
Monthly P & I Payment | $ 463,778 | ||
Maturity Date | 1/5/2021 | ||
Carrying Amount of Securing Real Estate | $ 68,092,000 | ||
Secured debt | $ 61,312,000 | 64,119,000 | |
America Plaza, Central Green, Glenmont I & II, Interstate I, II & III, Rojas, Stemmons Circle, Venture, West Loop I & II and World Houston 3-9 [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Interest Rate (in hundredths) | 4.75% | ||
Monthly P & I Payment | $ 420,045 | ||
Maturity Date | 6/5/2021 | ||
Carrying Amount of Securing Real Estate | $ 43,369,000 | ||
Secured debt | $ 55,223,000 | 57,579,000 | |
Arion 18, Beltway VI & VII, Commerce Park II & III, Concord Distribution Center, Interstate Distribution Center V, VI & VII, Lakeview Business Center, Ridge Creek Distribution Center II, Southridge IV & V and World Houston 32 [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Interest Rate (in hundredths) | 4.09% | ||
Monthly P & I Payment | $ 329,796 | ||
Maturity Date | 1/5/2022 | ||
Carrying Amount of Securing Real Estate | $ 59,908,000 | ||
Secured debt | $ 46,584,000 | 48,592,000 | |
Ramona Distribution Center [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Interest Rate (in hundredths) | 3.85% | ||
Monthly P & I Payment | $ 16,287 | ||
Maturity Date | 11/30/2026 | ||
Carrying Amount of Securing Real Estate | $ 9,344,000 | ||
Secured debt | $ 2,757,000 | $ 2,846,000 | |
[1] | The interest rate on this unsecured term loan is comprised of LIBOR plus 175 basis points subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into an interest rate swap to convert the loan's LIBOR rate to a fixed interest rate, providing the Company an effective interest rate on the term loan of 2.770% as of December 31, 2015. See Note 13 for additional information on the interest rate swap. | ||
[2] | The interest rate on this unsecured term loan is comprised of LIBOR plus 115 basis points subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into an interest rate swap to convert the loan's LIBOR rate to a fixed interest rate, providing the Company a weighted average effective interest rate on the term loan of 2.846% as of December 31, 2015. See Note 13 for additional information on the interest rate swap. | ||
[3] | The interest rate on this unsecured term loan is comprised of LIBOR plus 140 basis points subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into two interest rate swaps to convert the loan's LIBOR rate to a fixed interest rate, providing the Company a weighted average effective interest rate on the term loan of 3.752% as of December 31, 2015. See Note 13 for additional information on the interest rate swaps. | ||
[4] | The interest rate on this unsecured term loan is comprised of LIBOR plus 140 basis points subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into an interest rate swap to convert the loan's LIBOR rate to a fixed interest rate, providing the Company a weighted average effective interest rate on the term loan of 3.031% as of December 31, 2015. See Note 13 for additional information on the interest rate swap. | ||
[5] | This mortgage loan has a recourse liability of $5.0 million which will be released based on the secured properties generating certain base rent amounts. |
UNSECURED BANK CREDIT FACILIT57
UNSECURED BANK CREDIT FACILITIES (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Line of Credit Facility [Line Items] | |||
Weighted average interest rates (in hundredths) | 1.85% | 1.92% | |
Weighted average interest rate (including amortization of loan costs) | 2.30% | 2.35% | |
Notes payable to banks | $ 150,836,000 | $ 99,401,000 | |
Average bank borrowings | 109,777,000 | 96,162,000 | |
Amortization of bank loan costs | 493,000 | $ 413,000 | $ 410,000 |
Pnc Na Unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 35,000,000 | ||
Debt instrument, spread above LIBOR variable rate (in basis points) | 100 | ||
Line of Credit Facility, Interest Rate at Period End | 1.43% | ||
Notes payable to banks | $ 13,836,000 | ||
Extension option on credit facility | 1 year | ||
Facility fee (in basis points) | 20 | ||
Former nine bank group unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 225,000,000 | ||
Current bank credit facilities [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, spread above LIBOR variable rate (in basis points) | 100 | ||
Facility fee (in basis points) | 20 | ||
Former credit facilities [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, spread above LIBOR variable rate (in basis points) | 117.5 | ||
Line of credit, facility fee (in basis points) | 22.5 | ||
Former Pnc na revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 25,000,000 | ||
Nine bank group unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 300,000,000 | ||
Banks included in the unsecured revolving credit facility group | 9 | ||
Line of Credit Facility, Interest Rate at Period End | 1.394% | ||
Notes payable to banks | $ 137,000,000 | ||
Extension option on credit facility | 1 year | ||
Expansion option on credit facility | $ 150,000,000 |
ACCOUNTS PAYABLE AND ACCRUED 58
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Property taxes payable | $ 16,055 | $ 15,216 |
Development costs payable | 6,215 | 7,920 |
Property capital expenditures payable | 2,818 | 1,554 |
Interest payable | 3,704 | 3,500 |
Dividends payable on unvested restricted stock | 2,157 | 2,096 |
Other payables and accrued expenses | 13,232 | 9,153 |
Accounts payable and accrued expenses | $ 44,181 | $ 39,439 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities, Unclassified [Abstract] | ||
Security deposits | $ 13,943 | $ 12,803 |
Prepaid rent and other deferred income | 10,003 | 8,971 |
Acquired below market lease intangibles | 3,485 | 3,657 |
Accumulated Amortization, Acquired Below Market Lease Intangibles | (1,353) | (1,380) |
Acquired below market lease intangibles, net of accumulated amortization | 2,132 | 2,277 |
Interest rate swap liabilities | 3,960 | 3,314 |
Prepaid tenant improvement reimbursements | 493 | 212 |
Other liabilities | 82 | 16 |
Total Other Liabilities | $ 30,613 | $ 27,593 |
COMMON STOCK ACTIVITY (Details)
COMMON STOCK ACTIVITY (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares outstanding at beginning of year (in shares) | 32,232,587 | ||
Common stock offerings (in shares) | 106,751 | 1,246,400 | 890,085 |
Stock Issued During Period, Value, New Issues | $ 6,233 | $ 78,868 | $ 53,247 |
Dividend reinvestment plan (in shares) | 4,536 | 3,626 | 3,577 |
Shares outstanding at end of year (in shares) | 32,421,460 | 32,232,587 | |
Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares outstanding at beginning of year (in shares) | 32,232,587 | 30,937,225 | 29,928,490 |
Common stock offerings (in shares) | 106,751 | 1,246,400 | 890,085 |
Stock options exercised (in shares) | 0 | 0 | 4,500 |
Dividend reinvestment plan (in shares) | 4,536 | 3,626 | 3,577 |
Incentive restricted stock granted (in shares) | 100,622 | 71,642 | 112,099 |
Incentive restricted stock forfeited (in shares) | 0 | (2,375) | 0 |
Director common stock awarded (in shares) | 9,373 | 7,742 | 7,469 |
Director restricted stock granted (in shares) | 0 | 0 | 417 |
Restricted stock withheld for tax obligations (in shares) | (32,409) | (31,673) | (9,412) |
Shares outstanding at end of year (in shares) | 32,421,460 | 32,232,587 | 30,937,225 |
Additional Paid-in Capital [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Stock Issued During Period, Value, New Issues | $ 6,233 | $ 78,868 | $ 53,247 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Compensation Plan disclosure [Abstract] | ||||||
Stock-based compensation cost | $ 8,423,000 | $ 6,567,000 | $ 5,540,000 | |||
Award Recipient Type Employee [Member] | Restricted Stock [Member] | ||||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Stock-based compensation cost | 7,891,000 | 6,071,000 | 5,087,000 | |||
Stock based compensation cost capitalized as development costs | $ 1,672,000 | $ 1,415,000 | $ 1,253,000 | |||
Share awards granted (in shares) | 100,622 | 71,642 | 112,099 | |||
Grant date fair value of shares issued (in dollars per share) | $ 61.07 | $ 61.96 | $ 56.77 | |||
Compensation is recognized over a weighted average period (in years) | 2 years 8 months 12 days | |||||
Share based compensation, share based payment arrangements other than stock options, unrecognized cost associated with awards not yet vested | $ 5,080,000 | |||||
Shares withheld to satisfy the tax obligations (in shares) | 32,409 | 31,673 | 9,412 | |||
Fair value of shares granted | $ 6,145,000 | $ 4,439,000 | $ 6,364,000 | |||
Fair value of shares vested as of the vesting date | $ 6,664,000 | $ 5,712,000 | $ 1,700,000 | |||
Restricted Stock Activity [Roll Forward] | ||||||
Unvested at beginning of year (in shares) | 265,911 | 293,989 | 212,206 | |||
Granted (in shares) | 100,622 | 71,642 | 112,099 | |||
Forfeited (in shares) | 0 | (2,375) | 0 | |||
Vested (in shares) | (105,835) | (97,345) | (30,316) | |||
Unvested at end of year (in shares) | 260,698 | 265,911 | 293,989 | |||
Restricted stock activity weighted average price [Abstract] | ||||||
Unvested at beginning of year (in dollars per share) | $ 49.79 | $ 47.17 | $ 42.84 | |||
Granted (in dollars per share) | 61.07 | 61.96 | 56.77 | |||
Forfeited (in dollars per share) | 0 | 52.72 | 0 | |||
Vested (in dollars per share) | 53.40 | 50.76 | 52.32 | |||
Unvested at end of year (in dollars per share) | $ 52.68 | $ 49.79 | $ 47.17 | |||
Nonvested Shares Vesting Schedule [Abstract] | ||||||
2016 (in shares) | 139,333 | |||||
2017 (in shares) | 41,138 | |||||
2018 (in shares) | 31,215 | |||||
2019 (in shares) | 24,507 | |||||
2020 (in shares) | 24,505 | |||||
Total Nonvested Shares (in shares) | 265,911 | 293,989 | 212,206 | 260,698 | 265,911 | 293,989 |
Award Recipient Type Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Annual Director Retainer Stock Award Amount | $ 75,000 | |||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Stock-based compensation cost | $ 514,000 | $ 490,000 | $ 395,000 | |||
Award Recipient Type Director [Member] | Restricted Stock [Member] | ||||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Fair value of shares vested as of the vesting date | $ 6,000 | $ 7,000 | ||||
Directors Equity Plan 2005 [Member] | ||||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Authorized shares of common stock (in shares) | 50,000 | |||||
Management Incentive Plan 2004 [Member] | ||||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Authorized shares of common stock (in shares) | 1,900,000 | |||||
Equity Incentive Plan 2013 [Member] | ||||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Authorized shares of common stock (in shares) | 2,000,000 | |||||
Shares available for grant (in shares) | 1,802,000 | 1,900,800 | 1,971,164 | |||
Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Company Performance Awards [Member] | Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent of vesting that occurred on grant date | 20.00% | |||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Share awards granted (in shares) | 42,447 | |||||
Grant date fair value of shares issued (in dollars per share) | $ 61.13 | |||||
Percentage of shares granted vesting annually in future periods (in hundredths) | 20.00% | |||||
Restricted Stock Activity [Roll Forward] | ||||||
Granted (in shares) | 42,447 | |||||
Restricted stock activity weighted average price [Abstract] | ||||||
Granted (in dollars per share) | $ 61.13 | |||||
Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Shareholder Return Awards [Member] | Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent of vesting that occurred on grant date | 25.00% | |||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Share awards granted (in shares) | 34,650 | |||||
Grant date fair value of shares issued (in dollars per share) | $ 61.13 | |||||
Percentage of shares granted vesting annually in future periods (in hundredths) | 25.00% | |||||
Restricted Stock Activity [Roll Forward] | ||||||
Granted (in shares) | 34,650 | |||||
Restricted stock activity weighted average price [Abstract] | ||||||
Granted (in dollars per share) | $ 61.13 | |||||
Equity Incentive Plan 2013 [Member] | Award Recipient Type Employee [Member] | Restricted Stock [Member] | Non Executive Officers [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Share awards granted (in shares) | 23,525 | |||||
Grant date fair value of shares issued (in dollars per share) | $ 60.89 | |||||
Restricted Stock Activity [Roll Forward] | ||||||
Granted (in shares) | 23,525 | |||||
Restricted stock activity weighted average price [Abstract] | ||||||
Granted (in dollars per share) | $ 60.89 | |||||
Equity Incentive Plan 2013 [Member] | Award Recipient Type Employee [Member] | Restricted Stock [Member] | Company Performance Awards [Member] | Executive Officer [Member] | ||||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (maximum) | 49,366 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (minimum) | 0 | |||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent of future vesting that will occur on grant date | 20.00% | |||||
Share Based Compensation Arrangement By Share Based Payment Award Possible Shares To Be Awarded Vesting Rights | 20.00% | |||||
Equity Incentive Plan 2013 [Member] | Award Recipient Type Employee [Member] | Restricted Stock [Member] | Shareholder Return Awards [Member] | Executive Officer [Member] | ||||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (maximum) | 51,432 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (minimum) | 0 | |||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent of future vesting that will occur on grant date | 25.00% | |||||
Share Based Compensation Arrangement By Share Based Payment Award Possible Shares To Be Awarded Vesting Rights | 25.00% | |||||
Equity Incentive Plan 2013 [Member] | Award Recipient Type Director [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangements by share-based payment award, equity instruments other than options, percent of vesting that occurred during period | 25.00% | |||||
Share Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vesting Rights (% vesting per year in future years) | 25.00% | |||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Share awards granted (in shares) | 417 | |||||
Grant date fair value of shares issued (in dollars per share) | $ 59.97 | |||||
Restricted Stock Activity [Roll Forward] | ||||||
Granted (in shares) | 417 | |||||
Restricted stock activity weighted average price [Abstract] | ||||||
Granted (in dollars per share) | $ 59.97 | |||||
Award Recipient Type Director [Member] | ||||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Shares issued to directors (in shares) | 9,373 | 7,742 | 7,469 | |||
New Director Stock Awards to be Issued in Future Periods [Member] | Award Recipient Type Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
New Director Restricted Stock Award Amount to be Awarded in Future Periods | $ 25,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Director stock option [Member] | ||||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Intrinsic value realized by employees or directors from the exercise of options | $ 172,000 | |||||
Stock Options [Roll Forward] | ||||||
Outstanding at beginning of year (in shares) | 0 | 0 | 4,500 | |||
Exercised (in shares) | 0 | 0 | (4,500) | |||
Outstanding at end of year (in shares) | 0 | 0 | 0 | |||
Exercisable at end of year (in shares) | 0 | 0 | 0 | |||
Stock Options weighted average price [Abstract] | ||||||
Outstanding at beginning of year (in dollars per share) | $ 0 | $ 0 | $ 26.60 | |||
Exercised (in dollars per share) | 0 | 0 | 26.60 | |||
Outstanding at end of year (in dollars per share) | 0 | 0 | 26.60 | $ 0 | $ 0 | $ 0 |
Stock options exercisable [Abstract] | ||||||
Exercisable at end of year (in dollars per share) | $ 0 | $ 0 | $ 0 |
COMPREHENSIVE INCOME (Details)
COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive income (loss) - beginning balance | $ (2,357) | $ 1,629 | $ (392) |
Change in fair value of interest rate swaps | (1,099) | (3,986) | 2,021 |
Accumulated other comprehensive income (loss) - ending balance | $ (3,456) | $ (2,357) | $ 1,629 |
DERIVATIVE INSTRUMENTS AND HE63
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Integer | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Derivative [Line Items] | |||
Document Fiscal Year Focus | 2,015 | ||
Interest Rate Cash Flow Hedge Assets at Fair Value | $ 400,000 | $ 812,000 | |
Interest Rate Cash Flow Hedge Liabilities at Fair Value | $ 3,960,000 | 3,314,000 | |
Number of interest rate swaps | Integer | 5 | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Cash flow hedge amount to be reclassified to Interest Expense in next 12 months [Line Items] | $ 2,934,000 | ||
Amount of income (loss) recognized in Other Comprehensive Income (Loss) on derivative | (5,374,000) | (6,777,000) | $ 1,350,000 |
Amount of loss reclassified from accumulated other comprehensive income (loss) to interest expense | (4,275,000) | (2,791,000) | $ (671,000) |
Interest Rate Swap [Member] | Other Liabilities [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Interest Rate Cash Flow Hedge Liabilities at Fair Value | 3,960,000 | ||
Interest rate swap cash flow hedge termination value | 4,039,000 | ||
Interest Rate Swap [Member] | Other Assets [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Interest Rate Cash Flow Hedge Assets at Fair Value | 400,000 | ||
Interest rate swap cash flow hedge termination value | 407,000 | ||
$80 million interest rate swap [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 80,000,000 | 80,000,000 | |
$75 million interest rate swap executed in 2014 [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 75,000,000 | 75,000,000 | |
$75 million interest rate swap executed in 2015 [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 75,000,000 | 0 | |
$60 million interest rate swap [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 60,000,000 | 60,000,000 | |
$15 million interest rate swap [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 15,000,000 | $ 15,000,000 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
BASIC EPS COMPUTATION FOR NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract] | |||||||||||||||||||
Numerator - net income available to common stockholders | $ 11,435 | $ 11,968 | $ 14,533 | $ 9,930 | $ 12,722 | $ 17,729 | $ 9,118 | $ 8,372 | $ 47,866 | $ 47,941 | $ 32,615 | ||||||||
Denominator - weighted average shares outstanding (in shares) | 32,159 | [1] | 32,126 | [1] | 32,045 | [1] | 32,032 | [1] | 31,892 | [1] | 31,515 | [1] | 31,137 | [1] | 30,806 | [1] | 32,091 | 31,341 | 30,162 |
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract] | |||||||||||||||||||
Numerator - net income available to common stockholders | $ 11,435 | $ 11,968 | $ 14,533 | $ 9,930 | $ 12,722 | $ 17,729 | $ 9,118 | $ 8,372 | $ 47,866 | $ 47,941 | $ 32,615 | ||||||||
Denominator: [Abstract] | |||||||||||||||||||
Weighted average shares outstanding | 32,159 | [1] | 32,126 | [1] | 32,045 | [1] | 32,032 | [1] | 31,892 | [1] | 31,515 | [1] | 31,137 | [1] | 30,806 | [1] | 32,091 | 31,341 | 30,162 |
Unvested restricted stock (in shares) | 105 | 111 | 107 | ||||||||||||||||
Total Shares (in shares) | 32,314 | [1] | 32,248 | [1] | 32,139 | [1] | 32,109 | [1] | 32,043 | [1] | 31,644 | [1] | 31,244 | [1] | 30,886 | [1] | 32,196 | 31,452 | 30,269 |
[1] | The above quarterly earnings per share calculations are based on the weighted average number of common shares outstanding during each quarter for basic earnings per share and the weighted average number of outstanding common shares and common share equivalents during each quarter for diluted earnings per share. The annual earnings per share calculations in the Consolidated Statements of Income and Comprehensive Income are based on the weighted average number of common shares outstanding during each year for basic earnings per share and the weighted average number of outstanding common shares and common share equivalents during each year for diluted earnings per share. The sum of quarterly financial data may vary from the annual data due to rounding. |
QUARTERLY RESULTS OF OPERATIO65
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Revenues | $ 61,269 | $ 58,795 | $ 60,989 | $ 57,959 | $ 59,148 | $ 63,693 | $ 54,037 | $ 53,128 | |||||||||||
Expenses | (49,691) | (46,698) | (46,326) | (47,898) | (46,292) | (45,832) | (44,795) | (44,614) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 11,578 | 12,097 | 14,663 | 10,061 | 12,856 | 17,861 | 9,242 | 8,514 | $ 48,399 | $ 48,473 | $ 32,338 | ||||||||
INCOME FROM DISCONTINUED OPERATIONS | 0 | 0 | 887 | ||||||||||||||||
NET INCOME | 48,399 | 48,473 | 33,225 | ||||||||||||||||
Net income attributable to noncontrolling interest in joint ventures | (143) | (129) | (130) | (131) | (134) | (132) | (124) | (142) | (533) | (532) | (610) | ||||||||
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | $ 11,435 | $ 11,968 | $ 14,533 | $ 9,930 | $ 12,722 | $ 17,729 | $ 9,118 | $ 8,372 | $ 47,866 | $ 47,941 | $ 32,615 | ||||||||
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||||||||||||||||||
Net income attributable to common stockholders (in dollars per share) | $ 0.36 | [1] | $ 0.37 | [1] | $ 0.45 | [1] | $ 0.31 | [1] | $ 0.40 | [1] | $ 0.56 | [1] | $ 0.29 | [1] | $ 0.27 | [1] | $ 1.49 | $ 1.53 | $ 1.08 |
Weighted average shares outstanding | 32,159 | [1] | 32,126 | [1] | 32,045 | [1] | 32,032 | [1] | 31,892 | [1] | 31,515 | [1] | 31,137 | [1] | 30,806 | [1] | 32,091 | 31,341 | 30,162 |
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract] | |||||||||||||||||||
Net income attributable to common stockholders (in dollars per share) | $ 0.35 | [1] | $ 0.37 | [1] | $ 0.45 | [1] | $ 0.31 | [1] | $ 0.40 | [1] | $ 0.56 | [1] | $ 0.29 | [1] | $ 0.27 | [1] | $ 1.49 | $ 1.52 | $ 1.08 |
Weighted average shares outstanding | 32,314 | [1] | 32,248 | [1] | 32,139 | [1] | 32,109 | [1] | 32,043 | [1] | 31,644 | [1] | 31,244 | [1] | 30,886 | [1] | 32,196 | 31,452 | 30,269 |
[1] | The above quarterly earnings per share calculations are based on the weighted average number of common shares outstanding during each quarter for basic earnings per share and the weighted average number of outstanding common shares and common share equivalents during each quarter for diluted earnings per share. The annual earnings per share calculations in the Consolidated Statements of Income and Comprehensive Income are based on the weighted average number of common shares outstanding during each year for basic earnings per share and the weighted average number of outstanding common shares and common share equivalents during each year for diluted earnings per share. The sum of quarterly financial data may vary from the annual data due to rounding. |
DEFINED CONTRIBUTION PLAN (Deta
DEFINED CONTRIBUTION PLAN (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay Eligible for Matching Contribution (maximum) | 10.00% | ||
Defined contribution expense | $ 585,000 | $ 457,000 | $ 550,000 |
FAIR VALUE OF FINANCIAL INSTR67
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Financial Assets [Abstract] | |||||
Cash and Cash Equivalents | $ 48 | $ 11 | $ 8 | $ 1,258 | |
Escrow deposits for 1031 exchange | 0 | 698 | |||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||||
Financial Assets [Abstract] | |||||
