Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 25, 2014 | Jun. 28, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'LEXINGTON REALTY TRUST | ' | ' |
Entity Central Index Key | '0000910108 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned User | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $2,453,413,854 |
Entity Common Stock, Shares Outstanding | ' | 229,236,491 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period Ended Date | 31-Dec-13 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Real estate, at cost: | ' | ' | ||
Real estate, at cost | $3,812,294 | $3,564,466 | ||
Real estate - intangible assets | 762,157 | 685,914 | ||
Investments in real estate under construction | 74,350 | 65,122 | ||
Real estate, gross | 4,648,801 | 4,315,502 | ||
Less: accumulated depreciation and amortization | 1,223,381 | [1] | 1,150,417 | [1] |
Real estate, net | 3,425,420 | 3,165,085 | ||
Cash and cash equivalents | 77,261 | 34,024 | ||
Restricted cash | 19,953 | 26,741 | ||
Investment in and advances to non-consolidated entities | 18,442 | 27,129 | ||
Deferred expenses (net of accumulated amortization of $28,587 in 2013 and $24,402 in 2012) | 66,827 | 57,549 | ||
Loans receivable, net | 99,443 | 72,540 | ||
Rent receivable - current | 10,087 | 7,355 | ||
Rent receivable – deferred | 19,473 | 0 | ||
Other assets | 35,375 | 27,780 | ||
Total assets | 3,772,281 | 3,418,203 | ||
Liabilities: | ' | ' | ||
Mortgages and notes payable | 1,197,489 | 1,415,961 | ||
Credit facility borrowings | 48,000 | 0 | ||
Term loans payable | 406,000 | 255,000 | ||
Senior notes payable | 247,707 | 0 | ||
Convertible notes payable | 27,491 | 78,127 | ||
Trust preferred securities | 129,120 | 129,120 | ||
Dividends payable | 40,018 | 31,351 | ||
Accounts payable and other liabilities | 39,642 | 70,367 | ||
Accrued interest payable | 9,627 | 11,980 | ||
Deferred revenue - including below market leases (net of accumulated accretion of $40,740 in 2013 and $44,706 in 2012) | 69,667 | 79,908 | ||
Prepaid rent | 18,037 | 13,224 | ||
Total liabilities | 2,232,798 | 2,085,038 | ||
Commitments and contingencies | ' | ' | ||
Equity: | ' | ' | ||
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 228,663,022 and 178,616,664 shares issued and outstanding in 2013 and 2012, respectively | 23 | 18 | ||
Additional paid-in-capital | 2,717,787 | 2,212,949 | ||
Accumulated distributions in excess of net income | -1,300,527 | -1,143,803 | ||
Accumulated other comprehensive income (loss) | 4,439 | -6,224 | ||
Total shareholders’ equity | 1,515,738 | 1,306,730 | ||
Noncontrolling interests | 23,745 | 26,435 | ||
Total equity | 1,539,483 | 1,333,165 | ||
Total liabilities and equity | 3,772,281 | 3,418,203 | ||
Series C [Member] | Convertible Preferred Stock [Member] | ' | ' | ||
Equity: | ' | ' | ||
Preferred shares, value | 94,016 | 94,016 | ||
Series D [Member] | Cumulative Redeemable [Member] | ' | ' | ||
Equity: | ' | ' | ||
Preferred shares, value | $0 | $149,774 | ||
[1] | Includes accumulated amortization of real estate intangible assets of $447,764 and $412,349 in 2013 and 2012, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $44,003 in 2014, $34,932 in 2015, $28,640 in 2016, $25,239 in 2017 and $21,498 in 2018. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Assets: | ' | ' |
Accumulated amortization on Deferred expenses | $28,587 | $24,402 |
Liabilities: | ' | ' |
Accretion on Deferred revenue | 40,740 | 44,706 |
Equity: | ' | ' |
Preferred shares, par value (in dollars per share) | $0.00 | $0.00 |
Preferred shares, authorized shares (in shares) | 100,000,000 | 100,000,000 |
Common shares, par value (in dollars per share) | $0.00 | $0.00 |
Common shares, authorized shares (in shares) | 400,000,000 | 400,000,000 |
Common shares, shares issued (in shares) | 228,663,022 | 178,616,664 |
Common shares, shares outstanding (in shares) | 228,663,022 | 178,616,664 |
Series C [Member] | Cumulative Convertible [Member] | ' | ' |
Equity: | ' | ' |
Preferred Stock Aggregate Liquidation Preference Value | 96,770 | 96,770 |
Preferred shares, convertible preferred, shares issued (in shares) | 1,935,400 | 1,935,400 |
Preferred shares, redeemable preferred, shares outstanding (in shares) | 1,935,400 | 1,935,400 |
Series D [Member] | Cumulative Redeemable [Member] | ' | ' |
Equity: | ' | ' |
Preferred Stock Aggregate Liquidation Preference Value | $155,000 | $155,000 |
Preferred shares, convertible preferred, shares issued (in shares) | 6,200,000 | 6,200,000 |
Preferred shares, redeemable preferred, shares outstanding (in shares) | 6,200,000 | 6,200,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Gross revenues: | ' | ' | ' | |||
Rental | $366,591 | $299,956 | $261,117 | |||
Advisory and incentive fees | 855 | 1,806 | 2,012 | |||
Tenant reimbursements | 30,994 | 28,418 | 29,169 | |||
Total gross revenues | 398,440 | 330,180 | 292,298 | |||
Expense applicable to revenues: | ' | ' | ' | |||
Depreciation and amortization | -174,272 | -152,296 | -145,712 | |||
Property operating | -62,195 | -56,043 | -54,395 | |||
General and administrative | -28,973 | -23,933 | -22,190 | |||
Non-operating income | 8,515 | 6,825 | 12,985 | |||
Interest and amortization expense | -91,271 | -93,677 | -101,401 | |||
Debt satisfaction gains (charges), net | -25,397 | -9,480 | 45 | |||
Change in value of forward equity commitment | 0 | 0 | 2,030 | |||
Gain on acquisition | 0 | 167,864 | 0 | |||
Litigation reserve | 0 | -2,775 | 0 | |||
Impairment charges and loan loss | -35,579 | -4,262 | -17,008 | |||
Income (loss) before benefit (provision) for income taxes, equity in earnings (losses) of non-consolidated entities and discontinued operations | -10,732 | 162,403 | -33,348 | |||
Benefit (provision) for income taxes | -3,259 | -940 | 882 | |||
Equity in earnings (losses) of non-consolidated entities | -157 | 21,531 | 30,334 | |||
Income (loss) from continuing operations | -14,148 | 182,994 | -2,132 | |||
Discontinued operations: | ' | ' | ' | |||
Income (loss) from discontinued operations | -761 | -5,599 | 6,951 | |||
Provision for income taxes | -1,735 | -163 | -113 | |||
Debt satisfaction gains (charges), net | 8,955 | -178 | -606 | |||
Gains on sales of properties | 24,472 | 13,291 | 6,557 | |||
Impairment charges | -12,920 | -5,707 | -100,435 | |||
Total discontinued operations | 18,011 | 1,644 | -87,646 | |||
Net income (loss) | 3,863 | 184,638 | -89,778 | |||
Less net (income) loss attributable to noncontrolling interests | -2,233 | -4,322 | 10,194 | |||
Net income (loss) attributable to Lexington Realty Trust shareholders | 1,630 | 180,316 | -79,584 | |||
Dividends attributable to preferred shares | ' | ' | ' | |||
Allocation to participating securities | 656 | 1,087 | 368 | |||
Net income (loss) attributable to common shareholders | -14,089 | 156,821 | -103,721 | |||
Income (loss) per common share – basic: | ' | ' | ' | |||
Income (loss) from continuing operations, basic (usd per share) | ($0.15) | $0.99 | ($0.20) | |||
Income (loss) from discontinued operations, basic (usd per share) | $0.08 | $0 | ($0.48) | |||
Net income (loss) attributable to common shareholders, basic (usd per share) | ($0.07) | $0.99 | ($0.68) | |||
Weighted-average common shares outstanding – basic | 209,797,238 | 159,109,424 | 152,473,336 | |||
Income (loss) per common share – diluted: | ' | ' | ' | |||
Income (loss) from continuing operations, diluted (usd per share) | ($0.15) | $0.93 | ($0.20) | |||
Income (loss) from discontinued operations, diluted (usd per share) | $0.08 | $0 | ($0.48) | |||
Net income (loss) attributable to common shareholders, diluted (usd per share) | ($0.07) | $0.93 | ($0.68) | |||
Weighted-average common shares outstanding – diluted | 209,797,238 | 179,659,826 | 152,473,336 | |||
Amounts attributable to common shareholders: | ' | ' | ' | |||
Income (loss) from continuing operations | -31,777 | 156,709 | -30,194 | |||
Income (loss) from discontinued operations | 17,688 | 112 | -73,527 | |||
Net income (loss) attributable to common shareholders | -14,089 | 156,821 | -103,721 | |||
Series B [Member] | ' | ' | ' | |||
Dividends attributable to preferred shares | ' | ' | ' | |||
Dividends attributable to preferred shares | 0 | -2,298 | -6,149 | |||
Deemed dividend | 0 | [1] | -2,346 | [1] | -95 | [1] |
Series C [Member] | ' | ' | ' | |||
Dividends attributable to preferred shares | ' | ' | ' | |||
Dividends attributable to preferred shares | -6,290 | -6,290 | -6,655 | |||
Redemption discount – Series C | 0 | [1] | 229 | [1] | 833 | [1] |
Series D [Member] | ' | ' | ' | |||
Dividends attributable to preferred shares | ' | ' | ' | |||
Dividends attributable to preferred shares | -3,543 | -11,703 | -11,703 | |||
Deemed dividend | ($5,230) | [1] | $0 | [1] | $0 | [1] |
[1] | Represents the difference between the redemption/repurchase cost and historical GAAP cost. Accordingly, net income (loss) was adjusted for the deemed dividends/deemed negative dividends to arrive at net income (loss) attributable to common shareholders. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income (loss) | $3,863 | $184,638 | ($89,778) |
Other comprehensive income (loss): | ' | ' | ' |
Change in unrealized gain (loss) on interest rate swaps, net | 10,663 | -8,162 | 2,044 |
Other comprehensive income (loss) | 10,663 | -8,162 | 2,044 |
Comprehensive income (loss) | 14,526 | 176,476 | -87,734 |
Comprehensive (income) loss attributable to noncontrolling interests | -2,233 | -4,322 | 10,194 |
Comprehensive income (loss) attributable to Lexington Realty Trust shareholders | $12,293 | $172,154 | ($77,540) |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $) | Total | Preferred Shares [Member] | Common Stock [Member] | Additional Paid-in-Capital [Member] | Accumulated Distributions in Excess of Net Income [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Non-controlling Interests [Member] |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance at Dec. 31, 2010 | $1,304,901 | $327,867 | $15 | $1,937,942 | ($1,036,790) | ($106) | $75,973 |
Balance (in shares) at Dec. 31, 2010 | ' | 11,455,200 | 146,552,589 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Redemption of noncontrolling OP units for common shares | ' | ' | ' | 2,187 | ' | ' | -2,187 |
Redemption of noncontrolling OP units for common shares (in shares) | ' | ' | 398,927 | ' | ' | ' | ' |
Repurchase of common shares | -31,916 | ' | ' | -31,916 | ' | ' | ' |
Repurchase of common shares (in shares) | ' | ' | -3,974,645 | ' | ' | ' | ' |
Repurchase of preferred shares | -15,456 | -16,194 | ' | ' | 738 | ' | ' |
Repurchase of preferred shares (in shares) | ' | -544,126 | ' | ' | ' | ' | ' |
Contributions from noncontrolling interests | 2 | ' | ' | ' | ' | ' | 2 |
Exercise of employee common share options, net | -221 | ' | ' | -221 | ' | ' | ' |
Exercise of employee common share options, net (in shares) | ' | ' | 250,355 | ' | ' | ' | ' |
Obtained control of noncontrolling investment | 574 | ' | ' | ' | ' | ' | 574 |
Forfeiture of employee performance common shares | 69 | ' | ' | ' | 69 | ' | ' |
Forfeiture of employee performance common shares (in shares) | ' | ' | -10,140 | ' | ' | ' | ' |
Issuance of common shares and deferred compensation amortization, net | 102,416 | ' | ' | 102,416 | ' | ' | ' |
Issuance of common shares and deferred compensation amortization, net (in shares) | ' | ' | 11,721,265 | ' | ' | ' | ' |
Dividends/distributions | -102,874 | ' | ' | ' | -97,063 | ' | -5,811 |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -89,778 | ' | ' | ' | -79,584 | ' | -10,194 |
Other comprehensive income: | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income | 2,044 | ' | ' | ' | ' | 2,044 | ' |
Balance at Dec. 31, 2011 | 1,170,203 | 311,673 | 15 | 2,010,850 | -1,212,630 | 1,938 | 58,357 |
Balance (in shares) at Dec. 31, 2011 | ' | 10,911,074 | 154,938,351 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Redemption of noncontrolling OP units for common shares | ' | ' | ' | 1,343 | ' | ' | -1,343 |
Redemption of noncontrolling OP units for common shares (in shares) | ' | ' | 257,427 | ' | ' | ' | ' |
Repurchase of preferred shares | -70,000 | -67,883 | ' | ' | -2,117 | ' | ' |
Repurchase of preferred shares (in shares) | ' | -2,775,674 | ' | ' | ' | ' | ' |
Contributions from noncontrolling interests | 1,262 | ' | ' | ' | ' | ' | 1,262 |
Issuance of common shares upon conversion of Convertible Notes | 33,770 | ' | 1 | 33,769 | ' | ' | ' |
Issuance of common shares upon conversion of convertible notes (in shares) | 4,487,060 | ' | 4,487,060 | ' | ' | ' | ' |
Exercise of employee common share options, net | -534 | ' | ' | -534 | ' | ' | ' |
Exercise of employee common share options, net (in shares) | ' | ' | 110,944 | ' | ' | ' | ' |
Issuance of common shares and deferred compensation amortization, net | 167,523 | ' | 2 | 167,521 | ' | ' | ' |
Issuance of common shares and deferred compensation amortization, net (in shares) | ' | ' | 18,822,882 | ' | ' | ' | ' |
