Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 13, 2018 | Jun. 30, 2017 | |
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 | $ 2,789,236,000 | ||
Entity Common Stock, Shares Outstanding | 34,738,860 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | |||
Real estate properties | $ 2,335,459,000 | $ 2,113,073,000 | |
Development | 242,014,000 | 293,908,000 | |
Real estate and development properties | 2,577,473,000 | 2,406,981,000 | |
Less accumulated depreciation | (749,601,000) | (694,250,000) | |
Real estate, net | 1,827,872,000 | 1,712,731,000 | |
Unconsolidated investment | 8,029,000 | 7,681,000 | |
Cash | 16,000 | 522,000 | |
Other assets | 117,304,000 | 104,830,000 | |
TOTAL ASSETS | 1,953,221,000 | 1,825,764,000 | |
LIABILITIES | |||
Unsecured bank credit facilities | 195,709,000 | 190,990,000 | |
Unsecured debt | 713,061,000 | 652,838,000 | |
Secured debt | 199,512,000 | 257,505,000 | |
Accounts payable and accrued expenses | 64,967,000 | 52,701,000 | |
Other liabilities | 28,842,000 | 29,864,000 | |
Total Liabilities | 1,202,091,000 | 1,183,898,000 | |
Stockholders’ Equity: | |||
Common shares; $.0001 par value; 70,000,000 shares authorized; 34,758,167 shares issued and outstanding at December 31, 2017 and 33,332,213 at December 31, 2016 | 3,000 | 3,000 | |
Excess shares; $.0001 par value; 30,000,000 shares authorized; no shares issued | 0 | 0 | |
Additional paid-in capital | 1,061,153,000 | 949,318,000 | |
Distributions in excess of earnings | (317,032,000) | (313,655,000) | |
Accumulated Other Comprehensive Income | 5,348,000 | 1,995,000 | $ (3,456,000) |
Total Stockholders’ Equity | 749,472,000 | 637,661,000 | |
Noncontrolling interest in joint ventures | 1,658,000 | 4,205,000 | |
Total Equity | 751,130,000 | 641,866,000 | $ 559,201,000 |
TOTAL LIABILITIES AND EQUITY | $ 1,953,221,000 | $ 1,825,764,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
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 | 34,758,167 | 33,332,213 |
Common shares, outstanding | 34,758,167 | 33,332,213 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
REVENUES | |||
Income from real estate operations | $ 274,031 | $ 252,961 | $ 234,918 |
Other revenue | 119 | 86 | 90 |
Revenues | 274,150 | 253,047 | 235,008 |
EXPENSES | |||
Expenses from real estate operations | 80,108 | 74,347 | 67,402 |
Depreciation and amortization | 83,874 | 77,935 | 73,290 |
General and administrative | 14,972 | 13,232 | 15,091 |
Acquisition costs | 0 | 161 | 164 |
Expenses | 178,954 | 165,675 | 155,947 |
OPERATING INCOME | 95,196 | 87,372 | 79,061 |
OTHER INCOME (EXPENSE) | |||
Interest expense | (34,775) | (35,213) | (34,666) |
Gain, net of loss, on Sales of Real Estate Investments | 21,855 | 42,170 | 2,903 |
Other | 1,313 | 1,765 | 1,101 |
NET INCOME | 83,589 | 96,094 | 48,399 |
Net income attributable to noncontrolling interest in joint ventures | (406) | (585) | (533) |
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | 83,183 | 95,509 | 47,866 |
Other comprehensive income (loss) - cash flow hedges | 3,353 | 5,451 | (1,099) |
TOTAL COMPREHENSIVE INCOME | $ 86,536 | $ 100,960 | $ 46,767 |
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||
Net income attributable to common stockholders | $ 2.45 | $ 2.93 | $ 1.49 |
Weighted average shares outstanding | 33,996 | 32,563 | 32,091 |
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||
Net income attributable to common stockholders | $ 2.44 | $ 2.93 | $ 1.49 |
Weighted average shares outstanding | 34,047 | 32,628 | 32,196 |
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, 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 - cash flow hedges | (1,099,000) | 0 | 0 | 0 | (1,099,000) | 0 |
Common dividends declared - $2.34, $2.44 and $2.52 per share in 2015, 2016 and 2017, 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 106,751, 875,052 and 1,370,457 shares of common stock, common stock offering, net of expenses in 2015, 2016 and 2017, respectively | 6,233,000 | 0 | 6,233,000 | 0 | 0 | 0 |
Issuance of 4,536, 3,326 and 2,744 shares of common stock, dividend reinvestment plan in 2015, 2016 and 2017, respectively | 257,000 | 0 | 257,000 | 0 | 0 | 0 |
Withheld 32,409, 57,316 and 33,695 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock in 2015, 2016 and 2017, 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 |
Comprehensive income | ||||||
Net income | 96,094,000 | 0 | 0 | 95,509,000 | 0 | 585,000 |
Net unrealized change in fair value of interest rate swaps - cash flow hedges | 5,451,000 | 0 | 0 | 0 | 5,451,000 | 0 |
Common dividends declared - $2.34, $2.44 and $2.52 per share in 2015, 2016 and 2017, respectively | (80,272,000) | 0 | 0 | (80,272,000) | 0 | 0 |
Stock-based compensation, net of forfeitures | 5,831,000 | 0 | 5,831,000 | 0 | 0 | 0 |
Issuance of 106,751, 875,052 and 1,370,457 shares of common stock, common stock offering, net of expenses in 2015, 2016 and 2017, respectively | 59,283,000 | 0 | 59,283,000 | 0 | 0 | 0 |
Issuance of 4,536, 3,326 and 2,744 shares of common stock, dividend reinvestment plan in 2015, 2016 and 2017, respectively | 228,000 | 0 | 228,000 | 0 | 0 | 0 |
Withheld 32,409, 57,316 and 33,695 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock in 2015, 2016 and 2017, respectively | (3,231,000) | 0 | (3,231,000) | 0 | 0 | 0 |
Distributions to noncontrolling interest | (719,000) | 0 | 0 | 0 | 0 | (719,000) |
BALANCE at Dec. 31, 2016 | 641,866,000 | 3,000 | 949,318,000 | (313,655,000) | 1,995,000 | 4,205,000 |
Comprehensive income | ||||||
Net income | 83,589,000 | 0 | 0 | 83,183,000 | 0 | 406,000 |
Net unrealized change in fair value of interest rate swaps - cash flow hedges | 3,353,000 | 0 | 0 | 0 | 3,353,000 | 0 |
Common dividends declared - $2.34, $2.44 and $2.52 per share in 2015, 2016 and 2017, respectively | (86,560,000) | 0 | 0 | (86,560,000) | 0 | 0 |
Stock-based compensation, net of forfeitures | 7,012,000 | 0 | 7,012,000 | 0 | 0 | 0 |
Issuance of 106,751, 875,052 and 1,370,457 shares of common stock, common stock offering, net of expenses in 2015, 2016 and 2017, respectively | 109,207,000 | 0 | 109,207,000 | 0 | 0 | 0 |
Issuance of 4,536, 3,326 and 2,744 shares of common stock, dividend reinvestment plan in 2015, 2016 and 2017, respectively | 228,000 | 0 | 228,000 | 0 | 0 | 0 |
Withheld 32,409, 57,316 and 33,695 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock in 2015, 2016 and 2017, respectively | (2,505,000) | 0 | (2,505,000) | 0 | 0 | 0 |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (4,704,000) | 0 | (2,107,000) | 0 | 0 | (2,597,000) |
Distributions to noncontrolling interest | (478,000) | 0 | 0 | 0 | 0 | (478,000) |
Contributions from noncontrolling interest | 122,000 | 0 | 0 | 0 | 0 | 122,000 |
BALANCE at Dec. 31, 2017 | $ 751,130,000 | $ 3,000 | $ 1,061,153,000 | $ (317,032,000) | $ 5,348,000 | $ 1,658,000 |
CONSOLIDATED STATEMENTS OF CHA6
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stockholders' Equity Attributable to Parent | |||
Common dividends declared - per share (in dollars per share) | $ 2.52 | $ 2.44 | $ 2.34 |
Issuance of shares of common stock, common stock offering, net of expenses (in shares) | 1,370,457 | 875,052 | 106,751 |
Issuance of shares of common stock, options exercised (in shares) | 0 | 0 | 0 |
Issuance of shares of common stock, dividend reinvestment plan (in shares) | 2,744 | 3,326 | 4,536 |
Withheld shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock (in shares) | 33,695 | 57,316 | 32,409 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES | |||
Net income | $ 83,589,000 | $ 96,094,000 | $ 48,399,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 83,874,000 | 77,935,000 | 73,290,000 |
Stock-based compensation expense | 5,521,000 | 4,590,000 | 6,733,000 |
Gain, net of loss, on sales of real estate investments and non-operating real estate | (22,148,000) | (42,903,000) | (3,026,000) |
Changes in operating assets and liabilities: | |||
Accrued income and other assets | (5,034,000) | (2,883,000) | (2,118,000) |
Accounts payable, accrued expenses and prepaid rent | 8,333,000 | 5,736,000 | 6,928,000 |
Other | 879,000 | 295,000 | (157,000) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 155,014,000 | 138,864,000 | 130,049,000 |
INVESTING ACTIVITIES | |||
Real estate development | (124,938,000) | (203,765,000) | (95,032,000) |
Purchases of real estate | (55,195,000) | (27,668,000) | (31,574,000) |
Real estate improvements | (26,158,000) | (23,778,000) | (25,062,000) |
Net proceeds from sales of real estate investments and non-operating real estate | 42,710,000 | 78,780,000 | 5,156,000 |
Repayments on mortgage loans receivable | 171,000 | 123,000 | 116,000 |
Changes in accrued development costs | (144,000) | 3,629,000 | (1,705,000) |
Changes in other assets and other liabilities | (15,872,000) | (13,793,000) | (8,317,000) |
NET CASH USED IN INVESTING ACTIVITIES | (179,426,000) | (186,472,000) | (156,418,000) |
FINANCING ACTIVITIES | |||
Proceeds from unsecured bank credit facilities | 391,617,000 | 608,349,000 | 420,104,000 |
Repayments on unsecured bank credit facilities | (387,298,000) | (567,165,000) | (368,669,000) |
Proceeds from Unsecured Debt | 60,000,000 | 205,000,000 | 150,000,000 |
Repayments on Unsecured Debt | 0 | (80,000,000) | 0 |
Repayments on secured debt | (58,209,000) | (92,773,000) | (102,337,000) |
Debt issuance costs | (380,000) | (1,487,000) | (1,952,000) |
Distributions paid to stockholders (not including dividends accrued on unvested restricted stock) | (86,725,000) | (80,899,000) | (75,845,000) |
Proceeds from common stock offerings | 109,207,000 | 59,283,000 | 6,233,000 |
Proceeds from dividend reinvestment plan | 228,000 | 236,000 | 256,000 |
Other | (4,534,000) | (2,462,000) | (1,384,000) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 23,906,000 | 48,082,000 | 26,406,000 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (506,000) | 474,000 | 37,000 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 522,000 | 48,000 | 11,000 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 16,000 | 522,000 | 48,000 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Cash paid for interest, net of amount capitalized of $5,765, $5,340, and $5,257 for 2017, 2016 and 2015, respectively | $ 33,634,000 | $ 33,595,000 | $ 33,164,000 |
CONSOLIDATED STATEMENTS OF CAS8
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash paid for interest, net of amount capitalized | $ 5,765 | $ 5,340 | $ 5,257 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES (a) Principles of Consolidation The consolidated financial statements include the accounts of EastGroup Properties, Inc. ("EastGroup" or "the Company"), its wholly owned subsidiaries and its investment in any joint ventures in which the Company has a controlling interest. At December 31, 2015, EastGroup had a controlling interest in two joint ventures, the 80% owned University Business Center and the 80% owned Castilian Research Center. During the second quarter of 2016, Castilian Research Center was sold, and the joint venture was subsequently terminated. At December 31, 2016, the Company had a controlling interest in one joint venture, the 80% owned University Business Center. During the fourth quarter of 2017, EastGroup closed the acquisition of the 20% noncontrolling interest in two of the four University Business Center buildings; the Company now owns 100% of University Business Center 125 and 175. As of December 31, 2017, EastGroup had an 80% controlling interest in University Business Center 120 and 130. The Company records 100% of the assets, liabilities, revenues and expenses of the buildings held in joint ventures with the 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 2017 , 2016 and 2015 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 2017 , 2016 and 2015 . Federal Income Tax Treatment of Share Distributions Years Ended December 31, 2017 2016 2015 Common Share Distributions: Ordinary dividends $ 2.49146 2.10494 2.24258 Nondividend distributions 0.02686 0.05202 0.02774 Unrecaptured Section 1250 capital gain — 0.12872 0.06968 Other capital gain 0.00168 0.15432 — Total Common Share Distributions $ 2.52000 2.44000 2.34000 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 2013 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, 2017 and 2016 . 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, 2017 and 2016 , there was no significant uncertainty of collection; therefore, interest income was recognized. As of December 31, 2017 and 2016 , 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, 2017 and 2016 , the Company did not identify any impairment charges which should be recorded. 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 was $69,010,000 , $63,793,000 and $ 59,882,000 for 2017 , 2016 and 2015 , respectively. (e) Development For properties under development and properties acquired in the development stage, costs associated with development (i.e., land, construction costs, interest expense, property taxes and other direct and indirect 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). Effective January 1, 2018, the Company is implementing an accounting policy change and will begin transferring properties from Development to Real estate properties at the earlier of 90% occupancy or one year after completion of the shell construction. (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 accordance with FASB 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, the Company would report a disposal of a component of an entity or a group of components of an entity 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, the Company would provide 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. (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 debt issuance costs was $1,250,000 , $1,534,000 and $1,336,000 for 2017 , 2016 and 2015 , respectively. Amortization of facility fees was $670,000 , $670,000 and $608,000 for 2017 , 2016 and 2015 , 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 was $10,329,000 , $9,932,000 and $9,038,000 for 2017 , 2016 and 2015 , respectively. Amortization expense for in-place lease intangibles is disclosed below in Real Estate Property Acquisitions and Acquired Intangibles . (j) Real Estate Property Acquisitions and Acquired Intangibles Upon acquisition of real estate properties, EastGroup applies the principles of ASC 805, Business Combinations. Prior to the Company's adoption of ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, effective October 1, 2016, acquisition-related costs were recognized as expenses in the periods in which the costs were incurred and the services were received. As discussed in Note 1(o), beginning with acquisitions after October 1, 2016, the Company follows the guidance in ASU 2017-01, which provides a new framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the new guidance, companies are required to utilize an initial screening test to determine whether substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set is not a business. EastGroup has determined that its real estate property acquisitions in 2017 and the fourth quarter of 2016 are considered to be acquisitions of groups of similar identifiable assets; therefore, the acquisitions are not considered to be acquisitions of a business. As a result, the Company has capitalized acquisition costs related to its 2017 and fourth quarter 2016 acquisitions. The FASB Codification 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 for business combinations 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 $529,000 , $488,000 and $448,000 in 2017 , 2016 and 2015 , respectively. Amortization expense for in-place lease intangibles was $4,535,000 , $4,210,000 and $4,370,000 for 2017 , 2016 and 2015 , respectively. Projected amortization of in-place lease intangibles for the next five years as of December 31, 2017 is as follows: Years Ending December 31, (In thousands) 2018 $ 3,576 2019 2,555 2020 1,911 2021 1,482 2022 893 During 2017, the Company acquired the following operating properties: Shiloh 400, Broadmoor Commerce Park and Hurricane Shoals 1 & 2 in Atlanta and Southpark Corporate Center 5-7 in Austin. The Company also acquired one development stage property, Progress Center 1 & 2 in Atlanta. At the time of acquisition, Progress Center 1 & 2 was classified in the lease-up phase of development. The total cost for the properties acquired by the Company was $65,243,000 , of which $51,539,000 was allocated to Real estate properties and $10,312,000 was allocated to Development . EastGroup allocated $11,281,000 of the total purchase price to land using third party land valuations for the Atlanta and Austin markets. The market values are considered to be Level 3 inputs as defined by ASC 820, Fair Value Measurement (see Note 18 for additional information on ASC 820). Intangibles associated with the purchase of real estate were allocated as follows: $3,662,000 to in-place lease intangibles and $115,000 to above market leases (included in Other assets on the Consolidated Balance Sheets), and $385,000 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 2016, the Company acquired the following development-stage properties: Parc North in Ft. Worth (Dallas), Weston Commerce Park in Weston (South Florida), and Jones Corporate Park in Las Vegas. At the time of acquisition, the properties were classified as under construction or in the lease-up phase of development. Also in 2016, the Company acquired Flagler Center, a three -building business distribution complex in Jacksonville, Florida. The properties purchased in 2016 were acquired for a total cost of $112,158,000 , of which $22,228,000 was allocated to Real estate properties and $84,490,000 was allocated to Development . EastGroup allocated $29,164,000 of the total purchase price to land using third party land valuations for the Dallas, South Florida, Las Vegas and Jacksonville 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: $5,941,000 to in-place lease intangibles, $393,000 to above market leases and $894,000 to below market leases. 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 . The Company 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. Intangibles associated with the purchase of real estate were allocated as follows: $3,453,000 to in-place lease intangibles and $527,000 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, 2017 and 2016 . (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 was further amended by the Board of Directors in March 2017. 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. 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. 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. The dilutive effect of unvested restricted stock is determined using the treasury stock method. (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 recently 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 FASB issued further guidance in ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, that provides clarifying guidance in certain narrow areas and adds some practical expedients. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The effective date of ASU 2014-09 was extended by one year by ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The new standard was effective for the Company on January 1, 2018, and the Company is using the modified retrospective approach upon adoption. The Company has made significant progress in evaluating the effect of ASU 2014-09 on its consolidated financial statements and related disclosures beginning with the Form 10-Q for the period ending March 31, 2018. The Company has completed its inventory of its sources of revenue and does not believe there will be a material financial statement impact or that its pattern of revenue recognition will be materially impacted by the adoption of ASU 2014-09. 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 adopted ASU 2016-01 effective 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. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. The Company is a lessee on a limited number of leases, including office and ground leases, and while the adoption of ASU 2016-02 will impact the Company's accounting for office and ground leases, the Company anticipates the impact will not be material to its overall financial condition and results of operations. Lessor accounting is largely unchanged under ASU 2016-02. The Company's primary revenue is rental income; as such, the Company is a lessor on a significant number of leases. The Company is continuing to evaluate the potential impacts of the ASU and believes it will continue to account for its leases in substantially the same manner. The most significant changes for the Company related to lessor accounting include bifurcating its revenue into lease and non-lease components and the new standard's narrow definition of initial direct costs for leases. The new definition will result in certain costs (primarily legal costs related to lease negotiations) being expensed rather than capitalized upon adoption of the new standard. Public business entities are required to apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. EastGroup plans to adopt ASU 2016-02 effective January 1, 2019. The Company is continuing the process of evaluating and quantifying the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures beginning with the Form 10-Q for the period ending March 31, 2019. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The ASU is intended to improve the accounting for share-based payments and affects all organizations that issue share-based payment awards to their employees. Several aspects of the accounting for share-based payment awards are simplified with the ASU, including income tax consequences, classification of awards as equity or liabilities and classification on the Consolidated Statements of Cash Flows. ASU 2016-09 is effective for public business entities for annual periods beginning after December 15, 2016, and interim periods within those fiscal years; early adoption is permitted. EastGroup adopted ASU 2016-09 effective January 1, 2017. As a result, the Company elected to reverse compensation cost of any forfeited awards when they occur and will continue to classify the cash flows resulting from remitting cash to the tax authorities for the payment of taxes on the vesting of share-based payment awards as a financing activity on the Consolidated Statements of Cash Flows. In addition, upon vesting of share-based payments, the Company will withhold up to the maximum individual statutory tax rate and classify the entire award as equity. The adoption of ASU 2016-09 did not have a material impact on the Company's financial condition or results of operations. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which addresses certain cash flow issues, including how debt prepayments or debt extinguishment costs and distributions received from equity method investees are presented. ASU 2016-15 is effective for public business entities for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, and the Company has adopted ASU 2016-15 effective January 1, 2017. The adoption of ASU 2016-15 did not have a material impact on the Company's financial condition or results of operations. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The ASU is intended to provide a new framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the new guidance, companies are required to utilize an initial screening test to determine whether substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set is not a business. The Company has determined that some of its real estate property acquisitions may be c |
REAL ESTATE PROPERTIES
REAL ESTATE PROPERTIES | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
REAL ESTATE PROPERTIES | REAL ESTATE PROPERTIES The Company’s Real estate properties and Development at December 31, 2017 and 2016 were as follows: December 31, 2017 2016 (In thousands) Real estate properties: Land $ 345,424 308,931 Buildings and building improvements 1,587,130 1,435,309 Tenant and other improvements 402,905 368,833 Development 242,014 293,908 2,577,473 2,406,981 Less accumulated depreciation (749,601 ) (694,250 ) $ 1,827,872 1,712,731 EastGroup acquired operating properties during 2017 , 2016 and 2015 as discussed in Note 1(j). In 2017, Eastgroup sold Stemmons Circle and Techway Southwest I-IV. In 2016, the Company sold the following operating properties: Northwest Point Distribution and Service Centers, North Stemmons II and III, America Plaza, Lockwood Distribution Center, West Loop Distribution Center 1 & 2, two of its four Interstate Commons Distribution Center buildings, Castilian Research Center and Memphis I. In 2015, the Company sold one operating property, the last of its three Ambassador Row Warehouses. The results of operations and gains and losses on sales for the properties sold during the periods presented are reported in continuing operations on the Consolidated Statements of Income and Comprehensive Income. The gains and losses on sales are included in Gain, net of loss, on sales of real estate investments. The Company did not classify any properties as held for sale as of December 31, 2017 and 2016. Sales of Real Estate A summary of Gain, net of loss, on sales of real estate investments for the years ended December 31, 2017 , 2016 and 2015 follows: Real Estate Properties Location Size (in Square Feet) Date Sold Net Sales Price Basis Recognized Gain (In thousands) 2017 Stemmons Circle Dallas, TX 99,000 05/12/2017 $ 5,051 1,329 3,722 Techway Southwest I-IV Houston, TX 415,000 06/19/2017 32,506 14,373 18,133 Total for 2017 $ 37,557 15,702 21,855 2016 Northwest Point Distribution Houston, TX 232,000 02/12/2016 $ 15,189 5,080 10,109 North Stemmons III Dallas, TX 60,000 03/04/2016 3,131 1,908 1,223 North Stemmons II Dallas, TX 26,000 04/12/2016 1,203 765 438 Lockwood Distribution Center Houston, TX 392,000 04/18/2016 14,024 4,154 9,870 West Loop Distribution Center 1 & 2 Houston, TX 161,000 04/19/2016 13,154 3,564 9,590 America Plaza Houston, TX 121,000 04/28/2016 7,938 3,378 4,560 Interstate Commons Distribution Phoenix, AZ 142,000 05/31/2016 9,906 3,568 6,338 Castilian Research Center (1) Santa Barbara, CA 30,000 06/28/2016 7,698 7,513 185 Memphis I Memphis, TN 92,000 12/16/2016 1,482 1,625 (143 ) Total for 2016 $ 73,725 31,555 42,170 2015 Ambassador Row Warehouse Dallas, TX 185,000 04/13/2015 $ 4,998 2,095 2,903 (1) EastGroup owned 80% of Castilian Research Center through a joint venture. The information shown for this transaction also includes the 20% attributable to the Company's noncontrolling interest partner. 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, 2017, the Company sold parcels of land in El Paso and Dallas for total gross proceeds of $3,778,000 and recognized a net gain of $293,000 . During the year ended December 31, 2016, EastGroup sold parcels of land in Houston, Dallas and Orlando for $5,400,000 and recognized a gain of $733,000 . During the year ended December 31, 2015, the Company sold a small parcel of land in New Orleans for $170,000 and recognized a gain of $123,000 . The net gains on sales of land are included in Other on the Consolidated Statements of Income and Comprehensive Income. Development The Company’s development program as of December 31, 2017 , 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 2017 were $5,765,000 compared to $5,340,000 for 2016 and $5,257,000 for 2015 . In addition, EastGroup capitalized internal development costs of $4,754,000 during the year ended December 31, 2017 , compared to $3,789,000 during 2016 and $4,467,000 in 2015 . Total capital invested for development during 2017 was $124,938,000 , which primarily consisted of costs of $93,395,000 and $14,819,000 as detailed in the Development Activity table below and costs of $12,811,000 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 ACTIVITY Costs Incurred Anticipated Building Conversion Date Costs Transferred in 2017 (1) For the Year Ended 12/31/17 Cumulative as of 12/31/17 Estimated Total Costs (2) (In thousands) (Unaudited) (Unaudited) (Unaudited) LEASE-UP Building Size (Square feet) Alamo Ridge IV, San Antonio, TX 97,000 $ — 2,152 7,097 8,300 03/18 Weston, Ft. Lauderdale, FL (3) 134,000 — 1,239 15,520 16,000 03/18 Oak Creek VII, Tampa, FL 116,000 2,153 3,978 6,131 7,500 04/18 Progress Center 1 & 2, Atlanta, GA (4) 132,000 — 10,333 10,333 11,100 04/18 Eisenhauer Point 3, San Antonio, TX 71,000 — 3,411 6,159 6,800 06/18 SunCoast 4, Ft. Myers, FL 93,000 — 2,865 9,120 10,000 06/18 Steele Creek VII, Charlotte, NC 120,000 2,393 5,404 7,797 8,600 09/18 Horizon XII, Orlando, FL 140,000 3,825 7,405 11,230 12,100 12/18 Total Lease-Up 903,000 8,371 36,787 73,387 80,400 UNDER CONSTRUCTION Country Club V, Tucson, AZ 300,000 — 10,656 13,951 24,200 04/18 Kyrene 202 III, IV & V, Phoenix, AZ 166,000 2,280 9,263 11,543 13,800 02/19 CreekView 121 3 & 4, Dallas, TX 158,000 3,701 6,610 10,311 14,200 03/19 Eisenhauer Point 5, San Antonio, TX 98,000 1,253 4,551 5,804 7,500 03/19 Eisenhauer Point 6, San Antonio, TX 85,000 878 3,172 4,050 5,200 03/19 Horizon X, Orlando, FL 104,000 2,101 1,449 3,550 8,000 04/19 Falcon Field, Phoenix, AZ 96,000 1,733 1,214 2,947 9,000 05/19 Airport Commerce Center 3, Charlotte, NC 96,000 1,653 80 1,733 7,300 07/19 Settlers Crossing 1, Austin, TX 77,000 1,494 62 1,556 7,400 10/19 Settlers Crossing 2, Austin, TX 83,000 1,606 67 1,673 8,000 10/19 Total Under Construction 1,263,000 16,699 37,124 57,118 104,600 PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) Estimated Building Size (Square feet) Phoenix, AZ — (4,013 ) 120 — Tucson, AZ (5) — — (417 ) — Ft. Myers, FL 570,000 — 469 14,112 Miami, FL 850,000 — 3,632 30,876 Orlando, FL 418,000 (5,926 ) 917 11,120 Tampa, FL 32,000 (2,153 ) 32 1,560 Atlanta, GA 196,000 — 1,207 1,207 Jackson, MS 28,000 — — 706 Charlotte, NC 655,000 (4,046 ) 1,472 6,729 Austin, TX 180,000 (3,100 ) 6,120 3,020 Dallas, TX 491,000 (3,701 ) 975 9,596 El Paso, TX (6) — — (2,444 ) — Houston, TX (7) 1,476,000 — (184 ) 21,190 San Antonio, TX 965,000 (2,131 ) 7,585 11,393 Total Prospective Development 5,861,000 (25,070 ) 19,484 111,509 8,027,000 $ — 93,395 242,014 COMPLETED DEVELOPMENT AND TRANSFERRED TO REAL ESTATE PROPERTIES DURING 2017 Building Size (Square feet) Building Conversion Date Eisenhauer Point 1 & 2, San Antonio, TX 201,000 $ — 19 15,795 01/17 South 35th Avenue, Phoenix, AZ (8) 125,000 — — 1,664 01/17 Alamo Ridge III, San Antonio, TX 135,000 — 28 10,587 02/17 Parc North 1-4, Dallas, TX (9) 446,000 — 132 32,252 02/17 Madison IV & V, Tampa, FL 145,000 — 549 8,074 03/17 Jones Corporate Park, Las Vegas, NV (10) 416,000 — 275 39,815 04/17 Steele Creek VI, Charlotte, NC 137,000 — 519 7,525 04/17 Ten Sky Harbor, Phoenix, AZ 64,000 — 100 5,365 04/17 Horizon V, Orlando, FL 141,000 — 4,814 9,249 05/17 Horizon VII, Orlando, FL 109,000 — 1,375 8,266 06/17 Eisenhauer Point 4, San Antonio, TX 85,000 — 2,544 5,197 07/17 CreekView 121 1 & 2, Dallas, TX 193,000 — 4,464 16,319 08/17 Total Transferred to Real Estate Properties 2,197,000 $ — 14,819 160,108 (11) Footnotes for the Development Activity table are on the following page. (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 $29.0 million and tenant improvement obligations of $5.8 million on properties under development. (3) This project was acquired by EastGroup on 11/1/16 and underwent redevelopment. (4) This project was acquired by EastGroup on 12/12/17 during the lease-up phase. (5) Negative amount represents land inventory costs transferred to Real Estate Properties for storage yard and parking lot expansion. (6) Negative amount represents land sold on 11/3/17. (7) Negative amount represents West Road retention ponds and infrastructure conveyed to West Harris County Municipal Utility District. (8) This property was redeveloped from a manufacturing building to a multi-tenant distribution building. (9) This project was acquired by EastGroup on 7/8/16 during the lease-up phase. (10) This project was acquired by EastGroup on 11/15/16 during the lease-up phase. (11) 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, 2017 : Years Ending December 31, (In thousands) 2018 $ 204,614 2019 177,110 2020 139,791 2021 100,559 2022 74,092 Thereafter 147,960 Total minimum receipts $ 844,126 Ground Leases As of December 31, 2017 , 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 the years ended December 31, 2017 , 2016 and 2015 were $760,000 , $756,000 and $756,000 , 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, 2017 : Future Minimum Ground Lease Payments Years Ending December 31, (In thousands) 2018 $ 761 2019 761 2020 761 2021 761 2022 761 Thereafter 9,729 Total minimum payments $ 13,534 |
UNCONSOLIDATED INVESTMENT
UNCONSOLIDATED INVESTMENT | 12 Months Ended |
Dec. 31, 2017 | |
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 $8,029,000 at December 31, 2017 , and $7,681,000 at December 31, 2016 . |
MORTGAGE LOANS RECEIVABLE
MORTGAGE LOANS RECEIVABLE | 12 Months Ended |
Dec. 31, 2017 | |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract] | |
MORTGAGE LOANS RECEIVABLE | MORTGAGE LOANS RECEIVABLE As of December 31, 2016, the Company had two mortgage loans receivable, both of which were classified as first mortgage loans, with effective interest rates of 5.25% and maturity dates in October 2017 . During 2017, the loan agreements were amended and restated. As of December 31, 2017, EastGroup had two mortgage loans receivable, both of which were classified as first mortgage loans, with effective interest rates of 5.15% and maturity dates in December 2022 . 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, 2017 | |
Other Assets [Abstract] | |
OTHER ASSETS | OTHER ASSETS A summary of the Company’s Other assets follows: December 31, 2017 2016 (In thousands) Leasing costs (principally commissions) $ 72,722 65,521 Accumulated amortization of leasing costs (27,973 ) (26,340 ) Leasing costs (principally commissions), net of accumulated amortization 44,749 39,181 Straight-line rents receivable 31,609 28,369 Allowance for doubtful accounts on straight-line rents receivable (48 ) (76 ) Straight-line rents receivable, net of allowance for doubtful accounts 31,561 28,293 Accounts receivable 6,004 6,824 Allowance for doubtful accounts on accounts receivable (577 ) (809 ) Accounts receivable, net of allowance for doubtful accounts 5,427 6,015 Acquired in-place lease intangibles 20,690 21,231 Accumulated amortization of acquired in-place lease intangibles (8,974 ) (8,642 ) Acquired in-place lease intangibles, net of accumulated amortization 11,716 12,589 Acquired above market lease intangibles 1,550 1,594 Accumulated amortization of acquired above market lease intangibles (794 ) (736 ) Acquired above market lease intangibles, net of accumulated amortization 756 858 Mortgage loans receivable 4,581 4,752 Interest rate swap assets 6,034 4,546 Goodwill 990 990 Prepaid expenses and other assets 11,490 7,606 Total Other assets $ 117,304 104,830 |
UNSECURED BANK CREDIT FACILITIE
UNSECURED BANK CREDIT FACILITIES | 12 Months Ended |
Dec. 31, 2017 | |
Line of Credit Facility [Abstract] | |
UNSECURED BANK CREDIT FACILITIES | EastGroup has a $300 million unsecured revolving credit facility with a group of nine banks that matures in July 2019. The credit facility contains options 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, 2017 , 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. The Company has designated an interest rate swap to an $80 million unsecured bank credit facility draw that effectively fixes the interest rate on the $80 million draw to 2.020% through the interest rate swap's maturity date of August 15, 2018. As of December 31, 2017 , EastGroup had an additional $110,000,000 of variable rate borrowings on this unsecured bank credit facility with a weighted average interest rate of 2.528% . The Company has a standby letter of credit of $674,000 pledged on this facility. The Company also has a $35 million unsecured revolving credit facility that matures in July 2019. This credit facility automatically extends for one year if the extension option in the $300 million revolving credit facility is exercised. The interest rate is reset on a daily basis and as of December 31, 2017 , 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, 2017 , the interest rate was 2.564% on a balance of $6,339,000 . Average unsecured bank credit facilities borrowings were $114,751,000 in 2017 , $106,352,000 in 2016 and $109,777,000 in 2015 , with weighted average interest rates (excluding amortization of facility fees and debt issuance costs) of 2.07% in 2017 , 1.49% in 2016 and 1.29% in 2015 . Amortization of facility fees was $670,000 , $670,000 and $608,000 for 2017 , 2016 and 2015 , respectively. Amortization of debt issuance costs for the Company's unsecured bank credit facilities was $451,000 , $450,000 and $493,000 for 2017 , 2016 and 2015 , 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 financial debt covenants at December 31, 2017 . See Note 7 for a detail of the outstanding balances of the Company's Unsecured bank credit facilities as of December 31, 2017 and 2016. |
UNSECURED AND SECURED DEBT
UNSECURED AND SECURED DEBT | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
SECURED AND UNSECURED DEBT | The Company's debt is detailed below. EastGroup presents debt issuance costs as reductions of Unsecured bank credit facilities, Unsecured debt and Secured debt on the Consolidated Balance Sheets as detailed below. December 31, December 31, (In thousands) Unsecured bank credit facilities - variable rate, carrying amount $ 116,339 112,020 Unsecured bank credit facilities - fixed rate, carrying amount (1) 80,000 80,000 Unamortized debt issuance costs (630 ) (1,030 ) Unsecured bank credit facilities 195,709 190,990 Unsecured debt - fixed rate, carrying amount (1) 715,000 655,000 Unamortized debt issuance costs (1,939 ) (2,162 ) Unsecured debt 713,061 652,838 Secured debt - fixed rate, carrying amount (1) 200,354 258,594 Unamortized debt issuance costs (842 ) (1,089 ) Secured debt 199,512 257,505 Total debt $ 1,108,282 1,101,333 (1) These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. A summary of the carrying amount of Unsecured debt follows: Balance at December 31, Margin Above LIBOR Interest Rate Maturity Date 2017 2016 (In thousands) $50 Million Unsecured Term Loan Not applicable 3.910% 12/21/2018 $ 50,000 50,000 $75 Million Unsecured Term Loan (1) 1.150% 2.846% 07/31/2019 75,000 75,000 $75 Million Unsecured Term Loan (1) 1.100% 3.452% 12/20/2020 75,000 75,000 $40 Million Unsecured Term Loan (1) 1.100% 2.335% 07/30/2021 40,000 40,000 $75 Million Unsecured Term Loan (1) 1.400% 3.031% 02/28/2022 75,000 75,000 $65 Million Unsecured Term Loan (1) 1.650% 2.863% 04/01/2023 65,000 65,000 $100 Million Senior Unsecured Notes: $30 Million Notes Not applicable 3.800% 08/28/2020 30,000 30,000 $50 Million Notes Not applicable 3.800% 08/28/2023 50,000 50,000 $20 Million Notes Not applicable 3.800% 08/28/2025 20,000 20,000 $60 Million Senior Unsecured Notes Not applicable 3.460% 12/13/2024 60,000 — $100 Million Senior Unsecured Notes: $60 Million Notes Not applicable 3.480% 12/15/2024 60,000 60,000 $40 Million Notes Not applicable 3.750% 12/15/2026 40,000 40,000 $25 Million Senior Unsecured Notes Not applicable 3.970% 10/01/2025 25,000 25,000 $50 Million Senior Unsecured Notes Not applicable 3.990% 10/07/2025 50,000 50,000 $ 715,000 655,000 (1) The interest rates on these unsecured term loans are comprised of LIBOR plus a margin which is subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into interest rate swap agreements (further described in Note 13) to convert the loans' LIBOR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2017 . The Company’s unsecured debt instruments 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 financial debt covenants at December 31, 2017 . A summary of the carrying amount of Secured debt follows: Interest Rate Monthly P&I Payment Maturity Date Carrying Amount of Securing Real Estate at December 31, 2017 Balance at December 31, Property 2017 2016 (In thousands) 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 Repaid $ — — 47,496 Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington 7.50% 539,747 05/05/2019 45,886 49,580 52,231 Blue Heron II 5.39% 16,176 02/29/2020 4,425 409 576 40 th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Interchange Park I, Ocean View, Wetmore 5-8 and World Houston 26, 28, 29 & 30 4.39% 463,778 01/05/2021 67,796 55,317 58,380 Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Venture and World Houston 3-9 4.75% 420,045 06/05/2021 56,000 50,161 52,752 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 56,440 42,315 44,493 Ramona 3.85% 16,287 11/30/2026 9,027 2,572 2,666 $ 239,574 200,354 258,594 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 Unsecured debt and Secured debt (not including Unsecured bank credit facilities ), due during the next five years as of December 31, 2017 are as follows: Years Ending December 31, (In thousands) 2018 $ 61,314 2019 130,569 2020 114,096 2021 129,563 2022 107,769 |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 (In thousands) Property taxes payable $ 12,081 14,186 Development costs payable 9,699 9,844 Real estate improvements and capitalized leasing costs payable 3,957 2,304 Interest payable 3,744 3,822 Dividends payable on unvested restricted stock 1,365 1,530 Book overdraft (1) 20,902 14,452 Other payables and accrued expenses 13,219 6,563 Total Accounts payable and accrued expenses $ 64,967 52,701 (1) Represents unfunded outstanding checks for which the bank has not advanced cash to the Company. See Note 1(p). |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES A summary of the Company’s Other liabilities follows: December 31, 2017 2016 (In thousands) Security deposits $ 16,668 14,782 Prepaid rent and other deferred income 9,352 9,795 Acquired below-market lease intangibles 4,135 4,012 Accumulated amortization of below-market lease intangibles (2,147 ) (1,662 ) Acquired below-market lease intangibles, net of accumulated amortization 1,988 2,350 Interest rate swap liabilities 695 2,578 Prepaid tenant improvement reimbursements 124 343 Other liabilities 15 16 Total Other liabilities $ 28,842 29,864 |
COMMON STOCK ACTIVITY
COMMON STOCK ACTIVITY | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
