Cover Page
Cover Page - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 16, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 1-07094 | ||
Entity Registrant Name | EASTGROUP PROPERTIES, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 13-2711135 | ||
Entity Address, Address Line One | 400 W Parkway Place | ||
Entity Address, Address Line Two | Suite 100 | ||
Entity Address, Postal Zip Code | 39157 | ||
City Area Code | 601 | ||
Local Phone Number | 354-3555 | ||
Title of 12(b) Security | Common stock, $0.0001 par value per share | ||
Trading Symbol | EGP | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 4,560,365 | ||
Entity Common Stock, Shares Outstanding | 39,659,603 | ||
Documents Incorporated by Reference | Portions of the Registrant’s Proxy Statement relating to its 2021 Annual Meeting of Stockholders are incorporated by reference into Part III. The Registrant intends to file such Proxy Statement with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year ended December 31, 2020. | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000049600 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Address, City or Town | Ridgeland, | ||
Entity Address, State or Province | MS |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | |
ASSETS | |||
Real estate properties | $ 3,159,497,000 | $ 2,844,567,000 | |
Development and value-add properties | [1] | 359,588,000 | 419,999,000 |
Real estate, development and value-add properties | 3,519,085,000 | 3,264,566,000 | |
Less accumulated depreciation | (955,328,000) | (871,139,000) | |
Real estate, net | 2,563,757,000 | 2,393,427,000 | |
Unconsolidated investment | 7,446,000 | 7,805,000 | |
Cash | 21,000 | 224,000 | |
Other assets | 149,579,000 | 144,622,000 | |
TOTAL ASSETS | 2,720,803,000 | 2,546,078,000 | |
LIABILITIES | |||
Unsecured bank credit facilities | 124,194,000 | 111,394,000 | |
Unsecured debt | 1,107,708,000 | 938,115,000 | |
Secured debt | 78,993,000 | 133,093,000 | |
Accounts payable and accrued expenses | 69,573,000 | 92,024,000 | |
Other liabilities | 69,817,000 | 69,123,000 | |
Total Liabilities | 1,450,285,000 | 1,343,749,000 | |
Stockholders’ Equity: | |||
Common shares; $.0001 par value; 70,000,000 shares authorized; 39,676,828 shares issued and outstanding at December 31, 2020 and 38,925,953 at December 31, 2019 | 4,000 | 4,000 | |
Excess shares; $0.0001 par value; 30,000,000 shares authorized; no shares issued | 0 | 0 | |
Additional paid-in capital | 1,610,053,000 | 1,514,055,000 | |
Distributions in excess of earnings | (329,667,000) | (316,302,000) | |
Accumulated Other Comprehensive Income | (10,752,000) | 2,807,000 | |
Total Stockholders’ Equity | 1,269,638,000 | 1,200,564,000 | |
Noncontrolling interest in joint ventures | 880,000 | 1,765,000 | |
Total Equity | 1,270,518,000 | 1,202,329,000 | |
TOTAL LIABILITIES AND EQUITY | $ 2,720,803,000 | $ 2,546,078,000 | |
[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, 2020 | Dec. 31, 2019 |
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 | 39,676,828 | 38,925,953 |
Common shares, outstanding | 39,676,828 | 38,925,953 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUES | |||
Income from real estate operations | $ 362,669 | $ 330,813 | $ 299,018 |
Other revenue | 354 | 574 | 1,374 |
Revenues | 363,023 | 331,387 | 300,392 |
EXPENSES | |||
Expenses from real estate operations | 103,368 | 93,274 | 86,394 |
Depreciation and amortization | 116,359 | 104,724 | 91,704 |
General and administrative | 14,404 | 16,406 | 13,738 |
Indirect leasing costs | 661 | 411 | 0 |
Expenses | 234,792 | 214,815 | 191,836 |
OTHER INCOME (EXPENSE) | |||
Interest expense | (33,927) | (34,463) | (35,106) |
Gain on Sales of Real Estate Investments | 13,145 | 41,068 | 14,273 |
Other | 942 | 163 | 913 |
Net income | 108,391 | 123,340 | 88,636 |
Net income attributable to noncontrolling interest in joint ventures | (28) | (1,678) | (130) |
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | 108,363 | 121,662 | 88,506 |
Other comprehensive income (loss) – cash flow hedges | (13,559) | (3,894) | 1,353 |
TOTAL COMPREHENSIVE INCOME | $ 94,804 | $ 117,768 | $ 89,859 |
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||
Net income attributable to common stockholders | $ 2.77 | $ 3.25 | $ 2.50 |
Weighted average shares outstanding | 39,185 | 37,442 | 35,439 |
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||
Net income attributable to common stockholders | $ 2.76 | $ 3.24 | $ 2.49 |
Weighted average shares outstanding | 39,296 | 37,527 | 35,506 |
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, 2017 | $ 751,130,000 | $ 3,000 | $ 1,061,153,000 | $ (317,032,000) | $ 5,348,000 | $ 1,658,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
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 - $2.72, $2.94, and $3.08 per share in 2018, 2019, and 2020 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 1,706,474, 2,388,342, and 709,924 shares of common stock, common stock offering, net of expenses in 2018, 2019, and 2020, respectively | 157,319,000 | 1,000 | 157,318,000 | 0 | 0 | 0 |
Issuance of 1,844, 1,893, and zero shares of common stock, dividend reinvestment plan in 2018, 2019, and 2020 respectively | 164,000 | 0 | 164,000 | 0 | 0 | 0 |
Withheld 23,824, 28,955, and 36,445 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock in 2018, 2019, and 2020 respectively | (2,055,000) | 0 | (2,055,000) | 0 | 0 | 0 |
Purchase of noncontrolling interest in joint venture | (136,000) | 0 | (136,000) | 0 | 0 | 0 |
Contributions from noncontrolling interest | 50,000 | 0 | 0 | 0 | 0 | 50,000 |
Distributions to Noncontrolling Interest Holders | (194,000) | 0 | 0 | 0 | 0 | (194,000) |
BALANCE at Dec. 31, 2018 | 904,703,000 | 4,000 | 1,222,547,000 | (326,193,000) | 6,701,000 | 1,644,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 123,340,000 | 0 | 0 | 121,662,000 | 0 | 1,678,000 |
Net unrealized change in fair value of interest rate swaps - cash flow hedges | (3,894,000) | 0 | 0 | 0 | (3,894,000) | 0 |
Common dividends declared - $2.72, $2.94, and $3.08 per share in 2018, 2019, and 2020 respectively | (111,771,000) | 0 | 0 | (111,771,000) | 0 | 0 |
Stock-based compensation, net of forfeitures | 9,374,000 | 0 | 9,374,000 | 0 | 0 | 0 |
Issuance of 1,706,474, 2,388,342, and 709,924 shares of common stock, common stock offering, net of expenses in 2018, 2019, and 2020, respectively | 284,710,000 | 0 | 284,710,000 | 0 | 0 | 0 |
Issuance of 1,844, 1,893, and zero shares of common stock, dividend reinvestment plan in 2018, 2019, and 2020 respectively | 212,000 | 0 | 212,000 | 0 | 0 | 0 |
Withheld 23,824, 28,955, and 36,445 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock in 2018, 2019, and 2020 respectively | (2,788,000) | 0 | (2,788,000) | 0 | 0 | 0 |
Contributions from noncontrolling interest | 821,000 | 0 | 0 | 0 | 0 | 821,000 |
Distributions to Noncontrolling Interest Holders | (2,378,000) | 0 | 0 | 0 | 0 | (2,378,000) |
BALANCE at Dec. 31, 2019 | 1,202,329,000 | 4,000 | 1,514,055,000 | (316,302,000) | 2,807,000 | 1,765,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 108,391,000 | 0 | 0 | 108,363,000 | 0 | 28,000 |
Net unrealized change in fair value of interest rate swaps - cash flow hedges | (13,559,000) | 0 | 0 | 0 | (13,559,000) | 0 |
Common dividends declared - $2.72, $2.94, and $3.08 per share in 2018, 2019, and 2020 respectively | (121,728,000) | 0 | 0 | (121,728,000) | 0 | 0 |
Stock-based compensation, net of forfeitures | 8,502,000 | 0 | 8,502,000 | 0 | 0 | 0 |
Issuance of 1,706,474, 2,388,342, and 709,924 shares of common stock, common stock offering, net of expenses in 2018, 2019, and 2020, respectively | 92,663,000 | 0 | 92,663,000 | 0 | 0 | 0 |
Withheld 23,824, 28,955, and 36,445 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock in 2018, 2019, and 2020 respectively | (4,939,000) | 0 | (4,939,000) | 0 | 0 | 0 |
Contributions from noncontrolling interest | 20,000 | 0 | 0 | 0 | 0 | 20,000 |
Distributions to Noncontrolling Interest Holders | (115,000) | 0 | 0 | 0 | 0 | (115,000) |
Sale of noncontrolling interest in joint venture | (1,046,000) | 0 | (228,000) | 0 | 0 | (818,000) |
BALANCE at Dec. 31, 2020 | $ 1,270,518,000 | $ 4,000 | $ 1,610,053,000 | $ (329,667,000) | $ (10,752,000) | $ 880,000 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders' Equity Attributable to Parent | |||
Common dividends declared - per share (in dollars per share) | $ 3.08 | $ 2.94 | $ 2.72 |
Issuance of shares of common stock, common stock offering, net of expenses (in shares) | 709,924 | 2,388,342 | 1,706,474 |
Issuance of shares of common stock, options exercised (in shares) | 0 | 0 | 0 |
Issuance of shares of common stock, dividend reinvestment plan (in shares) | 0 | 1,893 | 1,844 |
Withheld shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock (in shares) | 36,445 | 28,955 | 23,824 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES | |||
Net income | $ 108,391,000 | $ 123,340,000 | $ 88,636,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 116,359,000 | 104,724,000 | 91,704,000 |
Stock-based compensation expense | 6,579,000 | 6,838,000 | 5,283,000 |
Gain on sales of real estate investments and non-operating real estate | (13,145,000) | (41,151,000) | (14,359,000) |
Gain on casualties and involuntary conversion on real estate assets | (161,000) | (180,000) | (1,245,000) |
Changes in operating assets and liabilities: | |||
Accrued income and other assets | (4,615,000) | (5,558,000) | (4,091,000) |
Accounts payable, accrued expenses and prepaid rent | (18,851,000) | 6,514,000 | (2,682,000) |
Other | 1,728,000 | 1,385,000 | 1,485,000 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 196,285,000 | 195,912,000 | 164,731,000 |
INVESTING ACTIVITIES | |||
Development and value-add properties | (195,446,000) | (318,288,000) | (167,667,000) |
Purchases of real estate | (49,199,000) | (142,712,000) | (57,152,000) |
Real estate improvements | (33,131,000) | (37,775,000) | (37,502,000) |
Net proceeds from sales of real estate investments and non-operating real estate | 21,565,000 | 66,737,000 | 24,508,000 |
Proceeds from casualties and involuntary conversion on real estate assets | 242,000 | 723,000 | (1,635,000) |
Repayments on mortgage loans receivable | 1,679,000 | 915,000 | 1,987,000 |
Changes in accrued development costs | (5,339,000) | (3,644,000) | 5,711,000 |
Changes in other assets and other liabilities | (28,627,000) | (9,293,000) | (12,955,000) |
NET CASH USED IN INVESTING ACTIVITIES | (288,256,000) | (443,337,000) | (241,435,000) |
FINANCING ACTIVITIES | |||
Proceeds from unsecured bank credit facilities | 625,387,000 | 932,658,000 | 448,100,000 |
Repayments on unsecured bank credit facilities | (613,097,000) | (1,015,678,000) | (448,709,000) |
Proceeds from unsecured debt | 275,000,000 | 290,000,000 | 60,000,000 |
Repayments on unsecured debt | (105,000,000) | (75,000,000) | 50,000,000 |
Repayments on secured debt | (54,306,000) | (55,593,000) | (11,289,000) |
Debt issuance costs | (1,090,000) | (893,000) | (1,922,000) |
Distributions paid to stockholders (not including dividends accrued) | (119,765,000) | (108,795,000) | (71,294,000) |
Proceeds from common stock offerings | 90,721,000 | 284,710,000 | 157,319,000 |
Proceeds from dividend reinvestment plan | 0 | 212,000 | 221,000 |
Other | (6,082,000) | (4,346,000) | (5,364,000) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 91,768,000 | 247,275,000 | 77,062,000 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (203,000) | (150,000) | 358,000 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 224,000 | 374,000 | 16,000 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 21,000 | 224,000 | 374,000 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Cash paid for interest, net of amount capitalized of $9,651, $8,453, and $6,334 for 2020, 2019, and 2018, respectively | 32,362,000 | 30,839,000 | 33,458,000 |
Cash paid for operating lease liability | 1,476,000 | 1,314,000 | 0 |
NON-CASH OPERATING ACTIVITY | |||
Operating lease liabilities arising from obtaining right of use assets | $ 495,000 | $ 15,435,000 | $ 0 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash paid for interest, net of amount capitalized | $ 9,651 | $ 8,453 | $ 6,334 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
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. As of December 31, 2018, EastGroup had an 80% controlling interest in University Business Center 120 and 130 through a joint venture partnership. During the fourth quarter of 2019, the Company, along with the noncontrolling interest partner, sold University Business Center 130 and as of December 31, 2019, EastGroup had an 80% controlling interest in University Business Center 120. During the fourth quarter of 2020, the Company sold its 80% controlling interest in University Business Center 120 and the joint venture partnership was dissolved. Also during 2019, EastGroup entered into two joint venture arrangements. On May 31, 2019, the Company acquired 6.5 acres of land in San Diego, known by the Company as the Miramar Land. In the second quarter of 2019, a joint venture was formed through which EastGroup owns a 95% controlling interest in this property. Also, on December 31, 2019, the Company acquired 41.6 acres of land in San Diego, known by the Company as the Otay Mesa Land, with the same noncontrolling interest partner with EastGroup owning a 99% controlling interest in the property. As of December 31, 2020 and 2019, EastGroup had a 95% controlling interest in the Miramar Land and a 99% controlling interest in the Otay Mesa Land. The Company records 100% of the assets, liabilities, revenues and expenses of the properties 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, among other things, 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 2020, 2019 and 2018 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 2020, 2019 and 2018. Federal Income Tax Treatment of Share Distributions Years Ended December 31, 2020 2019 2018 Common Share Distributions: (Per share) Ordinary dividends $ 3.32868 3.14000 2.14305 Nondividend distributions — — — Unrecaptured Section 1250 capital gain — — — Other capital gain — — — Total Common Share Distributions $ 3.32868 3.14000 2.14305 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 2016 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, 2020 and 2019. 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 The Company’s primary revenue is rental income from business distribution space. 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, prior to January 1, 2019, and in accordance with ASC 842, Leases, subsequently . In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) , and in subsequent periods, issued ASU 2018-10, 2018-11, and 2018-20, all of which relate to the new lease accounting guidance. The Company adopted the new lease accounting guidance effective January 1, 2019, and has applied its provisions on a prospective basis. Lessor accounting is largely unchanged under ASU 2016-02. The Company’s primary revenue is rental income; as such, the Company is a lessor on a significant number of leases. The Company is continuing to account for its leases in substantially the same manner. The most significant changes for the Company related to lessor accounting include: (i) the new standard’s narrow definition of initial direct costs for leases, and (ii) the guidance applicable to recording uncollectible rents, as discussed in the following paragraphs. The new standard’s narrow definition of initial direct costs for leases — The new definition of initial direct costs results in certain costs (primarily legal costs related to lease negotiations) being expensed rather than capitalized upon adoption of the new standard. EastGroup recorded Indirect leasing costs of $661,000 and $411,000 on the Consolidated Statements of Income and Comprehensive Income during the years ended December 31, 2020 and 2019, respectively. The guidance applicable to recording uncollectible rents — Upon adoption of the lease accounting guidance, reserves for uncollectible accounts are recorded as a reduction to revenue. Prior to adoption, reserves for uncollectible accounts were recorded as bad debt expenses. The standard also provides guidance related to calculating the reserves; however, those changes did not impact the Company. EastGroup elected the practical expedient permitting lessors to make an accounting policy election by class of underlying asset to not separate non-lease components (such as common area maintenance) of a contract from the lease component to which they relate when specific criteria are met. The Company believes its leases meet the criteria. The Company has applied the provisions of the new lease accounting standard and provided the required disclosures in the notes to the consolidated financial statements. The table below presents the components of Income from real estate operations for the years ended December 31, 2020 and 2019: Years Ended December 31, 2020 2019 (In thousands) Lease income — operating leases $ 271,094 248,237 Variable lease income (1) 91,575 82,576 Income from real estate operations $ 362,669 330,813 (1) Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance. In April 2020, the FASB issued FASB Staff Question-and-Answer (“Q&A”)-Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic to clarify whether lease concessions related to the effects of the COVID-19 pandemic require the application of lease modification guidance under FASB ASC 842, Leases . Under ASC 842, an entity must determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant, which would be accounted for under the lease modification framework, or if the lease concession was under the enforceable rights and obligations that existed in the original lease, which would be accounted for outside the lease modification framework. The Q&A provides a practical expedient for entities to make an election to account for certain lease concessions consistent with how those concessions would be accounted for outside of the lease modification framework. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. The FASB staff provided two possible methods to account for deferral of payments with no substantive changes to the consideration in the original contract: (a) account for the concessions as if no changes to the lease contract were made and, (b) account for the deferred payments as variable lease payments. The Company has elected the practical expedient provided by the FASB staff and is accounting for lease concessions meeting the criterion as if no changes to the lease contract were made. For the year ended December 31, 2020, the Company recognized approximately $1,483,000 in Income from real estate operations from lease concessions under this election. Future Minimum Rental Receipts Under Non-Cancelable Leases The Company’s leases with its customers may include various provisions such as scheduled rent increases, renewal options and termination options. The majority of the Company’s leases include defined rent increases rather than variable payments based on an index or unknown rate. In calculating the disclosures presented below, the Company included the fixed, non-cancelable terms of the leases. The following schedule indicates approximate future minimum rental receipts under non-cancelable leases for real estate properties by year as of December 31, 2020: Years Ending December 31, (In thousands) 2021 $ 272,402 2022 235,872 2023 192,444 2024 148,871 2025 104,511 Thereafter 166,467 Total minimum receipts $ 1,120,567 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 assets at the close of the transaction with resulting gains or losses reflected on the Consolidated Statements of Income and Comprehensive Income. 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. During the years ended December 31, 2020 and 2019, there was no significant uncertainty of collection; therefore, interest income was recognized. As of December 31, 2019, the Company determined that no allowance for collectibility of the mortgage loans receivable was necessary. The Company's mortgage loans receivable was fully collected during the year ended December 31, 2020. (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. During the years ended December 31, 2020 and 2019, 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 $96,290,000, $86,590,000 and $76,007,000 for 2020, 2019 and 2018, 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. The Company transfers properties from the development and value-add program to Real estate properties as follows: (i) for development properties, at the earlier of 90% occupancy or one year after completion of the shell construction, and (ii) for value-add properties, at the earlier of 90% occupancy or one year after acquisition. Upon the earlier of 90% occupancy or one year after completion of the shell construction, 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 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 $1,418,000, $1,344,000 and $1,352,000 for 2020, 2019 and 2018, respectively. Amortization of facility fees was $790,000, $790,000 and $736,000 for 2020, 2019 and 2018, 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 $14,449,000, $13,167,000 and $11,493,000 for 2020, 2019 and 2018, 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. The FASB Codification 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 2020, 2019 and 2018 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 2020, 2019 and 2018 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 relative fair values. If applicable, 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. Land is valued using comparable land sales specific to the applicable market, provided by a third-party. 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 current market rents 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 $1,451,000, $1,229,000 and $667,000 in 2020, 2019 and 2018, respectively. Amortization expense for in-place lease intangibles was $5,620,000, $4,967,000 and $4,204,000 for 2020, 2019 and 2018, respectively. Projected amortization of in-place lease intangibles for the next five years as of December 31, 2020 is as follows: Years Ending December 31, (In thousands) 2021 $ 4,467 2022 3,143 2023 2,567 2024 1,956 2025 1,309 During 2020, the Company acquired the following operating properties: Wells Point One in Austin; Cherokee 75 Business Center 1 in Atlanta; and The Rock in Dallas. The Company also acquired one value-add property, Rancho Distribution Center in Los Angeles. At the time of acquisition, Rancho Distribution Center was classified in the lease-up phase. The total cost for the properties acquired by the Company was $76,518,000, of which $46,240,000 was allocated to Real estate properties and $27,320,000 was allocated to Development and value-add properties . EastGroup allocated $23,565,000 of the total purchase price to land using third party land valuations for the Atlanta, Austin, Dallas and 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: $3,257,000 to in-place lease intangibles and $104,000 to above market leases (both included in Other assets on the Consolidated Balance Sheets) and $403,000 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 2019, the Company acquired the following operating properties: Airways Business Center in Denver; 385 Business Park in Greenville; Grand Oaks 75 Business Center 1 in Tampa; and Siempre Viva Distribution Center 2 and Rocky Point Distribution Center 1 in San Diego. The Company also acquired the following value-add properties: Logistics Center 6 & 7 and Arlington Tech Centre 1 & 2 in Dallas; Grand Oaks 75 Business Center 2 in Tampa; Interstate Commons Distribution Center 2 in Phoenix; Southwest Commerce Center in Las Vegas; and Rocky Point Distribution Center 2 in San Diego. At the time of acquisition, these value-add properties were classified in the lease-up or under construction phase. The total cost for the properties acquired by the Company was $205,841,000, of which $105,301,000 was allocated to Real estate properties and $92,268,000 was allocated to Development and value-add properties . EastGroup allocated $46,778,000 of the total purchase price to land using third party land valuations for the Denver, Greenville, Tampa, Dallas, Phoenix, Las Vegas and San Diego markets. Logistics Center 6 & 7 is located on land under a ground lease; therefore, no value was allocated to land for this transaction. 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: $10,020,000 to in-place lease intangibles and $344,000 to above market leases and $2,092,000 to below market leases. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. Also during 2019, EastGroup acquired 6.5 acres of operating land in San Diego for $13,386,000. In connection with the acquisition, the Company allocated value to land and below market leases. EastGroup recorded land of $13,979,000 based on third party land valuations for the San Diego market. The market values are considered to be Level 3 inputs as defined by ASC 820, Fair Value Measurement. This land, which is included in Real estate properties on the Consolidated Balance Sheets, is currently leased to a tenant that operates a parking lot on the site. The Company recorded $593,000 to below market leases in connection with this land acquisition. These costs are amortized over the remaining life of the associated lease in place at the time of acquisition. EastGroup also acquired 41.6 acres of operating land in San Diego for $15,282,000. This land is included in Real estate properties on the Consolidated Balance Sheets. During 2019 and 2020, this land parcel was leased (on a month-to-month basis) to various tenants operating outdoor storage on the site. During 2019, EastGroup also acquired a small parcel of land (0.5 acres) adjacent to its Yosemite Distribution Center in Milpitas (San Francisco), California, for $472,000. This land is included in Real estate properties on the Consolidated Balance Sheets. 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, $21,000 to above market leases and $1,756,000 to below market leases. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. 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, 2020 and 2019. (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. 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 ea |
REAL ESTATE PROPERTIES
REAL ESTATE PROPERTIES | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
REAL ESTATE PROPERTIES | REAL ESTATE PROPERTIES AND DEVELOPMENT AND VALUE-ADD PROPERTIES The Company’s Real estate properties and Development and value-add properties at December 31, 2020 and 2019 were as follows: December 31, 2020 2019 (In thousands) Real estate properties: Land $ 502,739 452,698 Buildings and building improvements 2,120,731 1,907,963 Tenant and other improvements 524,954 471,909 Right of use assets — Ground leases (operating) (1) 11,073 11,997 Development and value-add properties (2) 359,588 419,999 3,519,085 3,264,566 Less accumulated depreciation (955,328) (871,139) $ 2,563,757 2,393,427 (1) See Ground Leases discussion below for information regarding the Company's right of use assets for ground leases. (2) 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 2020, 2019 and 2018 as discussed in Note 1(j). The Company sold operating properties during 2020, 2019 and 2018 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 on sales of real estate investments. The Company did not classify any properties as held for sale as of December 31, 2020 and 2019. Sales of Real Estate A summary of Gain on sales of real estate investments for the years ended December 31, 2020, 2019 and 2018 follows: Real Estate Properties Location Size (in Square Feet) Date Sold Net Sales Price Basis Recognized Gain (In thousands) 2020 University Business Center 120 (1) Santa Barbara, CA 46,000 12/01/2020 $ 10,342 4,007 6,335 Central Green Houston, TX 80,000 12/23/2020 10,168 3,358 6,810 Total for 2020 $ 20,510 7,365 13,145 2019 World Houston 5 Houston, TX 51,000 01/29/2019 $ 3,679 1,354 2,325 Altamonte Commerce Center Orlando, FL 186,000 05/20/2019 14,423 5,342 9,081 University Business Center 130 (2) Santa Barbara, CA 40,000 11/07/2019 11,083 2,729 8,354 Southpointe Distribution Center Tucson, AZ 207,000 12/03/2019 13,699 2,281 11,418 University Business Center 125 & 175 Santa Barbara, CA 133,000 12/11/2019 23,675 13,785 9,890 Total for 2019 $ 66,559 25,491 41,068 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 (1) EastGroup owned 80% of University Business Center 120 through a joint venture partnership. EastGroup sold its 80% share of the joint venture, and the partnership was dissolved. The information shown for this transaction represents EastGroup's 80% ownership. (2) EastGroup owned 80% of University Business Center 130 through a joint venture partnership. 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. During 2020, there were no land sales; however, the Company sold parcels of land during 2019 and 2018. During the year ended December 31, 2019, the Company sold (through eminent domain procedures) a small parcel of land (0.2 acres) in San Diego for $185,000 and recognized a gain on the sale of $83,000. During the year ended December 31, 2018, EastGroup sold a parcel of land in Houston for $2,577,000 and recognized a gain on the sale of $86,000. 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, 2020, 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 2020 were $9,651,000 compared to $8,453,000 for 2019 and $6,334,000 for 2018. In addition, EastGroup capitalized internal development costs of $6,689,000 during the year ended December 31, 2020, compared to $6,918,000 during 2019 and $4,696,000 in 2018. Total capital invested for development and value-add properties during 2020 was $195,446,000, which primarily consisted of costs of $170,418,000 as detailed in the Development and Value-Add Properties Activity table below, $18,550,000 as detailed in the Development and Value-Add Properties Transferred to the Real Estate Properties Portfolio During 2020 table below and costs of $5,743,000 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 Costs Incurred Anticipated Building Conversion Date Costs Transferred in 2020 (1) For the Cumulative Projected Total Costs (2) (In thousands) (Unaudited) (Unaudited) (Unaudited) LEASE-UP Building Size (Square feet) Gilbert Crossroads A & B, Phoenix, AZ 140,000 $ — 2,818 16,768 17,500 01/21 Rancho Distribution Center, Los Angeles, CA (3) 162,000 — 27,325 27,325 29,400 03/21 CreekView 121 7 & 8, Dallas, TX 137,000 — 9,760 16,559 18,500 04/21 Hurricane Shoals 3, Atlanta, GA 101,000 — 2,182 8,811 10,800 04/21 World Houston 44, Houston, TX 134,000 — 3,336 8,126 9,100 05/21 Gateway 4, Miami, FL 197,000 14,895 7,152 22,047 26,000 06/21 Interstate Commons 2, Phoenix, AZ (3) 142,000 — 2,359 12,241 12,500 06/21 Tri-County Crossing 3 & 4, San Antonio, TX 203,000 — 5,711 14,409 16,100 06/21 Northwest Crossing 1-3, Houston, TX 278,000 — 10,787 22,322 25,900 09/21 Ridgeview 1 & 2, San Antonio, TX 226,000 — 10,562 17,093 19,000 10/21 Settlers Crossing 3 & 4, Austin, TX 173,000 — 9,415 17,504 19,400 10/21 SunCoast 7, Ft. Myers, FL 77,000 3,232 4,141 7,373 8,700 11/21 LakePort 1-3, Dallas, TX 194,000 — 11,719 19,781 22,500 12/21 Total Lease-Up 2,164,000 18,127 107,267 210,359 235,400 UNDER CONSTRUCTION Gilbert Crossroads C & D, Phoenix, AZ 178,000 4,974 1,643 6,617 21,400 06/22 Steele Creek X, Charlotte, NC 162,000 3,291 943 4,234 12,600 07/22 Basswood 1 & 2, Dallas, TX 237,000 4,580 174 4,754 22,100 10/22 Total Under Construction 577,000 12,845 2,760 15,605 56,100 PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) Estimated Building Size (Square feet) Phoenix, AZ — (4,974) 601 — Ft. Myers, FL 622,000 (3,232) 3,595 7,866 Miami, FL 376,000 (14,895) 1,006 20,296 Orlando, FL 1,488,000 — 26,603 27,678 Tampa, FL (4) 349,000 — (78) 5,723 Atlanta, GA 120,000 — 1,392 1,392 Jackson, MS 28,000 — — 706 Charlotte, NC 313,000 (3,291) 289 4,325 Dallas, TX 1,353,000 (4,580) 22,420 37,428 El Paso, TX 168,000 — 2,587 2,587 Houston, TX 1,223,000 — 1,310 20,758 San Antonio, TX 366,000 — 666 4,865 Total Prospective Development 6,406,000 (30,972) 60,391 133,624 Total Development and Value-Add Properties 9,147,000 $ — 170,418 359,588 The Development and Value-Add Properties Activity table is continued on the following page. DEVELOPMENT AND VALUE-ADD PROPERTIES TRANSFERRED TO THE REAL ESTATE PROPERTIES PORTFOLIO DURING 2020 Costs Incurred Costs Transferred in 2020 (1) For the Cumulative (Unaudited) (In thousands) (Unaudited) Building Size (Square feet) Building Conversion Date Logistics Center 6 & 7, Dallas, TX (3) 142,000 $ — 19 15,754 01/20 Settlers Crossing 1, Austin, TX 77,000 — — 9,259 01/20 Settlers Crossing 2, Austin, TX 83,000 — — 8,475 01/20 Parc North 5, Dallas, TX 100,000 — 20 8,709 02/20 Airport Commerce Center 3, Charlotte, NC 96,000 — 335 8,891 03/20 Horizon VIII & IX, Orlando, FL 216,000 — 887 17,488 04/20 Ten West Crossing 8, Houston, TX 132,000 — 67 9,831 04/20 Tri-County Crossing 1 & 2, San Antonio, TX 203,000 — 189 15,575 04/20 SunCoast 8, Ft. Myers, FL 77,000 — 3,665 8,149 05/20 CreekView 121 5 & 6, Dallas, TX 139,000 — 2,112 15,263 06/20 Parc North 6, Dallas, TX 96,000 — 2,451 10,741 07/20 SunCoast 6, Ft. Myers, FL 81,000 — 445 8,379 07/20 Arlington Tech Centre 1 & 2, Dallas, TX (3) 151,000 — 578 13,855 08/20 Gateway 5, Miami, FL 187,000 — 1,664 24,769 08/20 Steele Creek IX, Charlotte, NC 125,000 — 1,986 11,106 08/20 Grand Oaks 75 2, Tampa, FL (3) 150,000 — 1,777 14,892 09/20 Rocky Point 2, San Diego, CA (3) 109,000 — 583 19,858 09/20 Southwest Commerce Center, Las Vegas, NV (3) 196,000 — 1,772 28,385 10/20 Total Transferred to Real Estate Properties 2,360,000 $ — 18,550 249,379 (5) (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 $33.0 million and tenant improvement obligations of $4.9 million on properties under development. (3) Represents value-add projects acquired by EastGroup. (4) Negative amount represents land inventory transferred to Real Estate Properties for trailer storage expansion. (5) Represents cumulative costs at the date of transfer. Ground Leases On January 1, 2019, EastGroup adopted the principles of FASB ASC 842, Leases , and its related ASUs. In connection with the adoption, the Company recorded right of use assets for its ground leases, which are classified as operating leases, using the effective date transition option; under this option, prior years are not restated. As of January 1, 2019, the Company recorded right of use assets for its ground leases of $10,226,000. In April 2019, the Company acquired Logistics Center 6 & 7 in Dallas, which is located on land under a ground lease. The Company recorded a right of use asset of $2,679,000 in connection with this acquisition. There were no new ground leases in 2020. As of December 31, 2020 and 2019, the unamortized balances of the Company’s right of use assets for its ground leases were $11,073,000 and $11,997,000, respectively. The right of use assets for ground leases are included in Real estate properties on the Consolidated Balance Sheets. As of December 31, 2020 and 2019, the Company operated two properties in Florida, three 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 October 2058, and renewal options of 15 to 35 years, except for the one lease in Arizona which is automatically and perpetually renewed annually. The Company has included renewal options in the lease terms for calculating the ground lease assets and liabilities as the Company is reasonably certain it will exercise these options. Total ground lease expenditures for the years ended December 31, 2020, 2019 and 2018 were $1,051,000, $966,000 and $783,000, 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. These future changes in payments will be considered variable payments and will not impact the assessment of the asset or liability unless there is a significant event that triggers reassessment, such as amendment with a change in the terms of the lease. The weighted-average remaining lease term as of December 31, 2020, for the ground leases is 42 years. The following schedule indicates approximate future minimum ground lease payments for these properties by year as of December 31, 2020: Future Minimum Ground Lease Payments as of December 31, 2020 Years Ending December 31, (In thousands) 2021 $ 970 2022 970 2023 975 2024 999 2025 999 Thereafter 37,917 Total minimum payments 42,830 Imputed interest (1) (31,631) Total ground leases $ 11,199 |
UNCONSOLIDATED INVESTMENT
UNCONSOLIDATED INVESTMENT | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
UNCONSOLIDATED INVESTMENT | UNCONSOLIDATED INVESTMENTThe 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 $7,446,000 at December 31, 2020, and $7,805,000 at December 31, 2019. |
MORTGAGE LOANS RECEIVABLE
MORTGAGE LOANS RECEIVABLE | 12 Months Ended |
Dec. 31, 2020 | |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract] | |
MORTGAGE LOANS RECEIVABLE | MORTGAGE LOANS RECEIVABLE As of December 31, 2019, 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. The Company's mortgage loan receivable was fully collected during the year ended December 31, 2020. 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, 2020 | |
Other Assets [Abstract] | |
OTHER ASSETS | OTHER ASSETS A summary of the Company’s Other assets follows: December 31, 2020 2019 (In thousands) Leasing costs (principally commissions) $ 95,914 89,191 Accumulated amortization of leasing costs (38,371) (34,963) Leasing costs (principally commissions), net of accumulated amortization 57,543 54,228 Acquired in-place lease intangibles 28,107 28,834 Accumulated amortization of acquired in-place lease intangibles (13,554) (11,918) Acquired in-place lease intangibles, net of accumulated amortization 14,553 16,916 Acquired above market lease intangibles 1,825 1,721 Accumulated amortization of acquired above market lease intangibles (1,231) (1,007) Acquired above market lease intangibles, net of accumulated amortization 594 714 Straight-line rents receivable 43,079 40,369 Accounts receivable 6,256 5,581 Mortgage loans receivable — 1,679 Interest rate swap assets — 3,485 Right of use assets - Office leases (operating) 2,131 2,115 Receivable for common stock offerings 1,942 — Goodwill 990 990 Prepaid expenses and other assets 22,491 18,545 Total Other assets $ 149,579 144,622 |
UNSECURED BANK CREDIT FACILITIE
UNSECURED BANK CREDIT FACILITIES | 12 Months Ended |
Dec. 31, 2020 | |
Line of Credit Facility [Abstract] | |
UNSECURED BANK CREDIT FACILITIES | The Company has a $350 million unsecured bank credit facility with a group of nine banks; the facility 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, 2020, 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, 2020, the Company had $125,000,000 of variable rate borrowings outstanding on this unsecured bank credit facility with a weighted average interest rate of 1.152%. The Company has a standby letter of credit of $674,000 pledged on this facility. The Company also has a $45 million unsecured bank credit facility with 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, 2020, 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, 2020, the interest rate was 1.144% with no outstanding balance. Average unsecured bank credit facilities borrowings were $87,095,000 in 2020, $172,175,000 in 2019 and $141,223,000 in 2018, with weighted average interest rates (excluding amortization of facility fees and debt issuance costs) of 1.86% in 2020, 3.34% in 2019 and 2.64% in 2018. Amortization of facility fees was $790,000, $790,000 and $736,000 for 2020, 2019 and 2018, respectively. Amortization of debt issuance costs for the Company's unsecured bank credit facilities was $561,000, $556,000 and $508,000 for 2020, 2019 and 2018, 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, 2020. See Note 7 for a detail of the outstanding balances of the Company's Unsecured bank credit facilities as of December 31, 2020 and 2019. |
UNSECURED AND SECURED DEBT
UNSECURED AND SECURED DEBT | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
SECURED AND UNSECURED DEBT | UNSECURED AND SECURED 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, 2020 2019 (In thousands) Unsecured bank credit facilities - variable rate, carrying amount $ 125,000 112,710 Unamortized debt issuance costs (806) (1,316) Unsecured bank credit facilities 124,194 111,394 Unsecured debt - fixed rate, carrying amount (1) 1,110,000 940,000 Unamortized debt issuance costs (2,292) (1,885) Unsecured debt 1,107,708 938,115 Secured debt - fixed rate, carrying amount (1) 79,096 133,422 Unamortized debt issuance costs (103) (329) Secured debt 78,993 133,093 Total debt $ 1,310,895 1,182,602 (1) These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. A summary of the carrying amount of Unsecured debt follows: Balance at December 31, Margin Above LIBOR Interest Rate Maturity Date 2020 2019 (In thousands) $75 Million Unsecured Term Loan (1) 1.10% 3.45% 12/20/2020 $ — 75,000 $40 Million Unsecured Term Loan (1) 1.10% 2.34% 07/30/2021 40,000 40,000 $75 Million Unsecured Term Loan (1) 1.40% 3.03% 02/28/2022 75,000 75,000 $65 Million Unsecured Term Loan (1) 1.10% 2.31% 04/01/2023 65,000 65,000 $100 Million Senior Unsecured Notes: $30 Million Notes Not applicable 3.80% 08/28/2020 — 30,000 $50 Million Notes Not applicable 3.80% 08/28/2023 50,000 50,000 $20 Million Notes Not applicable 3.80% 08/28/2025 20,000 20,000 $60 Million Senior Unsecured Notes Not applicable 3.46% 12/13/2024 60,000 60,000 $100 Million Senior Unsecured Notes: $60 Million Notes Not applicable 3.48% 12/15/2024 60,000 60,000 $40 Million Notes Not applicable 3.75% 12/15/2026 40,000 40,000 $25 Million Senior Unsecured Notes Not applicable 3.97% 10/01/2025 25,000 25,000 $50 Million Senior Unsecured Notes Not applicable 3.99% 10/07/2025 50,000 50,000 $60 Million Senior Unsecured Notes Not applicable 3.93% 04/10/2028 60,000 60,000 $80 Million Senior Unsecured Notes Not applicable 4.27% 03/28/2029 80,000 80,000 $35 Million Senior Unsecured Notes Not applicable 3.54% 08/15/2031 35,000 35,000 $75 Million Senior Unsecured Notes Not applicable 3.47% 08/19/2029 75,000 75,000 $100 Million Unsecured Term Loan (1) 1.50% 2.75% 10/10/2026 100,000 100,000 $100 Million Unsecured Term Loan (1) 1.45% 2.39% 03/25/2027 100,000 — $100 Million Senior Unsecured Notes Not applicable 2.61% 10/14/2030 100,000 — $75 Million Senior Unsecured Notes Not applicable 2.71% 10/14/2032 75,000 — $ 1,110,000 940,000 (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, 2020. In March 2020, the Company closed a $100 million senior unsecured term loan with a seven In July 2020, the Company and a group of lenders agreed to terms on the private placement of $175 million of senior unsecured notes with a weighted average fixed interest rate of 2.65%. The $100 million note has a 10-year term and a fixed interest rate of 2.61%, and the $75 million note has a 12-year term and a fixed interest rate of 2.71%. These maturity dates complement the Company's existing debt maturity schedule. The notes dated August 17, 2020, were issued and sold on October 14, 2020 and require interest-only 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 August 2020, the Company made a required $30 million principal repayment on $100 million of senior unsecured notes with a fixed interest rate of 3.80%. In December 2020, the Company repaid a $75 million unsecured term loan at maturity with an effectively fixed interest rate of 3.45%. 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, 2020. A summary of the carrying amount of Secured debt follows: Interest Rate Monthly Maturity Carrying Amount Balance at December 31, Property 2020 2019 (In thousands) 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 Repaid $ — — 48,772 Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Venture and World Houston 3-9 (1) 4.75% 420,045 06/05/2021 47,774 41,610 44,596 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 52,034 35,220 37,682 Ramona 3.85% 16,287 11/30/2026 8,697 2,266 2,372 $ 108,505 79,096 133,422 (1) During 2019, the Company executed a collateral release for World Houston 5; this property was sold during 2019 and is no longer considered to be collateral securing this loan. In October 2020, EastGroup repaid (with no penalty) a mortgage loan with a balance of $45.9 million, an interest rate of 4.39% and an original maturity date of January 5, 2021. 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, 2020 are as follows: Years Ending December 31, (In thousands) 2021 $ 84,285 2022 107,770 2023 115,119 2024 120,122 2025 95,128 |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Payable and Accrued Liabilities [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, 2020 2019 (In thousands) Property taxes payable $ 3,524 2,696 Development costs payable 6,427 11,766 Real estate improvements and capitalized leasing costs payable 5,692 4,636 Interest payable 6,537 6,370 Dividends payable 32,677 30,714 Book overdraft (1) 5,176 25,771 Other payables and accrued expenses 9,540 10,071 Total Accounts payable and accrued expenses $ 69,573 92,024 (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, 2020 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES A summary of the Company’s Other liabilities follows: December 31, 2020 2019 (In thousands) Security deposits $ 22,140 20,351 Prepaid rent and other deferred income 14,694 13,855 Operating lease liabilities — Ground leases 11,199 12,048 Operating lease liabilities — Office leases 2,167 2,141 Acquired below-market lease intangibles 9,019 8,616 Accumulated amortization of acquired below-market lease intangibles (6,168) (4,494) Acquired below-market lease intangibles, net of accumulated amortization 2,851 4,122 Interest rate swap liabilities 10,752 678 Prepaid tenant improvement reimbursements 364 56 Other liabilities 5,650 15,872 Total Other liabilities $ 69,817 69,123 |
COMMON STOCK ACTIVITY
COMMON STOCK ACTIVITY | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
