Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 20, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Registrant Name | PS BUSINESS PARKS INC/CA | ||
Entity Central Index Key | 866,368 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 27,138,138 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,082,893,848 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 128,629 | $ 188,912 |
Real estate facilities, at cost: | ||
Land | 789,531 | 793,569 |
Buildings and improvements | 2,226,881 | 2,215,515 |
Gross real estate investment property | 3,016,412 | 3,009,084 |
Accumulated depreciation | (1,159,808) | (1,082,603) |
Net real estate investment property | 1,856,604 | 1,926,481 |
Land and building held for development | 27,028 | 6,081 |
Total real estate investments | 1,883,632 | 1,932,562 |
Investment in and advances to unconsolidated joint venture | 67,190 | 26,736 |
Rent receivable, net | 1,945 | 2,234 |
Deferred rent receivable, net | 29,770 | 28,327 |
Other assets | 8,205 | 7,887 |
Total assets | 2,119,371 | 2,186,658 |
LIABILITIES AND EQUITY | ||
Accrued and other liabilities | 78,657 | 76,059 |
Preferred stock called for redemption | 230,000 | |
Mortgage note payable | 250,000 | |
Total liabilities | 308,657 | 326,059 |
Commitments and contingencies | ||
PS Business Parks, Inc.'s shareholders' equity: | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized,35,190 and 36,800 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively | 879,750 | 920,000 |
Common stock, $0.01 par value, 100,000,000 shares authorized, 27,138,138 and 27,034,073 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively | 271 | 269 |
Paid-in capital | 733,671 | 722,009 |
Cumulative net income | 1,502,643 | 1,375,421 |
Cumulative distributions | (1,503,076) | (1,357,203) |
Total PS Business Parks, Inc.'s shareholders' equity | 1,613,259 | 1,660,496 |
Noncontrolling interests: | ||
Common units | 197,455 | 200,103 |
Total noncontrolling interests | 197,455 | 200,103 |
Total equity | 1,810,714 | 1,860,599 |
Total liabilities and equity | $ 2,119,371 | $ 2,186,658 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 35,190 | 36,800 |
Preferred stock, shares outstanding | 35,190 | 36,800 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 27,138,138 | 27,034,073 |
Common stock, shares outstanding | 27,138,138 | 27,034,073 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Rental income | $ 386,871 | $ 373,135 | $ 376,255 |
Facility management fees | 518 | 540 | 660 |
Total operating revenues | 387,389 | 373,675 | 376,915 |
Expenses: | |||
Cost of operations | 123,108 | 121,224 | 127,371 |
Depreciation and amortization | 99,486 | 105,394 | 110,357 |
General and administrative | 14,862 | 13,582 | 13,639 |
Total operating expenses | 237,456 | 240,200 | 251,367 |
Other income and (expenses): | |||
Interest and other income | 715 | 590 | 372 |
Interest and other expenses | (5,664) | (13,330) | (13,593) |
Total other income and (expenses) | (4,949) | (12,740) | (13,221) |
Gain on sale of real estate facilities | 28,235 | 92,373 | |
Net income | 144,984 | 148,970 | 204,700 |
Net income allocable to noncontrolling interests: | |||
Noncontrolling interests - common units | 16,955 | 18,495 | 30,729 |
Total net income allocable to noncontrolling interests | 16,955 | 18,495 | 30,729 |
Net income allocable to PS Business Parks, Inc.: | |||
Preferred shareholders | 64,588 | 61,885 | 60,488 |
Restricted stock unit holders | 569 | 299 | 329 |
Common shareholders | 62,872 | 68,291 | 113,154 |
Total net income allocable to PS Business Parks, Inc. | 128,029 | 130,475 | 173,971 |
Net income | $ 144,984 | $ 148,970 | $ 204,700 |
Net income per common share: | |||
Basic | $ 2.32 | $ 2.53 | $ 4.21 |
Diluted | $ 2.31 | $ 2.52 | $ 4.19 |
Weighted average common shares outstanding: | |||
Basic | 27,089 | 26,973 | 26,899 |
Diluted | 27,179 | 27,051 | 27,000 |
Consolidated Statement Of Equit
Consolidated Statement Of Equity - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Paid-In Capital [Member] | Cumulative Net Income [Member] | Cumulative Distributions [Member] | Total PS Business Parks, Inc.'s Shareholders' Equity [Member] | Noncontrolling Interests [Member] | Total |
Balances, value at Dec. 31, 2013 | $ 995,000 | $ 267 | $ 699,314 | $ 1,070,975 | $ (1,047,615) | $ 1,717,941 | $ 196,699 | $ 1,914,640 |
Balances, shares at Dec. 31, 2013 | 39,800 | 26,849,822 | ||||||
Issuance of common stock in connection with stock-based compensation | $ 1 | 3,053 | 3,054 | 3,054 | ||||
Issuance of common stock in connection with stock-based compensation, shares | 69,339 | |||||||
Stock compensation, net | 8,842 | 8,842 | 8,842 | |||||
Net income | 204,700 | |||||||
Total net income allocable to PS Business Parks, Inc | 173,971 | 173,971 | 173,971 | |||||
Total net income allocable to noncontrolling interests | 30,729 | 30,729 | ||||||
Distributions: | ||||||||
Preferred stock | (60,488) | (60,488) | (60,488) | |||||
Common stock | (127,838) | (127,838) | (127,838) | |||||
Noncontrolling interests | (34,701) | (34,701) | ||||||
Adjustment to noncontrolling interests in underlying operating partnership | (2,201) | (2,201) | 2,201 | |||||
Balances, value at Dec. 31, 2014 | $ 995,000 | $ 268 | 709,008 | 1,244,946 | (1,235,941) | 1,713,281 | 194,928 | 1,908,209 |
Balances, shares at Dec. 31, 2014 | 39,800 | 26,919,161 | ||||||
Redemption of preferred stock, net of issuance costs, value | $ (75,000) | 2,487 | (2,487) | (75,000) | (75,000) | |||
Redemption of preferred stock, net of issuance costs, shares | (3,000) | |||||||
Issuance of common stock in connection with stock-based compensation | $ 1 | 5,088 | 5,089 | 5,089 | ||||
Issuance of common stock in connection with stock-based compensation, shares | 114,912 | |||||||
Stock compensation, net | 8,178 | 8,178 | 8,178 | |||||
Net income | 148,970 | |||||||
Total net income allocable to PS Business Parks, Inc | 130,475 | 130,475 | 130,475 | |||||
Total net income allocable to noncontrolling interests | 18,495 | 18,495 | ||||||
Distributions: | ||||||||
Preferred stock | (59,398) | (59,398) | (59,398) | |||||
Common stock | (59,377) | (59,377) | (59,377) | |||||
Noncontrolling interests | (16,072) | (16,072) | ||||||
Adjustment to noncontrolling interests in underlying operating partnership | (2,752) | (2,752) | 2,752 | |||||
Balances, value at Dec. 31, 2015 | $ 920,000 | $ 269 | 722,009 | 1,375,421 | (1,357,203) | 1,660,496 | 200,103 | 1,860,599 |
Balances, shares at Dec. 31, 2015 | 36,800 | 27,034,073 | ||||||
Cumulative effect of a change in accounting principle (Note 11) | 807 | (807) | ||||||
Issuance of preferred stock, net of issuance costs, value | $ 189,750 | (6,434) | 183,316 | 183,316 | ||||
Issuance of preferred stock, net of issuance costs, shares | 7,590 | |||||||
Redemption of preferred stock, net of issuance costs, value | $ (230,000) | 7,312 | (7,312) | (230,000) | (230,000) | |||
Redemption of preferred stock, net of issuance costs, shares | (9,200) | |||||||
Issuance of common stock in connection with stock-based compensation | $ 2 | 3,886 | 3,888 | 3,888 | ||||
Issuance of common stock in connection with stock-based compensation, shares | 104,065 | |||||||
Stock compensation, net | 8,404 | 8,404 | 8,404 | |||||
Net income | 144,984 | |||||||
Total net income allocable to PS Business Parks, Inc | 128,029 | 128,029 | 128,029 | |||||
Total net income allocable to noncontrolling interests | 16,955 | 16,955 | ||||||
Distributions: | ||||||||
Preferred stock | (57,276) | (57,276) | (57,276) | |||||
Common stock | (81,285) | (81,285) | (81,285) | |||||
Noncontrolling interests | (21,916) | (21,916) | ||||||
Adjustment to noncontrolling interests in underlying operating partnership | (2,313) | (2,313) | 2,313 | |||||
Balances, value at Dec. 31, 2016 | $ 879,750 | $ 271 | $ 733,671 | $ 1,502,643 | $ (1,503,076) | $ 1,613,259 | $ 197,455 | $ 1,810,714 |
Balances, shares at Dec. 31, 2016 | 35,190 | 27,138,138 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 144,984 | $ 148,970 | $ 204,700 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization expense | 99,486 | 105,394 | 110,357 |
In-place lease adjustment | (520) | (1,251) | (901) |
Tenant improvement reimbursements, net of lease incentives | (1,666) | (1,861) | (1,580) |
Gain on sale of real estate facilities | (28,235) | (92,373) | |
Stock compensation | 10,913 | 9,245 | 9,580 |
Decrease (increase) in receivables and other assets | (2,022) | (989) | 792 |
Increase (decrease) in accrued and other liabilities | (668) | 7,566 | (2,395) |
Total adjustments | 105,523 | 89,869 | 23,480 |
Net cash provided by operating activities | 250,507 | 238,839 | 228,180 |
Cash flows from investing activities: | |||
Capital expenditures to real estate facilities | (31,877) | (43,654) | (51,786) |
Capital expenditures to land and building held for development | (49) | (2,809) | (2,189) |
Investment in and advances to unconsolidated joint venture | (40,454) | (5,566) | |
Acquisition of real estate facilities | (12,628) | (45,021) | |
Proceeds from sale of real estate facilities | 55,160 | 212,184 | |
Net cash (used in) provided by investing activities | (85,008) | 3,131 | 113,188 |
Cash flows from financing activities: | |||
Proceeds from the exercise of stock options | 3,888 | 5,089 | 3,054 |
Redemption of preferred stock | (75,000) | ||
Cash paid for taxes in lieu of shares upon vesting of restricted stock units | (1,940) | (767) | (409) |
Cash paid to restricted stock unit holders | (569) | ||
Distributions paid to preferred shareholders | (57,276) | (59,398) | (60,488) |
Distributions paid to common shareholders | (81,285) | (59,377) | (127,838) |
Distributions paid to noncontrolling interests | (21,916) | (16,072) | (34,701) |
Borrowings on credit facility | 116,000 | ||
Repayment of borrowings on credit facility | (116,000) | ||
Repayment of mortgage note payable | (250,000) | ||
Net proceeds from the issuance of preferred stock | 183,316 | ||
Net cash used in financing activities | (225,782) | (205,525) | (220,382) |
Net (decrease) increase in cash and cash equivalents | (60,283) | 36,445 | 120,986 |
Cash and cash equivalents at the beginning of the period | 188,912 | 152,467 | 31,481 |
Cash and cash equivalents at the end of the period | 128,629 | 188,912 | 152,467 |
Supplemental disclosures: | |||
Interest paid | 7,395 | 14,197 | 14,200 |
Adjustment to noncontrolling interests in underlying operating partnership: | |||
Noncontrolling interests - common units | 2,313 | 2,752 | 2,201 |
Paid-in capital | (2,313) | (2,752) | $ (2,201) |
Non-cash distributions related to the redemption of preferred stock: | |||
Paid-in capital | 7,312 | 2,487 | |
Cumulative distributions | (7,312) | (2,487) | |
Preferred stock called for redemption: | |||
Preferred stock called for redemption and reclassified to liabilities | 230,000 | ||
Preferred stock called for redemption and reclassified from equity | (230,000) | ||
Transfer to land and building held for development: | |||
Land | (9,676) | ||
Buildings and improvements | (19,092) | ||
Accumulated depreciation | 7,870 | ||
Land and building held for development | 20,898 | ||
Cumulative effect of a change in accounting principle (Note 11): | |||
Paid-in capital | 807 | ||
Cumulative net income | $ (807) | ||
Transfer to investment in and advances to unconsolidated joint venture: | |||
Land and building held for development | (21,170) | ||
Investment in and advances to unconsolidated joint venture | $ 21,170 |
Organization And Description Of
Organization And Description Of Business | 12 Months Ended |
Dec. 31, 2016 | |
Organization And Description Of Business [Abstract] | |
Organization And Description Of Business | 1. Organization and description of business Organization PS Business Parks, Inc. (“PSB”) was incorporated in the state of California in 1990. As of December 31, 2016 , PSB owned 77.9 % of the common partnership units (the “common partnership units”) of PS Business Parks, L.P. (the “Operating Partnership”). The remaining common partnership units are owned by Public Storage (“PS”). PSB, as the sole general partner of the Operating Partnership, has full, exclusive and complete responsibility and discretion in managing and controlling the Operating Partnership. PSB and its subsidiaries, including the Operating Partnership , are collectively referred to as the “Company.” Assuming issuance of the Company’s common stock upon redemption of its common partnership units, PS would own 42. 0 % (or 14.5 million shares) of the outstanding shares of the Company’s common stock. Description of business The Company is a fully-integrated, self-advised and self-managed real estate investment trust (“REIT”) that owns, operates, acquires and develops commercial properties, primarily multi-tenant flex, office and industrial space. As of December 31, 2016 , the Company owned and operated 28.1 million rentable square feet of commercial space in six states. The Company also manages 684,000 rentable square feet on behalf of PS. References to the number of properties or square footage are unaudited and outside the scope of the Company’s independent registered public accounting firm's audit of the Company’s financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. Summary of significant accounting policies Basis of presentation The accompanying consolidated financial statements include the accounts of PSB and the Operating Partnership. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. The financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”). Consolidation and Equity Method of Accounting The Company accounts for its investment in a joint venture that it has significant influence over, but does not control, using the equity method of accounting eliminating intra-entity profits and losses as if the joint venture were a consolidated subsidiary. The Company consolidates all variable interest entities (each a “VIE”) for which it is the primary beneficiary. Generally, a VIE is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership may be considered a VIE if the limited partners do not participate in operating decisions. Under this criteria, the Operating Partnership is considered a VIE. The Company’s significant asset is its investment in the Operating Partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Company’s debt is an obligation of the Operating Partnership. Noncontrolling interests The Company's noncontrolling interests are reported as a component of equity separate from the parent’s equity. Purchases or sales of equity interests that do not result in a change in control are accounted for as equity transactions. In addition, net income attributable to the noncontrolling interests is included in net income on the face of the income statement and, upon a gain or loss of control, the interests purchased or sold, as well as any interests retained, are recorded at fair value with any gain or loss recognized in earnings. At the end of each reporting period, the Company determines the amount of equity (book value of net assets) which is allocable to the noncontrolling interests based upon the ownership interest, and an adjustment is made to the noncontrolling interests, with a corresponding adjustment to paid-in capital, to reflect the noncontrolling interests’ equity interest in the Company. Use of estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Allowance for doubtful accounts The Company monitors the collectability of its receivable balances including the deferred rent receivable on an ongoing basis. Based on these reviews, the Company maintains an allowance for doubtful accounts for estimated losses resulting from the possible inability of tenants to make contractual rent payments to the Company. A provision for doubtful accounts is recorded during each period. The allowance for doubtful accounts is netted against tenant and other receivables on the consolidated balance sheets. Tenant receivables are net of an allowance for uncollectible accounts totaling $ 400,000 at December 31, 2016 and 2015 . Deferred rent receivable is net of an allowance for uncollectible accounts totaling $916,000 and $909,000 at December 31, 2016 and 2015 , respectively. Financial instruments The methods and assumptions used to estimate the fair value of financial instruments are described below. The Company has estimated the fair value of financial instruments using available market information and appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop estimates of market value. Accordingly, estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges. The Company determines the estimated fair value of financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. This hierarchy requires the use of observable market data when available. The following is the fair value hierarchy: · Level 1 —quoted prices for identical instruments in active markets; · Level 2 —quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and · Level 3 —fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Financial assets that are exposed to credit risk consist primarily of cash and cash equivalents and receivables. The Company considers all highly liquid investments with a remaining maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents, which consist primarily of money market investments, are only invested in entities with an investment grade rating. Receivables are comprised of balances due from a large number of customers. Balances that the Company expects to become uncollectible are reserved for or written off. Due to the short period to maturity of the Company’s cash and cash equivalents, accounts receivable, other assets and accrued and other liabilities, the carrying values as presented on the consolidated balance sheets are reasonable estimates of fair value. Carrying values of the Company’s mortgage note payable and unsecured Credit Facility (as defined on page 62) approximate fair value. The characteristics of these financial instruments, market data and other comparative metrics utilized in determining these fair values are “Level 2” inputs. Real estate facilities Real estate facilities are recorded at cost. Costs related to the renovation or improvement of the properties are capitalized. Expenditures for repairs and maintenance are expensed as incurred. Expenditures that are expected to benefit a period greater than two years and exceed $ 2,000 are capitalized and depreciated over their estimated useful life. Buildings and improvements are depreciated using the straight-line method over their estimated useful lives, which generally range from five to 30 years. Transaction costs, which include tenant improvements and lease commissions, of $ 1,000 or more for leases with terms greater than one year are capitalized and depreciated over their estimated useful lives. Transaction costs less than $ 1,000 or for leases of one year or less are expensed as incurred. Land and building held for development Property taxes, insurance, interest and costs essential to the development of property for its intended use are capitalized during the period of development. Upon classification of an asset as held for development, depreciation of the asset is ceased. Properties held for disposition An asset is classified as an asset held for disposition when it meets certain requirements, which include, among other criteria, the approval of the sale of the asset, the marketing of the asset for sale and the expectation by the Company that the sale will likely occur within the next 12 months. Upon classification of an asset as held for disposition, depreciation of the asset is ceased, and the net book value of the asset is included on the balance sheet as properties held for disposition. Intangible assets/liabilities Intangible assets and liabilities include above-market and below-market in-place lease values of acquired properties based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market and below-market lease values (included in other assets and accrued liabilities in the accompanying consolidated balance sheets) are amortized to rental income over the remaining non-cancelable terms of the respective leases. As of December 31, 2016 , the value of in-place leases resulted in net intangible assets of $ 1. 1 million, net of $ 9.2 million of accumulated amortization with a weighted average amortization period of 9.3 years and net intangible liabilities of $784,000 , net of $ 10. 0 million of accumulated amortization with a weighted average amortization period of 6.6 years. As of December 31, 2015 , the value of in-place leases resulted in net intangible assets of $ 1.7 million, net of $ 8.6 million of accumulated amortization and net intangible liabilities of $ 1.8 million, net of $ 9.0 million of accumulated amortization. The Company recorded a net increase in rental income of $520,000 , $1.3 million and $901,000 during the years end ed December 31, 2016 , 2015 and 2014 , respectively, related to the amortization of net intangible liabilities resulting from the above-market and below-market lease value s. Evaluation of asset impairment The Company evaluates its assets used in operations for impairment by identifying indicators of impairment and by comparing the sum of the estimated undiscounted future cash flows for each asset to the asset’s carrying value. When indicators of impairment are present and the sum of the estimated undiscounted future cash flows is less than the carrying value of such asset, an impairment loss is recorded equal to the difference between the asset’s current carrying value and its value based on discounting its estimated future cash flows. In addition, the Company evaluates its assets held for disposition for impairment. Assets held for disposition are reported at the lower of their carrying value or fair value, less cost of disposition. At December 31, 2016 , the Company did not consider any assets to be impaired. Asset impairment due to casualty loss It is the Company’s policy to record as a casualty loss or gain, in the period the casualty occurs, the differential between (a) the book value of assets destroyed and (b) any insurance proceeds that the Company expects to receive in accordance with its insurance contracts. Potential proceeds from insurance that are subject to any uncertainties, such as interpretation of deductible provisions of the governing agreements, the estimation of costs of restoration, or other such items, are treated as contingent proceeds and not recorded until the uncertainties are satisfied. For the years ended December 31, 2016 , 2015 and 2014 no material casualty losses were incurred. Stock compensation All share-based payments to employees, including grants of employee stock options, are recognized as stock compensation in the Company’s income statement based on their grant date fair values. See Note 1 1 . Revenue and expense recognition The Company must meet four basic criteria before revenue can be recognized: persuasive evidence of an arrangement exists; the delivery has occurred or services have been rendered; the fee is fixed or determinable; and collectability is reasonably assured. All leases are classified as operating leases. Rental income is recognized on a straight-line basis over the terms of the leases. Straight-line rent is recognized for all tenants with contractual fixed increases in rent that are not included on the Company’s credit watch list. Deferred rent receivable represents rental revenue recognized on a straight-line basis in excess of billed rents. Reimbursements from tenants for real estate taxes and other recoverable operating expenses are recognized as rental income in the period the applicable costs are incurred. Property management fees are recognized in the period earned. Costs incurred in connection with leasing (primarily tenant improvements and lease commissions) are capitalized and amortized over the lease period. Gains from sales of real estate facilities The Company recognizes gains from sales of real estate facilities at the time of sale using the full accrual method, provided that various criteria related to the terms of the transactions and any subsequent involvement by the Company with the properties sold are met. If the criteria are not met, the Company defers the gains and recognizes them when the criteria are met or uses the installment or cost recovery methods as appropriate under the circumstances. General and administrative expenses General and administrative expenses include executive and other compensation, office expenses, professional fees, acquisition transaction costs, state income taxes and other such administrative items. Income taxes The Company has qualified and intends to continue to qualify as a REIT, as defined in Section 856 of the Internal Revenue Code of 1986, as amended. As a REIT, the Company is not subject to federal income tax to the extent that it distributes its REIT taxable income to its shareholders. A REIT must distribute at least 90 % of its REIT taxable income each year. In addition, REITs are subject to a number of organizational and operating requirements. The Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income. The Company believes it met all organization and operating requirements to maintain its REIT status during 2016 , 2015 and 2014 and intends to continue to meet such requirements. Accordingly, no provision for income taxes has been made in the accompanying consolidated financial statements. The Company can recognize a tax benefit only if it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent that the “more likely than not” standard has been satisfied, the benefit associated with a position is measured as the largest amount that is greater than 50 % likely of being recognized upon settlement. As of December 31, 2016 , the Company did not recognize any tax benefit for uncertain tax positions. Accounting for preferred equity issuance costs The Company records issuance costs as a reduction to paid-in capital on its balance sheet at the time the preferred securities are issued and reflects the carrying value of the preferred equity at the stated value. Such issuance costs are recorded as non-cash preferred equity distributions at the time the Company notifies the holders of preferred stock of its intent to redeem such shares. Net income allocation Net income was allocated as follows for the years ended December 31, (in thousands) : 2016 2015 2014 Net income allocable to noncontrolling interests: Noncontrolling interests — common units $ 16,955 $ 18,495 $ 30,729 Total net income allocable to noncontrolling interests 16,955 18,495 30,729 Net income allocable to PS Business Parks, Inc.: Preferred shareholders Distributions to preferred shareholders 57,276 59,398 60,488 Non-cash distributions related to the redemption of preferred stock 7,312 2,487 — Total net income allocable to preferred shareholders 64,588 61,885 60,488 Restricted stock unit holders 569 299 329 Common shareholders 62,872 68,291 113,154 Total net income allocable to PS Business Parks, Inc. 128,029 130,475 173,971 Net income $ 144,984 $ 148,970 $ 204,700 Net income per common share Per share amounts are computed using the number of weighted average common shares outstanding. “Diluted” weighted average common shares outstanding includes the dilutive effect of stock options and restricted stock units under the treasury stock method. “Basic” weighted average common shares outstanding excludes such effect. The Company's restricted stock units are participating securities and are included in the computation of basic and diluted weighted average common shares outstanding. The Company’s restricted stock unit holders are paid non-forfeitable dividends in excess of the expense recorded which results in a reduction in net income allocable to common shareholders and unit holders. Earnings per share has been calculated as follows for the years ended December 31, (in thousands, except per share amounts): 2016 2015 2014 Net income allocable to common shareholders $ 62,872 $ 68,291 $ 113,154 Weighted average common shares outstanding: Basic weighted average common shares outstanding 27,089 26,973 26,899 Net effect of dilutive stock compensation — based on treasury stock method using average market price 90 78 101 Diluted weighted average common shares outstanding 27,179 27,051 27,000 Net income per common share — Basic $ 2.32 $ 2.53 $ 4.21 Net income per common share — Diluted $ 2.31 $ 2.52 $ 4.19 Options to purchase 25,000 , 32,000 and 16,000 shares for the years ended December 31, 2016 , 2015 and 2014 , respectively, were not included in the computation of diluted net income per share because such options were considered anti-dilutive. Segment reporting The Company views its operations as one segment. Reclassifications Certain reclassifications have been made to the consolidated financial statements for 2015 and 2014 in order to conform to the 2016 presentation. Recently issued accounting standards In May, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, which amended the existing accounting standards for revenue recognition. The core principle underlying this guidance is that entities will recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled for such exchange. