Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 13, 2019 | Jun. 29, 2018 | |
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 Shell Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 3,331,265,000 | ||
Entity Common Stock, Shares Outstanding | 36,479,324 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | Q4 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
ASSETS | ||||
Real estate properties | $ 2,553,481,000 | $ 2,336,734,000 | ||
Development and value-add properties | [1] | 263,664,000 | 242,014,000 | |
Real estate, development and value-add properties | 2,817,145,000 | 2,578,748,000 | ||
Less accumulated depreciation | (814,915,000) | (749,601,000) | ||
Real estate, net | 2,002,230,000 | 1,829,147,000 | ||
Unconsolidated investment | 7,870,000 | 8,029,000 | ||
Cash | 374,000 | 16,000 | ||
Other assets | 121,231,000 | 116,029,000 | ||
TOTAL ASSETS | 2,131,705,000 | 1,953,221,000 | ||
LIABILITIES | ||||
Unsecured bank credit facilities | 193,926,000 | 195,709,000 | ||
Unsecured debt | 723,400,000 | 713,061,000 | ||
Secured debt | 188,461,000 | 199,512,000 | ||
Accounts payable and accrued expenses | 86,563,000 | 64,967,000 | ||
Other liabilities | 34,652,000 | 28,842,000 | ||
Total Liabilities | 1,227,002,000 | 1,202,091,000 | ||
Stockholders’ Equity: | ||||
Common shares; $.0001 par value; 70,000,000 shares authorized; 36,501,356 shares issued and outstanding at December 31, 2018 and 34,758,167 at December 31, 2017 | 4,000 | 3,000 | ||
Excess shares; $.0001 par value; 30,000,000 shares authorized; no shares issued | 0 | 0 | ||
Additional paid-in capital | 1,222,547,000 | 1,061,153,000 | ||
Distributions in excess of earnings | (326,193,000) | (317,032,000) | ||
Accumulated Other Comprehensive Income | 6,701,000 | 5,348,000 | $ 1,995,000 | |
Total Stockholders’ Equity | 903,059,000 | 749,472,000 | ||
Noncontrolling interest in joint ventures | 1,644,000 | 1,658,000 | ||
Total Equity | 904,703,000 | 751,130,000 | $ 641,866,000 | |
TOTAL LIABILITIES AND EQUITY | $ 2,131,705,000 | $ 1,953,221,000 | ||
[1] | Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use. Acquired properties meeting either of the following two conditions are considered value-add properties: (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
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 | 36,501,356 | 34,758,167 |
Common shares, outstanding | 36,501,356 | 34,758,167 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
REVENUES | |||
Income from real estate operations | $ 299,018 | $ 274,031 | $ 252,961 |
Other revenue | 1,374 | 119 | 86 |
Revenues | 300,392 | 274,150 | 253,047 |
EXPENSES | |||
Expenses from real estate operations | 86,394 | 80,108 | 74,347 |
Depreciation and amortization | 91,704 | 83,874 | 77,935 |
General and administrative | 13,738 | 14,972 | 13,232 |
Acquisition costs | 0 | 0 | 161 |
Expenses | 191,836 | 178,954 | 165,675 |
OPERATING INCOME | 108,556 | 95,196 | 87,372 |
OTHER INCOME (EXPENSE) | |||
Interest expense | (35,106) | (34,775) | (35,213) |
Gain, net of loss, on Sales of Real Estate Investments | 14,273 | 21,855 | 42,170 |
Other | 913 | 1,313 | 1,765 |
NET INCOME | 88,636 | 83,589 | 96,094 |
Net income attributable to noncontrolling interest in joint ventures | (130) | (406) | (585) |
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | 88,506 | 83,183 | 95,509 |
Other comprehensive income - cash flow hedges | 1,353 | 3,353 | 5,451 |
TOTAL COMPREHENSIVE INCOME | $ 89,859 | $ 86,536 | $ 100,960 |
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||
Net income attributable to common stockholders | $ 2.50 | $ 2.45 | $ 2.93 |
Weighted average shares outstanding | 35,439 | 33,996 | 32,563 |
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||
Net income attributable to common stockholders | $ 2.49 | $ 2.44 | $ 2.93 |
Weighted average shares outstanding | 35,506 | 34,047 | 32,628 |
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, 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 - $2.44, $2.52, and $2.72 per share in 2016, 2017 and 2018, 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 875,052, 1,370,457, and 1,706,474 shares of common stock, common stock offering, net of expenses in 2016, 2017 and 2018, respectively | 59,283,000 | 0 | 59,283,000 | 0 | 0 | 0 |
Issuance of 3,326, 2,744, and 1,844 shares of common stock, dividend reinvestment plan in 2016, 2017 and 2018, respectively | 228,000 | 0 | 228,000 | 0 | 0 | 0 |
Withheld 57,316, 33,695, and 23,824 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock in 2016, 2017 and 2018, 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 - $2.44, $2.52, and $2.72 per share in 2016, 2017 and 2018, 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 875,052, 1,370,457, and 1,706,474 shares of common stock, common stock offering, net of expenses in 2016, 2017 and 2018, respectively | 109,207,000 | 0 | 109,207,000 | 0 | 0 | 0 |
Issuance of 3,326, 2,744, and 1,844 shares of common stock, dividend reinvestment plan in 2016, 2017 and 2018, respectively | 228,000 | 0 | 228,000 | 0 | 0 | 0 |
Withheld 57,316, 33,695, and 23,824 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock in 2016, 2017 and 2018, respectively | (2,505,000) | 0 | (2,505,000) | 0 | 0 | 0 |
Purchase of noncontrolling interest in joint venture | (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 |
Comprehensive income | ||||||
Net income | 88,636,000 | 0 | 0 | 88,506,000 | 0 | 130,000 |
Net unrealized change in fair value of interest rate swaps - cash flow hedges | 1,353,000 | 0 | 0 | 0 | 1,353,000 | 0 |
Common dividends declared - $2.44, $2.52, and $2.72 per share in 2016, 2017 and 2018, respectively | (97,667,000) | 0 | 0 | (97,667,000) | 0 | 0 |
Stock-based compensation, net of forfeitures | 6,103,000 | 0 | 6,103,000 | 0 | 0 | 0 |
Issuance of 875,052, 1,370,457, and 1,706,474 shares of common stock, common stock offering, net of expenses in 2016, 2017 and 2018, respectively | 157,319,000 | 1,000 | 157,318,000 | 0 | 0 | 0 |
Issuance of 3,326, 2,744, and 1,844 shares of common stock, dividend reinvestment plan in 2016, 2017 and 2018, respectively | 164,000 | 0 | 164,000 | 0 | 0 | 0 |
Withheld 57,316, 33,695, and 23,824 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock in 2016, 2017 and 2018, respectively | (2,055,000) | 0 | (2,055,000) | 0 | 0 | 0 |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (136,000) | 0 | (136,000) | 0 | 0 | 0 |
Distributions to noncontrolling interest | (194,000) | 0 | 0 | 0 | 0 | (194,000) |
Contributions from noncontrolling interest | 50,000 | 0 | 0 | 0 | 0 | 50,000 |
BALANCE at Dec. 31, 2018 | $ 904,703,000 | $ 4,000 | $ 1,222,547,000 | $ (326,193,000) | $ 6,701,000 | $ 1,644,000 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stockholders' Equity Attributable to Parent | |||
Common dividends declared - per share (in dollars per share) | $ 2.72 | $ 2.52 | $ 2.44 |
Issuance of shares of common stock, common stock offering, net of expenses (in shares) | 1,706,474 | 1,370,457 | 875,052 |
Issuance of shares of common stock, options exercised (in shares) | 0 | 0 | 0 |
Issuance of shares of common stock, dividend reinvestment plan (in shares) | 1,844 | 2,744 | 3,326 |
Withheld shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock (in shares) | 23,824 | 33,695 | 57,316 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING ACTIVITIES | |||
Net income | $ 88,636,000 | $ 83,589,000 | $ 96,094,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 91,704,000 | 83,874,000 | 77,935,000 |
Stock-based compensation expense | 5,283,000 | 5,521,000 | 4,590,000 |
Net gain on sales of real estate investments and non-operating real estate | (14,359,000) | (22,148,000) | (42,903,000) |
Gain on casualties and involuntary conversion | (1,245,000) | 0 | 0 |
Changes in operating assets and liabilities: | |||
Accrued income and other assets | (4,091,000) | (5,034,000) | (2,883,000) |
Accounts payable, accrued expenses and prepaid rent | (2,682,000) | 8,333,000 | 5,736,000 |
Other | 1,485,000 | 879,000 | 295,000 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 164,731,000 | 155,014,000 | 138,864,000 |
INVESTING ACTIVITIES | |||
Development and value-add properties | (167,667,000) | (124,938,000) | (203,765,000) |
Purchases of real estate | (57,152,000) | (55,195,000) | (27,668,000) |
Real estate improvements | (37,502,000) | (27,385,000) | (23,809,000) |
Net proceeds from sales of real estate investments and non-operating real estate | 24,508,000 | 42,710,000 | 78,780,000 |
Proceeds from casualties and involuntary conversion | 1,635,000 | 0 | 0 |
Repayments on mortgage loans receivable | 1,987,000 | 171,000 | 123,000 |
Changes in accrued development costs | 5,711,000 | (144,000) | 3,629,000 |
Changes in other assets and other liabilities | (12,955,000) | (14,645,000) | (13,762,000) |
NET CASH USED IN INVESTING ACTIVITIES | (241,435,000) | (179,426,000) | (186,472,000) |
FINANCING ACTIVITIES | |||
Proceeds from unsecured bank credit facilities | 448,100,000 | 391,617,000 | 608,349,000 |
Repayments on unsecured bank credit facilities | (448,709,000) | (387,298,000) | (567,165,000) |
Proceeds from Unsecured Debt | 60,000,000 | 60,000,000 | 205,000,000 |
Repayments on Unsecured Debt | (50,000,000) | 0 | (80,000,000) |
Repayments on secured debt | (11,289,000) | (58,209,000) | (92,773,000) |
Debt issuance costs | (1,922,000) | (380,000) | (1,487,000) |
Distributions paid to stockholders (not including dividends accrued) | (71,294,000) | (86,725,000) | (80,899,000) |
Proceeds from common stock offerings | 157,319,000 | 109,207,000 | 59,283,000 |
Proceeds from dividend reinvestment plan | 221,000 | 228,000 | 236,000 |
Other | (5,364,000) | (4,534,000) | (2,462,000) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 77,062,000 | 23,906,000 | 48,082,000 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 358,000 | (506,000) | 474,000 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 16,000 | 522,000 | 48,000 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 374,000 | 16,000 | 522,000 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Cash paid for interest, net of amount capitalized of $6,334, $5,765, and $5,340 for 2018, 2017 and 2016, respectively | $ 33,458,000 | $ 33,634,000 | $ 33,595,000 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash paid for interest, net of amount capitalized | $ 6,334 | $ 5,765 | $ 5,340 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
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, 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, 2018 and 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 2018 , 2017 and 2016 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 2018 , 2017 and 2016 . Federal Income Tax Treatment of Share Distributions Years Ended December 31, 2018 2017 2016 Common Share Distributions: (Per share) Ordinary dividends $ 2.14305 2.49146 2.10494 Nondividend distributions — 0.02686 0.05202 Unrecaptured Section 1250 capital gain — — 0.12872 Other capital gain — 0.00168 0.15432 Total Common Share Distributions $ 2.14305 2.52000 2.44000 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 2014 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, 2018 and 2017 . The Company’s income may differ for tax and financial reporting purposes principally because of (i) the timing of the deduction for the provision for possible losses and losses on investments, (ii) the timing of the recognition of gains or losses from the sale of investments, (iii) different income recognition methods for rental income, (iv) different depreciation methods and lives, (v) real estate properties having a different basis for tax and financial reporting purposes, (vi) mortgage loans having a different basis for tax and financial reporting purposes, thereby producing different gains upon collection of these loans, and (vii) 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 the Codification. For each transaction, the Company evaluates whether the guidance in ASC 606, Revenue from Contracts with Customers, or ASC 610, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, is applicable. Upon closing of real estate transactions, the provisions of the Codification require consideration of whether the seller has a controlling financial interest in the entity that holds the nonfinancial asset after the transaction. In addition, the seller evaluates whether a contract exists under ASC 606 and whether the counterparty obtained control of each nonfinancial asset that is sold. If a contract exists and the counterparty obtained control of each nonfinancial asset, the seller derecognizes the asset at the close of the transaction. If the requirements for recognizing gains have not been met, the sale and related costs are recorded, but the gain is deferred and recognized in the future when the criteria for gain recognition have been met. 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, 2018 and 2017 , there was no significant uncertainty of collection; therefore, interest income was recognized. As of December 31, 2018 and 2017 , 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 primarily located in major Sunbelt regions of the United States. The Company's properties have similar economic characteristics and as a result, have been 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, 2018 and 2017 , 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 $76,007,000 , $69,010,000 and $ 63,793,000 for 2018 , 2017 and 2016 , respectively. (e) Development and Value-Add Properties For properties under development and value-add properties (defined in Note 2) 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 projects 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. Effective January 1, 2018, the Company began transferring properties from the development program to Real estate properties at the earlier of 90% occupancy or one year after completion of the shell construction (formerly, the Company transferred at the earlier of 80% occupancy or one year after completion of the shell construction). This change did not materially impact the comparability of the Company's financial statements. Upon transfer, capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases and depreciation commences on the entire property (excluding the land). (f) Real Estate Held for Sale The Company considers a real estate property to be held for sale when it meets the criteria established under ASC 360, Property, Plant and Equipment, including when it is probable that the property will be sold within a year. Real estate properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. In 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 $1,352,000 , $1,250,000 and $1,534,000 for 2018 , 2017 and 2016 , respectively. Amortization of facility fees was $736,000 , $670,000 and $670,000 for 2018 , 2017 and 2016 , 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 $11,493,000 , $10,329,000 and $9,932,000 for 2018 , 2017 and 2016 , 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. Beginning with acquisitions after October 1, 2016, the Company follows the guidance in ASU 2017-01, which provides a framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the 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 determined that its real estate property acquisitions in 2018, 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 2018, 2017 and fourth quarter 2016 acquisitions. The FASB Codification also provides guidance on how to properly determine the allocation of the purchase price among the individual components of both the tangible and intangible assets based on their respective fair values. Goodwill 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 $667,000 , $529,000 and $488,000 in 2018 , 2017 and 2016 , respectively. Amortization expense for in-place lease intangibles was $4,204,000 , $4,535,000 and $4,210,000 for 2018 , 2017 and 2016 , respectively. Projected amortization of in-place lease intangibles for the next five years as of December 31, 2018 is as follows: Years Ending December 31, (In thousands) 2019 $ 3,614 2020 2,862 2021 2,006 2022 1,161 2023 870 During 2018, the Company acquired the following operating properties: Gwinnett 316 in Atlanta; Eucalyptus Distribution Center in Chino (Los Angeles); Allen Station I & II in Dallas; and Greenhill Distribution Center in Austin. The Company also acquired one value-add property, Siempre Viva Distribution Center in San Diego. At the time of acquisition, Siempre Viva was classified in the lease-up phase. The total cost for the properties acquired by the Company was $71,086,000 , of which $54,537,000 was allocated to Real estate properties and $13,934,000 was allocated to Development and value-add properties . EastGroup allocated $23,263,000 of the total purchase price to land using third party land valuations for the Atlanta, Dallas, Austin, San Diego and Chino (Los Angeles) 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: $4,350,000 to in-place lease intangibles and $21,000 to above market leases (included in Other assets on the Consolidated Balance Sheets), and $1,756,000 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 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 and value-add properties . 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 and $385,000 to below market leases. 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 and value-add properties . 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. 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, 2018 and 2017 . (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, liabilities, 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. The new standard was effective for the Company on January 1, 2018, and the Company used the modified retrospective approach upon adoption. The adoption of ASU 2014-09 did not have a material impact on the Company's financial condition or results of operations. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized costs on the balance sheet. EastGroup adopted ASU 2016-01 effective January 1, 2018. The adoption of ASU 2016-01 did not 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. The Company anticipates the right-of-use asset and lease liability values for its office and ground leases will be less than 1% of Total assets . 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 believes it will continue to account for its leases in substantially the same manner. The most significant change for the Company related to lessor accounting includes 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. EastGroup estimates the new definition of initial direct costs will result in an increase of expenses, and therefore a decrease in earnings, of approximately $200,000 on an annual basis. EastGroup has elected the practical expedient permitting lessors to make an accounting policy election by class of underlying asset to not separate non-lease components of a contract from the lease component to which they relate when specific criteria are met (the Company believes its leases meet the criteria). 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 adopted 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 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; the adoption of ASU 2017-09 did not have a material impact on its financial condition or results of operations, as the Company has not had 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. AS |
REAL ESTATE PROPERTIES
REAL ESTATE PROPERTIES | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
REAL ESTATE PROPERTIES | REAL ESTATE PROPERTIES The Company’s Real estate properties and Development and value-add properties at December 31, 2018 and 2017 were as follows: December 31, 2018 2017 (In thousands) Real estate properties: Land $ 380,684 345,424 Buildings and building improvements 1,732,592 1,587,130 Tenant and other improvements 440,205 404,180 Development and value-add properties (1) 263,664 242,014 2,817,145 2,578,748 Less accumulated depreciation (814,915 ) (749,601 ) $ 2,002,230 1,829,147 (1) Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use. Acquired properties meeting either of the following two conditions are considered value-add properties: (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property. EastGroup acquired operating properties during 2018 , 2017 and 2016 as discussed in Note 1(j). The Company sold operating properties during 2018 , 2017 and 2016 as shown in the table below. 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, 2018 and 2017 . Sales of Real Estate A summary of Gain, net of loss, on sales of real estate investments for the years ended December 31, 2018 , 2017 and 2016 follows: Real Estate Properties Location Size (in Square Feet) Date Sold Net Sales Price Basis Recognized Gain (Loss) (In thousands) 2018 World Houston 18 Houston, TX 33,000 01/26/2018 $ 2,289 1,211 1,078 56 Commerce Park Tampa, FL 181,000 03/20/2018 12,032 2,888 9,144 35th Avenue Distribution Center Phoenix, AZ 125,000 07/26/2018 7,683 3,632 4,051 Total for 2018 $ 22,004 7,731 14,273 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 (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, 2018, the Company sold a parcel of land in Houston generating gross proceeds of $2,577,000 and recognized a gain of $86,000 . During the year ended December 31, 2017, EastGroup sold parcels of land in El Paso and Dallas for $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 net gains of $733,000 . The net gains on sales of land are included in Other on the Consolidated Statements of Income and Comprehensive Income. Development and Value-Add Properties The Company’s development and value-add program as of December 31, 2018 , 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 projects for 2018 were $6,334,000 compared to $5,765,000 for 2017 and $5,340,000 for 2016 . In addition, EastGroup capitalized internal development costs of $4,696,000 during the year ended December 31, 2018 , compared to $4,754,000 during 2017 and $3,789,000 in 2016 . Total capital invested for development and value-add properties during 2018 was $167,667,000 , which primarily consisted of costs of $134,957,000 and $21,736,000 as detailed in the Development and Value-Add Properties Activity table below and costs of $8,556,000 on projects subsequent to transfer to Real estate properties . The capitalized costs incurred on development projects 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 AND VALUE-ADD PROPERTIES ACTIVITY Costs Incurred Anticipated Building Conversion Date Costs Transferred in 2018 (1) For the Year Ended 12/31/18 Cumulative as of 12/31/18 Estimated Total Costs (2) (In thousands) (Unaudited) (Unaudited) (Unaudited) LEASE-UP Building Size (Square feet) Siempre Viva, San Diego, CA 115,000 $ — 14,075 14,075 14,400 01/19 CreekView 121 3 & 4, Dallas, TX 158,000 — 3,489 13,800 16,200 03/19 Falcon Field, Phoenix, AZ 96,000 — 5,285 8,232 9,400 05/19 Gateway 1, Miami, FL 200,000 9,110 11,131 20,241 25,000 05/19 Broadmoor 2, Atlanta, GA 111,000 705 5,709 6,414 7,400 11/19 Total Lease-Up 680,000 9,815 39,689 62,762 72,400 UNDER CONSTRUCTION Horizon XI, Orlando, FL 135,000 3,171 5,552 8,723 10,400 01/20 Settlers Crossing 1, Austin, TX 77,000 — 4,704 6,260 7,400 01/20 Settlers Crossing 2, Austin, TX 83,000 — 5,442 7,115 8,400 01/20 SunCoast 5, Ft. Myers, FL 81,000 2,704 3,831 6,535 7,700 01/20 Airport Commerce Center 3, Charlotte, NC 96,000 — 4,060 5,793 7,300 02/20 Parc North 5, Dallas, TX 100,000 1,683 5,270 6,953 9,200 02/20 Steele Creek V, Charlotte, NC 54,000 1,366 1,948 3,314 5,800 03/20 Horizon VI, Orlando, FL 148,000 3,418 4,807 8,225 12,700 04/20 Ten West Crossing 8, Houston, TX 132,000 1,947 4,643 6,590 10,900 04/20 Tri-County Crossing 1 & 2, San Antonio, TX 203,000 2,012 6,883 8,895 14,600 04/20 Eisenhauer Point 7 & 8, San Antonio, TX 336,000 4,916 8,174 13,090 24,500 05/20 CreekView 121 5 & 6, Dallas, TX 139,000 3,675 1,930 5,605 14,900 07/20 Total Under Construction 1,584,000 24,892 57,244 87,098 133,800 PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) Estimated Building Size (Square feet) Phoenix, AZ 315,000 — 6,809 6,809 Ft. Myers, FL 488,000 (2,704 ) 1,914 13,322 Miami, FL 650,000 (9,110 ) 14,565 36,331 Orlando, FL 214,000 (6,589 ) 1,188 5,719 Tampa, FL 32,000 — — 1,560 Atlanta, GA 100,000 (705 ) 224 726 Jackson, MS 28,000 — — 706 Charlotte, NC 600,000 (1,366 ) 1,846 7,209 Austin, TX 180,000 — 722 3,742 Dallas, TX 612,000 (5,358 ) 7,954 12,192 Houston, TX (3) 1,123,000 (2,969 ) (1,782 ) 16,439 San Antonio, TX 908,000 (6,928 ) 4,584 9,049 Total Prospective Development 5,250,000 (35,729 ) 38,024 113,804 7,514,000 $ (1,022 ) 134,957 263,664 DEVELOPMENT AND VALUE-ADD PROPERTIES TRANSFERRED TO REAL ESTATE PROPERTIES DURING 2018 Building Size (Square feet) Building Conversion Date Alamo Ridge IV, San Antonio, TX 97,000 $ — 320 7,417 03/18 Oak Creek VII, Tampa, FL 116,000 — 601 6,732 03/18 Weston, Ft. Lauderdale, FL 134,000 — 222 15,742 03/18 Progress Center 1 & 2, Atlanta, GA 132,000 — 143 10,476 04/18 Horizon X, Orlando, FL 104,000 — 3,352 6,902 05/18 SunCoast 4, Ft. Myers, FL 93,000 — 71 9,191 05/18 Country Club V, Tucson, AZ 305,000 — 7,078 21,029 06/18 Eisenhauer Point 3, San Antonio, TX 71,000 — 231 6,390 06/18 Kyrene 202 III, IV & V, Phoenix, AZ 166,000 — 1,146 12,689 09/18 Steele Creek VII, Charlotte, NC 120,000 — 795 8,592 09/18 Eisenhauer Point 6, San Antonio, TX 85,000 — 1,356 5,406 10/18 Horizon XII, Orlando, FL 140,000 — 653 11,883 10/18 Eisenhauer Point 5, San Antonio, TX 98,000 — 2,012 7,816 11/18 West Road 5, Houston, TX 58,000 1,022 3,756 4,778 11/18 Total Transferred to Real Estate Properties 1,719,000 $ 1,022 21,736 135,043 (4) Footnotes for the Development and Value-Add Properties 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 $52.4 million and tenant improvement obligations of $13.6 million on properties under development. (3) Negative amount represents land inventory costs transferred to Under Construction and land sold on 3/28/18. (4) Represents cumulative costs at the date of transfer. Future Minimum Rental Receipts Under Non-Cancelable Leases The following schedule indicates approximate future minimum rental receipts under non-cancelable leases for real estate properties by year as of December 31, 2018 : Years Ending December 31, (In thousands) 2019 $ 226,330 2020 195,850 2021 151,564 2022 112,007 2023 82,262 Thereafter 163,499 Total minimum receipts $ 931,512 Ground Leases As of December 31, 2018 , 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, 2018 , 2017 and 2016 were $783,000 , $760,000 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, 2018 : Future Minimum Ground Lease Payments Years Ending December 31, (In thousands) 2019 $ 791 2020 791 2021 791 2022 791 2023 791 Thereafter 9,343 Total minimum payments $ 13,298 |
UNCONSOLIDATED INVESTMENT
UNCONSOLIDATED INVESTMENT | 12 Months Ended |
Dec. 31, 2018 | |
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 2021 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 $7,870,000 at December 31, 2018 , and $8,029,000 at December 31, 2017 . |
MORTGAGE LOANS RECEIVABLE
MORTGAGE LOANS RECEIVABLE | 12 Months Ended |
Dec. 31, 2018 | |
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 . In March of 2018, one of the notes was repaid in full. As of December 31, 2018, the Company had one mortgage loan receivable which was classified as a first mortgage loan with an effective interest rate of 5.15% and a maturity date 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, 2018 | |
Other Assets [Abstract] | |
OTHER ASSETS | OTHER ASSETS A summary of the Company’s Other assets follows: December 31, 2018 2017 (In thousands) Leasing costs (principally commissions) $ 78,985 72,722 Accumulated amortization of leasing costs (30,185 ) (27,973 ) Leasing costs (principally commissions), net of accumulated amortization 48,800 44,749 Straight-line rents receivable 36,365 31,609 Allowance for doubtful accounts on straight-line rents receivable (343 ) (48 ) Straight-line rents receivable, net of allowance for doubtful accounts 36,022 31,561 Accounts receivable 6,033 6,004 Allowance for doubtful accounts on accounts receivable (600 ) (577 ) Accounts receivable, net of allowance for doubtful accounts 5,433 5,427 Acquired in-place lease intangibles 21,696 20,690 Accumulated amortization of acquired in-place lease intangibles (9,833 ) (8,974 ) Acquired in-place lease intangibles, net of accumulated amortization 11,863 11,716 Acquired above market lease intangibles 1,465 1,550 Accumulated amortization of acquired above market lease intangibles (902 ) (794 ) Acquired above market lease intangibles, net of accumulated amortization 563 756 Mortgage loans receivable 2,594 4,581 Interest rate swap assets 6,701 6,034 Goodwill 990 990 Prepaid expenses and other assets 8,265 10,215 Total Other assets $ 121,231 116,029 |
UNSECURED BANK CREDIT FACILITIE
UNSECURED BANK CREDIT FACILITIES | 12 Months Ended |
Dec. 31, 2018 | |
Line of Credit Facility [Abstract] | |
UNSECURED BANK CREDIT FACILITIES | Until June 14, 2018, EastGroup had $300 million and $35 million unsecured bank credit facilities with margins over LIBOR of 100 basis points, facility fees of 20 basis points and maturity dates of July 30, 2019 . The Company amended and restated these credit facilities on June 14, 2018, expanding the capacity to $350 million and $45 million, as detailed below. The $350 million unsecured bank credit facility is with a group of nine banks and has a maturity date of July 30, 2022 . The credit facility contains options for two six-month extensions (at the Company's election) and a $150 million accordion (with agreement by all parties). The interest rate on each tranche is usually reset on a monthly basis and as of December 31, 2018 , 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 had designated an interest rate swap to an $80 million unsecured bank credit facility draw that effectively fixed the interest rate on the $80 million draw to 2.020% through the interest rate swap's maturity date. This swap matured on August 15, 2018 , and the $80 million draw has reverted to the variable interest rate associated with the Company's unsecured bank credit facilities. As of December 31, 2018 , the Company had $187,000,000 of variable rate borrowings outstanding on this unsecured bank credit facility with a weighted average interest rate of 3.508% . The Company has a standby letter of credit of $674,000 pledged on this facility. The Company's $45 million unsecured bank credit facility has a maturity date of July 30, 2022 , or such later date as designated by the bank; the Company also has two six-month extensions available if the extension options in the $350 million facility are exercised. The interest rate is reset on a daily basis and as of December 31, 2018 , 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. As of December 31, 2018 , the interest rate was 3.503% on a balance of $8,730,000 . Average unsecured bank credit facilities borrowings were $141,223,000 in 2018 , $114,751,000 in 2017 and $106,352,000 in 2016 , with weighted average interest rates (excluding amortization of facility fees and debt issuance costs) of 2.64% in 2018 , 2.07% in 2017 and 1.49% in 2016 . Amortization of facility fees was $736,000 , $670,000 and $670,000 for 2018 , 2017 and 2016 , respectively. Amortization of debt issuance costs for the Company's unsecured bank credit facilities was $508,000 , $451,000 and $450,000 for 2018 , 2017 and 2016 , 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, 2018 . See Note 7 for a detail of the outstanding balances of the Company's Unsecured bank credit facilities as of December 31, 2018 and 2017 . |
UNSECURED AND SECURED DEBT
UNSECURED AND SECURED DEBT | 12 Months Ended |
Dec. 31, 2018 | |