Deconsolidation of consolidated joint venture | -782 | ' | ' | ' | ' | ' | -782 |
Dividends/distributions | -144,753 | ' | ' | ' | -109,372 | ' | -35,381 |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 184,638 | ' | ' | ' | 180,316 | ' | 4,322 |
Other comprehensive income: | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income | -8,162 | ' | ' | ' | ' | -8,162 | ' |
Balance at Dec. 31, 2012 | 1,333,165 | 243,790 | 18 | 2,212,949 | -1,143,803 | -6,224 | 26,435 |
Balance (in shares) at Dec. 31, 2012 | ' | 8,135,400 | 178,616,664 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Redemption of noncontrolling OP units for common shares | ' | ' | ' | 1,053 | ' | ' | -1,053 |
Redemption of noncontrolling OP units for common shares (in shares) | ' | ' | 202,241 | ' | ' | ' | ' |
Repurchase of preferred shares | -155,004 | -149,774 | ' | ' | -5,230 | ' | ' |
Acquisition of consolidated joint venture partners' equity interest | -8,918 | ' | ' | ' | -8,918 | ' | ' |
Repurchase of preferred shares (in shares) | ' | -6,200,000 | ' | ' | ' | ' | ' |
Issuance of common shares upon conversion of Convertible Notes | 60,686 | ' | 1 | 60,685 | ' | ' | ' |
Issuance of common shares upon conversion of convertible notes (in shares) | 7,944,673 | ' | 7,944,673 | ' | ' | ' | ' |
Exercise of employee common share options, net | -2,289 | ' | ' | -2,289 | ' | ' | ' |
Exercise of employee common share options, net (in shares) | ' | ' | 955,478 | ' | ' | ' | ' |
Forfeiture of employee common shares | -20 | ' | ' | -20 | ' | ' | ' |
Forfeiture of employee common shares (in shares) | ' | ' | -3,571 | ' | ' | ' | ' |
Issuance of common shares and deferred compensation amortization, net | 440,835 | ' | 4 | 440,831 | ' | ' | ' |
Issuance of common shares and deferred compensation amortization, net (in shares) | ' | ' | 40,947,537 | ' | ' | ' | ' |
Dividends/distributions | -148,076 | ' | ' | ' | -144,206 | ' | -3,870 |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 3,863 | ' | ' | ' | 1,630 | ' | 2,233 |
Other comprehensive income: | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income | 10,663 | ' | ' | ' | ' | 10,663 | ' |
Balance at Dec. 31, 2013 | $1,539,483 | $94,016 | $23 | $2,717,787 | ($1,300,527) | $4,439 | $23,745 |
Balance (in shares) at Dec. 31, 2013 | ' | 1,935,400 | 228,663,022 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) | $3,863 | $184,638 | ($89,778) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 183,833 | 171,969 | 168,288 |
Gain on acquisition | 0 | -167,864 | 0 |
Gains on sales of properties | -24,472 | -13,291 | -6,557 |
Debt satisfaction charges, net | 3,989 | 8,062 | 311 |
Impairment charges and loan losses | 48,499 | 9,969 | 117,443 |
Straight-line rents | -23,538 | -7,372 | -1,763 |
Other non-cash (income) expense, net | 5,248 | -1,139 | -6,364 |
Equity in earnings (losses) of non-consolidated entities | 157 | -21,531 | -30,334 |
Distributions of accumulated earnings from non-consolidated entities, net | 918 | 7,498 | 11,549 |
Deferred taxes, net | 752 | -186 | -1,799 |
Increase (decrease) in accounts payable and other liabilities | 6,223 | -598 | 1,589 |
Change in rent receivable and prepaid rent, net | 4,420 | -1,325 | 19,929 |
Decrease in accrued interest payable | -1,058 | -2,473 | -970 |
Other adjustments, net | -2,530 | -2,547 | -1,407 |
Net cash provided by operating activities: | 206,304 | 163,810 | 180,137 |
Cash flows from investing activities: | ' | ' | ' |
Investment in real estate, including intangible assets | -447,571 | -98,083 | -25,811 |
Investment in real estate under construction | 106,009 | 113,262 | 69,755 |
Capital expenditures | -48,822 | -49,952 | -32,426 |
Acquisition of remaining interest in NLS, net of cash acquired of $8,107 | 0 | -1,331 | 0 |
Net proceeds from sale of properties | 75,519 | 155,240 | 124,039 |
Principal payments received on loans receivable | 2,056 | 6,841 | 46,867 |
Investment in loans receivable | -60,727 | -11,470 | -32,591 |
Investments in and advances to non-consolidated entities, net | -8,193 | -20,172 | -19,940 |
Proceeds from sale of interest in non-consolidated entity | 0 | 7,000 | 0 |
Distributions from non-consolidated entities in excess of accumulated earnings | 15,603 | 351 | 5,900 |
Increase in deferred leasing costs | -12,060 | -14,826 | -15,870 |
Change in escrow deposits and restricted cash | -7,141 | 5,710 | -3,405 |
Real estate deposits | -238 | -149 | -1,821 |
Net cash used in investing activities | -597,583 | -134,103 | -24,813 |
Cash flows from financing activities: | ' | ' | ' |
Dividends to common and preferred shareholders | -135,539 | -103,295 | -94,861 |
Repurchase of exchangeable notes | 0 | -62,150 | 0 |
Proceeds from senior notes | 247,565 | 0 | 0 |
Conversion of convertible notes | -3,270 | -2,427 | 0 |
Principal amortization payments | -34,446 | -31,252 | -31,068 |
Principal payments on debt, excluding normal amortization | -347,122 | -288,094 | -105,266 |
Change in revolving credit facility borrowing, net | 48,000 | 0 | 0 |
Increase in deferred financing costs | -12,307 | -6,431 | -4,214 |
Proceeds of mortgages and notes payable | 253,500 | 121,000 | 15,000 |
Proceeds from term loans | 151,000 | 255,000 | 0 |
Contributions from noncontrolling interests | 0 | 889 | 2 |
Cash distributions to noncontrolling interests | -3,870 | -35,381 | -5,811 |
Purchase of a noncontrolling interest | 8,918 | 0 | 0 |
Repurchase of preferred shares | -155,004 | -70,000 | -15,456 |
Payments on forward equity commitment, net | 0 | 0 | -2,313 |
Issuance of common shares, net | 434,927 | 162,747 | 99,730 |
Net cash provided by (used in) financing activities | 434,516 | -59,394 | -144,257 |
Change in cash and cash equivalents | 43,237 | -29,687 | 11,067 |
Cash and cash equivalents, at beginning of year | 34,024 | 63,711 | 52,644 |
Cash and cash equivalents, at end of year | $77,261 | $34,024 | $63,711 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Statement of Cash Flows [Abstract] | ' |
Cash acquired in acquisition of remaining interest in NLS | $8,107 |
The_Company
The Company | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
The Company | ' |
The Company | |
Lexington Realty Trust (together with its consolidated subsidiaries, except when the context only applies to the parent entity, the “Company”) is a self-managed and self-administered Maryland statutory real estate investment trust (“REIT”) that owns a diversified portfolio of equity and debt investments in single-tenant properties and land. The Company also provides investment advisory and asset management services to investors in the single-tenant area. As of December 31, 2013 and 2012, the Company had equity ownership interests in approximately 220 consolidated properties located in 41 states. A majority of the real properties in which the Company had an interest and all land interests are generally subject to net leases or similar leases where the tenant pays all or substantially all of the cost, including cost increases, for real estate taxes, insurance, utilities and ordinary maintenance of the property. However, certain leases provide that the landlord is responsible for certain operating expenses. | |
The Company believes it has qualified as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, the Company will not be subject to federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under the Code. The Company is permitted to participate in certain activities from which it was previously precluded in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries (“TRS”) under the Code. As such, the TRS are subject to federal income taxes on the income from these activities. | |
The Company conducts its operations either directly or indirectly through (1) property owner subsidiaries and lender subsidiaries, (2) operating partnerships in which the Company is the sole unit holder of the general partner and the sole unit holder of the limited partner that holds a majority of the limited partner interests (“OP units”) or (3) Lexington Realty Advisors, Inc. (“LRA”), a wholly-owned TRS. As of December 31, 2013, the Company controlled one operating partnership: Lepercq Corporate Income Fund L.P. (“LCIF”). On December 30, 2013, another operating partnership, Lepercq Corporate Income Fund II L.P. (“LCIF II”), was merged with and into LCIF, with LCIF as the surviving entity. Property owner subsidiaries are landlords under leases for properties in which the Company has an interest and/or borrowers under loan agreements secured by properties in which the Company has an interest and lender subsidiaries are lenders under loan agreements where the Company made an investment in a loan asset, but in all cases are separate and distinct legal entities. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Basis of Presentation and Consolidation. The Company's consolidated financial statements are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial statements reflect the accounts of the Company and its consolidated subsidiaries. The Company consolidates its wholly-owned subsidiaries, partnerships and joint ventures which it controls (i) through voting rights or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity ("VIE"). Entities which the Company does not control and entities which are VIEs in which the Company is not the primary beneficiary are accounted for under appropriate GAAP. | |
If an investment is determined to be a VIE, the Company performs an analysis to determine if the Company is the primary beneficiary of the VIE. GAAP requires a VIE to be consolidated by its primary beneficiary. The primary beneficiary is the party that has a controlling financial interest in an entity. In order for a party to have a controlling financial interest in an entity, it must have (1) the power to direct the activities of a VIE that most significantly impact the entity's economic performance and (2) the obligation to absorb losses or the right to receive benefits of an entity that could potentially be significant to the VIE. | |
Consolidated Variable Interest Entity. The Company's consolidated VIE was determined to be a VIE primarily because the entity's equity holders' obligation to absorb losses is protected. The Company determined that it was the primary beneficiary of the VIE because it has a controlling financial interest in the entity. | |
The Company's wholly-owned entity which owns an office building in Greenville, South Carolina is a VIE and is consolidated by the Company. The tenant has an option to purchase the property on December 31, 2014 at fair market value, but not for less than $10,710 and not for greater than $11,550. If the tenant does not exercise the purchase option, the Company has the right to require the tenant to purchase the property for $10,710. | |
Non-Consolidated Variable Interest Entities. At December 31, 2013 and 2012, the Company held variable interests in certain non-consolidated VIEs; however, the Company was not the primary beneficiary of these VIEs as the Company does not have a controlling financial interest in the entities. The Company has certain acquisition commitments and/ or acquisition, development and construction arrangements with VIEs. The Company is obligated to fund certain amounts as discussed in note 4. | |
Earnings Per Share. Basic net income (loss) per share is computed by dividing net income (loss) reduced by preferred dividends and amounts allocated to certain non-vested share-based payment awards, if applicable, by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share amounts are similarly computed but include the effect, when dilutive, of in-the-money common share options, OP units and put options of certain convertible securities. | |
Use of Estimates. Management has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these consolidated financial statements in conformity with GAAP. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination of VIEs and which entities should be consolidated, the determination of impairment of long-lived assets, loans receivable and equity method investments, valuation of derivative financial instruments and the useful lives of long-lived assets. Actual results could differ materially from those estimates. | |
Fair Value Measurements. The Company follows the guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("Topic 820"), to determine the fair value of financial and non-financial instruments. Topic 820 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 - observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 - unobservable inputs, which are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considering counterparty credit risk. The Company has formally elected to apply the portfolio exception within Topic 820 with respect to measuring counterparty risk for all of its derivative transactions subject to master netting arrangements. | |