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property and equipment, including real estate. This guidance is currently effective for the Company’s fiscal year beginning January 1, 2018. Early adoption is permitted for the Company’s fiscal year beginning January 1, 2017. ASU 2014-09 allows for full retrospective adoption applied to all periods presented or modified retrospective adoption with the cumulative effect of initially applying the standard recognized at the date of initial application. The Company intends to adopt the guidance using the modified retrospective approach for the fiscal year beginning January 1, 2018. The Company anticipates no impact upon adoption of the new accounting guidance on its consolidated financial statements relating to the Company’s facility management fees for property management services provided to PS or the recognition of gains and losses on the sale of real estate assets as the Company’s current acco unting for such transactions is consistent with the new guidance’s core principle. Rental income from leasing arrangements are a substantial portion of the Company’s revenue and is specifically excluded from ASU 2014-09 and will be governed by the applicable lease codification (ASU 2016-02, Leases) . In conjunction with the adoption of the leasing guidance, the Company is currently in the process of evaluating certain variable payment terms included in these lease arrangements which are governed by ASU 2014-09. In February, 2016, the FASB issued ASU 2016-02, Leases , which amends the existing accounting standards for lease accounting. The accounting applied by a lessor is largely unchanged under this guidance. However, the guidance requires lessees to classify leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. The classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is al so required to record a right-of-use asset and related liability for most leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new guidance is expected to result in the recognition of a right-of -use asset and related liability to account for our future obligations under our ground lease arrangements for which we are the lessee. As of December 31, 2016, the remaining contractual payments under our ground lease agreements aggregated $381,000 . Additionally, the new guidance will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. This guidance is effective for annual periods beginning after December 15, 2018 and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted. The guidance must be adopted using a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The Company is currently in the process of evaluating the impact of adoption of the new accounting guidance on its consolidated financial statements. In August, 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern , which is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern for a period of one year after the date that the financial statements are issued. This guidance is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. The Company adopted the new guidance during the fourth quarter of 2016 and the adoption did not require any disclosures about the Company’s ability to continue as a going concern. In February, 2015, the FASB issued ASU 2015-02, Consolidation – Amendments to the Consolidation Analysis , which amended the existing accounting standards for consolidation under both the variable interest model and the voting model. On January 1, 2016, the Company adopted this guidance and as the Operating Partnership is already consolidated in the balance sheets of the Company, the identification of this entity as a VIE has no impact on the consolidated financial statements of the Company. Additionally, the Company’s accounting for its investment in its joint venture was not impacted by the adoption of this guidance. In March, 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , to amend the accounting guidance for share-based payment accounting. The Company early adopted this standard effective October 1, 2016. Under this standard, a share-based payment related to the tax liability paid on behalf of employees in lieu of shares received is classified as a financing activity on the statement of cash flows, rather than as an operating activity as the Company had previously presented such amounts. The Company applied this provision retrospectively. On our consolidated statement s of cash flows for the years ended Decemb er 31, 2015 and 2014, the Company reclassified $ 767,000 and $ 409,000 , respectively, for share-based payment s related to tax liability paid on behalf of employees in lieu of shares received upon vesting of restricted stock units as a reduction from financing activities. The Company previously reflected these amounts as a reduction from operating activities. The standard also allows an employer to make a policy election to account for forfeitures of share-based payments as they occur or estimate forfeitures and adjust the estimate when it is likely to change, as is currently required. The Company elected to recognize forfeitures of share-based payments as they occur, rather than estimating them in advance, effective October 1, 2016, under the modified retrospective transition method. The Company recorded a cumulative-effect adjustment of $807,000 to decrease cumulative net income and increase paid-in capital as of October 1, 2016, representing the impact of estimated forfeitures on our cumulative share-based compensation expense recorded through September 30, 2016. See Note 11. |
Real Estate Facilities
Real Estate Facilities | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate Facilities [Abstract] | |
Real Estate Facilities | 3. Real estate facilities The activity in real estate facilities for the years ended December 31, 2016 , 2015 and 2014 is as follows (in thousands) : Buildings and Accumulated Land Improvements Depreciation Total Balances at December 31, 2013 $ 772,161 $ 2,115,987 $ (896,189) $ 1,991,959 Acquisition of real estate facilities 21,408 24,890 — 46,298 Capital expenditures — 54,462 — 54,462 Disposals — (10,587) 10,587 — Depreciation and amortization — — (110,357) (110,357) Transfer to properties sold — (1,759) 4,462 2,703 Balances at December 31, 2014 793,569 2,182,993 (991,497) 1,985,065 Capital expenditures — 46,777 — 46,777 Disposals — (13,990) 13,990 — Depreciation and amortization — — (105,394) (105,394) Transfer to properties sold — (265) 298 33 Balances at December 31, 2015 793,569 2,215,515 (1,082,603) 1,926,481 Acquisition of real estate facilities 5,638 7,637 — 13,275 Capital expenditures — 37,232 — 37,232 Disposals — (14,411) 14,411 — Depreciation and amortization — — (99,486) (99,486) Transfer to land and building held for development (9,676) (19,092) 7,870 (20,898) Balances at December 31, 2016 $ 789,531 $ 2,226,881 $ (1,159,808) $ 1,856,604 The unaudited basis of real estate facilities for federal income tax purposes was approximately $1. 9 billion at December 31, 2016 . The purchase price of acquired properties is recorded to land, buildings and improvements (including tenant improvements, unamortized lease commissions, acquired in-place lease values, and tenant relationships, if any) and intangible assets and liabilities associated with the value of above-market and below-market leases based on their respective estimated fair values. Acquisition-related costs are expensed as incurred. In determining the fair value of the tangible assets of the acquired properties, management considers the value of the properties as if vacant as of the acquisition date. Management must make significant assumptions in determining the value of assets acquired and liabilities assumed. Using different assumptions in the recording of the purchase cost of the acquired properties would affect the timing of recognition of the related revenue and expenses. Amounts recorded to land are derived from comparable sales of land within the same region. Amounts recorded to buildings and improvements, tenant improvements and unamortized lease commissions are based on current market replacement costs and other market information. The amount recorded to acquired in-place leases is determined based on management’s assessment of current market conditions and the estimated lease-up periods for the respective spaces. On September 28, 2016 , the Company acquired two multi-tenant office buildings aggregating 226,000 square feet in Rockville, Maryland, for a purchase price of $13.3 million. The buildings are located within Shady Grove Executive Park, where the Company owns three other buildings aggregating 352,000 square feet. The Company incurred and expensed acquisition transaction costs of $328,000 for the year ended December 31, 2016. On December 30, 2014 , the Company acquired Charcot Business Park II, an eight -building, 119,000 square foot multi-tenant flex park in San Jose, California, for $ 16.0 million. The park is contiguous to the Company’s existing 164,000 square foot Charcot Business Park. On November 3, 2014 , the Company acquired a 246,000 square foot multi-tenant industrial building in Austin, Texas, for a purchase price of $ 10.6 million. On August 21, 2014 , the Company acquired a 145,000 square foot multi-tenant flex park consisting of six single-story buildings located in Dallas, Texas, for a purchase price of $ 5.1 million. On July 28, 2014 , the Company acquired a 19,000 square foot building in Dallas, Texas, for $ 1.1 million. The flex building is located in the Company’s 389,000 square foot Arapaho Business Park. On July 24, 2014 , the Company acquired a 149,000 square foot building in Miami, Florida, for $ 12.7 million. The building is located within the Company’s 3.3 million square foot Miami Industrial Commerce Center. The Company incurred and expensed acquisition transaction costs of $ 350,000 for the year ended December 31, 2014. The Company did no t acquire any assets or assume any liabilities during the year ended December 31, 2015. The following table summarizes the assets acquired and liabilities assumed for the years ended December 31, (in thousands) : 2016 2015 2014 Land $ 5,638 $ — $ 21,408 Buildings and improvements 7,637 — 24,890 Below-market in-place lease value (25) — (666) Total purchase price 13,250 — 45,632 Net operating assets acquired and liabilities assumed (622) — (611) Total cash paid $ 12,628 $ — $ 45,021 As of November 1, 2016, the Company transferred a 123,000 square foot building located within The Mile in Tysons, Virginia to land and building held for development , as the Company is pursuing entitlements to develop an additional multi-family complex on this site. The scope and timing of any future development will be subject to a variety of approvals and contingencies. Prior to being classified as land and building held for development, the building was occupied by a single user. During 2015, the Company sold four business parks, aggregating 492,000 square feet, in non-strategic markets for net proceeds of $41.2 million, which resulted in a gain of $23.4 million. Additionally, as part of an eminent domain process, the Company sold five buildings, aggregating 82,000 square feet, at the Company’s Overlake Business Park located in Redmond, Washington, for $13.9 million, which resulted in a gain of $4.8 million. During 2014, the Company sold five business parks aggregating 1.9 million square feet and 11.5 acres of land in non-strategic markets, including Portland, Oregon and Phoenix, Arizona, for net proceeds of $212.2 million, which resulted in a gain of $92.4 million. With these sales the Company has completed its stated objective of exiting non-strategic markets in Sacramento, California, Oregon and Arizona. |
Investment In And Advances To U
Investment In And Advances To Unconsolidated Joint Venture | 12 Months Ended |
Dec. 31, 2016 | |
Investment In And Advances To Unconsolidated Joint Venture [Abstract] | |
Investment In And Advances To Unconsolidated Joint Venture | 4 . Investment in and advances to unconsolidated joint venture In 2013, the Company entered into a joint venture known as Amherst JV LLC (the “Joint Venture”) with an unrelated real estate development company (the “JV Partner”) for the purpose of developing a 395 -unit multi-family building on a five -acre site within The Mile in Tysons, Virginia (the “Project”). PSB holds a 95.0% interest in the Joint Venture with the remaining 5.0% held by the JV Partner. The JV Partner is responsible for the development and construction of the Project and through an affiliate will oversee the leasing and management of the Project as it is completed. The Project is expected to deliver its first completed units in the spring of 2017, with final completion of the Project expected in early 2018. On October 5, 2015 (the “Contribution Date”), the Company contributed the site, along with capitalized improvements, to the Joint Venture. Subsequent to the Contribution date, demolition, site preparation and construction commenced. The JV partner serves as the managing member, with mutual consent from both the Company and the managing member required for all significant decisions. As such, the Company accounts for its investment in the Joint Venture using the equity method. Along with the equity capital the Company has committed to the Joint Venture, the Company has also agreed to provide the Joint Venture with a construction loan in the amount of $75.0 million. The Joint Venture will pay interest under the construction loan at a rate equal to the London Interbank Offered Rate (“LIBOR”) plus 2.25% . The loan will mature on April 5, 2019 with two one -year extension options . The Company has reflected the aggregate value of the contributed site, its’ equity contributions, capitalized interest and loan advances to date as investment in and advances to unconsolidated joint venture. The aggregate amount of development costs are estimated to be $105.6 million (excluding unrealized land appreciation), of which the Company is committed to funding $75.0 million through a construction loan in addition to capital contributions of $28.5 million , which includes a land basis of $15.3 million, to the Joint Venture. The Company’s investment in and advances to unconsolidated joint venture was $ 67.2 million and $ 26.7 million at December 31, 2016 and 2015, respectively . For the year ended December 31, 2016, the Company made loan advances of $33.9 million, capital contributions of $5.7 million and capitalized $885,000 of interest. Prior to Contribution Date, the Company capitalized $2.8 million to the Project , of which $813,000 was related to capitalized interest f r om January 1, 2015 through October 5, 2015 . Subsequent to the Contribution Date, the Company made cash contributions of $5.2 million and capitalized $346,000 of interest on its investment in the Joint Venture from October 6, 2015 through December 31, 2015. The Company made no loan advances to the Joint Venture in 2015 . At December 31, 2014, the land and capitalized development costs were $18.4 million for the Project. For the year ended December 31, 2014, the Company capitalized $2.2 million to the Project, of which $944,000 was related to capitalized interest. |
Leasing Activity
Leasing Activity | 12 Months Ended |
Dec. 31, 2016 | |
Leasing Activity [Abstract] | |
Leasing Activity | 5 . Leasing activity The Company leases space in its real estate facilities to tenants primarily under non-cancelable leases generally ranging from one to 10 years. Future minimum rental revenues, excluding recovery of operating expenses under these leases, are as follows as of December 31, 2016 (in thousands) : 2017 $ 274,275 2018 211,707 2019 145,187 2020 94,697 2021 63,185 Thereafter 114,628 Total $ 903,679 In addition to minimum rental payments, certain tenants reimburse the Company for their pro rata share of specified operating expenses. Such reimbursements amounted to $ 82.6 million, $ 78. 9 million and $80. 7 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. These amounts are included as rental income in the accompanying consolidated statements of income. Leases accounting for 3.6 % of total leased square footage are subject to termination options, of which 2.3 % of total leased square footage have termination options exercisable through December 31, 2017 (unaudited). In general, these leases provide for termination payments should the termination options be exercised. The future minimum rental revenues in the above table assume such options are not exercised. |
Bank Loans
Bank Loans | 12 Months Ended |
Dec. 31, 2016 | |
Bank Loans [Abstract] | |
Bank Loans | 6 . Bank loans The Company has a line of credit (the “Credit Facility”) with Wells Fargo Bank, Natio nal Association (“Wells Fargo”) with a borrowing limit of $ 250.0 million . Subsequent to December 31, 2016, the Company modified and extended the terms of its Credit Facility and the Company’s related guaranty. The expiration date was extended from May 1, 2019 to January 10 , 2022 . The rate of interest charged on borrowings was modified to a rate ranging from the LIBOR plus 0.80% to LIBOR plus 1.55% , depending on the Company’s credit ratings. Currently, the Company’s rate under the Credit Facility is LIBOR plus 0.825% , down from the previous rate of 0.875% . In addition, the Company is required to pay an annual facility fee ranging from 0.1 0 % to 0.30 % of the borrowing limit depending on the Company’s credit ratings (currently 0.1 25 %). The Company had no balance outstanding on the Credit Facility at December 31, 2016 and 2015 . Subsequent to December 31, 2016, the Company had $ 85.0 million outstanding on the Credit Facility in conjunction to the redemption of its 6.45% Cumulative Preferred Stock, Series S. The Company had $ 539,000 and $ 769,000 of unamortized commitment fees as of December 31, 2016 and 2015 , respectively , which is included in other assets in the accompanying consolidated balance sheets . The Credit Facility requires the Company to meet certain covenants, all of which the Company was in compliance with at December 31, 2016 . Interest on outstanding borrowings is payable monthly . |
Mortgage Note Payable
Mortgage Note Payable | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Note Payable [Abstract] | |
Mortgage Note Payable | 7 . Mortgage note payable On June 1, 2016 , the Company repaid in full the $250.0 million mortgage note which had a fixed interest rate of 5.45% . |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interests [Abstract] | |
Noncontrolling Interests | 8 . Noncontrolling interests As described in Note 2, the Company reports noncontrolling interests within equity in the consolidated financial statements, but separate from the Company’s shareholders’ equity. In addition, net income allocable to noncontrolling interests is shown as a reduction from net income in calculating net income allocable to common shareholders. Common partnership units The Company presents the accounts of PSB and the Operating Partnership on a consolidated basis. Ownership interests in the Operating Partnership that can be redeemed for common stock, other than PSB’s interest, are classified as noncontrolling interests — common units in the consolidated financial statements. Net income allocable to noncontrolling interests — common units consists of the common units’ share of the consolidated operating results after allocation to preferred units and shares. Beginning one year from the date of admission as a limited partner (common units) and subject to certain limitations described below, each limited partner other than PSB has the right to require the redemption of its partnership interest. A limited partner (common units) that exercises its redemption right will receive cash from the Operating Partnership in an amount equal to the market value (as defined in the Operating Partnership Agreement) of the partnership interests redeemed. In lieu of the Operating Partnership redeeming the common units for cash, PSB, as general partner, has the right to elect to acquire the partnership interest directly from a limited partner exercising its redemption right, in exchange for cash in the amount specified above or by issuance of one share of PSB common stock for each unit of limited partnership interest redeemed. A limited partner (common units) cannot exercise its redemption right if delivery of shares of PSB common stock would be prohibited under the applicable articles of incorporation, or if the general partner believes that there is a risk that delivery of shares of common stock would cause the general partner to no longer qualify as a REIT, would cause a violation of the applicable securities laws, or would result in the Operating Partnership no longer being treated as a partnership for federal income tax purposes. On December 30, 2014, the Company paid a one-time special cash dividend of $ 2.75 per share along with the fourth quarter regular dividend of $ 0.50 per share. Holders of the common partnership units received the same distribution. At December 31, 2016 , there were 7,305,355 common units owned by PS, which are accounted for as noncontrolling interests. Combined with PS’s existing common stock ownership, on a fully converted basis, PS has a combined ownership of 42.0 % (or 14.5 million shares) of the Company’s common equity. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 9 . Related party transactions The Operating Partnership manages industrial, office and retail facilities for PS. These facilities, all located in the United States, operate under the “Public Storage” or “PS Business Parks” names. The PS Business Parks name and logo are owned by PS and licensed to the Company under a non-exclusive, royalty-free license agreement. The license can be terminated by either party for any reason with six months written notice. Under the property management contract with PS, the Operating Partnership is compensated based on a percentage of the gross revenues of the facilities managed. Under the supervision of the property owners, the Operating Partnership coordinates rental policies, rent collections, marketing activities, the purchase of equipment and supplies, maintenance activities, and the selection and engagement of vendors, suppliers and independent contractors. In addition, the Operating Partnership assists and advises the property owners in establishing policies for the hire, discharge and supervision of employees for the operation of these facilities, including property managers and leasing, billing and maintenance personnel. The property management contract with PS is for a seven -year term with the agreement automatically extending for an additional one -year period upon each one-year anniversary of its commencement (unless cancelled by either party). Either party can give notice of its intent to cancel the agreement upon expiration of its current term. Management fee revenues under this contract were $ 518,000 , $540,000 and $660,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. PS also provides property management services for the self-storage component of two assets owned by the Company. These self-storage facilities, located in Palm Beach County, Florida, operate under the “Public Storage” name. Under the property management contract, PS is compensated based on a percentage of the gross revenues of th e facilities managed. Under the supervision of the Company, PS coordinates rental policies, rent collections, marketing activities, the purchase of equipment and supplies, maintenance activities, and the selection and engagement of vendors, suppliers and independent contractors. In addition, PS is responsible for establishing the policies for the hire, discharge and supervision of employees for the operation of these facilities, including on-site managers, assistant managers and associate managers. Either the Company or PS can cancel the property management contract upon 60 days’ notice. Management fee expenses under the contract were $ 86,000 , $ 79,000 and $ 70,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Pursuant to a cost sharing and administrative services agreement, the Company shares costs with PS for certain administrative services and rental of corporate office space, which are allocated between the Company and PS in accordance with a methodology intended to fairly allocate those costs. C osts allocated to the Company totaled $493,000 , $469,000 and $451,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Costs allocated to PS totaled $38,000 for the year ended December 31, 2016. The Company had net amounts due from PS of $ 295,000 and $57,000 at December 31, 2016 and 2015 , respectively, for these contracts, as well as for certain operating expenses paid by the Company on behalf of PS. