Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 27, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-10709 | ||
Entity Registrant Name | PS BUSINESS PARKS, INC./MD | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 95-4300881 | ||
Entity Address, Address Line One | 345 Park Avenue | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10154 | ||
City Area Code | 212 | ||
Local Phone Number | 583-5000 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,765,569,354 | ||
Entity Common Stock, Shares Outstanding | 100 | ||
Documents Incorporated by Reference | None. | ||
Entity Central Index Key | 0000866368 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Auditor Information [Abstract] | ||
Auditor Name | Deloitte & Touche LLP | Ernst & Young LLP |
Auditor Location | New York, NY | Los Angeles, California |
Auditor Firm ID | 34 | 42 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets: | |||
Investments in real estate, net | $ 5,556,795 | $ 2,005,868 | |
Assets held for sale | 0 | 33,609 | |
Cash and cash equivalents | 51,608 | 27,074 | |
Restricted cash | 636 | 1,088 | |
Tenant and other receivables | 14,888 | 39,202 | |
Prepaid expenses and other assets | 380,469 | 16,381 | |
Due from affiliates | 666 | 0 | |
Total assets1 | [1] | 6,005,062 | 2,123,222 |
Liabilities: | |||
Debt, net | 3,865,553 | 32,000 | |
Accounts payable, accrued expenses and other liabilities | 300,691 | 97,080 | |
Due to affiliates | 4,266 | 71 | |
Total liabilities | [1] | 4,170,510 | 129,151 |
Commitments and contingencies (Note 13) | |||
Equity: | |||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, 8,886 and 30,200 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively | 164,352 | 755,000 | |
Common stock, $0.01 par value, 200,000,000 shares authorized, 100 shares issued and outstanding as of December 31, 2022; 100,000,000 shares authorized, 27,589,807 shares issued and outstanding as of December 31, 2021 | 0 | 275 | |
Paid-in capital | 3,174,135 | 752,444 | |
Accumulated earnings (deficit) | (1,515,405) | 226,737 | |
Total PS Business Parks, Inc.'s stockholders' equity | 1,823,082 | 1,734,456 | |
Noncontrolling interest | 11,470 | 259,615 | |
Total equity | 1,834,552 | 1,994,071 | |
Total liabilities and equity | $ 6,005,062 | $ 2,123,222 | |
[1]Refer to Note 2 — Summary of Significant Accounting Policies for details related to variable interest entities (“VIEs”). |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 8,886 | 30,200 |
Preferred stock, shares outstanding | 8,886 | 30,200 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 100,000,000 |
Common stock, shares, issued | 100 | 27,589,807 |
Common stock, shares, outstanding | 100 | 27,589,807 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Jul. 19, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue: | ||||
Rental revenue | $ 174,225 | $ 246,175 | $ 439,154 | $ 415,635 |
Total revenue | 174,225 | 246,175 | 439,154 | 415,635 |
Expenses: | ||||
Property expenses | 39,956 | 74,848 | 130,941 | 125,951 |
Depreciation and amortization | 225,472 | 50,557 | 93,486 | 96,314 |
General and administrative | 7,578 | 19,079 | 19,327 | 14,612 |
Merger costs | 33,255 | 100,952 | 0 | 0 |
Total expenses | 306,261 | 245,436 | 243,754 | 236,877 |
Other income (expense): | ||||
Gain on sale of real estate, net | 0 | 157,022 | 359,875 | 27,273 |
Interest expense | (43,189) | (615) | (728) | (548) |
Other income | 235 | 2,044 | 2,085 | 1,222 |
Total other income (expense) | (42,954) | 158,451 | 361,232 | 27,947 |
Income (loss) before income tax | (174,990) | 159,190 | 556,632 | 206,705 |
Income tax provision | (28) | 0 | (3,603) | 0 |
Net income (loss) | (175,018) | 159,190 | 553,029 | 206,705 |
Net (income) loss attributable to noncontrolling interests | 294 | (29,224) | (104,270) | (33,158) |
Net income (loss) attributable to the Company | (174,724) | 129,966 | 448,759 | 173,547 |
Allocation to preferred stockholders | (19,186) | (19,160) | (46,624) | (48,186) |
Preferred securities redemption | 76,459 | 0 | (6,434) | 0 |
Allocation to restricted stock unit holders | 0 | (1,011) | (2,613) | (716) |
Net income (loss) available to common stockholders, basic | (117,451) | 109,795 | 393,088 | 124,645 |
Net income (loss) available to common stockholders, diluted | $ (117,451) | $ 109,795 | $ 393,088 | $ 124,645 |
Earnings (loss) per common share – basic and diluted: | ||||
Net income attributable to common stockholders - basic | $ 3.98 | $ 14.28 | $ 4.54 | |
Net income attributable to common stockholders - diluted | $ 3.96 | $ 14.22 | $ 4.52 | |
Weighted average common shares outstanding - basic | 27,619,484 | 27,533,845 | 27,474,920 | |
Weighted average common shares outstanding - diluted | 27,708,617 | 27,635,588 | 27,563,417 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Previously Reported | Revision of Prior Period, Adjustment | Total PS Business Parks, Inc.'s Stockholders' Equity | Total PS Business Parks, Inc.'s Stockholders' Equity Previously Reported | Total PS Business Parks, Inc.'s Stockholders' Equity Revision of Prior Period, Adjustment | Preferred Stock | Preferred Stock Previously Reported | Preferred Stock Revision of Prior Period, Adjustment | Common Stock | Common Stock Previously Reported | Common Stock Revision of Prior Period, Adjustment | Paid-in Capital | Paid-in Capital Previously Reported | Paid-in Capital Revision of Prior Period, Adjustment | Accumulated Earnings (Deficit) | Accumulated Earnings (Deficit) Previously Reported | Accumulated Earnings (Deficit) Revision of Prior Period, Adjustment | Noncontrolling Interest | Noncontrolling Interest Previously Reported | Noncontrolling Interest Revision of Prior Period, Adjustment | |
Beginning balance (in shares) at Dec. 31, 2019 | 37,790 | |||||||||||||||||||||
Beginning balance (in shares) at Dec. 31, 2019 | 27,440,953 | |||||||||||||||||||||
Beginning balance at Dec. 31, 2019 | $ 1,961,811 | $ 1,745,676 | $ 944,750 | $ 274 | $ 736,986 | $ 63,666 | $ 216,135 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Issuance of common stock in connection with share-based compensation (in shares) | 47,594 | |||||||||||||||||||||
Issuance of common stock in connection with share-based compensation | 258 | 258 | $ 0 | 258 | ||||||||||||||||||
Stock compensation, net | 4,994 | 4,994 | 4,994 | |||||||||||||||||||
Cash paid for taxes in lieu of stock upon vesting of restricted stock units | (4,216) | (4,216) | (4,216) | |||||||||||||||||||
Noncontrolling interests - contribution | 493 | 493 | ||||||||||||||||||||
Distributions | ||||||||||||||||||||||
Preferred stock | (48,186) | (48,186) | (48,186) | |||||||||||||||||||
Common stock | (115,396) | (115,396) | (115,396) | |||||||||||||||||||
Noncontrolling interests | (30,823) | (30,823) | ||||||||||||||||||||
Net income (loss) | 206,705 | 173,547 | 173,547 | 33,158 | ||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 37,790 | |||||||||||||||||||||
Ending balance at Dec. 31, 2020 | 1,975,640 | 1,756,677 | $ 944,750 | $ 274 | 738,022 | 73,631 | 218,963 | |||||||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 27,488,547 | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Redemption of shares (in shares) | (7,590) | |||||||||||||||||||||
Redemption of shares | $ (189,750) | $ (189,750) | $ (189,750) | $ 6,434 | $ (6,434) | |||||||||||||||||
Issuance cost | (105) | (105) | (105) | |||||||||||||||||||
Issuance of common stock in connection with share-based compensation (in shares) | 101,260 | |||||||||||||||||||||
Issuance of common stock in connection with share-based compensation | 5,012 | 5,012 | $ 1 | 5,011 | ||||||||||||||||||
Stock compensation, net | 7,022 | 7,022 | 7,022 | |||||||||||||||||||
Cash paid for taxes in lieu of stock upon vesting of restricted stock units | (3,940) | (3,940) | (3,940) | |||||||||||||||||||
Noncontrolling interests - contribution | 746 | 746 | ||||||||||||||||||||
Distributions | ||||||||||||||||||||||
Preferred stock | (46,624) | (46,624) | (46,624) | |||||||||||||||||||
Common stock | (242,595) | (242,595) | (242,595) | |||||||||||||||||||
Noncontrolling interests | (64,364) | (64,364) | ||||||||||||||||||||
Net income (loss) | $ 553,029 | 448,759 | 448,759 | 104,270 | ||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2021 | 30,200 | 30,200 | ||||||||||||||||||||
Ending balance at Dec. 31, 2021 | $ 1,994,071 | 1,734,456 | $ 755,000 | $ 275 | 752,444 | 226,737 | 259,615 | |||||||||||||||
Ending balance (in shares) at Dec. 31, 2021 | 27,589,807 | 27,589,807 | ||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Issuance cost | $ 176 | 176 | 176 | |||||||||||||||||||
Issuance of common stock in connection with share-based compensation (in shares) | 41,692 | |||||||||||||||||||||
Issuance of common stock in connection with share-based compensation | 2,102 | 2,102 | $ 1 | 2,101 | ||||||||||||||||||
Stock compensation, net | 3,028 | 3,028 | 3,028 | |||||||||||||||||||
Cash paid for taxes in lieu of stock upon vesting of restricted stock units | (1,318) | (1,318) | (1,318) | |||||||||||||||||||
Noncontrolling interests - contribution | 492 | 492 | ||||||||||||||||||||
Distributions | ||||||||||||||||||||||
Preferred stock | (19,160) | (19,160) | (19,160) | |||||||||||||||||||
Common stock | (209,079) | (209,079) | (209,079) | |||||||||||||||||||
Noncontrolling interests | (55,358) | (55,358) | ||||||||||||||||||||
Net income (loss) | 159,190 | 129,966 | 129,966 | 29,224 | ||||||||||||||||||
Ending balance (in shares) at Jul. 19, 2022 | [1] | 30,200 | ||||||||||||||||||||
Ending balance at Jul. 19, 2022 | [1] | $ 1,874,144 | 1,640,171 | $ 755,000 | $ 276 | 756,431 | 128,464 | 233,973 | ||||||||||||||
Ending balance (in shares) at Jul. 19, 2022 | [1] | 27,631,499 | ||||||||||||||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 30,200 | 30,200 | ||||||||||||||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 27,589,807 | 27,589,807 | ||||||||||||||||||||
Beginning balance at Dec. 31, 2021 | $ 1,994,071 | 1,734,456 | $ 755,000 | $ 275 | 752,444 | 226,737 | 259,615 | |||||||||||||||
Ending balance (in shares) at Dec. 31, 2022 | 8,886 | 8,886 | ||||||||||||||||||||
Ending balance at Dec. 31, 2022 | $ 1,834,552 | 1,823,082 | $ 164,352 | $ 0 | 3,174,135 | (1,515,405) | 11,470 | |||||||||||||||
Ending balance (in shares) at Dec. 31, 2022 | 100 | 100 | ||||||||||||||||||||
Beginning balance (in shares) at Jul. 19, 2022 | [1] | 30,200 | ||||||||||||||||||||
Beginning balance (in shares) at Jul. 19, 2022 | [1] | 27,631,499 | ||||||||||||||||||||
Beginning balance at Jul. 19, 2022 | [1] | $ 1,874,144 | 1,640,171 | $ 755,000 | $ 276 | 756,431 | 128,464 | 233,973 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Total Blackstone purchase and contribution | 2,847,170 | 2,847,170 | 2,847,170 | |||||||||||||||||||
Redemption of shares (in shares) | (27,631,499) | |||||||||||||||||||||
Redemption of shares | (5,035,841) | (5,035,841) | $ (276) | (756,431) | (4,279,134) | |||||||||||||||||
Application of purchase accounting (in shares) | 30,200 | 27,631,499 | ||||||||||||||||||||
Application of purchase accounting | 6,907,571 | 5,598,867 | $ 563,026 | $ 276 | 756,431 | 4,279,134 | $ 1,308,704 | |||||||||||||||
Distribution of assets | (1,295,217) | $ (1,295,217) | ||||||||||||||||||||
Parent Partners Loans receivable | (1,285,575) | (1,285,575) | (1,285,575) | |||||||||||||||||||
Ending balance (in shares) at Jul. 20, 2022 | 30,200 | 0 | ||||||||||||||||||||
Ending balance at Jul. 20, 2022 | 2,138,108 | $ 0 | 2,124,621 | $ 0 | $ 563,026 | $ 0 | $ 0 | $ 0 | 2,847,170 | $ 0 | (1,285,575) | $ 0 | 13,487 | $ 0 | ||||||||
Ending balance (in shares) at Jul. 20, 2022 | 0 | 0 | ||||||||||||||||||||
Beginning balance (in shares) at Jul. 19, 2022 | [1] | 30,200 | ||||||||||||||||||||
Beginning balance (in shares) at Jul. 19, 2022 | [1] | 27,631,499 | ||||||||||||||||||||
Beginning balance at Jul. 19, 2022 | [1] | 1,874,144 | 1,640,171 | $ 755,000 | $ 276 | 756,431 | 128,464 | 233,973 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Redemption of shares (in shares) | (21,439) | |||||||||||||||||||||
Redemption of shares | $ (108) | $ (108) | $ (399,174) | $ 322,607 | $ 76,459 | |||||||||||||||||
Blackstone contribution | 4,358 | 4,358 | 4,358 | |||||||||||||||||||
Issuance of preferred stock, net of costs (in shares) | 125 | 100 | ||||||||||||||||||||
Issuance of stock, net of costs | 500 | 500 | $ 500 | |||||||||||||||||||
Noncontrolling interests - contribution | 289 | 289 | ||||||||||||||||||||
Distributions | ||||||||||||||||||||||
Preferred stock | (19,186) | (19,186) | (19,186) | |||||||||||||||||||
Distributions, Adjustments From Acquisitions | (112,379) | (112,379) | (112,379) | |||||||||||||||||||
Noncontrolling interests | (2,012) | (2,012) | ||||||||||||||||||||
Net income (loss) | $ (175,018) | (174,724) | (174,724) | (294) | ||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2022 | 8,886 | 8,886 | ||||||||||||||||||||
Ending balance at Dec. 31, 2022 | $ 1,834,552 | $ 1,823,082 | $ 164,352 | $ 0 | $ 3,174,135 | $ (1,515,405) | $ 11,470 | |||||||||||||||
Ending balance (in shares) at Dec. 31, 2022 | 100 | 100 | ||||||||||||||||||||
[1]This balance was reset as part of purchase accounting. Refer to Note 2 — Summary of Significant Accounting Policies for additional details.The accompanying notes are an integral part of these Consolidated Financial Statements. |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 7 Months Ended | 12 Months Ended | |
Jul. 19, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, dividends declared (in usd per share) | $ 7.57 | $ 8.80 | $ 4.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Jul. 19, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | ||||
Net income (loss) | $ (175,018) | $ 159,190 | $ 553,029 | $ 206,705 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 225,472 | 50,557 | 93,486 | 96,314 |
Gain on interest rate derivatives | (76,275) | 0 | 0 | 0 |
Straight-line rents and amortization of above and below market leases | (26,178) | (2,276) | (2,800) | (4,713) |
Amortization of deferred financing costs | 11,042 | 488 | 725 | 548 |
Incentive compensation expense | 0 | 3,335 | 8,495 | 5,648 |
Gain on sale of real estate, net | 0 | (157,022) | (359,875) | (27,273) |
(Increase) decrease in tenant and other receivables, lease right-of-use assets, net, prepaid expenses and other assets, and due from affiliates | (1,734) | 3,020 | (971) | 1,156 |
Increase (decrease) in accounts payable, accrued expenses and other liabilities, lease liabilities, and due to affiliates | (7,091) | 59,096 | 10,148 | (1,410) |
Net cash provided by (used in) operating activities | (49,782) | 116,388 | 302,237 | 276,975 |
Investing activities: | ||||
Acquisitions of real estate | 0 | 0 | (147,702) | (60,019) |
Proceeds from sales of investments in real estate | 0 | 236,230 | 400,955 | 40,674 |
Capital expenditures | (36,228) | (57,964) | (83,887) | (52,474) |
Net cash provided by (used in) investing activities | (36,228) | 178,266 | 169,366 | (71,819) |
Financing activities: | ||||
Proceeds from debt | 3,866,828 | 20,000 | 32,000 | 0 |
Repayments on debt | (1,535) | (52,000) | 0 | 0 |
Payment of deferred financing costs | (10,782) | (198) | (2,494) | (335) |
Proceeds from issuance of preferred stock | 500 | 0 | 0 | 0 |
Exercise of stock options | 0 | 2,101 | 5,012 | 258 |
Payment of issuance costs | 0 | 176 | (105) | 0 |
Cash paid for taxes in lieu of shares upon vesting of restricted stock units | 0 | (1,318) | (3,940) | (4,216) |
Cash paid to restricted stock unit holders | 0 | (328) | (1,498) | (654) |
Contributions from noncontrolling interests | 257 | 492 | 746 | 493 |
Distributions to noncontrolling interests | (1,980) | (55,358) | (64,364) | (30,823) |
Distribution to preferred stockholders | (19,186) | (19,160) | (46,624) | (48,186) |
Distribution to common stockholders | (112,379) | (209,079) | (242,595) | (115,396) |
Redemption of preferred stock | (322,715) | 0 | (189,750) | 0 |
Blackstone contributions | 3,174,135 | 0 | 0 | 0 |
Redemption of common shares and related costs | (5,141,856) | 0 | 0 | 0 |
Parent Partners Loans | (1,285,575) | 0 | 0 | 0 |
Derivative premium paid | (32,758) | 0 | 0 | 0 |
Derivative premium received | 25,300 | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 138,254 | (314,672) | (513,612) | (198,859) |
Net increase (decrease) in Cash and cash equivalents and restricted cash | 52,244 | (20,018) | (42,009) | 6,297 |
Cash and cash equivalents and restricted cash - beginning of period | 8,144 | 28,162 | 70,171 | 63,874 |
Cash and cash equivalents and restricted cash - end of period | $ 52,244 | $ 8,144 | $ 28,162 | $ 70,171 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Organization PS Business Parks, Inc. (“PSB” or the “Company”), a Maryland corporation, was organized in 1990. Effective May 19, 2021, following approval by its common and preferred stockholders, PSB reincorporated from the state of California to the state of Maryland. On July 20, 2022 (the “Acquisition Date”), pursuant to the terms and subject to the conditions set forth in an Agreement and Plan of Merger, dated as of April 24, 2022 (the “Merger Agreement”), a merger (the “Merger”) was completed between PSB and a direct subsidiary of Sequoia Parent LP, a Delaware limited partnership (“Parent”), with the Company surviving. As a result of the Merger, the Company became a subsidiary of Parent and certain of its affiliates, and PS Business Parks, L.P (the “Partnership”) remained a subsidiary of the Company. The Parent is an affiliate of Blackstone Real Estate Partners IX, L.P., which is an affiliate of Blackstone Inc. (“Blackstone”). The common stock of the Company is wholly owned by the Parent and certain of its affiliates and is not publicly traded. The depositary shares representing the preferred stock of the Company are publicly traded. Refer to Note 2 — Summary of Significant Accounting Policies for additional information on basis of presentation. PSB and its subsidiaries, including the Partnership and its consolidated joint ventures, are collectively referred to as the “Company,” “we,” “us,” or “our.” Public Storage Operating Partnership Interests Pursuant to the terms and conditions of the Merger Agreement, upon the Closing each partnership unit of the Partnership (a “Partnership Unit”) that was issued and outstanding prior to the effective time of the Merger (the “Partnership Merger Effective Time”) (other than units held by the Company, Parent, or any of their respective wholly owned subsidiaries) was automatically cancelled and converted into the right to receive an amount in cash equal to $182.25 (the “Per Company Share Merger Consideration”), less any applicable withholding taxes, which represented $187.50 per share of Common Stock as reduced by a $5.25 per share cash dividend paid in connection with the Closing (the “Closing Cash Dividend”) in accordance with the terms of the Merger Agreement. At the Partnership Merger Effective Time, each Partnership Unit owned by the Company or any of its subsidiaries immediately prior to the Partnership Merger Effective Time remained outstanding as a Partnership Unit of the Partnership held by the Company or the relevant subsidiary. As a result of the completion of the Merger, an aggregate of approximately 21% of the Partnership’s issued and outstanding limited partnership interests were directly owned by Parent and certain of its affiliates (other than the Company) (the “Parent Partners”). Pursuant to a Distribution and Contribution Agreement, immediately following the completion of the Merger, the Partnership redeemed all of such limited partnership units in exchange for the distribution (the “Redemption and Distribution”) to the Parent Partners of certain subsidiaries of the Partnership which held assets comprised of 58 properties located in California, Washington and Virginia (the “Non-Core Portfolio”). As a result of the Redemption and Distribution, the Company (directly or indirectly) owns 100% of the Partnership. Total consideration for the exchange was $1,295,217, which represents the fair values as determined between us and our Parent Partners, a related party, on the transaction date. No gain or loss was recognized in connection with this transaction. We accounted for this transaction as a non-cash equity distribution in the Consolidated Financial Statements. Description of business The Company is a real estate investment trust (“REIT”) that owns, operates, acquires and develops commercial properties, primarily multi-tenant industrial, industrial-flex and low-rise suburban office space. As of December 31, 2022 and December 31, 2021, the Company owned 471 buildings and one land parcel in six states with 20,656,858 gross leasable square feet and 666 buildings in six states with 27,716,719 gross leasable square feet, respectively. References herein to the number of properties, buildings, apartment units or square footage are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s consolidated 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, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) including modifications issued under Accounting Standards Updates (“ASUs”). In the opinion of management, all adjustments (consisting of normal and recurring adjustments) necessary for a fair presentation have been included. The Merger was accounted for as a business combination in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. The total purchase price was allocated to the net tangible and intangible assets acquired and liabilities assumed in connection with the Merger based on their estimated fair values at the time of the transaction and the purchase price was pushed down to the Company’s Financial Statements. When using the push-down basis of accounting, the acquired Company’s separate Financial Statements reflect the new accounting basis recorded by the acquiring company, and the assets acquired, and liabilities assumed are recorded at fair value through adjustments to additional paid in capital at the acquisition date. As a result of the business combination, the period ended on or prior to July 19, 2022, for which the Consolidated Statements of Operations, Equity and Cash Flows are presented, is reported as the “Predecessor” period. The period from July 20, 2022 through December 31, 2022, for which the Company’s Consolidated Balance sheet, Statements of Operations, Equity and Cash Flows are presented, is reported as the “Successor” period. Costs related to the Merger have been expensed as incurred and classified within Merger costs in the Consolidated Statements of Operations, totaling $33,255 and $100,952 for the period from July 20, 2022 through December 31, 2022 and the period from January 1, 2022 through July 19, 2022, respectively. The Company engaged a third-party valuation firm to assist in determination of the fair values of tangible and intangible assets acquired. Upon acquisition of a rental property that is accounted for as a business combination, the Company allocates the purchase price, of each acquired property based upon the fair value of the individual assets acquired and liabilities assumed, which generally include tangible assets, consisting of land, building, building improvements, tenant improvements, and identified intangible assets and liabilities, generally consisting of above-and below-market leases, in-place leases, and origination costs associated with in-place leases. In estimating the fair value of tangible and intangible assets and liabilities acquired, the Company considers information obtained about the property during its due diligence and marketing and leasing activities, and utilizes appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The values of above-and below-market leases are recorded to Prepaid expenses and other assets and Accounts payable, accrued expenses and other liabilities, respectively, in the Consolidated Balance Sheets and are amortized as either a decrease (in the case of above-market leases) or an increase (in the case of below-market leases) to rental revenue over the remaining term of the associated tenant lease. The values associated with in-place leases are recorded in Prepaid expenses and other assets in the Consolidated Balance Sheets and are amortized to depreciation and amortization expense over the remaining lease term. In a business combination, the initial allocation of the purchase price is considered preliminary and may change upon final determination of the fair values of the assets acquired and liabilities assumed. The final determination must occur within one year of the acquisition date. The Company performs the following procedures for properties it acquires: • Estimate the value of the property “as if vacant” as of the acquisition date; • Calculate the value and associated life of above and below market leases on a tenant-by-tenant basis. The difference between the contractual rental rates and the Company’s estimate of market rental rates is measured over a period equal to the remaining term of the leases (using a discount rate which reflects the risks associated with the leases acquired); • Estimate the fair value of land acquired based upon relevant adjusted land sales comparable; • Estimate the fair value of the tenant improvements, legal expenses and leasing commissions incurred to obtain the leases and calculate the associated useful life for each; • Estimate the intangible value of the in-place leases and their associated useful lives on a tenant-by-tenant basis; • Estimate the carrying values of other assets and liabilities approximate fair value due to their short term nature and credit risk; • Identify the fair value of assets to be sold within one year, and • Allocate the purchase consideration of each acquired property based upon the fair value of the individual assets acquired and liabilities assumed. The following table is a summary of the fair value of assets acquired less liabilities assumed of the Company recognized in connection with the Merger: July 20, 2022 Building $ 3,336,409 Site improvements 177,159 Land 1,921,093 Tenant improvements 72,886 Development in progress 150,977 In-place lease intangibles 242,551 Above market lease assets 7,888 Below market lease liabilities (172,109) Other assets 1 146,194 Acquired noncontrolling interest at fair value (13,481) Acquired preferred shares at fair value (563,026) Net assets acquired $ 5,306,541 Funded by: Total Blackstone contribution, net of parent partner loan distributed $ (1,561,595) Debt issued (3,744,946) Total consideration and merger contributions $ (5,306,541) ____________________________ ¹ Includes $143,111 of working capital contributed by our Parent. During the period ended December 31, 2022, the Company finalized the purchase price allocation of the Merger. The finalized purchase price allocation is based on third-party appraisals and additional information about facts and circumstances that existed at the Merger date. Reclassifications As a result of the Merger discussed in Note 1 — Description of Business and the election to apply pushdown accounting, the Company also aligned its accounting policies with that of the Parent. Accordingly, certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year presentation. As of December 31, 2021, the reclassifications represent changes to aggregation and presentation of financial information and resulted in zero changes to total assets and zero changes to total liabilities. For the years ended December 31, 2021 and December 31, 2020, it resulted in $451 and $12 changes to total revenue, $315 and $524 changes in total expenses, and $3,467 and $512 changes in total other income (expense), respectively. There was no change to net income as historically reported. Principles of Consolidation The Company’s policy is to consolidate all entities in which it owns more than 50% of the outstanding voting interest unless it does not control the entity. It is also the Company’s policy to consolidate any variable interest entity (“VIE”) for which the Company is the primary beneficiary, as defined by GAAP. The Company is deemed to be the primary beneficiary when it has (i) the power to direct the activities that most significantly impact the economic performance of the entity, and (ii) the obligation (or right) to absorb losses (or receive benefits) of the entity that could potentially be significant. Investments in entities in which the Company does not control but which it has the ability to exercise significant influence over operating and financial policies are presented under the equity method. Investments in entities that the Company does not control and over which it does not exercise significant influence are carried at the lower of cost or fair value, as appropriate. The Company’s ability to correctly assess control over an entity affects the presentation of these investments in the Consolidated Financial Statements. The portions of consolidated entities not owned by the Company are presented as noncontrolling interests as of and during the periods presented. All intercompany transactions and balances have been eliminated. Use of Estimates The preparation of the Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates, judgments and assumptions are required in a number of areas, including, but not limited to, evaluating the impairment of long-lived assets and investments, allocating the purchase price of acquired properties, determining the fair value of debt and incentive compensation. These estimates, judgments and assumptions are based on historical experience and various other factors that the Company believes to be reasonable under the circumstances. Actual results may differ from those estimates. Investments in Real Estate Property and improvements, including interest and other costs capitalized during construction and development, are included in Investments in real estate, net and are stated at cost. Property and improvements, excluding land, are depreciated over their estimated useful lives using the straight-line method. The estimated useful lives by asset category are as follows: Estimated useful life Buildings 10-40 years Building equipment and fixtures 5-10 years Land and building improvements 10-15 years Tenant improvements Shorter of the asset's useful life or the noncancelable term of lease Expenditures for ordinary repairs and maintenance are expensed as incurred. Renovations and improvements, which improve or extend the useful life of the assets, are capitalized. Capitalization of Costs During the land development and construction periods of qualifying projects, the Company capitalizes interest costs, insurance, real estate taxes and general and administrative costs of the personnel performing the development, renovation and rehabilitation if such costs are incremental and identifiable to a specific activity to ready the asset for its intended use. The Company capitalizes transaction costs related to the acquisition of land for future development and operating properties that qualify as asset acquisitions. The Company capitalizes incremental costs incurred to successfully originate a lease that result directly from obtaining a lease