COMMON STOCK ACTIVITY | COMMON STOCK ACTIVITY The following table presents the common stock activity for the three years ended December 31, 2017 : Years Ended December 31, 2017 2016 2015 Common Shares Shares outstanding at beginning of year 33,332,213 32,421,460 32,232,587 Common stock offerings 1,370,457 875,052 106,751 Dividend reinvestment plan 2,744 3,326 4,536 Incentive restricted stock granted 93,285 80,529 100,622 Incentive restricted stock forfeited (16,000 ) (910 ) — Director common stock awarded 8,881 10,072 9,373 Director restricted stock granted 282 — — Restricted stock withheld for tax obligations (33,695 ) (57,316 ) (32,409 ) Shares outstanding at end of year 34,758,167 33,332,213 32,421,460 Common Stock Issuances The following table presents the common stock issuance activity for the three years ended December 31, 2017 : Years Ended December 31, Number of Common Shares Issued Net Proceeds (In thousands) 2017 1,370,457 $ 109,207 2016 875,052 59,283 2015 106,751 6,233 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, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company 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. 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 was further amended by the Board of Directors in March 2017. 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 1,671,981 , 1,752,345 and 1,802,000 total shares available for grant under the 2013 Equity Plan as of December 31, 2017, 2016 and 2015, respectively. Typically, the Company issues new shares to fulfill stock grants. Stock-based compensation cost for employees was $6,309,000 , $5,184,000 and $7,891,000 for 2017 , 2016 and 2015 , respectively, of which $1,458,000 , $1,183,000 and $1,672,000 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 of the Company's Board of Directors (the 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. In March 2017, the Committee evaluated the Company's performance compared to certain annual performance measures (primarily funds from operations (FFO) per share and total shareholder return) for the year ended December 31, 2016. Based on the evaluation, 36,571 shares were awarded to the Company’s executive officers at the grant date (March 2, 2017) fair value of $74.80 per share. These shares vested 20% on the date shares were determined and awarded and will vest 20% per year on January 1 in years 2018, 2019, 2020 and 2021. The shares are being expensed on a straight-line basis over the remaining service period. Also in March 2017, the Committee evaluated the Company’s total shareholder return, both on an absolute basis for 2016 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, 2016. Based on the evaluation, 33,289 shares were awarded to the Company’s executive officers at the grant date (March 2, 2017) fair value of $74.80 per share. These shares vested 25% on the date shares were determined and awarded and will vest 25% per year on January 1 in years 2018, 2019 and 2020. The shares are being expensed on a straight-line basis over the remaining service period. Notwithstanding the foregoing, the shares issued to the Company’s former Chief Financial Officer under these plans became fully vested on the grant date of the awards in the first quarter of 2017. In the second quarter of 2017, the Committee approved an equity compensation plan for certain of its executive officers based upon certain annual performance measures for 2017, including FFO per share, same property net operating income change, general and administrative costs, and fixed charge coverage. During the first quarter of 2018, the Committee will measure the Company's performance for 2017 against bright-line tests established by the Committee on the grant date of May 10, 2017. The number of shares that may be earned for the achievement of the annual performance measures could range from zero to 21,096 . These shares, which have a grant date fair value of $78.18 , would vest 20% on the date shares are determined and 20% per year on each January 1 for the subsequent four years. On the grant date of May 10, 2017, the Company began recognizing expense for its estimate of the shares that may be earned pursuant to these awards; the shares are being expensed 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. Also in the second quarter of 2017, the Committee approved an equity compensation plan for certain of its executive officers based upon the achievement of individual goals for each of the officers included in the plan. Any shares issued pursuant to the individual goals in this compensation plan will be determined by the Committee in its discretion and issued in the first quarter of 2018. The number of shares to be issued on the grant date for the achievement of individual goals could range from zero to 5,274 . These shares would vest 20% on the date shares are determined and awarded and 20% per year on each January 1 for the subsequent four years. The Company will begin recognizing the expense for any shares awarded on the grant date in the first quarter of 2018, and the shares will be expensed on a straight-line basis over the remaining service period. Also in the second quarter of 2017, the Committee approved a long-term equity compensation plan for certain of the Company’s executive officers that includes three components based on total shareholder return and one component based only on continued service as of the vesting dates. The three long-term equity compensation plan components based on total shareholder return are subject to bright-line tests that will compare the Company's total shareholder return to the NAREIT Equity Index and to the Company's industrial REIT peer group. The first plan will measure the bright-line tests over the one-year period ending December 31, 2017. During the first quarter of 2018, the Committee will measure the Company's performance for the one -year period against bright-line tests established by the Committee on the grant date of May 10, 2017. The number of shares to be earned on the measurement date could range from zero to 4,730 . These shares would vest 100% on the date the earned shares are determined. On the grant date of May 10, 2017, the Company began recognizing expense for this plan based on the grant date fair value of the awards which was determined using a simulation pricing model developed to specifically accommodate the unique features of the award. The second plan will measure the bright-line tests over the two -year period ending December 31, 2018. During the first quarter of 2019, the Committee will measure the Company's performance for the two-year period against bright-line tests established by the Committee on the grant date of May 10, 2017. The number of shares to be earned on the measurement date could range from zero to 9,460 . These shares would vest 100% on the date the earned shares are determined. On the grant date of May 10, 2017, the Company began recognizing expense for this plan based on the grant date fair value of the awards which was determined using a simulation pricing model developed to specifically accommodate the unique features of the award. The third plan will measure the bright-line tests over the three -year period ending December 31, 2019. During the first quarter of 2020, the Committee will measure the Company's performance for the three-year period against bright-line tests established by the Committee on the grant date of May 10, 2017. The number of shares to be earned on the measurement date could range from zero to 18,917 . These shares would vest 75% on the date the earned shares are determined in the first quarter of 2020 and 25% on January 1, 2021. On the grant date of May 10, 2017, the Company began recognizing expense for this plan based on the grant date fair value of the awards which was determined using a simulation pricing model developed to specifically accommodate the unique features of the award. The component of the long-term equity compensation plan based only on continued service as of the vesting dates was awarded on May 10, 2017. On that date, 5,406 shares were granted to certain executive officers subject only to continued service as of the vesting dates. These shares, which have a grant date fair value of $78.18 per share, will vest 25% in the first quarter of 2018 and 25% on January 1 in years 2019, 2020 and 2021. The shares are being expensed on a straight-line basis over the remaining service period. Also during the second quarter of 2017, 5,169 shares were granted to certain executive officers subject only to continued service as of the vesting dates. These shares, which have a weighted average grant date fair value of $81.27 per share, vested 20% on January 1, 2018, and will vest 20% per year on January 1 in years 2019, 2020, 2021 and 2022. The shares are being expensed on a straight-line basis over the remaining service period. Also during the second quarter of 2017, 12,850 shares were granted to certain non-executive officers subject only to continued service as of the vesting dates. These shares, which have a grant date fair value of $84.57 per share, vested 20% on January 1, 2018, and will vest 20% per year on January 1 in years 2019, 2020, 2021 and 2022. The shares are being expensed on a straight-line basis over the remaining service period. 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, 2017 , there was $5,988,000 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 2017 , 2016 and 2015 . Of the shares that vested in 2017 , 2016 and 2015 , 33,695 shares, 57,316 shares and 32,409 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. As of the grant date, the fair value of shares that were granted during 2017 , 2016 and 2015 was $7,155,000 , $4,736,000 and $6,145,000 , respectively. As of the vesting date, the fair value of shares that vested during 2017 , 2016 and 2015 was $6,441,000 , $10,013,000 and $6,664,000 , respectively. Restricted Stock Activity: Years Ended December 31, 2017 2016 2015 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 162,087 $ 51.97 260,698 $ 52.68 265,911 $ 49.79 Granted (1) 93,285 76.70 80,529 58.81 100,622 61.07 Forfeited (16,000 ) 36.98 (910 ) 52.89 — — Vested (86,728 ) 61.62 (178,230 ) 56.09 (105,835 ) 53.40 Unvested at end of year 152,644 63.18 162,087 51.97 260,698 52.68 (1) Does not include the restricted shares that may be earned if the performance goals established in 2017 for annual and long-term performance periods are achieved. Depending on the actual level of achievement of the goals at the end of the open performance periods, the number of shares earned could range from zero to 59,477 . Following is a vesting schedule of the total unvested shares as of December 31, 2017 : Unvested Shares Vesting Schedule Number of Shares 2018 50,158 2019 44,235 2020 41,064 2021 13,584 2022 3,603 Total Unvested Shares 152,644 Directors Equity Awards The Company has a directors equity plan that was approved by stockholders and adopted in 2013 (the "2013 Equity Plan"). 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 $80,000 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 8,881 shares, 10,072 shares and 9,373 shares of common stock as annual retainer awards for 2017 , 2016 and 2015 , respectively. During the third quarter of 2017, 282 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 $88.86 per share, will vest 25% per year on September 8 in years 2018, 2019, 2020 and 2021. The shares are being expensed on a straight-line basis over the remaining service period. 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, 2015, 2016 and 2017. As of the vesting date, the fair value of shares that vested during 2017 , 2016 and 2015 was $9,000 , $8,000 and $6,000 , respectively. Stock-based compensation expense for directors was $670,000 , $589,000 and $514,000 for 2017 , 2016 and 2015 , respectively. |
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 , 2016 and 2015 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, 2017 2016 2015 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): (In thousands) Balance at beginning of year $ 1,995 (3,456 ) (2,357 ) Change in fair value of interest rate swaps - cash flow hedges 3,353 5,451 (1,099 ) Balance at end of year $ 5,348 1,995 (3,456 ) |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , EastGroup had seven 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 effectively fixed interest rates, 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 through interest expense as interest payments are made 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 or received on the Company's variable-rate debt. The Company estimates the swap interest receipts will be $617,000 over the next twelve months. These receipts approximate the expected cash interest receipts due from counterparties for the swaps. Since the interest payments and receipts on the swaps in combination with the associated debt have been effectively fixed, this estimate is not in addition to the Company's total expected combined interest payments or expense for the next twelve months. The Company's valuation methodology for over-the-counter (“OTC”) derivatives is 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 calculates its derivative values using mid-market prices. As of December 31, 2017 and 2016 , 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, 2017 Notional Amount as of December 31, 2016 (In thousands) Interest Rate Swap $80,000 $80,000 Interest Rate Swap $75,000 $75,000 Interest Rate Swap $75,000 $75,000 Interest Rate Swap $65,000 $65,000 Interest Rate Swap $60,000 $60,000 Interest Rate Swap $40,000 $40,000 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, 2017 and 2016 . See Note 18 for additional information on the fair value of the Company's interest rate swaps. Derivatives As of December 31, 2017 Derivatives As of December 31, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges: Interest rate swap assets Other assets $ 6,034 Other assets $ 4,546 Interest rate swap liabilities Other liabilities 695 Other liabilities 2,578 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, 2017 , 2016 and 2015 : Years Ended December 31, 2017 2016 2015 (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS Interest Rate Swaps: Amount of income (loss) recognized in Other comprehensive income (loss) on derivatives $ 1,437 1,410 (5,374 ) Amount of loss reclassified from Accumulated other comprehensive income (loss) into Interest expense 1,916 4,041 4,275 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, 2017 , the fair value of derivatives in an asset position related to these agreements was $6,034,000 , and the fair value of derivatives in a liability position related to these agreements was $695,000 . As of December 31, 2017 , the Company has not posted any collateral related to these arrangements. If the Company had breached any of the contractual provisions of the derivative contract, it could have been required to settle its obligations under the agreements at their termination value. The swap termination value of derivatives in an asset position was an asset in the amount of $6,084,000 , and the swap termination value of derivatives in a liability position was a liability in the amount of $717,000 . |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2017 | |
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: 2017 2016 2015 (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 83,183 95,509 47,866 Denominator – weighted average shares outstanding 33,996 32,563 32,091 DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 83,183 95,509 47,866 Denominator: Weighted average shares outstanding 33,996 32,563 32,091 Unvested restricted stock 51 65 105 Total Shares 34,047 32,628 32,196 |
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED | QUARTERLY RESULTS OF OPERATIONS – UNAUDITED 2017 Quarter Ended 2016 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 $ 66,409 90,004 69,001 71,944 73,189 93,279 64,043 66,614 Expenses (53,436 ) (53,027 ) (53,029 ) (54,277 ) (51,359 ) (49,186 ) (49,243 ) (51,243 ) Net Income 12,973 36,977 15,972 17,667 21,830 44,093 14,800 15,371 Net income attributable to noncontrolling interest in joint ventures (154 ) (87 ) (88 ) (77 ) (119 ) (180 ) (139 ) (147 ) Net income attributable to EastGroup Properties, Inc. common stockholders $ 12,819 36,890 15,884 17,590 21,711 43,913 14,661 15,224 BASIC PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) Net income attributable to common stockholders $ 0.38 1.09 0.46 0.51 0.67 1.36 0.45 0.46 Weighted average shares outstanding 33,361 33,987 34,215 34,406 32,254 32,376 32,741 32,874 DILUTED PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) Net income attributable to common stockholders $ 0.38 1.08 0.46 0.51 0.67 1.35 0.45 0.46 Weighted average shares outstanding 33,409 34,040 34,290 34,505 32,307 32,440 32,823 32,964 (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, 2017 | |
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 $672,000 , $675,000 and $585,000 for 2017 , 2016 and 2015 , respectively. |
LEGAL MATTERS
LEGAL MATTERS | 12 Months Ended |
Dec. 31, 2017 | |
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 arising in the ordinary course of business and for which the Company is adequately insured. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 . December 31, 2017 2016 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial Assets: Cash and cash equivalents $ 16 16 522 522 Mortgage loans receivable 4,581 4,569 4,752 4,747 Interest rate swap assets 6,034 6,034 4,546 4,546 Financial Liabilities: Unsecured bank credit facilities - variable rate (2) 116,339 116,277 112,020 111,923 Unsecured bank credit facilities - fixed rate (2) 80,000 80,003 80,000 79,998 Unsecured debt (2) 715,000 703,871 655,000 623,147 Secured debt (2) 200,354 206,408 258,594 266,585 Interest rate swap liabilities 695 695 2,578 2,578 (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. (2) Carrying amounts and fair values shown in the table exclude debt issuance costs (see Notes 6 and 7 for additional information). 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. 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. 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), excluding the effects of debt issuance costs. 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), excluding the effects of debt issuance costs. 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), excluding the effects of debt issuance costs. 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, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On January 26, 2018 , EastGroup closed the sale of World Houston 18, a 33,000 square foot, non-EastGroup developed, single-tenant building in Houston, for $2.5 million . The transaction generated a gain on sale which will be recognized in the first quarter of 2018. Subsequent to December 31, 2017, the Company executed a commitment letter for $60 million of senior unsecured private placement notes with an insurance company. The notes, which are expected to close in April 2018, have a 10 -year term and a fixed interest rate of 3.93% with semi-annual interest payments. The notes will not be and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. |
SCHEDULE III
SCHEDULE III | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III | SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (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 4,527 843 8,094 8,937 6,129 1993 1981/86/97 Jetport Commerce Park — 1,575 6,591 5,899 1,575 12,490 14,065 8,545 1993-99 1974-85 Westport Commerce Center — 980 3,800 2,765 980 6,565 7,545 4,628 1994 1983/87 Benjamin Distribution Center I & II — 843 3,963 1,572 883 5,495 6,378 3,788 1997 1996 Benjamin Distribution Center III — 407 1,503 650 407 2,153 2,560 1,559 1999 1988 Palm River Center — 1,190 4,625 2,585 1,190 7,210 8,400 4,763 1997/98 1990/97/98 Palm River North I & III — 1,005 4,688 2,404 1,005 7,092 8,097 4,234 1998 2000 Palm River North II — 634 4,418 399 634 4,817 5,451 3,399 1997/98 1999 Palm River South I — 655 3,187 655 655 3,842 4,497 1,823 2000 2005 Palm River South II — 655 — 4,417 655 4,417 5,072 2,140 2000 2006 Walden Distribution Center I — 337 3,318 625 337 3,943 4,280 2,111 1997/98 2001 Walden Distribution Center II — 465 3,738 1,479 465 5,217 5,682 2,788 1998 1998 Oak Creek Distribution Center I — 1,109 6,126 1,374 1,109 7,500 8,609 4,020 1998 1998 Oak Creek Distribution Center II — 647 3,603 1,670 647 5,273 5,920 2,514 2003 2001 Oak Creek Distribution Center III — 439 — 3,196 556 3,079 3,635 1,171 2005 2007 Oak Creek Distribution Center IV — 682 6,472 773 682 7,245 7,927 2,750 2005 2001 Oak Creek Distribution Center V — 724 — 5,853 916 5,661 6,577 2,260 2005 2007 Oak Creek Distribution Center VI — 642 — 5,241 812 5,071 5,883 1,655 2005 2008 Oak Creek Distribution Center VIII — 843 — 6,230 1,051 6,022 7,073 425 2005 2015 Oak Creek Distribution Center IX — 618 — 4,963 781 4,800 5,581 1,341 2005 2009 Oak Creek Distribution Center A — 185 — 1,493 185 1,493 1,678 477 2005 2008 Oak Creek Distribution Center B — 227 — 1,549 227 1,549 1,776 498 2005 2008 Airport Commerce Center — 1,257 4,012 937 1,257 4,949 6,206 2,725 1998 1998 Westlake Distribution Center — 1,333 6,998 2,367 1,333 9,365 10,698 5,409 1998 1998/99 Expressway Commerce Center I — 915 5,346 1,372 915 6,718 7,633 3,334 2002 2004 Expressway Commerce Center II — 1,013 3,247 462 1,013 3,709 4,722 1,934 2003 2001 Silo Bend Distribution Center — 4,131 27,497 1,635 4,132 29,131 33,263 6,071 2011 1987/90 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (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 4,758 513 791 5,271 6,062 1,271 2011 1984 Tampa West Distribution Center — 2,139 8,502 1,145 2,140 9,646 11,786 2,250 2011 1975/93/94 Madison Distribution Center — 495 2,779 428 495 3,207 3,702 774 2012 2007 Madison Distribution Center II & III — 624 — 7,004 624 7,004 7,628 632 2012 2015 Madison Distribution Center IV & V — 565 — 8,202 565 8,202 8,767 271 2012 2016 Orlando Chancellor Center — 291 1,711 476 291 2,187 2,478 1,272 1996/97 1996/97 Exchange Distribution Center I — 603 2,414 2,275 603 4,689 5,292 3,314 1994 1975 Exchange Distribution Center II — 300 945 454 300 1,399 1,699 810 2002 1976 Exchange Distribution Center III — 320 997 403 320 1,400 1,720 903 2002 1980 Sunbelt Distribution Center — 1,472 5,745 5,901 1,472 11,646 13,118 8,622 1989/97/98 1974/87/97/98 John Young Commerce Center I — 497 2,444 1,291 497 3,735 4,232 2,082 1997/98 1997/98 John Young Commerce Center II — 512 3,613 529 512 4,142 4,654 2,632 1998 1999 Altamonte Commerce Center I — 1,498 2,661 2,675 1,498 5,336 6,834 3,856 1999 1980/82 Altamonte Commerce Center II — 745 2,618 1,252 745 3,870 4,615 2,212 2003 1975 Sunport Center I — 555 1,977 1,011 555 2,988 3,543 1,516 1999 1999 Sunport Center II — 597 3,271 1,872 597 5,143 5,740 3,379 1999 2001 Sunport Center III — 642 3,121 1,032 642 4,153 4,795 2,194 1999 2002 Sunport Center IV — 642 2,917 1,804 642 4,721 5,363 2,324 1999 2004 Sunport Center V — 750 2,509 2,385 750 4,894 5,644 2,694 1999 2005 Sunport Center VI — 672 — 3,486 672 3,486 4,158 1,358 1999 2006 Southridge Commerce Park I — 373 — 4,829 373 4,829 5,202 2,805 2003 2006 Southridge Commerce Park II — 342 — 4,424 342 4,424 4,766 2,195 2003 2007 Southridge Commerce Park III — 547 — 5,543 547 5,543 6,090 2,118 2003 2007 Southridge Commerce Park IV (h) 2,798 506 — 4,632 506 4,632 5,138 1,842 2003 2006 Southridge Commerce Park V (h) 2,660 382 — 4,502 382 4,502 4,884 2,056 2003 2006 Southridge Commerce Park VI — 571 — 5,284 571 5,284 5,855 1,879 2003 2007 Southridge Commerce Park VII — 520 — 6,715 520 6,715 7,235 2,354 2003 2008 Southridge Commerce Park VIII — 531 — 6,345 531 6,345 6,876 1,902 2003 2008 Southridge Commerce Park IX — 468 — 6,453 468 6,453 6,921 1,415 2003 2012 Southridge Commerce Park X — 414 — 4,867 414 4,867 5,281 794 2003 2012 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (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 Southridge Commerce Park XI — 513 — 5,927 513 5,927 6,440 1,123 2003 2012 Southridge Commerce Park XII — 2,025 — 16,896 2,025 16,896 18,921 4,715 2005 2008 Horizon Commerce Park I — 991 — 6,519 991 6,519 7,510 898 2008 2014 Horizon Commerce Park II — 1,111 — 7,197 1,111 7,197 8,308 796 2008 2014 Horizon Commerce Park III — 991 — 6,471 991 6,471 7,462 490 2008 2016 Horizon Commerce Park IV — 1,097 — 8,549 1,097 8,549 9,646 663 2008 2015 Horizon Commerce Park V — 1,108 — 8,590 1,108 8,590 9,698 209 2008 2017 Horizon Commerce Park VII — 962 — 7,468 961 7,469 8,430 233 2008 2017 Jacksonville Deerwood Distribution Center — 1,147 1,799 3,389 1,147 5,188 6,335 3,181 1989 1978 Phillips Distribution Center — 1,375 2,961 4,414 1,375 7,375 8,750 5,373 1994 1984/95 Lake Pointe Business Park — 3,442 6,450 8,272 3,442 14,722 18,164 11,091 1993 1986/87 Ellis Distribution Center — 540 7,513 1,752 540 9,265 9,805 4,770 1997 1977 Westside Distribution Center — 2,011 15,374 8,211 2,011 23,585 25,596 12,109 1997/2008 1984/85 Beach Commerce Center — 476 1,899 678 476 2,577 3,053 1,385 2000 2000 Interstate Distribution Center — 1,879 5,700 1,808 1,879 7,508 9,387 4,012 2005 1990 Flagler Center — 7,317 14,912 28 7,317 14,940 22,257 675 2016 1997/2005 Ft. Lauderdale/Palm Beach area Linpro Commerce Center — 613 2,243 3,049 616 5,289 5,905 3,382 1996 1986 Cypress Creek Business Park — — 2,465 1,892 — 4,357 4,357 3,001 1997 1986 Lockhart Distribution Center — — 3,489 2,935 — 6,424 6,424 4,291 1997 1986 Interstate Commerce Center — 485 2,652 836 485 3,488 3,973 2,308 1998 1988 Executive Airport Distribution Ctr (f) 6,915 1,991 4,857 5,265 1,991 10,122 12,113 4,879 2001 2004/06 Sample 95 Business Park — 2,202 8,785 3,524 2,202 12,309 14,511 7,917 1996/98 1990/99 Blue Heron Distribution Center — 975 3,626 1,961 975 5,587 6,562 3,572 1999 1986 Blue Heron Distribution Center II 409 1,385 4,222 1,333 1,385 5,555 6,940 2,515 2004 1988 Blue Heron Distribution Center III — 450 — 2,683 450 2,683 3,133 904 2004 2009 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (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 Ft. Myers SunCoast Commerce Center I — 911 — 4,809 928 4,792 5,720 1,754 2005 2008 SunCoast Commerce Center II — 911 — 4,993 928 4,976 5,904 2,005 2005 2007 SunCoast Commerce Center III — 1,720 — 6,665 1,763 6,622 8,385 2,216 2006 2008 CALIFORNIA San Francisco area Wiegman Distribution Center I — 2,197 8,788 2,105 2,308 10,782 13,090 6,211 1996 1986/87 Wiegman Distribution Center II — 2,579 4,316 152 2,579 4,468 7,047 695 2012 1998 Huntwood Distribution Center — 3,842 15,368 3,109 3,842 18,477 22,319 10,819 1996 1988 San Clemente Distribution Center — 893 2,004 932 893 2,936 3,829 1,846 1997 1978 Yosemite Distribution Center — 259 7,058 1,344 259 8,402 8,661 4,670 1999 1974/87 Los Angeles area Kingsview Industrial Center (e) 2,455 643 2,573 892 643 3,465 4,108 1,949 1996 1980 Dominguez Distribution Center (e) 6,693 2,006 8,025 1,170 2,006 9,195 11,201 5,525 1996 1977 Main Street Distribution Center — 1,606 4,103 831 1,606 4,934 6,540 2,757 1999 1999 Walnut Business Center (e) 6,352 2,885 5,274 2,471 2,885 7,745 10,630 4,113 1996 1966/90 Washington Distribution Center (e) 4,321 1,636 4,900 695 1,636 5,595 7,231 3,133 1997 1996/97 Chino Distribution Center — 2,544 10,175 1,623 2,544 11,798 14,342 7,929 1998 1980 Ramona Distribution Center 2,572 3,761 5,751 3 3,761 5,754 9,515 488 2014 1984 Industry Distribution Center I (e) 16,148 10,230 12,373 4,418 10,230 16,791 27,021 8,796 1998 1959 Industry Distribution Center III (e) 1,706 — 3,012 (157 ) — 2,855 2,855 2,855 2007 1992 Chestnut Business Center — 1,674 3,465 284 1,674 3,749 5,423 1,902 1998 1999 Los Angeles Corporate Center — 1,363 5,453 3,214 1,363 8,667 10,030 5,807 1996 1986 Santa Barbara University Business Center — 5,517 22,067 8,225 5,520 30,289 35,809 17,119 1996 1987/88 Fresno Shaw Commerce Center (e) 11,905 2,465 11,627 5,830 2,465 17,457 19,922 10,711 1998 1978/81/87 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (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 Diego Eastlake Distribution Center — 3,046 6,888 1,786 3,046 8,674 11,720 5,279 1997 1989 Ocean View Corporate Center (f) 8,358 6,577 7,105 957 6,577 8,062 14,639 2,638 2010 2005 TEXAS Dallas Interstate Warehouse I & II (g) 5,447 1,746 4,941 3,628 1,746 8,569 10,315 6,223 1988 1978 Interstate Warehouse III (g) 2,163 519 2,008 1,570 519 3,578 4,097 2,082 2000 1979 Interstate Warehouse IV — 416 2,481 535 416 3,016 3,432 1,541 2004 2002 Interstate Warehouse V, VI, & VII (h) 4,424 1,824 4,106 2,190 1,824 6,296 8,120 2,974 2009 1979/80/81 Venture Warehouses (g) 4,155 1,452 3,762 2,654 1,452 6,416 7,868 5,126 1988 1979 ParkView Commerce Center 1-3 — 2,663 — 18,452 2,663 18,452 21,115 998 2014 2015 Shady Trail Distribution Center — 635 3,621 1,255 635 4,876 5,511 2,397 2003 1998 Valwood Distribution Center — 4,361 34,405 3,027 4,361 37,432 41,793 7,806 2012 1986/87/97/98 Northfield Distribution Center — 12,470 50,713 2,973 12,470 53,686 66,156 11,119 2013 1999-2001/03/04/08 Parc North 1-4 — 4,615 26,358 4,482 4,615 30,840 35,455 998 2016 2016 CreekView 121 1 & 2 — 3,275 — 14,568 3,275 14,568 17,843 310 2015/16 2017 Houston World Houston Int'l Business Ctr 1 & 2 — 660 5,893 2,066 660 7,959 8,619 4,714 1998 1996 World Houston Int'l Business Ctr 3, 4 & 5 (g) 4,730 1,025 6,413 1,518 1,025 7,931 8,956 4,700 1998 1998 World Houston Int'l Business Ctr 6 (g) 1,850 425 2,423 655 425 3,078 3,503 1,833 1998 1998 World Houston Int'l Business Ctr 7 & 8 (g) 5,392 680 4,584 4,947 680 9,531 10,211 5,580 1998 1998 World Houston Int'l Business Ctr 9 (g) 3,750 800 4,355 1,945 800 6,300 7,100 2,986 1998 1998 World Houston Int'l Business Ctr 10 — 933 4,779 599 933 5,378 6,311 2,601 2001 1999 World Houston Int'l Business Ctr 11 — 638 3,764 1,316 638 5,080 5,718 2,771 1999 1999 World Houston Int'l Business Ctr 12 — 340 2,419 383 340 2,802 3,142 1,608 2000 2002 World Houston Int'l Business Ctr 13 — 282 2,569 417 282 2,986 3,268 1,923 2000 2002 World Houston Int'l Business Ctr 14 — 722 2,629 1,027 722 3,656 4,378 1,782 2000 2003 World Houston Int'l Business Ctr 15 — 731 — 6,266 731 6,266 6,997 3,237 2000 2007 World Houston Int'l Business Ctr 16 — 519 4,248 1,493 519 5,741 6,260 3,175 2000 2005 World Houston Int'l Business Ctr 17 — 373 1,945 799 373 2,744 3,117 1,382 2000 2004 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (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 18 — 323 1,512 259 323 1,771 2,094 883 2005 1995 World Houston Int'l Business Ctr 19 — 373 2,256 1,126 373 3,382 3,755 1,946 2000 2004 World Houston Int'l Business Ctr 20 — 1,008 1,948 2,060 1,008 4,008 5,016 1,976 2000 2004 World Houston Int'l Business Ctr 21 — 436 — 3,942 436 3,942 4,378 1,492 2000/03 2006 World Houston Int'l Business Ctr 22 — 436 — 4,542 436 4,542 4,978 2,111 2000 2007 World Houston Int'l Business Ctr 23 — 910 — 7,347 910 7,347 8,257 2,989 2000 2007 World Houston Int'l Business Ctr 24 — 837 — 5,883 837 5,883 6,720 2,354 2005 2008 World Houston Int'l Business Ctr 25 — 508 — 3,882 508 3,882 4,390 1,454 2005 2008 World Houston Int'l Business Ctr 26 (f) 2,077 445 — 3,194 445 3,194 3,639 1,124 2005 2008 World Houston Int'l Business Ctr 27 — 837 — 5,004 837 5,004 5,841 1,782 2005 2008 World Houston Int'l Business Ctr 28 (f) 2,977 550 — 4,665 550 4,665 5,215 1,559 2005 2009 World Houston Int'l Business Ctr 29 (f) 2,810 782 — 4,141 974 3,949 4,923 1,247 2007 2009 World Houston Int'l Business Ctr 30 (f) 3,870 981 — 5,798 1,222 5,557 6,779 2,079 2007 2009 World Houston Int'l Business Ctr 31A — 684 — 4,087 684 4,087 4,771 1,567 2008 2011 World Houston Int'l Business Ctr 31B — 546 — 3,539 546 3,539 4,085 1,069 2008 2012 World Houston Int'l Business Ctr 32 (h) 3,747 1,225 — 5,655 1,526 5,354 6,880 1,244 2007 2012 World Houston Int'l Business Ctr 33 — 1,166 — 7,867 1,166 7,867 9,033 1,401 2011 2013 World Houston Int'l Business Ctr 34 — 439 — 3,373 439 3,373 3,812 683 2005 2012 World Houston Int'l Business Ctr 35 — 340 — 2,475 340 2,475 2,815 419 2005 2012 World Houston Int'l Business Ctr 36 — 684 — 4,882 684 4,882 5,566 913 2011 2013 World Houston Int'l Business Ctr 37 — 759 — 6,400 759 6,400 7,159 1,144 2011 2013 World Houston Int'l Business Ctr 38 — 1,053 — 7,320 1,053 7,320 8,373 1,346 2011 2013 World Houston Int'l Business Ctr 39 — 620 — 5,202 620 5,202 5,822 611 2011 2014 World Houston Int'l Business Ctr 40 — 1,072 — 9,347 1,072 9,347 10,419 1,028 2011 2014 World Houston Int'l Business Ctr 41 — 649 — 5,950 649 5,950 6,599 572 2011 2014 World Houston Int'l Business Ctr 42 — 571 — 4,814 571 4,814 5,385 409 2011 2015 Central Green Distribution Center — 566 4,031 794 566 4,825 5,391 2,356 1999 1998 Glenmont Business Park — 936 6,161 2,958 936 9,119 10,055 5,416 1998 1999/2000 Beltway Crossing Business Park I — 458 5,712 2,737 458 8,449 8,907 4,436 2002 2001 Beltway Crossing Business Park II — 415 — 2,997 415 2,997 3,412 1,268 2005 2007 Beltway Crossing Business Park III — 460 — 3,124 460 3,124 3,584 1,371 2005 2008 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (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 IV — 460 — 3,056 460 3,056 3,516 1,327 2005 2008 Beltway Crossing Business Park V (f) 3,358 701 — 5,181 701 5,181 5,882 2,026 2005 2008 Beltway Crossing Business Park VI (h) 3,751 618 — 6,268 618 6,268 6,886 1,911 2005 2008 Beltway Crossing Business Park VII (h) 3,663 765 — 5,961 765 5,961 6,726 2,381 2005 2009 Beltway Crossing Business Park VIII — 721 — 5,219 721 5,219 5,940 1,407 2005 2011 Beltway Crossing Business Park IX — 418 — 2,114 418 2,114 2,532 460 2007 2012 Beltway Crossing Business Park X — 733 — 3,871 733 3,871 4,604 773 2007 2012 Beltway Crossing Business Park XI — 690 — 4,101 690 4,101 4,791 681 2007 2013 West Road Business Park I — 621 — 4,031 541 4,111 4,652 593 2012 2014 West Road Business Park II — 981 — 4,819 854 4,946 5,800 611 2012 2014 West Road Business Park III — 597 — 4,222 520 4,299 4,819 222 2012 2015 West Road Business Park IV — 621 — 4,622 541 4,702 5,243 414 2012 2015 Ten West Crossing 1 — 566 — 2,997 566 2,997 3,563 548 2012 2013 Ten West Crossing 2 — 829 — 4,385 833 4,381 5,214 978 2012 2013 Ten West Crossing 3 — 609 — 4,362 613 4,358 4,971 913 2012 2013 Ten West Crossing 4 — 694 — 4,512 699 4,507 5,206 876 2012 2014 Ten West Crossing 5 — 933 — 5,872 940 5,865 6,805 823 2012 2014 Ten West Crossing 6 — 640 — 4,402 644 4,398 5,042 525 2012 2014 Ten West Crossing 7 — 584 — 5,320 588 5,316 5,904 335 2012 2015 El Paso Butterfield Trail — — 20,725 8,756 — 29,481 29,481 18,626 1997/2000 1987/95 Rojas Commerce Park (g) 4,106 900 3,659 3,216 900 6,875 7,775 5,090 1999 1986 Americas Ten Business Center I — 526 2,778 1,241 526 4,019 4,545 2,303 2001 2003 San Antonio Alamo Downs Distribution Center — 1,342 6,338 1,554 1,342 7,892 9,234 4,328 2004 1986/2002 Arion Business Park 1-13, 15 — 4,143 31,432 6,640 4,143 38,072 42,215 17,801 2005 1988-2000/06 Arion Business Park 14 — 423 — 3,460 423 3,460 3,883 1,411 2005 2006 Arion Business Park 16 — 427 — 3,699 427 3,699 4,126 1,341 2005 2007 Arion Business Park 17 — 616 — 4,143 616 4,143 4,759 2,248 2005 2007 Arion Business Park 18 (h) 1,520 418 — 2,373 418 2,373 2,791 1,059 2005 2008 Wetmore Business Center 1-4 — 1,494 10,804 3,543 1,494 14,347 15,841 7,214 2005 1998/99 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (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 Wetmore Business Center 5 (f) 2,281 412 — 3,584 412 3,584 3,996 1,636 2006 2008 Wetmore Business Center 6 (f) 2,463 505 — 3,809 505 3,809 4,314 1,417 2006 2008 Wetmore Business Center 7 (f) 2,538 546 — 3,899 546 3,899 4,445 1,213 2006 2008 Wetmore Business Center 8 (f) 4,987 1,056 — 7,680 1,056 7,680 8,736 2,625 2006 2008 Fairgrounds Business Park — 1,644 8,209 2,229 1,644 10,438 12,082 5,110 2007 1985/86 Rittiman Distribution Center — 1,083 6,649 337 1,083 6,986 8,069 1,379 2011 2000 Thousand Oaks Distribution Center 1 — 607 — 4,292 607 4,292 4,899 1,230 2008 2012 Thousand Oaks Distribution Center 2 — 794 — 4,719 794 4,719 5,513 1,125 2008 2012 Thousand Oaks Distribution Center 3 — 772 — 4,457 772 4,457 5,229 938 2008 2013 Thousand Oaks Distribution Center 4 — 753 — 4,688 753 4,688 5,441 363 2013 2015 Alamo Ridge Business Park I — 623 — 7,984 623 7,984 8,607 881 2007 2015 Alamo Ridge Business Park II — 402 — 5,347 402 5,347 5,749 391 2007 2015 Alamo Ridge Business Park III — 907 — 10,123 907 10,123 11,030 329 2007 2017 Eisenhauer Point Business Park 1 & 2 — 1,881 — 14,642 1,881 14,642 16,523 712 2015 2016 Eisenhauer Point Business Park 4 — 555 — 4,816 555 4,816 5,371 93 2015 2017 Austin Colorado Crossing Distribution Center (g) 12,913 4,602 19,757 94 4,602 19,851 24,453 3,821 2014 2009 Southpark Corporate Center 3 & 4 — 2,670 14,756 912 2,670 15,668 18,338 2,326 2015 1995 Southpark Corporate Center 5-7 — 1,301 7,589 786 1,301 8,375 9,676 270 2017 1995 Springdale Business Center — 2,824 8,398 324 2,824 8,722 11,546 986 2015 2000 ARIZONA Phoenix area Broadway Industrial Park I — 837 3,349 1,063 837 4,412 5,249 2,794 1996 1971 Broadway Industrial Park II — 455 482 306 455 788 1,243 441 1999 1971 Broadway Industrial Park III — 775 1,742 523 775 2,265 3,040 1,398 2000 1983 Broadway Industrial Park IV — 380 1,652 783 380 2,435 2,815 1,591 2000 1986 Broadway Industrial Park V — 353 1,090 146 353 1,236 1,589 691 2002 1980 Broadway Industrial Park VI — 599 1,855 738 599 2,593 3,192 1,585 2002 1979 Broadway Industrial Park VII — 450 650 243 450 893 1,343 224 2011 1999 Kyrene Distribution Center — 1,490 4,453 1,863 1,490 6,316 7,806 3,857 1999 1981/2001 Southpark Distribution Center — 918 2,738 1,934 918 4,672 5,590 1,820 2001 2000 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (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 Santan 10 Distribution Center I — 846 2,647 658 846 3,305 4,151 1,472 2001 2005 Santan 10 Distribution Center II — 1,088 — 5,163 1,088 5,163 6,251 2,238 2004 2007 Chandler Freeways — 1,525 — 7,381 1,525 7,381 8,906 1,124 2012 2013 Kyrene 202 Business Park I — 653 — 5,777 653 5,777 6,430 592 2011 2014 Kyrene 202 Business Park II — 387 — 3,414 387 3,414 3,801 352 2011 2014 Kyrene 202 Business Park VI — 936 — 8,290 936 8,290 9,226 371 2011 2015 Metro Business Park — 1,927 7,708 7,139 1,927 14,847 16,774 10,251 1996 1977/79 35th Avenue Distribution Center — 418 2,381 2,118 418 4,499 4,917 1,487 1997 1967 51st Avenue Distribution Center — 300 2,029 995 300 3,024 3,324 1,944 1998 1987 East University Distribution Center I and II — 1,120 4,482 1,799 1,120 6,281 7,401 4,120 1998 1987/89 East University Distribution Center III — 444 698 422 443 1,121 1,564 336 2010 1981 55th Avenue Distribution Center — 912 3,717 1,116 917 4,828 5,745 3,267 1998 1987 Interstate Commons Distribution Center I — 311 1,416 720 311 2,136 2,447 1,308 1999 1988 Interstate Commons Distribution Center III — 242 — 3,079 242 3,079 3,321 1,035 2000 2008 Airport Commons Distribution Center — 1,000 1,510 1,485 1,000 2,995 3,995 1,838 2003 1971 40th Avenue Distribution Center (f) 3,860 703 — 6,059 703 6,059 6,762 2,078 2004 2008 Sky Harbor Business Park — 5,839 — 21,754 5,839 21,754 27,593 7,186 2006 2008 Sky Harbor Business Park 6 — 807 — 2,177 807 2,177 2,984 183 2014 2015 Ten Sky Harbor Business Center — 1,568 — 5,009 1,569 5,008 6,577 82 2015 2016 Tucson Country Club Commerce Center I — 506 3,564 2,173 693 5,550 6,243 2,660 1997/2003 1994/2003 Country Club Commerce Center II — 442 3,381 304 709 3,418 4,127 1,212 2007 2000 Country Club Commerce Center III & IV — 1,407 — 11,833 1,575 11,665 13,240 4,279 2007 2009 Airport Distribution Center — 1,403 4,672 1,619 1,403 6,291 7,694 3,827 1998/2000 1995 Southpointe Distribution Center — — 3,982 2,950 — 6,932 6,932 4,450 1999 1989 Benan Distribution Center — 707 1,842 648 707 2,490 3,197 1,424 2005 2001 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (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 CAROLINA Charlotte area NorthPark Business Park — 2,758 15,932 4,645 2,758 20,577 23,335 9,459 2006 1987-89 Lindbergh Business Park — 470 3,401 482 470 3,883 4,353 1,601 2007 2001/03 Commerce Park Center I — 765 4,303 842 765 5,145 5,910 1,999 2007 1983 Commerce Park Center II (h) 1,221 335 1,603 304 335 1,907 2,242 626 2010 1987 Commerce Park Center III (h) 2,034 558 2,225 952 558 3,177 3,735 971 2010 1981 Nations Ford Business Park — 3,924 16,171 3,441 3,924 19,612 23,536 8,884 2007 1989/94 Airport Commerce Center — 1,454 10,136 2,260 1,454 12,396 13,850 4,260 2008 2001/02 Interchange Park I (f) 5,442 986 7,949 598 986 8,547 9,533 2,759 2008 1989 Interchange Park II — 746 1,456 55 746 1,511 2,257 224 2013 2000 Ridge Creek Distribution Center I — 1,284 13,163 976 1,284 14,139 15,423 4,157 2008 2006 Ridge Creek Distribution Center II (h) 9,067 3,033 11,497 2,116 3,033 13,613 16,646 2,699 2011 2003 Ridge Creek Distribution Center III — 2,459 11,147 538 2,459 11,685 14,144 1,474 2014 2013 Lakeview Business Center (h) 4,017 1,392 5,068 916 1,392 5,984 7,376 1,492 2011 1996 Steele Creek Commerce Park I (g) 2,803 993 — 4,315 1,010 4,298 5,308 770 2013 2014 Steele Creek Commerce Park II (g) 2,852 941 — 4,459 957 4,443 5,400 775 2013 2014 Steele Creek Commerce Park III — 1,464 — 6,412 1,469 6,407 7,876 889 2013 2014 Steele Creek Commerce Park IV — 684 — 3,945 687 3,942 4,629 467 2013 2015 Steele Creek Commerce Park VI — 867 — 6,974 869 6,972 7,841 227 2013/14 2016 Waterford Distribution Center — 654 3,392 655 654 4,047 4,701 1,276 2008 2000 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (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 GEORGIA Atlanta Shiloh 400 Business Center I & II — 3,092 14,216 1,488 3,092 15,704 18,796 672 2017 2008 Broadmoor Commerce Park I — 1,307 3,560 496 1,307 4,056 5,363 228 2017 1999 Hurricane Shoals I & II — 4,284 12,449 1,141 4,284 13,590 17,874 40 2017 2017 LOUISIANA New Orleans Elmwood Business Park — 2,861 6,337 5,026 2,861 11,363 14,224 7,841 1997 1979 Riverbend Business Park — 2,557 17,623 8,471 2,557 26,094 28,651 14,573 1997 1984 COLORADO Denver Rampart Distribution Center I — 1,023 3,861 2,093 1,023 5,954 6,977 4,309 1988 1987 Rampart Distribution Center II — 230 2,977 1,173 230 4,150 4,380 2,782 1996/97 1996/97 Rampart Distribution Center III — 1,098 3,884 1,931 1,098 5,815 6,913 3,092 1997/98 1999 Rampart Distribution Center IV — 590 — 8,322 590 8,322 8,912 623 2012 2014 Concord Distribution Center (h) 3,413 1,051 4,773 443 1,051 5,216 6,267 1,996 2007 2000 Centennial Park (f) 3,381 750 3,319 1,853 750 5,172 5,922 1,822 2007 1990 NEVADA Las Vegas Arville Distribution Center — 4,933 5,094 424 4,933 5,518 10,451 1,823 2009 1997 Jones Corporate Park — 13,068 26,325 1,682 13,068 28,007 41,075 746 2016 2016 MISSISSIPPI Jackson area Interchange Business Park — 343 5,007 3,984 343 8,991 9,334 5,589 1997 1981 Tower Automotive — — 9,958 1,937 17 11,878 11,895 4,926 2001 2002 Metro Airport Commerce Center I — 303 1,479 1,134 303 2,613 2,916 1,576 2001 2003 200,354 343,254 1,030,428 961,777 345,424 1,990,035 2,335,459 749,275 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (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 VII — 740 — 5,391 740 5,391 6,131 — 2005 2017 Oak Creek Distribution Center land — 486 — 1,074 707 853 1,560 — 2005 n/a Horizon Commerce Park X — 846 — 2,704 846 2,704 3,550 — 2009 n/a Horizon Commerce Park XII — 1,416 — 9,814 1,416 9,814 11,230 14 2008 2017 Horizon Commerce Park land — 4,439 — 6,681 4,440 6,680 11,120 — 2008/09 n/a SunCoast Commerce Center IV — 1,733 — 7,387 1,762 7,358 9,120 56 2006 2017 SunCoast Commerce Center land — 9,159 — 4,953 9,343 4,769 14,112 — 2006 n/a Weston Commerce Park — 4,163 9,951 1,406 4,163 11,357 15,520 231 2016 1998 Gateway Commerce Park land — 26,728 — 4,148 26,878 3,998 30,876 — 2016 n/a TEXAS CreekView 121 3 & 4 — 2,600 — 7,711 2,600 7,711 10,311 — 2015/16 n/a CreekView 121 land — 5,322 — 1,203 5,322 1,203 6,525 — 2015/16 n/a Parc North land — 2,519 — 552 2,519 552 3,071 — 2016 n/a World Houston Int'l Business Ctr land — 2,989 — 2,119 3,723 1,385 5,108 — 2007 n/a World Houston Int'l Business Ctr land - 2011 expansion — 1,636 — 4,320 2,920 3,036 5,956 — 2011 n/a World Houston Int'l Business Ctr land - 2015 expansion — 6,040 — 1,132 6,041 1,131 7,172 — 2015 n/a Ten West Crossing land — 1,126 — 806 1,135 797 1,932 — 2012 n/a West Road Business Park land — 484 — 538 421 601 1,022 — 2012 n/a Alamo Ridge Business Park IV — 354 — 6,743 355 6,742 7,097 23 2007 2017 Eisenhauer Point Business Park 3 — 577 — 5,582 578 5,581 6,159 — 2015 2017 Eisenhauer Point Business Park 5 — 818 — 4,986 818 4,986 5,804 — 2015 n/a Eisenhauer Point Business Park 6 — 569 — 3,481 569 3,481 4,050 — 2015 n/a Eisenhauer Point Business Park land phase 2 — 3,225 — 2,507 3,225 2,507 5,732 — 2016 n/a Tri-County Crossing land — 5,260 — 402 5,260 402 5,662 — 2017 n/a Settlers Crossing 1 — 1,211 — 345 1,211 345 1,556 — 2017 n/a Settlers Crossing 2 — 1,306 — 367 1,306 367 1,673 — 2017 n/a Settlers Crossing land — 2,774 — 246 2,774 246 3,020 — 2017 n/a SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (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 ARIZONA Kyrene 202 Business Park 3, 4 & 5 — 1,244 — 10,299 1,244 10,299 11,543 — 2011 n/a Falcon Field Business Center — 1,312 — 1,635 1,312 1,635 2,947 — 2015 n/a Country Club Commerce Center V — 2,885 — 11,066 2,886 11,065 13,951 — 2016 n/a NORTH CAROLINA Steele Creek Commerce Park VII — 1,207 — 6,590 1,209 6,588 7,797 — 2013/14/15 2017 Airport Commerce Center III — 855 — 878 855 878 1,733 — 2008 n/a Steele Creek Commerce Park land — 3,318 — 1,250 3,330 1,238 4,568 — 2013-2016 n/a Steele Creek Commerce Park land Phase 4 — 1,866 — 294 1,866 294 2,160 — 2016/17 n/a GEORGIA Progress Center I & II — 1,297 9,015 21 1,297 9,036 10,333 2 2017 2017 Broadmoor Commerce Park land — 519 — 186 519 186 705 — 2017 n/a Progress Center land — 497 — 5 497 5 502 — 2017 n/a MISSISSIPPI Metro Airport Commerce Center II land — 307 — 399 307 399 706 — 2001 n/a — 103,827 18,966 119,221 106,394 135,620 242,014 326 Total real estate owned (a)(b) $ 200,354 447,081 1,049,394 1,080,998 451,818 2,125,655 2,577,473 749,601 See accompanying Report of Independent Registered Public Accounting Firm . (a) Changes in Real Estate Properties follow: Years Ended December 31, 2017 2016 2015 (In thousands) Balance at beginning of year $ 2,406,981 2,219,448 2,074,946 Purchases of real estate properties 51,802 22,228 28,648 Development of real estate properties 124,938 203,765 95,032 Improvements to real estate properties 27,471 23,157 25,778 Carrying amount of investments sold (32,787 ) (61,121 ) (4,750 ) Write-off of improvements (932 ) (496 ) (206 ) Balance at end of year (1) $ 2,577,473 2,406,981 2,219,448 (1) Includes 20% noncontrolling interest in University Business Center of $3,217,000 and $6,853,000 at December 31, 2017 and 2016, respectively. Changes in the accumulated depreciation on real estate properties follow: Years Ended December 31, 2017 2016 2015 (In thousands) Balance at beginning of year $ 694,250 657,454 600,526 Depreciation expense 69,010 63,793 59,882 Accumulated depreciation on assets sold (12,735 ) (26,501 ) (2,748 ) Other (924 ) (496 ) (206 ) Balance at end of year $ 749,601 694,250 657,454 (b) The estimated aggregate cost of real estate properties at December 31, 2017 for federal income tax purposes was approximately $2,536,820,000 before estimated accumulated tax depreciation of $518,257,000 . The federal income tax return for the year ended December 31, 2017 , 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 projects to Real estate properties the earlier of 80% occupancy or one year after completion of the shell construction. Effective January 1, 2018, the Company is implementing an accounting policy change and will begin transferring properties from Development to Real estate properties at the earlier of 90% occupancy or one year after completion of the shell construction. (e) EastGroup has a $49,580,0 |