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 10 . Shareholders’ equity Preferred stock As of December 31, 2016 and 2015 , the Company had the following series of preferred stock outstanding: December 31, 2016 December 31, 2015 Earliest Potential Dividend Shares Amount Shares Amount Series Issuance Date Redemption Date Rate Outstanding (in thousands) Outstanding (in thousands) Series T May, 2012 May, 2017 6.000% 14,000 $ 350,000 14,000 $ 350,000 Series U September, 2012 September, 2017 5.750% 9,200 230,000 9,200 230,000 Series V March, 2013 March, 2018 5.700% 4,400 110,000 4,400 110,000 Series W October, 2016 October, 2021 5.200% 7,590 189,750 — — Series S January, 2012 January, 2017 6.450% — — 9,200 230,000 Total 35,190 $ 879,750 36,800 $ 920,000 On December 7, 2016 , the Company called for the redemption of its 6.45% Cumulative Preferred Stock, Series S, at its par value of $230.0 million and subsequently completed the redemption on January 18, 2017. The Company reported non-cash distributions of $7.3 million, representing the original issuance costs, as a reduction of net income allocable to common shareholders and unit holders for the year ended December 31, 2016. As of December 31, 2016, the Company reclassified the 6.45% Cumulative Preferred Stock, Series S, of $230.0 million from equity to liabilities as preferred stock called for redemption. On October 20, 2016, the Company issued $189.8 million or 7,590,000 depositary shares, each representing 1/1 ,000 of a share of the 5.20% Cumulative Preferred Stock, Series W, at $25.00 per depositary share. The 5.20% Series W Cumulative Redeemable Preferred Units are non-callable for five years and have no mandatory redemption. On October 15, 2015, the Company completed the redemption of its 6.875% Cumulative Preferred Stock, Series R, at its par value of $75.0 million. The Company reported non-cash distributions of $2.5 million, representing the original issuance costs, as a reduction of net income allocable to common shareholders and unit holders for the year ended December 31, 2015. The Company recorded $64. 6 million, $61.9 million and $60.5 million in distributions to its preferred shareholders for the years ended December 31, 2016 , 2015 and 2014 , respectively. Holders of the Company’s preferred stock will not be entitled to vote on most matters, except under certain conditions. In the event of a cumulative arrearage equal to six quarterly dividends, the holders of the preferred stock will have the right to elect two additional members to serve on the Company’s Board of Directors (the “Board”) until all events of default have been cured. At December 31, 2016 , there were no dividends in arrears. Except under certain conditions relating to the Company’s qualification as a REIT, the preferred stock is not redeemable prior to the previously noted redemption dates. On or after the respective redemption dates, the respective series of preferred stock will be redeemable, at the option of the Company, in whole or in part, at $ 25.00 per depositary share, plus any accrued and unpaid dividends. The Company had $28.4 million and $ 29.3 million of deferred costs in connection with the issuance of preferred stock as of December 31, 2016 and 2015 , respectively, which the Company will report as additional non-cash distributions upon notice of its intent to redeem such shares. Common stock Subsequent to December 31, 2016, the Board increased its quarterly dividend from $0. 75 per common share to $0.85 per common share, increasing quarterly distributions by $3. 4 million per quarter. During the three months ended March 31, 2016, the Board increased its quarterly dividend from $0.60 per common share to $0.75 per common share. During the three months ended September 30, 2015, the Board increased its quarterly dividend from $0.50 per common share to $0.60 per common share. Dividends declared for the three months ended December 31, 2014 included a one-time special cash dividend of $ 2.75 per share (the “Special Cash Dividend”) along with the fourth quarter regular dividend of $ 0.50 per share. The Special Cash Dividend was declared to distribute a portion of the excess income attributable to gains on sales from asset dispositions during 2014, as discussed in Note 3 . The Company paid $81.3 million ($ 3. 00 per common share), $59.4 million ($ 2.20 per common share) and $127.8 million ($ 4.75 per common share) in distributions to its common shareholders for the years ended December 31, 2016 , 2015 and 2014 , respectively. The portion of the distributions classified as ordinary income was 100.0% , 89.4% and 70.5% for the years ended December 31, 2016 , 2015 and 2014 , respectively. The portion of the distributions classified as long-term capital gain income was 0.0% , 10.6% and 29.5% for the years ended December 31, 2016 , 2015 and 2014 , respectively. The percentages in the two preceding sentences are unaudited. No shares of common stock were repurchased under the board approved common stock repurchase program during the years ended December 31, 2016 , 2015 and 2014 . Equity stock In addition to common and preferred stock, the Company is authorized to issue 100.0 million shares of Equity Stock. The Articles of Incorporation provide that Equity Stock may be issued from time to time in one or more series and give the Board broad authority to fix the dividend and distribution rights, conversion and voting rights, redemption provisions and liquidation rights of each series of Equity Stock. |
Stock Compensation
Stock Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Stock Compensation [Abstract] | |
Stock Compensation | 11. Stock compensation PSB has a 2003 Stock Option and Incentive Plan (the “2003 Plan”) and a 2012 Equity and Performance-Based Incentive Compensation Plan (the “2012 Plan”) covering 1.5 million and 1.0 million shares of PSB’s common stock, respectively. Under the 2003 Plan and 2012 Plan, PSB has granted non-qualified options to certain directors, officers and key employees to purchase shares of PSB’s common stock at a price not less than the fair market value of the common stock at the date of grant. Additionally, under the 2003 Plan and 2012 Plan, PSB has granted restricted shares of common stock to certain directors and restricted stock units to officers and key employees. Options under the 2003 Plan and 2012 Plan vest over a five -year period from the date of grant at the rate of one fifth per year and expire 10 years after the date of grant. Restricted stock units granted prior to 2016 are subject to a six -year vesting , none in year one and 20% for each of the next five years. Restricted stock units granted during 2016 are subject to a five -year vesting at the rate of 20% per year. The grantee of restricted stock units receives dividend equivalents for each outstanding award equal to the per-share dividends received by common shareholders and are recorded in additional paid-in capital. The Company expenses any dividend equivalents previously paid upon forfeiture of the related unvested restricted stock unit. Upon vesting, the grantee receives common shares equal to the number of vested awards, less common shares withheld in exchange for tax deposits made by the Company to satisfy the grantee’s statutory tax liabilities arising from the vesting. As noted under “Recently issued accounting standards” in Note 2, the Company elected to early adopt ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, and account for forfeitures of share-based payments as they occur. Accordingly , compensation cost previously recognized for an award that is forfeited because of a failure to satisfy a service or performance condition will be reversed in the period of the forfeiture. This election wa s made using a modified retrospective approach, with a cumulative-effect adjustment of $807,000 to decrease cumulative net income and increase paid-in capital representing the impact of estimated forfeitures on cumulative share-based compensation expense recorded through September 30, 2016 . The Company did not record any reserves on share-based compensation expense for the three months ended December 31, 2016. The weighted average grant date fair value of options granted during the years ended December 31, 2016 , 2015 and 2014 was $ 9.05 per share, $ 8.49 per share and $ 10.95 per share, respectively. The Company has calculated the fair value of each option grant on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions used for grants during the years ended December 31, 2016 , 2015 and 2014 , respectively: a dividend yield of 2. 9 %, 2. 5 % and 2. 3 %; expected volatility of 15 .5 %, 1 6.1 % and 17. 7 %; expected life of five years; and risk-free interest rates of 1. 1 %, 1. 4 % and 1. 7 %. The weighted average grant date fair value of restricted stock units granted during the years ended December 31, 2016 , 2015 and 2014 was $ 8 7.45 , $ 8 2.78 and $ 81.47 , r espectively . The Company calculated the fair value of each restricted stock unit grant using the market value on the date of grant. At December 31, 2016 , there was a combined total of 1. 2 million options and restricted stock units authorized to be granted. In connection with the 2014 Special Cash Dividend discussed in Note 10, the number of options and exercise prices of all outstanding options as of December 31, 2014 were adjusted pursuant to the anti-dilution provisions of the applicable plans so that the option holders would be neither advantaged nor disadvantaged as a result of the Special Cash Dividend. Information with respect to outstanding options and nonvested restricted stock units granted under the 2003 Plan and 2012 Plan is as follows : Weighted Aggregate Weighted Average Intrinsic Number of Average Remaining Value Options: Options Exercise Price Contract Life (in thousands) Outstanding at December 31, 2013 380,773 $ 56.45 Granted 16,000 $ 82.84 Exercised (61,273) $ 49.84 Forfeited (4,000) $ 52.35 Special cash dividend adjustment (1) 10,352 $ N/A Outstanding at December 31, 2014 341,852 $ 57.11 Granted 16,000 $ 80.13 Exercised (99,178) $ 51.31 Forfeited — $ — Outstanding at December 31, 2015 258,674 $ 60.76 Granted 39,000 $ 102.58 Exercised (68,019) $ 57.17 Forfeited — $ — Outstanding at December 31, 2016 229,655 $ 68.93 5.35 Years $ 10,930 Exercisable at December 31, 2016 153,432 $ 58.63 3.92 Years $ 8,882 ____________ (1) In accordance with the applicable equity award plan documents, the number and exercise price of outstanding options as of December 31, 2014 have been adjusted as a result of the Special Cash Dividend so that the option holder maintains their economic position with respect to the shareholders. Weighted Number of Average Grant Restricted Stock Units: Units Date Fair Value Nonvested at December 31, 2013 45,100 $ 60.07 Granted 6,800 $ 81.47 Vested (12,980) $ 53.65 Forfeited (3,750) $ 69.00 Nonvested at December 31, 2014 35,170 $ 65.62 Granted 75,606 $ 82.78 Vested (25,384) $ 74.19 Forfeited (6,740) $ 76.22 Nonvested at December 31, 2015 78,652 $ 78.44 Granted 119,950 $ 87.45 Vested (47,779) $ 80.45 Forfeited (6,130) $ 76.51 Nonvested at December 31, 2016 144,693 $ 58.56 Effective March, 2014, the Company entered into a performance-based restricted stock unit program, the Senior Management Long-Term Equity Incenti ve Program for 2014-2017 (“ LTEIP”), with certain employees of the Company. Under the LTEIP, the Company established three levels of targeted restricted stock unit awards for certain employees, which would be earned only if the Company achieved one of three defined targets duri ng 2014 to 2017. Under the LTEIP there is an annual award following the end of each of the four years in the program, with the award subject to and based on the achievement of total return targets during the previous year, as well as an award based on achieving total return targets during the cumulative four-year period 2014-2017. In the event the minimum defined target is not achieved for an annual award, the restricted stock units allocated to be awarded for such year are added to the restricted stock units that may be received if the four-year target is achieved. All restricted s tock unit awards under the LTEIP vest in four equal annual installments beginning from the date of award. Up to 99,150 restricted stock units would be awarded for each of the four years assuming achievement was met and up to 92,900 restricted stock units would be awarded for the cumulative four-year period assuming achievement was met. Compensation expense is recognized based on the restricted stock units expected to be awarded based on the target level that is expected to be achieved . Net compensation expense of $9. 8 million, $ 8. 2 million and $7.4 million related to the LTEIP was recognized for the years ended December 31, 2016 , 2015 and 2014 , respectively. Included in the 2016 amount, the Company recorded a net non-cash stock compensation charge of $2.0 million related to a change in senior management and the future issuance of restricted stock units our former Chief Executive Officer will receive under the Company’s LTEIP. In connection with the LTEIP, targets for 2014 and 2015 were achieved at the threshold total return level. As such, 99,150 and 66,506 restricted stock units were granted during the years ended December 31, 2016 and 2015, respectively, at a weighted average grant date fair value of $ 83.59 and $8 3.47 , respectively . Included in the Company’s consolidated statements of income for the years ended December 31, 2016 , 2015 and 2014 , was $282,000 , $261,000 and $ 1.1 million, respectively, in net compensation expense related to stock options. Included in the 2014 compensation expense relating to stock options was $ 644,000 of expense resulting from modifications made to outstanding stock options as a result of the Special Cash Dividend paid in Dec ember, 2014. Net compensation expense of $10.3 million, $8.7 million and $8.0 million related to restricted stock units was recognized during the years ended December 31, 2016, 2015 and 2014, respectively. As of December 31, 2016 , there was $ 566,000 of unamortized compensation expense related to stock options expected to be recognized over a weighted average period of 3. 5 years. As of December 31, 2016 , there was $ 12.6 million of unamortized compensation expense related to restricted stock units expected to be recognized over a weighted average period of 3. 7 years. Cash received from 68,019 stock options exercised during the year ended December 31, 2016 was $3.9 million. Cash received from 99,178 stock options exercised during the year ended December 31, 2015 was $ 5 . 1 million. Cash received from 61,273 stock options exercised during the year ended December 31, 2014 was $3.1 million. The aggregate intrinsic value of the stock options exercised was $ 3. 4 million, $ 2. 6 million and $ 2. 1 million during the years ended December 31, 2016 , 2015 and 2014 , respectively. During the year ended December 31, 2016 , 47,779 restricted stock units vested; in settlement of these units, 28,046 shares were issued , net of 19,733 shares applied to payroll taxes. The aggregate fair value of the shares vested for the year ended December 31, 2016 was $ 4.7 million. During the year ended December 31, 2015 , 25,384 restricted stock units vested; in settlement of these units, 15,734 shares were issued, net of 9,650 shares applied to payroll taxes. The aggregate fair value of the shares vested for the year ended December 31, 2015 was $ 2.0 million. During the year ended December 31, 2014 , 12,980 restricted stock units vested; in settlement of these units, 8, 066 shares were issued, net of 4,914 shares applied to payroll taxes. The aggregate fair value of the shares vested for the year ended December 31, 2014 was $ 1. 1 million. In addition to the vesting of these shares, tax deposits totaling $1.9 million, $767,000 and $409,000 were made during the years ended December 31, 2016, 2015 and 2014 , respectively, on behalf of employees in exchange for common shares withheld upon vesting. In April, 2015, the shareholders of the Compan y approved the issuance of up to 130,000 shares of common stock under the Retirement Plan for Non-Employee Directors (the “Director Plan”). Under the Director Plan, the Company grants 1,000 shares of common stock for each year served as a director up to a maximum of 8,000 shares issued upon retirement. The Company recognizes compensation expense over the requisite service period. As a result, included in the Company’s consolidated statements of income was $ 339,000 , $ 316,000 and $ 550,000 in compensation expense for the years ended December 31, 2016 , 2015 and 2014 , respectively. Included in the 2014 compensation expense relating to the retirement shares was $ 243,000 of expense resulting from the increase in maximum shares. As of December 31, 2016 , 2015 and 2014 , there was $ 887,000 , $ 1. 2 million and $ 1. 5 million, respectively, of unamortized compensation expense related to these shares. In April, 2016, the Company issued 8,000 shares to a director upon retirement with an aggregate fair value of $775,000 . No shares were issued during the years ended December 31, 2015 and 2014 . |
Supplementary Quarterly Financi
Supplementary Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Supplementary Quarterly Financial Data [Abstract] | |
Supplementary Quarterly Financial Data | 12. Supplementary quarterly financial data (unaudited, in thousands, except per share data) : Three Months Ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Rental income $ 95,845 $ 96,087 $ 97,340 $ 97,599 Cost of operations $ 31,894 $ 29,750 $ 30,796 $ 30,668 Net income allocable to common shareholders $ 14,569 $ 15,731 $ 19,718 $ 12,854 Net income per share: Basic $ 0.54 $ 0.58 $ 0.73 $ 0.47 Diluted $ 0.54 $ 0.58 $ 0.72 $ 0.47 Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Rental income $ 92,315 $ 92,948 $ 93,322 $ 94,550 Cost of operations $ 31,746 $ 30,057 $ 30,448 $ 28,973 Net income allocable to common shareholders $ 19,771 $ 11,129 $ 22,484 $ 14,906 Net income per share: Basic $ 0.73 $ 0.41 $ 0.83 $ 0.55 Diluted $ 0.73 $ 0.41 $ 0.83 $ 0.55 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 13 . Commitments and contingencies The Company currently is neither subject to any other material litigation nor, to management’s knowledge, is any material litigation currently threatened against the Company other than routine litigation and administrative proceedings arising in the ordinary course of business. |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2016 | |
Stock Compensation [Abstract] | |
401(k) Plan | 14 . 401(k) Plan The Company has a 401(k) savings plan (the “ Plan”) in which all eligible employees may participate. The Plan provides for the Company to make matching contributions to all eligible employees up to 4 % of their annual salary dependent on the employee’s level of participation. For the years ended December 31, 2016 , 2015 and 2014 , $ 409,000 , $ 410,000 , and $ 417,000 , respectively, was charged as expense related to this plan. |
Real Estate And Accumulated Dep
Real Estate And Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate And Accumulated Depreciation [Abstract] | |
Real Estate and Accumulated Depreciation | PS BUSINESS PARKS, INC. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (IN THOUSANDS) Cost Capitalized Subsequent to Gross Amount at Which Carried at Initial Cost to Company Acquisition December 31, 2016 Buildings Buildings Buildings Depreciable and and and Accumulated Lives Description Location Square Feet Land Improvements Improvements Land Improvements Total Depreciation Year(s) Acquired (Years) Buena Park Industrial Center Buena Park, CA 317 $ 3,245 $ 7,703 $ 2,715 $ 3,245 $ 10,418 $ 13,663 $ 7,047 1997 5- 30 Carson Carson, CA 77 990 2,496 1,537 990 4,033 5,023 2,867 1997 5- 30 Cerritos Business Center Cerritos, CA 395 4,218 10,273 4,139 4,218 14,412 18,630 9,960 1997 5- 30 Cerritos/Edwards Cerritos, CA 31 450 1,217 1,421 450 2,638 3,088 1,946 1997 5- 30 Concord Business Park Concord, CA 246 12,454 20,491 1,027 12,454 21,518 33,972 5,070 2011 5- 30 Culver City Culver City, CA 147 3,252 8,157 6,031 3,252 14,188 17,440 10,468 1997 5- 30 Bayview Business Park Fremont, CA 104 4,990 4,831 328 4,990 5,159 10,149 1,509 2011 5- 30 Christy Business Park Fremont, CA 334 11,451 16,254 1,586 11,451 17,840 29,291 5,030 2011 5- 30 Industrial Drive Distribution Center Fremont, CA 199 7,482 6,812 798 7,482 7,610 15,092 1,820 2011 5- 30 Bay Center Business Park Hayward, CA 463 19,052 50,501 3,702 19,052 54,203 73,255 12,659 2011 5- 30 Cabot Distribution Center Hayward, CA 249 5,859 10,811 374 5,859 11,185 17,044 2,528 2011 5- 30 Diablo Business Park Hayward, CA 271 9,102 15,721 863 9,102 16,584 25,686 3,978 2011 5- 30 Eden Landing Hayward, CA 83 3,275 6,174 131 3,275 6,305 9,580 1,569 2011 5- 30 Hayward Business Park Hayward, CA 1,091 28,256 54,418 2,807 28,256 57,225 85,481 13,205 2011 5- 30 Huntwood Business Park Hayward, CA 176 7,391 11,819 889 7,391 12,708 20,099 3,327 2011 5- 30 Parkway Commerce Hayward, CA 407 4,398 10,433 4,222 4,398 14,655 19,053 9,816 1997 5- 30 Corporate Pointe Irvine, CA 161 6,876 18,519 6,760 6,876 25,279 32,155 17,027 2000 5- 30 Laguna Hills Commerce Center Laguna Hills, CA 513 16,261 39,559 7,317 16,261 46,876 63,137 30,670 1997 5- 30 Plaza Del Lago Laguna Hills, CA 101 2,037 5,051 4,060 2,037 9,111 11,148 6,473 1997 5- 30 Ca ada Business Center Lake Forest, CA 297 5,508 13,785 6,031 5,508 19,816 25,324 13,319 1997 5- 30 Dixon Landing Business Park Milpitas, CA 505 26,301 21,121 3,244 26,301 24,365 50,666 6,953 2011 5- 30 Monterey/Calle Monterey, CA 12 288 706 337 288 1,043 1,331 763 1997 5- 30 Monterey Park Monterey Park, CA 199 3,078 7,862 1,586 3,078 9,448 12,526 6,611 1997 5- 30 Port of Oakland Oakland, CA 200 5,638 11,066 627 5,638 11,693 17,331 2,817 2011 5- 30 Orangewood Orange County, CA 107 2,637 12,291 3,873 2,637 16,164 18,801 9,072 2003 5- 30 Orange County Business Center Orange County, CA 437 9,405 35,746 18,507 9,405 54,253 63,658 40,977 2003 5- 30 Kearney Mesa San Diego, CA 164 2,894 7,089 2,890 2,894 9,979 12,873 6,920 1997 5- 30 Lusk San Diego, CA 371 5,711 14,049 5,623 5,711 19,672 25,383 13,645 1997 5- 30 Rose Canyon Business Park San Diego, CA 233 15,129 20,054 2,321 15,129 22,375 37,504 12,005 2005 5- 30 Charcot Business Park San Jose, CA 283 18,654 17,580 1,704 18,654 19,284 37,938 5,239 2011/2014 5- 30 Las Plumas San Jose, CA 214 4,379 12,889 6,716 4,379 19,605 23,984 14,446 1998 5- 30 Little Orchard Distribution Center San Jose, CA 213 7,725 3,846 84 7,725 3,930 11,655 1,241 2011 5- 30 Montague Industrial Park San Jose, CA 316 14,476 12,807 485 14,476 13,292 27,768 4,334 2011 5- 30 Oakland Road San Jose, CA 177 3,458 8,765 3,233 3,458 11,998 15,456 8,267 1997 5- 30 Rogers Ave San Jose, CA 67 3,540 4,896 630 3,540 5,526 9,066 2,659 2006 5- 30 Doolittle Business Park San Leandro, CA 113 3,929 6,231 413 3,929 6,644 10,573 1,775 2011 5- 30 Cost Capitalized Subsequent to Gross Amount at Which Carried at Initial Cost to Company Acquisition December 31, 2016 Buildings Buildings Buildings Depreciable and and and Accumulated Lives Description Location Square Feet Land Improvements Improvements Land Improvements Total Depreciation Year(s) Acquired (Years) Bayshore Corporate Center San Mateo, CA 340 25,108 36,891 6,202 25,108 43,093 68,201 10,038 2013 5- 30 San Ramon/Norris Canyon San Ramon, CA 52 1,486 3,642 1,348 1,486 4,990 6,476 3,385 1997 5- 30 Commerce Park Santa Clara, CA 251 17,218 21,914 3,733 17,218 25,647 42,865 15,900 2007 5- 30 Santa Clara Tech Park Santa Clara, CA 178 7,673 15,645 4,514 7,673 20,159 27,832 13,468 2000 5- 30 Walsh at Lafayette Santa Clara, CA 321 13,439 17,890 281 13,439 18,171 31,610 5,151 2011 5- 30 Signal Hill Signal Hill, CA 269 6,693 12,699 2,695 6,693 15,394 22,087 9,169 1997/2006 5- 30 Airport Boulevard So San Francisco, CA 52 899 2,387 745 899 3,132 4,031 2,131 1997 5- 30 South San Francisco/Produce So San Francisco, CA 41 776 1,886 553 776 2,439 3,215 1,632 1997 5- 30 Studio City/Ventura Studio City, CA 22 621 1,530 589 621 2,119 2,740 1,420 1997 5- 30 Kifer Industrial Park Sunnyvale, CA 287 13,227 37,874 1,369 13,227 39,243 52,470 9,001 2011 5- 30 Torrance Torrance, CA 147 2,318 6,069 3,263 2,318 9,332 11,650 6,636 1997 5- 30 Boca Commerce Boca Raton, FL 135 7,795 9,258 3,056 7,795 12,314 20,109 4,550 2006 5- 30 MICC Miami, FL 3,468 95,115 112,583 40,445 95,115 153,028 248,143 87,812 2003/2011/2014 5- 30 Wellington Wellington, FL 263 10,845 18,560 2,490 10,845 21,050 31,895 8,792 2006 5- 30 Ammendale Beltsville, MD 309 4,278 18,380 11,175 4,278 29,555 33,833 21,995 1998 5- 30 Gaithersburg/Christopher Gaithersburg, MD 29 475 1,203 632 475 1,835 2,310 1,323 1997 5- 30 Metro Park Rockville, MD 898 33,995 94,463 40,692 33,995 135,155 169,150 87,175 2001 5- 30 Parklawn Business Park Rockville, MD 232 3,387 19,628 3,783 3,387 23,411 26,798 8,552 2010 5- 30 Shady Grove Rockville, MD 578 11,010 58,364 8,860 11,010 67,224 78,234 20,086 2010/2016 5- 30 Westech Business Park Silver Spring, MD 532 25,261 74,572 17,232 25,261 91,804 117,065 53,912 2006 5- 30 Ben White Austin, TX 108 1,550 7,015 1,952 1,550 8,967 10,517 