and would also not have been incurred if the lease had not been obtained. In assessing the amount of direct and indirect costs to be capitalized, allocations are made based on estimates of the actual amount of time spent in each activity. The Company does not capitalize any costs attributable to downtime or to unsuccessful projects. Acquisition of Real Estate In accordance with the guidance for business combinations, the Company determines whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired are not a business, the Company would account for the transaction or other event as an asset acquisition. The Company’s acquisitions of investment properties are typically accounted for as asset acquisitions, as substantially all of the fair value of the gross assets acquired is typically concentrated in a single identifiable asset or a group of similar identifiable assets. When acquisitions are treated as asset acquisitions, the related transaction costs are capitalized. Disposition of Real Estate The Company assesses whether a property is considered held for sale based on the criteria in ASC 360 Property, Plant, and Equipment (“ASC 360”). The Company generally classifies certain properties and related assets and liabilities as held for sale when the sale of an asset has been duly approved by management, a legally enforceable contract has been executed and the buyer’s due diligence period, if any, has expired and a non-refundable deposit has been received. If a property is considered held for sale, a provision for loss is recognized if the fair value of the property less the estimated cost to sell is less than its carrying amount. Depreciation and amortization expense cease once a property is considered held for sale. As of December 31, 2022 and December 31, 2021, zero and 12 properties were classified as held for sale, respectively. The Company’s sales of real estate are generally considered to be sales to non-customers, requiring the Company to identify each distinct non-financial asset promised to the buyer. The Company determines whether the buyer obtains control of the non-financial assets, achieved through the transfer of the risks and rewards of ownership of the non-financial assets. The Company recognizes gains on the disposition of real estate when the recognition criteria have been met, generally at the time the risks and rewards and title have transferred, and we no longer have substantial continuing involvement with the real estate sold. The Company recognizes gains or losses from the disposition of real estate when known as Gain (loss) on sale of real estate, net in the Consolidated Statement of Operations. Impairment of Long-Lived Assets The Company periodically assesses whether there are any indicators that the value of its real estate may be impaired. When impairment indicators exist, the Company’s properties are evaluated for impairment. A property’s value is considered impaired if the sum of expected future cash flows (on an undiscounted basis) over the anticipated holding period is less than the property’s carrying value. Upon determination that an impairment exists, properties are reduced to their fair value. The evaluation of future cash flows is highly subjective and is based in part on the Company’s assumptions regarding future occupancy, rental rates, capital requirements, and holding periods. These assumptions could differ materially from actual results in future periods. Should circumstances change, and the Company shortens the expected holding period for an asset or group of assets, an impairment loss may be recognized, and such loss could be material. During the periods presented, no impairment was recognized in the Consolidated Financial Statements. Impairment of Real Estate Assets Classified as Held for Sale A property is classified as held for sale when all of the accounting criteria for a plan of sale have been met. Upon classification as held for sale, the Company recognizes an impairment charge, if necessary, to lower the carrying amount of the real estate asset to its estimated fair value less cost to sell. The determination of fair value can involve significant judgments and assumptions. The Company develops key assumptions based on the contractual sales price. If this information is not available, the Company uses estimated replacement costs or estimated cash flow projections that utilize estimated discount and capitalization rates. These estimates are subject to uncertainty and therefore require significant judgment by the Company. The Company reviews all assets held for sale each reporting period to determine whether the existing carrying amounts are fully recoverable in comparison to their estimated fair values less costs to sell. Deferred Leasing Costs Deferred leasing costs consist primarily of costs incurred to execute new and renewal tenant leases, primarily costs paid to third parties. Deferred leasing costs are amortized on a straight-line basis over the terms of the respective leases. The amortization of deferred leasing costs is included in the line item Depreciation and amortization in the Consolidated Statement of Operations. Deferred Financing Costs The Company defers fees and direct costs incurred to obtain financing, which is reflected as a component of Debt, net within the accompanying Consolidated Balance Sheets. Deferred financing costs are amortized to interest expense using the effective rate method, which approximates the effective interest method, over the term of the debt to which they apply. Unamortized deferred financing costs are charged to interest expense when the related financing is repaid prior to its scheduled maturity date. Revenue Recognition The Company leases its operating properties to customers under agreements that are classified as operating leases. Rental revenue primarily consists of base rent arising from tenant leases and tenant reimbursements of property operating expenses related to common area maintenance, real estate taxes, and other recoverable costs included in lease agreements. The Company begins to recognize revenue for leases that are assumed upon the acquisition of the related property or when a tenant takes possession of the leased space for a new lease. If a lease provides for tenant reimbursement of building operating expenses, the Company recognizes revenue associated with the recovery of those building operating expenses as those expenses are incurred. The Company records rental revenue on a straight-line basis as it is earned during the lease term. Certain leases provide for tenant occupancy during periods for which no rent is due or where minimum rent payments change during the lease term. Accordingly, a receivable is recorded representing the difference between the straight-line rent and the rent that is contractually due from the tenant over the contractual lease term. These amounts are classified as Tenant and other receivables in the Consolidated Balance Sheets. When a property is acquired, the terms of existing leases are considered to commence as of the acquisition date for purposes of this calculation. As a result of the election of pushdown accounting for the Merger, the Acquisition Date was used as commencement date for purposes of active leases that existed as of that date. Noncontrolling Interests Noncontrolling interests represent the share of consolidated entities owned by third parties. The Company recognizes each noncontrolling holder’s respective share of the estimated fair value of the net assets at the date of formation or acquisition. Noncontrolling interests are subsequently adjusted for the noncontrolling holder’s share of additional contributions, distributions and their share of the net earnings or losses of each respective consolidated entity. The Company allocates net income or loss to noncontrolling interests based on the weighted average ownership interest during the period. The net income or loss that is not attributable to the Company is reflected in the line item Net (income) loss attributable to noncontrolling interests within the Consolidated Statements of Operations. As of the Acquisition Date, noncontrolling interest was stepped up to fair value as a result of pushdown accounting. Tenant and Other Receivables The Company provides for potentially uncollectible accounts on tenant and other receivables based on analysis of the risk of loss on specific accounts. The analysis places particular emphasis on past due accounts and considers information such as the nature and age of the receivable, the payment history of the tenant or other debtor, the financial condition of the tenant and the Company’s assessment of its ability to meet its lease obligations, the basis for any disputes, and the status of related lease negotiations. The Company’s determination of the adequacy of its allowances for tenant receivables includes a binary assessment of whether or not the amounts due under a tenant’s lease agreement are probable of collection. For such amounts that are deemed probable of collection, revenue continues to be recorded on a straight-line basis over the lease term. For such amounts that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with maturities at date of purchase of three months or less. Restricted Cash Restricted cash primarily consists of reserves for certain capital improvements, leasing, interest and real estate tax and insurance payments as required by certain debt obligations. Income and Other Taxes The Company has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes at the Company level. In addition, the Partnership generally is not liable for federal income taxes as the partners recognize their allocable share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the Partnership level. The Company generally only incurs certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary (“TRS”) status for certain of its corporate subsidiaries and, as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. The Company accounts for deferred income taxes using the asset and liability method and recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Company’s Consolidated Financial Statements or tax returns. Under this method, the Company determines deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes management to change its judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if the Company believes it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes management to change its judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. The Company recognizes the tax benefit from an uncertain tax position claimed or expected to be claimed on a tax return only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the Consolidated Financial Statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties, if applicable, related to uncertain tax positions as part of income tax benefit or expense. Derivatives and Hedging Activities The Company buys or sells derivative financial instruments to limit exposure to changes in interest rates on variable rate debt. The Company does not use derivative instruments for speculative or trading purposes. None of the Company’s interest rate caps or swaps are currently or have been designated as hedges for accounting purposes. The Company’s derivative financial instruments are recorded at fair value and are recorded in the line items Prepaid expenses and other assets and Accounts payable, accrued expenses and other liabilities in the Consolidated Balance Sheets. Changes in the fair value of our derivative financial instruments are marked to market through earnings each quarter and are reflected in Interest expense in the Consolidated Statements of Operations. Notional principal amounts are used to express the volume of these transactions, but the cash requirements and amounts subject to credit risk are substantially less. Parties to interest rate cap or swap agreements are subject to market risk for changes in interest rates and credit risk in the event of nonperformance by the counterparty. The Company does not require any collateral under these agreements but deals only with highly rated institutional counterparties and expects that they will meet their obligations. Fair Value Measurements Various inputs are used in determining the fair value of derivative instruments presented in the Consolidated Financial Statements. The Company classifies the inputs as follows: Level 1—Quoted unadjusted prices for identical instruments in active markets to which the Company has access at the date of measurement. 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 all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers. Level 3—Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Company’s own assumptions that market participants would use to price the asset or liability based on the best available information. Fair Value Measurements on a Recurring Basis. The Company estimates the fair value of its financial instruments using available market information and valuation methodologies management believes to be appropriate for these purposes. In connection with the Merger, the preferred stocks were valued using quoted market prices in active markets (Level 1). The fair value of the Company’s derivatives was determined by management, based on valuation information prepared by an independent third party. Their fair value model incorporates credit risk and changes in credit risk to determine a credit valuation adjustment. This model is based on the applicable forward curve as a reflection of the market’s current expectation of payments discounted at market factors. The Company classifies these valuations within the Level 2 fair value hierarchy. Under interest rate cap agreements, the Company makes initial premium payments to the counterparties in exchange for the right to receive payments from them if interest rates exceed specified levels during the agreement period. Notional principal amounts are used to express the volume of these transactions, but the cash requirements and amounts subject to credit risk are substantially less. Parties to interest rate cap agreements are subject to market risk for changes in interest rates and credit risk in the event of nonperformance by the counterparty. The Company does not require any collateral under these agreements but deals only with highly-rated institutional counterparties and expects that they will meet their obligations. The Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. Although the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties, the Company assesses the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. Fair Value Measurements on a Nonrecurring Basis. Assets measured at fair value on a nonrecurring basis generally consist of real estate assets and investments in unconsolidated equity investments that were subject to impairment charges related to the Company’s change of intent to sell the investments and through its recoverability analysis. The Company estimates fair value based on expected sales prices in the market (Level 2) or by applying the income approach methodology using a discounted cash flow analysis (Level 3). Acquired lease intangible assets: The Company estimated the fair value of its above-market and below-market in-place leases based on the present value (using a discount rate that reflects the risk 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 the remaining non-cancelable term of the leases. Any below-market renewal options are also considered in the in-place lease values. This valuation methodology is based on Level 3 inputs in the fair value hierarchy. In-place lease liabilities: The Company estimated the fair value of its in-place leases using independent and internal sources, which are methods similar to those used by independent appraisers. Factors we consider in our analysis include an estimate of costs to execute similar leases including tenant improvements, leasing commissions and foregone costs and rent received during the estimated lease-up period as if the space was vacant. This valuation methodology is based on Level 3 inputs in the fair value hierarchy. Fair Value of Financial Instruments. The Company estimates the fair value of its debt, net by discounting the future cash flows using rates and borrowing spreads currently available to the Company (Level 3). Segment Reporting Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. Under the provision of ASC 280, Segment Reporting, we have determined that we have one reportable segment, which includes the acquisition, leasing, and ownership of logistics properties. There is an immaterial amount of non logistics properties that do not meet the quantitative thresholds necessary to require reporting as a separate segment. The Company’s CODM assesses, measures, and reviews the operating financial results at the consolidated level for the entire portfolio. Our CODM is the Chief Executive Officer. Variable Interest Entities The Company has equity interests in certain entities that primarily own and operate properties or hold land for development. The Company consolidates those entities that are considered to be VIEs where the Company is the primary beneficiary. The Company (i) evaluates the sufficiency of the total equity investment at risk, (ii) reviews the voting rights and decision- making authority of the equity investment holders as a group and whether there are limited partners (or similar owning entities) that lack substantive participating or kick out rights, guaranteed returns, protection against losses, or capping of residual returns within the group and (iii) establishes whether activities within the entities are on behalf of an investor with disproportionately few voting rights in making this VIE determination. To the extent that the Company owns interests in a VIE and (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation or rights to absorb losses or receive benefits that could potentially be significant to the VIE, then the Company would be determined to be the primary beneficiary and would consolidate the VIE. At each reporting period, the Company re-assesses the conclusions as to which, if any, party within the VIE is considered the primary beneficiary. The Company has a 98.2% interest in Brentford at The Mile, a planned 411-unit multifamily apartment complex (the “Brentford Joint Venture”). An unrelated real estate development company (the “JV Partner”) holds the remaining 1.8% interest. Based o |
Investments in Real Estate
Investments in Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Investments in Real Estate | Investments in Real Estate The following comprise the Company’s real estate investments: Successor Predecessor December 31, 2022 December 31, 2021 Buildings and improvements $ 3,592,688 $ 2,341,257 Land 1,921,093 763,961 Development in progress 181,230 — Land held for development — 78,991 Investments in real estate 5,695,011 3,184,209 Accumulated depreciation (138,216) (1,178,341) Investments in real estate, net $ 5,556,795 $ 2,005,868 Depreciation expense of investments in real estate was $141,027, $48,884, $90,176, and $93,265 for the period from July 20, 2022 through December 31, 2022, the period from January 1, 2022 through July 19, 2022, the year ended December 31, 2021, and the year ended December 31, 2020, respectively. We have a 95.0% interest in a joint venture that owns Highgate at The Mile, a 395-unit multifamily apartment complex located in Tysons, Virginia (“The Mile”). The remaining 5.0% interest in the joint venture is held by the JV Partner. We consolidate the joint venture that owns The Mile and as such, the consolidated real estate assets and activities related to this joint venture are included in the table above. Refer to Note 2 — Summary of Significant Accounting Policies for VIE determination. Acquisitions The following table summarizes the Company’s acquisition activity: Successor Predecessor Period from July 20, 2022 through December 31, 2022 Period from January 1, 2022 through July 19, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Operating properties acquired — — 8 2 Square feet — — 859,000 320,000 Total purchase price $ — $ — $ 148,868 $ 60,095 The purchase price of the above acquisition, including the associated transaction costs, was allocated to the assets acquired and liabilities assumed based on their relative fair values as of the acquisition date, and are summarized below: Successor Predecessor 2022 Acquisitions 2022 Acquisitions 2021 Acquisitions 2020 Acquisitions Building $ — $ — $ 111,412 $ 24,868 Site improvements — — 8,670 1,075 Land — — 22,591 30,261 Tenant improvements — — 3,629 1,225 Other — — 1,400 2,590 Allocated purchase price $ — $ — $ 147,702 $ 60,019 Transaction costs of $—, $—, $370, and $446 were capitalized and included within the allocated purchase price for the period from July 20, 2022 through December 31, 2022, the period from January 1, 2022 through July 19, 2022, the year ended December 31, 2021, and the year ended December 31, 2020, respectively. Dispositions The following table summarizes the Company’s dispositions: Successor Predecessor Period from July 20, 2022 through December 31, 2022 Period from January 1, 2022 through July 19, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Number of buildings 168 40 22 3 Number of land parcels — 1 — — Net proceeds 1 $ 1,295,217 $ 236,362 $ 400,993 $ 40,711 Gain on sale of real estate, net $ — $ 157,022 $ 359,875 $ 27,273 ____________________________ ¹ For the Successor period from July 20, 2022 through December 31, 2022, the Non-Core Portfolio disposition was a non-cash transaction. For additional information, refer to Note 1 — Description of Business and Note 14 — Supplemental Cash Flow Disclosures. Development The Company completed the construction and placed into service the following buildings: Successor Predecessor Period from July 20, 2022 through December 31, 2022 Period from January 1, 2022 through July 19, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Buildings placed into service — — 1 — Square feet — — 83,000 — Total costs incurred 1 $ — $ — $ 8,062 $ — ____________________________ ¹ Total costs incurred represent the Company’s cumulative spend on development activity relating to the properties placed into service in the above periods, including any allocation of purchase price resulting from acquisition of properties under development. Assets and Liabilities Held for Sale In the normal course of business, the Company identifies non-strategic assets for sale. The Company separately classifies properties held for sale in its Consolidated Financial Statements. Real estate investments to be disposed of are reported at the lower of carrying amount or estimated fair value, less costs to sell. Once an asset is classified as held for sale, depreciation and amortization expense is no longer recorded. Once a liability is classified as held for sale, amortization of below market leases is no longer recorded. The following table is a summary of the assets and liabilities of the Company’s zero and 12 properties classified as held for sale as of December 31, 2022 and December 31, 2021, respectively: Successor Predecessor December 31, 2022 December 31, 2021 Assets: Investments in real estate, net $ — $ 33,607 Prepaid expenses and other assets — 2 Total assets held for sale $ — $ 33,609 |
Lease-Related Intangibles
Lease-Related Intangibles | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Lease-Related Intangibles | Lease-Related Intangibles The following is a summary of the Company’s intangible assets and liabilities as of December 31, 2022: Successor December 31, 2022 Intangible assets: Lease-related intangibles, net: In-place leases, net of accumulated amortization of $70,178 $ 221,660 Above market lease assets, net of accumulated amortization of $1,177 6,711 Total lease-related intangible assets, net 1 $ 228,371 Intangible liabilities: Below market lease liabilities, net: Below market lease liabilities, net of accumulated amortization of $21,376 $ 149,883 Total lease-related intangible liabilities, net 2 $ 149,883 ________________________ 1 Included in Prepaid expenses and other assets in the Consolidated Balance Sheets. 2 Included in Accounts payable, accrued expenses and other liabilities in the Consolidated Balance Sheets. The following table summarizes the amortization of in-place leases: Successor Period from July 20, 2022 through December 31, 2022 In-place leases $ 84,405 The following table summarizes the impact on revenue of the acquired above market leases and below market leases: Successor Period from July 20, 2022 through December 31, 2022 Above market leases $ (1,177) Below market leases $ 22,226 The following table provides the weighted-average amortization period as of December 31, 2022 for intangible assets and liabilities and the projected amortization expense for the next five years: Weighted-average amortization period (years) 2023 2024 2025 2026 2027 Thereafter In-place leases 2.6 $ 107,651 $ 54,204 $ 27,290 $ 15,679 $ 7,212 $ 9,624 Total to be included in depreciation and amortization expense $ 107,651 $ 54,204 $ 27,290 $ 15,679 $ 7,212 $ 9,624 Above-market lease assets 3.3 $ 2,576 $ 1,739 $ 1,083 $ 620 $ 288 $ 405 Below-market lease liabilities 4.2 (45,803) (33,630) (22,013) (14,710) (11,812) (21,915) Total to be included in rental revenue $ (43,227) $ (31,891) $ (20,930) $ (14,090) $ (11,524) $ (21,510) |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt Mortgage loans In connection with the completion of the Merger, certain indirect subsidiaries of the Partnership and certain subsidiaries of Blackstone Real Estate Partners IX, L.P within the Non-Core Portfolio (collectively, the “Loan A Mortgage Borrowers”) obtained a $2,733,620 mortgage loan (the “Loan A Mortgage Loan”) on July 20, 2022 from Bank of America, N.A., Citi Real Estate Funding Inc., Barclays Capital Real Estate Inc., Morgan Stanley Bank, N.A., and Societe Generale Financial Corporation (together with its successors and assigns, the “Loan A Lenders”), and certain other indirect subsidiaries of the Partnership and certain subsidiaries of Blackstone Real Estate Partners IX, L.P within the Non-Core Portfolio (collectively, the “Loan B Mortgage Borrowers” and, together with the Loan A Mortgage Borrowers, the “Mortgage Borrowers”) obtained a $1,960,000 mortgage loan with an additional $96,000 future funding option (the “Loan B Mortgage Loan” and, together with the Loan A Mortgage Loan, the “Mortgage Loans”) on July 20, 2022 from Citibank, N.A., as administrative agent and the other lenders party thereto (together with the Loan B Lenders, the “Lenders”). On August 5, 2022, the Loan A Mortgage Loan was securitized as evidenced by that certain Offering Circular by BX Trust 2022-PSB, as the issuing entity, Bank of America Merrill Lynch Large Loan, Inc., as depositor, and Bank of America, National Association, Barclays Capital Real Estate Inc., Citi Real Estate Funding Inc., Morgan Stanley Mortgage Capital Holdings LLC and Societe Generale Financial Corporation, as mortgage loan sellers. The Loan A Mortgage Loan is secured by first-priority, cross-collateralized mortgage liens on certain of the Company’s properties located in California, Florida, Maryland, Texas, Washington and Virginia, as well as other properties comprising the Non-Core Portfolio that are owned by affiliated entities outside of the Company (the Non-Core Affiliates”), all related personal property, reserves, a pledge of all income received by the Loan A Mortgage Borrowers with respect to such properties and a security interest in a cash management account. The Loan B Mortgage Loan is secured by first-priority, cross-collateralized mortgage liens on certain of the Company’s properties located in California, Florida, Texas, Washington and Virginia, as well as other properties comprising the Non-Core Portfolio that are owned by the Non-Core Affiliates, all related personal property, reserves, a pledge of all income received by the Loan B Mortgage Borrowers with respect to such properties and a security interest in a cash management account. The Company and the Non-Core Affiliates are jointly and severally liable for the debt but are allocated debt and related interest based on allocated loan amounts. The Company recorded the interest and principal obligation of its portion of the Mortgage Loans on its Consolidated Balance Sheets. The Company does not expect to pay interest and principal on the portion of the Mortgage Loans allocated to the Non-Core Affiliates and therefore have not recorded any liability related to their share of the debt. Principal balances relating to the Company’s allocated amount of these loans are further outlined in the table below. Transaction costs related to loan issuances have been capitalized, deducted from the loan liabilities, and are amortized over the life of each respective loan. The Company used the proceeds from the Mortgage Loans, among other things, to (i) fund the consideration for the Merger, (ii) pay for certain costs and expenses relating to (a) the transactions in connection with the Merger and incurred in connection with the closing of the Mortgage Loans, and (b) the operation of the properties (including, without limitation, carrying costs with respect to the properties and funding working capital requirements of the properties), (iii) establish reserves, including certain reserves required to be established under the terms of the Mortgage Loans, and (iv) other general corporate purposes. General corporate purposes may include, but are not limited to, the repayment of other debt and selective development, redevelopment, or acquisition of properties. The Mortgage Loans are scheduled to mature on August 9, 2024, with an option for the Mortgage Borrowers to extend the initial term for three one-year extension terms, subject to certain conditions. In October 2022, the Brentford Joint Venture entered into an agreement to receive proceeds of a $110,000 borrowing obtained under a revolving credit facility established for investment vehicles of Blackstone Real Estate Partners IX L.P., an affiliate, and certain parallel funds thereof, at an interest rate equal to secured overnight financing rate (“SOFR”) plus 2.25%, The loan is collateralized by the real estate assets owned by the Brentford Joint Venture (and is cross-collateralized with other multifamily assets owned by other investment vehicles of Blackstone Real Estate Partners IX L.P. and certain of its parallel funds joined to such facility) and has a maturity date of November 2024, though it may be prepaid earlier. Subsequent to closing, the Brentford Joint Venture distributed the proceeds of the loan to the JV partner on a pro rata basis. The Company’s debt includes various representations and warranties, as well as a series of financial and other covenants that the Company has to comply with in order to borrow under them. The Company was in compliance with all representations and warranties, as well the covenants under the various debt facilities as of December 31, 2022 and December 31, 2021, as required and applicable. The following table is a summary of the Company’s debt arrangements: Outstanding Balance at Interest Rate at December 31, 2022¹ Maturity Date at December 31, 2022² Successor Predecessor December 31, 2022 December 31, 2021 Debt, variable Floating rate mortgages 3 $ 3,904,395 $ — 6.57% -8.33% August 2024 - November 2024 Unsecured revolving line of credit 4 — 32,000 N/A N/A Unamortized debt issuance costs, net (8,438) — Unamortized discounts, net (30,404) — Total debt, net / Weighted average interest rate 5 $ 3,865,553 $ 32,000 7.59% ____________________________ 1 All rates presented reflect a blended SOFR for a 30 day period as stipulated by our debt agreements. 