Cash and Cash Equivalents | [1] | 48 | 11 | ||
Escrow deposits for 1031 exchange | [1] | 0 | 698 | ||
Mortgage loans receivable | [1] | 4,875 | 4,991 | ||
Interest Rate Swap Assets | [1] | 400 | 812 | ||
Financial Liabilities [Abstract] | |||||
Secured debt | [1] | 351,401 | 453,776 | ||
Unsecured debt | [1] | 530,000 | 380,000 | ||
Unsecured bank credit facilities | [1] | 150,836 | 99,401 | ||
Interest rate swap liabilities | [1] | 3,960 | 3,314 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | |||||
Financial Assets [Abstract] | |||||
Cash and cash equivalents | 48 | 11 | |||
Escrow deposits for 1031 exchange | 0 | 698 | |||
Mortgage loans receivable | 4,896 | 5,055 | |||
Interest Rate Swap Assets | 400 | 812 | |||
Financial Liabilities [Abstract] | |||||
Secured debt | 366,491 | 478,659 | |||
Unsecured debt | 509,326 | 364,295 | |||
Unsecured bank credit facilities | 150,670 | 99,638 | |||
Interest rate swap liabilities | $ 3,960 | $ 3,314 | |||
[1] | Carrying amounts shown in the table are included in the Consolidated Balance Sheets under the indicated captions, except as indicated in the notes below.The following methods and assumptions were used to estimate the fair value of each class of financial instruments:Cash and cash equivalents: The carrying amounts approximate fair value due to the short maturity of those instruments.Cash held in escrow for 1031 exchange (included in Other Assets on the Consolidated Balance Sheets): The carrying amounts approximate fair value due to the short maturity of those instruments. Mortgage loans receivable (included in Other Assets on the Consolidated Balance Sheets): The fair value is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities (Level 2 input).Interest rate swap assets (included in Other Assets on the Consolidated Balances Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, LIBOR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 13 for additional information on the Company's interest rate swaps.Secured debt: The fair value of the Company’s secured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input).Unsecured debt: The fair value of the Company’s unsecured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input).Unsecured bank credit facilities: The fair value of the Company’s unsecured bank credit facilities is estimated by discounting expected cash flows at current market rates (Level 2 input).Interest rate swap liabilities (included in Other Liabilities on the Consolidated Balance Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, LIBOR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 13 for additional information on the Company's interest rate swaps. |
SUBSEQUENT EVENTS Subsequent Ev
SUBSEQUENT EVENTS Subsequent Events (Details) | 2 Months Ended |
Feb. 17, 2016USD ($)ft²Integer | |
Sale of Northwest Point [Member] | |
Subsequent Event [Line Items] | |
Size (in square feet) of property sold | ft² | 232,000 |
Gross sales price of property sold | $ 15,600,000 |
Sixty-five million term loan (2016) [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 2.863% |
Unsecured debt, notional amount | $ 65,000,000 |
Unsecured debt, term (in years) | Integer | 7 |
Long-term debt, margin over LIBOR rate | 1.65% |
SCHEDULE III (Details)
SCHEDULE III (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [1],[2] | $ 351,401 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [1],[2] | 367,042 | ||||
Buildings and Improvements | [1],[2] | 965,253 | ||||
Costs Capitalized Subsequent to Acquisition | [1],[2] | 887,153 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [1],[2] | 372,088 | ||||
Buildings and Improvements | [1],[2] | 1,847,360 | ||||
Total | [3] | 2,219,448 | [1],[2] | $ 2,074,946 | $ 1,927,326 | $ 1,768,032 |
Accumulated Depreciation | $ 657,454 | [1],[2] | $ 600,526 | $ 550,113 | $ 496,247 | |
Year Constructed | 1,998 | |||||
Industrial [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 351,401 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 298,884 | ||||
Buildings and Improvements | [4] | 965,253 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 784,870 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 301,435 | ||||
Buildings and Improvements | [4] | 1,747,572 | ||||
Total | [4] | 2,049,007 | ||||
Accumulated Depreciation | [4] | 657,292 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | 56th Street Commerce Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 843 | ||||
Buildings and Improvements | [4] | 3,567 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,324 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 843 | ||||
Buildings and Improvements | [4] | 7,891 | ||||
Total | [4] | 8,734 | ||||
Accumulated Depreciation | [4] | $ 5,568 | ||||
Year Acquired | [4] | 1,993 | ||||
Year Constructed | [4] | 1981/86/97 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Jetport Commerce Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,575 | ||||
Buildings and Improvements | [4] | 6,591 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,738 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,575 | ||||
Buildings and Improvements | [4] | 12,329 | ||||
Total | [4] | 13,904 | ||||
Accumulated Depreciation | [4] | $ 7,654 | ||||
Year Acquired | [4] | 1993-99 | ||||
Year Constructed | [4] | 1974-85 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Westport Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 980 | ||||
Buildings and Improvements | [4] | 3,800 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,611 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 980 | ||||
Buildings and Improvements | [4] | 6,411 | ||||
Total | [4] | 7,391 | ||||
Accumulated Depreciation | [4] | $ 4,281 | ||||
Year Acquired | [4] | 1,994 | ||||
Year Constructed | [4] | 1983/87 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Benjamin Distribution Center I and II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 843 | ||||
Buildings and Improvements | [4] | 3,963 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,490 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 883 | ||||
Buildings and Improvements | [4] | 5,413 | ||||
Total | [4] | 6,296 | ||||
Accumulated Depreciation | [4] | $ 3,481 | ||||
Year Acquired | [4] | 1,997 | ||||
Year Constructed | [4] | 1,996 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Benjamin Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 407 | ||||
Buildings and Improvements | [4] | 1,503 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 482 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 407 | ||||
Buildings and Improvements | [4] | 1,985 | ||||
Total | [4] | 2,392 | ||||
Accumulated Depreciation | [4] | $ 1,485 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1,988 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Palm River Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,190 | ||||
Buildings and Improvements | [4] | 4,625 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,493 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,190 | ||||
Buildings and Improvements | [4] | 7,118 | ||||
Total | [4] | 8,308 | ||||
Accumulated Depreciation | [4] | $ 4,330 | ||||
Year Acquired | [4] | 1997/98 | ||||
Year Constructed | [4] | 1990/97/98 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Palm River North I and III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,005 | ||||
Buildings and Improvements | [4] | 4,688 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,295 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,005 | ||||
Buildings and Improvements | [4] | 6,983 | ||||
Total | [4] | 7,988 | ||||
Accumulated Depreciation | [4] | $ 3,887 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 2,000 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Palm River North II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 634 | ||||
Buildings and Improvements | [4] | 4,418 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 381 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 634 | ||||
Buildings and Improvements | [4] | 4,799 | ||||
Total | [4] | 5,433 | ||||
Accumulated Depreciation | [4] | $ 3,254 | ||||
Year Acquired | [4] | 1997/98 | ||||
Year Constructed | [4] | 1,999 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Palm River South I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 655 | ||||
Buildings and Improvements | [4] | 3,187 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 619 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 655 | ||||
Buildings and Improvements | [4] | 3,806 | ||||
Total | [4] | 4,461 | ||||
Accumulated Depreciation | [4] | $ 1,607 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,005 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Palm River South II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 655 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,360 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 655 | ||||
Buildings and Improvements | [4] | 4,360 | ||||
Total | [4] | 5,015 | ||||
Accumulated Depreciation | [4] | $ 1,951 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,006 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Walden Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 337 | ||||
Buildings and Improvements | [4] | 3,318 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 498 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 337 | ||||
Buildings and Improvements | [4] | 3,816 | ||||
Total | [4] | 4,153 | ||||
Accumulated Depreciation | [4] | $ 1,920 | ||||
Year Acquired | [4] | 1997/98 | ||||
Year Constructed | [4] | 2,001 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Walden Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 465 | ||||
Buildings and Improvements | [4] | 3,738 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 981 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 465 | ||||
Buildings and Improvements | [4] | 4,719 | ||||
Total | [4] | 5,184 | ||||
Accumulated Depreciation | [4] | $ 2,517 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 1,998 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Oak Creek Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,109 | ||||
Buildings and Improvements | [4] | 6,126 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,364 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,109 | ||||
Buildings and Improvements | [4] | 7,490 | ||||
Total | [4] | 8,599 | ||||
Accumulated Depreciation | [4] | $ 3,504 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 1,998 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Oak Creek Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 647 | ||||
Buildings and Improvements | [4] | 3,603 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,104 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 647 | ||||
Buildings and Improvements | [4] | 4,707 | ||||
Total | [4] | 5,354 | ||||
Accumulated Depreciation | [4] | $ 2,193 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,001 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Oak Creek Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 439 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,178 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 556 | ||||
Buildings and Improvements | [4] | 3,061 | ||||
Total | [4] | 3,617 | ||||
Accumulated Depreciation | [4] | $ 1,020 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,007 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Oak Creek Distribution Center IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 682 | ||||
Buildings and Improvements | [4] | 6,472 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 669 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 682 | ||||
Buildings and Improvements | [4] | 7,141 | ||||
Total | [4] | 7,823 | ||||
Accumulated Depreciation | [4] | $ 2,271 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,001 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Oak Creek Distribution Center V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 724 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,817 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 916 | ||||
Buildings and Improvements | [4] | 5,625 | ||||
Total | [4] | 6,541 | ||||
Accumulated Depreciation | [4] | $ 1,932 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,007 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Oak Creek Distribution Center VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 642 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,039 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 812 | ||||
Buildings and Improvements | [4] | 4,869 | ||||
Total | [4] | 5,681 | ||||
Accumulated Depreciation | [4] | $ 1,318 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,008 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Oak Creek Distribution Center VIII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 843 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,188 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,051 | ||||
Buildings and Improvements | [4] | 5,980 | ||||
Total | [4] | 7,031 | ||||
Accumulated Depreciation | [4] | $ 15 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,015 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Oak Creek Distribution Center IX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 618 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,962 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 780 | ||||
Buildings and Improvements | [4] | 4,800 | ||||
Total | [4] | 5,580 | ||||
Accumulated Depreciation | [4] | $ 1,068 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,009 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Oak Creek Distribution Center A [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 185 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,492 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 185 | ||||
Buildings and Improvements | [4] | 1,492 | ||||
Total | [4] | 1,677 | ||||
Accumulated Depreciation | [4] | $ 395 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,008 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Oak Creek Distribution Center B [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 227 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,497 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 227 | ||||
Buildings and Improvements | [4] | 1,497 | ||||
Total | [4] | 1,724 | ||||
Accumulated Depreciation | [4] | $ 392 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,008 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Airport Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,257 | ||||
Buildings and Improvements | [4] | 4,012 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 923 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,257 | ||||
Buildings and Improvements | [4] | 4,935 | ||||
Total | [4] | 6,192 | ||||
Accumulated Depreciation | [4] | $ 2,453 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 1,998 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Westlake Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,333 | ||||
Buildings and Improvements | [4] | 6,998 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,150 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,333 | ||||
Buildings and Improvements | [4] | 9,148 | ||||
Total | [4] | 10,481 | ||||
Accumulated Depreciation | [4] | $ 4,851 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 1998/99 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Expressway Commerce Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 915 | ||||
Buildings and Improvements | [4] | 5,346 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,044 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 915 | ||||
Buildings and Improvements | [4] | 6,390 | ||||
Total | [4] | 7,305 | ||||
Accumulated Depreciation | [4] | $ 2,997 | ||||
Year Acquired | [4] | 2,002 | ||||
Year Constructed | [4] | 2,004 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Expressway Commerce Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,013 | ||||
Buildings and Improvements | [4] | 3,247 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 385 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,013 | ||||
Buildings and Improvements | [4] | 3,632 | ||||
Total | [4] | 4,645 | ||||
Accumulated Depreciation | [4] | $ 1,743 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,001 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Silo Bend Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,131 | ||||
Buildings and Improvements | [4] | 27,497 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,149 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,131 | ||||
Buildings and Improvements | [4] | 28,646 | ||||
Total | [4] | 32,777 | ||||
Accumulated Depreciation | [4] | $ 4,284 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 1987/90 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Tampa East Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 791 | ||||
Buildings and Improvements | [4] | 4,758 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 458 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 791 | ||||
Buildings and Improvements | [4] | 5,216 | ||||
Total | [4] | 6,007 | ||||
Accumulated Depreciation | [4] | $ 906 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 1,984 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Tampa West Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,139 | ||||
Buildings and Improvements | [4] | 8,502 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,052 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,140 | ||||
Buildings and Improvements | [4] | 9,553 | ||||
Total | [4] | 11,693 | ||||
Accumulated Depreciation | [4] | $ 1,626 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 1975/93/94 | ||||
Industrial [Member] | FLORIDA [Member] | Tampa [Member] | Madison Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 495 | ||||
Buildings and Improvements | [4] | 2,779 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 381 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 495 | ||||
Buildings and Improvements | [4] | 3,160 | ||||
Total | [4] | 3,655 | ||||
Accumulated Depreciation | [4] | $ 521 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,007 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Chancellor Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 291 | ||||
Buildings and Improvements | [4] | 1,711 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 252 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 291 | ||||
Buildings and Improvements | [4] | 1,963 | ||||
Total | [4] | 2,254 | ||||
Accumulated Depreciation | [4] | $ 1,122 | ||||
Year Acquired | [4] | 1996/97 | ||||
Year Constructed | [4] | 1996/97 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Exchange Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 603 | ||||
Buildings and Improvements | [4] | 2,414 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,135 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 603 | ||||
Buildings and Improvements | [4] | 4,549 | ||||
Total | [4] | 5,152 | ||||
Accumulated Depreciation | [4] | $ 3,059 | ||||
Year Acquired | [4] | 1,994 | ||||
Year Constructed | [4] | 1,975 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Exchange Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 300 | ||||
Buildings and Improvements | [4] | 945 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 298 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 300 | ||||
Buildings and Improvements | [4] | 1,243 | ||||
Total | [4] | 1,543 | ||||
Accumulated Depreciation | [4] | $ 675 | ||||
Year Acquired | [4] | 2,002 | ||||
Year Constructed | [4] | 1,976 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Exchange Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 320 | ||||
Buildings and Improvements | [4] | 997 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 403 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 320 | ||||
Buildings and Improvements | [4] | 1,400 | ||||
Total | [4] | 1,720 | ||||
Accumulated Depreciation | [4] | $ 811 | ||||
Year Acquired | [4] | 2,002 | ||||
Year Constructed | [4] | 1,980 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Sunbelt Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,474 | ||||
Buildings and Improvements | [4] | 5,745 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,757 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,474 | ||||
Buildings and Improvements | [4] | 11,502 | ||||
Total | [4] | 12,976 | ||||
Accumulated Depreciation | [4] | $ 7,803 | ||||
Year Acquired | [4] | 1989/97/98 | ||||
Year Constructed | [4] | 1974/87/97/98 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | John Young Commerce Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 497 | ||||
Buildings and Improvements | [4] | 2,444 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 931 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 497 | ||||
Buildings and Improvements | [4] | 3,375 | ||||
Total | [4] | 3,872 | ||||
Accumulated Depreciation | [4] | $ 1,804 | ||||
Year Acquired | [4] | 1997/98 | ||||
Year Constructed | [4] | 1997/98 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | John Young Commerce Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 512 | ||||
Buildings and Improvements | [4] | 3,613 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 489 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 512 | ||||
Buildings and Improvements | [4] | 4,102 | ||||
Total | [4] | 4,614 | ||||
Accumulated Depreciation | [4] | $ 2,415 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 1,999 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Altamonte Commerce Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,498 | ||||
Buildings and Improvements | [4] | 2,661 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,585 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,498 | ||||
Buildings and Improvements | [4] | 5,246 | ||||
Total | [4] | 6,744 | ||||
Accumulated Depreciation | [4] | $ 3,560 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1980/82 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Altamonte Commerce Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 745 | ||||
Buildings and Improvements | [4] | 2,618 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,196 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 745 | ||||
Buildings and Improvements | [4] | 3,814 | ||||
Total | [4] | 4,559 | ||||
Accumulated Depreciation | [4] | $ 1,948 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 1,975 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Sunport Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 555 | ||||
Buildings and Improvements | [4] | 1,977 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 708 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 555 | ||||
Buildings and Improvements | [4] | 2,685 | ||||
Total | [4] | 3,240 | ||||
Accumulated Depreciation | [4] | $ 1,364 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1,999 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Sunport Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 597 | ||||
Buildings and Improvements | [4] | 3,271 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,501 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 597 | ||||
Buildings and Improvements | [4] | 4,772 | ||||
Total | [4] | 5,369 | ||||