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 $ 195,730 116,339 Unsecured bank credit facilities - fixed rate, carrying amount (1) (2) — 80,000 Unamortized debt issuance costs (1,804 ) (630 ) Unsecured bank credit facilities 193,926 195,709 Unsecured debt - fixed rate, carrying amount (1) 725,000 715,000 Unamortized debt issuance costs (1,600 ) (1,939 ) Unsecured debt 723,400 713,061 Secured debt - fixed rate, carrying amount (1) 189,038 200,354 Unamortized debt issuance costs (577 ) (842 ) Secured debt 188,461 199,512 Total debt $ 1,105,787 1,108,282 (1) These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. (2) The Company had designated an interest rate swap to an $80 million unsecured bank credit facility draw that effectively fixed the interest rate on the $80 million draw to 2.020% through the interest rate swap's maturity date. This swap matured on August 15, 2018 , and the $80 million draw has reverted to the variable interest rate associated with the Company's unsecured bank credit facilities. A summary of the carrying amount of Unsecured debt follows: Balance at December 31, Margin Above LIBOR Interest Rate Maturity Date 2018 2017 (In thousands) $50 Million Unsecured Term Loan Not applicable 3.910% 12/21/2018 $ — 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) 1.100% 2.313% 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 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 $60 Million Senior Unsecured Notes Not applicable 3.930% 04/10/2028 60,000 — $ 725,000 715,000 (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, 2018 . In February 2018, the Company refinanced a $65 million unsecured term loan, resulting in a 55 basis point reduction in the loan's interest rate. The loan, which has a maturity date of April 1, 2023 , now has an effectively fixed interest rate of 2.313% . In April, the Company closed $60 million of senior unsecured private placement notes with an insurance company. The notes have a ten -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. In June, the Company repaid (with no penalty) a $50 million senior unsecured term loan with an interest rate of 3.91% and an original maturity date of December 21, 2018 . 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, 2018 . 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, 2018 Balance at December 31, Property 2018 2017 (In thousands) Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington 7.50% 539,747 05/05/2019 $ 45,420 46,725 49,580 Blue Heron II 5.39% 16,176 02/29/2020 4,555 233 409 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 66,493 52,115 55,317 Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Venture and World Houston 3-9 (1) 4.75% 420,045 06/05/2021 53,820 47,445 50,161 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 54,679 40,046 42,315 Ramona 3.85% 16,287 11/30/2026 8,890 2,474 2,572 $ 233,857 189,038 200,354 (1) Subsequent to December 31, 2018, the Company executed a collateral release for World Houston 5; this property is no longer considered to be collateral securing this loan. 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. Scheduled 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, 2018 are as follows: Years Ending December 31, (In thousands) 2019 $ 130,567 2020 114,096 2021 129,563 2022 107,769 2023 115,119 |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 (In thousands) Property taxes payable $ 10,718 12,081 Development costs payable 15,410 9,699 Real estate improvements and capitalized leasing costs payable 3,911 3,957 Interest payable 4,067 3,744 Dividends payable 27,738 1,365 Book overdraft (1) 15,048 20,902 Other payables and accrued expenses 9,671 13,219 Total Accounts payable and accrued expenses $ 86,563 64,967 (1) Represents checks written before the end of the period which have not cleared the bank; therefore, the bank has not yet advanced cash to the Company. When the checks clear the bank, they will be funded through the Company's working cash line of credit. See Note 1(p). |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES A summary of the Company’s Other liabilities follows: December 31, 2018 2017 (In thousands) Security deposits $ 18,432 16,668 Prepaid rent and other deferred income 12,728 9,352 Acquired below-market lease intangibles 5,891 4,135 Accumulated amortization of below-market lease intangibles (3,028 ) (2,147 ) Acquired below-market lease intangibles, net of accumulated amortization 2,863 1,988 Interest rate swap liabilities — 695 Prepaid tenant improvement reimbursements 614 124 Other liabilities 15 15 Total Other liabilities $ 34,652 28,842 |
COMMON STOCK ACTIVITY
COMMON STOCK ACTIVITY | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
COMMON STOCK ACTIVITY | COMMON STOCK ACTIVITY The following table presents the common stock activity for the three years ended December 31, 2018 : Years Ended December 31, 2018 2017 2016 Common Stock (in shares) Shares outstanding at beginning of year 34,758,167 33,332,213 32,421,460 Common stock offerings 1,706,474 1,370,457 875,052 Dividend reinvestment plan 1,844 2,744 3,326 Incentive restricted stock granted 50,217 93,285 80,529 Incentive restricted stock forfeited — (16,000 ) (910 ) Director common stock awarded 8,478 8,881 10,072 Director restricted stock granted — 282 — Restricted stock withheld for tax obligations (23,824 ) (33,695 ) (57,316 ) Shares outstanding at end of year 36,501,356 34,758,167 33,332,213 Common Stock Issuances The following table presents the common stock issuance activity for the three years ended December 31, 2018 : Years Ended December 31, Number of Shares of Common Stock Issued Net Proceeds (In thousands) 2018 1,706,474 $ 157,319 2017 1,370,457 109,207 2016 875,052 59,283 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, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION 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. 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 1,629,281 , 1,671,981 and 1,752,345 total shares available for grant under the 2013 Equity Plan as of December 31, 2018 , 2017 and 2016 , respectively. Typically, the Company issues new shares to fulfill stock grants. Stock-based compensation cost for employees was $5,322,000 , $6,309,000 and $5,184,000 for 2018 , 2017 and 2016 , respectively, of which $1,173,000 , $1,458,000 and $1,183,000 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 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 funds from operations (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 measured the Company's performance for 2017 against bright-line tests established by the Committee on the grant date of May 10, 2017, and determined that 21,097 shares were earned. These shares, which have a grant date fair value of $78.18 , vested 20% on the date shares were determined and will vest 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 have been 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. On March 1, 2018, the Committee evaluated the performance of the officers and, in its discretion, awarded 4,554 shares with a grant date fair value of $80.93 . These shares vested 20% on the date shares were determined and awarded and will vest 20% per year on each January 1 for the subsequent four years. The Company began recognizing expense for the shares awarded on the grant date of March 1, 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 member companies of the Nareit industrial index. The first plan measured the bright-line tests over the one-year period ended December 31, 2017. During the first quarter of 2018, the Committee measured 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 determined on the measurement date was 4,257 . These shares vested 100% on March 1, 2018, the date the earned shares were 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 ended 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, vested 25% in the first quarter of 2018 and will vest 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. In the second quarter of 2018, the Committee approved an equity compensation plan for the Company's executive officers based upon certain annual performance measures for 2018, including FFO per share, same property net operating income change, general and administrative costs, and fixed charge coverage. During the first quarter of 2019, the Committee will measure the Company's performance for 2018 against bright-line tests established by the Committee on the grant date of June 1, 2018. The number of shares that may be earned for the achievement of the annual performance measures could range from zero to 24,690 . These shares, which have a grant date fair value of $95.19 , 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 June 1, 2018, 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 2018, the Committee approved an equity compensation plan for EastGroup's 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 2019. The number of shares to be issued on the grant date for the achievement of individual goals could range from zero to 6,173 . 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 2019, and the shares will be expensed on a straight-line basis over the remaining service period. Also in the second quarter of 2018, the Committee approved a long-term equity compensation plan for the Company’s executive officers that includes one component based on total shareholder return and one component based only on continued service as of the vesting dates. The component of the long-term equity compensation plan based on total shareholder return is subject to bright-line tests that will compare the Company's total shareholder return to the Nareit Equity Index and to the member companies of the Nareit industrial index. The plan will measure the bright-line tests over the three -year period ending December 31, 2020. During the first quarter of 2021, 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 June 1, 2018. The number of shares to be earned on the measurement date could range from zero to 27,596 . These shares would vest 75% on the date the earned shares are determined in the first quarter of 2021 and 25% on January 1, 2022. On the grant date of June 1, 2018, 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 June 1, 2018. On that date, 7,884 shares were granted to the Company's executive officers subject only to continued service as of the vesting dates. These shares, which have a grant date fair value of $95.19 , will vest 25% in the first quarter of 2019 and 25% on January 1 in years 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 2018, 12,425 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 $95.17 , will vest 20% on January 1 in years 2019, 2020, 2021, 2022 and 2023. 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, 2018 , there was $5,785,000 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 2.5 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 2018 , 2017 and 2016 . Of the shares that vested in 2018 , 2017 and 2016 , 23,824 shares, 33,695 shares and 57,316 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 2018 , 2017 and 2016 was $4,223,000 , $7,155,000 and $4,736,000 , respectively. As of the vesting date, the fair value of shares that vested during 2018 , 2017 and 2016 was $5,149,000 , $6,441,000 and $10,013,000 , respectively. Restricted Stock Activity: Years Ended December 31, 2018 2017 2016 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 152,644 $ 63.18 162,087 $ 51.97 260,698 $ 52.68 Granted (1) 50,217 84.09 93,285 76.70 80,529 58.81 Forfeited — — (16,000 ) 36.98 (910 ) 52.89 Vested (59,547 ) 63.77 (86,728 ) 61.62 (178,230 ) 56.09 Unvested at end of year 143,314 70.26 152,644 63.18 162,087 51.97 (1) Does not include the restricted shares that may be earned if the performance goals established in 2017 for long-term performance and in 2018 for annual and long-term performance 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 86,836 . Following is a vesting schedule of the total unvested shares as of December 31, 2018 : Unvested Shares Vesting Schedule Number of Shares 2019 53,826 2020 50,650 2021 23,167 2022 13,186 2023 2,485 Total Unvested Shares 143,314 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 $86,000 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 8,478 shares, 8,881 shares and 10,072 shares of common stock as annual retainer awards for 2018 , 2017 and 2016 , 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, vested 25% on September 8, 2018, and will vest 25% per year on September 8 in years 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 2018 , 2017 and 2016 was $7,000 , $9,000 and $8,000 , respectively. Stock-based compensation expense for directors was $1,134,000 , $670,000 and $589,000 for 2018 , 2017 and 2016 , respectively. |
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 , 2017 and 2016 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, 2018 2017 2016 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): (In thousands) Balance at beginning of year $ 5,348 1,995 (3,456 ) Change in fair value of interest rate swaps - cash flow hedges 1,353 3,353 5,451 Balance at end of year $ 6,701 5,348 1,995 |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , EastGroup had six 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 $2,532,000 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. In July 2017, the Financial Conduct Authority (the authority that regulates LIBOR) announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. The Alternative Reference Rates Committee ("ARRC") has proposed that the Secured Overnight Financing Rate ("SOFR") is the rate that represents best practice as the alternative to USD-LIBOR for use in derivatives and other financial contracts that are currently indexed to USD-LIBOR. ARRC has proposed a paced market transition plan to SOFR from USD-LIBOR and organizations are currently working on industry wide and company specific transition plans as it relates to derivatives and cash markets exposed to USD-LIBOR. The Company has material contracts that are indexed to USD-LIBOR and is monitoring this activity and evaluating the related risks. As of December 31, 2018 and 2017 , 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, 2018 Notional Amount as of December 31, 2017 (In thousands) Interest Rate Swap — $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, 2018 and 2017 . See Note 18 for additional information on the fair value of the Company's interest rate swaps. Derivatives As of December 31, 2018 Derivatives As of December 31, 2017 Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges: Interest rate swap assets Other assets $ 6,701 Other assets $ 6,034 Interest rate swap liabilities Other liabilities — Other liabilities 695 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, 2018 , 2017 and 2016 : Years Ended December 31, 2018 2017 2016 (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS Interest Rate Swaps: Amount of income (loss) recognized in Other comprehensive income (loss) on derivatives $ 2,757 1,437 1,410 Amount of (income) loss reclassified from Accumulated other comprehensive income (loss) into Interest expense (1,404 ) 1,916 4,041 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, 2018 , the fair value of derivatives in a net liability position related to these agreements was $0 . |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2018 | |
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: 2018 2017 2016 (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 88,506 83,183 95,509 Denominator – weighted average shares outstanding 35,439 33,996 32,563 DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 88,506 83,183 95,509 Denominator: Weighted average shares outstanding 35,439 33,996 32,563 Unvested restricted stock 67 51 65 Total Shares 35,506 34,047 32,628 |
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED | QUARTERLY RESULTS OF OPERATIONS – UNAUDITED 2018 Quarter Ended 2017 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 $ 83,179 75,107 79,593 78,196 66,409 90,004 69,001 71,944 Expenses (54,431 ) (56,843 ) (56,552 ) (59,613 ) (53,436 ) (53,027 ) (53,029 ) (54,277 ) Net income 28,748 18,264 23,041 18,583 12,973 36,977 15,972 17,667 Net income attributable to noncontrolling interest in joint ventures (35 ) (37 ) (31 ) (27 ) (154 ) (87 ) (88 ) (77 ) Net income attributable to EastGroup Properties, Inc. common stockholders $ 28,713 18,227 23,010 18,556 12,819 36,890 15,884 17,590 BASIC PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) Net income attributable to common stockholders $ 0.83 0.52 0.64 0.51 0.38 1.09 0.46 0.51 Weighted average shares outstanding 34,689 35,196 35,716 36,135 33,361 33,987 34,215 34,406 DILUTED PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) Net income attributable to common stockholders $ 0.83 0.52 0.64 0.51 0.38 1.08 0.46 0.51 Weighted average shares outstanding 34,736 35,259 35,798 36,232 33,409 34,040 34,290 34,505 (1) The above quarterly earnings per share calculations are based on the weighted average number of shares of common stock outstanding during each quarter for basic earnings per share and the weighted average number of outstanding shares of common stock and common stock 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 shares of common stock outstanding during each year for basic earnings per share and the weighted average number of outstanding shares of common stock and common stock 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, 2018 | |
Defined Contribution Plan [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 $769,000 , $672,000 and $675,000 for 2018 , 2017 and 2016 , respectively. |
LEGAL MATTERS
LEGAL MATTERS | 12 Months Ended |
Dec. 31, 2018 | |
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. An action is pending against the Company and certain of the Company’s officers relating to the Company’s November 2016 purchase of a land parcel, alleging breach of contract and other claims in law and in equity. The Company has asserted numerous affirmative defenses and believes the lawsuit lacks merit. While discovery is ongoing, as are efforts to reach a mediated resolution of the dispute, in an effort to resolve this litigation, the Company made a settlement offer for $497,000 and has reserved such amount as of December 31, 2018. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS ASC 820, Fair Value Measurement, 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, 2018 and 2017 . December 31, 2018 2017 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial Assets: Cash and cash equivalents $ 374 374 16 16 Mortgage loans receivable 2,594 2,571 4,581 4,569 Interest rate swap assets 6,701 6,701 6,034 6,034 Financial Liabilities: Unsecured bank credit facilities - variable rate (2) 195,730 196,423 116,339 116,277 Unsecured bank credit facilities - fixed rate (2) — — 80,000 80,003 Unsecured debt (2) 725,000 718,364 715,000 703,871 Secured debt (2) 189,038 191,742 200,354 206,408 Interest rate swap liabilities — — 695 695 (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, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On January 29, 2019 , EastGroup closed the sale of World Houston 5, a 51,000 square foot, non-EastGroup developed, single-tenant building in Houston, for $3.8 million . The transaction generated a gain on sale which will be recognized in the first quarter of 2019. Subsequent to December 31, 2018, the Company executed a commitment letter for $80 million of senior unsecured private placement notes with an insurance company. The notes, which are expected to close in March 2019, have a 10 -year term and a fixed interest rate of 4.27% 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, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III | SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (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 Jetport Commerce Park $ — 1,575 6,591 6,154 1,575 12,745 14,320 8,861 1993-99 1974-85 Westport Commerce Center — 980 3,800 2,854 980 6,654 7,634 4,781 1994 1983/87 Benjamin Distribution Center I & II — 843 3,963 1,624 883 5,547 6,430 3,956 1997 1996 Benjamin Distribution Center III — 407 1,503 654 407 2,157 2,564 1,603 1999 1988 Palm River Center — 1,190 4,625 2,737 1,190 7,362 8,552 5,012 1997/98 1990/97/98 Palm River North I & III — 1,005 4,688 2,611 1,005 7,299 8,304 4,418 1998 2000 Palm River North II — 634 4,418 406 634 4,824 5,458 3,469 1997/98 1999 Palm River South I — 655 3,187 651 655 3,838 4,493 1,918 2000 2005 Palm River South II — 655 — 4,411 655 4,411 5,066 2,225 2000 2006 Walden Distribution Center I — 337 3,318 634 337 3,952 4,289 2,208 1997/98 2001 Walden Distribution Center II — 465 3,738 1,492 465 5,230 5,695 2,960 1998 1998 Oak Creek Distribution Center I — 1,109 6,126 1,378 1,109 7,504 8,613 4,252 1998 1998 Oak Creek Distribution Center II — 647 3,603 1,712 647 5,315 5,962 2,710 2003 2001 Oak Creek Distribution Center III — 439 — 3,200 556 3,083 3,639 1,252 2005 2007 Oak Creek Distribution Center IV — 682 6,472 825 682 7,297 7,979 3,008 2005 2001 Oak Creek Distribution Center V — 724 — 5,961 916 5,769 6,685 2,422 2005 2007 Oak Creek Distribution Center VI — 642 — 5,377 812 5,207 6,019 1,839 2005 2008 Oak Creek Distribution Center VII — 740 — 6,396 740 6,396 7,136 200 2005 2017 Oak Creek Distribution Center VIII — 843 — 6,236 1,051 6,028 7,079 632 2005 2015 Oak Creek Distribution Center IX — 618 — 5,104 781 4,941 5,722 1,471 2005 2009 Oak Creek Distribution Center A — 185 — 1,493 185 1,493 1,678 518 2005 2008 Oak Creek Distribution Center B — 227 — 1,549 227 1,549 1,776 540 2005 2008 Airport Commerce Center — 1,257 4,012 997 1,257 5,009 6,266 2,851 1998 1998 Westlake Distribution Center — 1,333 6,998 2,595 1,333 9,593 10,926 5,696 1998 1998/99 Expressway Commerce Center I — 915 5,346 1,573 915 6,919 7,834 3,517 2002 2004 Expressway Commerce Center II — 1,013 3,247 785 1,013 4,032 5,045 2,031 2003 2001 Silo Bend Distribution Center — 4,131 27,497 2,714 4,132 30,210 34,342 6,982 2011 1987/90 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (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 4,758 651 791 5,409 6,200 1,449 2011 1984 Tampa West Distribution Center — 2,139 8,502 1,263 2,140 9,764 11,904 2,555 2011 1975/93/94 Madison Distribution Center — 495 2,779 428 495 3,207 3,702 881 2012 2007 Madison Distribution Center II & III — 624 — 7,004 624 7,004 7,628 939 2012 2015 Madison Distribution Center IV & V — 565 — 8,212 565 8,212 8,777 638 2012 2016 Orlando Chancellor Center — 291 1,711 511 291 2,222 2,513 1,346 1996/97 1996/97 Exchange Distribution Center I — 603 2,414 2,289 603 4,703 5,306 3,430 1994 1975 Exchange Distribution Center II — 300 945 482 300 1,427 1,727 862 2002 1976 Exchange Distribution Center III — 320 997 408 320 1,405 1,725 938 2002 1980 Sunbelt Distribution Center — 1,472 5,745 5,952 1,472 11,697 13,169 8,930 1989/97/98 1974/87/97/98 John Young Commerce Center I — 497 2,444 1,433 497 3,877 4,374 2,243 1997/98 1997/98 John Young Commerce Center II — 512 3,613 532 512 4,145 4,657 2,747 1998 1999 Altamonte Commerce Center I — 1,498 2,661 2,746 1,498 5,407 6,905 4,000 1999 1980/82 Altamonte Commerce Center II — 745 2,618 1,294 745 3,912 4,657 2,322 2003 1975 Sunport Center I — 555 1,977 1,019 555 2,996 3,551 1,622 1999 1999 Sunport Center II — 597 3,271 1,881 597 5,152 5,749 3,528 1999 2001 Sunport Center III — 642 3,121 1,057 642 4,178 4,820 2,320 1999 2002 Sunport Center IV — 642 2,917 1,814 642 4,731 5,373 2,548 1999 2004 Sunport Center V — 750 2,509 2,386 750 4,895 5,645 2,818 1999 2005 Sunport Center VI — 672 — 3,719 672 3,719 4,391 1,461 1999 2006 Southridge Commerce Park I — 373 — 4,942 373 4,942 5,315 2,934 2003 2006 Southridge Commerce Park II — 342 — 4,527 342 4,527 4,869 2,300 2003 2007 Southridge Commerce Park III — 547 — 5,683 547 5,683 6,230 2,290 2003 2007 Southridge Commerce Park IV (h) 2,641 506 — 4,645 506 4,645 5,151 1,961 2003 2006 Southridge Commerce Park V (h) 2,510 382 — 4,514 382 4,514 4,896 2,169 2003 2006 Southridge Commerce Park VI — 571 — 5,344 571 5,344 5,915 2,048 2003 2007 Southridge Commerce Park VII — 520 — 6,741 520 6,741 7,261 2,568 2003 2008 Southridge Commerce Park VIII — 531 — 6,353 531 6,353 6,884 2,058 2003 2008 Southridge Commerce Park IX — 468 — 6,460 468 6,460 6,928 1,692 2003 2012 Southridge Commerce Park X — 414 — 4,879 414 4,879 5,293 986 2003 2012 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (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 — 5,939 513 5,939 6,452 1,361 2003 2012 Southridge Commerce Park XII — 2,025 — 16,896 2,025 16,896 18,921 5,140 2005 2008 Horizon Commerce Park I — 991 — 6,528 991 6,528 7,519 1,199 2008 2014 Horizon Commerce Park II — 1,111 — 7,205 1,111 7,205 8,316 1,086 2008 2014 Horizon Commerce Park III — 991 — 6,480 991 6,480 7,471 706 2008 2016 Horizon Commerce Park IV — 1,097 — 8,549 1,097 8,549 9,646 998 2008 2015 Horizon Commerce Park V — 1,108 — 8,598 1,108 8,598 9,706 533 2008 2017 Horizon Commerce Park VII — 962 — 7,471 962 7,471 8,433 631 2008 2017 Horizon Commerce Park X — 846 — 6,601 846 6,601 7,447 179 2009 2018 Horizon Commerce Park XII — 1,416 — 10,572 1,416 10,572 11,988 275 2009 2017 Jacksonville Deerwood Distribution Center — 1,147 1,799 3,397 1,147 5,196 6,343 3,474 1989 1978 Phillips Distribution Center — 1,375 2,961 4,554 1,375 7,515 8,890 5,441 1994 1984/95 Lake Pointe Business Park — 3,442 6,450 9,200 3,442 15,650 19,092 11,689 1993 1986/87 Ellis Distribution Center — 540 7,513 1,909 540 9,422 9,962 5,081 1997 1977 Westside Distribution Center — 2,011 15,374 8,677 2,011 24,051 26,062 12,855 1997/2008 1984/85 Beach Commerce Center — 476 1,899 849 476 2,748 3,224 1,456 2000 2000 Interstate Distribution Center — 1,879 5,700 1,938 1,879 7,638 9,517 4,314 2005 1990 Flagler Center — 7,317 14,912 452 7,317 15,364 22,681 1,167 2016 1997 & 2005 Ft. Lauderdale/Palm Beach area Linpro Commerce Center — 613 2,243 3,248 616 5,488 6,104 3,355 1996 1986 Cypress Creek Business Park — — 2,465 2,524 — 4,989 4,989 3,144 1997 1986 Lockhart Distribution Center — — 3,489 2,958 — 6,447 6,447 4,471 1997 1986 Interstate Commerce Center — 485 2,652 1,695 485 4,347 4,832 2,179 1998 1988 Executive Airport Distribution Ctr (f) 6,456 1,991 4,857 5,303 1,991 10,160 12,151 5,096 2001 2004/06 Sample 95 Business Park — 2,202 8,785 3,617 2,202 12,402 14,604 8,240 1996/98 1990/99 Blue Heron Distribution Center — 975 3,626 1,980 975 5,606 6,581 3,722 1999 1986 Blue Heron Distribution Center II 233 1,385 4,222 1,665 1,385 5,887 7,272 2,717 2004 1988 Blue Heron Distribution Center III — 450 — 2,805 450 2,805 3,255 977 2004 2009 Weston Commerce Park — 4,163 9,951 1,691 4,163 11,642 15,805 669 2016 1998 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (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 — 4,815 928 4,798 5,726 1,857 2005 2008 SunCoast Commerce Center II — 911 — 4,999 928 4,982 5,910 2,107 2005 2007 SunCoast Commerce Center III — 1,720 — 6,673 1,763 6,630 8,393 2,407 2006 2008 SunCoast Commerce Center IV — 1,733 — 7,537 1,762 7,508 9,270 335 2006 2017 CALIFORNIA San Francisco area Wiegman Distribution Center I — 2,197 8,788 2,137 2,308 10,814 13,122 6,561 1996 1986/87 Wiegman Distribution Center II — 2,579 4,316 152 2,579 4,468 7,047 824 2012 1998 Huntwood Distribution Center — 3,842 15,368 3,236 3,842 18,604 22,446 11,421 1996 1988 San Clemente Distribution Center — 893 2,004 944 893 2,948 3,841 1,944 1997 1978 Yosemite Distribution Center — 259 7,058 1,520 259 8,578 8,837 4,913 1999 1974/87 Los Angeles area Eucalyptus Distribution Center — 11,392 11,498 7 11,392 11,505 22,897 234 2018 1988 Kingsview Industrial Center (e) 2,264 643 2,573 883 643 3,456 4,099 2,074 1996 1980 Dominguez Distribution Center (e) 6,188 2,006 8,025 1,170 2,006 9,195 11,201 5,723 1996 1977 Main Street Distribution Center — 1,606 4,103 831 1,606 4,934 6,540 2,877 1999 1999 Walnut Business Center (e) 5,940 2,885 5,274 2,593 2,885 7,867 10,752 4,478 1996 1966/90 Washington Distribution Center (e) 4,025 1,636 4,900 751 1,636 5,651 7,287 3,286 1997 1996/97 Chino Distribution Center — 2,544 10,175 1,623 2,544 11,798 14,342 8,401 1998 1980 Ramona Distribution Center 2,474 3,761 5,751 25 3,761 5,776 9,537 647 2014 1984 Industry Distribution Center I (e) 15,111 10,230 12,373 4,750 10,230 17,123 27,353 9,392 1998 1959 Industry Distribution Center III (e) 1,577 — 3,012 (157 ) — 2,855 2,855 2,855 2007 1992 Chestnut Business Center — 1,674 3,465 359 1,674 3,824 5,498 1,999 1998 1999 Los Angeles Corporate Center — 1,363 5,453 3,340 1,363 8,793 10,156 6,034 1996 1986 Santa Barbara University Business Center — 5,517 22,067 12,835 5,520 34,899 40,419 18,641 1996 1987/88 Fresno Shaw Commerce Center (e) 11,620 2,465 11,627 6,943 2,465 18,570 21,035 11,354 1998 1978/81/87 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (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 1,811 3,046 8,699 11,745 5,487 1997 1989 Ocean View Corporate Center (f) 7,784 6,577 7,105 970 6,577 8,075 14,652 2,892 2010 2005 TEXAS Dallas Allen Station I & II — 5,815 17,612 202 5,815 17,814 23,629 272 2018 2001 Interstate Warehouse I & II (g) 5,173 1,746 4,941 3,791 1,746 8,732 10,478 6,596 1988 1978 Interstate Warehouse III (g) 2,027 519 2,008 1,578 519 3,586 4,105 2,283 2000 1979 Interstate Warehouse IV — 416 2,481 596 416 3,077 3,493 1,625 2004 2002 Interstate Warehouse V, VI, & VII (h) 4,307 1,824 4,106 2,471 1,824 6,577 8,401 3,322 2009 1979/80/81 Venture Warehouses (g) 3,935 1,452 3,762 2,755 1,452 6,517 7,969 5,316 1988 1979 ParkView Commerce Center 1-3 — 2,663 — 18,718 2,663 18,718 21,381 1,982 2014 2015 Shady Trail Distribution Center — 635 3,621 1,265 635 4,886 5,521 2,573 2003 1998 Valwood Distribution Center — 4,361 34,405 3,267 4,361 37,672 42,033 9,180 2012 1986/87/97/98 Northfield Distribution Center — 12,470 50,713 3,868 12,471 54,580 67,051 13,009 2013 1999-2001/03/04/08 Parc North 1-4 — 4,615 26,358 5,937 4,615 32,295 36,910 2,289 2016 2016 CreekView 121 1 & 2 — 3,275 — 14,614 3,275 14,614 17,889 1,041 2015/16 2017 Houston World Houston Int'l Business Ctr 1 & 2 — 660 5,893 2,133 660 8,026 8,686 4,983 1998 1996 World Houston Int'l Business Ctr 3, 4 & 5 (g) 4,445 1,025 6,413 1,564 1,025 7,977 9,002 4,946 1998 1998 World Houston Int'l Business Ctr 6 (g) 1,729 425 2,423 655 425 3,078 3,503 1,934 1998 1998 World Houston Int'l Business Ctr 7 & 8 (g) 5,043 680 4,584 4,947 680 9,531 10,211 5,978 1998 1998 World Houston Int'l Business Ctr 9 (g) 3,582 800 4,355 2,099 800 6,454 7,254 3,220 1998 1998 World Houston Int'l Business Ctr 10 — 933 4,779 824 933 5,603 6,536 2,665 2001 1999 World Houston Int'l Business Ctr 11 — 638 3,764 1,760 638 5,524 6,162 2,911 1999 1999 World Houston Int'l Business Ctr 12 — 340 2,419 383 340 2,802 3,142 1,673 2000 2002 World Houston Int'l Business Ctr 13 — 282 2,569 427 282 2,996 3,278 2,002 2000 2002 World Houston Int'l Business Ctr 14 — 722 2,629 1,124 722 3,753 4,475 2,015 2000 2003 World Houston Int'l Business Ctr 15 — 731 — 6,268 731 6,268 6,999 3,404 2000 2007 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (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 16 — 519 4,248 1,505 519 5,753 6,272 3,294 2000 2005 World Houston Int'l Business Ctr 17 — 373 1,945 799 373 2,744 3,117 1,484 2000 2004 World Houston Int'l Business Ctr 19 — 373 2,256 1,126 373 3,382 3,755 2,023 2000 2004 World Houston Int'l Business Ctr 20 — 1,008 1,948 2,053 1,008 4,001 5,009 2,146 2000 2004 World Houston Int'l Business Ctr 21 — 436 — 3,982 436 3,982 4,418 1,622 2000/03 2006 World Houston Int'l Business Ctr 22 — 436 — 4,542 436 4,542 4,978 2,224 2000 2007 World Houston Int'l Business Ctr 23 — 910 — 7,354 910 7,354 8,264 3,150 2000 2007 World Houston Int'l Business Ctr 24 — 837 — 5,983 838 5,982 6,820 2,526 2005 2008 World Houston Int'l Business Ctr 25 — 508 — 4,032 508 4,032 4,540 1,608 2005 2008 World Houston Int'l Business Ctr 26 (f) 1,934 445 — 3,194 445 3,194 3,639 1,191 2005 2008 World Houston Int'l Business Ctr 27 — 837 — 5,011 838 5,010 5,848 1,985 2005 2008 World Houston Int'l Business Ctr 28 (f) 2,771 550 — 4,665 550 4,665 5,215 1,809 2005 2009 World Houston Int'l Business Ctr 29 (f) 2,635 782 — 4,177 974 3,985 4,959 1,350 2007 2009 World Houston Int'l Business Ctr 30 (f) 3,636 981 — 5,863 1,222 5,622 6,844 2,234 2007 2009 World Houston Int'l Business Ctr 31A — 684 — 4,092 684 4,092 4,776 1,714 2008 2011 World Houston Int'l Business Ctr 31B — 546 — 3,551 