Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | LEPERCQ CORPORATE INCOME FUND L P | |
Entity Central Index Key | 790877 | |
Current Fiscal Year End Date | -19 | |
Entity Well-known Seasoned User | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 0 | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | FY | |
Document Type | 10-K | |
Amendment Flag | FALSE | |
Document Period Ended Date | 31-Dec-14 | |
Entity Public Float | $0 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ||||
Real estate, at cost | $910,113 | $892,621 | ||
Real estate - intangible assets | 165,940 | 154,768 | ||
Real estate, gross | 1,076,053 | 1,047,389 | ||
Less: accumulated depreciation and amortization | 226,084 | [1] | 217,905 | [1] |
Real estate, net | 849,969 | 829,484 | ||
Cash and cash equivalents | 8,328 | 13,164 | ||
Restricted cash | 1,614 | 4,328 | ||
Investment in and advances to non-consolidated entity | 4,736 | 5,098 | ||
Deferred expenses (net of accumulated amortization of $5,095 in 2014 and $3,650 in 2013) | 13,960 | 10,174 | ||
Loans receivable, net | 15,448 | 19,220 | ||
Rent receivable - current | 551 | 1,127 | ||
Rent receivable - deferred | 51,215 | 19,594 | ||
Other assets | 2,258 | 12,250 | ||
Total assets | 948,079 | 914,439 | ||
Liabilities: | ||||
Mortgages and notes payable | 328,351 | 339,179 | ||
Co-borrower debt | 136,967 | 91,551 | ||
Related party advances, net | 11,311 | 7,703 | ||
Accounts payable and other liabilities | 11,722 | 7,412 | ||
Accrued interest payable | 1,158 | 1,307 | ||
Deferred revenue - including below market leases (net of accumulated accretion of $2,996 in 2014 and $2,705 in 2013) | 5,219 | 611 | ||
Distributions payable | 16,599 | 13,606 | ||
Prepaid rent | 4,711 | 5,003 | ||
Total liabilities | 516,038 | 466,372 | ||
Commitments and contingencies | ||||
Partners' capital | 432,041 | 448,067 | ||
Total liabilities and partners' capital | $948,079 | $914,439 | ||
[1] | Includes accumulated amortization of real estate intangible assets of $49,917 and $44,940 in 2014 and 2013, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $5,216 in 2015, $4,657 in 2016, $4,225 in 2017, $3,630 in 2018 and $2,881 in 2019. |
CONSOLIDATED_BALANCE_SHEETS_CO
CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accumulated Amortization of Deferred Costs | $5,095 | $3,650 |
Deferred revenue, accumulated accretion | $2,996 | $2,705 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Gross revenues: | |||
Rental | $109,455 | $69,417 | $55,271 |
Tenant reimbursements | 8,678 | 5,454 | 5,282 |
Total gross revenues | 118,133 | 74,871 | 60,553 |
Expense applicable to revenues: | |||
Depreciation and amortization | -27,649 | -24,286 | -22,392 |
Property operating | -14,738 | -11,303 | -10,684 |
General and administrative | -7,691 | -4,782 | -4,872 |
Non-operating income | 2,927 | 3,431 | 4,611 |
Interest and amortization expense | -28,267 | -13,111 | -14,054 |
Debt satisfaction gains (charges), net | -357 | -1,560 | 15 |
Gain on sale of financial asset | 831 | 0 | 0 |
Loan losses | -2,500 | -13,939 | 0 |
Litigation reserve | 0 | 0 | -912 |
Income before provision for income taxes, equity in earnings (losses) of non-consolidated entities and discontinued operations | 40,689 | 9,321 | 12,265 |
Provision for income taxes | -80 | -56 | -68 |
Equity in earnings (losses) of non-consolidated entities | 129 | -88 | -33 |
Income from continuing operations | 40,738 | 9,177 | 12,164 |
Discontinued operations: | |||
Income (loss) from discontinued operations | 882 | 1,850 | -1,060 |
Provision for income taxes | -15 | -26 | -26 |
Debt satisfaction gains (charges), net | 0 | 1,709 | -1,425 |
Gains on sales of properties | 17,944 | 11,027 | 1,089 |
Impairment charges | 0 | -10,037 | 0 |
Total discontinued operations | 18,811 | 4,523 | -1,422 |
Net income | $59,549 | $13,700 | $10,742 |
Income (loss) per unit: | |||
Income from continuing operations (in dollars per share) | $0.59 | $0.17 | $0.32 |
Income (loss) from discontinued operations (in dollars per share) | $0.28 | $0.09 | ($0.04) |
Net income (in dollars per share) | $0.87 | $0.26 | $0.28 |
Weighted-average units outstanding (in shares) | 68,758,733 | 52,728,387 | 38,137,615 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Beginning balance | $448,067 | $216,544 | $448,067 | $216,544 | $200,047 | ||
Beginning balance, units | 68,280,702 | 44,131,032 | 68,280,702 | 44,131,032 | 36,089,008 | ||
Changes in co-borrower debt | -45,416 | 7,435 | -37,535 | ||||
Issuance of units | 27,981 | 320,914 | 77,558 | ||||
Issuance of units, units | 2,571,757 | 26,823,469 | 8,042,024 | ||||
Redemption of units | -1,962 | -64,739 | |||||
Redemption of units, units | -170,193 | -2,673,799 | |||||
Distributions | -56,178 | -45,787 | -34,268 | ||||
Net income | 8,940 | 11,475 | -4,081 | 3,671 | 59,549 | 13,700 | 10,742 |
Ending balance | $432,041 | $448,067 | $432,041 | $448,067 | $216,544 | ||
Ending balance, units | 70,682,266 | 68,280,702 | 70,682,266 | 68,280,702 | 44,131,032 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $59,549 | $13,700 | $10,742 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 29,187 | 27,535 | 27,617 |
Gains on sales of properties | -17,944 | -11,027 | -1,089 |
Gain on sale of financial asset | -831 | 0 | 0 |
Debt satisfaction (gains) charges, net | 27 | -1,739 | 1,404 |
Impairment charges and loan losses | 2,500 | 23,976 | 0 |
Straight-line rents | -34,146 | -7,804 | -1,065 |
Other non-cash income, net | -1,510 | -2,241 | -778 |
Equity in (earnings) losses of non-consolidated entities | -129 | 88 | 33 |
Distributions of accumulated earnings from non-consolidated entities | 15 | 0 | 0 |
Increase in accounts payable and other liabilities | -1,892 | 174 | 586 |
Change in rent receivable and prepaid rent, net | 284 | 1,678 | -587 |
Change in accrued interest payable | -149 | 286 | -125 |
Other adjustments, net | 3,088 | -1,354 | 982 |
Net cash provided by operating activities | 38,049 | 43,272 | 37,720 |
Cash flows from investing activities: | |||
Investment in real estate, including intangible assets | -49,526 | -311,008 | -59,225 |
Investment in real estate under construction | -3,682 | -6,033 | 0 |
Capital expenditures | -6,860 | -4,680 | -4,078 |
Net proceeds from sale of properties | 52,327 | 36,055 | 0 |
Principal payments received on loans receivable | 1,304 | 1,606 | 4,151 |
Investments in and advances to non-consolidated entities | -263 | 0 | -189 |
Distributions from non-consolidated entities in excess of accumulated earnings | 738 | 359 | 725 |
Increase in deferred leasing costs | -4,558 | -855 | -1,829 |
Change in escrow deposits and restricted cash | 2,714 | -1,089 | 3,915 |
Net cash used investing activities | -7,806 | -285,645 | -56,530 |
Cash flows from financing activities: | |||
Distributions to partners | -31,923 | -14,180 | -2,202 |
Principal amortization payments | -1,828 | -4,657 | -6,601 |
Principal payments on debt, excluding normal amortization | -9,000 | -44,397 | -74,000 |
Proceeds of mortgages and notes payable | 0 | 213,500 | 0 |
Proceeds of related party note | 8,250 | 0 | 0 |
Change in co-borrower debt, net | 0 | 48,000 | 0 |
Increase in deferred financing costs | -694 | -4,620 | -31 |
Related party advances, net | 2,078 | 10,517 | 89,818 |
Issuance of OP units | 0 | 108,766 | 0 |
Redemption of OP units | -1,962 | -64,739 | 0 |
Net cash provided by (used) in financing activities | -35,079 | 248,190 | 6,984 |
Change in cash and cash equivalents | -4,836 | 5,817 | -11,826 |
Cash and cash equivalents, at beginning of period | 13,164 | 7,347 | 19,173 |
Cash and cash equivalents, at end of period | $8,328 | $13,164 | $7,347 |
The_Partnership
The Partnership | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Partnership | The Partnership |
Lepercq Corporate Income Fund L.P. (together with its consolidated subsidiaries, except when the context only applies to the parent entity, the “Partnership”) was organized in 1986 as a limited partnership under the Delaware Revised Uniform Limited Partnership Act. The Partnership's sole general partner, Lex GP-1 Trust (the “General Partner”), is a wholly-owned subsidiary of Lexington Realty Trust (“Lexington”). The Partnership serves as an operating partnership subsidiary for Lexington. On December 30, 2013, another operating partnership subsidiary for Lexington, Lepercq Corporate Income Fund II L.P. (“LCIF II”) was merged with and into the Partnership, with the Partnership as the surviving entity. As the merger was between entities under common control, the operations of LCIF II were combined with the Partnership in these consolidated financial statements at the historical cost basis and all periods presented include the results of operations of LCIF II. As of December 31, 2014 and 2013, Lexington, through Lex LP-1 Trust, a wholly-owned subsidiary, and the General Partner, owned approximately 95.0% of the outstanding units of the Partnership. | |
In connection with the merger of LCIF II with and into the Partnership, former LCIF II partners representing 170,193 limited partner interests (“OP Units”) elected or were deemed to elect to receive an aggregate amount $1,962 in cash for such OP units. | |
The Partnership owns a diversified portfolio of equity and debt investments in single-tenant properties and land. As of December 31, 2014, the Partnership had equity ownership interests in 42 consolidated properties located in 25 states. A majority of the real properties in which the Partnership had an interest and all land interests are generally subject to net leases or similar leases where the tenant pays all or substantially all of the cost, including cost increases, for real estate taxes, insurance, utilities and ordinary maintenance of the property. However, certain leases provide that the landlord is responsible for certain operating expenses. | |
The assets and credit of a property owner subsidiary or lender subsidiary are not available to satisfy the debt and other obligations of any other person, including any other property owner subsidiary or lender subsidiary or any other affiliate. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
Basis of Presentation and Consolidation. The Partnership's consolidated financial statements are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial statements reflect the accounts of the Partnership and its consolidated subsidiaries. The Partnership consolidates its wholly-owned subsidiaries, partnerships and joint ventures which it controls (i) through voting rights or similar rights or (ii) by means other than voting rights if the Partnership is the primary beneficiary of a variable interest entity (“VIE”). Entities which the Partnership does not control and entities which are VIEs in which the Partnership is not the primary beneficiary are accounted for under appropriate GAAP. | |
If an investment is determined to be a VIE, the Partnership performs an analysis to determine if the Partnership is the primary beneficiary of the VIE. GAAP requires a VIE to be consolidated by its primary beneficiary. The primary beneficiary is the party that has a controlling financial interest in an entity. In order for a party to have a controlling financial interest in an entity, it must have (1) the power to direct the activities of a VIE that most significantly impact the entity's economic performance and (2) the obligation to absorb losses or the right to receive benefits of an entity that could potentially be significant to the VIE. | |
Earnings Per Unit. Net income (loss) per unit is computed by dividing net income (loss) by the weighted-average number of units outstanding during the period. There are no potential dilutive securities. | |
Unit Redemptions. The Partnership's limited partner units that are issued and outstanding, other than those held by Lexington, are currently redeemable at certain times, only at the option of the holders, for Lexington shares of beneficial interests, par value $0.0001 per share classified as common stock (“common shares”), on a one to approximately 1.13 basis, subject to future adjustments. These units are not otherwise mandatorily redeemable by the Partnership. As of December 31, 2014, Lexington's common shares had a closing price of $10.98 per share. The estimated fair value of the units was $42,306, assuming all outstanding limited partner units not held by Lexington were redeemed on such date. | |
Allocation of Overhead Expenses. The Partnership does not pay a fee to the General Partner for the day-to-day management of the Partnership. Certain expenses incurred by the General Partner and its affiliates, including Lexington, such as corporate-level interest, amortization of deferred loan costs, payroll and general and administrative expenses are allocated to the Partnership and reimbursed to the General Partner in accordance with the Partnership agreement. The allocation is based upon gross rental revenues. | |
Distributions; Allocations of Income and Loss. As provided in the Partnership's partnership agreement, distributions and income and loss for financial reporting purposes are allocated to the partners based on their ownership of units. Special allocation rules included in the partnership agreement affect the allocation of taxable income and loss. The Partnership paid or accrued gross distributions of $56,178 ($0.82 per weighted average unit), $45,787 ($0.87 per weighted-average unit) and $34,268 ($0.90 per weighted-average unit) to its partners during the years ended December 31, 2014, 2013 and 2012, respectively. Certain units owned indirectly by Lexington are entitled to distributions of $3.25 per unit. | |
Use of Estimates. The Partnership has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these consolidated financial statements in conformity with GAAP. These estimates and assumptions are based on management's best estimates and judgment. The Partnership evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. The Partnership adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination of VIEs and which entities should be consolidated, the determination of impairment of long-lived assets, loans receivable and equity method investments and the useful lives of long-lived assets. Actual results could differ materially from those estimates. | |
Fair Value Measurements. The Partnership follows the guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("Topic 820"), to determine the fair value of financial and non-financial instruments. Topic 820 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 - observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 - unobservable inputs, which are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Partnership utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considering counterparty credit risk. | |
Revenue Recognition. The Partnership recognizes lease revenue on a straight-line basis over the term of the lease unless another systematic and rational basis is more representative of the time pattern in which the use benefit is derived from the leased property. Revenue is recognized on a contractual basis for leases with escalations tied to a consumer price index with no floor. Renewal options in leases with rental terms that are lower than those in the primary term are excluded from the calculation of straight-line rent if the renewals are not reasonably assured. If the Partnership funds tenant improvements and the improvements are deemed to be owned by the Partnership, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. If the Partnership determines that the tenant allowances are lease incentives, the Partnership commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. The lease incentive is recorded as a deferred expense and amortized as a reduction of revenue on a straight-line basis over the respective lease term. The Partnership recognizes lease termination fees as rental revenue in the period received and writes off unamortized lease-related intangible and other lease-related account balances, provided there are no further Partnership obligations under the lease. Otherwise, such fees and balances are recognized on a straight-line basis over the remaining obligation period with the termination payments being recorded as a component of rent receivable-deferred or deferred revenue on the Consolidated Balance Sheets. | |
Gains on sales of real estate are recognized based upon the specific timing of the sale as measured against various criteria related to the terms of the transactions and any continuing involvement associated with the properties. If the sales criteria are not met, the gain is deferred and the finance, installment or cost recovery method, as appropriate, is applied until the sales criteria are met. To the extent the Partnership sells a property and retains a partial ownership interest in the property, the Partnership recognizes gain to the extent of the third-party ownership interest. | |
Accounts Receivable. The Partnership continuously monitors collections from tenants and makes a provision for estimated losses based upon historical experience and any specific tenant collection issues that the Partnership has identified. As of December 31, 2014 and 2013, the Partnership's allowance for doubtful accounts was not significant. | |
Purchase Accounting and Acquisition of Real Estate. The fair value of the real estate acquired, which includes the impact of fair value adjustments for assumed mortgage debt related to property acquisitions, is allocated to the acquired tangible assets, consisting of land, building and improvements and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place leases and value of tenant relationships, based in each case on their fair values. Acquisition costs are expensed as incurred and are included in property operating expense in the accompanying Consolidated Statement of Operations. | |
The fair value of the tangible assets of an acquired property (which includes land, building and improvements and fixtures and equipment) is determined by valuing the property as if it were vacant. The “as-if-vacant” value is then allocated to land and building and improvements based on management's determination of relative fair values of these assets. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. The Partnership also estimates costs to execute similar leases including leasing commissions. | |