Accumulated Depreciation | [4] | $ 3,165 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 2,001 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Sunport Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 642 | ||||
Buildings and Improvements | [4] | 3,121 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,029 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 642 | ||||
Buildings and Improvements | [4] | 4,150 | ||||
Total | [4] | 4,792 | ||||
Accumulated Depreciation | [4] | $ 1,940 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 2,002 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Sunport Center IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 642 | ||||
Buildings and Improvements | [4] | 2,917 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,474 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 642 | ||||
Buildings and Improvements | [4] | 4,391 | ||||
Total | [4] | 5,033 | ||||
Accumulated Depreciation | [4] | $ 1,953 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 2,004 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Sunport Center V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 750 | ||||
Buildings and Improvements | [4] | 2,509 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,183 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 750 | ||||
Buildings and Improvements | [4] | 4,692 | ||||
Total | [4] | 5,442 | ||||
Accumulated Depreciation | [4] | $ 2,478 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 2,005 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Sunport Center VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 672 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,472 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 672 | ||||
Buildings and Improvements | [4] | 3,472 | ||||
Total | [4] | 4,144 | ||||
Accumulated Depreciation | [4] | $ 1,186 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 2,006 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Southridge Commerce Park I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,822 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 4,822 | ||||
Total | [4] | 5,195 | ||||
Accumulated Depreciation | [4] | $ 2,555 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,006 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Southridge Commerce Park II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 342 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,421 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 342 | ||||
Buildings and Improvements | [4] | 4,421 | ||||
Total | [4] | 4,763 | ||||
Accumulated Depreciation | [4] | $ 2,001 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,007 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Southridge Commerce Park III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 547 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,538 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 547 | ||||
Buildings and Improvements | [4] | 5,538 | ||||
Total | [4] | 6,085 | ||||
Accumulated Depreciation | [4] | $ 1,809 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,007 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Southridge Commerce Park IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 3,102 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 506 | ||||
Buildings and Improvements | [4],[5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 4,584 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 506 | ||||
Buildings and Improvements | [4],[5] | 4,584 | ||||
Total | [4],[5] | 5,090 | ||||
Accumulated Depreciation | [4],[5] | $ 1,588 | ||||
Year Acquired | [4],[5] | 2,003 | ||||
Year Constructed | [4],[5] | 2,006 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Southridge Commerce Park V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 2,980 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 382 | ||||
Buildings and Improvements | [4],[5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 4,508 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 382 | ||||
Buildings and Improvements | [4],[5] | 4,508 | ||||
Total | [4],[5] | 4,890 | ||||
Accumulated Depreciation | [4],[5] | $ 1,828 | ||||
Year Acquired | [4],[5] | 2,003 | ||||
Year Constructed | [4],[5] | 2,006 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Southridge Commerce Park VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 571 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,182 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 571 | ||||
Buildings and Improvements | [4] | 5,182 | ||||
Total | [4] | 5,753 | ||||
Accumulated Depreciation | [4] | $ 1,527 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,007 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Southridge Commerce Park VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 520 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,727 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 520 | ||||
Buildings and Improvements | [4] | 6,727 | ||||
Total | [4] | 7,247 | ||||
Accumulated Depreciation | [4] | $ 1,932 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,008 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Southridge Commerce Park VIII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 531 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,343 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 531 | ||||
Buildings and Improvements | [4] | 6,343 | ||||
Total | [4] | 6,874 | ||||
Accumulated Depreciation | [4] | $ 1,588 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,008 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Southridge Commerce Park IX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 468 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,413 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 468 | ||||
Buildings and Improvements | [4] | 6,413 | ||||
Total | [4] | 6,881 | ||||
Accumulated Depreciation | [4] | $ 867 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,012 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Southridge Commerce Park X [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 414 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,826 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 414 | ||||
Buildings and Improvements | [4] | 4,826 | ||||
Total | [4] | 5,240 | ||||
Accumulated Depreciation | [4] | $ 415 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,012 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Southridge Commerce Park XI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 513 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,870 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 513 | ||||
Buildings and Improvements | [4] | 5,870 | ||||
Total | [4] | 6,383 | ||||
Accumulated Depreciation | [4] | $ 653 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,012 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Southridge Commerce Park XII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,025 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 16,930 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,025 | ||||
Buildings and Improvements | [4] | 16,930 | ||||
Total | [4] | 18,955 | ||||
Accumulated Depreciation | [4] | $ 3,763 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,008 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Horizon I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 991 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,464 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 991 | ||||
Buildings and Improvements | [4] | 6,464 | ||||
Total | [4] | 7,455 | ||||
Accumulated Depreciation | [4] | $ 300 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,014 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Horizon II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,111 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,114 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,111 | ||||
Buildings and Improvements | [4] | 7,114 | ||||
Total | [4] | 8,225 | ||||
Accumulated Depreciation | [4] | $ 249 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,014 | ||||
Industrial [Member] | FLORIDA [Member] | Orlando [Member] | Horizon IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,097 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,131 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,097 | ||||
Buildings and Improvements | [4] | 8,131 | ||||
Total | [4] | 9,228 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,015 | ||||
Industrial [Member] | FLORIDA [Member] | Jacksonville [Member] | Deerwood Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,147 | ||||
Buildings and Improvements | [4] | 1,799 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,929 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,147 | ||||
Buildings and Improvements | [4] | 4,728 | ||||
Total | [4] | 5,875 | ||||
Accumulated Depreciation | [4] | $ 2,572 | ||||
Year Acquired | [4] | 1,989 | ||||
Year Constructed | [4] | 1,978 | ||||
Industrial [Member] | FLORIDA [Member] | Jacksonville [Member] | Phillips Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,375 | ||||
Buildings and Improvements | [4] | 2,961 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,317 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,375 | ||||
Buildings and Improvements | [4] | 7,278 | ||||
Total | [4] | 8,653 | ||||
Accumulated Depreciation | [4] | $ 4,929 | ||||
Year Acquired | [4] | 1,994 | ||||
Year Constructed | [4] | 1984/95 | ||||
Industrial [Member] | FLORIDA [Member] | Jacksonville [Member] | Lake Pointe Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,442 | ||||
Buildings and Improvements | [4] | 6,450 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,607 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,442 | ||||
Buildings and Improvements | [4] | 14,057 | ||||
Total | [4] | 17,499 | ||||
Accumulated Depreciation | [4] | $ 9,915 | ||||
Year Acquired | [4] | 1,993 | ||||
Year Constructed | [4] | 1986/87 | ||||
Industrial [Member] | FLORIDA [Member] | Jacksonville [Member] | Ellis Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 540 | ||||
Buildings and Improvements | [4] | 7,513 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,149 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 540 | ||||
Buildings and Improvements | [4] | 8,662 | ||||
Total | [4] | 9,202 | ||||
Accumulated Depreciation | [4] | $ 4,266 | ||||
Year Acquired | [4] | 1,997 | ||||
Year Constructed | [4] | 1,977 | ||||
Industrial [Member] | FLORIDA [Member] | Jacksonville [Member] | Westside Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,011 | ||||
Buildings and Improvements | [4] | 15,374 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,139 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,011 | ||||
Buildings and Improvements | [4] | 22,513 | ||||
Total | [4] | 24,524 | ||||
Accumulated Depreciation | [4] | $ 10,675 | ||||
Year Acquired | [4] | 1997/2008 | ||||
Year Constructed | [4] | 1984/85 | ||||
Industrial [Member] | FLORIDA [Member] | Jacksonville [Member] | Beach Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 476 | ||||
Buildings and Improvements | [4] | 1,899 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 634 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 476 | ||||
Buildings and Improvements | [4] | 2,533 | ||||
Total | [4] | 3,009 | ||||
Accumulated Depreciation | [4] | $ 1,270 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,000 | ||||
Industrial [Member] | FLORIDA [Member] | Jacksonville [Member] | Interstate Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,879 | ||||
Buildings and Improvements | [4] | 5,700 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,682 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,879 | ||||
Buildings and Improvements | [4] | 7,382 | ||||
Total | [4] | 9,261 | ||||
Accumulated Depreciation | [4] | $ 3,436 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 1,990 | ||||
Industrial [Member] | FLORIDA [Member] | Fort Lauderdale/Palm Beach area [Member] | Linpro Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 613 | ||||
Buildings and Improvements | [4] | 2,243 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,775 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 616 | ||||
Buildings and Improvements | [4] | 4,015 | ||||
Total | [4] | 4,631 | ||||
Accumulated Depreciation | [4] | $ 3,023 | ||||
Year Acquired | [4] | 1,996 | ||||
Year Constructed | [4] | 1,986 | ||||
Industrial [Member] | FLORIDA [Member] | Fort Lauderdale/Palm Beach area [Member] | Cypress Creek Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 2,465 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,853 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 4,318 | ||||
Total | [4] | 4,318 | ||||
Accumulated Depreciation | [4] | $ 2,710 | ||||
Year Acquired | [4] | 1,997 | ||||
Year Constructed | [4] | 1,986 | ||||
Industrial [Member] | FLORIDA [Member] | Fort Lauderdale/Palm Beach area [Member] | Lockhart Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 3,489 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,828 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 6,317 | ||||
Total | [4] | 6,317 | ||||
Accumulated Depreciation | [4] | $ 3,795 | ||||
Year Acquired | [4] | 1,997 | ||||
Year Constructed | [4] | 1,986 | ||||
Industrial [Member] | FLORIDA [Member] | Fort Lauderdale/Palm Beach area [Member] | Interstate Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 485 | ||||
Buildings and Improvements | [4] | 2,652 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 786 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 485 | ||||
Buildings and Improvements | [4] | 3,438 | ||||
Total | [4] | 3,923 | ||||
Accumulated Depreciation | [4] | $ 2,137 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 1,988 | ||||
Industrial [Member] | FLORIDA [Member] | Fort Lauderdale/Palm Beach area [Member] | Executive Airport Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[6] | $ 7,990 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[6] | 1,991 | ||||
Buildings and Improvements | [4],[6] | 4,857 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[6] | 5,108 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[6] | 1,991 | ||||
Buildings and Improvements | [4],[6] | 9,965 | ||||
Total | [4],[6] | 11,956 | ||||
Accumulated Depreciation | [4],[6] | $ 4,361 | ||||
Year Acquired | [4],[6] | 2,001 | ||||
Year Constructed | [4],[6] | 2004/06 | ||||
Industrial [Member] | FLORIDA [Member] | Fort Lauderdale/Palm Beach area [Member] | Sample 95 Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,202 | ||||
Buildings and Improvements | [4] | 8,785 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,052 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,202 | ||||
Buildings and Improvements | [4] | 11,837 | ||||
Total | [4] | 14,039 | ||||
Accumulated Depreciation | [4] | $ 7,242 | ||||
Year Acquired | [4] | 1996/98 | ||||
Year Constructed | [4] | 1990/99 | ||||
Industrial [Member] | FLORIDA [Member] | Fort Lauderdale/Palm Beach area [Member] | Blue Heron Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 975 | ||||
Buildings and Improvements | [4] | 3,626 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,850 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 975 | ||||
Buildings and Improvements | [4] | 5,476 | ||||
Total | [4] | 6,451 | ||||
Accumulated Depreciation | [4] | $ 3,245 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1,986 | ||||
Industrial [Member] | FLORIDA [Member] | Fort Lauderdale/Palm Beach area [Member] | Blue Heron Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 735 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,385 | ||||
Buildings and Improvements | [4] | 4,222 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 809 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,385 | ||||
Buildings and Improvements | [4] | 5,031 | ||||
Total | [4] | 6,416 | ||||
Accumulated Depreciation | [4] | $ 2,242 | ||||
Year Acquired | [4] | 2,004 | ||||
Year Constructed | [4] | 1,988 | ||||
Industrial [Member] | FLORIDA [Member] | Fort Lauderdale/Palm Beach area [Member] | Blue Heron Distribution Center III | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 450 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,664 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 450 | ||||
Buildings and Improvements | [4] | 2,664 | ||||
Total | [4] | 3,114 | ||||
Accumulated Depreciation | [4] | $ 772 | ||||
Year Acquired | [4] | 2,004 | ||||
Year Constructed | [4] | 2,009 | ||||
Industrial [Member] | FLORIDA [Member] | Fort Myers [Member] | SunCoast Commerce Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 911 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,768 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 928 | ||||
Buildings and Improvements | [4] | 4,751 | ||||
Total | [4] | 5,679 | ||||
Accumulated Depreciation | [4] | $ 1,471 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,008 | ||||
Industrial [Member] | FLORIDA [Member] | Fort Myers [Member] | SunCoast Commerce Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 911 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,952 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 928 | ||||
Buildings and Improvements | [4] | 4,935 | ||||
Total | [4] | 5,863 | ||||
Accumulated Depreciation | [4] | $ 1,705 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,007 | ||||
Industrial [Member] | FLORIDA [Member] | Fort Myers [Member] | SunCoast Commerce Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,720 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,556 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,763 | ||||
Buildings and Improvements | [4] | 6,513 | ||||
Total | [4] | 8,276 | ||||
Accumulated Depreciation | [4] | $ 1,746 | ||||
Year Acquired | [4] | 2,006 | ||||
Year Constructed | [4] | 2,008 | ||||
Industrial [Member] | CALIFORNIA [Member] | San Francisco area [Member] | Wiegman Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 9,409 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 2,197 | ||||
Buildings and Improvements | [4],[7] | 8,788 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 1,948 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 2,308 | ||||
Buildings and Improvements | [4],[7] | 10,625 | ||||
Total | [4],[7] | 12,933 | ||||
Accumulated Depreciation | [4],[7] | $ 5,548 | ||||
Year Acquired | [4],[7] | 1,996 | ||||
Year Constructed | [4],[7] | 1986/87 | ||||
Industrial [Member] | CALIFORNIA [Member] | San Francisco area [Member] | Wiegman Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,579 | ||||
Buildings and Improvements | [4] | 4,316 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 110 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,579 | ||||
Buildings and Improvements | [4] | 4,426 | ||||
Total | [4] | 7,005 | ||||
Accumulated Depreciation | [4] | $ 434 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 1,998 | ||||
Industrial [Member] | CALIFORNIA [Member] | San Francisco area [Member] | Huntwood Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 16,158 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 3,842 | ||||
Buildings and Improvements | [4],[7] | 15,368 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 2,987 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 3,842 | ||||
Buildings and Improvements | [4],[7] | 18,355 | ||||
Total | [4],[7] | 22,197 | ||||
Accumulated Depreciation | [4],[7] | $ 9,591 | ||||
Year Acquired | [4],[7] | 1,996 | ||||
Year Constructed | [4],[7] | 1,988 | ||||
Industrial [Member] | CALIFORNIA [Member] | San Francisco area [Member] | San Clemente Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 893 | ||||
Buildings and Improvements | [4] | 2,004 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 852 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 893 | ||||
Buildings and Improvements | [4] | 2,856 | ||||
Total | [4] | 3,749 | ||||
Accumulated Depreciation | [4] | $ 1,622 | ||||
Year Acquired | [4] | 1,997 | ||||
Year Constructed | [4] | 1,978 | ||||
Industrial [Member] | CALIFORNIA [Member] | San Francisco area [Member] | Yosemite Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 259 | ||||
Buildings and Improvements | [4] | 7,058 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,329 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 259 | ||||
Buildings and Improvements | [4] | 8,387 | ||||
Total | [4] | 8,646 | ||||
Accumulated Depreciation | [4] | $ 4,213 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1974/87 | ||||
Industrial [Member] | CALIFORNIA [Member] | Los Angeles area [Member] | Kingsview Industrial Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[8] | $ 2,605 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[8] | 643 | ||||
Buildings and Improvements | [4],[8] | 2,573 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[8] | 615 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[8] | 643 | ||||
Buildings and Improvements | [4],[8] | 3,188 | ||||
Total | [4],[8] | 3,831 | ||||
Accumulated Depreciation | [4],[8] | $ 1,748 | ||||
Year Acquired | [4],[8] | 1,996 | ||||
Year Constructed | [4],[8] | 1,980 | ||||
Industrial [Member] | CALIFORNIA [Member] | Los Angeles area [Member] | Dominguez Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[8] | $ 7,615 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[8] | 2,006 | ||||
Buildings and Improvements | [4],[8] | 8,025 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[8] | 1,170 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[8] | 2,006 | ||||
Buildings and Improvements | [4],[8] | 9,195 | ||||
Total | [4],[8] | 11,201 | ||||
Accumulated Depreciation | [4],[8] | $ 5,128 | ||||
Year Acquired | [4],[8] | 1,996 | ||||
Year Constructed | [4],[8] | 1,977 | ||||
Industrial [Member] | CALIFORNIA [Member] | Los Angeles area [Member] | Main Street Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,606 | ||||
Buildings and Improvements | [4] | 4,103 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 787 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,606 | ||||
Buildings and Improvements | [4] | 4,890 | ||||
Total | [4] | 6,496 | ||||
Accumulated Depreciation | [4] | $ 2,519 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1,999 | ||||
Industrial [Member] | CALIFORNIA [Member] | Los Angeles area [Member] | Walnut Business Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[8] | $ 6,604 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[8] | 2,885 | ||||
Buildings and Improvements | [4],[8] | 5,274 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[8] | 1,555 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[8] | 2,885 | ||||
Buildings and Improvements | [4],[8] | 6,829 | ||||
Total | [4],[8] | 9,714 | ||||
Accumulated Depreciation | [4],[8] | $ 3,512 | ||||
Year Acquired | [4],[8] | 1,996 | ||||
Year Constructed | [4],[8] | 1966/90 | ||||
Industrial [Member] | CALIFORNIA [Member] | Los Angeles area [Member] | Washington Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[8] | $ 4,891 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[8] | 1,636 | ||||
Buildings and Improvements | [4],[8] | 4,900 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[8] | 658 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[8] | 1,636 | ||||
Buildings and Improvements | [4],[8] | 5,558 | ||||
Total | [4],[8] | 7,194 | ||||
Accumulated Depreciation | [4],[8] | $ 2,838 | ||||