6,312 1998 5- 30 Lamar Business Park Austin, TX 198 2,528 6,596 6,043 2,528 12,639 15,167 9,498 1997 5- 30 McKalla Austin, TX 236 1,945 13,212 2,188 1,945 15,400 17,345 7,563 1998/2012 5- 30 McNeil Austin, TX 525 5,477 24,495 4,513 5,477 29,008 34,485 10,425 1999/2010/2012/2014 5- 30 Rutland Austin, TX 235 2,022 9,397 2,160 2,022 11,557 13,579 8,017 1998/1999 5- 30 Waterford Austin, TX 106 2,108 9,649 3,823 2,108 13,472 15,580 9,215 1999 5- 30 Braker Business Park Austin, TX 257 1,874 13,990 1,723 1,874 15,713 17,587 6,327 2010 5- 30 Mopac Business Park Austin, TX 117 719 3,579 694 719 4,273 4,992 1,661 2010 5- 30 Southpark Business Park Austin, TX 181 1,266 9,882 2,361 1,266 12,243 13,509 5,109 2010 5- 30 Valwood Business Center Carrolton, TX 356 2,510 13,859 1,916 2,510 15,775 18,285 4,060 2013 5- 30 Empire Commerce Dallas, TX 44 304 1,545 814 304 2,359 2,663 1,754 1998 5- 30 Northgate Dallas, TX 194 1,274 5,505 4,112 1,274 9,617 10,891 6,893 1998 5- 30 Northway Plaza Farmers Branch, TX 131 1,742 4,503 791 1,742 5,294 7,036 1,352 2013 5- 30 Springlake Business Center Farmers Branch, TX 206 2,607 5,715 1,861 2,607 7,576 10,183 2,020 2013/2014 5- 30 Westwood Business Park Farmers Branch, TX 112 941 6,884 2,289 941 9,173 10,114 5,486 2003 5- 30 Eastgate Garland, TX 36 480 1,203 479 480 1,682 2,162 1,212 1997 5- 30 Freeport Business Park Irving, TX 256 4,564 9,506 2,348 4,564 11,854 16,418 2,920 2013 5- 30 NFTZ (1) Irving, TX 231 1,517 6,499 3,506 1,517 10,005 11,522 6,997 1998 5- 30 Royal Tech Irving, TX 794 13,989 54,113 23,889 13,989 78,002 91,991 50,291 1998-2000/2011 5- 30 La Prada Mesquite, TX 56 495 1,235 594 495 1,829 2,324 1,355 1997 5- 30 The Summit Plano, TX 184 1,536 6,654 4,291 1,536 10,945 12,481 8,140 1998 5- 30 Arapaho Business Park Richardson, TX 408 5,226 10,661 3,394 5,226 14,055 19,281 4,371 2013/2014 5- 30 Richardson Business Park Richardson, TX 117 799 3,568 2,954 799 6,522 7,321 4,834 1998 5- 30 Bren Mar Alexandria, VA 113 2,197 5,380 3,832 2,197 9,212 11,409 6,754 1997 5- 30 Eisenhower Alexandria, VA 95 1,440 3,635 2,486 1,440 6,121 7,561 4,610 1997 5- 30 Beaumont Chantilly, VA 107 4,736 11,051 2,238 4,736 13,289 18,025 7,419 2006 5- 30 Dulles South/Sullyfield Chantilly, VA 99 1,373 6,810 3,135 1,373 9,945 11,318 6,756 1999 5- 30 Lafayette Chantilly, VA 197 1,680 13,398 5,381 1,680 18,779 20,459 12,790 1999/2000 5- 30 Cost Capitalized Subsequent to Gross Amount at Which Carried at Initial Cost to Company Acquisition December 31, 2016 Buildings Buildings Buildings Depreciable and and and Accumulated Lives Description Location Square Feet Land Improvements Improvements Land Improvements Total Depreciation Year(s) Acquired (Years) Park East Chantilly, VA 198 3,851 18,029 10,270 3,851 28,299 32,150 19,339 1999 5- 30 Fair Oaks Business Campus Fairfax, VA 290 13,598 36,232 8,132 13,598 44,364 57,962 25,358 2004/2007 5- 30 Monroe Herndon, VA 244 6,737 18,911 11,274 6,737 30,185 36,922 21,005 1997/1999 5- 30 Gunston Lorton, VA 247 4,146 17,872 11,221 4,146 29,093 33,239 16,313 1998 5- 30 The Mile McLean, VA 628 38,279 83,596 22,340 38,279 105,936 144,215 37,304 2010/2011 5- 30 Prosperity Business Campus Merrifield, VA 659 23,147 67,575 31,491 23,147 99,066 122,213 63,020 2001 5- 30 Alban Road Springfield, VA 150 1,935 4,736 5,050 1,935 9,786 11,721 7,410 1997 5- 30 I-95 Springfield, VA 210 3,535 15,672 12,142 3,535 27,814 31,349 20,528 2000 5- 30 Northpointe Sterling, VA 147 2,767 8,778 4,587 2,767 13,365 16,132 9,976 1997/1998 5- 30 Shaw Road Sterling, VA 149 2,969 10,008 4,476 2,969 14,484 17,453 10,828 1998 5- 30 Tysons Corporate Center Vienna, VA 270 9,885 25,302 9,333 9,885 34,635 44,520 13,426 2010 5- 30 Woodbridge Woodbridge, VA 114 1,350 3,398 1,908 1,350 5,306 6,656 3,935 1997 5- 30 212th Business Park Kent, WA 951 19,573 17,695 12,134 19,573 29,829 49,402 8,335 2012 5- 30 Overlake Redmond, WA 411 23,122 41,106 6,692 23,122 47,798 70,920 27,685 2007 5- 30 Renton Renton, WA 28 330 889 597 330 1,486 1,816 1,065 1997 5- 30 28,072 $ 789,531 $ 1,716,799 $ 510,082 $ 789,531 $ 2,226,881 $ 3,016,412 $ 1,159,808 ____________ (1) The Company owns two properties that are subject to ground leases in Las Colinas, Texas, expiring in 2019 and 2020 , each with one 10 -year extension option . |
Summary Of Significant Accoun22
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of presentation The accompanying consolidated financial statements include the accounts of PSB and the Operating Partnership. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. The financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”). |
Consolidation And Equity Method Of Accounting | Consolidation and Equity Method of Accounting The Company accounts for its investment in a joint venture that it has significant influence over, but does not control, using the equity method of accounting eliminating intra-entity profits and losses as if the joint venture were a consolidated subsidiary. The Company consolidates all variable interest entities (each a “VIE”) for which it is the primary beneficiary. Generally, a VIE is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership may be considered a VIE if the limited partners do not participate in operating decisions. Under this criteria, the Operating Partnership is considered a VIE. The Company’s significant asset is its investment in the Operating Partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Company’s debt is an obligation of the Operating Partnership. |
Noncontrolling Interests | Noncontrolling interests The Company's noncontrolling interests are reported as a component of equity separate from the parent’s equity. Purchases or sales of equity interests that do not result in a change in control are accounted for as equity transactions. In addition, net income attributable to the noncontrolling interests is included in net income on the face of the income statement and, upon a gain or loss of control, the interests purchased or sold, as well as any interests retained, are recorded at fair value with any gain or loss recognized in earnings. At the end of each reporting period, the Company determines the amount of equity (book value of net assets) which is allocable to the noncontrolling interests based upon the ownership interest, and an adjustment is made to the noncontrolling interests, with a corresponding adjustment to paid-in capital, to reflect the noncontrolling interests’ equity interest in the Company. |
Use Of Estimates | Use of estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. |
Allowance For Doubtful Accounts | Allowance for doubtful accounts The Company monitors the collectability of its receivable balances including the deferred rent receivable on an ongoing basis. Based on these reviews, the Company maintains an allowance for doubtful accounts for estimated losses resulting from the possible inability of tenants to make contractual rent payments to the Company. A provision for doubtful accounts is recorded during each period. The allowance for doubtful accounts is netted against tenant and other receivables on the consolidated balance sheets. Tenant receivables are net of an allowance for uncollectible accounts totaling $ 400,000 at December 31, 2016 and 2015 . Deferred rent receivable is net of an allowance for uncollectible accounts totaling $916,000 and $909,000 at December 31, 2016 and 2015 , respectively. |
Financial Instruments | Financial instruments The methods and assumptions used to estimate the fair value of financial instruments are described below. The Company has estimated the fair value of financial instruments using available market information and appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop estimates of market value. Accordingly, estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges. The Company determines the estimated fair value of financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. This hierarchy requires the use of observable market data when available. The following is the fair value hierarchy: · Level 1 —quoted prices for identical instruments in active markets; · Level 2 —quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and · Level 3 —fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Financial assets that are exposed to credit risk consist primarily of cash and cash equivalents and receivables. The Company considers all highly liquid investments with a remaining maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents, which consist primarily of money market investments, are only invested in entities with an investment grade rating. Receivables are comprised of balances due from a large number of customers. Balances that the Company expects to become uncollectible are reserved for or written off. Due to the short period to maturity of the Company’s cash and cash equivalents, accounts receivable, other assets and accrued and other liabilities, the carrying values as presented on the consolidated balance sheets are reasonable estimates of fair value. Carrying values of the Company’s mortgage note payable and unsecured Credit Facility (as defined on page 62) approximate fair value. The characteristics of these financial instruments, market data and other comparative metrics utilized in determining these fair values are “Level 2” inputs. |
Real Estate Facilities | Real estate facilities Real estate facilities are recorded at cost. Costs related to the renovation or improvement of the properties are capitalized. Expenditures for repairs and maintenance are expensed as incurred. Expenditures that are expected to benefit a period greater than two years and exceed $ 2,000 are capitalized and depreciated over their estimated useful life. Buildings and improvements are depreciated using the straight-line method over their estimated useful lives, which generally range from five to 30 years. Transaction costs, which include tenant improvements and lease commissions, of $ 1,000 or more for leases with terms greater than one year are capitalized and depreciated over their estimated useful lives. Transaction costs less than $ 1,000 or for leases of one year or less are expensed as incurred. |
Land and building held for development | Land and building held for development Property taxes, insurance, interest and costs essential to the development of property for its intended use are capitalized during the period of development. Upon classification of an asset as held for development, depreciation of the asset is ceased. |
Properties Held For Disposition | Properties held for disposition An asset is classified as an asset held for disposition when it meets certain requirements, which include, among other criteria, the approval of the sale of the asset, the marketing of the asset for sale and the expectation by the Company that the sale will likely occur within the next 12 months. Upon classification of an asset as held for disposition, depreciation of the asset is ceased, and the net book value of the asset is included on the balance sheet as properties held for disposition. |
Intangible Assets/Liabilities | Intangible assets/liabilities Intangible assets and liabilities include above-market and below-market in-place lease values of acquired properties based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market and below-market lease values (included in other assets and accrued liabilities in the accompanying consolidated balance sheets) are amortized to rental income over the remaining non-cancelable terms of the respective leases. As of December 31, 2016 , the value of in-place leases resulted in net intangible assets of $ 1. 1 million, net of $ 9.2 million of accumulated amortization with a weighted average amortization period of 9.3 years and net intangible liabilities of $784,000 , net of $ 10. 0 million of accumulated amortization with a weighted average amortization period of 6.6 years. As of December 31, 2015 , the value of in-place leases resulted in net intangible assets of $ 1.7 million, net of $ 8.6 million of accumulated amortization and net intangible liabilities of $ 1.8 million, net of $ 9.0 million of accumulated amortization. The Company recorded a net increase in rental income of $520,000 , $1.3 million and $901,000 during the years end ed December 31, 2016 , 2015 and 2014 , respectively, related to the amortization of net intangible liabilities resulting from the above-market and below-market lease value s. |
Evaluation Of Asset Impairment | Evaluation of asset impairment The Company evaluates its assets used in operations for impairment by identifying indicators of impairment and by comparing the sum of the estimated undiscounted future cash flows for each asset to the asset’s carrying value. When indicators of impairment are present and the sum of the estimated undiscounted future cash flows is less than the carrying value of such asset, an impairment loss is recorded equal to the difference between the asset’s current carrying value and its value based on discounting its estimated future cash flows. In addition, the Company evaluates its assets held for disposition for impairment. Assets held for disposition are reported at the lower of their carrying value or fair value, less cost of disposition. At December 31, 2016 , the Company did not consider any assets to be impaired. |
Asset Impairment Due to Casualty Loss | Asset impairment due to casualty loss It is the Company’s policy to record as a casualty loss or gain, in the period the casualty occurs, the differential between (a) the book value of assets destroyed and (b) any insurance proceeds that the Company expects to receive in accordance with its insurance contracts. Potential proceeds from insurance that are subject to any uncertainties, such as interpretation of deductible provisions of the governing agreements, the estimation of costs of restoration, or other such items, are treated as contingent proceeds and not recorded until the uncertainties are satisfied. For the years ended December 31, 2016 , 2015 and 2014 no material casualty losses were incurred. |
Stock Compensation | Stock compensation All share-based payments to employees, including grants of employee stock options, are recognized as stock compensation in the Company’s income statement based on their grant date fair values. See Note 1 1 . |
Revenue And Expense Recognition | Revenue and expense recognition The Company must meet four basic criteria before revenue can be recognized: persuasive evidence of an arrangement exists; the delivery has occurred or services have been rendered; the fee is fixed or determinable; and collectability is reasonably assured. All leases are classified as operating leases. Rental income is recognized on a straight-line basis over the terms of the leases. Straight-line rent is recognized for all tenants with contractual fixed increases in rent that are not included on the Company’s credit watch list. Deferred rent receivable represents rental revenue recognized on a straight-line basis in excess of billed rents. Reimbursements from tenants for real estate taxes and other recoverable operating expenses are recognized as rental income in the period the applicable costs are incurred. Property management fees are recognized in the period earned. Costs incurred in connection with leasing (primarily tenant improvements and lease commissions) are capitalized and amortized over the lease period. |
Gains From Sales Of Real Estate Facilities | Gains from sales of real estate facilities The Company recognizes gains from sales of real estate facilities at the time of sale using the full accrual method, provided that various criteria related to the terms of the transactions and any subsequent involvement by the Company with the properties sold are met. If the criteria are not met, the Company defers the gains and recognizes them when the criteria are met or uses the installment or cost recovery methods as appropriate under the circumstances. |
General And Administrative Expenses | General and administrative expenses General and administrative expenses include executive and other compensation, office expenses, professional fees, acquisition transaction costs, state income taxes and other such administrative items. |
Income Taxes | Income taxes The Company has qualified and intends to continue to qualify as a REIT, as defined in Section 856 of the Internal Revenue Code of 1986, as amended. As a REIT, the Company is not subject to federal income tax to the extent that it distributes its REIT taxable income to its shareholders. A REIT must distribute at least 90 % of its REIT taxable income each year. In addition, REITs are subject to a number of organizational and operating requirements. The Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income. The Company believes it met all organization and operating requirements to maintain its REIT status during 2016 , 2015 and 2014 and intends to continue to meet such requirements. Accordingly, no provision for income taxes has been made in the accompanying consolidated financial statements. The Company can recognize a tax benefit only if it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent that the “more likely than not” standard has been satisfied, the benefit associated with a position is measured as the largest amount that is greater than 50 % likely of being recognized upon settlement. As of December 31, 2016 , the Company did not recognize any tax benefit for uncertain tax positions. |
Accounting For Preferred Equity Issuance Costs | Accounting for preferred equity issuance costs The Company records issuance costs as a reduction to paid-in capital on its balance sheet at the time the preferred securities are issued and reflects the carrying value of the preferred equity at the stated value. Such issuance costs are recorded as non-cash preferred equity distributions at the time the Company notifies the holders of preferred stock of its intent to redeem such shares. |
Net Income Allocation | Net income allocation Net income was allocated as follows for the years ended December 31, (in thousands) : 2016 2015 2014 Net income allocable to noncontrolling interests: Noncontrolling interests — common units $ 16,955 $ 18,495 $ 30,729 Total net income allocable to noncontrolling interests 16,955 18,495 30,729 Net income allocable to PS Business Parks, Inc.: Preferred shareholders Distributions to preferred shareholders 57,276 59,398 60,488 Non-cash distributions related to the redemption of preferred stock 7,312 2,487 — Total net income allocable to preferred shareholders 64,588 61,885 60,488 Restricted stock unit holders 569 299 329 Common shareholders 62,872 68,291 113,154 Total net income allocable to PS Business Parks, Inc. 128,029 130,475 173,971 Net income $ 144,984 $ 148,970 $ 204,700 |
Net Income Per Common Share | Net income per common share Per share amounts are computed using the number of weighted average common shares outstanding. “Diluted” weighted average common shares outstanding includes the dilutive effect of stock options and restricted stock units under the treasury stock method. “Basic” weighted average common shares outstanding excludes such effect. The Company's restricted stock units are participating securities and are included in the computation of basic and diluted weighted average common shares outstanding. The Company’s restricted stock unit holders are paid non-forfeitable dividends in excess of the expense recorded which results in a reduction in net income allocable to common shareholders and unit holders. Earnings per share has been calculated as follows for the years ended December 31, (in thousands, except per share amounts): 2016 2015 2014 Net income allocable to common shareholders $ 62,872 $ 68,291 $ 113,154 Weighted average common shares outstanding: Basic weighted average common shares outstanding 27,089 26,973 26,899 Net effect of dilutive stock compensation — based on treasury stock method using average market price 90 78 101 Diluted weighted average common shares outstanding 27,179 27,051 27,000 Net income per common share — Basic $ 2.32 $ 2.53 $ 4.21 Net income per common share — Diluted $ 2.31 $ 2.52 $ 4.19 Options to purchase 25,000 , 32,000 and 16,000 shares for the years ended December 31, 2016 , 2015 and 2014 , respectively, were not included in the computation of diluted net income per share because such options were considered anti-dilutive. |
Segment Reporting | Segment reporting The Company views its operations as one segment. |
Reclassifications | Reclassifications Certain reclassifications have been made to the consolidated financial statements for 2015 and 2014 in order to conform to the 2016 presentation. |
Recently Issued Accounting Standards | Recently issued accounting standards In May, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, which amended the existing accounting standards for revenue recognition. The core principle underlying this guidance is that entities will recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled for such exchange. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property and equipment, including real estate. This guidance is currently effective for the Company’s fiscal year beginning January 1, 2018. Early adoption is permitted for the Company’s fiscal year beginning January 1, 2017. ASU 2014-09 allows for full retrospective adoption applied to all periods presented or modified retrospective adoption with the cumulative effect of initially applying the standard recognized at the date of initial application. The Company intends to adopt the guidance using the modified retrospective approach for the fiscal year beginning January 1, 2018. The Company anticipates no impact upon adoption of the new accounting guidance on its consolidated financial statements relating to the Company’s facility management fees for property management services provided to PS or the recognition of gains and losses on the sale of real estate assets as the Company’s current acco unting for such transactions is consistent with the new guidance’s core principle. Rental income from leasing arrangements are a substantial portion of the Company’s revenue and is specifically excluded from ASU 2014-09 and will be governed by the applicable lease codification (ASU 2016-02, Leases) . In conjunction with the adoption of the leasing guidance, the Company is currently in the process of evaluating certain variable payment terms included in these lease arrangements which are governed by ASU 2014-09. In February, 2016, the FASB issued ASU 2016-02, Leases , which amends the existing accounting standards for lease accounting. The accounting applied by a lessor is largely unchanged under this guidance. However, the guidance requires lessees to classify leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. The classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is al so required to record a right-of-use asset and related liability for most leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new guidance is expected to result in the recognition of a right-of -use asset and related liability to account for our future obligations under our ground lease arrangements for which we are the lessee. As of December 31, 2016, the remaining contractual payments under our ground lease agreements aggregated $381,000 . Additionally, the new guidance will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. This guidance is effective for annual periods beginning after December 15, 2018 and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted. The guidance must be adopted using a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The Company is currently in the process of evaluating the impact of adoption of the new accounting guidance on its consolidated financial statements. In August, 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern , which is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern for a period of one year after the date that the financial statements are issued. This guidance is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. The Company adopted the new guidance during the fourth quarter of 2016 and the adoption did not require any disclosures about the Company’s ability to continue as a going concern. In February, 2015, the FASB issued ASU 2015-02, Consolidation – Amendments to the Consolidation Analysis , which amended the existing accounting standards for consolidation under both the variable interest model and the voting model. On January 1, 2016, the Company adopted this guidance and as the Operating Partnership is already consolidated in the balance sheets of the Company, the identification of this entity as a VIE has no impact on the consolidated financial statements of the Company. Additionally, the Company’s accounting for its investment in its joint venture was not impacted by the adoption of this guidance. In March, 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , to amend the accounting guidance for share-based payment accounting. The Company early adopted this standard effective October 1, 2016. Under this standard, a share-based payment related to the tax liability paid on behalf of employees in lieu of shares received is classified as a financing activity on the statement of cash flows, rather than as an operating activity as the Company had previously presented such amounts. The Company applied this provision retrospectively. On our consolidated statement s of cash flows for the years ended Decemb er 31, 2015 and 2014, the Company reclassified $ 767,000 and $ 409,000 , respectively, for share-based payment s related to tax liability paid on behalf of employees in lieu of shares received upon vesting of restricted stock units as a reduction from financing activities. The Company previously reflected these amounts as a reduction from operating activities. The standard also allows an employer to make a policy election to account for forfeitures of share-based payments as they occur or estimate forfeitures and adjust the estimate when it is likely to change, as is currently required. The Company elected to recognize forfeitures of share-based payments as they occur, rather than estimating them in advance, effective October 1, 2016, under the modified retrospective transition method. The Company recorded a cumulative-effect adjustment of $807,000 to decrease cumulative net income and increase paid-in capital as of October 1, 2016, representing the impact of estimated forfeitures on our cumulative share-based compensation expense recorded through September 30, 2016. See Note 11. |