COMMON STOCK ACTIVITY | COMMON STOCK ACTIVITY The following table presents the common stock activity for the three years ended December 31, 2020: Years Ended December 31, 2020 2019 2018 Common Stock (in shares) Shares outstanding at beginning of year 38,925,953 36,501,356 34,758,167 Common stock offerings 709,924 2,388,342 1,706,474 Dividend reinvestment plan — 1,893 1,844 Incentive restricted stock granted 69,446 59,943 50,217 Incentive restricted stock forfeited (440) (3,010) — Director common stock awarded 8,182 6,384 8,478 Director restricted stock granted 208 — — Restricted stock withheld for tax obligations (36,445) (28,955) (23,824) Shares outstanding at end of year 39,676,828 38,925,953 36,501,356 Common Stock Issuances The following table presents the common stock issuance activity for the three years ended December 31, 2020: Years Ended December 31, Number of Shares of Net Proceeds (In thousands) 2020 709,924 $ 92,663 2019 2,388,342 284,710 2018 1,706,474 157,319 Dividend Reinvestment Plan The Company had a dividend reinvestment plan that allowed stockholders to reinvest cash distributions in new shares of the Company. On December 12, 2019, the dividend reinvestment plan was terminated and any unsold shares pursuant to the plan were deregistered. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [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 permits the grant of awards to employees and directors with respect to 2,000,000 shares of common stock. There were 1,527,382, 1,583,223 and 1,629,281 total shares available for grant under the 2013 Equity Plan as of December 31, 2020, 2019 and 2018, respectively. Typically, the Company issues new shares to fulfill stock grants. Stock-based compensation cost for employees was $7,605,000, $8,647,000 and $5,322,000 for 2020, 2019 and 2018, respectively, of which $1,923,000, $2,536,000 and $1,173,000 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 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 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 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 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 measured the bright-line tests over the two-year period ended December 31, 2018. During the first quarter of 2019, the Committee measured 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 determined on the measurement date was 9,460. These shares vested 100% on February 14, 2019, 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 third plan measured the bright-line tests over the three-year period ended December 31, 2019. During the first quarter of 2020, the Committee measured 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 determined on the measurement date was 18,917. These shares vested 75% on February 13, 2020, the date the earned shares were determined, 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 on each January 1 of 2019, 2020 and 2021. The shares were expensed on a straight-line basis over the service period. 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 ended 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 27,087. 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, vested 25% in the first quarter of each of 2019, 2020 and 2021 and will vest 25% on January 1, 2022. The shares are being expensed on a straight-line basis over the remaining service period. In the first quarter of 2019, the Committee approved an equity compensation award (the “2019 Annual Grant”) for the Company’s executive officers based upon certain annual performance measures for 2019; the 2019 Annual Grant is comprised of three components. The first component of the 2019 Annual Grant is based upon the following Company performance measures for 2019: (i) same property net operating income change, (ii) debt-to EBITDAre ratio, and (iii) fixed charge coverage. On February 13, 2020, the Committee measured the Company’s performance for 2019 against bright-line tests established by the Committee on the grant date of March 7, 2019 and determined that 9,162 shares were earned. These shares, which have a grant date fair value of $105.97, vested 20% on the date shares were determined, 20% on January 1, 2021 and will vest 20% per year on each January 1 for the subsequent three years. On the grant date of March 7, 2019, 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. The second component of the 2019 Annual Grant is based upon the Company’s funds from operations (“FFO”) per share for 2019. On February 13, 2020, the Committee measured the Company’s performance for 2019 against bright-line tests established by the Committee on the grant date of August 28, 2019 and determined that 15,990 shares were earned. These shares, which have a grant date fair value of $122.61, vested 20% on the date shares were determined, 20% on January 1, 2021 and will vest 20% per year on each January 1 of 2022, 2023 and 2024. On the grant date of August 28, 2019, 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. The third component of the 2019 Annual Grant is based upon the achievement of individual goals for each of the officers to whom shares were granted. On February 13, 2020, the Committee evaluated the performance of the officers and, in its discretion, awarded 5,860 shares with a grant date fair value of $141.63. These shares vested 20% on the date shares were determined and awarded and 20% on January 1, 2021 and will vest 20% per year on each January 1 of 2022, 2023 and 2024. The Company began recognizing the expense for the shares awarded on the grant date of February 13, 2020, and the shares will be expensed on a straight-line basis over the remaining service period. Also in the first quarter of 2019, the Committee approved a long-term equity compensation award 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 award 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 award will measure the bright-line tests over the three-year period ending December 31, 2021. During the first quarter of 2022, 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 March 7, 2019. The aggregate number of shares to be earned on the measurement date could range from zero to 33,442. These shares would vest 75% on the date the earned shares are determined in the first quarter of 2022 and 25% on January 1, 2023. On the grant date of March 7, 2019, the Company began recognizing expense for this award 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 award based only on continued service as of the vesting dates was awarded on March 7, 2019. On that date, an aggregate of 9,947 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 $105.97, vested 25% in the first quarter of 2020, 25% on January 1, 2021 and will vest 25% on each January 1 of 2022 and 2023. The shares are being expensed on a straight-line basis over the remaining service period. In the first quarter of 2020, the Committee approved an equity compensation plan (the “2020 Annual Grant”) for the Company’s executive officers based upon certain annual performance measures for 2020; the plan is comprised of two components. The first component of the 2020 Annual Grant is based upon the following Company performance measures for 2020: (i) FFO per share, (ii) same property net operating income change, (iii) debt-to EBITDAre ratio, and (iv) fixed charge coverage. During the first quarter of 2021, the Committee will measure the Company’s performance for 2020 against bright-line tests established by the Committee on the grant date of March 6, 2020. The number of shares that may be earned for the achievement of the annual performance measures could range from zero to 19,282. These shares, which have a grant date fair value of $131.36, would vest 34% on the date shares are determined and 33% per year on each January 1 in years 2022 and 2023. On the grant date of March 6, 2020, 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. The second component of the 2020 Annual Grant is 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 2021. The number of shares to be issued on the grant date for the achievement of individual goals could range from zero to 4,812. These shares would vest 34% on the date shares are determined and awarded and 33% per year on each January 1 in years 2022 and 2023. The Company will begin recognizing the expense for any shares awarded on the grant date in the first quarter of 2021, and the shares will be expensed on a straight-line basis over the remaining service period. Also in the first quarter of 2020, 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, 2022. During the first quarter of 2023, 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 March 6, 2020. The aggregate number of shares to be earned on the measurement date could range from zero to 25,261. These shares would vest 75% on the date the earned shares are determined in the first quarter of 2023 and 25% on January 1, 2024. On the grant date of March 6, 2020, 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 March 6, 2020. On that date, an aggregate of 7,217 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 $131.36, will vest 25% in the first quarter of 2021 and 25% on each January 1 for the subsequent three years . The shares are being expensed on a straight-line basis over the remaining service period. During the second quarter of 2020, 12,300 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 $105.30, vested 20% on January 1, 2021 and will vest 20% on each January 1 of 2022, 2023, 2024 and 2025. The shares are being expensed on a straight-line basis over the remaining service period. During the fourth quarter of 2019, the Committee adopted the Equity Award Retirement Policy (the “retirement policy”) which allows for accelerated vesting of unvested shares for retirement-eligible employees (defined as employees who meet certain age and years of service requirements). In order to qualify for accelerated vesting upon retirement, the eligible employees must provide required notification under the retirement policy and must retire from the Company. The Company has adjusted its stock-based compensation expense to accelerate the recognition of expense for retirement-eligible employees. 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, 2020, there was $5,004,000 of unrecognized compensation cost related to unvested restricted stock compensation for employees and directors that is expected to be recognized over a weighted average period of 2.7 years. Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to employees with the related weighted average grant date fair value share prices for 2020, 2019 and 2018. Of the shares that vested in 2020, 2019 and 2018, 36,445 shares, 28,955 shares and 23,824 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 2020, 2019 and 2018 was $7,028,000, $5,672,000 and $4,223,000, respectively. As of the vesting date, the fair value of shares that vested during 2020, 2019 and 2018 was $11,754,000, $6,662,000 and $5,142,000, respectively. Restricted Stock Activity: Years Ended December 31, 2020 2019 2018 Shares Weighted Average Shares Weighted Average Shares Weighted Average Unvested at beginning of year 130,884 $ 82.78 143,314 $ 70.26 152,644 $ 63.18 Granted (1) 69,446 101.19 59,943 94.62 50,217 84.09 Forfeited (440) 112.14 (3,010) 86.19 — — Vested (86,765) 73.80 (69,363) 66.99 (59,547) 63.77 Unvested at end of year 113,125 100.86 130,884 82.78 143,314 70.26 (1) Does not include the restricted shares that may be earned if the performance goals established in 2018 and 2019 for long-term performance and in 2020 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 109,884. Following is a vesting schedule of the total unvested shares as of December 31, 2020: Unvested Shares Vesting Schedule Number of Shares 2021 44,807 2022 31,870 2023 22,089 2024 11,899 2025 2,460 Total Unvested Shares 113,125 Directors Equity Awards 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 $100,000 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 8,182 shares, 6,384 shares and 8,478 shares of common stock as annual retainer awards for 2020, 2019 and 2018, respectively. During the third quarter of 2020, 208 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 $120.39 per share, will vest 25% per year on July 13 in years 2021, 2022, 2023 and 2024. The shares are being expensed on a straight-line basis over the remaining service period. |
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME | 12 Months Ended |
Dec. 31, 2020 | |
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 2020, 2019 and 2018 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, 2020 2019 2018 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): (In thousands) Balance at beginning of year $ 2,807 6,701 5,348 Change in fair value of interest rate swaps - cash flow hedges (13,559) (3,894) 1,353 Balance at end of year $ (10,752) 2,807 6,701 |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, EastGroup had five interest rate swaps outstanding, all of which are used to hedge the variable cash flows associated with unsecured loans. All of the Company's interest rate swaps convert the related loans' LIBOR rate components to effectively fixed interest rates, and the Company has concluded that each of the hedging relationships is highly effective. The 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. Amounts reported in Accumulated o ther 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 that an additional $4,026,000 will be reclassified from Accumulated other comprehensive income (loss) as an increase to Interest expense over 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 rates, 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 (“FCA”) 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. In November 2020, the Intercontinental Exchange (“ICE”) Benchmark Administration Limited (“IBA”), the administrator of LIBOR, announced that it would consult on its intention to cease the publication of the one-week and two-month USD LIBOR settings immediately following December 31, 2021, and the remaining USD LIBOR settings immediately following the LIBOR publication on June 30, 2023. The Company is not able to predict when LIBOR will cease to be available or when there will be sufficient liquidity in the SOFR markets. Any changes adopted by the FCA or other governing bodies in the method used for determining LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR. If that were to occur, our interest payments could change. In addition, uncertainty about the extent and manner of future changes may result in interest rates and/or payments that are higher or lower than if LIBOR were to remain available in its current form. The Company has material contracts that are indexed to USD-LIBOR and is monitoring this activity and evaluating the related risks. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. As of December 31, 2020 and 2019, 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, 2020 Notional Amount as of December 31, 2019 (In thousands) Interest Rate Swap $75,000 $75,000 Interest Rate Swap $65,000 $65,000 Interest Rate Swap — $60,000 Interest Rate Swap $40,000 $40,000 Interest Rate Swap — $15,000 Interest Rate Swap $100,000 $100,000 Interest Rate Swap $100,000 — 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, 2020 and 2019. See Note 18 for additional information on the fair value of the Company's interest rate swaps. Derivatives Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges: Interest rate swap assets Other assets $ — Other assets $ 3,485 Interest rate swap liabilities Other liabilities 10,752 Other liabilities 678 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, 2020, 2019 and 2018: Years Ended December 31, 2020 2019 2018 (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS Interest Rate Swaps: Amount of income (loss) recognized in Other comprehensive income (loss) on derivatives $ (17,364) (1,975) 2,757 Amount of (income) loss reclassified from Accumulated other comprehensive income (loss) into Interest expense 3,805 (1,919) (1,404) 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. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2020 | |
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: 2020 2019 2018 (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO Numerator – net income attributable to common stockholders $ 108,363 121,662 88,506 Denominator – weighted average shares outstanding 39,185 37,442 35,439 DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE Numerator – net income attributable to common stockholders $ 108,363 121,662 88,506 Denominator: Weighted average shares outstanding 39,185 37,442 35,439 Unvested restricted stock 111 85 67 Total Shares 39,296 37,527 35,506 |
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED | QUARTERLY RESULTS OF OPERATIONS – UNAUDITED 2020 Quarter Ended 2019 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 $ 88,865 89,945 92,256 106,044 81,365 91,425 84,180 116,532 Expenses (65,567) (66,458) (67,845) (68,849) (58,831) (64,476) (61,605) (65,250) Net income 23,298 23,487 24,411 37,195 22,534 26,949 22,575 51,282 Net income attributable to noncontrolling interest in joint ventures (1) (3) (10) (14) (5) 4 (4) (1,673) Net income attributable to EastGroup Properties, Inc. common stockholders $ 23,297 23,484 24,401 37,181 22,529 26,953 22,571 49,609 BASIC PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) Net income attributable to common stockholders $ 0.60 0.60 0.62 0.94 0.62 0.73 0.60 1.29 Weighted average shares outstanding 38,882 39,007 39,338 39,507 36,465 36,944 37,771 38,561 DILUTED PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) Net income attributable to common stockholders $ 0.60 0.60 0.62 0.94 0.62 0.73 0.60 1.28 Weighted average shares outstanding 38,961 39,077 39,450 39,653 36,526 37,019 37,869 38,687 (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, 2020 | |
Defined Contribution Plan [Abstract] | |
DEFINED CONTRIBUTION PLAN | DEFINED CONTRIBUTION PLANEastGroup 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 $851,000, $786,000 and $769,000 for 2020, 2019 and 2018, respectively. |
LEGAL MATTERS
LEGAL MATTERS | 12 Months Ended |
Dec. 31, 2020 | |
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. As previously reported in the Company’s annual reports on Form 10-K for the years ended December 31, 2019 and 2018, and the Company’s quarterly reports on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2020 and 2019, the Company had been involved in pending litigation related to an action against the Company and certain of its officers in connection with the Company’s November 2016 purchase of a land parcel, alleging breach of contract and other claims in law and in equity. The Company asserted numerous affirmative defenses. In an effort to resolve the litigation, EastGroup made an initial settlement offer for $497,000, which was reserved in the Company’s financial statements as of December 31, 2018. During the year ended December 31, 2019, the parties came to a mediated resolution of the matter and it was resolved; losses related to the matter are included in Other on the Consolidated Statements of Income and Comprehensive Income. Even though the matter was settled, the case was dismissed, and releases exchanged among all parties, the Plaintiff filed an appeal of the |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019. December 31, 2020 2019 Carrying Amount (1) Fair Carrying Amount (1) Fair (In thousands) Financial Assets: Cash and cash equivalents $ 21 21 224 224 Mortgage loans receivable — — 1,679 1,703 Interest rate swap assets — — 3,485 3,485 Financial Liabilities: Unsecured bank credit facilities - variable rate (2) 125,000 124,820 112,710 113,174 Unsecured debt (2) 1,110,000 1,141,803 940,000 959,177 Secured debt (2) 79,096 80,435 133,422 136,107 Interest rate swap liabilities 10,752 10,752 678 678 (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 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. 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, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTSIn January 2021, EastGroup acquired Access Business Park 1, a recently constructed 156,000 square foot distribution building in Greenville, South Carolina, for $10.3 million. Also in January 2021, EastGroup acquired Northpoint 200, a recently constructed distribution facility in Atlanta containing 79,000 square feet, for $6.5 million. |
SCHEDULE III
SCHEDULE III | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs 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 6,961 1,575 13,552 15,127 9,751 1993-99 1974-85 Westport Commerce Center — 980 3,800 3,044 980 6,844 7,824 5,145 1994 1983/87 Benjamin Distribution Center I & II — 843 3,963 1,995 883 5,918 6,801 4,302 1997 1996 Benjamin Distribution Center III — 407 1,503 670 407 2,173 2,580 1,684 1999 1988 Palm River Center — 1,190 4,625 3,001 1,190 7,626 8,816 5,507 1997/98 1990/97/98 Palm River North I & III — 1,005 4,688 3,427 1,005 8,115 9,120 4,899 1998 2000 Palm River North II — 634 4,418 454 634 4,872 5,506 3,627 1997/98 1999 Palm River South I — 655 3,187 691 655 3,878 4,533 2,117 2000 2005 Palm River South II — 655 — 4,648 655 4,648 5,303 2,428 2000 2006 Walden Distribution Center I — 337 3,318 696 337 4,014 4,351 2,420 1997/98 2001 Walden Distribution Center II — 465 3,738 1,492 465 5,230 5,695 3,321 1998 1998 Oak Creek Distribution Center I — 1,109 6,126 1,487 1,109 7,613 8,722 4,714 1998 1998 Oak Creek Distribution Center II — 647 3,603 1,817 647 5,420 6,067 3,077 2003 2001 Oak Creek Distribution Center III — 439 — 3,242 556 3,125 3,681 1,422 2005 2007 Oak Creek Distribution Center IV — 682 6,472 864 682 7,336 8,018 3,535 2005 2001 Oak Creek Distribution Center V — 724 — 6,007 916 5,815 6,731 2,754 2005 2007 Oak Creek Distribution Center VI — 642 — 5,663 812 5,493 6,305 2,302 2005 2008 Oak Creek Distribution Center VII — 740 — 6,399 740 6,399 7,139 681 2005 2017 Oak Creek Distribution Center VIII — 843 — 6,302 1,051 6,094 7,145 1,055 2005 2015 Oak Creek Distribution Center IX — 618 — 5,161 781 4,998 5,779 1,769 2005 2009 Oak Creek Distribution Center A — 185 — 1,498 185 1,498 1,683 601 2005 2008 Oak Creek Distribution Center B — 227 — 1,555 227 1,555 1,782 625 2005 2008 Oak Creek Distribution Center C Land — 355 — 379 355 379 734 — 2005 n/a Airport Commerce Center — 1,257 4,012 1,062 1,257 5,074 6,331 3,114 1998 1998 Westlake Distribution Center — 1,333 6,998 2,664 1,333 9,662 10,995 6,293 1998 1998/99 Expressway Commerce Center I — 915 5,346 1,675 915 7,021 7,936 3,918 2002 2004 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Expressway Commerce Center II — 1,013 3,247 1,065 1,013 4,312 5,325 2,307 2003 2001 Silo Bend Distribution Center — 4,131 27,497 4,666 4,132 32,162 36,294 9,176 2011 1987/90 Tampa East Distribution Center — 791 4,758 721 791 5,479 6,270 1,824 2011 1984 Tampa West Distribution Center — 2,139 8,502 1,276 2,140 9,777 11,917 3,092 2011 1975/93/94 Madison Distribution Center — 495 2,779 466 495 3,245 3,740 1,100 2012 2007 Madison Distribution Center II & III — 624 — 7,029 624 7,029 7,653 1,475 2012 2015 Madison Distribution Center IV & V — 565 — 8,232 565 8,232 8,797 1,546 2012 2016 Grand Oaks 75 Business Center I — 3,572 12,979 102 3,572 13,081 16,653 626 2019 2017 Grand Oaks 75 Business Center II — 2,589 10,226 2,325 2,589 12,551 15,140 239 2019 2019 Orlando Chancellor Center — 291 1,711 513 291 2,224 2,515 1,485 1996/97 1996/97 Exchange Distribution Center I — 603 2,414 2,400 603 4,814 5,417 3,659 1994 1975 Exchange Distribution Center II — 300 945 482 300 1,427 1,727 950 2002 1976 Exchange Distribution Center III — 320 997 408 320 1,405 1,725 997 2002 1980 Sunbelt Distribution Center — 1,472 5,745 6,109 1,472 11,854 13,326 9,525 1989/97/98 1974/87/97/98 John Young Commerce Center I — 497 2,444 1,601 497 4,045 4,542 2,543 1997/98 1997/98 John Young Commerce Center II — 512 3,613 576 512 4,189 4,701 2,943 1998 1999 Sunport Center I — 555 1,977 1,077 555 3,054 3,609 1,832 1999 1999 Sunport Center II — 597 3,271 2,250 597 5,521 6,118 3,846 1999 2001 Sunport Center III — 642 3,121 1,268 642 4,389 5,031 2,611 1999 2002 Sunport Center IV — 642 2,917 1,843 642 4,760 5,402 2,982 1999 2004 Sunport Center V — 750 2,509 2,478 750 4,987 5,737 3,068 1999 2005 Sunport Center VI — 672 — 3,750 672 3,750 4,422 1,691 1999 2006 Southridge Commerce Park I — 373 — 5,237 373 5,237 5,610 3,218 2003 2006 Southridge Commerce Park II — 342 — 4,532 342 4,532 4,874 2,496 2003 2007 Southridge Commerce Park III — 547 — 5,756 547 5,756 6,303 2,634 2003 2007 Southridge Commerce Park IV (f) 2,393 506 — 4,919 506 4,919 5,425 2,209 2003 2006 Southridge Commerce Park V (f) 2,175 382 — 4,548 382 4,548 4,930 2,404 2003 2006 Southridge Commerce Park VI — 571 — 5,396 571 5,396 5,967 2,382 2003 2007 Southridge Commerce Park VII — 520 — 6,787 520 6,787 7,307 2,964 2003 2008 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs 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 VIII — 531 — 6,369 531 6,369 6,900 2,359 2003 2008 Southridge Commerce Park IX — 468 — 6,462 468 6,462 6,930 2,244 2003 2012 Southridge Commerce Park X — 414 — 4,879 414 4,879 5,293 1,357 2003 2012 Southridge Commerce Park XI — 513 — 5,939 513 5,939 6,452 1,788 2003 2012 Southridge Commerce Park XII — 2,025 — 17,189 2,025 17,189 19,214 6,003 2005 2008 Horizon Commerce Park I — 991 — 6,586 991 6,586 7,577 1,650 2008 2014 Horizon Commerce Park II — 1,111 — 7,249 1,111 7,249 8,360 1,666 2008 2014 Horizon Commerce Park III — 991 — 6,541 991 6,541 7,532 1,259 2008 2016 Horizon Commerce Park IV — 1,097 — 8,595 1,097 8,595 9,692 1,677 2008 2015 Horizon Commerce Park V — 1,108 — 8,604 1,108 8,604 9,712 1,182 2008 2017 Horizon Commerce Park VI — 1,099 — 11,131 1,099 11,131 12,230 900 2008 2019 Horizon Commerce Park VII — 962 — 7,639 962 7,639 8,601 1,319 2008 2017 Horizon Commerce Park VIII & IX — 1,590 — 16,628 1,590 16,628 18,218 532 2008 2019 Horizon Commerce Park X — 846 — 6,601 846 6,601 7,447 752 2009 2018 Horizon Commerce Park XI — 1,101 — 9,877 1,101 9,877 10,978 569 2009 2019 Horizon Commerce Park XII — 1,416 — 10,581 1,416 10,581 11,997 1,118 2009 2017 Jacksonville Deerwood Distribution Center — 1,147 1,799 6,558 1,147 8,357 9,504 3,895 1989 1978 Phillips Distribution Center — 1,375 2,961 5,085 1,375 8,046 9,421 5,815 1994 1984/95 Lake Pointe Business Park — 3,442 6,450 9,930 3,442 16,380 19,822 12,840 1993 1986/87 Ellis Distribution Center — 540 7,513 4,399 540 11,912 12,452 5,706 1997 1977 Westside Distribution Center — 2,011 15,374 9,896 2,011 25,270 27,281 14,506 1997/2008 1984/85 Beach Commerce Center — 476 1,899 888 476 2,787 3,263 1,617 2000 2000 Interstate Distribution Center — 1,879 5,700 2,274 1,879 7,974 9,853 4,798 2005 1990 Flagler Center — 7,317 14,912 1,012 7,317 15,924 23,241 2,245 2016 1997 & 2005 Ft. Lauderdale/Palm Beach area Linpro Commerce Center — 613 2,243 3,623 616 5,863 6,479 4,026 1996 1986 Cypress Creek Business Park — — 2,465 2,604 — 5,069 5,069 3,520 1997 1986 Lockhart Distribution Center — — 3,489 3,150 — 6,639 6,639 4,949 1997 1986 Interstate Commerce Center — 485 2,652 1,851 485 4,503 4,988 2,579 1998 1988 Executive Airport Distribution Ctr — 1,991 4,857 5,981 1,991 10,838 12,829 5,613 2001 2004/06 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Sample 95 Business Park — 2,202 8,785 4,323 2,202 13,108 15,310 8,623 1996/98 1990/99 Blue Heron Distribution Center — 975 3,626 2,655 975 6,281 7,256 4,048 1999 1986 Blue Heron Distribution Center II — 1,385 4,222 2,154 1,385 6,376 7,761 3,369 2004 1988 Blue Heron Distribution Center III — 450 — 2,843 450 2,843 3,293 1,187 2004 2009 Weston Commerce Park — 4,163 9,951 1,738 4,163 11,689 15,852 1,535 2016 1998 Ft. Myers SunCoast Commerce Center I — 911 — 4,841 928 4,824 5,752 2,066 2005 2008 SunCoast Commerce Center II — 911 — 5,030 928 5,013 5,941 2,314 2005 2007 SunCoast Commerce Center III — 1,720 — 6,714 1,763 6,671 8,434 2,754 2006 2008 SunCoast Commerce Center IV — 1,733 — 7,548 1,762 7,519 9,281 983 2006 2017 SunCoast Commerce Center V — 1,511 — 6,724 1,594 6,641 8,235 512 2006 2019 SunCoast Commerce Center VI — 1,537 — 7,063 1,594 7,006 8,600 244 2006 2019 SunCoast Commerce Center VIII — 1,533 — 6,782 1,533 6,782 8,315 196 2006 2020 Miami Gateway Commerce Park 1 — 5,746 — 18,955 5,746 18,955 24,701 1,357 2016 2018 Gateway Commerce Park 5 — 5,746 — 19,329 5,357 19,718 25,075 900 2016 2019 CALIFORNIA San Francisco area Wiegman Distribution Center I — 2,197 8,788 2,514 2,308 11,191 13,499 7,250 1996 1986/87 Wiegman Distribution Center II — 2,579 4,316 152 2,579 4,468 7,047 1,071 2012 1998 Huntwood Distribution Center — 3,842 15,368 3,711 3,842 19,079 22,921 12,547 1996 1988 San Clemente Distribution Center — 893 2,004 944 893 2,948 3,841 2,088 1997 1978 Yosemite Distribution Center — 259 7,058 2,036 731 8,622 9,353 5,452 1999 1974/87 Los Angeles area Eucalyptus Distribution Center — 11,392 11,498 194 11,392 11,692 23,084 1,043 2018 1988 Kingsview Industrial Center — 643 2,573 883 643 3,456 4,099 2,329 1996 1980 Dominguez Distribution Center — 2,006 8,025 1,170 2,006 9,195 11,201 6,120 1996 1977 Main Street Distribution Center — 1,606 4,103 869 1,606 4,972 6,578 3,119 1999 1999 Walnut Business Center — 2,885 5,274 2,590 2,885 7,864 10,749 5,143 1996 1966/90 Washington Distribution Center — 1,636 4,900 751 1,636 5,651 7,287 3,579 1997 1996/97 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Chino Distribution Center — 2,544 10,175 1,623 2,544 11,798 14,342 9,244 1998 1980 Ramona Distribution Center 2,266 3,761 5,751 160 3,761 5,911 9,672 975 2014 1984 Industry Distribution Center I — 10,230 12,373 4,866 10,230 17,239 27,469 10,711 1998 1959 Industry Distribution Center III — — 3,012 (157) — 2,855 2,855 2,855 2007 1992 Chestnut Business Center — 1,674 3,465 361 1,674 3,826 5,500 2,217 1998 1999 Los Angeles Corporate Center — 1,363 5,453 3,627 1,363 9,080 10,443 6,534 1996 1986 Fresno Shaw Commerce Center — 2,465 11,627 7,579 2,465 19,206 21,671 12,781 1998 1978/81/87 San Diego Eastlake Distribution Center — 3,046 6,888 2,089 3,046 8,977 12,023 5,902 1997 1989 Miramar Land — 13,980 — 1 13,981 — 13,981 — 2019 n/a Ocean View Corporate Center — 6,577 7,105 1,596 6,577 8,701 15,278 3,456 2010 2005 Otay Mesa Land — 15,282 — 12 15,294 — 15,294 — 2019 n/a Rocky Point Distribution Center I — 8,857 13,388 1 8,857 13,389 22,246 666 2019 2019 Rocky Point Distribution Center II — 7,623 11,614 846 7,623 12,460 20,083 127 2019 2019 Siempre Viva Distribution Center I — 4,628 9,211 368 4,628 9,579 14,207 640 2018 2003 Siempre Viva Distribution Center II — 2,868 5,694 125 2,877 5,810 8,687 232 2019 2002 TEXAS Dallas Allen Station 1 & 2 — 5,815 17,612 1,142 5,815 18,754 24,569 1,817 2018 2001 Arlington Tech Centre 1 & 2 — 2,510 10,096 1,890 2,515 11,981 14,496 140 2019 2019 Interstate Warehouse I & II (e) 4,636 1,746 4,941 3,830 1,746 8,771 10,517 7,270 1988 1978 Interstate Warehouse III (e) 1,852 519 2,008 1,674 519 3,682 4,201 2,649 2000 1979 Interstate Warehouse IV — 416 2,481 732 416 3,213 3,629 1,829 2004 2002 Interstate Warehouse V, VI, & VII (f) 3,796 1,824 4,106 2,674 1,824 6,780 8,604 4,024 2009 1979/80/81 Logistics Center 6 & 7 — — 12,605 3,178 — 15,783 15,783 832 2019 2018 Venture Warehouses (e) 3,513 1,452 3,762 2,755 1,452 6,517 7,969 5,667 1988 1979 ParkView Commerce Center 1-3 — 2,663 — 18,906 2,663 18,906 21,569 3,473 2014 2015 Shady Trail Distribution Center — 635 3,621 1,408 635 5,029 5,664 2,913 2003 1998 Valwood Distribution Center — 4,361 34,405 4,433 4,361 38,838 43,199 11,872 2012 1986/87/97/98 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Northfield Distribution Center — 12,470 50,713 6,974 12,471 57,686 70,157 16,967 2013 1999-2001/03/04/08 Parc North 1-4 — 4,615 26,358 6,197 4,615 32,555 37,170 5,060 2016 2016 Parc North 5 — 1,286 — 7,829 1,286 7,829 9,115 414 2016 2019 Parc North 6 — 1,233 — 9,536 1,233 9,536 10,769 299 2016 2019 CreekView 121 1 & 2 — 3,275 — 14,614 3,275 14,614 17,889 2,502 2015 2017 CreekView 121 3 & 4 — 2,600 — 13,518 2,600 13,518 16,118 1,526 2015 2018 CreekView 121 5 & 6 — 2,682 — 12,831 2,681 12,832 15,513 483 2016 2020 The Rock at Star Business Park — 5,296 27,223 — 5,296 27,223 32,519 112 2020 2019 Houston World Houston Int'l Business Ctr 1 & 2 — 660 5,893 2,496 660 8,389 9,049 5,479 1998 1996 World Houston Int'l Business Ctr 3 & 4 (e) 2,841 820 5,130 495 707 5,738 6,445 3,703 1998 1998 World Houston Int'l Business Ctr 6 (e) 1,550 425 2,423 669 425 3,092 3,517 2,130 1998 1998 World Houston Int'l Business Ctr 7 & 8 (e) 4,583 680 4,584 5,134 680 9,718 10,398 6,638 1998 1998 World Houston Int'l Business Ctr 9 (e) 3,224 800 4,355 2,159 800 6,514 7,314 3,685 1998 1998 World Houston Int'l Business Ctr 10 — 933 4,779 880 933 5,659 6,592 3,116 2001 1999 World Houston Int'l Business Ctr 11 — 638 3,764 1,799 638 5,563 6,201 3,248 1999 1999 World Houston Int'l Business Ctr 12 — 340 2,419 383 340 2,802 3,142 1,794 2000 2002 World Houston Int'l Business Ctr 13 — 282 2,569 773 282 3,342 3,624 2,200 2000 2002 World Houston Int'l Business Ctr 14 — 722 2,629 1,329 722 3,958 4,680 2,372 2000 2003 World Houston Int'l Business Ctr 15 — 731 — 6,284 731 6,284 7,015 3,710 2000 2007 World Houston Int'l Business Ctr 16 — 519 4,248 1,806 519 6,054 6,573 3,430 2000 2005 World Houston Int'l Business Ctr 17 — 373 1,945 848 373 2,793 3,166 1,611 2000 2004 World Houston Int'l Business Ctr 19 — 373 2,256 1,327 373 3,583 3,956 2,110 2000 2004 World Houston Int'l Business Ctr 20 — 1,008 1,948 2,201 1,008 4,149 5,157 2,443 2000 2004 World Houston Int'l Business Ctr 21 — 436 — 4,126 436 4,126 4,562 1,884 2000/03 2006 World Houston Int'l Business Ctr 22 — 436 — 4,638 436 4,638 5,074 2,383 2000 2007 World Houston Int'l Business Ctr 23 — 910 — 7,418 910 7,418 8,328 3,539 2000 2007 World Houston Int'l Business Ctr 24 — 837 — 6,142 838 6,141 6,979 2,844 2005 2008 World Houston Int'l Business Ctr 25 — 508 — 4,486 508 4,486 4,994 1,951 2005 2008 World Houston Int'l Business Ctr 26 — 445 — 3,267 445 3,267 3,712 1,343 2005 2008 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs 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 27 — 837 — 5,153 838 5,152 5,990 2,368 2005 2008 World Houston Int'l Business Ctr 28 — 550 — 4,665 550 4,665 5,215 2,196 2005 2009 World Houston Int'l Business Ctr 29 — 782 — 4,179 974 3,987 4,961 1,571 2007 2009 World Houston Int'l Business Ctr 30 — 981 — 5,983 1,222 5,742 6,964 2,572 2007 2009 World Houston Int'l Business Ctr 31A — 684 — 4,092 684 4,092 4,776 1,917 2008 2011 World Houston Int'l Business Ctr 31B — 546 — 3,555 546 3,555 4,101 1,487 2008 2012 World Houston Int'l Business Ctr 32 (f) 3,035 1,225 — 5,655 1,526 5,354 6,880 1,721 2007 2012 World Houston Int'l Business Ctr 33 — 1,166 — 7,867 1,166 7,867 9,033 2,259 2011 2013 World Houston Int'l Business Ctr 34 — 439 — 3,440 439 3,440 3,879 1,038 2005 2012 World Houston Int'l Business Ctr 35 — 340 — 2,580 340 2,580 2,920 632 2005 2012 World Houston Int'l Business Ctr 36 — 684 — 4,882 684 4,882 5,566 1,552 2011 2013 World Houston Int'l Business Ctr 37 — 759 — 6,423 759 6,423 7,182 2,020 2011 2013 World Houston Int'l Business Ctr 38 — 1,053 — 7,324 1,053 7,324 8,377 2,311 2011 2013 World Houston Int'l Business Ctr 39 — 620 — 5,203 621 5,202 5,823 1,258 2011 2014 World Houston Int'l Business Ctr 40 — 1,072 — 9,359 1,072 9,359 10,431 1,974 2011 2014 World Houston Int'l Business Ctr 41 — 649 — 5,961 649 5,961 6,610 1,326 2011 2014 World Houston Int'l Business Ctr 42 — 571 — 4,814 571 4,814 5,385 907 2011 2015 World Houston Int'l Business Ctr 43 — 443 — 6,109 443 6,109 6,552 315 2011 2019 World Houston Int'l Business Ctr 45 — 3,243 — 13,711 3,243 13,711 16,954 516 2015 2019 Glenmont Business Park — 936 6,161 3,042 937 9,202 10,139 6,226 1998 1999/2000 Beltway Crossing Business Park I — 458 5,712 3,149 458 8,861 9,319 5,320 2002 2001 Beltway Crossing Business Park II — 415 — 3,138 415 3,138 3,553 1,489 2005 2007 Beltway Crossing Business Park III — 460 — 3,280 460 3,280 3,740 1,595 2005 2008 Beltway Crossing Business Park IV — 460 — 3,260 460 3,260 3,720 1,520 2005 2008 Beltway Crossing Business Park V — 701 — 5,267 701 5,267 5,968 2,552 2005 2008 Beltway Crossing Business Park VI (f) 3,134 618 — 6,486 618 6,486 7,104 2,473 2005 2008 Beltway Crossing Business Park VII (f) 3,001 765 — 6,037 765 6,037 6,802 2,806 2005 2009 Beltway Crossing Business Park VIII — 721 — 5,610 721 5,610 6,331 2,290 2005 2011 Beltway Crossing Business Park IX — 418 — 2,141 418 2,141 2,559 691 2007 2012 Beltway Crossing Business Park X — 733 — 3,912 733 3,912 4,645 1,233 2007 2012 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs 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 XI — 690 — 4,141 690 4,141 4,831 1,171 2007 2013 West Road Business Park I — 621 — 4,103 541 4,183 4,724 1,168 2012 2014 West Road Business Park II — 981 — 4,819 854 4,946 5,800 1,156 2012 2014 West Road Business Park III — 597 — 4,222 520 4,299 4,819 695 2012 2015 West Road Business Park IV — 621 — 4,623 541 4,703 5,244 1,181 2012 2015 West Road Business Park V — 484 — 4,372 421 4,435 4,856 560 2012 2018 Ten West Crossing 1 — 566 — 3,041 566 3,041 3,607 909 2012 2013 Ten West Crossing 2 — 829 — 4,496 833 4,492 5,325 1,656 2012 2013 Ten West Crossing 3 — 609 — 4,535 613 4,531 5,144 1,436 2012 2013 Ten West Crossing 4 — 694 — 4,569 699 4,564 5,263 1,477 2012 2014 Ten West Crossing 5 — 933 — 5,872 940 5,865 6,805 1,575 2012 2014 Ten West Crossing 6 — 640 — 4,660 644 4,656 5,300 1,131 2012 2014 Ten West Crossing 7 — 584 — 5,321 589 5,316 5,905 1,148 2012 2015 Ten West Crossing 8 — 1,126 — 8,710 1,135 8,701 9,836 488 2012 2019 El Paso Butterfield Trail — — 20,725 9,763 — 30,488 30,488 21,485 1997/2000 1987/95 Rojas Commerce Park (e) 3,759 900 3,659 3,968 900 7,627 8,527 5,751 1999 1986 Americas Ten Business Center I — 526 2,778 1,741 526 4,519 5,045 2,563 2001 2003 San Antonio Alamo Downs Distribution Center — 1,342 6,338 1,856 1,342 8,194 9,536 4,989 2004 1986/2002 Arion Business Park 1-13, 15 — 4,143 31,432 9,939 4,143 41,371 45,514 21,759 2005 1988-2000/06 Arion Business Park 14 — 423 — 4,011 423 4,011 4,434 1,726 2005 2006 Arion Business Park 16 — 427 — 3,715 427 3,715 4,142 1,690 2005 2007 Arion Business Park 17 — 616 — 4,404 616 4,404 5,020 2,674 2005 2007 Arion Business Park 18 (f) 1,244 418 — 2,402 418 2,402 2,820 1,224 2005 2008 Wetmore Business Center 1-4 — 1,494 10,804 3,781 1,494 14,585 16,079 8,495 2005 1998/99 Wetmore Business Center 5 — 412 — 3,870 412 3,870 4,282 1,963 2006 2008 Wetmore Business Center 6 — 505 — 4,035 505 4,035 4,540 1,789 2006 2008 Wetmore Business Center 7 — 546 — 5,089 546 5,089 5,635 1,885 2006 2008 Wetmore Business Center 8 — 1,056 — 8,366 1,056 8,366 9,422 3,488 2006 2008 Fairgrounds Business Park — 1,644 8,209 2,515 1,644 10,724 12,368 5,957 2007 1985/86 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Rittiman Distribution Center — 1,083 6,649 603 1,083 7,252 8,335 1,971 2011 2000 Thousand Oaks Distribution Center 1 — 607 — 4,518 607 4,518 5,125 1,806 2008 2012 Thousand Oaks Distribution Center 2 — 794 — 4,816 794 4,816 5,610 1,626 2008 2012 Thousand Oaks Distribution Center 3 — 772 — 4,651 772 4,651 5,423 1,500 2008 2013 Thousand Oaks Distribution Center 4 — 753 — 4,744 753 4,744 5,497 925 2013 2015 Alamo Ridge Business Park I — 623 — 8,306 623 8,306 8,929 2,358 2007 2015 Alamo Ridge Business Park II — 402 — 5,368 402 5,368 5,770 1,093 2007 2015 Alamo Ridge Business Park III — 907 — 10,144 907 10,144 11,051 1,418 2007 2017 Alamo Ridge Business Park IV — 354 — 7,479 355 7,478 7,833 1,850 2007 2017 Eisenhauer Point Business Park 1 & 2 — 1,881 — 14,726 1,881 14,726 16,607 2,741 2015 2016 Eisenhauer Point Business Park 3 — 577 — 6,109 577 6,109 6,686 1,044 2015 2017 Eisenhauer Point Business Park 4 — 555 — 4,832 555 4,832 5,387 677 2015 2017 Eisenhauer Point Business Park 5 — 818 — 7,015 818 7,015 7,833 1,091 2015 2018 Eisenhauer Point Business Park 6 — 569 — 4,869 569 4,869 5,438 396 2015 2018 Eisenhauer Point Business Park 7 & 8 — 1,000 — 22,243 2,593 20,650 23,243 1,285 2016 2019 Eisenhauer Point Business Park 9 — 632 — 5,729 632 5,729 6,361 235 2016 2019 Tri-County Crossing 1 & 2 — 1,623 — 14,816 1,623 14,816 16,439 848 2017 2019 Austin Colorado Crossing Distribution Center (e) 10,881 4,602 19,757 325 4,594 20,090 24,684 6,362 2014 2009 Greenhill Distribution Center — 802 3,273 243 802 3,516 4,318 252 2018 1999 Settlers Crossing 1 — 1,211 — 8,207 1,211 8,207 9,418 415 2017 2019 Settlers Crossing 2 — 1,306 — 7,549 1,306 7,549 8,855 579 2017 2019 Southpark Corporate Center 3 & 4 — 2,670 14,756 1,904 2,670 16,660 19,330 4,283 2015 1995 Southpark Corporate Center 5-7 — 1,301 7,589 1,185 1,301 8,774 10,075 1,365 2017 1995 Springdale Business Center — 2,824 8,398 561 2,824 8,959 11,783 2,035 2015 2000 Wells Point One — 907 4,904 311 907 5,215 6,122 276 2020 2001 ARIZONA Phoenix area Broadway Industrial Park I — 837 3,349 2,869 837 6,218 7,055 3,173 1996 1971 Broadway Industrial Park II — 455 482 390 455 872 1,327 546 1999 1971 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs 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 1,054 775 2,796 3,571 1,509 2000 1983 Broadway Industrial Park IV — 380 1,652 1,163 380 2,815 3,195 1,755 2000 1986 Broadway Industrial Park V — 353 1,090 871 353 1,961 2,314 977 2002 1980 Broadway Industrial Park VI — 599 1,855 802 599 2,657 3,256 1,826 2002 1979 Broadway Industrial Park VII — 450 650 288 450 938 1,388 336 2011 1999 Kyrene Distribution Center — 1,490 4,453 2,096 1,490 6,549 8,039 4,379 1999 1981/2001 Falcon Field Business Center — 1,312 — 8,009 1,312 8,009 9,321 585 2015 2018 Southpark Distribution Center — 918 2,738 2,005 918 4,743 5,661 2,707 2001 2000 Santan 10 Distribution Center I — 846 2,647 692 846 3,339 4,185 1,780 2001 2005 Santan 10 Distribution Center II — 1,088 — 5,352 1,088 5,352 6,440 2,616 2004 2007 Chandler Freeways — 1,525 — 7,381 1,525 7,381 8,906 2,036 2012 2013 Kyrene 202 Business Park I — 653 — 5,777 653 5,777 6,430 1,263 2011 2014 Kyrene 202 Business Park II — 387 — 3,414 387 3,414 3,801 715 2011 2014 Kyrene 202 Business Park III, IV, & V — 1,244 — 11,878 1,244 11,878 13,122 1,197 2011 2018 Kyrene 202 Business Park VI — 936 — 8,333 936 8,333 9,269 1,607 2011 2015 Metro Business Park — 1,927 7,708 8,323 1,927 16,031 17,958 11,910 1996 1977/79 51st Avenue Distribution Center — 300 2,029 1,215 300 3,244 3,544 2,296 1998 1987 East University Distribution Center I and II — 1,120 4,482 2,045 1,120 6,527 7,647 4,891 1998 1987/89 East University Distribution Center III — 444 698 461 444 1,159 1,603 554 2010 1981 55th Avenue Distribution Center — 912 3,717 1,168 917 4,880 5,797 3,839 1998 1987 Interstate Commons Distribution Center I — 311 1,416 1,101 311 2,517 2,828 1,655 1999 1988 Interstate Commons Distribution Center III — 242 — 3,112 242 3,112 3,354 1,296 2000 2008 Airport Commons Distribution Center — 1,000 1,510 1,780 1,000 3,290 4,290 2,285 2003 1971 40th Avenue Distribution Center — 703 — 6,061 703 6,061 6,764 2,541 2004 2008 Sky Harbor Business Park — 5,839 — 22,044 5,839 22,044 27,883 8,971 2006 2008 Sky Harbor Business Park 6 — 807 — 2,136 807 2,136 2,943 427 2014 2015 Ten Sky Harbor Business Center — 1,568 — 5,132 1,569 5,131 6,700 825 2015 2016 Tucson Country Club Commerce Center I — 506 3,564 3,916 693 7,293 7,986 3,612 1997/2003 1994/2003 Country Club Commerce Center II — 442 3,381 1,065 709 4,179 4,888 1,579 2007 2000 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs 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 III & IV — 1,407 — 12,253 1,575 12,085 13,660 5,243 2007 2009 Country Club Commerce Center V — 2,885 — 21,438 2,886 21,437 24,323 1,730 2016 2018 Airport Distribution Center — 1,403 4,672 1,834 1,403 6,506 7,909 4,319 1998/2000 1995 Benan Distribution Center — 707 1,842 737 707 2,579 3,286 1,596 2005 2001 NORTH CAROLINA Charlotte area NorthPark Business Park — 2,758 15,932 5,206 2,758 21,138 23,896 11,494 2006 1987-89 Lindbergh Business Park — 470 3,401 827 470 4,228 4,698 2,033 2007 2001/03 Commerce Park Center I — 765 4,303 1,072 765 5,375 6,140 2,563 2007 1983 Commerce Park Center II (f) 1,038 335 1,603 415 335 2,018 2,353 829 2010 1987 Commerce Park Center III (f) 1,739 558 2,225 1,159 558 3,384 3,942 1,352 2010 1981 Nations Ford Business Park — 3,924 16,171 5,349 3,924 21,520 25,444 10,954 2007 1989/94 Airport Commerce Center — 1,454 10,136 2,729 1,454 12,865 14,319 5,737 2008 2001/02 Airport Commerce Center III — 855 — 8,038 855 8,038 8,893 549 2008 2019 Interchange Park I — 986 7,949 701 986 8,650 9,636 3,466 2008 1989 Interchange Park II — 746 1,456 351 746 1,807 2,553 373 2013 2000 Ridge Creek Distribution Center I — 1,284 13,163 1,167 1,284 14,330 15,614 5,273 2008 2006 Ridge Creek Distribution Center II (f) 7,370 3,033 11,497 2,175 3,033 13,672 16,705 4,182 2011 2003 Ridge Creek Distribution Center III — 2,459 11,147 782 2,459 11,929 14,388 2,551 2014 2013 Lakeview Business Center (f) 3,257 1,392 5,068 922 1,392 5,990 7,382 2,132 2011 1996 Steele Creek Commerce Park I (e) 2,365 993 — 4,372 1,010 4,355 5,365 1,385 2013 2014 Steele Creek Commerce Park II (e) 2,406 941 — 4,517 957 4,501 5,458 1,381 2013 2014 Steele Creek Commerce Park III — 1,464 — 6,607 1,469 6,602 8,071 1,779 2013 2014 Steele Creek Commerce Park IV — 684 — 4,021 687 4,018 4,705 1,119 2013 2015 Steele Creek Commerce Park V — 610 — 5,239 631 5,218 5,849 301 2013/14/15 2019 Steele Creek Commerce Park VI — 867 — 7,148 919 7,096 8,015 1,238 2013/14 2016 Steele Creek Commerce Park VII — 1,207 — 7,988 1,253 7,942 9,195 935 2013/14/15 2017 Steele Creek Commerce Park IX — 949 — 10,165 1,090 10,024 11,114 265 2016 2019 Waterford Distribution Center — 654 3,392 918 654 4,310 4,964 1,707 2008 2000 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total SOUTH CAROLINA Greenville 385 Business Park — 1,308 10,822 526 1,308 11,348 12,656 691 2019 2019 GEORGIA Atlanta Shiloh 400 Business Center I & II — 3,092 14,216 2,462 3,092 16,678 19,770 2,984 2017 2008 Broadmoor Commerce Park I — 1,307 3,560 1,250 1,307 4,810 6,117 969 2017 1999 Broadmoor Commerce Park II — 519 — 7,392 519 7,392 7,911 459 2017 2018 Gwinnett 316 — 4,284 12,449 4,014 4,284 16,463 20,747 1,886 2017 2017 Hurricane Shoals I & II — 1,297 9,015 289 1,297 9,304 10,601 1,437 2017 2017 Progress Center I & II — 531 3,617 21 531 3,638 4,169 282 2018 1990 Cherokee 75 Business Center I — 1,183 6,727 — 1,183 6,727 7,910 21 2020 2020 LOUISIANA New Orleans Elmwood Business Park — 2,861 6,337 6,516 2,861 12,853 15,714 9,224 1997 1979 Riverbend Business Park — 2,557 17,623 10,028 2,557 27,651 30,208 18,015 1997 1984 COLORADO Denver Airways Business Center — 6,137 39,637 205 6,137 39,842 45,979 2,158 2019 2007/08 Rampart Distribution Center I — 1,023 3,861 2,542 1,023 6,403 7,426 5,162 1988 1987 Rampart Distribution Center II — 230 2,977 1,659 230 4,636 4,866 3,252 1996/97 1997 Rampart Distribution Center III — 1,098 3,884 2,832 1,098 6,716 7,814 3,970 1997/98 1999 Rampart Distribution Center IV — 590 — 8,340 590 8,340 8,930 1,668 2012 2014 Concord Distribution Center (f) 3,038 1,051 4,773 1,061 1,051 5,834 6,885 2,442 2007 2000 Centennial Park — 750 3,319 2,169 750 5,488 6,238 2,259 2007 1990 NEVADA Las Vegas Arville Distribution Center — 4,933 5,094 476 4,933 5,570 10,503 2,249 2009 1997 Jones Corporate Park — 13,068 26,325 1,913 13,068 28,238 41,306 3,707 2016 2016 Southwest Commerce Center — 9,008 16,576 2,903 9,008 19,479 28,487 367 2019 2019 MISSISSIPPI Jackson area Interchange Business Park — 343 5,007 5,299 343 10,306 10,649 6,796 1997 1981 Tower Automotive — — 9,958 1,959 17 11,900 11,917 5,912 2001 2002 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Metro Airport Commerce Center I — 303 1,479 1,256 303 2,735 3,038 1,734 2001 2003 RIGHT OF USE ASSETS, NET - GROUND LEASES (OPERATING) — — — — — — 11,073 — n/a n/a 79,096 498,608 1,232,994 1,416,822 502,739 2,645,685 3,159,497 954,573 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs 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 Rancho Distribution Center — 16,180 11,140 5 16,180 11,145 27,325 156 2020 2006 FLORIDA Suncoast Commerce Center 7 — 1,533 — 5,840 1,533 5,840 7,373 — 2006 2020 Suncoast Commerce Center Land — 6,547 — 1,319 6,630 1,236 7,866 — 2006/2020 n/a Gateway Commerce Park 4 — 4,711 — 17,336 4,711 17,336 22,047 — 2016 2020 Gateway Commerce Park Land — 11,065 — 9,231 11,065 9,231 20,296 — 2016 n/a Horizon Commerce Park Land — 650 — 426 650 426 1,076 — 2008/09 n/a Horizon West Land — 20,528 — 6,074 20,530 6,072 26,602 — 2020 n/a Grand Oaks 75 Land — 4,101 — 797 4,109 789 4,898 — 2019 n/a Oak Creek Distribution Center Land — 106 — 719 352 473 825 — 2005 n/a TEXAS Arlington Tech Centre Land — 1,725 — 127 1,725 127 1,852 — 2020 n/a Basswood 1 & 2 — 4,086 — 668 4,087 667 4,754 — 2019 n/a Basswood Land — 11,680 — 1,018 11,681 1,017 12,698 — 2019 n/a CreekView 121 7 & 8 — 2,640 — 13,919 2,640 13,919 16,559 44 2016 2020 CreekView Phase 3 Land — 3,985 — 207 3,985 207 4,192 — 2020 n/a LakePort 2499 — 2,984 — 16,797 2,984 16,797 19,781 — 2018 2020 LakePort 2499 Land — 2,716 — 3,602 2,716 3,602 6,318 — 2018 n/a McKinney Land — 12,239 — 129 12,239 129 12,368 — 2020 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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. As of December 31, 2018, EastGroup had an 80% controlling interest in University Business Center 120 and 130 through a joint venture partnership. During the fourth quarter of 2019, the Company, along with the noncontrolling interest partner, sold University Business Center 130 and as of December 31, 2019, EastGroup had an 80% controlling interest in University Business Center 120. During the fourth quarter of 2020, the Company sold its 80% controlling interest in University Business Center 120 and the joint venture partnership was dissolved. Also during 2019, EastGroup entered into two joint venture arrangements. On May 31, 2019, the Company acquired 6.5 acres of land in San Diego, known by the Company as the Miramar Land. In the second quarter of 2019, a joint venture was formed through which EastGroup owns a 95% controlling interest in this property. Also, on December 31, 2019, the Company acquired 41.6 acres of land in San Diego, known by the Company as the Otay Mesa Land, with the same noncontrolling interest partner with EastGroup owning a 99% controlling interest in the property. As of December 31, 2020 and 2019, EastGroup had a 95% controlling interest in the Miramar Land and a 99% controlling interest in the Otay Mesa Land. The Company records 100% of the assets, liabilities, revenues and expenses of the properties 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, among other things, 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 2020, 2019 and 2018 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 2020, 2019 and 2018. Federal Income Tax Treatment of Share Distributions Years Ended December 31, 2020 2019 2018 Common Share Distributions: (Per share) Ordinary dividends $ 3.32868 3.14000 2.14305 Nondividend distributions — — — Unrecaptured Section 1250 capital gain — — — Other capital gain — — — Total Common Share Distributions $ 3.32868 3.14000 2.14305 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 2016 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, 2020 and 2019. |