Year Acquired | [4],[8] | 1,997 | ||||
Year Constructed | [4],[8] | 1996/97 | ||||
Industrial [Member] | CALIFORNIA [Member] | Los Angeles area [Member] | Chino Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[9] | $ 8,774 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[9] | 2,544 | ||||
Buildings and Improvements | [4],[9] | 10,175 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[9] | 1,623 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[9] | 2,544 | ||||
Buildings and Improvements | [4],[9] | 11,798 | ||||
Total | [4],[9] | 14,342 | ||||
Accumulated Depreciation | [4],[9] | $ 6,987 | ||||
Year Acquired | [4],[9] | 1,998 | ||||
Year Constructed | [4],[9] | 1,980 | ||||
Industrial [Member] | CALIFORNIA [Member] | Los Angeles area [Member] | Ramona Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 2,757 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,761 | ||||
Buildings and Improvements | [4] | 5,751 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,761 | ||||
Buildings and Improvements | [4] | 5,754 | ||||
Total | [4] | 9,515 | ||||
Accumulated Depreciation | [4] | $ 171 | ||||
Year Acquired | [4] | 2,014 | ||||
Year Constructed | [4] | 1,984 | ||||
Industrial [Member] | CALIFORNIA [Member] | Los Angeles area [Member] | Industry Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[8] | $ 18,306 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[8] | 10,230 | ||||
Buildings and Improvements | [4],[8] | 12,373 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[8] | 4,323 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[8] | 10,230 | ||||
Buildings and Improvements | [4],[8] | 16,696 | ||||
Total | [4],[8] | 26,926 | ||||
Accumulated Depreciation | [4],[8] | $ 7,547 | ||||
Year Acquired | [4],[8] | 1,998 | ||||
Year Constructed | [4],[8] | 1,959 | ||||
Industrial [Member] | CALIFORNIA [Member] | Los Angeles area [Member] | Industry Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[8] | $ 1,941 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[8] | 0 | ||||
Buildings and Improvements | [4],[8] | 3,012 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[8] | (157) | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[8] | 0 | ||||
Buildings and Improvements | [4],[8] | 2,855 | ||||
Total | [4],[8] | 2,855 | ||||
Accumulated Depreciation | [4],[8] | $ 2,855 | ||||
Year Acquired | [4],[8] | 2,007 | ||||
Year Constructed | [4],[8] | 1,992 | ||||
Industrial [Member] | CALIFORNIA [Member] | Los Angeles area [Member] | Chestnut Business Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,674 | ||||
Buildings and Improvements | [4] | 3,465 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 220 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,674 | ||||
Buildings and Improvements | [4] | 3,685 | ||||
Total | [4] | 5,359 | ||||
Accumulated Depreciation | [4] | $ 1,723 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 1,999 | ||||
Industrial [Member] | CALIFORNIA [Member] | Los Angeles area [Member] | Los Angeles Corporate Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,363 | ||||
Buildings and Improvements | [4] | 5,453 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,056 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,363 | ||||
Buildings and Improvements | [4] | 8,509 | ||||
Total | [4] | 9,872 | ||||
Accumulated Depreciation | [4] | $ 5,176 | ||||
Year Acquired | [4] | 1,996 | ||||
Year Constructed | [4] | 1,986 | ||||
Industrial [Member] | CALIFORNIA [Member] | Santa Barbara [Member] | University Business Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 5,517 | ||||
Buildings and Improvements | [4] | 22,067 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,766 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 5,519 | ||||
Buildings and Improvements | [4] | 27,831 | ||||
Total | [4] | 33,350 | ||||
Accumulated Depreciation | [4] | $ 15,216 | ||||
Year Acquired | [4] | 1,996 | ||||
Year Constructed | [4] | 1987/88 | ||||
Industrial [Member] | CALIFORNIA [Member] | Santa Barbara [Member] | Castilian Research Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,719 | ||||
Buildings and Improvements | [4] | 1,410 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,846 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,719 | ||||
Buildings and Improvements | [4] | 6,256 | ||||
Total | [4] | 8,975 | ||||
Accumulated Depreciation | [4] | $ 1,418 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,007 | ||||
Industrial [Member] | CALIFORNIA [Member] | Fresno [Member] | Shaw Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[8] | $ 12,727 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[8] | 2,465 | ||||
Buildings and Improvements | [4],[8] | 11,627 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[8] | 4,627 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[8] | 2,465 | ||||
Buildings and Improvements | [4],[8] | 16,254 | ||||
Total | [4],[8] | 18,719 | ||||
Accumulated Depreciation | [4],[8] | $ 9,689 | ||||
Year Acquired | [4],[8] | 1,998 | ||||
Year Constructed | [4],[8] | 1978/81/87 | ||||
Industrial [Member] | CALIFORNIA [Member] | San Diego [Member] | Eastlake Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,046 | ||||
Buildings and Improvements | [4] | 6,888 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,751 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,046 | ||||
Buildings and Improvements | [4] | 8,639 | ||||
Total | [4] | 11,685 | ||||
Accumulated Depreciation | [4] | $ 4,854 | ||||
Year Acquired | [4] | 1,997 | ||||
Year Constructed | [4] | 1,989 | ||||
Industrial [Member] | CALIFORNIA [Member] | San Diego [Member] | Ocean View Corporate Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[6] | $ 9,603 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[6] | 6,577 | ||||
Buildings and Improvements | [4],[6] | 7,105 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[6] | 686 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[6] | 6,577 | ||||
Buildings and Improvements | [4],[6] | 7,791 | ||||
Total | [4],[6] | 14,368 | ||||
Accumulated Depreciation | [4],[6] | $ 2,143 | ||||
Year Acquired | [4],[6] | 2,010 | ||||
Year Constructed | [4],[6] | 2,005 | ||||
Industrial [Member] | TEXAS [Member] | Dallas [Member] | Interstate Distribution Center I and II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 6,114 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 1,746 | ||||
Buildings and Improvements | [4],[10] | 4,941 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 3,189 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 1,746 | ||||
Buildings and Improvements | [4],[10] | 8,130 | ||||
Total | [4],[10] | 9,876 | ||||
Accumulated Depreciation | [4],[10] | $ 5,562 | ||||
Year Acquired | [4],[10] | 1,988 | ||||
Year Constructed | [4],[10] | 1,978 | ||||
Industrial [Member] | TEXAS [Member] | Dallas [Member] | Interstate Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 2,488 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 519 | ||||
Buildings and Improvements | [4],[10] | 2,008 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 1,491 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 519 | ||||
Buildings and Improvements | [4],[10] | 3,499 | ||||
Total | [4],[10] | 4,018 | ||||
Accumulated Depreciation | [4],[10] | $ 1,650 | ||||
Year Acquired | [4],[10] | 2,000 | ||||
Year Constructed | [4],[10] | 1,979 | ||||
Industrial [Member] | TEXAS [Member] | Dallas [Member] | Interstate Distribution Center IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 416 | ||||
Buildings and Improvements | [4] | 2,481 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 456 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 416 | ||||
Buildings and Improvements | [4] | 2,937 | ||||
Total | [4] | 3,353 | ||||
Accumulated Depreciation | [4] | $ 1,337 | ||||
Year Acquired | [4] | 2,004 | ||||
Year Constructed | [4] | 2,002 | ||||
Industrial [Member] | TEXAS [Member] | Dallas [Member] | Interstate Distribution Center V, VI, VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 4,646 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 1,824 | ||||
Buildings and Improvements | [4],[5] | 4,106 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 1,694 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 1,824 | ||||
Buildings and Improvements | [4],[5] | 5,800 | ||||
Total | [4],[5] | 7,624 | ||||
Accumulated Depreciation | [4],[5] | $ 2,225 | ||||
Year Acquired | [4],[5] | 2,009 | ||||
Year Constructed | [4],[5] | 1979/80/81 | ||||
Industrial [Member] | TEXAS [Member] | Dallas [Member] | Venture Warehouses [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 4,785 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 1,452 | ||||
Buildings and Improvements | [4],[10] | 3,762 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 2,515 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 1,452 | ||||
Buildings and Improvements | [4],[10] | 6,277 | ||||
Total | [4],[10] | 7,729 | ||||
Accumulated Depreciation | [4],[10] | $ 4,628 | ||||
Year Acquired | [4],[10] | 1,988 | ||||
Year Constructed | [4],[10] | 1,979 | ||||
Industrial [Member] | TEXAS [Member] | Dallas [Member] | Stemmons Circle [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 1,899 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 363 | ||||
Buildings and Improvements | [4],[10] | 2,014 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 690 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 363 | ||||
Buildings and Improvements | [4],[10] | 2,704 | ||||
Total | [4],[10] | 3,067 | ||||
Accumulated Depreciation | [4],[10] | $ 1,699 | ||||
Year Acquired | [4],[10] | 1,998 | ||||
Year Constructed | [4],[10] | 1,977 | ||||
Industrial [Member] | TEXAS [Member] | Dallas [Member] | North Stemmons II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 150 | ||||
Buildings and Improvements | [4] | 583 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 506 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 150 | ||||
Buildings and Improvements | [4] | 1,089 | ||||
Total | [4] | 1,239 | ||||
Accumulated Depreciation | [4] | $ 528 | ||||
Year Acquired | [4] | 2,002 | ||||
Year Constructed | [4] | 1,971 | ||||
Industrial [Member] | TEXAS [Member] | Dallas [Member] | North Stemmons III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 380 | ||||
Buildings and Improvements | [4] | 2,066 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 48 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 380 | ||||
Buildings and Improvements | [4] | 2,114 | ||||
Total | [4] | 2,494 | ||||
Accumulated Depreciation | [4] | $ 571 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 1,974 | ||||
Industrial [Member] | TEXAS [Member] | Dallas [Member] | Shady Trail Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 635 | ||||
Buildings and Improvements | [4] | 3,621 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,094 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 635 | ||||
Buildings and Improvements | [4] | 4,715 | ||||
Total | [4] | 5,350 | ||||
Accumulated Depreciation | [4] | $ 2,032 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 1,998 | ||||
Industrial [Member] | TEXAS [Member] | Dallas [Member] | Valwood Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,361 | ||||
Buildings and Improvements | [4] | 34,405 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,788 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,361 | ||||
Buildings and Improvements | [4] | 36,193 | ||||
Total | [4] | 40,554 | ||||
Accumulated Depreciation | [4] | $ 4,819 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 1986/87/97/98 | ||||
Industrial [Member] | TEXAS [Member] | Dallas [Member] | Northfield Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 12,471 | ||||
Buildings and Improvements | [4] | 50,713 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,357 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 12,470 | ||||
Buildings and Improvements | [4] | 52,071 | ||||
Total | [4] | 64,541 | ||||
Accumulated Depreciation | [4] | $ 6,834 | ||||
Year Acquired | [4] | 2,013 | ||||
Year Constructed | [4] | 1999-2001/03/04/08 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Northwest Point Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,243 | ||||
Buildings and Improvements | [4] | 5,640 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,703 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,243 | ||||
Buildings and Improvements | [4] | 10,343 | ||||
Total | [4] | 11,586 | ||||
Accumulated Depreciation | [4] | $ 6,916 | ||||
Year Acquired | [4] | 1,994 | ||||
Year Constructed | [4] | 1984/85 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Lockwood Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 749 | ||||
Buildings and Improvements | [4] | 5,444 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,985 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 749 | ||||
Buildings and Improvements | [4] | 7,429 | ||||
Total | [4] | 8,178 | ||||
Accumulated Depreciation | [4] | $ 4,209 | ||||
Year Acquired | [4] | 1,997 | ||||
Year Constructed | [4] | 1968/69 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | West Loop Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 4,739 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 905 | ||||
Buildings and Improvements | [4],[10] | 4,383 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 2,366 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 905 | ||||
Buildings and Improvements | [4],[10] | 6,749 | ||||
Total | [4],[10] | 7,654 | ||||
Accumulated Depreciation | [4],[10] | $ 4,149 | ||||
Year Acquired | [4],[10] | 1997/2000 | ||||
Year Constructed | [4],[10] | 1,980 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 1 and 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[9] | $ 5,143 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[9] | 660 | ||||
Buildings and Improvements | [4],[9] | 5,893 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[9] | 1,854 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[9] | 660 | ||||
Buildings and Improvements | [4],[9] | 7,747 | ||||
Total | [4],[9] | 8,407 | ||||
Accumulated Depreciation | [4],[9] | $ 4,212 | ||||
Year Acquired | [4],[9] | 1,998 | ||||
Year Constructed | [4],[9] | 1,996 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 3, 4 and 5 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 5,343 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 1,025 | ||||
Buildings and Improvements | [4],[10] | 6,413 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 1,193 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 1,025 | ||||
Buildings and Improvements | [4],[10] | 7,606 | ||||
Total | [4],[10] | 8,631 | ||||
Accumulated Depreciation | [4],[10] | $ 4,127 | ||||
Year Acquired | [4],[10] | 1,998 | ||||
Year Constructed | [4],[10] | 1,998 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 6 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 2,079 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 425 | ||||
Buildings and Improvements | [4],[10] | 2,423 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 510 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 425 | ||||
Buildings and Improvements | [4],[10] | 2,933 | ||||
Total | [4],[10] | 3,358 | ||||
Accumulated Depreciation | [4],[10] | $ 1,663 | ||||
Year Acquired | [4],[10] | 1,998 | ||||
Year Constructed | [4],[10] | 1,998 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 7 and 8 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 5,840 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 680 | ||||
Buildings and Improvements | [4],[10] | 4,584 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 4,170 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 680 | ||||
Buildings and Improvements | [4],[10] | 8,754 | ||||
Total | [4],[10] | 9,434 | ||||
Accumulated Depreciation | [4],[10] | $ 4,940 | ||||
Year Acquired | [4],[10] | 1,998 | ||||
Year Constructed | [4],[10] | 1,998 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 9 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 4,265 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 800 | ||||
Buildings and Improvements | [4],[10] | 4,355 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 1,734 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 800 | ||||
Buildings and Improvements | [4],[10] | 6,089 | ||||
Total | [4],[10] | 6,889 | ||||
Accumulated Depreciation | [4],[10] | $ 2,544 | ||||
Year Acquired | [4],[10] | 1,998 | ||||
Year Constructed | [4],[10] | 1,998 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 10 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 933 | ||||
Buildings and Improvements | [4] | 4,779 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 349 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 933 | ||||
Buildings and Improvements | [4] | 5,128 | ||||
Total | [4] | 6,061 | ||||
Accumulated Depreciation | [4] | $ 2,209 | ||||
Year Acquired | [4] | 2,001 | ||||
Year Constructed | [4] | 1,999 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 11 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 638 | ||||
Buildings and Improvements | [4] | 3,764 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,195 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 638 | ||||
Buildings and Improvements | [4] | 4,959 | ||||
Total | [4] | 5,597 | ||||
Accumulated Depreciation | [4] | $ 2,515 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1,999 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 12 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 340 | ||||
Buildings and Improvements | [4] | 2,419 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 383 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 340 | ||||
Buildings and Improvements | [4] | 2,802 | ||||
Total | [4] | 3,142 | ||||
Accumulated Depreciation | [4] | $ 1,477 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,002 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 13 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 282 | ||||
Buildings and Improvements | [4] | 2,569 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 374 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 282 | ||||
Buildings and Improvements | [4] | 2,943 | ||||
Total | [4] | 3,225 | ||||
Accumulated Depreciation | [4] | $ 1,784 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,002 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 14 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 722 | ||||
Buildings and Improvements | [4] | 2,629 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 535 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 722 | ||||
Buildings and Improvements | [4] | 3,164 | ||||
Total | [4] | 3,886 | ||||
Accumulated Depreciation | [4] | $ 1,600 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,003 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 15 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 731 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,124 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 731 | ||||
Buildings and Improvements | [4] | 6,124 | ||||
Total | [4] | 6,855 | ||||
Accumulated Depreciation | [4] | $ 2,904 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,007 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 16 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[11] | $ 3,373 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[11] | 519 | ||||
Buildings and Improvements | [4],[11] | 4,248 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[11] | 1,144 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[11] | 519 | ||||
Buildings and Improvements | [4],[11] | 5,392 | ||||
Total | [4],[11] | 5,911 | ||||
Accumulated Depreciation | [4],[11] | $ 2,791 | ||||
Year Acquired | [4],[11] | 2,000 | ||||
Year Constructed | [4],[11] | 2,005 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 17 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 1,945 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 799 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 2,744 | ||||
Total | [4] | 3,117 | ||||
Accumulated Depreciation | [4] | $ 1,177 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,004 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 18 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 323 | ||||
Buildings and Improvements | [4] | 1,512 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 251 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 323 | ||||
Buildings and Improvements | [4] | 1,763 | ||||
Total | [4] | 2,086 | ||||
Accumulated Depreciation | [4] | $ 764 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 1,995 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 19 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 2,256 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,126 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 3,382 | ||||
Total | [4] | 3,755 | ||||
Accumulated Depreciation | [4] | $ 1,785 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,004 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 20 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,008 | ||||
Buildings and Improvements | [4] | 1,948 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,307 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,008 | ||||
Buildings and Improvements | [4] | 3,255 | ||||
Total | [4] | 4,263 | ||||
Accumulated Depreciation | [4] | $ 1,758 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,004 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 21 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[9] | $ 2,410 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[9] | 436 | ||||
Buildings and Improvements | [4],[9] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[9] | 3,504 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[9] | 436 | ||||
Buildings and Improvements | [4],[9] | 3,504 | ||||
Total | [4],[9] | 3,940 | ||||
Accumulated Depreciation | [4],[9] | $ 1,233 | ||||
Year Acquired | [4],[9] | 2000/03 | ||||
Year Constructed | [4],[9] | 2,006 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 22 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 436 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,537 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 436 | ||||
Buildings and Improvements | [4] | 4,537 | ||||
Total | [4] | 4,973 | ||||
Accumulated Depreciation | [4] | $ 1,748 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,007 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 23 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[9] | $ 4,927 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[9] | 910 | ||||
Buildings and Improvements | [4],[9] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[9] | 7,145 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[9] | 910 | ||||
Buildings and Improvements | [4],[9] | 7,145 | ||||
Total | [4],[9] | 8,055 | ||||
Accumulated Depreciation | [4],[9] | $ 2,479 | ||||
Year Acquired | [4],[9] | 2,000 | ||||
Year Constructed | [4],[9] | 2,007 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 24 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 837 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,516 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 837 | ||||
Buildings and Improvements | [4] | 5,516 | ||||
Total | [4] | 6,353 | ||||