546 3,551 4,097 1,280 2008 2012 World Houston Int'l Business Ctr 32 (h) 3,528 1,225 — 5,655 1,526 5,354 6,880 1,404 2007 2012 World Houston Int'l Business Ctr 33 — 1,166 — 7,867 1,166 7,867 9,033 1,687 2011 2013 World Houston Int'l Business Ctr 34 — 439 — 3,373 439 3,373 3,812 820 2005 2012 World Houston Int'l Business Ctr 35 — 340 — 2,476 340 2,476 2,816 509 2005 2012 World Houston Int'l Business Ctr 36 — 684 — 4,882 684 4,882 5,566 1,126 2011 2013 World Houston Int'l Business Ctr 37 — 759 — 6,400 759 6,400 7,159 1,470 2011 2013 World Houston Int'l Business Ctr 38 — 1,053 — 7,324 1,053 7,324 8,377 1,668 2011 2013 World Houston Int'l Business Ctr 39 — 620 — 5,203 621 5,202 5,823 840 2011 2014 World Houston Int'l Business Ctr 40 — 1,072 — 9,347 1,072 9,347 10,419 1,343 2011 2014 World Houston Int'l Business Ctr 41 — 649 — 5,950 649 5,950 6,599 831 2011 2014 World Houston Int'l Business Ctr 42 — 571 — 4,814 571 4,814 5,385 575 2011 2015 Central Green Distribution Center — 566 4,031 1,041 566 5,072 5,638 2,534 1999 1998 Glenmont Business Park — 936 6,161 2,983 937 9,143 10,080 5,699 1998 1999/2000 Beltway Crossing Business Park I — 458 5,712 2,758 458 8,470 8,928 5,058 2002 2001 Beltway Crossing Business Park II — 415 — 2,997 415 2,997 3,412 1,365 2005 2007 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (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 III — 460 — 3,361 460 3,361 3,821 1,456 2005 2008 Beltway Crossing Business Park IV — 460 — 3,089 460 3,089 3,549 1,394 2005 2008 Beltway Crossing Business Park V (f) 3,159 701 — 5,244 701 5,244 5,945 2,203 2005 2008 Beltway Crossing Business Park VI (h) 3,531 618 — 6,268 618 6,268 6,886 2,114 2005 2008 Beltway Crossing Business Park VII (h) 3,452 765 — 5,968 765 5,968 6,733 2,528 2005 2009 Beltway Crossing Business Park VIII — 721 — 5,516 721 5,516 6,237 1,653 2005 2011 Beltway Crossing Business Park IX — 418 — 2,137 418 2,137 2,555 549 2007 2012 Beltway Crossing Business Park X — 733 — 3,902 733 3,902 4,635 922 2007 2012 Beltway Crossing Business Park XI — 690 — 4,133 690 4,133 4,823 841 2007 2013 West Road Business Park I — 621 — 4,031 541 4,111 4,652 806 2012 2014 West Road Business Park II — 981 — 4,819 854 4,946 5,800 793 2012 2014 West Road Business Park III — 597 — 4,222 520 4,299 4,819 379 2012 2015 West Road Business Park IV — 621 — 4,622 541 4,702 5,243 664 2012 2015 West Road Business Park V — 484 — 4,367 421 4,430 4,851 67 2012 2018 Ten West Crossing 1 — 566 — 2,997 566 2,997 3,563 665 2012 2013 Ten West Crossing 2 — 829 — 4,385 833 4,381 5,214 1,241 2012 2013 Ten West Crossing 3 — 609 — 4,362 613 4,358 4,971 1,147 2012 2013 Ten West Crossing 4 — 694 — 4,512 699 4,507 5,206 1,132 2012 2014 Ten West Crossing 5 — 933 — 5,872 940 5,865 6,805 1,074 2012 2014 Ten West Crossing 6 — 640 — 4,648 644 4,644 5,288 777 2012 2014 Ten West Crossing 7 — 584 — 5,321 589 5,316 5,905 606 2012 2015 El Paso Butterfield Trail — — 20,725 9,018 — 29,743 29,743 19,472 1997/2000 1987/95 Rojas Commerce Park (g) 4,114 900 3,659 3,774 900 7,433 8,333 5,255 1999 1986 Americas Ten Business Center I — 526 2,778 1,741 526 4,519 5,045 2,284 2001 2003 San Antonio Alamo Downs Distribution Center — 1,342 6,338 1,663 1,342 8,001 9,343 4,527 2004 1986/2002 Arion Business Park 1-13, 15 — 4,143 31,432 7,590 4,143 39,022 43,165 18,996 2005 1988-2000/06 Arion Business Park 14 — 423 — 3,479 423 3,479 3,902 1,518 2005 2006 Arion Business Park 16 — 427 — 3,712 427 3,712 4,139 1,459 2005 2007 Arion Business Park 17 — 616 — 4,270 616 4,270 4,886 2,409 2005 2007 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (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 Arion Business Park 18 (h) 1,444 418 — 2,399 418 2,399 2,817 1,118 2005 2008 Wetmore Business Center 1-4 — 1,494 10,804 3,616 1,494 14,420 15,914 7,644 2005 1998/99 Wetmore Business Center 5 (f) 2,270 412 — 3,861 412 3,861 4,273 1,725 2006 2008 Wetmore Business Center 6 (f) 2,299 505 — 3,822 505 3,822 4,327 1,535 2006 2008 Wetmore Business Center 7 (f) 2,369 546 — 3,912 546 3,912 4,458 1,423 2006 2008 Wetmore Business Center 8 (f) 4,986 1,056 — 8,327 1,056 8,327 9,383 2,901 2006 2008 Fairgrounds Business Park — 1,644 8,209 2,457 1,644 10,666 12,310 5,395 2007 1985/86 Rittiman Distribution Center — 1,083 6,649 337 1,083 6,986 8,069 1,568 2011 2000 Thousand Oaks Distribution Center 1 — 607 — 4,320 607 4,320 4,927 1,468 2008 2012 Thousand Oaks Distribution Center 2 — 794 — 4,739 794 4,739 5,533 1,310 2008 2012 Thousand Oaks Distribution Center 3 — 772 — 4,460 772 4,460 5,232 1,180 2008 2013 Thousand Oaks Distribution Center 4 — 753 — 4,691 753 4,691 5,444 544 2013 2015 Alamo Ridge Business Park I — 623 — 8,113 623 8,113 8,736 1,366 2007 2015 Alamo Ridge Business Park II — 402 — 5,359 402 5,359 5,761 623 2007 2015 Alamo Ridge Business Park III — 907 — 10,129 907 10,129 11,036 691 2007 2017 Alamo Ridge Business Park IV — 354 — 7,462 355 7,461 7,816 344 2007 2017 Eisenhauer Point Business Park 1 & 2 — 1,881 — 14,717 1,881 14,717 16,598 1,382 2015 2016 Eisenhauer Point Business Park 3 — 577 — 6,094 577 6,094 6,671 303 2015 2017 Eisenhauer Point Business Park 4 — 555 — 4,816 555 4,816 5,371 287 2015 2017 Eisenhauer Point Business Park 5 — 818 — 7,017 818 7,017 7,835 209 2015 2018 Eisenhauer Point Business Park 6 — 569 — 4,859 569 4,859 5,428 53 2015 2018 Austin Colorado Crossing Distribution Center (g) 12,112 4,602 19,757 173 4,594 19,938 24,532 4,782 2014 2009 Greenhill Distribution Center — 802 3,273 — 802 3,273 4,075 10 2018 1999 Southpark Corporate Center 3 & 4 — 2,670 14,756 1,467 2,670 16,223 18,893 2,856 2015 1995 Southpark Corporate Center 5-7 — 1,301 7,589 812 1,301 8,401 9,702 679 2017 1995 Springdale Business Center — 2,824 8,398 339 2,824 8,737 11,561 1,414 2015 2000 ARIZONA Phoenix area Broadway Industrial Park I — 837 3,349 1,075 837 4,424 5,261 2,933 1996 1971 Broadway Industrial Park II — 455 482 306 455 788 1,243 470 1999 1971 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (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 Broadway Industrial Park III — 775 1,742 543 775 2,285 3,060 1,456 2000 1983 Broadway Industrial Park IV — 380 1,652 789 380 2,441 2,821 1,641 2000 1986 Broadway Industrial Park V — 353 1,090 728 353 1,818 2,171 738 2002 1980 Broadway Industrial Park VI — 599 1,855 758 599 2,613 3,212 1,680 2002 1979 Broadway Industrial Park VII — 450 650 243 450 893 1,343 261 2011 1999 Kyrene Distribution Center — 1,490 4,453 1,868 1,490 6,321 7,811 4,050 1999 1981/2001 Southpark Distribution Center — 918 2,738 1,934 918 4,672 5,590 2,111 2001 2000 Santan 10 Distribution Center I — 846 2,647 658 846 3,305 4,151 1,571 2001 2005 Santan 10 Distribution Center II — 1,088 — 5,163 1,088 5,163 6,251 2,351 2004 2007 Chandler Freeways — 1,525 — 7,381 1,525 7,381 8,906 1,428 2012 2013 Kyrene 202 Business Park I — 653 — 5,777 653 5,777 6,430 816 2011 2014 Kyrene 202 Business Park II — 387 — 3,414 387 3,414 3,801 473 2011 2014 Kyrene 202 Business Park III, IV, & V — 1,244 — 11,684 1,244 11,684 12,928 340 2011 2018 Kyrene 202 Business Park VI — 936 — 8,333 936 8,333 9,269 781 2011 2015 Metro Business Park — 1,927 7,708 7,457 1,927 15,165 17,092 10,834 1996 1977/79 51st Avenue Distribution Center — 300 2,029 1,085 300 3,114 3,414 2,089 1998 1987 East University Distribution Center I and II — 1,120 4,482 1,915 1,120 6,397 7,517 4,416 1998 1987/89 East University Distribution Center III — 444 698 423 444 1,121 1,565 411 2010 1981 55th Avenue Distribution Center — 912 3,717 1,116 917 4,828 5,745 3,477 1998 1987 Interstate Commons Distribution Center I — 311 1,416 718 311 2,134 2,445 1,417 1999 1988 Interstate Commons Distribution Center III — 242 — 3,075 242 3,075 3,317 1,118 2000 2008 Airport Commons Distribution Center — 1,000 1,510 1,605 1,000 3,115 4,115 2,007 2003 1971 40th Avenue Distribution Center (f) 3,594 703 — 6,061 703 6,061 6,764 2,276 2004 2008 Sky Harbor Business Park — 5,839 — 21,855 5,839 21,855 27,694 7,795 2006 2008 Sky Harbor Business Park 6 — 807 — 2,177 807 2,177 2,984 265 2014 2015 Ten Sky Harbor Business Center — 1,568 — 5,125 1,569 5,124 6,693 329 2015 2016 Tucson Country Club Commerce Center I — 506 3,564 3,766 693 7,143 7,836 2,911 1997/2003 1994/2003 Country Club Commerce Center II — 442 3,381 1,061 709 4,175 4,884 1,329 2007 2000 Country Club Commerce Center III & IV — 1,407 — 12,127 1,575 11,959 13,534 4,579 2007 2009 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (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 Country Club Commerce Center V — 2,885 — 21,633 2,886 21,632 24,518 384 2016 2018 Airport Distribution Center — 1,403 4,672 1,834 1,403 6,506 7,909 3,970 1998/2000 1995 Southpointe Distribution Center — — 3,982 2,950 — 6,932 6,932 4,562 1999 1989 Benan Distribution Center — 707 1,842 697 707 2,539 3,246 1,482 2005 2001 NORTH CAROLINA Charlotte area NorthPark Business Park — 2,758 15,932 5,026 2,758 20,958 23,716 10,071 2006 1987-89 Lindbergh Business Park — 470 3,401 555 470 3,956 4,426 1,716 2007 2001/03 Commerce Park Center I — 765 4,303 1,064 765 5,367 6,132 2,179 2007 1983 Commerce Park Center II (h) 1,150 335 1,603 304 335 1,907 2,242 697 2010 1987 Commerce Park Center III (h) 1,925 558 2,225 971 558 3,196 3,754 1,095 2010 1981 Nations Ford Business Park — 3,924 16,171 4,130 3,924 20,301 24,225 9,497 2007 1989/94 Airport Commerce Center — 1,454 10,136 2,394 1,454 12,530 13,984 4,742 2008 2001/02 Interchange Park I (f) 5,071 986 7,949 608 986 8,557 9,543 2,998 2008 1989 Interchange Park II — 746 1,456 65 746 1,521 2,267 276 2013 2000 Ridge Creek Distribution Center I — 1,284 13,163 1,067 1,284 14,230 15,514 4,525 2008 2006 Ridge Creek Distribution Center II (h) 8,534 3,033 11,497 2,116 3,033 13,613 16,646 3,197 2011 2003 Ridge Creek Distribution Center III — 2,459 11,147 538 2,459 11,685 14,144 1,830 2014 2013 Lakeview Business Center (h) 3,785 1,392 5,068 922 1,392 5,990 7,382 1,711 2011 1996 Steele Creek Commerce Park I (g) 2,621 993 — 4,315 1,010 4,298 5,308 969 2013 2014 Steele Creek Commerce Park II (g) 2,666 941 — 4,459 957 4,443 5,400 1,000 2013 2014 Steele Creek Commerce Park III — 1,464 — 6,412 1,469 6,407 7,876 1,190 2013 2014 Steele Creek Commerce Park IV — 684 — 3,945 687 3,942 4,629 684 2013 2015 Steele Creek Commerce Park VI — 867 — 6,978 869 6,976 7,845 534 2013/14 2016 Steele Creek Commerce Park VII — 1,207 — 7,936 1,210 7,933 9,143 181 2013/14/15 2017 Waterford Distribution Center — 654 3,392 822 654 4,214 4,868 1,425 2008 2000 GEORGIA Atlanta Shiloh 400 Business Center I & II — 3,092 14,216 1,874 3,092 16,090 19,182 1,356 2017 2008 Broadmoor Commerce Park I — 1,307 3,560 587 1,307 4,147 5,454 541 2017 1999 Gwinnett 316 — 531 3,617 21 531 3,638 4,169 77 2018 1990 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (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 Hurricane Shoals I & II — 4,284 12,449 1,822 4,284 14,271 18,555 517 2017 2017 Progress Center I & II — 1,297 9,015 209 1,297 9,224 10,521 457 2017 2017 LOUISIANA New Orleans Elmwood Business Park — 2,861 6,337 5,533 2,861 11,870 14,731 8,253 1997 1979 Riverbend Business Park — 2,557 17,623 8,835 2,557 26,458 29,015 15,659 1997 1984 COLORADO Denver Rampart Distribution Center I — 1,023 3,861 2,314 1,023 6,175 7,198 4,590 1988 1987 Rampart Distribution Center II — 230 2,977 1,589 230 4,566 4,796 2,888 1996/97 1997 Rampart Distribution Center III — 1,098 3,884 2,434 1,098 6,318 7,416 3,323 1997/98 1999 Rampart Distribution Center IV — 590 — 8,340 590 8,340 8,930 969 2012 2014 Concord Distribution Center (h) 3,237 1,051 4,773 490 1,051 5,263 6,314 2,107 2007 2000 Centennial Park (f) 3,151 750 3,319 1,861 750 5,180 5,930 1,957 2007 1990 NEVADA Las Vegas Arville Distribution Center — 4,933 5,094 442 4,933 5,536 10,469 1,967 2009 1997 Jones Corporate Park — 13,068 26,325 1,913 13,068 28,238 41,306 1,687 2016 2016 MISSISSIPPI Jackson area Interchange Business Park — 343 5,007 4,682 343 9,689 10,032 5,908 1997 1981 Tower Automotive — — 9,958 1,937 17 11,878 11,895 5,255 2001 2002 Metro Airport Commerce Center I — 303 1,479 1,254 303 2,733 3,036 1,610 2001 2003 189,038 378,543 1,077,934 1,097,004 380,684 2,172,797 2,553,481 814,731 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (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 Development and Value-Add Properties (d): CALIFORNIA Siempre Viva Distribution Center — 4,723 9,211 141 4,723 9,352 14,075 115 2018 2003 FLORIDA Oak Creek Distribution Center land — 841 — 719 707 853 1,560 — 2005 n/a SunCoast Commerce Center land — 7,648 — 5,674 7,978 5,344 13,322 — 2006 n/a SunCoast Commerce Center V — 1,511 — 5,024 1,594 4,941 6,535 — 2006 n/a Horizon Commerce Park land — 3,339 — 2,380 2,240 3,479 5,719 — 2008/09 n/a Horizon Commerce Park VI — 1,099 — 7,126 1,099 7,126 8,225 — 2008/09 n/a Horizon Commerce Park XI — 1,101 — 7,622 1,101 7,622 8,723 — 2008/09 n/a Gateway Commerce Park I — 5,746 — 14,495 5,746 14,495 20,241 — 2016 2018 Gateway Commerce Park land — 21,132 — 15,199 21,132 15,199 36,331 — 2016 n/a TEXAS CreekView 121 3 & 4 — 2,600 — 11,200 2,600 11,200 13,800 35 2015/16 2018 CreekView 121 5 & 6 — 2,681 — 2,924 2,681 2,924 5,605 — 2015/16 n/a CreekView 121 land — 2,640 — 946 2,640 946 3,586 — 2015/16 n/a LakePort 2499 Land — 5,700 — 354 5,700 354 6,054 — 2018 n/a Parc North 5 — 1,286 — 5,667 1,286 5,667 6,953 — 2016 n/a Parc North land — 1,233 — 1,319 1,233 1,319 2,552 — 2016 n/a Lee Road Land — 2,989 — (300 ) 1,960 729 2,689 — 2007 n/a Ten West Crossing 8 — 1,126 — 5,464 1,135 5,455 6,590 — 2012 n/a World Houston Int'l Business Ctr land - 2011 expansion — 1,636 — 4,356 2,921 3,071 5,992 — 2011 n/a World Houston Int'l Business Ctr land - 2015 expansion — 6,041 — 1,717 6,041 1,717 7,758 — 2015 n/a Eisenhauer Point 7 & 8 — 999 — 12,091 2,593 10,497 13,090 — 2016 n/a Eisenhauer Point Land — 632 — 521 632 521 1,153 — 2016 n/a Ridgeview 35 Land — 3,273 — 101 3,273 101 3,374 — 2018 n/a Tri-County Crossing 1 and 2 — 1,623 — 7,272 1,623 7,272 8,895 — 2017 n/a Tri-County Crossing land — 3,637 — 885 3,637 885 4,522 — 2017 n/a Settlers Crossing 1 — 1,211 — 5,049 1,211 5,049 6,260 — 2017 n/a Settlers Crossing 2 — 1,306 — 5,809 1,306 5,809 7,115 — 2017 n/a Settlers Crossing land — 2,774 — 968 2,774 968 3,742 — 2017 n/a SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (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 Falcon Field Business Center — 1,312 — 6,920 1,312 6,920 8,232 34 2015 2018 Gilbert Crossroads Land — 6,534 — 275 6,534 275 6,809 — 2018 n/a NORTH CAROLINA Airport Commerce Center III — 855 — 4,938 855 4,938 5,793 — 2008 n/a Steele Creek Commerce Park 5 — 611 — 2,703 611 2,703 3,314 — 2013 n/a Steele Creek Commerce Park Land — 4,574 — 2,635 4,592 2,617 7,209 — 2016/17 n/a GEORGIA Broadmoor Commerce Park 2 — 519 — 5,895 519 5,895 6,414 — 2017 2018 Hurricane Shoals Land — 497 — 229 497 229 726 — 2017 n/a MISSISSIPPI Metro Airport Commerce Center II land — 307 — 399 307 399 706 — 2001 n/a — 105,736 9,211 148,717 106,793 156,871 263,664 184 Total real estate owned (a)(b) $ 189,038 484,279 1,087,145 1,245,721 487,477 2,329,668 2,817,145 814,915 See accompanying Report of Independent Registered Public Accounting Firm . (a) Changes in Real Estate Properties follow: Years Ended December 31, 2018 2017 2016 (In thousands) Balance at beginning of year $ 2,578,748 2,407,029 2,219,465 Purchases of real estate properties 54,537 51,802 22,228 Development of real estate properties and value-add properties 167,667 124,938 203,765 Improvements to real estate properties 36,921 28,698 23,188 Carrying amount of investments sold (18,372 ) (32,787 ) (61,121 ) Write-off of improvements (2,356 ) (932 ) (496 ) Balance at end of year (1) $ 2,817,145 2,578,748 2,407,029 (1) Includes 20% noncontrolling interest in University Business Center of $3,296,000 and $3,217,000 at December 31, 2018 and 2017, respectively. Changes in the accumulated depreciation on real estate properties follow: Years Ended December 31, 2018 2017 2016 (In thousands) Balance at beginning of year $ 749,601 694,250 657,454 Depreciation expense 76,007 69,010 63,793 Accumulated depreciation on assets sold (8,670 ) (12,735 ) (26,501 ) Other (2,023 ) (924 ) (496 ) Balance at end of year $ 814,915 749,601 694,250 (b |
SCHEDULE IV
SCHEDULE IV | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
SCHEDULE IV | SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE December 31, 2018 Number of Loans Interest Rate Maturity Date Periodic Payment Terms First mortgage loan: JCB Limited - California 1 5.15 % December 2022 Principal and interest due monthly Total mortgage loans (a) 1 Face Amount of Mortgages Dec. 31, 2018 Carrying Amount of Mortgages Principal Amount of Loans Subject to Delinquent Principal or Interest (b) (In thousands) First mortgage loans: JCB Limited - California $ 2,594 2,594 — Total mortgage loans $ 2,594 2,594 (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, 2018 2017 2016 (In thousands) Balance at beginning of year $ 4,581 4,752 4,875 Payments on mortgage loans receivable (1,987 ) (171 ) (123 ) Balance at end of year $ 2,594 4,581 4,752 (d) The aggregate cost for federal income tax purposes is approximately $2.59 million . The federal income tax return for the year ended December 31, 2018 , has not been filed and, accordingly, the income tax basis of mortgage loans as of December 31, 2018 , is based on preliminary data. See accompanying Report of Independent Registered Public Accounting Firm. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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, 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, 2018 and 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 2018 , 2017 and 2016 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 2018 , 2017 and 2016 . Federal Income Tax Treatment of Share Distributions Years Ended December 31, 2018 2017 2016 Common Share Distributions: (Per share) Ordinary dividends $ 2.14305 2.49146 2.10494 Nondividend distributions — 0.02686 0.05202 Unrecaptured Section 1250 capital gain — — 0.12872 Other capital gain — 0.00168 0.15432 Total Common Share Distributions $ 2.14305 2.52000 2.44000 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 2014 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, 2018 and 2017 . The Company’s income may differ for tax and financial reporting purposes principally because of (i) the timing of the deduction for the provision for possible losses and losses on investments, (ii) the timing of the recognition of gains or losses from the sale of investments, (iii) different income recognition methods for rental income, (iv) different depreciation methods and lives, (v) real estate properties having a different basis for tax and financial reporting purposes, (vi) mortgage loans having a different basis for tax and financial reporting purposes, thereby producing different gains upon collection of these loans, and (vii) 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 the Codification. For each transaction, the Company evaluates whether the guidance in ASC 606, Revenue from Contracts with Customers, or ASC 610, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, is applicable. Upon closing of real estate transactions, the provisions of the Codification require consideration of whether the seller has a controlling financial interest in the entity that holds the nonfinancial asset after the transaction. In addition, the seller evaluates whether a contract exists under ASC 606 and whether the counterparty obtained control of each nonfinancial asset that is sold. If a contract exists and the counterparty obtained control of each nonfinancial asset, the seller derecognizes the asset at the close of the transaction. If the requirements for recognizing gains have not been met, the sale and related costs are recorded, but the gain is deferred and recognized in the future when the criteria for gain recognition have been met. 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 primarily located in major Sunbelt regions of the United States. The Company's properties have similar economic characteristics and as a result, have been 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, 2018 and 2017 , 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 and Value-Add Properties For properties under development and value-add properties (defined in Note 2) 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 projects 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. Effective January 1, 2018, the Company began transferring properties from the development program to Real estate properties at the earlier of 90% occupancy or one year after completion of the shell construction (formerly, the Company transferred at the earlier of 80% occupancy or one year after completion of the shell construction). This change did not materially impact the comparability of the Company's financial statements. Upon transfer, capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases 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. Beginning with acquisitions after October 1, 2016, the Company follows the guidance in ASU 2017-01, which provides a framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the 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 determined that its real estate property acquisitions in 2018, 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 2018, 2017 and fourth quarter 2016 acquisitions. The FASB Codification also provides guidance on how to properly determine the allocation of the purchase price among the individual components of both the tangible and intangible assets based on their respective fair values. Goodwill 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 $667,000 , $529,000 and $488,000 in 2018 , 2017 and 2016 , respectively. Amortization expense for in-place lease intangibles was $4,204,000 , $4,535,000 and $4,210,000 for 2018 , 2017 and 2016 , respectively. Projected amortization of in-place lease intangibles for the next five years as of December 31, 2018 is as follows: Years Ending December 31, (In thousands) 2019 $ 3,614 2020 2,862 2021 2,006 2022 1,161 2023 870 During 2018, the Company acquired the following operating properties: Gwinnett 316 in Atlanta; Eucalyptus Distribution Center in Chino (Los Angeles); Allen Station I & II in Dallas; and Greenhill Distribution Center in Austin. The Company also acquired one value-add property, Siempre Viva Distribution Center in San Diego. At the time of acquisition, Siempre Viva was classified in the lease-up phase. The total cost for the properties acquired by the Company was $71,086,000 , of which $54,537,000 was allocated to Real estate properties and $13,934,000 was allocated to Development and value-add properties . EastGroup allocated $23,263,000 of the total purchase price to land using third party land valuations for the Atlanta, Dallas, Austin, San Diego and Chino (Los Angeles) 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: $4,350,000 to in-place lease intangibles and $21,000 to above market leases (included in Other assets on the Consolidated Balance Sheets), and $1,756,000 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 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 and value-add properties . 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 and $385,000 to below market leases. 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 and value-add properties . 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. 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, 2018 and 2017 . |
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, liabilities, 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. The new standard was effective for the Company on January 1, 2018, and the Company used the modified retrospective approach upon adoption. The adoption of ASU 2014-09 did not have a material impact on the Company's financial condition or results of operations. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized costs on the balance sheet. EastGroup adopted ASU 2016-01 effective January 1, 2018. The adoption of ASU 2016-01 did not 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. The Company anticipates the right-of-use asset and lease liability values for its office and ground leases will be less than 1% of Total assets . 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 believes it will continue to account for its leases in substantially the same manner. The most significant change for the Company related to lessor accounting includes 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. EastGroup estimates the new definition of initial direct costs will result in an increase of expenses, and therefore a decrease in earnings, of approximately $200,000 on an annual basis. EastGroup has elected the practical expedient permitting lessors to make an accounting policy election by class of underlying asset to not separate non-lease components of a contract from the lease component to which they relate when specific criteria are met (the Company believes its leases meet the criteria). 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 adopted 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 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; the adoption of ASU 2017-09 did not have a material impact on its financial condition or results of operations, as the Company has not had 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. The Company adopted ASU 2017-12 on January 1, 2019; the adoption of ASU 2017-12 did not have a material impact on its financial condition, results of operations or disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The ASU is intended to improve the effectiveness of fair value measurement disclosures. ASU 2018-13 is effective for all entities for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted; however, the Company plans to adopt ASU 2018-13 on January 1, 2020. EastGroup does not expect the adoption to have a material impact on its financial condition, results of operations or disclosures. In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The ASU applies to all entities that elect to apply hedge accounting to benchmark interest rates under Topic 815 and permits the use of the OIS rate based on SOFR as a United States (U.S.) benchmark rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct Treasury obligations of the U.S. government, the London Inter-bank Offered Rate (LIBOR) swap rate, the OIS rate based on the Fed Funds Effective Rate, and the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Rate. ASU 2018-16 is effective upon adoption of ASU 2017-12. The Company adopted ASU 2017-12 and ASU 2018-16 on January 1, 2019, and the Company believes the adoption of both ASUs did not have a material impact on its financial condition, results of operation or disclosures. |
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 2017 and 2016 consolidated financial statements to conform to the 2018 presentation. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 , 2017 and 2016 . Federal Income Tax Treatment of Share Distributions Years Ended December 31, 2018 2017 2016 Common Share Distributions: (Per share) Ordinary dividends $ 2.14305 2.49146 2.10494 Nondividend distributions — 0.02686 0.05202 Unrecaptured Section 1250 capital gain — — 0.12872 Other capital gain — 0.00168 0.15432 Total Common Share Distributions $ 2.14305 2.52000 2.44000 |
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, 2018 is as follows: Years Ending December 31, (In thousands) 2019 $ 3,614 2020 2,862 2021 2,006 2022 1,161 2023 870 |
REAL ESTATE PROPERTIES (Tables)
REAL ESTATE PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties | The Company’s Real estate properties and Development and value-add properties at December 31, 2018 and 2017 were as follows: December 31, 2018 2017 (In thousands) Real estate properties: Land $ 380,684 345,424 Buildings and building improvements 1,732,592 1,587,130 Tenant and other improvements 440,205 404,180 Development and value-add properties (1) 263,664 242,014 2,817,145 2,578,748 Less accumulated depreciation (814,915 ) (749,601 ) $ 2,002,230 1,829,147 |
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, 2018 , 2017 and 2016 follows: Real Estate Properties Location Size (in Square Feet) Date Sold Net Sales Price Basis Recognized Gain (Loss) (In thousands) 2018 World Houston 18 Houston, TX 33,000 01/26/2018 $ 2,289 1,211 1,078 56 Commerce Park Tampa, FL 181,000 03/20/2018 12,032 2,888 9,144 35th Avenue Distribution Center Phoenix, AZ 125,000 07/26/2018 7,683 3,632 4,051 Total for 2018 $ 22,004 7,731 14,273 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 (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 AND VALUE-ADD PROPERTIES ACTIVITY Costs Incurred Anticipated Building Conversion Date Costs Transferred in 2018 (1) For the Year Ended 12/31/18 Cumulative as of 12/31/18 Estimated Total Costs (2) (In thousands) (Unaudited) (Unaudited) (Unaudited) LEASE-UP Building Size (Square feet) Siempre Viva, San Diego, CA 115,000 $ — 14,075 14,075 14,400 01/19 CreekView 121 3 & 4, Dallas, TX 158,000 — 3,489 13,800 16,200 03/19 Falcon Field, Phoenix, AZ 96,000 — 5,285 8,232 9,400 05/19 Gateway 1, Miami, FL 200,000 9,110 11,131 20,241 25,000 05/19 Broadmoor 2, Atlanta, GA 111,000 705 5,709 6,414 7,400 11/19 Total Lease-Up 680,000 9,815 39,689 62,762 72,400 UNDER CONSTRUCTION Horizon XI, Orlando, FL 135,000 3,171 5,552 8,723 10,400 01/20 Settlers Crossing 1, Austin, TX 77,000 — 4,704 6,260 7,400 01/20 Settlers Crossing 2, Austin, TX 83,000 — 5,442 7,115 8,400 01/20 SunCoast 5, Ft. Myers, FL 81,000 2,704 3,831 6,535 7,700 01/20 Airport Commerce Center 3, Charlotte, NC 96,000 — 4,060 5,793 7,300 02/20 Parc North 5, Dallas, TX 100,000 1,683 5,270 6,953 9,200 02/20 Steele Creek V, Charlotte, NC 54,000 1,366 1,948 3,314 5,800 03/20 Horizon VI, Orlando, FL 148,000 3,418 4,807 8,225 12,700 04/20 Ten West Crossing 8, Houston, TX 132,000 1,947 4,643 6,590 10,900 04/20 Tri-County Crossing 1 & 2, San Antonio, TX 203,000 2,012 6,883 8,895 14,600 04/20 Eisenhauer Point 7 & 8, San Antonio, TX 336,000 4,916 8,174 13,090 24,500 05/20 CreekView 121 5 & 6, Dallas, TX 139,000 3,675 1,930 5,605 14,900 07/20 Total Under Construction 1,584,000 24,892 57,244 87,098 133,800 PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) Estimated Building Size (Square feet) Phoenix, AZ 315,000 — 6,809 6,809 Ft. Myers, FL 488,000 (2,704 ) 1,914 13,322 Miami, FL 650,000 (9,110 ) 14,565 36,331 Orlando, FL 214,000 (6,589 ) 1,188 5,719 Tampa, FL 32,000 — — 1,560 Atlanta, GA 100,000 (705 ) 224 726 Jackson, MS 28,000 — — 706 Charlotte, NC 600,000 (1,366 ) 1,846 7,209 Austin, TX 180,000 — 722 3,742 Dallas, TX 612,000 (5,358 ) 7,954 12,192 Houston, TX (3) 1,123,000 (2,969 ) (1,782 ) 16,439 San Antonio, TX 908,000 (6,928 ) 4,584 9,049 Total Prospective Development 5,250,000 (35,729 ) 38,024 113,804 7,514,000 $ (1,022 ) 134,957 263,664 DEVELOPMENT AND VALUE-ADD PROPERTIES TRANSFERRED TO REAL ESTATE PROPERTIES DURING 2018 Building Size (Square feet) Building Conversion Date Alamo Ridge IV, San Antonio, TX 97,000 $ — 320 7,417 03/18 Oak Creek VII, Tampa, FL 116,000 — 601 6,732 03/18 Weston, Ft. Lauderdale, FL 134,000 — 222 15,742 03/18 Progress Center 1 & 2, Atlanta, GA 132,000 — 143 10,476 04/18 Horizon X, Orlando, FL 104,000 — 3,352 6,902 05/18 SunCoast 4, Ft. Myers, FL 93,000 — 71 9,191 05/18 Country Club V, Tucson, AZ 305,000 — 7,078 21,029 06/18 Eisenhauer Point 3, San Antonio, TX 71,000 — 231 6,390 06/18 Kyrene 202 III, IV & V, Phoenix, AZ 166,000 — 1,146 12,689 09/18 Steele Creek VII, Charlotte, NC 120,000 — 795 8,592 09/18 Eisenhauer Point 6, San Antonio, TX 85,000 — 1,356 5,406 10/18 Horizon XII, Orlando, FL 140,000 — 653 11,883 10/18 Eisenhauer Point 5, San Antonio, TX 98,000 — 2,012 7,816 11/18 West Road 5, Houston, TX 58,000 1,022 3,756 4,778 11/18 Total Transferred to Real Estate Properties 1,719,000 $ 1,022 21,736 135,043 (4) Footnotes for the Development and Value-Add Properties 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 $52.4 million and tenant improvement obligations of $13.6 million on properties under development. (3) Negative amount represents land inventory costs transferred to Under Construction and land sold on 3/28/18. (4) Represents cumulative costs at the date of transfer. |