Income Recognition | Income Recognition The Company’s primary revenue is rental income from business distribution space. 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, prior to January 1, 2019, and in accordance with ASC 842, Leases, subsequently . In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) , and in subsequent periods, issued ASU 2018-10, 2018-11, and 2018-20, all of which relate to the new lease accounting guidance. The Company adopted the new lease accounting guidance effective January 1, 2019, and has applied its provisions on a prospective basis. Lessor accounting is largely unchanged under ASU 2016-02. The Company’s primary revenue is rental income; as such, the Company is a lessor on a significant number of leases. The Company is continuing to account for its leases in substantially the same manner. The most significant changes for the Company related to lessor accounting include: (i) the new standard’s narrow definition of initial direct costs for leases, and (ii) the guidance applicable to recording uncollectible rents, as discussed in the following paragraphs. The new standard’s narrow definition of initial direct costs for leases — The new definition of initial direct costs results in certain costs (primarily legal costs related to lease negotiations) being expensed rather than capitalized upon adoption of the new standard. EastGroup recorded Indirect leasing costs of $661,000 and $411,000 on the Consolidated Statements of Income and Comprehensive Income during the years ended December 31, 2020 and 2019, respectively. The guidance applicable to recording uncollectible rents — Upon adoption of the lease accounting guidance, reserves for uncollectible accounts are recorded as a reduction to revenue. Prior to adoption, reserves for uncollectible accounts were recorded as bad debt expenses. The standard also provides guidance related to calculating the reserves; however, those changes did not impact the Company. EastGroup elected the practical expedient permitting lessors to make an accounting policy election by class of underlying asset to not separate non-lease components (such as common area maintenance) of a contract from the lease component to which they relate when specific criteria are met. The Company believes its leases meet the criteria. The Company has applied the provisions of the new lease accounting standard and provided the required disclosures in the notes to the consolidated financial statements. The table below presents the components of Income from real estate operations for the years ended December 31, 2020 and 2019: Years Ended December 31, 2020 2019 (In thousands) Lease income — operating leases $ 271,094 248,237 Variable lease income (1) 91,575 82,576 Income from real estate operations $ 362,669 330,813 (1) Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance. In April 2020, the FASB issued FASB Staff Question-and-Answer (“Q&A”)-Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic to clarify whether lease concessions related to the effects of the COVID-19 pandemic require the application of lease modification guidance under FASB ASC 842, Leases . Under ASC 842, an entity must determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant, which would be accounted for under the lease modification framework, or if the lease concession was under the enforceable rights and obligations that existed in the original lease, which would be accounted for outside the lease modification framework. The Q&A provides a practical expedient for entities to make an election to account for certain lease concessions consistent with how those concessions would be accounted for outside of the lease modification framework. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. The FASB staff provided two possible methods to account for deferral of payments with no substantive changes to the consideration in the original contract: (a) account for the concessions as if no changes to the lease contract were made and, (b) account for the deferred payments as variable lease payments. The Company has elected the practical expedient provided by the FASB staff and is accounting for lease concessions meeting the criterion as if no changes to the lease contract were made. For the year ended December 31, 2020, the Company recognized approximately $1,483,000 in Income from real estate operations from lease concessions under this election. Future Minimum Rental Receipts Under Non-Cancelable Leases The Company’s leases with its customers may include various provisions such as scheduled rent increases, renewal options and termination options. The majority of the Company’s leases include defined rent increases rather than variable payments based on an index or unknown rate. In calculating the disclosures presented below, the Company included the fixed, non-cancelable terms of the leases. The following schedule indicates approximate future minimum rental receipts under non-cancelable leases for real estate properties by year as of December 31, 2020: Years Ending December 31, (In thousands) 2021 $ 272,402 2022 235,872 2023 192,444 2024 148,871 2025 104,511 Thereafter 166,467 Total minimum receipts $ 1,120,567 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 assets at the close of the transaction with resulting gains or losses reflected on the Consolidated Statements of Income and Comprehensive Income. |
Real Estate Properties | Real Estate PropertiesEastGroup 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. During the years ended December 31, 2020 and 2019, 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 $96,290,000, $86,590,000 and $76,007,000 for 2020, 2019 and 2018, respectively. |
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. The Company transfers properties from the development and value-add program to Real estate properties as follows: (i) for development properties, at the earlier of 90% occupancy or one year after completion of the shell construction, and (ii) for value-add properties, at the earlier of 90% occupancy or one year after acquisition. Upon the earlier of 90% occupancy or one year after completion of the shell construction, 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 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, |
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. See Note 13 for a discussion of the Company's derivative instruments and hedging activities. |
Cash Equivalents | Cash EquivalentsThe 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. Amortization of debt issuance costs was $1,418,000, $1,344,000 and $1,352,000 for 2020, 2019 and 2018, respectively. Amortization of facility fees was $790,000, $790,000 and $736,000 for 2020, 2019 and 2018, respectively. |
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 |
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. The FASB Codification 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 2020, 2019 and 2018 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 2020, 2019 and 2018 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 relative fair values. If applicable, 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. Land is valued using comparable land sales specific to the applicable market, provided by a third-party. 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 current market rents 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 $1,451,000, $1,229,000 and $667,000 in 2020, 2019 and 2018, respectively. Amortization expense for in-place lease intangibles was $5,620,000, $4,967,000 and $4,204,000 for 2020, 2019 and 2018, respectively. Projected amortization of in-place lease intangibles for the next five years as of December 31, 2020 is as follows: Years Ending December 31, (In thousands) 2021 $ 4,467 2022 3,143 2023 2,567 2024 1,956 2025 1,309 During 2020, the Company acquired the following operating properties: Wells Point One in Austin; Cherokee 75 Business Center 1 in Atlanta; and The Rock in Dallas. The Company also acquired one value-add property, Rancho Distribution Center in Los Angeles. At the time of acquisition, Rancho Distribution Center was classified in the lease-up phase. The total cost for the properties acquired by the Company was $76,518,000, of which $46,240,000 was allocated to Real estate properties and $27,320,000 was allocated to Development and value-add properties . EastGroup allocated $23,565,000 of the total purchase price to land using third party land valuations for the Atlanta, Austin, Dallas and 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: $3,257,000 to in-place lease intangibles and $104,000 to above market leases (both included in Other assets on the Consolidated Balance Sheets) and $403,000 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 2019, the Company acquired the following operating properties: Airways Business Center in Denver; 385 Business Park in Greenville; Grand Oaks 75 Business Center 1 in Tampa; and Siempre Viva Distribution Center 2 and Rocky Point Distribution Center 1 in San Diego. The Company also acquired the following value-add properties: Logistics Center 6 & 7 and Arlington Tech Centre 1 & 2 in Dallas; Grand Oaks 75 Business Center 2 in Tampa; Interstate Commons Distribution Center 2 in Phoenix; Southwest Commerce Center in Las Vegas; and Rocky Point Distribution Center 2 in San Diego. At the time of acquisition, these value-add properties were classified in the lease-up or under construction phase. The total cost for the properties acquired by the Company was $205,841,000, of which $105,301,000 was allocated to Real estate properties and $92,268,000 was allocated to Development and value-add properties . EastGroup allocated $46,778,000 of the total purchase price to land using third party land valuations for the Denver, Greenville, Tampa, Dallas, Phoenix, Las Vegas and San Diego markets. Logistics Center 6 & 7 is located on land under a ground lease; therefore, no value was allocated to land for this transaction. 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: $10,020,000 to in-place lease intangibles and $344,000 to above market leases and $2,092,000 to below market leases. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. Also during 2019, EastGroup acquired 6.5 acres of operating land in San Diego for $13,386,000. In connection with the acquisition, the Company allocated value to land and below market leases. EastGroup recorded land of $13,979,000 based on third party land valuations for the San Diego market. The market values are considered to be Level 3 inputs as defined by ASC 820, Fair Value Measurement. This land, which is included in Real estate properties on the Consolidated Balance Sheets, is currently leased to a tenant that operates a parking lot on the site. The Company recorded $593,000 to below market leases in connection with this land acquisition. These costs are amortized over the remaining life of the associated lease in place at the time of acquisition. EastGroup also acquired 41.6 acres of operating land in San Diego for $15,282,000. This land is included in Real estate properties on the Consolidated Balance Sheets. During 2019 and 2020, this land parcel was leased (on a month-to-month basis) to various tenants operating outdoor storage on the site. During 2019, EastGroup also acquired a small parcel of land (0.5 acres) adjacent to its Yosemite Distribution Center in Milpitas (San Francisco), California, for $472,000. This land is included in Real estate properties on the Consolidated Balance Sheets. 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, $21,000 to above market leases and $1,756,000 to below market leases. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. 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, 2020 and 2019. |
Stock-Based Compensation | Stock-Based CompensationIn 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. 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 EstimatesThe 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. |
Risks and Uncertainties [Policy Text Block] | 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 due to the current coronavirus (“COVID-19”) pandemic, as discussed below, or other general economic conditions, it may affect the Company’s ability to make distributions to its shareholders, service debt, or meet other financial obligations. On March 11, 2020, the World Health Organization characterized COVID-19 as a pandemic. The United States, which is where EastGroup’s properties are located, has experienced widespread infection, and there is uncertainty regarding how long the pandemic will impact the United States and the rest of the world. Unprecedented, extraordinary actions have been taken by federal, state and local governmental authorities to combat the spread of COVID-19, including issuance of “stay-at-home” directives and similar mandates for many individuals to substantially restrict daily activities and for many businesses to curtail or cease normal operations. These measures, while intended to protect human life, have led to, and may continue to lead to, reduced economic activity in certain sectors and an increase in unemployment throughout the United States, including some markets where the Company’s properties are located. As a result, there has been, and may continue to be, a period of economic slowdown, the severity of which is uncertain. Such economic slowdown, among other disruptions caused by the COVID-19 pandemic may adversely impact EastGroup’s financial condition and results of operations and the financial condition and results of operations of the Company’s tenants. EastGroup’s ability to lease its properties and collect rental revenues and expense reimbursements is dependent upon national, regional and local economic conditions. The potential inability to renew leases, lease vacant space or re-lease space as leases expire on favorable terms, or at all, could cause a decline in the Company’s receipt of rental payments. The Company has been in communication with a portion of its customer base regarding rent relief requests and has executed rent deferral agreements totaling $1.7 million, all of which were applicable to periods through December 31, 2020. The majority of these deferral agreements ($1.4 million of the $1.7 million) qualify under modified COVID-19-related guidance provided by the FASB for rental income to be recognized in the periods in which they were charged under the original terms of the leases. When requests were made, they were handled on a case-by-case basis, and the Company’s responses were largely dependent on its understanding of the financial strength of the customer, the operational and earnings impacts being experienced by the customer, and the customer’s ability or inability to obtain capital through debt or equity issuances, government assistance programs or by other means. Some of the Company’s customers are experiencing a deterioration in their financial position, results of operations and cash flows; as a result, they may not be able to pay their rent and expense reimbursements, which could adversely affect EastGroup’s financial condition, results of operations and cash flows. Federal, state and local government restrictions associated with the mitigation efforts to prevent the spread of COVID-19 could prevent EastGroup’s customers from accessing their leased space and operating their businesses; such restrictions could also impact the Company’s ability to operate its business, which may cause the business and operating results to decline or impact the Company’s ability to comply with regulatory obligations leading to reputational harm and regulatory issues or fines. Such restrictions could also inhibit the Company’s ability to lease vacant space in its operating portfolio and its development and value-add program. In addition, government restrictions could prevent construction of tenant improvements and development projects, which could delay construction completion and lease commencement dates. In each case, EastGroup may experience an adverse impact on its financial condition and results of operations. The economic uncertainty surrounding the COVID-19 pandemic has caused and may continue to cause disruption and instability in the financial markets and may impact EastGroup’s ability to raise capital from debt and equity markets on favorable terms or at all. The health and well-being of EastGroup’s customers, employees, directors and other stakeholders is of great importance to the Company. The Company is striving to accommodate flexible working arrangements for its employees to ensure the health and safety of its team, while employees are continuing to perform job duties and provide services to the Company’s customers and other stakeholders. There are risks associated with remote working arrangements, including, but not limited to, risks related to cyber-security. EastGroup is continuing to monitor and adhere to federal, state and local government guidelines regarding its work arrangements with the goal of preventing the spread of COVID-19 to the Company’s workforce, customers and communities. There are risks and uncertainties related to the health of the Company’s employees and directors; any potential deterioration of the health of key personnel could impact EastGroup’s business operations. The ongoing COVID-19 pandemic and the current economic, financial and capital markets environment present material risks and uncertainties for the Company. However, the rapid development and fluidity of the situation precludes any prediction as to the ultimate impact COVID-19 will have on EastGroup’s business, financial condition, results of operations and cash flows, which will depend largely on future developments directly or indirectly relating to the duration and scope of the COVID-19 pandemic in the United States. |
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 June 2016, the FASB issued ASU 2016-13 , Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequently issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments — Credit Losses in November 2018. The ASUs amend guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. For available for sale debt securities (EastGroup does not currently hold any and does not intend to hold any in the future), credit losses should be measured in a similar manner to current GAAP; however, Topic 326 requires that credit losses be presented as an allowance rather than a write-down. The ASUs affect entities holding financial assets and are effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. The Company adopted ASU 2016-13 and ASU 2018-19 on January 1, 2020, and the adoption 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. The Company adopted ASU 2018-13 on January 1, 2020, and the adoption did not have a material impact on its financial condition, results of operations or disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
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. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Operating Lease, Lease Income [Table Text Block] | The table below presents the components of Income from real estate operations for the years ended December 31, 2020 and 2019: Years Ended December 31, 2020 2019 (In thousands) Lease income — operating leases $ 271,094 248,237 Variable lease income (1) 91,575 82,576 Income from real estate operations $ 362,669 330,813 (1) Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance. |
Future Minimum Rental Receipts Under Non-cancelable Leases [Table Text Block] | The following schedule indicates approximate future minimum rental receipts under non-cancelable leases for real estate properties by year as of December 31, 2020: Years Ending December 31, (In thousands) 2021 $ 272,402 2022 235,872 2023 192,444 2024 148,871 2025 104,511 Thereafter 166,467 Total minimum receipts $ 1,120,567 |
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 2020, 2019 and 2018. Federal Income Tax Treatment of Share Distributions Years Ended December 31, 2020 2019 2018 Common Share Distributions: (Per share) Ordinary dividends $ 3.32868 3.14000 2.14305 Nondividend distributions — — — Unrecaptured Section 1250 capital gain — — — Other capital gain — — — Total Common Share Distributions $ 3.32868 3.14000 2.14305 |
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, 2020 is as follows: Years Ending December 31, (In thousands) 2021 $ 4,467 2022 3,143 2023 2,567 2024 1,956 2025 1,309 |
REAL ESTATE PROPERTIES (Tables)
REAL ESTATE PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties | The Company’s Real estate properties and Development and value-add properties at December 31, 2020 and 2019 were as follows: December 31, 2020 2019 (In thousands) Real estate properties: Land $ 502,739 452,698 Buildings and building improvements 2,120,731 1,907,963 Tenant and other improvements 524,954 471,909 Right of use assets — Ground leases (operating) (1) 11,073 11,997 Development and value-add properties (2) 359,588 419,999 3,519,085 3,264,566 Less accumulated depreciation (955,328) (871,139) $ 2,563,757 2,393,427 (1) See Ground Leases discussion below for information regarding the Company's right of use assets for ground leases. |
Sales of real estate properties [Table] | A summary of Gain on sales of real estate investments for the years ended December 31, 2020, 2019 and 2018 follows: Real Estate Properties Location Size (in Square Feet) Date Sold Net Sales Price Basis Recognized Gain (In thousands) 2020 University Business Center 120 (1) Santa Barbara, CA 46,000 12/01/2020 $ 10,342 4,007 6,335 Central Green Houston, TX 80,000 12/23/2020 10,168 3,358 6,810 Total for 2020 $ 20,510 7,365 13,145 2019 World Houston 5 Houston, TX 51,000 01/29/2019 $ 3,679 1,354 2,325 Altamonte Commerce Center Orlando, FL 186,000 05/20/2019 14,423 5,342 9,081 University Business Center 130 (2) Santa Barbara, CA 40,000 11/07/2019 11,083 2,729 8,354 Southpointe Distribution Center Tucson, AZ 207,000 12/03/2019 13,699 2,281 11,418 University Business Center 125 & 175 Santa Barbara, CA 133,000 12/11/2019 23,675 13,785 9,890 Total for 2019 $ 66,559 25,491 41,068 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 (1) EastGroup owned 80% of University Business Center 120 through a joint venture partnership. EastGroup sold its 80% share of the joint venture, and the partnership was dissolved. The information shown for this transaction represents EastGroup's 80% ownership. (2) EastGroup owned 80% of University Business Center 130 through a joint venture partnership. The information shown for this transaction also includes the 20% attributable to the Company's noncontrolling interest partner. |
Development | DEVELOPMENT AND Costs Incurred Anticipated Building Conversion Date Costs Transferred in 2020 (1) For the Cumulative Projected Total Costs (2) (In thousands) (Unaudited) (Unaudited) (Unaudited) LEASE-UP Building Size (Square feet) Gilbert Crossroads A & B, Phoenix, AZ 140,000 $ — 2,818 16,768 17,500 01/21 Rancho Distribution Center, Los Angeles, CA (3) 162,000 — 27,325 27,325 29,400 03/21 CreekView 121 7 & 8, Dallas, TX 137,000 — 9,760 16,559 18,500 04/21 Hurricane Shoals 3, Atlanta, GA 101,000 — 2,182 8,811 10,800 04/21 World Houston 44, Houston, TX 134,000 — 3,336 8,126 9,100 05/21 Gateway 4, Miami, FL 197,000 14,895 7,152 22,047 26,000 06/21 Interstate Commons 2, Phoenix, AZ (3) 142,000 — 2,359 12,241 12,500 06/21 Tri-County Crossing 3 & 4, San Antonio, TX 203,000 — 5,711 14,409 16,100 06/21 Northwest Crossing 1-3, Houston, TX 278,000 — 10,787 22,322 25,900 09/21 Ridgeview 1 & 2, San Antonio, TX 226,000 — 10,562 17,093 19,000 10/21 Settlers Crossing 3 & 4, Austin, TX 173,000 — 9,415 17,504 19,400 10/21 SunCoast 7, Ft. Myers, FL 77,000 3,232 4,141 7,373 8,700 11/21 LakePort 1-3, Dallas, TX 194,000 — 11,719 19,781 22,500 12/21 Total Lease-Up 2,164,000 18,127 107,267 210,359 235,400 UNDER CONSTRUCTION Gilbert Crossroads C & D, Phoenix, AZ 178,000 4,974 1,643 6,617 21,400 06/22 Steele Creek X, Charlotte, NC 162,000 3,291 943 4,234 12,600 07/22 Basswood 1 & 2, Dallas, TX 237,000 4,580 174 4,754 22,100 10/22 Total Under Construction 577,000 12,845 2,760 15,605 56,100 PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) Estimated Building Size (Square feet) Phoenix, AZ — (4,974) 601 — Ft. Myers, FL 622,000 (3,232) 3,595 7,866 Miami, FL 376,000 (14,895) 1,006 20,296 Orlando, FL 1,488,000 — 26,603 27,678 Tampa, FL (4) 349,000 — (78) 5,723 Atlanta, GA 120,000 — 1,392 1,392 Jackson, MS 28,000 — — 706 Charlotte, NC 313,000 (3,291) 289 4,325 Dallas, TX 1,353,000 (4,580) 22,420 37,428 El Paso, TX 168,000 — 2,587 2,587 Houston, TX 1,223,000 — 1,310 20,758 San Antonio, TX 366,000 — 666 4,865 Total Prospective Development 6,406,000 (30,972) 60,391 133,624 Total Development and Value-Add Properties 9,147,000 $ — 170,418 359,588 The Development and Value-Add Properties Activity table is continued on the following page. DEVELOPMENT AND VALUE-ADD PROPERTIES TRANSFERRED TO THE REAL ESTATE PROPERTIES PORTFOLIO DURING 2020 Costs Incurred Costs Transferred in 2020 (1) For the Cumulative (Unaudited) (In thousands) (Unaudited) Building Size (Square feet) Building Conversion Date Logistics Center 6 & 7, Dallas, TX (3) 142,000 $ — 19 15,754 01/20 Settlers Crossing 1, Austin, TX 77,000 — — 9,259 01/20 Settlers Crossing 2, Austin, TX 83,000 — — 8,475 01/20 Parc North 5, Dallas, TX 100,000 — 20 8,709 02/20 Airport Commerce Center 3, Charlotte, NC 96,000 — 335 8,891 03/20 Horizon VIII & IX, Orlando, FL 216,000 — 887 17,488 04/20 Ten West Crossing 8, Houston, TX 132,000 — 67 9,831 04/20 Tri-County Crossing 1 & 2, San Antonio, TX 203,000 — 189 15,575 04/20 SunCoast 8, Ft. Myers, FL 77,000 — 3,665 8,149 05/20 CreekView 121 5 & 6, Dallas, TX 139,000 — 2,112 15,263 06/20 Parc North 6, Dallas, TX 96,000 — 2,451 10,741 07/20 SunCoast 6, Ft. Myers, FL 81,000 — 445 8,379 07/20 Arlington Tech Centre 1 & 2, Dallas, TX (3) 151,000 — 578 13,855 08/20 Gateway 5, Miami, FL 187,000 — 1,664 24,769 08/20 Steele Creek IX, Charlotte, NC 125,000 — 1,986 11,106 08/20 Grand Oaks 75 2, Tampa, FL (3) 150,000 — 1,777 14,892 09/20 Rocky Point 2, San Diego, CA (3) 109,000 — 583 19,858 09/20 Southwest Commerce Center, Las Vegas, NV (3) 196,000 — 1,772 28,385 10/20 Total Transferred to Real Estate Properties 2,360,000 $ — 18,550 249,379 (5) (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 $33.0 million and tenant improvement obligations of $4.9 million on properties under development. (3) Represents value-add projects acquired by EastGroup. (4) Negative amount represents land inventory transferred to Real Estate Properties for trailer storage expansion. (5) Represents cumulative costs at the date of transfer. |
Future Minimum Ground Lease Payments | The following schedule indicates approximate future minimum ground lease payments for these properties by year as of December 31, 2020: Future Minimum Ground Lease Payments as of December 31, 2020 Years Ending December 31, (In thousands) 2021 $ 970 2022 970 2023 975 2024 999 2025 999 Thereafter 37,917 Total minimum payments 42,830 Imputed interest (1) (31,631) Total ground leases $ 11,199 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Assets [Abstract] | |
Other Assets | A summary of the Company’s Other assets follows: December 31, 2020 2019 (In thousands) Leasing costs (principally commissions) $ 95,914 89,191 Accumulated amortization of leasing costs (38,371) (34,963) Leasing costs (principally commissions), net of accumulated amortization 57,543 54,228 Acquired in-place lease intangibles 28,107 28,834 Accumulated amortization of acquired in-place lease intangibles (13,554) (11,918) Acquired in-place lease intangibles, net of accumulated amortization 14,553 16,916 Acquired above market lease intangibles 1,825 1,721 Accumulated amortization of acquired above market lease intangibles (1,231) (1,007) Acquired above market lease intangibles, net of accumulated amortization 594 714 Straight-line rents receivable 43,079 40,369 Accounts receivable 6,256 5,581 Mortgage loans receivable — 1,679 Interest rate swap assets — 3,485 Right of use assets - Office leases (operating) 2,131 2,115 Receivable for common stock offerings 1,942 — Goodwill 990 990 Prepaid expenses and other assets 22,491 18,545 Total Other assets $ 149,579 144,622 |
UNSECURED AND SECURED DEBT (Tab
UNSECURED AND SECURED DEBT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt instruments | December 31, 2020 2019 (In thousands) Unsecured bank credit facilities - variable rate, carrying amount $ 125,000 112,710 Unamortized debt issuance costs (806) (1,316) Unsecured bank credit facilities 124,194 111,394 Unsecured debt - fixed rate, carrying amount (1) 1,110,000 940,000 Unamortized debt issuance costs (2,292) (1,885) Unsecured debt 1,107,708 938,115 Secured debt - fixed rate, carrying amount (1) 79,096 133,422 Unamortized debt issuance costs (103) (329) Secured debt 78,993 133,093 Total debt $ 1,310,895 1,182,602 (1) These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. |
Schedule of unsecured debt | A summary of the carrying amount of Unsecured debt follows: Balance at December 31, Margin Above LIBOR Interest Rate Maturity Date 2020 2019 (In thousands) $75 Million Unsecured Term Loan (1) 1.10% 3.45% 12/20/2020 $ — 75,000 $40 Million Unsecured Term Loan (1) 1.10% 2.34% 07/30/2021 40,000 40,000 $75 Million Unsecured Term Loan (1) 1.40% 3.03% 02/28/2022 75,000 75,000 $65 Million Unsecured Term Loan (1) 1.10% 2.31% 04/01/2023 65,000 65,000 $100 Million Senior Unsecured Notes: $30 Million Notes Not applicable 3.80% 08/28/2020 — 30,000 $50 Million Notes Not applicable 3.80% 08/28/2023 50,000 50,000 $20 Million Notes Not applicable 3.80% 08/28/2025 20,000 20,000 $60 Million Senior Unsecured Notes Not applicable 3.46% 12/13/2024 60,000 60,000 $100 Million Senior Unsecured Notes: $60 Million Notes Not applicable 3.48% 12/15/2024 60,000 60,000 $40 Million Notes Not applicable 3.75% 12/15/2026 40,000 40,000 $25 Million Senior Unsecured Notes Not applicable 3.97% 10/01/2025 25,000 25,000 $50 Million Senior Unsecured Notes Not applicable 3.99% 10/07/2025 50,000 50,000 $60 Million Senior Unsecured Notes Not applicable 3.93% 04/10/2028 60,000 60,000 $80 Million Senior Unsecured Notes Not applicable 4.27% 03/28/2029 80,000 80,000 $35 Million Senior Unsecured Notes Not applicable 3.54% 08/15/2031 35,000 35,000 $75 Million Senior Unsecured Notes Not applicable 3.47% 08/19/2029 75,000 75,000 $100 Million Unsecured Term Loan (1) 1.50% 2.75% 10/10/2026 100,000 100,000 $100 Million Unsecured Term Loan (1) 1.45% 2.39% 03/25/2027 100,000 — $100 Million Senior Unsecured Notes Not applicable 2.61% 10/14/2030 100,000 — $75 Million Senior Unsecured Notes Not applicable 2.71% 10/14/2032 75,000 — $ 1,110,000 940,000 |
Schedule of secured debt | A summary of the carrying amount of Secured debt follows: Interest Rate Monthly Maturity Carrying Amount Balance at December 31, Property 2020 2019 (In thousands) 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 Repaid $ — — 48,772 Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Venture and World Houston 3-9 (1) 4.75% 420,045 06/05/2021 47,774 41,610 44,596 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 52,034 35,220 37,682 Ramona 3.85% 16,287 11/30/2026 8,697 2,266 2,372 $ 108,505 79,096 133,422 |
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, 2020 are as follows: Years Ending December 31, (In thousands) 2021 $ 84,285 2022 107,770 2023 115,119 2024 120,122 2025 95,128 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Summary of Accounts Payable and Accrued Expenses | A summary of the Company’s Accounts payable and accrued expenses follows: December 31, 2020 2019 (In thousands) Property taxes payable $ 3,524 2,696 Development costs payable 6,427 11,766 Real estate improvements and capitalized leasing costs payable 5,692 4,636 Interest payable 6,537 6,370 Dividends payable 32,677 30,714 Book overdraft (1) 5,176 25,771 Other payables and accrued expenses 9,540 10,071 Total Accounts payable and accrued expenses $ 69,573 92,024 (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, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Summary of other liabilities | A summary of the Company’s Other liabilities follows: December 31, 2020 2019 (In thousands) Security deposits $ 22,140 20,351 Prepaid rent and other deferred income 14,694 13,855 Operating lease liabilities — Ground leases 11,199 12,048 Operating lease liabilities — Office leases 2,167 2,141 Acquired below-market lease intangibles 9,019 8,616 Accumulated amortization of acquired below-market lease intangibles (6,168) (4,494) Acquired below-market lease intangibles, net of accumulated amortization 2,851 4,122 Interest rate swap liabilities 10,752 678 Prepaid tenant improvement reimbursements 364 56 Other liabilities 5,650 15,872 Total Other liabilities $ 69,817 69,123 |
COMMON STOCK ACTIVITY (Tables)
COMMON STOCK ACTIVITY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Common Stock Activity | The following table presents the common stock activity for the three years ended December 31, 2020: Years Ended December 31, 2020 2019 2018 Common Stock (in shares) Shares outstanding at beginning of year 38,925,953 36,501,356 34,758,167 Common stock offerings 709,924 2,388,342 1,706,474 Dividend reinvestment plan — 1,893 1,844 Incentive restricted stock granted 69,446 59,943 50,217 Incentive restricted stock forfeited (440) (3,010) — Director common stock awarded 8,182 6,384 8,478 Director restricted stock granted 208 — — Restricted stock withheld for tax obligations (36,445) (28,955) (23,824) Shares outstanding at end of year 39,676,828 38,925,953 36,501,356 |
Common Stock Issuances Table [Table Text Block] | The following table presents the common stock issuance activity for the three years ended December 31, 2020: Years Ended December 31, Number of Shares of Net Proceeds (In thousands) 2020 709,924 $ 92,663 2019 2,388,342 284,710 2018 1,706,474 157,319 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Restricted Stock Activity | Restricted Stock Activity: Years Ended December 31, 2020 2019 2018 Shares Weighted Average Shares Weighted Average Shares Weighted Average Unvested at beginning of year 130,884 $ 82.78 143,314 $ 70.26 152,644 $ 63.18 Granted (1) 69,446 101.19 59,943 94.62 50,217 84.09 Forfeited (440) 112.14 (3,010) 86.19 — — Vested (86,765) 73.80 (69,363) 66.99 (59,547) 63.77 Unvested at end of year 113,125 100.86 130,884 82.78 143,314 70.26 (1) Does not include the restricted shares that may be earned if the performance goals established in 2018 and 2019 for long-term performance and in 2020 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 109,884. |
Restricted Stock Non-vested Awards By Expected Vesting Period | Following is a vesting schedule of the total unvested shares as of December 31, 2020: Unvested Shares Vesting Schedule Number of Shares 2021 44,807 2022 31,870 2023 22,089 2024 11,899 2025 2,460 Total Unvested Shares 113,125 |
COMPREHENSIVE INCOME (Tables)
COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | The components of Accumulated other comprehensive income (loss) for 2020, 2019 and 2018 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, 2020 2019 2018 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): (In thousands) Balance at beginning of year $ 2,807 6,701 5,348 Change in fair value of interest rate swaps - cash flow hedges (13,559) (3,894) 1,353 Balance at end of year $ (10,752) 2,807 6,701 |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives [Table Text Block] | As of December 31, 2020 and 2019, 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, 2020 Notional Amount as of December 31, 2019 (In thousands) Interest Rate Swap $75,000 $75,000 Interest Rate Swap $65,000 $65,000 Interest Rate Swap — $60,000 Interest Rate Swap $40,000 $40,000 Interest Rate Swap — $15,000 Interest Rate Swap $100,000 $100,000 Interest Rate Swap $100,000 — |
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, 2020 and 2019. See Note 18 for additional information on the fair value of the Company's interest rate swaps. Derivatives Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges: Interest rate swap assets Other assets $ — Other assets $ 3,485 Interest rate swap liabilities Other liabilities 10,752 Other liabilities 678 |
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, 2020, 2019 and 2018: Years Ended December 31, 2020 2019 2018 (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS Interest Rate Swaps: Amount of income (loss) recognized in Other comprehensive income (loss) on derivatives $ (17,364) (1,975) 2,757 Amount of (income) loss reclassified from Accumulated other comprehensive income (loss) into Interest expense 3,805 (1,919) (1,404) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Reconciliation of the numerators and denominators in the basic and diluted EPS computations is as follows: 2020 2019 2018 (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO Numerator – net income attributable to common stockholders $ 108,363 121,662 88,506 Denominator – weighted average shares outstanding 39,185 37,442 35,439 DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE Numerator – net income attributable to common stockholders $ 108,363 121,662 88,506 Denominator: Weighted average shares outstanding 39,185 37,442 35,439 Unvested restricted stock 111 85 67 Total Shares 39,296 37,527 35,506 |
QUARTERLY RESULTS OF OPERATIO_2
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly results of operations | 2020 Quarter Ended 2019 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 $ 88,865 89,945 92,256 106,044 81,365 91,425 84,180 116,532 Expenses (65,567) (66,458) (67,845) (68,849) (58,831) (64,476) (61,605) (65,250) Net income 23,298 23,487 24,411 37,195 22,534 26,949 22,575 51,282 Net income attributable to noncontrolling interest in joint ventures (1) (3) (10) (14) (5) 4 (4) (1,673) Net income attributable to EastGroup Properties, Inc. common stockholders $ 23,297 23,484 24,401 37,181 22,529 26,953 22,571 49,609 BASIC PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) Net income attributable to common stockholders $ 0.60 0.60 0.62 0.94 0.62 0.73 0.60 1.29 Weighted average shares outstanding 38,882 39,007 39,338 39,507 36,465 36,944 37,771 38,561 DILUTED PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) Net income attributable to common stockholders $ 0.60 0.60 0.62 0.94 0.62 0.73 0.60 1.28 Weighted average shares outstanding 38,961 39,077 39,450 39,653 36,526 37,019 37,869 38,687 (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, 2020 | |
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, 2020 and 2019. December 31, 2020 2019 Carrying Amount (1) Fair Carrying Amount (1) Fair (In thousands) Financial Assets: Cash and cash equivalents $ 21 21 224 224 Mortgage loans receivable — — 1,679 1,703 Interest rate swap assets — — 3,485 3,485 Financial Liabilities: Unsecured bank credit facilities - variable rate (2) 125,000 124,820 112,710 113,174 Unsecured debt (2) 1,110,000 1,141,803 940,000 959,177 Secured debt (2) 79,096 80,435 133,422 136,107 Interest rate swap liabilities 10,752 10,752 678 678 (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 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. 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) | 12 Months Ended | ||
Dec. 31, 2019aInteger | Dec. 31, 2020 | Dec. 31, 2018 | |
Controlling interest joint ventures & equity method investees | |||
Percentage of assets, liabilities, revenues, and expenses of the buildings held in joint ventures with the noncontrolling interests | 100.00% | ||
Number of new joint venture agreements | Integer | 2 | ||
University Business Center 120 and 130 [Member] | |||
Controlling interest joint ventures & equity method investees | |||
Less Than Wholly Owned Joint Venture Investment Ownership Percentage | 80.00% | ||
University Business Center 120 [Member] | |||
Controlling interest joint ventures & equity method investees | |||
Less Than Wholly Owned Joint Venture Investment Ownership Percentage | 80.00% | ||
Less Than Wholly Owned Joint Venture Investment Ownership Percentage | 80.00% | ||
Less Than Wholly Owned Joint Venture Investment Ownership Percentage Sold | 80.00% | ||
Industry Distribution Center II - undivided tenant-in-common interest [Member] | |||
Controlling interest joint ventures & equity method investees | |||
Tenant-in-common interest in Industry Distribution Center II (in hundredths) | 50.00% | ||
Real Estate Properties [Domain] | Miramar Land [Member] | |||
Controlling interest joint ventures & equity method investees | |||
Size (in acres) of land acquired | 6.5 | ||
Less Than Wholly Owned Joint Venture Investment Ownership Percentage | 95.00% | 95.00% | |
Real Estate Properties [Domain] | Otay Mesa Land | |||
Controlling interest joint ventures & equity method investees | |||
Size (in acres) of land acquired | 41.6 | ||
Less Than Wholly Owned Joint Venture Investment Ownership Percentage | 99.00% | 99.00% |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES (Details 1) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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) | $ 3.32868 | $ 3.14000 | $ 2.14305 |
Nondividend distributions (in dollars per share) | 0 | 0 | 0 |
Unrecaptured Section 1250 capital gain (in dollars per share) | 0 | 0 | 0 |
Other capital gain (in dollars per share) | 0 | 0 | 0 |
Total Common Share Distributions | $ 3.32868 | $ 3.14000 | $ 2.14305 |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate Properties [Line Items] | |||
Right of use assets - Office Leases (operating) | $ 2,131,000 | $ 2,115,000 | |
Operating Lease, Right-of-Use Asset | 11,073,000 | 11,997,000 | |
Indirect leasing costs | 661,000 | 411,000 | $ 0 |
Depreciation | $ 96,290,000 | $ 86,590,000 | $ 76,007,000 |
Buildings [Member] | |||
Real Estate Properties [Line Items] | |||
Estimated useful life (in years) | 40 years | ||
Improvements [Member] | Minimum [Member] | |||
Real Estate Properties [Line Items] | |||
Estimated useful life (in years) | 3 years | ||
Improvements [Member] | Maximum [Member] | |||
Real Estate Properties [Line Items] | |||
Estimated useful life (in years) | 15 years |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Amortization of debt issuance costs | $ 1,418,000 | $ 1,344,000 | $ 1,352,000 |
Amortization of facility fees | 790,000 | 790,000 | 736,000 |
Leasing costs amortization expense | 14,449,000 | 13,167,000 | 11,493,000 |
Rental Income (Increase) Decrease For Amortization Of Acquired In Place Lease Intangibles | (1,451,000) | (1,229,000) | (667,000) |
Amortization of Intangible Assets | 5,620,000 | $ 4,967,000 | $ 4,204,000 |
Future Amortization In Place Lease Expense Year One | 4,467,000 | ||
Future Amortization In Place Lease Expense Year Two | 3,143,000 | ||
Future Amortization In Place Lease Expense Year Three | 2,567,000 | ||
Future Amortization In Place Lease Expense Year Four | 1,956,000 | ||
Future Amortization In Place Lease Expense Year Five | $ 1,309,000 |
SIGNIFICANT ACCOUNTING POLICI_8
SIGNIFICANT ACCOUNTING POLICIES (Details 4) | 12 Months Ended | ||
Dec. 31, 2020USD ($)Integer | Dec. 31, 2019USD ($)a | Dec. 31, 2018USD ($) | |
Property Acquisitions | |||
Number of Reportable Segments | Integer | 1 | ||
Development properties [Member] | |||
Property Acquisitions | |||
Percentage of Occupation when property transfers from the development and value-add program to real estate properties | 90.00% | ||
Length of Time After Project Acquisition (for Value-add) or Shell Completion (for Developments) When Project Transfers to Real Estate Properties | 1 year | ||
Value-add properties [Member] | |||
Property Acquisitions | |||
Percentage of Occupation when property transfers from the development and value-add program to real estate properties | 90.00% | ||
Length of Time After Project Acquisition (for Value-add) or Shell Completion (for Developments) When Project Transfers to Real Estate Properties | 1 year | ||
Development and value-add properties [Member] | |||
Property Acquisitions | |||
Percentage of Occupation When Costs Ceased Being Capitalized for development and value-add properties | 90.00% | ||
Length of Time After Project Completion When Development Cost Ceased Being Capitalized | 1 year | ||
Otay Mesa Land | Real Estate Properties [Domain] | |||
Property Acquisitions | |||
Size (in acres) of land acquired | a | 41.6 | ||
Total cost of properties purchased | $ 15,282,000 | ||
Miramar Land [Member] | Below market lease [Member] | |||
Property Acquisitions | |||
Intangibles acquired associated with purchase of Real Estate | 593,000 | ||