Accumulated Depreciation | [4] | $ 2,066 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,008 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 25 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 508 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,762 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 508 | ||||
Buildings and Improvements | [4] | 3,762 | ||||
Total | [4] | 4,270 | ||||
Accumulated Depreciation | [4] | $ 1,203 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,008 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 26 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[6] | $ 2,432 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[6] | 445 | ||||
Buildings and Improvements | [4],[6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[6] | 3,194 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[6] | 445 | ||||
Buildings and Improvements | [4],[6] | 3,194 | ||||
Total | [4],[6] | 3,639 | ||||
Accumulated Depreciation | [4],[6] | $ 978 | ||||
Year Acquired | [4],[6] | 2,005 | ||||
Year Constructed | [4],[6] | 2,008 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 27 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 837 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,004 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 837 | ||||
Buildings and Improvements | [4] | 5,004 | ||||
Total | [4] | 5,841 | ||||
Accumulated Depreciation | [4] | $ 1,378 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,008 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 28 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[6] | $ 3,176 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[6] | 550 | ||||
Buildings and Improvements | [4],[6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[6] | 4,202 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[6] | 550 | ||||
Buildings and Improvements | [4],[6] | 4,202 | ||||
Total | [4],[6] | 4,752 | ||||
Accumulated Depreciation | [4],[6] | $ 1,134 | ||||
Year Acquired | [4],[6] | 2,005 | ||||
Year Constructed | [4],[6] | 2,009 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 29 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[6] | $ 3,288 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[6] | 782 | ||||
Buildings and Improvements | [4],[6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[6] | 4,138 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[6] | 974 | ||||
Buildings and Improvements | [4],[6] | 3,946 | ||||
Total | [4],[6] | 4,920 | ||||
Accumulated Depreciation | [4],[6] | $ 1,042 | ||||
Year Acquired | [4],[6] | 2,007 | ||||
Year Constructed | [4],[6] | 2,009 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 30 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[6] | $ 4,512 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[6] | 981 | ||||
Buildings and Improvements | [4],[6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[6] | 5,771 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[6] | 1,222 | ||||
Buildings and Improvements | [4],[6] | 5,530 | ||||
Total | [4],[6] | 6,752 | ||||
Accumulated Depreciation | [4],[6] | $ 1,754 | ||||
Year Acquired | [4],[6] | 2,007 | ||||
Year Constructed | [4],[6] | 2,009 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr31a Member | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 684 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,912 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 684 | ||||
Buildings and Improvements | [4] | 3,912 | ||||
Total | [4] | 4,596 | ||||
Accumulated Depreciation | [4] | $ 1,078 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,011 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 31B [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 546 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,537 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 546 | ||||
Buildings and Improvements | [4] | 3,537 | ||||
Total | [4] | 4,083 | ||||
Accumulated Depreciation | [4] | $ 560 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,012 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston Intl Business Ctr 32 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 4,195 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 1,225 | ||||
Buildings and Improvements | [4],[5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 5,660 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 1,526 | ||||
Buildings and Improvements | [4],[5] | 5,359 | ||||
Total | [4],[5] | 6,885 | ||||
Accumulated Depreciation | [4],[5] | $ 847 | ||||
Year Acquired | [4],[5] | 2,007 | ||||
Year Constructed | [4],[5] | 2,012 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston 33 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,166 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,859 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,166 | ||||
Buildings and Improvements | [4] | 7,859 | ||||
Total | [4] | 9,025 | ||||
Accumulated Depreciation | [4] | $ 829 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,013 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston 34 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 439 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,373 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 439 | ||||
Buildings and Improvements | [4] | 3,373 | ||||
Total | [4] | 3,812 | ||||
Accumulated Depreciation | [4] | $ 370 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,012 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston 35 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 340 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,475 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 340 | ||||
Buildings and Improvements | [4] | 2,475 | ||||
Total | [4] | 2,815 | ||||
Accumulated Depreciation | [4] | $ 227 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,012 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston 36 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 685 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,878 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 685 | ||||
Buildings and Improvements | [4] | 4,878 | ||||
Total | [4] | 5,563 | ||||
Accumulated Depreciation | [4] | $ 486 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,013 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston 37 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 759 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,370 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 759 | ||||
Buildings and Improvements | [4] | 6,370 | ||||
Total | [4] | 7,129 | ||||
Accumulated Depreciation | [4] | $ 497 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,013 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston 38 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,053 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,312 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,053 | ||||
Buildings and Improvements | [4] | 7,312 | ||||
Total | [4] | 8,365 | ||||
Accumulated Depreciation | [4] | $ 703 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,013 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston 39 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 620 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,199 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 620 | ||||
Buildings and Improvements | [4] | 5,199 | ||||
Total | [4] | 5,819 | ||||
Accumulated Depreciation | [4] | $ 154 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,014 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston 40 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,072 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 9,340 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,072 | ||||
Buildings and Improvements | [4] | 9,340 | ||||
Total | [4] | 10,412 | ||||
Accumulated Depreciation | [4] | $ 396 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,014 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston 41 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 649 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,954 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 649 | ||||
Buildings and Improvements | [4] | 5,954 | ||||
Total | [4] | 6,603 | ||||
Accumulated Depreciation | [4] | $ 105 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,014 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | World Houston 42 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 571 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,812 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 571 | ||||
Buildings and Improvements | [4] | 4,812 | ||||
Total | [4] | 5,383 | ||||
Accumulated Depreciation | [4] | $ 77 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,015 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | America Plaza [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 3,910 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 662 | ||||
Buildings and Improvements | [4],[10] | 4,660 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 993 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 662 | ||||
Buildings and Improvements | [4],[10] | 5,653 | ||||
Total | [4],[10] | 6,315 | ||||
Accumulated Depreciation | [4],[10] | $ 3,129 | ||||
Year Acquired | [4],[10] | 1,998 | ||||
Year Constructed | [4],[10] | 1,996 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Central Green Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 2,930 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 566 | ||||
Buildings and Improvements | [4],[10] | 4,031 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 135 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 566 | ||||
Buildings and Improvements | [4],[10] | 4,166 | ||||
Total | [4],[10] | 4,732 | ||||
Accumulated Depreciation | [4],[10] | $ 2,179 | ||||
Year Acquired | [4],[10] | 1,999 | ||||
Year Constructed | [4],[10] | 1,998 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Glenmont Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 6,141 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 936 | ||||
Buildings and Improvements | [4],[10] | 6,161 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 2,823 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 936 | ||||
Buildings and Improvements | [4],[10] | 8,984 | ||||
Total | [4],[10] | 9,920 | ||||
Accumulated Depreciation | [4],[10] | $ 4,852 | ||||
Year Acquired | [4],[10] | 1,998 | ||||
Year Constructed | [4],[10] | 1999/2000 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Techway Southwest I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 729 | ||||
Buildings and Improvements | [4] | 3,765 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,281 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 729 | ||||
Buildings and Improvements | [4] | 6,046 | ||||
Total | [4] | 6,775 | ||||
Accumulated Depreciation | [4] | $ 3,257 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,001 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Techway Southwest II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 550 | ||||
Buildings and Improvements | [4] | 3,689 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,283 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 550 | ||||
Buildings and Improvements | [4] | 4,972 | ||||
Total | [4] | 5,522 | ||||
Accumulated Depreciation | [4] | $ 2,332 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,004 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Techway Southwest III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 597 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,578 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 751 | ||||
Buildings and Improvements | [4] | 5,424 | ||||
Total | [4] | 6,175 | ||||
Accumulated Depreciation | [4] | $ 2,426 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 2,006 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Techway Southwest IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[6] | $ 4,187 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[6] | 535 | ||||
Buildings and Improvements | [4],[6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[6] | 5,730 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[6] | 674 | ||||
Buildings and Improvements | [4],[6] | 5,591 | ||||
Total | [4],[6] | 6,265 | ||||
Accumulated Depreciation | [4],[6] | $ 1,765 | ||||
Year Acquired | [4],[6] | 1,999 | ||||
Year Constructed | [4],[6] | 2,008 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Beltway Crossing I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 458 | ||||
Buildings and Improvements | [4] | 5,712 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,450 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 458 | ||||
Buildings and Improvements | [4] | 8,162 | ||||
Total | [4] | 8,620 | ||||
Accumulated Depreciation | [4] | $ 3,678 | ||||
Year Acquired | [4] | 2,002 | ||||
Year Constructed | [4] | 2,001 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Beltway Crossing II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 415 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,892 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 415 | ||||
Buildings and Improvements | [4] | 2,892 | ||||
Total | [4] | 3,307 | ||||
Accumulated Depreciation | [4] | $ 1,092 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,007 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Beltway Crossing III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 460 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,094 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 460 | ||||
Buildings and Improvements | [4] | 3,094 | ||||
Total | [4] | 3,554 | ||||
Accumulated Depreciation | [4] | $ 1,216 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,008 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Beltway Crossing IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 460 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,035 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 460 | ||||
Buildings and Improvements | [4] | 3,035 | ||||
Total | [4] | 3,495 | ||||
Accumulated Depreciation | [4] | $ 1,194 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,008 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Beltway Crossing V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[6] | $ 3,711 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[6] | 701 | ||||
Buildings and Improvements | [4],[6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[6] | 4,852 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[6] | 701 | ||||
Buildings and Improvements | [4],[6] | 4,852 | ||||
Total | [4],[6] | 5,553 | ||||
Accumulated Depreciation | [4],[6] | $ 1,707 | ||||
Year Acquired | [4],[6] | 2,005 | ||||
Year Constructed | [4],[6] | 2,008 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Beltway Crossing VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 4,043 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 618 | ||||
Buildings and Improvements | [4],[5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 6,017 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 618 | ||||
Buildings and Improvements | [4],[5] | 6,017 | ||||
Total | [4],[5] | 6,635 | ||||
Accumulated Depreciation | [4],[5] | $ 1,522 | ||||
Year Acquired | [4],[5] | 2,005 | ||||
Year Constructed | [4],[5] | 2,008 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Beltway Crossing VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 4,052 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 765 | ||||
Buildings and Improvements | [4],[5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 5,884 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 765 | ||||
Buildings and Improvements | [4],[5] | 5,884 | ||||
Total | [4],[5] | 6,649 | ||||
Accumulated Depreciation | [4],[5] | $ 1,958 | ||||
Year Acquired | [4],[5] | 2,005 | ||||
Year Constructed | [4],[5] | 2,009 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Beltway Crossing VIII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 721 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,576 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 721 | ||||
Buildings and Improvements | [4] | 4,576 | ||||
Total | [4] | 5,297 | ||||
Accumulated Depreciation | [4] | $ 939 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,011 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Beltway Crossing IX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 418 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,113 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 418 | ||||
Buildings and Improvements | [4] | 2,113 | ||||
Total | [4] | 2,531 | ||||
Accumulated Depreciation | [4] | $ 282 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 2,012 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Beltway Crossing X [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 733 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,871 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 733 | ||||
Buildings and Improvements | [4] | 3,871 | ||||
Total | [4] | 4,604 | ||||
Accumulated Depreciation | [4] | $ 477 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 2,012 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Beltway Crossing XI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 690 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,101 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 690 | ||||
Buildings and Improvements | [4] | 4,101 | ||||
Total | [4] | 4,791 | ||||
Accumulated Depreciation | [4] | $ 366 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 2,013 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | West Road I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 621 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,324 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 621 | ||||
Buildings and Improvements | [4] | 4,324 | ||||
Total | [4] | 4,945 | ||||
Accumulated Depreciation | [4] | $ 159 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,014 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | West Road II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 981 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,285 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 981 | ||||
Buildings and Improvements | [4] | 5,285 | ||||
Total | [4] | 6,266 | ||||
Accumulated Depreciation | [4] | $ 235 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,014 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Ten West Crossing 1 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 566 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,997 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 566 | ||||
Buildings and Improvements | [4] | 2,997 | ||||
Total | [4] | 3,563 | ||||
Accumulated Depreciation | [4] | $ 314 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,013 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Ten West Crossing 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 829 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,385 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 833 | ||||
Buildings and Improvements | [4] | 4,381 | ||||
Total | [4] | 5,214 | ||||
Accumulated Depreciation | [4] | $ 453 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,013 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Ten West Crossing 3 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 609 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,357 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 613 | ||||
Buildings and Improvements | [4] | 4,353 | ||||
Total | [4] | 4,966 | ||||
Accumulated Depreciation | [4] | $ 446 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,013 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Ten West Crossing 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 694 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,506 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 699 | ||||
Buildings and Improvements | [4] | 4,501 | ||||
Total | [4] | 5,200 | ||||
Accumulated Depreciation | [4] | $ 365 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,014 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Ten West Crossing 5 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 933 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,866 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 940 | ||||
Buildings and Improvements | [4] | 5,859 | ||||
Total | [4] | 6,799 | ||||
Accumulated Depreciation | [4] | $ 322 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,014 | ||||
Industrial [Member] | TEXAS [Member] | Houston [Member] | Ten West Crossing 6 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 640 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,113 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 644 | ||||
Buildings and Improvements | [4] | 4,109 | ||||
Total | [4] | 4,753 | ||||
Accumulated Depreciation | [4] | $ 96 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,014 | ||||
Industrial [Member] | TEXAS [Member] | El Paso [Member] | Butterfield Trail [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 20,725 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,420 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 29,145 | ||||
Total | [4] | 29,145 | ||||
Accumulated Depreciation | [4] | $ 16,841 | ||||
Year Acquired | [4] | 1997/2000 | ||||
Year Constructed | [4] | 1987/95 | ||||
Industrial [Member] | TEXAS [Member] | El Paso [Member] | Rojas Commerce Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 4,690 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 900 | ||||
Buildings and Improvements | [4],[10] | 3,659 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 3,016 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 900 | ||||
Buildings and Improvements | [4],[10] | 6,675 | ||||
Total | [4],[10] | 7,575 | ||||
Accumulated Depreciation | [4],[10] | $ 4,707 | ||||
Year Acquired | [4],[10] | 1,999 | ||||
Year Constructed | [4],[10] | 1,986 | ||||
Industrial [Member] | TEXAS [Member] | El Paso [Member] | Americas Ten Business Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 526 | ||||
Buildings and Improvements | [4] | 2,778 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,181 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 526 | ||||
Buildings and Improvements | [4] | 3,959 | ||||
Total | [4] | 4,485 | ||||
Accumulated Depreciation | [4] | $ 2,125 | ||||
Year Acquired | [4] | 2,001 | ||||
Year Constructed | [4] | 2,003 | ||||
Industrial [Member] | TEXAS [Member] | San Antonio [Member] | Alamo Downs Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[11] | $ 5,077 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[11] | 1,342 | ||||
Buildings and Improvements | [4],[11] | 6,338 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[11] | 1,216 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[11] | 1,342 | ||||
Buildings and Improvements | [4],[11] | 7,554 | ||||
Total | [4],[11] | 8,896 | ||||
Accumulated Depreciation | [4],[11] | $ 3,948 | ||||
Year Acquired | [4],[11] | 2,004 | ||||
Year Constructed | [4],[11] | 1986/2002 | ||||
Industrial [Member] | TEXAS [Member] | San Antonio [Member] | Arion Business Park 1-13, 15 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[11] | $ 23,508 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[11] | 4,143 | ||||
Buildings and Improvements | [4],[11] | 31,432 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[11] | 5,616 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[11] | 4,143 | ||||