Summary Of Significant Accoun23
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Net Income Allocation | 2016 2015 2014 Net income allocable to noncontrolling interests: Noncontrolling interests — common units $ 16,955 $ 18,495 $ 30,729 Total net income allocable to noncontrolling interests 16,955 18,495 30,729 Net income allocable to PS Business Parks, Inc.: Preferred shareholders Distributions to preferred shareholders 57,276 59,398 60,488 Non-cash distributions related to the redemption of preferred stock 7,312 2,487 — Total net income allocable to preferred shareholders 64,588 61,885 60,488 Restricted stock unit holders 569 299 329 Common shareholders 62,872 68,291 113,154 Total net income allocable to PS Business Parks, Inc. 128,029 130,475 173,971 Net income $ 144,984 $ 148,970 $ 204,700 |
Calculation Of Earnings Per Share | 2016 2015 2014 Net income allocable to common shareholders $ 62,872 $ 68,291 $ 113,154 Weighted average common shares outstanding: Basic weighted average common shares outstanding 27,089 26,973 26,899 Net effect of dilutive stock compensation — based on treasury stock method using average market price 90 78 101 Diluted weighted average common shares outstanding 27,179 27,051 27,000 Net income per common share — Basic $ 2.32 $ 2.53 $ 4.21 Net income per common share — Diluted $ 2.31 $ 2.52 $ 4.19 |
Real Estate Facilities (Tables)
Real Estate Facilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate Facilities [Abstract] | |
Activity In Real Estate Facilities | Buildings and Accumulated Land Improvements Depreciation Total Balances at December 31, 2013 $ 772,161 $ 2,115,987 $ (896,189) $ 1,991,959 Acquisition of real estate facilities 21,408 24,890 — 46,298 Capital expenditures — 54,462 — 54,462 Disposals — (10,587) 10,587 — Depreciation and amortization — — (110,357) (110,357) Transfer to properties sold — (1,759) 4,462 2,703 Balances at December 31, 2014 793,569 2,182,993 (991,497) 1,985,065 Capital expenditures — 46,777 — 46,777 Disposals — (13,990) 13,990 — Depreciation and amortization — — (105,394) (105,394) Transfer to properties sold — (265) 298 33 Balances at December 31, 2015 793,569 2,215,515 (1,082,603) 1,926,481 Acquisition of real estate facilities 5,638 7,637 — 13,275 Capital expenditures — 37,232 — 37,232 Disposals — (14,411) 14,411 — Depreciation and amortization — — (99,486) (99,486) Transfer to land and building held for development (9,676) (19,092) 7,870 (20,898) Balances at December 31, 2016 $ 789,531 $ 2,226,881 $ (1,159,808) $ 1,856,604 |
Summary Of Real Estate Assets Acquired And Liabilities Assumed | 2016 2015 2014 Land $ 5,638 $ — $ 21,408 Buildings and improvements 7,637 — 24,890 Below-market in-place lease value (25) — (666) Total purchase price 13,250 — 45,632 Net operating assets acquired and liabilities assumed (622) — (611) Total cash paid $ 12,628 $ — $ 45,021 |
Leasing Activity (Tables)
Leasing Activity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leasing Activity [Abstract] | |
Summary Of Future Minimum Rental Revenues Excluding Recovery Of Operating Expenses | 2017 $ 274,275 2018 211,707 2019 145,187 2020 94,697 2021 63,185 Thereafter 114,628 Total $ 903,679 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Shareholders' Equity [Abstract] | |
Schedule Of Preferred Stock Outstanding | December 31, 2016 December 31, 2015 Earliest Potential Dividend Shares Amount Shares Amount Series Issuance Date Redemption Date Rate Outstanding (in thousands) Outstanding (in thousands) Series T May, 2012 May, 2017 6.000% 14,000 $ 350,000 14,000 $ 350,000 Series U September, 2012 September, 2017 5.750% 9,200 230,000 9,200 230,000 Series V March, 2013 March, 2018 5.700% 4,400 110,000 4,400 110,000 Series W October, 2016 October, 2021 5.200% 7,590 189,750 — — Series S January, 2012 January, 2017 6.450% — — 9,200 230,000 Total 35,190 $ 879,750 36,800 $ 920,000 |
Stock Compensation (Tables)
Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stock Compensation [Abstract] | |
Summary Of Stock Options Activity | Weighted Aggregate Weighted Average Intrinsic Number of Average Remaining Value Options: Options Exercise Price Contract Life (in thousands) Outstanding at December 31, 2013 380,773 $ 56.45 Granted 16,000 $ 82.84 Exercised (61,273) $ 49.84 Forfeited (4,000) $ 52.35 Special cash dividend adjustment (1) 10,352 $ N/A Outstanding at December 31, 2014 341,852 $ 57.11 Granted 16,000 $ 80.13 Exercised (99,178) $ 51.31 Forfeited — $ — Outstanding at December 31, 2015 258,674 $ 60.76 Granted 39,000 $ 102.58 Exercised (68,019) $ 57.17 Forfeited — $ — Outstanding at December 31, 2016 229,655 $ 68.93 5.35 Years $ 10,930 Exercisable at December 31, 2016 153,432 $ 58.63 3.92 Years $ 8,882 ____________ (1) In accordance with the applicable equity award plan documents, the number and exercise price of outstanding options as of December 31, 2014 have been adjusted as a result of the Special Cash Dividend so that the option holder maintains their economic position with respect to the shareholders. |
Nonvested Restricted Stock Units | Weighted Number of Average Grant Restricted Stock Units: Units Date Fair Value Nonvested at December 31, 2013 45,100 $ 60.07 Granted 6,800 $ 81.47 Vested (12,980) $ 53.65 Forfeited (3,750) $ 69.00 Nonvested at December 31, 2014 35,170 $ 65.62 Granted 75,606 $ 82.78 Vested (25,384) $ 74.19 Forfeited (6,740) $ 76.22 Nonvested at December 31, 2015 78,652 $ 78.44 Granted 119,950 $ 87.45 Vested (47,779) $ 80.45 Forfeited (6,130) $ 76.51 Nonvested at December 31, 2016 144,693 $ 58.56 |
Supplementary Quarterly Finan28
Supplementary Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplementary Quarterly Financial Data [Abstract] | |
Schedule Of Supplemental Quarterly Financial Data | Three Months Ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Rental income $ 95,845 $ 96,087 $ 97,340 $ 97,599 Cost of operations $ 31,894 $ 29,750 $ 30,796 $ 30,668 Net income allocable to common shareholders $ 14,569 $ 15,731 $ 19,718 $ 12,854 Net income per share: Basic $ 0.54 $ 0.58 $ 0.73 $ 0.47 Diluted $ 0.54 $ 0.58 $ 0.72 $ 0.47 Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Rental income $ 92,315 $ 92,948 $ 93,322 $ 94,550 Cost of operations $ 31,746 $ 30,057 $ 30,448 $ 28,973 Net income allocable to common shareholders $ 19,771 $ 11,129 $ 22,484 $ 14,906 Net income per share: Basic $ 0.73 $ 0.41 $ 0.83 $ 0.55 Diluted $ 0.73 $ 0.41 $ 0.83 $ 0.55 |
Organization And Description 29
Organization And Description Of Business (Narrative) (Details) ft² in Thousands, shares in Millions | Dec. 31, 2016ft²stateshares |
Organization And Description Of Business [Line Items] | |
The Company's ownership percentage of the limited partnership | 77.90% |
Owned and operated properties (in rentable square feet) | 28,100 |
Number of states with rentable commercial space | state | 6 |
Managed properties (in rentable square feet) | 684 |
Public Storage Ownership [Member] | |
Organization And Description Of Business [Line Items] | |
Affiliate's percent ownership of the Company's common equity | 42.00% |
Shares owned by Public Storage | shares | 14.5 |
Summary Of Significant Accoun30
Summary Of Significant Accounting Policies (Narrative) (Details) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)segmentshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | |
Property, Plant and Equipment [Line Items] | ||||
Allowance for uncollectible accounts | $ 400,000 | $ 400,000 | ||
Allowance for uncollectable deferred rent receivables | $ 916,000 | 909,000 | ||
Cash and cash equivalents maximum benchmark (in months) | 3 months | |||
Minimum expenditure costs subject to capitalization and depreciation | $ 2,000 | |||
Minimum expected future benefit period on expenditures cost to be capitalized and depreciated (in years) | 2 years | |||
Minimum transaction cost subject to capitalization and depreciation | $ 1,000 | |||
Minimum expected future benefit period on transaction cost to be capitalized and depreciated (in years) | 1 year | |||
Maximum transaction costs subject to being expensed as incurred | $ 1,000 | |||
Maximum length of lease period for transaction costs to be expensed as incurred | 1 year | |||
Length of time criteria for expected sale of assets to be classified as properties held for disposition | 12 months | |||
Increase (decrease) in rental income due to amortization of net intangible assets or liabilities | $ 520,000 | 1,251,000 | $ 901,000 | |
Value of in-place leases resulting in a net intangible asset | 1,100,000 | 1,700,000 | ||
Accumulated amortization - intangible assets | $ 9,200,000 | 8,600,000 | ||
Intangible assets, weighted average amortization period (in years) | 9 years 3 months 18 days | |||
Value of in-place leases resulting in a net intangible liability | $ 784,000 | 1,800,000 | ||
Accumulated amortization - intangible liabilities | $ 10,000,000 | $ 9,000,000 | ||
Intangible liability, weighted average amortization period (in years) | 6 years 7 months 6 days | |||
Distribution of taxable income requirement | 90.00% | |||
Income tax provision | $ 0 | |||
Odds of a particular tax position will be sustained upon examination or audit | 50.00% | |||
Anti-dilutive share options to purchase | shares | 25,000 | 32,000 | 16,000 | |
Number of operating segments | segment | 1 | |||
Minimum lease term requirement | 12 months | |||
Adjustments on cumulative share-based compensation expense | $ 1,940,000 | $ 767,000 | $ 409,000 | |
Cumulative effect of a change in accounting principle (Note 11) | $ 807,000 | |||
Ground Lease Agreements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Aggregate amount of contractual payments remaining under ground lease agreements | $ 381,000 | |||
Maximum [Member] | Buildings And Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life (in years) | 30 years | |||
Minimum [Member] | Buildings And Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life (in years) | 5 years |
Summary Of Significant Accoun31
Summary Of Significant Accounting Policies (Net Income Allocation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | |||||||||||
Noncontrolling interests - common units | $ 16,955 | $ 18,495 | $ 30,729 | ||||||||
Total net income allocable to noncontrolling interests | 16,955 | 18,495 | 30,729 | ||||||||
Distributions to preferred shareholders | 57,276 | 59,398 | 60,488 | ||||||||
Non-cash distributions related to the redemption of preferred stock | 7,312 | 2,487 | |||||||||
Total net income allocable to preferred shareholders | 64,588 | 61,885 | 60,488 | ||||||||
Restricted stock unit holders | 569 | 299 | 329 | ||||||||
Common shareholders | $ 12,854 | $ 19,718 | $ 15,731 | $ 14,569 | $ 14,906 | $ 22,484 | $ 11,129 | $ 19,771 | 62,872 | 68,291 | 113,154 |
Total net income allocable to PS Business Parks, Inc. | 128,029 | 130,475 | 173,971 | ||||||||
Net income | $ 144,984 | $ 148,970 | $ 204,700 |
Summary Of Significant Accoun32
Summary Of Significant Accounting Policies (Calculation Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | |||||||||||
Net income allocable to common shareholders | $ 12,854 | $ 19,718 | $ 15,731 | $ 14,569 | $ 14,906 | $ 22,484 | $ 11,129 | $ 19,771 | $ 62,872 | $ 68,291 | $ 113,154 |
Basic weighted average common shares outstanding | 27,089 | 26,973 | 26,899 | ||||||||
Net effect of dilutive stock compensation - based on treasury stock method using average market price | 90 | 78 | 101 | ||||||||
Diluted weighted average common shares outstanding | 27,179 | 27,051 | 27,000 | ||||||||
Net income per common share - Basic | $ 0.47 | $ 0.73 | $ 0.58 | $ 0.54 | $ 0.55 | $ 0.83 | $ 0.41 | $ 0.73 | $ 2.32 | $ 2.53 | $ 4.21 |
Net income per common share - Diluted | $ 0.47 | $ 0.72 | $ 0.58 | $ 0.54 | $ 0.55 | $ 0.83 | $ 0.41 | $ 0.73 | $ 2.31 | $ 2.52 | $ 4.19 |
Real Estate Facilities (Narrati
Real Estate Facilities (Narrative) (Details) ft² in Thousands | 2 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016USD ($)ft² | Dec. 31, 2016USD ($)ft²property | Dec. 31, 2015USD ($)ft²item | Dec. 31, 2014USD ($)aft²item | Sep. 28, 2016USD ($)ft²property | Dec. 30, 2014USD ($)ft²item | Nov. 03, 2014USD ($)ft² | Aug. 21, 2014USD ($)ft²item | Jul. 28, 2014USD ($)ft² | Jul. 24, 2014USD ($)ft² | |
Real Estate Facilities [Line Items] | ||||||||||
Federal income tax basis of real estate facilities | $ 1,900,000,000 | $ 1,900,000,000 | ||||||||
Assets acquired and liabilities assumed | $ 0 | |||||||||
Purchase price | $ 13,250,000 | 13,250,000 | $ 45,632,000 | |||||||
Acquisition transaction costs | $ 328,000 | 350,000 | ||||||||
Square Footage of Real Estate Property | ft² | 28,072 | 28,072 | ||||||||
Proceeds from sale of real estate facilities | 55,160,000 | 212,184,000 | ||||||||
Gain on sale of real estate facilities | $ 28,235,000 | $ 92,373,000 | ||||||||
Charcot Business Park II [Member] | ||||||||||
Real Estate Facilities [Line Items] | ||||||||||
Acquisition date of real estate | Dec. 30, 2014 | |||||||||
Number of buildings acquired | item | 8 | |||||||||
Purchase price | $ 16,000,000 | |||||||||
Square Footage of Real Estate Property | ft² | 119 | |||||||||
Charcot Business Park [Member] | ||||||||||
Real Estate Facilities [Line Items] | ||||||||||
Square Footage of Real Estate Property | ft² | 164 | 164 | ||||||||
McNeil I [Member] | ||||||||||
Real Estate Facilities [Line Items] | ||||||||||
Acquisition date of real estate | Nov. 3, 2014 | |||||||||
Purchase price | $ 10,600,000 | |||||||||
Square Footage of Real Estate Property | ft² | 246 | |||||||||
MICC Center 23 [Member] | ||||||||||
Real Estate Facilities [Line Items] | ||||||||||
Acquisition date of real estate | Jul. 24, 2014 | |||||||||
Purchase price | $ 12,700,000 | |||||||||
Square Footage of Real Estate Property | ft² | 149 | |||||||||
MICC [Member] | ||||||||||
Real Estate Facilities [Line Items] | ||||||||||
Square Footage of Real Estate Property | ft² | 3,300 | 3,300 | ||||||||
Arapaho Business Park 9 [Member] | ||||||||||
Real Estate Facilities [Line Items] | ||||||||||
Acquisition date of real estate | Jul. 28, 2014 | |||||||||
Purchase price | $ 1,100,000 | |||||||||
Square Footage of Real Estate Property | ft² | 19 | |||||||||
Springlake Business Center II [Member] | ||||||||||
Real Estate Facilities [Line Items] | ||||||||||
Acquisition date of real estate | Aug. 21, 2014 | |||||||||
Number of buildings acquired | item | 6 | |||||||||
Purchase price | $ 5,100,000 | |||||||||
Square Footage of Real Estate Property | ft² | 145 | |||||||||
Arapaho Business Park [Member] | ||||||||||
Real Estate Facilities [Line Items] | ||||||||||
Square Footage of Real Estate Property | ft² | 389 | 389 | ||||||||
Non Strategic Markets [Member] | ||||||||||
Real Estate Facilities [Line Items] | ||||||||||
Number of acres | a | 11.5 | |||||||||
Number of business parks sold | item | 4 | 5 | ||||||||
Square Footage of Real Estate Property | ft² | 492 | 1,900 | ||||||||
Proceeds from sale of real estate facilities | $ 41,200,000 | $ 212,200,000 | ||||||||
Gain on sale of real estate facilities | $ 23,400,000 | $ 92,400,000 | ||||||||
Overlake Business Park [Member] | ||||||||||
Real Estate Facilities [Line Items] | ||||||||||
Number of buildings sold | item | 5 | |||||||||
Square Footage of Real Estate Property | ft² | 82 | |||||||||
Proceeds from sale of real estate facilities | $ 13,900,000 | |||||||||
Gain on sale of real estate facilities | $ 4,800,000 | |||||||||
Shady Grove [Member] | ||||||||||
Real Estate Facilities [Line Items] | ||||||||||
Business acquisition, date of acquisition agreement | Sep. 28, 2016 | |||||||||
Number of buildings acquired | property | 2 | |||||||||
Purchase price | $ 13,300,000 | |||||||||
Square Footage of Real Estate Property | ft² | 578 | 578 | 226 | |||||||
Shady Grove Executive Park [Member] | ||||||||||
Real Estate Facilities [Line Items] | ||||||||||
Number of buildings owned | property | 3 | |||||||||
Square Footage of Real Estate Property | ft² | 352 | 352 | ||||||||
The Mile [Member] | ||||||||||
Real Estate Facilities [Line Items] | ||||||||||
Square Footage of Real Estate Property | ft² | 628 | 628 | ||||||||
Area of real estate property transferred | ft² | 123 |
Real Estate Facilities (Activit
Real Estate Facilities (Activity In Real Estate Facilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Balances | $ 1,926,481 | $ 1,985,065 | $ 1,991,959 |
Accumulated Depreciation, Balances | (1,082,603) | ||
Acquisition of real estate facilities | 13,275 | 46,298 | |
Capital expenditures | 37,232 | 46,777 | 54,462 |
Depreciation and amortization | (99,486) | (105,394) | (110,357) |
Transfer to properties sold | 33 | 2,703 | |
Transfer to land and building held for development | (20,898) | ||
Accumulated Depreciation, Balances | (1,159,808) | (1,082,603) | |
Balances | 1,856,604 | 1,926,481 | 1,985,065 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balances | 793,569 | 793,569 | 772,161 |
Acquisition of real estate facilities | 5,638 | 21,408 | |
Capital expenditures | |||
Disposals | |||
Depreciation and amortization | |||
Transfer to properties sold | |||
Transfer to land and building held for development | (9,676) | ||
Balances | 789,531 | 793,569 | 793,569 |
Buildings And Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balances | 2,215,515 | 2,182,993 | 2,115,987 |
Acquisition of real estate facilities | 7,637 | 24,890 | |
Capital expenditures | 37,232 | 46,777 | 54,462 |
Disposals | (14,411) | (13,990) | (10,587) |
Transfer to properties sold | (265) | (1,759) | |
Transfer to land and building held for development | (19,092) | ||
Balances | 2,226,881 | 2,215,515 | 2,182,993 |
Accumulated Depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Accumulated Depreciation, Balances | (1,082,603) | (991,497) | (896,189) |
Disposals | 14,411 | 13,990 | 10,587 |
Depreciation and amortization | (99,486) | (105,394) | (110,357) |
Transfer to properties sold | 298 | 4,462 | |
Transfer to land and building held for development | 7,870 | ||
Accumulated Depreciation, Balances | $ (1,159,808) | $ (1,082,603) | $ (991,497) |
Real Estate Facilities (Summary
Real Estate Facilities (Summary Of Real Estate Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2014 | |
Real Estate Facilities [Abstract] | ||
Land | $ 5,638 | $ 21,408 |
Buildings and improvements | 7,637 | 24,890 |
Below-market in-place lease value | (25) | (666) |
Total purchase price | 13,250 | 45,632 |
Net operating assets acquired and liabilities assumed | (622) | (611) |
Total cash paid | $ 12,628 | $ 45,021 |
Investment In And Advances To36
Investment In And Advances To Unconsolidated Joint Venture (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($)apropertyitem | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Investment in and advances to unconsolidated joint venture | $ 26,736,000 | $ 67,190,000 | $ 26,736,000 | |
Land and building held for development | 6,081,000 | 27,028,000 | 6,081,000 | |
Land | 793,569,000 | $ 789,531,000 | 793,569,000 | |
Investment in and Advances to Unconsolidated Joint Venture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic interest in joint venture, percentage | 95.00% | |||
Number of units to be developed | property | 395 | |||
Area of land | a | 5 | |||
Contribution date | Oct. 5, 2015 | |||
Number of extension options | item | 2 | |||
Extension option period | 1 year | |||
Construction Loan Capacity | $ 75,000,000 | |||
Construction loan maturity date | Apr. 5, 2019 | |||
Equity and capital contributions | 5,200,000 | $ 5,700,000 | ||
Cumulative equity and capital contributions | 28,500,000 | |||
Loan advances | 0 | 33,900,000 | 0 | |
Capitalized interest | $ 346,000 | 885,000 | ||
Estimated total development costs | 105,600,000 | |||
Land | $ 15,300,000 | |||
Investment in and Advances to Unconsolidated Joint Venture [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Spread over LIBOR | 2.25% | |||
JV Partner [Member] | Investment in and Advances to Unconsolidated Joint Venture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Economic interest in joint venture, percentage | 5.00% | |||
Northern Virginia Redeveloped Land [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capitalized cost | 2,800,000 | $ 2,200,000 | ||
Capitalized interest | $ 813,000 | 944,000 | ||
Land and building held for development | $ 18,400,000 |
Leasing Activity (Narrative) (D
Leasing Activity (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leased Assets [Line Items] | |||
Tenant reimbursements | $ 82.6 | $ 78.9 | $ 80.7 |
Percentage of leased asset subjected to termination options | 3.60% | ||
Percentage of leased asset exercisable in period | 2.30% | ||
Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Non-cancelable leases term (in years) | 10 years | ||
Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Non-cancelable leases term (in years) | 1 year |
Leasing Activity (Summary Of Fu
Leasing Activity (Summary Of Future Minimum Rental Revenues Excluding Recovery Of Operating Expenses) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Leasing Activity [Abstract] | |
2,017 | $ 274,275 |
2,018 | 211,707 |
2,019 | 145,187 |
2,020 | 94,697 |
2,021 | 63,185 |
Thereafter | 114,628 |
Total | $ 903,679 |
Bank Loans (Details)
Bank Loans (Details) - USD ($) | Dec. 06, 2016 | Jan. 31, 2017 | Feb. 24, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Line of Credit Facility [Line Items] | |||||
Credit Facility - repaid amount | $ 116,000,000 | ||||
Series S [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Cumulative preferred stock, dividend rate | 6.45% | 6.45% | |||
Wells Fargo Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit, expiration date | May 1, 2019 | ||||
Credit Facility, borrowing limit | $ 250,000,000 | ||||
Credit Facility, frequency of interest payment | monthly | ||||
Spread over LIBOR | 0.875% | ||||
Credit Facility, percentage of commitment fees | 0.125% | ||||
Credit Facility, amount outstanding | $ 0 | $ 0 | |||
Unamortized commitment fees | $ 539,000 | $ 769,000 | |||
Wells Fargo Credit Facility [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Spread over LIBOR | 0.825% | ||||
Credit Facility, amount outstanding | $ 85,000,000 | ||||
Wells Fargo Credit Facility [Member] | Subsequent Event [Member] | Expiration Date Extension [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit, expiration date | Jan. 10, 2022 | ||||
Wells Fargo Credit Facility [Member] | Maximum [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Spread over LIBOR | 1.55% | ||||
Credit Facility, percentage of commitment fees | 0.30% | ||||
Wells Fargo Credit Facility [Member] | Minimum [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Spread over LIBOR | 0.80% | ||||
Credit Facility, percentage of commitment fees | 0.10% |
Mortgage Note Payable (Narrativ
Mortgage Note Payable (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jun. 01, 2016 | |
Debt Instrument [Line Items] | ||
Mortgage note repayment amount | $ 250,000 | |
5.45% Mortgage Note [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.45% | |
Repayment date | Jun. 1, 2016 |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) - $ / shares | Dec. 30, 2014 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Noncontrolling Interests [Line Items] | |||||||||
Number of years from date of admission as a limited partner for redemption of partnership interest | 1 year | ||||||||
Number of common stock per unit of limited partnership interest redeemed | 1 | 1 | |||||||
Dividends declared per common share | $ 0.75 | $ 0.75 | $ 0.50 | $ 0.60 | $ 0.50 | $ 3 | $ 2.20 | $ 4.75 | |
Special Cash Dividend Paid [Member] | |||||||||
Noncontrolling Interests [Line Items] | |||||||||
Dividends declared per common share | $ 2.75 | ||||||||
Public Storage Ownership [Member] | |||||||||
Noncontrolling Interests [Line Items] | |||||||||
Common units owned by affiliate | 7,305,355 | 7,305,355 | |||||||
Affiliate's percent ownership of the Company's common equity | 42.00% | 42.00% | |||||||
Shares owned by Public Storage | 14,500,000 | 14,500,000 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | |||
Royalty-free license agreement written notice of termination period minimum (in months) | 6 months | ||
Property management contract term (in years) | 7 years | ||
Extended property management contract period (in years) | 1 year | ||
Management fee revenues | $ 518,000 | $ 540,000 | $ 660,000 |
Number of assets owned that are maintained by Public Storage | item | 2 | ||
Property management contract written notice of termination period minimum (in days) | 60 days | ||
Management fee expenses | $ 86,000 | 79,000 | 70,000 |
Administrative services costs | 493,000 | 469,000 | $ 451,000 |
Due from related parties | 295,000 | $ 57,000 | |
PS [Member] | |||
Related Party Transaction [Line Items] | |||
Costs allocated to PS | $ 38,000 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) | Dec. 06, 2016USD ($) | Oct. 20, 2016USD ($)$ / shares | Oct. 15, 2015USD ($) | Dec. 31, 2016USD ($)item$ / sharesshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) |
Class of Stock [Line Items] | ||||||
Shares issued value | $ 879,750,000 | $ 920,000,000 | ||||
Depositary shares | shares | 35,190 | 36,800 | ||||
Redemption of preferred stock | $ 75,000,000 | |||||
Non-cash distributions related to the redemption of preferred stock | $ 7,312,000 | 2,487,000 | ||||
Distributions Recorded To Preferred Shareholders | $ 64,600,000 | 61,900,000 | $ 60,500,000 | |||
Number of quarterly dividends in arrearage before preferred shareholders can elect additional board members | item | 6 | |||||
Number of additional board members the preferred shareholders can elect in the case of an excess arrearage of quarterly dividends | item | 2 | |||||
Dividends in arrears | $ 0 | |||||
Redeemable preferred stock, redemption price per share | $ / shares | $ 25 | |||||
Preferred stock, aggregate deferred issuance costs outstanding | $ 28,400,000 | $ 29,300,000 | ||||
Series S [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares issued value | $ 230,000,000 | |||||
Depositary shares | shares | 9,200 | |||||
Cumulative preferred stock, dividend rate | 6.45% | 6.45% | ||||
Issuance Date | Jan. 1, 2012 | |||||
Redemption date | Jan. 1, 2017 | |||||
Series R [Member] | ||||||
Class of Stock [Line Items] | ||||||
Cumulative preferred stock, dividend rate | 6.875% | |||||