SCHEDULE IV
SCHEDULE IV | 12 Months Ended |
Dec. 31, 2017 | |
Mortgage Loans on Real Estate [Abstract] | |
SCHEDULE IV | SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE December 31, 2017 Number of Loans Interest Rate Maturity Date Periodic Payment Terms First mortgage loans: JCB Limited - California 1 5.15 % December 2022 Principal and interest due monthly JCB Limited - California 1 5.15 % December 2022 Principal and interest due monthly Total mortgage loans (a) 2 Face Amount of Mortgages Dec. 31, 2017 Carrying Amount of Mortgages Principal Amount of Loans Subject to Delinquent Principal or Interest (b) (In thousands) First mortgage loans: JCB Limited - California $ 1,826 1,826 — JCB Limited - California 2,755 2,755 — Total mortgage loans $ 4,581 4,581 (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, 2017 2016 2015 (In thousands) Balance at beginning of year $ 4,752 4,875 4,991 Payments on mortgage loans receivable (171 ) (123 ) (116 ) Balance at end of year $ 4,581 4,752 4,875 (d) The aggregate cost for federal income tax purposes is approximately $4.58 million . The federal income tax return for the year ended December 31, 2017 , has not been filed and, accordingly, the income tax basis of mortgage loans as of December 31, 2017 , is based on preliminary data. See accompanying Report of Independent Registered Public Accounting Firm. |
SIGNIFICANT ACCOUNTING POLICI30
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of EastGroup Properties, Inc. ("EastGroup" or "the Company"), its wholly owned subsidiaries and its investment in any joint ventures in which the Company has a controlling interest. At December 31, 2015, EastGroup had a controlling interest in two joint ventures, the 80% owned University Business Center and the 80% owned Castilian Research Center. During the second quarter of 2016, Castilian Research Center was sold, and the joint venture was subsequently terminated. At December 31, 2016, the Company had a controlling interest in one joint venture, the 80% owned University Business Center. During the fourth quarter of 2017, EastGroup closed the acquisition of the 20% noncontrolling interest in two of the four University Business Center buildings; the Company now owns 100% of University Business Center 125 and 175. As of December 31, 2017, EastGroup had an 80% controlling interest in University Business Center 120 and 130. The Company records 100% of the assets, liabilities, revenues and expenses of the buildings held in joint ventures with the 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 2017 , 2016 and 2015 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 2017 , 2016 and 2015 . Federal Income Tax Treatment of Share Distributions Years Ended December 31, 2017 2016 2015 Common Share Distributions: Ordinary dividends $ 2.49146 2.10494 2.24258 Nondividend distributions 0.02686 0.05202 0.02774 Unrecaptured Section 1250 capital gain — 0.12872 0.06968 Other capital gain 0.00168 0.15432 — Total Common Share Distributions $ 2.52000 2.44000 2.34000 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 2013 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, 2017 and 2016 . 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, 2017 and 2016 , the Company did not identify any impairment charges which should be recorded. 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 For properties under development and properties acquired in the development stage, costs associated with development (i.e., land, construction costs, interest expense, property taxes and other direct and indirect 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 accordance with FASB 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, the Company would report a disposal of a component of an entity or a group of components of an entity 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, the Company would provide 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. |
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. |
Real Estate Property Acquisitions and Acquired Intangibles | Real Estate Property Acquisitions and Acquired Intangibles Upon acquisition of real estate properties, EastGroup applies the principles of ASC 805, Business Combinations. Prior to the Company's adoption of ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, effective October 1, 2016, acquisition-related costs were recognized as expenses in the periods in which the costs were incurred and the services were received. As discussed in Note 1(o), beginning with acquisitions after October 1, 2016, the Company follows the guidance in ASU 2017-01, which provides a new framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the new guidance, companies are required to utilize an initial screening test to determine whether substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set is not a business. EastGroup has determined that its real estate property acquisitions in 2017 and the fourth quarter of 2016 are considered to be acquisitions of groups of similar identifiable assets; therefore, the acquisitions are not considered to be acquisitions of a business. As a result, the Company has capitalized acquisition costs related to its 2017 and fourth quarter 2016 acquisitions. The FASB Codification 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 for business combinations 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 $529,000 , $488,000 and $448,000 in 2017 , 2016 and 2015 , respectively. Amortization expense for in-place lease intangibles was $4,535,000 , $4,210,000 and $4,370,000 for 2017 , 2016 and 2015 , respectively. Projected amortization of in-place lease intangibles for the next five years as of December 31, 2017 is as follows: Years Ending December 31, (In thousands) 2018 $ 3,576 2019 2,555 2020 1,911 2021 1,482 2022 893 During 2017, the Company acquired the following operating properties: Shiloh 400, Broadmoor Commerce Park and Hurricane Shoals 1 & 2 in Atlanta and Southpark Corporate Center 5-7 in Austin. The Company also acquired one development stage property, Progress Center 1 & 2 in Atlanta. At the time of acquisition, Progress Center 1 & 2 was classified in the lease-up phase of development. The total cost for the properties acquired by the Company was $65,243,000 , of which $51,539,000 was allocated to Real estate properties and $10,312,000 was allocated to Development . EastGroup allocated $11,281,000 of the total purchase price to land using third party land valuations for the Atlanta and Austin markets. The market values are considered to be Level 3 inputs as defined by ASC 820, Fair Value Measurement (see Note 18 for additional information on ASC 820). Intangibles associated with the purchase of real estate were allocated as follows: $3,662,000 to in-place lease intangibles and $115,000 to above market leases (included in Other assets on the Consolidated Balance Sheets), and $385,000 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 2016, the Company acquired the following development-stage properties: Parc North in Ft. Worth (Dallas), Weston Commerce Park in Weston (South Florida), and Jones Corporate Park in Las Vegas. At the time of acquisition, the properties were classified as under construction or in the lease-up phase of development. Also in 2016, the Company acquired Flagler Center, a three -building business distribution complex in Jacksonville, Florida. The properties purchased in 2016 were acquired for a total cost of $112,158,000 , of which $22,228,000 was allocated to Real estate properties and $84,490,000 was allocated to Development . EastGroup allocated $29,164,000 of the total purchase price to land using third party land valuations for the Dallas, South Florida, Las Vegas and Jacksonville 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: $5,941,000 to in-place lease intangibles, $393,000 to above market leases and $894,000 to below market leases. 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 . The Company 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. Intangibles associated with the purchase of real estate were allocated as follows: $3,453,000 to in-place lease intangibles and $527,000 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, 2017 and 2016 . |
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 was further amended by the Board of Directors in March 2017. 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. 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. 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. The dilutive effect of unvested restricted stock is determined using the treasury stock method. |
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 | Recent Accounting Pronouncements EastGroup has evaluated all ASUs recently 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 FASB issued further guidance in ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, that provides clarifying guidance in certain narrow areas and adds some practical expedients. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The effective date of ASU 2014-09 was extended by one year by ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The new standard was effective for the Company on January 1, 2018, and the Company is using the modified retrospective approach upon adoption. The Company has made significant progress in evaluating the effect of ASU 2014-09 on its consolidated financial statements and related disclosures beginning with the Form 10-Q for the period ending March 31, 2018. The Company has completed its inventory of its sources of revenue and does not believe there will be a material financial statement impact or that its pattern of revenue recognition will be materially impacted by the adoption of ASU 2014-09. 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 adopted ASU 2016-01 effective 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. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. The Company is a lessee on a limited number of leases, including office and ground leases, and while the adoption of ASU 2016-02 will impact the Company's accounting for office and ground leases, the Company anticipates the impact will not be material to its overall financial condition and results of operations. Lessor accounting is largely unchanged under ASU 2016-02. The Company's primary revenue is rental income; as such, the Company is a lessor on a significant number of leases. The Company is continuing to evaluate the potential impacts of the ASU and believes it will continue to account for its leases in substantially the same manner. The most significant changes for the Company related to lessor accounting include bifurcating its revenue into lease and non-lease components and the new standard's narrow definition of initial direct costs for leases. The new definition will result in certain costs (primarily legal costs related to lease negotiations) being expensed rather than capitalized upon adoption of the new standard. Public business entities are required to apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. EastGroup plans to adopt ASU 2016-02 effective January 1, 2019. The Company is continuing the process of evaluating and quantifying the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures beginning with the Form 10-Q for the period ending March 31, 2019. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The ASU is intended to improve the accounting for share-based payments and affects all organizations that issue share-based payment awards to their employees. Several aspects of the accounting for share-based payment awards are simplified with the ASU, including income tax consequences, classification of awards as equity or liabilities and classification on the Consolidated Statements of Cash Flows. ASU 2016-09 is effective for public business entities for annual periods beginning after December 15, 2016, and interim periods within those fiscal years; early adoption is permitted. EastGroup adopted ASU 2016-09 effective January 1, 2017. As a result, the Company elected to reverse compensation cost of any forfeited awards when they occur and will continue to classify the cash flows resulting from remitting cash to the tax authorities for the payment of taxes on the vesting of share-based payment awards as a financing activity on the Consolidated Statements of Cash Flows. In addition, upon vesting of share-based payments, the Company will withhold up to the maximum individual statutory tax rate and classify the entire award as equity. The adoption of ASU 2016-09 did not have a material impact on the Company's financial condition or results of operations. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which addresses certain cash flow issues, including how debt prepayments or debt extinguishment costs and distributions received from equity method investees are presented. ASU 2016-15 is effective for public business entities for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, and the Company has adopted ASU 2016-15 effective January 1, 2017. The adoption of ASU 2016-15 did not have a material impact on the Company's financial condition or results of operations. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The ASU is intended to provide a new framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the new guidance, companies are required to utilize an initial screening test to determine whether substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set is not a business. The Company has determined that some of its real estate property acquisitions may be considered to be acquisitions of groups of similar identifiable assets; therefore, the acquisitions are not considered to be acquisitions of a business. EastGroup adopted ASU 2017-01 for transactions beginning on October 1, 2016. As a result, the Company has capitalized acquisition costs related to its 2017 and fourth quarter 2016 acquisitions as they were determined not to be acquisitions of a business. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Others (Topic 350): Simplifying the Test for Goodwill Impairment, which simplifies the measurement of goodwill impairment by eliminating the requirement of performing a hypothetical purchase price allocation to measure goodwill impairment. The Company adopted ASU 2017-04 effective January 1, 2017, and is applying the new guidance for goodwill impairment tests with measurement dates after January 1, 2017. The adoption of ASU 2017-04 did not have a material impact on the Company's financial condition or results of operations. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, which clarifies what constitutes a modification of a share-based payment award. The ASU is intended to provide clarity and reduce both diversity in practice and cost and complexity when applying the guidance in Topic 718 to a change to the terms or conditions of a share-based payment award. ASU 2017-09 is effective for public entities for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted ASU 2017-09 on January 1, 2018, and it does not anticipate that the adoption of ASU 2017-09 will have a material impact on its financial condition or results of operations, as the Company does not expect to have any modifications to share-based payment awards. However, if the Company does have a modification to an award in the future, it will follow the guidance in ASU 2017-09. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The ASU is intended to better align a company's financial reporting for hedging activities with the economic objectives of those activities. The transition method is a modified retrospective approach that will require the Company to recognize the cumulative effect of initially applying the ASU as an adjustment to Accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year the entity adopts the ASU. The primary provision in the ASU that will require an adjustment to beginning retained earnings is the change in timing and income statement presentation for ineffectiveness related to cash flow and net investment hedges. As a result of the transition guidance in the ASU, cumulative ineffectiveness that has previously been recognized on cash flow and net investment hedges that are still outstanding and designated as of the date of adoption will be adjusted and removed from beginning retained earnings and placed in Accumulated other comprehensive income. ASU 2017-12 is effective for public business entities for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted; however, the Company plans to adopt ASU 2017-12 on January 1, 2019. While the Company continues to assess all potential impacts of ASU 2017-12, it does not expect the adoption to 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 2016 and 2015 consolidated financial statements to conform to the 2017 presentation. |
SIGNIFICANT ACCOUNTING POLICI31
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 , 2016 and 2015 . Federal Income Tax Treatment of Share Distributions Years Ended December 31, 2017 2016 2015 Common Share Distributions: Ordinary dividends $ 2.49146 2.10494 2.24258 Nondividend distributions 0.02686 0.05202 0.02774 Unrecaptured Section 1250 capital gain — 0.12872 0.06968 Other capital gain 0.00168 0.15432 — Total Common Share Distributions $ 2.52000 2.44000 2.34000 |
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, 2017 is as follows: Years Ending December 31, (In thousands) 2018 $ 3,576 2019 2,555 2020 1,911 2021 1,482 2022 893 |
REAL ESTATE PROPERTIES (Tables)
REAL ESTATE PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties | The Company’s Real estate properties and Development at December 31, 2017 and 2016 were as follows: December 31, 2017 2016 (In thousands) Real estate properties: Land $ 345,424 308,931 Buildings and building improvements 1,587,130 1,435,309 Tenant and other improvements 402,905 368,833 Development 242,014 293,908 2,577,473 2,406,981 Less accumulated depreciation (749,601 ) (694,250 ) $ 1,827,872 1,712,731 |
Gain, net of loss, on Sales of Real Estate | A summary of Gain, net of loss, on sales of real estate investments for the years ended December 31, 2017 , 2016 and 2015 follows: Real Estate Properties Location Size (in Square Feet) Date Sold Net Sales Price Basis Recognized Gain (In thousands) 2017 Stemmons Circle Dallas, TX 99,000 05/12/2017 $ 5,051 1,329 3,722 Techway Southwest I-IV Houston, TX 415,000 06/19/2017 32,506 14,373 18,133 Total for 2017 $ 37,557 15,702 21,855 2016 Northwest Point Distribution Houston, TX 232,000 02/12/2016 $ 15,189 5,080 10,109 North Stemmons III Dallas, TX 60,000 03/04/2016 3,131 1,908 1,223 North Stemmons II Dallas, TX 26,000 04/12/2016 1,203 765 438 Lockwood Distribution Center Houston, TX 392,000 04/18/2016 14,024 4,154 9,870 West Loop Distribution Center 1 & 2 Houston, TX 161,000 04/19/2016 13,154 3,564 9,590 America Plaza Houston, TX 121,000 04/28/2016 7,938 3,378 4,560 Interstate Commons Distribution Phoenix, AZ 142,000 05/31/2016 9,906 3,568 6,338 Castilian Research Center (1) Santa Barbara, CA 30,000 06/28/2016 7,698 7,513 185 Memphis I Memphis, TN 92,000 12/16/2016 1,482 1,625 (143 ) Total for 2016 $ 73,725 31,555 42,170 2015 Ambassador Row Warehouse Dallas, TX 185,000 04/13/2015 $ 4,998 2,095 2,903 (1) EastGroup owned 80% of Castilian Research Center through a joint venture. The information shown for this transaction also includes the 20% attributable to the Company's noncontrolling interest partner. |
Development | DEVELOPMENT ACTIVITY Costs Incurred Anticipated Building Conversion Date Costs Transferred in 2017 (1) For the Year Ended 12/31/17 Cumulative as of 12/31/17 Estimated Total Costs (2) (In thousands) (Unaudited) (Unaudited) (Unaudited) LEASE-UP Building Size (Square feet) Alamo Ridge IV, San Antonio, TX 97,000 $ — 2,152 7,097 8,300 03/18 Weston, Ft. Lauderdale, FL (3) 134,000 — 1,239 15,520 16,000 03/18 Oak Creek VII, Tampa, FL 116,000 2,153 3,978 6,131 7,500 04/18 Progress Center 1 & 2, Atlanta, GA (4) 132,000 — 10,333 10,333 11,100 04/18 Eisenhauer Point 3, San Antonio, TX 71,000 — 3,411 6,159 6,800 06/18 SunCoast 4, Ft. Myers, FL 93,000 — 2,865 9,120 10,000 06/18 Steele Creek VII, Charlotte, NC 120,000 2,393 5,404 7,797 8,600 09/18 Horizon XII, Orlando, FL 140,000 3,825 7,405 11,230 12,100 12/18 Total Lease-Up 903,000 8,371 36,787 73,387 80,400 UNDER CONSTRUCTION Country Club V, Tucson, AZ 300,000 — 10,656 13,951 24,200 04/18 Kyrene 202 III, IV & V, Phoenix, AZ 166,000 2,280 9,263 11,543 13,800 02/19 CreekView 121 3 & 4, Dallas, TX 158,000 3,701 6,610 10,311 14,200 03/19 Eisenhauer Point 5, San Antonio, TX 98,000 1,253 4,551 5,804 7,500 03/19 Eisenhauer Point 6, San Antonio, TX 85,000 878 3,172 4,050 5,200 03/19 Horizon X, Orlando, FL 104,000 2,101 1,449 3,550 8,000 04/19 Falcon Field, Phoenix, AZ 96,000 1,733 1,214 2,947 9,000 05/19 Airport Commerce Center 3, Charlotte, NC 96,000 1,653 80 1,733 7,300 07/19 Settlers Crossing 1, Austin, TX 77,000 1,494 62 1,556 7,400 10/19 Settlers Crossing 2, Austin, TX 83,000 1,606 67 1,673 8,000 10/19 Total Under Construction 1,263,000 16,699 37,124 57,118 104,600 PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) Estimated Building Size (Square feet) Phoenix, AZ — (4,013 ) 120 — Tucson, AZ (5) — — (417 ) — Ft. Myers, FL 570,000 — 469 14,112 Miami, FL 850,000 — 3,632 30,876 Orlando, FL 418,000 (5,926 ) 917 11,120 Tampa, FL 32,000 (2,153 ) 32 1,560 Atlanta, GA 196,000 — 1,207 1,207 Jackson, MS 28,000 — — 706 Charlotte, NC 655,000 (4,046 ) 1,472 6,729 Austin, TX 180,000 (3,100 ) 6,120 3,020 Dallas, TX 491,000 (3,701 ) 975 9,596 El Paso, TX (6) — — (2,444 ) — Houston, TX (7) 1,476,000 — (184 ) 21,190 San Antonio, TX 965,000 (2,131 ) 7,585 11,393 Total Prospective Development 5,861,000 (25,070 ) 19,484 111,509 8,027,000 $ — 93,395 242,014 COMPLETED DEVELOPMENT AND TRANSFERRED TO REAL ESTATE PROPERTIES DURING 2017 Building Size (Square feet) Building Conversion Date Eisenhauer Point 1 & 2, San Antonio, TX 201,000 $ — 19 15,795 01/17 South 35th Avenue, Phoenix, AZ (8) 125,000 — — 1,664 01/17 Alamo Ridge III, San Antonio, TX 135,000 — 28 10,587 02/17 Parc North 1-4, Dallas, TX (9) 446,000 — 132 32,252 02/17 Madison IV & V, Tampa, FL 145,000 — 549 8,074 03/17 Jones Corporate Park, Las Vegas, NV (10) 416,000 — 275 39,815 04/17 Steele Creek VI, Charlotte, NC 137,000 — 519 7,525 04/17 Ten Sky Harbor, Phoenix, AZ 64,000 — 100 5,365 04/17 Horizon V, Orlando, FL 141,000 — 4,814 9,249 05/17 Horizon VII, Orlando, FL 109,000 — 1,375 8,266 06/17 Eisenhauer Point 4, San Antonio, TX 85,000 — 2,544 5,197 07/17 CreekView 121 1 & 2, Dallas, TX 193,000 — 4,464 16,319 08/17 Total Transferred to Real Estate Properties 2,197,000 $ — 14,819 160,108 (11) Footnotes for the Development Activity table are on the following page. (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 $29.0 million and tenant improvement obligations of $5.8 million on properties under development. (3) This project was acquired by EastGroup on 11/1/16 and underwent redevelopment. (4) This project was acquired by EastGroup on 12/12/17 during the lease-up phase. (5) Negative amount represents land inventory costs transferred to Real Estate Properties for storage yard and parking lot expansion. (6) Negative amount represents land sold on 11/3/17. (7) Negative amount represents West Road retention ponds and infrastructure conveyed to West Harris County Municipal Utility District. (8) This property was redeveloped from a manufacturing building to a multi-tenant distribution building. (9) This project was acquired by EastGroup on 7/8/16 during the lease-up phase. (10) This project was acquired by EastGroup on 11/15/16 during the lease-up phase. (11) 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, 2017 : Years Ending December 31, (In thousands) 2018 $ 204,614 2019 177,110 2020 139,791 2021 100,559 2022 74,092 Thereafter 147,960 Total minimum receipts $ 844,126 |
Future Minimum Ground Lease Payments | The following schedule indicates approximate future minimum ground lease payments for these properties by year as of December 31, 2017 : Future Minimum Ground Lease Payments Years Ending December 31, (In thousands) 2018 $ 761 2019 761 2020 761 2021 761 2022 761 Thereafter 9,729 Total minimum payments $ 13,534 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets [Abstract] | |
Other Assets | A summary of the Company’s Other assets follows: December 31, 2017 2016 (In thousands) Leasing costs (principally commissions) $ 72,722 65,521 Accumulated amortization of leasing costs (27,973 ) (26,340 ) Leasing costs (principally commissions), net of accumulated amortization 44,749 39,181 Straight-line rents receivable 31,609 28,369 Allowance for doubtful accounts on straight-line rents receivable (48 ) (76 ) Straight-line rents receivable, net of allowance for doubtful accounts 31,561 28,293 Accounts receivable 6,004 6,824 Allowance for doubtful accounts on accounts receivable (577 ) (809 ) Accounts receivable, net of allowance for doubtful accounts 5,427 6,015 Acquired in-place lease intangibles 20,690 21,231 Accumulated amortization of acquired in-place lease intangibles (8,974 ) (8,642 ) Acquired in-place lease intangibles, net of accumulated amortization 11,716 12,589 Acquired above market lease intangibles 1,550 1,594 Accumulated amortization of acquired above market lease intangibles (794 ) (736 ) Acquired above market lease intangibles, net of accumulated amortization 756 858 Mortgage loans receivable 4,581 4,752 Interest rate swap assets 6,034 4,546 Goodwill 990 990 Prepaid expenses and other assets 11,490 7,606 Total Other assets $ 117,304 104,830 |
UNSECURED AND SECURED DEBT (Tab
UNSECURED AND SECURED DEBT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Instrument [Line Items] | |
Schedule of long-term debt instruments | December 31, December 31, (In thousands) Unsecured bank credit facilities - variable rate, carrying amount $ 116,339 112,020 Unsecured bank credit facilities - fixed rate, carrying amount (1) 80,000 80,000 Unamortized debt issuance costs (630 ) (1,030 ) Unsecured bank credit facilities 195,709 190,990 Unsecured debt - fixed rate, carrying amount (1) 715,000 655,000 Unamortized debt issuance costs (1,939 ) (2,162 ) Unsecured debt 713,061 652,838 Secured debt - fixed rate, carrying amount (1) 200,354 258,594 Unamortized debt issuance costs (842 ) (1,089 ) Secured debt 199,512 257,505 Total debt $ 1,108,282 1,101,333 (1) These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. |
Schedule of unsecured debt [Table Text Block] | A summary of the carrying amount of Unsecured debt follows: Balance at December 31, Margin Above LIBOR Interest Rate Maturity Date 2017 2016 (In thousands) $50 Million Unsecured Term Loan Not applicable 3.910% 12/21/2018 $ 50,000 50,000 $75 Million Unsecured Term Loan (1) 1.150% 2.846% 07/31/2019 75,000 75,000 $75 Million Unsecured Term Loan (1) 1.100% 3.452% 12/20/2020 75,000 75,000 $40 Million Unsecured Term Loan (1) 1.100% 2.335% 07/30/2021 40,000 40,000 $75 Million Unsecured Term Loan (1) 1.400% 3.031% 02/28/2022 75,000 75,000 $65 Million Unsecured Term Loan (1) 1.650% 2.863% 04/01/2023 65,000 65,000 $100 Million Senior Unsecured Notes: $30 Million Notes Not applicable 3.800% 08/28/2020 30,000 30,000 $50 Million Notes Not applicable 3.800% 08/28/2023 50,000 50,000 $20 Million Notes Not applicable 3.800% 08/28/2025 20,000 20,000 $60 Million Senior Unsecured Notes Not applicable 3.460% 12/13/2024 60,000 — $100 Million Senior Unsecured Notes: $60 Million Notes Not applicable 3.480% 12/15/2024 60,000 60,000 $40 Million Notes Not applicable 3.750% 12/15/2026 40,000 40,000 $25 Million Senior Unsecured Notes Not applicable 3.970% 10/01/2025 25,000 25,000 $50 Million Senior Unsecured Notes Not applicable 3.990% 10/07/2025 50,000 50,000 $ 715,000 655,000 (1) The interest rates on these unsecured term loans are comprised of LIBOR plus a margin which is subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into interest rate swap agreements (further described in Note 13) to convert the loans' LIBOR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2017 . |
Secured debt | A summary of the carrying amount of Secured debt follows: Interest Rate Monthly P&I Payment Maturity Date Carrying Amount of Securing Real Estate at December 31, 2017 Balance at December 31, Property 2017 2016 (In thousands) 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 Repaid $ — — 47,496 Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington 7.50% 539,747 05/05/2019 45,886 49,580 52,231 Blue Heron II 5.39% 16,176 02/29/2020 4,425 409 576 40 th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Interchange Park I, Ocean View, Wetmore 5-8 and World Houston 26, 28, 29 & 30 4.39% 463,778 01/05/2021 67,796 55,317 58,380 Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Venture and World Houston 3-9 4.75% 420,045 06/05/2021 56,000 50,161 52,752 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 56,440 42,315 44,493 Ramona 3.85% 16,287 11/30/2026 9,027 2,572 2,666 $ 239,574 200,354 258,594 |
Principal payments due during the next five years | Principal payments on long-term debt, including Unsecured debt and Secured debt (not including Unsecured bank credit facilities ), due during the next five years as of December 31, 2017 are as follows: Years Ending December 31, (In thousands) 2018 $ 61,314 2019 130,569 2020 114,096 2021 129,563 2022 107,769 |
ACCOUNTS PAYABLE AND ACCRUED 35
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 (In thousands) Property taxes payable $ 12,081 14,186 Development costs payable 9,699 9,844 Real estate improvements and capitalized leasing costs payable 3,957 2,304 Interest payable 3,744 3,822 Dividends payable on unvested restricted stock 1,365 1,530 Book overdraft (1) 20,902 14,452 Other payables and accrued expenses 13,219 6,563 Total Accounts payable and accrued expenses $ 64,967 52,701 (1) Represents unfunded outstanding checks for which the bank has not advanced cash to the Company. See Note 1(p). |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Summary of other liabilities | A summary of the Company’s Other liabilities follows: December 31, 2017 2016 (In thousands) Security deposits $ 16,668 14,782 Prepaid rent and other deferred income 9,352 9,795 Acquired below-market lease intangibles 4,135 4,012 Accumulated amortization of below-market lease intangibles (2,147 ) (1,662 ) Acquired below-market lease intangibles, net of accumulated amortization 1,988 2,350 Interest rate swap liabilities 695 2,578 Prepaid tenant improvement reimbursements 124 343 Other liabilities 15 16 Total Other liabilities $ 28,842 29,864 |
COMMON STOCK ACTIVITY (Tables)
COMMON STOCK ACTIVITY (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Common Stock Activity | The following table presents the common stock activity for the three years ended December 31, 2017 : Years Ended December 31, 2017 2016 2015 Common Shares Shares outstanding at beginning of year 33,332,213 32,421,460 32,232,587 Common stock offerings 1,370,457 875,052 106,751 Dividend reinvestment plan 2,744 3,326 4,536 Incentive restricted stock granted 93,285 80,529 100,622 Incentive restricted stock forfeited (16,000 ) (910 ) — Director common stock awarded 8,881 10,072 9,373 Director restricted stock granted 282 — — Restricted stock withheld for tax obligations (33,695 ) (57,316 ) (32,409 ) Shares outstanding at end of year 34,758,167 33,332,213 32,421,460 |
Common Stock Issuances Table [Table Text Block] | The following table presents the common stock issuance activity for the three years ended December 31, 2017 : Years Ended December 31, Number of Common Shares Issued Net Proceeds (In thousands) 2017 1,370,457 $ 109,207 2016 875,052 59,283 2015 106,751 6,233 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted Stock Activity | Restricted Stock Activity: Years Ended December 31, 2017 2016 2015 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 162,087 $ 51.97 260,698 $ 52.68 265,911 $ 49.79 Granted (1) 93,285 76.70 80,529 58.81 100,622 61.07 Forfeited (16,000 ) 36.98 (910 ) 52.89 — — Vested (86,728 ) 61.62 (178,230 ) 56.09 (105,835 ) 53.40 Unvested at end of year 152,644 63.18 162,087 51.97 260,698 52.68 (1) Does not include the restricted shares that may be earned if the performance goals established in 2017 for annual and long-term performance periods are achieved. Depending on the actual level of achievement of the goals at the end of the open performance periods, the number of shares earned could range from zero to 59,477 . |
Restricted Stock Non-vested Awards By Expected Vesting Period | Following is a vesting schedule of the total unvested shares as of December 31, 2017 : Unvested Shares Vesting Schedule Number of Shares 2018 50,158 2019 44,235 2020 41,064 2021 13,584 2022 3,603 Total Unvested Shares 152,644 |
COMPREHENSIVE INCOME (Tables)
COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | The components of Accumulated other comprehensive income (loss) for 2017 , 2016 and 2015 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, 2017 2016 2015 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): (In thousands) Balance at beginning of year $ 1,995 (3,456 ) (2,357 ) Change in fair value of interest rate swaps - cash flow hedges 3,353 5,451 (1,099 ) Balance at end of year $ 5,348 1,995 (3,456 ) |
DERIVATIVE INSTRUMENTS AND HE40
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative [Line Items] | |
Schedule of Interest Rate Derivatives [Table Text Block] | As of December 31, 2017 and 2016 , 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, 2017 Notional Amount as of December 31, 2016 (In thousands) Interest Rate Swap $80,000 $80,000 Interest Rate Swap $75,000 $75,000 Interest Rate Swap $75,000 $75,000 Interest Rate Swap $65,000 $65,000 Interest Rate Swap $60,000 $60,000 Interest Rate Swap $40,000 $40,000 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, 2017 and 2016 . See Note 18 for additional information on the fair value of the Company's interest rate swaps. Derivatives As of December 31, 2017 Derivatives As of December 31, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges: Interest rate swap assets Other assets $ 6,034 Other assets $ 4,546 Interest rate swap liabilities Other liabilities 695 Other liabilities 2,578 |
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, 2017 , 2016 and 2015 : Years Ended December 31, 2017 2016 2015 (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS Interest Rate Swaps: Amount of income (loss) recognized in Other comprehensive income (loss) on derivatives $ 1,437 1,410 (5,374 ) Amount of loss reclassified from Accumulated other comprehensive income (loss) into Interest expense 1,916 4,041 4,275 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Reconciliation of the numerators and denominators in the basic and diluted EPS computations is as follows: 2017 2016 2015 (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 83,183 95,509 47,866 Denominator – weighted average shares outstanding 33,996 32,563 32,091 DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 83,183 95,509 47,866 Denominator: Weighted average shares outstanding 33,996 32,563 32,091 Unvested restricted stock 51 65 105 Total Shares 34,047 32,628 32,196 |
QUARTERLY RESULTS OF OPERATIO42
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly results of operations | 2017 Quarter Ended 2016 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 $ 66,409 90,004 69,001 71,944 73,189 93,279 64,043 66,614 Expenses (53,436 ) (53,027 ) (53,029 ) (54,277 ) (51,359 ) (49,186 ) (49,243 ) (51,243 ) Net Income 12,973 36,977 15,972 17,667 21,830 44,093 14,800 15,371 Net income attributable to noncontrolling interest in joint ventures (154 ) (87 ) (88 ) (77 ) (119 ) (180 ) (139 ) (147 ) Net income attributable to EastGroup Properties, Inc. common stockholders $ 12,819 36,890 15,884 17,590 21,711 43,913 14,661 15,224 BASIC PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) Net income attributable to common stockholders $ 0.38 1.09 0.46 0.51 0.67 1.36 0.45 0.46 Weighted average shares outstanding 33,361 33,987 34,215 34,406 32,254 32,376 32,741 32,874 DILUTED PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) Net income attributable to common stockholders $ 0.38 1.08 0.46 0.51 0.67 1.35 0.45 0.46 Weighted average shares outstanding 33,409 34,040 34,290 34,505 32,307 32,440 32,823 32,964 (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, 2017 | |
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, 2017 and 2016 . December 31, 2017 2016 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial Assets: Cash and cash equivalents $ 16 16 522 522 Mortgage loans receivable 4,581 4,569 4,752 4,747 Interest rate swap assets 6,034 6,034 4,546 4,546 Financial Liabilities: Unsecured bank credit facilities - variable rate (2) 116,339 116,277 112,020 111,923 Unsecured bank credit facilities - fixed rate (2) 80,000 80,003 80,000 79,998 Unsecured debt (2) 715,000 703,871 655,000 623,147 Secured debt (2) 200,354 206,408 258,594 266,585 Interest rate swap liabilities 695 695 2,578 2,578 (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. (2) Carrying amounts and fair values shown in the table exclude debt issuance costs (see Notes 6 and 7 for additional information). |
SIGNIFICANT ACCOUNTING POLICI44