Buildings and Improvements | [4],[11] | 37,048 | ||||
Total | [4],[11] | 41,191 | ||||
Accumulated Depreciation | [4],[11] | $ 15,762 | ||||
Year Acquired | [4],[11] | 2,005 | ||||
Year Constructed | [4],[11] | 1988-2000/06 | ||||
Industrial [Member] | TEXAS [Member] | San Antonio [Member] | Arion 14 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[11] | $ 2,180 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[11] | 423 | ||||
Buildings and Improvements | [4],[11] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[11] | 3,397 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[11] | 423 | ||||
Buildings and Improvements | [4],[11] | 3,397 | ||||
Total | [4],[11] | 3,820 | ||||
Accumulated Depreciation | [4],[11] | $ 1,218 | ||||
Year Acquired | [4],[11] | 2,005 | ||||
Year Constructed | [4],[11] | 2,006 | ||||
Industrial [Member] | TEXAS [Member] | San Antonio [Member] | Arion 16 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[9] | $ 2,424 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[9] | 427 | ||||
Buildings and Improvements | [4],[9] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[9] | 3,535 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[9] | 427 | ||||
Buildings and Improvements | [4],[9] | 3,535 | ||||
Total | [4],[9] | 3,962 | ||||
Accumulated Depreciation | [4],[9] | $ 1,073 | ||||
Year Acquired | [4],[9] | 2,005 | ||||
Year Constructed | [4],[9] | 2,007 | ||||
Industrial [Member] | TEXAS [Member] | San Antonio [Member] | Arion 17 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[11] | $ 2,622 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[11] | 616 | ||||
Buildings and Improvements | [4],[11] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[11] | 3,978 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[11] | 616 | ||||
Buildings and Improvements | [4],[11] | 3,978 | ||||
Total | [4],[11] | 4,594 | ||||
Accumulated Depreciation | [4],[11] | $ 1,939 | ||||
Year Acquired | [4],[11] | 2,005 | ||||
Year Constructed | [4],[11] | 2,007 | ||||
Industrial [Member] | TEXAS [Member] | San Antonio [Member] | Arion 18 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 1,689 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 418 | ||||
Buildings and Improvements | [4],[5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 2,354 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 418 | ||||
Buildings and Improvements | [4],[5] | 2,354 | ||||
Total | [4],[5] | 2,772 | ||||
Accumulated Depreciation | [4],[5] | $ 947 | ||||
Year Acquired | [4],[5] | 2,005 | ||||
Year Constructed | [4],[5] | 2,008 | ||||
Industrial [Member] | TEXAS [Member] | San Antonio [Member] | Wetmore Business Center 1-4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,494 | ||||
Buildings and Improvements | [4] | 10,804 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,097 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,494 | ||||
Buildings and Improvements | [4] | 13,901 | ||||
Total | [4] | 15,395 | ||||
Accumulated Depreciation | [4] | $ 6,337 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 1998/99 | ||||
Industrial [Member] | TEXAS [Member] | San Antonio [Member] | Wetmore Business Center 5 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[6] | $ 2,573 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[6] | 412 | ||||
Buildings and Improvements | [4],[6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[6] | 3,438 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[6] | 412 | ||||
Buildings and Improvements | [4],[6] | 3,438 | ||||
Total | [4],[6] | 3,850 | ||||
Accumulated Depreciation | [4],[6] | $ 1,407 | ||||
Year Acquired | [4],[6] | 2,006 | ||||
Year Constructed | [4],[6] | 2,008 | ||||
Industrial [Member] | TEXAS [Member] | San Antonio [Member] | Wetmore Business Center 6 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[6] | $ 2,726 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[6] | 505 | ||||
Buildings and Improvements | [4],[6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[6] | 3,574 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[6] | 505 | ||||
Buildings and Improvements | [4],[6] | 3,574 | ||||
Total | [4],[6] | 4,079 | ||||
Accumulated Depreciation | [4],[6] | $ 1,243 | ||||
Year Acquired | [4],[6] | 2,006 | ||||
Year Constructed | [4],[6] | 2,008 | ||||
Industrial [Member] | TEXAS [Member] | San Antonio [Member] | Wetmore Business Center 7 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[6] | $ 2,930 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[6] | 546 | ||||
Buildings and Improvements | [4],[6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[6] | 3,838 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[6] | 546 | ||||
Buildings and Improvements | [4],[6] | 3,838 | ||||
Total | [4],[6] | 4,384 | ||||
Accumulated Depreciation | [4],[6] | $ 818 | ||||
Year Acquired | [4],[6] | 2,006 | ||||
Year Constructed | [4],[6] | 2,008 | ||||
Industrial [Member] | TEXAS [Member] | San Antonio [Member] | Wetmore Business Center 8 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[6] | $ 5,812 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[6] | 1,056 | ||||
Buildings and Improvements | [4],[6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[6] | 7,640 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[6] | 1,056 | ||||
Buildings and Improvements | [4],[6] | 7,640 | ||||
Total | [4],[6] | 8,696 | ||||
Accumulated Depreciation | [4],[6] | $ 2,049 | ||||
Year Acquired | [4],[6] | 2,006 | ||||
Year Constructed | [4],[6] | 2,008 | ||||
Industrial [Member] | TEXAS [Member] | San Antonio [Member] | Fairgrounds Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,644 | ||||
Buildings and Improvements | [4] | 8,209 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,102 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,644 | ||||
Buildings and Improvements | [4] | 10,311 | ||||
Total | [4] | 11,955 | ||||
Accumulated Depreciation | [4] | $ 4,420 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 1985/86 | ||||
Industrial [Member] | TEXAS [Member] | San Antonio [Member] | Rittiman Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,083 | ||||
Buildings and Improvements | [4] | 6,649 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 289 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,083 | ||||
Buildings and Improvements | [4] | 6,938 | ||||
Total | [4] | 8,021 | ||||
Accumulated Depreciation | [4] | $ 957 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,000 | ||||
Industrial [Member] | TEXAS [Member] | San Antonio [Member] | Thousand Oaks I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 607 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,286 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 607 | ||||
Buildings and Improvements | [4] | 4,286 | ||||
Total | [4] | 4,893 | ||||
Accumulated Depreciation | [4] | $ 674 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,012 | ||||
Industrial [Member] | TEXAS [Member] | San Antonio [Member] | Thousand Oaks 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 794 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,719 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 794 | ||||
Buildings and Improvements | [4] | 4,719 | ||||
Total | [4] | 5,513 | ||||
Accumulated Depreciation | [4] | $ 646 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,012 | ||||
Industrial [Member] | TEXAS [Member] | San Antonio [Member] | Thousand Oaks 3 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 772 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,457 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 772 | ||||
Buildings and Improvements | [4] | 4,457 | ||||
Total | [4] | 5,229 | ||||
Accumulated Depreciation | [4] | $ 414 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,013 | ||||
Industrial [Member] | TEXAS [Member] | San Antonio [Member] | Thousand Oaks 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 753 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,953 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 753 | ||||
Buildings and Improvements | [4] | 3,953 | ||||
Total | [4] | 4,706 | ||||
Accumulated Depreciation | [4] | $ 24 | ||||
Year Acquired | [4] | 2,013 | ||||
Year Constructed | [4] | 2,015 | ||||
Industrial [Member] | TEXAS [Member] | Austin [Member] | Colorado Crossing Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,602 | ||||
Buildings and Improvements | [4] | 19,757 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 61 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,602 | ||||
Buildings and Improvements | [4] | 19,818 | ||||
Total | [4] | 24,420 | ||||
Accumulated Depreciation | [4] | $ 1,698 | ||||
Year Acquired | [4] | 2,014 | ||||
Year Constructed | [4] | 2,009 | ||||
Industrial [Member] | TEXAS [Member] | Austin [Member] | Southpark Corporate Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,670 | ||||
Buildings and Improvements | [4] | 14,756 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 0 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,670 | ||||
Buildings and Improvements | [4] | 14,756 | ||||
Total | [4] | 17,426 | ||||
Accumulated Depreciation | [4] | $ 268 | ||||
Year Acquired | [4] | 2,015 | ||||
Year Constructed | [4] | 1,995 | ||||
Industrial [Member] | TEXAS [Member] | Austin [Member] | Springdale Business Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,824 | ||||
Buildings and Improvements | [4] | 8,398 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 0 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,824 | ||||
Buildings and Improvements | [4] | 8,398 | ||||
Total | [4] | 11,222 | ||||
Accumulated Depreciation | [4] | $ 111 | ||||
Year Acquired | [4] | 2,015 | ||||
Year Constructed | [4] | 2,000 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | Broadway Industrial Park I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 837 | ||||
Buildings and Improvements | [4] | 3,349 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 932 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 837 | ||||
Buildings and Improvements | [4] | 4,281 | ||||
Total | [4] | 5,118 | ||||
Accumulated Depreciation | [4] | $ 2,523 | ||||
Year Acquired | [4] | 1,996 | ||||
Year Constructed | [4] | 1,971 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | Broadway Industrial Park II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 455 | ||||
Buildings and Improvements | [4] | 482 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 180 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 455 | ||||
Buildings and Improvements | [4] | 662 | ||||
Total | [4] | 1,117 | ||||
Accumulated Depreciation | [4] | $ 408 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1,971 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | Broadway Industrial Park III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 775 | ||||
Buildings and Improvements | [4] | 1,742 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 531 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 775 | ||||
Buildings and Improvements | [4] | 2,273 | ||||
Total | [4] | 3,048 | ||||
Accumulated Depreciation | [4] | $ 1,268 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 1,983 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | Broadway Industrial Park IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 380 | ||||
Buildings and Improvements | [4] | 1,652 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 783 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 380 | ||||
Buildings and Improvements | [4] | 2,435 | ||||
Total | [4] | 2,815 | ||||
Accumulated Depreciation | [4] | $ 1,406 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 1,986 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | Broadway Industrial Park V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 353 | ||||
Buildings and Improvements | [4] | 1,090 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 120 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 353 | ||||
Buildings and Improvements | [4] | 1,210 | ||||
Total | [4] | 1,563 | ||||
Accumulated Depreciation | [4] | $ 638 | ||||
Year Acquired | [4] | 2,002 | ||||
Year Constructed | [4] | 1,980 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | Broadway Industrial Park VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[9] | $ 1,904 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[9] | 599 | ||||
Buildings and Improvements | [4],[9] | 1,855 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[9] | 658 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[9] | 599 | ||||
Buildings and Improvements | [4],[9] | 2,513 | ||||
Total | [4],[9] | 3,112 | ||||
Accumulated Depreciation | [4],[9] | $ 1,387 | ||||
Year Acquired | [4],[9] | 2,002 | ||||
Year Constructed | [4],[9] | 1,979 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | Broadway Industrial Park VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 450 | ||||
Buildings and Improvements | [4] | 650 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 232 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 450 | ||||
Buildings and Improvements | [4] | 882 | ||||
Total | [4] | 1,332 | ||||
Accumulated Depreciation | [4] | $ 136 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 1,999 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | Kyrene Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,490 | ||||
Buildings and Improvements | [4] | 4,453 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,514 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,490 | ||||
Buildings and Improvements | [4] | 5,967 | ||||
Total | [4] | 7,457 | ||||
Accumulated Depreciation | [4] | $ 3,490 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1981/2001 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | Southpark Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 918 | ||||
Buildings and Improvements | [4] | 2,738 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 644 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 918 | ||||
Buildings and Improvements | [4] | 3,382 | ||||
Total | [4] | 4,300 | ||||
Accumulated Depreciation | [4] | $ 1,472 | ||||
Year Acquired | [4] | 2,001 | ||||
Year Constructed | [4] | 2,000 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | Santan 10 Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[11] | $ 2,176 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[11] | 846 | ||||
Buildings and Improvements | [4],[11] | 2,647 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[11] | 319 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[11] | 846 | ||||
Buildings and Improvements | [4],[11] | 2,966 | ||||
Total | [4],[11] | 3,812 | ||||
Accumulated Depreciation | [4],[11] | $ 1,306 | ||||
Year Acquired | [4],[11] | 2,001 | ||||
Year Constructed | [4],[11] | 2,005 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | Santan 10 Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[9] | $ 3,797 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[9] | 1,088 | ||||
Buildings and Improvements | [4],[9] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[9] | 5,119 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[9] | 1,088 | ||||
Buildings and Improvements | [4],[9] | 5,119 | ||||
Total | [4],[9] | 6,207 | ||||
Accumulated Depreciation | [4],[9] | $ 1,976 | ||||
Year Acquired | [4],[9] | 2,004 | ||||
Year Constructed | [4],[9] | 2,007 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | Chandler Freeways [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,525 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,381 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,525 | ||||
Buildings and Improvements | [4] | 7,381 | ||||
Total | [4] | 8,906 | ||||
Accumulated Depreciation | [4] | $ 516 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,013 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | Kyrene 202 I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 653 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,777 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 653 | ||||
Buildings and Improvements | [4] | 5,777 | ||||
Total | [4] | 6,430 | ||||
Accumulated Depreciation | [4] | $ 145 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,014 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | Kyrene 202 II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 387 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,414 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 387 | ||||
Buildings and Improvements | [4] | 3,414 | ||||
Total | [4] | 3,801 | ||||
Accumulated Depreciation | [4] | $ 110 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,014 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | Metro Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,927 | ||||
Buildings and Improvements | [4] | 7,708 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,747 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,927 | ||||
Buildings and Improvements | [4] | 14,455 | ||||
Total | [4] | 16,382 | ||||
Accumulated Depreciation | [4] | $ 9,101 | ||||
Year Acquired | [4] | 1,996 | ||||
Year Constructed | [4] | 1977/79 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | 35th Avenue Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 418 | ||||
Buildings and Improvements | [4] | 2,381 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 206 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 418 | ||||
Buildings and Improvements | [4] | 2,587 | ||||
Total | [4] | 3,005 | ||||
Accumulated Depreciation | [4] | $ 1,226 | ||||
Year Acquired | [4] | 1,997 | ||||
Year Constructed | [4] | 1,967 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | 51st Avenue Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 300 | ||||
Buildings and Improvements | [4] | 2,029 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 977 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 300 | ||||
Buildings and Improvements | [4] | 3,006 | ||||
Total | [4] | 3,306 | ||||
Accumulated Depreciation | [4] | $ 1,765 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 1,987 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | East University Distribution Center I and II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[9] | $ 4,365 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[9] | 1,120 | ||||
Buildings and Improvements | [4],[9] | 4,482 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[9] | 1,533 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[9] | 1,120 | ||||
Buildings and Improvements | [4],[9] | 6,015 | ||||
Total | [4],[9] | 7,135 | ||||
Accumulated Depreciation | [4],[9] | $ 3,525 | ||||
Year Acquired | [4],[9] | 1,998 | ||||
Year Constructed | [4],[9] | 1987/89 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | East University Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 444 | ||||
Buildings and Improvements | [4] | 698 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 208 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 444 | ||||
Buildings and Improvements | [4] | 906 | ||||
Total | [4] | 1,350 | ||||
Accumulated Depreciation | [4] | $ 184 | ||||
Year Acquired | [4] | 2,010 | ||||
Year Constructed | [4] | 1,981 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | 55th Avenue Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[9] | $ 3,394 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[9] | 912 | ||||
Buildings and Improvements | [4],[9] | 3,717 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[9] | 919 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[9] | 917 | ||||
Buildings and Improvements | [4],[9] | 4,631 | ||||
Total | [4],[9] | 5,548 | ||||
Accumulated Depreciation | [4],[9] | $ 2,848 | ||||
Year Acquired | [4],[9] | 1,998 | ||||
Year Constructed | [4],[9] | 1,987 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | Interstate Commons Dist Ctr I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 798 | ||||
Buildings and Improvements | [4] | 3,632 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,708 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 798 | ||||
Buildings and Improvements | [4] | 5,340 | ||||
Total | [4] | 6,138 | ||||
Accumulated Depreciation | [4] | $ 2,914 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1,988 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | Interstate Commons Dist Ctr II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 320 | ||||
Buildings and Improvements | [4] | 2,448 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 429 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 320 | ||||
Buildings and Improvements | [4] | 2,877 | ||||
Total | [4] | 3,197 | ||||
Accumulated Depreciation | [4] | $ 1,372 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 2,000 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | Interstate Commons Dist Ctr III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 242 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,996 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 242 | ||||
Buildings and Improvements | [4] | 2,996 | ||||
Total | [4] | 3,238 | ||||
Accumulated Depreciation | [4] | $ 861 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,008 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | Airport Commons [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,000 | ||||
Buildings and Improvements | [4] | 1,510 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,336 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,000 | ||||
Buildings and Improvements | [4] | 2,846 | ||||
Total | [4] | 3,846 | ||||
Accumulated Depreciation | [4] | $ 1,479 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 1,971 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | 40th Avenue Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[6] | $ 4,519 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[6] | 703 | ||||
Buildings and Improvements | [4],[6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[6] | 6,059 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[6] | 703 | ||||
Buildings and Improvements | [4],[6] | 6,059 | ||||
Total | [4],[6] | 6,762 | ||||
Accumulated Depreciation | [4],[6] | $ 1,670 | ||||
Year Acquired | [4],[6] | 2,004 | ||||
Year Constructed | [4],[6] | 2,008 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | Sky Harbor Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 5,839 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 21,324 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 5,839 | ||||
Buildings and Improvements | [4] | 21,324 | ||||
Total | [4] | 27,163 | ||||
Accumulated Depreciation | [4] | $ 5,785 | ||||
Year Acquired | [4] | 2,006 | ||||
Year Constructed | [4] | 2,008 | ||||
Industrial [Member] | ARIZONA [Member] | Phoenix Area [Member] | Sky Harbor 6 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 807 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,177 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 807 | ||||
Buildings and Improvements | [4] | 2,177 | ||||
Total | [4] | 2,984 | ||||
Accumulated Depreciation | [4] | $ 20 | ||||
Year Acquired | [4] | 2,014 | ||||
Year Constructed | [4] | 2,015 | ||||
Industrial [Member] | ARIZONA [Member] | Tucson [Member] | Country Club I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 506 | ||||
Buildings and Improvements | [4] | 3,564 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,173 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 693 | ||||