In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market lease values are recorded based on the difference between the current in-place lease rent and the Partnership's estimate of current market rents. Below-market lease intangibles are recorded as part of deferred revenue and amortized into rental revenue over the non-cancelable periods and bargain renewal periods of the respective leases. Above-market leases are recorded as part of intangible assets and amortized as a direct charge against rental revenue over the non-cancelable portion of the respective leases. | |
The aggregate value of other acquired intangible assets, consisting of in-place leases and tenant relationship values, is measured by the excess of (1) the purchase price paid for a property over (2) the estimated fair value of the property as if vacant, determined as set forth above. This aggregate value is allocated between in-place lease values and tenant relationship values based on management's evaluation of the specific characteristics of each tenant's lease. The value of in-place leases is amortized to expense over the remaining non-cancelable periods and any bargain renewal periods of the respective leases. The value of tenant relationships are amortized to expense over the applicable lease term plus expected renewal periods. | |
Depreciation is determined by the straight-line method over the remaining estimated economic useful lives of the properties. The Partnership generally depreciates its real estate assets over periods ranging up to 40 years. | |
Impairment of Real Estate. The Partnership evaluates the carrying value of all tangible and intangible real estate assets held for investment for possible impairment when an event or change in circumstance has occurred that indicates its carrying value may not be recoverable. The evaluation includes estimating and reviewing anticipated future undiscounted cash flows to be derived from the asset. If such cash flows are less than the asset's carrying value, an impairment charge is recognized to the extent by which the asset's carrying value exceeds the estimated fair value, which may be below the balance of any non-recourse financing. Estimating future cash flows and fair values is highly subjective and such estimates could differ materially from actual results. | |
Investments in Non-Consolidated Entities. The Partnership accounts for its investments in 50% or less owned entities under the equity method, unless consolidation is required. If the Partnership's investment in the entity is insignificant and the Partnership has no influence over the control of the entity then the entity is accounted for under the cost method. | |
Impairment of Equity Method Investments. The Partnership assesses whether there are indicators that the value of its equity method investments may be impaired. An impairment charge is recognized only if the Partnership determines that a decline in the value of the investment below its carrying value is other-than-temporary. The assessment of impairment is highly subjective and involves the application of significant assumptions and judgments about the Partnership's intent and ability to recover its investment given the nature and operations of the underlying investment, among other factors. To the extent an impairment is deemed to be other-than-temporary, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. | |
Loans Receivable. Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan origination costs and fees and loan purchase discounts are amortized over the term of the loan. The Partnership considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. Significant judgments are required in determining whether impairment has occurred. The Partnership performs an impairment analysis by comparing (i) the present value of expected future cash flows discounted at the loan's effective interest rate, (ii) the loan's observable current market price or (iii) the fair value of the underlying collateral to the net carrying value of the loan, which may result in an allowance and corresponding loan loss charge. Interest income is recorded on a cash basis for impaired loans. | |
Properties Held For Sale. Assets and liabilities of properties that meet various held for sale criteria, including whether it is probable that a sale will occur within 12 months, are presented separately in the Consolidated Balance Sheets. The operating results of these properties are reflected as discontinued operations in the Consolidated Statements of Operations. Properties classified as held for sale are carried at the lower of net carrying value or estimated fair value less costs to sell and depreciation and amortization are no longer recognized. Properties that do not meet the held for sale criteria are accounted for as operating properties. | |
Acquisition, Development and Construction Arrangements. The Partnership evaluates loans receivable where the Partnership participates in residual profits through loan provisions or other contracts to ascertain whether the Partnership has the same risks and rewards as an owner or a joint venture partner. Where the Partnership concludes that such arrangements are more appropriately treated as an investment in real estate, the Partnership reflects such loan receivable as an equity investment in real estate under construction in the Consolidated Balance Sheets. In these cases, no interest income is recorded on the loan receivable and the Partnership records capitalized interest during the construction period. In arrangements where the Partnership engages a developer to construct a property or provide funds to a tenant to develop a property, the Partnership will capitalize the funds provided to the developer/tenant and internal costs of interest and real estate taxes, if applicable, during the construction period. | |
Deferred Expenses. Deferred expenses consist primarily of debt and leasing costs. Debt costs are amortized using the straight-line method, which approximates the interest method, over the terms of the debt instruments and leasing costs are amortized over the term of the related lease. | |
Income Taxes. Because the Partnership is a limited partnership, taxable income or loss of the Partnership is reported in the income tax returns of its partners. Accordingly, no provision for income taxes is made in the Consolidated Financial Statements of the Partnership. However, the Partnership is required to pay certain state and local entity level taxes which are expensed as incurred. The Partnership does not have any unrecognized tax benefits or any additional tax liabilities as of December 31, 2014 and 2013. | |
Cash and Cash Equivalents. The Partnership considers all highly liquid instruments with maturities of three months or less from the date of purchase to be cash equivalents. | |
Restricted Cash. Restricted cash is comprised primarily of cash balances held in escrow with lenders. | |
Co-borrower Debt. In February 2013, the FASB issued Accounting Standards Update 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date (“ASU 2013-04”), requiring recognition of such obligations as the sum of (a) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. The Partnership early adopted this new guidance retrospectively (see note 8). | |
Environmental Matters. Under various federal, state and local environmental laws, statutes, ordinances, rules and regulations, an owner of real property may be liable for the costs of removal or remediation of certain hazardous or toxic substances at, on, in or under such property as well as certain other potential costs relating to hazardous or toxic substances. These liabilities may include government fines, penalties and damages for injuries to persons and adjacent property. Such laws often impose liability without regard to whether the owner knew of, or was responsible for, the presence or disposal of such substances. Although most of the tenants of properties in which the Partnership has an interest are primarily responsible for any environmental damage and claims related to the leased premises, in the event of the bankruptcy or inability of the tenant of such premises to satisfy any obligations with respect to such environmental liability, or if the tenant is not responsible, the Partnership's property owner subsidiary may be required to satisfy any such obligations, should they exist. In addition, the property owner subsidiary, as the owner of such a property, may be held directly liable for any such damages or claims irrespective of the provisions of any lease. As of December 31, 2014, the Partnership was not aware of any environmental matter relating to any of its investments that would have a material impact on the consolidated financial statements. | |
Segment Reporting. The Partnership operates generally in one industry segment, single-tenant real estate assets. | |
Reclassifications. Certain amounts included in prior years' financial statements have been reclassified to conform to the current year presentation, including certain statements of operations captions including activities for properties sold in 2014, which are presented in discontinued operations. | |
Recently Issued Accounting Guidance. In April 2014, the FASB issued Accounting Standards Update No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for reporting discontinued operations and improves financial statement disclosures. Under this guidance, only disposals representing a strategic shift in operations that have a major effect on an organization's operations and financial results should be presented as discontinued operations. The new guidance is effective in the first quarter of 2015. It is anticipated that the implementation of this guidance will reduce the number of future property dispositions the Partnership makes, if any, that will be classified as discontinued operations in the Partnership's consolidated financial statements. | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), which amends the guidance for revenue recognition to eliminate the industry-specific revenue recognition guidance and replace it with a principle based approach for determining revenue recognition. The new guidance is effective for reporting periods beginning after December 15, 2016. The Partnership is currently evaluating the impact of the adoption of the new guidance on its consolidated financial statements. | |
In February 2015, the FASB issued Accounting Standards Update 2015-02, “Consolidation (Topic 810) - Amendments to the Consolidation Analysis,” which provides guidance on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. In accordance with the guidance, all legal entities are subject to reevaluation under the revised consolidation model. The guidance is effective in the first quarter of 2016 and early adoption is allowed. The Partnership is currently evaluating the impact of the adoption of this new guidance on its consolidated financial statements. |
Investments_in_Real_Estate
Investments in Real Estate | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Real Estate Investments, Net [Abstract] | |||||||||||||||||||||||
Investments in Real Estate | Investments in Real Estate | ||||||||||||||||||||||
The Partnership's real estate, net, consists of the following at December 31, 2014 and 2013: | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Real estate, at cost: | |||||||||||||||||||||||
Buildings and building improvements | $ | 552,994 | $ | 567,309 | |||||||||||||||||||
Land, land estates and land improvements | 347,290 | 325,074 | |||||||||||||||||||||
Fixtures and equipment | 84 | 84 | |||||||||||||||||||||
Construction in progress | 9,745 | 154 | |||||||||||||||||||||
Real estate intangibles: | |||||||||||||||||||||||
In-place lease values | 141,653 | 130,387 | |||||||||||||||||||||
Tenant relationships | 20,256 | 20,350 | |||||||||||||||||||||
Above-market leases | 4,031 | 4,031 | |||||||||||||||||||||
1,076,053 | 1,047,389 | ||||||||||||||||||||||
Accumulated depreciation and amortization(1) | (226,084 | ) | (217,905 | ) | |||||||||||||||||||
Real estate, net | $ | 849,969 | $ | 829,484 | |||||||||||||||||||
-1 | Includes accumulated amortization of real estate intangible assets of $49,917 and $44,940 in 2014 and 2013, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $5,216 in 2015, $4,657 in 2016, $4,225 in 2017, $3,630 in 2018 and $2,881 in 2019. | ||||||||||||||||||||||
In addition, the Partnership had below-market leases, net of accumulated accretion, which are included in deferred revenue, of $247 and $539, respectively as of December 31, 2014 and 2013. The estimated accretion for the next five years is $151 in 2015, $32 in 2016, $32 in 2017, $32 in 2018 and $0 in 2019. | |||||||||||||||||||||||
The Partnership, through property owner subsidiaries, completed the following acquisitions during 2014: | |||||||||||||||||||||||
Property Type | Location | Acquisition | Initial Cost Basis | Lease Expiration | Land and Land Estates | Building and Improvements | Lease in-place Value | ||||||||||||||||
Land | New York, NY | 14-Oct | $ | 30,426 | Oct-13 | $ | 22,000 | $ | — | $ | 8,426 | ||||||||||||
Rehabilitation Hospital | Vineland, NJ | 14-Oct | 19,100 | Feb-43 | 2,698 | 12,790 | 3,612 | ||||||||||||||||
$ | 49,526 | $ | 24,698 | $ | 12,790 | $ | 12,038 | ||||||||||||||||
Weighted-average life of intangible assets (years) | 77.9 | ||||||||||||||||||||||
The Partnership acquired a parcel of land in New York, New York in October 2014, which is net leased to a tenant under a non-cancellable 99-year lease. The improvement on the parcel is owned by the tenant under the Partnership lease and currently consists of one high-rise hotel. The hotel is known as the Holiday Inn Express New York City Fifth Avenue. The initial annual rent under the lease is $1,500, which represents approximately 4.93% of the purchase price. The rent under the lease increases by a minimum of 2.0% each year with further annual increases, not to exceed 3.0% per annum in the aggregate, at specified intervals based on the increase in the consumer price index, or CPI. The total aggregate minimum rent (excluding any additional CPI increases) under the leases over the 99-year lease term is approximately $457,795. The tenant has a purchase option that can be exercised at the end of the 25th, 50th and 75th lease year at a price that is equal to the greater of (1) the original purchase price plus a 7.5% return (inclusive of rent payments) for the holding period (compounded monthly) and (2) $31,000. The Partnership initially financed the acquisition with a $8,250 loan from Lexington and available cash. The loan required interest only payments at a rate of 4.25% and a maturity in October 2019. Subsequent to December 31, 2014, the loan was repaid and a third-party loan was obtained. | |||||||||||||||||||||||
The Partnership, through property owner subsidiaries, completed the following acquisition and build-to-suit transaction during 2013: | |||||||||||||||||||||||
Property Type | Location | Acquisition/ | Initial Cost Basis | Lease Expiration | Land | Building and Improvements | Lease-in place Value | ||||||||||||||||
Completion Date | |||||||||||||||||||||||
Land(1) | New York, NY | 13-Oct | $ | 302,000 | Oct-12 | $ | 224,935 | $ | — | $ | 77,065 | ||||||||||||
Retail(2) | Albany, GA | 13-Nov | 7,074 | Nov-28 | 1,468 | 5,606 | — | ||||||||||||||||
$ | 309,074 | $ | 226,403 | $ | 5,606 | $ | 77,065 | ||||||||||||||||
Life of intangible asset (years) | 99 | ||||||||||||||||||||||
-1 | Includes three properties. | ||||||||||||||||||||||
-2 | The Partnership incurred leasing costs of $338. | ||||||||||||||||||||||
The Partnership acquired a portfolio of three parcels of land in New York, New York in October 2013 consisting of an aggregate of 0.6 acres, which are net leased to tenants under non-cancellable 99-year leases. The aggregate purchase price was $302,000. The improvements on these parcels are owned by the tenants under the Partnership leases and currently consist of three high-rise hotels built in 2010. The hotels are known as the DoubleTree by Hilton Hotel New York City - Financial District, the Sheraton Tribeca New York Hotel and the Element New York Times Square West. The aggregate initial annual rent under the leases is approximately $14,883, which represents approximately 4.93% of the aggregate purchase price. The rent under each lease increases by a minimum of 2.0% each year with further annual increases, not to exceed 3.0% per annum in the aggregate, at specified intervals based on the increase in the Consumer Price Index, or CPI. The total aggregate minimum rent (excluding any additional CPI increases) under the leases over the 99-year lease terms is approximately $4,541,141. Each tenant has a purchase option that can be exercised at the end of the 25th, 50th and 75th lease year at a price that is equal to the greater of (1) the original purchase price plus a 7.5% return (inclusive of rent payments) for the holding period (compounded monthly) and (2) a specified floor price, which in each case is in excess of the allocated purchase price, and is $305,000 in aggregate. The Partnership initially financed the acquisition via a $100,000 loan from Lexington, $187,000 borrowings under Lexington's unsecured revolving credit facility and cash on hand. The Partnership incurred $850 of interest expense relating to the $100,000 loan from Lexington (see note 8). | |||||||||||||||||||||||
The Partnership recognized aggregate acquisition and pursuit expenses of $420 and $265 in 2014 and 2013, respectively. |
Sales_of_Real_Estate_and_Disco
Sales of Real Estate and Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Sales of Real Estate and Discontinued Operations | Sales of Real Estate and Discontinued Operations | ||||||||||||
For the years ended December 31, 2014, 2013 and 2012, the Partnership disposed of its interests in certain properties generating aggregate net proceeds of $40,836, $36,055, and $0, respectively, which resulted in gains on sales of $17,944, $11,027 and $1,089, respectively. For the years ended December 31, 2014, 2013 and 2012, the Partnership recognized debt satisfaction gains (charges), net, relating to these properties of $0, $1,709 and $(1,425), respectively. These gains (charges) are included in discontinued operations. | |||||||||||||