Miramar Land [Member] | Land and Land Improvements [Member] | |||
Property Acquisitions | |||
Book value of land based on third party valuations | $ 13,979,000 | ||
Miramar Land [Member] | Real Estate Properties [Domain] | |||
Property Acquisitions | |||
Size (in acres) of land acquired | a | 6.5 | ||
Total cost of properties purchased | $ 13,386,000 | ||
Yosemite Land | Real Estate Properties [Domain] | |||
Property Acquisitions | |||
Size (in acres) of land acquired | a | 0.5 | ||
Total cost of properties purchased | $ 472,000 | ||
2019 Acquisitions [Member] | |||
Property Acquisitions | |||
Total cost of properties purchased | 205,841,000 | ||
2019 Acquisitions [Member] | Above Market Leases [Member] | |||
Property Acquisitions | |||
Intangibles acquired associated with purchase of Real Estate | 344,000 | ||
2019 Acquisitions [Member] | Leases, Acquired-in-Place [Member] | |||
Property Acquisitions | |||
Intangibles acquired associated with purchase of Real Estate | 10,020,000 | ||
2019 Acquisitions [Member] | Below market lease [Member] | |||
Property Acquisitions | |||
Intangibles acquired associated with purchase of Real Estate | 2,092,000 | ||
2019 Acquisitions [Member] | Development and value-add properties [Member] | |||
Property Acquisitions | |||
Total amount allocated to real estate properties | 92,268,000 | ||
2019 Acquisitions [Member] | Land and Land Improvements [Member] | |||
Property Acquisitions | |||
Book value of land based on third party valuations | 46,778,000 | ||
2019 Acquisitions [Member] | Real Estate Properties [Domain] | |||
Property Acquisitions | |||
Total amount allocated to real estate properties | $ 105,301,000 | ||
2018 Acquisitions [Member] | |||
Property Acquisitions | |||
Total cost of properties purchased | $ 71,086,000 | ||
2018 Acquisitions [Member] | Above Market Leases [Member] | |||
Property Acquisitions | |||
Intangibles acquired associated with purchase of Real Estate | 21,000 | ||
2018 Acquisitions [Member] | Leases, Acquired-in-Place [Member] | |||
Property Acquisitions | |||
Intangibles acquired associated with purchase of Real Estate | 4,350,000 | ||
2018 Acquisitions [Member] | Below market lease [Member] | |||
Property Acquisitions | |||
Intangibles acquired associated with purchase of Real Estate | 1,756,000 | ||
2018 Acquisitions [Member] | Development and value-add properties [Member] | |||
Property Acquisitions | |||
Total amount allocated to real estate properties | 13,934,000 | ||
2018 Acquisitions [Member] | Land and Land Improvements [Member] | |||
Property Acquisitions | |||
Book value of land based on third party valuations | 23,263,000 | ||
2018 Acquisitions [Member] | Real Estate Properties [Domain] | |||
Property Acquisitions | |||
Total amount allocated to real estate properties | $ 54,537,000 | ||
2020 Acquisitions [Member] | |||
Property Acquisitions | |||
Total cost of properties purchased | $ 76,518,000 | ||
2020 Acquisitions [Member] | Above Market Leases [Member] | |||
Property Acquisitions | |||
Intangibles acquired associated with purchase of Real Estate | 104,000 | ||
2020 Acquisitions [Member] | Leases, Acquired-in-Place [Member] | |||
Property Acquisitions | |||
Intangibles acquired associated with purchase of Real Estate | 3,257,000 | ||
2020 Acquisitions [Member] | Below market lease [Member] | |||
Property Acquisitions | |||
Intangibles acquired associated with purchase of Real Estate | 403,000 | ||
2020 Acquisitions [Member] | Development and value-add properties [Member] | |||
Property Acquisitions | |||
Total amount allocated to real estate properties | 27,320,000 | ||
2020 Acquisitions [Member] | Land and Land Improvements [Member] | |||
Property Acquisitions | |||
Book value of land based on third party valuations | 23,565,000 | ||
2020 Acquisitions [Member] | Real Estate Properties [Domain] | |||
Property Acquisitions | |||
Total amount allocated to real estate properties | $ 46,240,000 |
SIGNIFICANT ACCOUNTING POLICI_9
SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES (Details 5) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Real Estate Properties [Line Items] | ||||
Indirect leasing costs | $ 661,000 | $ 411,000 | $ 0 | |
Operating Lease, Lease Income | 271,094,000 | 248,237,000 | ||
Operating Lease, Variable Lease Income | [1] | 91,575,000 | 82,576,000 | |
Income from real estate operations | 362,669,000 | 330,813,000 | $ 299,018,000 | |
Operating Leases, Future Minimum Payments Receivable, Current | 272,402,000 | |||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 235,872,000 | |||
Operating Leases, Future Minimum Payments Receivable, in Three Years | 192,444,000 | |||
Operating Leases, Future Minimum Payments Receivable, in Four Years | 148,871,000 | |||
Operating Leases, Future Minimum Payments Receivable, in Five Years | 104,511,000 | |||
Operating Leases, Future Minimum Payments Receivable, Thereafter | 166,467,000 | |||
Operating Leases, Future Minimum Payments Receivable | 1,120,567,000 | |||
Right of use assets - Office Leases | 2,131,000 | 2,115,000 | ||
Operating Lease, Right-of-Use Asset | 11,073,000 | $ 11,997,000 | ||
Income from real estate operations from lease concessions | 1,483,000 | |||
Amount of executed rent deferral agreements | 1,700,000 | |||
Qualifying rent deferral agreements, FASB COVID guidance | $ 1,400,000 | |||
[1] | Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance. |
REAL ESTATE PROPERTIES - Summar
REAL ESTATE PROPERTIES - Summary (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Real Estate Properties [Line Items] | |||
Land | $ 502,739,000 | $ 452,698,000 | |
Buildings and building improvements | 2,120,731,000 | 1,907,963,000 | |
Tenant and other mprovements | 524,954,000 | 471,909,000 | |
Right-of-Use Assets - Ground Leases (operating) | 11,073,000 | 11,997,000 | |
Development and value-add properties | [1] | 359,588,000 | 419,999,000 |
Real estate, development and value-add properties | 3,519,085,000 | 3,264,566,000 | |
Real Estate Investment Property, Accumulated Depreciation | 955,328,000 | 871,139,000 | |
Real Estate Investment Property, Net | $ 2,563,757,000 | $ 2,393,427,000 | |
Percentage of occupancy to qualify as value-add property | 75.00% | ||
Percentage of acquisition price to be spent on capital items to qualify as value-add property | 20.00% | ||
[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 - Sales
REAL ESTATE PROPERTIES - Sales of Real Estate (Details) | 12 Months Ended | |||
Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($)ft²a | Dec. 31, 2018USD ($)ft² | ||
Real Estate Properties [Line Items] | ||||
Net Sales Price of Real Estate Sold | $ 20,510,000 | $ 66,559,000 | $ 22,004,000 | |
Basis | 7,365,000 | 25,491,000 | 7,731,000 | |
Gain on Sales of Real Estate Investments | $ 13,145,000 | $ 41,068,000 | 14,273,000 | |
Land [Member] | ||||
Real Estate Properties [Line Items] | ||||
SIze (in acres) of land sold | a | 0.2 | |||
Proceeds from Sale of Property, Plant, and Equipment | $ 185,000 | 2,577,000 | ||
Gain on sales of land | $ 83,000 | $ 86,000 | ||
University Business Center 120 [Member] | ||||
Real Estate Properties [Line Items] | ||||
Less Than Wholly Owned Joint Venture Investment Ownership Percentage | 80.00% | |||
Less Than Wholly Owned Joint Venture Investment Ownership Percentage Sold | 80.00% | |||
Less Than Wholly Owned Joint Venture Investment Ownership Percentage Sold, shown in table | 80.00% | |||
Less Than Wholly Owned Joint Venture Investment Ownership Percentage | 80.00% | |||
University Business Center 130 [Member] | ||||
Real Estate Properties [Line Items] | ||||
Less Than Wholly Owned Joint Venture Investment Ownership Percentage | 80.00% | |||
Less Than Wholly Owned Joint Venture Investment Ownership Percentage | 20.00% | |||
University Business Center 120 [Member] | ||||
Real Estate Properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | [1] | 46,000 | ||
Date Of Property Sale | [1] | 12/01/2020 | ||
Net Sales Price of Real Estate Sold | [1] | $ 10,342,000 | ||
Basis | [1] | 4,007,000 | ||
Gain on Sales of Real Estate Investments | [1] | $ 6,335,000 | ||
Central Green Distribution Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 80,000 | |||
Date Of Property Sale | 12/23/2020 | |||
Net Sales Price of Real Estate Sold | $ 10,168,000 | |||
Basis | 3,358,000 | |||
Gain on Sales of Real Estate Investments | $ 6,810,000 | |||
World Houston International Business Ctr 5 [Member] | ||||
Real Estate Properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 51,000 | |||
Date Of Property Sale | 01/29/2019 | |||
Net Sales Price of Real Estate Sold | $ 3,679,000 | |||
Basis | 1,354,000 | |||
Gain on Sales of Real Estate Investments | $ 2,325,000 | |||
Altamonte Commerce Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 186,000 | |||
Date Of Property Sale | 05/20/2019 | |||
Net Sales Price of Real Estate Sold | $ 14,423,000 | |||
Basis | 5,342,000 | |||
Gain on Sales of Real Estate Investments | $ 9,081,000 | |||
University Business Center 130 [Member] | ||||
Real Estate Properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | [2] | 40,000 | ||
Date Of Property Sale | [2] | 11/07/2019 | ||
Net Sales Price of Real Estate Sold | [2] | $ 11,083,000 | ||
Basis | [2] | 2,729,000 | ||
Gain on Sales of Real Estate Investments | [2] | $ 8,354,000 | ||
Southpointe Distribution Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 207,000 | |||
Date Of Property Sale | 12/03/2019 | |||
Net Sales Price of Real Estate Sold | $ 13,699,000 | |||
Basis | 2,281,000 | |||
Gain on Sales of Real Estate Investments | $ 11,418,000 | |||
University Business Center 125 and 175 [Member] | ||||
Real Estate Properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 133,000 | |||
Date Of Property Sale | 12/11/2019 | |||
Net Sales Price of Real Estate Sold | $ 23,675,000 | |||
Basis | 13,785,000 | |||
Gain on Sales of Real Estate Investments | $ 9,890,000 | |||
World Houston International Business Ctr 18 [Member] | ||||
Real Estate Properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 33,000 | |||
Date Of Property Sale | 01/26/2018 | |||
Net Sales Price of Real Estate Sold | $ 2,289,000 | |||
Basis | 1,211,000 | |||
Gain on Sales of Real Estate Investments | $ 1,078,000 | |||
56th Street Commerce Park [Member] | ||||
Real Estate Properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 181,000 | |||
Date Of Property Sale | 03/20/2018 | |||
Net Sales Price of Real Estate Sold | $ 12,032,000 | |||
Basis | 2,888,000 | |||
Gain on Sales of Real Estate Investments | $ 9,144,000 | |||
35th Avenue Distribution Center [Member] | ||||
Real Estate Properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 125,000 | |||
Date Of Property Sale | 07/26/2018 | |||
Net Sales Price of Real Estate Sold | $ 7,683,000 | |||
Basis | 3,632,000 | |||
Gain on Sales of Real Estate Investments | $ 4,051,000 | |||
[1] | EastGroup owned 80% of University Business Center 120 through a joint venture partnership. EastGroup sold its 80% share of the joint venture, and the partnership was dissolved. The information shown for this transaction represents EastGroup's 80% ownership. | |||
[2] | EastGroup owned 80% of University Business Center 130 through a joint venture partnership. The information shown for this transaction also includes the 20% attributable to the Company's noncontrolling interest partner. |
REAL ESTATE PROPERTIES - Develo
REAL ESTATE PROPERTIES - Development and Value-Add Disclosures (Details) | 12 Months Ended | |||
Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Real Estate [Line Items] | ||||
Interest costs capitalized on development properties | $ 9,651,000 | $ 8,453,000 | $ 6,334,000 | |
Internal Development Costs Capitalized During Period | 6,689,000 | 6,918,000 | 4,696,000 | |
Improvements And Developments Transfers To Real Estate Properties | 5,743,000 | |||
Development costs incurred, for the period | $ 195,446,000 | $ 318,288,000 | $ 167,667,000 | |
Lease Up [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 2,164,000 | |||
Costs Transferred In Current Year | [1] | $ 18,127,000 | ||
Development costs incurred, for the period | 107,267,000 | |||
Development and value-add properties | 210,359,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 235,400,000 | ||
Lease Up [Member] | Gilbert Crossroads A & B [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 140,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 2,818,000 | |||
Development and value-add properties | 16,768,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 17,500,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 01/21 | |||
Lease Up [Member] | Rancho Distribution Center | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | [3] | 162,000 | ||
Costs Transferred In Current Year | [1],[3] | $ 0 | ||
Development costs incurred, for the period | [3] | 27,325,000 | ||
Development and value-add properties | [3] | 27,325,000 | ||
Estimated Total Cumulative Development Costs | [2],[3] | $ 29,400,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | [3] | 03/21 | ||
Lease Up [Member] | Creek View 121 7 & 8 [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 137,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 9,760,000 | |||
Development and value-add properties | 16,559,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 18,500,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 04/21 | |||
Lease Up [Member] | Hurricane Shoals 3 [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 101,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 2,182,000 | |||
Development and value-add properties | 8,811,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 10,800,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 04/21 | |||
Lease Up [Member] | World Houston 44 [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 134,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 3,336,000 | |||
Development and value-add properties | 8,126,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 9,100,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 05/21 | |||
Lease Up [Member] | Gateway Commerce Park 4 | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 197,000 | |||
Costs Transferred In Current Year | [1] | $ 14,895,000 | ||
Development costs incurred, for the period | 7,152,000 | |||
Development and value-add properties | 22,047,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 26,000,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 06/21 | |||
Lease Up [Member] | Interstate Commons II [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | [3] | 142,000 | ||
Costs Transferred In Current Year | [1],[3] | $ 0 | ||
Development costs incurred, for the period | [3] | 2,359,000 | ||
Development and value-add properties | [3] | 12,241,000 | ||
Estimated Total Cumulative Development Costs | [2],[3] | $ 12,500,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | [3] | 06/21 | ||
Lease Up [Member] | Tri-County Crossing 3 & 4 [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 203,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 5,711,000 | |||
Development and value-add properties | 14,409,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 16,100,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 06/21 | |||
Lease Up [Member] | Northwest Crossing 1-3 [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 278,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 10,787,000 | |||
Development and value-add properties | 22,322,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 25,900,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 09/21 | |||
Lease Up [Member] | Ridgeview 1 & 2 [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 226,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 10,562,000 | |||
Development and value-add properties | 17,093,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 19,000,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 10/21 | |||
Lease Up [Member] | Settlers Crossing 3 & 4 [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 173,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 9,415,000 | |||
Development and value-add properties | 17,504,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 19,400,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 10/21 | |||
Lease Up [Member] | SunCoast 7 | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 77,000 | |||
Costs Transferred In Current Year | [1] | $ 3,232,000 | ||
Development costs incurred, for the period | 4,141,000 | |||
Development and value-add properties | 7,373,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 8,700,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 11/21 | |||
Lease Up [Member] | LakePort 1-3 [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 194,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 11,719,000 | |||
Development and value-add properties | 19,781,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 22,500,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 12/21 | |||
Under construction [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 577,000 | |||
Costs Transferred In Current Year | [1] | $ 12,845,000 | ||
Development costs incurred, for the period | 2,760,000 | |||
Development and value-add properties | 15,605,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 56,100,000 | ||
Under construction [Member] | Gilbert Crossroads C & D [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 178,000 | |||
Costs Transferred In Current Year | [1] | $ 4,974,000 | ||
Development costs incurred, for the period | 1,643,000 | |||
Development and value-add properties | 6,617,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 21,400,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 06/22 | |||
Under construction [Member] | Steele Creek X | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 162,000 | |||
Costs Transferred In Current Year | [1] | $ 3,291,000 | ||
Development costs incurred, for the period | 943,000 | |||
Development and value-add properties | 4,234,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 12,600,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 07/22 | |||
Under construction [Member] | Basswood 1 & 2 | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 237,000 | |||
Costs Transferred In Current Year | [1] | $ 4,580,000 | ||
Development costs incurred, for the period | 174,000 | |||
Development and value-add properties | 4,754,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 22,100,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 10/22 | |||
Prospective Development [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 6,406,000 | |||
Costs Transferred In Current Year | [1] | $ (30,972,000) | ||
Development costs incurred, for the period | 60,391,000 | |||
Development and value-add properties | $ 133,624,000 | |||
Prospective Development [Member] | Phoenix [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 0 | |||
Costs Transferred In Current Year | [1] | $ (4,974,000) | ||
Development costs incurred, for the period | 601,000 | |||
Development and value-add properties | $ 0 | |||
Prospective Development [Member] | Fort Myers [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 622,000 | |||
Costs Transferred In Current Year | [1] | $ (3,232,000) | ||
Development costs incurred, for the period | 3,595,000 | |||
Development and value-add properties | $ 7,866,000 | |||
Prospective Development [Member] | Miami [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 376,000 | |||
Costs Transferred In Current Year | [1] | $ (14,895,000) | ||
Development costs incurred, for the period | 1,006,000 | |||
Development and value-add properties | $ 20,296,000 | |||
Prospective Development [Member] | Orlando [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 1,488,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 26,603,000 | |||
Development and value-add properties | $ 27,678,000 | |||
Prospective Development [Member] | Tampa [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | [4] | 349,000 | ||
Costs Transferred In Current Year | [1],[4] | $ 0 | ||
Development costs incurred, for the period | [4] | (78,000) | ||
Development and value-add properties | [4] | $ 5,723,000 | ||
Prospective Development [Member] | Atlanta [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 120,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 1,392,000 | |||
Development and value-add properties | $ 1,392,000 | |||
Prospective Development [Member] | Jackson [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 28,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 0 | |||
Development and value-add properties | $ 706,000 | |||
Prospective Development [Member] | Charlotte [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 313,000 | |||
Costs Transferred In Current Year | [1] | $ (3,291,000) | ||
Development costs incurred, for the period | 289,000 | |||
Development and value-add properties | $ 4,325,000 | |||
Prospective Development [Member] | Dallas [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 1,353,000 | |||
Costs Transferred In Current Year | [1] | $ (4,580,000) | ||
Development costs incurred, for the period | 22,420,000 | |||
Development and value-add properties | $ 37,428,000 | |||
Prospective Development [Member] | El Paso [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 168,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 2,587,000 | |||
Development and value-add properties | $ 2,587,000 | |||
Prospective Development [Member] | Houston [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 1,223,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 1,310,000 | |||
Development and value-add properties | $ 20,758,000 | |||
Prospective Development [Member] | San Antonio [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 366,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 666,000 | |||
Development and value-add properties | $ 4,865,000 | |||
Lease Up, Construction, And Prospective Development [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 9,147,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 170,418,000 | |||
Development and value-add properties | 359,588,000 | |||
Development obligations | 33,000,000 | |||
Tenant improvement obligations | $ 4,900,000 | |||
Development completed and transferred to Real estate properties [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 2,360,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 18,550,000 | |||
Development and value-add properties | [5] | $ 249,379,000 | ||
Development completed and transferred to Real estate properties [Member] | Logistics Center 6 & 7 [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | [3] | 142,000 | ||
Costs Transferred In Current Year | [1],[3] | $ 0 | ||
Development costs incurred, for the period | [3] | 19,000 | ||
Development and value-add properties | [3],[5] | $ 15,754,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | [3] | 01/20 | ||
Development completed and transferred to Real estate properties [Member] | Settlers Crossing 1 [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 77,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 0 | |||
Development and value-add properties | [5] | $ 9,259,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 01/20 | |||
Development completed and transferred to Real estate properties [Member] | Settlers Crossing 2 [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 83,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 0 | |||
Development and value-add properties | [5] | $ 8,475,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 01/20 | |||
Development completed and transferred to Real estate properties [Member] | Parc North 5 [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 100,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 20,000 | |||
Development and value-add properties | [5] | $ 8,709,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 02/20 | |||
Development completed and transferred to Real estate properties [Member] | Airport Commerce Center 3 [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 96,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 335,000 | |||
Development and value-add properties | [5] | $ 8,891,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 03/20 | |||
Development completed and transferred to Real estate properties [Member] | Horizon VIII & IX [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 216,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 887,000 | |||
Development and value-add properties | [5] | $ 17,488,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 04/20 | |||
Development completed and transferred to Real estate properties [Member] | Ten West Crossing 8 [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 132,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 67,000 | |||
Development and value-add properties | [5] | $ 9,831,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 04/20 | |||
Development completed and transferred to Real estate properties [Member] | Tri-County Crossing 1 & 2 [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 203,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 189,000 | |||
Development and value-add properties | [5] | $ 15,575,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 04/20 | |||
Development completed and transferred to Real estate properties [Member] | SunCoast 8 [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 77,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 3,665,000 | |||
Development and value-add properties | [5] | $ 8,149,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 05/20 | |||
Development completed and transferred to Real estate properties [Member] | Creekview 121 5 & 6 [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 139,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 2,112,000 | |||
Development and value-add properties | [5] | $ 15,263,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 06/20 | |||
Development completed and transferred to Real estate properties [Member] | Parc North 6 [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 96,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 2,451,000 | |||
Development and value-add properties | [5] | $ 10,741,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 07/20 | |||
Development completed and transferred to Real estate properties [Member] | SunCoast Commerce Center 6 | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 81,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 445,000 | |||
Development and value-add properties | [5] | $ 8,379,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 07/20 | |||
Development completed and transferred to Real estate properties [Member] | Arlington Tech Centre 1 & 2 [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | [3] | 151,000 | ||
Costs Transferred In Current Year | [1],[3] | $ 0 | ||
Development costs incurred, for the period | [3] | 578,000 | ||
Development and value-add properties | [3],[5] | $ 13,855,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | [3] | 08/20 | ||
Development completed and transferred to Real estate properties [Member] | Gateway Commerce Park 5 [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 187,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 1,664,000 | |||
Development and value-add properties | [5] | $ 24,769,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 08/20 | |||
Development completed and transferred to Real estate properties [Member] | Steele Creek IX [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | 125,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 1,986,000 | |||
Development and value-add properties | [5] | $ 11,106,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | 08/20 | |||
Development completed and transferred to Real estate properties [Member] | Grand Oaks 75 2 [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | [3] | 150,000 | ||
Costs Transferred In Current Year | [1],[3] | $ 0 | ||
Development costs incurred, for the period | [3] | 1,777,000 | ||
Development and value-add properties | [3],[5] | $ 14,892,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | [3] | 09/20 | ||
Development completed and transferred to Real estate properties [Member] | Rocky Point Distribution Center II [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | [3] | 109,000 | ||
Costs Transferred In Current Year | [1],[3] | $ 0 | ||
Development costs incurred, for the period | [3] | 583,000 | ||
Development and value-add properties | [3],[5] | $ 19,858,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | [3] | 09/20 | ||
Development completed and transferred to Real estate properties [Member] | Southwest Commerce Center [Member] | ||||
Real Estate [Line Items] | ||||
Size (in square feet) | ft² | [3] | 196,000 | ||
Costs Transferred In Current Year | [1],[3] | $ 0 | ||
Development costs incurred, for the period | [3] | 1,772,000 | ||
Development and value-add properties | [3],[5] | $ 28,385,000 | ||
Conversion date (or anticipated conversion date if property is in lease up or under construction phase) | [3] | 10/20 | ||
[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 $33.0 million and tenant improvement obligations of $4.9 million on properties under development. | |||
[3] | Represents value-add projects acquired by EastGroup. | |||
[4] | Negative amount represents land inventory transferred to Real Estate Properties for trailer storage expansion. | |||
[5] | Represents cumulative costs at the date of transfer. |
REAL ESTATE PROPERTIES - Ground
REAL ESTATE PROPERTIES - Ground Leases (Details) | 12 Months Ended | |||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2019USD ($) | Jan. 01, 2019USD ($) | ||
Ground Lease [Line Items] | ||||||
Operating Lease, Right-of-Use Asset | $ 11,073,000 | $ 11,997,000 | ||||
Total ground lease expenditures for continuing and discontinued operations | $ 1,051,000 | $ 966,000 | $ 783,000 | |||
Incremental borrowing rate used in determining the present value of lease payments | 8.00% | 7.30% | ||||
Ground leases [Member] | ||||||
Ground Lease [Line Items] | ||||||
Leases terms minimum | 40 years | |||||
Leases terms maximum | 50 years | |||||
Lease Expiration Date | August 2031 | |||||
Ground lease expiration date, furthest date | October 2058 | |||||
Renewal period option minimum | 15 years | |||||
Renewal period option maximum | 35 years | |||||
Payment increase interval minimum | 3 years | |||||
Payment increase interval maximum | 10 years | |||||
Weighted Average term for ground leases | 42 years | |||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 970,000 | |||||
Operating Leases, Future Minimum Payments, Due in Two Years | 970,000 | |||||
Operating Leases, Future Minimum Payments, Due in Three Years | 975,000 | |||||
Operating Leases, Future Minimum Payments, Due in Four Years | 999,000 | |||||
Operating Leases, Future Minimum Payments, Due in Five Years | 999,000 | |||||
Operating leases, future minimum payments due, Thereafter | 37,917,000 | |||||
Operating leases, future minimum payments due, Total | 42,830,000 | |||||
imputed interest related to right of use assets for ground leases | [1] | (31,631,000) | ||||
Operating Leases, Future Minimum Payments Due | $ 11,199,000 | |||||
FLORIDA | ||||||
Ground Lease [Line Items] | ||||||
Properties subject to ground leases | 2 | |||||
TEXAS | ||||||
Ground Lease [Line Items] | ||||||
Properties subject to ground leases | 3 | |||||
ARIZONA | ||||||
Ground Lease [Line Items] | ||||||
Properties subject to ground leases | 1 | |||||
Accounting Standards Update 2016-02 [Member] | Ground leases [Member] | ||||||
Ground Lease [Line Items] | ||||||
Operating Lease, Right-of-Use Asset | $ 10,226,000 | |||||
Accounting Standards Update 2016-02 [Member] | Logistics Center 6 & 7 [Member] | ||||||
Ground Lease [Line Items] | ||||||
Operating Lease, Right-of-Use Asset | $ 2,679,000 | |||||
[1] | As the Company’s leases do not provide an implicit rate, in order to calculate the present value of the remaining ground lease payments, the Company used its incremental borrowing rate, adjusted for a number of factors, including the long-term nature of the ground leases, the Company’s estimated borrowing costs, and the estimated fair value of the underlying land, to determine the imputed interest for its ground leases. The Company elected to use the portfolio approach as all of its ground leases in place as of January 1, 2019, have similar characteristics and determined 7.3% as the appropriate rate as of January 1, 2019, for all leases in place at that time. For the ground lease obtained during April 2019, the Company used its incremental borrowing rate, adjusted for the factors discussed above, which was determined to be 8.0%. |
UNCONSOLIDATED INVESTMENT (Deta
UNCONSOLIDATED INVESTMENT (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Investment's carrying value under the equity method of accounting | $ 7,446,000 | $ 7,805,000 |
Industry Distribution Center II - undivided tenant-in-common interest [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage (in hundredths) | 50.00% | |
Size (in square feet) | ft² | 309,000 | |
Year Constructed | 1998 | |
Building lease percentage | 100.00% | |
Lease term expiration | December 2021 | |
Investment's carrying value under the equity method of accounting | $ 7,446,000 | $ 7,805,000 |
Industry Distribution Center II [Member] | Industry Distribution Center II - undivided tenant-in-common interest [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) - First Mortgage [Member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020Integer | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Number of mortgage loans receivable | 1 | |
Number of Mortgage Loans Repaid | 1 | |
Mortgage loan receivable, effective interest rate | 5.15% | |
Maturity date, mortgage loans receivable | December 2022 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Assets Components [Abstract] | ||
Leasing costs (principally commissions) | $ 95,914 | $ 89,191 |
Accumulated amortization of leasing costs | (38,371) | (34,963) |
Leasing costs (principally commissions), net of accumulated amortization | 57,543 | 54,228 |
Acquired in-place lease intangibles | 28,107 | 28,834 |
Accumulated amortization of acquired in-place lease intangibles | (13,554) | (11,918) |
Acquired In Place Lease Intangibles Net Of Accumulated Amortization | 14,553 | 16,916 |
Acquired above market lease intangibles | 1,825 | 1,721 |
Accumulated amortization of acquired above market lease intangibles | (1,231) | (1,007) |
Acquired above market lease intangibles, net of accumulated amortization | 594 | 714 |
Straight-line rents receivable | 43,079 | 40,369 |
Accounts receivable | 6,256 | 5,581 |
Mortgage loans receivable | 0 | 1,679 |
Interest rate swap assets | 0 | 3,485 |
Right of use assets - Office Leases (operating) | 2,131 | 2,115 |
Receivable for common stock offerings | 1,942 | 0 |
Goodwill | 990 | 990 |
Prepaid expenses and other assets | 22,491 | 18,545 |
Total Other Assets | $ 149,579 | $ 144,622 |
UNSECURED BANK CREDIT FACILIT_2
UNSECURED BANK CREDIT FACILITIES (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)Integer | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Line of Credit Facility [Line Items] | |||
Unsecured bank credit facilities | $ 124,194,000 | $ 111,394,000 | |
Average bank borrowings | $ 87,095,000 | $ 172,175,000 | $ 141,223,000 |
Weighted average interest rates (in hundredths) | 1.86% | 3.34% | 2.64% |
Amortization of facility fees | $ 790,000 | $ 790,000 | $ 736,000 |
Amortization of bank loan costs | 561,000 | $ 556,000 | $ 508,000 |
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 | July 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 | 1.152% | ||
Unsecured bank credit facilities - variable rate, carrying amount | $ 125,000,000 | ||
Letters of Credit Outstanding, Amount | 674,000 | ||
Expansion option on credit facility | 150,000,000 | ||
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 | July 30, 2022 | ||
Credit facility, extension option | two six-month extensions | ||
Line of Credit Facility, Interest Rate at Period End | 1.144% | ||
Unsecured bank credit facilities - variable rate, carrying amount | $ 0 |
UNSECURED AND SECURED DEBT (Det
UNSECURED AND SECURED DEBT (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Secured and Unsecured Debt [Line Items] | ||||
Unsecured debt | $ 1,107,708,000 | $ 938,115,000 | ||
Secured debt, carrying amount | 79,096,000 | 133,422,000 | ||
Carrying Amount of Securing Real Estate | 108,505,000 | |||
Unsecured debt, carrying amount | 1,110,000,000 | 940,000,000 | ||
Secured Debt | 78,993,000 | 133,093,000 | ||
Unsecured bank credit facilities | 124,194,000 | 111,394,000 | ||
Total debt | $ 1,310,895,000 | $ 1,182,602,000 | ||
Weighted average interest rates (in hundredths) | 1.86% | 3.34% | 2.64% | |
$75 million term loan (2013) [Member] | ||||
Secured and Unsecured Debt [Line Items] | ||||
Debt instrument, spread above LIBOR variable rate | [1] | 1.10% | ||
Effective interest rate (in hundredths) | [1] | 3.45% | ||
Debt Instrument, Maturity Date | [1] | Dec. 20, 2020 | ||
Unsecured debt, carrying amount | [1] | $ 0 | $ 75,000,000 | |
Unsecured debt, amount repaid during period | $ 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% | ||
Effective interest rate (in hundredths) | [1] | 2.34% | ||
Debt Instrument, Maturity Date | [1] | Jul. 30, 2021 | ||
Unsecured debt, carrying amount | [1] | $ 40,000,000 | 40,000,000 | |
$75 Million Unsecured Term Loan (2015) [Member] | ||||
Secured and Unsecured Debt [Line Items] | ||||
Debt instrument, spread above LIBOR variable rate | [1] | 1.40% | ||
Effective interest rate (in hundredths) | [1] | 3.03% | ||
Debt Instrument, Maturity Date | [1] | Feb. 28, 2022 | ||
Unsecured debt, carrying amount | [1] | $ 75,000,000 | 75,000,000 | |
$65 million term loan (2016) [Member] | ||||
Secured and Unsecured Debt [Line Items] | ||||
Debt instrument, spread above LIBOR variable rate | [1] | 1.10% | ||
Effective interest rate (in hundredths) | [1] | 2.31% | ||
Debt Instrument, Maturity Date | [1] | Apr. 1, 2023 | ||
Unsecured debt, carrying amount | [1] | $ 65,000,000 | 65,000,000 | |
Thirty million senior unsecured notes [Member] | ||||
Secured and Unsecured Debt [Line Items] | ||||
Effective interest rate (in hundredths) | 3.80% | |||
Debt Instrument, Maturity Date | Aug. 28, 2020 | |||
Unsecured debt, carrying amount | $ 0 | 30,000,000 | ||
Principal repayment amount | 30,000,000 | |||
Unsecured debt, principal | $ 100,000,000 | |||
Fifty million senior unsecured notes [Member] | ||||
Secured and Unsecured Debt [Line Items] | ||||
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] | ||||
Secured and Unsecured Debt [Line Items] | ||||
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] | ||||
Secured and Unsecured Debt [Line Items] | ||||
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] | ||||
Secured and Unsecured Debt [Line Items] | ||||
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] | ||||
Secured and Unsecured Debt [Line Items] | ||||
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] | ||||
Secured and Unsecured Debt [Line Items] | ||||
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] | ||||
Secured and Unsecured Debt [Line Items] | ||||
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] | ||||
Secured and Unsecured Debt [Line Items] | ||||
Effective interest rate (in hundredths) | 3.93% | |||
Debt Instrument, Maturity Date | Apr. 10, 2028 | |||
Unsecured debt, carrying amount | $ 60,000,000 | 60,000,000 | ||
$80 million senior unsecured private placement notes (2019) [Member] | ||||
Secured and Unsecured Debt [Line Items] | ||||
Effective interest rate (in hundredths) | 4.27% | |||
Debt Instrument, Maturity Date | Mar. 28, 2029 | |||
Unsecured debt, carrying amount | $ 80,000,000 | 80,000,000 | ||
$35 million senior unsecured private placement notes (2019) [Member] | ||||
Secured and Unsecured Debt [Line Items] | ||||
Effective interest rate (in hundredths) | 3.54% | |||
Debt Instrument, Maturity Date | Aug. 15, 2031 | |||
Unsecured debt, carrying amount | $ 35,000,000 | 35,000,000 | ||
$75 million senior unsecured private placement notes (2019) [Member] | ||||
Secured and Unsecured Debt [Line Items] | ||||
Effective interest rate (in hundredths) | 3.47% | |||
Debt Instrument, Maturity Date | Aug. 19, 2029 | |||
Unsecured debt, carrying amount | $ 75,000,000 | 75,000,000 | ||
$100 million term loan (2019) [Member] | ||||
Secured and Unsecured Debt [Line Items] | ||||
Debt instrument, spread above LIBOR variable rate | [1] | 1.50% | ||
Effective interest rate (in hundredths) | [1] | 2.75% | ||
Debt Instrument, Maturity Date | [1] | Oct. 10, 2026 | ||
Unsecured debt, carrying amount | [1] | $ 100,000,000 | 100,000,000 | |
Secured and unsecured debt [Member] | ||||
Secured and Unsecured Debt [Line Items] | ||||
Long-term Debt, Maturities, Repayments of Principal in 2021 | 84,285,000 | |||
Long-term Debt, Maturities, Repayments of Principal in 2022 | 107,770,000 | |||
Long-term Debt, Maturities, Repayments of Principal in 2023 | 115,119,000 | |||
Long-term Debt, Maturities, Repayments of Principal in 2024 | 120,122,000 | |||
Long-term Debt, Maturities, Repayments of Principal in 2025 | $ 95,128,000 | |||
$100 million term loan (2020) | ||||
Secured and Unsecured Debt [Line Items] | ||||
Debt instrument, spread above LIBOR variable rate | [1] | 1.45% | ||
Effective interest rate (in hundredths) | [1] | 2.39% | ||
Debt Instrument, Maturity Date | [1] | Mar. 25, 2027 | ||
Unsecured debt, carrying amount | [1] | $ 100,000,000 | 0 | |
Debt Instrument, Term | 7 years | |||
$100 million senior unsecured private placement notes (2020) | ||||
Secured and Unsecured Debt [Line Items] | ||||
Effective interest rate (in hundredths) | 2.61% | |||
Debt Instrument, Maturity Date | Oct. 14, 2030 | |||
Unsecured debt, carrying amount | $ 100,000,000 | 0 | ||
Debt Instrument, Term | 10 years | |||
$75 million senior unsecured private placement notes (2020) | ||||
Secured and Unsecured Debt [Line Items] | ||||
Effective interest rate (in hundredths) | 2.71% | |||
Debt Instrument, Maturity Date | Oct. 14, 2032 | |||
Unsecured debt, carrying amount | $ 75,000,000 | 0 | ||
Debt Instrument, Term | 12 years | |||
Two senior unsecured private placement notes, totalling $175 million (2020) [Member] | ||||
Secured and Unsecured Debt [Line Items] | ||||
Unsecured debt, carrying amount | $ 175,000,000 | |||
Weighted average interest rates (in hundredths) | 2.65% | |||
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] | ||||
Secured debt, carrying amount | $ 0 | 48,772,000 | ||
Interest Rate (in hundredths) | 4.39% | |||
Monthly P & I Payment | $ 463,778 | |||
Maturity Date | January 5, 2021 | |||
Carrying Amount of Securing Real Estate | $ 0 | |||
Mort Loan Status | Repaid | |||
Mortgage loan balance repaid | $ 45,900,000 | |||
Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Venture and World Houston 3-9 | ||||
Secured and Unsecured Debt [Line Items] | ||||
Secured debt, carrying amount | [2] | $ 41,610,000 | 44,596,000 | |
Interest Rate (in hundredths) | [2] | 4.75% | ||
Monthly P & I Payment | [2] | $ 420,045 | ||
Maturity Date | [2] | 06/05/2021 | ||
Carrying Amount of Securing Real Estate | [2] | $ 47,774,000 | ||
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] | ||||
Secured debt, carrying amount | $ 35,220,000 | 37,682,000 | ||
Interest Rate (in hundredths) | 4.09% | |||
Monthly P & I Payment | $ 329,796 | |||
Maturity Date | 01/05/2022 | |||
Carrying Amount of Securing Real Estate | $ 52,034,000 | |||
Ramona Distribution Center [Member] | ||||
Secured and Unsecured Debt [Line Items] | ||||
Secured debt, carrying amount | $ 2,266,000 | 2,372,000 | ||
Interest Rate (in hundredths) | 3.85% | |||
Monthly P & I Payment | $ 16,287 | |||
Maturity Date | 11/30/2026 | |||
Carrying Amount of Securing Real Estate | $ 8,697,000 | |||
Notes Payable to Banks [Member] | ||||
Secured and Unsecured Debt [Line Items] | ||||
Unsecured bank credit facilities - variable rate, carrying amount | 125,000,000 | 112,710,000 | ||
Unamortized debt issuance costs | 806,000 | 1,316,000 | ||
Unsecured bank credit facilities | 124,194,000 | 111,394,000 | ||
Unsecured Debt [Member] | ||||
Secured and Unsecured Debt [Line Items] | ||||
Unsecured debt | 1,107,708,000 | 938,115,000 | ||
Unsecured debt, carrying amount | [3] | 1,110,000,000 | 940,000,000 | |
Unamortized debt issuance costs | 2,292,000 | 1,885,000 | ||
Secured Debt [Member] | ||||
Secured and Unsecured Debt [Line Items] | ||||
Secured debt, carrying amount | [3] | 79,096,000 | 133,422,000 | |
Unamortized debt issuance costs | 103,000 | 329,000 | ||
Secured Debt | $ 78,993,000 | $ 133,093,000 | ||
[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, 2020. | |||
[2] | During 2019, the Company executed a collateral release for World Houston 5; this property was sold during 2019 and is no longer considered to be collateral securing this loan. | |||
[3] | 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, 2020 | Dec. 31, 2019 | |
Accounts Payable and Accrued Liabilities [Abstract] | |||
Property taxes payable | $ 3,524 | $ 2,696 | |
Development costs payable | 6,427 | 11,766 | |
Real estate improvements and capitalized leasing costs payable | 5,692 | 4,636 | |
Interest payable | 6,537 | 6,370 | |
Dividends payable | 32,677 | 30,714 | |
Book overdraft | [1] | 5,176 | 25,771 |
Other payables and accrued expenses | 9,540 | 10,071 | |
Total accounts payable and accrued expenses | $ 69,573 | $ 92,024 | |
[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, 2020 | Dec. 31, 2019 |
Other Liabilities, Unclassified [Abstract] | ||
Security deposits | $ 22,140 | $ 20,351 |
Prepaid rent and other deferred income | 14,694 | 13,855 |
Operating lease liabilities - ground leases | 11,199 | 12,048 |
Operating lease liabilities - office leases | 2,167 | 2,141 |
Acquired below market lease intangibles | 9,019 | 8,616 |
Accumulated Amortization, Acquired Below Market Lease Intangibles | (6,168) | (4,494) |
Acquired below market lease intangibles, net of accumulated amortization | 2,851 | 4,122 |
Interest rate swap liabilities | 10,752 | 678 |
Prepaid tenant improvement reimbursements | 364 | 56 |
Other liabilities | 5,650 | 15,872 |
Total Other Liabilities | $ 69,817 | $ 69,123 |
COMMON STOCK ACTIVITY (Details)
COMMON STOCK ACTIVITY (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares outstanding at beginning of year (in shares) | 38,925,953 | ||
Common stock offerings (in shares) | 709,924 | 2,388,342 | 1,706,474 |
Dividend reinvestment plan (in shares) | 0 | 1,893 | 1,844 |
Shares outstanding at end of year (in shares) | 39,676,828 | 38,925,953 | |
Common shares, issued | 39,676,828 | 38,925,953 | |
Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares outstanding at beginning of year (in shares) | 38,925,953 | 36,501,356 | 34,758,167 |
Common stock offerings (in shares) | 709,924 | 2,388,342 | 1,706,474 |
Dividend reinvestment plan (in shares) | 0 | 1,893 | 1,844 |
Incentive restricted stock granted (in shares) | 69,446 | 59,943 | 50,217 |
Incentive restricted stock forfeited (in shares) | (440) | (3,010) | 0 |
Director common stock awarded (in shares) | 8,182 | 6,384 | 8,478 |
Director restricted stock granted (in shares) | 208 | 0 | 0 |