Buildings and Improvements | [4] | 5,550 | ||||
Total | [4] | 6,243 | ||||
Accumulated Depreciation | [4] | $ 2,338 | ||||
Year Acquired | [4] | 1997/2003 | ||||
Year Constructed | [4] | 1994/2003 | ||||
Industrial [Member] | ARIZONA [Member] | Tucson [Member] | Country Club II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 442 | ||||
Buildings and Improvements | [4] | 3,381 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 37 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 442 | ||||
Buildings and Improvements | [4] | 3,418 | ||||
Total | [4] | 3,860 | ||||
Accumulated Depreciation | [4] | $ 1,056 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 2,000 | ||||
Industrial [Member] | ARIZONA [Member] | Tucson [Member] | Country Club III and IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,407 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 11,794 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,575 | ||||
Buildings and Improvements | [4] | 11,626 | ||||
Total | [4] | 13,201 | ||||
Accumulated Depreciation | [4] | $ 3,432 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 2,009 | ||||
Industrial [Member] | ARIZONA [Member] | Tucson [Member] | Airport Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,103 | ||||
Buildings and Improvements | [4] | 4,672 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,549 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,103 | ||||
Buildings and Improvements | [4] | 6,221 | ||||
Total | [4] | 7,324 | ||||
Accumulated Depreciation | [4] | $ 3,576 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 1,995 | ||||
Industrial [Member] | ARIZONA [Member] | Tucson [Member] | Southpointe Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 3,982 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,950 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 6,932 | ||||
Total | [4] | 6,932 | ||||
Accumulated Depreciation | [4] | $ 3,997 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1,989 | ||||
Industrial [Member] | ARIZONA [Member] | Tucson [Member] | Benan Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 707 | ||||
Buildings and Improvements | [4] | 1,842 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 635 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 707 | ||||
Buildings and Improvements | [4] | 2,477 | ||||
Total | [4] | 3,184 | ||||
Accumulated Depreciation | [4] | $ 1,287 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,001 | ||||
Industrial [Member] | NORTH CAROLINA [Member] | Charlotte [Member] | NorthPark Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[9] | $ 13,833 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[9] | 2,758 | ||||
Buildings and Improvements | [4],[9] | 15,932 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[9] | 3,924 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[9] | 2,758 | ||||
Buildings and Improvements | [4],[9] | 19,856 | ||||
Total | [4],[9] | 22,614 | ||||
Accumulated Depreciation | [4],[9] | $ 7,910 | ||||
Year Acquired | [4],[9] | 2,006 | ||||
Year Constructed | [4],[9] | 1987-89 | ||||
Industrial [Member] | NORTH CAROLINA [Member] | Charlotte [Member] | Lindbergh Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 470 | ||||
Buildings and Improvements | [4] | 3,401 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 444 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 470 | ||||
Buildings and Improvements | [4] | 3,845 | ||||
Total | [4] | 4,315 | ||||
Accumulated Depreciation | [4] | $ 1,371 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 2001/03 | ||||
Industrial [Member] | NORTH CAROLINA [Member] | Charlotte [Member] | Commerce Park I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 765 | ||||
Buildings and Improvements | [4] | 4,303 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 791 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 765 | ||||
Buildings and Improvements | [4] | 5,094 | ||||
Total | [4] | 5,859 | ||||
Accumulated Depreciation | [4] | $ 1,687 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 1,983 | ||||
Industrial [Member] | NORTH CAROLINA [Member] | Charlotte [Member] | Commerce Park II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 1,362 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 335 | ||||
Buildings and Improvements | [4],[5] | 1,603 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 297 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 335 | ||||
Buildings and Improvements | [4],[5] | 1,900 | ||||
Total | [4],[5] | 2,235 | ||||
Accumulated Depreciation | [4],[5] | $ 475 | ||||
Year Acquired | [4],[5] | 2,010 | ||||
Year Constructed | [4],[5] | 1,987 | ||||
Industrial [Member] | NORTH CAROLINA [Member] | Charlotte [Member] | Commerce Park III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 2,225 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 558 | ||||
Buildings and Improvements | [4],[5] | 2,225 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 868 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 558 | ||||
Buildings and Improvements | [4],[5] | 3,093 | ||||
Total | [4],[5] | 3,651 | ||||
Accumulated Depreciation | [4],[5] | $ 726 | ||||
Year Acquired | [4],[5] | 2,010 | ||||
Year Constructed | [4],[5] | 1,981 | ||||
Industrial [Member] | NORTH CAROLINA [Member] | Charlotte [Member] | Nations Ford Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,924 | ||||
Buildings and Improvements | [4] | 16,171 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,128 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,924 | ||||
Buildings and Improvements | [4] | 19,299 | ||||
Total | [4] | 23,223 | ||||
Accumulated Depreciation | [4] | $ 7,679 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 1989/94 | ||||
Industrial [Member] | NORTH CAROLINA [Member] | Charlotte [Member] | Airport Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,454 | ||||
Buildings and Improvements | [4] | 10,136 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,620 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,454 | ||||
Buildings and Improvements | [4] | 11,756 | ||||
Total | [4] | 13,210 | ||||
Accumulated Depreciation | [4] | $ 3,374 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2001/02 | ||||
Industrial [Member] | NORTH CAROLINA [Member] | Charlotte [Member] | Interchange Park I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 986 | ||||
Buildings and Improvements | [4] | 7,949 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 476 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 986 | ||||
Buildings and Improvements | [4] | 8,425 | ||||
Total | [4] | 9,411 | ||||
Accumulated Depreciation | [4] | $ 2,240 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 1,989 | ||||
Industrial [Member] | NORTH CAROLINA [Member] | Charlotte [Member] | Interchange Park II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 746 | ||||
Buildings and Improvements | [4] | 1,456 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 55 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 746 | ||||
Buildings and Improvements | [4] | 1,511 | ||||
Total | [4] | 2,257 | ||||
Accumulated Depreciation | [4] | $ 121 | ||||
Year Acquired | [4] | 2,013 | ||||
Year Constructed | [4] | 2,000 | ||||
Industrial [Member] | NORTH CAROLINA [Member] | Charlotte [Member] | Ridge Creek Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,284 | ||||
Buildings and Improvements | [4] | 13,163 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 780 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,284 | ||||
Buildings and Improvements | [4] | 13,943 | ||||
Total | [4] | 15,227 | ||||
Accumulated Depreciation | [4] | $ 3,341 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,006 | ||||
Industrial [Member] | NORTH CAROLINA [Member] | Charlotte [Member] | Ridge Creek Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 10,142 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 3,033 | ||||
Buildings and Improvements | [4],[5] | 11,497 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 2,116 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 3,033 | ||||
Buildings and Improvements | [4],[5] | 13,613 | ||||
Total | [4],[5] | 16,646 | ||||
Accumulated Depreciation | [4],[5] | $ 1,688 | ||||
Year Acquired | [4],[5] | 2,011 | ||||
Year Constructed | [4],[5] | 2,003 | ||||
Industrial [Member] | NORTH CAROLINA [Member] | Charlotte [Member] | Ridge Creek Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,459 | ||||
Buildings and Improvements | [4] | 11,147 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 381 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,459 | ||||
Buildings and Improvements | [4] | 11,528 | ||||
Total | [4] | 13,987 | ||||
Accumulated Depreciation | [4] | $ 702 | ||||
Year Acquired | [4] | 2,014 | ||||
Year Constructed | [4] | 2,013 | ||||
Industrial [Member] | NORTH CAROLINA [Member] | Charlotte [Member] | Lakeview Business [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 4,332 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 1,392 | ||||
Buildings and Improvements | [4],[5] | 5,068 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 650 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 1,392 | ||||
Buildings and Improvements | [4],[5] | 5,718 | ||||
Total | [4],[5] | 7,110 | ||||
Accumulated Depreciation | [4],[5] | $ 978 | ||||
Year Acquired | [4],[5] | 2,011 | ||||
Year Constructed | [4],[5] | 1,996 | ||||
Industrial [Member] | NORTH CAROLINA [Member] | Charlotte [Member] | Steele Creek I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 993 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,314 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,010 | ||||
Buildings and Improvements | [4] | 4,297 | ||||
Total | [4] | 5,307 | ||||
Accumulated Depreciation | [4] | $ 372 | ||||
Year Acquired | [4] | 2,013 | ||||
Year Constructed | [4] | 2,014 | ||||
Industrial [Member] | NORTH CAROLINA [Member] | Charlotte [Member] | Steele Creek II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 941 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,457 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 957 | ||||
Buildings and Improvements | [4] | 4,441 | ||||
Total | [4] | 5,398 | ||||
Accumulated Depreciation | [4] | $ 246 | ||||
Year Acquired | [4] | 2,013 | ||||
Year Constructed | [4] | 2,014 | ||||
Industrial [Member] | NORTH CAROLINA [Member] | Charlotte [Member] | Steele Creek III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,464 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,396 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,469 | ||||
Buildings and Improvements | [4] | 6,391 | ||||
Total | [4] | 7,860 | ||||
Accumulated Depreciation | [4] | $ 295 | ||||
Year Acquired | [4] | 2,013 | ||||
Year Constructed | [4] | 2,014 | ||||
Industrial [Member] | NORTH CAROLINA [Member] | Charlotte [Member] | Steele Creek IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 684 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,925 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 687 | ||||
Buildings and Improvements | [4] | 3,922 | ||||
Total | [4] | 4,609 | ||||
Accumulated Depreciation | [4] | $ 32 | ||||
Year Acquired | [4] | 2,013 | ||||
Year Constructed | [4] | 2,015 | ||||
Industrial [Member] | NORTH CAROLINA [Member] | Charlotte [Member] | Waterford Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 654 | ||||
Buildings and Improvements | [4] | 3,392 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 501 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 654 | ||||
Buildings and Improvements | [4] | 3,893 | ||||
Total | [4] | 4,547 | ||||
Accumulated Depreciation | [4] | $ 928 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,000 | ||||
Industrial [Member] | LOUISIANA | New Orleans [Member] | Elmwood Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,861 | ||||
Buildings and Improvements | [4] | 6,337 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,264 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,861 | ||||
Buildings and Improvements | [4] | 10,601 | ||||
Total | [4] | 13,462 | ||||
Accumulated Depreciation | [4] | $ 7,125 | ||||
Year Acquired | [4] | 1,997 | ||||
Year Constructed | [4] | 1,979 | ||||
Industrial [Member] | LOUISIANA | New Orleans [Member] | Riverbend Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,557 | ||||
Buildings and Improvements | [4] | 17,623 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,210 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,557 | ||||
Buildings and Improvements | [4] | 23,833 | ||||
Total | [4] | 26,390 | ||||
Accumulated Depreciation | [4] | $ 12,750 | ||||
Year Acquired | [4] | 1,997 | ||||
Year Constructed | [4] | 1,984 | ||||
Industrial [Member] | COLORADO [Member] | Denver [Member] | Rampart Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[11] | $ 3,618 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[11] | 1,023 | ||||
Buildings and Improvements | [4],[11] | 3,861 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[11] | 1,455 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[11] | 1,023 | ||||
Buildings and Improvements | [4],[11] | 5,316 | ||||
Total | [4],[11] | 6,339 | ||||
Accumulated Depreciation | [4],[11] | $ 3,872 | ||||
Year Acquired | [4],[11] | 1,988 | ||||
Year Constructed | [4],[11] | 1,987 | ||||
Industrial [Member] | COLORADO [Member] | Denver [Member] | Rampart Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[11] | $ 2,494 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[11] | 230 | ||||
Buildings and Improvements | [4],[11] | 2,977 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[11] | 1,164 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[11] | 230 | ||||
Buildings and Improvements | [4],[11] | 4,141 | ||||
Total | [4],[11] | 4,371 | ||||
Accumulated Depreciation | [4],[11] | $ 2,610 | ||||
Year Acquired | [4],[11] | 1996/97 | ||||
Year Constructed | [4],[11] | 1996/97 | ||||
Industrial [Member] | COLORADO [Member] | Denver [Member] | Rampart Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[11] | $ 3,660 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[11] | 1,098 | ||||
Buildings and Improvements | [4],[11] | 3,884 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[11] | 1,431 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[11] | 1,098 | ||||
Buildings and Improvements | [4],[11] | 5,315 | ||||
Total | [4],[11] | 6,413 | ||||
Accumulated Depreciation | [4],[11] | $ 2,703 | ||||
Year Acquired | [4],[11] | 1997/98 | ||||
Year Constructed | [4],[11] | 1,999 | ||||
Industrial [Member] | COLORADO [Member] | Denver [Member] | Rampart Distribution Center IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[11] | $ 4,855 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[11] | 590 | ||||
Buildings and Improvements | [4],[11] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[11] | 7,918 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[11] | 590 | ||||
Buildings and Improvements | [4],[11] | 7,918 | ||||
Total | [4],[11] | 8,508 | ||||
Accumulated Depreciation | [4],[11] | $ 52 | ||||
Year Acquired | [4],[11] | 2,012 | ||||
Year Constructed | [4],[11] | 2,014 | ||||
Industrial [Member] | COLORADO [Member] | Denver [Member] | Concord Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 3,816 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 1,051 | ||||
Buildings and Improvements | [4],[5] | 4,773 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 439 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 1,051 | ||||
Buildings and Improvements | [4],[5] | 5,212 | ||||
Total | [4],[5] | 6,263 | ||||
Accumulated Depreciation | [4],[5] | $ 1,760 | ||||
Year Acquired | [4],[5] | 2,007 | ||||
Year Constructed | [4],[5] | 2,000 | ||||
Industrial [Member] | COLORADO [Member] | Denver [Member] | Centennial Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[6] | $ 3,853 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[6] | 750 | ||||
Buildings and Improvements | [4],[6] | 3,319 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[6] | 1,697 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[6] | 750 | ||||
Buildings and Improvements | [4],[6] | 5,016 | ||||
Total | [4],[6] | 5,766 | ||||
Accumulated Depreciation | [4],[6] | $ 1,579 | ||||
Year Acquired | [4],[6] | 2,007 | ||||
Year Constructed | [4],[6] | 1,990 | ||||
Industrial [Member] | NEVADA | Las Vegas [Member] | Arville Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,933 | ||||
Buildings and Improvements | [4] | 5,094 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 330 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,933 | ||||
Buildings and Improvements | [4] | 5,424 | ||||
Total | [4] | 10,357 | ||||
Accumulated Depreciation | [4] | $ 1,527 | ||||
Year Acquired | [4] | 2,009 | ||||
Year Constructed | [4] | 1,997 | ||||
Industrial [Member] | MISSISSIPPI | Jackson area [Member] | Interchange Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 343 | ||||
Buildings and Improvements | [4] | 5,007 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,080 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 343 | ||||
Buildings and Improvements | [4] | 8,087 | ||||
Total | [4] | 8,430 | ||||
Accumulated Depreciation | [4] | $ 4,926 | ||||
Year Acquired | [4] | 1,997 | ||||
Year Constructed | [4] | 1,981 | ||||
Industrial [Member] | MISSISSIPPI | Jackson area [Member] | Tower Automotive [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 9,958 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,228 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 17 | ||||
Buildings and Improvements | [4] | 11,169 | ||||
Total | [4] | 11,186 | ||||
Accumulated Depreciation | [4] | $ 4,333 | ||||
Year Acquired | [4] | 2,001 | ||||
Year Constructed | [4] | 2,002 | ||||
Industrial [Member] | MISSISSIPPI | Jackson area [Member] | Metro Airport Commerce Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 303 | ||||
Buildings and Improvements | [4] | 1,479 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,029 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 303 | ||||
Buildings and Improvements | [4] | 2,508 | ||||
Total | [4] | 2,811 | ||||
Accumulated Depreciation | [4] | $ 1,439 | ||||
Year Acquired | [4] | 2,001 | ||||
Year Constructed | [4] | 2,003 | ||||
Industrial [Member] | TENNESSEE | Memphis [Member] | Memphis I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 250 | ||||
Buildings and Improvements | [4] | 1,916 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,426 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 250 | ||||
Buildings and Improvements | [4] | 3,342 | ||||
Total | [4] | 3,592 | ||||
Accumulated Depreciation | [4] | $ 1,868 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 1,975 | ||||
Industrial Development [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 68,158 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 102,283 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 70,653 | ||||
Buildings and Improvements | [12] | 99,788 | ||||
Total | [12] | 170,441 | ||||
Accumulated Depreciation | [12] | 162 | ||||
Industrial Development [Member] | FLORIDA [Member] | Oak Creek land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 1,226 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 2,345 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 1,447 | ||||
Buildings and Improvements | [12] | 2,124 | ||||
Total | [12] | 3,571 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,005 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | FLORIDA [Member] | Madison II & III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 624 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 6,793 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 624 | ||||
Buildings and Improvements | [12] | 6,793 | ||||
Total | [12] | 7,417 | ||||
Accumulated Depreciation | [12] | $ 61 | ||||
Year Acquired | [12] | 2,012 | ||||
Year Constructed | [12] | 2,015 | ||||
Industrial Development [Member] | FLORIDA [Member] | Madison land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 565 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 503 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 565 | ||||
Buildings and Improvements | [12] | 503 | ||||
Total | [12] | 1,068 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,012 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | FLORIDA [Member] | Horizon III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 991 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 5,124 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 991 | ||||
Buildings and Improvements | [12] | 5,124 | ||||
Total | [12] | 6,115 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2008/09 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | FLORIDA [Member] | Horizon land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 9,160 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 11,211 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 9,160 | ||||
Buildings and Improvements | [12] | 11,211 | ||||
Total | [12] | 20,371 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2008/09 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | FLORIDA [Member] | SunCoast land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 10,892 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 6,966 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 11,104 | ||||
Buildings and Improvements | [12] | 6,754 | ||||
Total | [12] | 17,858 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,006 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | TEXAS [Member] | North Stemmons land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 537 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 276 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 537 | ||||
Buildings and Improvements | [12] | 276 | ||||
Total | [12] | 813 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,001 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | TEXAS [Member] | ParkView 1-3 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 2,663 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 14,593 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 2,663 | ||||
Buildings and Improvements | [12] | 14,593 | ||||
Total | [12] | 17,256 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,014 | ||||
Year Constructed | [12] | 2,015 | ||||
Industrial Development [Member] | TEXAS [Member] | ParkView Commerce Center land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 400 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 104 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 405 | ||||
Buildings and Improvements | [12] | 99 | ||||
Total | [12] | 504 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,014 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | TEXAS [Member] | CreekView 121 land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 5,874 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 499 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 5,874 | ||||
Buildings and Improvements | [12] | 499 | ||||
Total | [12] | 6,373 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,015 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | TEXAS [Member] | Valwood land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 416 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 20 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 416 | ||||