Revenue Recognition. The Company recognizes lease revenue on a straight-line basis over the term of the lease unless another systematic and rational basis is more representative of the time pattern in which the use benefit is derived from the leased property. Renewal options in leases with rental terms that are lower than those in the primary term are excluded from the calculation of straight-line rent if the renewals are not reasonably assured. If the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. If the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. The lease incentive is recorded as a deferred expense and amortized as a reduction of revenue on a straight-line basis over the respective lease term. The Company recognizes lease termination fees as rental revenue in the period received and writes off unamortized lease-related intangible and other lease-related account balances, provided there are no further Company obligations under the lease. Otherwise, such fees and balances are recognized on a straight-line basis over the remaining obligation period with the termination payments being recorded as a component of rent receivable-deferred or deferred revenue on the Consolidated Balance Sheets. | |
Gains on sales of real estate are recognized based upon the specific timing of the sale as measured against various criteria related to the terms of the transactions and any continuing involvement associated with the properties. If the sales criteria are not met, the gain is deferred and the finance, installment or cost recovery method, as appropriate, is applied until the sales criteria are met. To the extent the Company sells a property and retains a partial ownership interest in the property, the Company recognizes gain to the extent of the third-party ownership interest. | |
Accounts Receivable. The Company continuously monitors collections from tenants and makes a provision for estimated losses based upon historical experience and any specific tenant collection issues that the Company has identified. As of December 31, 2013 and 2012, the Company's allowance for doubtful accounts was not significant. | |
Purchase Accounting and Acquisition of Real Estate. The fair value of the real estate acquired, which includes the impact of fair value adjustments for assumed mortgage debt related to property acquisitions, is allocated to the acquired tangible assets, consisting of land, building and improvements and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place leases and value of tenant relationships, based in each case on their fair values. Acquisition costs are expensed as incurred and are included in property operating expense in the accompanying Consolidated Statement of Operations. Also, noncontrolling interests acquired are recorded at estimated fair market value. | |
The fair value of the tangible assets of an acquired property (which includes land, building and improvements and fixtures and equipment) is determined by valuing the property as if it were vacant. The “as-if-vacant” value is then allocated to land and building and improvements based on management's determination of relative fair values of these assets. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions. | |
In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market lease values are recorded based on the difference between the current in-place lease rent and management's estimate of current market rents. Below-market lease intangibles are recorded as part of deferred revenue and amortized into rental revenue over the non-cancelable periods and bargain renewal periods of the respective leases. Above-market leases are recorded as part of intangible assets and amortized as a direct charge against rental revenue over the non-cancelable portion of the respective leases. | |
The aggregate value of other acquired intangible assets, consisting of in-place leases and tenant relationship values, is measured by the excess of (1) the purchase price paid for a property over (2) the estimated fair value of the property as if vacant, determined as set forth above. This aggregate value is allocated between in-place lease values and tenant relationship values based on management's evaluation of the specific characteristics of each tenant's lease. The value of in-place leases is amortized to expense over the remaining non-cancelable periods and any bargain renewal periods of the respective leases. The value of tenant relationships is amortized to expense over the applicable lease term plus expected renewal periods. | |
Depreciation is determined by the straight-line method over the remaining estimated economic useful lives of the properties. The Company generally depreciates its real estate assets over periods ranging up to 40 years. | |
Impairment of Real Estate. The Company evaluates the carrying value of all tangible and intangible real estate assets held for investment for possible impairment when an event or change in circumstance has occurred that indicates its carrying value may not be recoverable. The evaluation includes estimating and reviewing anticipated future undiscounted cash flows to be derived from the asset. If such cash flows are less than the asset's carrying value, an impairment charge is recognized to the extent by which the asset's carrying value exceeds its estimated fair value, which may be below the balance of any non-recourse financing. Estimating future cash flows and fair values is highly subjective and such estimates could differ materially from actual results. | |
Investments in Non-Consolidated Entities. The Company accounts for its investments in 50% or less owned entities under the equity method, unless consolidation is required. If the Company's investment in the entity is insignificant and the Company has no influence over the control of the entity then the entity is accounted for under the cost method. | |
Impairment of Equity Method Investments. The Company assesses whether there are indicators that the value of its equity method investments may be impaired. An impairment charge is recognized only if the Company determines that a decline in the value of the investment below its carrying value is other-than-temporary. The assessment of impairment is highly subjective and involves the application of significant assumptions and judgments about the Company's intent and ability to recover its investment given the nature and operations of the underlying investment, including the level of the Company's involvement therein, among other factors. To the extent an impairment is deemed to be other-than-temporary, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. | |
Loans Receivable. Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan origination costs and fees and loan purchase discounts are amortized over the term of the loan. The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. Significant judgments are required in determining whether impairment has occurred. The Company performs an impairment analysis by comparing either the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's observable current market price or the fair value of the underlying collateral to the net carrying value of the loan, which may result in an allowance and corresponding loan loss charge. Interest income is recorded on a cash basis for impaired loans. | |
Acquisition, Development and Construction Arrangements. The Company evaluates loans receivable where the Company participates in residual profits through loan provisions or other contracts to ascertain whether the Company has the same risks and rewards as an owner or a joint venture partner. Where the Company concludes that such arrangements are more appropriately treated as an investment in real estate, the Company reflects such loan receivable as an equity investment in real estate under construction in the Consolidated Balance Sheets. In these cases, no interest income is recorded on the loan receivable and the Company records capitalized interest during the construction period. In arrangements where the Company engages a developer to construct a property or provide funds to a tenant to develop a property, the Company will capitalize the funds provided to the developer/tenant and internal costs of interest and real estate taxes, if applicable, during the construction period. | |
Properties Held For Sale. Assets and liabilities of properties that meet various held for sale criteria, including whether it is probable that a sale will occur within 12 months, are presented separately in the Consolidated Balance Sheets, with assets and liabilities being separately stated. The operating results of these properties are reflected as discontinued operations in the Consolidated Statements of Operations. Properties classified as held for sale are carried at the lower of net carrying value or estimated fair value less costs to sell and depreciation and amortization are no longer recognized. Properties that do not meet the held for sale criteria are accounted for as operating properties. | |
Deferred Expenses. Deferred expenses consist primarily of debt and leasing costs. Debt costs are amortized using the straight-line method, which approximates the interest method, over the terms of the debt instruments and leasing costs are amortized over the term of the related lease. | |
Derivative Financial Instruments. The Company accounts for its interest rate swap agreements in accordance with FASB ASC Topic 815, Derivatives and Hedging ("Topic 815"). In accordance with Topic 815, these agreements are carried on the balance sheet at their respective fair values, as an asset if fair value is positive, or as a liability if fair value is negative. If the interest rate swap is designated as a cash flow hedge, the effective portion of the interest rate swap's change in fair value is reported as a component of other comprehensive income (loss); the ineffective portion, if any, is recognized in earnings as an increase or decrease to interest expense. | |
Upon entering into hedging transactions, the Company documents the relationship between the interest rate swap agreement and the hedged item. The Company also documents its risk-management policies, including objectives and strategies, as they relate to its hedging activities. The Company assesses, both at inception of a hedge and on an on-going basis, whether or not the hedge is highly effective. The Company will discontinue hedge accounting on a prospective basis with changes in the estimated fair value reflected in earnings when (1) it is determined that the derivative is no longer effective in offsetting cash flows of a hedged item (including forecasted transactions), (2) it is no longer probable that the forecasted transaction will occur or (3) it is determined that designating the derivative as an interest rate swap is no longer appropriate. The Company does and may continue to utilize interest rate swap and cap agreements to manage interest rate risk, but does not anticipate entering into derivative transactions for speculative trading purposes. | |
Stock Compensation. The Company maintains an equity participation plan. Non-vested share grants generally vest either based upon (1) time, (2) performance and/or (3) market conditions. Options granted under the plan in 2010 vest over a five-year period and expire ten years from the date of grant. Options granted under the plan in 2008 vest upon attainment of certain market performance measures and expire ten years from the date of grant. All share-based payments to employees, including grants of employee stock options, are recognized in the Consolidated Statements of Operations based on their fair values. | |
Tax Status. The Company has made an election to qualify, and believes it is operating so as to qualify, as a REIT for federal income tax purposes. Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under Sections 856 through 860 of the Code. | |
The Company is permitted to participate in certain activities from which it was previously precluded in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries under the Code. As such, the Company is subject to federal and state income taxes on the income from these activities. | |
Income taxes, primarily related to the Company's taxable REIT subsidiaries, are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. | |
Cash and Cash Equivalents. The Company considers all highly liquid instruments with original maturities of three months or less from the date of purchase to be cash equivalents. | |
Restricted Cash. Restricted cash is comprised primarily of cash balances held in escrow with lenders. | |