Redemption of preferred stock | $ 75,000,000 | |||||
Series W [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares issued value | $ 189,800,000 | |||||
Depositary shares | shares | 7,590 | |||||
Depositary shares conversion ratio to preferred share | 0.10% | |||||
Preferred stock issuance price per depositary share | $ / shares | $ 25 | |||||
Cumulative preferred stock, dividend rate | 5.20% | 5.20% | ||||
Non-callable period for Preferred Units | 5 years | |||||
Issuance Date | Oct. 1, 2016 | |||||
Redemption date | Oct. 1, 2021 |
Shareholders' Equity (Common An
Shareholders' Equity (Common And Equity Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Feb. 24, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shareholders' Equity [Line Items] | |||||||||
Increase in Distributions paid to common shareholders per quarter | $ 81,285 | $ 59,377 | $ 127,838 | ||||||
Dividends declared per common share | $ 0.75 | $ 0.75 | $ 0.50 | $ 0.60 | $ 0.50 | $ 3 | $ 2.20 | $ 4.75 | |
Percentage of distributions classified as ordinary income | 100.00% | 89.40% | 70.50% | ||||||
Percentage of distributions classified as long-term capital gain income | 0.00% | 10.60% | 29.50% | ||||||
Equity stock, shares authorized | 100,000,000 | 100,000,000 | |||||||
Common Stock [Member] | |||||||||
Shareholders' Equity [Line Items] | |||||||||
Aggregate number of common stock repurchased in the period | 0 | 0 | 0 | ||||||
Special Cash Dividend [Member] | |||||||||
Shareholders' Equity [Line Items] | |||||||||
Dividends declared per common share | $ 2.75 | ||||||||
Subsequent Event [Member] | |||||||||
Shareholders' Equity [Line Items] | |||||||||
Increase in distributions per quarter | $ 3,400 | ||||||||
Dividends declared per common share | $ 0.85 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule Of Preferred Stock Outstanding) (Details) - USD ($) $ in Thousands | Dec. 06, 2016 | Oct. 20, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Class of Stock [Line Items] | ||||
Shares Outstanding | 35,190 | 36,800 | ||
Amount | $ 879,750 | $ 920,000 | ||
Series T [Member] | ||||
Class of Stock [Line Items] | ||||
Issuance Date | May 1, 2012 | |||
Earliest Potential Redemption Date | May 1, 2017 | |||
Dividend Rate | 6.00% | |||
Shares Outstanding | 14,000 | 14,000 | ||
Amount | $ 350,000 | $ 350,000 | ||
Series U [Member] | ||||
Class of Stock [Line Items] | ||||
Issuance Date | Sep. 1, 2012 | |||
Earliest Potential Redemption Date | Sep. 1, 2017 | |||
Dividend Rate | 5.75% | |||
Shares Outstanding | 9,200 | 9,200 | ||
Amount | $ 230,000 | $ 230,000 | ||
Series V [Member] | ||||
Class of Stock [Line Items] | ||||
Issuance Date | Mar. 1, 2013 | |||
Earliest Potential Redemption Date | Mar. 1, 2018 | |||
Dividend Rate | 5.70% | |||
Shares Outstanding | 4,400 | 4,400 | ||
Amount | $ 110,000 | $ 110,000 | ||
Series W [Member] | ||||
Class of Stock [Line Items] | ||||
Issuance Date | Oct. 1, 2016 | |||
Earliest Potential Redemption Date | Oct. 1, 2021 | |||
Dividend Rate | 5.20% | 5.20% | ||
Shares Outstanding | 7,590 | |||
Amount | $ 189,750 | |||
Series S [Member] | ||||
Class of Stock [Line Items] | ||||
Issuance Date | Jan. 1, 2012 | |||
Earliest Potential Redemption Date | Jan. 1, 2017 | |||
Dividend Rate | 6.45% | 6.45% | ||
Shares Outstanding | 9,200 | |||
Amount | $ 230,000 |
Stock Compensation (Narrative)
Stock Compensation (Narrative) (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)item$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cumulative effect of a change in accounting principle | $ | $ 807,000 | ||||
Options and restricted stock units authorized to grant | shares | 1,200,000 | ||||
Proceeds from the exercise of stock options | $ | $ 3,888,000 | $ 5,089,000 | $ 3,054,000 | ||
Tax deposits on behalf of employees in exchange for common shares withheld upon vesting | $ | $ 1,940,000 | $ 767,000 | $ 409,000 | ||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage, year one | 20.00% | ||||
Vesting percentage, year two | 20.00% | ||||
Vesting percentage, year three | 20.00% | ||||
Vesting percentage, year four | 20.00% | ||||
Vesting percentage, year five | 20.00% | ||||
Weighted average grant date fair value of options granted | $ / shares | $ 9.05 | $ 8.49 | $ 10.95 | ||
Dividend yield | 2.90% | 2.50% | 2.30% | ||
Expected volatility | 15.50% | 16.10% | 17.70% | ||
Expected life (in years) | 5 years | 5 years | 5 years | ||
Risk-free interest rate | 1.10% | 1.40% | 1.70% | ||
Stock options expense | $ | $ 282,000 | $ 261,000 | $ 1,100,000 | ||
Unamortized compensation expense | $ | $ 566,000 | ||||
Weighted average recognized period of unamortized compensation expenses (in years) | 3 years 6 months | ||||
Exercise of stock options, shares | shares | 68,019 | 99,178 | 61,273 | ||
Aggregate intrinsic value of the stock options exercised | $ | $ 3,400,000 | $ 2,600,000 | $ 2,100,000 | ||
Number of Options, Exercised | shares | 68,019 | 99,178 | 61,273 | ||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period (in years) | 5 years | ||||
Vesting percentage, year one | 20.00% | ||||
Vesting percentage, year two | 20.00% | ||||
Vesting percentage, year three | 20.00% | ||||
Vesting percentage, year four | 20.00% | ||||
Vesting percentage, year five | 20.00% | ||||
Restricted stock units granted | shares | 119,950 | 75,606 | 6,800 | ||
Weighted average grant date fair value of stock granted | $ / shares | $ 87.45 | $ 82.78 | $ 81.47 | ||
Restricted stock units expense | $ | $ 10,300,000 | $ 8,700,000 | $ 8,000,000 | ||
Unamortized compensation expense | $ | $ 12,600,000 | ||||
Weighted average recognized period of unamortized compensation expenses (in years) | 3 years 8 months 12 days | ||||
Number of units issued | shares | 28,046 | 15,734 | 8,066 | ||
Number of units vested | shares | 47,779 | 25,384 | 12,980 | ||
Aggregate fair value of the shares vested | $ | $ 4,700,000 | $ 2,000,000 | $ 1,100,000 | ||
Shares applied to payroll taxes | shares | 19,733 | 9,650 | 4,914 | ||
Restricted Stock Granted Prior To 2016 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period (in years) | 6 years | ||||
Vesting percentage, year one | 0.00% | ||||
Vesting percentage, year two | 20.00% | ||||
Vesting percentage, year three | 20.00% | ||||
Vesting percentage, year four | 20.00% | ||||
Vesting percentage, year five | 20.00% | ||||
Vesting percentage, year six | 20.00% | ||||
Special Cash Dividend [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options expense | $ | $ 644,000 | ||||
2003 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares covered under Stock Option and Incentive Plan | shares | 1,500,000 | ||||
Vesting period (in years) | 5 years | ||||
Expiration period (in years) | 10 years | ||||
2012 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares covered under Stock Option and Incentive Plan | shares | 1,000,000 | ||||
Vesting period (in years) | 5 years | ||||
Expiration period (in years) | 10 years | ||||
2014 Performance-Based Restricted Stock Unit Program [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units granted | shares | 99,150 | 66,506 | |||
Weighted average grant date fair value of stock granted | $ / shares | $ 83.59 | $ 83.47 | |||
Number of defined targets to achieve for restricted stock unit awards, maximum | item | 3 | ||||
Number of defined targets to achieve for restricted stock unit awards, minimum | item | 1 | ||||
Length of Restricted Stock Unit program (in years) | 4 years | ||||
Number of annual vesting installments | item | 4 | ||||
Approximate number of restricted stock units granted per year, maximum | shares | 99,150 | ||||
Maximum shares for cumulative four-year period | shares | 92,900 | ||||
Compensation expense | $ | $ 9,800,000 | $ 8,200,000 | 7,400,000 | ||
2014 Performance-Based Restricted Stock Unit Program [Member] | Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | $ | 2,000,000 | ||||
Retirement Plan For Non-Employee Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | $ | 339,000 | 316,000 | 550,000 | ||
Unamortized compensation expense | $ | $ 887,000 | $ 1,200,000 | $ 1,500,000 | ||
Number of units issued | shares | 8,000 | 0 | 0 | ||
Share based compensation expense due to increase in maximum shares | $ | $ 243,000 | ||||
Shares approved for issuance | shares | 130,000 | ||||
Number of shares granted for each year served | shares | 1,000 | ||||
Maximum number of shares issued upon retirement | shares | 8,000 | ||||
Aggregate fair value of shares issued | $ | $ 775,000 |
Stock Compensation (Summary Of
Stock Compensation (Summary Of Stock Options Activity) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options, Outstanding beginning balance | 258,674 | 341,852 | 380,773 |
Number of Options, Granted | 39,000 | 16,000 | 16,000 |
Number of Options, Exercised | (68,019) | (99,178) | (61,273) |
Number of Options, Forfeited | (4,000) | ||
Number of options, Special dividend adjustment | 10,352 | ||
Number of Options, Outstanding ending balance | 229,655 | 258,674 | 341,852 |
Number of Options, Exercisable at December 31, 2016 | 153,432 | ||
Weighted Average Exercise Price, Outstanding beginning balance | $ 60.76 | $ 57.11 | $ 56.45 |
Weighted Average Exercise Price, Granted | 102.58 | 80.13 | 82.84 |
Weighted Average Exercise Price, Exercised | 57.17 | 51.31 | 49.84 |
Weighted Average Exercise Price, Forfeited | 52.35 | ||
Weighted Average Exercise Price, Special dividend adjustment | |||
Weighted Average Exercise Price, Outstanding ending balance | 68.93 | $ 60.76 | $ 57.11 |
Weighted Average Exercise Price, Exercisable at December 31, 2016 | $ 58.63 | ||
Weighted Average Remaining Contract Life, Outstanding at December 31, 2016 | 5 years 4 months 6 days | ||
Weighted Average Remaining Contract Life, Exercisable at December 31, 2016 | 3 years 11 months 1 day | ||
Aggregate Intrinsic Value, Outstanding at December 31, 2016 | $ 10,930 | ||
Aggregate Intrinsic Value, Exercisable at December 31, 2016 | $ 8,882 |
Stock Compensation (Nonvested R
Stock Compensation (Nonvested Restricted Stock Units) (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Units, Nonvested beginning balance | 78,652 | 35,170 | 45,100 |
Number of Units, Granted | 119,950 | 75,606 | 6,800 |
Number of Units, Vested | (47,779) | (25,384) | (12,980) |
Number of Units, Forfeited | (6,130) | (6,740) | (3,750) |
Number of Units, Nonvested ending balance | 144,693 | 78,652 | 35,170 |
Weighted Average Grant Date Fair Value, Nonvested beginning balance | $ 78.44 | $ 65.62 | $ 60.07 |
Weighted Average Grant Date Fair Value, Granted | 87.45 | 82.78 | 81.47 |
Weighted Average Grant Date Fair Value, Vested | 80.45 | 74.19 | 53.65 |
Weighted Average Grant Date Fair Value, Forfeited | 76.51 | 76.22 | 69 |
Weighted Average Grant Date Fair Value, Nonvested ending balance | $ 58.56 | $ 78.44 | $ 65.62 |
Supplementary Quarterly Finan49
Supplementary Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplementary Quarterly Financial Data [Abstract] | |||||||||||
Rental income | $ 97,599 | $ 97,340 | $ 96,087 | $ 95,845 | $ 94,550 | $ 93,322 | $ 92,948 | $ 92,315 | $ 386,871 | $ 373,135 | $ 376,255 |
Cost of operations | 30,668 | 30,796 | 29,750 | 31,894 | 28,973 | 30,448 | 30,057 | 31,746 | 123,108 | 121,224 | 127,371 |
Net income allocable to common shareholders | $ 12,854 | $ 19,718 | $ 15,731 | $ 14,569 | $ 14,906 | $ 22,484 | $ 11,129 | $ 19,771 | $ 62,872 | $ 68,291 | $ 113,154 |
Net income per share: Basic | $ 0.47 | $ 0.73 | $ 0.58 | $ 0.54 | $ 0.55 | $ 0.83 | $ 0.41 | $ 0.73 | $ 2.32 | $ 2.53 | $ 4.21 |
Net income per share: Diluted | $ 0.47 | $ 0.72 | $ 0.58 | $ 0.54 | $ 0.55 | $ 0.83 | $ 0.41 | $ 0.73 | $ 2.31 | $ 2.52 | $ 4.19 |
401(k) Plan (Details)
401(k) Plan (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Compensation [Abstract] | |||
Matching contributions by employer, percentage | 4.00% | ||
Expenses related to 401(k) savings plan | $ 409,000 | $ 410,000 | $ 417,000 |
Real Estate And Accumulated D51
Real Estate And Accumulated Depreciation (Real Estate And Accumulated Depreciation) (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)ft²property | Sep. 28, 2016ft² | ||
Real Estate and Accumulated Depreciation [Line Items] | |||
Square Feet | ft² | 28,072 | ||
Initial Cost to Company, Land | $ 789,531 | ||
Initial Cost to Company, Buildings and Improvements | 1,716,799 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 510,082 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 789,531 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 2,226,881 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 3,016,412 | ||
Accumulated Depreciation | $ 1,159,808 | ||
Number of properties subject to ground leases | property | 2 | ||
Las Colinas Lease Expiring In 2019 [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Ground leases expiration, extension option period (in years) | 10 years | ||
Las Colinas Lease Expiring In 2020 [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Ground leases expiration, extension option period (in years) | 10 years | ||
Buena Park Industrial Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Buena Park, CA | ||
Square Feet | ft² | 317 | ||
Initial Cost to Company, Land | $ 3,245 | ||
Initial Cost to Company, Buildings and Improvements | 7,703 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,715 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 3,245 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 10,418 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 13,663 | ||
Accumulated Depreciation | $ 7,047 | ||
Year(s) Acquired | 1,997 | ||
Carson [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Carson, CA | ||
Square Feet | ft² | 77 | ||
Initial Cost to Company, Land | $ 990 | ||
Initial Cost to Company, Buildings and Improvements | 2,496 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,537 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 990 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 4,033 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 5,023 | ||
Accumulated Depreciation | $ 2,867 | ||
Year(s) Acquired | 1,997 | ||
Cerritos Business Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Cerritos, CA | ||
Square Feet | ft² | 395 | ||
Initial Cost to Company, Land | $ 4,218 | ||
Initial Cost to Company, Buildings and Improvements | 10,273 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,139 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 4,218 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 14,412 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 18,630 | ||
Accumulated Depreciation | $ 9,960 | ||
Year(s) Acquired | 1,997 | ||
Cerritos/Edwards [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Cerritos, CA | ||
Square Feet | ft² | 31 | ||
Initial Cost to Company, Land | $ 450 | ||
Initial Cost to Company, Buildings and Improvements | 1,217 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,421 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 450 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 2,638 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 3,088 | ||
Accumulated Depreciation | $ 1,946 | ||
Year(s) Acquired | 1,997 | ||
Concord Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Concord, CA | ||
Square Feet | ft² | 246 | ||
Initial Cost to Company, Land | $ 12,454 | ||
Initial Cost to Company, Buildings and Improvements | 20,491 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,027 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 12,454 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 21,518 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 33,972 | ||
Accumulated Depreciation | $ 5,070 | ||
Year(s) Acquired | 2,011 | ||
Culver City [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Culver City, CA | ||
Square Feet | ft² | 147 | ||
Initial Cost to Company, Land | $ 3,252 | ||
Initial Cost to Company, Buildings and Improvements | 8,157 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,031 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 3,252 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 14,188 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 17,440 | ||
Accumulated Depreciation | $ 10,468 | ||
Year(s) Acquired | 1,997 | ||
Bayview Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Fremont, CA | ||
Square Feet | ft² | 104 | ||
Initial Cost to Company, Land | $ 4,990 | ||
Initial Cost to Company, Buildings and Improvements | 4,831 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 328 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 4,990 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 5,159 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 10,149 | ||
Accumulated Depreciation | $ 1,509 | ||
Year(s) Acquired | 2,011 | ||
Christy Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Fremont, CA | ||
Square Feet | ft² | 334 | ||
Initial Cost to Company, Land | $ 11,451 | ||
Initial Cost to Company, Buildings and Improvements | 16,254 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,586 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 11,451 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 17,840 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 29,291 | ||
Accumulated Depreciation | $ 5,030 | ||
Year(s) Acquired | 2,011 | ||
Industrial Drive Distribution Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Fremont, CA | ||
Square Feet | ft² | 199 | ||
Initial Cost to Company, Land | $ 7,482 | ||
Initial Cost to Company, Buildings and Improvements | 6,812 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 798 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 7,482 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 7,610 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 15,092 | ||
Accumulated Depreciation | $ 1,820 | ||
Year(s) Acquired | 2,011 | ||
Bay Center Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Hayward, CA | ||
Square Feet | ft² | 463 | ||
Initial Cost to Company, Land | $ 19,052 | ||
Initial Cost to Company, Buildings and Improvements | 50,501 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,702 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 19,052 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 54,203 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 73,255 | ||
Accumulated Depreciation | $ 12,659 | ||
Year(s) Acquired | 2,011 | ||
Cabot Distribution Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Hayward, CA | ||
Square Feet | ft² | 249 | ||
Initial Cost to Company, Land | $ 5,859 | ||
Initial Cost to Company, Buildings and Improvements | 10,811 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 374 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 5,859 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 11,185 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 17,044 | ||
Accumulated Depreciation | $ 2,528 | ||
Year(s) Acquired | 2,011 | ||
Diablo Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Hayward, CA | ||
Square Feet | ft² | 271 | ||
Initial Cost to Company, Land | $ 9,102 | ||
Initial Cost to Company, Buildings and Improvements | 15,721 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 863 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 9,102 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 16,584 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 25,686 | ||
Accumulated Depreciation | $ 3,978 | ||
Year(s) Acquired | 2,011 | ||
Eden Landing [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Hayward, CA | ||
Square Feet | ft² | 83 | ||
Initial Cost to Company, Land | $ 3,275 | ||
Initial Cost to Company, Buildings and Improvements | 6,174 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 131 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 3,275 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 6,305 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 9,580 | ||
Accumulated Depreciation | $ 1,569 | ||
Year(s) Acquired | 2,011 | ||
Hayward Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Hayward, CA | ||
Square Feet | ft² | 1,091 | ||
Initial Cost to Company, Land | $ 28,256 | ||
Initial Cost to Company, Buildings and Improvements | 54,418 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,807 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 28,256 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 57,225 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 85,481 | ||
Accumulated Depreciation | $ 13,205 | ||
Year(s) Acquired | 2,011 | ||
Huntwood Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Hayward, CA | ||
Square Feet | ft² | 176 | ||
Initial Cost to Company, Land | $ 7,391 | ||
Initial Cost to Company, Buildings and Improvements | 11,819 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 889 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 7,391 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 12,708 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 20,099 | ||
Accumulated Depreciation | $ 3,327 | ||
Year(s) Acquired | 2,011 | ||
Parkway Commerce [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Hayward, CA | ||
Square Feet | ft² | 407 | ||
Initial Cost to Company, Land | $ 4,398 | ||
Initial Cost to Company, Buildings and Improvements | 10,433 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,222 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 4,398 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 14,655 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 19,053 | ||
Accumulated Depreciation | $ 9,816 | ||
Year(s) Acquired | 1,997 | ||
Corporate Pointe [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Irvine, CA | ||
Square Feet | ft² | 161 | ||
Initial Cost to Company, Land | $ 6,876 | ||
Initial Cost to Company, Buildings and Improvements | 18,519 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,760 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 6,876 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 25,279 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 32,155 | ||
Accumulated Depreciation | $ 17,027 | ||
Year(s) Acquired | 2,000 | ||
Laguna Hills Commerce Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Laguna Hills, CA | ||
Square Feet | ft² | 513 | ||
Initial Cost to Company, Land | $ 16,261 | ||
Initial Cost to Company, Buildings and Improvements | 39,559 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 7,317 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 16,261 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 46,876 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 63,137 | ||
Accumulated Depreciation | $ 30,670 | ||
Year(s) Acquired | 1,997 | ||
Plaza Del Lago [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Laguna Hills, CA | ||
Square Feet | ft² | 101 | ||
Initial Cost to Company, Land | $ 2,037 | ||
Initial Cost to Company, Buildings and Improvements | 5,051 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,060 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 2,037 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 9,111 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 11,148 | ||
Accumulated Depreciation | $ 6,473 | ||
Year(s) Acquired | 1,997 | ||
Canada Business Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Lake Forest, CA | ||
Square Feet | ft² | 297 | ||
Initial Cost to Company, Land | $ 5,508 | ||
Initial Cost to Company, Buildings and Improvements | 13,785 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,031 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 5,508 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 19,816 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 25,324 | ||
Accumulated Depreciation | $ 13,319 | ||
Year(s) Acquired | 1,997 | ||
Dixon Landing Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Milpitas, CA | ||
Square Feet | ft² | 505 | ||
Initial Cost to Company, Land | $ 26,301 | ||
Initial Cost to Company, Buildings and Improvements | 21,121 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,244 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 26,301 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 24,365 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 50,666 | ||
Accumulated Depreciation | $ 6,953 | ||
Year(s) Acquired | 2,011 | ||
Monterey/Calle [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Monterey, CA | ||
Square Feet | ft² | 12 | ||
Initial Cost to Company, Land | $ 288 | ||
Initial Cost to Company, Buildings and Improvements | 706 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 337 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 288 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 1,043 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 1,331 | ||
Accumulated Depreciation | $ 763 | ||
Year(s) Acquired | 1,997 | ||
Monterey Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Monterey Park, CA | ||
Square Feet | ft² | 199 | ||
Initial Cost to Company, Land | $ 3,078 | ||
Initial Cost to Company, Buildings and Improvements | 7,862 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,586 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 3,078 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 9,448 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 12,526 | ||
Accumulated Depreciation | $ 6,611 | ||
Year(s) Acquired | 1,997 | ||
Port Of Oakland [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Oakland, CA | ||
Square Feet | ft² | 200 | ||
Initial Cost to Company, Land | $ 5,638 | ||
Initial Cost to Company, Buildings and Improvements | 11,066 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 627 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 5,638 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 11,693 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 17,331 | ||
Accumulated Depreciation | $ 2,817 | ||
Year(s) Acquired | 2,011 | ||
Orangewood [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Orange County, CA | ||
Square Feet | ft² | 107 | ||
Initial Cost to Company, Land | $ 2,637 | ||
Initial Cost to Company, Buildings and Improvements | 12,291 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,873 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 2,637 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 16,164 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 18,801 | ||
Accumulated Depreciation | $ 9,072 | ||
Year(s) Acquired | 2,003 | ||
Orange County Business Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Orange County, CA | ||
Square Feet | ft² | 437 | ||