At December 31, 2014 and 2013, the Partnership had no properties classified as held for sale. | |||||||||||||
The following presents the operating results for the disposed properties discussed above during the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
Year Ending December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total gross revenues | $ | 2,006 | $ | 6,584 | $ | 9,918 | |||||||
Pre-tax net income (loss), including gains on sales | $ | 18,826 | $ | 4,549 | $ | (1,396 | ) | ||||||
The Partnership assesses on a regular basis whether there are any indicators that the carrying value of real estate assets may be impaired. Potential indicators may include an increase in vacancy at a property, tenant reduction in utilization of a property, tenant financial instability and the potential sale of the property in the near future. An asset is determined to be impaired if the asset's carrying value is in excess of its estimated fair value. | |||||||||||||
During 2013, the Partnership recognized $10,037 of impairment charges in discontinued operations, relating to real estate assets that were ultimately disposed of below their carrying value. |
Loans_Receivable
Loans Receivable | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Receivables [Abstract] | ||||||||||||||
Loans Receivable | Loans Receivable | |||||||||||||
As of December 31, 2014 and 2013, the Partnership's loans receivable are comprised primarily of mortgage loans on real estate. | ||||||||||||||
The following is a summary of the Partnership's loans receivable as of December 31, 2014 and 2013: | ||||||||||||||
Loan carrying value(1) | ||||||||||||||
Loan | 12/31/14 | 12/31/13 | Interest Rate | Maturity Date | ||||||||||
Westmont, IL(2) | $ | 12,152 | $ | 12,610 | 6.45 | % | Oct-15 | |||||||
Southfield, MI(3) | 3,296 | 6,610 | 4.55 | % | Feb-15 | |||||||||
$ | 15,448 | $ | 19,220 | |||||||||||
-1 | Loan carrying value includes accrued interest and is net of origination costs and loan losses, if any. | |||||||||||||
-2 | Borrowers are in default and the Partnership commenced foreclosure proceedings. Tenant at office property collateral terminated its lease. The Partnership recognized a loan loss of $13,939 during 2013. During 2014 and 2013, the Partnership recognized $1,284 and $1,737, respectively, of interest income relating to the impaired loan and the loan had an average recorded investment value of $12,812 and $25,562 during 2014 and 2013, respectively. At December 31, 2014, the impaired loan receivable had a contractual unpaid balance of $26,786. | |||||||||||||
-3 | The Partnership recorded a $2,500 loan loss in 2014 as the Partnership determined it was probable that it would not collect the amount owed at maturity. During 2014, the Partnership recognized $468 of interest income relating to the impaired loan and the loan had an average recorded investment of $6,001. At December 31, 2014, the impaired loan receivable had a contractual unpaid balance of $5,810. | |||||||||||||
The Partnership had a loan secured by an office property in Schaumburg, Illinois. The borrower defaulted on the loan and the Partnership did not record interest of $2,939 and $2,647 in 2013 and 2012, respectively, representing the interest earned since default. In 2013, the Partnership foreclosed on the borrower and acquired the office property collateral which is net leased through December 2022. | ||||||||||||||
The Partnership had two types of financing receivables: loans receivable and a capitalized financing lease. The Partnership determined that its financing receivables operated within one portfolio segment as they were within the same industry and use the same impairment methodology. The Partnership's loans receivable are secured by commercial real estate assets and the capitalized financing lease, for a commercial property located in Greenville, South Carolina, was sold in December 2014 for net proceeds of $11,491. In addition, the Partnership assesses all financing receivables for impairment, when warranted, based on an individual analysis of each receivable. | ||||||||||||||
The Partnership's financing receivables operate within one class of financing receivables as these assets are collateralized by commercial real estate and similar metrics are used to monitor the risk and performance of these assets. The Partnership uses credit quality indicators to monitor financing receivables such as quality of collateral, the underlying tenant's credit rating and collection experience. As of December 31, 2014, the financing receivables were performing as anticipated other than as discussed above and there were no other significant delinquent amounts outstanding. |
Investments_in_and_Advances_to
Investments in and Advances to Non-Consolidated Entity | 12 Months Ended |
Dec. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and Advances to Non-Consolidated Entity | Investments in and Advances to Non-Consolidated Entity |
In July 2014, the Partnership acquired a 1.0% interest in an office property in Philadelphia, Pennsylvania for $263. The Partnership accounts for this investment under the cost basis of accounting. | |
On September 1, 2012, the Partnership acquired a 2% equity interest in Net Lease Strategic Assets Fund L.P. (“NLS”) for cash of $189 and the issuance of 457,211 limited partner units to Lexington. At the date of acquisition, NLS owned 41 properties totaling 5.8 million square feet in 23 states, plus a 40% tenant-in-common interest in an office property. | |
The Partnership's carrying value in NLS at December 31, 2014 and 2013 was $4,474 and $5,098, respectively. The Partnership recognized net income from NLS of $114, $88 and $33 in equity in earnings (losses) from non-consolidated entities during 2014, 2013 and 2012, respectively. In addition, the Partnership received distributions of $738, $359 and $725 from NLS in 2014, 2013 and 2012, respectively. The Partnership's share of contributions by Lexington to NLS in 2013 was $1,949. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||
The following tables present the Partnership's assets and liabilities from continuing operations measured at fair value on a non-recurring basis during the years ended December 31, 2014 and 2013, aggregated by the level in the fair value hierarchy within which those measurements fall: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Description | 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Impaired loan receivable* | $ | 3,296 | $ | — | $ | — | $ | 3,296 | |||||||||
Fair Value Measurements Using | |||||||||||||||||
Description | 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Impaired loan receivable* | $ | 12,610 | $ | — | $ | — | $ | 12,610 | |||||||||
*Represents a non-recurring fair value measurement. | |||||||||||||||||
The table below sets forth the carrying amounts and estimated fair values of the Partnership's financial instruments as of December 31, 2014 and 2013: | |||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Assets | |||||||||||||||||
Loans Receivable (Level 3) | $ | 15,448 | $ | 16,935 | $ | 19,220 | $ | 16,960 | |||||||||
Liabilities | |||||||||||||||||
Debt (Level 3) | $ | 465,318 | $ | 470,281 | $ | 430,730 | $ | 431,573 | |||||||||
The Partnership estimates the fair values of its loans receivable by using an estimated discounted cash flow analysis consisting of scheduled cash flows and discount rate estimates to approximate those that a willing buyer and seller might use and/or the estimated value of the underlying collateral. The fair value of the Partnership's debt is estimated by using a discounted cash flow analysis, based upon estimates of market interest rates. | |||||||||||||||||
Fair values cannot be determined with precision, may not be substantiated by comparison to quoted prices in active markets and may not be realized upon sale. Additionally, there are inherent uncertainties in any fair value measurement technique, and changes in the underlying assumptions used, including discount rates, liquidity risks and estimates of future cash flows, could significantly affect the fair value measurement amounts. | |||||||||||||||||
Cash Equivalents, Restricted Cash, Accounts Receivable and Accounts Payable. The Partnership estimates that the fair value of cash equivalents, restricted cash, accounts receivable and accounts payable approximates carrying value due to the relatively short maturity of the instruments. |
Mortgages_and_Notes_Payable_an
Mortgages and Notes Payable and Co-Borrower Debt | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Mortgages and Notes Payable and Co-Borrower Debt | Mortgages and Notes Payable and Co-Borrower Debt | ||||
The Partnership had outstanding mortgages and notes payable of $328,351 and $339,179 as of December 31, 2014 and 2013, respectively. Interest rates, including imputed rates, ranged from 4.7% to 6.5% at December 31, 2014 and the mortgages and notes payable mature between 2015 and 2027. Interest rates, including imputed rates, ranged from 4.7% to 6.5% at December 31, 2013. The weighted-average interest rate at December 31, 2014 and 2013 was approximately 5.0%. | |||||
In 2013, the Partnership obtained $213,500 of non-recourse secured financing on the three New York, New York land parcels. The debt bears interest at a fixed rate of 4.66% and matures in January 2027. The Partnership used a portion of the net proceeds to repay an outstanding $100,000 loan owed to Lexington. | |||||
Lexington, and the Partnership as co-borrower, have a $400,000 unsecured revolving credit facility with KeyBank National Association (“KeyBank”), as agent. The unsecured revolving credit facility matures in February 2017 but can be extended until February 2018 at Lexington’s option. The unsecured revolving credit facility bears interest at LIBOR plus 0.95% to 1.725% (1.15% as of December 31, 2014). At December 31, 2014, the unsecured revolving credit facility had no amounts outstanding, outstanding letters of credit of $14,644 and availability of $385,356, subject to covenant compliance. | |||||
Lexington, and the Partnership as co-borrower, have a five-year $250,000 unsecured term loan facility from KeyBank, as agent. The unsecured term loan matures in February 2018 and requires regular payments of interest only at interest rates ranging from LIBOR plus 1.10% to 2.10% (1.35% as of December 31, 2014). Interest rate swap agreements were entered into to fix the LIBOR component at a weighted-average rate of 1.09% through February 2018 on the $250,000 of outstanding LIBOR-based borrowings. | |||||
Lexington, and the Partnership as co-borrower, have a $255,000 unsecured term loan from Wells Fargo Bank, National Association (“Wells Fargo”), as agent. The term loan matures in January 2019. The term loan requires regular payments of interest only at interest rates ranging from LIBOR plus1.50% to 2.25% (1.75% as of December 31, 2014). Lexington may prepay any outstanding borrowings under the term loan facility at a premium through January 12, 2016 and at par thereafter. Interest rate swap agreements were entered into to fix the LIBOR component at a weighted-average rate of 1.42% through January 2019 on the $255,000 of outstanding LIBOR-based borrowings. | |||||
The unsecured revolving credit facility and the unsecured term loans are subject to financial covenants, which Lexington was in compliance with at December 31, 2014. | |||||
In accordance with the guidance of ASU 2013-04, the Partnership recognizes a proportion of the outstanding amounts of the above mentioned term loans and revolving credit facility as it is a co-borrower with Lexington, as co-borrower debt in the accompanying balances sheets. In accordance with the Partnership’s partnership agreement, the Partnership is allocated a portion of these debts based on gross rental revenues, which represents its agreed to obligation. The Partnership's allocated co-borrower debt was $136,967 and $91,551 as of December 31, 2014 and 2013, respectively. Changes in co-borrower debt are recognized in partners’ capital in the accompanying consolidated statements of changes in partners’ capital. | |||||
Included in the Consolidated Statements of Operations, the Partnership recognized debt satisfaction gains (charges), net, excluding discontinued operations, of $(357), $(1,560) and $15 for the years ended December 31, 2014, 2013, and 2012, respectively, due to the satisfaction of mortgages and notes payable other than those disclosed elsewhere in these financial statements. In addition, the Partnership capitalized $60, $46 and $49 in interest for the years ended 2014, 2013, and 2012, respectively. | |||||
Mortgages payable and secured loans are generally collateralized by real estate and the related leases. Certain mortgages payable have yield maintenance or defeasance requirements relating to any prepayments. In addition, certain mortgages are cross-collateralized and cross-defaulted. | |||||
Scheduled principal and balloon payments for mortgages and notes payable and co-borrower debt for the next five years and thereafter are as follows: | |||||
Year ending | Total | ||||
December 31, | |||||
2015 | $ | 30,028 | |||
2016 | 16,558 | ||||
2017 | 10,369 | ||||
2018 | 69,564 | ||||
2019 | 102,518 | ||||
Thereafter | 236,281 | ||||
$ | 465,318 | ||||
Leases
Leases | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Leases | Leases | ||||
Lessor: | |||||
Minimum future rental receipts under the non-cancelable portion of tenant leases, assuming no new or re-negotiated leases, for the next five years and thereafter are as follows: | |||||
Year ending | Total | ||||
December 31, | |||||
2015 | $ | 77,581 | |||
2016 | 74,512 | ||||
2017 | 70,809 | ||||
2018 | 62,468 | ||||
2019 | 54,242 | ||||
Thereafter | 5,096,854 | ||||
$ | 5,436,466 | ||||
The above minimum lease payments do not include reimbursements to be received from tenants for certain operating expenses and real estate taxes and do not include early termination payments provided for in certain leases. | |||||
Certain leases allow for the tenant to terminate the lease if the property is deemed obsolete, as defined, and upon payment of a termination fee to the landlord, as stipulated in the lease. In addition, certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price. | |||||
Lessee: | |||||
The Partnership holds, through property owner subsidiaries, leasehold interests in various properties. Generally, the ground rents on these properties are either paid directly by the tenants to the fee holder or reimbursed to the Partnership as additional rent. For certain of these properties, the Partnership has an option to purchase the fee interest. | |||||
Minimum future rental payments under non-cancelable leasehold interests, excluding leases held through industrial revenue bonds and lease payments in the future that are based upon fair market value, for the next five years and thereafter are as follows: | |||||
Year ending | Total | ||||
December 31, | |||||
2015 | $ | 277 | |||
2016 | 277 | ||||
2017 | 269 | ||||
2018 | 230 | ||||
2019 | 230 | ||||
Thereafter | 2,518 | ||||
$ | 3,801 | ||||
Rent expense for the leasehold interests, including discontinued operations, was $289, $595 and $725 in 2014, 2013, and 2012, respectively. |
Concentration_of_Risk
Concentration of Risk | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Risks and Uncertainties [Abstract] | |||||||||
Concentration of Risk | Concentration of Risk | ||||||||
The Partnership seeks to reduce its operating and leasing risks through the geographic diversification of its properties, tenant industry diversification, avoidance of dependency on a single asset and the creditworthiness of its tenants. For the years ended December 31, 2014, 2013 and 2012, the following tenants represented greater than 10% of rental revenues from continuing operations: | |||||||||
2014 | 2013 | 2012 | |||||||
LG-39 Ground Tenant LLC | 15.9 | % | — | — | |||||
FC-Canal Ground Tenant LLC | 13.6 | % | — | — | |||||
AL-Stone Ground Tenant LLC | 12.4 | % | — | — | |||||
Wells Fargo Bank N.A. | — | — | 10.8 | % | |||||
The Partnership net leases individual land parcels to the tenants listed in the 2014 column above under non-cancellable 99-year leases. The improvements on these parcels are owned by the tenants under the Partnership leases and currently consist of three high-rise hotels located in New York, NY. The hotels are known as the Element New York Times Square West, the Sheraton Tribeca New York Hotel and the DoubleTree by Hilton Hotel New York City - Financial District, respectively. | |||||||||
Cash and cash equivalent balances at certain institutions may exceed insurable amounts. The Partnership believes it mitigates this risk by investing in or through major financial institutions. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions |
The Partnership had the following related party transactions in addition to related party transactions discussed elsewhere in this report. | |
The Partnership had outstanding net advances owed to Lexington of $3,061 and $7,703 as of December 31, 2014 and 2013, respectively. The advances are payable on demand. Lexington earned distributions of $53,728, $43,378 and $31,991 during 2014, 2013 and 2012, respectively. During 2014, 2013 and 2012, the Partnership issued 2,571,757, 16,917,658 and 7,584,813 units, respectively, to Lexington to satisfy $27,981, $212,147 and $73,269, respectively, of outstanding distributions and advances, including the 2013 advances for contributions to NLS. | |
The Partnership was allocated interest and amortization expense by Lexington, in accordance with the Partnership agreement, relating to certain of its lending facilities of $10,282, $3,580 and $2,055 for the years ended 2014, 2013 and 2012, respectively. | |
During 2013, the Partnership received $108,766 from Lexington in exchange for 9,905,811 units and redeemed 2,673,799 units held by Lexington at the original net issuance price of $64,739. | |
Lexington, on behalf of the General Partner, pays for certain general administrative and other costs on behalf of the Partnership from time to time. These costs are reimbursable by the Partnership. These costs were approximately $7,335, $4,658 and $4,693 for 2014, 2013 and 2012, respectively. | |