Restricted stock withheld for tax obligations (in shares) | (36,445) | (28,955) | (23,824) |
Shares outstanding at end of year (in shares) | 39,676,828 | 38,925,953 | 36,501,356 |
Additional Paid-in Capital [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net proceeds from common stock issuances | $ 92,663,000 | $ 284,710,000 | $ 157,319,000 |
Common shares, issued | 709,924 | 2,388,342 | 1,706,474 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) | 12 Months Ended | ||||
Dec. 31, 2020USD ($)Integer$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017$ / sharesshares | ||
Stock Compensation Plan disclosure [Abstract] | |||||
Stock-based compensation cost | $ | $ 8,502,000 | $ 9,374,000 | $ 6,103,000 | ||
Share awards granted (in shares) | [1] | 69,446 | 59,943 | 50,217 | |
Restricted Stock Activity [Roll Forward] | |||||
Granted (in shares) | [1] | 69,446 | 59,943 | 50,217 | |
Forfeited (in shares) | (440) | (3,010) | 0 | ||
Vested (in shares) | (86,765) | (69,363) | (59,547) | ||
Total Unvested Shares (in shares) | 113,125 | 130,884 | 143,314 | 152,644 | |
Share Based Payment Arrangement [Abstract] | |||||
Total Unvested Shares (in shares) | 113,125 | 130,884 | 143,314 | 152,644 | |
Award Recipient Type Employee [Member] | Restricted Stock [Member] | |||||
Stock Compensation Plan disclosure [Abstract] | |||||
Stock-based compensation cost | $ | $ 7,605,000 | $ 8,647,000 | $ 5,322,000 | ||
Stock based compensation cost capitalized as development costs | $ | $ 1,923,000 | $ 2,536,000 | $ 1,173,000 | ||
Grant date fair value of shares issued (in dollars per share) | $ / shares | [1] | $ 101.19 | $ 94.62 | $ 84.09 | |
Compensation is recognized over a weighted average period (in years) | 2 years 8 months 12 days | ||||
Share based compensation, share based payment arrangements other than stock options, unrecognized cost associated with awards not yet vested | $ | $ 5,004,000 | ||||
Shares withheld to satisfy the tax obligations (in shares) | 36,445 | 28,955 | 23,824 | ||
Fair value of shares granted | $ | $ 7,028,000 | $ 5,672,000 | $ 4,223,000 | ||
Fair value of shares vested as of the vesting date | $ | $ 11,754,000 | $ 6,662,000 | $ 5,142,000 | ||
Restricted Stock Activity [Roll Forward] | |||||
Total Unvested Shares (in shares) | 113,125 | ||||
Restricted stock activity weighted average price [Abstract] | |||||
Unvested at beginning of year (in dollars per share) | $ / shares | $ 82.78 | $ 70.26 | $ 63.18 | ||
Granted (in dollars per share) | $ / shares | [1] | 101.19 | 94.62 | 84.09 | |
Forfeited (in dollars per share) | $ / shares | 112.14 | 86.19 | 0 | ||
Vested (in dollars per share) | $ / shares | 73.80 | 66.99 | 63.77 | ||
Unvested at end of year (in dollars per share) | $ / shares | $ 100.86 | $ 82.78 | $ 70.26 | $ 63.18 | |
Share Based Payment Arrangement [Abstract] | |||||
Unvested shares in 2021 (in shares) | 44,807 | ||||
Unvested shares in 2022 (in shares) | 31,870 | ||||
Unvested shares in 2023 (in shares) | 22,089 | ||||
Unvested shares in 2024 (in shares) | 11,899 | ||||
Unvested shares in 2025 (in shares) | 2,460 | ||||
Total Unvested Shares (in shares) | 113,125 | ||||
Award Recipient Type Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Annual Director Retainer Stock Award Amount | $ | $ 100,000 | ||||
Stock Compensation Plan disclosure [Abstract] | |||||
Stock-based compensation cost | $ | 897,000 | $ 727,000 | $ 1,134,000 | ||
Award Recipient Type Director [Member] | Restricted Stock [Member] | |||||
Stock Compensation Plan disclosure [Abstract] | |||||
Fair value of shares vested as of the vesting date | $ | $ 9,000 | $ 9,000 | $ 7,000 | ||
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) | 1,527,382 | 1,583,223 | 1,629,281 | ||
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) | 109,884 | ||||
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] | 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, 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) | 208 | 282 | |||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 120.39 | $ 88.86 | |||
Restricted Stock Activity [Roll Forward] | |||||
Granted (in shares) | 208 | 282 | |||
Restricted stock activity weighted average price [Abstract] | |||||
Granted (in dollars per share) | $ / shares | $ 120.39 | $ 88.86 | |||
Share Based Payment Arrangement [Abstract] | |||||
Share Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vesting Rights (% vesting within one year) | 25.00% | ||||
Award Recipient Type Director [Member] | |||||
Stock Compensation Plan disclosure [Abstract] | |||||
Shares issued to directors (in shares) | 8,182 | 6,384 | 8,478 | ||
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 | ||||
Share Based Payment Arrangement [Abstract] | |||||
Number of years in total shareholder return performance period | Integer | 4 | ||||
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% | ||||
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] | 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 | ||||
Share Based Payment Arrangement [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] | |||||
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) | 9,460 | ||||
Restricted Stock Activity [Roll Forward] | |||||
Granted (in shares) | 9,460 | ||||
Share Based Payment Arrangement [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] | |||||
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 that vested when number of shares determined | 75.00% | ||||
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) | 18,917 | ||||
Restricted Stock Activity [Roll Forward] | |||||
Granted (in shares) | 18,917 | ||||
Share Based Payment Arrangement [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, 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) | 7,884 | ||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 95.19 | ||||
Equity Instruments other than options, number of plans | Integer | 1 | ||||
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] | 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) | 27,087 | ||||
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% | ||||
Share Based Payment Arrangement [Abstract] | |||||
Number of years in total shareholder return performance period | Integer | 3 | ||||
2019 Awards [Member] | Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Company Performance Awards - Part A [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 that vested when number of shares determined | 20.00% | ||||
Share Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vesting Rights (% vesting per year in future years) | 20.00% | ||||
Stock Compensation Plan disclosure [Abstract] | |||||
Share awards granted (in shares) | 9,162 | ||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 105.97 | ||||
Restricted Stock Activity [Roll Forward] | |||||
Granted (in shares) | 9,162 | ||||
Restricted stock activity weighted average price [Abstract] | |||||
Granted (in dollars per share) | $ / shares | $ 105.97 | ||||
Share Based Payment Arrangement [Abstract] | |||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent that vested in first year | 20.00% | ||||
2019 Awards [Member] | Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Company Performance Awards - Part B [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 that vested when number of shares determined | 20.00% | ||||
Share Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vesting Rights (% vesting per year in future years) | 20.00% | ||||
Stock Compensation Plan disclosure [Abstract] | |||||
Share awards granted (in shares) | 15,990 | ||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 122.61 | ||||
Restricted Stock Activity [Roll Forward] | |||||
Granted (in shares) | 15,990 | ||||
Restricted stock activity weighted average price [Abstract] | |||||
Granted (in dollars per share) | $ / shares | $ 122.61 | ||||
Share Based Payment Arrangement [Abstract] | |||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent that vested in first year | 20.00% | ||||
2019 Awards [Member] | Equity Incentive Plan 2013 [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 that vested when number of shares determined | 20.00% | ||||
Share Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vesting Rights (% vesting per year in future years) | 20.00% | ||||
Stock Compensation Plan disclosure [Abstract] | |||||
Share awards granted (in shares) | 5,860 | ||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 141.63 | ||||
Restricted Stock Activity [Roll Forward] | |||||
Granted (in shares) | 5,860 | ||||
Restricted stock activity weighted average price [Abstract] | |||||
Granted (in dollars per share) | $ / shares | $ 141.63 | ||||
Share Based Payment Arrangement [Abstract] | |||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent that vested during first year | 20.00% | ||||
2019 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 | ||||
2019 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, Percent that vested when number of shares determined | 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) | 9,947 | ||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 105.97 | ||||
Equity Instruments other than options, number of plans | Integer | 1 | ||||
Restricted Stock Activity [Roll Forward] | |||||
Granted (in shares) | 9,947 | ||||
Restricted stock activity weighted average price [Abstract] | |||||
Granted (in dollars per share) | $ / shares | $ 105.97 | ||||
Share Based Payment Arrangement [Abstract] | |||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent that vested during first year | 25.00% | ||||
2019 Awards [Member] | Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Annual equity plan [Member] | Executive Officer [Member] | |||||
Stock Compensation Plan disclosure [Abstract] | |||||
Equity Instruments other than options, number of plans | Integer | 3 | ||||
2019 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) | 33,442 | ||||
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% | ||||
Share Based Payment Arrangement [Abstract] | |||||
Number of years in total shareholder return performance period | Integer | 3 | ||||
2020 Awards [Member] | Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Company Performance Awards [Member] | Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vesting Rights (% vesting per year in future years) | 33.00% | ||||
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) | 19,282 | ||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 131.36 | ||||
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 | 34.00% | ||||
Restricted stock activity weighted average price [Abstract] | |||||
Granted (in dollars per share) | $ / shares | $ 131.36 | ||||
2020 Awards [Member] | Equity Incentive Plan 2013 [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, Vesting Rights (% vesting per year in future years) | 33.00% | ||||
Stock Compensation Plan disclosure [Abstract] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (maximum) | 4,812 | ||||
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 | 34.00% | ||||
2020 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 | ||||
2020 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) | 7,217 | ||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 131.36 | ||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent of future vesting that will occur on grant date | 25.00% | ||||
Equity Instruments other than options, number of plans | Integer | 1 | ||||
Restricted Stock Activity [Roll Forward] | |||||
Granted (in shares) | 7,217 | ||||
Restricted stock activity weighted average price [Abstract] | |||||
Granted (in dollars per share) | $ / shares | $ 131.36 | ||||
2020 Awards [Member] | Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Annual equity plan [Member] | Executive Officer [Member] | |||||
Stock Compensation Plan disclosure [Abstract] | |||||
Equity Instruments other than options, number of plans | Integer | 2 | ||||
2020 Awards [Member] | Equity Incentive Plan 2013 [Member] | Award Recipient Type Employee [Member] | Restricted Stock [Member] | Non Executive Officers [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||||
Stock Compensation Plan disclosure [Abstract] | |||||
Share awards granted (in shares) | 12,300 | ||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 105.30 | ||||
Restricted Stock Activity [Roll Forward] | |||||
Granted (in shares) | 12,300 | ||||
Restricted stock activity weighted average price [Abstract] | |||||
Granted (in dollars per share) | $ / shares | $ 105.30 | ||||
2020 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) | 25,261 | ||||
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% | ||||
Share Based Payment Arrangement [Abstract] | |||||
Number of years in total shareholder return performance period | Integer | 3 | ||||
[1] | Does not include the restricted shares that may be earned if the performance goals established in 2018 and 2019 for long-term performance and in 2020 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 109,884. |
COMPREHENSIVE INCOME (Details)
COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of year | $ 2,807 | $ 6,701 | $ 5,348 |
Change in fair value of interest rate swaps - cash flow hedges | (13,559) | (3,894) | 1,353 |
Balance at end of year | $ (10,752) | $ 2,807 | $ 6,701 |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)Integer | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Derivative [Line Items] | |||
Number of interest rate swaps | Integer | 5 | ||
Interest Rate Cash Flow Hedge Assets at Fair Value | $ 0 | $ 3,485,000 | |
Interest Rate Cash Flow Hedge Liabilities at Fair Value | 10,752,000 | 678,000 | |
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] | 4,026,000 | ||
Amount of income (loss) recognized in Other Comprehensive Income (Loss) on derivatives | (17,364,000) | (1,975,000) | $ 2,757,000 |
Amount of (income) loss reclassified from accumulated other comprehensive income to interest expense | 3,805,000 | (1,919,000) | $ (1,404,000) |
Interest Rate Swap [Member] | Other Liabilities [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Termination value, if in default of dervative obligations | 10,928,000 | ||
$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 | 0 | 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 | 0 | 15,000,000 | |
$100 million interest rate swap (2019) [Domain] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 100,000,000 | 100,000,000 | |
$100 million interest rate swap (2020) | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 100,000,000 | $ 0 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||
BASIC EPS COMPUTATION FOR NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract] | |||||||||||||||||||
Numerator - net income available to common stockholders | $ 37,181 | $ 24,401 | $ 23,484 | $ 23,297 | $ 49,609 | $ 22,571 | $ 26,953 | $ 22,529 | $ 108,363 | $ 121,662 | $ 88,506 | ||||||||
Denominator - weighted average shares outstanding (in shares) | 39,507 | [1] | 39,338 | [1] | 39,007 | [1] | 38,882 | [1] | 38,561 | [1] | 37,771 | [1] | 36,944 | [1] | 36,465 | [1] | 39,185 | 37,442 | 35,439 |
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract] | |||||||||||||||||||
Numerator - net income available to common stockholders | $ 37,181 | $ 24,401 | $ 23,484 | $ 23,297 | $ 49,609 | $ 22,571 | $ 26,953 | $ 22,529 | $ 108,363 | $ 121,662 | $ 88,506 | ||||||||
Denominator: [Abstract] | |||||||||||||||||||
Weighted average shares outstanding | 39,507 | [1] | 39,338 | [1] | 39,007 | [1] | 38,882 | [1] | 38,561 | [1] | 37,771 | [1] | 36,944 | [1] | 36,465 | [1] | 39,185 | 37,442 | 35,439 |
Unvested restricted stock (in shares) | 111 | 85 | 67 | ||||||||||||||||
Total Shares (in shares) | 39,653 | [1] | 39,450 | [1] | 39,077 | [1] | 38,961 | [1] | 38,687 | [1] | 37,869 | [1] | 37,019 | [1] | 36,526 | [1] | 39,296 | 37,527 | 35,506 |
[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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Revenues | $ 106,044 | $ 92,256 | $ 89,945 | $ 88,865 | $ 116,532 | $ 84,180 | $ 91,425 | $ 81,365 | |||||||||||
Expenses | (68,849) | (67,845) | (66,458) | (65,567) | (65,250) | (61,605) | (64,476) | (58,831) | |||||||||||
NET INCOME | 37,195 | 24,411 | 23,487 | 23,298 | 51,282 | 22,575 | 26,949 | 22,534 | $ 108,391 | $ 123,340 | $ 88,636 | ||||||||
Net income attributable to noncontrolling interest in joint ventures | (14) | (10) | (3) | (1) | (1,673) | (4) | 4 | (5) | (28) | (1,678) | (130) | ||||||||
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | $ 37,181 | $ 24,401 | $ 23,484 | $ 23,297 | $ 49,609 | $ 22,571 | $ 26,953 | $ 22,529 | $ 108,363 | $ 121,662 | $ 88,506 | ||||||||
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) | $ 0.94 | [1] | $ 0.62 | [1] | $ 0.60 | [1] | $ 0.60 | [1] | $ 1.29 | [1] | $ 0.60 | [1] | $ 0.73 | [1] | $ 0.62 | [1] | $ 2.77 | $ 3.25 | $ 2.50 |
Weighted average shares outstanding | 39,507 | [1] | 39,338 | [1] | 39,007 | [1] | 38,882 | [1] | 38,561 | [1] | 37,771 | [1] | 36,944 | [1] | 36,465 | [1] | 39,185 | 37,442 | 35,439 |
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) | $ 0.94 | [1] | $ 0.62 | [1] | $ 0.60 | [1] | $ 0.60 | [1] | $ 1.28 | [1] | $ 0.60 | [1] | $ 0.73 | [1] | $ 0.62 | [1] | $ 2.76 | $ 3.24 | $ 2.49 |
Weighted average shares outstanding | 39,653 | [1] | 39,450 | [1] | 39,077 | [1] | 38,961 | [1] | 38,687 | [1] | 37,869 | [1] | 37,019 | [1] | 36,526 | [1] | 39,296 | 37,527 | 35,506 |
[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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ 851,000 | $ 786,000 | $ 769,000 |
LEGAL MATTERS (Details)
LEGAL MATTERS (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loss Contingency Accrual | $ 497,000 | $ 497,000 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial Assets [Abstract] | |||||
Cash and Cash Equivalents | $ 21 | $ 224 | $ 374 | $ 16 | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||||
Financial Assets [Abstract] | |||||
Cash and Cash Equivalents | [1] | 21 | 224 | ||
Mortgage loans receivable | [1] | 0 | 1,679 | ||
Interest Rate Swap Assets | [1] | 0 | 3,485 | ||
Financial Liabilities [Abstract] | |||||
Unsecured bank credit facilities - variable rate - Fair Value Disclosure | [1],[2] | 125,000 | 112,710 | ||
Unsecured debt | [1],[2] | 1,110,000 | 940,000 | ||
Secured debt | [1],[2] | 79,096 | 133,422 | ||
Interest rate swap liabilities | [1] | 10,752 | 678 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | |||||
Financial Assets [Abstract] | |||||
Cash and cash equivalents | 21 | 224 | |||
Mortgage loans receivable | 0 | 1,703 | |||
Interest Rate Swap Assets | 0 | 3,485 | |||
Financial Liabilities [Abstract] | |||||
Unsecured bank credit facilities - variable rate - Fair Value Disclosure | [2] | 124,820 | 113,174 | ||
Unsecured debt | [2] | 1,141,803 | 959,177 | ||
Secured debt | [2] | 80,435 | 136,107 | ||
Interest rate swap liabilities | $ 10,752 | $ 678 | |||
[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 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. 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 (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event $ in Millions | 2 Months Ended |
Feb. 16, 2021USD ($)ft² | |
Access Business Park I | |
Subsequent Event [Line Items] | |
Purchase price of land | $ | $ 10.3 |
Size (in square feet) | ft² | 156,000 |
Northpoint 200 [Member] | |
Subsequent Event [Line Items] | |
Purchase price of land | $ | $ 6.5 |
Size (in square feet) | ft² | 79,000 |
SCHEDULE III (Details)
SCHEDULE III (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [1],[2] | $ 79,096 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [1],[2] | 655,023 | ||||
Buildings and Improvements | [1],[2] | 1,251,222 | ||||
Costs Capitalized Subsequent to Acquisition | [1],[2] | 1,601,767 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [1],[2] | 659,511 | ||||
Buildings and Improvements | [1],[2] | 2,848,501 | ||||
Total | [3] | 3,519,085 | [1],[2] | $ 3,264,566 | $ 2,817,145 | $ 2,578,748 |
Accumulated Depreciation | 955,328 | [1],[2] | $ 871,139 | $ 814,915 | $ 749,601 | |
Operating leases, Right-of-Use Assets, net of amortization | 11,073 | |||||
Industrial [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 79,096 | |||||
Initial Cost to the Company [Abstract] | ||||||
Land | 498,608 | |||||
Buildings and Improvements | 1,232,994 | |||||
Costs Capitalized Subsequent to Acquisition | 1,416,822 | |||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | 502,739 | |||||
Buildings and Improvements | 2,645,685 | |||||
Total | 3,159,497 | |||||
Accumulated Depreciation | 954,573 | |||||
Industrial Development [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost to the Company [Abstract] | ||||||
Land | 156,415 | |||||
Buildings and Improvements | 18,228 | |||||
Costs Capitalized Subsequent to Acquisition | 184,945 | |||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | 156,772 | |||||
Buildings and Improvements | 202,816 | |||||
Total | 359,588 | |||||
Accumulated Depreciation | 755 | |||||
COLORADO | Industrial [Member] | Denver [Member] | Airways Business Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 6,137 | ||||
Buildings and Improvements | [4] | 39,637 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 205 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 6,137 | ||||
Buildings and Improvements | [4] | 39,842 | ||||
Total | [4] | 45,979 | ||||
Accumulated Depreciation | [4] | $ 2,158 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2007/08 | ||||
COLORADO | Industrial [Member] | Denver [Member] | Rampart Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,023 | ||||
Buildings and Improvements | [4] | 3,861 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,542 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,023 | ||||
Buildings and Improvements | [4] | 6,403 | ||||
Total | [4] | 7,426 | ||||
Accumulated Depreciation | [4] | $ 5,162 | ||||
Year Acquired | [4] | 1988 | ||||
Year Constructed | [4] | 1987 | ||||
COLORADO | Industrial [Member] | Denver [Member] | Rampart Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 230 | ||||
Buildings and Improvements | [4] | 2,977 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,659 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 230 | ||||
Buildings and Improvements | [4] | 4,636 | ||||
Total | [4] | 4,866 | ||||
Accumulated Depreciation | [4] | $ 3,252 | ||||
Year Acquired | [4] | 1996/97 | ||||
Year Constructed | [4] | 1997 | ||||
COLORADO | Industrial [Member] | Denver [Member] | Rampart Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,098 | ||||
Buildings and Improvements | [4] | 3,884 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,832 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,098 | ||||
Buildings and Improvements | [4] | 6,716 | ||||
Total | [4] | 7,814 | ||||
Accumulated Depreciation | [4] | $ 3,970 | ||||
Year Acquired | [4] | 1997/98 | ||||
Year Constructed | [4] | 1999 | ||||
COLORADO | Industrial [Member] | Denver [Member] | Rampart Distribution Center IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 590 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,340 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 590 | ||||
Buildings and Improvements | [4] | 8,340 | ||||
Total | [4] | 8,930 | ||||
Accumulated Depreciation | [4] | $ 1,668 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2014 | ||||
COLORADO | Industrial [Member] | Denver [Member] | Concord Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 3,038 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 1,051 | ||||
Buildings and Improvements | [4],[5] | 4,773 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 1,061 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 1,051 | ||||
Buildings and Improvements | [4],[5] | 5,834 | ||||
Total | [4],[5] | 6,885 | ||||
Accumulated Depreciation | [4],[5] | $ 2,442 | ||||
Year Acquired | [4],[5] | 2007 | ||||
Year Constructed | [4],[5] | 2000 | ||||
COLORADO | Industrial [Member] | Denver [Member] | Centennial Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 750 | ||||
Buildings and Improvements | [4] | 3,319 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,169 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 750 | ||||
Buildings and Improvements | [4] | 5,488 | ||||
Total | [4] | 6,238 | ||||
Accumulated Depreciation | [4] | $ 2,259 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 1990 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Jetport Commerce Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,575 | ||||
Buildings and Improvements | [4] | 6,591 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,961 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,575 | ||||
Buildings and Improvements | [4] | 13,552 | ||||
Total | [4] | 15,127 | ||||
Accumulated Depreciation | [4] | $ 9,751 | ||||
Year Acquired | [4] | 1993-99 | ||||
Year Constructed | [4] | 1974-85 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Westport Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 980 | ||||
Buildings and Improvements | [4] | 3,800 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,044 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 980 | ||||
Buildings and Improvements | [4] | 6,844 | ||||
Total | [4] | 7,824 | ||||
Accumulated Depreciation | [4] | $ 5,145 | ||||
Year Acquired | [4] | 1994 | ||||
Year Constructed | [4] | 1983/87 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Benjamin Distribution Center I and II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 843 | ||||
Buildings and Improvements | [4] | 3,963 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,995 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 883 | ||||
Buildings and Improvements | [4] | 5,918 | ||||
Total | [4] | 6,801 | ||||
Accumulated Depreciation | [4] | $ 4,302 | ||||
Year Acquired | [4] | 1997 | ||||
Year Constructed | [4] | 1996 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Benjamin Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 407 | ||||
Buildings and Improvements | [4] | 1,503 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 670 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 407 | ||||
Buildings and Improvements | [4] | 2,173 | ||||
Total | [4] | 2,580 | ||||
Accumulated Depreciation | [4] | $ 1,684 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 1988 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Palm River Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,190 | ||||
Buildings and Improvements | [4] | 4,625 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,001 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,190 | ||||
Buildings and Improvements | [4] | 7,626 | ||||
Total | [4] | 8,816 | ||||
Accumulated Depreciation | [4] | $ 5,507 | ||||
Year Acquired | [4] | 1997/98 | ||||
Year Constructed | [4] | 1990/97/98 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Palm River North I and III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,005 | ||||
Buildings and Improvements | [4] | 4,688 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,427 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,005 | ||||
Buildings and Improvements | [4] | 8,115 | ||||
Total | [4] | 9,120 | ||||
Accumulated Depreciation | [4] | $ 4,899 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 2000 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Palm River North II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 634 | ||||
Buildings and Improvements | [4] | 4,418 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 454 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 634 | ||||
Buildings and Improvements | [4] | 4,872 | ||||
Total | [4] | 5,506 | ||||
Accumulated Depreciation | [4] | $ 3,627 | ||||
Year Acquired | [4] | 1997/98 | ||||
Year Constructed | [4] | 1999 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Palm River South I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 655 | ||||
Buildings and Improvements | [4] | 3,187 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 691 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 655 | ||||
Buildings and Improvements | [4] | 3,878 | ||||
Total | [4] | 4,533 | ||||
Accumulated Depreciation | [4] | $ 2,117 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2005 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Palm River South II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 655 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,648 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 655 | ||||
Buildings and Improvements | [4] | 4,648 | ||||
Total | [4] | 5,303 | ||||
Accumulated Depreciation | [4] | $ 2,428 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2006 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Walden Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 337 | ||||
Buildings and Improvements | [4] | 3,318 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 696 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 337 | ||||
Buildings and Improvements | [4] | 4,014 | ||||
Total | [4] | 4,351 | ||||
Accumulated Depreciation | [4] | $ 2,420 | ||||
Year Acquired | [4] | 1997/98 | ||||
Year Constructed | [4] | 2001 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Walden Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 465 | ||||
Buildings and Improvements | [4] | 3,738 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,492 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 465 | ||||
Buildings and Improvements | [4] | 5,230 | ||||
Total | [4] | 5,695 | ||||
Accumulated Depreciation | [4] | $ 3,321 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1998 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,109 | ||||
Buildings and Improvements | [4] | 6,126 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,487 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,109 | ||||
Buildings and Improvements | [4] | 7,613 | ||||
Total | [4] | 8,722 | ||||
Accumulated Depreciation | [4] | $ 4,714 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1998 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 647 | ||||
Buildings and Improvements | [4] | 3,603 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,817 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 647 | ||||
Buildings and Improvements | [4] | 5,420 | ||||
Total | [4] | 6,067 | ||||
Accumulated Depreciation | [4] | $ 3,077 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2001 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 439 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,242 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 556 | ||||
Buildings and Improvements | [4] | 3,125 | ||||
Total | [4] | 3,681 | ||||
Accumulated Depreciation | [4] | $ 1,422 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2007 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 682 | ||||
Buildings and Improvements | [4] | 6,472 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 864 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 682 | ||||
Buildings and Improvements | [4] | 7,336 | ||||
Total | [4] | 8,018 | ||||
Accumulated Depreciation | [4] | $ 3,535 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2001 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 724 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,007 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 916 | ||||
Buildings and Improvements | [4] | 5,815 | ||||
Total | [4] | 6,731 | ||||
Accumulated Depreciation | [4] | $ 2,754 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2007 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 642 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,663 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 812 | ||||
Buildings and Improvements | [4] | 5,493 | ||||
Total | [4] | 6,305 | ||||
Accumulated Depreciation | [4] | $ 2,302 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 740 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,399 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 740 | ||||
Buildings and Improvements | [4] | 6,399 | ||||
Total | [4] | 7,139 | ||||
Accumulated Depreciation | [4] | $ 681 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2017 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center VIII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 843 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,302 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,051 | ||||
Buildings and Improvements | [4] | 6,094 | ||||
Total | [4] | 7,145 | ||||
Accumulated Depreciation | [4] | $ 1,055 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2015 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center IX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 618 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,161 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 781 | ||||
Buildings and Improvements | [4] | 4,998 | ||||
Total | [4] | 5,779 | ||||
Accumulated Depreciation | [4] | $ 1,769 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2009 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center A [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 185 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,498 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 185 | ||||
Buildings and Improvements | [4] | 1,498 | ||||
Total | [4] | 1,683 | ||||
Accumulated Depreciation | [4] | $ 601 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center B [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 227 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,555 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 227 | ||||
Buildings and Improvements | [4] | 1,555 | ||||
Total | [4] | 1,782 | ||||
Accumulated Depreciation | [4] | $ 625 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center C | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 355 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 379 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 355 | ||||
Buildings and Improvements | [4] | 379 | ||||
Total | [4] | 734 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | n/a | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Airport Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,257 | ||||
Buildings and Improvements | [4] | 4,012 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,062 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,257 | ||||
Buildings and Improvements | [4] | 5,074 | ||||
Total | [4] | 6,331 | ||||
Accumulated Depreciation | [4] | $ 3,114 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1998 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Westlake Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,333 | ||||
Buildings and Improvements | [4] | 6,998 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,664 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,333 | ||||
Buildings and Improvements | [4] | 9,662 | ||||
Total | [4] | 10,995 | ||||
Accumulated Depreciation | [4] | $ 6,293 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1998/99 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Expressway Commerce Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 915 | ||||
Buildings and Improvements | [4] | 5,346 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,675 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 915 | ||||
Buildings and Improvements | [4] | 7,021 | ||||
Total | [4] | 7,936 | ||||
Accumulated Depreciation | [4] | $ 3,918 | ||||
Year Acquired | [4] | 2002 | ||||
Year Constructed | [4] | 2004 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Expressway Commerce Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,013 | ||||
Buildings and Improvements | [4] | 3,247 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,065 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,013 | ||||
Buildings and Improvements | [4] | 4,312 | ||||
Total | [4] | 5,325 | ||||
Accumulated Depreciation | [4] | $ 2,307 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2001 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Silo Bend Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,131 | ||||
Buildings and Improvements | [4] | 27,497 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,666 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,132 | ||||
Buildings and Improvements | [4] | 32,162 | ||||
Total | [4] | 36,294 | ||||
Accumulated Depreciation | [4] | $ 9,176 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 1987/90 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Tampa East Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 791 | ||||
Buildings and Improvements | [4] | 4,758 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 721 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 791 | ||||
Buildings and Improvements | [4] | 5,479 | ||||
Total | [4] | 6,270 | ||||
Accumulated Depreciation | [4] | $ 1,824 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 1984 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Tampa West Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,139 | ||||
Buildings and Improvements | [4] | 8,502 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,276 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,140 | ||||
Buildings and Improvements | [4] | 9,777 | ||||
Total | [4] | 11,917 | ||||
Accumulated Depreciation | [4] | $ 3,092 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 1975/93/94 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Madison Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 495 | ||||
Buildings and Improvements | [4] | 2,779 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 466 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 495 | ||||
Buildings and Improvements | [4] | 3,245 | ||||
Total | [4] | 3,740 | ||||
Accumulated Depreciation | [4] | $ 1,100 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2007 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Madison II & III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 624 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,029 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 624 | ||||
Buildings and Improvements | [4] | 7,029 | ||||
Total | [4] | 7,653 | ||||
Accumulated Depreciation | [4] | $ 1,475 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2015 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Madison IV & V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 565 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,232 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 565 | ||||
Buildings and Improvements | [4] | 8,232 | ||||
Total | [4] | 8,797 | ||||
Accumulated Depreciation | [4] | $ 1,546 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2016 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Grand Oaks 75 Business Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,572 | ||||
Buildings and Improvements | [4] | 12,979 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 102 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,572 | ||||
Buildings and Improvements | [4] | 13,081 | ||||
Total | [4] | 16,653 | ||||
Accumulated Depreciation | [4] | $ 626 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2017 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Grand Oaks 75 Business Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,589 | ||||
Buildings and Improvements | [4] | 10,226 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,325 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,589 | ||||
Buildings and Improvements | [4] | 12,551 | ||||
Total | [4] | 15,140 | ||||
Accumulated Depreciation | [4] | $ 239 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2019 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Chancellor Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 291 | ||||
Buildings and Improvements | [4] | 1,711 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 513 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 291 | ||||
Buildings and Improvements | [4] | 2,224 | ||||
Total | [4] | 2,515 | ||||
Accumulated Depreciation | [4] | $ 1,485 | ||||
Year Acquired | [4] | 1996/97 | ||||
Year Constructed | [4] | 1996/97 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Exchange Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 603 | ||||
Buildings and Improvements | [4] | 2,414 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,400 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 603 | ||||
Buildings and Improvements | [4] | 4,814 | ||||
Total | [4] | 5,417 | ||||
Accumulated Depreciation | [4] | $ 3,659 | ||||
Year Acquired | [4] | 1994 | ||||
Year Constructed | [4] | 1975 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Exchange Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 300 | ||||
Buildings and Improvements | [4] | 945 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 482 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 300 | ||||
Buildings and Improvements | [4] | 1,427 | ||||
Total | [4] | 1,727 | ||||
Accumulated Depreciation | [4] | $ 950 | ||||
Year Acquired | [4] | 2002 | ||||
Year Constructed | [4] | 1976 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Exchange Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 320 | ||||
Buildings and Improvements | [4] | 997 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 408 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 320 | ||||
Buildings and Improvements | [4] | 1,405 | ||||
Total | [4] | 1,725 | ||||
Accumulated Depreciation | [4] | $ 997 | ||||
Year Acquired | [4] | 2002 | ||||
Year Constructed | [4] | 1980 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunbelt Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,472 | ||||
Buildings and Improvements | [4] | 5,745 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,109 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,472 | ||||
Buildings and Improvements | [4] | 11,854 | ||||
Total | [4] | 13,326 | ||||
Accumulated Depreciation | [4] | $ 9,525 | ||||
Year Acquired | [4] | 1989/97/98 | ||||
Year Constructed | [4] | 1974/87/97/98 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | John Young Commerce Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 497 | ||||
Buildings and Improvements | [4] | 2,444 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,601 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 497 | ||||
Buildings and Improvements | [4] | 4,045 | ||||
Total | [4] | 4,542 | ||||
Accumulated Depreciation | [4] | $ 2,543 | ||||
Year Acquired | [4] | 1997/98 | ||||
Year Constructed | [4] | 1997/98 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | John Young Commerce Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 512 | ||||
Buildings and Improvements | [4] | 3,613 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 576 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 512 | ||||
Buildings and Improvements | [4] | 4,189 | ||||
Total | [4] | 4,701 | ||||
Accumulated Depreciation | [4] | $ 2,943 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1999 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 555 | ||||
Buildings and Improvements | [4] | 1,977 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,077 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 555 | ||||
Buildings and Improvements | [4] | 3,054 | ||||
Total | [4] | 3,609 | ||||
Accumulated Depreciation | [4] | $ 1,832 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 1999 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 597 | ||||
Buildings and Improvements | [4] | 3,271 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,250 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 597 | ||||
Buildings and Improvements | [4] | 5,521 | ||||
Total | [4] | 6,118 | ||||
Accumulated Depreciation | [4] | $ 3,846 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 2001 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 642 | ||||
Buildings and Improvements | [4] | 3,121 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,268 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 642 | ||||
Buildings and Improvements | [4] | 4,389 | ||||
Total | [4] | 5,031 | ||||
Accumulated Depreciation | [4] | $ 2,611 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 2002 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 642 | ||||
Buildings and Improvements | [4] | 2,917 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,843 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 642 | ||||
Buildings and Improvements | [4] | 4,760 | ||||
Total | [4] | 5,402 | ||||
Accumulated Depreciation | [4] | $ 2,982 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 2004 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 750 | ||||
Buildings and Improvements | [4] | 2,509 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,478 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 750 | ||||
Buildings and Improvements | [4] | 4,987 | ||||
Total | [4] | 5,737 | ||||
Accumulated Depreciation | [4] | $ 3,068 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 2005 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 672 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,750 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 672 | ||||
Buildings and Improvements | [4] | 3,750 | ||||
Total | [4] | 4,422 | ||||
Accumulated Depreciation | [4] | $ 1,691 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 2006 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,237 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 5,237 | ||||
Total | [4] | 5,610 | ||||
Accumulated Depreciation | [4] | $ 3,218 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2006 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 342 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,532 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 342 | ||||
Buildings and Improvements | [4] | 4,532 | ||||
Total | [4] | 4,874 | ||||
Accumulated Depreciation | [4] | $ 2,496 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2007 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 547 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,756 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 547 | ||||
Buildings and Improvements | [4] | 5,756 | ||||
Total | [4] | 6,303 | ||||
Accumulated Depreciation | [4] | $ 2,634 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2007 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 2,393 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 506 | ||||
Buildings and Improvements | [4],[5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 4,919 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 506 | ||||
Buildings and Improvements | [4],[5] | 4,919 | ||||
Total | [4],[5] | 5,425 | ||||
Accumulated Depreciation | [4],[5] | $ 2,209 | ||||
Year Acquired | [4],[5] | 2003 | ||||
Year Constructed | [4],[5] | 2006 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 2,175 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 382 | ||||
Buildings and Improvements | [4],[5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 4,548 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 382 | ||||
Buildings and Improvements | [4],[5] | 4,548 | ||||
Total | [4],[5] | 4,930 | ||||
Accumulated Depreciation | [4],[5] | $ 2,404 | ||||
Year Acquired | [4],[5] | 2003 | ||||