Initial Cost to Company, Land | $ 9,405 | ||
Initial Cost to Company, Buildings and Improvements | 35,746 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 18,507 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 9,405 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 54,253 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 63,658 | ||
Accumulated Depreciation | $ 40,977 | ||
Year(s) Acquired | 2,003 | ||
Kearney Mesa [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | San Diego, CA | ||
Square Feet | ft² | 164 | ||
Initial Cost to Company, Land | $ 2,894 | ||
Initial Cost to Company, Buildings and Improvements | 7,089 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,890 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 2,894 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 9,979 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 12,873 | ||
Accumulated Depreciation | $ 6,920 | ||
Year(s) Acquired | 1,997 | ||
Lusk [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | San Diego, CA | ||
Square Feet | ft² | 371 | ||
Initial Cost to Company, Land | $ 5,711 | ||
Initial Cost to Company, Buildings and Improvements | 14,049 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 5,623 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 5,711 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 19,672 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 25,383 | ||
Accumulated Depreciation | $ 13,645 | ||
Year(s) Acquired | 1,997 | ||
Rose Canyon Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | San Diego, CA | ||
Square Feet | ft² | 233 | ||
Initial Cost to Company, Land | $ 15,129 | ||
Initial Cost to Company, Buildings and Improvements | 20,054 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,321 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 15,129 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 22,375 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 37,504 | ||
Accumulated Depreciation | $ 12,005 | ||
Year(s) Acquired | 2,005 | ||
Charcot Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | San Jose, CA | ||
Square Feet | ft² | 283 | ||
Initial Cost to Company, Land | $ 18,654 | ||
Initial Cost to Company, Buildings and Improvements | 17,580 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,704 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 18,654 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 19,284 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 37,938 | ||
Accumulated Depreciation | $ 5,239 | ||
Year(s) Acquired | 2011/2014 | ||
Las Plumas [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | San Jose, CA | ||
Square Feet | ft² | 214 | ||
Initial Cost to Company, Land | $ 4,379 | ||
Initial Cost to Company, Buildings and Improvements | 12,889 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,716 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 4,379 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 19,605 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 23,984 | ||
Accumulated Depreciation | $ 14,446 | ||
Year(s) Acquired | 1,998 | ||
Little Orchard Distribution Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | San Jose, CA | ||
Square Feet | ft² | 213 | ||
Initial Cost to Company, Land | $ 7,725 | ||
Initial Cost to Company, Buildings and Improvements | 3,846 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 84 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 7,725 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 3,930 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 11,655 | ||
Accumulated Depreciation | $ 1,241 | ||
Year(s) Acquired | 2,011 | ||
Montague Industrial Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | San Jose, CA | ||
Square Feet | ft² | 316 | ||
Initial Cost to Company, Land | $ 14,476 | ||
Initial Cost to Company, Buildings and Improvements | 12,807 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 485 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 14,476 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 13,292 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 27,768 | ||
Accumulated Depreciation | $ 4,334 | ||
Year(s) Acquired | 2,011 | ||
Oakland Road [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | San Jose, CA | ||
Square Feet | ft² | 177 | ||
Initial Cost to Company, Land | $ 3,458 | ||
Initial Cost to Company, Buildings and Improvements | 8,765 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,233 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 3,458 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 11,998 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 15,456 | ||
Accumulated Depreciation | $ 8,267 | ||
Year(s) Acquired | 1,997 | ||
Rogers Ave [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | San Jose, CA | ||
Square Feet | ft² | 67 | ||
Initial Cost to Company, Land | $ 3,540 | ||
Initial Cost to Company, Buildings and Improvements | 4,896 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 630 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 3,540 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 5,526 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 9,066 | ||
Accumulated Depreciation | $ 2,659 | ||
Year(s) Acquired | 2,006 | ||
Doolittle Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | San Leandro, CA | ||
Square Feet | ft² | 113 | ||
Initial Cost to Company, Land | $ 3,929 | ||
Initial Cost to Company, Buildings and Improvements | 6,231 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 413 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 3,929 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 6,644 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 10,573 | ||
Accumulated Depreciation | $ 1,775 | ||
Year(s) Acquired | 2,011 | ||
Bayshore Corporate Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | San Mateo, CA | ||
Square Feet | ft² | 340 | ||
Initial Cost to Company, Land | $ 25,108 | ||
Initial Cost to Company, Buildings and Improvements | 36,891 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,202 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 25,108 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 43,093 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 68,201 | ||
Accumulated Depreciation | $ 10,038 | ||
Year(s) Acquired | 2,013 | ||
San Ramon/Norris Canyon [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | San Ramon, CA | ||
Square Feet | ft² | 52 | ||
Initial Cost to Company, Land | $ 1,486 | ||
Initial Cost to Company, Buildings and Improvements | 3,642 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,348 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 1,486 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 4,990 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 6,476 | ||
Accumulated Depreciation | $ 3,385 | ||
Year(s) Acquired | 1,997 | ||
Commerce Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Santa Clara, CA | ||
Square Feet | ft² | 251 | ||
Initial Cost to Company, Land | $ 17,218 | ||
Initial Cost to Company, Buildings and Improvements | 21,914 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,733 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 17,218 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 25,647 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 42,865 | ||
Accumulated Depreciation | $ 15,900 | ||
Year(s) Acquired | 2,007 | ||
Santa Clara Tech Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Santa Clara, CA | ||
Square Feet | ft² | 178 | ||
Initial Cost to Company, Land | $ 7,673 | ||
Initial Cost to Company, Buildings and Improvements | 15,645 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,514 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 7,673 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 20,159 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 27,832 | ||
Accumulated Depreciation | $ 13,468 | ||
Year(s) Acquired | 2,000 | ||
Walsh At Lafayette [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Santa Clara, CA | ||
Square Feet | ft² | 321 | ||
Initial Cost to Company, Land | $ 13,439 | ||
Initial Cost to Company, Buildings and Improvements | 17,890 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 281 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 13,439 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 18,171 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 31,610 | ||
Accumulated Depreciation | $ 5,151 | ||
Year(s) Acquired | 2,011 | ||
Signal Hill [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Signal Hill, CA | ||
Square Feet | ft² | 269 | ||
Initial Cost to Company, Land | $ 6,693 | ||
Initial Cost to Company, Buildings and Improvements | 12,699 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,695 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 6,693 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 15,394 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 22,087 | ||
Accumulated Depreciation | $ 9,169 | ||
Year(s) Acquired | 1997/2006 | ||
Airport Boulevard [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | So San Francisco, CA | ||
Square Feet | ft² | 52 | ||
Initial Cost to Company, Land | $ 899 | ||
Initial Cost to Company, Buildings and Improvements | 2,387 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 745 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 899 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 3,132 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 4,031 | ||
Accumulated Depreciation | $ 2,131 | ||
Year(s) Acquired | 1,997 | ||
South San Francisco/Produce [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | So San Francisco, CA | ||
Square Feet | ft² | 41 | ||
Initial Cost to Company, Land | $ 776 | ||
Initial Cost to Company, Buildings and Improvements | 1,886 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 553 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 776 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 2,439 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 3,215 | ||
Accumulated Depreciation | $ 1,632 | ||
Year(s) Acquired | 1,997 | ||
Studio City/Ventura [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Studio City, CA | ||
Square Feet | ft² | 22 | ||
Initial Cost to Company, Land | $ 621 | ||
Initial Cost to Company, Buildings and Improvements | 1,530 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 589 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 621 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 2,119 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 2,740 | ||
Accumulated Depreciation | $ 1,420 | ||
Year(s) Acquired | 1,997 | ||
Kifer Industrial Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Sunnyvale, CA | ||
Square Feet | ft² | 287 | ||
Initial Cost to Company, Land | $ 13,227 | ||
Initial Cost to Company, Buildings and Improvements | 37,874 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,369 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 13,227 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 39,243 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 52,470 | ||
Accumulated Depreciation | $ 9,001 | ||
Year(s) Acquired | 2,011 | ||
Torrance [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Torrance, CA | ||
Square Feet | ft² | 147 | ||
Initial Cost to Company, Land | $ 2,318 | ||
Initial Cost to Company, Buildings and Improvements | 6,069 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,263 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 2,318 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 9,332 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 11,650 | ||
Accumulated Depreciation | $ 6,636 | ||
Year(s) Acquired | 1,997 | ||
Boca Commerce [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Boca Raton, FL | ||
Square Feet | ft² | 135 | ||
Initial Cost to Company, Land | $ 7,795 | ||
Initial Cost to Company, Buildings and Improvements | 9,258 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,056 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 7,795 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 12,314 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 20,109 | ||
Accumulated Depreciation | $ 4,550 | ||
Year(s) Acquired | 2,006 | ||
MICC [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Miami, FL | ||
Square Feet | ft² | 3,468 | ||
Initial Cost to Company, Land | $ 95,115 | ||
Initial Cost to Company, Buildings and Improvements | 112,583 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 40,445 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 95,115 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 153,028 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 248,143 | ||
Accumulated Depreciation | $ 87,812 | ||
Year(s) Acquired | 2003/2011/2014 | ||
Wellington [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Wellington, FL | ||
Square Feet | ft² | 263 | ||
Initial Cost to Company, Land | $ 10,845 | ||
Initial Cost to Company, Buildings and Improvements | 18,560 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,490 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 10,845 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 21,050 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 31,895 | ||
Accumulated Depreciation | $ 8,792 | ||
Year(s) Acquired | 2,006 | ||
Ammendale [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Beltsville, MD | ||
Square Feet | ft² | 309 | ||
Initial Cost to Company, Land | $ 4,278 | ||
Initial Cost to Company, Buildings and Improvements | 18,380 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 11,175 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 4,278 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 29,555 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 33,833 | ||
Accumulated Depreciation | $ 21,995 | ||
Year(s) Acquired | 1,998 | ||
Gaithersburgh/Christopher [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Gaithersburg, MD | ||
Square Feet | ft² | 29 | ||
Initial Cost to Company, Land | $ 475 | ||
Initial Cost to Company, Buildings and Improvements | 1,203 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 632 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 475 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 1,835 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 2,310 | ||
Accumulated Depreciation | $ 1,323 | ||
Year(s) Acquired | 1,997 | ||
Metro Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Rockville, MD | ||
Square Feet | ft² | 898 | ||
Initial Cost to Company, Land | $ 33,995 | ||
Initial Cost to Company, Buildings and Improvements | 94,463 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 40,692 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 33,995 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 135,155 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 169,150 | ||
Accumulated Depreciation | $ 87,175 | ||
Year(s) Acquired | 2,001 | ||
Parklawn Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Rockville, MD | ||
Square Feet | ft² | 232 | ||
Initial Cost to Company, Land | $ 3,387 | ||
Initial Cost to Company, Buildings and Improvements | 19,628 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,783 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 3,387 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 23,411 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 26,798 | ||
Accumulated Depreciation | $ 8,552 | ||
Year(s) Acquired | 2,010 | ||
Shady Grove [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Rockville, MD | ||
Square Feet | ft² | 578 | 226 | |
Initial Cost to Company, Land | $ 11,010 | ||
Initial Cost to Company, Buildings and Improvements | 58,364 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 8,860 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 11,010 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 67,224 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 78,234 | ||
Accumulated Depreciation | $ 20,086 | ||
Year(s) Acquired | 2010/2016 | ||
Westech Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Silver Spring, MD | ||
Square Feet | ft² | 532 | ||
Initial Cost to Company, Land | $ 25,261 | ||
Initial Cost to Company, Buildings and Improvements | 74,572 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 17,232 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 25,261 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 91,804 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 117,065 | ||
Accumulated Depreciation | $ 53,912 | ||
Year(s) Acquired | 2,006 | ||
Ben White [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Austin, TX | ||
Square Feet | ft² | 108 | ||
Initial Cost to Company, Land | $ 1,550 | ||
Initial Cost to Company, Buildings and Improvements | 7,015 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,952 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 1,550 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 8,967 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 10,517 | ||
Accumulated Depreciation | $ 6,312 | ||
Year(s) Acquired | 1,998 | ||
Lamar Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Austin, TX | ||
Square Feet | ft² | 198 | ||
Initial Cost to Company, Land | $ 2,528 | ||
Initial Cost to Company, Buildings and Improvements | 6,596 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,043 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 2,528 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 12,639 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 15,167 | ||
Accumulated Depreciation | $ 9,498 | ||
Year(s) Acquired | 1,997 | ||
McKalla [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Austin, TX | ||
Square Feet | ft² | 236 | ||
Initial Cost to Company, Land | $ 1,945 | ||
Initial Cost to Company, Buildings and Improvements | 13,212 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,188 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 1,945 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 15,400 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 17,345 | ||
Accumulated Depreciation | $ 7,563 | ||
Year(s) Acquired | 1998/2012 | ||
McNeil [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Austin, TX | ||
Square Feet | ft² | 525 | ||
Initial Cost to Company, Land | $ 5,477 | ||
Initial Cost to Company, Buildings and Improvements | 24,495 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,513 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 5,477 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 29,008 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 34,485 | ||
Accumulated Depreciation | $ 10,425 | ||
Year(s) Acquired | 1999/2010/2012/2014 | ||
Rutland [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Austin, TX | ||
Square Feet | ft² | 235 | ||
Initial Cost to Company, Land | $ 2,022 | ||
Initial Cost to Company, Buildings and Improvements | 9,397 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,160 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 2,022 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 11,557 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 13,579 | ||
Accumulated Depreciation | $ 8,017 | ||
Year(s) Acquired | 1998/1999 | ||
Waterford [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Austin, TX | ||
Square Feet | ft² | 106 | ||
Initial Cost to Company, Land | $ 2,108 | ||
Initial Cost to Company, Buildings and Improvements | 9,649 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,823 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 2,108 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 13,472 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 15,580 | ||
Accumulated Depreciation | $ 9,215 | ||
Year(s) Acquired | 1,999 | ||
Braker Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Austin, TX | ||
Square Feet | ft² | 257 | ||
Initial Cost to Company, Land | $ 1,874 | ||
Initial Cost to Company, Buildings and Improvements | 13,990 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,723 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 1,874 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 15,713 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 17,587 | ||
Accumulated Depreciation | $ 6,327 | ||
Year(s) Acquired | 2,010 | ||
Mopac Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Austin, TX | ||
Square Feet | ft² | 117 | ||
Initial Cost to Company, Land | $ 719 | ||
Initial Cost to Company, Buildings and Improvements | 3,579 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 694 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 719 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 4,273 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 4,992 | ||
Accumulated Depreciation | $ 1,661 | ||
Year(s) Acquired | 2,010 | ||
Southpark Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Austin, TX | ||
Square Feet | ft² | 181 | ||
Initial Cost to Company, Land | $ 1,266 | ||
Initial Cost to Company, Buildings and Improvements | 9,882 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,361 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 1,266 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 12,243 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 13,509 | ||
Accumulated Depreciation | $ 5,109 | ||
Year(s) Acquired | 2,010 | ||
Valwood Business Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Carrolton, TX | ||
Square Feet | ft² | 356 | ||
Initial Cost to Company, Land | $ 2,510 | ||
Initial Cost to Company, Buildings and Improvements | 13,859 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,916 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 2,510 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 15,775 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 18,285 | ||
Accumulated Depreciation | $ 4,060 | ||
Year(s) Acquired | 2,013 | ||
Empire Commerce [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Dallas, TX | ||
Square Feet | ft² | 44 | ||
Initial Cost to Company, Land | $ 304 | ||
Initial Cost to Company, Buildings and Improvements | 1,545 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 814 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 304 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 2,359 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 2,663 | ||
Accumulated Depreciation | $ 1,754 | ||
Year(s) Acquired | 1,998 | ||
Northgate [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Dallas, TX | ||
Square Feet | ft² | 194 | ||
Initial Cost to Company, Land | $ 1,274 | ||
Initial Cost to Company, Buildings and Improvements | 5,505 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,112 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 1,274 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 9,617 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 10,891 | ||
Accumulated Depreciation | $ 6,893 | ||
Year(s) Acquired | 1,998 | ||
Northway Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Farmers Branch, TX | ||
Square Feet | ft² | 131 | ||
Initial Cost to Company, Land | $ 1,742 | ||
Initial Cost to Company, Buildings and Improvements | 4,503 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 791 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 1,742 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 5,294 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 7,036 | ||
Accumulated Depreciation | $ 1,352 | ||
Year(s) Acquired | 2,013 | ||
Springlake Business Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Farmers Branch, TX | ||
Square Feet | ft² | 206 | ||
Initial Cost to Company, Land | $ 2,607 | ||
Initial Cost to Company, Buildings and Improvements | 5,715 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,861 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 2,607 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 7,576 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 10,183 | ||
Accumulated Depreciation | $ 2,020 | ||
Year(s) Acquired | 2013/2014 | ||
Westwood Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Farmers Branch, TX | ||
Square Feet | ft² | 112 | ||
Initial Cost to Company, Land | $ 941 | ||
Initial Cost to Company, Buildings and Improvements | 6,884 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,289 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 941 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 9,173 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 10,114 | ||
Accumulated Depreciation | $ 5,486 | ||
Year(s) Acquired | 2,003 | ||
Eastgate [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Garland, TX | ||
Square Feet | ft² | 36 | ||
Initial Cost to Company, Land | $ 480 | ||
Initial Cost to Company, Buildings and Improvements | 1,203 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 479 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 480 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 1,682 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 2,162 | ||
Accumulated Depreciation | $ 1,212 | ||
Year(s) Acquired | 1,997 | ||
Freeport Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Irving, TX | ||
Square Feet | ft² | 256 | ||
Initial Cost to Company, Land | $ 4,564 | ||
Initial Cost to Company, Buildings and Improvements | 9,506 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,348 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 4,564 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 11,854 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 16,418 | ||
Accumulated Depreciation | $ 2,920 | ||
Year(s) Acquired | 2,013 | ||
NFTZ [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | [1] | Irving, TX | |
Square Feet | ft² | [1] | 231 | |
Initial Cost to Company, Land | [1] | $ 1,517 | |
Initial Cost to Company, Buildings and Improvements | [1] | 6,499 | |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | [1] | 3,506 | |
Gross Amount at Which Carried at December 31, 2016, Land | [1] | 1,517 | |
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | [1] | 10,005 | |
Gross Amount at Which Carried at December 31, 2016, Total | [1] | 11,522 | |
Accumulated Depreciation | [1] | $ 6,997 | |
Year(s) Acquired | [1] | 1,998 | |
Royal Tech [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Irving, TX | ||
Square Feet | ft² | 794 | ||
Initial Cost to Company, Land | $ 13,989 | ||
Initial Cost to Company, Buildings and Improvements | 54,113 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 23,889 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 13,989 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 78,002 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 91,991 | ||