A Lexington affiliate provides property management services for certain Partnership properties. The Partnership recognized property operating expenses, including from discontinued operations, of $1,004, $1,097 and $1,239 for the years ended 2014, 2013 and 2012, respectively, for aggregate fees and reimbursements charged by the affiliate. | |
The Partnership leases certain properties to entities in which Vornado Realty Trust, a significant Lexington shareholder, has an interest. During 2014, 2013 and 2012, the Partnership recognized $255, $744 and $842, respectively, in rental revenue including discontinued operations from these properties. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
In addition to the commitments and contingencies disclosed elsewhere, the Partnership has the following commitments and contingencies. | |
The Partnership is obligated under certain tenant leases, including its proportionate share for leases for non-consolidated entities, to fund the expansion of the underlying leased properties. During 2014, the Partnership commenced the expansion of the Byhalia, Mississippi property for an estimated cost of $15,300. The Partnership, under certain circumstances, may guarantee to tenants the completion of base building improvements and the payment of tenant improvement allowances and lease commissions on behalf of its subsidiaries. | |
The Partnership and Lexington are parties to a funding agreement under which each party may be required to fund distributions made on account of OP units or dividends made on account of Lexington common shares. Pursuant to the funding agreement, the parties agreed that, if the Partnership does not have sufficient cash available to make a quarterly distribution to its limited partners in an amount equal to whichever is applicable of (1) a specified distribution set forth in its partnership agreement or (2) the cash dividend payable with respect to a whole or fractional Lexington common share into which the partnership's common units would be converted if they were redeemed for Lexington common shares in accordance with the partnership agreement, Lexington will fund the shortfall. Payments under the agreement will be made in the form of loans to the Partnership and will bear interest at prevailing rates as determined by Lexington in its discretion but no less than the applicable federal rate. The Partnership's right to receive these loans will expire if no OP units remain outstanding and all such loans were repaid. No amounts have been advanced under this agreement. | |
From time to time, the Partnership is directly or indirectly involved in legal proceedings arising in the ordinary course of the Partnership's business. The Partnership believes, based on currently available information, and after consultation with legal counsel, that although the outcomes of those normal course proceedings are uncertain, the results of such proceedings, in the aggregate, will not have a material adverse effect on the Partnership's business, financial condition and results of operations. | |
In May 2014, the Partnership guaranteed $250,000 aggregate principal amount of 4.40% Senior Notes due 2024 (“2024 Senior Notes”) issued by Lexington at an issuance price of 99.883% of the principal amount and in June 2013, the Partnership guaranteed $250,000 aggregate principal amount of 4.25% Senior Notes due 2023 (“2023 Senior Notes”) issued by Lexington at an issuance price of 99.026% of the principal amount, collectively the Senior Notes. The Senior Notes are unsecured, pay interest semi-annually in arrears and mature in June 2024 and 2023, respectively. Lexington may redeem the notes at its option at any time prior to maturity in whole or in part by paying the principal amount of the notes being redeemed plus a premium. | |
During 2010, the Partnership guaranteed $115,000 aggregate principal amount of 6.00% Convertible Guaranteed Notes due 2030 issued by Lexington. The notes pay interest semi-annually in arrears and mature in January 2030. The holders of the notes may require Lexington to repurchase their notes in January 2017, January 2020 and January 2025 for cash equal to 100% of the notes to be repurchased, plus any accrued and unpaid interest. The notes are convertible by the holders under certain circumstances for cash, Lexington common shares or a combination of cash and common shares at Lexington's election. As of December 31, 2014, $16,228 original principal amount of 6.00% Convertible Guaranteed Notes due 2030 were outstanding. |
Supplemental_Disclosure_of_Sta
Supplemental Disclosure of Statement of Cash Flow Information | 12 Months Ended |
Dec. 31, 2014 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosure of Statement of Cash Flow Information | Supplemental Disclosure of Statement of Cash Flow Information |
In addition to disclosures discussed elsewhere, during 2014, 2013 and 2012, the Partnership paid (received) $27,199, $12,758 and $16,261, respectively, for interest and $161, $50 and $(51), respectively, for income taxes. | |
In 2013, the Partnership conveyed its interests in two properties to lenders in full satisfaction of the aggregate $29,859 non-recourse mortgage notes payable. | |
In 2012, the Partnership conveyed its interest in a vacant office property to its lender in full satisfaction of the $5,290 non-recourse mortgage note payable. |
Unaudited_Quarterly_Financial_
Unaudited Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Unaudited Quarterly Financial Data | Unaudited Quarterly Financial Data | ||||||||||||||||
2014 | |||||||||||||||||
3/31/14 | 6/30/14 | 9/30/14 | 12/31/14 | ||||||||||||||
Total gross revenues(1) | $ | 29,122 | $ | 28,956 | $ | 29,325 | $ | 30,730 | |||||||||
Net income | $ | 11,475 | $ | 10,540 | $ | 28,594 | $ | 8,940 | |||||||||
Net income per unit | $ | 0.17 | $ | 0.15 | $ | 0.42 | $ | 0.13 | |||||||||
2013 | |||||||||||||||||
3/31/13 | 6/30/13 | 9/30/13 | 12/31/13 | ||||||||||||||
Total gross revenues(1) | $ | 15,935 | $ | 15,870 | $ | 15,802 | $ | 27,264 | |||||||||
Net income (loss) | $ | 3,671 | $ | 11,336 | $ | 2,774 | $ | (4,081 | ) | ||||||||
Net income (loss) per unit | $ | 0.08 | $ | 0.26 | $ | 0.05 | $ | (0.06 | ) | ||||||||
_____________________ | |||||||||||||||||
-1 | All periods have been adjusted to reflect the impact of properties in discontinued operations in the Consolidated Statements of Operations. | ||||||||||||||||
The sum of the quarterly per units amounts may not equal the full year amounts primarily because the computations of the weighted-average number of units of the Partnership outstanding for each quarter and the full year are made independently. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
Subsequent to December 31, 2014 and in addition to disclosures elsewhere in the financial statements, the Partnership obtained a 10-year, 4.1% interest-only $29,193 non-recourse mortgage secured by a land parcel owned in New York, New York. |
Real_Estate_and_Accumulated_De
Real Estate and Accumulated Depreciation and Amortization Schedule III | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||||||||||||||||||
Real Estate and Accumulated Depreciation and Amortization Schedule III | ||||||||||||||||||||
Description | Location | Encumbrances | Land and Land Estates | Buildings and Improvements | Total | Accumulated Depreciation and Amortization | Date Acquired | Date Constructed | Useful life computing depreciation in latest income statement (years) | |||||||||||
Long Term Lease - Office | Phoenix, AZ | $ | — | $ | 5,585 | $ | 36,099 | $ | 41,684 | $ | 2,167 | 12-Dec | 1986/2011 | 10, 17, & 40 | ||||||
Long Term Lease - Office | Los Angeles, CA | 9,843 | 5,110 | 12,158 | 17,268 | 6,493 | 4-Dec | 2000 | 10, 13 & 40 | |||||||||||
Long Term Lease - Office | Louisville, CO | — | 3,657 | 9,605 | 13,262 | 2,574 | 8-Sep | 1987/2007 | 8, 9 & 40 | |||||||||||
Long Term Lease - Specialty | Albany, GA | — | 1,468 | 5,137 | 6,605 | 185 | 13-Oct | 2013 | 15 & 40 | |||||||||||
Long Term Lease - Industrial | Byhalia, MS | 15,000 | 1,006 | 21,483 | 22,489 | 1,969 | 11-May | 2011 | 40 | |||||||||||
Long Term Lease - Industrial | Shelby, NC | — | 1,421 | 18,918 | 20,339 | 2,473 | 11-Jun | 2011 | 11, 20 & 40 | |||||||||||
Long Term Lease - Specialty | Vineland, NJ | — | 2,698 | 12,790 | 15,488 | 101 | 14-Oct | 2003 | 3, 28 & 40 | |||||||||||
Long Term Lease - Land | New York, NY (1) | 213,475 | 73,148 | — | 73,148 | — | 13-Oct | N/A | N/A | |||||||||||
Long Term Lease - Land | New York, NY (1) | — | 86,569 | — | 86,569 | — | 13-Oct | N/A | N/A | |||||||||||
Long Term Lease - Land | New York, NY (1) | — | 65,218 | — | 65,218 | — | 13-Oct | N/A | N/A | |||||||||||
Long Term Lease - Land | New York, NY | — | 22,000 | — | 22,000 | — | 14-Oct | N/A | N/A | |||||||||||
Long Term Lease - Industrial | Bristol, PA | — | 2,508 | 15,863 | 18,371 | 5,461 | Mar-98 | 1982/1997 | 10, 16, 30 & 40 | |||||||||||
Long Term Lease - Office | Carrollton, TX | 18,850 | 2,599 | 22,050 | 24,649 | 7,099 | 7-Jun | 2003 | 8 & 40 | |||||||||||
Long Term Lease - Office | Carrollton, TX | — | 828 | — | 828 | — | 7-Jun | N/A | N/A | |||||||||||
Office | Phoenix, AZ | — | 4,666 | 24,856 | 29,522 | 8,495 | May-00 | 1997 | 6, 9 & 40 | |||||||||||
Office | Lake Forest, CA | — | 3,442 | 13,769 | 17,211 | 4,403 | 2-Mar | 2001 | 40 | |||||||||||
Office | Centennial, CO | — | 4,851 | 15,187 | 20,038 | 5,289 | 7-May | 2001 | 10 & 40 | |||||||||||
Office | Wallingford, CT | — | 1,049 | 4,773 | 5,822 | 1,472 | 3-Dec | 1977/1993 | 8 & 40 | |||||||||||
Office | Boca Raton, FL | 19,870 | 4,290 | 17,160 | 21,450 | 5,095 | 3-Feb | 1983/2002 | 40 | |||||||||||
Office | Palm Beach Gardens, FL | — | 787 | 3,704 | 4,491 | 1,282 | May-98 | 1996 | May-40 | |||||||||||
Office | Clive, IA | — | 1,158 | — | 1,158 | — | 4-Jun | N/A | N/A | |||||||||||
Office | Schaumburg, IL | — | 5,007 | 22,086 | 27,093 | 1,787 | 13-Oct | 1979/1989/ 2010 | 7, 9 & 30 | |||||||||||
Office | Overland Park, KS | 34,733 | 4,769 | 41,956 | 46,725 | 11,583 | 7-Jun | 1980/2005 | 12 & 40 | |||||||||||
Office | Baton Rouge, LA | — | 1,252 | 11,085 | 12,337 | 3,341 | 7-May | 1997 | 3, 4, 6 & 40 | |||||||||||
Office | Foxboro, MA | — | 2,231 | 25,653 | 27,884 | 13,053 | 4-Dec | 1982/1987 | 16 & 40 | |||||||||||
Office | Southfield, MI | — | — | 12,124 | 12,124 | 7,223 | 4-Jul | 1966/1989 | 7, 16 & 40 | |||||||||||
Office | Charleston, SC | 7,277 | 1,189 | 8,724 | 9,913 | 3,087 | 6-Nov | 2006 | 40 | |||||||||||
Office | Fort Mill, SC | — | 1,798 | 26,038 | 27,836 | 13,912 | 4-Nov | 2004 | 11, 15 & 40 | |||||||||||
Office | Fort Mill, SC | — | 3,601 | 15,340 | 18,941 | 4,513 | 2-Dec | 2002 | 5, 11, 20 & 40 | |||||||||||
Office | Westlake, TX | — | 2,361 | 23,382 | 25,743 | 8,322 | 7-May | 2007 | Apr-40 | |||||||||||
Office | Herndon, VA | — | 5,127 | 24,640 | 29,767 | 8,517 | Dec-99 | 1987 | Sep-40 | |||||||||||
Industrial | Moody, AL | — | 654 | 9,943 | 10,597 | 5,683 | 4-Feb | 2004 | 15 & 40 | |||||||||||
Industrial | Tampa, FL | — | 2,160 | 7,347 | 9,507 | 5,664 | Jul-88 | 1986 | Sep-40 | |||||||||||
Industrial | Dubuque, IA | 9,303 | 2,052 | 8,443 | 10,495 | 2,530 | 3-Jul | 2001 | 11, 12 & 40 | |||||||||||
Industrial | Marshall, MI | — | 40 | 2,236 | 2,276 | 700 | Aug-87 | 1979 | 9, 10, 12, 15, 20 & 40 | |||||||||||
Industrial | Olive Branch, MS | — | 198 | 10,276 | 10,474 | 6,515 | 4-Dec | 1989 | 8, 15 & 40 | |||||||||||
Industrial | High Point, NC | — | 1,330 | 11,183 | 12,513 | 5,192 | 4-Jul | 2002 | 18 & 40 | |||||||||||
Industrial | Hebron, OH | — | 1,063 | 4,271 | 5,334 | 1,393 | Dec-97 | 1999 | 40 | |||||||||||
Industrial | Hebron, OH | — | 1,681 | 7,224 | 8,905 | 2,641 | 1-Dec | 2000 | 1, 2, 3, 5 & 40 | |||||||||||
Industrial | Collierville, TN | — | 714 | 4,783 | 5,497 | 1,588 | 5-Dec | 2005/2012 | 9, 14, 21 & 40 | |||||||||||
Multi-tenanted | Palm Beach Gardens, FL | — | 4,066 | 19,915 | 23,981 | 6,331 | May-98 | 1996 | May-40 | |||||||||||
Multi-tenanted | Honolulu, HI | — | 8,259 | 7,363 | 15,622 | 1,529 | 6-Dec | 1979/2002 | 2, 5 & 40 | |||||||||||
Multi-tenanted | Florence, SC | — | 3,235 | 13,081 | 16,316 | 4,203 | 4-May | 1998 | 10, 20 & 40 | |||||||||||
Retail | Tulsa, OK | — | 445 | 2,433 | 2,878 | 2,302 | Dec-96 | 1981 | 14 & 24 | |||||||||||
Construction in progress | — | — | — | 9,745 | — | — | — | — | ||||||||||||
$ | 328,351 | $ | 347,290 | $ | 553,078 | $ | 910,113 | $ | 176,167 | |||||||||||
-1 | Properties are cross-collateralized. | |||||||||||||||||||
(A) The initial cost includes the purchase price paid directly or indirectly by the Partnership. The total cost basis of the Partnership's properties at December 31, 2014 for federal income tax purposes was approximately $1.1 billion. | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Reconciliation of real estate, at cost: | ||||||||||||||||||||
Balance at the beginning of year | $ | 892,621 | $ | 724,819 | $ | 688,294 | ||||||||||||||
Additions during year | 58,511 | 263,036 | 45,596 | |||||||||||||||||
Properties sold and impaired during year | (41,016 | ) | (95,225 | ) | (9,056 | ) | ||||||||||||||
Other reclassifications | (3 | ) | (9 | ) | (15 | ) | ||||||||||||||
Balance at end of year | $ | 910,113 | $ | 892,621 | $ | 724,819 | ||||||||||||||
Reconciliation of accumulated depreciation and amortization: | ||||||||||||||||||||
Balance at the beginning of year | $ | 172,965 | $ | 190,874 | $ | 172,894 | ||||||||||||||
Depreciation and amortization expense | 21,837 | 21,483 | 21,826 | |||||||||||||||||
Accumulated depreciation and amortization of properties sold and impaired during year | (18,635 | ) | (39,392 | ) | (3,846 | ) | ||||||||||||||
Balance at end of year | $ | 176,167 | $ | 172,965 | $ | 190,874 | ||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Basis of Presentation and Consolidation. The Partnership's consolidated financial statements are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). |
Consolidation | The financial statements reflect the accounts of the Partnership and its consolidated subsidiaries. The Partnership consolidates its wholly-owned subsidiaries, partnerships and joint ventures which it controls (i) through voting rights or similar rights or (ii) by means other than voting rights if the Partnership is the primary beneficiary of a variable interest entity (“VIE”). Entities which the Partnership does not control and entities which are VIEs in which the Partnership is not the primary beneficiary are accounted for under appropriate GAAP. |
If an investment is determined to be a VIE, the Partnership performs an analysis to determine if the Partnership is the primary beneficiary of the VIE. GAAP requires a VIE to be consolidated by its primary beneficiary. The primary beneficiary is the party that has a controlling financial interest in an entity. In order for a party to have a controlling financial interest in an entity, it must have (1) the power to direct the activities of a VIE that most significantly impact the entity's economic performance and (2) the obligation to absorb losses or the right to receive benefits of an entity that could potentially be significant to the VIE. | |
Earnings Per Unit | Earnings Per Unit. Net income (loss) per unit is computed by dividing net income (loss) by the weighted-average number of units outstanding during the period. There are no potential dilutive securities. |
Allocation of Overhead Expenses | Allocation of Overhead Expenses. The Partnership does not pay a fee to the General Partner for the day-to-day management of the Partnership. Certain expenses incurred by the General Partner and its affiliates, including Lexington, such as corporate-level interest, amortization of deferred loan costs, payroll and general and administrative expenses are allocated to the Partnership and reimbursed to the General Partner in accordance with the Partnership agreement. The allocation is based upon gross rental revenues. |
Distributions; Allocations of Income and Loss | Distributions; Allocations of Income and Loss. As provided in the Partnership's partnership agreement, distributions and income and loss for financial reporting purposes are allocated to the partners based on their ownership of units. Special allocation rules included in the partnership agreement affect the allocation of taxable income and loss. |
Use of Estimates | Use of Estimates. The Partnership has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these consolidated financial statements in conformity with GAAP. These estimates and assumptions are based on management's best estimates and judgment. The Partnership evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. The Partnership adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination of VIEs and which entities should be consolidated, the determination of impairment of long-lived assets, loans receivable and equity method investments and the useful lives of long-lived assets. Actual results could differ materially from those estimates. |
Fair Value Measurements | Fair Value Measurements. The Partnership follows the guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("Topic 820"), to determine the fair value of financial and non-financial instruments. Topic 820 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 - observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 - unobservable inputs, which are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Partnership utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considering counterparty credit risk. |
Revenue Recognition | Revenue Recognition. The Partnership recognizes lease revenue on a straight-line basis over the term of the lease unless another systematic and rational basis is more representative of the time pattern in which the use benefit is derived from the leased property. Revenue is recognized on a contractual basis for leases with escalations tied to a consumer price index with no floor. Renewal options in leases with rental terms that are lower than those in the primary term are excluded from the calculation of straight-line rent if the renewals are not reasonably assured. If the Partnership funds tenant improvements and the improvements are deemed to be owned by the Partnership, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. If the Partnership determines that the tenant allowances are lease incentives, the Partnership commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. The lease incentive is recorded as a deferred expense and amortized as a reduction of revenue on a straight-line basis over the respective lease term. The Partnership recognizes lease termination fees as rental revenue in the period received and writes off unamortized lease-related intangible and other lease-related account balances, provided there are no further Partnership obligations under the lease. Otherwise, such fees and balances are recognized on a straight-line basis over the remaining obligation period with the termination payments being recorded as a component of rent receivable-deferred or deferred revenue on the Consolidated Balance Sheets. |