Year Constructed | [4],[5] | 2006 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 571 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,396 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 571 | ||||
Buildings and Improvements | [4] | 5,396 | ||||
Total | [4] | 5,967 | ||||
Accumulated Depreciation | [4] | $ 2,382 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2007 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 520 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,787 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 520 | ||||
Buildings and Improvements | [4] | 6,787 | ||||
Total | [4] | 7,307 | ||||
Accumulated Depreciation | [4] | $ 2,964 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2008 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park VIII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 531 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,369 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 531 | ||||
Buildings and Improvements | [4] | 6,369 | ||||
Total | [4] | 6,900 | ||||
Accumulated Depreciation | [4] | $ 2,359 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2008 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park IX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 468 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,462 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 468 | ||||
Buildings and Improvements | [4] | 6,462 | ||||
Total | [4] | 6,930 | ||||
Accumulated Depreciation | [4] | $ 2,244 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2012 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park X [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 414 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,879 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 414 | ||||
Buildings and Improvements | [4] | 4,879 | ||||
Total | [4] | 5,293 | ||||
Accumulated Depreciation | [4] | $ 1,357 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2012 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park XI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 513 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,939 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 513 | ||||
Buildings and Improvements | [4] | 5,939 | ||||
Total | [4] | 6,452 | ||||
Accumulated Depreciation | [4] | $ 1,788 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2012 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park XII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,025 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 17,189 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,025 | ||||
Buildings and Improvements | [4] | 17,189 | ||||
Total | [4] | 19,214 | ||||
Accumulated Depreciation | [4] | $ 6,003 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 991 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,586 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 991 | ||||
Buildings and Improvements | [4] | 6,586 | ||||
Total | [4] | 7,577 | ||||
Accumulated Depreciation | [4] | $ 1,650 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2014 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,111 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,249 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,111 | ||||
Buildings and Improvements | [4] | 7,249 | ||||
Total | [4] | 8,360 | ||||
Accumulated Depreciation | [4] | $ 1,666 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2014 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 991 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,541 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 991 | ||||
Buildings and Improvements | [4] | 6,541 | ||||
Total | [4] | 7,532 | ||||
Accumulated Depreciation | [4] | $ 1,259 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2016 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,097 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,595 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,097 | ||||
Buildings and Improvements | [4] | 8,595 | ||||
Total | [4] | 9,692 | ||||
Accumulated Depreciation | [4] | $ 1,677 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2015 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,108 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,604 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,108 | ||||
Buildings and Improvements | [4] | 8,604 | ||||
Total | [4] | 9,712 | ||||
Accumulated Depreciation | [4] | $ 1,182 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2017 | ||||
FLORIDA | Industrial [Member] | Orlando [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] | 11,131 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,099 | ||||
Buildings and Improvements | [4] | 11,131 | ||||
Total | [4] | 12,230 | ||||
Accumulated Depreciation | [4] | $ 900 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2019 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 962 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,639 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 962 | ||||
Buildings and Improvements | [4] | 7,639 | ||||
Total | [4] | 8,601 | ||||
Accumulated Depreciation | [4] | $ 1,319 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2017 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon VIII & IX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,590 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 16,628 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,590 | ||||
Buildings and Improvements | [4] | 16,628 | ||||
Total | [4] | 18,218 | ||||
Accumulated Depreciation | [4] | $ 532 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2019 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon X [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 846 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,601 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 846 | ||||
Buildings and Improvements | [4] | 6,601 | ||||
Total | [4] | 7,447 | ||||
Accumulated Depreciation | [4] | $ 752 | ||||
Year Acquired | [4] | 2009 | ||||
Year Constructed | [4] | 2018 | ||||
FLORIDA | Industrial [Member] | Orlando [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] | 9,877 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,101 | ||||
Buildings and Improvements | [4] | 9,877 | ||||
Total | [4] | 10,978 | ||||
Accumulated Depreciation | [4] | $ 569 | ||||
Year Acquired | [4] | 2009 | ||||
Year Constructed | [4] | 2019 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon XII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,416 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 10,581 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,416 | ||||
Buildings and Improvements | [4] | 10,581 | ||||
Total | [4] | 11,997 | ||||
Accumulated Depreciation | [4] | $ 1,118 | ||||
Year Acquired | [4] | 2009 | ||||
Year Constructed | [4] | 2017 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Deerwood Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,147 | ||||
Buildings and Improvements | [4] | 1,799 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,558 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,147 | ||||
Buildings and Improvements | [4] | 8,357 | ||||
Total | [4] | 9,504 | ||||
Accumulated Depreciation | [4] | $ 3,895 | ||||
Year Acquired | [4] | 1989 | ||||
Year Constructed | [4] | 1978 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Phillips Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,375 | ||||
Buildings and Improvements | [4] | 2,961 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,085 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,375 | ||||
Buildings and Improvements | [4] | 8,046 | ||||
Total | [4] | 9,421 | ||||
Accumulated Depreciation | [4] | $ 5,815 | ||||
Year Acquired | [4] | 1994 | ||||
Year Constructed | [4] | 1984/95 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Lake Pointe Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,442 | ||||
Buildings and Improvements | [4] | 6,450 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 9,930 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,442 | ||||
Buildings and Improvements | [4] | 16,380 | ||||
Total | [4] | 19,822 | ||||
Accumulated Depreciation | [4] | $ 12,840 | ||||
Year Acquired | [4] | 1993 | ||||
Year Constructed | [4] | 1986/87 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Ellis Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 540 | ||||
Buildings and Improvements | [4] | 7,513 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,399 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 540 | ||||
Buildings and Improvements | [4] | 11,912 | ||||
Total | [4] | 12,452 | ||||
Accumulated Depreciation | [4] | $ 5,706 | ||||
Year Acquired | [4] | 1997 | ||||
Year Constructed | [4] | 1977 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Westside Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,011 | ||||
Buildings and Improvements | [4] | 15,374 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 9,896 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,011 | ||||
Buildings and Improvements | [4] | 25,270 | ||||
Total | [4] | 27,281 | ||||
Accumulated Depreciation | [4] | $ 14,506 | ||||
Year Acquired | [4] | 1997/2008 | ||||
Year Constructed | [4] | 1984/85 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Beach Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 476 | ||||
Buildings and Improvements | [4] | 1,899 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 888 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 476 | ||||
Buildings and Improvements | [4] | 2,787 | ||||
Total | [4] | 3,263 | ||||
Accumulated Depreciation | [4] | $ 1,617 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2000 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Interstate Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,879 | ||||
Buildings and Improvements | [4] | 5,700 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,274 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,879 | ||||
Buildings and Improvements | [4] | 7,974 | ||||
Total | [4] | 9,853 | ||||
Accumulated Depreciation | [4] | $ 4,798 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 1990 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Flagler Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 7,317 | ||||
Buildings and Improvements | [4] | 14,912 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,012 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 7,317 | ||||
Buildings and Improvements | [4] | 15,924 | ||||
Total | [4] | 23,241 | ||||
Accumulated Depreciation | [4] | $ 2,245 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 1997 & 2005 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Linpro Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 613 | ||||
Buildings and Improvements | [4] | 2,243 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,623 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 616 | ||||
Buildings and Improvements | [4] | 5,863 | ||||
Total | [4] | 6,479 | ||||
Accumulated Depreciation | [4] | $ 4,026 | ||||
Year Acquired | [4] | 1996 | ||||
Year Constructed | [4] | 1986 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Cypress Creek Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 2,465 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,604 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 5,069 | ||||
Total | [4] | 5,069 | ||||
Accumulated Depreciation | [4] | $ 3,520 | ||||
Year Acquired | [4] | 1997 | ||||
Year Constructed | [4] | 1986 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Lockhart Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 3,489 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,150 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 6,639 | ||||
Total | [4] | 6,639 | ||||
Accumulated Depreciation | [4] | $ 4,949 | ||||
Year Acquired | [4] | 1997 | ||||
Year Constructed | [4] | 1986 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Interstate Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 485 | ||||
Buildings and Improvements | [4] | 2,652 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,851 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 485 | ||||
Buildings and Improvements | [4] | 4,503 | ||||
Total | [4] | 4,988 | ||||
Accumulated Depreciation | [4] | $ 2,579 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1988 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Executive Airport Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,991 | ||||
Buildings and Improvements | [4] | 4,857 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,981 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,991 | ||||
Buildings and Improvements | [4] | 10,838 | ||||
Total | [4] | 12,829 | ||||
Accumulated Depreciation | [4] | $ 5,613 | ||||
Year Acquired | [4] | 2001 | ||||
Year Constructed | [4] | 2004/06 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Sample 95 Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,202 | ||||
Buildings and Improvements | [4] | 8,785 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,323 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,202 | ||||
Buildings and Improvements | [4] | 13,108 | ||||
Total | [4] | 15,310 | ||||
Accumulated Depreciation | [4] | $ 8,623 | ||||
Year Acquired | [4] | 1996/98 | ||||
Year Constructed | [4] | 1990/99 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Blue Heron Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 975 | ||||
Buildings and Improvements | [4] | 3,626 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,655 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 975 | ||||
Buildings and Improvements | [4] | 6,281 | ||||
Total | [4] | 7,256 | ||||
Accumulated Depreciation | [4] | $ 4,048 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 1986 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Blue Heron Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,385 | ||||
Buildings and Improvements | [4] | 4,222 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,154 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,385 | ||||
Buildings and Improvements | [4] | 6,376 | ||||
Total | [4] | 7,761 | ||||
Accumulated Depreciation | [4] | $ 3,369 | ||||
Year Acquired | [4] | 2004 | ||||
Year Constructed | [4] | 1988 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Blue Heron Distribution Center III | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 450 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,843 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 450 | ||||
Buildings and Improvements | [4] | 2,843 | ||||
Total | [4] | 3,293 | ||||
Accumulated Depreciation | [4] | $ 1,187 | ||||
Year Acquired | [4] | 2004 | ||||
Year Constructed | [4] | 2009 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Weston [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,163 | ||||
Buildings and Improvements | [4] | 9,951 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,738 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,163 | ||||
Buildings and Improvements | [4] | 11,689 | ||||
Total | [4] | 15,852 | ||||
Accumulated Depreciation | [4] | $ 1,535 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 1998 | ||||
FLORIDA | Industrial [Member] | Fort Myers [Member] | SunCoast Commerce Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 911 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,841 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 928 | ||||
Buildings and Improvements | [4] | 4,824 | ||||
Total | [4] | 5,752 | ||||
Accumulated Depreciation | [4] | $ 2,066 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
FLORIDA | Industrial [Member] | Fort Myers [Member] | SunCoast Commerce Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 911 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,030 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 928 | ||||
Buildings and Improvements | [4] | 5,013 | ||||
Total | [4] | 5,941 | ||||
Accumulated Depreciation | [4] | $ 2,314 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2007 | ||||
FLORIDA | Industrial [Member] | Fort Myers [Member] | SunCoast Commerce Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,720 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,714 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,763 | ||||
Buildings and Improvements | [4] | 6,671 | ||||
Total | [4] | 8,434 | ||||
Accumulated Depreciation | [4] | $ 2,754 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 2008 | ||||
FLORIDA | Industrial [Member] | Fort Myers [Member] | SunCoast 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,733 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,548 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,762 | ||||
Buildings and Improvements | [4] | 7,519 | ||||
Total | [4] | 9,281 | ||||
Accumulated Depreciation | [4] | $ 983 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 2017 | ||||
FLORIDA | Industrial [Member] | Fort Myers [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] | 6,724 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,594 | ||||
Buildings and Improvements | [4] | 6,641 | ||||
Total | [4] | 8,235 | ||||
Accumulated Depreciation | [4] | $ 512 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 2019 | ||||
FLORIDA | Industrial [Member] | Fort Myers [Member] | SunCoast Commerce Center 6 | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,537 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,063 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,594 | ||||
Buildings and Improvements | [4] | 7,006 | ||||
Total | [4] | 8,600 | ||||
Accumulated Depreciation | [4] | $ 244 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 2019 | ||||
FLORIDA | Industrial [Member] | Fort Myers [Member] | Suncoast Commerce Center 8 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,533 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,782 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,533 | ||||
Buildings and Improvements | [4] | 6,782 | ||||
Total | [4] | 8,315 | ||||
Accumulated Depreciation | [4] | $ 196 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 2020 | ||||
FLORIDA | Industrial [Member] | Miami [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] | 18,955 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 5,746 | ||||
Buildings and Improvements | [4] | 18,955 | ||||
Total | [4] | 24,701 | ||||
Accumulated Depreciation | [4] | $ 1,357 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2018 | ||||
FLORIDA | Industrial [Member] | Miami [Member] | Gateway Commerce Park 5 [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] | 19,329 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 5,357 | ||||
Buildings and Improvements | [4] | 19,718 | ||||
Total | [4] | 25,075 | ||||
Accumulated Depreciation | [4] | $ 900 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2019 | ||||
FLORIDA | Industrial Development [Member] | SunCoast 7 | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 1,533 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 5,840 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 1,533 | ||||
Buildings and Improvements | [6] | 5,840 | ||||
Total | [6] | 7,373 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2006 | ||||
Year Constructed | [6] | 2020 | ||||
FLORIDA | Industrial Development [Member] | Suncoast Commerce Center Land | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 6,547 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 1,319 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 6,630 | ||||
Buildings and Improvements | [6] | 1,236 | ||||
Total | [6] | 7,866 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2006/2020 | ||||
Year Constructed | [6] | n/a | ||||
FLORIDA | Industrial Development [Member] | Gateway Commerce Park 4 | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 4,711 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 17,336 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 4,711 | ||||
Buildings and Improvements | [6] | 17,336 | ||||
Total | [6] | 22,047 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2016 | ||||
Year Constructed | [6] | 2020 | ||||
FLORIDA | Industrial Development [Member] | Gateway Commerce Park Land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 11,065 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 9,231 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 11,065 | ||||
Buildings and Improvements | [6] | 9,231 | ||||
Total | [6] | 20,296 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2016 | ||||
Year Constructed | [6] | n/a | ||||
FLORIDA | Industrial Development [Member] | Horizon Commerce Park Land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 650 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 426 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 650 | ||||
Buildings and Improvements | [6] | 426 | ||||
Total | [6] | 1,076 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2008/09 | ||||
Year Constructed | [6] | n/a | ||||
FLORIDA | Industrial Development [Member] | Horizon West Land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 20,528 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 6,074 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 20,530 | ||||
Buildings and Improvements | [6] | 6,072 | ||||
Total | [6] | 26,602 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2020 | ||||
Year Constructed | [6] | n/a | ||||
FLORIDA | Industrial Development [Member] | Grand Oaks 75 Land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 4,101 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 797 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 4,109 | ||||
Buildings and Improvements | [6] | 789 | ||||
Total | [6] | 4,898 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2019 | ||||
Year Constructed | [6] | n/a | ||||
FLORIDA | Industrial Development [Member] | Oak Creek Distribution Center Land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 106 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 719 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 352 | ||||
Buildings and Improvements | [6] | 473 | ||||
Total | [6] | 825 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2005 | ||||
Year Constructed | [6] | n/a | ||||
CALIFORNIA | Industrial [Member] | San Francisco area [Member] | Wiegman Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,197 | ||||
Buildings and Improvements | [4] | 8,788 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,514 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,308 | ||||
Buildings and Improvements | [4] | 11,191 | ||||
Total | [4] | 13,499 | ||||
Accumulated Depreciation | [4] | $ 7,250 | ||||
Year Acquired | [4] | 1996 | ||||
Year Constructed | [4] | 1986/87 | ||||
CALIFORNIA | Industrial [Member] | San Francisco area [Member] | Wiegman Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,579 | ||||
Buildings and Improvements | [4] | 4,316 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 152 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,579 | ||||
Buildings and Improvements | [4] | 4,468 | ||||
Total | [4] | 7,047 | ||||
Accumulated Depreciation | [4] | $ 1,071 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 1998 | ||||
CALIFORNIA | Industrial [Member] | San Francisco area [Member] | Huntwood Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,842 | ||||
Buildings and Improvements | [4] | 15,368 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,711 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,842 | ||||
Buildings and Improvements | [4] | 19,079 | ||||
Total | [4] | 22,921 | ||||
Accumulated Depreciation | [4] | $ 12,547 | ||||
Year Acquired | [4] | 1996 | ||||
Year Constructed | [4] | 1988 | ||||
CALIFORNIA | Industrial [Member] | San Francisco area [Member] | San Clemente Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 893 | ||||
Buildings and Improvements | [4] | 2,004 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 944 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 893 | ||||
Buildings and Improvements | [4] | 2,948 | ||||
Total | [4] | 3,841 | ||||
Accumulated Depreciation | [4] | $ 2,088 | ||||
Year Acquired | [4] | 1997 | ||||
Year Constructed | [4] | 1978 | ||||
CALIFORNIA | Industrial [Member] | San Francisco area [Member] | Yosemite Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 259 | ||||
Buildings and Improvements | [4] | 7,058 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,036 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 731 | ||||
Buildings and Improvements | [4] | 8,622 | ||||
Total | [4] | 9,353 | ||||
Accumulated Depreciation | [4] | $ 5,452 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 1974/87 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Eucalyptus Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 11,392 | ||||
Buildings and Improvements | [4] | 11,498 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 194 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 11,392 | ||||
Buildings and Improvements | [4] | 11,692 | ||||
Total | [4] | 23,084 | ||||
Accumulated Depreciation | [4] | $ 1,043 | ||||
Year Acquired | [4] | 2018 | ||||
Year Constructed | [4] | 1988 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Kingsview Industrial Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 643 | ||||
Buildings and Improvements | [4] | 2,573 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 883 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 643 | ||||
Buildings and Improvements | [4] | 3,456 | ||||
Total | [4] | 4,099 | ||||
Accumulated Depreciation | [4] | $ 2,329 | ||||
Year Acquired | [4] | 1996 | ||||
Year Constructed | [4] | 1980 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Dominguez Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,006 | ||||
Buildings and Improvements | [4] | 8,025 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,170 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,006 | ||||
Buildings and Improvements | [4] | 9,195 | ||||
Total | [4] | 11,201 | ||||
Accumulated Depreciation | [4] | $ 6,120 | ||||
Year Acquired | [4] | 1996 | ||||
Year Constructed | [4] | 1977 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Main Street Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,606 | ||||
Buildings and Improvements | [4] | 4,103 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 869 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,606 | ||||
Buildings and Improvements | [4] | 4,972 | ||||
Total | [4] | 6,578 | ||||
Accumulated Depreciation | [4] | $ 3,119 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 1999 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Walnut Business Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,885 | ||||
Buildings and Improvements | [4] | 5,274 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,590 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,885 | ||||
Buildings and Improvements | [4] | 7,864 | ||||
Total | [4] | 10,749 | ||||
Accumulated Depreciation | [4] | $ 5,143 | ||||
Year Acquired | [4] | 1996 | ||||
Year Constructed | [4] | 1966/90 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Washington Distribution Center [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] | 4,900 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 751 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,636 | ||||
Buildings and Improvements | [4] | 5,651 | ||||
Total | [4] | 7,287 | ||||
Accumulated Depreciation | [4] | $ 3,579 | ||||
Year Acquired | [4] | 1997 | ||||
Year Constructed | [4] | 1996/97 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Chino Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,544 | ||||
Buildings and Improvements | [4] | 10,175 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,623 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,544 | ||||
Buildings and Improvements | [4] | 11,798 | ||||
Total | [4] | 14,342 | ||||
Accumulated Depreciation | [4] | $ 9,244 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1980 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Ramona Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 2,266 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,761 | ||||
Buildings and Improvements | [4] | 5,751 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 160 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,761 | ||||
Buildings and Improvements | [4] | 5,911 | ||||
Total | [4] | 9,672 | ||||
Accumulated Depreciation | [4] | $ 975 | ||||
Year Acquired | [4] | 2014 | ||||
Year Constructed | [4] | 1984 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Industry Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 10,230 | ||||
Buildings and Improvements | [4] | 12,373 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,866 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 10,230 | ||||
Buildings and Improvements | [4] | 17,239 | ||||
Total | [4] | 27,469 | ||||
Accumulated Depreciation | [4] | $ 10,711 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1959 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Industry Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 3,012 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | (157) | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 2,855 | ||||
Total | [4] | 2,855 | ||||
Accumulated Depreciation | [4] | $ 2,855 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 1992 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Chestnut Business Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,674 | ||||
Buildings and Improvements | [4] | 3,465 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 361 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,674 | ||||
Buildings and Improvements | [4] | 3,826 | ||||
Total | [4] | 5,500 | ||||
Accumulated Depreciation | [4] | $ 2,217 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1999 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Los Angeles Corporate Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,363 | ||||
Buildings and Improvements | [4] | 5,453 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,627 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,363 | ||||
Buildings and Improvements | [4] | 9,080 | ||||
Total | [4] | 10,443 | ||||
Accumulated Depreciation | [4] | $ 6,534 | ||||
Year Acquired | [4] | 1996 | ||||
Year Constructed | [4] | 1986 | ||||
CALIFORNIA | Industrial [Member] | Fresno [Member] | Shaw Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,465 | ||||
Buildings and Improvements | [4] | 11,627 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,579 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,465 | ||||
Buildings and Improvements | [4] | 19,206 | ||||
Total | [4] | 21,671 | ||||
Accumulated Depreciation | [4] | $ 12,781 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1978/81/87 | ||||
CALIFORNIA | Industrial [Member] | San Diego [Member] | Eastlake Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,046 | ||||
Buildings and Improvements | [4] | 6,888 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,089 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,046 | ||||
Buildings and Improvements | [4] | 8,977 | ||||
Total | [4] | 12,023 | ||||
Accumulated Depreciation | [4] | $ 5,902 | ||||
Year Acquired | [4] | 1997 | ||||
Year Constructed | [4] | 1989 | ||||
CALIFORNIA | Industrial [Member] | San Diego [Member] | Miramar Land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 13,980 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 13,981 | ||||
Buildings and Improvements | [4] | 0 | ||||
Total | [4] | 13,981 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | n/a | ||||
CALIFORNIA | Industrial [Member] | San Diego [Member] | Ocean View Corporate Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 6,577 | ||||
Buildings and Improvements | [4] | 7,105 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,596 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 6,577 | ||||
Buildings and Improvements | [4] | 8,701 | ||||
Total | [4] | 15,278 | ||||
Accumulated Depreciation | [4] | $ 3,456 | ||||
Year Acquired | [4] | 2010 | ||||
Year Constructed | [4] | 2005 | ||||
CALIFORNIA | Industrial [Member] | San Diego [Member] | Otay Mesa Land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 15,282 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 12 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 15,294 | ||||
Buildings and Improvements | [4] | 0 | ||||
Total | [4] | 15,294 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | n/a | ||||
CALIFORNIA | Industrial [Member] | San Diego [Member] | Rocky Point Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 8,857 | ||||
Buildings and Improvements | [4] | 13,388 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 8,857 | ||||
Buildings and Improvements | [4] | 13,389 | ||||
Total | [4] | 22,246 | ||||
Accumulated Depreciation | [4] | $ 666 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2019 | ||||
CALIFORNIA | Industrial [Member] | San Diego [Member] | Rocky Point Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 7,623 | ||||
Buildings and Improvements | [4] | 11,614 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 846 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 7,623 | ||||
Buildings and Improvements | [4] | 12,460 | ||||
Total | [4] | 20,083 | ||||
Accumulated Depreciation | [4] | $ 127 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2019 | ||||
CALIFORNIA | Industrial [Member] | San Diego [Member] | Siempre Viva Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,628 | ||||
Buildings and Improvements | [4] | 9,211 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 368 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,628 | ||||
Buildings and Improvements | [4] | 9,579 | ||||
Total | [4] | 14,207 | ||||
Accumulated Depreciation | [4] | $ 640 | ||||
Year Acquired | [4] | 2018 | ||||
Year Constructed | [4] | 2003 | ||||
CALIFORNIA | Industrial [Member] | San Diego [Member] | Siempre Viva Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,868 | ||||
Buildings and Improvements | [4] | 5,694 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 125 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,877 | ||||
Buildings and Improvements | [4] | 5,810 | ||||
Total | [4] | 8,687 | ||||
Accumulated Depreciation | [4] | $ 232 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2002 | ||||
CALIFORNIA | Industrial Development [Member] | Rancho Distribution Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 16,180 | ||||
Buildings and Improvements | [6] | 11,140 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 5 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 16,180 | ||||
Buildings and Improvements | [6] | 11,145 | ||||
Total | [6] | 27,325 | ||||
Accumulated Depreciation | [6] | $ 156 | ||||
Year Acquired | [6] | 2020 | ||||
Year Constructed | [6] | 2006 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Allen Station I & II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 5,815 | ||||
Buildings and Improvements | [4] | 17,612 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,142 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 5,815 | ||||
Buildings and Improvements | [4] | 18,754 | ||||
Total | [4] | 24,569 | ||||
Accumulated Depreciation | [4] | $ 1,817 | ||||
Year Acquired | [4] | 2018 | ||||
Year Constructed | [4] | 2001 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Arlington Tech Centre 1 & 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,510 | ||||
Buildings and Improvements | [4] | 10,096 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,890 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,515 | ||||
Buildings and Improvements | [4] | 11,981 | ||||
Total | [4] | 14,496 | ||||
Accumulated Depreciation | [4] | $ 140 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2019 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Interstate Distribution Center I and II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 4,636 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 1,746 | ||||
Buildings and Improvements | [4],[7] | 4,941 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 3,830 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 1,746 | ||||
Buildings and Improvements | [4],[7] | 8,771 | ||||
Total | [4],[7] | 10,517 | ||||
Accumulated Depreciation | [4],[7] | $ 7,270 | ||||
Year Acquired | [4],[7] | 1988 | ||||
Year Constructed | [4],[7] | 1978 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Interstate Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 1,852 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 519 | ||||
Buildings and Improvements | [4],[7] | 2,008 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 1,674 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 519 | ||||
Buildings and Improvements | [4],[7] | 3,682 | ||||
Total | [4],[7] | 4,201 | ||||
Accumulated Depreciation | [4],[7] | $ 2,649 | ||||
Year Acquired | [4],[7] | 2000 | ||||
Year Constructed | [4],[7] | 1979 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Interstate Distribution Center IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 416 | ||||
Buildings and Improvements | [4] | 2,481 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 732 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 416 | ||||
Buildings and Improvements | [4] | 3,213 | ||||
Total | [4] | 3,629 | ||||
Accumulated Depreciation | [4] | $ 1,829 | ||||
Year Acquired | [4] | 2004 | ||||
Year Constructed | [4] | 2002 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Interstate Distribution Center V, VI, VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 3,796 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 1,824 | ||||
Buildings and Improvements | [4],[5] | 4,106 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 2,674 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 1,824 | ||||
Buildings and Improvements | [4],[5] | 6,780 | ||||
Total | [4],[5] | 8,604 | ||||
Accumulated Depreciation | [4],[5] | $ 4,024 | ||||
Year Acquired | [4],[5] | 2009 | ||||
Year Constructed | [4],[5] | 1979/80/81 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Logistics Center 6 & 7 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 12,605 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,178 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 15,783 | ||||
Total | [4] | 15,783 | ||||
Accumulated Depreciation | [4] | $ 832 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2018 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Venture Warehouses [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 3,513 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 1,452 | ||||
Buildings and Improvements | [4],[7] | 3,762 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 2,755 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 1,452 | ||||
Buildings and Improvements | [4],[7] | 6,517 | ||||
Total | [4],[7] | 7,969 | ||||
Accumulated Depreciation | [4],[7] | $ 5,667 | ||||
Year Acquired | [4],[7] | 1988 | ||||
Year Constructed | [4],[7] | 1979 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | ParkView 1-3 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,663 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 18,906 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,663 | ||||
Buildings and Improvements | [4] | 18,906 | ||||
Total | [4] | 21,569 | ||||
Accumulated Depreciation | [4] | $ 3,473 | ||||
Year Acquired | [4] | 2014 | ||||
Year Constructed | [4] | 2015 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Shady Trail Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 635 | ||||
Buildings and Improvements | [4] | 3,621 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,408 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 635 | ||||
Buildings and Improvements | [4] | 5,029 | ||||
Total | [4] | 5,664 | ||||
Accumulated Depreciation | [4] | $ 2,913 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 1998 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Valwood Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,361 | ||||
Buildings and Improvements | [4] | 34,405 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,433 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,361 | ||||
Buildings and Improvements | [4] | 38,838 | ||||
Total | [4] | 43,199 | ||||
Accumulated Depreciation | [4] | $ 11,872 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 1986/87/97/98 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Northfield Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 12,470 | ||||
Buildings and Improvements | [4] | 50,713 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,974 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 12,471 | ||||
Buildings and Improvements | [4] | 57,686 | ||||
Total | [4] | 70,157 | ||||
Accumulated Depreciation | [4] | $ 16,967 | ||||
Year Acquired | [4] | 2013 | ||||
Year Constructed | [4] | 1999-2001/03/04/08 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Parc North 1-4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,615 | ||||
Buildings and Improvements | [4] | 26,358 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,197 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,615 | ||||
Buildings and Improvements | [4] | 32,555 | ||||
Total | [4] | 37,170 | ||||
Accumulated Depreciation | [4] | $ 5,060 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2016 | ||||
TEXAS | Industrial [Member] | Dallas [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] | 7,829 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,286 | ||||
Buildings and Improvements | [4] | 7,829 | ||||
Total | [4] | 9,115 | ||||
Accumulated Depreciation | [4] | $ 414 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2019 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Parc North 6 [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] | 9,536 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,233 | ||||
Buildings and Improvements | [4] | 9,536 | ||||
Total | [4] | 10,769 | ||||
Accumulated Depreciation | [4] | $ 299 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2019 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | CreekView 121 1&2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,275 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 14,614 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,275 | ||||
Buildings and Improvements | [4] | 14,614 | ||||
Total | [4] | 17,889 | ||||
Accumulated Depreciation | [4] | $ 2,502 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2017 | ||||
TEXAS | Industrial [Member] | Dallas [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] | 13,518 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,600 | ||||
Buildings and Improvements | [4] | 13,518 | ||||
Total | [4] | 16,118 | ||||
Accumulated Depreciation | [4] | $ 1,526 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2018 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Creekview 121 5 & 6 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,682 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 12,831 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,681 | ||||
Buildings and Improvements | [4] | 12,832 | ||||
Total | [4] | 15,513 | ||||
Accumulated Depreciation | [4] | $ 483 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2020 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | The Rock at Star Business Park | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 5,296 | ||||
Buildings and Improvements | [4] | 27,223 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 0 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 5,296 | ||||
Buildings and Improvements | [4] | 27,223 | ||||
Total | [4] | 32,519 | ||||
Accumulated Depreciation | [4] | $ 112 | ||||
Year Acquired | [4] | 2020 | ||||
Year Constructed | [4] | 2019 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 1 and 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 660 | ||||
Buildings and Improvements | [4] | 5,893 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,496 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 660 | ||||
Buildings and Improvements | [4] | 8,389 | ||||
Total | [4] | 9,049 | ||||
Accumulated Depreciation | [4] | $ 5,479 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1996 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 3 and 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 2,841 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 820 | ||||
Buildings and Improvements | [4],[7] | 5,130 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 495 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 707 | ||||
Buildings and Improvements | [4],[7] | 5,738 | ||||
Total | [4],[7] | 6,445 | ||||
Accumulated Depreciation | [4],[7] | $ 3,703 | ||||
Year Acquired | [4],[7] | 1998 | ||||
Year Constructed | [4],[7] | 1998 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 6 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 1,550 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 425 | ||||
Buildings and Improvements | [4],[7] | 2,423 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 669 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 425 | ||||
Buildings and Improvements | [4],[7] | 3,092 | ||||
Total | [4],[7] | 3,517 | ||||
Accumulated Depreciation | [4],[7] | $ 2,130 | ||||
Year Acquired | [4],[7] | 1998 | ||||
Year Constructed | [4],[7] | 1998 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 7 and 8 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 4,583 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 680 | ||||
Buildings and Improvements | [4],[7] | 4,584 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 5,134 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 680 | ||||
Buildings and Improvements | [4],[7] | 9,718 | ||||
Total | [4],[7] | 10,398 | ||||
Accumulated Depreciation | [4],[7] | $ 6,638 | ||||
Year Acquired | [4],[7] | 1998 | ||||
Year Constructed | [4],[7] | 1998 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 9 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 3,224 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 800 | ||||
Buildings and Improvements | [4],[7] | 4,355 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 2,159 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 800 | ||||
Buildings and Improvements | [4],[7] | 6,514 | ||||
Total | [4],[7] | 7,314 | ||||
Accumulated Depreciation | [4],[7] | $ 3,685 | ||||
Year Acquired | [4],[7] | 1998 | ||||
Year Constructed | [4],[7] | 1998 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 10 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 933 | ||||
Buildings and Improvements | [4] | 4,779 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 880 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 933 | ||||
Buildings and Improvements | [4] | 5,659 | ||||
Total | [4] | 6,592 | ||||
Accumulated Depreciation | [4] | $ 3,116 | ||||
Year Acquired | [4] | 2001 | ||||
Year Constructed | [4] | 1999 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 11 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 638 | ||||
Buildings and Improvements | [4] | 3,764 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,799 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 638 | ||||
Buildings and Improvements | [4] | 5,563 | ||||
Total | [4] | 6,201 | ||||