SIGNIFICANT ACCOUNTING POLICIES (Details) - joint_ventures | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Controlling interest Joint ventures [Abstract] | |||
Joint Ventures | 1 | 1 | 2 |
University Business Center 120 and 130 [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% | ||
University Business Center [Member] | |||
Controlling interest Joint ventures [Abstract] | |||
Controlling interest in joint ventures (in hundredths) | 80.00% | 80.00% | |
Noncontrolling Interest, Ownership Percentage acquired during period | 20.00% | ||
Joint ventures' assets, liabilities, revenues and expenses with noncontrolling interests (in hundredths) | 100.00% | 100.00% | 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% | 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% | 50.00% | 50.00% |
SIGNIFICANT ACCOUNTING POLICI45
SIGNIFICANT ACCOUNTING POLICIES (Details 1) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | |||
Document Fiscal Year Focus | 2,017 | ||
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) | $ 2.49146 | $ 2.10494 | $ 2.24258 |
Nondividend distributions (in dollars per share) | 0.02686 | 0.05202 | 0.02774 |
Unrecaptured Section 1250 capital gain (in dollars per share) | 0 | 0.12872 | 0.06968 |
Other capital gain (in dollars per share) | 0.00168 | 0.15432 | 0 |
Total Common Share Distributions | $ 2.52000 | $ 2.44000 | $ 2.34000 |
SIGNIFICANT ACCOUNTING POLICI46
SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Cost of Services, Depreciation | $ 69,010,000 | $ 63,793,000 | $ 59,882,000 |
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 | ||
Development transfer to real estate properties [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of Occupation When Development Cost Ceased Being Capitalized | 90.00% | ||
Length of Time After Project Completion When Development Cost Ceased Being Capitalized | 1 year |
SIGNIFICANT ACCOUNTING POLICI47
SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Amortization of debt issuance costs | $ 1,250,000 | $ 1,534,000 | $ 1,336,000 |
Amortization of facility fees | 670,000 | 670,000 | 608,000 |
Leasing costs amortization expense | $ 10,329,000 | $ 9,932,000 | $ 9,038,000 |
SIGNIFICANT ACCOUNTING POLICI48
SIGNIFICANT ACCOUNTING POLICIES (Details 4) | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)Integer | Dec. 31, 2015USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Above and below market leases Increase (decrease) rental Income | $ 529,000 | $ 488,000 | $ 448,000 |
Amortization expense for in-place lease intangibles | 4,535,000 | $ 4,210,000 | 4,370,000 |
Projected amortization of in-place lease intangibles for the next five years [Abstract] | |||
2,018 | 3,576,000 | ||
2,019 | 2,555,000 | ||
2,020 | 1,911,000 | ||
2,021 | 1,482,000 | ||
2,022 | 893,000 | ||
2017 Acquisitions (Shiloh 400, Broadmoor, Hurricane Shoals 1 & 2, Southark 5-7) [Member] | |||
Acquired operating properties [Abstract] | |||
Total cost of properties purchased | 65,243,000 | ||
Total purchase price to land | 11,281,000 | ||
2017 Acquisitions (Shiloh 400, Broadmoor, Hurricane Shoals 1 & 2, Southark 5-7) [Member] | Above Market Leases [Member] | |||
Acquired operating properties [Abstract] | |||
Intangibles acquired associated with purchase of Real Estate | 115,000 | ||
2017 Acquisitions (Shiloh 400, Broadmoor, Hurricane Shoals 1 & 2, Southark 5-7) [Member] | Leases, Acquired-in-Place [Member] | |||
Acquired operating properties [Abstract] | |||
Intangibles acquired associated with purchase of Real Estate | 3,662,000 | ||
2017 Acquisitions (Shiloh 400, Broadmoor, Hurricane Shoals 1 & 2, Southark 5-7) [Member] | Below market lease [Member] | |||
Acquired operating properties [Abstract] | |||
Intangibles acquired associated with purchase of Real Estate | 385,000 | ||
Flagler Center [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Number of buildings | Integer | 3 | ||
2016 Acquisitions (Parc North, Flagler, Weston and Jones) [Member] | |||
Acquired operating properties [Abstract] | |||
Total cost of properties purchased | $ 112,158,000 | ||
Total purchase price to land | 29,164,000 | ||
2016 Acquisitions (Parc North, Flagler, Weston and Jones) [Member] | Above Market Leases [Member] | |||
Acquired operating properties [Abstract] | |||
Intangibles acquired associated with purchase of Real Estate | 393,000 | ||
2016 Acquisitions (Parc North, Flagler, Weston and Jones) [Member] | Leases, Acquired-in-Place [Member] | |||
Acquired operating properties [Abstract] | |||
Intangibles acquired associated with purchase of Real Estate | 5,941,000 | ||
2016 Acquisitions (Parc North, Flagler, Weston and Jones) [Member] | Below market lease [Member] | |||
Acquired operating properties [Abstract] | |||
Intangibles acquired associated with purchase of Real Estate | 894,000 | ||
2015 Acquisitions (Southpark and Springdale) | |||
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 | ||
2015 Acquisitions (Southpark and Springdale) | Leases, Acquired-in-Place [Member] | |||
Acquired operating properties [Abstract] | |||
Intangibles acquired associated with purchase of Real Estate | 3,453,000 | ||
2015 Acquisitions (Southpark and Springdale) | Below market lease [Member] | |||
Acquired operating properties [Abstract] | |||
Intangibles acquired associated with purchase of Real Estate | $ 527,000 | ||
Real Estate Properties [Domain] | 2017 Acquisitions (Shiloh 400, Broadmoor, Hurricane Shoals 1 & 2, Southark 5-7) [Member] | |||
Acquired operating properties [Abstract] | |||
Total amount allocated to real estate properties | 51,539,000 | ||
Real Estate Properties [Domain] | 2016 Acquisitions (Parc North, Flagler, Weston and Jones) [Member] | |||
Acquired operating properties [Abstract] | |||
Total amount allocated to real estate properties | 22,228,000 | ||
Industrial Development [Member] | 2017 Acquisitions (Shiloh 400, Broadmoor, Hurricane Shoals 1 & 2, Southark 5-7) [Member] | |||
Acquired operating properties [Abstract] | |||
Total amount allocated to real estate properties | $ 10,312,000 | ||
Industrial Development [Member] | 2016 Acquisitions (Parc North, Flagler, Weston and Jones) [Member] | |||
Acquired operating properties [Abstract] | |||
Total amount allocated to real estate properties | $ 84,490,000 |
REAL ESTATE PROPERTIES REAL EST
REAL ESTATE PROPERTIES REAL ESTATE PROPERTIES 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate [Abstract] | ||
Land | $ 345,424 | $ 308,931 |
Investment Building and Building Improvements | 1,587,130 | 1,435,309 |
Tenant Improvements | 402,905 | 368,833 |
Development | 242,014 | 293,908 |
Real Estate Investment Property, at Cost | 2,577,473 | 2,406,981 |
Real Estate Investment Property, Accumulated Depreciation | (749,601) | (694,250) |
Real estate, net | $ 1,827,872 | $ 1,712,731 |
REAL ESTATE PROPERTIES REAL E50
REAL ESTATE PROPERTIES REAL ESTATE PROPERTIES 2 (Details) | 12 Months Ended | |||
Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($)ft² | ||
Sales of real estate properties [Line Items] | ||||
Net Sales Price of Real Estate Sold | $ 37,557,000 | $ 73,725,000 | ||
Basis | 15,702,000 | 31,555,000 | ||
Gain, net of loss, on Sales of Real Estate Investments | $ 21,855,000 | $ 42,170,000 | $ 2,903,000 | |
Stemmons Circle [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 99,000 | |||
Date Of Property Sale | 5/12/17 | |||
Net Sales Price of Real Estate Sold | $ 5,051,000 | |||
Basis | 1,329,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | $ 3,722,000 | |||
Techway Southwest I, II, III, & IV [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 415,000 | |||
Date Of Property Sale | 6/19/17 | |||
Net Sales Price of Real Estate Sold | $ 32,506,000 | |||
Basis | 14,373,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | 18,133,000 | |||
Northwest Point Distribution and Service Centers [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 232,000 | |||
Date Of Property Sale | 2/12/16 | |||
Net Sales Price of Real Estate Sold | $ 15,189,000 | |||
Basis | 5,080,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | $ 10,109,000 | |||
North Stemmons III [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 60,000 | |||
Date Of Property Sale | 3/4/16 | |||
Net Sales Price of Real Estate Sold | $ 3,131,000 | |||
Basis | 1,908,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | $ 1,223,000 | |||
North Stemmons II [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 26,000 | |||
Date Of Property Sale | 4/12/16 | |||
Net Sales Price of Real Estate Sold | $ 1,203,000 | |||
Basis | 765,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | $ 438,000 | |||
Lockwood Distribution Center [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 392,000 | |||
Date Of Property Sale | 4/18/16 | |||
Net Sales Price of Real Estate Sold | $ 14,024,000 | |||
Basis | 4,154,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | $ 9,870,000 | |||
West Loop Distribution Center 1 & 2 [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 161,000 | |||
Date Of Property Sale | 4/19/16 | |||
Net Sales Price of Real Estate Sold | $ 13,154,000 | |||
Basis | 3,564,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | $ 9,590,000 | |||
America Plaza [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 121,000 | |||
Date Of Property Sale | 4/28/16 | |||
Net Sales Price of Real Estate Sold | $ 7,938,000 | |||
Basis | 3,378,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | $ 4,560,000 | |||
Interstate Commons Distribution Center I and II [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 142,000 | |||
Date Of Property Sale | 5/31/16 | |||
Net Sales Price of Real Estate Sold | $ 9,906,000 | |||
Basis | 3,568,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | $ 6,338,000 | |||
Castilian Research Center [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | [1] | 30,000 | ||
Date Of Property Sale | [1] | 6/28/16 | ||
Net Sales Price of Real Estate Sold | [1] | $ 7,698,000 | ||
Basis | [1] | 7,513,000 | ||
Gain, net of loss, on Sales of Real Estate Investments | [1] | $ 185,000 | ||
Memphis I [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 92,000 | |||
Date Of Property Sale | 12/16/16 | |||
Net Sales Price of Real Estate Sold | $ 1,482,000 | |||
Basis | 1,625,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | (143,000) | |||
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, net of loss, on Sales of Real Estate Investments | 2,903,000 | |||
Land [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Proceeds from Sale of Property, Plant, and Equipment | 3,778,000 | 5,400,000 | 170,000 | |
Gain on sales of land | $ 293,000 | $ 733,000 | $ 123,000 | |
Castilian Research Center [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Less Than Wholly Owned Joint Venture Investment Ownership Percentage | 80.00% | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20.00% | |||
[1] | EastGroup owned 80% of Castilian Research Center through a joint venture. The information shown for this transaction also includes the 20% attributable to the Company's noncontrolling interest partner. |
REAL ESTATE PROPERTIES 3 (Detai
REAL ESTATE PROPERTIES 3 (Details) | 12 Months Ended | |||
Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | ||
DEVELOPMENT [Abstract] | ||||
Interest costs capitalized on development properties | $ 5,765,000 | $ 5,340,000 | $ 5,257,000 | |
Internal Development Costs Capitalized During Period | 4,754,000 | 3,789,000 | 4,467,000 | |
Improvements on developments transferred to real estate properties | 12,811,000 | |||
Development costs incurred, for the period | 124,938,000 | 203,765,000 | $ 95,032,000 | |
Development | 242,014,000 | $ 293,908,000 | ||
Future Minimum payments receivable [Abstract] | ||||
2,018 | 204,614,000 | |||
2,019 | 177,110,000 | |||
2,020 | 139,791,000 | |||
2,021 | 100,559,000 | |||
2,022 | 74,092,000 | |||
Thereafter | 147,960,000 | |||
Total minimum receipts | $ 844,126,000 | |||
Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 903,000 | |||
Development Costs Transferred | [1] | $ 8,371,000 | ||
Development costs incurred, for the period | 36,787,000 | |||
Development | 73,387,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 80,400,000 | ||
Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 1,263,000 | |||
Development Costs Transferred | [1] | $ 16,699,000 | ||
Development costs incurred, for the period | 37,124,000 | |||
Development | 57,118,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 104,600,000 | ||
Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 5,861,000 | |||
Development Costs Transferred | [1] | $ (25,070,000) | ||
Development costs incurred, for the period | 19,484,000 | |||
Development | $ 111,509,000 | |||
Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 2,197,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 14,819,000 | |||
Development | [3] | $ 160,108,000 | ||
Lease Up Construction And Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 8,027,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 93,395,000 | |||
Development | 242,014,000 | |||
Development obligations | 29,000,000 | |||
Tenant improvement obligations | $ 5,800,000 | |||
Eisenhauer Point 1 & 2 [Member] | Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 201,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 19,000 | |||
Development | [3] | $ 15,795,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 01/17 | |||
South 35th Avenue [Member] | Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | [4] | 125,000 | ||
Development Costs Transferred | [1],[4] | $ 0 | ||
Development costs incurred, for the period | [4] | 0 | ||
Development | [3],[4] | $ 1,664,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | [4] | 01/17 | ||
Alamo Ridge III [Member] | Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 135,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 28,000 | |||
Development | [3] | $ 10,587,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/17 | |||
Parc North 1-4 [Member] | Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | [5] | 446,000 | ||
Development Costs Transferred | [1],[5] | $ 0 | ||
Development costs incurred, for the period | [5] | 132,000 | ||
Development | [3],[5] | $ 32,252,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | [5] | 02/17 | ||
Madison IV & V [Member] | Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 145,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 549,000 | |||
Development | [3] | $ 8,074,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 03/17 | |||
Jones Corporate Park [Member] | Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | [6] | 416,000 | ||
Development Costs Transferred | [1],[6] | $ 0 | ||
Development costs incurred, for the period | [6] | 275,000 | ||
Development | [3],[6] | $ 39,815,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | [6] | 04/17 | ||
Steele Creek VI [Member] | Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 137,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 519,000 | |||
Development | [3] | $ 7,525,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/17 | |||
Ten Sky Harbor [Member] | Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 64,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 100,000 | |||
Development | [3] | $ 5,365,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/17 | |||
Horizon V [Member] | Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 141,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 4,814,000 | |||
Development | [3] | $ 9,249,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 05/17 | |||
Horizon VII [Member] | Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 109,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 1,375,000 | |||
Development | [3] | $ 8,266,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 06/17 | |||
Eisenhauer Point 4 [Member] | Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 85,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 2,544,000 | |||
Development | [3] | $ 5,197,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 07/17 | |||
CreekView 121 1&2 [Member] | Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 193,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 4,464,000 | |||
Development | [3] | $ 16,319,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 08/17 | |||
Phoenix Area [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 0 | |||
Development Costs Transferred | [1] | $ (4,013,000) | ||
Development costs incurred, for the period | 120,000 | |||
Development | $ 0 | |||
Tucson [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | [7] | 0 | ||
Development Costs Transferred | [1],[7] | $ 0 | ||
Development costs incurred, for the period | [7] | (417,000) | ||
Development | [7] | $ 0 | ||
Fort Myers [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 570,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 469,000 | |||
Development | $ 14,112,000 | |||
Miami [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 850,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 3,632,000 | |||
Development | $ 30,876,000 | |||
Orlando [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 418,000 | |||
Development Costs Transferred | [1] | $ (5,926,000) | ||
Development costs incurred, for the period | 917,000 | |||
Development | $ 11,120,000 | |||
Tampa [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 32,000 | |||
Development Costs Transferred | [1] | $ (2,153,000) | ||
Development costs incurred, for the period | 32,000 | |||
Development | $ 1,560,000 | |||
Atlanta [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 196,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 1,207,000 | |||
Development | $ 1,207,000 | |||
Jackson area [Member] | Prospective Development [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 | |||
Charlotte [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 655,000 | |||
Development Costs Transferred | [1] | $ (4,046,000) | ||
Development costs incurred, for the period | 1,472,000 | |||
Development | $ 6,729,000 | |||
Austin [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 180,000 | |||
Development Costs Transferred | [1] | $ (3,100,000) | ||
Development costs incurred, for the period | 6,120,000 | |||
Development | $ 3,020,000 | |||
Dallas [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 491,000 | |||
Development Costs Transferred | [1] | $ (3,701,000) | ||
Development costs incurred, for the period | 975,000 | |||
Development | $ 9,596,000 | |||
El Paso [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | [8] | 0 | ||
Development Costs Transferred | [1],[8] | $ 0 | ||
Development costs incurred, for the period | [8] | (2,444,000) | ||
Development | [8] | $ 0 | ||
Houston [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | [9] | 1,476,000 | ||
Development Costs Transferred | [1],[9] | $ 0 | ||
Development costs incurred, for the period | [9] | (184,000) | ||
Development | [9] | $ 21,190,000 | ||
San Antonio [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 965,000 | |||
Development Costs Transferred | [1] | $ (2,131,000) | ||
Development costs incurred, for the period | 7,585,000 | |||
Development | $ 11,393,000 | |||
Alamo Ridge IV [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 97,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 2,152,000 | |||
Development | 7,097,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 8,300,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 03/18 | |||
Weston [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | [10] | 134,000 | ||
Development Costs Transferred | [1],[10] | $ 0 | ||
Development costs incurred, for the period | [10] | 1,239,000 | ||
Development | [10] | 15,520,000 | ||
Estimated Total Cumulative Development Costs | [2],[10] | $ 16,000,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | [10] | 03/18 | ||
Oak Creek VII [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 116,000 | |||
Development Costs Transferred | [1] | $ 2,153,000 | ||
Development costs incurred, for the period | 3,978,000 | |||
Development | 6,131,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 7,500,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/18 | |||
Progress Center 1 & 2 [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | [11] | 132,000 | ||
Development Costs Transferred | [1],[11] | $ 0 | ||
Development costs incurred, for the period | [11] | 10,333,000 | ||
Development | [11] | 10,333,000 | ||
Estimated Total Cumulative Development Costs | [2],[11] | $ 11,100,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | [11] | 04/18 | ||
Eisenhauer Point 3 [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 71,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 3,411,000 | |||
Development | 6,159,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 6,800,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 06/18 | |||
SunCoast 4 [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 93,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 2,865,000 | |||
Development | 9,120,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 10,000,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 06/18 | |||
Steele Creek VII [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 120,000 | |||
Development Costs Transferred | [1] | $ 2,393,000 | ||
Development costs incurred, for the period | 5,404,000 | |||
Development | 7,797,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 8,600,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 09/18 | |||
Horizon XII [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 140,000 | |||
Development Costs Transferred | [1] | $ 3,825,000 | ||
Development costs incurred, for the period | 7,405,000 | |||
Development | 11,230,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 12,100,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 12/18 | |||
Country Club V [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 300,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 10,656,000 | |||
Development | 13,951,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 24,200,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/18 | |||
Kyrene 202 3, 4 & 5 [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 166,000 | |||
Development Costs Transferred | [1] | $ 2,280,000 | ||
Development costs incurred, for the period | 9,263,000 | |||
Development | 11,543,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 13,800,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/19 | |||
Creekview 121 3 & 4 [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 158,000 | |||
Development Costs Transferred | [1] | $ 3,701,000 | ||
Development costs incurred, for the period | 6,610,000 | |||
Development | 10,311,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 14,200,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 03/19 | |||
Eisenhauer Point 5 [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 98,000 | |||
Development Costs Transferred | [1] | $ 1,253,000 | ||
Development costs incurred, for the period | 4,551,000 | |||
Development | 5,804,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 7,500,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 03/19 | |||
Eisenhauer Point 6 [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 85,000 | |||
Development Costs Transferred | [1] | $ 878,000 | ||
Development costs incurred, for the period | 3,172,000 | |||
Development | 4,050,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 5,200,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 03/19 | |||
Horizon X [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 104,000 | |||
Development Costs Transferred | [1] | $ 2,101,000 | ||
Development costs incurred, for the period | 1,449,000 | |||
Development | 3,550,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 8,000,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/19 | |||
Falcon Field [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 96,000 | |||
Development Costs Transferred | [1] | $ 1,733,000 | ||
Development costs incurred, for the period | 1,214,000 | |||
Development | 2,947,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 9,000,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 05/19 | |||
Airport Commerce Center 3 [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 96,000 | |||
Development Costs Transferred | [1] | $ 1,653,000 | ||
Development costs incurred, for the period | 80,000 | |||
Development | 1,733,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 7,300,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 07/19 | |||
Settlers Crossing 1 [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 77,000 | |||
Development Costs Transferred | [1] | $ 1,494,000 | ||
Development costs incurred, for the period | 62,000 | |||
Development | 1,556,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 7,400,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 10/19 | |||
Settlers Crossing 2 [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 83,000 | |||
Development Costs Transferred | [1] | $ 1,606,000 | ||
Development costs incurred, for the period | 67,000 | |||
Development | 1,673,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 8,000,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 10/19 | |||
[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 $29.0 million and tenant improvement obligations of $5.8 million on properties under development. | |||
[3] | Represents cumulative costs at the date of transfer. | |||
[4] | This property was redeveloped from a manufacturing building to a multi-tenant distribution building. | |||
[5] | This project was acquired by EastGroup on 7/8/16 during the lease-up phase. | |||
[6] | This project was acquired by EastGroup on 11/15/16 during the lease-up phase. | |||
[7] | Negative amount represents land inventory costs transferred to Real Estate Properties for storage yard and parking lot expansion. | |||
[8] | Negative amount represents land sold on 11/3/17. | |||
[9] | Negative amount represents West Road retention ponds and infrastructure conveyed to West Harris County Municipal Utility District. | |||
[10] | This project was acquired by EastGroup on 11/1/16 and underwent redevelopment. | |||
[11] | This project was acquired by EastGroup on 12/12/17 during the lease-up phase. |
REAL ESTATE PROPERTIES 4 (Detai
REAL ESTATE PROPERTIES 4 (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
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 | $ 760,000 | $ 756,000 | $ 756,000 |
Payment increase interval minimum (in years) | 3 years | ||
Payment increase interval maximum (in years) | 10 years | ||
Future Total Minimum Ground Lease Payments [Abstract] | |||
2,018 | $ 761,000 | ||
2,019 | 761,000 | ||
2,020 | 761,000 | ||
2,021 | 761,000 | ||
2,022 | 761,000 | ||
Thereafter | 9,729,000 | ||
Total minimum payments | $ 13,534,000 | ||
ARIZONA | |||
State or Province [Line Items] | |||
Number of properties subject to ground leases | 1 | ||
TEXAS | |||
State or Province [Line Items] | |||
Number of properties subject to ground leases | 2 | ||
FLORIDA | |||
State or Province [Line Items] | |||
Number of properties subject to ground leases | 2 |
UNCONSOLIDATED INVESTMENT (Deta
UNCONSOLIDATED INVESTMENT (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($) | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Year Constructed | 1,998 | ||
Investment's carrying value under the equity method of accounting | $ 8,029,000 | $ 7,681,000 | |
Industry Distribution Center II - undivided tenant [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage (in hundredths) | 50.00% | 50.00% | 50.00% |
Size (in square feet) | ft² | 309,000 | ||
Building lease percentage | 100.00% | ||
Investment's carrying value under the equity method of accounting | $ 8,029,000 | $ 7,681,000 | |
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) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016 | ||
Mortgage Loans on Real Estate [Line Items] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | [1],[2] | $ 4,581 | |
Mortgage recourse loan | $ 4,581 | ||
First Mortgage [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Number of mortgage loans receivable | 2 | 2 | |
Effective interest rate (in hundredths) | 5.15% | 5.25% | |
Mortgage Loans on Real Estate, Final Maturity Date | Dec. 21, 2022 | Oct. 25, 2017 | |
[1] | Changes in mortgage loans follow: Years Ended December 31,2017 2016 2015(In thousands)Balance at beginning of year$4,752 4,875 4,991Payments on mortgage loans receivable(171) (123) (116)Balance at end of year$4,581 4,752 4,875 | ||
[2] | The aggregate cost for federal income tax purposes is approximately $4.58 million. The federal income tax return for the year ended December 31, 2017, has not been filed and, accordingly, the income tax basis of mortgage loans as of December 31, 2017, is based on preliminary data. |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Assets Components [Abstract] | ||
Leasing costs (principally commissions) | $ 72,722 | $ 65,521 |
Accumulated amortization of leasing costs | (27,973) | (26,340) |
Leasing costs (principally commissions), net of accumulated amortization | 44,749 | 39,181 |
Straight-line rents receivable | 31,609 | 28,369 |
Allowance for doubtful accounts on straight-line rents receivable | (48) | (76) |
Straight-line rents receivable, net of allowance for doubtful accounts | 31,561 | 28,293 |
Accounts receivable | 6,004 | 6,824 |
Allowance for doubtful accounts on accounts receivable | (577) | (809) |
Accounts receivable, net of allowance for doubtful accounts | 5,427 | 6,015 |
Acquired in-place lease intangibles | 20,690 | 21,231 |
Accumulated amortization of acquired in-place lease intangibles | (8,974) | (8,642) |
Acquired in-place lease intangibles, net of accumulated amortization | 11,716 | 12,589 |
Acquired above market lease intangibles | 1,550 | 1,594 |
Accumulated amortization of acquired above market lease intangibles | (794) | (736) |
Acquired above market lease intangibles, net of accumulated amortization | 756 | 858 |
Mortgage loans receivable | 4,581 | 4,752 |
Interest rate swap assets | 6,034 | 4,546 |
Goodwill | 990 | 990 |
Prepaid expenses and other assets | 11,490 | 7,606 |
Other Assets Total | $ 117,304 | $ 104,830 |
UNSECURED BANK CREDIT FACILIT56
UNSECURED BANK CREDIT FACILITIES (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)Integer | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Line of Credit Facility [Line Items] | |||
Average bank borrowings | $ 114,751,000 | $ 106,352,000 | $ 109,777,000 |
Weighted average interest rates (in hundredths) | 2.07% | 1.49% | 1.29% |
Amortization of facility fees | $ 670,000 | $ 670,000 | $ 608,000 |
Amortization of bank loan costs | 451,000 | 450,000 | $ 493,000 |
Unsecured bank credit facilities | 195,709,000 | $ 190,990,000 | |
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 fee (in basis points) | 20 | ||
Line of Credit Facility, Interest Rate at Period End | 2.564% | ||
Unsecured bank credit facilities | $ 6,339,000 | ||
Extension option on credit facility | 1 year | ||
Nine bank group unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 300,000,000 | ||
Debt instrument, spread above LIBOR variable rate (in basis points) | 100 | ||
Line of credit, facility fee (in basis points) | 20 | ||
Banks included in the unsecured revolving credit facility group | Integer | 9 | ||
Letters of Credit Outstanding, Amount | $ 674,000 | ||
Extension option on credit facility | 1 year | ||
Expansion option on credit facility | $ 150,000,000 | ||
Debt with effectively fixed interest rate [Member] | Nine bank group unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Interest Rate at Period End | 2.02% | ||
Unsecured bank credit facilities | $ 80,000,000 | ||
Debt with variable interest rate [Member] | Nine bank group unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Interest Rate at Period End | 2.528% | ||
Unsecured bank credit facilities | $ 110,000,000 |
UNSECURED AND SECURED DEBT (Det
UNSECURED AND SECURED DEBT (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Secured and Unsecured Debt [Line Items] | |||
Carrying Amount of Securing Real Estate | $ 239,574,000 | ||
Loans Payable, Noncurrent [Abstract] | |||
Unsecured debt, carrying amount | 715,000,000 | $ 655,000,000 | |
Secured debt, carrying amount | 200,354,000 | 258,594,000 | |
Unsecured bank credit facilities | 195,709,000 | 190,990,000 | |
Unsecured debt | 713,061,000 | 652,838,000 | |
Secured debt | 199,512,000 | 257,505,000 | |
Total debt | 1,108,282,000 | 1,101,333,000 | |
Secured and unsecured debt [Member] | |||
Payments of principal over the next five years [Abstract] | |||
2,018 | 61,314,000 | ||
2,019 | 130,569,000 | ||
2,020 | 114,096,000 | ||
2,021 | 129,563,000 | ||
2,022 | $ 107,769,000 | ||
$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, carrying amount | $ 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 | [1] | 1.15% | |
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | [1] | 2.846% | |
Debt Instrument, Maturity Date | [1] | Jul. 31, 2019 | |
Unsecured debt, carrying amount | [1] | $ 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 | [1] | 1.10% | |
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | [1] | 3.452% | |
Debt Instrument, Maturity Date | [1] | Dec. 20, 2020 | |
Unsecured debt, carrying amount | [1] | $ 75,000,000 | 75,000,000 |
$40 million term loan (2016) [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Debt instrument, spread above LIBOR variable rate | [1] | 1.10% | |
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | [1] | 2.335% | |
Debt Instrument, Maturity Date | [1] | Jul. 30, 2021 | |
Unsecured debt, carrying amount | [1] | $ 40,000,000 | 40,000,000 |
Seventy-Five Million Unsecured Term Loan executed in 2015 [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Debt instrument, spread above LIBOR variable rate | [1] | 1.40% | |
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | [1] | 3.031% | |
Debt Instrument, Maturity Date | [1] | Feb. 28, 2022 | |
Unsecured debt, carrying amount | [1] | $ 75,000,000 | 75,000,000 |
Sixty-five million term loan (2016) [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Debt instrument, spread above LIBOR variable rate | [1] | 1.65% | |
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | [1] | 2.863% | |
Debt Instrument, Maturity Date | [1] | Apr. 1, 2023 | |
Unsecured debt, carrying amount | [1] | $ 65,000,000 | 65,000,000 |
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, carrying amount | $ 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, carrying amount | $ 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, carrying amount | $ 20,000,000 | 20,000,000 | |
Sixty million senior unsecured notes (executed in 2017) [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | 3.46% | ||
Debt Instrument, Maturity Date | Dec. 13, 2024 | ||
Unsecured debt, carrying amount | $ 60,000,000 | 0 | |
Sixty million senior unsecured notes (executed in 2016) [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | 3.48% | ||
Debt Instrument, Maturity Date | Dec. 15, 2024 | ||
Unsecured debt, carrying amount | $ 60,000,000 | 60,000,000 | |
Forty million senior unsecured notes (executed in 2016) [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | 3.75% | ||
Debt Instrument, Maturity Date | Dec. 15, 2026 | ||
Unsecured debt, carrying amount | $ 40,000,000 | 40,000,000 | |
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, carrying amount | $ 25,000,000 | 25,000,000 | |
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, carrying amount | $ 50,000,000 | 50,000,000 | |
Arion 16, Broadway VI, Chino, East University I and II, Northpark, 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 | Repaid | ||
Carrying Amount of Securing Real Estate | $ 0 | ||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | $ 0 | 47,496,000 | |
Dominguez, Industry I and III, Kingsview, Shaw, Walnut and Washington [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Interest Rate (in hundredths) | 7.50% | ||
Monthly P & I Payment | $ 539,747 | ||
Maturity Date | 5/5/2019 | ||
Carrying Amount of Securing Real Estate | $ 45,886,000 | ||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | $ 49,580,000 | 52,231,000 | |
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 | $ 4,425,000 | ||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | $ 409,000 | 576,000 | |
40th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Interchange Park I, Ocean View, Wetmore 5-8 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 | $ 67,796,000 | ||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | $ 55,317,000 | 58,380,000 | |
Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Venture and World Houston 3-9 | |||
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 | $ 56,000,000 | ||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | $ 50,161,000 | 52,752,000 | |
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 | $ 56,440,000 | ||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | $ 42,315,000 | 44,493,000 | |
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 | $ 9,027,000 | ||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | 2,572,000 | 2,666,000 | |
Notes Payable to Banks [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Unsecured bank credit facilities - variable rate, carrying amount | 116,339,000 | 112,020,000 | |
Unsecured bank credit facilities - fixed rate, carrying amount | [2] | 80,000,000 | 80,000,000 |
Unamortized debt issuance costs | (630,000) | (1,030,000) | |
Unsecured bank credit facilities | 195,709,000 | 190,990,000 | |
Unsecured Debt [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Unsecured debt, carrying amount | [2] | 715,000,000 | 655,000,000 |
Unamortized debt issuance costs | (1,939,000) | (2,162,000) | |
Unsecured debt | 713,061,000 | 652,838,000 | |
Secured Debt [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt, carrying amount | [2] | 200,354,000 | 258,594,000 |
Unamortized debt issuance costs | (842,000) | (1,089,000) | |
Secured debt | $ 199,512,000 | $ 257,505,000 | |
[1] | The interest rates on these unsecured term loans are comprised of LIBOR plus a margin which is subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into interest rate swap agreements (further described in Note 13) to convert the loans' LIBOR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2017. | ||
[2] | These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. |
ACCOUNTS PAYABLE AND ACCRUED 58
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts Payable and Accrued Liabilities [Abstract] | |||
Property taxes payable | $ 12,081 | $ 14,186 | |
Development costs payable | 9,699 | 9,844 | |
Real estate improvements and capitalized leasing costs payable | 3,957 | 2,304 | |
Interest payable | 3,744 | 3,822 | |
Dividends payable on unvested restricted stock | 1,365 | 1,530 | |
Book overdraft | [1] | 20,902 | 14,452 |
Other payables and accrued expenses | 13,219 | 6,563 | |
Accounts payable and accrued expenses | $ 64,967 | $ 52,701 | |
[1] | (1) Represents unfunded outstanding checks for which the bank has not advanced cash to the Company. See Note 1(p). |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities, Unclassified [Abstract] | ||
Security deposits | $ 16,668 | $ 14,782 |
Prepaid rent and other deferred income | 9,352 | 9,795 |
Acquired below market lease intangibles | 4,135 | 4,012 |
Accumulated Amortization, Acquired Below Market Lease Intangibles | (2,147) | (1,662) |
Acquired below market lease intangibles, net of accumulated amortization | 1,988 | 2,350 |
Interest rate swap liabilities | 695 | 2,578 |
Prepaid tenant improvement reimbursements | 124 | 343 |
Other liabilities | 15 | 16 |
Total Other Liabilities | $ 28,842 | $ 29,864 |
COMMON STOCK ACTIVITY (Details)
COMMON STOCK ACTIVITY (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares outstanding at beginning of year (in shares) | 33,332,213 | ||
Common stock offerings (in shares) | 1,370,457 | 875,052 | 106,751 |
Stock Issued During Period, Value, New Issues | $ 109,207 | $ 59,283 | $ 6,233 |
Dividend reinvestment plan (in shares) | 2,744 | 3,326 | 4,536 |
Shares outstanding at end of year (in shares) | 34,758,167 | 33,332,213 | |
Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares outstanding at beginning of year (in shares) | 33,332,213 | 32,421,460 | 32,232,587 |
Common stock offerings (in shares) | 1,370,457 | 875,052 | 106,751 |
Dividend reinvestment plan (in shares) | 2,744 | 3,326 | 4,536 |
Incentive restricted stock granted (in shares) | 93,285 | 80,529 | 100,622 |
Incentive restricted stock forfeited (in shares) | (16,000) | (910) | 0 |
Director common stock awarded (in shares) | 8,881 | 10,072 | 9,373 |
Stock issued during period, restricted stock awarded to directors | 282 | 0 | 0 |
Restricted stock withheld for tax obligations (in shares) | (33,695) | (57,316) | (32,409) |
Shares outstanding at end of year (in shares) | 34,758,167 | 33,332,213 | 32,421,460 |
Additional Paid-in Capital [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Stock Issued During Period, Value, New Issues | $ 109,207 | $ 59,283 | $ 6,233 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) | 12 Months Ended | |||||||
Dec. 31, 2017USD ($)Integer$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2013$ / sharesshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016shares | Dec. 31, 2015shares | ||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Stock-based compensation cost | $ | $ 7,012,000 | $ 5,831,000 | $ 8,423,000 | |||||
Award Recipient Type Employee [Member] | Restricted Stock [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Stock-based compensation cost | $ | 6,309,000 | 5,184,000 | 7,891,000 | |||||
Stock based compensation cost capitalized as development costs | $ | $ 1,458,000 | $ 1,183,000 | $ 1,672,000 | |||||
Share awards granted (in shares) | 93,285 | [1] | 80,529 | 100,622 | ||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 76.70 | [1] | $ 58.81 | $ 61.07 | ||||
Compensation is recognized over a weighted average period (in years) | 2 years 8 months 20 days | |||||||
Share based compensation, share based payment arrangements other than stock options, unrecognized cost associated with awards not yet vested | $ | $ 5,988,000 | |||||||
Shares withheld to satisfy the tax obligations (in shares) | 33,695 | 57,316 | 32,409 | |||||
Fair value of shares granted | $ | $ 7,155,000 | $ 4,736,000 | $ 6,145,000 | |||||
Fair value of shares vested as of the vesting date | $ | $ 6,441,000 | $ 10,013,000 | $ 6,664,000 | |||||
Restricted Stock Activity [Roll Forward] | ||||||||