Gains on sales of real estate are recognized based upon the specific timing of the sale as measured against various criteria related to the terms of the transactions and any continuing involvement associated with the properties. If the sales criteria are not met, the gain is deferred and the finance, installment or cost recovery method, as appropriate, is applied until the sales criteria are met. To the extent the Partnership sells a property and retains a partial ownership interest in the property, the Partnership recognizes gain to the extent of the third-party ownership interest. | |
Accounts Receivable | Accounts Receivable. The Partnership continuously monitors collections from tenants and makes a provision for estimated losses based upon historical experience and any specific tenant collection issues that the Partnership has identified. |
Real Estate | Properties Held For Sale. Assets and liabilities of properties that meet various held for sale criteria, including whether it is probable that a sale will occur within 12 months, are presented separately in the Consolidated Balance Sheets. The operating results of these properties are reflected as discontinued operations in the Consolidated Statements of Operations. Properties classified as held for sale are carried at the lower of net carrying value or estimated fair value less costs to sell and depreciation and amortization are no longer recognized. Properties that do not meet the held for sale criteria are accounted for as operating properties. |
Acquisition, Development and Construction Arrangements. The Partnership evaluates loans receivable where the Partnership participates in residual profits through loan provisions or other contracts to ascertain whether the Partnership has the same risks and rewards as an owner or a joint venture partner. Where the Partnership concludes that such arrangements are more appropriately treated as an investment in real estate, the Partnership reflects such loan receivable as an equity investment in real estate under construction in the Consolidated Balance Sheets. In these cases, no interest income is recorded on the loan receivable and the Partnership records capitalized interest during the construction period. In arrangements where the Partnership engages a developer to construct a property or provide funds to a tenant to develop a property, the Partnership will capitalize the funds provided to the developer/tenant and internal costs of interest and real estate taxes, if applicable, during the construction period. | |
Purchase Accounting and Acquisition of Real Estate. The fair value of the real estate acquired, which includes the impact of fair value adjustments for assumed mortgage debt related to property acquisitions, is allocated to the acquired tangible assets, consisting of land, building and improvements and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place leases and value of tenant relationships, based in each case on their fair values. Acquisition costs are expensed as incurred and are included in property operating expense in the accompanying Consolidated Statement of Operations. | |
The fair value of the tangible assets of an acquired property (which includes land, building and improvements and fixtures and equipment) is determined by valuing the property as if it were vacant. The “as-if-vacant” value is then allocated to land and building and improvements based on management's determination of relative fair values of these assets. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. The Partnership also estimates costs to execute similar leases including leasing commissions. | |
In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market lease values are recorded based on the difference between the current in-place lease rent and the Partnership's estimate of current market rents. Below-market lease intangibles are recorded as part of deferred revenue and amortized into rental revenue over the non-cancelable periods and bargain renewal periods of the respective leases. Above-market leases are recorded as part of intangible assets and amortized as a direct charge against rental revenue over the non-cancelable portion of the respective leases. | |
The aggregate value of other acquired intangible assets, consisting of in-place leases and tenant relationship values, is measured by the excess of (1) the purchase price paid for a property over (2) the estimated fair value of the property as if vacant, determined as set forth above. This aggregate value is allocated between in-place lease values and tenant relationship values based on management's evaluation of the specific characteristics of each tenant's lease. The value of in-place leases is amortized to expense over the remaining non-cancelable periods and any bargain renewal periods of the respective leases. The value of tenant relationships are amortized to expense over the applicable lease term plus expected renewal periods. | |
Depreciation is determined by the straight-line method over the remaining estimated economic useful lives of the properties. The Partnership generally depreciates its real estate assets over periods ranging up to 40 years. | |
Impairment of Real Estate. The Partnership evaluates the carrying value of all tangible and intangible real estate assets held for investment for possible impairment when an event or change in circumstance has occurred that indicates its carrying value may not be recoverable. The evaluation includes estimating and reviewing anticipated future undiscounted cash flows to be derived from the asset. If such cash flows are less than the asset's carrying value, an impairment charge is recognized to the extent by which the asset's carrying value exceeds the estimated fair value, which may be below the balance of any non-recourse financing. Estimating future cash flows and fair values is highly subjective and such estimates could differ materially from actual results. | |
Investments in Non-Consolidated Entities and Impairment of Equity Method Investments | Investments in Non-Consolidated Entities. The Partnership accounts for its investments in 50% or less owned entities under the equity method, unless consolidation is required. If the Partnership's investment in the entity is insignificant and the Partnership has no influence over the control of the entity then the entity is accounted for under the cost method. |
Impairment of Equity Method Investments. The Partnership assesses whether there are indicators that the value of its equity method investments may be impaired. An impairment charge is recognized only if the Partnership determines that a decline in the value of the investment below its carrying value is other-than-temporary. The assessment of impairment is highly subjective and involves the application of significant assumptions and judgments about the Partnership's intent and ability to recover its investment given the nature and operations of the underlying investment, among other factors. To the extent an impairment is deemed to be other-than-temporary, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. | |
Loans Receivable | Loans Receivable. Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan origination costs and fees and loan purchase discounts are amortized over the term of the loan. The Partnership considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. Significant judgments are required in determining whether impairment has occurred. The Partnership performs an impairment analysis by comparing (i) the present value of expected future cash flows discounted at the loan's effective interest rate, (ii) the loan's observable current market price or (iii) the fair value of the underlying collateral to the net carrying value of the loan, which may result in an allowance and corresponding loan loss charge. Interest income is recorded on a cash basis for impaired loans. |
Deferred Expenses | Deferred Expenses. Deferred expenses consist primarily of debt and leasing costs. Debt costs are amortized using the straight-line method, which approximates the interest method, over the terms of the debt instruments and leasing costs are amortized over the term of the related lease. |
Income Taxes | Income Taxes. Because the Partnership is a limited partnership, taxable income or loss of the Partnership is reported in the income tax returns of its partners. Accordingly, no provision for income taxes is made in the Consolidated Financial Statements of the Partnership. However, the Partnership is required to pay certain state and local entity level taxes which are expensed as incurred. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents. The Partnership considers all highly liquid instruments with maturities of three months or less from the date of purchase to be cash equivalents. |
Restricted Cash. Restricted cash is comprised primarily of cash balances held in escrow with lenders. | |
Co-borrower Debt | Co-borrower Debt. In February 2013, the FASB issued Accounting Standards Update 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date (“ASU 2013-04”), requiring recognition of such obligations as the sum of (a) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. The Partnership early adopted this new guidance retrospectively (see note 8). |
Environmental Matters | Environmental Matters. Under various federal, state and local environmental laws, statutes, ordinances, rules and regulations, an owner of real property may be liable for the costs of removal or remediation of certain hazardous or toxic substances at, on, in or under such property as well as certain other potential costs relating to hazardous or toxic substances. These liabilities may include government fines, penalties and damages for injuries to persons and adjacent property. Such laws often impose liability without regard to whether the owner knew of, or was responsible for, the presence or disposal of such substances. Although most of the tenants of properties in which the Partnership has an interest are primarily responsible for any environmental damage and claims related to the leased premises, in the event of the bankruptcy or inability of the tenant of such premises to satisfy any obligations with respect to such environmental liability, or if the tenant is not responsible, the Partnership's property owner subsidiary may be required to satisfy any such obligations, should they exist. In addition, the property owner subsidiary, as the owner of such a property, may be held directly liable for any such damages or claims irrespective of the provisions of any lease. As of December 31, 2014, the Partnership was not aware of any environmental matter relating to any of its investments that would have a material impact on the consolidated financial statements. |
Segment Reporting | Segment Reporting. The Partnership operates generally in one industry segment, single-tenant real estate assets. |
Reclassifications | Reclassifications. Certain amounts included in prior years' financial statements have been reclassified to conform to the current year presentation, including certain statements of operations captions including activities for properties sold in 2014, which are presented in discontinued operations. |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance. In April 2014, the FASB issued Accounting Standards Update No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for reporting discontinued operations and improves financial statement disclosures. Under this guidance, only disposals representing a strategic shift in operations that have a major effect on an organization's operations and financial results should be presented as discontinued operations. The new guidance is effective in the first quarter of 2015. It is anticipated that the implementation of this guidance will reduce the number of future property dispositions the Partnership makes, if any, that will be classified as discontinued operations in the Partnership's consolidated financial statements. |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), which amends the guidance for revenue recognition to eliminate the industry-specific revenue recognition guidance and replace it with a principle based approach for determining revenue recognition. The new guidance is effective for reporting periods beginning after December 15, 2016. The Partnership is currently evaluating the impact of the adoption of the new guidance on its consolidated financial statements. | |
In February 2015, the FASB issued Accounting Standards Update 2015-02, “Consolidation (Topic 810) - Amendments to the Consolidation Analysis,” which provides guidance on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. In accordance with the guidance, all legal entities are subject to reevaluation under the revised consolidation model. The guidance is effective in the first quarter of 2016 and early adoption is allowed. The Partnership is currently evaluating the impact of the adoption of this new guidance on its consolidated financial statements. |
Investments_in_Real_Estate_Tab
Investments in Real Estate (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Real Estate Investments, Net [Abstract] | |||||||||||||||||||||||
Schedule of Net Real Estate | The Partnership's real estate, net, consists of the following at December 31, 2014 and 2013: | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Real estate, at cost: | |||||||||||||||||||||||
Buildings and building improvements | $ | 552,994 | $ | 567,309 | |||||||||||||||||||
Land, land estates and land improvements | 347,290 | 325,074 | |||||||||||||||||||||
Fixtures and equipment | 84 | 84 | |||||||||||||||||||||
Construction in progress | 9,745 | 154 | |||||||||||||||||||||
Real estate intangibles: | |||||||||||||||||||||||
In-place lease values | 141,653 | 130,387 | |||||||||||||||||||||
Tenant relationships | 20,256 | 20,350 | |||||||||||||||||||||
Above-market leases | 4,031 | 4,031 | |||||||||||||||||||||
1,076,053 | 1,047,389 | ||||||||||||||||||||||
Accumulated depreciation and amortization(1) | (226,084 | ) | (217,905 | ) | |||||||||||||||||||
Real estate, net | $ | 849,969 | $ | 829,484 | |||||||||||||||||||
-1 | Includes accumulated amortization of real estate intangible assets of $49,917 and $44,940 in 2014 and 2013, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $5,216 in 2015, $4,657 in 2016, $4,225 in 2017, $3,630 in 2018 and $2,881 in 2019. | ||||||||||||||||||||||
Schedule of Real Estate Properties | The Partnership, through property owner subsidiaries, completed the following acquisition and build-to-suit transaction during 2013: | ||||||||||||||||||||||
Property Type | Location | Acquisition/ | Initial Cost Basis | Lease Expiration | Land | Building and Improvements | Lease-in place Value | ||||||||||||||||
Completion Date | |||||||||||||||||||||||
Land(1) | New York, NY | 13-Oct | $ | 302,000 | Oct-12 | $ | 224,935 | $ | — | $ | 77,065 | ||||||||||||
Retail(2) | Albany, GA | 13-Nov | 7,074 | Nov-28 | 1,468 | 5,606 | — | ||||||||||||||||
$ | 309,074 | $ | 226,403 | $ | 5,606 | $ | 77,065 | ||||||||||||||||
Life of intangible asset (years) | 99 | ||||||||||||||||||||||
-1 | Includes three properties. | ||||||||||||||||||||||
-2 | The Partnership incurred leasing costs of $338. | ||||||||||||||||||||||
The Partnership, through property owner subsidiaries, completed the following acquisitions during 2014: | |||||||||||||||||||||||
Property Type | Location | Acquisition | Initial Cost Basis | Lease Expiration | Land and Land Estates | Building and Improvements | Lease in-place Value | ||||||||||||||||
Land | New York, NY | 14-Oct | $ | 30,426 | Oct-13 | $ | 22,000 | $ | — | $ | 8,426 | ||||||||||||
Rehabilitation Hospital | Vineland, NJ | 14-Oct | 19,100 | Feb-43 | 2,698 | 12,790 | 3,612 | ||||||||||||||||
$ | 49,526 | $ | 24,698 | $ | 12,790 | $ | 12,038 | ||||||||||||||||
Weighted-average life of intangible assets (years) | 77.9 | ||||||||||||||||||||||
Sales_of_Real_Estate_and_Disco1
Sales of Real Estate and Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Operating results for disposed properties | The following presents the operating results for the disposed properties discussed above during the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
Year Ending December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total gross revenues | $ | 2,006 | $ | 6,584 | $ | 9,918 | |||||||
Pre-tax net income (loss), including gains on sales | $ | 18,826 | $ | 4,549 | $ | (1,396 | ) | ||||||
Loans_Receivable_Tables
Loans Receivable (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Receivables [Abstract] | ||||||||||||||
Summary of Loans Receivable | The following is a summary of the Partnership's loans receivable as of December 31, 2014 and 2013: | |||||||||||||
Loan carrying value(1) | ||||||||||||||
Loan | 12/31/14 | 12/31/13 | Interest Rate | Maturity Date | ||||||||||
Westmont, IL(2) | $ | 12,152 | $ | 12,610 | 6.45 | % | Oct-15 | |||||||
Southfield, MI(3) | 3,296 | 6,610 | 4.55 | % | Feb-15 | |||||||||
$ | 15,448 | $ | 19,220 | |||||||||||
-1 | Loan carrying value includes accrued interest and is net of origination costs and loan losses, if any. | |||||||||||||
-2 | Borrowers are in default and the Partnership commenced foreclosure proceedings. Tenant at office property collateral terminated its lease. The Partnership recognized a loan loss of $13,939 during 2013. During 2014 and 2013, the Partnership recognized $1,284 and $1,737, respectively, of interest income relating to the impaired loan and the loan had an average recorded investment value of $12,812 and $25,562 during 2014 and 2013, respectively. At December 31, 2014, the impaired loan receivable had a contractual unpaid balance of $26,786. | |||||||||||||