2 At the Company’s option, the maturity for certain debt may be extended by one or multiple years, subject to certain restrictions. 3 Interest rate based on one-month SOFR plus an applicable margin ranging from 2.25% to 3.99% based on amended agreements post closing. The Company uses derivative financial instruments to limit the exposure to changes in interest rates on variable rate debt as further discussed in Note 6 — Derivative Financial Instruments. 4 As of December 31, 2021 the aggregate borrowing capacity on the line of credit was $400,000, and bore interest at a rate equal to London Inter-bank offered rate plus 0.70%. The line of credit was terminated upon the completion of the Merger. 5 The weighted average interest rate calculation does not include the amortization of debt issuance costs or debt discounts incurred in obtaining debt. Scheduled principal payments due on our debt for 2023 and for each year through the period ended December 31, 2027, and thereafter were as follows at December 31, 2022: Years ending December 31: Principal¹ 2023 $ — 2024 3,904,395 2025 — 2026 — 2027 — Thereafter — Total debt $ 3,904,395 ____________________________ 1 Debt payment reflects repayment dates, when applicable, pursuant to related loan agreement. These dates do not reflect the extension of periods that are at the Company’s election, subject to certain conditions. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company uses derivative financial instruments to manage interest rate risk on its floating rate debt. In connection with the mortgages obtained on the date of the Merger, as further described in Note 5 — Debt, the Company entered into interest rate derivative contracts to limit its exposure of interest rate risk. The following is a summary of the Company’s derivative financial instruments: Successor Number of Instruments Balance at December 31, 2022 Notional Amounts Asset 1 Liability 2 Strike Maturity Date Undesignated derivatives: Interest rate caps - purchased 2 $ 54,121 $ — $ 3,592,215 3.85 % August 2024 Interest rate cap - sold 1 — 54,121 $ 3,592,215 3.85 % August 2024 Interest rate swap - purchased 1 83,607 — $ 3,592,215 3.10 % August 2024 Total fair value of derivatives $ 137,728 $ 54,121 ____________________________ 1 Included in Prepaid expenses and other assets in the Consolidated Balance Sheets. 2 Included in Accounts payable, accrued expenses and other liabilities in the Consolidated Balance Sheets. During the period from July 20, 2022 through December 31, 2022, the Company recognized a net gain on interest rate derivatives of $76,275. Gains and losses on interest rate derivatives are recorded in the line item Interest expense in the Consolidated Statements of Operations. There were no derivative instruments as of December 31, 2021 or for the period from January 1, 2022 through July 19, 2022. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company did not have any transfers within the fair value hierarchy during the periods presented. The Company’s Level 3 inputs are model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Company’s own assumptions that market participants would use to price the asset or liability based on the best available information. In evaluating the fair value information, judgment is required to interpret the market data used to develop the estimates. The estimates of fair value may not be indicative of the amounts that could be realized in a current market exchange. Accordingly, the use of different market assumptions and/or different valuation techniques could result in materially different fair value estimates. The carrying amounts of cash and cash equivalents, restricted cash, tenant and other receivables, prepaid expenses and other assets, accounts payable, accrued expenses and other liabilities reasonably approximates fair value, in management’s judgment, because of their short-term nature. Fair Value Measurements of Financial Instruments The following table displays the carrying values and fair values of the Company’s financial instruments: Successor Predecessor December 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Interest rate derivative assets 1, 2 Level 2 $ 137,728 $ 137,728 $ — $ — Financial liabilities: Interest rate derivative liability 2, 3 Level 2 $ 54,121 $ 54,121 $ — $ — Debt, net 4 Level 3 $ 3,865,553 $ 3,876,294 $ 32,000 $ 32,000 ____________________________ 1 Included within Prepaid expenses and other assets on the Consolidated Balance Sheets. 2 The fair value of the Company’s derivatives were determined by management, based on valuation information prepared by an independent third party. This model incorporates credit risk and changes in credit risk to determine a credit valuation adjustment. This model is based on the applicable forward SOFR curve as a reflection of the market’s current expectation of payments discounted at market factors. 3 Included within Accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets. 4 The carrying values of the debt are shown net of deferred financing costs of $38,842 and $— as of December 31, 2022 and December 31, 2021, respectively. The Company estimates the fair value of its debt, net by discounting the future cash flows using rates and borrowing spreads currently available to the Company. Fair Value Measurements on a Nonrecurring Basis Assets measured at fair value on a nonrecurring basis generally consist of real estate acquired, investments in unconsolidated joint ventures, and assets the Company expects to sell that were subject to impairment charges in connection with the Company’s change of intent to sell the investments and through its recoverability analysis. Refer to Note 2 — Summary of Significant Accounting Policies for more information regarding the fair value measurement of the assets acquired and liabilities assumed in connection with the Merger. The Company estimates fair value based on expected sales prices in the market (Level 2) or by applying the income approach methodology using a discounted cash flow analysis (Level 3). During the periods presented, the Company did not record any impairment losses. |
Lease Agreements
Lease Agreements | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease Agreements | Lease Agreements The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s real estate properties. Leases generally include both a fixed base rent and variable component. The variable component of the leases primarily consists of the reimbursement of operating expenses such as real estate taxes, insurance, management fees, and common area maintenance costs. Leases are generally shorter term and may contain extension and termination options at the lessee’s election. The following table details the components of operating lease income from leases in which the Company is the lessor: Successor Predecessor Period from July 20, 2022 through December 31, 2022 Period from January 1, 2022 through July 19, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Fixed lease payments $ 133,435 $ 184,011 $ 331,179 $ 316,808 Variable lease payments 40,790 62,164 107,975 98,827 Rental revenue $ 174,225 $ 246,175 $ 439,154 $ 415,635 The following table presents the future minimum rents the Company expects to receive for their properties for each year through the period ended December 31, 2027, and thereafter: 2023 $ 204,806 2024 154,568 2025 103,645 2026 69,247 2027 38,567 Thereafter 50,578 Total $ 621,411 No significant tenant concentrations existed at December 31, 2022. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Master Services Agreement On July 20, 2022, the Company entered into a Master Services Agreement with Link Logistics Real Estate Holdco LLC (together with its subsidiaries, “Link”), a portfolio company owned by Blackstone-advised investment vehicles, to provide, as applicable, corporate support services (including, without limitation, accounting, legal, tax, treasury, valuation services, information technology and data management), loan management, management services, operational services, property management services, and transaction support services to the Company. During the period from July 20, 2022 through December 31, 2022, total fees of $5,446, were recognized in the line item General and administrative in the Consolidated Statements of Operations. During the period from July 20, 2022 through December 31, 2022, total fees of $4,132 were recognized in the line item Property operating expenses in the Consolidated Statements of Operations. As of December 31, 2022, the Company had $4,267 due to Link recorded in the line item Due to affiliates in the Consolidated Balance Sheets and $666 due from Link recorded in the line item Due from affiliates in the Consolidated Balance Sheets. The current term of the Master Services Agreement extends to December 31, 2023, and may be renewed for additional one-year terms thereafter; provided, however, that the Master Services Agreement may be terminated at any time upon prior written notice by either Link or the Company. During the period from July 20, 2022 through December 31, 2022, the Company incurred expenses in connection with the Merger totaling $15,788, for services rendered by Link. Such expenses are recorded in the line item Merger costs in the Consolidated Statements of Operations. Parent Partners Loans In connection with the closing of the Merger, in lieu of distributing all of the proceeds from the Mortgage Loans to fund the consideration for the Merger, certain amounts were loaned to the Parent Partners (the “Parent Partners Loans”). The Parent Partners Loans are evidenced by promissory notes, bear interest at 4.16% per annum and mature in July 2027. The aggregate principal amount of the Parent Partners Loans is $1,285,575, and is recorded within Accumulated earnings (deficit) on the Consolidated Balance Sheets. The amount of interest due to the Company as of December 31, 2022 related to the Parent Partner Loans is $1,275. Other Gryphon Mutual Insurance Company (“GMUC”), an affiliate of the Company, is a captive insurance company that began providing insurance coverage to the Company in July 2022. During the period from July 20, 2022 through December 31, 2022, the Company incurred $2,314 for insurance premiums recognized in Property operating expenses in the Consolidated Statements of Operations. The fees paid are in place of insurance premiums and fees that would otherwise be paid to third party insurance companies, and are equivalent or less than the rate third-party insurance companies would charge for such services. There were $— amounts payable to GMUC as of December 31, 2022. Simply Storage Management, LLC (“Simply Storage”), an affiliate of the Company, is a management company that began providing management services to the Company in October 2022. During the period from July 20, 2022 through December 31, 2022, the Company incurred $19 for management fees recognized in the line item Property operating expenses in the Consolidated Statements of Operations. In October 2022, the Brentford Joint Venture entered into an agreement with Blackstone Real Estate Partners IX, L.P, an affiliate, to borrow $110,000. Refer to Note 5 — Debt for additional details. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Preferred stock On July 21, 2022, the Company issued 125 shares of preferred stock, par value $0.01 per share, designated as the 12% Series A Redeemable Preferred Stock (the “Series A Preferred Stock”), for an aggregate cash amount of $500. The issuance of the Series A Preferred Stock was made in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. As of December 31, 2022 and December 31, 2021, the Company had the following series of preferred stock outstanding: Predecessor Successor Series Issuance Date Earliest Potential Redemption Date Dividend Rate Shares outstanding as of December 31, 2021 Activity Shares Outstanding as of December 31, 2022 Series X 1 September 2017 September 2022 5.250 % 9,200 (5,953) 3,247 Series Y 1 December 2017 December 2022 5.200 % 8,000 (5,757) 2,243 Series Z 1 November 2019 November 2024 4.875 % 13,000 (9,729) 3,271 Series A 2 July 2022 N/A 2 12.000 % — 125 125 Total 30,200 (21,314) 8,886 ____________________________ 1 Refer to Note 15 — Subsequent Events. 2 The Company, at its option, may redeem shares of the Series A Preferred Stock, by resolutions of the Board, in whole or in part, at any time or from time to time, for cash at a redemption price equal to $4,000 per share plus an amount equal to all accrued and unpaid dividends thereon to and including the date fixed for redemption. The redemption is within the Company’s control, and thus the preferred equity arrangements are classified as permanent equity in the Consolidated Financial Statements. The preferred stock was issued in 2022 and therefore the balance as of December 31, 2021 was $—. On November 22, 2022, the Company commenced offers (the “Offers”) to purchase for cash any and all outstanding Series X Preferred Shares, at $15.29 per share, Series Y Preferred Shares, at $15.33 per share, and Series Z Preferred Shares, at $14.34 per share. The Company accepted for purchase 5,953,898 Series X Preferred Shares, 5,756,691 Series Y Preferred Shares and 9,728,688 Series Z Preferred Shares (the shares repurchased being Depository shares each representing 1/1000 of a Share of the respective Preferred Share counts included in the above table detailing preferred stock activity). The offers were completed on December 23, 2022 and the Preferred Shares purchased were cancelled by the Company. As a result of the Preferred Shares repurchase, we recorded a gain of $76,459, recorded in the line item Preferred securities redemption in the Consolidated Statements of Operations, representing the Preferred Shares carrying value of $399,174 less the Preferred Shares offer price of $318,795 and transaction costs of $3,920. On November 2, 2022, the board of directors of the Company (the “Board of Directors”) authorized a quarterly dividend on each series of the Company’s preferred stock underlying the Preferred Shares payable on December 31, 2022 (the “December Dividend”) to holders of record of such underlying preferred stock at the close of business on December 15, 2022 for distribution to the holders of the Preferred Shares. All holders of the Preferred Shares at the close of business on the December 15, 2022 record date received the December Dividend for the applicable series of Preferred Shares regardless of whether they participated in the Offers since the December 15, 2022 record date occurred prior to the consummation of the Offers. As market conditions warrant, we and our majority equity holders, Blackstone and its affiliates, may from time to time seek to repurchase the remaining outstanding Preferred Shares in open market or privately negotiated purchases, by tender offer or otherwise or to redeem our preferred stock pursuant to the terms of their respective governing documents. The size of such repurchases may be material and may impact the liquidity and trading price of such preferred stock. The Company paid $19,186, $19,160, $46,624, and $48,186 in distributions to its preferred stockholders for the period from July 20, 2022 through December 31, 2022, the period from January 1, 2022 through July 19, 2022, the year ended December 31, 2021, and the year ended December 31, 2020, respectively. The holders of the Company’s preferred stock have general preference rights with respect to liquidation, quarterly distributions and any accumulated unpaid distributions. 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 Company’s 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, 2022, there were no dividends in arrears. Except under certain conditions relating to the Company’s qualification as a REIT, the Company’s preferred stock is not redeemable prior to the redemption dates noted above. 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 redemption is within the Company’s control, and thus the preferred equity arrangements are classified as permanent equity in the Consolidated Financial Statements. Pursuant to the terms and conditions of the Merger Agreement, at the effective time of the Merger (the “Company Merger Effective Time”), each share of the 5.250% Series X Cumulative Preferred Stock of the Company, par value $0.01 per share, 5.200% Series Y Cumulative Preferred Stock of the Company, par value $0.01 per share, and 4.875% Series Z Cumulative Preferred Stock of the Company, par value $0.01 per share (collectively, the “Existing Preferred Stock”), issued and outstanding immediately prior to the Company Merger Effective Time and each depositary share issued pursuant to the deposit agreements for the Existing Preferred Stock, representing one-thousandth of one share of Existing Preferred Stock issued and outstanding immediately prior to the Company Merger Effective Time, was unaffected by the Merger and remained outstanding in accordance with their respective terms. Common stock and units The following table summarizes the Company’s distributions to common stockholders and common unit holders: Successor Predecessor Period from July 20, 2022 through December 31, 2022 Period from January 1, 2022 through July 19, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Distributions to common stockholders $ 112,379 $ 209,079 $ 242,595 $ 115,396 Distributions to common unit holders $ — $ 55,358 $ 64,364 $ 30,823 Pursuant to the terms and conditions of the Merger Agreement, at Company Merger Effective Time, each share of common stock of the Company, par value $0.01 per share (“Common Stock”), issued and outstanding immediately prior to the Company Merger Effective Time was automatically converted into the right to receive an amount in cash equal to $182.25 per share, without interest and less any applicable withholding taxes, representing $187.50 per share of Common Stock as reduced by the $5.25 per share Closing Cash Dividend. The following table summarizes the Company’s distribution taxability to preferred stockholders and common stockholders (unaudited): Successor Predecessor Period from July 20, 2022 through December 31, 2022 Period from January 1, 2022 through July 19, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Common Portion of distributions classified as ordinary income 28.1 % 33.2 % 35.0 % 100.0 % Portion of distributions classified as long-term capital gain income — % 55.4 % 65.0 % — % Portion of distributions classified as nondividend distributions 71.9 % 11.4 % — % — % Preferred - Series X, Y, Z Portion of distributions classified as ordinary income 47.8 % 47.8 % 35.0 % 100.0 % Portion of distributions classified as long-term capital gain income 52.2 % 52.2 % 65.0 % — % Preferred - Series A Portion of distributions classified as ordinary income 100.0 % — % — % — % |
Incentive Compensation
Incentive Compensation | Apr. 05, 2021 |
Share-Based Payment Arrangement [Abstract] | |
Incentive Compensation | Incentive Compensation Prior to the Merger, under various share-based compensation plans, PSB granted non-qualified options to purchase the Company’s common stock at a price not less than fair value on the date of grant, as well as RSUs, to certain directors, officers and key employees. Prior to the Merger, we amortized the fair value of awards starting at the beginning of the service period as compensation expense. For awards that are earned solely upon the passage of time and continued service, the entire cost of the award was amortized on a straight-line basis over the service period. For awards with performance conditions, the individual cost of each vesting was amortized separately over each individual service period (the “accelerated attribution” method). We accounted for forfeitures of share-based payments as they occurred by reversing previously amortized share-based compensation expense with respect to unvested grants that were forfeited in the period the employee terminates employment. Pursuant to the terms and conditions of the Merger Agreement, at or immediately prior to, as applicable, the Company Merger Effective Time, each 2022 Equity Incentive Plan award approved under the Company’s 2022 Equity Incentive Plan Awards Program was cancelled in exchange for a specific cash payment, less any applicable withholding taxes. In connection with the separation agreement with our former President and Chief Executive Officer (“CEO”), who stepped down from his positions with the Company for health reasons effective March 23, 2022, the Company paid a lump sum payment of $6,643 in exchange for 41,186 restricted stock units owned by the former CEO, which represents the market value of the Company common stock underlying such units as of March 18, 2022. In connection with the appointment of our President and Chief Executive Officer (“CEO”) effective April 5, 2021, the Company granted a one-time RSU sign-on award with a grant date fair value of $3,695 and a retention RSU award with a grant date fair value of $2,889. These RSUs were set to vest ratably over five years. Prior to the Merger, effective September 1, 2020, Maria Hawthorne retired from her role as President and CEO and continued to serve as a director of the Company until July 2022. Due to Ms. Hawthorne’s continued service as a director of the Company, her unvested stock options and restricted stock units continued to vest on their original vesting schedule in accordance with the Company’s 2012 Equity and Performance-Based Incentive Compensation Plan and related award agreements. For financial reporting purposes, the end of the service periods for these stock option and restricted stock unit grants have changed from the various respective vesting dates to September 1, 2020, the date of her retirement as President and CEO. Accordingly, all remaining stock compensation expense for Ms. Hawthorne, which totaled $1,738, was amortized, and included in general and administrative expense during the year ended December 31, 2020. Stock Options Pursuant to the terms and conditions of the Merger Agreement, at or immediately prior to, as applicable, the Company Merger Effective Time, each stock option to purchase shares of Common Stock (each, a “Company Option”) outstanding immediately prior to the Company Merger Effective Time was automatically cancelled in exchange for a cash payment in an amount in cash equal to (1) the number of shares of Common Stock subject to the Company Option immediately prior to the Company Merger Effective Time multiplied by (2) the excess of the Per Company Share Merger Consideration over the per share exercise price applicable to the Company Option, less any applicable withholding taxes. Stock options expire 10.0 years after the grant date and the exercise price is equal to the closing trading price of our common stock on the grant date. Stock option holders cannot require the Company to settle their award in cash. We use the Black-Scholes option valuation model to estimate the fair value of our stock options on the date of grant. Successor Predecessor Period from July 20, 2022 through December 31, 2022 Period from January 1, 2022 through July 19, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Stock option expense for the year $ — $ 229 $ 712 $ 412 Aggregate exercise date intrinsic value of options exercised during the year $ — $ 2,311 $ 4,559 $ 305 Average assumptions used in valuing options with the Black-Scholes method: Expected life of options in years, based upon historical experience 0 0 5 5 Risk-free interest rate — % — % 0.8 % 0.4 % Expected volatility, based upon historical volatility — % — % 15.4 % 22.3 % Expected dividend yield — % — % 2.6 % 3.3 % Average estimated value of options granted during the year $ — $ — $ 14.40 $ 15.27 We declared a one-time special cash dividend of $4.60 per share (the “Special Cash Dividend”) along with the fourth quarter regular dividend of $1.05 per share for the three months ended December 31, 2021. The Special Cash Dividend was declared to distribute a portion of the excess income attributable to gains on sales from asset dispositions during the year ended December 31, 2021. As of December 31, 2022, there was zero unamortized compensation expense related to stock options expected to be recognized over a weighted average period of 0.0 years. Included in 2021 compensation expense related to stock options was $102 of expense resulting from modifications made to outstanding stock options because of the Special Cash Dividend paid during the year ended December 31, 2021. In connection with the Special Cash Dividend, the number of options and exercise prices of all outstanding options were adjusted pursuant to the anti-dilution provisions of the applicable plans so that the option holders would be neither advantaged nor disadvantaged because of the Special Cash Dividend. Cash received from 27,403 options exercised during the period from January 1, 2022 through July 19, 2022 was $2,101. Cash received from 55,546 stock options exercised during the year ended December 31, 2021 was $5,012. Cash received from 4,136 stock options exercised during the year ended December 31, 2020 was $258. Information with respect to stock options during 2022, 2021, and 2020 is as follows: Options Number of Options Weighted Average Exercise Price Weighted Average Remaining Contract Life Aggregate Intrinsic Value Outstanding at December 31, 2019 - Predecessor 157,830 $ 104.92 Granted 18,000 $ 127.22 Exercised (4,136) $ (62.69) Forfeited — $ — Outstanding at December 31, 2020 - Predecessor 171,694 $ 108.29 Granted 38,000 $ 162.63 Exercised (55,546) $ 90.24 Forfeited — $ — Special cash dividend adjustment 1 5,422 $ 124.13 Outstanding at December 31, 2021 - Predecessor 159,570 $ 123.87 Granted — $ — Exercised (27,403) $ 76.76 Forfeited (132,167) $ 133.64 Outstanding at July 19, 2022 - Predecessor — $ — Granted — $ — Exercised — $ — Forfeited — $ — Outstanding at December 31, 2022 - Successor — $ — 0.00 $ — Exercisable at December 31, 2022 - Successor — $ — 0.00 $ — ____________________________ 1 In accordance with the applicable equity award plan documents, the number and exercise price of outstanding options have been adjusted because of the Special Cash Dividend so that the option holder maintains their economic position with respect to the stockholders. Restricted Stock Units RSUs granted prior to 2016 are subject to a six-year vesting, with 20% vesting after year two, and 20% vesting after each of the next four years. RSUs granted during and subsequent to 2016 are subject to a five-year vesting at the rate of 20% per year or a three-year vesting at the rate of one-third per year. Grantees receive dividends for each outstanding RSU equal to the per share dividend received by common stockholders, which are recorded in paid-in capital. We expense any dividends previously paid upon forfeiture of the related RSU. Upon vesting, the grantee receives shares of common stock equal to the number of vested RSUs, less shares of common stock withheld in exchange for tax withholdings made by the Company to satisfy the grantee’s statutory tax liabilities arising from the vesting. The fair value of our RSUs is determined based upon the applicable closing trading price of our common stock on the date of grant. In March 2020, the Compensation Committee of the Board approved an annual performance-based equity incentive program (“Annual Equity Incentive Program”) under the Company’s 2012 Equity and Performance-Based Incentive Compensation Plan. Under the program, certain employees will be eligible on an annual basis to receive RSUs based on the Company’s achievement of pre-established targets for (i) growth in net asset value per share, and (ii) stockholder value creation, each as computed pursuant to the terms of the Annual Equity Incentive Program. In the event the pre-established targets are achieved, eligible employees will receive the target award, except that the Compensation Committee of the Board may adjust the actual award to 75%-125% of the target award based on the its assessment of whether certain strategic and operational goals were accomplished in the performance period. RSUs awarded under the Annual Equity Incentive Program for the 2021 performance year will be awarded on or around March 1, 2022 and will vest in five equal installments, with the first installment vesting on the award date. RSU holders will earn dividend equivalent rights during the vesting period. In connection with the Annual Equity Incentive Program for the 2021 performance year, targets for 2021 were achieved at the threshold total return level. As such, subsequent to December 31, 2021, 25,140 restricted stock units were awarded with a March 1, 2021 grant date fair value of $3,617. Pursuant to the terms and conditions of the Merger Agreement, at or immediately prior to, as applicable, the Company Merger Effective Time, each Company RSU award of restricted stock units covering shares of Common Stock granted under a Company equity plan and each award of deferred stock units governed under the Company’s retirement plan for non-employee directors that were outstanding immediately prior to the Company Merger Effective Time was cancelled in exchange for a cash payment in an amount in cash equal to (1) the number of shares of Common Stock subject to the Company RSU Award immediately prior to the Company Merger Effective Time multiplied by (2) the Per Company Share Merger Consideration, less any applicable withholding taxes. In addition, each Company RSU Award and vested Company Deferred Stock Unit Award (as of July 19, 2022) was additionally entitled, pursuant to the terms of each award, to a dividend equivalent payment in respect of the Pro Rata Dividend. Each holder of a Company RSU Award, Company Deferred Stock Unit Award and/or Company Option received an aggregate payment with respect to such award inclusive of the aggregate Closing Cash Dividend that such holder would have received had such Company RSU Award or Company Deferred Stock Unit Award been settled in Company Common Stock or Company Option been exercised, in each case, immediately prior to the close of business on July 19, 2022. Information with respect to RSUs during 2022, 2021, and 2020 is as follows: Restricted Stock Units Number of RSUs Weighted Average Grant Date Fair Value Nonvested at December 31, 2019 - Predecessor 150,848 $ 15,425 Granted 46,036 5,562 Vested (73,256) (6,991) Forfeited (2,120) (290) Nonvested at December 31, 2020 - Predecessor 121,508 13,706 Granted 76,266 11,948 Vested (61,243) (6,255) Forfeited (17,940) (2,107) Nonvested at December 31, 2021 - Predecessor 118,591 17,292 Granted 38,151 5,807 Vested (22,209) (3,003) Forfeited (134,533) (20,096) Nonvested at July 19, 2022 - Predecessor — — Granted — — Vested — — Forfeited — — Nonvested at December 31, 2022 - Successor — $ — Of the 38,151 RSUs the Company granted during the period from January 1, 2022 through July 19, 2022, 2,874 were granted to our former Chief Financial Officer, 1,877 were granted to our former Chief Accounting Officer and 23,263 RSUs in aggregate to our former Divisional Vice Presidents. As of December 31, 2022, there was zero unamortized compensation expense related to RSUs expected to be recognized over a weighted average period of zero years. Successor Predecessor Period from July 20, 2022 through December 31, 2022 Period from January 1, 2022 through July 19, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Restricted stock unit expense $ — $ 3,106 $ 6,685 $ 4,475 Shares of common stock issued upon vesting — 12,528 35,714 43,458 Fair value of vested common stock on vesting date $ — $ 3,704 $ 9,474 $ 10,350 Cash paid for taxes in lieu of shares of common stock withheld upon vesting of RSUs $ — $ 1,318 $ 3,940 $ 4,216 For the predecessor period, under the Retirement Plan for Non-Employee Directors (the “Director Retirement Plan”), the Company granted 1,000 shares of common stock for each year served as a director up to a maximum of 10,000 shares issued upon retirement. For the predecessor period from July 20, 2022 through December 31, 2022, period from July 1, 2022 through July 19, 2022, the year ended December 31, 2021, and the year ended December 31, 2020, we recorded $—, $583, $1,098, and $761, respectively, in compensation expense related to the Director Retirement Plan shares. In April 2021, we issued 10,000 shares of common stock to a director upon retirement with an aggregate fair value of $1,635. Compensation expense for these shares was previously recognized. No director retirement shares were issued during the period from July 20, 2022 through December 31, 2022, the period from January 1, 2022 through July 19, 2022, and the year ended December 31, 2020. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share The Company presents both basic and diluted earnings per share (“EPS”). Basic earnings per share is based on the weighted average number of shares of common shares outstanding during the period. Diluted earnings per share is based on the weighted average number of shares outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments. The computation of our basic and diluted earnings per share and unit were as follows: Successor Predecessor Period from July 20, 2022 through December 31, 2022 Period from January 1, 2022 through July 19, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Net earnings (loss) attributable to common shareholders – basic $ (175,018) $ 159,190 $ 553,029 $ 206,705 Adjusted net earnings (loss) attributable to common shareholders – diluted $ (117,451) $ 109,795 $ 393,088 $ 124,645 Weighted average common shares outstanding – basic 27,619,484 27,533,845 27,474,920 Incremental weighted average effect of equity awards 89,133 101,743 88,497 Weighted average common shares outstanding – diluted 27,708,617 27,635,588 27,563,417 Net earnings per share attributable to common shareholders: Basic $ 3.98 $ 14.28 $ 4.54 Diluted $ 3.96 $ 14.22 $ 4.52 |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Funding Commitments — In conjunction with the terms of the leases with certain of our tenants, the Company has commitments for tenant improvements and leasing commissions of $3,106 on our real estate properties owned at December 31, 2022. Concentration of Credit Risk —The Company maintains its cash, cash equivalents and restricted cash at various high-quality financial institutions. The consolidated account balances at each institution typically exceed Federal Deposit Insurance Corporation (“FDIC”) insurance coverage, and as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes this risk is not significant. Environmental — As an owner of real estate, the Company is subject to various environmental laws of federal, state, and local governments. Compliance with existing environmental laws has not had a material impact on the Company’s consolidated financial condition and results of operations. The Company has obtained various environmental insurance policies to mitigate its exposure to environmental obligations. The Company cannot predict the impact of unforeseen environmental contingencies or new or changed laws or regulations on its properties, properties that have been sold, or properties that may be acquired in the future. Litigation — The Company is party to a variety of legal proceedings arising in the ordinary course of business. All of these matters, taken together, did not have a material impact on the consolidated financial condition, results of operations, or of the Company. Off-Balance Sheet Liabilities — The Company may be required under capital commitments or may choose to make additional capital contributions to certain of its unconsolidated entities, representing its proportionate ownership interest, should additional capital contributions be necessary to fund development or acquisition costs, repayment of debt or operational shortfalls. |
Supplemental Cash Flow Disclosu
Supplemental Cash Flow Disclosures | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Supplemental Cash Flow Disclosures | Supplemental Cash Flow Disclosures The following table represents supplemental cash flow disclosures: Successor Predecessor Period from July 20, 2022 through December 31, 2022 Period from January 1, 2022 through July 19, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Reconciliation to the Consolidated Balance Sheets Cash and cash equivalents $ 51,608 $ 7,056 $ 27,074 $ 69,083 Restricted cash 636 1,088 1,088 1,088 Total cash and cash equivalents and restricted cash $ 52,244 $ 8,144 $ 28,162 $ 70,171 Supplemental disclosures of cash flow information: Interest paid $ 95,078 $ 58 $ — $ — Interest capitalized $ 1,893 $ — $ — $ — Income taxes paid $ 28 $ — $ — $ — Cash paid for operating lease liabilities $ 50 $ — $ — $ — Supplemental disclosures of non-cash activities: Accrued but not yet paid development and capital expenditures $ (3,194) $ (3,160) $ (5,746) $ (1,698) Redemption of preferred shares $ 76,459 $ — $ (6,434) $ — Pushdown accounting opening balance sheet $ 5,306,541 $ — $ — $ — Distribution of Non-Core Portfolio $ 1,295,217 $ — $ — $ — In connection with the Merger, the Company applied pushdown accounting and the non-cash activity represents the fair value of assets acquired less liabilities assumed to reflect the acquisition in accordance with ASC 805. Refer to Note 2 — Summary of Significant Accounting Policies for additional details. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Management has evaluated events occurring subsequent to December 31, 2022. On January 3, 2023, the Company filed a Form 25 with the Commission to delist the Preferred Shares. On January 13, 2023, the Preferred Shares ceased trading on the New York Stock Exchange and the Company filed a certification and notification of termination of registration under Section 12(g) of the Exchange Act, on Form 15 with the Commission. The filing of the Form 15 immediately suspended the Company’s filing obligations under Section 12(g) of the Exchange Act. No additional material subsequent events have occurred since December 31, 2022 that require recognition or disclosure in the Company’s Consolidated Financial Statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) including modifications issued under Accounting Standards Updates (“ASUs”). In the opinion of management, all adjustments (consisting of normal and recurring adjustments) necessary for a fair presentation have been included. |
Business Combinations | The Merger was accounted for as a business combination in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. The total purchase price was allocated to the net tangible and intangible assets acquired and liabilities assumed in connection with the Merger based on their estimated fair values at the time of the transaction and the purchase price was pushed down to the Company’s Financial Statements. When using the push-down basis of accounting, the acquired Company’s separate Financial Statements reflect the new accounting basis recorded by the acquiring company, and the assets acquired, and liabilities assumed are recorded at fair value through adjustments to additional paid in capital at the acquisition date. As a result of the business combination, the period ended on or prior to July 19, 2022, for which the Consolidated Statements of Operations, Equity and Cash Flows are presented, is reported as the “Predecessor” period. The period from July 20, 2022 through December 31, 2022, for which the Company’s Consolidated Balance sheet, Statements of Operations, Equity and Cash Flows are presented, is reported as the “Successor” period. Costs related to the Merger have been expensed as incurred and classified within Merger costs in the Consolidated Statements of Operations, totaling $33,255 and $100,952 for the period from July 20, 2022 through December 31, 2022 and the period from January 1, 2022 through July 19, 2022, respectively. The Company engaged a third-party valuation firm to assist in determination of the fair values of tangible and intangible assets acquired. Upon acquisition of a rental property that is accounted for as a business combination, the Company allocates the purchase price, of each acquired property based upon the fair value of the individual assets acquired and liabilities assumed, which generally include tangible assets, consisting of land, building, building improvements, tenant improvements, and identified intangible assets and liabilities, generally consisting of above-and below-market leases, in-place leases, and origination costs associated with in-place leases. In estimating the fair value of tangible and intangible assets and liabilities acquired, the Company considers information obtained about the property during its due diligence and marketing and leasing activities, and utilizes appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The values of above-and below-market leases are recorded to Prepaid expenses and other assets and Accounts payable, accrued expenses and other liabilities, respectively, in the Consolidated Balance Sheets and are amortized as either a decrease (in the case of above-market leases) or an increase (in the case of below-market leases) to rental revenue over the remaining term of the associated tenant lease. The values associated with in-place leases are recorded in Prepaid expenses and other assets in the Consolidated Balance Sheets and are amortized to depreciation and amortization expense over the remaining lease term. In a business combination, the initial allocation of the purchase price is considered preliminary and may change upon final determination of the fair values of the assets acquired and liabilities assumed. The final determination must occur within one year of the acquisition date. The Company performs the following procedures for properties it acquires: • Estimate the value of the property “as if vacant” as of the acquisition date; • Calculate the value and associated life of above and below market leases on a tenant-by-tenant basis. The difference between the contractual rental rates and the Company’s estimate of market rental rates is measured over a period equal to the remaining term of the leases (using a discount rate which reflects the risks associated with the leases acquired); • Estimate the fair value of land acquired based upon relevant adjusted land sales comparable; • Estimate the fair value of the tenant improvements, legal expenses and leasing commissions incurred to obtain the leases and calculate the associated useful life for each; • Estimate the intangible value of the in-place leases and their associated useful lives on a tenant-by-tenant basis; • Estimate the carrying values of other assets and liabilities approximate fair value due to their short term nature and credit risk; • Identify the fair value of assets to be sold within one year, and • Allocate the purchase consideration of each acquired property based upon the fair value of the individual assets acquired and liabilities assumed. |
Reclassifications | ReclassificationsAs a result of the Merger discussed in Note 1 — Description of Business and the election to apply pushdown accounting, the Company also aligned its accounting policies with that of the Parent. Accordingly, certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year presentation |
Principles of Consolidation | Principles of Consolidation The Company’s policy is to consolidate all entities in which it owns more than 50% of the outstanding voting interest unless it does not control the entity. It is also the Company’s policy to consolidate any variable interest entity (“VIE”) for which the Company is the primary beneficiary, as defined by GAAP. The Company is deemed to be the primary beneficiary when it has (i) the power to direct the activities that most significantly impact the economic performance of the entity, and (ii) the obligation (or right) to absorb losses (or receive benefits) of the entity that could potentially be significant. Investments in entities in which the Company does not control but which it has the ability to exercise significant influence over operating and financial policies are presented under the equity method. Investments in entities that the Company does not control and over which it does not exercise significant influence are carried at the lower of cost or fair value, as appropriate. The Company’s ability to correctly assess control over an entity affects the presentation of these investments in the Consolidated |
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 reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates, judgments and assumptions are required in a number of areas, including, but not limited to, evaluating the impairment of long-lived assets and investments, allocating the purchase price of acquired properties, determining the fair value of debt and incentive compensation. These estimates, judgments and assumptions are based on historical experience and various other factors that the Company believes to be reasonable under the circumstances. Actual results may differ from those estimates. |
Investments in Real Estate | Investments in Real Estate Property and improvements, including interest and other costs capitalized during construction and development, are included in Investments in real estate, net and are stated at cost. Property and improvements, excluding land, are depreciated over their estimated useful lives using the straight-line method. The estimated useful lives by asset category are as follows: Estimated useful life Buildings 10-40 years Building equipment and fixtures 5-10 years Land and building improvements 10-15 years Tenant improvements Shorter of the asset's useful life or the noncancelable term of lease |
Capitalization of Costs | Capitalization of CostsDuring the land development and construction periods of qualifying projects, the Company capitalizes interest costs, insurance, real estate taxes and general and administrative costs of the personnel performing the development, renovation and rehabilitation if such costs are incremental and identifiable to a specific activity to ready the asset for its intended use. The Company capitalizes transaction costs related to the acquisition of land for future development and operating properties that qualify as asset acquisitions. The Company capitalizes incremental costs incurred to successfully originate a lease that result directly from obtaining a lease and would also not have been incurred if the lease had not been obtained. In assessing the amount of direct and indirect costs to be capitalized, allocations are made based on estimates of the actual amount of time spent in each activity. The Company does not capitalize any costs attributable to downtime or to unsuccessful projects. |
Acquisition of Real Estate and Disposition of Real Estate | Acquisition of Real Estate In accordance with the guidance for business combinations, the Company determines whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired are not a business, the Company would account for the transaction or other event as an asset acquisition. The Company’s acquisitions of investment properties are typically accounted for as asset acquisitions, as substantially all of the fair value of the gross assets acquired is typically concentrated in a single identifiable asset or a group of similar identifiable assets. When acquisitions are treated as asset acquisitions, the related transaction costs are capitalized. Disposition of Real Estate The Company assesses whether a property is considered held for sale based on the criteria in ASC 360 Property, Plant, and Equipment (“ASC 360”). The Company generally classifies certain properties and related assets and liabilities as held for sale when the sale of an asset has been duly approved by management, a legally enforceable contract has been executed and the buyer’s due diligence period, if any, has expired and a non-refundable deposit has been received. If a property is considered held for sale, a provision for loss is recognized if the fair value of the property less the estimated cost to sell is less than its carrying amount. Depreciation and amortization expense cease once a property is considered held for sale. As of December 31, 2022 and December 31, 2021, zero and 12 properties were classified as held for sale, respectively. The Company’s sales of real estate are generally considered to be sales to non-customers, requiring the Company to identify each distinct non-financial asset promised to the buyer. The Company determines whether the buyer obtains control of the non-financial assets, achieved through the transfer of the risks and rewards of ownership of the non-financial assets. The Company recognizes gains on the disposition of real estate when the recognition criteria have been met, generally at the time the risks and rewards and title have transferred, and we no longer have substantial continuing involvement with the real estate sold. The Company recognizes gains or losses from the disposition of real estate when known as Gain (loss) on sale of real estate, net in the Consolidated Statement of Operations. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company periodically assesses whether there are any indicators that the value of its real estate may be impaired. When impairment indicators exist, the Company’s properties are evaluated for impairment. A property’s value is considered impaired if the sum of expected future cash flows (on an undiscounted basis) over the anticipated holding period is less than the property’s carrying value. Upon determination that an impairment exists, properties are reduced to their fair value. The evaluation of future cash flows is highly subjective and is based in part on the Company’s assumptions regarding future occupancy, rental rates, capital requirements, and holding periods. These assumptions could differ materially from actual results in future periods. Should circumstances change, and the Company shortens the expected holding period for an asset or group of assets, an impairment loss may be recognized, and such loss could be material. During the periods presented, no impairment was recognized in the Consolidated Financial Statements. |
Impairment of Real Estate Assets Classified as Held for Sale. | Impairment of Real Estate Assets Classified as Held for Sale A property is classified as held for sale when all of the accounting criteria for a plan of sale have been met. Upon classification as held for sale, the Company recognizes an impairment charge, if necessary, to lower the carrying amount of the real estate asset to its estimated fair value less cost to sell. The determination of fair value can involve significant judgments and assumptions. The Company develops key assumptions based on the contractual sales price. If this information is not available, the Company uses estimated replacement costs or estimated cash flow projections that utilize estimated discount and capitalization rates. These estimates are subject to uncertainty and therefore require significant judgment by the Company. The Company reviews all assets held for sale each reporting period to determine whether the existing carrying amounts are fully recoverable in comparison to their estimated fair values less costs to sell. |
Deferred Leasing Costs | Deferred Leasing Costs Deferred leasing costs consist primarily of costs incurred to execute new and renewal tenant leases, primarily costs paid to third parties. Deferred leasing costs are amortized on a straight-line basis over the terms of the respective leases. The amortization of deferred leasing costs is included in the line item Depreciation and amortization in the Consolidated Statement of Operations. |
Deferred Financing Costs | Deferred Financing Costs The Company defers fees and direct costs incurred to obtain financing, which is reflected as a component of Debt, net within the accompanying Consolidated Balance Sheets. Deferred financing costs are amortized to interest expense using the effective rate method, which approximates the effective interest method, over the term of the debt to which they apply. Unamortized deferred financing costs are charged to interest expense when the related financing is repaid prior to its scheduled maturity date. |
Revenue Recognition | Revenue Recognition The Company leases its operating properties to customers under agreements that are classified as operating leases. Rental revenue primarily consists of base rent arising from tenant leases and tenant reimbursements of property operating expenses related to common area maintenance, real estate taxes, and other recoverable costs included in lease agreements. The Company begins to recognize revenue for leases that are assumed upon the acquisition of the related property or when a tenant takes possession of the leased space for a new lease. If a lease provides for tenant reimbursement of building operating expenses, the Company recognizes revenue associated with the recovery of those building operating expenses as those expenses are incurred. |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests represent the share of consolidated entities owned by third parties. The Company recognizes each noncontrolling holder’s respective share of the estimated fair value of the net assets at the date of formation or acquisition. Noncontrolling interests are subsequently adjusted for the noncontrolling holder’s share of additional contributions, distributions and their share of the net earnings or losses of each respective consolidated entity. The Company allocates net income or loss to noncontrolling interests based on the weighted average ownership interest during the period. The net income or loss that is not attributable to the Company is reflected in the line item Net (income) loss attributable to noncontrolling interests within the Consolidated Statements of Operations. As of the Acquisition Date, noncontrolling interest was stepped up to fair value as a result of pushdown accounting. |
Tenant and Other Receivables | Tenant and Other Receivables The Company provides for potentially uncollectible accounts on tenant and other receivables based on analysis of the risk of loss on specific accounts. The analysis places particular emphasis on past due accounts and considers information such as the nature and age of the receivable, the payment history of the tenant or other debtor, the financial condition of the tenant and the Company’s assessment of its ability to meet its lease obligations, the basis for any disputes, and the status of related lease negotiations. The Company’s determination of the adequacy of its allowances for tenant receivables includes a binary assessment of whether or not the amounts due under a tenant’s lease agreement are probable of collection. For such amounts that are deemed probable of collection, revenue continues to be recorded on a straight-line basis over the lease term. For such amounts that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with maturities at date of purchase of three months or less. |
Restricted Cash | Restricted Cash Restricted cash primarily consists of reserves for certain capital improvements, leasing, interest and real estate tax and insurance payments as required by certain debt obligations. |
Income and Other Taxes | Income and Other Taxes The Company has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes at the Company level. In addition, the Partnership generally is not liable for federal income taxes as the partners recognize their allocable share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the Partnership level. The Company generally only incurs certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary (“TRS”) status for certain of its corporate subsidiaries and, as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. |
Income Tax Uncertainties | The Company recognizes the tax benefit from an uncertain tax position claimed or expected to be claimed on a tax return only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the Consolidated Financial Statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties, if applicable, related to uncertain tax positions as part of income tax benefit or expense. |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company buys or sells derivative financial instruments to limit exposure to changes in interest rates on variable rate debt. The Company does not use derivative instruments for speculative or trading purposes. None of the Company’s interest rate caps or swaps are currently or have been designated as hedges for accounting purposes. The Company’s derivative financial instruments are recorded at fair value and are recorded in the line items Prepaid expenses and other assets and Accounts payable, accrued expenses and other liabilities in the Consolidated Balance Sheets. Changes in the fair value of our derivative financial instruments are marked to market through earnings each quarter and are reflected in Interest expense in the Consolidated Statements of Operations. |
Fair Value Measurements | Fair Value Measurements Various inputs are used in determining the fair value of derivative instruments presented in the Consolidated Financial Statements. The Company classifies the inputs as follows: Level 1—Quoted unadjusted prices for identical instruments in active markets to which the Company has access at the date of measurement. 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 all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers. Level 3—Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Company’s own assumptions that market participants would use to price the asset or liability based on the best available information. Fair Value Measurements on a Recurring Basis. The Company estimates the fair value of its financial instruments using available market information and valuation methodologies management believes to be appropriate for these purposes. In connection with the Merger, the preferred stocks were valued using quoted market prices in active markets (Level 1). The fair value of the Company’s derivatives was determined by management, based on valuation information prepared by an independent third party. Their fair value model incorporates credit risk and changes in credit risk to determine a credit valuation adjustment. This model is based on the applicable forward curve as a reflection of the market’s current expectation of payments discounted at market factors. The Company classifies these valuations within the Level 2 fair value hierarchy. Under interest rate cap agreements, the Company makes initial premium payments to the counterparties in exchange for the right to receive payments from them if interest rates exceed specified levels during the agreement period. Notional principal amounts are used to express the volume of these transactions, but the cash requirements and amounts subject to credit risk are substantially less. Parties to interest rate cap agreements are subject to market risk for changes in interest rates and credit risk in the event of nonperformance by the counterparty. The Company does not require any collateral under these agreements but deals only with highly-rated institutional counterparties and expects that they will meet their obligations. The Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. Although the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties, the Company assesses the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. Fair Value Measurements on a Nonrecurring Basis. Assets measured at fair value on a nonrecurring basis generally consist of real estate assets and investments in unconsolidated equity investments that were subject to impairment charges related to the Company’s change of intent to sell the investments and through its recoverability analysis. The Company estimates fair value based on expected sales prices in the market (Level 2) or by applying the income approach methodology using a discounted cash flow analysis (Level 3). Acquired lease intangible assets: The Company estimated the fair value of its above-market and below-market in-place leases based on the present value (using a discount rate that reflects the risk 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 the remaining non-cancelable term of the leases. Any below-market renewal options are also considered in the in-place lease values. This valuation methodology is based on Level 3 inputs in the fair value hierarchy. In-place lease liabilities: The Company estimated the fair value of its in-place leases using independent and internal sources, which are methods similar to those used by independent appraisers. Factors we consider in our analysis include an estimate of costs to execute similar leases including tenant improvements, leasing commissions and foregone costs and rent received during the estimated lease-up period as if the space was vacant. This valuation methodology is based on Level 3 inputs in the fair value hierarchy. |
Segment Reporting | Segment Reporting Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. Under the provision of ASC 280, Segment Reporting, we have determined that we have one reportable segment, which includes the acquisition, leasing, and ownership of logistics properties. There is an immaterial amount of non logistics properties that do not meet the quantitative thresholds necessary to require reporting as a separate segment. The Company’s CODM assesses, measures, and reviews the operating financial results at the consolidated level for the entire portfolio. Our CODM is the Chief Executive Officer. |