Environmental Matters. Under various federal, state and local environmental laws, statutes, ordinances, rules and regulations, an owner of real property may be liable for the costs of removal or remediation of certain hazardous or toxic substances at, on, in or under such property as well as certain other potential costs relating to hazardous or toxic substances. These liabilities may include government fines, penalties and damages for injuries to persons and adjacent property. Such laws often impose liability without regard to whether the owner knew of, or was responsible for, the presence or disposal of such substances. Although most of the tenants of properties in which the Company has an interest are primarily responsible for any environmental damage and claims related to the leased premises, in the event of the bankruptcy or inability of the tenant of such premises to satisfy any obligations with respect to such environmental liability, or if the tenant is not responsible, the Company's property owner subsidiary may be required to satisfy any such obligations, should they exist. In addition, the property owner subsidiary, as the owner of such a property, may be held directly liable for any such damages or claims irrespective of the provisions of any lease. As of December 31, 2013, the Company was not aware of any environmental matter relating to any of its investments that would have a material impact on the consolidated financial statements. | |
Segment Reporting. The Company operates generally in one industry segment, single-tenant real estate assets. | |
Reclassifications. Certain amounts included in prior years' financial statements have been reclassified to conform to the current year presentation, including certain statement of operations captions including activities for properties sold during 2013, which are presented as discontinued operations. | |
Recently Issued Accounting Guidance. In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-02: Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the transparency of reporting the reclassifications of significant amounts out of accumulated other comprehensive income. This guidance requires entities to present the effects on the line items of net income of significant reclasses from accumulated other comprehensive income, either where net income is presented or in the notes, as well as cross-reference to other disclosures currently required under GAAP for other reclassification items (that are not required under GAAP) to be reclassified directly to net income in their entirety in the same reporting period. The new disclosure requirements are effective for annual reporting periods beginning after December 15, 2012. The new disclosures are required for both interim and annual reporting. The implementation of this guidance did not have an impact on the Company's financial position, results of operations or cash flows. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings Per Share | ||||||||||||
A significant portion of the Company's non-vested share-based payment awards are considered participating securities and as such, the Company is required to use the two-class method for the computation of basic and diluted earnings per share. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The non-vested share-based payment awards are not allocated losses as the awards do not have a contractual obligation to share in losses of the Company. | ||||||||||||
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for each of the years in the three-year period ended December 31, 2013: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
BASIC | ||||||||||||
Income (loss) from continuing operations attributable to common shareholders | $ | (31,777 | ) | $ | 156,709 | $ | (30,194 | ) | ||||
Income (loss) from discontinued operations attributable to common shareholders | 17,688 | 112 | (73,527 | ) | ||||||||
Net income (loss) attributable to common shareholders | $ | (14,089 | ) | $ | 156,821 | $ | (103,721 | ) | ||||
Weighted-average number of common shares outstanding | 209,797,238 | 159,109,424 | 152,473,336 | |||||||||
Income (loss) per common share: | ||||||||||||
Income (loss) from continuing operations | $ | (0.15 | ) | $ | 0.99 | $ | (0.20 | ) | ||||
Income (loss) from discontinued operations | 0.08 | — | (0.48 | ) | ||||||||
Net income (loss) attributable to common shareholders | $ | (0.07 | ) | $ | 0.99 | $ | (0.68 | ) | ||||
2013 | 2012 | 2011 | ||||||||||
DILUTED: | ||||||||||||
Income (loss) from continuing operations attributable to common shareholders | $ | (31,777 | ) | $ | 156,709 | $ | (30,194 | ) | ||||
Impact of assumed conversions: | ||||||||||||
Share Options | — | — | — | |||||||||
Operating Partnership Units | — | 1,585 | — | |||||||||
6.00% Convertible Guaranteed Notes | — | 8,953 | — | |||||||||
Income (loss) from continuing operations attributable to common shareholders | (31,777 | ) | 167,247 | (30,194 | ) | |||||||
Income (loss) from discontinued operations attributable to common shareholders | 17,688 | 112 | (73,527 | ) | ||||||||
Impact of assumed conversions: | ||||||||||||
Operating Partnership Units | — | (392 | ) | — | ||||||||
Income (loss) from discontinued operations attributable to common shareholders | 17,688 | (280 | ) | (73,527 | ) | |||||||
Net income (loss) attributable to common shareholders | $ | (14,089 | ) | $ | 166,967 | $ | (103,721 | ) | ||||
Weighted-average common shares outstanding - basic | 209,797,238 | 159,109,424 | 152,473,336 | |||||||||
Effect of dilutive securities: | ||||||||||||
Share Options | — | 306,449 | — | |||||||||
Operating Partnership Units | — | 4,438,708 | — | |||||||||
6.00% Convertible Guaranteed Notes | — | 15,805,245 | — | |||||||||
Weighted-average common shares outstanding | 209,797,238 | 179,659,826 | 152,473,336 | |||||||||
Income (loss) per common share: | ||||||||||||
Income (loss) from continuing operations | $ | (0.15 | ) | $ | 0.93 | $ | (0.20 | ) | ||||
Income (loss) from discontinued operations | 0.08 | — | (0.48 | ) | ||||||||
Net income (loss) attributable to common shareholders | $ | (0.07 | ) | $ | 0.93 | $ | (0.68 | ) | ||||
For per common share amounts, all incremental shares are considered anti-dilutive for periods that have a loss from continuing operations attributable to common shareholders. In addition, other common share equivalents may be anti-dilutive in certain periods. |
Investments_in_Real_Estate_and
Investments in Real Estate and Real Estate Under Construction | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Real Estate Investments, Net [Abstract] | ' | |||||||||||||||||||||
Investments in Real Estate and Real Estate Under Construction | ' | |||||||||||||||||||||
Investments in Real Estate and Real Estate Under Construction | ||||||||||||||||||||||
The Company's real estate, net, consists of the following at December 31, 2013 and 2012: | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Real estate, at cost: | ||||||||||||||||||||||
Buildings and building improvements | $ | 3,008,709 | $ | 2,969,050 | ||||||||||||||||||
Land, land estates and land improvements | 793,418 | 581,199 | ||||||||||||||||||||
Fixtures and equipment | 5,861 | 7,705 | ||||||||||||||||||||
Construction in progress | 4,306 | 6,512 | ||||||||||||||||||||
Real estate intangibles: | ||||||||||||||||||||||
In-place lease values | 486,743 | 401,503 | ||||||||||||||||||||
Tenant relationships | 172,640 | 179,655 | ||||||||||||||||||||
Above-market leases | 102,774 | 104,756 | ||||||||||||||||||||
Investments in real estate under construction | 74,350 | 65,122 | ||||||||||||||||||||
4,648,801 | 4,315,502 | |||||||||||||||||||||
Accumulated depreciation and amortization(1) | (1,223,381 | ) | (1,150,417 | ) | ||||||||||||||||||
Real estate, net | $ | 3,425,420 | $ | 3,165,085 | ||||||||||||||||||
-1 | Includes accumulated amortization of real estate intangible assets of $447,764 and $412,349 in 2013 and 2012, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $44,003 in 2014, $34,932 in 2015, $28,640 in 2016, $25,239 in 2017 and $21,498 in 2018. | |||||||||||||||||||||
The Company had below-market leases, net of accumulated accretion, which are included in deferred revenue, of $59,781 and $71,513, respectively as of December 31, 2013 and 2012. The estimated accretion for the next five years is $5,176 in 2014, $4,489 in 2015, $3,380 in 2016, $2,935 in 2017 and $2,911 in 2018. | ||||||||||||||||||||||
The Company, through property owner subsidiaries, completed the following acquisitions and build-to-suit transactions during 2013 and 2012: | ||||||||||||||||||||||
2013:00:00 | ||||||||||||||||||||||
Real Estate Intangibles | ||||||||||||||||||||||
Property Type | Location | Acquisition/Completion Date | Initial Cost Basis | Lease Expiration | Land and Land Estate | Building and Improvements | Above Market Lease Value | Lease in-place Value | ||||||||||||||
Industrial | Long Island City, NY | Feb-13 | $ | 42,124 | Mar-28 | $ | — | $ | 42,124 | $ | — | $ | — | |||||||||
Industrial | Houston, TX | Mar-13 | $ | 81,400 | Mar-38 | $ | 15,055 | $ | 57,949 | $ | — | $ | 8,396 | |||||||||
Office (1) | Denver, CO | Apr-13 | $ | 34,547 | Apr-28 | $ | 2,207 | $ | 26,724 | $ | — | $ | 5,616 | |||||||||
Retail(2) | Tuscaloosa, AL | May-13 | $ | 8,397 | May-28 | $ | 2,793 | $ | 5,604 | $ | — | $ | — | |||||||||
Land(3) | New York, NY | Oct-13 | $ | 302,000 | Oct-12 | $ | 224,935 | $ | — | $ | — | $ | 77,065 | |||||||||
Land | Danville, VA | Oct-13 | $ | 4,727 | Jan-29 | $ | 3,454 | $ | — | $ | 673 | $ | 600 | |||||||||
Retail(4) | Albany, GA | Nov-13 | $ | 7,074 | Nov-28 | $ | 1,468 | $ | 5,606 | $ | — | $ | — | |||||||||
Office(5) | Various | Dec-13 | $ | 13,144 | Dec-33 | $ | 1,522 | $ | 10,374 | $ | — | $ | 1,248 | |||||||||
Office | Omaha, NE | Dec-13 | $ | 39,125 | Nov-33 | $ | 2,058 | $ | 32,343 | $ | — | $ | 4,724 | |||||||||
$ | 532,538 | $ | 253,492 | $ | 180,724 | $ | 673 | $ | 97,649 | |||||||||||||
Weighted-average life of intangible assets (years) | 15.3 | 82.5 | ||||||||||||||||||||
-1 | The Company incurred additional tenant related costs of $3,825. | |||||||||||||||||||||
-2 | The Company incurred leasing costs of $323. The property was sold in September 2013. | |||||||||||||||||||||
-3 | Includes three properties. | |||||||||||||||||||||
-4 | The Company incurred leasing costs of $338. | |||||||||||||||||||||
-5 | Includes four properties. One property was under construction at December 31, 2013, $1,969 of construction in progress costs are included in building and improvements above. | |||||||||||||||||||||
In addition, during 2013, the Company deposited $638 toward the purchase of a to-be-built industrial property in Lewisburg, Tennessee for an estimated cost of $12,767. Substantial completion of the property is expected to occur in the second quarter of 2014 although there can be no assurance that the acquisition will be consummated. | ||||||||||||||||||||||
2012:00:00 | ||||||||||||||||||||||
Real Estate Intangibles | ||||||||||||||||||||||
Property Type | Location | Acquisition/Completion Date | Initial Cost Basis | Lease Expiration | Land and Land Estate | Building and Improvements | Lease in-place Value | Tenant Relationships Value | ||||||||||||||
Office | Huntington, WV | Jan-12 | $ | 12,558 | Nov-26 | $ | 1,368 | $ | 9,527 | $ | 1,405 | $ | 258 | |||||||||
Office | Florence, SC | Feb-12 | $ | 5,094 | Feb-24 | $ | 774 | $ | 3,629 | $ | 505 | $ | 186 | |||||||||
Land/ Infrastructure | Missouri City, TX | Apr-12 | $ | 23,000 | Apr-32 | $ | 14,555 | $ | 5,895 | $ | 2,135 | $ | 415 | |||||||||
Industrial | Shreveport, LA | Jun-12 | $ | 12,941 | Mar-22 | $ | 1,078 | $ | 10,134 | $ | 1,590 | $ | 139 | |||||||||
Retail | Valdosta, GA(1) | Aug-12 | $ | 7,791 | Aug-27 | $ | 2,128 | $ | 5,663 | $ | — | $ | — | |||||||||
Office | Jessup, PA | Aug-12 | $ | 24,917 | Aug-27 | $ | 2,520 | $ | 17,656 | $ | 3,336 | $ | 1,405 | |||||||||
Office | Saint Joseph, MO | Sep-12 | $ | 17,571 | Jun-27 | $ | 607 | $ | 14,004 | $ | 2,528 | $ | 432 | |||||||||
Retail | Opelika, AL(1) | Nov-12 | $ | 7,978 | Nov-27 | $ | 1,446 | $ | 6,532 | $ | — | $ | — | |||||||||
Office | Phoenix, AZ | Dec-12 | $ | 53,200 | Dec-29 | $ | 5,585 | $ | 36,099 | $ | 8,956 | $ | 2,560 | |||||||||
Office | Eugene, OR | Dec-12 | $ | 17,558 | Nov-27 | $ | 1,541 | $ | 13,099 | $ | 2,414 | $ | 504 | |||||||||
$ | 182,608 | $ | 31,602 | $ | 122,238 | $ | 22,869 | $ | 5,899 | |||||||||||||
Weighted-average life of intangible assets (years) | 15.7 | 16 | ||||||||||||||||||||
(1) Incurred leasing costs of $488 for Valdosta and $355 for Opelika. Properties were sold in 2013. | ||||||||||||||||||||||
The Company recognized aggregate acquisition expenses of $812 and $947 in 2013 and 2012, respectively, which are included in property operating expenses within the Company's Consolidated Statements of Operations. | ||||||||||||||||||||||