Buildings and Improvements | [12] | 20 | ||||
Total | [12] | 436 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,012 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | TEXAS [Member] | World Houston Intl Business Ctr land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 4,617 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 3,200 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 5,351 | ||||
Buildings and Improvements | [12] | 2,466 | ||||
Total | [12] | 7,817 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,000 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | TEXAS [Member] | World Houston Intl Business Ctr land-2011 expansion [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 3,498 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 3,861 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 4,783 | ||||
Buildings and Improvements | [12] | 2,576 | ||||
Total | [12] | 7,359 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,011 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | TEXAS [Member] | World Houston Int'l Business Center land - 2015 expansion [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 6,040 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 246 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 6,040 | ||||
Buildings and Improvements | [12] | 246 | ||||
Total | [12] | 6,286 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,015 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | TEXAS [Member] | Ten West Crossing 7 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 584 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 3,488 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 588 | ||||
Buildings and Improvements | [12] | 3,484 | ||||
Total | [12] | 4,072 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,012 | ||||
Year Constructed | [12] | 2,015 | ||||
Industrial Development [Member] | TEXAS [Member] | Ten West Crossing land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 1,127 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 797 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 1,135 | ||||
Buildings and Improvements | [12] | 789 | ||||
Total | [12] | 1,924 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,012 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | TEXAS [Member] | West Road III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 597 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 4,185 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 597 | ||||
Buildings and Improvements | [12] | 4,185 | ||||
Total | [12] | 4,782 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,012 | ||||
Year Constructed | [12] | 2,015 | ||||
Industrial Development [Member] | TEXAS [Member] | West Road IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 621 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 4,064 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 621 | ||||
Buildings and Improvements | [12] | 4,064 | ||||
Total | [12] | 4,685 | ||||
Accumulated Depreciation | [12] | $ 5 | ||||
Year Acquired | [12] | 2,012 | ||||
Year Constructed | [12] | 2,015 | ||||
Industrial Development [Member] | TEXAS [Member] | West Road land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 483 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 718 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 484 | ||||
Buildings and Improvements | [12] | 717 | ||||
Total | [12] | 1,201 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,012 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | TEXAS [Member] | Americas Ten Business Center II and III land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 1,365 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 1,079 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 1,365 | ||||
Buildings and Improvements | [12] | 1,079 | ||||
Total | [12] | 2,444 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,001 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | TEXAS [Member] | Alamo Ridge I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 623 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 6,729 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 623 | ||||
Buildings and Improvements | [12] | 6,729 | ||||
Total | [12] | 7,352 | ||||
Accumulated Depreciation | [12] | $ 96 | ||||
Year Acquired | [12] | 2,007 | ||||
Year Constructed | [12] | 2,015 | ||||
Industrial Development [Member] | TEXAS [Member] | Alamo Ridge II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 402 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 3,737 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 402 | ||||
Buildings and Improvements | [12] | 3,737 | ||||
Total | [12] | 4,139 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,007 | ||||
Year Constructed | [12] | 2,015 | ||||
Industrial Development [Member] | TEXAS [Member] | Alamo Ridge III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 907 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 1,473 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 907 | ||||
Buildings and Improvements | [12] | 1,473 | ||||
Total | [12] | 2,380 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,007 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | TEXAS [Member] | Alamo Ridge land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 356 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 487 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 355 | ||||
Buildings and Improvements | [12] | 488 | ||||
Total | [12] | 843 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,007 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | TEXAS [Member] | Eisenhauer Point 1 & 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 1,881 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 4,879 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 1,881 | ||||
Buildings and Improvements | [12] | 4,879 | ||||
Total | [12] | 6,760 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,015 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | TEXAS [Member] | Eisenhauer Point Business Park land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 2,513 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 324 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 2,519 | ||||
Buildings and Improvements | [12] | 318 | ||||
Total | [12] | 2,837 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,015 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | ARIZONA [Member] | Kyrene 202 VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to the Company [Abstract] | ||||||
Land | 936 | |||||
Buildings and Improvements | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 6,084 | |||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | 936 | |||||
Buildings and Improvements | 6,084 | |||||
Total | 7,020 | |||||
Accumulated Depreciation | $ 0 | |||||
Year Acquired | 2,011 | |||||
Year Constructed | 2,015 | |||||
Industrial Development [Member] | ARIZONA [Member] | Kyrene 202 Business Park Land Member | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 1,244 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 878 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 1,244 | ||||
Buildings and Improvements | [12] | 878 | ||||
Total | [12] | 2,122 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,011 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | ARIZONA [Member] | 35th Avenue Distribution Center - redevelopment [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 0 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 1,171 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 0 | ||||
Buildings and Improvements | [12] | 1,171 | ||||
Total | [12] | 1,171 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 1,997 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | ARIZONA [Member] | Ten Sky Harbor [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 1,568 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 2,084 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 1,569 | ||||
Buildings and Improvements | [12] | 2,083 | ||||
Total | [12] | 3,652 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,015 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | ARIZONA [Member] | Falcon Field Business Center land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 1,315 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 50 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 1,315 | ||||
Buildings and Improvements | [12] | 50 | ||||
Total | [12] | 1,365 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,015 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | ARIZONA [Member] | Airport Distribution Center II land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 300 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 117 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 300 | ||||
Buildings and Improvements | [12] | 117 | ||||
Total | [12] | 417 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,000 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | NORTH CAROLINA [Member] | Steele Creek VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 867 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 2,037 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 869 | ||||
Buildings and Improvements | [12] | 2,035 | ||||
Total | [12] | 2,904 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2013/14 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | NORTH CAROLINA [Member] | Steele Creek land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 1,804 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 999 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 1,821 | ||||
Buildings and Improvements | [12] | 982 | ||||
Total | [12] | 2,803 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2013/14/15 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | NORTH CAROLINA [Member] | Airport Commerce Center III land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 855 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 763 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 855 | ||||
Buildings and Improvements | [12] | 763 | ||||
Total | [12] | 1,618 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,008 | ||||
Year Constructed | [12] | n/a | ||||
Industrial Development [Member] | MISSISSIPPI | Metro Airport Commerce Center II land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [12] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [12] | 307 | ||||
Buildings and Improvements | [12] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [12] | 399 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [12] | 307 | ||||
Buildings and Improvements | [12] | 399 | ||||
Total | [12] | 706 | ||||
Accumulated Depreciation | [12] | $ 0 | ||||
Year Acquired | [12] | 2,001 | ||||
Year Constructed | [12] | n/a | ||||
[1] | Changes in Real Estate Properties follow: Years Ended December 31,2015 2014 2013(In thousands)Balance at beginning of year $2,074,946 1,927,326 1,768,032Purchases of real estate properties 28,648 47,477 65,387Development of real estate properties95,032 97,696 76,240Improvements to real estate properties25,778 19,862 21,438Carrying amount of investments sold (4,750) (17,049) (3,475)Write-off of improvements (206) (366) (296)Balance at end of year (1) $2,219,448 2,074,946 1,927,326(1)Includes 20% noncontrolling interests in Castilian Research Center of $1,795,000 at December 31, 2015 and $1,794,000 at December 31, 2014 and in University Business Center of $6,670,000 and $6,536,000, respectively.Changes in the accumulated depreciation on real estate properties follow: Years Ended December 31,2015 2014 2013(In thousands)Balance at beginning of year $600,526 550,113 496,247Depreciation expense 59,882 57,303 54,284Accumulated depreciation on assets sold (2,748) (6,525) (126)Other (206) (365) (292)Balance at end of year $657,454 600,526 550,113 | |||||
[2] | The estimated aggregate cost of real estate properties at December 31, 2015 for federal income tax purposes was approximately $2,188,766,000 before estimated accumulated tax depreciation of $425,700,000. The federal income tax return for the year ended December 31, 2015, has not been filed and accordingly, this estimate is based on preliminary data. | |||||
[3] | Includes 20% noncontrolling interests in Castilian Research Center of $1,795,000 at December 31, 2015 and $1,794,000 at December 31, 2014 and in University Business Center of $6,670,000 and $6,536,000, respectively. | |||||
[4] | The Company computes depreciation using the straight-line method over the estimated useful lives of the buildings (generally 40 years) and improvements (generally 3 to 15 years). | |||||
[5] | EastGroup has a $46,584,000 non-recourse first mortgage loan with an insurance company secured by Arion 18, Beltway Crossing VI & VII, Commerce Park II & III, Concord, Interstate V-VII, Lakeview, Ridge Creek II, Southridge IV & V and World Houston 32. | |||||
[6] | EastGroup has a $61,312,000 non-recourse first mortgage loan with an insurance company secured by 40th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Ocean View, Techway Southwest IV, Wetmore 5-8 and World Houston 26, 28, 29 & 30. | |||||
[7] | EastGroup has a $25,567,000 non-recourse first mortgage loan with an insurance company secured by Huntwood and Wiegman I. | |||||
[8] | EastGroup has a $54,689,000 limited recourse first mortgage loan with an insurance company secured by Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington. The loan has a recourse liability of $5 million which will be released based on the secured properties generating certain base rent amounts. | |||||
[9] | EastGroup has a $50,971,000 non-recourse first mortgage loan with an insurance company secured by Arion 16, Broadway VI, Chino, East University I & II, Northpark, Santan 10 II, 55th Avenue and World Houston 1 & 2 and 21 & 23. | |||||
[10] | EastGroup has a $55,223,000 non-recourse first mortgage loan with an insurance company secured by America Plaza, Central Green, Glenmont, Interstate I-III, Rojas, Stemmons Circle, Venture, West Loop and World Houston 3-9. | |||||
[11] | EastGroup has a $53,563,000 non-recourse first mortgage loan with an insurance company secured by Alamo Downs, Arion 1-15 & 17, Rampart I-IV, Santan 10 I and World Houston 16. | |||||
[12] | The Company transfers development properties to real estate properties the earlier of 80% occupancy or one year after completion of the shell construction. |
SCHEDULE III SCHEDULE III (Deta
SCHEDULE III SCHEDULE III (Details2) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at beginning of year | [1] | $ 2,074,946,000 | $ 1,927,326,000 | $ 1,768,032,000 | |
Purchases of real estate properties | 28,648,000 | 47,477,000 | 65,387,000 | ||
Development of real estate properties | 95,032,000 | 97,696,000 | 76,240,000 | ||
Improvements to real estate properties | 25,778,000 | 19,862,000 | 21,438,000 | ||
Carrying amount of investments sold | (4,750,000) | (17,049,000) | (3,475,000) | ||
Write-off of improvements | (206,000) | (366,000) | (296,000) | ||
Balance at end of year | [1] | 2,219,448,000 | [2],[3] | 2,074,946,000 | 1,927,326,000 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at beginning of year | 600,526,000 | 550,113,000 | 496,247,000 | ||
Depreciation expense | 59,882,000 | 57,303,000 | 54,284,000 | ||
Accumulated depreciation on assets sold | (2,748,000) | (6,525,000) | (126,000) | ||
Other | (206,000) | (365,000) | (292,000) | ||
Balance at end of year | 657,454,000 | [2],[3] | 600,526,000 | $ 550,113,000 | |
Estimated aggregate cost of real estate properties for federal income tax purposes | 2,188,766,000 | ||||
Estimated accumulated tax depreciation | $ 425,700,000 | ||||
Percentage of Occupation When Development Cost Ceased Being Capitalized | 80.00% | ||||
Length of Time After Project Completion When Development Cost Ceased Being Capitalized | 1 year | ||||
Secured debt | $ 351,401,000 | 453,776,000 | |||
Recourse liability | $ 5,000,000 | ||||
Castilian Research Center [Member] | |||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Noncontrolling Interests (in hundreths) | 20.00% | ||||
Noncontrolling Interests | $ 1,795,000 | 1,794,000 | |||
University Business Center [Member] | |||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Noncontrolling Interests (in hundreths) | 20.00% | ||||
Noncontrolling Interests | $ 6,670,000 | 6,536,000 | |||
Buildings [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Estimated useful life (in years) | 40 years | ||||
Minimum [Member] | Improvements and Personal Property [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Estimated useful life (in years) | 3 years | ||||
Maximum [Member] | Improvements and Personal Property [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Estimated useful life (in years) | 15 years | ||||
Dominguez, Industry I and III, Kingsview, Shaw, Walnut and Washington [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Secured debt | [4] | $ 54,689,000 | 56,970,000 | ||
Arion 16, Broadway VI, Chino, East University I and II, Northpark I-IV, Santan 10 II, 55th Avenue and World Houston 1 and 2, 21 and 23 [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Secured debt | 50,971,000 | 54,259,000 | |||
America Plaza, Central Green, Glenmont I & II, Interstate I, II & III, Rojas, Stemmons Circle, Venture, West Loop I & II and World Houston 3-9 [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Secured debt | 55,223,000 | 57,579,000 | |||
Arion 18, Beltway VI & VII, Commerce Park II & III, Concord Dist Ctr, Interstate Dist Ctr V, VI & VII, Lakeview Business Ctr, Ridge Creek Distribution Ctr II, Southridge IV & V and World Houston 32 [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Secured debt | 46,584,000 | 48,592,000 | |||
Country Club I, Lake Pointe, Techway Southwest II and World Houston 19 and 20 [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Secured debt | 0 | 26,074,000 | |||
Huntwood and Wiegman I-IV Distribution Centers [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Secured debt | 25,567,000 | 27,246,000 | |||
Alamo Downs, Arion 1-15 and 17, Rampart I, II, III & IV, Santan 10 and World Houston 16 [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Secured debt | 53,563,000 | 56,945,000 | |||
Beltway II, III and IV, Commerce Park 1, Eastlake, Fairgrounds I-IV, Nations Ford I-IV, Techway Southwest III, Wetmore I-IV and World Houston 15 and 22 [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Secured debt | 0 | 58,262,000 | |||
Fortieth Avenue, Beltway V, Centennial Park, Executive Airport, Ocean View, Techway Southwest IV, Wetmore V-VIII and World Houston 26, 28, 29 and 30 [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Secured debt | $ 61,312,000 | $ 64,119,000 | |||
[1] | Includes 20% noncontrolling interests in Castilian Research Center of $1,795,000 at December 31, 2015 and $1,794,000 at December 31, 2014 and in University Business Center of $6,670,000 and $6,536,000, respectively. | ||||
[2] | Changes in Real Estate Properties follow: Years Ended December 31,2015 2014 2013(In thousands)Balance at beginning of year $2,074,946 1,927,326 1,768,032Purchases of real estate properties 28,648 47,477 65,387Development of real estate properties95,032 97,696 76,240Improvements to real estate properties25,778 19,862 21,438Carrying amount of investments sold (4,750) (17,049) (3,475)Write-off of improvements (206) (366) (296)Balance at end of year (1) $2,219,448 2,074,946 1,927,326(1)Includes 20% noncontrolling interests in Castilian Research Center of $1,795,000 at December 31, 2015 and $1,794,000 at December 31, 2014 and in University Business Center of $6,670,000 and $6,536,000, respectively.Changes in the accumulated depreciation on real estate properties follow: Years Ended December 31,2015 2014 2013(In thousands)Balance at beginning of year $600,526 550,113 496,247Depreciation expense 59,882 57,303 54,284Accumulated depreciation on assets sold (2,748) (6,525) (126)Other (206) (365) (292)Balance at end of year $657,454 600,526 550,113 | ||||
[3] | The estimated aggregate cost of real estate properties at December 31, 2015 for federal income tax purposes was approximately $2,188,766,000 before estimated accumulated tax depreciation of $425,700,000. The federal income tax return for the year ended December 31, 2015, has not been filed and accordingly, this estimate is based on preliminary data. | ||||
[4] | This mortgage loan has a recourse liability of $5.0 million which will be released based on the secured properties generating certain base rent amounts. |
SCHEDULE IV (Details)
SCHEDULE IV (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | [1] | 2 | ||
Non-recourse first mortgage loan Face Amount, Total mortgage | $ 4,875,000 | |||
Carrying Amount of Mortgages | [2],[3] | 4,875,000 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [4] | 0 | ||
Changes in the mortgage loans [Roll Forward] | ||||
Income Tax Basis of Mortgage Loans on Real Estate | $ 4,880,000 | |||
First Mortgage [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Effective interest rate (in hundredths) | 5.25% | |||
Changes in the mortgage loans [Roll Forward] | ||||
Balance at beginning of year | $ 4,991,000 | $ 8,870,000 | $ 9,323,000 | |
Advances on mortgage loans receivable | 0 | 0 | 0 | |
Payments on mortgage loans receivable | (116,000) | (3,902,000) | (463,000) | |
Amortization of discount on mortgage loan receivable | 0 | 23,000 | 10,000 | |
Balance at end of year | $ 4,875,000 | $ 4,991,000 | $ 8,870,000 | |
JCB Limited - California - A [Member] | First Mortgage [Member] | Buildings [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | 1 | |||
Stated interest rate (in hundredths) | 5.25% | |||
Periodic Payment Terms | Principal and interest due monthly | |||
Non-recourse first mortgage loan Face Amount, Total mortgage | $ 1,977,000 | |||
Carrying Amount of Mortgages | 1,977,000 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [4] | $ 0 | ||
JCB Limited - California - B [Member] | First Mortgage [Member] | Buildings [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | 1 | |||
Stated interest rate (in hundredths) | 5.25% | |||
Periodic Payment Terms | Principal and interest due monthly | |||
Non-recourse first mortgage loan Face Amount, Total mortgage | $ 2,898,000 | |||
Carrying Amount of Mortgages | 2,898,000 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [4] | $ 0 | ||
[1] | Reference is made to allowance for possible losses on mortgage loans receivable in the Notes to Consolidated Financial Statements. | |||
[2] | Changes in mortgage loans follow: Years Ended December 31,2015 2014 2013(In thousands)Balance at beginning of year$4,991 8,870 9,323Advances on mortgage loans receivable— — —Payments on mortgage loans receivable(116) (3,902) (463)Amortization of discount on mortgage loan receivable— 23 10Balance at end of year$4,875 4,991 8,870 | |||
[3] | The aggregate cost for federal income tax purposes is approximately $4.88 million. The federal income tax return for the year ended December 31, 2015, has not been filed and, accordingly, the income tax basis of mortgage loans as of December 31, 2015, is based on preliminary data. | |||
[4] | Interest in arrears for three months or less is disregarded in computing principal amount of loans subject to delinquent interest. |