Variable Interest Entities | Variable Interest Entities The Company has equity interests in certain entities that primarily own and operate properties or hold land for development. The Company consolidates those entities that are considered to be VIEs where the Company is the primary beneficiary. The Company (i) evaluates the sufficiency of the total equity investment at risk, (ii) reviews the voting rights and decision- making authority of the equity investment holders as a group and whether there are limited partners (or similar owning entities) that lack substantive participating or kick out rights, guaranteed returns, protection against losses, or capping of residual returns within the group and (iii) establishes whether activities within the entities are on behalf of an investor with disproportionately few voting rights in making this VIE determination. To the extent that the Company owns interests in a VIE and (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation or rights to absorb losses or receive benefits that could potentially be significant to the VIE, then the Company would be determined to be the primary beneficiary and would consolidate the VIE. At each reporting period, the Company re-assesses the conclusions as to which, if any, party within the VIE is considered the primary beneficiary. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company evaluated recently issued accounting standards or pronouncements and determined such standards or pronouncements are either not relevant to the Company or not expected to have a material effect on the Company’s Consolidated Financial Statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Assets Acquired and Liabilities Assumed | The following table is a summary of the fair value of assets acquired less liabilities assumed of the Company recognized in connection with the Merger: July 20, 2022 Building $ 3,336,409 Site improvements 177,159 Land 1,921,093 Tenant improvements 72,886 Development in progress 150,977 In-place lease intangibles 242,551 Above market lease assets 7,888 Below market lease liabilities (172,109) Other assets 1 146,194 Acquired noncontrolling interest at fair value (13,481) Acquired preferred shares at fair value (563,026) Net assets acquired $ 5,306,541 Funded by: Total Blackstone contribution, net of parent partner loan distributed $ (1,561,595) Debt issued (3,744,946) Total consideration and merger contributions $ (5,306,541) ____________________________ ¹ Includes $143,111 of working capital contributed by our Parent. |
Property, Plant and Equipment | The estimated useful lives by asset category are as follows: Estimated useful life Buildings 10-40 years Building equipment and fixtures 5-10 years Land and building improvements 10-15 years Tenant improvements Shorter of the asset's useful life or the noncancelable term of lease |
Schedule of Variable Interest Entities | The following table presents a summary of financial data of the consolidated VIE included in the Company’s Consolidated Balance Sheets: Successor Predecessor December 31, 2022 December 31, 2021 Investment State Company % Interest Total Assets Total Liabilities Total Assets Total Liabilities Brentford Joint Venture VA 98.2 % $ 162,695 $ 119,139 $ 76,206 $ 7,421 |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Schedule of Real Estate Investments | The following comprise the Company’s real estate investments: Successor Predecessor December 31, 2022 December 31, 2021 Buildings and improvements $ 3,592,688 $ 2,341,257 Land 1,921,093 763,961 Development in progress 181,230 — Land held for development — 78,991 Investments in real estate 5,695,011 3,184,209 Accumulated depreciation (138,216) (1,178,341) Investments in real estate, net $ 5,556,795 $ 2,005,868 |
Schedule of Asset Acquisition | The following table summarizes the Company’s acquisition activity: Successor Predecessor Period from July 20, 2022 through December 31, 2022 Period from January 1, 2022 through July 19, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Operating properties acquired — — 8 2 Square feet — — 859,000 320,000 Total purchase price $ — $ — $ 148,868 $ 60,095 The purchase price of the above acquisition, including the associated transaction costs, was allocated to the assets acquired and liabilities assumed based on their relative fair values as of the acquisition date, and are summarized below: Successor Predecessor 2022 Acquisitions 2022 Acquisitions 2021 Acquisitions 2020 Acquisitions Building $ — $ — $ 111,412 $ 24,868 Site improvements — — 8,670 1,075 Land — — 22,591 30,261 Tenant improvements — — 3,629 1,225 Other — — 1,400 2,590 Allocated purchase price $ — $ — $ 147,702 $ 60,019 |
Schedule of Disposition of Real Estate | The following table summarizes the Company’s dispositions: Successor Predecessor Period from July 20, 2022 through December 31, 2022 Period from January 1, 2022 through July 19, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Number of buildings 168 40 22 3 Number of land parcels — 1 — — Net proceeds 1 $ 1,295,217 $ 236,362 $ 400,993 $ 40,711 Gain on sale of real estate, net $ — $ 157,022 $ 359,875 $ 27,273 ____________________________ |
Schedule of Real Estate Placed Into Service | The Company completed the construction and placed into service the following buildings: Successor Predecessor Period from July 20, 2022 through December 31, 2022 Period from January 1, 2022 through July 19, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Buildings placed into service — — 1 — Square feet — — 83,000 — Total costs incurred 1 $ — $ — $ 8,062 $ — ____________________________ |
Real Estate Investment Financial Statements, Disclosure | The following table is a summary of the assets and liabilities of the Company’s zero and 12 properties classified as held for sale as of December 31, 2022 and December 31, 2021, respectively: Successor Predecessor December 31, 2022 December 31, 2021 Assets: Investments in real estate, net $ — $ 33,607 Prepaid expenses and other assets — 2 Total assets held for sale $ — $ 33,609 |
Lease-Related Intangibles (Tabl
Lease-Related Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Intangible Assets and Liabilities | The following is a summary of the Company’s intangible assets and liabilities as of December 31, 2022: Successor December 31, 2022 Intangible assets: Lease-related intangibles, net: In-place leases, net of accumulated amortization of $70,178 $ 221,660 Above market lease assets, net of accumulated amortization of $1,177 6,711 Total lease-related intangible assets, net 1 $ 228,371 Intangible liabilities: Below market lease liabilities, net: Below market lease liabilities, net of accumulated amortization of $21,376 $ 149,883 Total lease-related intangible liabilities, net 2 $ 149,883 ________________________ 1 Included in Prepaid expenses and other assets in the Consolidated Balance Sheets. 2 Included in Accounts payable, accrued expenses and other liabilities in the Consolidated Balance Sheets. |
Finite-Lived Intangible Assets Amortization Expense | The following table summarizes the amortization of in-place leases: Successor Period from July 20, 2022 through December 31, 2022 In-place leases $ 84,405 |
Schedule of Indefinite-Lived Intangible Assets Impact on Revenue of The Acquired | The following table summarizes the impact on revenue of the acquired above market leases and below market leases: Successor Period from July 20, 2022 through December 31, 2022 Above market leases $ (1,177) Below market leases $ 22,226 |
Schedule of Intangible Assets and Liabilities, Future Amortization Expense | The following table provides the weighted-average amortization period as of December 31, 2022 for intangible assets and liabilities and the projected amortization expense for the next five years: Weighted-average amortization period (years) 2023 2024 2025 2026 2027 Thereafter In-place leases 2.6 $ 107,651 $ 54,204 $ 27,290 $ 15,679 $ 7,212 $ 9,624 Total to be included in depreciation and amortization expense $ 107,651 $ 54,204 $ 27,290 $ 15,679 $ 7,212 $ 9,624 Above-market lease assets 3.3 $ 2,576 $ 1,739 $ 1,083 $ 620 $ 288 $ 405 Below-market lease liabilities 4.2 (45,803) (33,630) (22,013) (14,710) (11,812) (21,915) Total to be included in rental revenue $ (43,227) $ (31,891) $ (20,930) $ (14,090) $ (11,524) $ (21,510) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Arrangements | The following table is a summary of the Company’s debt arrangements: Outstanding Balance at Interest Rate at December 31, 2022¹ Maturity Date at December 31, 2022² Successor Predecessor December 31, 2022 December 31, 2021 Debt, variable Floating rate mortgages 3 $ 3,904,395 $ — 6.57% -8.33% August 2024 - November 2024 Unsecured revolving line of credit 4 — 32,000 N/A N/A Unamortized debt issuance costs, net (8,438) — Unamortized discounts, net (30,404) — Total debt, net / Weighted average interest rate 5 $ 3,865,553 $ 32,000 7.59% ____________________________ 1 All rates presented reflect a blended SOFR for a 30 day period as stipulated by our debt agreements. 2 At the Company’s option, the maturity for certain debt may be extended by one or multiple years, subject to certain restrictions. 3 Interest rate based on one-month SOFR plus an applicable margin ranging from 2.25% to 3.99% based on amended agreements post closing. The Company uses derivative financial instruments to limit the exposure to changes in interest rates on variable rate debt as further discussed in Note 6 — Derivative Financial Instruments. 4 As of December 31, 2021 the aggregate borrowing capacity on the line of credit was $400,000, and bore interest at a rate equal to London Inter-bank offered rate plus 0.70%. The line of credit was terminated upon the completion of the Merger. |
Schedule Of Long-Term Debt Obligation, Fiscal Year Maturity | Scheduled principal payments due on our debt for 2023 and for each year through the period ended December 31, 2027, and thereafter were as follows at December 31, 2022: Years ending December 31: Principal¹ 2023 $ — 2024 3,904,395 2025 — 2026 — 2027 — Thereafter — Total debt $ 3,904,395 ____________________________ 1 Debt payment reflects repayment dates, when applicable, pursuant to related loan agreement. These dates do not reflect the extension of periods that are at the Company’s election, subject to certain conditions. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following is a summary of the Company’s derivative financial instruments: Successor Number of Instruments Balance at December 31, 2022 Notional Amounts Asset 1 Liability 2 Strike Maturity Date Undesignated derivatives: Interest rate caps - purchased 2 $ 54,121 $ — $ 3,592,215 3.85 % August 2024 Interest rate cap - sold 1 — 54,121 $ 3,592,215 3.85 % August 2024 Interest rate swap - purchased 1 83,607 — $ 3,592,215 3.10 % August 2024 Total fair value of derivatives $ 137,728 $ 54,121 ____________________________ 1 Included in Prepaid expenses and other assets in the Consolidated Balance Sheets. 2 Included in Accounts payable, accrued expenses and other liabilities in the Consolidated Balance Sheets. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table displays the carrying values and fair values of the Company’s financial instruments: Successor Predecessor December 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Interest rate derivative assets 1, 2 Level 2 $ 137,728 $ 137,728 $ — $ — Financial liabilities: Interest rate derivative liability 2, 3 Level 2 $ 54,121 $ 54,121 $ — $ — Debt, net 4 Level 3 $ 3,865,553 $ 3,876,294 $ 32,000 $ 32,000 ____________________________ 1 Included within Prepaid expenses and other assets on the Consolidated Balance Sheets. 2 The fair value of the Company’s derivatives were determined by management, based on valuation information prepared by an independent third party. This model incorporates credit risk and changes in credit risk to determine a credit valuation adjustment. This model is based on the applicable forward SOFR curve as a reflection of the market’s current expectation of payments discounted at market factors. 3 Included within Accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets. 4 The carrying values of the debt are shown net of deferred financing costs of $38,842 and $— as of December 31, 2022 and December 31, 2021, respectively. The Company estimates the fair value of its debt, net by discounting the future cash flows using rates and borrowing spreads currently available to the Company. |
Lease Agreements (Tables)
Lease Agreements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Operating Lease, Lease Income | The following table details the components of operating lease income from leases in which the Company is the lessor: Successor Predecessor Period from July 20, 2022 through December 31, 2022 Period from January 1, 2022 through July 19, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Fixed lease payments $ 133,435 $ 184,011 $ 331,179 $ 316,808 Variable lease payments 40,790 62,164 107,975 98,827 Rental revenue $ 174,225 $ 246,175 $ 439,154 $ 415,635 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity | The following table presents the future minimum rents the Company expects to receive for their properties for each year through the period ended December 31, 2027, and thereafter: 2023 $ 204,806 2024 154,568 2025 103,645 2026 69,247 2027 38,567 Thereafter 50,578 Total $ 621,411 No significant tenant concentrations existed at December 31, 2022. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Stock by Class | As of December 31, 2022 and December 31, 2021, the Company had the following series of preferred stock outstanding: Predecessor Successor Series Issuance Date Earliest Potential Redemption Date Dividend Rate Shares outstanding as of December 31, 2021 Activity Shares Outstanding as of December 31, 2022 Series X 1 September 2017 September 2022 5.250 % 9,200 (5,953) 3,247 Series Y 1 December 2017 December 2022 5.200 % 8,000 (5,757) 2,243 Series Z 1 November 2019 November 2024 4.875 % 13,000 (9,729) 3,271 Series A 2 July 2022 N/A 2 12.000 % — 125 125 Total 30,200 (21,314) 8,886 ____________________________ 1 Refer to Note 15 — Subsequent Events. 2 The Company, at its option, may redeem shares of the Series A Preferred Stock, by resolutions of the Board, in whole or in part, at any time or from time to time, for cash at a redemption price equal to $4,000 per share plus an amount equal to all accrued and unpaid dividends thereon to and including the date fixed for redemption. The redemption is within the Company’s control, and thus the preferred equity arrangements are classified as permanent equity in the Consolidated Financial Statements. The preferred stock was issued in 2022 and therefore the balance as of December 31, 2021 was $—. |
Dividends Declared | The following table summarizes the Company’s distributions to common stockholders and common unit holders: Successor Predecessor Period from July 20, 2022 through December 31, 2022 Period from January 1, 2022 through July 19, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Distributions to common stockholders $ 112,379 $ 209,079 $ 242,595 $ 115,396 Distributions to common unit holders $ — $ 55,358 $ 64,364 $ 30,823 |
Schedule of Distribution Taxability to Stockholders | The following table summarizes the Company’s distribution taxability to preferred stockholders and common stockholders (unaudited): Successor Predecessor Period from July 20, 2022 through December 31, 2022 Period from January 1, 2022 through July 19, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Common Portion of distributions classified as ordinary income 28.1 % 33.2 % 35.0 % 100.0 % Portion of distributions classified as long-term capital gain income — % 55.4 % 65.0 % — % Portion of distributions classified as nondividend distributions 71.9 % 11.4 % — % — % Preferred - Series X, Y, Z Portion of distributions classified as ordinary income 47.8 % 47.8 % 35.0 % 100.0 % Portion of distributions classified as long-term capital gain income 52.2 % 52.2 % 65.0 % — % Preferred - Series A Portion of distributions classified as ordinary income 100.0 % — % — % — % |
Incentive Compensation (Tables)
Incentive Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award | Successor Predecessor Period from July 20, 2022 through December 31, 2022 Period from January 1, 2022 through July 19, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Stock option expense for the year $ — $ 229 $ 712 $ 412 Aggregate exercise date intrinsic value of options exercised during the year $ — $ 2,311 $ 4,559 $ 305 Average assumptions used in valuing options with the Black-Scholes method: Expected life of options in years, based upon historical experience 0 0 5 5 Risk-free interest rate — % — % 0.8 % 0.4 % Expected volatility, based upon historical volatility — % — % 15.4 % 22.3 % Expected dividend yield — % — % 2.6 % 3.3 % Average estimated value of options granted during the year $ — $ — $ 14.40 $ 15.27 |
Share-Based Payment Arrangement, Option, Activity | Information with respect to stock options during 2022, 2021, and 2020 is as follows: Options Number of Options Weighted Average Exercise Price Weighted Average Remaining Contract Life Aggregate Intrinsic Value Outstanding at December 31, 2019 - Predecessor 157,830 $ 104.92 Granted 18,000 $ 127.22 Exercised (4,136) $ (62.69) Forfeited — $ — Outstanding at December 31, 2020 - Predecessor 171,694 $ 108.29 Granted 38,000 $ 162.63 Exercised (55,546) $ 90.24 Forfeited — $ — Special cash dividend adjustment 1 5,422 $ 124.13 Outstanding at December 31, 2021 - Predecessor 159,570 $ 123.87 Granted — $ — Exercised (27,403) $ 76.76 Forfeited (132,167) $ 133.64 Outstanding at July 19, 2022 - Predecessor — $ — Granted — $ — Exercised — $ — Forfeited — $ — Outstanding at December 31, 2022 - Successor — $ — 0.00 $ — Exercisable at December 31, 2022 - Successor — $ — 0.00 $ — ____________________________ 1 In accordance with the applicable equity award plan documents, the number and exercise price of outstanding options have been adjusted because of the Special Cash Dividend so that the option holder maintains their economic position with respect to the stockholders. |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | Information with respect to RSUs during 2022, 2021, and 2020 is as follows: Restricted Stock Units Number of RSUs Weighted Average Grant Date Fair Value Nonvested at December 31, 2019 - Predecessor 150,848 $ 15,425 Granted 46,036 5,562 Vested (73,256) (6,991) Forfeited (2,120) (290) Nonvested at December 31, 2020 - Predecessor 121,508 13,706 Granted 76,266 11,948 Vested (61,243) (6,255) Forfeited (17,940) (2,107) Nonvested at December 31, 2021 - Predecessor 118,591 17,292 Granted 38,151 5,807 Vested (22,209) (3,003) Forfeited (134,533) (20,096) Nonvested at July 19, 2022 - Predecessor — — Granted — — Vested — — Forfeited — — Nonvested at December 31, 2022 - Successor — $ — |
Share-Based Payment Arrangement, Activity | Successor Predecessor Period from July 20, 2022 through December 31, 2022 Period from January 1, 2022 through July 19, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Restricted stock unit expense $ — $ 3,106 $ 6,685 $ 4,475 Shares of common stock issued upon vesting — 12,528 35,714 43,458 Fair value of vested common stock on vesting date $ — $ 3,704 $ 9,474 $ 10,350 Cash paid for taxes in lieu of shares of common stock withheld upon vesting of RSUs $ — $ 1,318 $ 3,940 $ 4,216 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The computation of our basic and diluted earnings per share and unit were as follows: Successor Predecessor Period from July 20, 2022 through December 31, 2022 Period from January 1, 2022 through July 19, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Net earnings (loss) attributable to common shareholders – basic $ (175,018) $ 159,190 $ 553,029 $ 206,705 Adjusted net earnings (loss) attributable to common shareholders – diluted $ (117,451) $ 109,795 $ 393,088 $ 124,645 Weighted average common shares outstanding – basic 27,619,484 27,533,845 27,474,920 Incremental weighted average effect of equity awards 89,133 101,743 88,497 Weighted average common shares outstanding – diluted 27,708,617 27,635,588 27,563,417 Net earnings per share attributable to common shareholders: Basic $ 3.98 $ 14.28 $ 4.54 Diluted $ 3.96 $ 14.22 $ 4.52 |
Supplemental Cash Flow Disclo_2
Supplemental Cash Flow Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The following table represents supplemental cash flow disclosures: Successor Predecessor Period from July 20, 2022 through December 31, 2022 Period from January 1, 2022 through July 19, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Reconciliation to the Consolidated Balance Sheets Cash and cash equivalents $ 51,608 $ 7,056 $ 27,074 $ 69,083 Restricted cash 636 1,088 1,088 1,088 Total cash and cash equivalents and restricted cash $ 52,244 $ 8,144 $ 28,162 $ 70,171 Supplemental disclosures of cash flow information: Interest paid $ 95,078 $ 58 $ — $ — Interest capitalized $ 1,893 $ — $ — $ — Income taxes paid $ 28 $ — $ — $ — Cash paid for operating lease liabilities $ 50 $ — $ — $ — Supplemental disclosures of non-cash activities: Accrued but not yet paid development and capital expenditures $ (3,194) $ (3,160) $ (5,746) $ (1,698) Redemption of preferred shares $ 76,459 $ — $ (6,434) $ — Pushdown accounting opening balance sheet $ 5,306,541 $ — $ — $ — Distribution of Non-Core Portfolio $ 1,295,217 $ — $ — $ — |
Description of Business (Detail
Description of Business (Details) $ / shares in Units, $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |||
Jul. 21, 2022 | Jul. 20, 2022 $ / shares | Dec. 31, 2022 USD ($) ft² state building property | Jul. 19, 2022 USD ($) | Dec. 31, 2021 USD ($) ft² state building | Dec. 31, 2020 USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Net proceeds | $ | $ 1,295,217 | $ 236,362 | $ 400,993 | $ 40,711 | ||
Number of buildings | building | 471 | 666 | ||||
Number of States in which entity operates | state | 6 | 6 | ||||
Net rentable area | ft² | 20,656,858 | 27,716,719 | ||||
PS Business Parks LP | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Number of real estate properties | property | 58 | |||||
PS Business Parks | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Limited liability company or limited partnership, members or limited partners, ownership interest | 100% | |||||
PS Business Parks | PSB, Sequoia Parent LP | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Limited liability company or limited partnership, managing member or general partner, ownership interest | 21% | |||||
Company Merger | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Business acquisition, share price (in usd per share) | $ 182.25 | |||||
Class of warrant or right, exercise price of warrants or rights, including withholding taxes (in usd per share) | 187.50 | |||||
Class of warrant or right, exercise price of warrants or rights, closing cash dividend (in usd per share) | $ 5.25 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) | 5 Months Ended | 7 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 USD ($) multifamily_apartment_unit | Jul. 19, 2022 USD ($) | Dec. 31, 2022 USD ($) multifamily_apartment_unit segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||
Variable Interest Entity [Line Items] | ||||||
Merger costs | $ 33,255,000 | $ 100,952,000 | $ 0 | $ 0 | ||
Total Assets | [1] | 6,005,062,000 | $ 6,005,062,000 | 2,123,222,000 | ||
Total liabilities | [1] | 4,170,510,000 | $ 4,170,510,000 | 129,151,000 | ||
Total revenue | 174,225,000 | 246,175,000 | 439,154,000 | 415,635,000 | ||
Total expenses | 306,261,000 | 245,436,000 | 243,754,000 | 236,877,000 | ||
Nonoperating income (expense) | (42,954,000) | 158,451,000 | 361,232,000 | 27,947,000 | ||
Impairment of real estate | $ 0 | $ 0 | 0 | 0 | ||
Number of reportable segments | segment | 1 | |||||
Number of units in real estate property | multifamily_apartment_unit | 411 | 411 | ||||
Reclassification, Other | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | 0 | 0 | ||||
Total liabilities | 0 | 0 | ||||
Total revenue | (451,000) | (12,000) | ||||
Total expenses | (315,000) | (524,000) | ||||
Nonoperating income (expense) | (3,467,000) | $ (512,000) | ||||
Variable Interest Entity, Primary Beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | $ 162,695,000 | $ 162,695,000 | 76,206,000 | |||
Total liabilities | $ 119,139,000 | $ 119,139,000 | $ 7,421,000 | |||
Company % Interest | 98.20% | 98.20% | ||||
Affiliated Entity | JV Partner | ||||||
Variable Interest Entity [Line Items] | ||||||
Company % Interest | 1.80% | |||||
[1]Refer to Note 2 — Summary of Significant Accounting Policies for details related to variable interest entities (“VIEs”). |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Amounts Assigned to the Assets Acquired and Liabilities (Details) - PS Business Parks $ in Thousands | Jul. 20, 2022 USD ($) |
Business Combination, Separately Recognized Transactions [Line Items] | |
Building | $ 3,336,409 |
Site improvements | 177,159 |
Land | 1,921,093 |
Tenant improvements | 72,886 |
Development in progress | 150,977 |
Below market lease liabilities | (172,109) |
Other assets | 146,194 |
Acquired noncontrolling interest at fair value | (13,481) |
Acquired preferred shares at fair value | (563,026) |
Net assets acquired | 5,306,541 |
Funded by: | |
Total Blackstone contribution, net of parent partner loan distributed | (1,561,595) |
Debt issued | (3,744,946) |
Total consideration and merger contributions | (5,306,541) |
Working capital contributed by parent | 143,111 |
In-place lease intangibles | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Finite-lived intangibles | 242,551 |
Above market lease assets | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Finite-lived intangibles | $ 7,888 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Minimum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Minimum | Building equipment and fixtures | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Minimum | Land and building improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Maximum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Maximum | Building equipment and fixtures | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Maximum | Land and building improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 15 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Financial Data of the Consolidated VIE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Variable Interest Entity [Line Items] | |||
Total Assets | [1] | $ 6,005,062 | $ 2,123,222 |
Total Liabilities | [1] | $ 4,170,510 | $ 129,151 |
Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Company % Interest | 98.20% | 98.20% | |
Total Assets | $ 162,695 | $ 76,206 | |
Total Liabilities | $ 119,139 | $ 7,421 | |
[1]Refer to Note 2 — Summary of Significant Accounting Policies for details related to variable interest entities (“VIEs”). |
Investments in Real Estate - Re
Investments in Real Estate - Real Estate Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real Estate [Abstract] | ||
Buildings and improvements | $ 3,592,688 | $ 2,341,257 |
Land | 1,921,093 | 763,961 |
Development in progress | 181,230 | 0 |
Land held for development | 0 | 78,991 |
Investments in real estate | 5,695,011 | 3,184,209 |
Accumulated depreciation | (138,216) | (1,178,341) |
Investments in real estate, net | $ 5,556,795 | $ 2,005,868 |
Investments in Real Estate - Na
Investments in Real Estate - Narrative (Details) | 1 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Jul. 19, 2022 USD ($) | Dec. 31, 2022 USD ($) multifamily_apartment_unit property | Jul. 19, 2022 USD ($) | Dec. 31, 2021 USD ($) property | Dec. 31, 2020 USD ($) | |
Real Estate [Line Items] | |||||
Real estate investment property, depreciation expense | $ 48,884,000 | $ 141,027,000 | $ 90,176,000 | $ 93,265,000 | |
Number of units in real estate property | multifamily_apartment_unit | 411 | ||||
Asset acquisition, consideration transferred, transaction cost | $ 0 | $ 0 | 370,000 | 446,000 | |
Impairment of real estate | $ 0 | $ 0 | $ 0 | $ 0 | |
Disposal Group, Held-for-sale, Not Discontinued Operations | |||||
Real Estate [Line Items] | |||||
Number of real estate properties held for sale | property | 0 | 12 | |||
Joint Venture | |||||
Real Estate [Line Items] | |||||
Noncontrolling interest, ownership percentage by parent | 95% | ||||
Number of units in real estate property | multifamily_apartment_unit | 395 | ||||
JV Partner | Joint Venture | |||||
Real Estate [Line Items] | |||||
Company % Interest | 5% |
Investments in Real Estate - Ac
Investments in Real Estate - Acquisition Activity (Details) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2022 USD ($) ft² property | Jul. 19, 2022 USD ($) ft² property | Dec. 31, 2021 USD ($) ft² property | Dec. 31, 2020 USD ($) ft² property | |
Real Estate [Abstract] | ||||
Operating properties acquired | property | 0 | 0 | 8 | 2 |
Square feet | ft² | 0 | 0 | 859,000 | 320,000 |
Total purchase price | $ | $ 0 | $ 0 | $ 148,868 | $ 60,095 |
Investments in Real Estate - _2
Investments in Real Estate - Real Estate Acquisitions (Details) - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jul. 19, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
2022 | ||||
Real Estate [Line Items] | ||||
Other | $ 0 | $ 0 | ||
Allocated purchase price | 0 | 0 | ||
2021 | ||||
Real Estate [Line Items] | ||||
Other | $ 1,400 | |||
Allocated purchase price | 147,702 | |||
2020 | ||||
Real Estate [Line Items] | ||||
Other | $ 2,590 | |||
Allocated purchase price | 60,019 | |||
Buildings | 2022 | ||||
Real Estate [Line Items] | ||||
Property, plant and equipment, additions | 0 | 0 | ||
Buildings | 2021 | ||||
Real Estate [Line Items] | ||||
Property, plant and equipment, additions | 111,412 | |||
Buildings | 2020 | ||||
Real Estate [Line Items] | ||||
Property, plant and equipment, additions | 24,868 | |||
Site improvements | 2022 | ||||
Real Estate [Line Items] | ||||
Property, plant and equipment, additions | 0 | 0 | ||
Site improvements | 2021 | ||||
Real Estate [Line Items] | ||||
Property, plant and equipment, additions | 8,670 | |||
Site improvements | 2020 | ||||
Real Estate [Line Items] | ||||
Property, plant and equipment, additions | 1,075 | |||
Land | 2022 | ||||
Real Estate [Line Items] | ||||
Property, plant and equipment, additions | 0 | 0 | ||
Land | 2021 | ||||
Real Estate [Line Items] | ||||
Property, plant and equipment, additions | 22,591 | |||
Land | 2020 | ||||
Real Estate [Line Items] | ||||
Property, plant and equipment, additions | 30,261 | |||
Tenant improvements | 2022 | ||||
Real Estate [Line Items] | ||||
Property, plant and equipment, additions | $ 0 | $ 0 | ||
Tenant improvements | 2021 | ||||
Real Estate [Line Items] | ||||
Property, plant and equipment, additions | $ 3,629 | |||
Tenant improvements | 2020 | ||||
Real Estate [Line Items] | ||||
Property, plant and equipment, additions | $ 1,225 |
Investments in Real Estate - _3
Investments in Real Estate - Real Estate Dispositions (Details) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2022 USD ($) building parcel | Jul. 19, 2022 USD ($) building parcel | Dec. 31, 2021 USD ($) parcel building | Dec. 31, 2020 USD ($) building parcel | |