The Company is engaged in various forms of build-to-suit development activities. The Company, through lender subsidiaries and property owner subsidiaries, may enter into the following acquisition, development and construction arrangements: (1) lend funds to construct build-to-suit projects subject to a single-tenant lease and agree to purchase the properties upon completion of construction and commencement of a single-tenant lease, (2) hire developers to construct built-to-suit projects on owned properties leased to single tenants, (3) fund the construction of build-to-suit projects on owned properties pursuant to the terms in single-tenant lease agreements or (4) enter into purchase and sale agreements with developers to acquire single-tenant build-to-suit properties upon completion. As of December 31, 2013, the Company had the following development arrangements outstanding: | ||||||||||||||||||||||
Location | Property Type | Square Feet | Expected Maximum Commitment/Contribution ($ millions) | Lease Term (Years) | Estimated Completion Date | |||||||||||||||||
Rantoul, IL | Industrial | 813,000 | $ | 42.6 | 20 | 1Q 14 | ||||||||||||||||
Bingen, WA | Industrial | 124,000 | $ | 18.9 | 12 | 2Q 14 | ||||||||||||||||
Las Vegas, NV | Industrial | 180,000 | $ | 29.6 | 20 | 3Q 14 | ||||||||||||||||
Richmond, VA | Office | 279,000 | $ | 98.6 | 15 | 3Q 15 | ||||||||||||||||
1,396,000 | $ | 189.7 | ||||||||||||||||||||
The Company has variable interests in certain developer entities constructing the facilities but is not the primary beneficiary of the entities as the Company does not have a controlling financial interest. As of December 31, 2013 and 2012, the Company's aggregate investment in development arrangements was $74,350 and $65,122, respectively, which includes $1,472 and $1,291 of interest capitalized during 2013 and 2012, respectively, and is presented as investments in real estate under construction in the accompanying Consolidated Balance Sheets. | ||||||||||||||||||||||
On September 1, 2012, the Company, together with an operating partnership subsidiary, acquired the remaining common equity interest in Net Lease Strategic Assets Fund L.P. (“NLS”) from Inland American (Net Lease) Sub, LLC (“Inland”) that the Company did not already own for a cash payment of $9,438 and the assumption of all outstanding liabilities. Immediately prior to the acquisition, the Company owned 15% of NLS's common equity and 100% of NLS's preferred equity and its investment balance in NLS was $40,047. At the date of acquisition, NLS owned 41 properties totaling 5.8 million square feet in 23 states, plus a 40% tenant-in-common interest in an office property. The Company's investment in NLS had previously been accounted for under the equity method and is now consolidated. The acquisition resulted in a remeasurement of the net assets acquired to fair value. The Company engaged an independent third party to determine the fair value of the assets acquired and liabilities assumed. | ||||||||||||||||||||||
The following table summarizes the allocation of the fair value of amounts recognized for each major class of assets and liabilities: | ||||||||||||||||||||||
Real estate assets | $ | 325,310 | ||||||||||||||||||||
Lease related intangible assets | 124,330 | |||||||||||||||||||||
Cash | 8,107 | |||||||||||||||||||||
Other assets | 36,179 | |||||||||||||||||||||
Total acquired assets | 493,926 | |||||||||||||||||||||
Secured debt | 252,517 | |||||||||||||||||||||
Other liabilities, including below-market leases | 23,686 | |||||||||||||||||||||
Total assumed liabilities | 276,203 | |||||||||||||||||||||
Fair value of acquired net assets (represents 100% interest) | $ | 217,723 | ||||||||||||||||||||
The Company recognized a gain on the transaction in the Consolidated Statement of Operations of $167,864 primarily related to the revaluation of the Company's equity interest in NLS for the difference between its carrying value in NLS and the fair value of its ownership interest at acquisition. The noncontrolling interest share of the fair value of the net assets acquired was $373. | ||||||||||||||||||||||
Intangible assets and liabilities recorded in connection with the above acquisition are set forth as follows: | ||||||||||||||||||||||
Weighted Average Amortization Period (in Years) | ||||||||||||||||||||||
In-place leases | $ | 59,819 | 6.2 | |||||||||||||||||||
Tenant relations | 24,828 | 4.6 | ||||||||||||||||||||
Above-market leases | 39,683 | 8.4 | ||||||||||||||||||||
Total intangible assets acquired | $ | 124,330 | ||||||||||||||||||||
Below-market leases | $ | 1,529 | 2.7 | |||||||||||||||||||
The Company recognized gross revenues from continuing operations of $42,576 and $14,504 and net losses of $4,419 and $1,667 from NLS properties in 2013 and 2012, respectively. | ||||||||||||||||||||||
The following unaudited condensed consolidated pro forma information is presented as if the Company acquired the remaining equity in NLS on January 1, 2011. The information excludes activity that is non-recurring and not representative of future activity, primarily the gain on acquisition of $167,864 and acquisition costs of $230 for 2012. The information presented below is not necessarily indicative of what the actual results of operations would have been had the transaction been completed on January 1, 2011, nor does it purport to represent the Company's future operations: | ||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||
Gross revenues | $ | 372,603 | $ | 356,918 | ||||||||||||||||||
Net income (loss) attributable to Lexington Realty Trust shareholders | $ | 8 | $ | (111,787 | ) | |||||||||||||||||
Net loss attributable to common shareholders | $ | (22,985 | ) | $ | (135,924 | ) | ||||||||||||||||
Net loss per common share - basic and diluted | $ | (0.14 | ) | $ | (0.89 | ) |
Sales_of_Real_Estate_and_Disco
Sales of Real Estate and Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Sales of Real Estate and Discontinued Operations | ' | ||||||||||||
Sales of Real Estate and Discontinued Operations | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the Company disposed of its interests in certain properties (excluding Pemlex LLC, see note 9) generating aggregate net proceeds of $75,519, $142,022 and $124,039, respectively, which resulted in gains on sales of $24,472, $13,291 and $6,557, respectively. For the years ended December 31, 2013, 2012 and 2011, the Company recognized net debt satisfaction gains (charges) relating to these properties of $8,955, $(178) and $(606), respectively. These gains (charges) are included in discontinued operations. | |||||||||||||
At December 31, 2013 and 2012, the Company had no properties classified as held for sale. | |||||||||||||
The following presents the operating results for the properties sold and held for sale during the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Year Ending December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total gross revenues | $ | 7,577 | $ | 22,591 | $ | 44,247 | |||||||
Pre-tax net income (loss), including gains on sales | $ | 19,746 | $ | 1,807 | $ | (87,533 | ) | ||||||
Impairment_of_Real_Estate
Impairment of Real Estate | 12 Months Ended |
Dec. 31, 2013 | |
Impairment of Real Estate [Abstract] | ' |
Impairment of Real Estate | ' |
Impairment of Real Estate Investments | |
The Company assesses on a regular basis whether there are any indicators that the carrying value of real estate assets may be impaired. Potential indicators may include an increase in vacancy at a property, tenant reduction in utilization of a property, tenant financial instability and the potential sale of the property in the near future. An asset is determined to be impaired if the asset's carrying value is in excess of its estimated fair value. | |
During 2013, 2012 and 2011, the Company recognized aggregate impairment charges of $21,640, $4,262 and $17,008, respectively, on real estate assets classified in continuing operations. The Company has explored the possible disposition of some non-core properties, including retail, underperforming and multi-tenant properties and determined that the expected undiscounted cash flows based upon revised estimated holding periods of certain of these properties were below the current carrying values. Accordingly, the Company reduced the carrying value of these properties to their estimated fair values. | |
During 2013, 2012 and 2011, the Company recognized $12,920, $5,707 and $100,435, respectively, of impairment charges in discontinued operations, relating to real estate assets that were ultimately disposed of below their carrying value. |
Loans_Receivable
Loans Receivable | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Loans Receivable, Net [Abstract] | ' | |||||||||||||
Loans Receivable | ' | |||||||||||||
Loans Receivable | ||||||||||||||
As of December 31, 2013 and 2012, the Company's loans receivable, including accrued interest and net of origination fees and loan loss reserves are comprised primarily of first and second mortgage loans and mezzanine loans on real estate aggregating $99,443 and $72,540, respectively. | ||||||||||||||
The following is a summary of our loans receivable as of December 31, 2013 and 2012: | ||||||||||||||
Loan carrying-value(1) | ||||||||||||||
Loan | 12/31/13 | 12/31/12 | Interest Rate | Maturity Date | ||||||||||
Norwalk, CT(2) | $ | 28,186 | $ | 3,479 | 7.5 | % | Nov-14 | |||||||
Homestead, FL(3) | 10,239 | 8,036 | 7.5 | % | Aug-14 | |||||||||
Schaumburg, IL(4) | — | 21,885 | 20 | % | Jan-12 | |||||||||
Westmont, IL(5) | 12,610 | 26,902 | 6.45 | % | Oct-15 | |||||||||
Southfield, MI | 6,610 | 7,364 | 4.55 | % | Feb-15 | |||||||||
Austin, TX | 2,389 | 2,038 | 16 | % | Oct-18 | |||||||||
Kennewick, WA(6) | 37,030 | — | 9 | % | May-22 | |||||||||
Other | 2,379 | 2,836 | 8 | % | 2021-2022 | |||||||||
$ | 99,443 | $ | 72,540 | |||||||||||
-1 | Loan carrying value includes accrued interest and is net of origination costs, loan losses and fee eliminations, if any. | |||||||||||||
-2 | The Company is committed to lend up to $32,600. | |||||||||||||
-3 | The Company is committed to lend up to $10,660. | |||||||||||||
-4 | Borrower defaulted on the loan. The Company did not record interest of $2,939 and $2,647 in 2013 and 2012, respectively, representing the interest earned since default. In 2013, the Company foreclosed on the borrower and acquired the office property collateral which is net leased through December 2022. | |||||||||||||
-5 | Borrower is delinquent on debt service payments. Tenant at office property collateral terminated its lease. The Company recognized an impairment of $13,939 during 2013. During 2013, the Company recognized $1,737 of interest income relating to the impaired loan and the loan had an average recorded investment value of $25,562. At December 31, 2013, the impaired loan receivable had a net carrying value of $12,610 and a contractual unpaid balance of $26,549. | |||||||||||||
-6 | The Company is committed to lend up to $85,000. During construction advances accrue interest at 6.5% per annum. Estimated construction completion is March 2014. | |||||||||||||
The Company has two types of financing receivables: loans receivable and a capitalized financing lease. The Company determined that its financing receivables operate within one portfolio segment as they are both within the same industry and use the same impairment methodology. The Company's loans receivable are secured by commercial real estate assets and the capitalized financing lease is for a commercial office property located in Greenville, South Carolina. In addition, the Company assesses all financing receivables for impairment, when warranted, based on an individual analysis of each receivable. | ||||||||||||||
The Company's financing receivables operate within one class of financing receivables as these assets are collateralized by commercial real estate and similar metrics are used to monitor the risk and performance of these assets. The Company's management uses credit quality indicators to monitor financing receivables such as quality of collateral, the underlying tenant's credit rating and collection experience. As of December 31, 2013, the financing receivables were performing as anticipated other than the Westmont, Illinois loan as discussed above and there were no other significant delinquent amounts outstanding. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
The following tables present the Company's assets and liabilities from continuing operations measured at fair value on a recurring basis as of December 31, 2013 and 2012 and non-recurring basis during the year ended December 31, 2013 and 2012, aggregated by the level in the fair value hierarchy within which those measurements fall: | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Description | 2013 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Interest rate swap assets | $ | 4,439 | $ | — | $ | 4,439 | $ | — | ||||||||
Impaired real estate assets* | $ | 12,549 | $ | — | $ | — | $ | 12,549 | ||||||||
Impaired loan receivable* | $ | 12,610 | $ | — | $ | — | $ | 12,610 | ||||||||
Impaired investments in and advances to non-consolidated entities* | $ | 683 | $ | — | $ | — | $ | 683 | ||||||||