Accumulated Depreciation | [4] | $ 3,248 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 1999 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 12 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 340 | ||||
Buildings and Improvements | [4] | 2,419 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 383 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 340 | ||||
Buildings and Improvements | [4] | 2,802 | ||||
Total | [4] | 3,142 | ||||
Accumulated Depreciation | [4] | $ 1,794 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2002 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 13 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 282 | ||||
Buildings and Improvements | [4] | 2,569 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 773 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 282 | ||||
Buildings and Improvements | [4] | 3,342 | ||||
Total | [4] | 3,624 | ||||
Accumulated Depreciation | [4] | $ 2,200 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2002 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 14 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 722 | ||||
Buildings and Improvements | [4] | 2,629 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,329 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 722 | ||||
Buildings and Improvements | [4] | 3,958 | ||||
Total | [4] | 4,680 | ||||
Accumulated Depreciation | [4] | $ 2,372 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2003 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 15 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 731 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,284 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 731 | ||||
Buildings and Improvements | [4] | 6,284 | ||||
Total | [4] | 7,015 | ||||
Accumulated Depreciation | [4] | $ 3,710 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2007 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 16 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 519 | ||||
Buildings and Improvements | [4] | 4,248 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,806 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 519 | ||||
Buildings and Improvements | [4] | 6,054 | ||||
Total | [4] | 6,573 | ||||
Accumulated Depreciation | [4] | $ 3,430 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2005 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 17 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 1,945 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 848 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 2,793 | ||||
Total | [4] | 3,166 | ||||
Accumulated Depreciation | [4] | $ 1,611 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2004 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 19 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 2,256 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,327 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 3,583 | ||||
Total | [4] | 3,956 | ||||
Accumulated Depreciation | [4] | $ 2,110 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2004 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 20 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,008 | ||||
Buildings and Improvements | [4] | 1,948 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,201 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,008 | ||||
Buildings and Improvements | [4] | 4,149 | ||||
Total | [4] | 5,157 | ||||
Accumulated Depreciation | [4] | $ 2,443 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2004 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 21 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 436 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,126 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 436 | ||||
Buildings and Improvements | [4] | 4,126 | ||||
Total | [4] | 4,562 | ||||
Accumulated Depreciation | [4] | $ 1,884 | ||||
Year Acquired | [4] | 2000/03 | ||||
Year Constructed | [4] | 2006 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 22 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 436 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,638 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 436 | ||||
Buildings and Improvements | [4] | 4,638 | ||||
Total | [4] | 5,074 | ||||
Accumulated Depreciation | [4] | $ 2,383 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2007 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 23 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 910 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,418 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 910 | ||||
Buildings and Improvements | [4] | 7,418 | ||||
Total | [4] | 8,328 | ||||
Accumulated Depreciation | [4] | $ 3,539 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2007 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 24 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 837 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,142 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 838 | ||||
Buildings and Improvements | [4] | 6,141 | ||||
Total | [4] | 6,979 | ||||
Accumulated Depreciation | [4] | $ 2,844 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 25 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 508 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,486 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 508 | ||||
Buildings and Improvements | [4] | 4,486 | ||||
Total | [4] | 4,994 | ||||
Accumulated Depreciation | [4] | $ 1,951 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 26 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 445 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,267 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 445 | ||||
Buildings and Improvements | [4] | 3,267 | ||||
Total | [4] | 3,712 | ||||
Accumulated Depreciation | [4] | $ 1,343 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 27 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 837 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,153 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 838 | ||||
Buildings and Improvements | [4] | 5,152 | ||||
Total | [4] | 5,990 | ||||
Accumulated Depreciation | [4] | $ 2,368 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 28 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 550 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,665 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 550 | ||||
Buildings and Improvements | [4] | 4,665 | ||||
Total | [4] | 5,215 | ||||
Accumulated Depreciation | [4] | $ 2,196 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2009 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 29 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 782 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,179 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 974 | ||||
Buildings and Improvements | [4] | 3,987 | ||||
Total | [4] | 4,961 | ||||
Accumulated Depreciation | [4] | $ 1,571 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2009 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 30 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 981 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,983 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,222 | ||||
Buildings and Improvements | [4] | 5,742 | ||||
Total | [4] | 6,964 | ||||
Accumulated Depreciation | [4] | $ 2,572 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2009 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr31a Member | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 684 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,092 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 684 | ||||
Buildings and Improvements | [4] | 4,092 | ||||
Total | [4] | 4,776 | ||||
Accumulated Depreciation | [4] | $ 1,917 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2011 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 31B [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 546 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,555 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 546 | ||||
Buildings and Improvements | [4] | 3,555 | ||||
Total | [4] | 4,101 | ||||
Accumulated Depreciation | [4] | $ 1,487 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2012 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 32 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 3,035 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 1,225 | ||||
Buildings and Improvements | [4],[5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 5,655 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 1,526 | ||||
Buildings and Improvements | [4],[5] | 5,354 | ||||
Total | [4],[5] | 6,880 | ||||
Accumulated Depreciation | [4],[5] | $ 1,721 | ||||
Year Acquired | [4],[5] | 2007 | ||||
Year Constructed | [4],[5] | 2012 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 33 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,166 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,867 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,166 | ||||
Buildings and Improvements | [4] | 7,867 | ||||
Total | [4] | 9,033 | ||||
Accumulated Depreciation | [4] | $ 2,259 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 34 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 439 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,440 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 439 | ||||
Buildings and Improvements | [4] | 3,440 | ||||
Total | [4] | 3,879 | ||||
Accumulated Depreciation | [4] | $ 1,038 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2012 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 35 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 340 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,580 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 340 | ||||
Buildings and Improvements | [4] | 2,580 | ||||
Total | [4] | 2,920 | ||||
Accumulated Depreciation | [4] | $ 632 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2012 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 36 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 684 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,882 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 684 | ||||
Buildings and Improvements | [4] | 4,882 | ||||
Total | [4] | 5,566 | ||||
Accumulated Depreciation | [4] | $ 1,552 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 37 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 759 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,423 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 759 | ||||
Buildings and Improvements | [4] | 6,423 | ||||
Total | [4] | 7,182 | ||||
Accumulated Depreciation | [4] | $ 2,020 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 38 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,053 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,324 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,053 | ||||
Buildings and Improvements | [4] | 7,324 | ||||
Total | [4] | 8,377 | ||||
Accumulated Depreciation | [4] | $ 2,311 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 39 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 620 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,203 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 621 | ||||
Buildings and Improvements | [4] | 5,202 | ||||
Total | [4] | 5,823 | ||||
Accumulated Depreciation | [4] | $ 1,258 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 40 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,072 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 9,359 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,072 | ||||
Buildings and Improvements | [4] | 9,359 | ||||
Total | [4] | 10,431 | ||||
Accumulated Depreciation | [4] | $ 1,974 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 41 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 649 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,961 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 649 | ||||
Buildings and Improvements | [4] | 5,961 | ||||
Total | [4] | 6,610 | ||||
Accumulated Depreciation | [4] | $ 1,326 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 42 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 571 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,814 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 571 | ||||
Buildings and Improvements | [4] | 4,814 | ||||
Total | [4] | 5,385 | ||||
Accumulated Depreciation | [4] | $ 907 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2015 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 43 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 443 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,109 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 443 | ||||
Buildings and Improvements | [4] | 6,109 | ||||
Total | [4] | 6,552 | ||||
Accumulated Depreciation | [4] | $ 315 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2019 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 45 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,243 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 13,711 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,243 | ||||
Buildings and Improvements | [4] | 13,711 | ||||
Total | [4] | 16,954 | ||||
Accumulated Depreciation | [4] | $ 516 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2019 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Glenmont Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 936 | ||||
Buildings and Improvements | [4] | 6,161 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,042 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 937 | ||||
Buildings and Improvements | [4] | 9,202 | ||||
Total | [4] | 10,139 | ||||
Accumulated Depreciation | [4] | $ 6,226 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1999/2000 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 458 | ||||
Buildings and Improvements | [4] | 5,712 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,149 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 458 | ||||
Buildings and Improvements | [4] | 8,861 | ||||
Total | [4] | 9,319 | ||||
Accumulated Depreciation | [4] | $ 5,320 | ||||
Year Acquired | [4] | 2002 | ||||
Year Constructed | [4] | 2001 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 415 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,138 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 415 | ||||
Buildings and Improvements | [4] | 3,138 | ||||
Total | [4] | 3,553 | ||||
Accumulated Depreciation | [4] | $ 1,489 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2007 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 460 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,280 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 460 | ||||
Buildings and Improvements | [4] | 3,280 | ||||
Total | [4] | 3,740 | ||||
Accumulated Depreciation | [4] | $ 1,595 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 460 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,260 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 460 | ||||
Buildings and Improvements | [4] | 3,260 | ||||
Total | [4] | 3,720 | ||||
Accumulated Depreciation | [4] | $ 1,520 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 701 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,267 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 701 | ||||
Buildings and Improvements | [4] | 5,267 | ||||
Total | [4] | 5,968 | ||||
Accumulated Depreciation | [4] | $ 2,552 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 3,134 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 618 | ||||
Buildings and Improvements | [4],[5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 6,486 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 618 | ||||
Buildings and Improvements | [4],[5] | 6,486 | ||||
Total | [4],[5] | 7,104 | ||||
Accumulated Depreciation | [4],[5] | $ 2,473 | ||||
Year Acquired | [4],[5] | 2005 | ||||
Year Constructed | [4],[5] | 2008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 3,001 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 765 | ||||
Buildings and Improvements | [4],[5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 6,037 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 765 | ||||
Buildings and Improvements | [4],[5] | 6,037 | ||||
Total | [4],[5] | 6,802 | ||||
Accumulated Depreciation | [4],[5] | $ 2,806 | ||||
Year Acquired | [4],[5] | 2005 | ||||
Year Constructed | [4],[5] | 2009 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing VIII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 721 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,610 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 721 | ||||
Buildings and Improvements | [4] | 5,610 | ||||
Total | [4] | 6,331 | ||||
Accumulated Depreciation | [4] | $ 2,290 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2011 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing IX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 418 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,141 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 418 | ||||
Buildings and Improvements | [4] | 2,141 | ||||
Total | [4] | 2,559 | ||||
Accumulated Depreciation | [4] | $ 691 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2012 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing X [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 733 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,912 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 733 | ||||
Buildings and Improvements | [4] | 3,912 | ||||
Total | [4] | 4,645 | ||||
Accumulated Depreciation | [4] | $ 1,233 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2012 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing XI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 690 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,141 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 690 | ||||
Buildings and Improvements | [4] | 4,141 | ||||
Total | [4] | 4,831 | ||||
Accumulated Depreciation | [4] | $ 1,171 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | West Road I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 621 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,103 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 541 | ||||
Buildings and Improvements | [4] | 4,183 | ||||
Total | [4] | 4,724 | ||||
Accumulated Depreciation | [4] | $ 1,168 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | West Road II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 981 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,819 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 854 | ||||
Buildings and Improvements | [4] | 4,946 | ||||
Total | [4] | 5,800 | ||||
Accumulated Depreciation | [4] | $ 1,156 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | West Road III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 597 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,222 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 520 | ||||
Buildings and Improvements | [4] | 4,299 | ||||
Total | [4] | 4,819 | ||||
Accumulated Depreciation | [4] | $ 695 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2015 | ||||
TEXAS | Industrial [Member] | Houston [Member] | West Road IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 621 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,623 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 541 | ||||
Buildings and Improvements | [4] | 4,703 | ||||
Total | [4] | 5,244 | ||||
Accumulated Depreciation | [4] | $ 1,181 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2015 | ||||
TEXAS | Industrial [Member] | Houston [Member] | West Road 5 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 484 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,372 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 421 | ||||
Buildings and Improvements | [4] | 4,435 | ||||
Total | [4] | 4,856 | ||||
Accumulated Depreciation | [4] | $ 560 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2018 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 1 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 566 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,041 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 566 | ||||
Buildings and Improvements | [4] | 3,041 | ||||
Total | [4] | 3,607 | ||||
Accumulated Depreciation | [4] | $ 909 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 829 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,496 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 833 | ||||
Buildings and Improvements | [4] | 4,492 | ||||
Total | [4] | 5,325 | ||||
Accumulated Depreciation | [4] | $ 1,656 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 3 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 609 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,535 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 613 | ||||
Buildings and Improvements | [4] | 4,531 | ||||
Total | [4] | 5,144 | ||||
Accumulated Depreciation | [4] | $ 1,436 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 694 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,569 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 699 | ||||
Buildings and Improvements | [4] | 4,564 | ||||
Total | [4] | 5,263 | ||||
Accumulated Depreciation | [4] | $ 1,477 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 5 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 933 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,872 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 940 | ||||
Buildings and Improvements | [4] | 5,865 | ||||
Total | [4] | 6,805 | ||||
Accumulated Depreciation | [4] | $ 1,575 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 6 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 640 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,660 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 644 | ||||
Buildings and Improvements | [4] | 4,656 | ||||
Total | [4] | 5,300 | ||||
Accumulated Depreciation | [4] | $ 1,131 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 7 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 584 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,321 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 589 | ||||
Buildings and Improvements | [4] | 5,316 | ||||
Total | [4] | 5,905 | ||||
Accumulated Depreciation | [4] | $ 1,148 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2015 | ||||
TEXAS | Industrial [Member] | Houston [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] | 8,710 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,135 | ||||
Buildings and Improvements | [4] | 8,701 | ||||
Total | [4] | 9,836 | ||||
Accumulated Depreciation | [4] | $ 488 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2019 | ||||
TEXAS | Industrial [Member] | El Paso [Member] | Butterfield Trail [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 20,725 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 9,763 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 30,488 | ||||
Total | [4] | 30,488 | ||||
Accumulated Depreciation | [4] | $ 21,485 | ||||
Year Acquired | [4] | 1997/2000 | ||||
Year Constructed | [4] | 1987/95 | ||||
TEXAS | Industrial [Member] | El Paso [Member] | Rojas Commerce Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 3,759 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 900 | ||||
Buildings and Improvements | [4],[7] | 3,659 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 3,968 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 900 | ||||
Buildings and Improvements | [4],[7] | 7,627 | ||||
Total | [4],[7] | 8,527 | ||||
Accumulated Depreciation | [4],[7] | $ 5,751 | ||||
Year Acquired | [4],[7] | 1999 | ||||
Year Constructed | [4],[7] | 1986 | ||||
TEXAS | Industrial [Member] | El Paso [Member] | Americas Ten Business Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 526 | ||||
Buildings and Improvements | [4] | 2,778 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,741 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 526 | ||||
Buildings and Improvements | [4] | 4,519 | ||||
Total | [4] | 5,045 | ||||
Accumulated Depreciation | [4] | $ 2,563 | ||||
Year Acquired | [4] | 2001 | ||||
Year Constructed | [4] | 2003 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Alamo Downs Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,342 | ||||
Buildings and Improvements | [4] | 6,338 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,856 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,342 | ||||
Buildings and Improvements | [4] | 8,194 | ||||
Total | [4] | 9,536 | ||||
Accumulated Depreciation | [4] | $ 4,989 | ||||
Year Acquired | [4] | 2004 | ||||
Year Constructed | [4] | 1986/2002 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Arion Business Park 1-13, 15 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,143 | ||||
Buildings and Improvements | [4] | 31,432 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 9,939 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,143 | ||||
Buildings and Improvements | [4] | 41,371 | ||||
Total | [4] | 45,514 | ||||
Accumulated Depreciation | [4] | $ 21,759 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 1988-2000/06 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Arion 14 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 423 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,011 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 423 | ||||
Buildings and Improvements | [4] | 4,011 | ||||
Total | [4] | 4,434 | ||||
Accumulated Depreciation | [4] | $ 1,726 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2006 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Arion 16 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 427 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,715 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 427 | ||||
Buildings and Improvements | [4] | 3,715 | ||||
Total | [4] | 4,142 | ||||
Accumulated Depreciation | [4] | $ 1,690 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2007 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Arion 17 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 616 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,404 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 616 | ||||
Buildings and Improvements | [4] | 4,404 | ||||
Total | [4] | 5,020 | ||||
Accumulated Depreciation | [4] | $ 2,674 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2007 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Arion 18 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 1,244 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 418 | ||||
Buildings and Improvements | [4],[5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 2,402 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 418 | ||||
Buildings and Improvements | [4],[5] | 2,402 | ||||
Total | [4],[5] | 2,820 | ||||
Accumulated Depreciation | [4],[5] | $ 1,224 | ||||
Year Acquired | [4],[5] | 2005 | ||||
Year Constructed | [4],[5] | 2008 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Wetmore Business Center 1-4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,494 | ||||
Buildings and Improvements | [4] | 10,804 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,781 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,494 | ||||
Buildings and Improvements | [4] | 14,585 | ||||
Total | [4] | 16,079 | ||||
Accumulated Depreciation | [4] | $ 8,495 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 1998/99 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Wetmore Business Center 5 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 412 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,870 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 412 | ||||
Buildings and Improvements | [4] | 3,870 | ||||
Total | [4] | 4,282 | ||||
Accumulated Depreciation | [4] | $ 1,963 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 2008 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Wetmore Business Center 6 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 505 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,035 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 505 | ||||
Buildings and Improvements | [4] | 4,035 | ||||
Total | [4] | 4,540 | ||||
Accumulated Depreciation | [4] | $ 1,789 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 2008 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Wetmore Business Center 7 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 546 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,089 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 546 | ||||
Buildings and Improvements | [4] | 5,089 | ||||
Total | [4] | 5,635 | ||||
Accumulated Depreciation | [4] | $ 1,885 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 2008 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Wetmore Business Center 8 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,056 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,366 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,056 | ||||
Buildings and Improvements | [4] | 8,366 | ||||
Total | [4] | 9,422 | ||||
Accumulated Depreciation | [4] | $ 3,488 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 2008 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Fairgrounds Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,644 | ||||
Buildings and Improvements | [4] | 8,209 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,515 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,644 | ||||
Buildings and Improvements | [4] | 10,724 | ||||
Total | [4] | 12,368 | ||||
Accumulated Depreciation | [4] | $ 5,957 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 1985/86 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Rittiman Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,083 | ||||
Buildings and Improvements | [4] | 6,649 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 603 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,083 | ||||
Buildings and Improvements | [4] | 7,252 | ||||
Total | [4] | 8,335 | ||||
Accumulated Depreciation | [4] | $ 1,971 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2000 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Thousand Oaks I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 607 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,518 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 607 | ||||
Buildings and Improvements | [4] | 4,518 | ||||
Total | [4] | 5,125 | ||||
Accumulated Depreciation | [4] | $ 1,806 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2012 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Thousand Oaks 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 794 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,816 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 794 | ||||
Buildings and Improvements | [4] | 4,816 | ||||
Total | [4] | 5,610 | ||||
Accumulated Depreciation | [4] | $ 1,626 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2012 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Thousand Oaks 3 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 772 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,651 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 772 | ||||
Buildings and Improvements | [4] | 4,651 | ||||
Total | [4] | 5,423 | ||||
Accumulated Depreciation | [4] | $ 1,500 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2013 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Thousand Oaks 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 753 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,744 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 753 | ||||
Buildings and Improvements | [4] | 4,744 | ||||
Total | [4] | 5,497 | ||||
Accumulated Depreciation | [4] | $ 925 | ||||
Year Acquired | [4] | 2013 | ||||
Year Constructed | [4] | 2015 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Alamo Ridge I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 623 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,306 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 623 | ||||
Buildings and Improvements | [4] | 8,306 | ||||
Total | [4] | 8,929 | ||||
Accumulated Depreciation | [4] | $ 2,358 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2015 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Alamo Ridge II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 402 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,368 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 402 | ||||
Buildings and Improvements | [4] | 5,368 | ||||
Total | [4] | 5,770 | ||||
Accumulated Depreciation | [4] | $ 1,093 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2015 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Alamo Ridge III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 907 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 10,144 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 907 | ||||
Buildings and Improvements | [4] | 10,144 | ||||
Total | [4] | 11,051 | ||||
Accumulated Depreciation | [4] | $ 1,418 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2017 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Alamo Ridge IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 354 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,479 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 355 | ||||
Buildings and Improvements | [4] | 7,478 | ||||
Total | [4] | 7,833 | ||||
Accumulated Depreciation | [4] | $ 1,850 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2017 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Eisenhauer Point 1 & 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,881 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 14,726 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,881 | ||||
Buildings and Improvements | [4] | 14,726 | ||||
Total | [4] | 16,607 | ||||
Accumulated Depreciation | [4] | $ 2,741 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2016 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Eisenhauer Point 3 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 577 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,109 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 577 | ||||
Buildings and Improvements | [4] | 6,109 | ||||
Total | [4] | 6,686 | ||||
Accumulated Depreciation | [4] | $ 1,044 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2017 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Eisenhauer Point 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 555 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,832 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 555 | ||||
Buildings and Improvements | [4] | 4,832 | ||||
Total | [4] | 5,387 | ||||
Accumulated Depreciation | [4] | $ 677 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2017 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Eisenhauer Point 5 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 818 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,015 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 818 | ||||
Buildings and Improvements | [4] | 7,015 | ||||
Total | [4] | 7,833 | ||||
Accumulated Depreciation | [4] | $ 1,091 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2018 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Eisenhauer Point 6 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 569 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,869 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 569 | ||||
Buildings and Improvements | [4] | 4,869 | ||||
Total | [4] | 5,438 | ||||
Accumulated Depreciation | [4] | $ 396 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2018 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Eisenhauer Point 7 & 8 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,000 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 22,243 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,593 | ||||
Buildings and Improvements | [4] | 20,650 | ||||
Total | [4] | 23,243 | ||||
Accumulated Depreciation | [4] | $ 1,285 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2019 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Eisenhauer Point 9 [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] | 5,729 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 632 | ||||
Buildings and Improvements | [4] | 5,729 | ||||
Total | [4] | 6,361 | ||||
Accumulated Depreciation | [4] | $ 235 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2019 | ||||
TEXAS | Industrial [Member] | San Antonio [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] | 14,816 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,623 | ||||
Buildings and Improvements | [4] | 14,816 | ||||
Total | [4] | 16,439 | ||||
Accumulated Depreciation | [4] | $ 848 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 2019 | ||||
TEXAS | Industrial [Member] | Austin [Member] | Colorado Crossing Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 10,881 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 4,602 | ||||
Buildings and Improvements | [4],[7] | 19,757 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 325 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 4,594 | ||||
Buildings and Improvements | [4],[7] | 20,090 | ||||
Total | [4],[7] | 24,684 | ||||
Accumulated Depreciation | [4],[7] | $ 6,362 | ||||
Year Acquired | [4],[7] | 2014 | ||||
Year Constructed | [4],[7] | 2009 | ||||
TEXAS | Industrial [Member] | Austin [Member] | Greenhill Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 802 | ||||
Buildings and Improvements | [4] | 3,273 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 243 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 802 | ||||
Buildings and Improvements | [4] | 3,516 | ||||
Total | [4] | 4,318 | ||||
Accumulated Depreciation | [4] | $ 252 | ||||
Year Acquired | [4] | 2018 | ||||
Year Constructed | [4] | 1999 | ||||
TEXAS | Industrial [Member] | Austin [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] | 8,207 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,211 | ||||
Buildings and Improvements | [4] | 8,207 | ||||
Total | [4] | 9,418 | ||||
Accumulated Depreciation | [4] | $ 415 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 2019 | ||||
TEXAS | Industrial [Member] | Austin [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] | 7,549 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,306 | ||||
Buildings and Improvements | [4] | 7,549 | ||||
Total | [4] | 8,855 | ||||
Accumulated Depreciation | [4] | $ 579 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 2019 | ||||
TEXAS | Industrial [Member] | Austin [Member] | Southpark Corporate Center 3 & 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,670 | ||||
Buildings and Improvements | [4] | 14,756 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,904 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,670 | ||||
Buildings and Improvements | [4] | 16,660 | ||||
Total | [4] | 19,330 | ||||
Accumulated Depreciation | [4] | $ 4,283 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 1995 | ||||
TEXAS | Industrial [Member] | Austin [Member] | Southpark Corporate Center 5-7 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,301 | ||||
Buildings and Improvements | [4] | 7,589 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,185 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,301 | ||||
Buildings and Improvements | [4] | 8,774 | ||||
Total | [4] | 10,075 | ||||
Accumulated Depreciation | [4] | $ 1,365 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 1995 | ||||
TEXAS | Industrial [Member] | Austin [Member] | Springdale Business Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,824 | ||||
Buildings and Improvements | [4] | 8,398 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 561 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,824 | ||||
Buildings and Improvements | [4] | 8,959 | ||||
Total | [4] | 11,783 | ||||
Accumulated Depreciation | [4] | $ 2,035 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2000 | ||||
TEXAS | Industrial [Member] | Austin [Member] | Wells Point One | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 907 | ||||
Buildings and Improvements | [4] | 4,904 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 311 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 907 | ||||
Buildings and Improvements | [4] | 5,215 | ||||
Total | [4] | 6,122 | ||||
Accumulated Depreciation | [4] | $ 276 | ||||
Year Acquired | [4] | 2020 | ||||
Year Constructed | [4] | 2001 | ||||
TEXAS | Industrial Development [Member] | Arlington Tech Centre land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 1,725 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 127 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 1,725 | ||||
Buildings and Improvements | [6] | 127 | ||||
Total | [6] | 1,852 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2020 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | Basswood 1 & 2 | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 4,086 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 668 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 4,087 | ||||
Buildings and Improvements | [6] | 667 | ||||
Total | [6] | 4,754 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2019 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | Basswood Land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 11,680 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 1,018 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 11,681 | ||||
Buildings and Improvements | [6] | 1,017 | ||||
Total | [6] | 12,698 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2019 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | Creek View 121 7 & 8 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 2,640 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 13,919 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 2,640 | ||||
Buildings and Improvements | [6] | 13,919 | ||||
Total | [6] | 16,559 | ||||
Accumulated Depreciation | [6] | $ 44 | ||||
Year Acquired | [6] | 2016 | ||||
Year Constructed | [6] | 2020 | ||||
TEXAS | Industrial Development [Member] | Creek View Phase 3 Land | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 3,985 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 207 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 3,985 | ||||
Buildings and Improvements | [6] | 207 | ||||
Total | [6] | 4,192 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2020 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | LakePort 2499 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 2,984 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 16,797 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 2,984 | ||||
Buildings and Improvements | [6] | 16,797 | ||||
Total | [6] | 19,781 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2018 | ||||
Year Constructed | [6] | 2020 | ||||
TEXAS | Industrial Development [Member] | LakePort 2499 Land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 2,716 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 3,602 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 2,716 | ||||
Buildings and Improvements | [6] | 3,602 | ||||
Total | [6] | 6,318 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2018 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | McKinney Land | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 12,239 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 129 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 12,239 | ||||
Buildings and Improvements | [6] | 129 | ||||
Total | [6] | 12,368 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2020 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | Grand West Crossing Land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 8,757 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 1,717 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 8,750 | ||||
Buildings and Improvements | [6] | 1,724 | ||||
Total | [6] | 10,474 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2019 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | Lee Road Land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 2,689 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 0 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 1,960 | ||||
Buildings and Improvements | [6] | 729 | ||||
Total | [6] | 2,689 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2007 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | Northwest Crossing 1-3 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 5,665 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 16,657 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 5,665 | ||||
Buildings and Improvements | [6] | 16,657 | ||||
Total | [6] | 22,322 | ||||
Accumulated Depreciation | [6] | $ 21 | ||||
Year Acquired | [6] | 2019 | ||||
Year Constructed | [6] | 2020 | ||||
TEXAS | Industrial Development [Member] | World Houston Int'l Business Ctr 44 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 653 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 7,473 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 653 | ||||
Buildings and Improvements | [6] | 7,473 | ||||
Total | [6] | 8,126 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2011 | ||||
Year Constructed | [6] | 2020 | ||||
TEXAS | Industrial Development [Member] | World Houston Intl Business Ctr Land - 2011 expansion | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 1,636 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 1,876 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 1,824 | ||||
Buildings and Improvements | [6] | 1,688 | ||||
Total | [6] | 3,512 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2011 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | World Houston Int'l Business Center land - 2015 expansion [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 2,798 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 1,285 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 2,798 | ||||
Buildings and Improvements | [6] | 1,285 | ||||
Total | [6] | 4,083 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2015 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | Americas Ten 2 Land | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 2,516 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 71 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 2,516 | ||||
Buildings and Improvements | [6] | 71 | ||||
Total | [6] | 2,587 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2020 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | Ridgeview 1 & 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 2,004 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 15,089 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 2,004 | ||||
Buildings and Improvements | [6] | 15,089 | ||||
Total | [6] | 17,093 | ||||
Accumulated Depreciation | [6] | $ 13 | ||||
Year Acquired | [6] | 2018 | ||||
Year Constructed | [6] | 2020 | ||||
TEXAS | Industrial Development [Member] | Ridgeview Land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 1,269 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 713 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 1,269 | ||||
Buildings and Improvements | [6] | 713 | ||||