Unvested at beginning of year (in shares) | 162,087 | 260,698 | 265,911 | |||||
Granted (in shares) | 93,285 | [1] | 80,529 | 100,622 | ||||
Forfeited (in shares) | (16,000) | (910) | 0 | |||||
Vested (in shares) | (86,728) | (178,230) | (105,835) | |||||
Unvested at end of year (in shares) | 152,644 | 162,087 | 260,698 | |||||
Restricted stock activity weighted average price [Abstract] | ||||||||
Unvested at beginning of year (in dollars per share) | $ / shares | $ 51.97 | $ 52.68 | $ 49.79 | |||||
Granted (in dollars per share) | $ / shares | 76.70 | [1] | 58.81 | 61.07 | ||||
Forfeited (in dollars per share) | $ / shares | 36.98 | 52.89 | 0 | |||||
Vested (in dollars per share) | $ / shares | 61.62 | 56.09 | 53.40 | |||||
Unvested at end of year (in dollars per share) | $ / shares | $ 63.18 | $ 51.97 | $ 52.68 | |||||
Nonvested Shares Vesting Schedule [Abstract] | ||||||||
2018 (in shares) | 50,158 | |||||||
2019 (in shares) | 44,235 | |||||||
2020 (in shares) | 41,064 | |||||||
2021 (in shares) | 13,584 | |||||||
2022 (in shares) | 3,603 | |||||||
Total Nonvested Shares (in shares) | 162,087 | 260,698 | 265,911 | 152,644 | 162,087 | 260,698 | ||
Award Recipient Type Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Annual Director Retainer Stock Award Amount | $ | $ 80,000 | |||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Stock-based compensation cost | $ | $ 670,000 | $ 589,000 | $ 514,000 | |||||
Award Recipient Type Director [Member] | Restricted Stock [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Fair value of shares vested as of the vesting date | $ | $ 9,000 | $ 8,000 | $ 6,000 | |||||
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) | 1,671,981 | 1,752,345 | 1,802,000 | |||||
Equity Incentive Plan 2013 [Member] | Restricted Stock [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) | 59,477 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (minimum) | 0 | |||||||
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) | 36,571 | |||||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 74.80 | |||||||
Percentage of shares granted vesting annually in future periods (in hundredths) | 20.00% | |||||||
Restricted Stock Activity [Roll Forward] | ||||||||
Granted (in shares) | 36,571 | |||||||
Restricted stock activity weighted average price [Abstract] | ||||||||
Granted (in dollars per share) | $ / shares | $ 74.80 | |||||||
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) | 33,289 | |||||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 74.80 | |||||||
Percentage of shares granted vesting annually in future periods (in hundredths) | 25.00% | |||||||
Equity Instruments other than options, number of plans | Integer | 3 | |||||||
Restricted Stock Activity [Roll Forward] | ||||||||
Granted (in shares) | 33,289 | |||||||
Restricted stock activity weighted average price [Abstract] | ||||||||
Granted (in dollars per share) | $ / shares | $ 74.80 | |||||||
Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Service Condition Only 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, Award Vesting Rights, Percentage | 25.00% | |||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Share awards granted (in shares) | 5,406 | |||||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 78.18 | |||||||
Equity Instruments other than options, number of plans | Integer | 1 | |||||||
Restricted Stock Activity [Roll Forward] | ||||||||
Granted (in shares) | 5,406 | |||||||
Restricted stock activity weighted average price [Abstract] | ||||||||
Granted (in dollars per share) | $ / shares | $ 78.18 | |||||||
Equity Incentive Plan 2013 [Member] | Award Recipient Type Employee [Member] | Restricted Stock [Member] | Executive Officer [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) | 5,169 | |||||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 81.27 | |||||||
Restricted Stock Activity [Roll Forward] | ||||||||
Granted (in shares) | 5,169 | |||||||
Restricted stock activity weighted average price [Abstract] | ||||||||
Granted (in dollars per share) | $ / shares | $ 81.27 | |||||||
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, % vesting after grant date and before date report was filed | 20.00% | |||||||
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) | 12,850 | |||||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 84.57 | |||||||
Restricted Stock Activity [Roll Forward] | ||||||||
Granted (in shares) | 12,850 | |||||||
Restricted stock activity weighted average price [Abstract] | ||||||||
Granted (in dollars per share) | $ / shares | $ 84.57 | |||||||
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) | 21,096 | |||||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 78.18 | |||||||
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% | |||||||
Restricted stock activity weighted average price [Abstract] | ||||||||
Granted (in dollars per share) | $ / shares | $ 78.18 | |||||||
Equity Incentive Plan 2013 [Member] | Award Recipient Type Employee [Member] | Restricted Stock [Member] | Individual 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) | 5,274 | |||||||
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 Director [Member] | Restricted Stock [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, Vesting Rights (% vesting per year in future years) | 25.00% | 25.00% | ||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Share awards granted (in shares) | 282 | 417 | ||||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 88.86 | $ 59.97 | ||||||
Restricted Stock Activity [Roll Forward] | ||||||||
Granted (in shares) | 282 | 417 | ||||||
Restricted stock activity weighted average price [Abstract] | ||||||||
Granted (in dollars per share) | $ / shares | $ 88.86 | $ 59.97 | ||||||
Award Recipient Type Director [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Shares issued to directors (in shares) | 8,881 | 10,072 | 9,373 | |||||
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 | |||||||
One year period [Member] | Equity Incentive Plan 2013 [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) | 4,730 | |||||||
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 | 100.00% | |||||||
Stock options exercisable [Abstract] | ||||||||
Number of years in total shareholder return performance period | Integer | 1 | |||||||
Two year period [Member] | Equity Incentive Plan 2013 [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) | 9,460 | |||||||
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 | 100.00% | |||||||
Stock options exercisable [Abstract] | ||||||||
Number of years in total shareholder return performance period | Integer | 2 | |||||||
Three year period [Member] | Equity Incentive Plan 2013 [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) | 18,917 | |||||||
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 | 75.00% | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Possible Shares To Be Awarded Vesting Rights | 25.00% | |||||||
Stock options exercisable [Abstract] | ||||||||
Number of years in total shareholder return performance period | Integer | 3 | |||||||
[1] | Does not include the restricted shares that may be earned if the performance goals established in 2017 for annual and long-term performance periods are achieved. Depending on the actual level of achievement of the goals at the end of the open performance periods, the number of shares earned could range from zero to 59,477. |
COMPREHENSIVE INCOME (Details)
COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive income (loss) - beginning balance | $ 1,995 | $ (3,456) | $ (2,357) |
Change in fair value of interest rate swaps - cash flow hedges | 3,353 | 5,451 | (1,099) |
Accumulated other comprehensive income (loss) - ending balance | $ 5,348 | $ 1,995 | $ (3,456) |
DERIVATIVE INSTRUMENTS AND HE63
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)Integer | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | |||
Document Fiscal Year Focus | 2,017 | ||
Interest Rate Cash Flow Hedge Assets at Fair Value | $ 6,034,000 | $ 4,546,000 | |
Interest Rate Cash Flow Hedge Liabilities at Fair Value | $ 695,000 | 2,578,000 | |
Number of interest rate swaps | Integer | 7 | ||
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] | $ 617,000 | ||
Amount of income (loss) recognized in Other Comprehensive Income (Loss) on derivative | 1,437,000 | 1,410,000 | $ (5,374,000) |
Amount of loss reclassified from accumulated other comprehensive income (loss) to interest expense | 1,916,000 | 4,041,000 | $ 4,275,000 |
Interest Rate Swap [Member] | Other Liabilities [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Interest Rate Cash Flow Hedge Liabilities at Fair Value | 695,000 | ||
Interest rate swap cash flow hedge termination value | 717,000 | ||
Interest Rate Swap [Member] | Other Assets [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Interest Rate Cash Flow Hedge Assets at Fair Value | 6,034,000 | ||
Interest rate swap cash flow hedge termination value | 6,084,000 | ||
$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 | 75,000,000 | |
$65 million interest rate swap executed in 2016 [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 65,000,000 | 65,000,000 | |
$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 | |
$40 million interest rate swap (2016) [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 40,000,000 | 40,000,000 | |
$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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||||||
BASIC EPS COMPUTATION FOR NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract] | |||||||||||||||||||
Numerator - net income available to common stockholders | $ 17,590 | $ 15,884 | $ 36,890 | $ 12,819 | $ 15,224 | $ 14,661 | $ 43,913 | $ 21,711 | $ 83,183 | $ 95,509 | $ 47,866 | ||||||||
Denominator - weighted average shares outstanding (in shares) | 34,406 | [1] | 34,215 | [1] | 33,987 | [1] | 33,361 | [1] | 32,874 | [1] | 32,741 | [1] | 32,376 | [1] | 32,254 | [1] | 33,996 | 32,563 | 32,091 |
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract] | |||||||||||||||||||
Numerator - net income available to common stockholders | $ 17,590 | $ 15,884 | $ 36,890 | $ 12,819 | $ 15,224 | $ 14,661 | $ 43,913 | $ 21,711 | $ 83,183 | $ 95,509 | $ 47,866 | ||||||||
Denominator: [Abstract] | |||||||||||||||||||
Weighted average shares outstanding | 34,406 | [1] | 34,215 | [1] | 33,987 | [1] | 33,361 | [1] | 32,874 | [1] | 32,741 | [1] | 32,376 | [1] | 32,254 | [1] | 33,996 | 32,563 | 32,091 |
Unvested restricted stock (in shares) | 51 | 65 | 105 | ||||||||||||||||
Total Shares (in shares) | 34,505 | [1] | 34,290 | [1] | 34,040 | [1] | 33,409 | [1] | 32,964 | [1] | 32,823 | [1] | 32,440 | [1] | 32,307 | [1] | 34,047 | 32,628 | 32,196 |
[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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Revenues | $ 71,944 | $ 69,001 | $ 90,004 | $ 66,409 | $ 66,614 | $ 64,043 | $ 93,279 | $ 73,189 | |||||||||||
Expenses | (54,277) | (53,029) | (53,027) | (53,436) | (51,243) | (49,243) | (49,186) | (51,359) | |||||||||||
NET INCOME | 17,667 | 15,972 | 36,977 | 12,973 | 15,371 | 14,800 | 44,093 | 21,830 | $ 83,589 | $ 96,094 | $ 48,399 | ||||||||
Net income attributable to noncontrolling interest in joint ventures | (77) | (88) | (87) | (154) | (147) | (139) | (180) | (119) | (406) | (585) | (533) | ||||||||
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | $ 17,590 | $ 15,884 | $ 36,890 | $ 12,819 | $ 15,224 | $ 14,661 | $ 43,913 | $ 21,711 | $ 83,183 | $ 95,509 | $ 47,866 | ||||||||
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) | $ 0.51 | [1] | $ 0.46 | [1] | $ 1.09 | [1] | $ 0.38 | [1] | $ 0.46 | [1] | $ 0.45 | [1] | $ 1.36 | [1] | $ 0.67 | [1] | $ 2.45 | $ 2.93 | $ 1.49 |
Weighted average shares outstanding | 34,406 | [1] | 34,215 | [1] | 33,987 | [1] | 33,361 | [1] | 32,874 | [1] | 32,741 | [1] | 32,376 | [1] | 32,254 | [1] | 33,996 | 32,563 | 32,091 |
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) | $ 0.51 | [1] | $ 0.46 | [1] | $ 1.08 | [1] | $ 0.38 | [1] | $ 0.46 | [1] | $ 0.45 | [1] | $ 1.35 | [1] | $ 0.67 | [1] | $ 2.44 | $ 2.93 | $ 1.49 |
Weighted average shares outstanding | 34,505 | [1] | 34,290 | [1] | 34,040 | [1] | 33,409 | [1] | 32,964 | [1] | 32,823 | [1] | 32,440 | [1] | 32,307 | [1] | 34,047 | 32,628 | 32,196 |
[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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 672,000 | $ 675,000 | $ 585,000 |
FAIR VALUE OF FINANCIAL INSTR67
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financial Assets [Abstract] | |||||
Cash and Cash Equivalents | $ 16 | $ 522 | $ 48 | $ 11 | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||||
Financial Assets [Abstract] | |||||
Cash and Cash Equivalents | [1] | 16 | 522 | ||
Mortgage loans receivable | [1] | 4,581 | 4,752 | ||
Interest Rate Swap Assets | [1] | 6,034 | 4,546 | ||
Financial Liabilities [Abstract] | |||||
Unsecured bank credit facilities - variable rate - Fair Value Disclosure | [1],[2] | 116,339 | 112,020 | ||
Unsecured bank credit facilities - fixed rate - Fair Value Disclosure | [1],[2] | 80,000 | 80,000 | ||
Unsecured debt | [1],[2] | 715,000 | 655,000 | ||
Secured debt | [1],[2] | 200,354 | 258,594 | ||
Interest rate swap liabilities | [1] | 695 | 2,578 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | |||||
Financial Assets [Abstract] | |||||
Cash and cash equivalents | 16 | 522 | |||
Mortgage loans receivable | 4,569 | 4,747 | |||
Interest Rate Swap Assets | 6,034 | 4,546 | |||
Financial Liabilities [Abstract] | |||||
Unsecured bank credit facilities - variable rate - Fair Value Disclosure | [2] | 116,277 | 111,923 | ||
Unsecured bank credit facilities - fixed rate - Fair Value Disclosure | [2] | 80,003 | 79,998 | ||
Unsecured debt | [2] | 703,871 | 623,147 | ||
Secured debt | [2] | 206,408 | 266,585 | ||
Interest rate swap liabilities | $ 695 | $ 2,578 | |||
[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.(2)Carrying amounts and fair values shown in the table exclude debt issuance costs (see Notes 6 and 7 for additional information).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.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.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), excluding the effects of debt issuance costs.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), excluding the effects of debt issuance costs.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), excluding the effects of debt issuance costs.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. | ||||
[2] | Carrying amounts and fair values shown in the table exclude debt issuance costs (see Notes 6 and 7 for additional information). |
SUBSEQUENT EVENTS Subsequent Ev
SUBSEQUENT EVENTS Subsequent Events (Details) $ in Millions | 2 Months Ended |
Feb. 14, 2018USD ($)ft²Integer | |
$60 million senior unsecured private placement notes (2018) [Member] | Subsequent Event | |
Subsequent Event [Line Items] | |
Debt, term (in years) | Integer | 10 |
Debt Instrument, Interest Rate, Stated Percentage | 3.93% |
Unsecured debt, notional amount | $ 60 |
World Houston International Business Ctr 18 [Member] | |
Subsequent Event [Line Items] | |
Size (in square feet) | ft² | 33,000 |
Proceeds from Sale of Property, Plant, and Equipment | $ 2.5 |
SCHEDULE III (Details)
SCHEDULE III (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [1],[2] | $ 200,354 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [1],[2] | 447,081 | ||||
Buildings and Improvements | [1],[2] | 1,049,394 | ||||
Costs Capitalized Subsequent to Acquisition | [1],[2] | 1,080,998 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [1],[2] | 451,818 | ||||
Buildings and Improvements | [1],[2] | 2,125,655 | ||||
Total | [3] | 2,577,473 | [1],[2] | $ 2,406,981 | $ 2,219,448 | $ 2,074,946 |
Accumulated Depreciation | $ 749,601 | [1],[2] | $ 694,250 | $ 657,454 | $ 600,526 | |
Year Constructed | 1,998 | |||||
Industrial Development [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 103,827 | ||||
Buildings and Improvements | [4] | 18,966 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 119,221 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 106,394 | ||||
Buildings and Improvements | [4] | 135,620 | ||||
Total | [4] | 242,014 | ||||
Accumulated Depreciation | [4] | 326 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | 56th Street Commerce Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 843 | ||||
Buildings and Improvements | [5] | 3,567 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,527 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 843 | ||||
Buildings and Improvements | [5] | 8,094 | ||||
Total | [5] | 8,937 | ||||
Accumulated Depreciation | [5] | $ 6,129 | ||||
Year Acquired | [5] | 1,993 | ||||
Year Constructed | [5] | 1981/86/97 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Jetport Commerce Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,575 | ||||
Buildings and Improvements | [5] | 6,591 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,899 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,575 | ||||
Buildings and Improvements | [5] | 12,490 | ||||
Total | [5] | 14,065 | ||||
Accumulated Depreciation | [5] | $ 8,545 | ||||
Year Acquired | [5] | 1993-99 | ||||
Year Constructed | [5] | 1974-85 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Westport Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 980 | ||||
Buildings and Improvements | [5] | 3,800 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,765 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 980 | ||||
Buildings and Improvements | [5] | 6,565 | ||||
Total | [5] | 7,545 | ||||
Accumulated Depreciation | [5] | $ 4,628 | ||||
Year Acquired | [5] | 1,994 | ||||
Year Constructed | [5] | 1983/87 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Benjamin Distribution Center I and II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 843 | ||||
Buildings and Improvements | [5] | 3,963 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,572 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 883 | ||||
Buildings and Improvements | [5] | 5,495 | ||||
Total | [5] | 6,378 | ||||
Accumulated Depreciation | [5] | $ 3,788 | ||||
Year Acquired | [5] | 1,997 | ||||
Year Constructed | [5] | 1,996 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Benjamin Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 407 | ||||
Buildings and Improvements | [5] | 1,503 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 650 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 407 | ||||
Buildings and Improvements | [5] | 2,153 | ||||
Total | [5] | 2,560 | ||||
Accumulated Depreciation | [5] | $ 1,559 | ||||
Year Acquired | [5] | 1,999 | ||||
Year Constructed | [5] | 1,988 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Palm River Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,190 | ||||
Buildings and Improvements | [5] | 4,625 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,585 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,190 | ||||
Buildings and Improvements | [5] | 7,210 | ||||
Total | [5] | 8,400 | ||||
Accumulated Depreciation | [5] | $ 4,763 | ||||
Year Acquired | [5] | 1997/98 | ||||
Year Constructed | [5] | 1990/97/98 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Palm River North I and III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,005 | ||||
Buildings and Improvements | [5] | 4,688 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,404 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,005 | ||||
Buildings and Improvements | [5] | 7,092 | ||||
Total | [5] | 8,097 | ||||
Accumulated Depreciation | [5] | $ 4,234 | ||||
Year Acquired | [5] | 1,998 | ||||
Year Constructed | [5] | 2,000 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Palm River North II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 634 | ||||
Buildings and Improvements | [5] | 4,418 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 399 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 634 | ||||
Buildings and Improvements | [5] | 4,817 | ||||
Total | [5] | 5,451 | ||||
Accumulated Depreciation | [5] | $ 3,399 | ||||
Year Acquired | [5] | 1997/98 | ||||
Year Constructed | [5] | 1,999 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Palm River South I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 655 | ||||
Buildings and Improvements | [5] | 3,187 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 655 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 655 | ||||
Buildings and Improvements | [5] | 3,842 | ||||
Total | [5] | 4,497 | ||||
Accumulated Depreciation | [5] | $ 1,823 | ||||
Year Acquired | [5] | 2,000 | ||||
Year Constructed | [5] | 2,005 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Palm River South II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 655 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,417 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 655 | ||||
Buildings and Improvements | [5] | 4,417 | ||||
Total | [5] | 5,072 | ||||
Accumulated Depreciation | [5] | $ 2,140 | ||||
Year Acquired | [5] | 2,000 | ||||
Year Constructed | [5] | 2,006 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Walden Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 337 | ||||
Buildings and Improvements | [5] | 3,318 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 625 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 337 | ||||
Buildings and Improvements | [5] | 3,943 | ||||
Total | [5] | 4,280 | ||||
Accumulated Depreciation | [5] | $ 2,111 | ||||
Year Acquired | [5] | 1997/98 | ||||
Year Constructed | [5] | 2,001 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Walden Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 465 | ||||
Buildings and Improvements | [5] | 3,738 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,479 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 465 | ||||
Buildings and Improvements | [5] | 5,217 | ||||
Total | [5] | 5,682 | ||||
Accumulated Depreciation | [5] | $ 2,788 | ||||
Year Acquired | [5] | 1,998 | ||||
Year Constructed | [5] | 1,998 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,109 | ||||
Buildings and Improvements | [5] | 6,126 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,374 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,109 | ||||
Buildings and Improvements | [5] | 7,500 | ||||
Total | [5] | 8,609 | ||||
Accumulated Depreciation | [5] | $ 4,020 | ||||
Year Acquired | [5] | 1,998 | ||||
Year Constructed | [5] | 1,998 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 647 | ||||
Buildings and Improvements | [5] | 3,603 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,670 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 647 | ||||
Buildings and Improvements | [5] | 5,273 | ||||
Total | [5] | 5,920 | ||||
Accumulated Depreciation | [5] | $ 2,514 | ||||
Year Acquired | [5] | 2,003 | ||||
Year Constructed | [5] | 2,001 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 439 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,196 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 556 | ||||
Buildings and Improvements | [5] | 3,079 | ||||
Total | [5] | 3,635 | ||||
Accumulated Depreciation | [5] | $ 1,171 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,007 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 682 | ||||
Buildings and Improvements | [5] | 6,472 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 773 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 682 | ||||
Buildings and Improvements | [5] | 7,245 | ||||
Total | [5] | 7,927 | ||||
Accumulated Depreciation | [5] | $ 2,750 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,001 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 724 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,853 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 916 | ||||
Buildings and Improvements | [5] | 5,661 | ||||
Total | [5] | 6,577 | ||||
Accumulated Depreciation | [5] | $ 2,260 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,007 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 642 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,241 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 812 | ||||
Buildings and Improvements | [5] | 5,071 | ||||
Total | [5] | 5,883 | ||||
Accumulated Depreciation | [5] | $ 1,655 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,008 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center VIII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 843 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,230 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,051 | ||||
Buildings and Improvements | [5] | 6,022 | ||||
Total | [5] | 7,073 | ||||
Accumulated Depreciation | [5] | $ 425 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,015 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center IX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 618 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,963 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 781 | ||||
Buildings and Improvements | [5] | 4,800 | ||||
Total | [5] | 5,581 | ||||
Accumulated Depreciation | [5] | $ 1,341 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,009 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center A [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 185 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,493 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 185 | ||||
Buildings and Improvements | [5] | 1,493 | ||||
Total | [5] | 1,678 | ||||
Accumulated Depreciation | [5] | $ 477 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,008 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center B [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 227 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,549 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 227 | ||||
Buildings and Improvements | [5] | 1,549 | ||||
Total | [5] | 1,776 | ||||
Accumulated Depreciation | [5] | $ 498 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,008 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Airport Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,257 | ||||
Buildings and Improvements | [5] | 4,012 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 937 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,257 | ||||
Buildings and Improvements | [5] | 4,949 | ||||
Total | [5] | 6,206 | ||||
Accumulated Depreciation | [5] | $ 2,725 | ||||
Year Acquired | [5] | 1,998 | ||||
Year Constructed | [5] | 1,998 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Westlake Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,333 | ||||
Buildings and Improvements | [5] | 6,998 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,367 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,333 | ||||
Buildings and Improvements | [5] | 9,365 | ||||
Total | [5] | 10,698 | ||||
Accumulated Depreciation | [5] | $ 5,409 | ||||
Year Acquired | [5] | 1,998 | ||||
Year Constructed | [5] | 1998/99 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Expressway Commerce Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 915 | ||||
Buildings and Improvements | [5] | 5,346 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,372 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 915 | ||||
Buildings and Improvements | [5] | 6,718 | ||||
Total | [5] | 7,633 | ||||
Accumulated Depreciation | [5] | $ 3,334 | ||||
Year Acquired | [5] | 2,002 | ||||
Year Constructed | [5] | 2,004 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Expressway Commerce Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,013 | ||||
Buildings and Improvements | [5] | 3,247 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 462 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,013 | ||||
Buildings and Improvements | [5] | 3,709 | ||||
Total | [5] | 4,722 | ||||
Accumulated Depreciation | [5] | $ 1,934 | ||||
Year Acquired | [5] | 2,003 | ||||
Year Constructed | [5] | 2,001 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Silo Bend Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 4,131 | ||||
Buildings and Improvements | [5] | 27,497 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,635 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 4,132 | ||||
Buildings and Improvements | [5] | 29,131 | ||||
Total | [5] | 33,263 | ||||
Accumulated Depreciation | [5] | $ 6,071 | ||||
Year Acquired | [5] | 2,011 | ||||
Year Constructed | [5] | 1987/90 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Tampa East Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 791 | ||||
Buildings and Improvements | [5] | 4,758 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 513 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 791 | ||||
Buildings and Improvements | [5] | 5,271 | ||||
Total | [5] | 6,062 | ||||
Accumulated Depreciation | [5] | $ 1,271 | ||||
Year Acquired | [5] | 2,011 | ||||
Year Constructed | [5] | 1,984 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Tampa West Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 2,139 | ||||
Buildings and Improvements | [5] | 8,502 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,145 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,140 | ||||
Buildings and Improvements | [5] | 9,646 | ||||
Total | [5] | 11,786 | ||||
Accumulated Depreciation | [5] | $ 2,250 | ||||
Year Acquired | [5] | 2,011 | ||||
Year Constructed | [5] | 1975/93/94 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Madison Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 495 | ||||
Buildings and Improvements | [5] | 2,779 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 428 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 495 | ||||
Buildings and Improvements | [5] | 3,207 | ||||
Total | [5] | 3,702 | ||||
Accumulated Depreciation | [5] | $ 774 | ||||
Year Acquired | [5] | 2,012 | ||||
Year Constructed | [5] | 2,007 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Madison II & III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 624 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,004 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 624 | ||||
Buildings and Improvements | [5] | 7,004 | ||||
Total | [5] | 7,628 | ||||
Accumulated Depreciation | [5] | $ 632 | ||||
Year Acquired | [5] | 2,012 | ||||
Year Constructed | [5] | 2,015 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Madison IV & V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 565 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 8,202 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 565 | ||||
Buildings and Improvements | [5] | 8,202 | ||||
Total | [5] | 8,767 | ||||
Accumulated Depreciation | [5] | $ 271 | ||||
Year Acquired | [5] | 2,012 | ||||
Year Constructed | [5] | 2,016 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Chancellor Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 291 | ||||
Buildings and Improvements | [5] | 1,711 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 476 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 291 | ||||
Buildings and Improvements | [5] | 2,187 | ||||
Total | [5] | 2,478 | ||||
Accumulated Depreciation | [5] | $ 1,272 | ||||
Year Acquired | [5] | 1996/97 | ||||
Year Constructed | [5] | 1996/97 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Exchange Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 603 | ||||
Buildings and Improvements | [5] | 2,414 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,275 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 603 | ||||
Buildings and Improvements | [5] | 4,689 | ||||
Total | [5] | 5,292 | ||||
Accumulated Depreciation | [5] | $ 3,314 | ||||
Year Acquired | [5] | 1,994 | ||||
Year Constructed | [5] | 1,975 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Exchange Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 300 | ||||
Buildings and Improvements | [5] | 945 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 454 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 300 | ||||
Buildings and Improvements | [5] | 1,399 | ||||
Total | [5] | 1,699 | ||||
Accumulated Depreciation | [5] | $ 810 | ||||
Year Acquired | [5] | 2,002 | ||||
Year Constructed | [5] | 1,976 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Exchange Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 320 | ||||
Buildings and Improvements | [5] | 997 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 403 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 320 | ||||
Buildings and Improvements | [5] | 1,400 | ||||
Total | [5] | 1,720 | ||||
Accumulated Depreciation | [5] | $ 903 | ||||
Year Acquired | [5] | 2,002 | ||||
Year Constructed | [5] | 1,980 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunbelt Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,472 | ||||
Buildings and Improvements | [5] | 5,745 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,901 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,472 | ||||
Buildings and Improvements | [5] | 11,646 | ||||
Total | [5] | 13,118 | ||||
Accumulated Depreciation | [5] | $ 8,622 | ||||
Year Acquired | [5] | 1989/97/98 | ||||
Year Constructed | [5] | 1974/87/97/98 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | John Young Commerce Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 497 | ||||
Buildings and Improvements | [5] | 2,444 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,291 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 497 | ||||
Buildings and Improvements | [5] | 3,735 | ||||
Total | [5] | 4,232 | ||||
Accumulated Depreciation | [5] | $ 2,082 | ||||
Year Acquired | [5] | 1997/98 | ||||
Year Constructed | [5] | 1997/98 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | John Young Commerce Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 512 | ||||
Buildings and Improvements | [5] | 3,613 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 529 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 512 | ||||
Buildings and Improvements | [5] | 4,142 | ||||
Total | [5] | 4,654 | ||||
Accumulated Depreciation | [5] | $ 2,632 | ||||
Year Acquired | [5] | 1,998 | ||||
Year Constructed | [5] | 1,999 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Altamonte Commerce Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,498 | ||||
Buildings and Improvements | [5] | 2,661 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,675 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,498 | ||||
Buildings and Improvements | [5] | 5,336 | ||||
Total | [5] | 6,834 | ||||
Accumulated Depreciation | [5] | $ 3,856 | ||||
Year Acquired | [5] | 1,999 | ||||
Year Constructed | [5] | 1980/82 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Altamonte Commerce Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 745 | ||||
Buildings and Improvements | [5] | 2,618 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,252 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 745 | ||||
Buildings and Improvements | [5] | 3,870 | ||||
Total | [5] | 4,615 | ||||
Accumulated Depreciation | [5] | $ 2,212 | ||||
Year Acquired | [5] | 2,003 | ||||
Year Constructed | [5] | 1,975 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 555 | ||||
Buildings and Improvements | [5] | 1,977 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,011 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 555 | ||||
Buildings and Improvements | [5] | 2,988 | ||||
Total | [5] | 3,543 | ||||
Accumulated Depreciation | [5] | $ 1,516 | ||||
Year Acquired | [5] | 1,999 | ||||
Year Constructed | [5] | 1,999 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 597 | ||||
Buildings and Improvements | [5] | 3,271 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,872 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 597 | ||||
Buildings and Improvements | [5] | 5,143 | ||||
Total | [5] | 5,740 | ||||
Accumulated Depreciation | [5] | $ 3,379 | ||||
Year Acquired | [5] | 1,999 | ||||
Year Constructed | [5] | 2,001 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 642 | ||||
Buildings and Improvements | [5] | 3,121 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,032 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 642 | ||||
Buildings and Improvements | [5] | 4,153 | ||||
Total | [5] | 4,795 | ||||
Accumulated Depreciation | [5] | $ 2,194 | ||||
Year Acquired | [5] | 1,999 | ||||
Year Constructed | [5] | 2,002 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 642 | ||||
Buildings and Improvements | [5] | 2,917 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,804 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 642 | ||||
Buildings and Improvements | [5] | 4,721 | ||||
Total | [5] | 5,363 | ||||
Accumulated Depreciation | [5] | $ 2,324 | ||||
Year Acquired | [5] | 1,999 | ||||
Year Constructed | [5] | 2,004 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 750 | ||||
Buildings and Improvements | [5] | 2,509 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,385 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 750 | ||||
Buildings and Improvements | [5] | 4,894 | ||||
Total | [5] | 5,644 | ||||
Accumulated Depreciation | [5] | $ 2,694 | ||||
Year Acquired | [5] | 1,999 | ||||
Year Constructed | [5] | 2,005 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 672 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,486 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 672 | ||||
Buildings and Improvements | [5] | 3,486 | ||||
Total | [5] | 4,158 | ||||
Accumulated Depreciation | [5] | $ 1,358 | ||||
Year Acquired | [5] | 1,999 | ||||
Year Constructed | [5] | 2,006 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 373 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,829 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 373 | ||||
Buildings and Improvements | [5] | 4,829 | ||||
Total | [5] | 5,202 | ||||
Accumulated Depreciation | [5] | $ 2,805 | ||||
Year Acquired | [5] | 2,003 | ||||
Year Constructed | [5] | 2,006 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 342 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,424 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 342 | ||||
Buildings and Improvements | [5] | 4,424 | ||||
Total | [5] | 4,766 | ||||
Accumulated Depreciation | [5] | $ 2,195 | ||||
Year Acquired | [5] | 2,003 | ||||
Year Constructed | [5] | 2,007 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 547 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,543 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 547 | ||||
Buildings and Improvements | [5] | 5,543 | ||||
Total | [5] | 6,090 | ||||
Accumulated Depreciation | [5] | $ 2,118 | ||||
Year Acquired | [5] | 2,003 | ||||
Year Constructed | [5] | 2,007 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[6] | $ 2,798 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[6] | 506 | ||||
Buildings and Improvements | [5],[6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 4,632 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[6] | 506 | ||||
Buildings and Improvements | [5],[6] | 4,632 | ||||
Total | [5],[6] | 5,138 | ||||
Accumulated Depreciation | [5],[6] | $ 1,842 | ||||
Year Acquired | [5],[6] | 2,003 | ||||
Year Constructed | [5],[6] | 2,006 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[6] | $ 2,660 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[6] | 382 | ||||
Buildings and Improvements | [5],[6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 4,502 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[6] | 382 | ||||
Buildings and Improvements | [5],[6] | 4,502 | ||||
Total | [5],[6] | 4,884 | ||||
Accumulated Depreciation | [5],[6] | $ 2,056 | ||||
Year Acquired | [5],[6] | 2,003 | ||||
Year Constructed | [5],[6] | 2,006 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 571 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,284 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 571 | ||||
Buildings and Improvements | [5] | 5,284 | ||||
Total | [5] | 5,855 | ||||
Accumulated Depreciation | [5] | $ 1,879 | ||||
Year Acquired | [5] | 2,003 | ||||
Year Constructed | [5] | 2,007 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 520 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,715 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 520 | ||||
Buildings and Improvements | [5] | 6,715 | ||||
Total | [5] | 7,235 | ||||
Accumulated Depreciation | [5] | $ 2,354 | ||||
Year Acquired | [5] | 2,003 | ||||
Year Constructed | [5] | 2,008 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park VIII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 531 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,345 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 531 | ||||
Buildings and Improvements | [5] | 6,345 | ||||
Total | [5] | 6,876 | ||||
Accumulated Depreciation | [5] | $ 1,902 | ||||
Year Acquired | [5] | 2,003 | ||||
Year Constructed | [5] | 2,008 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park IX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 468 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,453 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 468 | ||||
Buildings and Improvements | [5] | 6,453 | ||||
Total | [5] | 6,921 | ||||
Accumulated Depreciation | [5] | $ 1,415 | ||||
Year Acquired | [5] | 2,003 | ||||
Year Constructed | [5] | 2,012 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park X [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 414 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,867 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 414 | ||||
Buildings and Improvements | [5] | 4,867 | ||||
Total | [5] | 5,281 | ||||
Accumulated Depreciation | [5] | $ 794 | ||||
Year Acquired | [5] | 2,003 | ||||
Year Constructed | [5] | 2,012 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park XI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 513 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,927 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 513 | ||||
Buildings and Improvements | [5] | 5,927 | ||||
Total | [5] | 6,440 | ||||
Accumulated Depreciation | [5] | $ 1,123 | ||||
Year Acquired | [5] | 2,003 | ||||
Year Constructed | [5] | 2,012 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park XII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 2,025 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 16,896 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,025 | ||||
Buildings and Improvements | [5] | 16,896 | ||||
Total | [5] | 18,921 | ||||