*Represents a non-recurring fair value measurement. | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Description | 2012 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Interest rate swap liability | $ | (6,556 | ) | $ | — | $ | (6,556 | ) | $ | — | ||||||
Impaired real estate assets* | $ | 3,327 | $ | — | $ | — | $ | 3,327 | ||||||||
*Represents a non-recurring fair value measurement. | ||||||||||||||||
The table below sets forth the carrying amounts and estimated fair values of the Company's financial instruments as of December 31, 2013 and 2012: | ||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | |||||||||||||||
Assets | ||||||||||||||||
Loans Receivable (Level 3) | $ | 99,443 | $ | 95,734 | $ | 72,540 | $ | 61,734 | ||||||||
Liabilities | ||||||||||||||||
Debt (Level 3) | $ | 2,055,807 | $ | 2,028,558 | $ | 1,878,208 | $ | 1,835,157 | ||||||||
The majority of the inputs used to value the Company's interest rate swap asset (liability) fall within Level 2 of the fair value hierarchy, such as observable market interest rate curves; however, the credit valuation associated with the interest rate swap liability utilizes Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of December 31, 2013 and 2012, the Company determined that the credit valuation adjustment relative to the overall interest rate swap asset (liability) is not significant. As a result, the entire interest rate swap asset (liability) has been classified in Level 2 of the fair value hierarchy. | ||||||||||||||||
The Company estimates the fair value of its real estate assets, including non-consolidated real estate assets, by using income and market valuation techniques. The Company may estimate fair values using market information such as broker opinions of value, recent sales data for similar assets or discounted cash flow models, which primarily rely on Level 3 inputs. The cash flow models include estimated cash inflows and outflows over a specified holding period. These cash flows may include contractual rental revenues, projected future rental revenues and expenses and forecasted tenant improvements and lease commissions based upon market conditions determined through discussion with local real estate professionals, experience the Company has with its other owned properties in such markets and expectations for growth. Capitalization rates and discount rates utilized in these models are estimated by management based upon rates that management believes to be within a reasonable range of current market rates for the respective properties based upon an analysis of factors such as property and tenant quality, geographical location and local supply and demand observations. To the extent the Company under estimates forecasted cash outflows (tenant improvements, lease commissions and operating costs) or over estimates forecasted cash inflows (rental revenue rates), the estimated fair value of its real estate assets could be overstated. | ||||||||||||||||
The Company estimates the fair values of its loans receivable by using an estimated discounted cash flow analysis consisting of scheduled cash flows and discount rate estimates to approximate those that a willing buyer and seller might use and/or the estimated value of the underlying collateral. The fair value of the Company's debt is estimated by using a discounted cash flow analysis, based upon estimates of market interest rates. | ||||||||||||||||
Fair values cannot be determined with precision, may not be substantiated by comparison to quoted prices in active markets and may not be realized upon sale. Additionally, there are inherent uncertainties in any fair value measurement technique, and changes in the underlying assumptions used, including discount rates, liquidity risks and estimates of future cash flows, could significantly affect the fair value measurement amounts. | ||||||||||||||||
Cash Equivalents, Restricted Cash, Accounts Receivable and Accounts Payable. The Company estimates that the fair value of cash equivalents, restricted cash, accounts receivable and accounts payable approximates carrying value due to the relatively short maturity of the instruments. |
Investment_in_and_Advances_to_
Investment in and Advances to Non-Consolidated Entities | 12 Months Ended |
Dec. 31, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Investment in and Advances to Non-Consolidated Entities | ' |
Investment in and Advances to Non-Consolidated Entities | |
In October 2013, the Company formed a joint venture, in which the Company has a 15.0% interest, that acquired a portfolio of veterinary hospitals for $39,456, which are net leased for a 20-year term. The acquisition was partially funded by a $18,791 non-recourse mortgage loan with a fixed interest rate of 4.01% and maturity of November 2018. | |
In August 2013, the Company invested $5,000 in a joint venture, which acquired the fee interest and the related office building improvements of a property in Baltimore, Maryland. Beginning in October 2015, the Company has the right to require the redemption of its interest in the joint venture in exchange for a distribution to the Company of the fee interest, which is currently leased for a 99-year term to the joint venture. | |
In July 2013, the Company acquired its consolidated joint venture partners' interest in an industrial facility in Long Island City, New York for a payment of $8,918, which was recorded as a distribution to the partner in accordance with GAAP. | |
During 2012, the Company formed two joint ventures in which it has a minority interest. One joint venture acquired a retail property in Palm Beach Gardens, Florida for $29,750 which was net leased for an approximate 15-year term. The Company had a 36% interest in the venture and provided a $12,000 non-recourse mortgage loan to the venture which was repaid in full in February 2013. The Company received a distribution of $2,557 in March 2013, a portion of which represented a return of capital reducing the Company's ownership interest to 25%. | |
The second joint venture, in which the Company has a 15% interest, acquired a 100% economic interest in an inpatient rehabilitation hospital in Humble, Texas for $27,750, which was net leased for an approximate 17-year term. The acquisition was partially funded by a non-recourse mortgage with an original principal amount of $15,260, which bears interest at a fixed rate of 4.7% and matures in May 2017. | |
In July 2012, the Company sold its interest in Pemlex LLC, a consolidated subsidiary, for $13,218 in connection with its restructuring. No gain or loss was recognized in the transaction as the investment was sold at its cost basis. | |
The Company's investments in Concord Debt Holding LLC and CDH CDO LLC were valued at zero and the Company recognized income on the cash basis. During 2012, the Company sold all of its interest in Concord Debt Holding LLC and CDH CDO LLC for $7,000 in cash. | |
Other. During 2013 and 2011, the Company recognized other-than-temporary impairment charges on a non-consolidated joint venture acquired in the merger with Newkirk due to changes in the Company's estimate of net proceeds to be received upon liquidation of the joint venture. Accordingly, the Company recognized $925 and $1,559, respectively, in impairment charges in equity in earnings (losses) of non-consolidated entities. | |
The Company's remaining equity method investments consist of interests in six partnerships with ownership percentages ranging between 27% and 40%, which own primarily net-leased properties. All profits, losses and cash flows are distributed in accordance with the respective partnership agreements. The partnerships are encumbered by $27,793 in mortgage debt (the Company's proportionate share is $9,737) with interest rates ranging from 5.2% to 10.6% with a weighted-average rate of 7.2% and maturity dates ranging from 2015 to 2016. | |
LRA earns advisory fees from certain of these non-consolidated entities, including NLS, for services related to acquisitions, asset management and debt placement. Advisory fees earned from these non-consolidated investments were $512, $875 and $804 for the years ended December 31, 2013, 2012 and 2011, respectively. |
Mortgages_and_Notes_Payable
Mortgages and Notes Payable | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Mortgages and Notes Payable [Abstract] | ' | ||||
Mortgages and Notes Payable | ' | ||||
Mortgages and Notes Payable | |||||
The Company had outstanding mortgages and notes payable of $1,197,489 and $1,415,961 as of December 31, 2013 and 2012, respectively. Interest rates, including imputed rates on mortgages and notes payable, ranged from 3.6% to 8.5% at December 31, 2013 and the mortgages and notes payable mature between 2014 and 2027. Interest rates, including imputed rates, ranged from 3.6% to 8.5% at December 31, 2012. The weighted-average interest rate at December 31, 2013 and 2012 was approximately 5.3% and 5.6%, respectively. | |||||
On February 12, 2013, the Company refinanced its $300,000 secured revolving credit facility with a $300,000 unsecured revolving credit facility with KeyBank National Association (“KeyBank”), as agent. The unsecured revolving credit facility matures in February 2017 but can be extended until February 2018 at the Company’s option. The unsecured revolving credit facility bore interest at LIBOR plus 1.50% to 2.05% based on the Company’s leverage ratio, as defined therein. Since the Company has obtained an investment-grade unsecured debt rating from both Moody’s Investor Services, Inc. (“Moody’s”) and Standard & Poor’s Rating Services (“S&P”), the interest rate under the unsecured revolving credit facility ranges from LIBOR plus 0.95% to 1.725% (1.15% as of December 31, 2013) depending on the Company's unsecured investment-grade debt rating. In addition, the Company increased its availability under the unsecured revolving credit facility from $300,000 to $400,000. At December 31, 2013, the unsecured revolving credit facility had $48,000 outstanding, outstanding letters of credit of $7,644 and availability of $344,356, subject to covenant compliance. | |||||
In connection with the refinancing discussed above, the Company also procured a 5-year $250,000 unsecured term loan facility from KeyBank, as agent. The unsecured term loan matures in February 2018, required regular payments of interest only at interest rates ranging from LIBOR plus 1.45% to 2.00% dependent on the Company's leverage ratio, as defined therein and can be prepaid without penalty. Since the Company has obtained an investment-grade unsecured debt rating from both Moody’s and S&P, the interest rate under the unsecured term loan ranges from LIBOR plus 1.10% to 2.10% (1.35% as of December 31, 2013) depending on the Company’s unsecured investment-grade debt rating. In 2013, the Company entered into interest rate swap agreements to fix the LIBOR component at a weighted-average rate of 1.05% through February 2018 on the $151,000 of outstanding LIBOR-based borrowings (see note 22). | |||||
During 2012, the Company procured a $255,000 secured term loan from Wells Fargo Bank, National Association (“Wells Fargo”), as agent. The term loan matures in January 2019. The term loan required regular payments of interest only at interest rates ranging from LIBOR plus 2.00% to 2.85% dependent on the Company's leverage ratio, as defined therein. Since the Company has obtained an investment-grade unsecured debt rating from both Moody’s and S&P, the interest rate under the secured term loan ranges from LIBOR plus 1.50% to 2.25% (1.75% as of December 31, 2013) depending on the Company's unsecured investment-grade debt rating. The Company may prepay any outstanding borrowings under the term loan facility at a premium through January 12, 2016 and at par thereafter. During 2012, the Company entered into interest rate swap agreements to fix the LIBOR component at a weighted-average rate of 1.42% through January 2019 on the $255,000 of outstanding LIBOR-based borrowings. The term loan was initially secured by ownership interest pledges by certain subsidiaries that collectively owned a borrowing base of properties. | |||||
The unsecured revolving credit facility and the unsecured term loans are subject to financial covenants, which the Company was in compliance with at December 31, 2013. | |||||
The Company had $25,000 and $35,551 secured term loans with KeyBank, which were satisfied in January 2012 and the Company recognized debt satisfaction charges of $1,578 as a result of the satisfaction. | |||||
Included in the Consolidated Statements of Operations, the Company recognized debt satisfaction gains (charges), net, excluding discontinued operations, of $(11,861), $(16) and $45 for the years ended December 31, 2013, 2012 and 2011, respectively, due to the satisfaction of mortgages and notes payable other than those disclosed elsewhere in these financial statements. In addition, the Company capitalized $2,397, $3,062 and $1,792 in interest, including discontinued operations, for the years ended 2013, 2012 and 2011, respectively. | |||||