Total | [6] | 1,982 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2018 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | Tri-County Crossing 3 & 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 1,733 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 12,676 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 1,733 | ||||
Buildings and Improvements | [6] | 12,676 | ||||
Total | [6] | 14,409 | ||||
Accumulated Depreciation | [6] | $ 9 | ||||
Year Acquired | [6] | 2017 | ||||
Year Constructed | [6] | 2020 | ||||
TEXAS | Industrial Development [Member] | Tri-County Crossing Land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 1,904 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 979 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 1,904 | ||||
Buildings and Improvements | [6] | 979 | ||||
Total | [6] | 2,883 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2017 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | Settlers Crossing 3 & 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 2,774 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 14,730 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 2,774 | ||||
Buildings and Improvements | [6] | 14,730 | ||||
Total | [6] | 17,504 | ||||
Accumulated Depreciation | [6] | $ 40 | ||||
Year Acquired | [6] | 2017 | ||||
Year Constructed | [6] | 2020 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Broadway Industrial Park I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 837 | ||||
Buildings and Improvements | [4] | 3,349 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,869 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 837 | ||||
Buildings and Improvements | [4] | 6,218 | ||||
Total | [4] | 7,055 | ||||
Accumulated Depreciation | [4] | $ 3,173 | ||||
Year Acquired | [4] | 1996 | ||||
Year Constructed | [4] | 1971 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Broadway Industrial Park II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 455 | ||||
Buildings and Improvements | [4] | 482 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 390 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 455 | ||||
Buildings and Improvements | [4] | 872 | ||||
Total | [4] | 1,327 | ||||
Accumulated Depreciation | [4] | $ 546 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 1971 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Broadway Industrial Park III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 775 | ||||
Buildings and Improvements | [4] | 1,742 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,054 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 775 | ||||
Buildings and Improvements | [4] | 2,796 | ||||
Total | [4] | 3,571 | ||||
Accumulated Depreciation | [4] | $ 1,509 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 1983 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Broadway Industrial Park IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 380 | ||||
Buildings and Improvements | [4] | 1,652 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,163 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 380 | ||||
Buildings and Improvements | [4] | 2,815 | ||||
Total | [4] | 3,195 | ||||
Accumulated Depreciation | [4] | $ 1,755 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 1986 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Broadway Industrial Park V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 353 | ||||
Buildings and Improvements | [4] | 1,090 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 871 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 353 | ||||
Buildings and Improvements | [4] | 1,961 | ||||
Total | [4] | 2,314 | ||||
Accumulated Depreciation | [4] | $ 977 | ||||
Year Acquired | [4] | 2002 | ||||
Year Constructed | [4] | 1980 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Broadway Industrial Park VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 599 | ||||
Buildings and Improvements | [4] | 1,855 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 802 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 599 | ||||
Buildings and Improvements | [4] | 2,657 | ||||
Total | [4] | 3,256 | ||||
Accumulated Depreciation | [4] | $ 1,826 | ||||
Year Acquired | [4] | 2002 | ||||
Year Constructed | [4] | 1979 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Broadway Industrial Park VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 450 | ||||
Buildings and Improvements | [4] | 650 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 288 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 450 | ||||
Buildings and Improvements | [4] | 938 | ||||
Total | [4] | 1,388 | ||||
Accumulated Depreciation | [4] | $ 336 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 1999 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Kyrene Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,490 | ||||
Buildings and Improvements | [4] | 4,453 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,096 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,490 | ||||
Buildings and Improvements | [4] | 6,549 | ||||
Total | [4] | 8,039 | ||||
Accumulated Depreciation | [4] | $ 4,379 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 1981/2001 | ||||
ARIZONA | Industrial [Member] | Phoenix [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] | 8,009 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,312 | ||||
Buildings and Improvements | [4] | 8,009 | ||||
Total | [4] | 9,321 | ||||
Accumulated Depreciation | [4] | $ 585 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2018 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Southpark Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 918 | ||||
Buildings and Improvements | [4] | 2,738 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,005 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 918 | ||||
Buildings and Improvements | [4] | 4,743 | ||||
Total | [4] | 5,661 | ||||
Accumulated Depreciation | [4] | $ 2,707 | ||||
Year Acquired | [4] | 2001 | ||||
Year Constructed | [4] | 2000 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Santan 10 Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 846 | ||||
Buildings and Improvements | [4] | 2,647 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 692 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 846 | ||||
Buildings and Improvements | [4] | 3,339 | ||||
Total | [4] | 4,185 | ||||
Accumulated Depreciation | [4] | $ 1,780 | ||||
Year Acquired | [4] | 2001 | ||||
Year Constructed | [4] | 2005 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Santan 10 Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,088 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,352 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,088 | ||||
Buildings and Improvements | [4] | 5,352 | ||||
Total | [4] | 6,440 | ||||
Accumulated Depreciation | [4] | $ 2,616 | ||||
Year Acquired | [4] | 2004 | ||||
Year Constructed | [4] | 2007 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Chandler Freeways [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,525 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,381 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,525 | ||||
Buildings and Improvements | [4] | 7,381 | ||||
Total | [4] | 8,906 | ||||
Accumulated Depreciation | [4] | $ 2,036 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2013 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Kyrene 202 I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 653 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,777 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 653 | ||||
Buildings and Improvements | [4] | 5,777 | ||||
Total | [4] | 6,430 | ||||
Accumulated Depreciation | [4] | $ 1,263 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2014 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Kyrene 202 II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 387 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,414 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 387 | ||||
Buildings and Improvements | [4] | 3,414 | ||||
Total | [4] | 3,801 | ||||
Accumulated Depreciation | [4] | $ 715 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2014 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Kyrene 202 III, IV & V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,244 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 11,878 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,244 | ||||
Buildings and Improvements | [4] | 11,878 | ||||
Total | [4] | 13,122 | ||||
Accumulated Depreciation | [4] | $ 1,197 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2018 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Kyrene 202 VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 936 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,333 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 936 | ||||
Buildings and Improvements | [4] | 8,333 | ||||
Total | [4] | 9,269 | ||||
Accumulated Depreciation | [4] | $ 1,607 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2015 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Metro Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,927 | ||||
Buildings and Improvements | [4] | 7,708 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,323 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,927 | ||||
Buildings and Improvements | [4] | 16,031 | ||||
Total | [4] | 17,958 | ||||
Accumulated Depreciation | [4] | $ 11,910 | ||||
Year Acquired | [4] | 1996 | ||||
Year Constructed | [4] | 1977/79 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | 51st Avenue Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 300 | ||||
Buildings and Improvements | [4] | 2,029 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,215 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 300 | ||||
Buildings and Improvements | [4] | 3,244 | ||||
Total | [4] | 3,544 | ||||
Accumulated Depreciation | [4] | $ 2,296 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1987 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | East University Distribution Center I and II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,120 | ||||
Buildings and Improvements | [4] | 4,482 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,045 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,120 | ||||
Buildings and Improvements | [4] | 6,527 | ||||
Total | [4] | 7,647 | ||||
Accumulated Depreciation | [4] | $ 4,891 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1987/89 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | East University Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 444 | ||||
Buildings and Improvements | [4] | 698 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 461 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 444 | ||||
Buildings and Improvements | [4] | 1,159 | ||||
Total | [4] | 1,603 | ||||
Accumulated Depreciation | [4] | $ 554 | ||||
Year Acquired | [4] | 2010 | ||||
Year Constructed | [4] | 1981 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | 55th Avenue Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 912 | ||||
Buildings and Improvements | [4] | 3,717 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,168 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 917 | ||||
Buildings and Improvements | [4] | 4,880 | ||||
Total | [4] | 5,797 | ||||
Accumulated Depreciation | [4] | $ 3,839 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1987 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Interstate Commons Dist Ctr I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 311 | ||||
Buildings and Improvements | [4] | 1,416 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,101 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 311 | ||||
Buildings and Improvements | [4] | 2,517 | ||||
Total | [4] | 2,828 | ||||
Accumulated Depreciation | [4] | $ 1,655 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 1988 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Interstate Commons Dist Ctr III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 242 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,112 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 242 | ||||
Buildings and Improvements | [4] | 3,112 | ||||
Total | [4] | 3,354 | ||||
Accumulated Depreciation | [4] | $ 1,296 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2008 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Airport Commons Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,000 | ||||
Buildings and Improvements | [4] | 1,510 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,780 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,000 | ||||
Buildings and Improvements | [4] | 3,290 | ||||
Total | [4] | 4,290 | ||||
Accumulated Depreciation | [4] | $ 2,285 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 1971 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | 40th Avenue Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 703 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,061 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 703 | ||||
Buildings and Improvements | [4] | 6,061 | ||||
Total | [4] | 6,764 | ||||
Accumulated Depreciation | [4] | $ 2,541 | ||||
Year Acquired | [4] | 2004 | ||||
Year Constructed | [4] | 2008 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Sky Harbor Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 5,839 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 22,044 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 5,839 | ||||
Buildings and Improvements | [4] | 22,044 | ||||
Total | [4] | 27,883 | ||||
Accumulated Depreciation | [4] | $ 8,971 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 2008 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Sky Harbor Business Park 6 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 807 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,136 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 807 | ||||
Buildings and Improvements | [4] | 2,136 | ||||
Total | [4] | 2,943 | ||||
Accumulated Depreciation | [4] | $ 427 | ||||
Year Acquired | [4] | 2014 | ||||
Year Constructed | [4] | 2015 | ||||
ARIZONA | Industrial [Member] | Phoenix [Member] | Ten Sky Harbor [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,568 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,132 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,569 | ||||
Buildings and Improvements | [4] | 5,131 | ||||
Total | [4] | 6,700 | ||||
Accumulated Depreciation | [4] | $ 825 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2016 | ||||
ARIZONA | Industrial [Member] | Tucson [Member] | Country Club I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 506 | ||||
Buildings and Improvements | [4] | 3,564 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,916 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 693 | ||||
Buildings and Improvements | [4] | 7,293 | ||||
Total | [4] | 7,986 | ||||
Accumulated Depreciation | [4] | $ 3,612 | ||||
Year Acquired | [4] | 1997/2003 | ||||
Year Constructed | [4] | 1994/2003 | ||||
ARIZONA | Industrial [Member] | Tucson [Member] | Country Club II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 442 | ||||
Buildings and Improvements | [4] | 3,381 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,065 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 709 | ||||
Buildings and Improvements | [4] | 4,179 | ||||
Total | [4] | 4,888 | ||||
Accumulated Depreciation | [4] | $ 1,579 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2000 | ||||
ARIZONA | Industrial [Member] | Tucson [Member] | Country Club III and IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,407 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 12,253 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,575 | ||||
Buildings and Improvements | [4] | 12,085 | ||||
Total | [4] | 13,660 | ||||
Accumulated Depreciation | [4] | $ 5,243 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2009 | ||||
ARIZONA | Industrial [Member] | Tucson [Member] | Country Club V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,885 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 21,438 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,886 | ||||
Buildings and Improvements | [4] | 21,437 | ||||
Total | [4] | 24,323 | ||||
Accumulated Depreciation | [4] | $ 1,730 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2018 | ||||
ARIZONA | Industrial [Member] | Tucson [Member] | Airport Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,403 | ||||
Buildings and Improvements | [4] | 4,672 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,834 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,403 | ||||
Buildings and Improvements | [4] | 6,506 | ||||
Total | [4] | 7,909 | ||||
Accumulated Depreciation | [4] | $ 4,319 | ||||
Year Acquired | [4] | 1998/2000 | ||||
Year Constructed | [4] | 1995 | ||||
ARIZONA | Industrial [Member] | Tucson [Member] | Benan Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 707 | ||||
Buildings and Improvements | [4] | 1,842 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 737 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 707 | ||||
Buildings and Improvements | [4] | 2,579 | ||||
Total | [4] | 3,286 | ||||
Accumulated Depreciation | [4] | $ 1,596 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2001 | ||||
ARIZONA | Industrial Development [Member] | Gilbert Crossroads A & B [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 2,825 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 13,943 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 2,825 | ||||
Buildings and Improvements | [6] | 13,943 | ||||
Total | [6] | 16,768 | ||||
Accumulated Depreciation | [6] | $ 294 | ||||
Year Acquired | [6] | 2018 | ||||
Year Constructed | [6] | 2020 | ||||
ARIZONA | Industrial Development [Member] | Gilbert Crossroads C & D [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 3,602 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 3,015 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 3,602 | ||||
Buildings and Improvements | [6] | 3,015 | ||||
Total | [6] | 6,617 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2018 | ||||
Year Constructed | [6] | n/a | ||||
ARIZONA | Industrial Development [Member] | Interstate Commons II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 2,298 | ||||
Buildings and Improvements | [6] | 7,088 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 2,855 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 2,298 | ||||
Buildings and Improvements | [6] | 9,943 | ||||
Total | [6] | 12,241 | ||||
Accumulated Depreciation | [6] | $ 178 | ||||
Year Acquired | [6] | 2019 | ||||
Year Constructed | [6] | 1988/2001 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Airport Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,454 | ||||
Buildings and Improvements | [4] | 10,136 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,729 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,454 | ||||
Buildings and Improvements | [4] | 12,865 | ||||
Total | [4] | 14,319 | ||||
Accumulated Depreciation | [4] | $ 5,737 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2001/02 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | NorthPark Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,758 | ||||
Buildings and Improvements | [4] | 15,932 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,206 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,758 | ||||
Buildings and Improvements | [4] | 21,138 | ||||
Total | [4] | 23,896 | ||||
Accumulated Depreciation | [4] | $ 11,494 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 1987-89 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Lindbergh Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 470 | ||||
Buildings and Improvements | [4] | 3,401 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 827 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 470 | ||||
Buildings and Improvements | [4] | 4,228 | ||||
Total | [4] | 4,698 | ||||
Accumulated Depreciation | [4] | $ 2,033 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2001/03 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Commerce Park I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 765 | ||||
Buildings and Improvements | [4] | 4,303 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,072 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 765 | ||||
Buildings and Improvements | [4] | 5,375 | ||||
Total | [4] | 6,140 | ||||
Accumulated Depreciation | [4] | $ 2,563 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 1983 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Commerce Park Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 1,038 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 335 | ||||
Buildings and Improvements | [4],[5] | 1,603 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 415 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 335 | ||||
Buildings and Improvements | [4],[5] | 2,018 | ||||
Total | [4],[5] | 2,353 | ||||
Accumulated Depreciation | [4],[5] | $ 829 | ||||
Year Acquired | [4],[5] | 2010 | ||||
Year Constructed | [4],[5] | 1987 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Commerce Park III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 1,739 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 558 | ||||
Buildings and Improvements | [4],[5] | 2,225 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 1,159 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 558 | ||||
Buildings and Improvements | [4],[5] | 3,384 | ||||
Total | [4],[5] | 3,942 | ||||
Accumulated Depreciation | [4],[5] | $ 1,352 | ||||
Year Acquired | [4],[5] | 2010 | ||||
Year Constructed | [4],[5] | 1981 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Nations Ford Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,924 | ||||
Buildings and Improvements | [4] | 16,171 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,349 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,924 | ||||
Buildings and Improvements | [4] | 21,520 | ||||
Total | [4] | 25,444 | ||||
Accumulated Depreciation | [4] | $ 10,954 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 1989/94 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Airport Commerce Center III [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] | 8,038 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 855 | ||||
Buildings and Improvements | [4] | 8,038 | ||||
Total | [4] | 8,893 | ||||
Accumulated Depreciation | [4] | $ 549 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2019 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Interchange Park I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 986 | ||||
Buildings and Improvements | [4] | 7,949 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 701 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 986 | ||||
Buildings and Improvements | [4] | 8,650 | ||||
Total | [4] | 9,636 | ||||
Accumulated Depreciation | [4] | $ 3,466 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 1989 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Interchange Park II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 746 | ||||
Buildings and Improvements | [4] | 1,456 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 351 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 746 | ||||
Buildings and Improvements | [4] | 1,807 | ||||
Total | [4] | 2,553 | ||||
Accumulated Depreciation | [4] | $ 373 | ||||
Year Acquired | [4] | 2013 | ||||
Year Constructed | [4] | 2000 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Ridge Creek Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,284 | ||||
Buildings and Improvements | [4] | 13,163 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,167 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,284 | ||||
Buildings and Improvements | [4] | 14,330 | ||||
Total | [4] | 15,614 | ||||
Accumulated Depreciation | [4] | $ 5,273 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2006 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Ridge Creek Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 7,370 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 3,033 | ||||
Buildings and Improvements | [4],[5] | 11,497 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 2,175 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 3,033 | ||||
Buildings and Improvements | [4],[5] | 13,672 | ||||
Total | [4],[5] | 16,705 | ||||
Accumulated Depreciation | [4],[5] | $ 4,182 | ||||
Year Acquired | [4],[5] | 2011 | ||||
Year Constructed | [4],[5] | 2003 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Ridge Creek Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,459 | ||||
Buildings and Improvements | [4] | 11,147 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 782 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,459 | ||||
Buildings and Improvements | [4] | 11,929 | ||||
Total | [4] | 14,388 | ||||
Accumulated Depreciation | [4] | $ 2,551 | ||||
Year Acquired | [4] | 2014 | ||||
Year Constructed | [4] | 2013 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Lakeview Business [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 3,257 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 1,392 | ||||
Buildings and Improvements | [4],[5] | 5,068 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 922 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 1,392 | ||||
Buildings and Improvements | [4],[5] | 5,990 | ||||
Total | [4],[5] | 7,382 | ||||
Accumulated Depreciation | [4],[5] | $ 2,132 | ||||
Year Acquired | [4],[5] | 2011 | ||||
Year Constructed | [4],[5] | 1996 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 2,365 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 993 | ||||
Buildings and Improvements | [4],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 4,372 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 1,010 | ||||
Buildings and Improvements | [4],[7] | 4,355 | ||||
Total | [4],[7] | 5,365 | ||||
Accumulated Depreciation | [4],[7] | $ 1,385 | ||||
Year Acquired | [4],[7] | 2013 | ||||
Year Constructed | [4],[7] | 2014 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 2,406 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 941 | ||||
Buildings and Improvements | [4],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 4,517 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 957 | ||||
Buildings and Improvements | [4],[7] | 4,501 | ||||
Total | [4],[7] | 5,458 | ||||
Accumulated Depreciation | [4],[7] | $ 1,381 | ||||
Year Acquired | [4],[7] | 2013 | ||||
Year Constructed | [4],[7] | 2014 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,464 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,607 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,469 | ||||
Buildings and Improvements | [4] | 6,602 | ||||
Total | [4] | 8,071 | ||||
Accumulated Depreciation | [4] | $ 1,779 | ||||
Year Acquired | [4] | 2013 | ||||
Year Constructed | [4] | 2014 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 684 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,021 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 687 | ||||
Buildings and Improvements | [4] | 4,018 | ||||
Total | [4] | 4,705 | ||||
Accumulated Depreciation | [4] | $ 1,119 | ||||
Year Acquired | [4] | 2013 | ||||
Year Constructed | [4] | 2015 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 610 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,239 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 631 | ||||
Buildings and Improvements | [4] | 5,218 | ||||
Total | [4] | 5,849 | ||||
Accumulated Depreciation | [4] | $ 301 | ||||
Year Acquired | [4] | 2013/14/15 | ||||
Year Constructed | [4] | 2019 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 867 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,148 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 919 | ||||
Buildings and Improvements | [4] | 7,096 | ||||
Total | [4] | 8,015 | ||||
Accumulated Depreciation | [4] | $ 1,238 | ||||
Year Acquired | [4] | 2013/14 | ||||
Year Constructed | [4] | 2016 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,207 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,988 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,253 | ||||
Buildings and Improvements | [4] | 7,942 | ||||
Total | [4] | 9,195 | ||||
Accumulated Depreciation | [4] | $ 935 | ||||
Year Acquired | [4] | 2013/14/15 | ||||
Year Constructed | [4] | 2017 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek IX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to the Company [Abstract] | ||||||
Land | 949 | |||||
Buildings and Improvements | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 10,165 | |||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | 1,090 | |||||
Buildings and Improvements | 10,024 | |||||
Total | 11,114 | |||||
Accumulated Depreciation | $ 265 | |||||
Year Acquired | 2016 | |||||
Year Constructed | 2019 | |||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Waterford Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 654 | ||||
Buildings and Improvements | [4] | 3,392 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 918 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 654 | ||||
Buildings and Improvements | [4] | 4,310 | ||||
Total | [4] | 4,964 | ||||
Accumulated Depreciation | [4] | $ 1,707 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2000 | ||||
NORTH CAROLINA | Industrial Development [Member] | Steele Creek X | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 1,221 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 3,013 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 1,509 | ||||
Buildings and Improvements | [6] | 2,725 | ||||
Total | [6] | 4,234 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2016 | ||||
Year Constructed | [6] | n/a | ||||
NORTH CAROLINA | Industrial Development [Member] | Steele Creek Commerce Park Land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 2,410 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 1,915 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 2,539 | ||||
Buildings and Improvements | [6] | 1,786 | ||||
Total | [6] | 4,325 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2016/17 | ||||
Year Constructed | [6] | n/a | ||||
SOUTH CAROLINA | Industrial [Member] | Greenville [Member] | 385 Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,308 | ||||
Buildings and Improvements | [4] | 10,822 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 526 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,308 | ||||
Buildings and Improvements | [4] | 11,348 | ||||
Total | [4] | 12,656 | ||||
Accumulated Depreciation | [4] | $ 691 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2019 | ||||
NEVADA | Industrial [Member] | Las Vegas [Member] | Arville Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,933 | ||||
Buildings and Improvements | [4] | 5,094 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 476 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,933 | ||||
Buildings and Improvements | [4] | 5,570 | ||||
Total | [4] | 10,503 | ||||
Accumulated Depreciation | [4] | $ 2,249 | ||||
Year Acquired | [4] | 2009 | ||||
Year Constructed | [4] | 1997 | ||||
NEVADA | Industrial [Member] | Las Vegas [Member] | Jones Corporate Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 13,068 | ||||
Buildings and Improvements | [4] | 26,325 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,913 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 13,068 | ||||
Buildings and Improvements | [4] | 28,238 | ||||
Total | [4] | 41,306 | ||||
Accumulated Depreciation | [4] | $ 3,707 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2016 | ||||
NEVADA | Industrial [Member] | Las Vegas [Member] | Southwest Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 9,008 | ||||
Buildings and Improvements | [4] | 16,576 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,903 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 9,008 | ||||
Buildings and Improvements | [4] | 19,479 | ||||
Total | [4] | 28,487 | ||||
Accumulated Depreciation | [4] | $ 367 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2019 | ||||
GEORGIA | Industrial [Member] | Atlanta [Member] | Shiloh 400 I & II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,092 | ||||
Buildings and Improvements | [4] | 14,216 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,462 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,092 | ||||
Buildings and Improvements | [4] | 16,678 | ||||
Total | [4] | 19,770 | ||||
Accumulated Depreciation | [4] | $ 2,984 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 2008 | ||||
GEORGIA | Industrial [Member] | Atlanta [Member] | Broadmoor Commerce Park I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,307 | ||||
Buildings and Improvements | [4] | 3,560 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,250 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,307 | ||||
Buildings and Improvements | [4] | 4,810 | ||||
Total | [4] | 6,117 | ||||
Accumulated Depreciation | [4] | $ 969 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 1999 | ||||
GEORGIA | Industrial [Member] | Atlanta [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] | 7,392 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 519 | ||||
Buildings and Improvements | [4] | 7,392 | ||||
Total | [4] | 7,911 | ||||
Accumulated Depreciation | [4] | $ 459 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 2018 | ||||
GEORGIA | Industrial [Member] | Atlanta [Member] | Gwinnett 316 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,284 | ||||
Buildings and Improvements | [4] | 12,449 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,014 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,284 | ||||
Buildings and Improvements | [4] | 16,463 | ||||
Total | [4] | 20,747 | ||||
Accumulated Depreciation | [4] | $ 1,886 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 2017 | ||||
GEORGIA | Industrial [Member] | Atlanta [Member] | Hurricane Shoals I & II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,297 | ||||
Buildings and Improvements | [4] | 9,015 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 289 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,297 | ||||
Buildings and Improvements | [4] | 9,304 | ||||
Total | [4] | 10,601 | ||||
Accumulated Depreciation | [4] | $ 1,437 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 2017 | ||||
GEORGIA | Industrial [Member] | Atlanta [Member] | Progress Center 1 & 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 531 | ||||
Buildings and Improvements | [4] | 3,617 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 21 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 531 | ||||
Buildings and Improvements | [4] | 3,638 | ||||
Total | [4] | 4,169 | ||||
Accumulated Depreciation | [4] | $ 282 | ||||
Year Acquired | [4] | 2018 | ||||
Year Constructed | [4] | 1990 | ||||
GEORGIA | Industrial [Member] | Atlanta [Member] | Cherokee 75 Business Center I | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,183 | ||||
Buildings and Improvements | [4] | 6,727 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 0 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,183 | ||||
Buildings and Improvements | [4] | 6,727 | ||||
Total | [4] | 7,910 | ||||
Accumulated Depreciation | [4] | $ 21 | ||||
Year Acquired | [4] | 2020 | ||||
Year Constructed | [4] | 2020 | ||||
GEORGIA | Industrial Development [Member] | Hurricane Shoals 3 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 497 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 8,314 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 644 | ||||
Buildings and Improvements | [6] | 8,167 | ||||
Total | [6] | 8,811 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2017 | ||||
Year Constructed | [6] | 2020 | ||||
GEORGIA | Industrial Development [Member] | Blairs Bridge Land | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 1,381 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 11 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 1,381 | ||||
Buildings and Improvements | [6] | 11 | ||||
Total | [6] | 1,392 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2020 | ||||
Year Constructed | [6] | n/a | ||||
LOUISIANA | Industrial [Member] | New Orleans [Member] | Elmwood Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,861 | ||||
Buildings and Improvements | [4] | 6,337 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,516 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,861 | ||||
Buildings and Improvements | [4] | 12,853 | ||||
Total | [4] | 15,714 | ||||
Accumulated Depreciation | [4] | $ 9,224 | ||||
Year Acquired | [4] | 1997 | ||||
Year Constructed | [4] | 1979 | ||||
LOUISIANA | Industrial [Member] | New Orleans [Member] | Riverbend Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,557 | ||||
Buildings and Improvements | [4] | 17,623 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 10,028 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,557 | ||||
Buildings and Improvements | [4] | 27,651 | ||||
Total | [4] | 30,208 | ||||
Accumulated Depreciation | [4] | $ 18,015 | ||||
Year Acquired | [4] | 1997 | ||||
Year Constructed | [4] | 1984 | ||||
MISSISSIPPI | Industrial [Member] | Jackson [Member] | Interchange Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 343 | ||||
Buildings and Improvements | [4] | 5,007 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,299 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 343 | ||||
Buildings and Improvements | [4] | 10,306 | ||||
Total | [4] | 10,649 | ||||
Accumulated Depreciation | [4] | $ 6,796 | ||||
Year Acquired | [4] | 1997 | ||||
Year Constructed | [4] | 1981 | ||||
MISSISSIPPI | Industrial [Member] | Jackson [Member] | Tower Automotive [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 9,958 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,959 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 17 | ||||
Buildings and Improvements | [4] | 11,900 | ||||
Total | [4] | 11,917 | ||||
Accumulated Depreciation | [4] | $ 5,912 | ||||
Year Acquired | [4] | 2001 | ||||
Year Constructed | [4] | 2002 | ||||
MISSISSIPPI | Industrial [Member] | Jackson [Member] | Metro Airport Commerce Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 303 | ||||
Buildings and Improvements | [4] | 1,479 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,256 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 303 | ||||
Buildings and Improvements | [4] | 2,735 | ||||
Total | [4] | 3,038 | ||||
Accumulated Depreciation | [4] | $ 1,734 | ||||
Year Acquired | [4] | 2001 | ||||
Year Constructed | [4] | 2003 | ||||
MISSISSIPPI | Industrial Development [Member] | Metro Airport Commerce Center II land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 307 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 399 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 307 | ||||
Buildings and Improvements | [6] | 399 | ||||
Total | [6] | 706 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2001 | ||||
Year Constructed | [6] | n/a | ||||
[1] | Changes in Real Estate Properties and Development and Value-Add Properties follow: Years Ended December 31, 2020 2019 2018 (In thousands) Balance at beginning of year $ 3,264,566 2,817,145 2,578,748 Purchases of real estate properties 46,240 135,033 54,537 Development of real estate properties and value-add properties 195,446 318,288 167,667 Improvements to real estate properties 33,522 37,558 36,921 Right-of-use assets, net – ground leases (924) 11,997 — Carrying amount of investments sold (17,182) (51,662) (18,372) Write-off of improvements (2,583) (3,793) (2,356) Balance at end of year (1) $ 3,519,085 3,264,566 2,817,145 (1) Includes noncontrolling interest in joint ventures of $852,000 and $3,148,000 at December 31, 2020 and 2019, respectively. Changes in the accumulated depreciation on real estate properties follow: Years Ended December 31, 2020 2019 2018 (In thousands) Balance at beginning of year $ 871,139 814,915 749,601 Depreciation expense 96,290 86,590 76,007 Accumulated depreciation on assets sold (9,599) (27,030) (8,670) Other (2,502) (3,336) (2,023) Balance at end of year $ 955,328 871,139 814,915 | |||||
[2] | The estimated aggregate cost of real estate properties at December 31, 2020 for federal income tax purposes was approximately $3,464,143,000 before estimated accumulated tax depreciation of $688,740,000. The federal income tax return for the year ended December 31, 2020, has not been filed and accordingly, this estimate is based on preliminary data. | |||||
[3] | Includes noncontrolling interest in joint ventures of $852,000 and $3,148,000 at December 31, 2020 and 2019, respectively. | |||||
[4] | The Company computes depreciation using the straight-line method over the estimated useful lives of the buildings (generally 40 years) and improvements (generally 3 to 15 years). | |||||
[5] | EastGroup has a $35,220,000 non-recourse first mortgage loan with an insurance company secured by Arion 18, Beltway Crossing VI & VII, Commerce Park II & III, Concord, Interstate V-VII, Lakeview, Ridge Creek II, Southridge IV & V and World Houston 32. | |||||
[6] | The Company transfers properties from the development and value-add program to Real estate properties as follows: (i) for development properties, at the earlier of 90% occupancy or one year after completion of the shell construction, and (ii) for value-add properties, at the earlier of 90% occupancy or one year after acquisition. Upon the earlier of 90% occupancy or one year after completion of the shell construction, capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases and depreciation commences on the entire property (excluding the land). | |||||
[7] | EastGroup has a $41,610,000 non-recourse first mortgage loan with an insurance company secured by Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Venture and World Houston 3-4 and 6-9. |
SCHEDULE III (Details2)
SCHEDULE III (Details2) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Encumbrances | [1],[2] | $ 79,096,000 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at beginning of year | [3] | 3,264,566,000 | $ 2,817,145,000 | $ 2,578,748,000 | |
Purchases of real estate properties | 46,240,000 | 135,033,000 | 54,537,000 | ||
Development of real estate properties | 195,446,000 | 318,288,000 | 167,667,000 | ||
Improvements to real estate properties | 33,522,000 | 37,558,000 | 36,921,000 | ||
Right-of-use asset, ground leases, net of amortization | (924,000) | 11,997,000 | 0 | ||
Carrying amount of investments sold | (17,182,000) | (51,662,000) | (18,372,000) | ||
Write-off of improvements | (2,583,000) | (3,793,000) | (2,356,000) | ||
Balance at end of year | [3] | 3,519,085,000 | [1],[2] | 3,264,566,000 | 2,817,145,000 |
Noncontrolling Interests | 852,000 | 3,148,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at beginning of year | 871,139,000 | 814,915,000 | 749,601,000 | ||
Depreciation expense | 96,290,000 | 86,590,000 | 76,007,000 | ||
Accumulated depreciation on assets sold | (9,599,000) | (27,030,000) | (8,670,000) | ||
Other | (2,502,000) | (3,336,000) | (2,023,000) | ||
Balance at end of year | 955,328,000 | [1],[2] | 871,139,000 | $ 814,915,000 | |
Estimated aggregate cost of real estate properties for federal income tax purposes | 3,464,143,000 | ||||
Estimated accumulated tax depreciation | 688,740,000 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | [1],[2] | 655,023,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | [1],[2] | 1,251,222,000 | |||
Costs Capitalized Subsequent to Acquisition | [1],[2] | 1,601,767,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | [1],[2] | 659,511,000 | |||
Buildings and Improvements | [1],[2] | 2,848,501,000 | |||
Secured debt, carrying amount | $ 79,096,000 | 133,422,000 | |||
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 | ||||
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, carrying amount | [4] | $ 41,610,000 | 44,596,000 | ||
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, carrying amount | 35,220,000 | 37,682,000 | |||
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, carrying amount | 0 | $ 48,772,000 | |||
Industrial Development [Member] | |||||
Encumbrances | 0 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 359,588,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 755,000 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 156,415,000 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 18,228,000 | ||||
Costs Capitalized Subsequent to Acquisition | 184,945,000 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 156,772,000 | ||||
Buildings and Improvements | $ 202,816,000 | ||||
Development properties [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Percentage of Occupation when property transfers from the development and value-add program to real estate properties | 90.00% | ||||
Length of Time After Project Acquisition When Project Transfers to Real Estate Properties | 1 year | ||||
Value-add properties [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Percentage of Occupation when property transfers from the development and value-add program to real estate properties | 90.00% | ||||
Length of Time After Project Acquisition When Project Transfers to Real Estate Properties | 1 year | ||||
Development and value-add properties [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Percentage of Occupation When Costs Ceased Being Capitalized for development and value-add properties | 90.00% | ||||
Length of Time After Project Completion When Development Cost Ceased Being Capitalized | 1 year | ||||
[1] | Changes in Real Estate Properties and Development and Value-Add Properties follow: Years Ended December 31, 2020 2019 2018 (In thousands) Balance at beginning of year $ 3,264,566 2,817,145 2,578,748 Purchases of real estate properties 46,240 135,033 54,537 Development of real estate properties and value-add properties 195,446 318,288 167,667 Improvements to real estate properties 33,522 37,558 36,921 Right-of-use assets, net – ground leases (924) 11,997 — Carrying amount of investments sold (17,182) (51,662) (18,372) Write-off of improvements (2,583) (3,793) (2,356) Balance at end of year (1) $ 3,519,085 3,264,566 2,817,145 (1) Includes noncontrolling interest in joint ventures of $852,000 and $3,148,000 at December 31, 2020 and 2019, respectively. Changes in the accumulated depreciation on real estate properties follow: Years Ended December 31, 2020 2019 2018 (In thousands) Balance at beginning of year $ 871,139 814,915 749,601 Depreciation expense 96,290 86,590 76,007 Accumulated depreciation on assets sold (9,599) (27,030) (8,670) Other (2,502) (3,336) (2,023) Balance at end of year $ 955,328 871,139 814,915 | ||||
[2] | The estimated aggregate cost of real estate properties at December 31, 2020 for federal income tax purposes was approximately $3,464,143,000 before estimated accumulated tax depreciation of $688,740,000. The federal income tax return for the year ended December 31, 2020, has not been filed and accordingly, this estimate is based on preliminary data. | ||||
[3] | Includes noncontrolling interest in joint ventures of $852,000 and $3,148,000 at December 31, 2020 and 2019, respectively. | ||||
[4] | During 2019, the Company executed a collateral release for World Houston 5; this property was sold during 2019 and is no longer considered to be collateral securing this loan. |