Accumulated Depreciation | [5] | $ 4,715 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,008 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 991 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,519 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 991 | ||||
Buildings and Improvements | [5] | 6,519 | ||||
Total | [5] | 7,510 | ||||
Accumulated Depreciation | [5] | $ 898 | ||||
Year Acquired | [5] | 2,008 | ||||
Year Constructed | [5] | 2,014 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,111 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,197 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,111 | ||||
Buildings and Improvements | [5] | 7,197 | ||||
Total | [5] | 8,308 | ||||
Accumulated Depreciation | [5] | $ 796 | ||||
Year Acquired | [5] | 2,008 | ||||
Year Constructed | [5] | 2,014 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 991 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,471 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 991 | ||||
Buildings and Improvements | [5] | 6,471 | ||||
Total | [5] | 7,462 | ||||
Accumulated Depreciation | [5] | $ 490 | ||||
Year Acquired | [5] | 2,008 | ||||
Year Constructed | [5] | 2,016 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,097 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 8,549 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,097 | ||||
Buildings and Improvements | [5] | 8,549 | ||||
Total | [5] | 9,646 | ||||
Accumulated Depreciation | [5] | $ 663 | ||||
Year Acquired | [5] | 2,008 | ||||
Year Constructed | [5] | 2,015 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,108 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 8,590 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,108 | ||||
Buildings and Improvements | [5] | 8,590 | ||||
Total | [5] | 9,698 | ||||
Accumulated Depreciation | [5] | $ 209 | ||||
Year Acquired | [5] | 2,008 | ||||
Year Constructed | [5] | 2,017 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 962 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,468 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 961 | ||||
Buildings and Improvements | [5] | 7,469 | ||||
Total | [5] | 8,430 | ||||
Accumulated Depreciation | [5] | $ 233 | ||||
Year Acquired | [5] | 2,008 | ||||
Year Constructed | [5] | 2,017 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Deerwood Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,147 | ||||
Buildings and Improvements | [5] | 1,799 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,389 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,147 | ||||
Buildings and Improvements | [5] | 5,188 | ||||
Total | [5] | 6,335 | ||||
Accumulated Depreciation | [5] | $ 3,181 | ||||
Year Acquired | [5] | 1,989 | ||||
Year Constructed | [5] | 1,978 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Phillips Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,375 | ||||
Buildings and Improvements | [5] | 2,961 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,414 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,375 | ||||
Buildings and Improvements | [5] | 7,375 | ||||
Total | [5] | 8,750 | ||||
Accumulated Depreciation | [5] | $ 5,373 | ||||
Year Acquired | [5] | 1,994 | ||||
Year Constructed | [5] | 1984/95 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Lake Pointe Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 3,442 | ||||
Buildings and Improvements | [5] | 6,450 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 8,272 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 3,442 | ||||
Buildings and Improvements | [5] | 14,722 | ||||
Total | [5] | 18,164 | ||||
Accumulated Depreciation | [5] | $ 11,091 | ||||
Year Acquired | [5] | 1,993 | ||||
Year Constructed | [5] | 1986/87 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Ellis Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 540 | ||||
Buildings and Improvements | [5] | 7,513 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,752 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 540 | ||||
Buildings and Improvements | [5] | 9,265 | ||||
Total | [5] | 9,805 | ||||
Accumulated Depreciation | [5] | $ 4,770 | ||||
Year Acquired | [5] | 1,997 | ||||
Year Constructed | [5] | 1,977 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Westside Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 2,011 | ||||
Buildings and Improvements | [5] | 15,374 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 8,211 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,011 | ||||
Buildings and Improvements | [5] | 23,585 | ||||
Total | [5] | 25,596 | ||||
Accumulated Depreciation | [5] | $ 12,109 | ||||
Year Acquired | [5] | 1997/2008 | ||||
Year Constructed | [5] | 1984/85 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Beach Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 476 | ||||
Buildings and Improvements | [5] | 1,899 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 678 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 476 | ||||
Buildings and Improvements | [5] | 2,577 | ||||
Total | [5] | 3,053 | ||||
Accumulated Depreciation | [5] | $ 1,385 | ||||
Year Acquired | [5] | 2,000 | ||||
Year Constructed | [5] | 2,000 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Interstate Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,879 | ||||
Buildings and Improvements | [5] | 5,700 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,808 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,879 | ||||
Buildings and Improvements | [5] | 7,508 | ||||
Total | [5] | 9,387 | ||||
Accumulated Depreciation | [5] | $ 4,012 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 1,990 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Flagler Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 7,317 | ||||
Buildings and Improvements | [5] | 14,912 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 28 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 7,317 | ||||
Buildings and Improvements | [5] | 14,940 | ||||
Total | [5] | 22,257 | ||||
Accumulated Depreciation | [5] | $ 675 | ||||
Year Acquired | [5] | 2,016 | ||||
Year Constructed | [5] | 1997/2005 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Linpro Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 613 | ||||
Buildings and Improvements | [5] | 2,243 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,049 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 616 | ||||
Buildings and Improvements | [5] | 5,289 | ||||
Total | [5] | 5,905 | ||||
Accumulated Depreciation | [5] | $ 3,382 | ||||
Year Acquired | [5] | 1,996 | ||||
Year Constructed | [5] | 1,986 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Cypress Creek Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 0 | ||||
Buildings and Improvements | [5] | 2,465 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,892 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 0 | ||||
Buildings and Improvements | [5] | 4,357 | ||||
Total | [5] | 4,357 | ||||
Accumulated Depreciation | [5] | $ 3,001 | ||||
Year Acquired | [5] | 1,997 | ||||
Year Constructed | [5] | 1,986 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Lockhart Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 0 | ||||
Buildings and Improvements | [5] | 3,489 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,935 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 0 | ||||
Buildings and Improvements | [5] | 6,424 | ||||
Total | [5] | 6,424 | ||||
Accumulated Depreciation | [5] | $ 4,291 | ||||
Year Acquired | [5] | 1,997 | ||||
Year Constructed | [5] | 1,986 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Interstate Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 485 | ||||
Buildings and Improvements | [5] | 2,652 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 836 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 485 | ||||
Buildings and Improvements | [5] | 3,488 | ||||
Total | [5] | 3,973 | ||||
Accumulated Depreciation | [5] | $ 2,308 | ||||
Year Acquired | [5] | 1,998 | ||||
Year Constructed | [5] | 1,988 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Executive Airport Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[7] | $ 6,915 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 1,991 | ||||
Buildings and Improvements | [5],[7] | 4,857 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 5,265 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 1,991 | ||||
Buildings and Improvements | [5],[7] | 10,122 | ||||
Total | [5],[7] | 12,113 | ||||
Accumulated Depreciation | [5],[7] | $ 4,879 | ||||
Year Acquired | [5],[7] | 2,001 | ||||
Year Constructed | [5],[7] | 2004/06 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Sample 95 Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 2,202 | ||||
Buildings and Improvements | [5] | 8,785 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,524 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,202 | ||||
Buildings and Improvements | [5] | 12,309 | ||||
Total | [5] | 14,511 | ||||
Accumulated Depreciation | [5] | $ 7,917 | ||||
Year Acquired | [5] | 1996/98 | ||||
Year Constructed | [5] | 1990/99 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Blue Heron Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 975 | ||||
Buildings and Improvements | [5] | 3,626 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,961 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 975 | ||||
Buildings and Improvements | [5] | 5,587 | ||||
Total | [5] | 6,562 | ||||
Accumulated Depreciation | [5] | $ 3,572 | ||||
Year Acquired | [5] | 1,999 | ||||
Year Constructed | [5] | 1,986 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Blue Heron Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 409 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,385 | ||||
Buildings and Improvements | [5] | 4,222 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,333 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,385 | ||||
Buildings and Improvements | [5] | 5,555 | ||||
Total | [5] | 6,940 | ||||
Accumulated Depreciation | [5] | $ 2,515 | ||||
Year Acquired | [5] | 2,004 | ||||
Year Constructed | [5] | 1,988 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Blue Heron Distribution Center III | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 450 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,683 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 450 | ||||
Buildings and Improvements | [5] | 2,683 | ||||
Total | [5] | 3,133 | ||||
Accumulated Depreciation | [5] | $ 904 | ||||
Year Acquired | [5] | 2,004 | ||||
Year Constructed | [5] | 2,009 | ||||
FLORIDA | Industrial [Member] | Fort Myers [Member] | SunCoast Commerce Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 911 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,809 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 928 | ||||
Buildings and Improvements | [5] | 4,792 | ||||
Total | [5] | 5,720 | ||||
Accumulated Depreciation | [5] | $ 1,754 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,008 | ||||
FLORIDA | Industrial [Member] | Fort Myers [Member] | SunCoast Commerce Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 911 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,993 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 928 | ||||
Buildings and Improvements | [5] | 4,976 | ||||
Total | [5] | 5,904 | ||||
Accumulated Depreciation | [5] | $ 2,005 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,007 | ||||
FLORIDA | Industrial [Member] | Fort Myers [Member] | SunCoast Commerce Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,720 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,665 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,763 | ||||
Buildings and Improvements | [5] | 6,622 | ||||
Total | [5] | 8,385 | ||||
Accumulated Depreciation | [5] | $ 2,216 | ||||
Year Acquired | [5] | 2,006 | ||||
Year Constructed | [5] | 2,008 | ||||
FLORIDA | Industrial Development [Member] | Oak Creek VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 740 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,391 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 740 | ||||
Buildings and Improvements | [4] | 5,391 | ||||
Total | [4] | 6,131 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,017 | ||||
FLORIDA | Industrial Development [Member] | Oak Creek land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 486 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,074 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 707 | ||||
Buildings and Improvements | [4] | 853 | ||||
Total | [4] | 1,560 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | n/a | ||||
FLORIDA | Industrial Development [Member] | Horizon X [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 846 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,704 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 846 | ||||
Buildings and Improvements | [4] | 2,704 | ||||
Total | [4] | 3,550 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,009 | ||||
Year Constructed | [4] | n/a | ||||
FLORIDA | Industrial Development [Member] | Horizon XII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,416 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 9,814 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,416 | ||||
Buildings and Improvements | [4] | 9,814 | ||||
Total | [4] | 11,230 | ||||
Accumulated Depreciation | [4] | $ 14 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,017 | ||||
FLORIDA | Industrial Development [Member] | Horizon land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,439 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,681 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,440 | ||||
Buildings and Improvements | [4] | 6,680 | ||||
Total | [4] | 11,120 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2008/09 | ||||
Year Constructed | [4] | n/a | ||||
FLORIDA | Industrial Development [Member] | SunCoast 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,733 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,387 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,762 | ||||
Buildings and Improvements | [4] | 7,358 | ||||
Total | [4] | 9,120 | ||||
Accumulated Depreciation | [4] | $ 56 | ||||
Year Acquired | [4] | 2,006 | ||||
Year Constructed | [4] | 2,017 | ||||
FLORIDA | Industrial Development [Member] | SunCoast land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 9,159 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,953 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 9,343 | ||||
Buildings and Improvements | [4] | 4,769 | ||||
Total | [4] | 14,112 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,006 | ||||
Year Constructed | [4] | n/a | ||||
FLORIDA | Industrial Development [Member] | Weston [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,163 | ||||
Buildings and Improvements | [4] | 9,951 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,406 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,163 | ||||
Buildings and Improvements | [4] | 11,357 | ||||
Total | [4] | 15,520 | ||||
Accumulated Depreciation | [4] | $ 231 | ||||
Year Acquired | [4] | 2,016 | ||||
Year Constructed | [4] | 1,998 | ||||
FLORIDA | Industrial Development [Member] | Gateway Commerce Park land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 26,728 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,148 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 26,878 | ||||
Buildings and Improvements | [4] | 3,998 | ||||
Total | [4] | 30,876 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,016 | ||||
Year Constructed | [4] | n/a | ||||
CALIFORNIA | Industrial [Member] | San Francisco area [Member] | Wiegman Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 2,197 | ||||
Buildings and Improvements | [5] | 8,788 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,105 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,308 | ||||
Buildings and Improvements | [5] | 10,782 | ||||
Total | [5] | 13,090 | ||||
Accumulated Depreciation | [5] | $ 6,211 | ||||
Year Acquired | [5] | 1,996 | ||||
Year Constructed | [5] | 1986/87 | ||||
CALIFORNIA | Industrial [Member] | San Francisco area [Member] | Wiegman Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 2,579 | ||||
Buildings and Improvements | [5] | 4,316 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 152 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,579 | ||||
Buildings and Improvements | [5] | 4,468 | ||||
Total | [5] | 7,047 | ||||
Accumulated Depreciation | [5] | $ 695 | ||||
Year Acquired | [5] | 2,012 | ||||
Year Constructed | [5] | 1,998 | ||||
CALIFORNIA | Industrial [Member] | San Francisco area [Member] | Huntwood Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 3,842 | ||||
Buildings and Improvements | [5] | 15,368 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,109 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 3,842 | ||||
Buildings and Improvements | [5] | 18,477 | ||||
Total | [5] | 22,319 | ||||
Accumulated Depreciation | [5] | $ 10,819 | ||||
Year Acquired | [5] | 1,996 | ||||
Year Constructed | [5] | 1,988 | ||||
CALIFORNIA | Industrial [Member] | San Francisco area [Member] | San Clemente Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 893 | ||||
Buildings and Improvements | [5] | 2,004 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 932 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 893 | ||||
Buildings and Improvements | [5] | 2,936 | ||||
Total | [5] | 3,829 | ||||
Accumulated Depreciation | [5] | $ 1,846 | ||||
Year Acquired | [5] | 1,997 | ||||
Year Constructed | [5] | 1,978 | ||||
CALIFORNIA | Industrial [Member] | San Francisco area [Member] | Yosemite Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 259 | ||||
Buildings and Improvements | [5] | 7,058 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,344 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 259 | ||||
Buildings and Improvements | [5] | 8,402 | ||||
Total | [5] | 8,661 | ||||
Accumulated Depreciation | [5] | $ 4,670 | ||||
Year Acquired | [5] | 1,999 | ||||
Year Constructed | [5] | 1974/87 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Kingsview Industrial Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[8] | $ 2,455 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[8] | 643 | ||||
Buildings and Improvements | [5],[8] | 2,573 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[8] | 892 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[8] | 643 | ||||
Buildings and Improvements | [5],[8] | 3,465 | ||||
Total | [5],[8] | 4,108 | ||||
Accumulated Depreciation | [5],[8] | $ 1,949 | ||||
Year Acquired | [5],[8] | 1,996 | ||||
Year Constructed | [5],[8] | 1,980 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Dominguez Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[8] | $ 6,693 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[8] | 2,006 | ||||
Buildings and Improvements | [5],[8] | 8,025 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[8] | 1,170 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[8] | 2,006 | ||||
Buildings and Improvements | [5],[8] | 9,195 | ||||
Total | [5],[8] | 11,201 | ||||
Accumulated Depreciation | [5],[8] | $ 5,525 | ||||
Year Acquired | [5],[8] | 1,996 | ||||
Year Constructed | [5],[8] | 1,977 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Main Street Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,606 | ||||
Buildings and Improvements | [5] | 4,103 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 831 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,606 | ||||
Buildings and Improvements | [5] | 4,934 | ||||
Total | [5] | 6,540 | ||||
Accumulated Depreciation | [5] | $ 2,757 | ||||
Year Acquired | [5] | 1,999 | ||||
Year Constructed | [5] | 1,999 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Walnut Business Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[8] | $ 6,352 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[8] | 2,885 | ||||
Buildings and Improvements | [5],[8] | 5,274 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[8] | 2,471 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[8] | 2,885 | ||||
Buildings and Improvements | [5],[8] | 7,745 | ||||
Total | [5],[8] | 10,630 | ||||
Accumulated Depreciation | [5],[8] | $ 4,113 | ||||
Year Acquired | [5],[8] | 1,996 | ||||
Year Constructed | [5],[8] | 1966/90 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Washington Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[8] | $ 4,321 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[8] | 1,636 | ||||
Buildings and Improvements | [5],[8] | 4,900 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[8] | 695 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[8] | 1,636 | ||||
Buildings and Improvements | [5],[8] | 5,595 | ||||
Total | [5],[8] | 7,231 | ||||
Accumulated Depreciation | [5],[8] | $ 3,133 | ||||
Year Acquired | [5],[8] | 1,997 | ||||
Year Constructed | [5],[8] | 1996/97 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Chino Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 2,544 | ||||
Buildings and Improvements | [5] | 10,175 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,623 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,544 | ||||
Buildings and Improvements | [5] | 11,798 | ||||
Total | [5] | 14,342 | ||||
Accumulated Depreciation | [5] | $ 7,929 | ||||
Year Acquired | [5] | 1,998 | ||||
Year Constructed | [5] | 1,980 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Ramona Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 2,572 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 3,761 | ||||
Buildings and Improvements | [5] | 5,751 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 3,761 | ||||
Buildings and Improvements | [5] | 5,754 | ||||
Total | [5] | 9,515 | ||||
Accumulated Depreciation | [5] | $ 488 | ||||
Year Acquired | [5] | 2,014 | ||||
Year Constructed | [5] | 1,984 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Industry Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[8] | $ 16,148 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[8] | 10,230 | ||||
Buildings and Improvements | [5],[8] | 12,373 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[8] | 4,418 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[8] | 10,230 | ||||
Buildings and Improvements | [5],[8] | 16,791 | ||||
Total | [5],[8] | 27,021 | ||||
Accumulated Depreciation | [5],[8] | $ 8,796 | ||||
Year Acquired | [5],[8] | 1,998 | ||||
Year Constructed | [5],[8] | 1,959 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Industry Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[8] | $ 1,706 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[8] | 0 | ||||
Buildings and Improvements | [5],[8] | 3,012 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[8] | (157) | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[8] | 0 | ||||
Buildings and Improvements | [5],[8] | 2,855 | ||||
Total | [5],[8] | 2,855 | ||||
Accumulated Depreciation | [5],[8] | $ 2,855 | ||||
Year Acquired | [5],[8] | 2,007 | ||||
Year Constructed | [5],[8] | 1,992 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Chestnut Business Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,674 | ||||
Buildings and Improvements | [5] | 3,465 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 284 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,674 | ||||
Buildings and Improvements | [5] | 3,749 | ||||
Total | [5] | 5,423 | ||||
Accumulated Depreciation | [5] | $ 1,902 | ||||
Year Acquired | [5] | 1,998 | ||||
Year Constructed | [5] | 1,999 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Los Angeles Corporate Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,363 | ||||
Buildings and Improvements | [5] | 5,453 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,214 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,363 | ||||
Buildings and Improvements | [5] | 8,667 | ||||
Total | [5] | 10,030 | ||||
Accumulated Depreciation | [5] | $ 5,807 | ||||
Year Acquired | [5] | 1,996 | ||||
Year Constructed | [5] | 1,986 | ||||
CALIFORNIA | Industrial [Member] | Santa Barbara [Member] | University Business Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 5,517 | ||||
Buildings and Improvements | [5] | 22,067 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 8,225 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 5,520 | ||||
Buildings and Improvements | [5] | 30,289 | ||||
Total | [5] | 35,809 | ||||
Accumulated Depreciation | [5] | $ 17,119 | ||||
Year Acquired | [5] | 1,996 | ||||
Year Constructed | [5] | 1987/88 | ||||
CALIFORNIA | Industrial [Member] | Fresno [Member] | Shaw Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[8] | $ 11,905 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[8] | 2,465 | ||||
Buildings and Improvements | [5],[8] | 11,627 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[8] | 5,830 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[8] | 2,465 | ||||
Buildings and Improvements | [5],[8] | 17,457 | ||||
Total | [5],[8] | 19,922 | ||||
Accumulated Depreciation | [5],[8] | $ 10,711 | ||||
Year Acquired | [5],[8] | 1,998 | ||||
Year Constructed | [5],[8] | 1978/81/87 | ||||
CALIFORNIA | Industrial [Member] | San Diego [Member] | Eastlake Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 3,046 | ||||
Buildings and Improvements | [5] | 6,888 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,786 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 3,046 | ||||
Buildings and Improvements | [5] | 8,674 | ||||
Total | [5] | 11,720 | ||||
Accumulated Depreciation | [5] | $ 5,279 | ||||
Year Acquired | [5] | 1,997 | ||||
Year Constructed | [5] | 1,989 | ||||
CALIFORNIA | Industrial [Member] | San Diego [Member] | Ocean View Corporate Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[7] | $ 8,358 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 6,577 | ||||
Buildings and Improvements | [5],[7] | 7,105 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 957 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 6,577 | ||||
Buildings and Improvements | [5],[7] | 8,062 | ||||
Total | [5],[7] | 14,639 | ||||
Accumulated Depreciation | [5],[7] | $ 2,638 | ||||
Year Acquired | [5],[7] | 2,010 | ||||
Year Constructed | [5],[7] | 2,005 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Interstate Distribution Center I and II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[9] | $ 5,447 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[9] | 1,746 | ||||
Buildings and Improvements | [5],[9] | 4,941 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 3,628 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[9] | 1,746 | ||||
Buildings and Improvements | [5],[9] | 8,569 | ||||
Total | [5],[9] | 10,315 | ||||
Accumulated Depreciation | [5],[9] | $ 6,223 | ||||
Year Acquired | [5],[9] | 1,988 | ||||
Year Constructed | [5],[9] | 1,978 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Interstate Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[9] | $ 2,163 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[9] | 519 | ||||
Buildings and Improvements | [5],[9] | 2,008 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 1,570 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[9] | 519 | ||||
Buildings and Improvements | [5],[9] | 3,578 | ||||
Total | [5],[9] | 4,097 | ||||
Accumulated Depreciation | [5],[9] | $ 2,082 | ||||
Year Acquired | [5],[9] | 2,000 | ||||
Year Constructed | [5],[9] | 1,979 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Interstate Distribution Center IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 416 | ||||
Buildings and Improvements | [5] | 2,481 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 535 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 416 | ||||
Buildings and Improvements | [5] | 3,016 | ||||
Total | [5] | 3,432 | ||||
Accumulated Depreciation | [5] | $ 1,541 | ||||
Year Acquired | [5] | 2,004 | ||||
Year Constructed | [5] | 2,002 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Interstate Distribution Center V, VI, VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[6] | $ 4,424 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[6] | 1,824 | ||||
Buildings and Improvements | [5],[6] | 4,106 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 2,190 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[6] | 1,824 | ||||
Buildings and Improvements | [5],[6] | 6,296 | ||||
Total | [5],[6] | 8,120 | ||||
Accumulated Depreciation | [5],[6] | $ 2,974 | ||||
Year Acquired | [5],[6] | 2,009 | ||||
Year Constructed | [5],[6] | 1979/80/81 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Venture Warehouses [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[9] | $ 4,155 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[9] | 1,452 | ||||
Buildings and Improvements | [5],[9] | 3,762 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 2,654 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[9] | 1,452 | ||||
Buildings and Improvements | [5],[9] | 6,416 | ||||
Total | [5],[9] | 7,868 | ||||
Accumulated Depreciation | [5],[9] | $ 5,126 | ||||
Year Acquired | [5],[9] | 1,988 | ||||
Year Constructed | [5],[9] | 1,979 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | ParkView 1-3 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 2,663 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 18,452 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,663 | ||||
Buildings and Improvements | [5] | 18,452 | ||||
Total | [5] | 21,115 | ||||
Accumulated Depreciation | [5] | $ 998 | ||||
Year Acquired | [5] | 2,014 | ||||
Year Constructed | [5] | 2,015 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Shady Trail Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 635 | ||||
Buildings and Improvements | [5] | 3,621 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,255 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 635 | ||||
Buildings and Improvements | [5] | 4,876 | ||||
Total | [5] | 5,511 | ||||
Accumulated Depreciation | [5] | $ 2,397 | ||||
Year Acquired | [5] | 2,003 | ||||
Year Constructed | [5] | 1,998 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Valwood Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 4,361 | ||||
Buildings and Improvements | [5] | 34,405 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,027 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 4,361 | ||||
Buildings and Improvements | [5] | 37,432 | ||||
Total | [5] | 41,793 | ||||
Accumulated Depreciation | [5] | $ 7,806 | ||||
Year Acquired | [5] | 2,012 | ||||
Year Constructed | [5] | 1986/87/97/98 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Northfield Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 12,470 | ||||
Buildings and Improvements | [5] | 50,713 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,973 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 12,470 | ||||
Buildings and Improvements | [5] | 53,686 | ||||
Total | [5] | 66,156 | ||||
Accumulated Depreciation | [5] | $ 11,119 | ||||
Year Acquired | [5] | 2,013 | ||||
Year Constructed | [5] | 1999-2001/03/04/08 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Parc North 1-4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 4,615 | ||||
Buildings and Improvements | [5] | 26,358 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,482 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 4,615 | ||||
Buildings and Improvements | [5] | 30,840 | ||||
Total | [5] | 35,455 | ||||
Accumulated Depreciation | [5] | $ 998 | ||||
Year Acquired | [5] | 2,016 | ||||
Year Constructed | [5] | 2,016 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | CreekView 121 1&2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 3,275 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 14,568 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 3,275 | ||||
Buildings and Improvements | [5] | 14,568 | ||||
Total | [5] | 17,843 | ||||
Accumulated Depreciation | [5] | $ 310 | ||||
Year Acquired | [5] | 2015/16 | ||||
Year Constructed | [5] | 2,017 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 1 and 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 660 | ||||
Buildings and Improvements | [5] | 5,893 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,066 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 660 | ||||
Buildings and Improvements | [5] | 7,959 | ||||
Total | [5] | 8,619 | ||||
Accumulated Depreciation | [5] | $ 4,714 | ||||
Year Acquired | [5] | 1,998 | ||||
Year Constructed | [5] | 1,996 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 3, 4 and 5 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[9] | $ 4,730 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[9] | 1,025 | ||||
Buildings and Improvements | [5],[9] | 6,413 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 1,518 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[9] | 1,025 | ||||
Buildings and Improvements | [5],[9] | 7,931 | ||||
Total | [5],[9] | 8,956 | ||||
Accumulated Depreciation | [5],[9] | $ 4,700 | ||||
Year Acquired | [5],[9] | 1,998 | ||||
Year Constructed | [5],[9] | 1,998 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 6 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[9] | $ 1,850 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[9] | 425 | ||||
Buildings and Improvements | [5],[9] | 2,423 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 655 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[9] | 425 | ||||
Buildings and Improvements | [5],[9] | 3,078 | ||||
Total | [5],[9] | 3,503 | ||||
Accumulated Depreciation | [5],[9] | $ 1,833 | ||||
Year Acquired | [5],[9] | 1,998 | ||||
Year Constructed | [5],[9] | 1,998 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 7 and 8 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[9] | $ 5,392 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[9] | 680 | ||||
Buildings and Improvements | [5],[9] | 4,584 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 4,947 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[9] | 680 | ||||
Buildings and Improvements | [5],[9] | 9,531 | ||||
Total | [5],[9] | 10,211 | ||||
Accumulated Depreciation | [5],[9] | $ 5,580 | ||||
Year Acquired | [5],[9] | 1,998 | ||||
Year Constructed | [5],[9] | 1,998 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 9 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[9] | $ 3,750 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[9] | 800 | ||||
Buildings and Improvements | [5],[9] | 4,355 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 1,945 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[9] | 800 | ||||
Buildings and Improvements | [5],[9] | 6,300 | ||||
Total | [5],[9] | 7,100 | ||||
Accumulated Depreciation | [5],[9] | $ 2,986 | ||||
Year Acquired | [5],[9] | 1,998 | ||||
Year Constructed | [5],[9] | 1,998 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 10 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 933 | ||||
Buildings and Improvements | [5] | 4,779 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 599 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 933 | ||||
Buildings and Improvements | [5] | 5,378 | ||||
Total | [5] | 6,311 | ||||
Accumulated Depreciation | [5] | $ 2,601 | ||||
Year Acquired | [5] | 2,001 | ||||
Year Constructed | [5] | 1,999 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 11 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 638 | ||||
Buildings and Improvements | [5] | 3,764 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,316 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 638 | ||||
Buildings and Improvements | [5] | 5,080 | ||||
Total | [5] | 5,718 | ||||
Accumulated Depreciation | [5] | $ 2,771 | ||||
Year Acquired | [5] | 1,999 | ||||
Year Constructed | [5] | 1,999 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 12 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 340 | ||||
Buildings and Improvements | [5] | 2,419 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 383 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 340 | ||||
Buildings and Improvements | [5] | 2,802 | ||||
Total | [5] | 3,142 | ||||
Accumulated Depreciation | [5] | $ 1,608 | ||||
Year Acquired | [5] | 2,000 | ||||
Year Constructed | [5] | 2,002 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 13 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 282 | ||||
Buildings and Improvements | [5] | 2,569 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 417 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 282 | ||||
Buildings and Improvements | [5] | 2,986 | ||||
Total | [5] | 3,268 | ||||
Accumulated Depreciation | [5] | $ 1,923 | ||||
Year Acquired | [5] | 2,000 | ||||
Year Constructed | [5] | 2,002 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 14 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 722 | ||||
Buildings and Improvements | [5] | 2,629 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,027 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 722 | ||||
Buildings and Improvements | [5] | 3,656 | ||||
Total | [5] | 4,378 | ||||
Accumulated Depreciation | [5] | $ 1,782 | ||||
Year Acquired | [5] | 2,000 | ||||
Year Constructed | [5] | 2,003 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 15 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 731 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,266 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 731 | ||||
Buildings and Improvements | [5] | 6,266 | ||||
Total | [5] | 6,997 | ||||
Accumulated Depreciation | [5] | $ 3,237 | ||||
Year Acquired | [5] | 2,000 | ||||
Year Constructed | [5] | 2,007 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 16 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 519 | ||||
Buildings and Improvements | [5] | 4,248 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,493 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 519 | ||||
Buildings and Improvements | [5] | 5,741 | ||||
Total | [5] | 6,260 | ||||
Accumulated Depreciation | [5] | $ 3,175 | ||||
Year Acquired | [5] | 2,000 | ||||
Year Constructed | [5] | 2,005 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 17 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 373 | ||||
Buildings and Improvements | [5] | 1,945 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 799 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 373 | ||||
Buildings and Improvements | [5] | 2,744 | ||||
Total | [5] | 3,117 | ||||
Accumulated Depreciation | [5] | $ 1,382 | ||||
Year Acquired | [5] | 2,000 | ||||
Year Constructed | [5] | 2,004 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston International Business Ctr 18 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 323 | ||||
Buildings and Improvements | [5] | 1,512 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 259 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 323 | ||||
Buildings and Improvements | [5] | 1,771 | ||||
Total | [5] | 2,094 | ||||
Accumulated Depreciation | [5] | $ 883 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 1,995 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 19 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 373 | ||||
Buildings and Improvements | [5] | 2,256 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,126 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 373 | ||||
Buildings and Improvements | [5] | 3,382 | ||||
Total | [5] | 3,755 | ||||
Accumulated Depreciation | [5] | $ 1,946 | ||||
Year Acquired | [5] | 2,000 | ||||
Year Constructed | [5] | 2,004 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 20 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,008 | ||||
Buildings and Improvements | [5] | 1,948 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,060 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,008 | ||||
Buildings and Improvements | [5] | 4,008 | ||||
Total | [5] | 5,016 | ||||
Accumulated Depreciation | [5] | $ 1,976 | ||||
Year Acquired | [5] | 2,000 | ||||
Year Constructed | [5] | 2,004 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 21 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 436 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,942 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 436 | ||||
Buildings and Improvements | [5] | 3,942 | ||||
Total | [5] | 4,378 | ||||
Accumulated Depreciation | [5] | $ 1,492 | ||||
Year Acquired | [5] | 2000/03 | ||||
Year Constructed | [5] | 2,006 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 22 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 436 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,542 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 436 | ||||
Buildings and Improvements | [5] | 4,542 | ||||
Total | [5] | 4,978 | ||||
Accumulated Depreciation | [5] | $ 2,111 | ||||
Year Acquired | [5] | 2,000 | ||||
Year Constructed | [5] | 2,007 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 23 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 910 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,347 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 910 | ||||
Buildings and Improvements | [5] | 7,347 | ||||
Total | [5] | 8,257 | ||||
Accumulated Depreciation | [5] | $ 2,989 | ||||
Year Acquired | [5] | 2,000 | ||||
Year Constructed | [5] | 2,007 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 24 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 837 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,883 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 837 | ||||
Buildings and Improvements | [5] | 5,883 | ||||
Total | [5] | 6,720 | ||||
Accumulated Depreciation | [5] | $ 2,354 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 25 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 508 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,882 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 508 | ||||
Buildings and Improvements | [5] | 3,882 | ||||
Total | [5] | 4,390 | ||||
Accumulated Depreciation | [5] | $ 1,454 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 26 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[7] | $ 2,077 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 445 | ||||
Buildings and Improvements | [5],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 3,194 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 445 | ||||
Buildings and Improvements | [5],[7] | 3,194 | ||||
Total | [5],[7] | 3,639 | ||||
Accumulated Depreciation | [5],[7] | $ 1,124 | ||||
Year Acquired | [5],[7] | 2,005 | ||||
Year Constructed | [5],[7] | 2,008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 27 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 837 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,004 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 837 | ||||