Mortgages payable and secured loans are generally collateralized by real estate and the related leases. Certain mortgages payable have yield maintenance or defeasance requirements relating to any prepayments. In addition, certain mortgages are cross-collateralized and cross-defaulted. | |||||
Scheduled principal and balloon payments for mortgages, notes payable, credit facility borrowings and term loans for the next five years and thereafter are as follows: | |||||
Year ending December 31, | Total | ||||
2014 | $ | 123,212 | |||
2015 | 301,591 | ||||
2016 | 168,899 | ||||
2017 | 137,035 | ||||
2018 | 188,764 | ||||
Thereafter | 731,988 | ||||
$ | 1,651,489 | ||||
Senior_Notes_Convertible_Notes
Senior Notes, Convertible Notes, Exchangeable Notes and Trust Preferred Securities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Senior Notes, Convertible Notes, Exchangeable Notes and Trust Preferred Securities [Abstract] | ' | ||||||||||||
Senior Notes, Convertible Notes, Exchangeable Notes and Trust Preferred Securities | ' | ||||||||||||
Senior Notes, Convertible Notes, Exchangeable Notes and Trust Preferred Securities | |||||||||||||
In June 2013, the Company issued $250,000 aggregate principal amount of 4.25% Senior Notes due 2023 (“Senior Notes”) at an issuance price of 99.026% of the principal amount. The Senior Notes are unsecured, pay interest semi-annually in arrears and mature in June 2023. The Company may redeem the notes at its option at any time prior to maturity in whole or in part by paying the principal amount of the notes being redeemed plus a premium. The Company issued these Senior Notes at an initial discount of $2,435 which is being recognized as additional interest expense over the term of the Senior Notes. The Senior Notes are rated Baa2 and BBB- by Moody’s and S&P, respectively. | |||||||||||||
During 2010, the Company issued $115,000 aggregate principal amount of 6.00% Convertible Guaranteed Notes. The notes pay interest semi-annually in arrears and mature in January 2030. The holders of the notes may require the Company to repurchase their notes in January 2017, January 2020 and January 2025 for cash equal to 100% of the notes to be repurchased, plus any accrued and unpaid interest. The Company may not redeem any notes prior to January 2017, except to preserve its REIT status. As of the date of filing this Annual Report, the notes have a conversion rate of 147.8206 common shares per one thousand principal amount of the notes, representing a conversion price of approximately $6.76 per common share. The conversion rate is subject to adjustment under certain circumstances, including increases in the Company's dividend rate above a certain threshold and the issuance of stock dividends. The notes are convertible by the holders under certain circumstances for cash, common shares or a combination of cash and common shares at the Company's election. The notes are convertible prior to the close of business on the second business day immediately preceding the stated maturity date, at any time beginning in January 2029 and also upon the occurrence of specified events. During 2013 and 2012, $54,905 and $31,104 aggregate principal amount of the notes were converted for 7,944,673 and 4,487,060 common shares and an aggregate cash payment of $3,270 and $2,427 plus accrued and unpaid interest, respectively. The Company recognized aggregate debt satisfaction charges of $13,536 and $7,842, during 2013 and 2012, respectively, relating to the conversions. | |||||||||||||
In 2013, the Company obtained the release of all guarantees, other than the Company's operating partnership, under the indentures for the Senior Notes and the 6.00% Convertible Guaranteed Notes, the term loan agreements and the unsecured revolving credit facility. | |||||||||||||
During 2007, the Company issued an aggregate $450,000 of 5.45% Exchangeable Guaranteed Notes due in 2027. During 2012, the Company repurchased and retired all remaining outstanding original principal amount of the notes for a cash payment of $62,150. This resulted in debt satisfaction charges, net of $44. | |||||||||||||
Below is a summary of additional disclosures related to the 6.00% Convertible Guaranteed Notes and the 5.45% Exchangeable Guaranteed Notes. | |||||||||||||
6.00% Convertible Guaranteed Notes | |||||||||||||
Balance Sheets: | December 31, 2013 | December 31, 2012 | |||||||||||
Principal amount of debt component | $ | 28,991 | $ | 83,896 | |||||||||
Unamortized discount | (1,500 | ) | (5,769 | ) | |||||||||
Carrying amount of debt component | $ | 27,491 | $ | 78,127 | |||||||||
Carrying amount of equity component | $ | (26,032 | ) | $ | 3,654 | ||||||||
Effective interest rate | 8.1 | % | 8.1 | % | |||||||||
Period through which discount is being amortized, put date | Jan-17 | Jan-17 | |||||||||||
Aggregate if-converted value in excess of aggregate principal amount | $ | 14,296 | $ | 42,579 | |||||||||
Statements of Operations: | 2013 | 2012 | 2011 | ||||||||||
6.00% Convertible Guaranteed Notes | |||||||||||||
Coupon interest | $ | 2,296 | $ | 6,634 | $ | 6,900 | |||||||
Discount amortization | 658 | 1,868 | 1,938 | ||||||||||
$ | 2,954 | $ | 8,502 | $ | 8,838 | ||||||||
5.45% Exchangeable Guaranteed Notes | |||||||||||||
Coupon interest | $ | — | $ | 188 | $ | 3,387 | |||||||
Discount amortization | — | 34 | 664 | ||||||||||
$ | — | $ | 222 | $ | 4,051 | ||||||||
During 2007, the Company issued $200,000 original principal amount of Trust Preferred Securities. The Trust Preferred Securities, which are classified as debt, are due in 2037, were open for redemption at the Company's option commencing April 2012 and bear interest at a fixed rate of 6.804% through April 2017 and thereafter, at a variable rate of three month LIBOR plus 170 basis points through maturity. As of December 31, 2013 and 2012, there was $129,120 original principal amount of Trust Preferred Securities outstanding. | |||||||||||||
Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows: | |||||||||||||
Year ending December 31, | Total | ||||||||||||
2014 | $ | — | |||||||||||
2015 | — | ||||||||||||
2016 | — | ||||||||||||
2017(1) | 28,991 | ||||||||||||
2018 | — | ||||||||||||
Thereafter | 379,120 | ||||||||||||
408,111 | |||||||||||||
Debt discounts | (3,793 | ) | |||||||||||
$ | 404,318 | ||||||||||||
-1 | Although the 6.00% Convertible Guaranteed Notes mature in 2030, the notes can be put to the Company in 2017. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||
Derivative and Hedging Activities | ' | |||||||||||||||||||
Derivatives and Hedging Activities | ||||||||||||||||||||
Risk Management Objective of Using Derivatives. The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the type, amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash receipts and its known or expected cash payments principally related to the Company's investments and borrowings. | ||||||||||||||||||||
Cash Flow Hedges of Interest Rate Risk. The Company's objectives in using interest rate derivatives are to add stability to interest expense, to manage its exposure to interest rate movements and therefore manage its cash outflows as it relates to the underlying debt instruments. To accomplish these objectives the Company primarily uses interest rate swaps as part of its interest rate risk management strategy relating to certain of its variable rate debt instruments. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | ||||||||||||||||||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. | ||||||||||||||||||||
The Company has designated the interest rate swap agreements with its counterparties as cash flow hedges of the risk of variability attributable to changes in the LIBOR swap rates on $406,000 of LIBOR-indexed variable-rate secured term loans. Accordingly, changes in the fair value of the swaps are recorded in other comprehensive income (loss) and reclassified to earnings as interest becomes receivable or payable. In 2012, the Company settled the 2008 interest rate swap agreement with KeyBank for $3,539. The Company had a credit balance of $1,837 in accumulated other comprehensive income at the settlement date which was amortized into earnings on a straight-line basis through February 2013. | ||||||||||||||||||||
Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the aggregate $406,000 term loans. During the next 12 months, the Company estimates that an additional $4,344 will be reclassified as an increase to interest expense if the swaps remain outstanding. | ||||||||||||||||||||
As of December 31, 2013, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: | ||||||||||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | ||||||||||||||||||
Interest Rate Swaps | 8 | $406,000 | ||||||||||||||||||
Derivatives Not Designated as Hedges. The Company does not use derivatives for trading or speculative purposes. During 2008, the Company entered into a forward purchase equity commitment with a financial institution to finance the repurchase of 3,500,000 common shares of the Company at $5.60 per share under the Company's common share repurchase plan as approved by the Company's Board of Trustees. The Company recognized earnings during 2011 of $2,030, primarily relating to the increase in the fair value of the common shares held as collateral. The Company settled this commitment in October 2011 through a cash payment of $4,024 and retired 3,974,645 common shares. | ||||||||||||||||||||
The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2013 and 2012. | ||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | |||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Interest Rate Swap Asset (Liability) | Other Assets | $ | 4,439 | Accounts Payable and Other Liabilities | $ | (6,556 | ) | |||||||||||||
The tables below present the effect of the Company's derivative financial instruments on the Consolidated Statements of Operations for 2013 and 2012: | ||||||||||||||||||||
Derivatives in Cash Flow | Amount of Gain (Loss) Recognized | Location of Loss | Amount of Loss Reclassified | |||||||||||||||||
in OCI on Derivative | Reclassified from | from Accumulated OCI into | ||||||||||||||||||
(Effective Portion) | Accumulated OCI into Income (Effective Portion) | Income (Effective Portion) | ||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
Hedging Relationships | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Interest Rate Swap | $ | 7,559 | $ | (8,886 | ) | Interest expense | $ | 3,104 | $ | 724 | ||||||||||
The Company's agreements with the swap derivative counterparties contain provisions whereby if the Company defaults on the underlying indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default of the swap derivative obligation. As of December 31, 2013, the Company had not posted any collateral related to the agreements. |
Leases
Leases | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Leases | ' | ||||
Leases | |||||
Lessor: | |||||
Minimum future rental receipts under the non-cancelable portion of tenant leases, assuming no new or re-negotiated leases, for the next five years and thereafter are as follows: | |||||
Year ending | Total | ||||
December 31, | |||||
2014 | $ | 362,743 | |||
2015 | 334,370 | ||||
2016 | 303,455 | ||||
2017 | 272,390 | ||||
2018 | 249,645 | ||||
Thereafter | 5,767,751 | ||||
$ | 7,290,354 | ||||
The above minimum lease payments do not include reimbursements to be received from tenants for certain operating expenses and real estate taxes and do not include early termination payments provided for in certain leases. | |||||
Certain leases allow for the tenant to terminate the lease if the property is deemed obsolete, as defined, and upon payment of a termination fee to the landlord, as stipulated in the lease. In addition, certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price. | |||||
Lessee: | |||||
The Company holds, through property owner subsidiaries, leasehold interests in various properties. Generally, the ground rents on these properties are either paid directly by the tenants to the fee holder or reimbursed to the Company as additional rent. Certain properties are economically owned through the holding of industrial revenue bonds and as such neither ground lease payments nor bond debt service payments are made or received, respectively. For certain of these properties, the Company has an option to purchase the fee interest. | |||||
Minimum future rental payments under non-cancelable leasehold interests, excluding leases held through industrial revenue bonds and lease payments in the future that are based upon fair market value, for the next five years and thereafter are as follows: | |||||
Year ending | Total | ||||
December 31, | |||||
2014 | $ | 5,229 | |||
2015 | 5,203 | ||||
2016 | 4,907 | ||||
2017 | 4,861 | ||||
2018 | 4,645 | ||||
Thereafter | 39,484 | ||||
$ | 64,329 | ||||
Rent expense for the leasehold interests, including discontinued operations, was $1,284, $1,198 and $776 in 2013, 2012 and 2011, respectively. | |||||