Future Minimum Rental Receipts Under Non-cancelable Leases | The following schedule indicates approximate future minimum rental receipts under non-cancelable leases for real estate properties by year as of December 31, 2018 : Years Ending December 31, (In thousands) 2019 $ 226,330 2020 195,850 2021 151,564 2022 112,007 2023 82,262 Thereafter 163,499 Total minimum receipts $ 931,512 |
Future Minimum Ground Lease Payments | The following schedule indicates approximate future minimum ground lease payments for these properties by year as of December 31, 2018 : Future Minimum Ground Lease Payments Years Ending December 31, (In thousands) 2019 $ 791 2020 791 2021 791 2022 791 2023 791 Thereafter 9,343 Total minimum payments $ 13,298 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets [Abstract] | |
Other Assets | A summary of the Company’s Other assets follows: December 31, 2018 2017 (In thousands) Leasing costs (principally commissions) $ 78,985 72,722 Accumulated amortization of leasing costs (30,185 ) (27,973 ) Leasing costs (principally commissions), net of accumulated amortization 48,800 44,749 Straight-line rents receivable 36,365 31,609 Allowance for doubtful accounts on straight-line rents receivable (343 ) (48 ) Straight-line rents receivable, net of allowance for doubtful accounts 36,022 31,561 Accounts receivable 6,033 6,004 Allowance for doubtful accounts on accounts receivable (600 ) (577 ) Accounts receivable, net of allowance for doubtful accounts 5,433 5,427 Acquired in-place lease intangibles 21,696 20,690 Accumulated amortization of acquired in-place lease intangibles (9,833 ) (8,974 ) Acquired in-place lease intangibles, net of accumulated amortization 11,863 11,716 Acquired above market lease intangibles 1,465 1,550 Accumulated amortization of acquired above market lease intangibles (902 ) (794 ) Acquired above market lease intangibles, net of accumulated amortization 563 756 Mortgage loans receivable 2,594 4,581 Interest rate swap assets 6,701 6,034 Goodwill 990 990 Prepaid expenses and other assets 8,265 10,215 Total Other assets $ 121,231 116,029 |
UNSECURED AND SECURED DEBT (Tab
UNSECURED AND SECURED DEBT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Instrument [Line Items] | |
Schedule of long-term debt instruments | December 31, December 31, (In thousands) Unsecured bank credit facilities - variable rate, carrying amount $ 195,730 116,339 Unsecured bank credit facilities - fixed rate, carrying amount (1) (2) — 80,000 Unamortized debt issuance costs (1,804 ) (630 ) Unsecured bank credit facilities 193,926 195,709 Unsecured debt - fixed rate, carrying amount (1) 725,000 715,000 Unamortized debt issuance costs (1,600 ) (1,939 ) Unsecured debt 723,400 713,061 Secured debt - fixed rate, carrying amount (1) 189,038 200,354 Unamortized debt issuance costs (577 ) (842 ) Secured debt 188,461 199,512 Total debt $ 1,105,787 1,108,282 (1) These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. (2) The Company had designated an interest rate swap to an $80 million unsecured bank credit facility draw that effectively fixed the interest rate on the $80 million draw to 2.020% through the interest rate swap's maturity date. This swap matured on August 15, 2018 , and the $80 million draw has reverted to the variable interest rate associated with the Company's unsecured bank credit facilities. |
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 2018 2017 (In thousands) $50 Million Unsecured Term Loan Not applicable 3.910% 12/21/2018 $ — 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) 1.100% 2.313% 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 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 $60 Million Senior Unsecured Notes Not applicable 3.930% 04/10/2028 60,000 — $ 725,000 715,000 (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, 2018 . |
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, 2018 Balance at December 31, Property 2018 2017 (In thousands) Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington 7.50% 539,747 05/05/2019 $ 45,420 46,725 49,580 Blue Heron II 5.39% 16,176 02/29/2020 4,555 233 409 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 66,493 52,115 55,317 Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Venture and World Houston 3-9 (1) 4.75% 420,045 06/05/2021 53,820 47,445 50,161 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 54,679 40,046 42,315 Ramona 3.85% 16,287 11/30/2026 8,890 2,474 2,572 $ 233,857 189,038 200,354 (1) Subsequent to December 31, 2018, the Company executed a collateral release for World Houston 5; this property is no longer considered to be collateral securing this loan. |
Principal payments due during the next five years | Scheduled 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, 2018 are as follows: Years Ending December 31, (In thousands) 2019 $ 130,567 2020 114,096 2021 129,563 2022 107,769 2023 115,119 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 (In thousands) Property taxes payable $ 10,718 12,081 Development costs payable 15,410 9,699 Real estate improvements and capitalized leasing costs payable 3,911 3,957 Interest payable 4,067 3,744 Dividends payable 27,738 1,365 Book overdraft (1) 15,048 20,902 Other payables and accrued expenses 9,671 13,219 Total Accounts payable and accrued expenses $ 86,563 64,967 (1) Represents checks written before the end of the period which have not cleared the bank; therefore, the bank has not yet advanced cash to the Company. When the checks clear the bank, they will be funded through the Company's working cash line of credit. See Note 1(p). |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Summary of other liabilities | A summary of the Company’s Other liabilities follows: December 31, 2018 2017 (In thousands) Security deposits $ 18,432 16,668 Prepaid rent and other deferred income 12,728 9,352 Acquired below-market lease intangibles 5,891 4,135 Accumulated amortization of below-market lease intangibles (3,028 ) (2,147 ) Acquired below-market lease intangibles, net of accumulated amortization 2,863 1,988 Interest rate swap liabilities — 695 Prepaid tenant improvement reimbursements 614 124 Other liabilities 15 15 Total Other liabilities $ 34,652 28,842 |
COMMON STOCK ACTIVITY (Tables)
COMMON STOCK ACTIVITY (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Common Stock Activity | The following table presents the common stock activity for the three years ended December 31, 2018 : Years Ended December 31, 2018 2017 2016 Common Stock (in shares) Shares outstanding at beginning of year 34,758,167 33,332,213 32,421,460 Common stock offerings 1,706,474 1,370,457 875,052 Dividend reinvestment plan 1,844 2,744 3,326 Incentive restricted stock granted 50,217 93,285 80,529 Incentive restricted stock forfeited — (16,000 ) (910 ) Director common stock awarded 8,478 8,881 10,072 Director restricted stock granted — 282 — Restricted stock withheld for tax obligations (23,824 ) (33,695 ) (57,316 ) Shares outstanding at end of year 36,501,356 34,758,167 33,332,213 |
Common Stock Issuances Table [Table Text Block] | The following table presents the common stock issuance activity for the three years ended December 31, 2018 : Years Ended December 31, Number of Shares of Common Stock Issued Net Proceeds (In thousands) 2018 1,706,474 $ 157,319 2017 1,370,457 109,207 2016 875,052 59,283 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted Stock Activity | Restricted Stock Activity: Years Ended December 31, 2018 2017 2016 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 152,644 $ 63.18 162,087 $ 51.97 260,698 $ 52.68 Granted (1) 50,217 84.09 93,285 76.70 80,529 58.81 Forfeited — — (16,000 ) 36.98 (910 ) 52.89 Vested (59,547 ) 63.77 (86,728 ) 61.62 (178,230 ) 56.09 Unvested at end of year 143,314 70.26 152,644 63.18 162,087 51.97 (1) Does not include the restricted shares that may be earned if the performance goals established in 2017 for long-term performance and in 2018 for annual and long-term performance 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 86,836 . |
Restricted Stock Non-vested Awards By Expected Vesting Period | Following is a vesting schedule of the total unvested shares as of December 31, 2018 : Unvested Shares Vesting Schedule Number of Shares 2019 53,826 2020 50,650 2021 23,167 2022 13,186 2023 2,485 Total Unvested Shares 143,314 |
COMPREHENSIVE INCOME (Tables)
COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | The components of Accumulated other comprehensive income (loss) for 2018 , 2017 and 2016 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, 2018 2017 2016 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): (In thousands) Balance at beginning of year $ 5,348 1,995 (3,456 ) Change in fair value of interest rate swaps - cash flow hedges 1,353 3,353 5,451 Balance at end of year $ 6,701 5,348 1,995 |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative [Line Items] | |
Schedule of Interest Rate Derivatives [Table Text Block] | As of December 31, 2018 and 2017 , 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, 2018 Notional Amount as of December 31, 2017 (In thousands) Interest Rate Swap — $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, 2018 and 2017 . See Note 18 for additional information on the fair value of the Company's interest rate swaps. Derivatives As of December 31, 2018 Derivatives As of December 31, 2017 Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges: Interest rate swap assets Other assets $ 6,701 Other assets $ 6,034 Interest rate swap liabilities Other liabilities — Other liabilities 695 |
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, 2018 , 2017 and 2016 : Years Ended December 31, 2018 2017 2016 (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS Interest Rate Swaps: Amount of income (loss) recognized in Other comprehensive income (loss) on derivatives $ 2,757 1,437 1,410 Amount of (income) loss reclassified from Accumulated other comprehensive income (loss) into Interest expense (1,404 ) 1,916 4,041 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Reconciliation of the numerators and denominators in the basic and diluted EPS computations is as follows: 2018 2017 2016 (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 88,506 83,183 95,509 Denominator – weighted average shares outstanding 35,439 33,996 32,563 DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 88,506 83,183 95,509 Denominator: Weighted average shares outstanding 35,439 33,996 32,563 Unvested restricted stock 67 51 65 Total Shares 35,506 34,047 32,628 |
QUARTERLY RESULTS OF OPERATIO_2
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly results of operations | 2018 Quarter Ended 2017 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 $ 83,179 75,107 79,593 78,196 66,409 90,004 69,001 71,944 Expenses (54,431 ) (56,843 ) (56,552 ) (59,613 ) (53,436 ) (53,027 ) (53,029 ) (54,277 ) Net income 28,748 18,264 23,041 18,583 12,973 36,977 15,972 17,667 Net income attributable to noncontrolling interest in joint ventures (35 ) (37 ) (31 ) (27 ) (154 ) (87 ) (88 ) (77 ) Net income attributable to EastGroup Properties, Inc. common stockholders $ 28,713 18,227 23,010 18,556 12,819 36,890 15,884 17,590 BASIC PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) Net income attributable to common stockholders $ 0.83 0.52 0.64 0.51 0.38 1.09 0.46 0.51 Weighted average shares outstanding 34,689 35,196 35,716 36,135 33,361 33,987 34,215 34,406 DILUTED PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) Net income attributable to common stockholders $ 0.83 0.52 0.64 0.51 0.38 1.08 0.46 0.51 Weighted average shares outstanding 34,736 35,259 35,798 36,232 33,409 34,040 34,290 34,505 (1) The above quarterly earnings per share calculations are based on the weighted average number of shares of common stock outstanding during each quarter for basic earnings per share and the weighted average number of outstanding shares of common stock and common stock 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 shares of common stock outstanding during each year for basic earnings per share and the weighted average number of outstanding shares of common stock and common stock 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 INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 . December 31, 2018 2017 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial Assets: Cash and cash equivalents $ 374 374 16 16 Mortgage loans receivable 2,594 2,571 4,581 4,569 Interest rate swap assets 6,701 6,701 6,034 6,034 Financial Liabilities: Unsecured bank credit facilities - variable rate (2) 195,730 196,423 116,339 116,277 Unsecured bank credit facilities - fixed rate (2) — — 80,000 80,003 Unsecured debt (2) 725,000 718,364 715,000 703,871 Secured debt (2) 189,038 191,742 200,354 206,408 Interest rate swap liabilities — — 695 695 (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. |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details) - joint_ventures | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Controlling interest Joint ventures [Abstract] | |||
Joint Ventures | 1 | ||
University Business Center 120 and 130 [Member] | |||
Controlling interest Joint ventures [Abstract] | |||
Controlling interest in joint ventures (in hundredths) | 80.00% | 80.00% | |
Joint ventures' assets, liabilities, revenues and expenses with noncontrolling interests (in hundredths) | 100.00% | 100.00% | |
University Business 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% | ||
University Business Center 125 and 175 [Member] | |||
Controlling interest Joint ventures [Abstract] | |||
Noncontrolling Interest, Ownership Percentage acquired during period | 20.00% | ||
Tenant-in-common interest [Abstract] | |||
Ownership percentage | 100.00% | 100.00% | |
Castilian Research Center [Member] | |||
Controlling interest Joint ventures [Abstract] | |||
Controlling interest in joint ventures (in hundredths) | 80.00% | ||
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 POLICI_5
SIGNIFICANT ACCOUNTING POLICIES (Details 1) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | |||
Document Fiscal Year Focus | 2,018 | ||
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) | $ 2.14305 | $ 2.49146 | $ 2.10494 |
Nondividend distributions (in dollars per share) | 0 | 0.02686 | 0.05202 |
Unrecaptured Section 1250 capital gain (in dollars per share) | 0 | 0 | 0.12872 |
Other capital gain (in dollars per share) | 0 | 0.00168 | 0.15432 |
Total Common Share Distributions | $ 2.14305 | $ 2.52000 | $ 2.44000 |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 76,007,000 | $ 69,010,000 | $ 63,793,000 |
Percentage of Occupation When Development Cost Ceased Being Capitalized | 90.00% | 80.00% | |
Length of Time After Project Completion When Development Cost Ceased Being Capitalized | 1 year | 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 | ||
Accounting Standards Update 2016-02 [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Right of use asset and lease liability for ground leases and office leases, estimated percentage of Total assets | less than 1% | ||
Lease costs that are expected to be expensed after adoption of new accounting standard | $ 200,000 |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Amortization of debt issuance costs | $ 1,352,000 | $ 1,250,000 | $ 1,534,000 |
Amortization of facility fees | 736,000 | 670,000 | 670,000 |
Leasing costs amortization expense | $ 11,493,000 | $ 10,329,000 | $ 9,932,000 |
SIGNIFICANT ACCOUNTING POLICI_8
SIGNIFICANT ACCOUNTING POLICIES (Details 4) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Above and below market leases Increase (decrease) rental Income | $ 667,000 | $ 529,000 | $ 488,000 |
Amortization expense for in-place lease intangibles | 4,204,000 | 4,535,000 | 4,210,000 |
Projected amortization of in-place lease intangibles for the next five years [Abstract] | |||
2,019 | 3,614,000 | ||
2,020 | 2,862,000 | ||
2,021 | 2,006,000 | ||
2,022 | 1,161,000 | ||
2,023 | 870,000 | ||
2018 Acquisitions (Gwinnett, Eucalyptus, Siempre Viva, Allen Station, Greenhill) [Member] | |||
Acquired operating properties [Abstract] | |||
Total cost of properties purchased | 71,086,000 | ||
Total purchase price to land | 23,263,000 | ||
2018 Acquisitions (Gwinnett, Eucalyptus, Siempre Viva, Allen Station, Greenhill) [Member] | Above Market Leases [Member] | |||
Acquired operating properties [Abstract] | |||
Intangibles acquired associated with purchase of Real Estate | 21,000 | ||
2018 Acquisitions (Gwinnett, Eucalyptus, Siempre Viva, Allen Station, Greenhill) [Member] | Leases, Acquired-in-Place [Member] | |||
Acquired operating properties [Abstract] | |||
Intangibles acquired associated with purchase of Real Estate | 4,350,000 | ||
2018 Acquisitions (Gwinnett, Eucalyptus, Siempre Viva, Allen Station, Greenhill) [Member] | Below market lease [Member] | |||
Acquired operating properties [Abstract] | |||
Intangibles acquired associated with purchase of Real Estate | 1,756,000 | ||
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 | ||
2016 Acquisitions (Parc North, Flagler, Weston and Jones) [Member] | |||
Acquired operating properties [Abstract] | |||
Total cost of properties purchased | 112,158,000 | ||
Total amount allocated to real estate properties | 22,228,000 | ||
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 | ||
Real Estate Properties [Domain] | 2018 Acquisitions (Gwinnett, Eucalyptus, Siempre Viva, Allen Station, Greenhill) [Member] | |||
Acquired operating properties [Abstract] | |||
Total amount allocated to real estate properties | 54,537,000 | ||
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 | ||
Industrial Development [Member] | 2018 Acquisitions (Gwinnett, Eucalyptus, Siempre Viva, Allen Station, Greenhill) [Member] | |||
Acquired operating properties [Abstract] | |||
Total amount allocated to real estate properties | $ 13,934,000 | ||
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 | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Property, Plant and Equipment [Line Items] | |||
Percentage of occupancy to qualify as value-add property | 75.00% | ||
portion of acquisition cost spent to qualify as value-add | 20.00% | ||
Land | $ 380,684 | $ 345,424 | |
Investment Building and Building Improvements | 1,732,592 | 1,587,130 | |
Tenant Improvements | 440,205 | 404,180 | |
Development and value-add properties | [1] | 263,664 | 242,014 |
Real estate, development and value-add properties | 2,817,145 | 2,578,748 | |
Real Estate Investment Property, Accumulated Depreciation | (814,915) | (749,601) | |
Real Estate Investment Property, Net | $ 2,002,230 | $ 1,829,147 | |
[1] | Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use. Acquired properties meeting either of the following two conditions are considered value-add properties: (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property. |
REAL ESTATE PROPERTIES REAL E_2
REAL ESTATE PROPERTIES REAL ESTATE PROPERTIES 2 (Details) | 12 Months Ended | |||
Dec. 31, 2018USD ($)ft² | Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($)ft² | ||
Sales of real estate properties [Line Items] | ||||
Net Sales Price of Real Estate Sold | $ 22,004,000 | $ 37,557,000 | $ 73,725,000 | |
Basis | 7,731,000 | 15,702,000 | 31,555,000 | |
Gain, net of loss, on Sales of Real Estate Investments | $ 14,273,000 | $ 21,855,000 | $ 42,170,000 | |
World Houston International Business Ctr 18 [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 33,000 | |||
Date Of Property Sale | 1/26/18 | |||
Net Sales Price of Real Estate Sold | $ 2,289,000 | |||
Basis | 1,211,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | $ 1,078,000 | |||
56th Street Commerce Park [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 181,000 | |||
Date Of Property Sale | 3/20/18 | |||
Net Sales Price of Real Estate Sold | $ 12,032,000 | |||
Basis | 2,888,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | $ 9,144,000 | |||
35th Avenue Distribution Center [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 125,000 | |||
Date Of Property Sale | 7/26/18 | |||
Net Sales Price of Real Estate Sold | $ 7,683,000 | |||
Basis | 3,632,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | 4,051,000 | |||
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) | |||
Land [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Proceeds from Sale of Property, Plant, and Equipment | 2,577,000 | 3,778,000 | 5,400,000 | |
Gain on sales of land | $ 86,000 | $ 293,000 | $ 733,000 | |
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, 2018USD ($)ft² | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | ||
DEVELOPMENT [Abstract] | ||||
Interest costs capitalized on development properties | $ 6,334,000 | $ 5,765,000 | $ 5,340,000 | |
Internal Development Costs Capitalized During Period | 4,696,000 | 4,754,000 | 3,789,000 | |
Improvements on developments transferred to real estate properties | 8,556,000 | |||
Development costs incurred, for the period | 167,667,000 | $ 124,938,000 | $ 203,765,000 | |
Future Minimum payments receivable [Abstract] | ||||
2,019 | 226,330,000 | |||
2,020 | 195,850,000 | |||
2,021 | 151,564,000 | |||
2,022 | 112,007,000 | |||
2,023 | 82,262,000 | |||
Thereafter | 163,499,000 | |||
Total minimum receipts | $ 931,512,000 | |||
Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 680,000 | |||
Development Costs Transferred | [1] | $ 9,815,000 | ||
Development costs incurred, for the period | 39,689,000 | |||
Development and value-add properties | 62,762,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 72,400,000 | ||
Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 1,584,000 | |||
Development Costs Transferred | [1] | $ 24,892,000 | ||
Development costs incurred, for the period | 57,244,000 | |||
Development and value-add properties | 87,098,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 133,800,000 | ||
Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 5,250,000 | |||
Development Costs Transferred | [1] | $ (35,729,000) | ||
Development costs incurred, for the period | 38,024,000 | |||
Development and value-add properties | $ 113,804,000 | |||
Development and value-add completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 1,719,000 | |||
Development Costs Transferred | [1] | $ 1,022,000 | ||
Development costs incurred, for the period | 21,736,000 | |||
Development and value-add properties | [3] | $ 135,043,000 | ||
Lease Up Construction And Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 7,514,000 | |||
Development Costs Transferred | [1] | $ (1,022,000) | ||
Development costs incurred, for the period | 134,957,000 | |||
Development and value-add properties | 263,664,000 | |||
Development obligations | 52,400,000 | |||
Tenant improvement obligations | $ 13,600,000 | |||
Phoenix Area [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 315,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 6,809,000 | |||
Development and value-add properties | $ 6,809,000 | |||
Fort Myers [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 488,000 | |||
Development Costs Transferred | [1] | $ (2,704,000) | ||
Development costs incurred, for the period | 1,914,000 | |||
Development and value-add properties | $ 13,322,000 | |||
Miami [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 650,000 | |||
Development Costs Transferred | [1] | $ (9,110,000) | ||
Development costs incurred, for the period | 14,565,000 | |||
Development and value-add properties | $ 36,331,000 | |||
Orlando [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 214,000 | |||
Development Costs Transferred | [1] | $ (6,589,000) | ||
Development costs incurred, for the period | 1,188,000 | |||
Development and value-add properties | $ 5,719,000 | |||
Tampa [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 32,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 0 | |||
Development and value-add properties | $ 1,560,000 | |||
Atlanta [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 100,000 | |||
Development Costs Transferred | [1] | $ (705,000) | ||
Development costs incurred, for the period | 224,000 | |||
Development and value-add properties | $ 726,000 | |||
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 and value-add properties | $ 706,000 | |||
Charlotte [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 600,000 | |||
Development Costs Transferred | [1] | $ (1,366,000) | ||
Development costs incurred, for the period | 1,846,000 | |||
Development and value-add properties | $ 7,209,000 | |||
Austin [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 180,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 722,000 | |||
Development and value-add properties | $ 3,742,000 | |||
Dallas [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 612,000 | |||
Development Costs Transferred | [1] | $ (5,358,000) | ||
Development costs incurred, for the period | 7,954,000 | |||
Development and value-add properties | $ 12,192,000 | |||
Houston [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | [4] | 1,123,000 | ||
Development Costs Transferred | [1],[4] | $ (2,969,000) | ||
Development costs incurred, for the period | [4] | (1,782,000) | ||
Development and value-add properties | [4] | $ 16,439,000 | ||
San Antonio [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 908,000 | |||
Development Costs Transferred | [1] | $ (6,928,000) | ||
Development costs incurred, for the period | 4,584,000 | |||
Development and value-add properties | $ 9,049,000 | |||
Siempre Viva Distribution Center [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 115,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 14,075,000 | |||
Development and value-add properties | 14,075,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 14,400,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 01/19 | |||
Creekview 121 3 & 4 [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 158,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 3,489,000 | |||
Development and value-add properties | 13,800,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 16,200,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 03/19 | |||
Falcon Field [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 96,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 5,285,000 | |||
Development and value-add properties | 8,232,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 9,400,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 05/19 | |||
Gateway Commerce Park I [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 200,000 | |||
Development Costs Transferred | [1] | $ 9,110,000 | ||
Development costs incurred, for the period | 11,131,000 | |||
Development and value-add properties | 20,241,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 25,000,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 05/19 | |||
Broadmoor Commerce Park II [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 111,000 | |||
Development Costs Transferred | [1] | $ 705,000 | ||
Development costs incurred, for the period | 5,709,000 | |||
Development and value-add properties | 6,414,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 7,400,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 11/19 | |||
Horizon XI [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 135,000 | |||
Development Costs Transferred | [1] | $ 3,171,000 | ||
Development costs incurred, for the period | 5,552,000 | |||
Development and value-add properties | 8,723,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 10,400,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 01/20 | |||
Settlers Crossing 1 [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 77,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 4,704,000 | |||
Development and value-add properties | 6,260,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 7,400,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 01/20 | |||
Settlers Crossing 2 [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 83,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 5,442,000 | |||
Development and value-add properties | 7,115,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 8,400,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 01/20 | |||
SunCoast 5 [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 81,000 | |||
Development Costs Transferred | [1] | $ 2,704,000 | ||
Development costs incurred, for the period | 3,831,000 | |||
Development and value-add properties | 6,535,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 7,700,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 01/20 | |||
Airport Commerce Center 3 [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 96,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 4,060,000 | |||
Development and value-add properties | 5,793,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 7,300,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/20 | |||
Parc North 5 [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 100,000 | |||
Development Costs Transferred | [1] | $ 1,683,000 | ||
Development costs incurred, for the period | 5,270,000 | |||
Development and value-add properties | 6,953,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 9,200,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/20 | |||
Steele Creek V [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 54,000 | |||
Development Costs Transferred | [1] | $ 1,366,000 | ||
Development costs incurred, for the period | 1,948,000 | |||
Development and value-add properties | 3,314,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 5,800,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 03/20 | |||
Horizon VI [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 148,000 | |||
Development Costs Transferred | [1] | $ 3,418,000 | ||
Development costs incurred, for the period | 4,807,000 | |||
Development and value-add properties | 8,225,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 12,700,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/20 | |||
Ten West Crossing 8 [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 132,000 | |||
Development Costs Transferred | [1] | $ 1,947,000 | ||
Development costs incurred, for the period | 4,643,000 | |||
Development and value-add properties | 6,590,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 10,900,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/20 | |||
Tri-County Crossing 1 & 2 [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 203,000 | |||
Development Costs Transferred | [1] | $ 2,012,000 | ||
Development costs incurred, for the period | 6,883,000 | |||
Development and value-add properties | 8,895,000 | |||
Estimated Total Cumulative Development Costs | [1] | $ 14,600,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/20 | |||
Eisenhauer Point 7 & 8 [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 336,000 | |||
Development Costs Transferred | [1] | $ 4,916,000 | ||
Development costs incurred, for the period | 8,174,000 | |||
Development and value-add properties | 13,090,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 24,500,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 05/20 | |||
Creekview 121 5 & 6 [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 139,000 | |||
Development Costs Transferred | [1] | $ 3,675,000 | ||
Development costs incurred, for the period | 1,930,000 | |||
Development and value-add properties | 5,605,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 14,900,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 07/20 | |||
Alamo Ridge IV [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 97,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 320,000 | |||
Development and value-add properties | [3] | $ 7,417,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 03/18 | |||
Oak Creek VII [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 116,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 601,000 | |||