Real Estate [Abstract] | ||||
Number of buildings | building | 168 | 40 | 22 | 3 |
Number of land parcels | parcel | 0 | 1 | 0 | 0 |
Net proceeds | $ 1,295,217 | $ 236,362 | $ 400,993 | $ 40,711 |
Gain on sale of real estate, net | $ 0 | $ 157,022 | $ 359,875 | $ 27,273 |
Investments in Real Estate - De
Investments in Real Estate - Development (Details) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2022 USD ($) ft² building | Jul. 19, 2022 USD ($) ft² building | Dec. 31, 2021 USD ($) ft² building | Dec. 31, 2020 USD ($) ft² building | |
Real Estate [Abstract] | ||||
Buildings placed into service | building | 0 | 0 | 1 | 0 |
Square feet | ft² | 0 | 0 | 83,000 | 0 |
Total costs incurred | $ | $ 0 | $ 0 | $ 8,062 | $ 0 |
Investments in Real Estate - _4
Investments in Real Estate - Real Estate Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Total assets held for sale | $ 0 | $ 33,609 |
Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Investments in real estate, net | 0 | 33,607 |
Prepaid expenses and other assets | 0 | 2 |
Total assets held for sale | $ 0 | $ 33,609 |
Lease-Related Intangibles - Sum
Lease-Related Intangibles - Summary of Intangible Assets and Liabilities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Lease-related intangible assets, net | $ 228,371 |
Total lease-related intangible liabilities, net2 | 149,883 |
Lease-related intangible liabilities, accumulated amortization | (21,376) |
In-place lease intangibles | |
Finite-Lived Intangible Assets [Line Items] | |
Lease-related intangible assets, net | 221,660 |
Lease-related intangible assets, accumulated amortization | (70,178) |
Above market lease assets | |
Finite-Lived Intangible Assets [Line Items] | |
Lease-related intangible assets, net | 6,711 |
Lease-related intangible assets, accumulated amortization | $ (1,177) |
Lease-Related Intangibles - S_2
Lease-Related Intangibles - Summary of Amortization (Details) $ in Thousands | 5 Months Ended |
Dec. 31, 2022 USD ($) | |
In-place lease intangibles | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization of intangible assets | $ 84,405 |
Lease-Related Intangibles - Imp
Lease-Related Intangibles - Impact on Revenue of the Acquired Leases (Details) $ in Thousands | 5 Months Ended |
Dec. 31, 2022 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Above market leases | $ (1,177) |
Below market leases | $ 22,226 |
Lease-Related Intangibles - Wei
Lease-Related Intangibles - Weighted-Average Amortization Period and Projected Amortization Expense (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted-average amortization period (years) | 4 years 2 months 12 days |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2023 | $ 107,651 |
2024 | 54,204 |
2025 | 27,290 |
2026 | 15,679 |
2027 | 7,212 |
Thereafter | 9,624 |
Finite-Lived Intangible Liability, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2023 | (45,803) |
2024 | (33,630) |
2025 | (22,013) |
2026 | (14,710) |
2027 | (11,812) |
Thereafter | (21,915) |
2023 | (43,227) |
2024 | (31,891) |
2025 | (20,930) |
2026 | (14,090) |
2027 | (11,524) |
Thereafter | $ (21,510) |
In-place lease intangibles | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted-average amortization period (years) | 2 years 7 months 6 days |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2023 | $ 107,651 |
2024 | 54,204 |
2025 | 27,290 |
2026 | 15,679 |
2027 | 7,212 |
Thereafter | $ 9,624 |
Above market lease assets | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted-average amortization period (years) | 3 years 3 months 18 days |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2023 | $ 2,576 |
2024 | 1,739 |
2025 | 1,083 |
2026 | 620 |
2027 | 288 |
Thereafter | $ 405 |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Oct. 31, 2022 USD ($) | Dec. 31, 2022 extension | Jul. 20, 2022 USD ($) | |
Affiliated Entity | Brentford Joint Venture | Blackstone Real Estate partners IX, LP.. | |||
Debt Instrument [Line Items] | |||
Due to Related Parties | $ 110,000 | ||
Loan A Mortgage Loan | Mortgages | |||
Debt Instrument [Line Items] | |||
Principal amount of debt | $ 2,733,620 | ||
Mortgage Borrowers | Mortgages | |||
Debt Instrument [Line Items] | |||
Principal amount of debt | 1,960,000 | ||
Loan B Mortgage Loan | Mortgages | |||
Debt Instrument [Line Items] | |||
Additional future funding option | $ 96,000 | ||
Number of extensions | extension | 3 | ||
Extension period | 1 year | ||
Collateralized Debt Due November 2024 | Unsecured Revolving Line Of Credit | Secured Overnight Financing Rate (SOFR) | Affiliated Entity | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.25% |
Debt - Schedule of Long-term De
Debt - Schedule of Long-term Debt Arrangements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 3,904,395 | |
Unamortized debt issuance costs, net | (8,438) | $ 0 |
Unamortized discounts, net | (30,404) | 0 |
Total debt | $ 3,865,553 | 32,000 |
Debt, weighted average interest rate | 7.59% | |
Secured Overnight Financing Rate (SOFR) | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.25% | |
Secured Overnight Financing Rate (SOFR) | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.99% | |
Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 3,904,395 | 0 |
Mortgages | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.57% | |
Mortgages | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 8.33% | |
Unsecured Revolving Line Of Credit | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 0 | 32,000 |
Line of credit facility, maximum borrowing capacity | $ 400,000 | |
Unsecured Revolving Line Of Credit | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.70% |
Debt - Schedule of Long-Term _2
Debt - Schedule of Long-Term Debt Obligation, Fiscal Year Maturity (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 0 |
2024 | 3,904,395 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Thereafter | 0 |
Total debt | $ 3,904,395 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Derivative Instruments (Details) $ in Thousands | Dec. 31, 2022 USD ($) instrument | Jul. 19, 2022 instrument | Dec. 31, 2021 instrument |
Derivative [Line Items] | |||
Derivative, number of instruments held | instrument | 0 | 0 | |
Undesignated derivatives: | |||
Derivative [Line Items] | |||
Derivative asset | $ 137,728 | ||
Derivative liability | $ 54,121 | ||
Interest rate caps - purchased | Undesignated derivatives: | |||
Derivative [Line Items] | |||
Derivative, number of instruments held | instrument | 2 | ||
Derivative asset | $ 54,121 | ||
Notional amounts | $ 3,592,215 | ||
Strike | 3.85% | ||
Interest rate cap - sold | Undesignated derivatives: | |||
Derivative [Line Items] | |||
Derivative, number of instruments held | instrument | 1 | ||
Derivative liability | $ 54,121 | ||
Notional amounts | $ 3,592,215 | ||
Strike | 3.85% | ||
Interest rate swap - purchased | Undesignated derivatives: | |||
Derivative [Line Items] | |||
Derivative, number of instruments held | instrument | 1 | ||
Derivative asset | $ 83,607 | ||
Notional amounts | $ 3,592,215 | ||
Strike | 3.10% |
Derivative Financial Instrume_4
Derivative Financial Instruments - Narrative (Details) $ in Thousands | 5 Months Ended | ||
Dec. 31, 2022 USD ($) | Jul. 19, 2022 instrument | Dec. 31, 2021 instrument | |
Derivative [Line Items] | |||
Derivative, number of instruments held | instrument | 0 | 0 | |
Interest rate | |||
Derivative [Line Items] | |||
Net gain (loss) on interest rate derivative | $ | $ 76,275 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial liabilities: | ||
Debt issuance costs, gross | $ (38,842) | $ 0 |
Level 3 | Carrying Value | ||
Financial liabilities: | ||
Debt, net | 3,865,553 | 32,000 |
Level 3 | Estimate of Fair Value Measurement | ||
Financial liabilities: | ||
Debt, net | 3,876,294 | 32,000 |
Interest rate | Level 2 | Carrying Value | ||
Financial assets: | ||
Interest rate derivative assets | 137,728 | 0 |
Financial liabilities: | ||
Interest rate derivative liability | 54,121 | 0 |
Interest rate | Level 2 | Estimate of Fair Value Measurement | ||
Financial assets: | ||
Interest rate derivative assets | 137,728 | 0 |
Financial liabilities: | ||
Interest rate derivative liability | $ 54,121 | $ 0 |
Lease Agreements (Details)
Lease Agreements (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Jul. 19, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||||
Fixed lease payments | $ 133,435 | $ 184,011 | $ 331,179 | $ 316,808 |
Variable lease payments | 40,790 | 62,164 | 107,975 | 98,827 |
Rental revenue | $ 174,225 | $ 246,175 | $ 439,154 | $ 415,635 |
Lease Agreements - Future Minim
Lease Agreements - Future Minimum Rents (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Lessor, Operating Lease, Payments to be Received, Fiscal Year Maturity [Abstract] | |
2023 | $ 204,806 |
2024 | 154,568 |
2025 | 103,645 |
2026 | 69,247 |
2027 | 38,567 |
Thereafter | 50,578 |
Total | $ 621,411 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Jul. 19, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Due to affiliates | $ 4,266 | $ 4,266 | $ 71 | ||
Due from affiliates | 666 | 666 | 0 | ||
Merger costs | 33,255 | $ 100,952 | $ 0 | $ 0 | |
Related Party Transaction, Corporate Services | General and Administrative Expense | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, expenses from transactions with related party | 5,446 | ||||
Related Party Transaction, Corporate Services | Operating Expense | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, expenses from transactions with related party | 4,132 | ||||
Related Party Transaction, Operational Services | |||||
Related Party Transaction [Line Items] | |||||
Due to affiliates | 4,267 | 4,267 | |||
Related Party Transaction, Insurance Services | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, expenses from transactions with related party | 2,314 | ||||
Due to affiliates | 0 | 0 | |||
Related Party Transaction, Insurance Services | Prepaid Expenses and Other Current Assets | |||||
Related Party Transaction [Line Items] | |||||
Due from affiliates | 666 | $ 666 | |||
Related Party Transaction, Merger | |||||
Related Party Transaction [Line Items] | |||||
Merger costs | 15,788 | ||||
Parent Partners Loans | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, rate | 4.16% | ||||
Notes receivable, related parties | 1,285,575 | $ 1,285,575 | |||
Interest expense, related party | $ 1,275 | ||||
Management Services | Affiliated Entity | Simply Storage | |||||
Related Party Transaction [Line Items] | |||||
Management fee expense | $ 19 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||||||
Nov. 22, 2022 | Jul. 21, 2022 | Dec. 31, 2022 | Jul. 19, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 31, 2022 | Jul. 20, 2022 | |
Class of Stock [Line Items] | |||||||||
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Preferred stock, redemption price per share (in usd per share) | $ 4,000 | $ 4,000 | |||||||
Preferred securities redemption | $ 76,459,000 | $ (76,459,000) | $ 0 | $ 6,434,000 | $ 0 | ||||
Preferred stock, redemption amount | 399,174,000 | ||||||||
Preferred stock, redemption price | (318,795,000) | ||||||||
Preferred stock, redemption, transaction costs | $ (3,920,000) | ||||||||
Allocation to preferred stockholders | $ 19,186,000 | $ 19,160,000 | $ 46,624,000 | $ 48,186,000 | |||||
Dividends in arrears | $ 0 | ||||||||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Company Merger | |||||||||
Class of Stock [Line Items] | |||||||||
Common stock, par value (in usd per share) | 0.01 | 0.01 | |||||||
Business acquisition, share price (in usd per share) | $ 182.25 | ||||||||
Class of warrant or right, exercise price of warrants or rights, including withholding taxes (in usd per share) | 187.50 | ||||||||
Class of warrant or right, exercise price of warrants or rights, closing cash dividend (in usd per share) | $ 5.25 | ||||||||
Depositary Series X Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock, par value (in usd per share) | 0.01 | $ 0.01 | |||||||
Dividend Rate | 5.25% | ||||||||
Preferred stock, redemption price per share (in usd per share) | $ 15.29 | ||||||||
Stock repurchased and retired during period, (in shares) | 5,953,898 | ||||||||
Depositary Series Y Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock, par value (in usd per share) | 0.01 | $ 0.01 | |||||||
Dividend Rate | 5.20% | ||||||||
Preferred stock, redemption price per share (in usd per share) | $ 15.33 | ||||||||
Stock repurchased and retired during period, (in shares) | 5,756,691 | ||||||||
Depositary Series Z Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock, par value (in usd per share) | 0.01 | $ 0.01 | |||||||
Dividend Rate | 4.875% | ||||||||
Preferred stock, redemption price per share (in usd per share) | $ 14.34 | ||||||||
Stock repurchased and retired during period, (in shares) | 9,728,688 | ||||||||
Depositary Share | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock, redemption price per share (in usd per share) | $ 25 | $ 25 | |||||||
Class of warrant or right, number of securities called by each warrant or right | 0.001 | 0.001 | |||||||
Private Placement | |||||||||
Class of Stock [Line Items] | |||||||||
Sale of stock, number of shares issued in transaction | 125 | ||||||||
Sale of stock, consideration received on transaction | $ 500,000 |
Stockholders' Equity - Series o
Stockholders' Equity - Series of Preferred Stock Outstanding (Details) - USD ($) | 12 Months Ended | ||
Jul. 21, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Preferred stock, shares outstanding | 8,886 | 30,200 | |
Preferred stock, shares issued | 8,886 | 30,200 | |
Preferred Stock, Shares Issued and Redeemed | 21,314 | ||
Preferred stock, redemption price per share (in usd per share) | $ 4,000 | ||
Preferred stock, value, outstanding | $ 0 | ||
Series X | |||
Class of Stock [Line Items] | |||
Preferred stock, shares outstanding | 3,247 | 9,200 | |
Redemption of shares (in shares) | (5,953) | ||
Series Y | |||
Class of Stock [Line Items] | |||
Preferred stock, shares outstanding | 2,243 | 8,000 | |
Redemption of shares (in shares) | (5,757) | ||
Series Z | |||
Class of Stock [Line Items] | |||
Preferred stock, shares outstanding | 3,271 | 13,000 | |
Redemption of shares (in shares) | (9,729) | ||
Series A Preferred Stock | |||
Class of Stock [Line Items] | |||
Dividend Rate | 12% | 12% | |
Preferred stock, shares outstanding | 125 | 0 | |
Preferred stock, shares issued | 125 |
Stockholders' Equity - Distribu
Stockholders' Equity - Distribution to Common Holders (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Jul. 19, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||||
Distributions to common stockholders | $ 112,379 | $ 209,079 | $ 242,595 | $ 115,396 |
Distributions to common unit holders | $ 0 | $ 55,358 | $ 64,364 | $ 30,823 |
Stockholders' Equity - Distri_2
Stockholders' Equity - Distribution Taxability to Stockholders (Details) | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Jul. 19, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common Stock | ||||
Investment Company, Financial Highlights [Line Items] | ||||
Portion of distributions classified as ordinary income | 28.10% | 33.20% | 35% | 100% |
Portion of distributions classified as long-term capital gain income | 0% | 55.40% | 65% | 0% |
Portion of distributions classified as nondividend distributions | 71.90% | 11.40% | 0% | 0% |
Preferred Stock | Series X, Y, Z Preferred Stock | ||||
Investment Company, Financial Highlights [Line Items] | ||||
Portion of distributions classified as ordinary income | 47.80% | 47.80% | 35% | 100% |
Portion of distributions classified as long-term capital gain income | 52.20% | 52.20% | 65% | 0% |
Preferred Stock | Series A Preferred Stock | ||||
Investment Company, Financial Highlights [Line Items] | ||||
Portion of distributions classified as ordinary income | 100% | 0% | 0% | 0% |
Incentive Compensation - Additi
Incentive Compensation - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||||||
Mar. 23, 2022 USD ($) shares | Apr. 05, 2021 USD ($) installment | Mar. 01, 2021 USD ($) shares | Apr. 30, 2022 USD ($) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) shares | Jul. 19, 2022 USD ($) shares | Dec. 31, 2022 shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Stock option expense for the year | $ 0 | $ 229,000 | $ 712,000 | $ 412,000 | |||||||
Dividends, common stock, cash | $ 1.05 | ||||||||||
Exercised (in shares) | shares | 0 | (27,403) | (55,546) | (4,136) | |||||||
Exercise of stock options | $ 0 | $ 2,101,000 | $ 5,012,000 | $ 258,000 | |||||||
Issuance of common stock in connection with share-based compensation | $ 2,102,000 | $ 5,012,000 | 258,000 | ||||||||
RSUs Granted Prior To 2016 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Award vesting period | 6 years | ||||||||||
RSUs Granted Prior To 2016 | Share-Based Payment Arrangement, Tranche One | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Award vesting rights, percentage | 20% | ||||||||||
RSUs Granted Prior To 2016 | Share-Based Payment Arrangement, Tranche Two | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Award vesting rights, percentage | 20% | ||||||||||
RSUs Granted Prior To 2016 | Share-Based Payment Arrangement, Tranche Three | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Award vesting rights, percentage | 20% | ||||||||||
RSUs Granted Prior To 2016 | Share-Based Payment Arrangement, Tranche Four | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Award vesting rights, percentage | 20% | ||||||||||
RSUs Granted Prior To 2016 | Share-Based Payment Arrangement, Tranche Five | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Award vesting rights, percentage | 20% | ||||||||||
RSUs Granted During And Subsequent To 2016 | Share-Based Payment Arrangement, Vesting Option One | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Award vesting period | 5 years | ||||||||||
RSUs Granted During And Subsequent To 2016 | Share-Based Payment Arrangement, Vesting Option One, Tranche One | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Award vesting rights, percentage | 20% | ||||||||||
RSUs Granted During And Subsequent To 2016 | Share-Based Payment Arrangement, Vesting Option One, Tranche Two | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Award vesting rights, percentage | 20% | ||||||||||
RSUs Granted During And Subsequent To 2016 | Share-Based Payment Arrangement, Vesting Option One, Tranche Three | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Award vesting rights, percentage | 20% | ||||||||||
RSUs Granted During And Subsequent To 2016 | Share-Based Payment Arrangement, Vesting Option One, Tranche Four | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Award vesting rights, percentage | 20% | ||||||||||
RSUs Granted During And Subsequent To 2016 | Share-Based Payment Arrangement, Vesting Option One, Tranche Five | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Award vesting rights, percentage | 20% | ||||||||||
RSUs Granted During And Subsequent To 2016 | Share-Based Payment Arrangement, Vesting Option Two | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Award vesting period | 3 years | ||||||||||
Special Cash Dividend | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Dividends, common stock, cash | $ 4.60 | ||||||||||
General and Administrative Expense | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Stock option expense for the year | $ 1,738,000 | ||||||||||
Restricted Stock Units | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Forfeitures in period (in shares) | shares | 0 | 134,533 | 17,940 | 2,120 | |||||||
Granted | $ 3,617,000 | ||||||||||
Number of installments | installment | 5 | ||||||||||
Granted (in shares) | shares | 25,140 | 0 | 38,151 | 76,266 | 46,036 | ||||||
Restricted Stock Units | Minimum | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Share-based compensation arrangement by share-based payment award, percent of target award | 75% | ||||||||||
Restricted Stock Units | Maximum | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Share-based compensation arrangement by share-based payment award, percent of target award | 125% | ||||||||||
Restricted Stock Units | Share-Based Payment Arrangement, Nonemployee | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Stock option expense for the year | $ 0 | $ 583,000 | $ 1,098,000 | $ 761,000 | |||||||
Shares issued in connection to share-based payment arrangement (in shares) | shares | 10,000 | 0 | 0 | 1,000 | 0 | ||||||
Issuance of common stock in connection with share-based compensation | $ 1,635,000 | ||||||||||
Restricted Stock Units | Share-Based Payment Arrangement, Nonemployee | Maximum | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Shares issued in connection to share-based payment arrangement (in shares) | shares | 10,000 | ||||||||||
RSU Sign-On Award | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Granted | $ 3,695,000 | ||||||||||
Retention RSU Award | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Granted | $ 2,889,000 | ||||||||||
Stock Options | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Stock option expense for the year | $ 0 | ||||||||||
Award expiration period | 10 years | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 0 years | ||||||||||
Chief Executive Officer | Restricted Stock Units | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Payments for forfeited shares | $ 6,643,000 | ||||||||||
Forfeitures in period (in shares) | shares | 41,186 | ||||||||||
Chief Financial Officer | Restricted Stock Units | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Granted (in shares) | shares | 2,874 | ||||||||||
Chief Accounting Officer | Restricted Stock Units | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Granted (in shares) | shares | 1,877 | ||||||||||
Vice President | Restricted Stock Units | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Granted (in shares) | shares | 23,263 |
Incentive Compensation - Black-
Incentive Compensation - Black-Scholes Option Valuation Model (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2022 | Jul. 19, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock option expense for the year | $ 0 | $ 229 | $ 712 | $ 412 | |
Aggregate exercise date intrinsic value of options exercised during the year | $ 0 | $ 2,311 | $ 4,559 | $ 305 | |
Average assumptions used in valuing options with the Black-Scholes method: | |||||
Average estimated value of options granted during the year (in usd per share) | $ 0 | $ 0 | $ 14.40 | $ 15.27 | |
Stock Options | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock option expense for the year | $ 0 | ||||
Average assumptions used in valuing options with the Black-Scholes method: | |||||
Expected life of options in years, based upon historical experience | 0 years | 0 years | 5 years | 5 years | |
Risk-free interest rate | 0% | 0% | 0.80% | 0.40% | |
Expected volatility, based upon historical volatility | 0% | 0% | 15.40% | 22.30% | |
Expected dividend yield | 0% | 0% | 2.60% | 3.30% |
Incentive Compensation - Stock
Incentive Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Jul. 19, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Options | |||||
Outstanding, beginning balance (in shares) | 0 | 159,570 | 159,570 | 171,694 | 157,830 |
Granted (in shares) | 0 | 0 | 38,000 | 18,000 | |
Exercised (in shares) | 0 | (27,403) | (55,546) | (4,136) | |
Forfeitures (in shares) | 0 | (132,167) | 0 | 0 | |
Special cash dividend adjustment (in usd per share) | $ 124.13 | ||||
Special cash dividend adjustment (in shares) | 5,422 | ||||
Outstanding, ending balance (in shares) | 0 | 0 | 0 | 159,570 | 171,694 |
Exercisable (in shares) | 0 | 0 | |||
Weighted Average Exercise Price | |||||
Outstanding, beginning balance (in usd per share) | $ 0 | $ 123.87 | $ 123.87 | $ 108.29 | $ 104.92 |
Granted (in usd per share) | 0 | 0 | 162.63 | 127.22 | |
Exercised (in usd per share) | 0 | 76.76 | 90.24 | 62.69 | |
Forfeited (in usd per share) | 0 | 133.64 | 0 | 0 | |
Outstanding, ending balance (in usd per share) | 0 | $ 0 | 0 | $ 123.87 | $ 108.29 |
Exercisable (in usd per share) | $ 0 | $ 0 | |||
Weighted Average Remaining Contract Life | |||||
Outstanding at December 31, 2022 - Successor | 0 years | ||||
Exercisable at December 31, 2022 - Successor | 0 years | ||||
Aggregate Intrinsic Value | |||||
Outstanding at December 31, 2022 - Successor | $ 0 | $ 0 | |||
Exercisable at December 31, 2022 - Successor | $ 0 | $ 0 |
Incentive Compensation - Restri
Incentive Compensation - Restricted Stock Units (Details) - Restricted Stock Units - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |||
Mar. 01, 2021 | Dec. 31, 2022 | Jul. 19, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of RSUs | ||||||
Nonvested, beginning balance (in shares) | 0 | 118,591 | 121,508 | 150,848 | ||
Granted (in shares) | 25,140 | 0 | 38,151 | 76,266 | 46,036 | |
Vested (in shares) | 0 | (22,209) | (61,243) | (73,256) | ||
Forfeited (in shares) | 0 | (134,533) | (17,940) | (2,120) | ||
Nonvested, ending balance (in shares) | 0 | 0 | 118,591 | 121,508 | ||
Weighted Average Grant Date Fair Value | ||||||
Novested beginning balance | $ 0 | $ 0 | $ 17,292 | $ 13,706 | $ 15,425 | |
Granted | 0 | 5,807 | 11,948 | 5,562 | ||
Vested | 0 | (3,003) | (6,255) | (6,991) | ||
Forfeited | 0 | (20,096) | (2,107) | (290) | ||
Nonvested, ending balance | $ 0 | $ 0 | $ 17,292 | $ 13,706 |
Incentive Compensation - Other
Incentive Compensation - Other Activity (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Jul. 19, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Cash paid for taxes in lieu of shares of common stock withheld upon vesting of RSUs | $ 0 | $ 1,318 | $ 3,940 | $ 4,216 |
Restricted Stock Units | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock unit expense | $ 0 | $ 3,106 | $ 6,685 | $ 4,475 |
Shares of common stock issued upon vesting | 0 | 12,528 | 35,714 | 43,458 |
Fair value of vested common stock on vesting date | $ 0 | $ 3,704 | $ 9,474 | $ 10,350 |
Cash paid for taxes in lieu of shares of common stock withheld upon vesting of RSUs | $ 0 | $ 1,318 | $ 3,940 | $ 4,216 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Jul. 19, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ (175,018) | $ 159,190 | $ 553,029 | $ 206,705 |
Adjusted net earnings (loss) attributable to common shareholders – diluted | $ (117,451) | $ 109,795 | $ 393,088 | $ 124,645 |
Weighted average common shares outstanding - basic | 27,619,484 | 27,533,845 | 27,474,920 | |
Incremental weighted average effect of equity awards (in shares) | 89,133 | 101,743 | 88,497 | |
Weighted average common shares outstanding - diluted | 27,708,617 | 27,635,588 | 27,563,417 | |
Net earnings per share attributable to common shareholders: | ||||
Basic (in usd per share) | $ 3.98 | $ 14.28 | $ 4.54 | |
Diluted (in usd per share) | $ 3.96 | $ 14.22 | $ 4.52 |
Commitment and Contingencies (D
Commitment and Contingencies (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Tenant improvements | $ 3,106 |
Supplemental Cash Flow Disclo_3
Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||||
Nov. 22, 2022 | Dec. 31, 2022 | Jul. 19, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 20, 2022 | Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |||||||
Cash and cash equivalents | $ 51,608 | $ 7,056 | $ 27,074 | $ 69,083 | |||
Restricted cash | 636 | 1,088 | 1,088 | 1,088 | |||
Total cash and cash equivalents and restricted cash | 52,244 | 8,144 | 28,162 | 70,171 | $ 0 | $ 63,874 | |
Supplemental disclosures of cash flow information: | |||||||
Interest paid | 95,078 | 58 | 0 | 0 | |||
Interest capitalized | 1,893 | 0 | 0 | 0 | |||
Income taxes paid | 28 | 0 | 0 | 0 | |||
Cash paid for operating lease liabilities | 50 | 0 | 0 | 0 | |||
Supplemental disclosures of non-cash activities: | |||||||
Accrued but not yet paid development and capital expenditures | (3,194) | (3,160) | (5,746) | (1,698) | |||
Preferred securities redemption | $ (76,459) | 76,459 | 0 | (6,434) | 0 | ||
Pushdown accounting opening balance sheet | 5,306,541 | 0 | 0 | 0 | |||
Distribution of Non-Core Portfolio | $ 1,295,217 | $ 0 | $ 0 | $ 0 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) building | Jul. 20, 2022 USD ($) | Jul. 19, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Initial Cost | ||||||
Land | $ 1,943,573 | |||||
Building and Improvements | 3,714,958 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 36,480 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,943,573 | |||||
Building and Improvements | 3,751,438 | |||||
Total | 5,695,011 | $ 0 | $ 3,141,074 | $ 3,184,209 | $ 3,163,787 | $ 3,079,583 |
Accumulated Depreciation | $ (138,216) | $ 0 | $ (1,168,615) | $ (1,178,341) | $ (1,229,035) | $ (1,159,703) |
12112 Technology Blvd | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 2,319 | |||||
Building and Improvements | 5,702 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 0 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,319 | |||||
Building and Improvements | 5,702 | |||||
Total | 8,021 | |||||
Accumulated Depreciation | $ (306) | |||||
12212 Technology Blvd | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 2,919 | |||||
Building and Improvements | 7,232 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 0 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,919 | |||||
Building and Improvements | 7,232 | |||||
Total | 10,151 | |||||
Accumulated Depreciation | $ (387) | |||||
1807 Braker Ln | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 4,069 | |||||
Building and Improvements | 11,906 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 369 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 4,069 | |||||
Building and Improvements | 12,275 | |||||
Total | 16,344 | |||||
Accumulated Depreciation | $ (501) | |||||
11209 Metric Blvd | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 18,018 | |||||
Building and Improvements | 8,540 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 2 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 18,018 | |||||
Building and Improvements | 8,542 | |||||
Total | 26,560 | |||||
Accumulated Depreciation | $ (383) | |||||
12301 Technology Blvd | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 1,256 | |||||
Building and Improvements | 5,395 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 0 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,256 | |||||
Building and Improvements | 5,395 | |||||
Total | 6,651 | |||||
Accumulated Depreciation | $ (203) | |||||
12303 Technology Blvd | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 4,032 | |||||
Building and Improvements | 13,758 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (16) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 4,032 | |||||
Building and Improvements | 13,742 | |||||
Total | 17,774 | |||||
Accumulated Depreciation | $ (689) | |||||
5555 N Lamar Blvd | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 7 | |||||
Initial Cost | ||||||
Land | $ 27,765 | |||||
Building and Improvements | 13,709 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 65 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 27,765 | |||||
Building and Improvements | 13,774 | |||||