-3 | The Partnership recorded a $2,500 loan loss in 2014 as the Partnership determined it was probable that it would not collect the amount owed at maturity. During 2014, the Partnership recognized $468 of interest income relating to the impaired loan and the loan had an average recorded investment of $6,001. At December 31, 2014, the impaired loan receivable had a contractual unpaid balance of $5,810. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Fair Value Measurement Inputs | The following tables present the Partnership's assets and liabilities from continuing operations measured at fair value on a non-recurring basis during the years ended December 31, 2014 and 2013, aggregated by the level in the fair value hierarchy within which those measurements fall: | ||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Description | 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Impaired loan receivable* | $ | 3,296 | $ | — | $ | — | $ | 3,296 | |||||||||
Fair Value Measurements Using | |||||||||||||||||
Description | 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Impaired loan receivable* | $ | 12,610 | $ | — | $ | — | $ | 12,610 | |||||||||
*Represents a non-recurring fair value measurement. | |||||||||||||||||
Schedule of Carrying Amounts and Fair Value of Financial Instruments | The table below sets forth the carrying amounts and estimated fair values of the Partnership's financial instruments as of December 31, 2014 and 2013: | ||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Assets | |||||||||||||||||
Loans Receivable (Level 3) | $ | 15,448 | $ | 16,935 | $ | 19,220 | $ | 16,960 | |||||||||
Liabilities | |||||||||||||||||
Debt (Level 3) | $ | 465,318 | $ | 470,281 | $ | 430,730 | $ | 431,573 | |||||||||
Mortgages_and_Notes_Payable_an1
Mortgages and Notes Payable and Co-Borrower Debt (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Scheduled principal and balloon payments for the next five years and thereafter | Scheduled principal and balloon payments for mortgages and notes payable and co-borrower debt for the next five years and thereafter are as follows: | ||||
Year ending | Total | ||||
December 31, | |||||
2015 | $ | 30,028 | |||
2016 | 16,558 | ||||
2017 | 10,369 | ||||
2018 | 69,564 | ||||
2019 | 102,518 | ||||
Thereafter | 236,281 | ||||
$ | 465,318 | ||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Minimum future rental receipts under non-cancelable portion of tenant leases | Minimum future rental receipts under the non-cancelable portion of tenant leases, assuming no new or re-negotiated leases, for the next five years and thereafter are as follows: | ||||
Year ending | Total | ||||
December 31, | |||||
2015 | $ | 77,581 | |||
2016 | 74,512 | ||||
2017 | 70,809 | ||||
2018 | 62,468 | ||||
2019 | 54,242 | ||||
Thereafter | 5,096,854 | ||||
$ | 5,436,466 | ||||
Minimum future rental payments under non-cancelable leasehold interests | Minimum future rental payments under non-cancelable leasehold interests, excluding leases held through industrial revenue bonds and lease payments in the future that are based upon fair market value, for the next five years and thereafter are as follows: | ||||
Year ending | Total | ||||
December 31, | |||||
2015 | $ | 277 | |||
2016 | 277 | ||||
2017 | 269 | ||||
2018 | 230 | ||||
2019 | 230 | ||||
Thereafter | 2,518 | ||||
$ | 3,801 | ||||
Concentration_of_Risk_Tables
Concentration of Risk (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Risks and Uncertainties [Abstract] | |||||||||
Schedule of Concentration of Risk | For the years ended December 31, 2014, 2013 and 2012, the following tenants represented greater than 10% of rental revenues from continuing operations: | ||||||||
2014 | 2013 | 2012 | |||||||
LG-39 Ground Tenant LLC | 15.9 | % | — | — | |||||
FC-Canal Ground Tenant LLC | 13.6 | % | — | — | |||||
AL-Stone Ground Tenant LLC | 12.4 | % | — | — | |||||
Wells Fargo Bank N.A. | — | — | 10.8 | % | |||||
Unaudited_Quarterly_Financial_1
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of quarterly financial information | |||||||||||||||||
2014 | |||||||||||||||||
3/31/14 | 6/30/14 | 9/30/14 | 12/31/14 | ||||||||||||||
Total gross revenues(1) | $ | 29,122 | $ | 28,956 | $ | 29,325 | $ | 30,730 | |||||||||
Net income | $ | 11,475 | $ | 10,540 | $ | 28,594 | $ | 8,940 | |||||||||
Net income per unit | $ | 0.17 | $ | 0.15 | $ | 0.42 | $ | 0.13 | |||||||||
2013 | |||||||||||||||||
3/31/13 | 6/30/13 | 9/30/13 | 12/31/13 | ||||||||||||||
Total gross revenues(1) | $ | 15,935 | $ | 15,870 | $ | 15,802 | $ | 27,264 | |||||||||
Net income (loss) | $ | 3,671 | $ | 11,336 | $ | 2,774 | $ | (4,081 | ) | ||||||||
Net income (loss) per unit | $ | 0.08 | $ | 0.26 | $ | 0.05 | $ | (0.06 | ) | ||||||||
_____________________ | |||||||||||||||||
-1 | All periods have been adjusted to reflect the impact of properties in discontinued operations in the Consolidated Statements of Operations. |
The_Partnership_Details
The Partnership (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
state | |||
Property | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Percentage of outstanding units owned | 95.00% | 95.00% | |
Number of real estate properties | 42 | ||
Number of states in which entity operates | 25 | ||
Payments for repurchase of redeemable noncontrolling interest | $1,962 | $64,739 | $0 |
Former LCIF II Partners [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
OP units exchanged for cash | 170,193 | ||
Payments for repurchase of redeemable noncontrolling interest | $1,962 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
segment | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Par Value (in dollars per unit) | $0.00 | ||
Partners Capital Equivalent In Common Shares | 0.885 | ||
Distributions | $56,178,000 | $45,787,000 | $34,268,000 |
Distributions per weighted average unit (in dollars per unit) | $0.82 | $0.87 | $0.90 |
Distribution per unit of general partner and limited partner interest (in dollars per unit) | $3.25 | ||
Unrecognized tax benefits | 0 | 0 | |
Number of industry segments | 1 | ||
Real Estate Assets [Member] | Maximum [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Depreciation period | 40 years | ||
Limited Partner [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Closing unit price (in dollars per unit) | $10.98 | ||
Estimated fair value of partners capital | $42,306,000 |
Investments_in_Real_Estate_Rea
Investments in Real Estate - Real Estate (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Real estate, at cost: | ||||
Buildings and building improvements | $552,994 | $567,309 | ||
Land, land estates and land improvements | 347,290 | 325,074 | ||
Fixtures and equipment | 84 | 84 | ||
Construction in progress | 9,745 | 154 | ||
Real estate intangibles: | ||||
Real estate intangibles | 165,940 | 154,768 | ||
Total real estate at cost and intangibles | 1,076,053 | 1,047,389 | ||
Accumulated depreciation and amortization | -226,084 | [1] | -217,905 | [1] |
Real estate, net | 849,969 | 829,484 | ||
Accumulated amortization | 49,917 | 44,940 | ||
Real estate intangibles, estimated amortization in 2015 | 5,216 | |||
Real estate intangibles, estimated amortization in 2016 | 4,657 | |||
Real estate intangibles, estimated amortization in 2017 | 4,225 | |||
Real estate intangibles, estimated amortization in 2018 | 3,630 | |||
Real estate intangibles, estimated amortization in 2019 | 2,881 | |||
Below-market leases, net of accretion | 247 | 539 | ||
Below-market leases, estimated accretion in 2015 | 151 | |||
Below-market leases, estimated accretion in 2016 | 32 | |||
Below-market leases, estimated accretion in 2017 | 32 | |||
Below-market leases, estimated accretion in 2018 | 32 | |||
Below-market leases, estimated accretion in 2019 | 0 | |||
Leases, Acquired-in-Place [Member] | ||||
Real estate intangibles: | ||||
Real estate intangibles | 141,653 | 130,387 | ||
Tenant Relationships [Member] | ||||
Real estate intangibles: | ||||
Real estate intangibles | 20,256 | 20,350 | ||
Above Market Leases [Member] | ||||
Real estate intangibles: | ||||
Real estate intangibles | $4,031 | $4,031 | ||
[1] | Includes accumulated amortization of real estate intangible assets of $49,917 and $44,940 in 2014 and 2013, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $5,216 in 2015, $4,657 in 2016, $4,225 in 2017, $3,630 in 2018 and $2,881 in 2019. |
Investments_in_Real_Estate_Acq
Investments in Real Estate - Acquisitions (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | |
Property | hotel | |||||
Property | ||||||
acre | ||||||
Real Estate Properties [Line Items] | ||||||
Initial cost basis | $910,113,000 | $892,621,000 | ||||
Land and land estates | 347,290,000 | 325,074,000 | ||||
Buildings and improvements | 552,994,000 | 567,309,000 | ||||
Real estate intangibles | 165,940,000 | 154,768,000 | ||||
Number of real estate properties | 42 | |||||
Total aggregate minimum rent | 5,436,466,000 | |||||
Amount due to related party | 11,311,000 | 7,703,000 | ||||
Aggregate acquisition and pursuit expenses | 420,000 | 265,000 | ||||
Leases, Acquired-in-Place [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Real estate intangibles | 141,653,000 | 130,387,000 | ||||
Real Estate Properties Acquired in 2014 [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Initial cost basis | 49,526,000 | |||||
Land and land estates | 24,698,000 | |||||
Buildings and improvements | 12,790,000 | |||||
Real Estate Properties Acquired in 2014 [Member] | Leases, Acquired-in-Place [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Real estate intangibles | 12,038,000 | |||||
Real estate intangibles, useful life | 77 years 10 months 24 days | |||||
Real Estate Properties Acquired in 2013 [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Initial cost basis | 309,074,000 | |||||
Land | 226,403,000 | |||||
Buildings and improvements | 5,606,000 | |||||
Real Estate Properties Acquired in 2013 [Member] | Leases, Acquired-in-Place [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Real estate intangibles | 77,065,000 | |||||
Real estate intangibles, useful life | 99 years | |||||
New York, New York [Member] | Land [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Initial cost basis | 30,426,000 | 302,000,000 | ||||
Land and land estates | 22,000,000 | |||||
Land | 224,935,000 | |||||
Buildings and improvements | 0 | 0 | ||||
Number of real estate properties | 3 | |||||
Term of lease | 99 years | 99 years | 99 years | |||
Initial annual rent | 1,500,000 | |||||
Area of land | 0.6 | |||||
Receivable in first year | 14,883,000 | |||||
Initial annual rent, percent of aggregate purchase price | 4.93% | 4.93% | ||||
Total aggregate minimum rent | 457,795,000 | 4,541,141,000 | ||||
Purchase option, required return | 7.50% | 7.50% | ||||
Purchase option, price floor | 31,000,000 | 305,000,000 | ||||
New York, New York [Member] | Land [Member] | Leases, Acquired-in-Place [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Real estate intangibles | 8,426,000 | 77,065,000 | ||||
New York, New York [Member] | Hotel [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of high rise hotels | 3 | 1 | ||||
Vineland, New Jersey [Member] | Rehabilitation Hospital [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Initial cost basis | 19,100,000 | |||||
Land and land estates | 2,698,000 | |||||
Buildings and improvements | 12,790,000 | |||||
Vineland, New Jersey [Member] | Rehabilitation Hospital [Member] | Leases, Acquired-in-Place [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Real estate intangibles | 3,612,000 | |||||
Albany, Georgia [Member] | Retail Property [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Initial cost basis | 7,074,000 | |||||
Land | 1,468,000 | |||||
Buildings and improvements | 5,606,000 | |||||
Leasing costs | 338,000 | |||||
Albany, Georgia [Member] | Retail Property [Member] | Leases, Acquired-in-Place [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Real estate intangibles | 0 | |||||
Lexington Realty Trust [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Interest expense | 10,282,000 | 3,580,000 | 2,055,000 | |||
Amount due to related party | 3,061,000 | 7,703,000 | ||||
Lexington Realty Trust [Member] | New York, New York [Member] | Land [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Interest expense | 850,000 | |||||
Amount due to related party | 8,250,000 | 100,000,000 | ||||
Related party transaction rate | 4.25% | |||||
Minimum [Member] | New York, New York [Member] | Land [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Annual increase in rent, percent | 2.00% | 2.00% | ||||
Maximum [Member] | New York, New York [Member] | Land [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Annual increase in rent, percent | 3.00% | 3.00% | ||||
Lexington Realty Trust [Member] | Revolving Credit Facility [Member] | New York, New York [Member] | Land [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Borrowings under unsecured revolving credit facility | $187,000,000 |
Sales_of_Real_Estate_and_Disco2
Sales of Real Estate and Discontinued Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property | Property | ||
Discontinued Operations and Disposal Groups [Abstract] | |||
Proceeds from sale of real estate held-for-investment | $40,836 | $36,055 | $0 |
Gain (loss) on disposition of real estate, discontinued operations | 17,944 | 11,027 | 1,089 |
Debt satisfaction gains (charges), net | 0 | 1,709 | -1,425 |
Properties classified as held-for-sale | 0 | 0 | |
Total gross revenues | 2,006 | 6,584 | 9,918 |
Pre-tax net income (loss), including gains on sales | 18,826 | 4,549 | -1,396 |
Impairment charges in discontinued operations | $0 | $10,037 | $0 |
Loans_Receivable_Details
Loans Receivable (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |||
type_of_financing | |||||||
portfolio_segment | |||||||
class_of_financing | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loan carrying-value | $15,448 | [1] | $19,220 | [1] | $15,448 | [1] | |
Loan loss | 2,500 | 13,939 | 0 | ||||
Number of types of financing receivable | 2 | ||||||
Number of portfolio segments | 1 | ||||||
Proceeds from sale of real estate held-for-investment | 40,836 | 36,055 | 0 | ||||
Number of classes of financing receivable | 1 | ||||||
Westmont, Illinios [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loan carrying-value | 12,152 | [1],[2] | 12,610 | [1],[2] | 12,152 | [1],[2] | |
Interest rate | 6.45% | [2] | 6.45% | [2] | |||
Loan loss | 13,939 | ||||||
Interest income, impaired loans | 1,284 | 1,737 | |||||
Average recorded investment of impaired loan | 12,812 | 25,562 | |||||
Unpaid principal balance on impaired loan | 26,786 | 26,786 | |||||
Southfield, Michigan [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loan carrying-value | 3,296 | [1],[3] | 6,610 | [1],[3] | 3,296 | [1],[3] | |
Interest rate | 4.55% | [3] | 4.55% | [3] | |||
Loan loss | 2,500 | ||||||
Interest income, impaired loans | 468 | ||||||
Average recorded investment of impaired loan | 6,001 | ||||||
Unpaid principal balance on impaired loan | 5,810 | 5,810 | |||||
Schaumburg, Illinios [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Interest income not recorded due to default | 2,939 | 2,647 | |||||
Greenville, South Carolina [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Proceeds from sale of real estate held-for-investment | $11,491 | ||||||
[1] | Loan carrying value includes accrued interest and is net of origination costs and loan losses, if any | ||||||
[2] | Borrowers are in default and the Partnership commenced foreclosure proceedings. Tenant at office property collateral terminated its lease. The Partnership recognized a loan loss of $13,939 during 2013. During 2014 and 2013, the Partnership recognized $1,284 and $1,737, respectively, of interest income relating to the impaired loan and the loan had an average recorded investment value of $12,812 and $25,562 during 2014 and 2013, respectively. At DecemberB 31, 2014, the impaired loan receivable had a contractual unpaid balance of $26,786. | ||||||
[3] | The Partnership recorded a $2,500 loan loss in 2014 as the Partnership determined it was probable that it would not collect the amount owed at maturity. During 2014, the Partnership recognized $468 of interest income relating to the impaired loan and the loan had an average recorded investment of $6,001. At DecemberB 31, 2014, the impaired loan receivable had a contractual unpaid balance of $5,810. |
Investments_in_and_Advances_to1
Investments in and Advances to Non-Consolidated Entity (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 01, 2012 | Jul. 31, 2014 |
Property | |||||
state | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Payments to acquire cost method investment | $263 | $0 | $189 | ||
Number of real estate properties | 42 | ||||
Number of states in which entity operates | 25 | ||||
Net income (loss) from NLS | 129 | -88 | -33 | ||
Equity Method Investments [Member] | Net Lease Strategic Assets Fund L.P. [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Percentage | 2.00% | ||||
Payments to acquire equity method investment | 189 | ||||
Issuance of limited partner units | 457,211,000 | ||||
Number of real estate properties | 41 | ||||
Area of Real Estate Property | 5,800,000 | ||||
Number of states in which entity operates | 23 | ||||
Tenant-in-common interest | 40.00% | ||||
Partnership carrying value in NLS | 4,474 | 5,098 | |||
Net income (loss) from NLS | 114 | 88 | 33 | ||
Distributions received | 738 | 359 | 725 | ||
Share of contributions by Lexington to NLS | 1,949 | ||||
Office Building [Member] | Philadelphia, Pennsylvania [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Cost method investment, ownership percentage | 1.00% | ||||
Payments to acquire cost method investment | $263 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities from Continuing Operations (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loan receivable | $15,448 | [1] | $19,220 | [1] |