Development and value-add properties | [3] | $ 6,732,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 03/18 | |||
Weston [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 134,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 222,000 | |||
Development and value-add properties | [3] | $ 15,742,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 03/18 | |||
Progress Center 1 & 2 [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 132,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 143,000 | |||
Development and value-add properties | [3] | $ 10,476,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/18 | |||
Horizon X [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 104,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 3,352,000 | |||
Development and value-add properties | [3] | $ 6,902,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 05/18 | |||
SunCoast 4 [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 93,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 71,000 | |||
Development and value-add properties | [3] | $ 9,191,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 05/18 | |||
Country Club V [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 305,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 7,078,000 | |||
Development and value-add properties | [3] | $ 21,029,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 06/18 | |||
Eisenhauer Point 3 [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 71,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 231,000 | |||
Development and value-add properties | [3] | $ 6,390,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 06/18 | |||
Kyrene 202 III, IV & V [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 166,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 1,146,000 | |||
Development and value-add properties | [3] | $ 12,689,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 09/18 | |||
Steele Creek VII [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 120,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 795,000 | |||
Development and value-add properties | [3] | $ 8,592,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 09/18 | |||
Eisenhauer Point 6 [Member] | Development and value-add 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 | 1,356,000 | |||
Development and value-add properties | [3] | $ 5,406,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 10/18 | |||
Horizon XII [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 140,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 653,000 | |||
Development and value-add properties | [3] | $ 11,883,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 10/18 | |||
Eisenhauer Point 5 [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 98,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 2,012,000 | |||
Development and value-add properties | [3] | $ 7,816,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 11/18 | |||
West Road 5 [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 58,000 | |||
Development Costs Transferred | [1] | $ 1,022,000 | ||
Development costs incurred, for the period | 3,756,000 | |||
Development and value-add properties | [3] | $ 4,778,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 11/18 | |||
[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 $52.4 million and tenant improvement obligations of $13.6 million on properties under development. | |||
[3] | Represents cumulative costs at the date of transfer. | |||
[4] | Negative amount represents land inventory costs transferred to Under Construction and land sold on 3/28/18. |
REAL ESTATE PROPERTIES 4 (Detai
REAL ESTATE PROPERTIES 4 (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
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 | $ 783,000 | $ 760,000 | $ 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] | |||
2,019 | $ 791,000 | ||
2,020 | 791,000 | ||
2,021 | 791,000 | ||
2,022 | 791,000 | ||
2,023 | 791,000 | ||
Thereafter | 9,343,000 | ||
Total minimum payments | $ 13,298,000 | ||
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, 2018USD ($)ft² | Dec. 31, 2017USD ($) | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Year Constructed | 1,998 | ||
Investment's carrying value under the equity method of accounting | $ 7,870,000 | $ 8,029,000 | |
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 | $ 7,870,000 | $ 8,029,000 | |
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, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | [1],[2] | $ 2,594 | |||
Mortgage recourse loan | 2,594 | ||||
First Mortgage [Member] | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | $ 2,594 | $ 4,581 | $ 4,752 | $ 4,875 | |
Number of mortgage loans receivable | 1 | 2 | 2 | ||
Effective interest rate (in hundredths) | 5.15% | 5.15% | 5.25% | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Final Maturity Date | Dec. 21, 2022 | Dec. 21, 2022 | Oct. 25, 2017 | ||
[1] | Changes in mortgage loans follow: Years Ended December 31,2018 2017 2016(In thousands)Balance at beginning of year$4,581 4,752 4,875Payments on mortgage loans receivable(1,987) (171) (123)Balance at end of year$2,594 4,581 4,752 | ||||
[2] | The aggregate cost for federal income tax purposes is approximately $2.59 million. The federal income tax return for the year ended December 31, 2018, has not been filed and, accordingly, the income tax basis of mortgage loans as of December 31, 2018, is based on preliminary data. |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets Components [Abstract] | ||
Leasing costs (principally commissions) | $ 78,985 | $ 72,722 |
Accumulated amortization of leasing costs | (30,185) | (27,973) |
Leasing costs (principally commissions), net of accumulated amortization | 48,800 | 44,749 |
Straight-line rents receivable | 36,365 | 31,609 |
Allowance for doubtful accounts on straight-line rents receivable | (343) | (48) |
Straight-line rents receivable, net of allowance for doubtful accounts | 36,022 | 31,561 |
Accounts receivable | 6,033 | 6,004 |
Allowance for doubtful accounts on accounts receivable | (600) | (577) |
Accounts receivable, net of allowance for doubtful accounts | 5,433 | 5,427 |
Acquired in-place lease intangibles | 21,696 | 20,690 |
Accumulated amortization of acquired in-place lease intangibles | (9,833) | (8,974) |
Acquired In Place Lease Intangibles Net Of Accumulated Amortization | 11,863 | 11,716 |
Acquired above market lease intangibles | 1,465 | 1,550 |
Accumulated amortization of acquired above market lease intangibles | (902) | (794) |
Acquired above market lease intangibles, net of accumulated amortization | 563 | 756 |
Mortgage loans receivable | 2,594 | 4,581 |
Interest rate swap assets | 6,701 | 6,034 |
Goodwill | 990 | 990 |
Prepaid expenses and other assets | 8,265 | 10,215 |
Other Assets Total | $ 121,231 | $ 116,029 |
UNSECURED BANK CREDIT FACILIT_2
UNSECURED BANK CREDIT FACILITIES (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)Integer | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Line of Credit Facility [Line Items] | |||
Average bank borrowings | $ 141,223,000 | $ 114,751,000 | $ 106,352,000 |
Weighted average interest rates (in hundredths) | 2.64% | 2.07% | 1.49% |
Amortization of facility fees | $ 736,000 | $ 670,000 | $ 670,000 |
Amortization of bank loan costs | 508,000 | 451,000 | $ 450,000 |
Unsecured bank credit facilities | 193,926,000 | $ 195,709,000 | |
Former credit facility - $35 million [Member] | 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 | ||
Debt Instrument, Maturity Date, Description | Jul. 30, 2019 | ||
Former facility - $300 million [Member] | 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 | ||
Debt Instrument, Maturity Date, Description | Jul. 30, 2019 | ||
Bank credit facility obtained in 2018 - $350 million [Member] | Nine bank group unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 350,000,000 | ||
Debt instrument, spread above LIBOR variable rate (in basis points) | 100 | ||
Line of credit, facility fee (in basis points) | 20 | ||
Debt Instrument, Maturity Date, Description | Jul. 30, 2022 | ||
Credit facility, extension option | two six-month extensions | ||
Banks included in the unsecured revolving credit facility group | Integer | 9 | ||
Line of Credit Facility, Interest Rate at Period End | 3.508% | ||
Unsecured bank credit facilities - variable rate, carrying amount | $ 187,000,000 | ||
Letters of Credit Outstanding, Amount | 674,000 | ||
Expansion option on credit facility | $ 150,000,000 | ||
$80 million interest rate swap [Member] | Nine bank group unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Maturity Date, Description | 8/15/2018 | ||
Line of Credit Facility, Interest Rate at Period End | 2.02% | ||
Unsecured bank credit facilities | $ 80,000,000 | ||
Credit facility obtained in 2018 - $45 million [Member] | Pnc Na Unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 45,000,000 | ||
Debt instrument, spread above LIBOR variable rate (in basis points) | 100 | ||
Line of credit, facility fee (in basis points) | 20 | ||
Debt Instrument, Maturity Date, Description | Jul. 30, 2022 | ||
Credit facility, extension option | two six-month extensions | ||
Line of Credit Facility, Interest Rate at Period End | 3.503% | ||
Unsecured bank credit facilities - variable rate, carrying amount | $ 8,730,000 |
UNSECURED AND SECURED DEBT (Det
UNSECURED AND SECURED DEBT (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)Integer | Dec. 31, 2017USD ($) | ||
Secured and Unsecured Debt [Line Items] | |||
Carrying Amount of Securing Real Estate | $ 233,857,000 | ||
Loans Payable, Noncurrent [Abstract] | |||
Unsecured debt, carrying amount | 725,000,000 | $ 715,000,000 | |
Secured debt, carrying amount | 189,038,000 | 200,354,000 | |
Unsecured bank credit facilities | 193,926,000 | 195,709,000 | |
Unsecured debt | 723,400,000 | 713,061,000 | |
Secured debt | 188,461,000 | 199,512,000 | |
Total debt | 1,105,787,000 | 1,108,282,000 | |
Secured and unsecured debt [Member] | |||
Payments of principal over the next five years [Abstract] | |||
2,019 | 130,567,000 | ||
2,020 | 114,096,000 | ||
2,021 | 129,563,000 | ||
2,022 | 107,769,000 | ||
2,023 | $ 115,119,000 | ||
$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 | $ 0 | 50,000,000 | |
Unsecured debt, amount repaid during period | $ 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] | 1.10% | |
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | [1] | 2.313% | |
Debt Instrument, Maturity Date | [1] | Apr. 1, 2023 | |
Unsecured debt, carrying amount | [1] | $ 65,000,000 | 65,000,000 |
Spread over LIBOR, reduction in interest rate (in basis points) | Integer | 55 | ||
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 | 60,000,000 | |
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 | |
Sixty million senior unsecured notes (executed in 2018) [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | 3.93% | ||
Debt Instrument, Maturity Date | Apr. 10, 2028 | ||
Unsecured debt, carrying amount | $ 60,000,000 | 0 | |
Long-term Debt, Maturities, Repayment Terms | 10 | ||
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 | $ 45,420,000 | ||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | $ 46,725,000 | 49,580,000 | |
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 | $ 4,555,000 | ||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | $ 233,000 | 409,000 | |
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 | $ 66,493,000 | ||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | $ 52,115,000 | 55,317,000 | |
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) | [2] | 4.75% | |
Monthly P & I Payment | [2] | $ 420,045 | |
Maturity Date | [2] | 6/5/2021 | |
Carrying Amount of Securing Real Estate | [2] | $ 53,820,000 | |
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | [2] | $ 47,445,000 | 50,161,000 |
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 | $ 54,679,000 | ||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | $ 40,046,000 | 42,315,000 | |
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 | $ 8,890,000 | ||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | 2,474,000 | 2,572,000 | |
Notes Payable to Banks [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Unsecured bank credit facilities - variable rate, carrying amount | 195,730,000 | 116,339,000 | |
Unsecured bank credit facilities - fixed rate, carrying amount | [3],[4] | 0 | 80,000,000 |
Unamortized debt issuance costs | (1,804,000) | (630,000) | |
Unsecured bank credit facilities | 193,926,000 | 195,709,000 | |
Unsecured Debt [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Unsecured debt, carrying amount | [4] | 725,000,000 | 715,000,000 |
Unamortized debt issuance costs | (1,600,000) | (1,939,000) | |
Unsecured debt | 723,400,000 | 713,061,000 | |
Secured Debt [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt, carrying amount | [4] | 189,038,000 | 200,354,000 |
Unamortized debt issuance costs | (577,000) | (842,000) | |
Secured debt | 188,461,000 | $ 199,512,000 | |
Nine bank group unsecured revolving credit facility [Member] | $80 million interest rate swap [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Unsecured bank credit facilities | $ 80,000,000 | ||
Line of Credit Facility, Interest Rate at Period End | 2.02% | ||
Debt Instrument, Maturity Date, Description | 8/15/2018 | ||
[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, 2018. | ||
[2] | Subsequent to December 31, 2018, the Company executed a collateral release for World Houston 5; this property is no longer considered to be collateral securing this loan. | ||
[3] | The Company had designated an interest rate swap to an $80 million unsecured bank credit facility draw that effectively fixed the interest rate on the $80 million draw to 2.020% through the interest rate swap's maturity date. This swap matured on August 15, 2018, and the $80 million draw has reverted to the variable interest rate associated with the Company's unsecured bank credit facilities | ||
[4] | These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts Payable and Accrued Liabilities [Abstract] | |||
Property taxes payable | $ 10,718 | $ 12,081 | |
Development costs payable | 15,410 | 9,699 | |
Real estate improvements and capitalized leasing costs payable | 3,911 | 3,957 | |
Interest payable | 4,067 | 3,744 | |
Dividends payable | 27,738 | 1,365 | |
Book overdraft | [1] | 15,048 | 20,902 |
Other payables and accrued expenses | 9,671 | 13,219 | |
Accounts payable and accrued expenses | $ 86,563 | $ 64,967 | |
[1] | (1) Represents checks written before the end of the period which have not cleared the bank; therefore, the bank has not yet advanced cash to the Company. When the checks clear the bank, they will be funded through the Company's working cash line of credit. See Note 1(p). |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities, Unclassified [Abstract] | ||
Security deposits | $ 18,432 | $ 16,668 |
Prepaid rent and other deferred income | 12,728 | 9,352 |
Acquired below market lease intangibles | 5,891 | 4,135 |
Accumulated Amortization, Acquired Below Market Lease Intangibles | (3,028) | (2,147) |
Acquired below market lease intangibles, net of accumulated amortization | 2,863 | 1,988 |
Interest rate swap liabilities | 0 | 695 |
Prepaid tenant improvement reimbursements | 614 | 124 |
Other liabilities | 15 | 15 |
Total Other Liabilities | $ 34,652 | $ 28,842 |
COMMON STOCK ACTIVITY (Details)
COMMON STOCK ACTIVITY (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares outstanding at beginning of year (in shares) | 34,758,167 | ||
Common stock offerings (in shares) | 1,706,474 | 1,370,457 | 875,052 |
Stock Issued During Period, Value, New Issues | $ 157,319 | $ 109,207 | $ 59,283 |
Dividend reinvestment plan (in shares) | 1,844 | 2,744 | 3,326 |
Shares outstanding at end of year (in shares) | 36,501,356 | 34,758,167 | |
Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares outstanding at beginning of year (in shares) | 34,758,167 | 33,332,213 | 32,421,460 |
Common stock offerings (in shares) | 1,706,474 | 1,370,457 | 875,052 |
Dividend reinvestment plan (in shares) | 1,844 | 2,744 | 3,326 |
Incentive restricted stock granted (in shares) | 50,217 | 93,285 | 80,529 |
Incentive restricted stock forfeited (in shares) | 0 | (16,000) | (910) |
Director common stock awarded (in shares) | 8,478 | 8,881 | 10,072 |
Stock issued during period, restricted stock awarded to directors | 0 | 282 | 0 |
Restricted stock withheld for tax obligations (in shares) | (23,824) | (33,695) | (57,316) |
Shares outstanding at end of year (in shares) | 36,501,356 | 34,758,167 | 33,332,213 |
Additional Paid-in Capital [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Stock Issued During Period, Value, New Issues | $ 157,318 | $ 109,207 | $ 59,283 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2017$ / sharesshares | Dec. 31, 2018USD ($)Integer$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2013$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017shares | Dec. 31, 2016shares | |
Stock Compensation Plan disclosure [Abstract] | ||||||||
Stock-based compensation cost | $ | $ 6,103,000 | $ 7,012,000 | $ 5,831,000 | |||||
Award Recipient Type Employee [Member] | Restricted Stock [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Stock-based compensation cost | $ | 5,322,000 | 6,309,000 | 5,184,000 | |||||
Stock based compensation cost capitalized as development costs | $ | $ 1,173,000 | $ 1,458,000 | $ 1,183,000 | |||||
Share awards granted (in shares) | 50,217 | 93,285 | 80,529 | |||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 84.09 | $ 76.70 | $ 58.81 | |||||
Compensation is recognized over a weighted average period (in years) | 2 years 6 months 11 days | |||||||
Share based compensation, share based payment arrangements other than stock options, unrecognized cost associated with awards not yet vested | $ | $ 5,785,000 | |||||||
Shares withheld to satisfy the tax obligations (in shares) | 23,824 | 33,695 | 57,316 | |||||
Fair value of shares granted | $ | $ 4,223,000 | $ 7,155,000 | $ 4,736,000 | |||||
Fair value of shares vested as of the vesting date | $ | $ 5,149,000 | $ 6,441,000 | $ 10,013,000 | |||||
Restricted Stock Activity [Roll Forward] | ||||||||
Unvested at beginning of year (in shares) | 152,644 | 162,087 | 260,698 | |||||
Granted (in shares) | 50,217 | 93,285 | 80,529 | |||||
Forfeited (in shares) | 0 | 16,000 | 910 | |||||
Vested (in shares) | (59,547) | (86,728) | (178,230) | |||||
Unvested at end of year (in shares) | 143,314 | 152,644 | 162,087 | |||||
Restricted stock activity weighted average price [Abstract] | ||||||||
Unvested at beginning of year (in dollars per share) | $ / shares | $ 63.18 | $ 51.97 | $ 52.68 | |||||
Granted (in dollars per share) | $ / shares | 84.09 | 76.70 | 58.81 | |||||
Forfeited (in dollars per share) | $ / shares | 0 | 36.98 | 52.89 | |||||
Vested (in dollars per share) | $ / shares | 63.77 | 61.62 | 56.09 | |||||
Unvested at end of year (in dollars per share) | $ / shares | $ 70.26 | $ 63.18 | $ 51.97 | |||||
Nonvested Shares Vesting Schedule [Abstract] | ||||||||
2019 (in shares) | 53,826 | |||||||
2020 (in shares) | 50,650 | |||||||
2021 (in shares) | 23,167 | |||||||
2022 (in shares) | 13,186 | |||||||
2023 (in shares) | 2,485 | |||||||
Total Nonvested Shares (in shares) | 152,644 | 162,087 | 260,698 | 143,314 | 152,644 | 162,087 | ||
Award Recipient Type Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Annual Director Retainer Stock Award Amount | $ | $ 86,000 | |||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Stock-based compensation cost | $ | $ 1,134,000 | $ 670,000 | $ 589,000 | |||||
Award Recipient Type Director [Member] | Restricted Stock [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Fair value of shares vested as of the vesting date | $ | $ 7,000 | $ 9,000 | $ 8,000 | |||||
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) | 1,629,281 | 1,671,981 | 1,752,345 | |||||
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) | 86,836 | |||||||
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] | Service Condition Only Awards [Member] | Non Executive Officers [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Share awards granted (in shares) | 12,425 | |||||||
Restricted Stock Activity [Roll Forward] | ||||||||
Granted (in shares) | 12,425 | |||||||
Equity Incentive Plan 2013 [Member] | Award Recipient Type Employee [Member] | Restricted Stock [Member] | Non Executive Officers [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 95.17 | |||||||
Restricted stock activity weighted average price [Abstract] | ||||||||
Granted (in dollars per share) | $ / shares | $ 95.17 | |||||||
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) | 8,478 | 8,881 | 10,072 | |||||
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 | |||||||
2017 Awards [Member] | Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Shareholder Return Awards [Member] | Executive Officer [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Equity Instruments other than options, number of plans | Integer | 3 | |||||||
2017 Awards [Member] | 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% | |||||||
Share Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vesting Rights (% vesting per year in future years) | 25.00% | |||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Share awards granted (in shares) | 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 | |||||||
2017 Awards [Member] | Equity Incentive Plan 2013 [Member] | Award Recipient Type Employee [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, Vesting Rights (% vesting per year in future years) | 20.00% | |||||||
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) | 21,097 | |||||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 78.18 | |||||||
Restricted Stock Activity [Roll Forward] | ||||||||
Granted (in shares) | 21,097 | |||||||
Restricted stock activity weighted average price [Abstract] | ||||||||
Granted (in dollars per share) | $ / shares | $ 78.18 | |||||||
2017 Awards [Member] | Equity Incentive Plan 2013 [Member] | Award Recipient Type Employee [Member] | Restricted Stock [Member] | Individual 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) | 4,554 | |||||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 80.93 | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Possible Shares To Be Awarded Vesting Rights | 20.00% | |||||||
Restricted Stock Activity [Roll Forward] | ||||||||
Granted (in shares) | 4,554 | |||||||
Restricted stock activity weighted average price [Abstract] | ||||||||
Granted (in dollars per share) | $ / shares | $ 80.93 | |||||||
2017 Awards [Member] | One year period [Member] | 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 | 100.00% | |||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Share awards granted (in shares) | 4,257 | |||||||
Restricted Stock Activity [Roll Forward] | ||||||||
Granted (in shares) | 4,257 | |||||||
Nonvested Shares Vesting Schedule [Abstract] | ||||||||
Number of years in total shareholder return performance period | Integer | 1 | |||||||
2017 Awards [Member] | 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% | |||||||
Nonvested Shares Vesting Schedule [Abstract] | ||||||||
Number of years in total shareholder return performance period | Integer | 2 | |||||||
2017 Awards [Member] | 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% | |||||||
Nonvested Shares Vesting Schedule [Abstract] | ||||||||
Number of years in total shareholder return performance period | Integer | 3 | |||||||
2018 Awards [Member] | Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Shareholder Return Awards [Member] | Executive Officer [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Equity Instruments other than options, number of plans | Integer | 1 | |||||||
2018 Awards [Member] | 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, Equity Instruments Other than Options, Vesting Rights (% vesting per year in future years) | 25.00% | |||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Share awards granted (in shares) | 7,884 | |||||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 95.19 | |||||||
Restricted Stock Activity [Roll Forward] | ||||||||
Granted (in shares) | 7,884 | |||||||
Restricted stock activity weighted average price [Abstract] | ||||||||
Granted (in dollars per share) | $ / shares | $ 95.19 | |||||||
2018 Awards [Member] | 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) | 24,690 | |||||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 95.19 | |||||||
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 | $ 95.19 | |||||||
2018 Awards [Member] | 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) | 6,173 | |||||||
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% | |||||||
2018 Awards [Member] | 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) | 27,596 | |||||||
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% | |||||||
Nonvested Shares Vesting Schedule [Abstract] | ||||||||
Number of years in total shareholder return performance period | Integer | 3 |
COMPREHENSIVE INCOME (Details)
COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive income (loss) - beginning balance | $ 5,348 | $ 1,995 | $ (3,456) |
Change in fair value of interest rate swaps - cash flow hedges | 1,353 | 3,353 | 5,451 |
Accumulated other comprehensive income (loss) - ending balance | $ 6,701 | $ 5,348 | $ 1,995 |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)Integer | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | |||
Document Fiscal Year Focus | 2,018 | ||
Interest Rate Cash Flow Hedge Assets at Fair Value | $ 6,701,000 | $ 6,034,000 | |
Interest Rate Cash Flow Hedge Liabilities at Fair Value | $ 0 | 695,000 | |
Number of interest rate swaps | Integer | 6 | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Cash flow hedge amount to be reclassified to Interest Expense in next 12 months [Line Items] | $ 2,532,000 | ||
Amount of (income) loss recognized in Other Comprehensive Income (Loss) on derivative | 2,757,000 | 1,437,000 | $ 1,410,000 |
Amount of (income) loss reclassified from accumulated other comprehensive income (loss) to interest expense | (1,404,000) | 1,916,000 | $ 4,041,000 |
Interest Rate Swap [Member] | Other Liabilities [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Interest Rate Cash Flow Hedge Liabilities at Fair Value | 0 | ||
$80 million interest rate swap [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 0 | 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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||||||
BASIC EPS COMPUTATION FOR NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract] | |||||||||||||||||||
Numerator - net income available to common stockholders | $ 18,556 | $ 23,010 | $ 18,227 | $ 28,713 | $ 17,590 | $ 15,884 | $ 36,890 | $ 12,819 | $ 88,506 | $ 83,183 | $ 95,509 | ||||||||
Denominator - weighted average shares outstanding (in shares) | 36,135 | [1] | 35,716 | [1] | 35,196 | [1] | 34,689 | [1] | 34,406 | [1] | 34,215 | [1] | 33,987 | [1] | 33,361 | [1] | 35,439 | 33,996 | 32,563 |
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract] | |||||||||||||||||||
Numerator - net income available to common stockholders | $ 18,556 | $ 23,010 | $ 18,227 | $ 28,713 | $ 17,590 | $ 15,884 | $ 36,890 | $ 12,819 | $ 88,506 | $ 83,183 | $ 95,509 | ||||||||
Denominator: [Abstract] | |||||||||||||||||||
Weighted average shares outstanding | 36,135 | [1] | 35,716 | [1] | 35,196 | [1] | 34,689 | [1] | 34,406 | [1] | 34,215 | [1] | 33,987 | [1] | 33,361 | [1] | 35,439 | 33,996 | 32,563 |
Unvested restricted stock (in shares) | 67 | 51 | 65 | ||||||||||||||||
Total Shares (in shares) | 36,232 | [1] | 35,798 | [1] | 35,259 | [1] | 34,736 | [1] | 34,505 | [1] | 34,290 | [1] | 34,040 | [1] | 33,409 | [1] | 35,506 | 34,047 | 32,628 |
[1] | The above quarterly earnings per share calculations are based on the weighted average number of shares of common stock outstanding during each quarter for basic earnings per share and the weighted average number of outstanding shares of common stock and common stock 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 shares of common stock outstanding during each year for basic earnings per share and the weighted average number of outstanding shares of common stock and common stock 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 OPERATIO_3
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Revenues | $ 78,196 | $ 79,593 | $ 75,107 | $ 83,179 | $ 71,944 | $ 69,001 | $ 90,004 | $ 66,409 | |||||||||||
Expenses | (59,613) | (56,552) | (56,843) | (54,431) | (54,277) | (53,029) | (53,027) | (53,436) | |||||||||||
NET INCOME | 18,583 | 23,041 | 18,264 | 28,748 | 17,667 | 15,972 | 36,977 | 12,973 | $ 88,636 | $ 83,589 | $ 96,094 | ||||||||
Net income attributable to noncontrolling interest in joint ventures | (27) | (31) | (37) | (35) | (77) | (88) | (87) | (154) | (130) | (406) | (585) | ||||||||
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | $ 18,556 | $ 23,010 | $ 18,227 | $ 28,713 | $ 17,590 | $ 15,884 | $ 36,890 | $ 12,819 | $ 88,506 | $ 83,183 | $ 95,509 | ||||||||
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] | $ 0.64 | [1] | $ 0.52 | [1] | $ 0.83 | [1] | $ 0.51 | [1] | $ 0.46 | [1] | $ 1.09 | [1] | $ 0.38 | [1] | $ 2.50 | $ 2.45 | $ 2.93 |
Weighted average shares outstanding | 36,135 | [1] | 35,716 | [1] | 35,196 | [1] | 34,689 | [1] | 34,406 | [1] | 34,215 | [1] | 33,987 | [1] | 33,361 | [1] | 35,439 | 33,996 | 32,563 |
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] | $ 0.64 | [1] | $ 0.52 | [1] | $ 0.83 | [1] | $ 0.51 | [1] | $ 0.46 | [1] | $ 1.08 | [1] | $ 0.38 | [1] | $ 2.49 | $ 2.44 | $ 2.93 |
Weighted average shares outstanding | 36,232 | [1] | 35,798 | [1] | 35,259 | [1] | 34,736 | [1] | 34,505 | [1] | 34,290 | [1] | 34,040 | [1] | 33,409 | [1] | 35,506 | 34,047 | 32,628 |
[1] | The above quarterly earnings per share calculations are based on the weighted average number of shares of common stock outstanding during each quarter for basic earnings per share and the weighted average number of outstanding shares of common stock and common stock 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 shares of common stock outstanding during each year for basic earnings per share and the weighted average number of outstanding shares of common stock and common stock 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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan [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 | $ 769,000 | $ 672,000 | $ 675,000 |
LEGAL MATTERS Legal Matters (De
LEGAL MATTERS Legal Matters (Details) | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency Accrual | $ 497,000 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financial Assets [Abstract] | |||||
Cash and Cash Equivalents | $ 374 | $ 16 | $ 522 | $ 48 | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||||
Financial Assets [Abstract] | |||||
Cash and Cash Equivalents | [1] | 374 | 16 | ||
Mortgage loans receivable | [1] | 2,594 | 4,581 | ||
Interest Rate Swap Assets | [1] | 6,701 | 6,034 | ||
Financial Liabilities [Abstract] | |||||
Unsecured bank credit facilities - variable rate - Fair Value Disclosure | [1],[2] | 195,730 | 116,339 | ||
Unsecured bank credit facilities - fixed rate - Fair Value Disclosure | [1],[2] | 0 | 80,000 | ||
Unsecured debt | [1],[2] | 725,000 | 715,000 | ||
Secured debt | [1],[2] | 189,038 | 200,354 | ||
Interest rate swap liabilities | [1] | 0 | 695 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | |||||
Financial Assets [Abstract] | |||||
Cash and cash equivalents | 374 | 16 | |||
Mortgage loans receivable | 2,571 | 4,569 | |||
Interest Rate Swap Assets | 6,701 | 6,034 | |||
Financial Liabilities [Abstract] | |||||
Unsecured bank credit facilities - variable rate - Fair Value Disclosure | [2] | 196,423 | 116,277 | ||
Unsecured bank credit facilities - fixed rate - Fair Value Disclosure | [2] | 0 | 80,003 | ||
Unsecured debt | [2] | 718,364 | 703,871 | ||
Secured debt | [2] | 191,742 | 206,408 | ||
Interest rate swap liabilities | $ 0 | $ 695 | |||