Total | 41,539 | |||||
Accumulated Depreciation | $ (959) | |||||
4210 S. Industrial Dr | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 2,590 | |||||
Building and Improvements | 6,900 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 50 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,590 | |||||
Building and Improvements | 6,950 | |||||
Total | 9,540 | |||||
Accumulated Depreciation | $ (331) | |||||
9120 Burnet Rd | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 2,920 | |||||
Building and Improvements | 3,304 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 0 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,920 | |||||
Building and Improvements | 3,304 | |||||
Total | 6,224 | |||||
Accumulated Depreciation | $ (94) | |||||
9233 Waterford Centre Blvd | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 1,683 | |||||
Building and Improvements | 2,548 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 4 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,683 | |||||
Building and Improvements | 2,552 | |||||
Total | 4,235 | |||||
Accumulated Depreciation | $ (77) | |||||
9229 Waterford Centre Blvd | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 2,477 | |||||
Building and Improvements | 11,045 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 1 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,477 | |||||
Building and Improvements | 11,046 | |||||
Total | 13,523 | |||||
Accumulated Depreciation | $ (332) | |||||
12100 Technology Blvd | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 1,958 | |||||
Building and Improvements | 4,352 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 0 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,958 | |||||
Building and Improvements | 4,352 | |||||
Total | 6,310 | |||||
Accumulated Depreciation | $ (187) | |||||
5555 N Lamar Blvd - Bldg. B | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 2 | |||||
Initial Cost | ||||||
Land | $ 13,647 | |||||
Building and Improvements | 7,457 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 3 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 13,647 | |||||
Building and Improvements | 7,460 | |||||
Total | 21,107 | |||||
Accumulated Depreciation | $ (403) | |||||
3800 Drossett | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 3,178 | |||||
Building and Improvements | 12,032 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (3) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 3,178 | |||||
Building and Improvements | 12,029 | |||||
Total | 15,207 | |||||
Accumulated Depreciation | $ (469) | |||||
3900 Drossett | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 1,405 | |||||
Building and Improvements | 7,366 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 0 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,405 | |||||
Building and Improvements | 7,366 | |||||
Total | 8,771 | |||||
Accumulated Depreciation | $ (298) | |||||
12201 Technology Blvd | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 3,409 | |||||
Building and Improvements | 12,114 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 0 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 3,409 | |||||
Building and Improvements | 12,114 | |||||
Total | 15,523 | |||||
Accumulated Depreciation | $ (634) | |||||
2500 McHale Ct | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 25,949 | |||||
Building and Improvements | 4,148 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 23 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 25,949 | |||||
Building and Improvements | 4,171 | |||||
Total | 30,120 | |||||
Accumulated Depreciation | $ (136) | |||||
12317 Technology Blvd | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 10,164 | |||||
Building and Improvements | 46,725 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (28) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 10,164 | |||||
Building and Improvements | 46,697 | |||||
Total | 56,861 | |||||
Accumulated Depreciation | $ (2,118) | |||||
2600 McHale Ct | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 13,380 | |||||
Building and Improvements | 5,138 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 13 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 13,380 | |||||
Building and Improvements | 5,151 | |||||
Total | 18,531 | |||||
Accumulated Depreciation | $ (235) | |||||
2601 McHale Ct | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 15,547 | |||||
Building and Improvements | 1,777 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (102) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 15,547 | |||||
Building and Improvements | 1,675 | |||||
Total | 17,222 | |||||
Accumulated Depreciation | $ (97) | |||||
10505 Boyer Blvd | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 2,014 | |||||
Building and Improvements | 7,714 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 6 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,014 | |||||
Building and Improvements | 7,720 | |||||
Total | 9,734 | |||||
Accumulated Depreciation | $ (291) | |||||
2020 Rutland Dr | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 938 | |||||
Building and Improvements | 14,090 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 25 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 938 | |||||
Building and Improvements | 14,115 | |||||
Total | 15,053 | |||||
Accumulated Depreciation | $ (550) | |||||
2013 Centimeter Circle | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 1,840 | |||||
Building and Improvements | 9,938 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 1 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,840 | |||||
Building and Improvements | 9,939 | |||||
Total | 11,779 | |||||
Accumulated Depreciation | $ (389) | |||||
2112 Rutland Dr | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 2,143 | |||||
Building and Improvements | 14,053 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 21 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,143 | |||||
Building and Improvements | 14,074 | |||||
Total | 16,217 | |||||
Accumulated Depreciation | $ (558) | |||||
2105 Denton Dr | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 1,068 | |||||
Building and Improvements | 5,019 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 0 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,068 | |||||
Building and Improvements | 5,019 | |||||
Total | 6,087 | |||||
Accumulated Depreciation | $ (236) | |||||
2111 Braker Ln | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 2,835 | |||||
Building and Improvements | 11,744 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 74 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,835 | |||||
Building and Improvements | 11,818 | |||||
Total | 14,653 | |||||
Accumulated Depreciation | $ (551) | |||||
11110 Metric Blvd | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 1,849 | |||||
Building and Improvements | 6,972 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 48 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,849 | |||||
Building and Improvements | 7,020 | |||||
Total | 8,869 | |||||
Accumulated Depreciation | $ (331) | |||||
2157-2191 Woodward St | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 2,353 | |||||
Building and Improvements | 10,776 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 10 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,353 | |||||
Building and Improvements | 10,786 | |||||
Total | 13,139 | |||||
Accumulated Depreciation | $ (322) | |||||
4175 Freidrich Ln | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 2,205 | |||||
Building and Improvements | 11,028 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 7 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,205 | |||||
Building and Improvements | 11,035 | |||||
Total | 13,240 | |||||
Accumulated Depreciation | $ (332) | |||||
4115 Freidrich Ln | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 1,811 | |||||
Building and Improvements | 5,585 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 136 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,811 | |||||
Building and Improvements | 5,721 | |||||
Total | 7,532 | |||||
Accumulated Depreciation | $ (178) | |||||
4150 Freidrich Ln | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 2,515 | |||||
Building and Improvements | 10,771 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 7 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,515 | |||||
Building and Improvements | 10,778 | |||||
Total | 13,293 | |||||
Accumulated Depreciation | $ (304) | |||||
4020 S. Industrial Dr | Austin, Texas | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 2,487 | |||||
Building and Improvements | 8,700 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 21 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,487 | |||||
Building and Improvements | 8,721 | |||||
Total | 11,208 | |||||
Accumulated Depreciation | $ (226) | |||||
6500 Virginia Manor Rd | Beltsville, MD | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 5 | |||||
Initial Cost | ||||||
Land | $ 11,318 | |||||
Building and Improvements | 28,880 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 76 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 11,318 | |||||
Building and Improvements | 28,956 | |||||
Total | 40,274 | |||||
Accumulated Depreciation | $ (912) | |||||
10018 Spanish Isle Blvd | Boca Raton, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 4 | |||||
Initial Cost | ||||||
Land | $ 5,143 | |||||
Building and Improvements | 30,460 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 45 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 5,143 | |||||
Building and Improvements | 30,505 | |||||
Total | 35,648 | |||||
Accumulated Depreciation | $ (1,041) | |||||
10018 Spanish Isle Blvd | Boca Raton, FL | Development Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 0 | |||||
Initial Cost | ||||||
Land | $ 206 | |||||
Building and Improvements | 3,351 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 1,044 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 206 | |||||
Building and Improvements | 4,395 | |||||
Total | 4,601 | |||||
Accumulated Depreciation | $ 0 | |||||
10018 Spanish Isle Blvd | Boca Raton, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 4,212 | |||||
Building and Improvements | 1,148 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 1 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 4,212 | |||||
Building and Improvements | 1,149 | |||||
Total | 5,361 | |||||
Accumulated Depreciation | $ (45) | |||||
6700 8th St | Buena Park, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 8 | |||||
Initial Cost | ||||||
Land | $ 43,216 | |||||
Building and Improvements | 74,204 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 111 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 43,216 | |||||
Building and Improvements | 74,315 | |||||
Total | 117,531 | |||||
Accumulated Depreciation | $ (3,393) | |||||
1313 Valwood Pkwy | Carrollton, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 2 | |||||
Initial Cost | ||||||
Land | $ 2,858 | |||||
Building and Improvements | 8,211 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 137 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,858 | |||||
Building and Improvements | 8,348 | |||||
Total | 11,206 | |||||
Accumulated Depreciation | $ (427) | |||||
1420 Valwood Pkwy Bldg. 1 | Carrollton, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 2 | |||||
Initial Cost | ||||||
Land | $ 1,091 | |||||
Building and Improvements | 3,242 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 40 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,091 | |||||
Building and Improvements | 3,282 | |||||
Total | 4,373 | |||||
Accumulated Depreciation | $ (156) | |||||
1840 Hutton Dr | Carrollton, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 966 | |||||
Building and Improvements | 2,963 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 79 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 966 | |||||
Building and Improvements | 3,042 | |||||
Total | 4,008 | |||||
Accumulated Depreciation | $ (145) | |||||
2081 Hutton Dr Bldg. 1 | Carrollton, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 3 | |||||
Initial Cost | ||||||
Land | $ 1,471 | |||||
Building and Improvements | 3,584 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (20) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,471 | |||||
Building and Improvements | 3,564 | |||||
Total | 5,035 | |||||
Accumulated Depreciation | $ (208) | |||||
1505 Luna Rd Bldg. 1 | Carrollton, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 902 | |||||
Building and Improvements | 2,229 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 1 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 902 | |||||
Building and Improvements | 2,230 | |||||
Total | 3,132 | |||||
Accumulated Depreciation | $ (139) | |||||
1505 Luna Rd Bldg. 2 | Carrollton, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 435 | |||||
Building and Improvements | 891 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 0 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 435 | |||||
Building and Improvements | 891 | |||||
Total | 1,326 | |||||
Accumulated Depreciation | $ (25) | |||||
1420 Valwood Pkwy Bldg. 2 | Carrollton, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 1,375 | |||||
Building and Improvements | 6,311 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 11 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,375 | |||||
Building and Improvements | 6,322 | |||||
Total | 7,697 | |||||
Accumulated Depreciation | $ (192) | |||||
20620 S. Leapwood Ave | Carson, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 5 | |||||
Initial Cost | ||||||
Land | $ 13,224 | |||||
Building and Improvements | 8,040 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 23 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 13,224 | |||||
Building and Improvements | 8,063 | |||||
Total | 21,287 | |||||
Accumulated Depreciation | $ (410) | |||||
14020 Bolsa Ln | Cerritos, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 11 | |||||
Initial Cost | ||||||
Land | $ 51,629 | |||||
Building and Improvements | 63,569 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 512 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 51,629 | |||||
Building and Improvements | 64,081 | |||||
Total | 115,710 | |||||
Accumulated Depreciation | $ (2,925) | |||||
125 Mason Ave | Concord, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 10 | |||||
Initial Cost | ||||||
Land | $ 28,615 | |||||
Building and Improvements | 22,986 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 578 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 28,615 | |||||
Building and Improvements | 23,564 | |||||
Total | 52,179 | |||||
Accumulated Depreciation | $ (1,158) | |||||
1880 Crown Dr | Dallas, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 5 | |||||
Initial Cost | ||||||
Land | $ 2,187 | |||||
Building and Improvements | 8,966 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 5 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,187 | |||||
Building and Improvements | 8,971 | |||||
Total | 11,158 | |||||
Accumulated Depreciation | $ (450) | |||||
2270 Springlake Rd | Dallas, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 2 | |||||
Initial Cost | ||||||
Land | $ 1,111 | |||||
Building and Improvements | 6,521 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 43 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,111 | |||||
Building and Improvements | 6,564 | |||||
Total | 7,675 | |||||
Accumulated Depreciation | $ (291) | |||||
1315-1401 Royal Ln | Dallas, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 2 | |||||
Initial Cost | ||||||
Land | $ 0 | |||||
Building and Improvements | 8,366 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 133 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 0 | |||||
Building and Improvements | 8,499 | |||||
Total | 8,499 | |||||
Accumulated Depreciation | $ (540) | |||||
1025 Royal Ln | Dallas, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 0 | |||||
Building and Improvements | 2,908 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 9 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 0 | |||||
Building and Improvements | 2,917 | |||||
Total | 2,917 | |||||
Accumulated Depreciation | $ (96) | |||||
14934 Webb Chapel Rd | Dallas, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 7 | |||||
Initial Cost | ||||||
Land | $ 2,875 | |||||
Building and Improvements | 15,112 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 42 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,875 | |||||
Building and Improvements | 15,154 | |||||
Total | 18,029 | |||||
Accumulated Depreciation | $ (517) | |||||
12801 North Stemmons Fwy - Bldg 7 | Dallas, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 6 | |||||
Initial Cost | ||||||
Land | $ 2,857 | |||||
Building and Improvements | 17,968 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 14 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,857 | |||||
Building and Improvements | 17,982 | |||||
Total | 20,839 | |||||
Accumulated Depreciation | $ (606) | |||||
2901-2949 Bayview Dr | Fremont, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 2 | |||||
Initial Cost | ||||||
Land | $ 16,058 | |||||
Building and Improvements | 21,724 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 57 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 16,058 | |||||
Building and Improvements | 21,781 | |||||
Total | 37,839 | |||||
Accumulated Depreciation | $ (644) | |||||
41444-41458 Christy St | Fremont, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 4 | |||||
Initial Cost | ||||||
Land | $ 42,988 | |||||
Building and Improvements | 45,375 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 58 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 42,988 | |||||
Building and Improvements | 45,433 | |||||
Total | 88,421 | |||||
Accumulated Depreciation | $ (1,575) | |||||
45101-45169 Industrial Dr | Fremont, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 25,304 | |||||
Building and Improvements | 42,795 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 0 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 25,304 | |||||
Building and Improvements | 42,795 | |||||
Total | 68,099 | |||||
Accumulated Depreciation | $ (960) | |||||
1720 Northwest Hwy - 1720 | Garland, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 3 | |||||
Initial Cost | ||||||
Land | $ 694 | |||||
Building and Improvements | 1,795 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (13) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 694 | |||||
Building and Improvements | 1,782 | |||||
Total | 2,476 | |||||
Accumulated Depreciation | $ (99) | |||||
755 PORT AMERICA PLACE | Grapevine, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 2 | |||||
Initial Cost | ||||||
Land | $ 2,600 | |||||
Building and Improvements | 18,279 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 25 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,600 | |||||
Building and Improvements | 18,304 | |||||
Total | 20,904 | |||||
Accumulated Depreciation | $ (384) | |||||
755 PORT AMERICA PLACE | Grapevine, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 2 | |||||
Initial Cost | ||||||
Land | $ 1,525 | |||||
Building and Improvements | 14,699 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 36 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,525 | |||||
Building and Improvements | 14,735 | |||||
Total | 16,260 | |||||
Accumulated Depreciation | $ (354) | |||||
755 PORT AMERICA PLACE | Grapevine, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 3 | |||||
Initial Cost | ||||||
Land | $ 3,253 | |||||
Building and Improvements | 29,570 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 78 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 3,253 | |||||
Building and Improvements | 29,648 | |||||
Total | 32,901 | |||||
Accumulated Depreciation | $ (763) | |||||
755 PORT AMERICA PLACE | Grapevine, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 2 | |||||
Initial Cost | ||||||
Land | $ 2,083 | |||||
Building and Improvements | 13,063 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 4 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,083 | |||||
Building and Improvements | 13,067 | |||||
Total | 15,150 | |||||
Accumulated Depreciation | $ (325) | |||||
755 PORT AMERICA PLACE | Grapevine, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 2 | |||||
Initial Cost | ||||||
Land | $ 1,276 | |||||
Building and Improvements | 11,479 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 66 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,276 | |||||
Building and Improvements | 11,545 | |||||
Total | 12,821 | |||||
Accumulated Depreciation | $ (293) | |||||
755 PORT AMERICA PLACE | Grapevine, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 2 | |||||
Initial Cost | ||||||
Land | $ 1,825 | |||||
Building and Improvements | 10,421 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (3) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,825 | |||||
Building and Improvements | 10,418 | |||||
Total | 12,243 | |||||
Accumulated Depreciation | $ (268) | |||||
755 PORT AMERICA PLACE | Grapevine, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 2 | |||||
Initial Cost | ||||||
Land | $ 2,117 | |||||
Building and Improvements | 10,072 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 2 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,117 | |||||
Building and Improvements | 10,074 | |||||
Total | 12,191 | |||||
Accumulated Depreciation | $ (256) | |||||
3832 Bay Center Pl | Hayward, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 4 | |||||
Initial Cost | ||||||
Land | $ 18,992 | |||||
Building and Improvements | 17,321 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 27 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 18,992 | |||||
Building and Improvements | 17,348 | |||||
Total | 36,340 | |||||
Accumulated Depreciation | $ (680) | |||||
25531-25565 Whitesell St | Hayward, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 2 | |||||
Initial Cost | ||||||
Land | $ 16,097 | |||||
Building and Improvements | 16,585 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 152 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 16,097 | |||||
Building and Improvements | 16,737 | |||||
Total | 32,834 | |||||
Accumulated Depreciation | $ (625) | |||||
3875 Bay Center Pl | Hayward, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 7,520 | |||||
Building and Improvements | 13,326 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 0 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 7,520 | |||||
Building and Improvements | 13,326 | |||||
Total | 20,846 | |||||
Accumulated Depreciation | $ (601) | |||||
21001-21005 Cabot Blvd | Hayward, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 21,821 | |||||
Building and Improvements | 45,129 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 1 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 21,821 | |||||
Building and Improvements | 45,130 | |||||
Total | 66,951 | |||||
Accumulated Depreciation | $ (2,036) | |||||
26235-26269 Research Rd | Hayward, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 10,584 | |||||
Building and Improvements | 12,856 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 37 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 10,584 | |||||
Building and Improvements | 12,893 | |||||
Total | 23,477 | |||||
Accumulated Depreciation | $ (402) | |||||
1495-1497 Zephyr Ave | Hayward, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 8 | |||||
Initial Cost | ||||||
Land | $ 65,373 | |||||
Building and Improvements | 132,823 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 138 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 65,373 | |||||
Building and Improvements | 132,961 | |||||
Total | 198,334 | |||||
Accumulated Depreciation | $ (6,016) | |||||
30750 Wiegman Rd | Hayward, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 47,193 | |||||
Building and Improvements | 78,858 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 0 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 47,193 | |||||
Building and Improvements | 78,858 | |||||
Total | 126,051 | |||||
Accumulated Depreciation | $ (2,304) | |||||
2283/2289 Industrial Pkwy West | Hayward, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 13 | |||||
Initial Cost | ||||||
Land | $ 43,725 | |||||
Building and Improvements | 72,507 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 16 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 43,725 | |||||
Building and Improvements | 72,523 | |||||
Total | 116,248 | |||||
Accumulated Depreciation | $ (3,347) | |||||
26250-26260 Eden Landing Rd | Hayward, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 5 | |||||
Initial Cost | ||||||
Land | $ 19,213 | |||||
Building and Improvements | 17,395 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 145 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 19,213 | |||||
Building and Improvements | 17,540 | |||||
Total | 36,753 | |||||
Accumulated Depreciation | $ (831) | |||||
25005-25013 Viking St | Hayward, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 16 | |||||
Initial Cost | ||||||
Land | $ 35,477 | |||||
Building and Improvements | 30,633 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 497 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 35,477 | |||||
Building and Improvements | 31,130 | |||||
Total | 66,607 | |||||
Accumulated Depreciation | $ (1,083) | |||||
1236-1288 San Luis Obispo Ave | Hayward, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 3 | |||||
Initial Cost | ||||||
Land | $ 22,152 | |||||
Building and Improvements | 15,296 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 15 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 22,152 | |||||
Building and Improvements | 15,311 | |||||
Total | 37,463 | |||||
Accumulated Depreciation | $ (620) | |||||
8480 Esters | Irving, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 1,073 | |||||
Building and Improvements | 13,402 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 0 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,073 | |||||
Building and Improvements | 13,402 | |||||
Total | 14,475 | |||||
Accumulated Depreciation | $ (214) | |||||
8300 Esters Blvd | Irving, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 4 | |||||
Initial Cost | ||||||
Land | $ 6,575 | |||||
Building and Improvements | 24,172 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (14) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 6,575 | |||||
Building and Improvements | 24,158 | |||||
Total | 30,733 | |||||
Accumulated Depreciation | $ (752) | |||||
7815 S. 208th St | Kent, WA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 4 | |||||
Initial Cost | ||||||
Land | $ 16,876 | |||||
Building and Improvements | 100,083 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 71 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 16,876 | |||||
Building and Improvements | 100,154 | |||||
Total | 117,030 | |||||
Accumulated Depreciation | $ (4,577) | |||||
20651 84th Ave South | Kent, WA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 4 | |||||
Initial Cost | ||||||
Land | $ 20,415 | |||||
Building and Improvements | 99,115 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 129 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 20,415 | |||||
Building and Improvements | 99,244 | |||||
Total | 119,659 | |||||
Accumulated Depreciation | $ (4,504) | |||||
22600-A Lambert St | Lake Forest, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 16 | |||||
Initial Cost | ||||||
Land | $ 43,056 | |||||
Building and Improvements | 50,895 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 180 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 43,056 | |||||
Building and Improvements | 51,075 | |||||
Total | 94,131 | |||||
Accumulated Depreciation | $ (2,470) | |||||
2225 E. 28th St | Long Beach, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 19,802 | |||||
Building and Improvements | 111,652 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (115) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 19,802 | |||||
Building and Improvements | 111,537 | |||||
Total | 131,339 | |||||
Accumulated Depreciation | $ (1,266) | |||||
2501 E. 28th St | Long Beach, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 4 | |||||
Initial Cost | ||||||
Land | $ 1,873 | |||||
Building and Improvements | 2,417 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 192 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,873 | |||||
Building and Improvements | 2,609 | |||||
Total | 4,482 | |||||
Accumulated Depreciation | $ (134) | |||||
7915 Jones Branch Drive | McLean, VA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 2 | |||||
Initial Cost | ||||||
Land | $ 11,718 | |||||
Building and Improvements | 47,663 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 25 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 11,718 | |||||
Building and Improvements | 47,688 | |||||
Total | 59,406 | |||||
Accumulated Depreciation | $ (2,291) | |||||
15330 LBL Fwy - Bldg. 100 | Mesquite, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 3 | |||||
Initial Cost | ||||||
Land | $ 17,887 | |||||
Building and Improvements | 65,352 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (21) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 17,887 | |||||
Building and Improvements | 65,331 | |||||
Total | 83,218 | |||||
Accumulated Depreciation | $ (2,081) | |||||
8181 NW 14th St | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 1,215 | |||||
Building and Improvements | 1,007 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 23 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,215 | |||||
Building and Improvements | 1,030 | |||||
Total | 2,245 | |||||
Accumulated Depreciation | $ (37) | |||||
7000 NW 25th St | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 6,058 | |||||
Building and Improvements | 9,294 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (58) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 6,058 | |||||
Building and Improvements | 9,236 | |||||
Total | 15,294 | |||||
Accumulated Depreciation | $ (300) | |||||
1300-1314 NW 78th Ave | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 4 | |||||
Initial Cost | ||||||
Land | $ 14,191 | |||||
Building and Improvements | 60,616 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (35) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 14,191 | |||||
Building and Improvements | 60,581 | |||||
Total | 74,772 | |||||
Accumulated Depreciation | $ (2,854) | |||||
7950-7966 NW 14th St | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 4 | |||||
Initial Cost | ||||||
Land | $ 15,947 | |||||
Building and Improvements | 51,199 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (57) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 15,947 | |||||
Building and Improvements | 51,142 | |||||
Total | 67,089 | |||||
Accumulated Depreciation | $ (2,402) | |||||