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loan receivable | 3,296 | [2] | 12,610 | [2] |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value Measurements Using Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loan receivable | 0 | [2] | 0 | [2] |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value Measurements Using Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loan receivable | 0 | [2] | 0 | [2] |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value Measurements Using Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loan receivable | $3,296 | [2] | $12,610 | [2] |
[1] | Loan carrying value includes accrued interest and is net of origination costs and loan losses, if any | |||
[2] | Represents a non-recurring fair value measurement. |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Amounts and Fair Values (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Loans Receivable, Carrying Value | $15,448 | $19,220 |
Fair Value Measurements Using Level 3 [Member] | Carrying Amount [Member] | ||
Assets | ||
Loans Receivable, Carrying Value | 15,448 | 19,220 |
Liabilities | ||
Debt, Carrying Value | 465,318 | 430,730 |
Fair Value Measurements Using Level 3 [Member] | Fair Value [Member] | ||
Assets | ||
Loans Receivable, Fair Value | 16,935 | 16,960 |
Liabilities | ||
Debt, Fair Value | $470,281 | $431,573 |
Mortgages_and_Notes_Payable_an2
Mortgages and Notes Payable and Co-Borrower Debt - Additional Information (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2014 | |
Property | Property | ||||
Debt Instrument [Line Items] | |||||
Debt outstanding | $465,318,000 | ||||
Number of real estate properties | 42 | ||||
Amount due to related party | 11,311,000 | 7,703,000 | |||
Co-borrower debt | 136,967,000 | 91,551,000 | |||
Debt satisfaction gains (charges), net | -357,000 | -1,560,000 | 15,000 | ||
Interest capitalized | 60,000 | 46,000 | 49,000 | ||
Mortgages and notes payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt outstanding | 328,351,000 | 339,179,000 | |||
Weighted-average interest rate | 5.00% | ||||
Mortgages and notes payable [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective interest rate | 4.70% | 4.70% | |||
Mortgages and notes payable [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective interest rate | 6.50% | 6.50% | |||
Secured debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument amount | 213,500,000 | ||||
Stated interest rate | 4.66% | ||||
New York, New York [Member] | Land [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of real estate properties | 3 | ||||
Lexington Realty Trust [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount due to related party | 3,061,000 | 7,703,000 | |||
Lexington Realty Trust [Member] | New York, New York [Member] | Land [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount due to related party | 100,000,000 | 8,250,000 | |||
Lexington Realty Trust and Lepercq Corporate Income Fund LP [Member] | Unsecured Term Loan, Expiring February 2018 [Member] | Unsecured term loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective interest rate | 1.35% | ||||
Term of debt | 5 years | ||||
Debt instrument amount | 250,000,000 | ||||
Interest rate swap, fixed LIBOR interest rate | 1.09% | ||||
Lexington Realty Trust and Lepercq Corporate Income Fund LP [Member] | Unsecured Term Loan, Expiring January 2019 [Member] | Unsecured term loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective interest rate | 1.75% | ||||
Debt instrument amount | 255,000,000 | ||||
Interest rate swap, fixed LIBOR interest rate | 1.42% | ||||
Lexington Realty Trust and Lepercq Corporate Income Fund LP [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 400,000,000 | ||||
Borrowings under unsecured revolving credit facility | 0 | ||||
Outstanding letters of credit | 14,644,000 | ||||
Remaining borrowing capacity | $385,356,000 | ||||
LIBOR [Member] | Lexington Realty Trust and Lepercq Corporate Income Fund LP [Member] | Unsecured Term Loan, Expiring February 2018 [Member] | Unsecured term loan [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.10% | ||||
LIBOR [Member] | Lexington Realty Trust and Lepercq Corporate Income Fund LP [Member] | Unsecured Term Loan, Expiring February 2018 [Member] | Unsecured term loan [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.10% | ||||
LIBOR [Member] | Lexington Realty Trust and Lepercq Corporate Income Fund LP [Member] | Unsecured Term Loan, Expiring January 2019 [Member] | Unsecured term loan [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.50% | ||||
LIBOR [Member] | Lexington Realty Trust and Lepercq Corporate Income Fund LP [Member] | Unsecured Term Loan, Expiring January 2019 [Member] | Unsecured term loan [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.25% | ||||
LIBOR [Member] | Lexington Realty Trust and Lepercq Corporate Income Fund LP [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate at period end | 1.15% | ||||
LIBOR [Member] | Lexington Realty Trust and Lepercq Corporate Income Fund LP [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.95% | ||||
LIBOR [Member] | Lexington Realty Trust and Lepercq Corporate Income Fund LP [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.73% |
Mortgages_and_Notes_Payable_an3
Mortgages and Notes Payable and Co-Borrower Debt - Principal Repayments (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2015 | $30,028 |
2016 | 16,558 |
2017 | 10,369 |
2018 | 69,564 |
2019 | 102,518 |
Thereafter | 236,281 |
Long-term Debt | $465,318 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Minimum future rental receipts | |||
2015 | $77,581 | ||
2016 | 74,512 | ||
2017 | 70,809 | ||
2018 | 62,468 | ||
2019 | 54,242 | ||
Thereafter | 5,096,854 | ||
Minimum future rental receipts | 5,436,466 | ||
Minimum future rental payments | |||
2015 | 277 | ||
2016 | 277 | ||
2017 | 269 | ||
2018 | 230 | ||
2019 | 230 | ||
Thereafter | 2,518 | ||
Minimum future rental payments | 3,801 | ||
Rent expense for leasehold interests | $289 | $595 | $725 |
Concentration_of_Risk_Details
Concentration of Risk (Details) | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2014 | Oct. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Land [Member] | New York, New York [Member] | |||||
Concentration Risk [Line Items] | |||||
Term of lease | 99 years | 99 years | 99 years | ||
Hotel [Member] | New York, New York [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of high rise hotels | 1 | 3 | |||
Rental Revenue [Member] | LG-39 Ground Tenant LLC [Member] | Tenant Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 15.90% | 0.00% | 0.00% | ||
Rental Revenue [Member] | FC-Canal Ground Tenant LLC [Member] | Tenant Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 13.60% | 0.00% | 0.00% | ||
Rental Revenue [Member] | AL-Stone Ground Tenant LLC [Member] | Tenant Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 12.40% | 0.00% | 0.00% | ||
Rental Revenue [Member] | Wells Fargo Bank N.A. [Member] | Tenant Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 0.00% | 0.00% | 10.80% |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||
Related party advances, net | $11,311 | $7,703 | |
Issuance of units | 27,981 | 320,914 | 77,558 |
Number of units sold | 2,571,757 | 26,823,469 | 8,042,024 |
Units redeemed | 170,193 | 2,673,799 | |
Units redeemed, value | 1,962 | 64,739 | |
Lexington Realty Trust [Member] | |||
Related Party Transaction [Line Items] | |||
Related party advances, net | 3,061 | 7,703 | |
Unit distributions earned | 53,728 | 43,378 | 31,991 |
Number of units sold to satisfy outstanding distributions and advances | 2,571,757 | 16,917,658 | 7,584,813 |
Issuance of units | 27,981 | 212,147 | 73,269 |
Interest expense | 10,282 | 3,580 | 2,055 |
Sale of units | 108,766 | ||
Number of units sold | 9,905,811 | ||
Units redeemed | 2,673,799 | ||
Units redeemed, value | 64,739 | ||
General and administrative expense | 7,335 | 4,658 | 4,693 |
Lexington Affiliate [Member] | |||
Related Party Transaction [Line Items] | |||
Property operating expenses | 1,004 | 1,097 | 1,239 |
Vornado Realty Trust [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from related party | $255 | $744 | $842 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2010 | 31-May-14 | Jun. 30, 2013 |
Convertible Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount outstanding | $16,228 | |||
Byhalia, Mississippi [Member] | ||||
Debt Instrument [Line Items] | ||||
Payments for capital improvements | 15,300 | |||
Financial Guarantee [Member] | Senior Notes [Member] | Senior Notes Due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Guarantor obligations, maximum exposure | 250,000 | |||
Financial Guarantee [Member] | Senior Notes [Member] | Senior Notes Due 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Guarantor obligations, maximum exposure | 250,000 | |||
Financial Guarantee [Member] | Convertible Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Guarantor obligations, maximum exposure | 115,000 | |||
Lexington Realty Trust [Member] | ||||
Debt Instrument [Line Items] | ||||
Percent of notes required to be repurchased at the option of the holders on set dates | 100.00% | |||
Lexington Realty Trust [Member] | Senior Notes [Member] | Senior Notes Due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.40% | |||
Debt instrument, redemption price, percentage | 99.88% | |||
Lexington Realty Trust [Member] | Senior Notes [Member] | Senior Notes Due 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.25% | |||
Debt instrument, redemption price, percentage | 99.03% | |||
Lexington Realty Trust [Member] | Convertible Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 6.00% |
Supplemental_Disclosure_of_Sta1
Supplemental Disclosure of Statement of Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property | |||
Supplemental Cash Flow Elements [Abstract] | |||
Interest paid | $27,199 | $12,758 | $16,261 |
Income taxes paid | 161 | 50 | -51 |
Number of properties transferred for full satisfaction of mortgage note payable | 2 | ||
Noncash transaction, exchange of interest in property for full satisfaction of mortgage note payable | $29,859 | $5,290 |
Unaudited_Quarterly_Financial_2
Unaudited Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total gross revenues | $30,730 | $29,325 | $28,956 | $29,122 | $27,264 | $15,802 | $15,870 | $15,935 | |||
Net income (loss) | $8,940 | $28,594 | $10,540 | $11,475 | ($4,081) | $2,774 | $11,336 | $3,671 | $59,549 | $13,700 | $10,742 |
Net income (loss) per unit (in dollars per unit) | $0.13 | $0.42 | $0.15 | $0.17 | ($0.06) | $0.05 | $0.26 | $0.08 | $0.87 | $0.26 | $0.28 |
Subsequent_Events_Details
Subsequent Events (Details) (Mortgages [Member], Non-recourse Mortgage Secured by Land in New York, New York [Member], Subsequent Event [Member], USD $) | 2 Months Ended |
Feb. 20, 2015 | |
Mortgages [Member] | Non-recourse Mortgage Secured by Land in New York, New York [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Term of debt | 10 years |
Stated interest rate | 4.10% |
Debt instrument amount | $29,193,000 |
Real_Estate_and_Accumulated_De1
Real Estate and Accumulated Depreciation and Amortization Schedule III - Schedule III (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 328,351 | ||||
Land and Land Estates | 347,290 | ||||
Buildings and Improvements | 553,078 | ||||
Total | 910,113 | 892,621 | 724,819 | 688,294 | |
Accumulated Depreciation and Amortization | 176,167 | 172,965 | 190,874 | 172,894 | |
Construction in Progress [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Total | 9,745 | ||||
Phoenix, Arizona [Member] | Office Building [Member] | Phoenix, AZ LTL Office Property, Acquired Dec-12 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 5,585 | ||||
Buildings and Improvements | 36,099 | ||||
Total | 41,684 | ||||
Accumulated Depreciation and Amortization | 2,167 | ||||
Phoenix, Arizona [Member] | Office Building [Member] | Phoenix, AZ LTL Office Property, Acquired Dec-12 [Member] | Asset Component 1 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 17 years | ||||
Phoenix, Arizona [Member] | Office Building [Member] | Phoenix, AZ LTL Office Property, Acquired Dec-12 [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 10 years | ||||
Phoenix, Arizona [Member] | Office Building [Member] | Phoenix, AZ LTL Office Property, Acquired Dec-12 [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Phoenix, Arizona [Member] | Office Building [Member] | Phoenix, AZ Office Property acquired May-00 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 4,666 | ||||
Buildings and Improvements | 24,856 | ||||
Total | 29,522 | ||||
Accumulated Depreciation and Amortization | 8,495 | ||||
Phoenix, Arizona [Member] | Office Building [Member] | Phoenix, AZ Office Property acquired May-00 [Member] | Asset Component 1 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 9 years | ||||
Phoenix, Arizona [Member] | Office Building [Member] | Phoenix, AZ Office Property acquired May-00 [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 6 years | ||||
Phoenix, Arizona [Member] | Office Building [Member] | Phoenix, AZ Office Property acquired May-00 [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Los Angeles, California [Member] | Office Building [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 9,843 | ||||
Land and Land Estates | 5,110 | ||||
Buildings and Improvements | 12,158 | ||||
Total | 17,268 | ||||
Accumulated Depreciation and Amortization | 6,493 | ||||
Los Angeles, California [Member] | Office Building [Member] | Asset Component 1 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 13 years | ||||
Los Angeles, California [Member] | Office Building [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 10 years | ||||
Los Angeles, California [Member] | Office Building [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Louisville, Colorado [Member] | Office Building [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 3,657 | ||||
Buildings and Improvements | 9,605 | ||||
Total | 13,262 | ||||
Accumulated Depreciation and Amortization | 2,574 | ||||
Louisville, Colorado [Member] | Office Building [Member] | Asset Component 1 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 9 years | ||||
Louisville, Colorado [Member] | Office Building [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 8 years | ||||
Louisville, Colorado [Member] | Office Building [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Albany, Georgia [Member] | Specialty [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 1,468 | ||||
Buildings and Improvements | 5,137 | ||||
Total | 6,605 | ||||
Accumulated Depreciation and Amortization | 185 | ||||
Albany, Georgia [Member] | Specialty [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 15 years | ||||
Albany, Georgia [Member] | Specialty [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Byhalia, Mississippi [Member] | Industrial Property [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 15,000 | ||||
Land and Land Estates | 1,006 | ||||
Buildings and Improvements | 21,483 | ||||
Total | 22,489 | ||||
Accumulated Depreciation and Amortization | 1,969 | ||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Shelby, North Carolina [Member] | Industrial Property [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 1,421 | ||||
Buildings and Improvements | 18,918 | ||||
Total | 20,339 | ||||
Accumulated Depreciation and Amortization | 2,473 | ||||
Shelby, North Carolina [Member] | Industrial Property [Member] | Asset Component 1 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 20 years | ||||
Shelby, North Carolina [Member] | Industrial Property [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 11 years | ||||
Shelby, North Carolina [Member] | Industrial Property [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Vineland, New Jersey [Member] | Rehabilitation Hospital [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 2,698 | ||||
Buildings and Improvements | 12,790 | ||||
Total | 15,488 | ||||
Accumulated Depreciation and Amortization | 101 | ||||
Vineland, New Jersey [Member] | Rehabilitation Hospital [Member] | Asset Component 1 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 28 years | ||||
Vineland, New Jersey [Member] | Rehabilitation Hospital [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 3 years | ||||
Vineland, New Jersey [Member] | Rehabilitation Hospital [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
New York, New York [Member] | Land [Member] | New York, NY LTL Land, Acquired Oct-13 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 213,475 | [1] | |||
Land and Land Estates | 73,148 | [1] | |||
Buildings and Improvements | 0 | [1] | |||
Total | 73,148 | [1] | |||
Accumulated Depreciation and Amortization | 0 | [1] | |||
New York, New York [Member] | Land [Member] | New York, NY LTL Land, Acquired Oct-13, Property 2 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [1] | |||
Land and Land Estates | 86,569 | [1] | |||
Buildings and Improvements | 0 | [1] | |||
Total | 86,569 | [1] | |||
Accumulated Depreciation and Amortization | 0 | [1] | |||
New York, New York [Member] | Land [Member] | New York, NY LTL Land, Acquired Oct-13, Property 3 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [1] | |||
Land and Land Estates | 65,218 | [1] | |||
Buildings and Improvements | 0 | [1] | |||
Total | 65,218 | [1] | |||
Accumulated Depreciation and Amortization | 0 | [1] | |||
New York, New York [Member] | Land [Member] | New York, NY LTL Land, Acquired Oct-14 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 22,000 | ||||
Buildings and Improvements | 0 | ||||
Total | 22,000 | ||||
Accumulated Depreciation and Amortization | 0 | ||||
Bristol, Pennsylvania [Member] | Industrial Property [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 2,508 | ||||
Buildings and Improvements | 15,863 | ||||
Total | 18,371 | ||||
Accumulated Depreciation and Amortization | 5,461 | ||||
Bristol, Pennsylvania [Member] | Industrial Property [Member] | Asset Component 1 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 16 years | ||||
Bristol, Pennsylvania [Member] | Industrial Property [Member] | Asset Component 2 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 30 years | ||||
Bristol, Pennsylvania [Member] | Industrial Property [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 10 years | ||||