[1] | 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, 2019USD ($) | Mar. 31, 2019USD ($)Integer | Jan. 29, 2019ft² | |
$80 million senior unsecured private placement notes (2019) [Member] | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Debt, term (in years) | Integer | 10 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.27% | ||
Unsecured debt, notional amount | $ 80 | ||
World Houston International Business Ctr 5 [Member] | |||
Subsequent Event [Line Items] | |||
Size (in square feet) | ft² | 51,000 | ||
Proceeds from Sale of Property, Plant, and Equipment | $ 3.8 |
SCHEDULE III (Details)
SCHEDULE III (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 189,038 | |||||
Initial Cost to the Company [Abstract] | ||||||
Land | [1],[2] | 484,279 | ||||
Buildings and Improvements | [1],[2] | 1,087,145 | ||||
Costs Capitalized Subsequent to Acquisition | [1],[2] | 1,245,721 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [1],[2] | 487,477 | ||||
Buildings and Improvements | [1],[2] | 2,329,668 | ||||
Total | [3] | 2,817,145 | [1],[2] | $ 2,578,748 | $ 2,407,029 | $ 2,219,465 |
Accumulated Depreciation | $ 814,915 | [1],[2] | $ 749,601 | $ 694,250 | $ 657,454 | |
Year Constructed | 1,998 | |||||
Industrial [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 189,038 | |||||
Initial Cost to the Company [Abstract] | ||||||
Land | 378,543 | |||||
Buildings and Improvements | 1,077,934 | |||||
Costs Capitalized Subsequent to Acquisition | 1,097,004 | |||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | 380,684 | |||||
Buildings and Improvements | 2,172,797 | |||||
Total | 2,553,481 | |||||
Accumulated Depreciation | 814,731 | |||||
Industrial Development [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 105,736 | ||||
Buildings and Improvements | [4] | 9,211 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 148,717 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 106,793 | ||||
Buildings and Improvements | [4] | 156,871 | ||||
Total | [4] | 263,664 | ||||
Accumulated Depreciation | [4] | 184 | ||||
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] | 6,154 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,575 | ||||
Buildings and Improvements | [5] | 12,745 | ||||
Total | [5] | 14,320 | ||||
Accumulated Depreciation | [5] | $ 8,861 | ||||
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] | 2,854 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 980 | ||||
Buildings and Improvements | [5] | 6,654 | ||||
Total | [5] | 7,634 | ||||
Accumulated Depreciation | [5] | $ 4,781 | ||||
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] | 1,624 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 883 | ||||
Buildings and Improvements | [5] | 5,547 | ||||
Total | [5] | 6,430 | ||||
Accumulated Depreciation | [5] | $ 3,956 | ||||
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] | 654 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 407 | ||||
Buildings and Improvements | [5] | 2,157 | ||||
Total | [5] | 2,564 | ||||
Accumulated Depreciation | [5] | $ 1,603 | ||||
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] | 2,737 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,190 | ||||
Buildings and Improvements | [5] | 7,362 | ||||
Total | [5] | 8,552 | ||||
Accumulated Depreciation | [5] | $ 5,012 | ||||
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] | 2,611 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,005 | ||||
Buildings and Improvements | [5] | 7,299 | ||||
Total | [5] | 8,304 | ||||
Accumulated Depreciation | [5] | $ 4,418 | ||||
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] | 406 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 634 | ||||
Buildings and Improvements | [5] | 4,824 | ||||
Total | [5] | 5,458 | ||||
Accumulated Depreciation | [5] | $ 3,469 | ||||
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] | 651 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 655 | ||||
Buildings and Improvements | [5] | 3,838 | ||||
Total | [5] | 4,493 | ||||
Accumulated Depreciation | [5] | $ 1,918 | ||||
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] | 4,411 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 655 | ||||
Buildings and Improvements | [5] | 4,411 | ||||
Total | [5] | 5,066 | ||||
Accumulated Depreciation | [5] | $ 2,225 | ||||
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] | 634 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 337 | ||||
Buildings and Improvements | [5] | 3,952 | ||||
Total | [5] | 4,289 | ||||
Accumulated Depreciation | [5] | $ 2,208 | ||||
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] | 1,492 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 465 | ||||
Buildings and Improvements | [5] | 5,230 | ||||
Total | [5] | 5,695 | ||||
Accumulated Depreciation | [5] | $ 2,960 | ||||
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] | 1,378 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,109 | ||||
Buildings and Improvements | [5] | 7,504 | ||||
Total | [5] | 8,613 | ||||
Accumulated Depreciation | [5] | $ 4,252 | ||||
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] | 1,712 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 647 | ||||
Buildings and Improvements | [5] | 5,315 | ||||
Total | [5] | 5,962 | ||||
Accumulated Depreciation | [5] | $ 2,710 | ||||
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] | 3,200 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 556 | ||||
Buildings and Improvements | [5] | 3,083 | ||||
Total | [5] | 3,639 | ||||
Accumulated Depreciation | [5] | $ 1,252 | ||||
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] | 825 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 682 | ||||
Buildings and Improvements | [5] | 7,297 | ||||
Total | [5] | 7,979 | ||||
Accumulated Depreciation | [5] | $ 3,008 | ||||
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] | 5,961 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 916 | ||||
Buildings and Improvements | [5] | 5,769 | ||||
Total | [5] | 6,685 | ||||
Accumulated Depreciation | [5] | $ 2,422 | ||||
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] | 5,377 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 812 | ||||
Buildings and Improvements | [5] | 5,207 | ||||
Total | [5] | 6,019 | ||||
Accumulated Depreciation | [5] | $ 1,839 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,008 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 740 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,396 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 740 | ||||
Buildings and Improvements | [5] | 6,396 | ||||
Total | [5] | 7,136 | ||||
Accumulated Depreciation | [5] | $ 200 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,017 | ||||
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] | 6,236 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,051 | ||||
Buildings and Improvements | [5] | 6,028 | ||||
Total | [5] | 7,079 | ||||
Accumulated Depreciation | [5] | $ 632 | ||||
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] | 5,104 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 781 | ||||
Buildings and Improvements | [5] | 4,941 | ||||
Total | [5] | 5,722 | ||||
Accumulated Depreciation | [5] | $ 1,471 | ||||
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] | $ 518 | ||||
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] | $ 540 | ||||
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] | 997 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,257 | ||||
Buildings and Improvements | [5] | 5,009 | ||||
Total | [5] | 6,266 | ||||
Accumulated Depreciation | [5] | $ 2,851 | ||||
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] | 2,595 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,333 | ||||
Buildings and Improvements | [5] | 9,593 | ||||
Total | [5] | 10,926 | ||||
Accumulated Depreciation | [5] | $ 5,696 | ||||
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] | 1,573 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 915 | ||||
Buildings and Improvements | [5] | 6,919 | ||||
Total | [5] | 7,834 | ||||
Accumulated Depreciation | [5] | $ 3,517 | ||||
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] | 785 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,013 | ||||
Buildings and Improvements | [5] | 4,032 | ||||
Total | [5] | 5,045 | ||||
Accumulated Depreciation | [5] | $ 2,031 | ||||
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] | 2,714 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 4,132 | ||||
Buildings and Improvements | [5] | 30,210 | ||||
Total | [5] | 34,342 | ||||
Accumulated Depreciation | [5] | $ 6,982 | ||||
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] | 651 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 791 | ||||
Buildings and Improvements | [5] | 5,409 | ||||
Total | [5] | 6,200 | ||||
Accumulated Depreciation | [5] | $ 1,449 | ||||
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] | 1,263 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,140 | ||||
Buildings and Improvements | [5] | 9,764 | ||||
Total | [5] | 11,904 | ||||
Accumulated Depreciation | [5] | $ 2,555 | ||||
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] | $ 881 | ||||
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] | $ 939 | ||||
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] | 8,212 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 565 | ||||
Buildings and Improvements | [5] | 8,212 | ||||
Total | [5] | 8,777 | ||||
Accumulated Depreciation | [5] | $ 638 | ||||
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] | 511 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 291 | ||||
Buildings and Improvements | [5] | 2,222 | ||||
Total | [5] | 2,513 | ||||
Accumulated Depreciation | [5] | $ 1,346 | ||||
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] | 2,289 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 603 | ||||
Buildings and Improvements | [5] | 4,703 | ||||
Total | [5] | 5,306 | ||||
Accumulated Depreciation | [5] | $ 3,430 | ||||
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] | 482 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 300 | ||||
Buildings and Improvements | [5] | 1,427 | ||||
Total | [5] | 1,727 | ||||
Accumulated Depreciation | [5] | $ 862 | ||||
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] | 408 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 320 | ||||
Buildings and Improvements | [5] | 1,405 | ||||
Total | [5] | 1,725 | ||||
Accumulated Depreciation | [5] | $ 938 | ||||
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] | 5,952 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,472 | ||||
Buildings and Improvements | [5] | 11,697 | ||||
Total | [5] | 13,169 | ||||
Accumulated Depreciation | [5] | $ 8,930 | ||||
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] | 1,433 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 497 | ||||
Buildings and Improvements | [5] | 3,877 | ||||
Total | [5] | 4,374 | ||||
Accumulated Depreciation | [5] | $ 2,243 | ||||
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] | 532 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 512 | ||||
Buildings and Improvements | [5] | 4,145 | ||||
Total | [5] | 4,657 | ||||
Accumulated Depreciation | [5] | $ 2,747 | ||||
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] | 2,746 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,498 | ||||
Buildings and Improvements | [5] | 5,407 | ||||
Total | [5] | 6,905 | ||||
Accumulated Depreciation | [5] | $ 4,000 | ||||
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] | 1,294 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 745 | ||||
Buildings and Improvements | [5] | 3,912 | ||||
Total | [5] | 4,657 | ||||
Accumulated Depreciation | [5] | $ 2,322 | ||||
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] | 1,019 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 555 | ||||
Buildings and Improvements | [5] | 2,996 | ||||
Total | [5] | 3,551 | ||||
Accumulated Depreciation | [5] | $ 1,622 | ||||
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] | 1,881 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 597 | ||||
Buildings and Improvements | [5] | 5,152 | ||||
Total | [5] | 5,749 | ||||
Accumulated Depreciation | [5] | $ 3,528 | ||||
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] | 1,057 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 642 | ||||
Buildings and Improvements | [5] | 4,178 | ||||
Total | [5] | 4,820 | ||||
Accumulated Depreciation | [5] | $ 2,320 | ||||
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] | 1,814 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 642 | ||||
Buildings and Improvements | [5] | 4,731 | ||||
Total | [5] | 5,373 | ||||
Accumulated Depreciation | [5] | $ 2,548 | ||||
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] | 2,386 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 750 | ||||
Buildings and Improvements | [5] | 4,895 | ||||
Total | [5] | 5,645 | ||||
Accumulated Depreciation | [5] | $ 2,818 | ||||
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] | 3,719 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 672 | ||||
Buildings and Improvements | [5] | 3,719 | ||||
Total | [5] | 4,391 | ||||
Accumulated Depreciation | [5] | $ 1,461 | ||||
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] | 4,942 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 373 | ||||
Buildings and Improvements | [5] | 4,942 | ||||
Total | [5] | 5,315 | ||||
Accumulated Depreciation | [5] | $ 2,934 | ||||
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] | 4,527 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 342 | ||||
Buildings and Improvements | [5] | 4,527 | ||||
Total | [5] | 4,869 | ||||
Accumulated Depreciation | [5] | $ 2,300 | ||||
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] | 5,683 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 547 | ||||
Buildings and Improvements | [5] | 5,683 | ||||
Total | [5] | 6,230 | ||||
Accumulated Depreciation | [5] | $ 2,290 | ||||
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] | $ 2,641 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[6] | 506 | ||||
Buildings and Improvements | [5],[6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 4,645 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[6] | 506 | ||||
Buildings and Improvements | [5],[6] | 4,645 | ||||
Total | [5],[6] | 5,151 | ||||
Accumulated Depreciation | [5],[6] | $ 1,961 | ||||
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] | $ 2,510 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[6] | 382 | ||||
Buildings and Improvements | [5],[6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 4,514 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[6] | 382 | ||||
Buildings and Improvements | [5],[6] | 4,514 | ||||
Total | [5],[6] | 4,896 | ||||
Accumulated Depreciation | [5],[6] | $ 2,169 | ||||
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] | 5,344 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 571 | ||||
Buildings and Improvements | [5] | 5,344 | ||||
Total | [5] | 5,915 | ||||
Accumulated Depreciation | [5] | $ 2,048 | ||||
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] | 6,741 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 520 | ||||
Buildings and Improvements | [5] | 6,741 | ||||
Total | [5] | 7,261 | ||||
Accumulated Depreciation | [5] | $ 2,568 | ||||
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] | 6,353 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 531 | ||||
Buildings and Improvements | [5] | 6,353 | ||||
Total | [5] | 6,884 | ||||
Accumulated Depreciation | [5] | $ 2,058 | ||||
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] | 6,460 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 468 | ||||
Buildings and Improvements | [5] | 6,460 | ||||
Total | [5] | 6,928 | ||||
Accumulated Depreciation | [5] | $ 1,692 | ||||
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] | 4,879 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 414 | ||||
Buildings and Improvements | [5] | 4,879 | ||||
Total | [5] | 5,293 | ||||
Accumulated Depreciation | [5] | $ 986 | ||||
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] | 5,939 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 513 | ||||
Buildings and Improvements | [5] | 5,939 | ||||
Total | [5] | 6,452 | ||||
Accumulated Depreciation | [5] | $ 1,361 | ||||
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] | $ 5,140 | ||||
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] | 6,528 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 991 | ||||
Buildings and Improvements | [5] | 6,528 | ||||
Total | [5] | 7,519 | ||||
Accumulated Depreciation | [5] | $ 1,199 | ||||
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] | 7,205 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,111 | ||||
Buildings and Improvements | [5] | 7,205 | ||||
Total | [5] | 8,316 | ||||
Accumulated Depreciation | [5] | $ 1,086 | ||||
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] | 6,480 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 991 | ||||
Buildings and Improvements | [5] | 6,480 | ||||
Total | [5] | 7,471 | ||||
Accumulated Depreciation | [5] | $ 706 | ||||
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] | $ 998 | ||||
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] | 8,598 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,108 | ||||
Buildings and Improvements | [5] | 8,598 | ||||
Total | [5] | 9,706 | ||||
Accumulated Depreciation | [5] | $ 533 | ||||
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] | 7,471 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 962 | ||||
Buildings and Improvements | [5] | 7,471 | ||||
Total | [5] | 8,433 | ||||
Accumulated Depreciation | [5] | $ 631 | ||||
Year Acquired | [5] | 2,008 | ||||
Year Constructed | [5] | 2,017 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon X [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 846 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,601 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 846 | ||||
Buildings and Improvements | [5] | 6,601 | ||||
Total | [5] | 7,447 | ||||
Accumulated Depreciation | [5] | $ 179 | ||||
Year Acquired | [5] | 2,009 | ||||
Year Constructed | [5] | 2,018 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon XII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,416 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 10,572 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,416 | ||||
Buildings and Improvements | [5] | 10,572 | ||||
Total | [5] | 11,988 | ||||
Accumulated Depreciation | [5] | $ 275 | ||||
Year Acquired | [5] | 2,009 | ||||
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] | 3,397 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,147 | ||||
Buildings and Improvements | [5] | 5,196 | ||||
Total | [5] | 6,343 | ||||
Accumulated Depreciation | [5] | $ 3,474 | ||||
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] | 4,554 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,375 | ||||
Buildings and Improvements | [5] | 7,515 | ||||
Total | [5] | 8,890 | ||||
Accumulated Depreciation | [5] | $ 5,441 | ||||
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] | 9,200 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 3,442 | ||||
Buildings and Improvements | [5] | 15,650 | ||||
Total | [5] | 19,092 | ||||
Accumulated Depreciation | [5] | $ 11,689 | ||||
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] | 1,909 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 540 | ||||
Buildings and Improvements | [5] | 9,422 | ||||
Total | [5] | 9,962 | ||||
Accumulated Depreciation | [5] | $ 5,081 | ||||
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] | 8,677 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,011 | ||||
Buildings and Improvements | [5] | 24,051 | ||||
Total | [5] | 26,062 | ||||
Accumulated Depreciation | [5] | $ 12,855 | ||||
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] | 849 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 476 | ||||
Buildings and Improvements | [5] | 2,748 | ||||
Total | [5] | 3,224 | ||||
Accumulated Depreciation | [5] | $ 1,456 | ||||
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] | 1,938 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,879 | ||||
Buildings and Improvements | [5] | 7,638 | ||||
Total | [5] | 9,517 | ||||
Accumulated Depreciation | [5] | $ 4,314 | ||||
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] | 452 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 7,317 | ||||
Buildings and Improvements | [5] | 15,364 | ||||
Total | [5] | 22,681 | ||||
Accumulated Depreciation | [5] | $ 1,167 | ||||
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] | 3,248 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 616 | ||||
Buildings and Improvements | [5] | 5,488 | ||||
Total | [5] | 6,104 | ||||
Accumulated Depreciation | [5] | $ 3,355 | ||||
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] | 2,524 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 0 | ||||
Buildings and Improvements | [5] | 4,989 | ||||
Total | [5] | 4,989 | ||||
Accumulated Depreciation | [5] | $ 3,144 | ||||
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] | 2,958 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 0 | ||||
Buildings and Improvements | [5] | 6,447 | ||||
Total | [5] | 6,447 | ||||
Accumulated Depreciation | [5] | $ 4,471 | ||||
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] | 1,695 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 485 | ||||
Buildings and Improvements | [5] | 4,347 | ||||
Total | [5] | 4,832 | ||||
Accumulated Depreciation | [5] | $ 2,179 | ||||
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] | $ 6,456 | ||||
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] | 5,303 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 1,991 | ||||
Buildings and Improvements | [5],[7] | 10,160 | ||||
Total | [5],[7] | 12,151 | ||||
Accumulated Depreciation | [5],[7] | $ 5,096 | ||||
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] | 3,617 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,202 | ||||
Buildings and Improvements | [5] | 12,402 | ||||
Total | [5] | 14,604 | ||||
Accumulated Depreciation | [5] | $ 8,240 | ||||
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] | 1,980 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 975 | ||||
Buildings and Improvements | [5] | 5,606 | ||||
Total | [5] | 6,581 | ||||
Accumulated Depreciation | [5] | $ 3,722 | ||||
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] | $ 233 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,385 | ||||
Buildings and Improvements | [5] | 4,222 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,665 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,385 | ||||
Buildings and Improvements | [5] | 5,887 | ||||
Total | [5] | 7,272 | ||||
Accumulated Depreciation | [5] | $ 2,717 | ||||
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] | 2,805 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 450 | ||||
Buildings and Improvements | [5] | 2,805 | ||||
Total | [5] | 3,255 | ||||
Accumulated Depreciation | [5] | $ 977 | ||||
Year Acquired | [5] | 2,004 | ||||
Year Constructed | [5] | 2,009 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Weston [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 4,163 | ||||
Buildings and Improvements | [5] | 9,951 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,691 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 4,163 | ||||
Buildings and Improvements | [5] | 11,642 | ||||
Total | [5] | 15,805 | ||||
Accumulated Depreciation | [5] | $ 669 | ||||
Year Acquired | [5] | 2,016 | ||||
Year Constructed | [5] | 1,998 | ||||
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] | 4,815 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 928 | ||||
Buildings and Improvements | [5] | 4,798 | ||||
Total | [5] | 5,726 | ||||
Accumulated Depreciation | [5] | $ 1,857 | ||||
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] | 4,999 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 928 | ||||
Buildings and Improvements | [5] | 4,982 | ||||
Total | [5] | 5,910 | ||||
Accumulated Depreciation | [5] | $ 2,107 | ||||
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] | 6,673 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,763 | ||||
Buildings and Improvements | [5] | 6,630 | ||||
Total | [5] | 8,393 | ||||
Accumulated Depreciation | [5] | $ 2,407 | ||||
Year Acquired | [5] | 2,006 | ||||
Year Constructed | [5] | 2,008 | ||||
FLORIDA | Industrial [Member] | Fort Myers [Member] | SunCoast 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,733 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,537 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,762 | ||||
Buildings and Improvements | [5] | 7,508 | ||||
Total | [5] | 9,270 | ||||
Accumulated Depreciation | [5] | $ 335 | ||||
Year Acquired | [5] | 2,006 | ||||
Year Constructed | [5] | 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] | 841 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 719 | ||||
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] | SunCoast 5 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,511 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,024 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,594 | ||||
Buildings and Improvements | [4] | 4,941 | ||||
Total | [4] | 6,535 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,006 | ||||
Year Constructed | [4] | n/a | ||||
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] | 3,339 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,380 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,240 | ||||
Buildings and Improvements | [4] | 3,479 | ||||
Total | [4] | 5,719 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2008/09 | ||||
Year Constructed | [4] | n/a | ||||
FLORIDA | Industrial Development [Member] | Horizon VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,099 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,126 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,099 | ||||
Buildings and Improvements | [4] | 7,126 | ||||
Total | [4] | 8,225 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2008/09 | ||||
Year Constructed | [4] | n/a | ||||
FLORIDA | Industrial Development [Member] | Horizon XI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,101 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,622 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,101 | ||||
Buildings and Improvements | [4] | 7,622 | ||||
Total | [4] | 8,723 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2008/09 | ||||
Year Constructed | [4] | n/a | ||||
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] | 7,648 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,674 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 7,978 | ||||
Buildings and Improvements | [4] | 5,344 | ||||
Total | [4] | 13,322 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,006 | ||||
Year Constructed | [4] | n/a | ||||
FLORIDA | Industrial Development [Member] | Gateway Commerce Park I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 5,746 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 14,495 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 5,746 | ||||
Buildings and Improvements | [4] | 14,495 | ||||
Total | [4] | 20,241 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,016 | ||||
Year Constructed | [4] | 2,018 | ||||
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] | 21,132 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 15,199 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 21,132 | ||||
Buildings and Improvements | [4] | 15,199 | ||||
Total | [4] | 36,331 | ||||
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] | 2,137 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,308 | ||||
Buildings and Improvements | [5] | 10,814 | ||||
Total | [5] | 13,122 | ||||
Accumulated Depreciation | [5] | $ 6,561 | ||||
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] | $ 824 | ||||
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] | 3,236 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 3,842 | ||||
Buildings and Improvements | [5] | 18,604 | ||||
Total | [5] | 22,446 | ||||
Accumulated Depreciation | [5] | $ 11,421 | ||||
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] | 944 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 893 | ||||
Buildings and Improvements | [5] | 2,948 | ||||
Total | [5] | 3,841 | ||||
Accumulated Depreciation | [5] | $ 1,944 | ||||
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] | 1,520 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 259 | ||||
Buildings and Improvements | [5] | 8,578 | ||||
Total | [5] | 8,837 | ||||
Accumulated Depreciation | [5] | $ 4,913 | ||||
Year Acquired | [5] | 1,999 | ||||
Year Constructed | [5] | 1974/87 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Eucalyptus Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 11,392 | ||||
Buildings and Improvements | [5] | 11,498 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 7 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 11,392 | ||||
Buildings and Improvements | [5] | 11,505 | ||||
Total | [5] | 22,897 | ||||
Accumulated Depreciation | [5] | $ 234 | ||||
Year Acquired | [5] | 2,018 | ||||
Year Constructed | [5] | 1,988 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Kingsview Industrial Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[8] | $ 2,264 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[8] | 643 | ||||
Buildings and Improvements | [5],[8] | 2,573 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[8] | 883 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[8] | 643 | ||||
Buildings and Improvements | [5],[8] | 3,456 | ||||
Total | [5],[8] | 4,099 | ||||
Accumulated Depreciation | [5],[8] | $ 2,074 | ||||
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] | $ 6,188 | ||||
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] | $ 5,723 | ||||
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] | $ 2,877 | ||||
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] | $ 5,940 | ||||
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] | 2,593 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[8] | 2,885 | ||||
Buildings and Improvements | [5],[8] | 7,867 | ||||
Total | [5],[8] | 10,752 | ||||
Accumulated Depreciation | [5],[8] | $ 4,478 | ||||
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] | $ 4,025 | ||||
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] | 751 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[8] | 1,636 | ||||
Buildings and Improvements | [5],[8] | 5,651 | ||||
Total | [5],[8] | 7,287 | ||||
Accumulated Depreciation | [5],[8] | $ 3,286 | ||||
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] | $ 8,401 | ||||
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] | $ 2,474 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 3,761 | ||||
Buildings and Improvements | [5] | 5,751 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 25 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 3,761 | ||||
Buildings and Improvements | [5] | 5,776 | ||||
Total | [5] | 9,537 | ||||
Accumulated Depreciation | [5] | $ 647 | ||||
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] | $ 15,111 | ||||
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] | 4,750 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[8] | 10,230 | ||||
Buildings and Improvements | [5],[8] | 17,123 | ||||
Total | [5],[8] | 27,353 | ||||
Accumulated Depreciation | [5],[8] | $ 9,392 | ||||
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] | $ 1,577 | ||||
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] | 359 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,674 | ||||
Buildings and Improvements | [5] | 3,824 | ||||
Total | [5] | 5,498 | ||||
Accumulated Depreciation | [5] | $ 1,999 | ||||
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] | 3,340 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,363 | ||||
Buildings and Improvements | [5] | 8,793 | ||||
Total | [5] | 10,156 | ||||
Accumulated Depreciation | [5] | $ 6,034 | ||||