1552-1598 NW 82nd Ave | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 4 | |||||
Initial Cost | ||||||
Land | $ 15,027 | |||||
Building and Improvements | 59,340 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 100 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 15,027 | |||||
Building and Improvements | 59,440 | |||||
Total | 74,467 | |||||
Accumulated Depreciation | $ (2,847) | |||||
1400-1422, 1444-1466 NW 82nd Ave | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 2 | |||||
Initial Cost | ||||||
Land | $ 19,966 | |||||
Building and Improvements | 50,223 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 52 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 19,966 | |||||
Building and Improvements | 50,275 | |||||
Total | 70,241 | |||||
Accumulated Depreciation | $ (2,448) | |||||
1501-1573 NW 82nd Ave | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 3 | |||||
Initial Cost | ||||||
Land | $ 13,794 | |||||
Building and Improvements | 60,906 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 24 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 13,794 | |||||
Building and Improvements | 60,930 | |||||
Total | 74,724 | |||||
Accumulated Depreciation | $ (2,913) | |||||
1700-1744 NW 82nd Ave | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 2 | |||||
Initial Cost | ||||||
Land | $ 10,058 | |||||
Building and Improvements | 48,031 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (8) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 10,058 | |||||
Building and Improvements | 48,023 | |||||
Total | 58,081 | |||||
Accumulated Depreciation | $ (1,711) | |||||
8236-8320 NW 14th St | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 2 | |||||
Initial Cost | ||||||
Land | $ 12,899 | |||||
Building and Improvements | 46,100 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 298 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 12,899 | |||||
Building and Improvements | 46,398 | |||||
Total | 59,297 | |||||
Accumulated Depreciation | $ (1,464) | |||||
1900-1998 NW 82nd Ave | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 3 | |||||
Initial Cost | ||||||
Land | $ 23,229 | |||||
Building and Improvements | 82,949 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 122 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 23,229 | |||||
Building and Improvements | 83,071 | |||||
Total | 106,300 | |||||
Accumulated Depreciation | $ (2,694) | |||||
2273-2999 NW 82nd Ave | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 4,891 | |||||
Building and Improvements | 20,513 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 10 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 4,891 | |||||
Building and Improvements | 20,523 | |||||
Total | 25,414 | |||||
Accumulated Depreciation | $ (371) | |||||
2001-2063 NW 79th Ave | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 7,164 | |||||
Building and Improvements | 27,679 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 25 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 7,164 | |||||
Building and Improvements | 27,704 | |||||
Total | 34,868 | |||||
Accumulated Depreciation | $ (1,284) | |||||
1901-1927 NW 79th Ave | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 3 | |||||
Initial Cost | ||||||
Land | $ 6,919 | |||||
Building and Improvements | 22,739 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 5 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 6,919 | |||||
Building and Improvements | 22,744 | |||||
Total | 29,663 | |||||
Accumulated Depreciation | $ (1,099) | |||||
1751-1789 NW 79th Ave | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 3 | |||||
Initial Cost | ||||||
Land | $ 15,257 | |||||
Building and Improvements | 58,046 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 67 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 15,257 | |||||
Building and Improvements | 58,113 | |||||
Total | 73,370 | |||||
Accumulated Depreciation | $ (2,778) | |||||
1410 NW 79th Ave | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 2 | |||||
Initial Cost | ||||||
Land | $ 8,300 | |||||
Building and Improvements | 35,422 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 127 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 8,300 | |||||
Building and Improvements | 35,549 | |||||
Total | 43,849 | |||||
Accumulated Depreciation | $ (1,686) | |||||
1501-1579 NW 79th Ave | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 3,966 | |||||
Building and Improvements | 13,075 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (36) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 3,966 | |||||
Building and Improvements | 13,039 | |||||
Total | 17,005 | |||||
Accumulated Depreciation | $ (460) | |||||
1701-1739 NW 79th Ave | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 4 | |||||
Initial Cost | ||||||
Land | $ 3,658 | |||||
Building and Improvements | 11,033 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (4) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 3,658 | |||||
Building and Improvements | 11,029 | |||||
Total | 14,687 | |||||
Accumulated Depreciation | $ (531) | |||||
8200-8234 NW 14th St | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 5,752 | |||||
Building and Improvements | 16,896 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 2 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 5,752 | |||||
Building and Improvements | 16,898 | |||||
Total | 22,650 | |||||
Accumulated Depreciation | $ (417) | |||||
1425-1435 NW 79th Ave | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 10,631 | |||||
Building and Improvements | 16,170 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 3 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 10,631 | |||||
Building and Improvements | 16,173 | |||||
Total | 26,804 | |||||
Accumulated Depreciation | $ (335) | |||||
8100 NW 82nd Ave | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 7,204 | |||||
Building and Improvements | 29,081 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (9) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 7,204 | |||||
Building and Improvements | 29,072 | |||||
Total | 36,276 | |||||
Accumulated Depreciation | $ (1,844) | |||||
7850 NW 25th St | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 5,626 | |||||
Building and Improvements | 6,783 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 2 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 5,626 | |||||
Building and Improvements | 6,785 | |||||
Total | 12,411 | |||||
Accumulated Depreciation | $ (195) | |||||
2323 NW 82nd Ave | Miami, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 5,436 | |||||
Building and Improvements | 4,700 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 0 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 5,436 | |||||
Building and Improvements | 4,700 | |||||
Total | 10,136 | |||||
Accumulated Depreciation | $ (133) | |||||
1151-1181 Cadillac Ct | Milpitas, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 15,798 | |||||
Building and Improvements | 19,976 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 2 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 15,798 | |||||
Building and Improvements | 19,978 | |||||
Total | 35,776 | |||||
Accumulated Depreciation | $ (492) | |||||
1123-1141 Cadillac Ct | Milpitas, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 4 | |||||
Initial Cost | ||||||
Land | $ 36,198 | |||||
Building and Improvements | 18,522 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 77 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 36,198 | |||||
Building and Improvements | 18,599 | |||||
Total | 54,797 | |||||
Accumulated Depreciation | $ (626) | |||||
901-931 Cadillac Ct | Milpitas, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 11,337 | |||||
Building and Improvements | 21,379 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 2 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 11,337 | |||||
Building and Improvements | 21,381 | |||||
Total | 32,718 | |||||
Accumulated Depreciation | $ (504) | |||||
1850-1870 Milmont Dr | Milpitas, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 6 | |||||
Initial Cost | ||||||
Land | $ 31,301 | |||||
Building and Improvements | 18,873 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 32 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 31,301 | |||||
Building and Improvements | 18,905 | |||||
Total | 50,206 | |||||
Accumulated Depreciation | $ (662) | |||||
1021-1101 Cadillac Ct | Milpitas, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 3 | |||||
Initial Cost | ||||||
Land | $ 21,368 | |||||
Building and Improvements | 39,266 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 99 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 21,368 | |||||
Building and Improvements | 39,365 | |||||
Total | 60,733 | |||||
Accumulated Depreciation | $ (1,793) | |||||
2530 Corporate Pl | Monterey Park, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 5 | |||||
Initial Cost | ||||||
Land | $ 2,888 | |||||
Building and Improvements | 17,999 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 69 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,888 | |||||
Building and Improvements | 18,068 | |||||
Total | 20,956 | |||||
Accumulated Depreciation | $ (485) | |||||
7303 Edgewater Dr | Oakland, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 5 | |||||
Initial Cost | ||||||
Land | $ 3,893 | |||||
Building and Improvements | 16,933 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (26) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 3,893 | |||||
Building and Improvements | 16,907 | |||||
Total | 20,800 | |||||
Accumulated Depreciation | $ (428) | |||||
1111 JUPITER ROAD | Plano, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 9 | |||||
Initial Cost | ||||||
Land | $ 33,460 | |||||
Building and Improvements | 28,528 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 141 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 33,460 | |||||
Building and Improvements | 28,669 | |||||
Total | 62,129 | |||||
Accumulated Depreciation | $ (976) | |||||
2553 Summit Ave | Plano, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 3 | |||||
Initial Cost | ||||||
Land | $ 25,512 | |||||
Building and Improvements | 13,124 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 103 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 25,512 | |||||
Building and Improvements | 13,227 | |||||
Total | 38,739 | |||||
Accumulated Depreciation | $ (681) | |||||
4002-4014 148th Ave NE | Redmond, WA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 12,947 | |||||
Building and Improvements | 3,746 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 5 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 12,947 | |||||
Building and Improvements | 3,751 | |||||
Total | 16,698 | |||||
Accumulated Depreciation | $ (133) | |||||
2501-2525 152nd Ave NE | Redmond, WA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 7,764 | |||||
Building and Improvements | 1,448 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 3 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 7,764 | |||||
Building and Improvements | 1,451 | |||||
Total | 9,215 | |||||
Accumulated Depreciation | $ (75) | |||||
2425-2495 152nd Ave NE | Redmond, WA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 6 | |||||
Initial Cost | ||||||
Land | $ 41,555 | |||||
Building and Improvements | 19,421 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 23 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 41,555 | |||||
Building and Improvements | 19,444 | |||||
Total | 60,999 | |||||
Accumulated Depreciation | $ (677) | |||||
2407-2409 152nd Ave NE | Redmond, WA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 3 | |||||
Initial Cost | ||||||
Land | $ 1,451 | |||||
Building and Improvements | 4,916 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 26 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,451 | |||||
Building and Improvements | 4,942 | |||||
Total | 6,393 | |||||
Accumulated Depreciation | $ (311) | |||||
2675-2691 151st Pl NE | Redmond, WA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 530 | |||||
Building and Improvements | 1,619 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 3 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 530 | |||||
Building and Improvements | 1,622 | |||||
Total | 2,152 | |||||
Accumulated Depreciation | $ (112) | |||||
1202 East Arapaho Dr | Richardson, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 816 | |||||
Building and Improvements | 2,114 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 0 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 816 | |||||
Building and Improvements | 2,114 | |||||
Total | 2,930 | |||||
Accumulated Depreciation | $ (100) | |||||
801-899 Presidential Dr | Richardson, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 2 | |||||
Initial Cost | ||||||
Land | $ 614 | |||||
Building and Improvements | 2,323 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 0 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 614 | |||||
Building and Improvements | 2,323 | |||||
Total | 2,937 | |||||
Accumulated Depreciation | $ (127) | |||||
750 Presidential Dr | Richardson, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 3 | |||||
Initial Cost | ||||||
Land | $ 1,129 | |||||
Building and Improvements | 5,281 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (4) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,129 | |||||
Building and Improvements | 5,277 | |||||
Total | 6,406 | |||||
Accumulated Depreciation | $ (193) | |||||
700 Glenville Dr | Richardson, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 422 | |||||
Building and Improvements | 1,337 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 0 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 422 | |||||
Building and Improvements | 1,337 | |||||
Total | 1,759 | |||||
Accumulated Depreciation | $ (54) | |||||
1300 East Arapaho Bldg. 100 | Richardson, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 3 | |||||
Initial Cost | ||||||
Land | $ 1,455 | |||||
Building and Improvements | 4,886 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 3 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,455 | |||||
Building and Improvements | 4,889 | |||||
Total | 6,344 | |||||
Accumulated Depreciation | $ (194) | |||||
860 Presidential Dr | Richardson, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 4 | |||||
Initial Cost | ||||||
Land | $ 1,688 | |||||
Building and Improvements | 5,880 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 14 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,688 | |||||
Building and Improvements | 5,894 | |||||
Total | 7,582 | |||||
Accumulated Depreciation | $ (204) | |||||
1231 Columbia Dr | Richardson, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 410 | |||||
Building and Improvements | 1,508 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (1) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 410 | |||||
Building and Improvements | 1,507 | |||||
Total | 1,917 | |||||
Accumulated Depreciation | $ (68) | |||||
1303 Columbia Dr | Richardson, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 8 | |||||
Initial Cost | ||||||
Land | $ 2,463 | |||||
Building and Improvements | 7,056 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 36 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,463 | |||||
Building and Improvements | 7,092 | |||||
Total | 9,555 | |||||
Accumulated Depreciation | $ (251) | |||||
1231-1251 American Pkwy | Richardson, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 3,735 | |||||
Building and Improvements | 3,662 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 72 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 3,735 | |||||
Building and Improvements | 3,734 | |||||
Total | 7,469 | |||||
Accumulated Depreciation | $ (321) | |||||
100-1100 Business Pkwy - 1000 | Richardson, TX | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 2,861 | |||||
Building and Improvements | 9,166 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 47 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 2,861 | |||||
Building and Improvements | 9,213 | |||||
Total | 12,074 | |||||
Accumulated Depreciation | $ (565) | |||||
9201 Corporate Blvd | Rockville, MD | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 3,767 | |||||
Building and Improvements | 9,386 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 30 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 3,767 | |||||
Building and Improvements | 9,416 | |||||
Total | 13,183 | |||||
Accumulated Depreciation | $ (600) | |||||
9210 Corporate Blvd | Rockville, MD | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 939 | |||||
Building and Improvements | 3,121 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 26 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 939 | |||||
Building and Improvements | 3,147 | |||||
Total | 4,086 | |||||
Accumulated Depreciation | $ (143) | |||||
9231 Corporate Blvd | Rockville, MD | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 742 | |||||
Building and Improvements | 568 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (29) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 742 | |||||
Building and Improvements | 539 | |||||
Total | 1,281 | |||||
Accumulated Depreciation | $ (50) | |||||
11820 Parklawn Dr | Rockville, MD | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 911 | |||||
Building and Improvements | 1,369 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (1) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 911 | |||||
Building and Improvements | 1,368 | |||||
Total | 2,279 | |||||
Accumulated Depreciation | $ (77) | |||||
11821 Parklawn Dr | Rockville, MD | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 5,220 | |||||
Building and Improvements | 6,243 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (14) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 5,220 | |||||
Building and Improvements | 6,229 | |||||
Total | 11,449 | |||||
Accumulated Depreciation | $ (566) | |||||
11900 Parklawn Dr | Rockville, MD | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 3,845 | |||||
Building and Improvements | 7,658 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (92) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 3,845 | |||||
Building and Improvements | 7,566 | |||||
Total | 11,411 | |||||
Accumulated Depreciation | $ (458) | |||||
9200 Corporate Blvd | Rockville, MD | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 2 | |||||
Initial Cost | ||||||
Land | $ 1,621 | |||||
Building and Improvements | 10,806 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 32 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,621 | |||||
Building and Improvements | 10,838 | |||||
Total | 12,459 | |||||
Accumulated Depreciation | $ (522) | |||||
9211 Corporate Blvd | Rockville, MD | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 18,490 | |||||
Building and Improvements | 58,334 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 8 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 18,490 | |||||
Building and Improvements | 58,342 | |||||
Total | 76,832 | |||||
Accumulated Depreciation | $ (1,679) | |||||
11800 - 11836 Coakley Circle | Rockville, MD | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 4 | |||||
Initial Cost | ||||||
Land | $ 18,007 | |||||
Building and Improvements | 26,248 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 270 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 18,007 | |||||
Building and Improvements | 26,518 | |||||
Total | 44,525 | |||||
Accumulated Depreciation | $ (1,257) | |||||
1710 Little Orchard | San Jose, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 6 | |||||
Initial Cost | ||||||
Land | $ 33,092 | |||||
Building and Improvements | 78,859 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 65 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 33,092 | |||||
Building and Improvements | 78,924 | |||||
Total | 112,016 | |||||
Accumulated Depreciation | $ (3,579) | |||||
2023-2035 O'Toole Ave | San Jose, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 3 | |||||
Initial Cost | ||||||
Land | $ 22,067 | |||||
Building and Improvements | 42,760 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 74 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 22,067 | |||||
Building and Improvements | 42,834 | |||||
Total | 64,901 | |||||
Accumulated Depreciation | $ (1,337) | |||||
1510-1518 Montague Expressway | San Jose, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 3 | |||||
Initial Cost | ||||||
Land | $ 7,140 | |||||
Building and Improvements | 11,989 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 7 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 7,140 | |||||
Building and Improvements | 11,996 | |||||
Total | 19,136 | |||||
Accumulated Depreciation | $ (573) | |||||
1650 Las Plumas Ave | San Jose, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 8 | |||||
Initial Cost | ||||||
Land | $ 19,491 | |||||
Building and Improvements | 14,643 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 23 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 19,491 | |||||
Building and Improvements | 14,666 | |||||
Total | 34,157 | |||||
Accumulated Depreciation | $ (483) | |||||
1721 Rogers Ave | San Jose, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 4 | |||||
Initial Cost | ||||||
Land | $ 12,212 | |||||
Building and Improvements | 17,583 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 10 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 12,212 | |||||
Building and Improvements | 17,593 | |||||
Total | 29,805 | |||||
Accumulated Depreciation | $ (821) | |||||
828-848 Charcot Ave | San Jose, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 8 | |||||
Initial Cost | ||||||
Land | $ 89,912 | |||||
Building and Improvements | 23,124 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 74 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 89,912 | |||||
Building and Improvements | 23,198 | |||||
Total | 113,110 | |||||
Accumulated Depreciation | $ (969) | |||||
1431-1437 Doolittle Dr | San Leandro, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 1,412 | |||||
Building and Improvements | 111 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (9) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,412 | |||||
Building and Improvements | 102 | |||||
Total | 1,514 | |||||
Accumulated Depreciation | $ (14) | |||||
1650 S. Amphlett Blvd | San Mateo, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 3 | |||||
Initial Cost | ||||||
Land | $ 24,327 | |||||
Building and Improvements | 58,785 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (295) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 24,327 | |||||
Building and Improvements | 58,490 | |||||
Total | 82,817 | |||||
Accumulated Depreciation | $ (2,466) | |||||
1670 S. Amphlett Blvd | San Mateo, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 4 | |||||
Initial Cost | ||||||
Land | $ 33,236 | |||||
Building and Improvements | 99,459 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 0 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 33,236 | |||||
Building and Improvements | 99,459 | |||||
Total | 132,695 | |||||
Accumulated Depreciation | $ (1,997) | |||||
3301 Leonard Ct | Santa Clara, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 11 | |||||
Initial Cost | ||||||
Land | $ 37,957 | |||||
Building and Improvements | 45,324 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 20 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 37,957 | |||||
Building and Improvements | 45,344 | |||||
Total | 83,301 | |||||
Accumulated Depreciation | $ (1,330) | |||||
1025-1035 Walsh Ave | Santa Clara, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 42,654 | |||||
Building and Improvements | 52,964 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 4 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 42,654 | |||||
Building and Improvements | 52,968 | |||||
Total | 95,622 | |||||
Accumulated Depreciation | $ (1,228) | |||||
2300-2308 Walsh Ave | Santa Clara, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 9 | |||||
Initial Cost | ||||||
Land | $ 36,209 | |||||
Building and Improvements | 43,110 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 9 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 36,209 | |||||
Building and Improvements | 43,119 | |||||
Total | 79,328 | |||||
Accumulated Depreciation | $ (1,077) | |||||
1811-11831 E. Florence Ave | Santa Fe Springs, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 6 | |||||
Initial Cost | ||||||
Land | $ 11,768 | |||||
Building and Improvements | 7,222 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 9 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 11,768 | |||||
Building and Improvements | 7,231 | |||||
Total | 18,999 | |||||
Accumulated Depreciation | $ (364) | |||||
10510 Hathaway Dr | Santa Fe Springs, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 6 | |||||
Initial Cost | ||||||
Land | $ 16,742 | |||||
Building and Improvements | 11,886 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 55 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 16,742 | |||||
Building and Improvements | 11,941 | |||||
Total | 28,683 | |||||
Accumulated Depreciation | $ (603) | |||||
1310-1320 Kifer Rd | Sunnyvale, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 4 | |||||
Initial Cost | ||||||
Land | $ 25,282 | |||||
Building and Improvements | 90,035 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 98 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 25,282 | |||||
Building and Improvements | 90,133 | |||||
Total | 115,415 | |||||
Accumulated Depreciation | $ (4,065) | |||||
2421 W. 205th St | Torrance, CA | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 5 | |||||
Initial Cost | ||||||
Land | $ 45,348 | |||||
Building and Improvements | 6,039 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 63 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 45,348 | |||||
Building and Improvements | 6,102 | |||||
Total | 51,450 | |||||
Accumulated Depreciation | $ (366) | |||||
3111 Fortune Way | Wellington, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 1,621 | |||||
Building and Improvements | 2,589 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 2 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,621 | |||||
Building and Improvements | 2,591 | |||||
Total | 4,212 | |||||
Accumulated Depreciation | $ (86) | |||||
3111 Fortune Way | Wellington, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 8 | |||||
Initial Cost | ||||||
Land | $ 15,101 | |||||
Building and Improvements | 32,710 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 45 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 15,101 | |||||
Building and Improvements | 32,755 | |||||
Total | 47,856 | |||||
Accumulated Depreciation | $ (849) | |||||
3111 Fortune Way | Wellington, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 3 | |||||
Initial Cost | ||||||
Land | $ 3,487 | |||||
Building and Improvements | 6,818 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | (1) | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 3,487 | |||||
Building and Improvements | 6,817 | |||||
Total | 10,304 | |||||
Accumulated Depreciation | $ (152) | |||||
3111 Fortune Way | Wellington, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 1 | |||||
Initial Cost | ||||||
Land | $ 432 | |||||
Building and Improvements | 796 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 0 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 432 | |||||
Building and Improvements | 796 | |||||
Total | 1,228 | |||||
Accumulated Depreciation | $ (12) | |||||
3111 Fortune Way | Wellington, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 2 | |||||
Initial Cost | ||||||
Land | $ 440 | |||||
Building and Improvements | 2,007 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 0 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 440 | |||||
Building and Improvements | 2,007 | |||||
Total | 2,447 | |||||
Accumulated Depreciation | $ (76) | |||||
3111 Fortune Way | Wellington, FL | Operating Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 5 | |||||
Initial Cost | ||||||
Land | $ 1,548 | |||||
Building and Improvements | 2,301 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 1 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,548 | |||||
Building and Improvements | 2,302 | |||||
Total | 3,850 | |||||
Accumulated Depreciation | $ (44) | |||||
84th Ave South | Kent, WA | Development Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 0 | |||||
Initial Cost | ||||||
Land | $ 1,716 | |||||
Building and Improvements | 10,688 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 6,657 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,716 | |||||
Building and Improvements | 17,345 | |||||
Total | 19,061 | |||||
Accumulated Depreciation | $ 0 | |||||
7920 Maitland Drive | McLean, VA | Development Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 0 | |||||
Initial Cost | ||||||
Land | $ 20,558 | |||||
Building and Improvements | 114,458 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 22,552 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 20,558 | |||||
Building and Improvements | 137,010 | |||||
Total | 157,568 | |||||
Accumulated Depreciation | $ 0 | |||||
Gude Drive (land) | Rockville, MD | Land Parcels Properties | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Building count | building | 0 | |||||
Initial Cost | ||||||
Land | $ 1,917 | |||||
Building and Improvements | 0 | |||||
Costs Capitalized Subsequent to Acquisition, net of Write-offs | ||||||
Building and Improvements | 2 | |||||
Gross Carrying Amount at December 31, 2022 | ||||||
Land | 1,917 | |||||
Building and Improvements | 2 | |||||
Total | 1,919 | |||||
Accumulated Depreciation | $ 0 |
Schedule III - Real Estate Acti
Schedule III - Real Estate Activity (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Jul. 19, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at beginning of period | $ 3,141,074 | $ 3,184,209 | $ 3,163,787 | $ 3,079,583 |
Acquisitions of and improvements to properties and development activity | 5,697,822 | 72,190 | 220,978 | 89,143 |
Reclassifications to held for sale | 0 | 89,889 | (89,889) | 23,045 |
Dispositions, write-offs and other | (2,811) | (205,214) | (110,667) | (27,984) |
Balance at end of year | $ 5,695,011 | $ 3,141,074 | $ 3,184,209 | $ 3,163,787 |
Schedule III - Accumulated Depr
Schedule III - Accumulated Depreciation (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Jul. 19, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at beginning of period | $ 1,168,615 | $ 1,178,341 | $ 1,229,035 | $ 1,159,703 |
Depreciation expense | (141,027) | (48,884) | (90,176) | (93,265) |
Dispositions, write-offs and other | 2,811 | 114,894 | 84,586 | 35,476 |
Reclassifications to held for sale | 0 | (56,284) | 56,284 | (11,543) |
Balance at end of year | 138,216 | $ 1,168,615 | 1,178,341 | $ 1,229,035 |
Real estate companies, investment in real estate, cost, portion allocated to secure debt | 5,511,120 | |||
Debt, net | 3,865,553 | $ 32,000 | ||
Property, plant and equipment, gross | $ 1,762,333 |