Bristol, Pennsylvania [Member] | Industrial Property [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Carrollton, Texas [Member] | Office Building [Member] | Carrollton, TX LTL Office Acquired Jun-07 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 18,850 | ||||
Land and Land Estates | 2,599 | ||||
Buildings and Improvements | 22,050 | ||||
Total | 24,649 | ||||
Accumulated Depreciation and Amortization | 7,099 | ||||
Carrollton, Texas [Member] | Office Building [Member] | Carrollton, TX LTL Office Acquired Jun-07 [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 8 years | ||||
Carrollton, Texas [Member] | Office Building [Member] | Carrollton, TX LTL Office Acquired Jun-07 [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Carrollton, Texas [Member] | Office Building [Member] | Carrollton, TX LTL Office Acquired Jun-07, Property 2 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 828 | ||||
Buildings and Improvements | 0 | ||||
Total | 828 | ||||
Accumulated Depreciation and Amortization | 0 | ||||
Lake Forest, California [Member] | Office Building [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 3,442 | ||||
Buildings and Improvements | 13,769 | ||||
Total | 17,211 | ||||
Accumulated Depreciation and Amortization | 4,403 | ||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Centennial, Colorado [Member] | Office Building [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 4,851 | ||||
Buildings and Improvements | 15,187 | ||||
Total | 20,038 | ||||
Accumulated Depreciation and Amortization | 5,289 | ||||
Centennial, Colorado [Member] | Office Building [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 10 years | ||||
Centennial, Colorado [Member] | Office Building [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Wallingford, Connecticut [Member] | Office Building [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 1,049 | ||||
Buildings and Improvements | 4,773 | ||||
Total | 5,822 | ||||
Accumulated Depreciation and Amortization | 1,472 | ||||
Wallingford, Connecticut [Member] | Office Building [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 8 years | ||||
Wallingford, Connecticut [Member] | Office Building [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Boca Raton, Florida [Member] | Office Building [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 19,870 | ||||
Land and Land Estates | 4,290 | ||||
Buildings and Improvements | 17,160 | ||||
Total | 21,450 | ||||
Accumulated Depreciation and Amortization | 5,095 | ||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Palm Beach Gardens, Florida [Member] | Office Building [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 787 | ||||
Buildings and Improvements | 3,704 | ||||
Total | 4,491 | ||||
Accumulated Depreciation and Amortization | 1,282 | ||||
Palm Beach Gardens, Florida [Member] | Office Building [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 5 years | ||||
Palm Beach Gardens, Florida [Member] | Office Building [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Palm Beach Gardens, Florida [Member] | Multi-tenanted [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 4,066 | ||||
Buildings and Improvements | 19,915 | ||||
Total | 23,981 | ||||
Accumulated Depreciation and Amortization | 6,331 | ||||
Palm Beach Gardens, Florida [Member] | Multi-tenanted [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 5 years | ||||
Palm Beach Gardens, Florida [Member] | Multi-tenanted [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Clive, Iowa [Member] | Office Building [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 1,158 | ||||
Buildings and Improvements | 0 | ||||
Total | 1,158 | ||||
Accumulated Depreciation and Amortization | 0 | ||||
Schaumburg, Illinios [Member] | Office Building [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 5,007 | ||||
Buildings and Improvements | 22,086 | ||||
Total | 27,093 | ||||
Accumulated Depreciation and Amortization | 1,787 | ||||
Schaumburg, Illinios [Member] | Office Building [Member] | Asset Component 1 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 9 years | ||||
Schaumburg, Illinios [Member] | Office Building [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 7 years | ||||
Schaumburg, Illinios [Member] | Office Building [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 30 years | ||||
Overland Park, Kansas [Member] | Office Building [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 34,733 | ||||
Land and Land Estates | 4,769 | ||||
Buildings and Improvements | 41,956 | ||||
Total | 46,725 | ||||
Accumulated Depreciation and Amortization | 11,583 | ||||
Overland Park, Kansas [Member] | Office Building [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 12 years | ||||
Overland Park, Kansas [Member] | Office Building [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Baton Rouge, Louisiana [Member] | Office Building [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 1,252 | ||||
Buildings and Improvements | 11,085 | ||||
Total | 12,337 | ||||
Accumulated Depreciation and Amortization | 3,341 | ||||
Baton Rouge, Louisiana [Member] | Office Building [Member] | Asset Component 1 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 4 years | ||||
Baton Rouge, Louisiana [Member] | Office Building [Member] | Asset Component 2 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 6 years | ||||
Baton Rouge, Louisiana [Member] | Office Building [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 3 years | ||||
Baton Rouge, Louisiana [Member] | Office Building [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Foxboro, Massachusetts [Member] | Office Building [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 2,231 | ||||
Buildings and Improvements | 25,653 | ||||
Total | 27,884 | ||||
Accumulated Depreciation and Amortization | 13,053 | ||||
Foxboro, Massachusetts [Member] | Office Building [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 16 years | ||||
Foxboro, Massachusetts [Member] | Office Building [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Southfield, Michigan [Member] | Office Building [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 0 | ||||
Buildings and Improvements | 12,124 | ||||
Total | 12,124 | ||||
Accumulated Depreciation and Amortization | 7,223 | ||||
Southfield, Michigan [Member] | Office Building [Member] | Asset Component 1 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 16 years | ||||
Southfield, Michigan [Member] | Office Building [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 7 years | ||||
Southfield, Michigan [Member] | Office Building [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Charleston, South Carolina [Member] | Office Building [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 7,277 | ||||
Land and Land Estates | 1,189 | ||||
Buildings and Improvements | 8,724 | ||||
Total | 9,913 | ||||
Accumulated Depreciation and Amortization | 3,087 | ||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Fort Mill, South Carolina [Member] | Office Building [Member] | Fort Mill, SC Office, Acquired Nov-04 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 1,798 | ||||
Buildings and Improvements | 26,038 | ||||
Total | 27,836 | ||||
Accumulated Depreciation and Amortization | 13,912 | ||||
Fort Mill, South Carolina [Member] | Office Building [Member] | Fort Mill, SC Office, Acquired Nov-04 [Member] | Asset Component 1 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 15 years | ||||
Fort Mill, South Carolina [Member] | Office Building [Member] | Fort Mill, SC Office, Acquired Nov-04 [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 11 years | ||||
Fort Mill, South Carolina [Member] | Office Building [Member] | Fort Mill, SC Office, Acquired Nov-04 [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Fort Mill, South Carolina [Member] | Office Building [Member] | Fort Mill, SC Office, Acquired Dec-02 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 3,601 | ||||
Buildings and Improvements | 15,340 | ||||
Total | 18,941 | ||||
Accumulated Depreciation and Amortization | 4,513 | ||||
Fort Mill, South Carolina [Member] | Office Building [Member] | Fort Mill, SC Office, Acquired Dec-02 [Member] | Asset Component 1 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 11 years | ||||
Fort Mill, South Carolina [Member] | Office Building [Member] | Fort Mill, SC Office, Acquired Dec-02 [Member] | Asset Component 2 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 20 years | ||||
Fort Mill, South Carolina [Member] | Office Building [Member] | Fort Mill, SC Office, Acquired Dec-02 [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 5 years | ||||
Fort Mill, South Carolina [Member] | Office Building [Member] | Fort Mill, SC Office, Acquired Dec-02 [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Westlake, Texas [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 2,361 | ||||
Buildings and Improvements | 23,382 | ||||
Total | 25,743 | ||||
Accumulated Depreciation and Amortization | 8,322 | ||||
Westlake, Texas [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 4 years | ||||
Westlake, Texas [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Herndon, Virginia [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 5,127 | ||||
Buildings and Improvements | 24,640 | ||||
Total | 29,767 | ||||
Accumulated Depreciation and Amortization | 8,517 | ||||
Herndon, Virginia [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 9 years | ||||
Herndon, Virginia [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Moody, Alabama [Member] | Industrial Property [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 654 | ||||
Buildings and Improvements | 9,943 | ||||
Total | 10,597 | ||||
Accumulated Depreciation and Amortization | 5,683 | ||||
Moody, Alabama [Member] | Industrial Property [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 15 years | ||||
Moody, Alabama [Member] | Industrial Property [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Tampa, Florida [Member] | Industrial Property [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 2,160 | ||||
Buildings and Improvements | 7,347 | ||||
Total | 9,507 | ||||
Accumulated Depreciation and Amortization | 5,664 | ||||
Tampa, Florida [Member] | Industrial Property [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 9 years | ||||
Tampa, Florida [Member] | Industrial Property [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Dubuque, Iowa [Member] | Industrial Property [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 9,303 | ||||
Land and Land Estates | 2,052 | ||||
Buildings and Improvements | 8,443 | ||||
Total | 10,495 | ||||
Accumulated Depreciation and Amortization | 2,530 | ||||
Dubuque, Iowa [Member] | Industrial Property [Member] | Asset Component 1 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 12 years | ||||
Dubuque, Iowa [Member] | Industrial Property [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 11 years | ||||
Dubuque, Iowa [Member] | Industrial Property [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Marshall, Michigan [Member] | Industrial Property [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 40 | ||||
Buildings and Improvements | 2,236 | ||||
Total | 2,276 | ||||
Accumulated Depreciation and Amortization | 700 | ||||
Marshall, Michigan [Member] | Industrial Property [Member] | Asset Component 1 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 10 years | ||||
Marshall, Michigan [Member] | Industrial Property [Member] | Asset Component 2 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 12 years | ||||
Marshall, Michigan [Member] | Industrial Property [Member] | Asset Component 3 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 15 years | ||||
Marshall, Michigan [Member] | Industrial Property [Member] | Asset Component 4 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 20 years | ||||
Marshall, Michigan [Member] | Industrial Property [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 9 years | ||||
Marshall, Michigan [Member] | Industrial Property [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Olive Branch, Mississippi [Member] | Industrial Property [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 198 | ||||
Buildings and Improvements | 10,276 | ||||
Total | 10,474 | ||||
Accumulated Depreciation and Amortization | 6,515 | ||||
Olive Branch, Mississippi [Member] | Industrial Property [Member] | Asset Component 1 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 15 years | ||||
Olive Branch, Mississippi [Member] | Industrial Property [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 8 years | ||||
Olive Branch, Mississippi [Member] | Industrial Property [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
High Point, North Carolina [Member] | Industrial Property [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 1,330 | ||||
Buildings and Improvements | 11,183 | ||||
Total | 12,513 | ||||
Accumulated Depreciation and Amortization | 5,192 | ||||
High Point, North Carolina [Member] | Industrial Property [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 18 years | ||||
High Point, North Carolina [Member] | Industrial Property [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Hebron, Ohio [Member] | Industrial Property [Member] | Hebron, OH Industrial, Acquired Dec-97 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 1,063 | ||||
Buildings and Improvements | 4,271 | ||||
Total | 5,334 | ||||
Accumulated Depreciation and Amortization | 1,393 | ||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Hebron, Ohio [Member] | Industrial Property [Member] | Hebron, OH Industrial, Acquired Dec-01 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 1,681 | ||||
Buildings and Improvements | 7,224 | ||||
Total | 8,905 | ||||
Accumulated Depreciation and Amortization | 2,641 | ||||
Hebron, Ohio [Member] | Industrial Property [Member] | Hebron, OH Industrial, Acquired Dec-01 [Member] | Asset Component 1 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 2 years | ||||
Hebron, Ohio [Member] | Industrial Property [Member] | Hebron, OH Industrial, Acquired Dec-01 [Member] | Asset Component 2 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 3 years | ||||
Hebron, Ohio [Member] | Industrial Property [Member] | Hebron, OH Industrial, Acquired Dec-01 [Member] | Asset Component 3 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 5 years | ||||
Hebron, Ohio [Member] | Industrial Property [Member] | Hebron, OH Industrial, Acquired Dec-01 [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 1 year | ||||
Hebron, Ohio [Member] | Industrial Property [Member] | Hebron, OH Industrial, Acquired Dec-01 [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Collierville, Tennessee [Member] | Industrial Property [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 714 | ||||
Buildings and Improvements | 4,783 | ||||
Total | 5,497 | ||||
Accumulated Depreciation and Amortization | 1,588 | ||||
Collierville, Tennessee [Member] | Industrial Property [Member] | Asset Component 1 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 14 years | ||||
Collierville, Tennessee [Member] | Industrial Property [Member] | Asset Component 2 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 21 years | ||||
Collierville, Tennessee [Member] | Industrial Property [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 9 years | ||||
Collierville, Tennessee [Member] | Industrial Property [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Honolulu, Hawaii [Member] | Multi-tenanted [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 8,259 | ||||
Buildings and Improvements | 7,363 | ||||
Total | 15,622 | ||||
Accumulated Depreciation and Amortization | 1,529 | ||||
Honolulu, Hawaii [Member] | Multi-tenanted [Member] | Asset Component 1 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 5 years | ||||
Honolulu, Hawaii [Member] | Multi-tenanted [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 2 years | ||||
Honolulu, Hawaii [Member] | Multi-tenanted [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Florence, South Carolina [Member] | Multi-tenanted [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 3,235 | ||||
Buildings and Improvements | 13,081 | ||||
Total | 16,316 | ||||
Accumulated Depreciation and Amortization | 4,203 | ||||
Florence, South Carolina [Member] | Multi-tenanted [Member] | Asset Component 1 [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 20 years | ||||
Florence, South Carolina [Member] | Multi-tenanted [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 10 years | ||||
Florence, South Carolina [Member] | Multi-tenanted [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 40 years | ||||
Tulsa, Oklahoma [Member] | Retail Site [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land and Land Estates | 445 | ||||
Buildings and Improvements | 2,433 | ||||
Total | 2,878 | ||||
Accumulated Depreciation and Amortization | 2,302 | ||||
Tulsa, Oklahoma [Member] | Retail Site [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 14 years | ||||
Tulsa, Oklahoma [Member] | Retail Site [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Useful life computing depreciation in latest income statement (years) | 24 years | ||||
[1] | Properties are cross-collateralized. |
Real_Estate_and_Accumulated_De2
Real Estate and Accumulated Depreciation and Amortization Schedule III - Reconciliation of Real Estate, Accumulated Depreciation and Amortization (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Federal income tax basis | $1,100,000,000 | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the beginning of year | 892,621,000 | 724,819,000 | 688,294,000 |
Additions during year | 58,511,000 | 263,036,000 | 45,596,000 |
Properties sold and impaired during year | -41,016,000 | -95,225,000 | -9,056,000 |
Other reclassifications | -3,000 | -9,000 | -15,000 |
Balance at end of year | 910,113,000 | 892,621,000 | 724,819,000 |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the beginning of year | 172,965,000 | 190,874,000 | 172,894,000 |
Depreciation and amortization expense | 21,837,000 | 21,483,000 | 21,826,000 |
Accumulated depreciation and amortization of properties sold and impaired during year | -18,635,000 | -39,392,000 | -3,846,000 |
Balance at end of year | $176,167,000 | $172,965,000 | $190,874,000 |