Buildings and Improvements | [5] | 5,004 | ||||
Total | [5] | 5,841 | ||||
Accumulated Depreciation | [5] | $ 1,782 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 28 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[7] | $ 2,977 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 550 | ||||
Buildings and Improvements | [5],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 4,665 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 550 | ||||
Buildings and Improvements | [5],[7] | 4,665 | ||||
Total | [5],[7] | 5,215 | ||||
Accumulated Depreciation | [5],[7] | $ 1,559 | ||||
Year Acquired | [5],[7] | 2,005 | ||||
Year Constructed | [5],[7] | 2,009 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 29 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[7] | $ 2,810 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 782 | ||||
Buildings and Improvements | [5],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 4,141 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 974 | ||||
Buildings and Improvements | [5],[7] | 3,949 | ||||
Total | [5],[7] | 4,923 | ||||
Accumulated Depreciation | [5],[7] | $ 1,247 | ||||
Year Acquired | [5],[7] | 2,007 | ||||
Year Constructed | [5],[7] | 2,009 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 30 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[7] | $ 3,870 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 981 | ||||
Buildings and Improvements | [5],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 5,798 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 1,222 | ||||
Buildings and Improvements | [5],[7] | 5,557 | ||||
Total | [5],[7] | 6,779 | ||||
Accumulated Depreciation | [5],[7] | $ 2,079 | ||||
Year Acquired | [5],[7] | 2,007 | ||||
Year Constructed | [5],[7] | 2,009 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr31a Member | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 684 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,087 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 684 | ||||
Buildings and Improvements | [5] | 4,087 | ||||
Total | [5] | 4,771 | ||||
Accumulated Depreciation | [5] | $ 1,567 | ||||
Year Acquired | [5] | 2,008 | ||||
Year Constructed | [5] | 2,011 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 31B [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 546 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,539 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 546 | ||||
Buildings and Improvements | [5] | 3,539 | ||||
Total | [5] | 4,085 | ||||
Accumulated Depreciation | [5] | $ 1,069 | ||||
Year Acquired | [5] | 2,008 | ||||
Year Constructed | [5] | 2,012 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 32 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[6] | $ 3,747 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[6] | 1,225 | ||||
Buildings and Improvements | [5],[6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 5,655 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[6] | 1,526 | ||||
Buildings and Improvements | [5],[6] | 5,354 | ||||
Total | [5],[6] | 6,880 | ||||
Accumulated Depreciation | [5],[6] | $ 1,244 | ||||
Year Acquired | [5],[6] | 2,007 | ||||
Year Constructed | [5],[6] | 2,012 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 33 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,166 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,867 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,166 | ||||
Buildings and Improvements | [5] | 7,867 | ||||
Total | [5] | 9,033 | ||||
Accumulated Depreciation | [5] | $ 1,401 | ||||
Year Acquired | [5] | 2,011 | ||||
Year Constructed | [5] | 2,013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 34 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 439 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,373 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 439 | ||||
Buildings and Improvements | [5] | 3,373 | ||||
Total | [5] | 3,812 | ||||
Accumulated Depreciation | [5] | $ 683 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,012 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 35 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 340 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,475 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 340 | ||||
Buildings and Improvements | [5] | 2,475 | ||||
Total | [5] | 2,815 | ||||
Accumulated Depreciation | [5] | $ 419 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,012 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 36 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 684 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,882 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 684 | ||||
Buildings and Improvements | [5] | 4,882 | ||||
Total | [5] | 5,566 | ||||
Accumulated Depreciation | [5] | $ 913 | ||||
Year Acquired | [5] | 2,011 | ||||
Year Constructed | [5] | 2,013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 37 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 759 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,400 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 759 | ||||
Buildings and Improvements | [5] | 6,400 | ||||
Total | [5] | 7,159 | ||||
Accumulated Depreciation | [5] | $ 1,144 | ||||
Year Acquired | [5] | 2,011 | ||||
Year Constructed | [5] | 2,013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 38 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,053 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,320 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,053 | ||||
Buildings and Improvements | [5] | 7,320 | ||||
Total | [5] | 8,373 | ||||
Accumulated Depreciation | [5] | $ 1,346 | ||||
Year Acquired | [5] | 2,011 | ||||
Year Constructed | [5] | 2,013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 39 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 620 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,202 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 620 | ||||
Buildings and Improvements | [5] | 5,202 | ||||
Total | [5] | 5,822 | ||||
Accumulated Depreciation | [5] | $ 611 | ||||
Year Acquired | [5] | 2,011 | ||||
Year Constructed | [5] | 2,014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 40 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,072 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 9,347 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,072 | ||||
Buildings and Improvements | [5] | 9,347 | ||||
Total | [5] | 10,419 | ||||
Accumulated Depreciation | [5] | $ 1,028 | ||||
Year Acquired | [5] | 2,011 | ||||
Year Constructed | [5] | 2,014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 41 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 649 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,950 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 649 | ||||
Buildings and Improvements | [5] | 5,950 | ||||
Total | [5] | 6,599 | ||||
Accumulated Depreciation | [5] | $ 572 | ||||
Year Acquired | [5] | 2,011 | ||||
Year Constructed | [5] | 2,014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 42 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 571 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,814 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 571 | ||||
Buildings and Improvements | [5] | 4,814 | ||||
Total | [5] | 5,385 | ||||
Accumulated Depreciation | [5] | $ 409 | ||||
Year Acquired | [5] | 2,011 | ||||
Year Constructed | [5] | 2,015 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Central Green Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 566 | ||||
Buildings and Improvements | [5] | 4,031 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 794 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 566 | ||||
Buildings and Improvements | [5] | 4,825 | ||||
Total | [5] | 5,391 | ||||
Accumulated Depreciation | [5] | $ 2,356 | ||||
Year Acquired | [5] | 1,999 | ||||
Year Constructed | [5] | 1,998 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Glenmont Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 936 | ||||
Buildings and Improvements | [5] | 6,161 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,958 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 936 | ||||
Buildings and Improvements | [5] | 9,119 | ||||
Total | [5] | 10,055 | ||||
Accumulated Depreciation | [5] | $ 5,416 | ||||
Year Acquired | [5] | 1,998 | ||||
Year Constructed | [5] | 1999/2000 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 458 | ||||
Buildings and Improvements | [5] | 5,712 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,737 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 458 | ||||
Buildings and Improvements | [5] | 8,449 | ||||
Total | [5] | 8,907 | ||||
Accumulated Depreciation | [5] | $ 4,436 | ||||
Year Acquired | [5] | 2,002 | ||||
Year Constructed | [5] | 2,001 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 415 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,997 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 415 | ||||
Buildings and Improvements | [5] | 2,997 | ||||
Total | [5] | 3,412 | ||||
Accumulated Depreciation | [5] | $ 1,268 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,007 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 460 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,124 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 460 | ||||
Buildings and Improvements | [5] | 3,124 | ||||
Total | [5] | 3,584 | ||||
Accumulated Depreciation | [5] | $ 1,371 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 460 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,056 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 460 | ||||
Buildings and Improvements | [5] | 3,056 | ||||
Total | [5] | 3,516 | ||||
Accumulated Depreciation | [5] | $ 1,327 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[7] | $ 3,358 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 701 | ||||
Buildings and Improvements | [5],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 5,181 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 701 | ||||
Buildings and Improvements | [5],[7] | 5,181 | ||||
Total | [5],[7] | 5,882 | ||||
Accumulated Depreciation | [5],[7] | $ 2,026 | ||||
Year Acquired | [5],[7] | 2,005 | ||||
Year Constructed | [5],[7] | 2,008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[6] | $ 3,751 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[6] | 618 | ||||
Buildings and Improvements | [5],[6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 6,268 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[6] | 618 | ||||
Buildings and Improvements | [5],[6] | 6,268 | ||||
Total | [5],[6] | 6,886 | ||||
Accumulated Depreciation | [5],[6] | $ 1,911 | ||||
Year Acquired | [5],[6] | 2,005 | ||||
Year Constructed | [5],[6] | 2,008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[6] | $ 3,663 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[6] | 765 | ||||
Buildings and Improvements | [5],[6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 5,961 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[6] | 765 | ||||
Buildings and Improvements | [5],[6] | 5,961 | ||||
Total | [5],[6] | 6,726 | ||||
Accumulated Depreciation | [5],[6] | $ 2,381 | ||||
Year Acquired | [5],[6] | 2,005 | ||||
Year Constructed | [5],[6] | 2,009 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing VIII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 721 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,219 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 721 | ||||
Buildings and Improvements | [5] | 5,219 | ||||
Total | [5] | 5,940 | ||||
Accumulated Depreciation | [5] | $ 1,407 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,011 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing IX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 418 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,114 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 418 | ||||
Buildings and Improvements | [5] | 2,114 | ||||
Total | [5] | 2,532 | ||||
Accumulated Depreciation | [5] | $ 460 | ||||
Year Acquired | [5] | 2,007 | ||||
Year Constructed | [5] | 2,012 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing X [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 733 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,871 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 733 | ||||
Buildings and Improvements | [5] | 3,871 | ||||
Total | [5] | 4,604 | ||||
Accumulated Depreciation | [5] | $ 773 | ||||
Year Acquired | [5] | 2,007 | ||||
Year Constructed | [5] | 2,012 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing XI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 690 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,101 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 690 | ||||
Buildings and Improvements | [5] | 4,101 | ||||
Total | [5] | 4,791 | ||||
Accumulated Depreciation | [5] | $ 681 | ||||
Year Acquired | [5] | 2,007 | ||||
Year Constructed | [5] | 2,013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | West Road I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 621 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,031 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 541 | ||||
Buildings and Improvements | [5] | 4,111 | ||||
Total | [5] | 4,652 | ||||
Accumulated Depreciation | [5] | $ 593 | ||||
Year Acquired | [5] | 2,012 | ||||
Year Constructed | [5] | 2,014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | West Road II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 981 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,819 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 854 | ||||
Buildings and Improvements | [5] | 4,946 | ||||
Total | [5] | 5,800 | ||||
Accumulated Depreciation | [5] | $ 611 | ||||
Year Acquired | [5] | 2,012 | ||||
Year Constructed | [5] | 2,014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | West Road III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 597 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,222 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 520 | ||||
Buildings and Improvements | [5] | 4,299 | ||||
Total | [5] | 4,819 | ||||
Accumulated Depreciation | [5] | $ 222 | ||||
Year Acquired | [5] | 2,012 | ||||
Year Constructed | [5] | 2,015 | ||||
TEXAS | Industrial [Member] | Houston [Member] | West Road IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 621 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,622 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 541 | ||||
Buildings and Improvements | [5] | 4,702 | ||||
Total | [5] | 5,243 | ||||
Accumulated Depreciation | [5] | $ 414 | ||||
Year Acquired | [5] | 2,012 | ||||
Year Constructed | [5] | 2,015 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 1 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 566 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,997 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 566 | ||||
Buildings and Improvements | [5] | 2,997 | ||||
Total | [5] | 3,563 | ||||
Accumulated Depreciation | [5] | $ 548 | ||||
Year Acquired | [5] | 2,012 | ||||
Year Constructed | [5] | 2,013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 829 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,385 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 833 | ||||
Buildings and Improvements | [5] | 4,381 | ||||
Total | [5] | 5,214 | ||||
Accumulated Depreciation | [5] | $ 978 | ||||
Year Acquired | [5] | 2,012 | ||||
Year Constructed | [5] | 2,013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 3 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 609 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,362 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 613 | ||||
Buildings and Improvements | [5] | 4,358 | ||||
Total | [5] | 4,971 | ||||
Accumulated Depreciation | [5] | $ 913 | ||||
Year Acquired | [5] | 2,012 | ||||
Year Constructed | [5] | 2,013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 694 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,512 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 699 | ||||
Buildings and Improvements | [5] | 4,507 | ||||
Total | [5] | 5,206 | ||||
Accumulated Depreciation | [5] | $ 876 | ||||
Year Acquired | [5] | 2,012 | ||||
Year Constructed | [5] | 2,014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 5 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 933 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,872 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 940 | ||||
Buildings and Improvements | [5] | 5,865 | ||||
Total | [5] | 6,805 | ||||
Accumulated Depreciation | [5] | $ 823 | ||||
Year Acquired | [5] | 2,012 | ||||
Year Constructed | [5] | 2,014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 6 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 640 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,402 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 644 | ||||
Buildings and Improvements | [5] | 4,398 | ||||
Total | [5] | 5,042 | ||||
Accumulated Depreciation | [5] | $ 525 | ||||
Year Acquired | [5] | 2,012 | ||||
Year Constructed | [5] | 2,014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 7 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 584 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,320 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 588 | ||||
Buildings and Improvements | [5] | 5,316 | ||||
Total | [5] | 5,904 | ||||
Accumulated Depreciation | [5] | $ 335 | ||||
Year Acquired | [5] | 2,012 | ||||
Year Constructed | [5] | 2,015 | ||||
TEXAS | Industrial [Member] | El Paso [Member] | Butterfield Trail [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 0 | ||||
Buildings and Improvements | [5] | 20,725 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 8,756 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 0 | ||||
Buildings and Improvements | [5] | 29,481 | ||||
Total | [5] | 29,481 | ||||
Accumulated Depreciation | [5] | $ 18,626 | ||||
Year Acquired | [5] | 1997/2000 | ||||
Year Constructed | [5] | 1987/95 | ||||
TEXAS | Industrial [Member] | El Paso [Member] | Rojas Commerce Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[9] | $ 4,106 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[9] | 900 | ||||
Buildings and Improvements | [5],[9] | 3,659 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 3,216 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[9] | 900 | ||||
Buildings and Improvements | [5],[9] | 6,875 | ||||
Total | [5],[9] | 7,775 | ||||
Accumulated Depreciation | [5],[9] | $ 5,090 | ||||
Year Acquired | [5],[9] | 1,999 | ||||
Year Constructed | [5],[9] | 1,986 | ||||
TEXAS | Industrial [Member] | El Paso [Member] | Americas Ten Business Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 526 | ||||
Buildings and Improvements | [5] | 2,778 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,241 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 526 | ||||
Buildings and Improvements | [5] | 4,019 | ||||
Total | [5] | 4,545 | ||||
Accumulated Depreciation | [5] | $ 2,303 | ||||
Year Acquired | [5] | 2,001 | ||||
Year Constructed | [5] | 2,003 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Alamo Downs Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,342 | ||||
Buildings and Improvements | [5] | 6,338 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,554 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,342 | ||||
Buildings and Improvements | [5] | 7,892 | ||||
Total | [5] | 9,234 | ||||
Accumulated Depreciation | [5] | $ 4,328 | ||||
Year Acquired | [5] | 2,004 | ||||
Year Constructed | [5] | 1986/2002 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Arion Business Park 1-13, 15 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 4,143 | ||||
Buildings and Improvements | [5] | 31,432 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,640 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 4,143 | ||||
Buildings and Improvements | [5] | 38,072 | ||||
Total | [5] | 42,215 | ||||
Accumulated Depreciation | [5] | $ 17,801 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 1988-2000/06 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Arion 14 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 423 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,460 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 423 | ||||
Buildings and Improvements | [5] | 3,460 | ||||
Total | [5] | 3,883 | ||||
Accumulated Depreciation | [5] | $ 1,411 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,006 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Arion 16 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 427 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,699 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 427 | ||||
Buildings and Improvements | [5] | 3,699 | ||||
Total | [5] | 4,126 | ||||
Accumulated Depreciation | [5] | $ 1,341 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,007 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Arion 17 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 616 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,143 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 616 | ||||
Buildings and Improvements | [5] | 4,143 | ||||
Total | [5] | 4,759 | ||||
Accumulated Depreciation | [5] | $ 2,248 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,007 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Arion 18 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[6] | $ 1,520 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[6] | 418 | ||||
Buildings and Improvements | [5],[6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 2,373 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[6] | 418 | ||||
Buildings and Improvements | [5],[6] | 2,373 | ||||
Total | [5],[6] | 2,791 | ||||
Accumulated Depreciation | [5],[6] | $ 1,059 | ||||
Year Acquired | [5],[6] | 2,005 | ||||
Year Constructed | [5],[6] | 2,008 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Wetmore Business Center 1-4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,494 | ||||
Buildings and Improvements | [5] | 10,804 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,543 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,494 | ||||
Buildings and Improvements | [5] | 14,347 | ||||
Total | [5] | 15,841 | ||||
Accumulated Depreciation | [5] | $ 7,214 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 1998/99 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Wetmore Business Center 5 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[7] | $ 2,281 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 412 | ||||
Buildings and Improvements | [5],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 3,584 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 412 | ||||
Buildings and Improvements | [5],[7] | 3,584 | ||||
Total | [5],[7] | 3,996 | ||||
Accumulated Depreciation | [5],[7] | $ 1,636 | ||||
Year Acquired | [5],[7] | 2,006 | ||||
Year Constructed | [5],[7] | 2,008 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Wetmore Business Center 6 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[7] | $ 2,463 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 505 | ||||
Buildings and Improvements | [5],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 3,809 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 505 | ||||
Buildings and Improvements | [5],[7] | 3,809 | ||||
Total | [5],[7] | 4,314 | ||||
Accumulated Depreciation | [5],[7] | $ 1,417 | ||||
Year Acquired | [5],[7] | 2,006 | ||||
Year Constructed | [5],[7] | 2,008 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Wetmore Business Center 7 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[7] | $ 2,538 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 546 | ||||
Buildings and Improvements | [5],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 3,899 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 546 | ||||
Buildings and Improvements | [5],[7] | 3,899 | ||||
Total | [5],[7] | 4,445 | ||||
Accumulated Depreciation | [5],[7] | $ 1,213 | ||||
Year Acquired | [5],[7] | 2,006 | ||||
Year Constructed | [5],[7] | 2,008 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Wetmore Business Center 8 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[7] | $ 4,987 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 1,056 | ||||
Buildings and Improvements | [5],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 7,680 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 1,056 | ||||
Buildings and Improvements | [5],[7] | 7,680 | ||||
Total | [5],[7] | 8,736 | ||||
Accumulated Depreciation | [5],[7] | $ 2,625 | ||||
Year Acquired | [5],[7] | 2,006 | ||||
Year Constructed | [5],[7] | 2,008 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Fairgrounds Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,644 | ||||
Buildings and Improvements | [5] | 8,209 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,229 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,644 | ||||
Buildings and Improvements | [5] | 10,438 | ||||
Total | [5] | 12,082 | ||||
Accumulated Depreciation | [5] | $ 5,110 | ||||
Year Acquired | [5] | 2,007 | ||||
Year Constructed | [5] | 1985/86 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Rittiman Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,083 | ||||
Buildings and Improvements | [5] | 6,649 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 337 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,083 | ||||
Buildings and Improvements | [5] | 6,986 | ||||
Total | [5] | 8,069 | ||||
Accumulated Depreciation | [5] | $ 1,379 | ||||
Year Acquired | [5] | 2,011 | ||||
Year Constructed | [5] | 2,000 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Thousand Oaks I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 607 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,292 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 607 | ||||
Buildings and Improvements | [5] | 4,292 | ||||
Total | [5] | 4,899 | ||||
Accumulated Depreciation | [5] | $ 1,230 | ||||
Year Acquired | [5] | 2,008 | ||||
Year Constructed | [5] | 2,012 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Thousand Oaks 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 794 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,719 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 794 | ||||
Buildings and Improvements | [5] | 4,719 | ||||
Total | [5] | 5,513 | ||||
Accumulated Depreciation | [5] | $ 1,125 | ||||
Year Acquired | [5] | 2,008 | ||||
Year Constructed | [5] | 2,012 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Thousand Oaks 3 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 772 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,457 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 772 | ||||
Buildings and Improvements | [5] | 4,457 | ||||
Total | [5] | 5,229 | ||||
Accumulated Depreciation | [5] | $ 938 | ||||
Year Acquired | [5] | 2,008 | ||||
Year Constructed | [5] | 2,013 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Thousand Oaks 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 753 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,688 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 753 | ||||
Buildings and Improvements | [5] | 4,688 | ||||
Total | [5] | 5,441 | ||||
Accumulated Depreciation | [5] | $ 363 | ||||
Year Acquired | [5] | 2,013 | ||||
Year Constructed | [5] | 2,015 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Alamo Ridge I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 623 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,984 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 623 | ||||
Buildings and Improvements | [5] | 7,984 | ||||
Total | [5] | 8,607 | ||||
Accumulated Depreciation | [5] | $ 881 | ||||
Year Acquired | [5] | 2,007 | ||||
Year Constructed | [5] | 2,015 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Alamo Ridge II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 402 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,347 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 402 | ||||
Buildings and Improvements | [5] | 5,347 | ||||
Total | [5] | 5,749 | ||||
Accumulated Depreciation | [5] | $ 391 | ||||
Year Acquired | [5] | 2,007 | ||||
Year Constructed | [5] | 2,015 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Alamo Ridge III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 907 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 10,123 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 907 | ||||
Buildings and Improvements | [5] | 10,123 | ||||
Total | [5] | 11,030 | ||||
Accumulated Depreciation | [5] | $ 329 | ||||
Year Acquired | [5] | 2,007 | ||||
Year Constructed | [5] | 2,017 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Eisenhauer Point 1 & 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,881 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 14,642 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,881 | ||||
Buildings and Improvements | [5] | 14,642 | ||||
Total | [5] | 16,523 | ||||
Accumulated Depreciation | [5] | $ 712 | ||||
Year Acquired | [5] | 2,015 | ||||
Year Constructed | [5] | 2,016 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Eisenhauer Point 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 555 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,816 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 555 | ||||
Buildings and Improvements | [5] | 4,816 | ||||
Total | [5] | 5,371 | ||||
Accumulated Depreciation | [5] | $ 93 | ||||
Year Acquired | [5] | 2,015 | ||||
Year Constructed | [5] | 2,017 | ||||
TEXAS | Industrial [Member] | Austin [Member] | Colorado Crossing Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[9] | $ 12,913 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[9] | 4,602 | ||||
Buildings and Improvements | [5],[9] | 19,757 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 94 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[9] | 4,602 | ||||
Buildings and Improvements | [5],[9] | 19,851 | ||||
Total | [5],[9] | 24,453 | ||||
Accumulated Depreciation | [5],[9] | $ 3,821 | ||||
Year Acquired | [5],[9] | 2,014 | ||||
Year Constructed | [5],[9] | 2,009 | ||||
TEXAS | Industrial [Member] | Austin [Member] | Southpark Corporate Center 3 & 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 2,670 | ||||
Buildings and Improvements | [5] | 14,756 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 912 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,670 | ||||
Buildings and Improvements | [5] | 15,668 | ||||
Total | [5] | 18,338 | ||||
Accumulated Depreciation | [5] | $ 2,326 | ||||
Year Acquired | [5] | 2,015 | ||||
Year Constructed | [5] | 1,995 | ||||
TEXAS | Industrial [Member] | Austin [Member] | Southpark Corporate Center 5-7 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,301 | ||||
Buildings and Improvements | [5] | 7,589 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 786 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,301 | ||||
Buildings and Improvements | [5] | 8,375 | ||||
Total | [5] | 9,676 | ||||
Accumulated Depreciation | [5] | $ 270 | ||||
Year Acquired | [5] | 2,017 | ||||
Year Constructed | [5] | 1,995 | ||||
TEXAS | Industrial [Member] | Austin [Member] | Springdale Business Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 2,824 | ||||
Buildings and Improvements | [5] | 8,398 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 324 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,824 | ||||
Buildings and Improvements | [5] | 8,722 | ||||
Total | [5] | 11,546 | ||||
Accumulated Depreciation | [5] | $ 986 | ||||
Year Acquired | [5] | 2,015 | ||||
Year Constructed | [5] | 2,000 | ||||
TEXAS | Industrial Development [Member] | CreekView 121 3 & 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,600 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,711 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,600 | ||||
Buildings and Improvements | [4] | 7,711 | ||||
Total | [4] | 10,311 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2015/16 | ||||
Year Constructed | [4] | n/a | ||||
TEXAS | Industrial Development [Member] | CreekView 121 land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 5,322 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,203 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 5,322 | ||||
Buildings and Improvements | [4] | 1,203 | ||||
Total | [4] | 6,525 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2015/16 | ||||
Year Constructed | [4] | n/a | ||||
TEXAS | Industrial Development [Member] | Parc North land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,519 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 552 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,519 | ||||
Buildings and Improvements | [4] | 552 | ||||
Total | [4] | 3,071 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,016 | ||||
Year Constructed | [4] | n/a | ||||
TEXAS | Industrial Development [Member] | World Houston Intl Business Ctr land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,989 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,119 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,723 | ||||
Buildings and Improvements | [4] | 1,385 | ||||
Total | [4] | 5,108 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | n/a | ||||
TEXAS | Industrial Development [Member] | World Houston Intl Business Ctr land-2011 expansion [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,636 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,320 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,920 | ||||
Buildings and Improvements | [4] | 3,036 | ||||
Total | [4] | 5,956 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | n/a | ||||
TEXAS | Industrial Development [Member] | World Houston Int'l Business Center land - 2015 expansion [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 6,040 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,132 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 6,041 | ||||
Buildings and Improvements | [4] | 1,131 | ||||
Total | [4] | 7,172 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,015 | ||||
Year Constructed | [4] | n/a | ||||
TEXAS | Industrial Development [Member] | Ten West Crossing land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,126 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 806 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,135 | ||||
Buildings and Improvements | [4] | 797 | ||||
Total | [4] | 1,932 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | n/a | ||||
TEXAS | Industrial Development [Member] | West Road land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 484 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 538 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 421 | ||||
Buildings and Improvements | [4] | 601 | ||||
Total | [4] | 1,022 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | n/a | ||||
TEXAS | Industrial Development [Member] | Alamo Ridge IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 354 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,743 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 355 | ||||
Buildings and Improvements | [4] | 6,742 | ||||
Total | [4] | 7,097 | ||||
Accumulated Depreciation | [4] | $ 23 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 2,017 | ||||
TEXAS | Industrial Development [Member] | Eisenhauer Point 3 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 577 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,582 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 578 | ||||
Buildings and Improvements | [4] | 5,581 | ||||
Total | [4] | 6,159 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,015 | ||||
Year Constructed | [4] | 2,017 | ||||
TEXAS | Industrial Development [Member] | Eisenhauer Point 5 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 818 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,986 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 818 | ||||
Buildings and Improvements | [4] | 4,986 | ||||
Total | [4] | 5,804 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,015 | ||||
Year Constructed | [4] | n/a | ||||
TEXAS | Industrial Development [Member] | Eisenhauer Point 6 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 569 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,481 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 569 | ||||
Buildings and Improvements | [4] | 3,481 | ||||
Total | [4] | 4,050 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,015 | ||||
Year Constructed | [4] | n/a | ||||
TEXAS | Industrial Development [Member] | Eisenhauer Point Business Park land phase 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,225 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,507 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,225 | ||||
Buildings and Improvements | [4] | 2,507 | ||||
Total | [4] | 5,732 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,016 | ||||
Year Constructed | [4] | n/a | ||||
TEXAS | Industrial Development [Member] | Tri-County Crossing Land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 5,260 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 402 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 5,260 | ||||
Buildings and Improvements | [4] | 402 | ||||
Total | [4] | 5,662 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,017 | ||||
Year Constructed | [4] | n/a | ||||
TEXAS | Industrial Development [Member] | Settlers Crossing 1 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,211 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 345 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,211 | ||||
Buildings and Improvements | [4] | 345 | ||||
Total | [4] | 1,556 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,017 | ||||
Year Constructed | [4] | n/a | ||||
TEXAS | Industrial Development [Member] | Settlers Crossing 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,306 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 367 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,306 | ||||
Buildings and Improvements | [4] | 367 | ||||
Total | [4] | 1,673 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,017 | ||||
Year Constructed | [4] | n/a | ||||
TEXAS | Industrial Development [Member] | Settlers Crossing land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,774 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 246 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,774 | ||||
Buildings and Improvements | [4] | 246 | ||||
Total | [4] | 3,020 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,017 | ||||
Year Constructed | [4] | n/a | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Broadway Industrial Park I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 837 | ||||
Buildings and Improvements | [5] | 3,349 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,063 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 837 | ||||
Buildings and Improvements | [5] | 4,412 | ||||
Total | [5] | 5,249 | ||||
Accumulated Depreciation | [5] | $ 2,794 | ||||
Year Acquired | [5] | 1,996 | ||||
Year Constructed | [5] | 1,971 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Broadway Industrial Park II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 455 | ||||
Buildings and Improvements | [5] | 482 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 306 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 455 | ||||
Buildings and Improvements | [5] | 788 | ||||
Total | [5] | 1,243 | ||||
Accumulated Depreciation | [5] | $ 441 | ||||
Year Acquired | [5] | 1,999 | ||||
Year Constructed | [5] | 1,971 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Broadway Industrial Park III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 775 | ||||
Buildings and Improvements | [5] | 1,742 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 523 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 775 | ||||
Buildings and Improvements | [5] | 2,265 | ||||
Total | [5] | 3,040 | ||||
Accumulated Depreciation | [5] | $ 1,398 | ||||
Year Acquired | [5] | 2,000 | ||||
Year Constructed | [5] | 1,983 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Broadway Industrial Park IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 380 | ||||
Buildings and Improvements | [5] | 1,652 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 783 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 380 | ||||
Buildings and Improvements | [5] | 2,435 | ||||
Total | [5] | 2,815 | ||||
Accumulated Depreciation | [5] | $ 1,591 | ||||
Year Acquired | [5] | 2,000 | ||||
Year Constructed | [5] | 1,986 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Broadway Industrial Park V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 353 | ||||
Buildings and Improvements | [5] | 1,090 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 146 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 353 | ||||
Buildings and Improvements | [5] | 1,236 | ||||
Total | [5] | 1,589 | ||||
Accumulated Depreciation | [5] | $ 691 | ||||
Year Acquired | [5] | 2,002 | ||||
Year Constructed | [5] | 1,980 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Broadway Industrial Park VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 599 | ||||
Buildings and Improvements | [5] | 1,855 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 738 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 599 | ||||
Buildings and Improvements | [5] | 2,593 | ||||
Total | [5] | 3,192 | ||||
Accumulated Depreciation | [5] | $ 1,585 | ||||
Year Acquired | [5] | 2,002 | ||||
Year Constructed | [5] | 1,979 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Broadway Industrial Park VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 450 | ||||
Buildings and Improvements | [5] | 650 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 243 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 450 | ||||
Buildings and Improvements | [5] | 893 | ||||
Total | [5] | 1,343 | ||||
Accumulated Depreciation | [5] | $ 224 | ||||
Year Acquired | [5] | 2,011 | ||||
Year Constructed | [5] | 1,999 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Kyrene Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,490 | ||||
Buildings and Improvements | [5] | 4,453 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,863 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,490 | ||||
Buildings and Improvements | [5] | 6,316 | ||||
Total | [5] | 7,806 | ||||
Accumulated Depreciation | [5] | $ 3,857 | ||||