Accumulated Depreciation | $ 50,291 | ||
Year(s) Acquired | 1998-2000/2011 | ||
La Prada [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Mesquite, TX | ||
Square Feet | ft² | 56 | ||
Initial Cost to Company, Land | $ 495 | ||
Initial Cost to Company, Buildings and Improvements | 1,235 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 594 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 495 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 1,829 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 2,324 | ||
Accumulated Depreciation | $ 1,355 | ||
Year(s) Acquired | 1,997 | ||
The Summit [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Plano, TX | ||
Square Feet | ft² | 184 | ||
Initial Cost to Company, Land | $ 1,536 | ||
Initial Cost to Company, Buildings and Improvements | 6,654 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,291 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 1,536 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 10,945 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 12,481 | ||
Accumulated Depreciation | $ 8,140 | ||
Year(s) Acquired | 1,998 | ||
Arapaho Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Richardson, TX | ||
Square Feet | ft² | 408 | ||
Initial Cost to Company, Land | $ 5,226 | ||
Initial Cost to Company, Buildings and Improvements | 10,661 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,394 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 5,226 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 14,055 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 19,281 | ||
Accumulated Depreciation | $ 4,371 | ||
Year(s) Acquired | 2013/2014 | ||
Richardson Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Richardson, TX | ||
Square Feet | ft² | 117 | ||
Initial Cost to Company, Land | $ 799 | ||
Initial Cost to Company, Buildings and Improvements | 3,568 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,954 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 799 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 6,522 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 7,321 | ||
Accumulated Depreciation | $ 4,834 | ||
Year(s) Acquired | 1,998 | ||
Bren Mar [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Alexandria, VA | ||
Square Feet | ft² | 113 | ||
Initial Cost to Company, Land | $ 2,197 | ||
Initial Cost to Company, Buildings and Improvements | 5,380 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,832 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 2,197 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 9,212 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 11,409 | ||
Accumulated Depreciation | $ 6,754 | ||
Year(s) Acquired | 1,997 | ||
Eisenhower [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Alexandria, VA | ||
Square Feet | ft² | 95 | ||
Initial Cost to Company, Land | $ 1,440 | ||
Initial Cost to Company, Buildings and Improvements | 3,635 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,486 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 1,440 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 6,121 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 7,561 | ||
Accumulated Depreciation | $ 4,610 | ||
Year(s) Acquired | 1,997 | ||
Beaumont [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Chantilly, VA | ||
Square Feet | ft² | 107 | ||
Initial Cost to Company, Land | $ 4,736 | ||
Initial Cost to Company, Buildings and Improvements | 11,051 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,238 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 4,736 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 13,289 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 18,025 | ||
Accumulated Depreciation | $ 7,419 | ||
Year(s) Acquired | 2,006 | ||
Dulles South/Sullyfield [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Chantilly, VA | ||
Square Feet | ft² | 99 | ||
Initial Cost to Company, Land | $ 1,373 | ||
Initial Cost to Company, Buildings and Improvements | 6,810 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,135 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 1,373 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 9,945 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 11,318 | ||
Accumulated Depreciation | $ 6,756 | ||
Year(s) Acquired | 1,999 | ||
Lafayette [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Chantilly, VA | ||
Square Feet | ft² | 197 | ||
Initial Cost to Company, Land | $ 1,680 | ||
Initial Cost to Company, Buildings and Improvements | 13,398 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 5,381 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 1,680 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 18,779 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 20,459 | ||
Accumulated Depreciation | $ 12,790 | ||
Year(s) Acquired | 1999/2000 | ||
Park East [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Chantilly, VA | ||
Square Feet | ft² | 198 | ||
Initial Cost to Company, Land | $ 3,851 | ||
Initial Cost to Company, Buildings and Improvements | 18,029 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 10,270 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 3,851 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 28,299 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 32,150 | ||
Accumulated Depreciation | $ 19,339 | ||
Year(s) Acquired | 1,999 | ||
Fair Oaks Business Campus [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Fairfax, VA | ||
Square Feet | ft² | 290 | ||
Initial Cost to Company, Land | $ 13,598 | ||
Initial Cost to Company, Buildings and Improvements | 36,232 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 8,132 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 13,598 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 44,364 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 57,962 | ||
Accumulated Depreciation | $ 25,358 | ||
Year(s) Acquired | 2004/2007 | ||
Monroe [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Herndon, VA | ||
Square Feet | ft² | 244 | ||
Initial Cost to Company, Land | $ 6,737 | ||
Initial Cost to Company, Buildings and Improvements | 18,911 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 11,274 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 6,737 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 30,185 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 36,922 | ||
Accumulated Depreciation | $ 21,005 | ||
Year(s) Acquired | 1997/1999 | ||
Gunston [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Lorton, VA | ||
Square Feet | ft² | 247 | ||
Initial Cost to Company, Land | $ 4,146 | ||
Initial Cost to Company, Buildings and Improvements | 17,872 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 11,221 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 4,146 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 29,093 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 33,239 | ||
Accumulated Depreciation | $ 16,313 | ||
Year(s) Acquired | 1,998 | ||
The Mile [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | McLean, VA | ||
Square Feet | ft² | 628 | ||
Initial Cost to Company, Land | $ 38,279 | ||
Initial Cost to Company, Buildings and Improvements | 83,596 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 22,340 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 38,279 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 105,936 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 144,215 | ||
Accumulated Depreciation | $ 37,304 | ||
Year(s) Acquired | 2010/2011 | ||
Prosperity Business Campus [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Merrifield, VA | ||
Square Feet | ft² | 659 | ||
Initial Cost to Company, Land | $ 23,147 | ||
Initial Cost to Company, Buildings and Improvements | 67,575 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 31,491 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 23,147 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 99,066 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 122,213 | ||
Accumulated Depreciation | $ 63,020 | ||
Year(s) Acquired | 2,001 | ||
Alban Road [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Springfield, VA | ||
Square Feet | ft² | 150 | ||
Initial Cost to Company, Land | $ 1,935 | ||
Initial Cost to Company, Buildings and Improvements | 4,736 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 5,050 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 1,935 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 9,786 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 11,721 | ||
Accumulated Depreciation | $ 7,410 | ||
Year(s) Acquired | 1,997 | ||
I-95 [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Springfield, VA | ||
Square Feet | ft² | 210 | ||
Initial Cost to Company, Land | $ 3,535 | ||
Initial Cost to Company, Buildings and Improvements | 15,672 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 12,142 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 3,535 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 27,814 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 31,349 | ||
Accumulated Depreciation | $ 20,528 | ||
Year(s) Acquired | 2,000 | ||
Northpointe [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Sterling, VA | ||
Square Feet | ft² | 147 | ||
Initial Cost to Company, Land | $ 2,767 | ||
Initial Cost to Company, Buildings and Improvements | 8,778 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,587 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 2,767 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 13,365 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 16,132 | ||
Accumulated Depreciation | $ 9,976 | ||
Year(s) Acquired | 1997/1998 | ||
Shaw Road [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Sterling, VA | ||
Square Feet | ft² | 149 | ||
Initial Cost to Company, Land | $ 2,969 | ||
Initial Cost to Company, Buildings and Improvements | 10,008 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,476 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 2,969 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 14,484 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 17,453 | ||
Accumulated Depreciation | $ 10,828 | ||
Year(s) Acquired | 1,998 | ||
Tysons Corporate Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Vienna, VA | ||
Square Feet | ft² | 270 | ||
Initial Cost to Company, Land | $ 9,885 | ||
Initial Cost to Company, Buildings and Improvements | 25,302 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 9,333 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 9,885 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 34,635 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 44,520 | ||
Accumulated Depreciation | $ 13,426 | ||
Year(s) Acquired | 2,010 | ||
Woodbridge [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Woodbridge, VA | ||
Square Feet | ft² | 114 | ||
Initial Cost to Company, Land | $ 1,350 | ||
Initial Cost to Company, Buildings and Improvements | 3,398 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,908 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 1,350 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 5,306 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 6,656 | ||
Accumulated Depreciation | $ 3,935 | ||
Year(s) Acquired | 1,997 | ||
212th Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Kent, WA | ||
Square Feet | ft² | 951 | ||
Initial Cost to Company, Land | $ 19,573 | ||
Initial Cost to Company, Buildings and Improvements | 17,695 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 12,134 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 19,573 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 29,829 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 49,402 | ||
Accumulated Depreciation | $ 8,335 | ||
Year(s) Acquired | 2,012 | ||
Overlake Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Redmond, WA | ||
Square Feet | ft² | 411 | ||
Initial Cost to Company, Land | $ 23,122 | ||
Initial Cost to Company, Buildings and Improvements | 41,106 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,692 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 23,122 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 47,798 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 70,920 | ||
Accumulated Depreciation | $ 27,685 | ||
Year(s) Acquired | 2,007 | ||
Renton [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Location | Renton, WA | ||
Square Feet | ft² | 28 | ||
Initial Cost to Company, Land | $ 330 | ||
Initial Cost to Company, Buildings and Improvements | 889 | ||
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 597 | ||
Gross Amount at Which Carried at December 31, 2016, Land | 330 | ||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 1,486 | ||
Gross Amount at Which Carried at December 31, 2016, Total | 1,816 | ||
Accumulated Depreciation | $ 1,065 | ||
Year(s) Acquired | 1,997 | ||
Minimum [Member] | Buena Park Industrial Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Carson [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Cerritos Business Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Cerritos/Edwards [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Concord Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Culver City [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Bayview Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Christy Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Industrial Drive Distribution Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Bay Center Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Cabot Distribution Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Diablo Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Eden Landing [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Hayward Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Huntwood Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Parkway Commerce [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Corporate Pointe [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Laguna Hills Commerce Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Plaza Del Lago [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Canada Business Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Dixon Landing Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Monterey/Calle [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Monterey Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Port Of Oakland [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Orangewood [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Orange County Business Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Kearney Mesa [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Lusk [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Rose Canyon Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Charcot Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Las Plumas [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Little Orchard Distribution Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Montague Industrial Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Oakland Road [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Rogers Ave [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Doolittle Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Bayshore Corporate Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | San Ramon/Norris Canyon [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Commerce Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Santa Clara Tech Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Walsh At Lafayette [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Signal Hill [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Airport Boulevard [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | South San Francisco/Produce [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Studio City/Ventura [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Kifer Industrial Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Torrance [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Boca Commerce [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | MICC [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Wellington [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Ammendale [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Gaithersburgh/Christopher [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Metro Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Parklawn Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Shady Grove [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Westech Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Ben White [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Lamar Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | McKalla [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | McNeil [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Rutland [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Waterford [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Braker Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Mopac Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Southpark Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Valwood Business Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Empire Commerce [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Northgate [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Northway Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Springlake Business Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Westwood Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Eastgate [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Freeport Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | NFTZ [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | [1] | 5 years | |
Minimum [Member] | Royal Tech [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | La Prada [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | The Summit [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Arapaho Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Richardson Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Bren Mar [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Eisenhower [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Beaumont [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Dulles South/Sullyfield [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Lafayette [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Park East [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Fair Oaks Business Campus [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Monroe [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Gunston [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | The Mile [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Prosperity Business Campus [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Alban Road [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | I-95 [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Northpointe [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Shaw Road [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Tysons Corporate Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Woodbridge [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | 212th Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Overlake Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Minimum [Member] | Renton [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 5 years | ||
Maximum [Member] | Buena Park Industrial Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Carson [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Cerritos Business Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Cerritos/Edwards [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Concord Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Culver City [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Bayview Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Christy Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Industrial Drive Distribution Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Bay Center Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Cabot Distribution Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Diablo Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Eden Landing [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Hayward Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Huntwood Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Parkway Commerce [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Corporate Pointe [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Laguna Hills Commerce Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Plaza Del Lago [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Canada Business Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Dixon Landing Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Monterey/Calle [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Monterey Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Port Of Oakland [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Orangewood [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Orange County Business Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Kearney Mesa [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Lusk [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Rose Canyon Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Charcot Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Las Plumas [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Little Orchard Distribution Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Montague Industrial Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Oakland Road [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Rogers Ave [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Doolittle Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Bayshore Corporate Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | San Ramon/Norris Canyon [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Commerce Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Santa Clara Tech Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Walsh At Lafayette [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Signal Hill [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Airport Boulevard [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | South San Francisco/Produce [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Studio City/Ventura [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Kifer Industrial Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Torrance [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Boca Commerce [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | MICC [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Wellington [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Ammendale [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Gaithersburgh/Christopher [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Metro Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Parklawn Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Shady Grove [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Westech Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Ben White [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Lamar Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | McKalla [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | McNeil [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Rutland [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Waterford [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Braker Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Mopac Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Southpark Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Valwood Business Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Empire Commerce [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Northgate [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Northway Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Springlake Business Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Westwood Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Eastgate [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Freeport Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | NFTZ [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | [1] | 30 years | |
Maximum [Member] | Royal Tech [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | La Prada [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | The Summit [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Arapaho Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Richardson Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Bren Mar [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Eisenhower [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Beaumont [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Dulles South/Sullyfield [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Lafayette [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Park East [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Fair Oaks Business Campus [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Monroe [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Gunston [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | The Mile [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Prosperity Business Campus [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Alban Road [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | I-95 [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Northpointe [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Shaw Road [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Tysons Corporate Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Woodbridge [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | 212th Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Overlake Business Park [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
Maximum [Member] | Renton [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciable Lives (Years) | 30 years | ||
[1] | The Company owns two properties that are subject to ground leases in Las Colinas, Texas, expiring in 2019 and 2020, each with one 10-year extension option. |