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] | 12,835 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 5,520 | ||||
Buildings and Improvements | [5] | 34,899 | ||||
Total | [5] | 40,419 | ||||
Accumulated Depreciation | [5] | $ 18,641 | ||||
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] | $ 11,620 | ||||
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] | 6,943 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[8] | 2,465 | ||||
Buildings and Improvements | [5],[8] | 18,570 | ||||
Total | [5],[8] | 21,035 | ||||
Accumulated Depreciation | [5],[8] | $ 11,354 | ||||
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] | 1,811 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 3,046 | ||||
Buildings and Improvements | [5] | 8,699 | ||||
Total | [5] | 11,745 | ||||
Accumulated Depreciation | [5] | $ 5,487 | ||||
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] | $ 7,784 | ||||
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] | 970 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 6,577 | ||||
Buildings and Improvements | [5],[7] | 8,075 | ||||
Total | [5],[7] | 14,652 | ||||
Accumulated Depreciation | [5],[7] | $ 2,892 | ||||
Year Acquired | [5],[7] | 2,010 | ||||
Year Constructed | [5],[7] | 2,005 | ||||
CALIFORNIA | Industrial Development [Member] | Siempre Viva Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,723 | ||||
Buildings and Improvements | [4] | 9,211 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 141 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,723 | ||||
Buildings and Improvements | [4] | 9,352 | ||||
Total | [4] | 14,075 | ||||
Accumulated Depreciation | [4] | $ 115 | ||||
Year Acquired | [4] | 2,018 | ||||
Year Constructed | [4] | 2,003 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Allen Station I & II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 5,815 | ||||
Buildings and Improvements | [5] | 17,612 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 202 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 5,815 | ||||
Buildings and Improvements | [5] | 17,814 | ||||
Total | [5] | 23,629 | ||||
Accumulated Depreciation | [5] | $ 272 | ||||
Year Acquired | [5] | 2,018 | ||||
Year Constructed | [5] | 2,001 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Interstate Distribution Center I and II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[9] | $ 5,173 | ||||
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] | 3,791 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[9] | 1,746 | ||||
Buildings and Improvements | [5],[9] | 8,732 | ||||
Total | [5],[9] | 10,478 | ||||
Accumulated Depreciation | [5],[9] | $ 6,596 | ||||
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] | $ 2,027 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[9] | 519 | ||||
Buildings and Improvements | [5],[9] | 2,008 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 1,578 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[9] | 519 | ||||
Buildings and Improvements | [5],[9] | 3,586 | ||||
Total | [5],[9] | 4,105 | ||||
Accumulated Depreciation | [5],[9] | $ 2,283 | ||||
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] | 596 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 416 | ||||
Buildings and Improvements | [5] | 3,077 | ||||
Total | [5] | 3,493 | ||||
Accumulated Depreciation | [5] | $ 1,625 | ||||
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] | $ 4,307 | ||||
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] | 2,471 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[6] | 1,824 | ||||
Buildings and Improvements | [5],[6] | 6,577 | ||||
Total | [5],[6] | 8,401 | ||||
Accumulated Depreciation | [5],[6] | $ 3,322 | ||||
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] | $ 3,935 | ||||
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] | 2,755 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[9] | 1,452 | ||||
Buildings and Improvements | [5],[9] | 6,517 | ||||
Total | [5],[9] | 7,969 | ||||
Accumulated Depreciation | [5],[9] | $ 5,316 | ||||
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] | 18,718 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,663 | ||||
Buildings and Improvements | [5] | 18,718 | ||||
Total | [5] | 21,381 | ||||
Accumulated Depreciation | [5] | $ 1,982 | ||||
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] | 1,265 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 635 | ||||
Buildings and Improvements | [5] | 4,886 | ||||
Total | [5] | 5,521 | ||||
Accumulated Depreciation | [5] | $ 2,573 | ||||
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] | 3,267 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 4,361 | ||||
Buildings and Improvements | [5] | 37,672 | ||||
Total | [5] | 42,033 | ||||
Accumulated Depreciation | [5] | $ 9,180 | ||||
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] | 3,868 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 12,471 | ||||
Buildings and Improvements | [5] | 54,580 | ||||
Total | [5] | 67,051 | ||||
Accumulated Depreciation | [5] | $ 13,009 | ||||
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] | 5,937 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 4,615 | ||||
Buildings and Improvements | [5] | 32,295 | ||||
Total | [5] | 36,910 | ||||
Accumulated Depreciation | [5] | $ 2,289 | ||||
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] | 14,614 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 3,275 | ||||
Buildings and Improvements | [5] | 14,614 | ||||
Total | [5] | 17,889 | ||||
Accumulated Depreciation | [5] | $ 1,041 | ||||
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] | 2,133 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 660 | ||||
Buildings and Improvements | [5] | 8,026 | ||||
Total | [5] | 8,686 | ||||
Accumulated Depreciation | [5] | $ 4,983 | ||||
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] | $ 4,445 | ||||
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] | 1,564 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[9] | 1,025 | ||||
Buildings and Improvements | [5],[9] | 7,977 | ||||
Total | [5],[9] | 9,002 | ||||
Accumulated Depreciation | [5],[9] | $ 4,946 | ||||
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] | $ 1,729 | ||||
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] | $ 1,934 | ||||
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] | $ 5,043 | ||||
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] | $ 5,978 | ||||
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] | $ 3,582 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[9] | 800 | ||||
Buildings and Improvements | [5],[9] | 4,355 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 2,099 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[9] | 800 | ||||
Buildings and Improvements | [5],[9] | 6,454 | ||||
Total | [5],[9] | 7,254 | ||||
Accumulated Depreciation | [5],[9] | $ 3,220 | ||||
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] | 824 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 933 | ||||
Buildings and Improvements | [5] | 5,603 | ||||
Total | [5] | 6,536 | ||||
Accumulated Depreciation | [5] | $ 2,665 | ||||
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] | 1,760 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 638 | ||||
Buildings and Improvements | [5] | 5,524 | ||||
Total | [5] | 6,162 | ||||
Accumulated Depreciation | [5] | $ 2,911 | ||||
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] | $ 1,673 | ||||
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] | 427 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 282 | ||||
Buildings and Improvements | [5] | 2,996 | ||||
Total | [5] | 3,278 | ||||
Accumulated Depreciation | [5] | $ 2,002 | ||||
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] | 1,124 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 722 | ||||
Buildings and Improvements | [5] | 3,753 | ||||
Total | [5] | 4,475 | ||||
Accumulated Depreciation | [5] | $ 2,015 | ||||
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] | 6,268 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 731 | ||||
Buildings and Improvements | [5] | 6,268 | ||||
Total | [5] | 6,999 | ||||
Accumulated Depreciation | [5] | $ 3,404 | ||||
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] | 1,505 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 519 | ||||
Buildings and Improvements | [5] | 5,753 | ||||
Total | [5] | 6,272 | ||||
Accumulated Depreciation | [5] | $ 3,294 | ||||
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] | $ 1,484 | ||||
Year Acquired | [5] | 2,000 | ||||
Year Constructed | [5] | 2,004 | ||||
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] | $ 2,023 | ||||
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] | 2,053 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,008 | ||||
Buildings and Improvements | [5] | 4,001 | ||||
Total | [5] | 5,009 | ||||
Accumulated Depreciation | [5] | $ 2,146 | ||||
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] | 3,982 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 436 | ||||
Buildings and Improvements | [5] | 3,982 | ||||
Total | [5] | 4,418 | ||||
Accumulated Depreciation | [5] | $ 1,622 | ||||
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] | $ 2,224 | ||||
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] | 7,354 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 910 | ||||
Buildings and Improvements | [5] | 7,354 | ||||
Total | [5] | 8,264 | ||||
Accumulated Depreciation | [5] | $ 3,150 | ||||
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] | 5,983 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 838 | ||||
Buildings and Improvements | [5] | 5,982 | ||||
Total | [5] | 6,820 | ||||
Accumulated Depreciation | [5] | $ 2,526 | ||||
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] | 4,032 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 508 | ||||
Buildings and Improvements | [5] | 4,032 | ||||
Total | [5] | 4,540 | ||||
Accumulated Depreciation | [5] | $ 1,608 | ||||
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] | $ 1,934 | ||||
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] | $ 1,191 | ||||
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] | 5,011 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 838 | ||||
Buildings and Improvements | [5] | 5,010 | ||||
Total | [5] | 5,848 | ||||
Accumulated Depreciation | [5] | $ 1,985 | ||||
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] | $ 2,771 | ||||
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] | $ 1,809 | ||||
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] | $ 2,635 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 782 | ||||
Buildings and Improvements | [5],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 4,177 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 974 | ||||
Buildings and Improvements | [5],[7] | 3,985 | ||||
Total | [5],[7] | 4,959 | ||||
Accumulated Depreciation | [5],[7] | $ 1,350 | ||||
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] | $ 3,636 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 981 | ||||
Buildings and Improvements | [5],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 5,863 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 1,222 | ||||
Buildings and Improvements | [5],[7] | 5,622 | ||||
Total | [5],[7] | 6,844 | ||||
Accumulated Depreciation | [5],[7] | $ 2,234 | ||||
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] | 4,092 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 684 | ||||
Buildings and Improvements | [5] | 4,092 | ||||
Total | [5] | 4,776 | ||||
Accumulated Depreciation | [5] | $ 1,714 | ||||
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] | 3,551 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 546 | ||||
Buildings and Improvements | [5] | 3,551 | ||||
Total | [5] | 4,097 | ||||
Accumulated Depreciation | [5] | $ 1,280 | ||||
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] | $ 3,528 | ||||
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] | $ 1,404 | ||||
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] | $ 1,687 | ||||
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] | $ 820 | ||||
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] | 2,476 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 340 | ||||
Buildings and Improvements | [5] | 2,476 | ||||
Total | [5] | 2,816 | ||||
Accumulated Depreciation | [5] | $ 509 | ||||
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] | $ 1,126 | ||||
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] | $ 1,470 | ||||
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] | 7,324 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,053 | ||||
Buildings and Improvements | [5] | 7,324 | ||||
Total | [5] | 8,377 | ||||
Accumulated Depreciation | [5] | $ 1,668 | ||||
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] | 5,203 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 621 | ||||
Buildings and Improvements | [5] | 5,202 | ||||
Total | [5] | 5,823 | ||||
Accumulated Depreciation | [5] | $ 840 | ||||
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] | $ 1,343 | ||||
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] | $ 831 | ||||
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] | $ 575 | ||||
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] | 1,041 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 566 | ||||
Buildings and Improvements | [5] | 5,072 | ||||
Total | [5] | 5,638 | ||||
Accumulated Depreciation | [5] | $ 2,534 | ||||
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] | 2,983 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 937 | ||||
Buildings and Improvements | [5] | 9,143 | ||||
Total | [5] | 10,080 | ||||
Accumulated Depreciation | [5] | $ 5,699 | ||||
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] | 2,758 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 458 | ||||
Buildings and Improvements | [5] | 8,470 | ||||
Total | [5] | 8,928 | ||||
Accumulated Depreciation | [5] | $ 5,058 | ||||
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] | $ 1,365 | ||||
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] | 3,361 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 460 | ||||
Buildings and Improvements | [5] | 3,361 | ||||
Total | [5] | 3,821 | ||||
Accumulated Depreciation | [5] | $ 1,456 | ||||
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] | 3,089 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 460 | ||||
Buildings and Improvements | [5] | 3,089 | ||||
Total | [5] | 3,549 | ||||
Accumulated Depreciation | [5] | $ 1,394 | ||||
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] | $ 3,159 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 701 | ||||
Buildings and Improvements | [5],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 5,244 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 701 | ||||
Buildings and Improvements | [5],[7] | 5,244 | ||||
Total | [5],[7] | 5,945 | ||||
Accumulated Depreciation | [5],[7] | $ 2,203 | ||||
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] | $ 3,531 | ||||
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] | $ 2,114 | ||||
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] | $ 3,452 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[6] | 765 | ||||
Buildings and Improvements | [5],[6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 5,968 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[6] | 765 | ||||
Buildings and Improvements | [5],[6] | 5,968 | ||||
Total | [5],[6] | 6,733 | ||||
Accumulated Depreciation | [5],[6] | $ 2,528 | ||||
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] | 5,516 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 721 | ||||
Buildings and Improvements | [5] | 5,516 | ||||
Total | [5] | 6,237 | ||||
Accumulated Depreciation | [5] | $ 1,653 | ||||
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] | 2,137 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 418 | ||||
Buildings and Improvements | [5] | 2,137 | ||||
Total | [5] | 2,555 | ||||
Accumulated Depreciation | [5] | $ 549 | ||||
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] | 3,902 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 733 | ||||
Buildings and Improvements | [5] | 3,902 | ||||
Total | [5] | 4,635 | ||||
Accumulated Depreciation | [5] | $ 922 | ||||
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] | 4,133 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 690 | ||||
Buildings and Improvements | [5] | 4,133 | ||||
Total | [5] | 4,823 | ||||
Accumulated Depreciation | [5] | $ 841 | ||||
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] | $ 806 | ||||
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] | $ 793 | ||||
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] | $ 379 | ||||
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] | $ 664 | ||||
Year Acquired | [5] | 2,012 | ||||
Year Constructed | [5] | 2,015 | ||||
TEXAS | Industrial [Member] | Houston [Member] | West Road 5 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 484 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,367 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 421 | ||||
Buildings and Improvements | [5] | 4,430 | ||||
Total | [5] | 4,851 | ||||
Accumulated Depreciation | [5] | $ 67 | ||||
Year Acquired | [5] | 2,012 | ||||
Year Constructed | [5] | 2,018 | ||||
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] | $ 665 | ||||
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] | $ 1,241 | ||||
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] | $ 1,147 | ||||
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] | $ 1,132 | ||||
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] | $ 1,074 | ||||
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] | 4,648 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 644 | ||||
Buildings and Improvements | [5] | 4,644 | ||||
Total | [5] | 5,288 | ||||
Accumulated Depreciation | [5] | $ 777 | ||||
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] | 5,321 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 589 | ||||
Buildings and Improvements | [5] | 5,316 | ||||
Total | [5] | 5,905 | ||||
Accumulated Depreciation | [5] | $ 606 | ||||
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] | 9,018 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 0 | ||||
Buildings and Improvements | [5] | 29,743 | ||||
Total | [5] | 29,743 | ||||
Accumulated Depreciation | [5] | $ 19,472 | ||||
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] | $ 4,114 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[9] | 900 | ||||
Buildings and Improvements | [5],[9] | 3,659 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 3,774 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[9] | 900 | ||||
Buildings and Improvements | [5],[9] | 7,433 | ||||
Total | [5],[9] | 8,333 | ||||
Accumulated Depreciation | [5],[9] | $ 5,255 | ||||
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] | 1,741 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 526 | ||||
Buildings and Improvements | [5] | 4,519 | ||||
Total | [5] | 5,045 | ||||
Accumulated Depreciation | [5] | $ 2,284 | ||||
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] | 1,663 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,342 | ||||
Buildings and Improvements | [5] | 8,001 | ||||
Total | [5] | 9,343 | ||||
Accumulated Depreciation | [5] | $ 4,527 | ||||
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] | 7,590 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 4,143 | ||||
Buildings and Improvements | [5] | 39,022 | ||||
Total | [5] | 43,165 | ||||
Accumulated Depreciation | [5] | $ 18,996 | ||||
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] | 3,479 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 423 | ||||
Buildings and Improvements | [5] | 3,479 | ||||
Total | [5] | 3,902 | ||||
Accumulated Depreciation | [5] | $ 1,518 | ||||
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] | 3,712 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 427 | ||||
Buildings and Improvements | [5] | 3,712 | ||||
Total | [5] | 4,139 | ||||
Accumulated Depreciation | [5] | $ 1,459 | ||||
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] | 4,270 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 616 | ||||
Buildings and Improvements | [5] | 4,270 | ||||
Total | [5] | 4,886 | ||||
Accumulated Depreciation | [5] | $ 2,409 | ||||
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] | $ 1,444 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[6] | 418 | ||||
Buildings and Improvements | [5],[6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 2,399 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[6] | 418 | ||||
Buildings and Improvements | [5],[6] | 2,399 | ||||
Total | [5],[6] | 2,817 | ||||
Accumulated Depreciation | [5],[6] | $ 1,118 | ||||
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] | 3,616 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,494 | ||||
Buildings and Improvements | [5] | 14,420 | ||||
Total | [5] | 15,914 | ||||
Accumulated Depreciation | [5] | $ 7,644 | ||||
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] | $ 2,270 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 412 | ||||
Buildings and Improvements | [5],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 3,861 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 412 | ||||
Buildings and Improvements | [5],[7] | 3,861 | ||||
Total | [5],[7] | 4,273 | ||||
Accumulated Depreciation | [5],[7] | $ 1,725 | ||||
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] | $ 2,299 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 505 | ||||
Buildings and Improvements | [5],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 3,822 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 505 | ||||
Buildings and Improvements | [5],[7] | 3,822 | ||||
Total | [5],[7] | 4,327 | ||||
Accumulated Depreciation | [5],[7] | $ 1,535 | ||||
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] | $ 2,369 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 546 | ||||
Buildings and Improvements | [5],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 3,912 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 546 | ||||
Buildings and Improvements | [5],[7] | 3,912 | ||||
Total | [5],[7] | 4,458 | ||||
Accumulated Depreciation | [5],[7] | $ 1,423 | ||||
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] | $ 4,986 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 1,056 | ||||
Buildings and Improvements | [5],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 8,327 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 1,056 | ||||
Buildings and Improvements | [5],[7] | 8,327 | ||||
Total | [5],[7] | 9,383 | ||||
Accumulated Depreciation | [5],[7] | $ 2,901 | ||||
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] | 2,457 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,644 | ||||
Buildings and Improvements | [5] | 10,666 | ||||
Total | [5] | 12,310 | ||||
Accumulated Depreciation | [5] | $ 5,395 | ||||
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] | $ 1,568 | ||||
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] | 4,320 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 607 | ||||
Buildings and Improvements | [5] | 4,320 | ||||
Total | [5] | 4,927 | ||||
Accumulated Depreciation | [5] | $ 1,468 | ||||
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] | 4,739 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 794 | ||||
Buildings and Improvements | [5] | 4,739 | ||||
Total | [5] | 5,533 | ||||
Accumulated Depreciation | [5] | $ 1,310 | ||||
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] | 4,460 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 772 | ||||
Buildings and Improvements | [5] | 4,460 | ||||
Total | [5] | 5,232 | ||||
Accumulated Depreciation | [5] | $ 1,180 | ||||
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] | 4,691 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 753 | ||||
Buildings and Improvements | [5] | 4,691 | ||||
Total | [5] | 5,444 | ||||
Accumulated Depreciation | [5] | $ 544 | ||||
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] | 8,113 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 623 | ||||
Buildings and Improvements | [5] | 8,113 | ||||
Total | [5] | 8,736 | ||||
Accumulated Depreciation | [5] | $ 1,366 | ||||
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] | 5,359 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 402 | ||||
Buildings and Improvements | [5] | 5,359 | ||||
Total | [5] | 5,761 | ||||
Accumulated Depreciation | [5] | $ 623 | ||||
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] | 10,129 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 907 | ||||
Buildings and Improvements | [5] | 10,129 | ||||
Total | [5] | 11,036 | ||||
Accumulated Depreciation | [5] | $ 691 | ||||
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] | 14,717 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,881 | ||||
Buildings and Improvements | [5] | 14,717 | ||||
Total | [5] | 16,598 | ||||
Accumulated Depreciation | [5] | $ 1,382 | ||||
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] | $ 287 | ||||
Year Acquired | [5] | 2,015 | ||||
Year Constructed | [5] | 2,017 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Alamo Ridge IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 354 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,462 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 355 | ||||
Buildings and Improvements | [5] | 7,461 | ||||
Total | [5] | 7,816 | ||||
Accumulated Depreciation | [5] | $ 344 | ||||
Year Acquired | [5] | 2,007 | ||||
Year Constructed | [5] | 2,017 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Eisenhauer Point 3 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 577 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,094 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 577 | ||||
Buildings and Improvements | [5] | 6,094 | ||||
Total | [5] | 6,671 | ||||
Accumulated Depreciation | [5] | $ 303 | ||||
Year Acquired | [5] | 2,015 | ||||
Year Constructed | [5] | 2,017 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Eisenhauer Point 5 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 818 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,017 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 818 | ||||
Buildings and Improvements | [5] | 7,017 | ||||
Total | [5] | 7,835 | ||||
Accumulated Depreciation | [5] | $ 209 | ||||
Year Acquired | [5] | 2,015 | ||||
Year Constructed | [5] | 2,018 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Eisenhauer Point 6 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 569 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,859 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 569 | ||||
Buildings and Improvements | [5] | 4,859 | ||||
Total | [5] | 5,428 | ||||
Accumulated Depreciation | [5] | $ 53 | ||||
Year Acquired | [5] | 2,015 | ||||
Year Constructed | [5] | 2,018 | ||||
TEXAS | Industrial [Member] | Austin [Member] | Colorado Crossing Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[9] | $ 12,112 | ||||
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] | 173 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[9] | 4,594 | ||||
Buildings and Improvements | [5],[9] | 19,938 | ||||
Total | [5],[9] | 24,532 | ||||
Accumulated Depreciation | [5],[9] | $ 4,782 | ||||
Year Acquired | [5],[9] | 2,014 | ||||
Year Constructed | [5],[9] | 2,009 | ||||
TEXAS | Industrial [Member] | Austin [Member] | Greenhill Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 802 | ||||
Buildings and Improvements | [5] | 3,273 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 0 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 802 | ||||
Buildings and Improvements | [5] | 3,273 | ||||
Total | [5] | 4,075 | ||||
Accumulated Depreciation | [5] | $ 10 | ||||
Year Acquired | [5] | 2,018 | ||||
Year Constructed | [5] | 1,999 | ||||
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] | 1,467 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,670 | ||||
Buildings and Improvements | [5] | 16,223 | ||||
Total | [5] | 18,893 | ||||
Accumulated Depreciation | [5] | $ 2,856 | ||||
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] | 812 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,301 | ||||
Buildings and Improvements | [5] | 8,401 | ||||
Total | [5] | 9,702 | ||||
Accumulated Depreciation | [5] | $ 679 | ||||
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] | 339 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,824 | ||||
Buildings and Improvements | [5] | 8,737 | ||||
Total | [5] | 11,561 | ||||
Accumulated Depreciation | [5] | $ 1,414 | ||||
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] | 11,200 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,600 | ||||
Buildings and Improvements | [4] | 11,200 | ||||
Total | [4] | 13,800 | ||||
Accumulated Depreciation | [4] | $ 35 | ||||
Year Acquired | [4] | 2015/16 | ||||
Year Constructed | [4] | 2,018 | ||||
TEXAS | Industrial Development [Member] | Creekview 121 5 & 6 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,681 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,924 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,681 | ||||
Buildings and Improvements | [4] | 2,924 | ||||
Total | [4] | 5,605 | ||||
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] | 2,640 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 946 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,640 | ||||
Buildings and Improvements | [4] | 946 | ||||
Total | [4] | 3,586 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2015/16 | ||||
Year Constructed | [4] | n/a | ||||
TEXAS | Industrial Development [Member] | LakePort 2499 Land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 5,700 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 354 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 5,700 | ||||
Buildings and Improvements | [4] | 354 | ||||
Total | [4] | 6,054 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,018 | ||||
Year Constructed | [4] | n/a | ||||
TEXAS | Industrial Development [Member] | Parc North 5 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,286 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,667 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,286 | ||||
Buildings and Improvements | [4] | 5,667 | ||||
Total | [4] | 6,953 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,016 | ||||
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] | 1,233 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,319 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,233 | ||||
Buildings and Improvements | [4] | 1,319 | ||||
Total | [4] | 2,552 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,016 | ||||
Year Constructed | [4] | n/a | ||||
TEXAS | Industrial Development [Member] | Lee road 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] | (300) | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,960 | ||||
Buildings and Improvements | [4] | 729 | ||||
Total | [4] | 2,689 | ||||
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] | 4,356 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,921 | ||||
Buildings and Improvements | [4] | 3,071 | ||||
Total | [4] | 5,992 | ||||
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] | 6,041 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,717 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 6,041 | ||||
Buildings and Improvements | [4] | 1,717 | ||||
Total | [4] | 7,758 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,015 | ||||
Year Constructed | [4] | n/a | ||||
TEXAS | Industrial Development [Member] | Ten West Crossing 8 [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] | 5,464 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,135 | ||||
Buildings and Improvements | [4] | 5,455 | ||||
Total | [4] | 6,590 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | n/a | ||||
TEXAS | Industrial Development [Member] | Eisenhauer Point 7 & 8 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 999 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 12,091 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,593 | ||||