Year Acquired | [5] | 1,999 | ||||
Year Constructed | [5] | 1981/2001 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Southpark Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 918 | ||||
Buildings and Improvements | [5] | 2,738 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,934 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 918 | ||||
Buildings and Improvements | [5] | 4,672 | ||||
Total | [5] | 5,590 | ||||
Accumulated Depreciation | [5] | $ 1,820 | ||||
Year Acquired | [5] | 2,001 | ||||
Year Constructed | [5] | 2,000 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Santan 10 Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 846 | ||||
Buildings and Improvements | [5] | 2,647 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 658 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 846 | ||||
Buildings and Improvements | [5] | 3,305 | ||||
Total | [5] | 4,151 | ||||
Accumulated Depreciation | [5] | $ 1,472 | ||||
Year Acquired | [5] | 2,001 | ||||
Year Constructed | [5] | 2,005 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Santan 10 Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,088 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,163 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,088 | ||||
Buildings and Improvements | [5] | 5,163 | ||||
Total | [5] | 6,251 | ||||
Accumulated Depreciation | [5] | $ 2,238 | ||||
Year Acquired | [5] | 2,004 | ||||
Year Constructed | [5] | 2,007 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Chandler Freeways [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,525 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,381 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,525 | ||||
Buildings and Improvements | [5] | 7,381 | ||||
Total | [5] | 8,906 | ||||
Accumulated Depreciation | [5] | $ 1,124 | ||||
Year Acquired | [5] | 2,012 | ||||
Year Constructed | [5] | 2,013 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Kyrene 202 I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 653 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,777 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 653 | ||||
Buildings and Improvements | [5] | 5,777 | ||||
Total | [5] | 6,430 | ||||
Accumulated Depreciation | [5] | $ 592 | ||||
Year Acquired | [5] | 2,011 | ||||
Year Constructed | [5] | 2,014 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Kyrene 202 II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 387 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,414 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 387 | ||||
Buildings and Improvements | [5] | 3,414 | ||||
Total | [5] | 3,801 | ||||
Accumulated Depreciation | [5] | $ 352 | ||||
Year Acquired | [5] | 2,011 | ||||
Year Constructed | [5] | 2,014 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Kyrene 202 VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 936 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 8,290 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 936 | ||||
Buildings and Improvements | [5] | 8,290 | ||||
Total | [5] | 9,226 | ||||
Accumulated Depreciation | [5] | $ 371 | ||||
Year Acquired | [5] | 2,011 | ||||
Year Constructed | [5] | 2,015 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Metro Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,927 | ||||
Buildings and Improvements | [5] | 7,708 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,139 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,927 | ||||
Buildings and Improvements | [5] | 14,847 | ||||
Total | [5] | 16,774 | ||||
Accumulated Depreciation | [5] | $ 10,251 | ||||
Year Acquired | [5] | 1,996 | ||||
Year Constructed | [5] | 1977/79 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | 35th Avenue Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 418 | ||||
Buildings and Improvements | [5] | 2,381 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,118 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 418 | ||||
Buildings and Improvements | [5] | 4,499 | ||||
Total | [5] | 4,917 | ||||
Accumulated Depreciation | [5] | $ 1,487 | ||||
Year Acquired | [5] | 1,997 | ||||
Year Constructed | [5] | 1,967 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | 51st Avenue Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 300 | ||||
Buildings and Improvements | [5] | 2,029 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 995 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 300 | ||||
Buildings and Improvements | [5] | 3,024 | ||||
Total | [5] | 3,324 | ||||
Accumulated Depreciation | [5] | $ 1,944 | ||||
Year Acquired | [5] | 1,998 | ||||
Year Constructed | [5] | 1,987 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | East University Distribution Center I and II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,120 | ||||
Buildings and Improvements | [5] | 4,482 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,799 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,120 | ||||
Buildings and Improvements | [5] | 6,281 | ||||
Total | [5] | 7,401 | ||||
Accumulated Depreciation | [5] | $ 4,120 | ||||
Year Acquired | [5] | 1,998 | ||||
Year Constructed | [5] | 1987/89 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | East University Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 444 | ||||
Buildings and Improvements | [5] | 698 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 422 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 443 | ||||
Buildings and Improvements | [5] | 1,121 | ||||
Total | [5] | 1,564 | ||||
Accumulated Depreciation | [5] | $ 336 | ||||
Year Acquired | [5] | 2,010 | ||||
Year Constructed | [5] | 1,981 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | 55th Avenue Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 912 | ||||
Buildings and Improvements | [5] | 3,717 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,116 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 917 | ||||
Buildings and Improvements | [5] | 4,828 | ||||
Total | [5] | 5,745 | ||||
Accumulated Depreciation | [5] | $ 3,267 | ||||
Year Acquired | [5] | 1,998 | ||||
Year Constructed | [5] | 1,987 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Interstate Commons Dist Ctr I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 311 | ||||
Buildings and Improvements | [5] | 1,416 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 720 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 311 | ||||
Buildings and Improvements | [5] | 2,136 | ||||
Total | [5] | 2,447 | ||||
Accumulated Depreciation | [5] | $ 1,308 | ||||
Year Acquired | [5] | 1,999 | ||||
Year Constructed | [5] | 1,988 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Interstate Commons Dist Ctr III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 242 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,079 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 242 | ||||
Buildings and Improvements | [5] | 3,079 | ||||
Total | [5] | 3,321 | ||||
Accumulated Depreciation | [5] | $ 1,035 | ||||
Year Acquired | [5] | 2,000 | ||||
Year Constructed | [5] | 2,008 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Airport Commons [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,000 | ||||
Buildings and Improvements | [5] | 1,510 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,485 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,000 | ||||
Buildings and Improvements | [5] | 2,995 | ||||
Total | [5] | 3,995 | ||||
Accumulated Depreciation | [5] | $ 1,838 | ||||
Year Acquired | [5] | 2,003 | ||||
Year Constructed | [5] | 1,971 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | 40th Avenue Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[7] | $ 3,860 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 703 | ||||
Buildings and Improvements | [5],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 6,059 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 703 | ||||
Buildings and Improvements | [5],[7] | 6,059 | ||||
Total | [5],[7] | 6,762 | ||||
Accumulated Depreciation | [5],[7] | $ 2,078 | ||||
Year Acquired | [5],[7] | 2,004 | ||||
Year Constructed | [5] | 2,008 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Sky Harbor Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 5,839 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 21,754 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 5,839 | ||||
Buildings and Improvements | [5] | 21,754 | ||||
Total | [5] | 27,593 | ||||
Accumulated Depreciation | [5] | $ 7,186 | ||||
Year Acquired | [5] | 2,006 | ||||
Year Constructed | [5] | 2,008 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Sky Harbor 6 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 807 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,177 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 807 | ||||
Buildings and Improvements | [5] | 2,177 | ||||
Total | [5] | 2,984 | ||||
Accumulated Depreciation | [5] | $ 183 | ||||
Year Acquired | [5] | 2,014 | ||||
Year Constructed | [5] | 2,015 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Ten Sky Harbor [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,568 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,009 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,569 | ||||
Buildings and Improvements | [5] | 5,008 | ||||
Total | [5] | 6,577 | ||||
Accumulated Depreciation | [5] | $ 82 | ||||
Year Acquired | [5] | 2,015 | ||||
Year Constructed | [5] | 2,016 | ||||
ARIZONA | Industrial [Member] | Tucson [Member] | Country Club I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 506 | ||||
Buildings and Improvements | [5] | 3,564 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,173 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 693 | ||||
Buildings and Improvements | [5] | 5,550 | ||||
Total | [5] | 6,243 | ||||
Accumulated Depreciation | [5] | $ 2,660 | ||||
Year Acquired | [5] | 1997/2003 | ||||
Year Constructed | [5] | 1994/2003 | ||||
ARIZONA | Industrial [Member] | Tucson [Member] | Country Club II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 442 | ||||
Buildings and Improvements | [5] | 3,381 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 304 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 709 | ||||
Buildings and Improvements | [5] | 3,418 | ||||
Total | [5] | 4,127 | ||||
Accumulated Depreciation | [5] | $ 1,212 | ||||
Year Acquired | [5] | 2,007 | ||||
Year Constructed | [5] | 2,000 | ||||
ARIZONA | Industrial [Member] | Tucson [Member] | Country Club III and IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,407 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 11,833 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,575 | ||||
Buildings and Improvements | [5] | 11,665 | ||||
Total | [5] | 13,240 | ||||
Accumulated Depreciation | [5] | $ 4,279 | ||||
Year Acquired | [5] | 2,007 | ||||
Year Constructed | [5] | 2,009 | ||||
ARIZONA | Industrial [Member] | Tucson [Member] | Airport Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,403 | ||||
Buildings and Improvements | [5] | 4,672 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,619 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,403 | ||||
Buildings and Improvements | [5] | 6,291 | ||||
Total | [5] | 7,694 | ||||
Accumulated Depreciation | [5] | $ 3,827 | ||||
Year Acquired | [5] | 1998/2000 | ||||
Year Constructed | [5] | 1,995 | ||||
ARIZONA | Industrial [Member] | Tucson [Member] | Southpointe Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 0 | ||||
Buildings and Improvements | [5] | 3,982 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,950 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 0 | ||||
Buildings and Improvements | [5] | 6,932 | ||||
Total | [5] | 6,932 | ||||
Accumulated Depreciation | [5] | $ 4,450 | ||||
Year Acquired | [5] | 1,999 | ||||
Year Constructed | [5] | 1,989 | ||||
ARIZONA | Industrial [Member] | Tucson [Member] | Benan Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 707 | ||||
Buildings and Improvements | [5] | 1,842 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 648 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 707 | ||||
Buildings and Improvements | [5] | 2,490 | ||||
Total | [5] | 3,197 | ||||
Accumulated Depreciation | [5] | $ 1,424 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,001 | ||||
ARIZONA | Industrial Development [Member] | Kyrene 202 3, 4 & 5 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,244 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 10,299 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,244 | ||||
Buildings and Improvements | [4] | 10,299 | ||||
Total | [4] | 11,543 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | n/a | ||||
ARIZONA | Industrial Development [Member] | Falcon Field [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,312 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,635 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,312 | ||||
Buildings and Improvements | [4] | 1,635 | ||||
Total | [4] | 2,947 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,015 | ||||
Year Constructed | [4] | n/a | ||||
ARIZONA | Industrial Development [Member] | Country Club V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,885 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 11,066 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,886 | ||||
Buildings and Improvements | [4] | 11,065 | ||||
Total | [4] | 13,951 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,016 | ||||
Year Constructed | [4] | n/a | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Airport Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,454 | ||||
Buildings and Improvements | [5] | 10,136 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,260 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,454 | ||||
Buildings and Improvements | [5] | 12,396 | ||||
Total | [5] | 13,850 | ||||
Accumulated Depreciation | [5] | $ 4,260 | ||||
Year Acquired | [5] | 2,008 | ||||
Year Constructed | [5] | 2001/02 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | NorthPark Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 2,758 | ||||
Buildings and Improvements | [5] | 15,932 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,645 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,758 | ||||
Buildings and Improvements | [5] | 20,577 | ||||
Total | [5] | 23,335 | ||||
Accumulated Depreciation | [5] | $ 9,459 | ||||
Year Acquired | [5] | 2,006 | ||||
Year Constructed | [5] | 1987-89 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Lindbergh Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 470 | ||||
Buildings and Improvements | [5] | 3,401 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 482 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 470 | ||||
Buildings and Improvements | [5] | 3,883 | ||||
Total | [5] | 4,353 | ||||
Accumulated Depreciation | [5] | $ 1,601 | ||||
Year Acquired | [5] | 2,007 | ||||
Year Constructed | [5] | 2001/03 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Commerce Park I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 765 | ||||
Buildings and Improvements | [5] | 4,303 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 842 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 765 | ||||
Buildings and Improvements | [5] | 5,145 | ||||
Total | [5] | 5,910 | ||||
Accumulated Depreciation | [5] | $ 1,999 | ||||
Year Acquired | [5] | 2,007 | ||||
Year Constructed | [5] | 1,983 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Commerce Park II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[6] | $ 1,221 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[6] | 335 | ||||
Buildings and Improvements | [5],[6] | 1,603 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 304 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[6] | 335 | ||||
Buildings and Improvements | [5],[6] | 1,907 | ||||
Total | [5],[6] | 2,242 | ||||
Accumulated Depreciation | [5],[6] | $ 626 | ||||
Year Acquired | [5],[6] | 2,010 | ||||
Year Constructed | [5],[6] | 1,987 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Commerce Park III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[6] | $ 2,034 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[6] | 558 | ||||
Buildings and Improvements | [5],[6] | 2,225 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 952 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[6] | 558 | ||||
Buildings and Improvements | [5],[6] | 3,177 | ||||
Total | [5],[6] | 3,735 | ||||
Accumulated Depreciation | [5],[6] | $ 971 | ||||
Year Acquired | [5],[6] | 2,010 | ||||
Year Constructed | [5],[6] | 1,981 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Nations Ford Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 3,924 | ||||
Buildings and Improvements | [5] | 16,171 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,441 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 3,924 | ||||
Buildings and Improvements | [5] | 19,612 | ||||
Total | [5] | 23,536 | ||||
Accumulated Depreciation | [5] | $ 8,884 | ||||
Year Acquired | [5] | 2,007 | ||||
Year Constructed | [5] | 1989/94 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Interchange Park I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[7] | $ 5,442 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 986 | ||||
Buildings and Improvements | [5],[7] | 7,949 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 598 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 986 | ||||
Buildings and Improvements | [5],[7] | 8,547 | ||||
Total | [5],[7] | 9,533 | ||||
Accumulated Depreciation | [5],[7] | $ 2,759 | ||||
Year Acquired | [5],[7] | 2,008 | ||||
Year Constructed | [5],[7] | 1,989 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Interchange Park II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 746 | ||||
Buildings and Improvements | [5] | 1,456 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 55 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 746 | ||||
Buildings and Improvements | [5] | 1,511 | ||||
Total | [5] | 2,257 | ||||
Accumulated Depreciation | [5] | $ 224 | ||||
Year Acquired | [5] | 2,013 | ||||
Year Constructed | [5] | 2,000 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Ridge Creek Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,284 | ||||
Buildings and Improvements | [5] | 13,163 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 976 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,284 | ||||
Buildings and Improvements | [5] | 14,139 | ||||
Total | [5] | 15,423 | ||||
Accumulated Depreciation | [5] | $ 4,157 | ||||
Year Acquired | [5] | 2,008 | ||||
Year Constructed | [5] | 2,006 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Ridge Creek Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[6] | $ 9,067 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[6] | 3,033 | ||||
Buildings and Improvements | [5],[6] | 11,497 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 2,116 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[6] | 3,033 | ||||
Buildings and Improvements | [5],[6] | 13,613 | ||||
Total | [5],[6] | 16,646 | ||||
Accumulated Depreciation | [5],[6] | $ 2,699 | ||||
Year Acquired | [5],[6] | 2,011 | ||||
Year Constructed | [5],[6] | 2,003 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Ridge Creek Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 2,459 | ||||
Buildings and Improvements | [5] | 11,147 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 538 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,459 | ||||
Buildings and Improvements | [5] | 11,685 | ||||
Total | [5] | 14,144 | ||||
Accumulated Depreciation | [5] | $ 1,474 | ||||
Year Acquired | [5] | 2,014 | ||||
Year Constructed | [5] | 2,013 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Lakeview Business [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[6] | $ 4,017 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[6] | 1,392 | ||||
Buildings and Improvements | [5],[6] | 5,068 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 916 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[6] | 1,392 | ||||
Buildings and Improvements | [5],[6] | 5,984 | ||||
Total | [5],[6] | 7,376 | ||||
Accumulated Depreciation | [5],[6] | $ 1,492 | ||||
Year Acquired | [5],[6] | 2,011 | ||||
Year Constructed | [5],[6] | 1,996 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[9] | $ 2,803 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[9] | 993 | ||||
Buildings and Improvements | [5],[9] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 4,315 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[9] | 1,010 | ||||
Buildings and Improvements | [5],[9] | 4,298 | ||||
Total | [5],[9] | 5,308 | ||||
Accumulated Depreciation | [5],[9] | $ 770 | ||||
Year Acquired | [5],[9] | 2,013 | ||||
Year Constructed | [5],[9] | 2,014 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[9] | $ 2,852 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[9] | 941 | ||||
Buildings and Improvements | [5],[9] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 4,459 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[9] | 957 | ||||
Buildings and Improvements | [5],[9] | 4,443 | ||||
Total | [5],[9] | 5,400 | ||||
Accumulated Depreciation | [5],[9] | $ 775 | ||||
Year Acquired | [5],[9] | 2,013 | ||||
Year Constructed | [5],[9] | 2,014 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,464 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,412 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,469 | ||||
Buildings and Improvements | [5] | 6,407 | ||||
Total | [5] | 7,876 | ||||
Accumulated Depreciation | [5] | $ 889 | ||||
Year Acquired | [5] | 2,013 | ||||
Year Constructed | [5] | 2,014 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 684 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,945 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 687 | ||||
Buildings and Improvements | [5] | 3,942 | ||||
Total | [5] | 4,629 | ||||
Accumulated Depreciation | [5] | $ 467 | ||||
Year Acquired | [5] | 2,013 | ||||
Year Constructed | [5] | 2,015 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 867 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,974 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 869 | ||||
Buildings and Improvements | [5] | 6,972 | ||||
Total | [5] | 7,841 | ||||
Accumulated Depreciation | [5] | $ 227 | ||||
Year Acquired | [5] | 2013/14 | ||||
Year Constructed | [5] | 2,016 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Waterford Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 654 | ||||
Buildings and Improvements | [5] | 3,392 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 655 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 654 | ||||
Buildings and Improvements | [5] | 4,047 | ||||
Total | [5] | 4,701 | ||||
Accumulated Depreciation | [5] | $ 1,276 | ||||
Year Acquired | [5] | 2,008 | ||||
Year Constructed | [5] | 2,000 | ||||
NORTH CAROLINA | Industrial Development [Member] | Steele Creek VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,207 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,590 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,209 | ||||
Buildings and Improvements | [4] | 6,588 | ||||
Total | [4] | 7,797 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2013/14/15 | ||||
Year Constructed | [4] | 2,017 | ||||
NORTH CAROLINA | Industrial Development [Member] | Airport Commerce Center 3 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 855 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 878 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 855 | ||||
Buildings and Improvements | [4] | 878 | ||||
Total | [4] | 1,733 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | n/a | ||||
NORTH CAROLINA | Industrial Development [Member] | Steele Creek land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,318 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,250 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,330 | ||||
Buildings and Improvements | [4] | 1,238 | ||||
Total | [4] | 4,568 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2013-2016 | ||||
Year Constructed | [4] | n/a | ||||
NORTH CAROLINA | Industrial Development [Member] | Steele Creek land phase 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,866 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 294 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,866 | ||||
Buildings and Improvements | [4] | 294 | ||||
Total | [4] | 2,160 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2016/17 | ||||
Year Constructed | [4] | n/a | ||||
GEORGIA | Industrial [Member] | Atlanta [Member] | Shiloh 400 I & II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 3,092 | ||||
Buildings and Improvements | [5] | 14,216 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,488 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 3,092 | ||||
Buildings and Improvements | [5] | 15,704 | ||||
Total | [5] | 18,796 | ||||
Accumulated Depreciation | [5] | $ 672 | ||||
Year Acquired | [5] | 2,017 | ||||
Year Constructed | [5] | 2,008 | ||||
GEORGIA | Industrial [Member] | Atlanta [Member] | Broadmoor Commerce Park I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,307 | ||||
Buildings and Improvements | [5] | 3,560 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 496 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,307 | ||||
Buildings and Improvements | [5] | 4,056 | ||||
Total | [5] | 5,363 | ||||
Accumulated Depreciation | [5] | $ 228 | ||||
Year Acquired | [5] | 2,017 | ||||
Year Constructed | [5] | 1,999 | ||||
GEORGIA | Industrial [Member] | Atlanta [Member] | Hurricane Shoals I & II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 4,284 | ||||
Buildings and Improvements | [5] | 12,449 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,141 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 4,284 | ||||
Buildings and Improvements | [5] | 13,590 | ||||
Total | [5] | 17,874 | ||||
Accumulated Depreciation | [5] | $ 40 | ||||
Year Acquired | [5] | 2,017 | ||||
Year Constructed | [5] | 2,017 | ||||
GEORGIA | Industrial Development [Member] | Progress Center 1 & 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,297 | ||||
Buildings and Improvements | [4] | 9,015 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 21 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,297 | ||||
Buildings and Improvements | [4] | 9,036 | ||||
Total | [4] | 10,333 | ||||
Accumulated Depreciation | [4] | $ 2 | ||||
Year Acquired | [4] | 2,017 | ||||
Year Constructed | [4] | 2,017 | ||||
GEORGIA | Industrial Development [Member] | Broadmoor Commerce Park land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 519 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 186 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 519 | ||||
Buildings and Improvements | [4] | 186 | ||||
Total | [4] | 705 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,017 | ||||
Year Constructed | [4] | n/a | ||||
GEORGIA | Industrial Development [Member] | Progress Center land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 497 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 497 | ||||
Buildings and Improvements | [4] | 5 | ||||
Total | [4] | 502 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,017 | ||||
Year Constructed | [4] | n/a | ||||
LOUISIANA | Industrial [Member] | New Orleans [Member] | Elmwood Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 2,861 | ||||
Buildings and Improvements | [5] | 6,337 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,026 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,861 | ||||
Buildings and Improvements | [5] | 11,363 | ||||
Total | [5] | 14,224 | ||||
Accumulated Depreciation | [5] | $ 7,841 | ||||
Year Acquired | [5] | 1,997 | ||||
Year Constructed | [5] | 1,979 | ||||
LOUISIANA | Industrial [Member] | New Orleans [Member] | Riverbend Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 2,557 | ||||
Buildings and Improvements | [5] | 17,623 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 8,471 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,557 | ||||
Buildings and Improvements | [5] | 26,094 | ||||
Total | [5] | 28,651 | ||||
Accumulated Depreciation | [5] | $ 14,573 | ||||
Year Acquired | [5] | 1,997 | ||||
Year Constructed | [5] | 1,984 | ||||
COLORADO | Industrial [Member] | Denver [Member] | Rampart Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,023 | ||||
Buildings and Improvements | [5] | 3,861 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,093 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,023 | ||||
Buildings and Improvements | [5] | 5,954 | ||||
Total | [5] | 6,977 | ||||
Accumulated Depreciation | [5] | $ 4,309 | ||||
Year Acquired | [5] | 1,988 | ||||
Year Constructed | [5] | 1,987 | ||||
COLORADO | Industrial [Member] | Denver [Member] | Rampart Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 230 | ||||
Buildings and Improvements | [5] | 2,977 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,173 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 230 | ||||
Buildings and Improvements | [5] | 4,150 | ||||
Total | [5] | 4,380 | ||||
Accumulated Depreciation | [5] | $ 2,782 | ||||
Year Acquired | [5] | 1996/97 | ||||
Year Constructed | [5] | 1996/97 | ||||
COLORADO | Industrial [Member] | Denver [Member] | Rampart Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,098 | ||||
Buildings and Improvements | [5] | 3,884 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,931 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,098 | ||||
Buildings and Improvements | [5] | 5,815 | ||||
Total | [5] | 6,913 | ||||
Accumulated Depreciation | [5] | $ 3,092 | ||||
Year Acquired | [5] | 1997/98 | ||||
Year Constructed | [5] | 1,999 | ||||
COLORADO | Industrial [Member] | Denver [Member] | Rampart Distribution Center IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 590 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 8,322 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 590 | ||||
Buildings and Improvements | [5] | 8,322 | ||||
Total | [5] | 8,912 | ||||
Accumulated Depreciation | [5] | $ 623 | ||||
Year Acquired | [5] | 2,012 | ||||
Year Constructed | [5] | 2,014 | ||||
COLORADO | Industrial [Member] | Denver [Member] | Concord Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[6] | $ 3,413 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[6] | 1,051 | ||||
Buildings and Improvements | [5],[6] | 4,773 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 443 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[6] | 1,051 | ||||
Buildings and Improvements | [5],[6] | 5,216 | ||||
Total | [5],[6] | 6,267 | ||||
Accumulated Depreciation | [5],[6] | $ 1,996 | ||||
Year Acquired | [5],[6] | 2,007 | ||||
Year Constructed | [5],[6] | 2,000 | ||||
COLORADO | Industrial [Member] | Denver [Member] | Centennial Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[7] | $ 3,381 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 750 | ||||
Buildings and Improvements | [5],[7] | 3,319 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 1,853 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 750 | ||||
Buildings and Improvements | [5],[7] | 5,172 | ||||
Total | [5],[7] | 5,922 | ||||
Accumulated Depreciation | [5],[7] | $ 1,822 | ||||
Year Acquired | [5],[7] | 2,007 | ||||
Year Constructed | [5],[7] | 1,990 | ||||
NEVADA | Industrial [Member] | Las Vegas [Member] | Arville Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 4,933 | ||||
Buildings and Improvements | [5] | 5,094 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 424 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 4,933 | ||||
Buildings and Improvements | [5] | 5,518 | ||||
Total | [5] | 10,451 | ||||
Accumulated Depreciation | [5] | $ 1,823 | ||||
Year Acquired | [5] | 2,009 | ||||
Year Constructed | [5] | 1,997 | ||||
NEVADA | Industrial [Member] | Las Vegas [Member] | Jones Corporate Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 13,068 | ||||
Buildings and Improvements | [5] | 26,325 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,682 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 13,068 | ||||
Buildings and Improvements | [5] | 28,007 | ||||
Total | [5] | 41,075 | ||||
Accumulated Depreciation | [5] | $ 746 | ||||
Year Acquired | [5] | 2,016 | ||||
Year Constructed | [5] | 2,016 | ||||
MISSISSIPPI | Industrial [Member] | Jackson area [Member] | Interchange Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 343 | ||||
Buildings and Improvements | [5] | 5,007 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,984 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 343 | ||||
Buildings and Improvements | [5] | 8,991 | ||||
Total | [5] | 9,334 | ||||
Accumulated Depreciation | [5] | $ 5,589 | ||||
Year Acquired | [5] | 1,997 | ||||
Year Constructed | [5] | 1,981 | ||||
MISSISSIPPI | Industrial [Member] | Jackson area [Member] | Tower Automotive [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 0 | ||||
Buildings and Improvements | [5] | 9,958 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,937 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 17 | ||||
Buildings and Improvements | [5] | 11,878 | ||||
Total | [5] | 11,895 | ||||
Accumulated Depreciation | [5] | $ 4,926 | ||||
Year Acquired | [5] | 2,001 | ||||
Year Constructed | [5] | 2,002 | ||||
MISSISSIPPI | Industrial [Member] | Jackson area [Member] | Metro Airport Commerce Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 303 | ||||
Buildings and Improvements | [5] | 1,479 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,134 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 303 | ||||
Buildings and Improvements | [5] | 2,613 | ||||
Total | [5] | 2,916 | ||||
Accumulated Depreciation | [5] | $ 1,576 | ||||
Year Acquired | [5] | 2,001 | ||||
Year Constructed | [5] | 2,003 | ||||
MISSISSIPPI | Industrial Development [Member] | Metro Airport Commerce Center II land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 307 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 399 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 307 | ||||
Buildings and Improvements | [4] | 399 | ||||
Total | [4] | 706 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,001 | ||||
Year Constructed | [4] | n/a | ||||
[1] | Changes in Real Estate Properties follow: Years Ended December 31,2017 2016 2015(In thousands)Balance at beginning of year $2,406,981 2,219,448 2,074,946Purchases of real estate properties 51,802 22,228 28,648Development of real estate properties124,938 203,765 95,032Improvements to real estate properties27,471 23,157 25,778Carrying amount of investments sold (32,787) (61,121) (4,750)Write-off of improvements (932) (496) (206)Balance at end of year (1) $2,577,473 2,406,981 2,219,448(1)Includes 20% noncontrolling interest in University Business Center of $3,217,000 and $6,853,000 at December 31, 2017 and 2016, respectively.Changes in the accumulated depreciation on real estate properties follow: Years Ended December 31,2017 2016 2015(In thousands)Balance at beginning of year $694,250 657,454 600,526Depreciation expense 69,010 63,793 59,882Accumulated depreciation on assets sold (12,735) (26,501) (2,748)Other (924) (496) (206)Balance at end of year $749,601 694,250 657,454 | |||||
[2] | The estimated aggregate cost of real estate properties at December 31, 2017 for federal income tax purposes was approximately $2,536,820,000 before estimated accumulated tax depreciation of $518,257,000. The federal income tax return for the year ended December 31, 2017, has not been filed and accordingly, this estimate is based on preliminary data. | |||||
[3] | Includes 20% noncontrolling interest in University Business Center of $3,217,000 and $6,853,000 at December 31, 2017 and 2016, respectively. | |||||
[4] | The Company transfers development projects to Real estate properties the earlier of 80% occupancy or one year after completion of the shell construction. | |||||
[5] | 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). | |||||
[6] | EastGroup has a $42,315,000 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. | |||||
[7] | EastGroup has a $55,317,000 non-recourse first mortgage loan with an insurance company secured by 40th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Interchange Park I, Ocean View, Wetmore 5-8 and World Houston 26, 28, 29 & 30. | |||||
[8] | EastGroup has a $49,580,000 non-recourse first mortgage loan with an insurance company secured by Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington. | |||||
[9] | EastGroup has a $50,161,000 non-recourse first mortgage loan with an insurance company secured by Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Venture and World Houston 3-9. |
SCHEDULE III SCHEDULE III (Deta
SCHEDULE III SCHEDULE III (Details2) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at beginning of year | [1] | $ 2,406,981,000 | $ 2,219,448,000 | $ 2,074,946,000 | |
Purchases of real estate properties | 51,802,000 | 22,228,000 | 28,648,000 | ||
Development of real estate properties | 124,938,000 | 203,765,000 | 95,032,000 | ||
Improvements to real estate properties | 27,471,000 | 23,157,000 | 25,778,000 | ||
Carrying amount of investments sold | (32,787,000) | (61,121,000) | (4,750,000) | ||
Write-off of improvements | (932,000) | (496,000) | (206,000) | ||
Balance at end of year | [1] | 2,577,473,000 | [2],[3] | 2,406,981,000 | 2,219,448,000 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at beginning of year | 694,250,000 | 657,454,000 | 600,526,000 | ||
Depreciation expense | 69,010,000 | 63,793,000 | 59,882,000 | ||
Accumulated depreciation on assets sold | (12,735,000) | (26,501,000) | (2,748,000) | ||
Other | (924,000) | (496,000) | (206,000) | ||
Balance at end of year | 749,601,000 | [2],[3] | 694,250,000 | $ 657,454,000 | |
Estimated aggregate cost of real estate properties for federal income tax purposes | 2,536,820,000 | ||||
Estimated accumulated tax depreciation | $ 518,257,000 | ||||
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 | $ 199,512,000 | 257,505,000 | |||
University Business Center [Member] | |||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Noncontrolling Interests (in hundreths) | 20.00% | ||||
Noncontrolling Interests | $ 3,217,000 | 6,853,000 | |||
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 | $ 49,580,000 | 52,231,000 | |||
Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Venture and World Houston 3-9 | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Secured debt | 50,161,000 | 52,752,000 | |||
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 | 42,315,000 | 44,493,000 | |||
40th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Interchange Park I, Ocean View, Wetmore 5-8 and World Houston 26, 28, 29 and 30 [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Secured debt | $ 55,317,000 | $ 58,380,000 | |||
Development transfer to real estate properties [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Percentage of Occupation When Development Cost Ceased Being Capitalized | 90.00% | ||||
Length of Time After Project Completion When Development Cost Ceased Being Capitalized | 1 year | ||||
[1] | Includes 20% noncontrolling interest in University Business Center of $3,217,000 and $6,853,000 at December 31, 2017 and 2016, respectively. | ||||
[2] | Changes in Real Estate Properties follow: Years Ended December 31,2017 2016 2015(In thousands)Balance at beginning of year $2,406,981 2,219,448 2,074,946Purchases of real estate properties 51,802 22,228 28,648Development of real estate properties124,938 203,765 95,032Improvements to real estate properties27,471 23,157 25,778Carrying amount of investments sold (32,787) (61,121) (4,750)Write-off of improvements (932) (496) (206)Balance at end of year (1) $2,577,473 2,406,981 2,219,448(1)Includes 20% noncontrolling interest in University Business Center of $3,217,000 and $6,853,000 at December 31, 2017 and 2016, respectively.Changes in the accumulated depreciation on real estate properties follow: Years Ended December 31,2017 2016 2015(In thousands)Balance at beginning of year $694,250 657,454 600,526Depreciation expense 69,010 63,793 59,882Accumulated depreciation on assets sold (12,735) (26,501) (2,748)Other (924) (496) (206)Balance at end of year $749,601 694,250 657,454 | ||||
[3] | The estimated aggregate cost of real estate properties at December 31, 2017 for federal income tax purposes was approximately $2,536,820,000 before estimated accumulated tax depreciation of $518,257,000. The federal income tax return for the year ended December 31, 2017, has not been filed and accordingly, this estimate is based on preliminary data. |
SCHEDULE IV (Details)
SCHEDULE IV (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | [1] | 2 | ||
Non-recourse first mortgage loan Face Amount, Total mortgage | $ 4,581 | |||
Carrying Amount of Mortgages | [2],[3] | 4,581 | ||
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 | $ 4,580 | |||
First Mortgage [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Final Maturity Date | Dec. 21, 2022 | Oct. 25, 2017 | ||
Effective interest rate (in hundredths) | 5.15% | 5.25% | ||
Changes in the mortgage loans [Roll Forward] | ||||
Balance at beginning of year | $ 4,752 | $ 4,875 | $ 4,991 | |
Payments on mortgage loans receivable | (171) | (123) | (116) | |
Balance at end of year | $ 4,581 | $ 4,752 | $ 4,875 | |
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) | 5.15% | |||
Mortgage Loans on Real Estate, Final Maturity Date | Dec. 21, 2022 | |||
Periodic Payment Terms | Principal and interest due monthly | |||
Non-recourse first mortgage loan Face Amount, Total mortgage | $ 1,826 | |||
Carrying Amount of Mortgages | 1,826 | |||
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) | 5.15% | |||
Mortgage Loans on Real Estate, Final Maturity Date | Dec. 21, 2022 | |||
Periodic Payment Terms | Principal and interest due monthly | |||
Non-recourse first mortgage loan Face Amount, Total mortgage | $ 2,755 | |||
Carrying Amount of Mortgages | 2,755 | |||
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 31,2017 2016 2015(In thousands)Balance at beginning of year$4,752 4,875 4,991Payments on mortgage loans receivable(171) (123) (116)Balance at end of year$4,581 4,752 4,875 | |||
[3] | The aggregate cost for federal income tax purposes is approximately $4.58 million. The federal income tax return for the year ended December 31, 2017, has not been filed and, accordingly, the income tax basis of mortgage loans as of December 31, 2017, 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. |