Buildings and Improvements | [4] | 10,497 | ||||
Total | [4] | 13,090 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,016 | ||||
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] | 632 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 521 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 632 | ||||
Buildings and Improvements | [4] | 521 | ||||
Total | [4] | 1,153 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,016 | ||||
Year Constructed | [4] | n/a | ||||
TEXAS | Industrial Development [Member] | Ridgeview 35 Land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,273 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 101 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,273 | ||||
Buildings and Improvements | [4] | 101 | ||||
Total | [4] | 3,374 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,018 | ||||
Year Constructed | [4] | n/a | ||||
TEXAS | Industrial Development [Member] | Tri-County Crossing 1 & 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,623 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,272 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,623 | ||||
Buildings and Improvements | [4] | 7,272 | ||||
Total | [4] | 8,895 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,017 | ||||
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] | 3,637 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 885 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,637 | ||||
Buildings and Improvements | [4] | 885 | ||||
Total | [4] | 4,522 | ||||
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] | 5,049 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,211 | ||||
Buildings and Improvements | [4] | 5,049 | ||||
Total | [4] | 6,260 | ||||
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] | 5,809 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,306 | ||||
Buildings and Improvements | [4] | 5,809 | ||||
Total | [4] | 7,115 | ||||
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] | 968 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,774 | ||||
Buildings and Improvements | [4] | 968 | ||||
Total | [4] | 3,742 | ||||
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] | 1,075 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 837 | ||||
Buildings and Improvements | [5] | 4,424 | ||||
Total | [5] | 5,261 | ||||
Accumulated Depreciation | [5] | $ 2,933 | ||||
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] | $ 470 | ||||
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] | 543 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 775 | ||||
Buildings and Improvements | [5] | 2,285 | ||||
Total | [5] | 3,060 | ||||
Accumulated Depreciation | [5] | $ 1,456 | ||||
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] | 789 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 380 | ||||
Buildings and Improvements | [5] | 2,441 | ||||
Total | [5] | 2,821 | ||||
Accumulated Depreciation | [5] | $ 1,641 | ||||
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] | 728 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 353 | ||||
Buildings and Improvements | [5] | 1,818 | ||||
Total | [5] | 2,171 | ||||
Accumulated Depreciation | [5] | $ 738 | ||||
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] | 758 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 599 | ||||
Buildings and Improvements | [5] | 2,613 | ||||
Total | [5] | 3,212 | ||||
Accumulated Depreciation | [5] | $ 1,680 | ||||
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] | $ 261 | ||||
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] | 1,868 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,490 | ||||
Buildings and Improvements | [5] | 6,321 | ||||
Total | [5] | 7,811 | ||||
Accumulated Depreciation | [5] | $ 4,050 | ||||
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] | $ 2,111 | ||||
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] | $ 1,571 | ||||
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] | $ 2,351 | ||||
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] | $ 1,428 | ||||
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] | $ 816 | ||||
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] | $ 473 | ||||
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] | 8,333 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 936 | ||||
Buildings and Improvements | [5] | 8,333 | ||||
Total | [5] | 9,269 | ||||
Accumulated Depreciation | [5] | $ 781 | ||||
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] | 7,457 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,927 | ||||
Buildings and Improvements | [5] | 15,165 | ||||
Total | [5] | 17,092 | ||||
Accumulated Depreciation | [5] | $ 10,834 | ||||
Year Acquired | [5] | 1,996 | ||||
Year Constructed | [5] | 1977/79 | ||||
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] | 1,085 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 300 | ||||
Buildings and Improvements | [5] | 3,114 | ||||
Total | [5] | 3,414 | ||||
Accumulated Depreciation | [5] | $ 2,089 | ||||
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] | 1,915 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,120 | ||||
Buildings and Improvements | [5] | 6,397 | ||||
Total | [5] | 7,517 | ||||
Accumulated Depreciation | [5] | $ 4,416 | ||||
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] | 423 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 444 | ||||
Buildings and Improvements | [5] | 1,121 | ||||
Total | [5] | 1,565 | ||||
Accumulated Depreciation | [5] | $ 411 | ||||
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] | $ 3,477 | ||||
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] | 718 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 311 | ||||
Buildings and Improvements | [5] | 2,134 | ||||
Total | [5] | 2,445 | ||||
Accumulated Depreciation | [5] | $ 1,417 | ||||
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] | 3,075 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 242 | ||||
Buildings and Improvements | [5] | 3,075 | ||||
Total | [5] | 3,317 | ||||
Accumulated Depreciation | [5] | $ 1,118 | ||||
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] | 1,605 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,000 | ||||
Buildings and Improvements | [5] | 3,115 | ||||
Total | [5] | 4,115 | ||||
Accumulated Depreciation | [5] | $ 2,007 | ||||
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] | $ 3,594 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 703 | ||||
Buildings and Improvements | [5],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 6,061 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 703 | ||||
Buildings and Improvements | [5],[7] | 6,061 | ||||
Total | [5],[7] | 6,764 | ||||
Accumulated Depreciation | [5],[7] | $ 2,276 | ||||
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] | 21,855 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 5,839 | ||||
Buildings and Improvements | [5] | 21,855 | ||||
Total | [5] | 27,694 | ||||
Accumulated Depreciation | [5] | $ 7,795 | ||||
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] | $ 265 | ||||
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] | 5,125 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,569 | ||||
Buildings and Improvements | [5] | 5,124 | ||||
Total | [5] | 6,693 | ||||
Accumulated Depreciation | [5] | $ 329 | ||||
Year Acquired | [5] | 2,015 | ||||
Year Constructed | [5] | 2,016 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Kyrene 202 III, IV & V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,244 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 11,684 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,244 | ||||
Buildings and Improvements | [5] | 11,684 | ||||
Total | [5] | 12,928 | ||||
Accumulated Depreciation | [5] | $ 340 | ||||
Year Acquired | [5] | 2,011 | ||||
Year Constructed | [5] | 2,018 | ||||
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] | 3,766 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 693 | ||||
Buildings and Improvements | [5] | 7,143 | ||||
Total | [5] | 7,836 | ||||
Accumulated Depreciation | [5] | $ 2,911 | ||||
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] | 1,061 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 709 | ||||
Buildings and Improvements | [5] | 4,175 | ||||
Total | [5] | 4,884 | ||||
Accumulated Depreciation | [5] | $ 1,329 | ||||
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] | 12,127 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,575 | ||||
Buildings and Improvements | [5] | 11,959 | ||||
Total | [5] | 13,534 | ||||
Accumulated Depreciation | [5] | $ 4,579 | ||||
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] | 1,834 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,403 | ||||
Buildings and Improvements | [5] | 6,506 | ||||
Total | [5] | 7,909 | ||||
Accumulated Depreciation | [5] | $ 3,970 | ||||
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] | $ 4,562 | ||||
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] | 697 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 707 | ||||
Buildings and Improvements | [5] | 2,539 | ||||
Total | [5] | 3,246 | ||||
Accumulated Depreciation | [5] | $ 1,482 | ||||
Year Acquired | [5] | 2,005 | ||||
Year Constructed | [5] | 2,001 | ||||
ARIZONA | Industrial [Member] | Tucson [Member] | Country Club V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 2,885 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 21,633 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,886 | ||||
Buildings and Improvements | [5] | 21,632 | ||||
Total | [5] | 24,518 | ||||
Accumulated Depreciation | [5] | $ 384 | ||||
Year Acquired | [5] | 2,016 | ||||
Year Constructed | [5] | 2,018 | ||||
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] | 6,920 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,312 | ||||
Buildings and Improvements | [4] | 6,920 | ||||
Total | [4] | 8,232 | ||||
Accumulated Depreciation | [4] | $ 34 | ||||
Year Acquired | [4] | 2,015 | ||||
Year Constructed | [4] | 2,018 | ||||
ARIZONA | Industrial Development [Member] | Gilbert Crossroads Land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 6,534 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 275 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 6,534 | ||||
Buildings and Improvements | [4] | 275 | ||||
Total | [4] | 6,809 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,018 | ||||
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] | 2,394 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,454 | ||||
Buildings and Improvements | [5] | 12,530 | ||||
Total | [5] | 13,984 | ||||
Accumulated Depreciation | [5] | $ 4,742 | ||||
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] | 5,026 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,758 | ||||
Buildings and Improvements | [5] | 20,958 | ||||
Total | [5] | 23,716 | ||||
Accumulated Depreciation | [5] | $ 10,071 | ||||
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] | 555 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 470 | ||||
Buildings and Improvements | [5] | 3,956 | ||||
Total | [5] | 4,426 | ||||
Accumulated Depreciation | [5] | $ 1,716 | ||||
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] | 1,064 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 765 | ||||
Buildings and Improvements | [5] | 5,367 | ||||
Total | [5] | 6,132 | ||||
Accumulated Depreciation | [5] | $ 2,179 | ||||
Year Acquired | [5] | 2,007 | ||||
Year Constructed | [5] | 1,983 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Broadmoor Commerce Park II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5],[6] | $ 1,150 | ||||
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] | $ 697 | ||||
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] | $ 1,925 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[6] | 558 | ||||
Buildings and Improvements | [5],[6] | 2,225 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 971 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[6] | 558 | ||||
Buildings and Improvements | [5],[6] | 3,196 | ||||
Total | [5],[6] | 3,754 | ||||
Accumulated Depreciation | [5],[6] | $ 1,095 | ||||
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] | 4,130 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 3,924 | ||||
Buildings and Improvements | [5] | 20,301 | ||||
Total | [5] | 24,225 | ||||
Accumulated Depreciation | [5] | $ 9,497 | ||||
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] | $ 5,071 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 986 | ||||
Buildings and Improvements | [5],[7] | 7,949 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 608 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 986 | ||||
Buildings and Improvements | [5],[7] | 8,557 | ||||
Total | [5],[7] | 9,543 | ||||
Accumulated Depreciation | [5],[7] | $ 2,998 | ||||
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] | 65 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 746 | ||||
Buildings and Improvements | [5] | 1,521 | ||||
Total | [5] | 2,267 | ||||
Accumulated Depreciation | [5] | $ 276 | ||||
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] | 1,067 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,284 | ||||
Buildings and Improvements | [5] | 14,230 | ||||
Total | [5] | 15,514 | ||||
Accumulated Depreciation | [5] | $ 4,525 | ||||
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] | $ 8,534 | ||||
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] | $ 3,197 | ||||
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] | $ 1,830 | ||||
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] | $ 3,785 | ||||
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] | 922 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[6] | 1,392 | ||||
Buildings and Improvements | [5],[6] | 5,990 | ||||
Total | [5],[6] | 7,382 | ||||
Accumulated Depreciation | [5],[6] | $ 1,711 | ||||
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] | $ 2,621 | ||||
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] | $ 969 | ||||
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] | $ 2,666 | ||||
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] | $ 1,000 | ||||
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] | $ 1,190 | ||||
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] | $ 684 | ||||
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] | 6,978 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 869 | ||||
Buildings and Improvements | [5] | 6,976 | ||||
Total | [5] | 7,845 | ||||
Accumulated Depreciation | [5] | $ 534 | ||||
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] | 822 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 654 | ||||
Buildings and Improvements | [5] | 4,214 | ||||
Total | [5] | 4,868 | ||||
Accumulated Depreciation | [5] | $ 1,425 | ||||
Year Acquired | [5] | 2,008 | ||||
Year Constructed | [5] | 2,000 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,207 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,936 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,210 | ||||
Buildings and Improvements | [5] | 7,933 | ||||
Total | [5] | 9,143 | ||||
Accumulated Depreciation | [5] | $ 181 | ||||
Year Acquired | [5] | 2013/14/15 | ||||
Year Constructed | [5] | 2,017 | ||||
NORTH CAROLINA | Industrial Development [Member] | Steele Creek V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 611 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,703 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 611 | ||||
Buildings and Improvements | [4] | 2,703 | ||||
Total | [4] | 3,314 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,013 | ||||
Year Constructed | [4] | n/a | ||||
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] | 4,938 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 855 | ||||
Buildings and Improvements | [4] | 4,938 | ||||
Total | [4] | 5,793 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | n/a | ||||
NORTH CAROLINA | Industrial Development [Member] | Steele Creek Commerce Park Land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,574 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,635 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,592 | ||||
Buildings and Improvements | [4] | 2,617 | ||||
Total | [4] | 7,209 | ||||
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] | 1,874 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 3,092 | ||||
Buildings and Improvements | [5] | 16,090 | ||||
Total | [5] | 19,182 | ||||
Accumulated Depreciation | [5] | $ 1,356 | ||||
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] | 587 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,307 | ||||
Buildings and Improvements | [5] | 4,147 | ||||
Total | [5] | 5,454 | ||||
Accumulated Depreciation | [5] | $ 541 | ||||
Year Acquired | [5] | 2,017 | ||||
Year Constructed | [5] | 1,999 | ||||
GEORGIA | Industrial [Member] | Atlanta [Member] | Gwinnett 316 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 531 | ||||
Buildings and Improvements | [5] | 3,617 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 21 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 531 | ||||
Buildings and Improvements | [5] | 3,638 | ||||
Total | [5] | 4,169 | ||||
Accumulated Depreciation | [5] | $ 77 | ||||
Year Acquired | [5] | 2,018 | ||||
Year Constructed | [5] | 1,990 | ||||
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] | 1,822 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 4,284 | ||||
Buildings and Improvements | [5] | 14,271 | ||||
Total | [5] | 18,555 | ||||
Accumulated Depreciation | [5] | $ 517 | ||||
Year Acquired | [5] | 2,017 | ||||
Year Constructed | [5] | 2,017 | ||||
GEORGIA | Industrial [Member] | Atlanta [Member] | Progress Center 1 & 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,297 | ||||
Buildings and Improvements | [5] | 9,015 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 209 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,297 | ||||
Buildings and Improvements | [5] | 9,224 | ||||
Total | [5] | 10,521 | ||||
Accumulated Depreciation | [5] | $ 457 | ||||
Year Acquired | [5] | 2,017 | ||||
Year Constructed | [5] | 2,017 | ||||
GEORGIA | Industrial Development [Member] | Broadmoor Commerce Park II [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] | 5,895 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 519 | ||||
Buildings and Improvements | [4] | 5,895 | ||||
Total | [4] | 6,414 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2,017 | ||||
Year Constructed | [4] | 2,018 | ||||
GEORGIA | Industrial Development [Member] | Hurricane Shoals 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] | 229 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 497 | ||||
Buildings and Improvements | [4] | 229 | ||||
Total | [4] | 726 | ||||
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] | 5,533 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,861 | ||||
Buildings and Improvements | [5] | 11,870 | ||||
Total | [5] | 14,731 | ||||
Accumulated Depreciation | [5] | $ 8,253 | ||||
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] | 8,835 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,557 | ||||
Buildings and Improvements | [5] | 26,458 | ||||
Total | [5] | 29,015 | ||||
Accumulated Depreciation | [5] | $ 15,659 | ||||
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] | 2,314 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,023 | ||||
Buildings and Improvements | [5] | 6,175 | ||||
Total | [5] | 7,198 | ||||
Accumulated Depreciation | [5] | $ 4,590 | ||||
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] | 1,589 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 230 | ||||
Buildings and Improvements | [5] | 4,566 | ||||
Total | [5] | 4,796 | ||||
Accumulated Depreciation | [5] | $ 2,888 | ||||
Year Acquired | [5] | 1996/97 | ||||
Year Constructed | [5] | 1,997 | ||||
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] | 2,434 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,098 | ||||
Buildings and Improvements | [5] | 6,318 | ||||
Total | [5] | 7,416 | ||||
Accumulated Depreciation | [5] | $ 3,323 | ||||
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] | 8,340 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 590 | ||||
Buildings and Improvements | [5] | 8,340 | ||||
Total | [5] | 8,930 | ||||
Accumulated Depreciation | [5] | $ 969 | ||||
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] | $ 3,237 | ||||
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] | 490 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[6] | 1,051 | ||||
Buildings and Improvements | [5],[6] | 5,263 | ||||
Total | [5],[6] | 6,314 | ||||
Accumulated Depreciation | [5],[6] | $ 2,107 | ||||
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] | $ 3,151 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5],[7] | 750 | ||||
Buildings and Improvements | [5],[7] | 3,319 | ||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 1,861 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5],[7] | 750 | ||||
Buildings and Improvements | [5],[7] | 5,180 | ||||
Total | [5],[7] | 5,930 | ||||
Accumulated Depreciation | [5],[7] | $ 1,957 | ||||
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] | 442 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 4,933 | ||||
Buildings and Improvements | [5] | 5,536 | ||||
Total | [5] | 10,469 | ||||
Accumulated Depreciation | [5] | $ 1,967 | ||||
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] | 1,913 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 13,068 | ||||
Buildings and Improvements | [5] | 28,238 | ||||
Total | [5] | 41,306 | ||||
Accumulated Depreciation | [5] | $ 1,687 | ||||
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] | 4,682 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 343 | ||||
Buildings and Improvements | [5] | 9,689 | ||||
Total | [5] | 10,032 | ||||
Accumulated Depreciation | [5] | $ 5,908 | ||||
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] | $ 5,255 | ||||
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] | 1,254 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 303 | ||||
Buildings and Improvements | [5] | 2,733 | ||||
Total | [5] | 3,036 | ||||
Accumulated Depreciation | [5] | $ 1,610 | ||||
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 31,2018 2017 2016(In thousands)Balance at beginning of year $2,578,748 2,407,029 2,219,465Purchases of real estate properties 54,537 51,802 22,228Development of real estate properties and value-add properties167,667 124,938 203,765Improvements to real estate properties36,921 28,698 23,188Carrying amount of investments sold (18,372) (32,787) (61,121)Write-off of improvements (2,356) (932) (496)Balance at end of year (1) $2,817,145 2,578,748 2,407,029(1)Includes 20% noncontrolling interest in University Business Center of $3,296,000 and $3,217,000 at December 31, 2018 and 2017, respectively.Changes in the accumulated depreciation on real estate properties follow: Years Ended December 31,2018 2017 2016(In thousands)Balance at beginning of year $749,601 694,250 657,454Depreciation expense 76,007 69,010 63,793Accumulated depreciation on assets sold (8,670) (12,735) (26,501)Other (2,023) (924) (496)Balance at end of year $814,915 749,601 694,250 | |||||
[2] | The estimated aggregate cost of real estate properties at December 31, 2018 for federal income tax purposes was approximately $2,771,697,000 before estimated accumulated tax depreciation of $573,441,000. The federal income tax return for the year ended December 31, 2018, has not been filed and accordingly, this estimate is based on preliminary data. | |||||
[3] | Includes 20% noncontrolling interest in University Business Center of $3,296,000 and $3,217,000 at December 31, 2018 and 2017, respectively. | |||||
[4] | Effective January 1, 2018, the Company began transferring development projects from Development and value-add properties to Real estate properties at the earlier of 90% occupancy or one year after completion of the shell construction. Prior to 2018, the Company transferred 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 $40,046,000 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 $52,115,000 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 $46,725,000 non-recourse first mortgage loan with an insurance company secured by Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington. | |||||
[9] | EastGroup has a $47,445,000 non-recourse first mortgage loan with an insurance company secured by Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Venture and World Houston 3-9. Subsequent to December 31, 2018, the Company executed a collateral release for World Houston 5; this property is no longer considered to be collateral securing this loan. |
SCHEDULE III SCHEDULE III (Deta
SCHEDULE III SCHEDULE III (Details2) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Year Constructed | 1,998 | ||||
Encumbrances | $ 189,038,000 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at beginning of year | [1] | 2,578,748,000 | $ 2,407,029,000 | $ 2,219,465,000 | |
Purchases of real estate properties | 54,537,000 | 51,802,000 | 22,228,000 | ||
Development of real estate properties | 167,667,000 | 124,938,000 | 203,765,000 | ||
Improvements to real estate properties | 36,921,000 | 28,698,000 | 23,188,000 | ||
Carrying amount of investments sold | (18,372,000) | (32,787,000) | (61,121,000) | ||
Write-off of improvements | (2,356,000) | (932,000) | (496,000) | ||
Balance at end of year | [1] | 2,817,145,000 | [2],[3] | 2,578,748,000 | 2,407,029,000 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at beginning of year | 749,601,000 | 694,250,000 | 657,454,000 | ||
Depreciation expense | 76,007,000 | 69,010,000 | 63,793,000 | ||
Accumulated depreciation on assets sold | (8,670,000) | (12,735,000) | (26,501,000) | ||
Other | (2,023,000) | (924,000) | (496,000) | ||
Balance at end of year | 814,915,000 | [2],[3] | $ 749,601,000 | $ 694,250,000 | |
Estimated aggregate cost of real estate properties for federal income tax purposes | 2,771,697,000 | ||||
Estimated accumulated tax depreciation | $ 573,441,000 | ||||
Percentage of Occupation When Development Cost Ceased Being Capitalized | 90.00% | 80.00% | |||
Length of Time After Project Completion When Development Cost Ceased Being Capitalized | 1 year | 1 year | |||
Secured debt | $ 188,461,000 | $ 199,512,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | [2],[3] | 484,279,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | [2],[3] | 1,087,145,000 | |||
Costs Capitalized Subsequent to Acquisition | [2],[3] | 1,245,721,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | [2],[3] | 487,477,000 | |||
Buildings and Improvements | [2],[3] | $ 2,329,668,000 | |||
University Business Center [Member] | |||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Noncontrolling Interests (in hundreths) | 20.00% | 20.00% | |||
Noncontrolling Interests | $ 3,296,000 | $ 3,217,000 | |||
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 | $ 46,725,000 | 49,580,000 | |||
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 | [4] | 47,445,000 | 50,161,000 | ||
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 | 40,046,000 | 42,315,000 | |||
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 | 52,115,000 | $ 55,317,000 | |||
Industrial Development [Member] | |||||
Encumbrances | [5] | 0 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | [5] | 263,664,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | [5] | 184,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | [5] | 105,736,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | [5] | 9,211,000 | |||
Costs Capitalized Subsequent to Acquisition | [5] | 148,717,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | [5] | 106,793,000 | |||
Buildings and Improvements | [5] | $ 156,871,000 | |||
[1] | Includes 20% noncontrolling interest in University Business Center of $3,296,000 and $3,217,000 at December 31, 2018 and 2017, respectively. | ||||
[2] | Changes in Real Estate Properties follow: Years Ended December 31,2018 2017 2016(In thousands)Balance at beginning of year $2,578,748 2,407,029 2,219,465Purchases of real estate properties 54,537 51,802 22,228Development of real estate properties and value-add properties167,667 124,938 203,765Improvements to real estate properties36,921 28,698 23,188Carrying amount of investments sold (18,372) (32,787) (61,121)Write-off of improvements (2,356) (932) (496)Balance at end of year (1) $2,817,145 2,578,748 2,407,029(1)Includes 20% noncontrolling interest in University Business Center of $3,296,000 and $3,217,000 at December 31, 2018 and 2017, respectively.Changes in the accumulated depreciation on real estate properties follow: Years Ended December 31,2018 2017 2016(In thousands)Balance at beginning of year $749,601 694,250 657,454Depreciation expense 76,007 69,010 63,793Accumulated depreciation on assets sold (8,670) (12,735) (26,501)Other (2,023) (924) (496)Balance at end of year $814,915 749,601 694,250 | ||||
[3] | The estimated aggregate cost of real estate properties at December 31, 2018 for federal income tax purposes was approximately $2,771,697,000 before estimated accumulated tax depreciation of $573,441,000. The federal income tax return for the year ended December 31, 2018, has not been filed and accordingly, this estimate is based on preliminary data. | ||||
[4] | Subsequent to December 31, 2018, the Company executed a collateral release for World Houston 5; this property is no longer considered to be collateral securing this loan. | ||||
[5] | Effective January 1, 2018, the Company began transferring development projects from Development and value-add properties to Real estate properties at the earlier of 90% occupancy or one year after completion of the shell construction. Prior to 2018, the Company transferred development projects to Real estate properties the earlier of 80% occupancy or one year after completion of the shell construction. |
SCHEDULE IV (Details)
SCHEDULE IV (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Number of Loans | [1] | 1 | |||
Non-recourse first mortgage loan Face Amount, Total mortgage | $ 2,594 | ||||
Carrying Amount of Mortgages | [2],[3] | $ 2,594 | 2,594 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [4] | 0 | |||
Changes in the mortgage loans [Roll Forward] | |||||
Balance at end of year | [2],[3] | $ 2,594 | |||
Income Tax Basis of Mortgage Loans on Real Estate | 2,590 | ||||
First Mortgage [Member] | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Final Maturity Date | Dec. 21, 2022 | Dec. 21, 2022 | Oct. 25, 2017 | ||
Effective interest rate (in hundredths) | 5.15% | 5.15% | 5.25% | ||
Carrying Amount of Mortgages | $ 4,581 | $ 4,752 | $ 4,875 | 2,594 | |
Changes in the mortgage loans [Roll Forward] | |||||
Balance at beginning of year | 4,581 | 4,752 | 4,875 | ||
Payments on mortgage loans receivable | (1,987) | (171) | (123) | ||
Balance at end of year | $ 2,594 | $ 4,581 | $ 4,752 | ||
JCB Limited - California - B [Member] | First Mortgage [Member] | Buildings [Member] | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Number of Loans | 1 | ||||
Stated interest rate (in hundredths) | 5.15% | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in 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 | 2,594 | ||||
Carrying Amount of Mortgages | $ 2,594 | 2,594 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [4] | $ 0 | |||
Changes in the mortgage loans [Roll Forward] | |||||
Balance at end of year | $ 2,594 | ||||
[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 31,2018 2017 2016(In thousands)Balance at beginning of year$4,581 4,752 4,875Payments on mortgage loans receivable(1,987) (171) (123)Balance at end of year$2,594 4,581 4,752 | ||||
[3] | The aggregate cost for federal income tax purposes is approximately $2.59 million. The federal income tax return for the year ended December 31, 2018, has not been filed and, accordingly, the income tax basis of mortgage loans as of December 31, 2018, 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. |