The Company leases its corporate headquarters. The lease expires December 2015, with fixed rent of $1,153 per annum. The Company is also responsible for its proportionate share of operating expenses and real estate taxes above a base year. As an incentive to enter the lease, the Company received a payment of $845 which it is amortizing as a reduction of rent expense. In addition, the Company leases office space for its regional offices. The minimum lease payments for the Company's regional offices are $66 for 2014, $55 for 2015 and 2016 and $14 for 2017. Rent expense for 2013, 2012 and 2011 was $1,338, $1,029 and $1,392, respectively. |
Concentration_of_Risk
Concentration of Risk | 12 Months Ended |
Dec. 31, 2013 | |
Concentration of Risk [Abstract] | ' |
Concentration Risk | ' |
Concentration of Risk | |
The Company seeks to reduce its operating and leasing risks through the geographic diversification of its properties, tenant industry diversification, avoidance of dependency on a single asset and the creditworthiness of its tenants. For the years ended December 31, 2013, 2012 and 2011, no single tenant represented greater than 10% of rental revenues. | |
Cash and cash equivalent balances at certain institutions may exceed insurable amounts. The Company believes it mitigates this risk by investing in or through major financial institutions. |
Equity
Equity | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Equity | ' | ||||||||||||
Equity | |||||||||||||
Shareholders' Equity: | |||||||||||||
During 2013, 2012 and 2011, the Company issued 36,012,313, 18,289,557 and 11,109,760 common shares, respectively, through public offerings and under its direct share purchase plan, raising net proceeds of approximately $399,566, $164,429 and $98,953 respectively. During 2013, the Company implemented an At-The-Market offering program under which the Company may issue up to $100,000 in common shares over the term of this program. The Company issued 3,409,927 common shares under this program during 2013 and generated aggregate gross proceeds of $36,884. The proceeds from these issuances were primarily used for general working capital, to fund investments and retire indebtedness. | |||||||||||||
The Company had 1,935,400 shares of Series C Cumulative Convertible Preferred Stock (“Series C Preferred”), outstanding at December 31, 2013. The shares have a dividend of $3.25 per share per annum, have a liquidation preference of $96,770, and the Company, if certain common share prices are achieved, can force conversion into common shares of the Company. As of the date of filing this Annual Report, each share is currently convertible into 2.4339 common shares. This conversion ratio may increase over time if the Company's common share dividend exceeds certain quarterly thresholds. | |||||||||||||
If certain fundamental changes occur, holders may require the Company, in certain circumstances, to repurchase all or part of their shares of Series C Preferred. In addition, upon the occurrence of certain fundamental changes, the Company will, under certain circumstances, increase the conversion rate by a number of additional common shares or, in lieu thereof, may in certain circumstances elect to adjust the conversion rate upon the shares of Series C Preferred becoming convertible into shares of the public acquiring or surviving company. | |||||||||||||
The Company may, at the Company's option, cause shares of Series C Preferred to be automatically converted into that number of common shares that are issuable at the then prevailing conversion rate. The Company may exercise its conversion right only if, at certain times, the closing price of the Company's common shares equals or exceeds 125% of the then prevailing conversion price of the Series C Preferred. | |||||||||||||
Investors in shares of Series C Preferred generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters and under certain other circumstances. Upon conversion, the Company may choose to deliver the conversion value to investors in cash, common shares, or a combination of cash and common shares. | |||||||||||||
During 2013, 2012 and 2011, the Company issued 1,893,409, 643,450 and 609,182 of its common shares, respectively, to certain employees and trustees. Typically, trustee share grants vest immediately. Employee share grants generally vest ratably, on anniversaries of the grant date, however, in certain situations vesting is cliff-based after a specific number of years and/or subject to meeting certain performance criteria (see note 16). | |||||||||||||
During 2013, 2012 and 2011, the Company repurchased/redeemed and retired the following shares of its preferred stock: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
8.05% Series B Cumulative Redeemable Preferred Stock: | |||||||||||||
Shares redeemed and retired | — | 2,740,874 | 419,126 | ||||||||||
Redemption cost (2012)(1)/repurchase cost (2011) | $ | — | $ | 69,459 | $ | 10,217 | |||||||
Deemed dividend(2) | $ | — | $ | 2,346 | $ | 95 | |||||||
6.50% Series C Cumulative Convertible Preferred Stock: | |||||||||||||
Shares repurchased and retired | — | 34,800 | 125,000 | ||||||||||
Repurchase cost | $ | — | $ | 1,462 | $ | 5,239 | |||||||
Discount (Deemed negative dividend)(2) | $ | — | $ | (229 | ) | $ | (833 | ) | |||||
7.55% Series D Cumulative Redeemable Preferred Stock: | |||||||||||||
Shares redeemed and retired | 6,200,000 | — | — | ||||||||||
Redemption cost(1) | $ | 155,621 | $ | — | $ | — | |||||||
Deemed dividend(2) | $ | 5,230 | $ | — | $ | — | |||||||
-1 | Includes accrued and unpaid dividends. | ||||||||||||
-2 | Represents the difference between the redemption/repurchase cost and historical GAAP cost. Accordingly, net income (loss) was adjusted for the deemed dividends/deemed negative dividends to arrive at net income (loss) attributable to common shareholders. | ||||||||||||
Accumulated other comprehensive income (loss) as of December 31, 2013 and 2012 represented $4,439 and $(6,224), respectively, of unrealized gain (loss) on interest rate swaps, net. | |||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Gains and Losses | |||||||||||||
on Cash Flow Hedges | |||||||||||||
Balance December 31, 2012 | $ | (6,224 | ) | ||||||||||
Other comprehensive income before reclassifications | 7,559 | ||||||||||||
Amounts of loss reclassified from accumulated other comprehensive loss to interest expense | 3,104 | ||||||||||||
Balance December 31, 2013 | $ | 4,439 | |||||||||||
Noncontrolling Interests: | |||||||||||||
In conjunction with several of the Company's acquisitions in prior years, sellers were issued OP units as a form of consideration. All OP units, other than OP units owned by the Company, are redeemable for common shares at certain times, at the option of the holders, and are generally not otherwise mandatorily redeemable by the Company. The OP units are classified as a component of permanent equity as the Company has determined that the OP units are not redeemable securities as defined by GAAP. Each OP unit is currently redeemable for approximately 1.13 common shares, subject to future adjustments. | |||||||||||||
During 2013, 2012 and 2011, 202,241, 257,427 and 398,927 common shares, respectively, were issued by the Company, in connection with OP unit redemptions, for an aggregate value of $1,053, $1,343 and $2,187, respectively. | |||||||||||||
Prior to the effective date of the LCIF and LCIF II merger (December 30, 2013), there were approximately 3,618,000 OP units outstanding other than OP units owned by the Company (see note 22). All OP units receive distributions in accordance with their respective partnership agreements. To the extent that the Company's dividend per common share is less than the stated distribution per OP unit per the applicable partnership agreement, the distributions per OP unit are reduced by the percentage reduction in the Company's dividend per common share. No OP units have a liquidation preference. | |||||||||||||
The following discloses the effects of changes in the Company's ownership interests in its noncontrolling interests: | |||||||||||||
Net Income (Loss) Attributable to Shareholders and Transfers from Noncontrolling Interests | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income (loss) attributable to Lexington Realty Trust shareholders | $ | 1,630 | $ | 180,316 | $ | (79,584 | ) | ||||||
Transfers from noncontrolling interests: | |||||||||||||
Increase in additional paid-in-capital for redemption of noncontrolling OP units | 1,053 | 1,343 | 2,187 | ||||||||||
Change from net income (loss) attributable to shareholders and transfers from noncontrolling interests | $ | 2,683 | $ | 181,659 | $ | (77,397 | ) | ||||||
Benefit_Plans
Benefit Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Employee Benefits and Share-based Compensation [Abstract] | ' | ||||||||||||
Benefit Plans | ' | ||||||||||||
Benefit Plans | |||||||||||||
The Company maintains an equity award plan pursuant to which qualified and non-qualified options may be issued. No common share options were issued in 2013, 2012 and 2011. The Company granted 1,248,501, 1,265,500 and 2,000,000 common share options on December 31, 2010 (“2010 options”), January 8, 2010 (“2009 options”) and December 31, 2008 (“2008 options”), respectively, at an exercise price of $7.95, $6.39 and $5.60, respectively. The 2010 options (1) vest 20% annually on each December 31, 2011 through 2015 and (2) terminate on the earlier of (x) six months of termination of service with the Company and (y) December 31, 2020. The 2009 options (1) vest 20% annually on each December 31, 2010 through 2014 and (2) terminate on the earlier of (x) six months of termination of service with the Company and (y) December 31, 2019. The 2008 options (1) vested 50% following a 20-day trading period where the average closing price of a common share of the Company on the New York Stock Exchange (“NYSE”) is $8.00 or higher and vested 50% following a 20-day trading period where the average closing price of a common share of the Company on the NYSE is $10.00 or higher, and (2) terminate on the earlier of (x) termination of service with the Company or (y) December 31, 2018. As a result of the share dividends paid in 2009, each of the 2008 options is exchangeable for approximately 1.13 common shares at an exercise price of $4.97 per common share. | |||||||||||||
The Company engaged third parties to value the options as of each option's respective grant date. The third parties determined the value to be $2,422 and $2,771 for the 2010 options and 2009 options, respectively, using the Black-Scholes model and $2,480 for the 2008 options using the Monte Carlo model. The options are considered equity awards as they are settled through the issuance of common shares. As such, the options were valued as of the grant date and do not require subsequent remeasurement. There were several assumptions used to fair value the options including the expected volatility in the Company's common share price based upon the fluctuation in the Company's historical common share price. The more significant assumptions underlying the determination of fair value for options granted were as follows: | |||||||||||||
2010 Options | 2009 Options | 2008 Options | |||||||||||
Weighted-average fair value of options granted | $ | 1.94 | $ | 2.19 | $ | 1.24 | |||||||
Weighted-average risk-free interest rate | 2.54 | % | 3.29 | % | 1.33 | % | |||||||
Weighted-average expected option lives (in years) | 6.5 | 6.7 | 3.6 | ||||||||||
Weighted-average expected volatility | 49 | % | 59.08 | % | 59.94 | % | |||||||
Weighted-average expected dividend yield | 7.4 | % | 6.26 | % | 14.4 | % | |||||||
The Company recognizes compensation expense relating to these options over an average of 5.0 years for the 2010 options and 2009 options and 3.6 years for the 2008 options. The Company recognized $1,037, $1,197 and $1,384 in compensation expense in 2013, 2012 and 2011 respectively. The Company has unrecognized compensation costs of $1,518 relating to the outstanding options as of December 31, 2013. The intrinsic value of an option is the amount by which the market value of the underlying common share at the date the option is exercised exceeds the exercise price of the option. The total intrinsic value of options exercised for the years ended December 31, 2013, 2012 and 2011 were $8,607, $1,603 and $2,100, respectively. | |||||||||||||
Share option activity during the years indicated is as follows: | |||||||||||||
Number of | Weighted-Average | ||||||||||||
Shares | Exercise Price | ||||||||||||
Per Share | |||||||||||||
Balance at December 31, 2010 | 4,389,605 | $ | 6.23 | ||||||||||
Exercised | (501,324 | ) | 5.16 | ||||||||||
Balance at December 31, 2011 | 3,888,281 | 6.36 | |||||||||||
Exercised | (408,201 | ) | 5.73 | ||||||||||
Balance at December 31, 2012 | 3,480,080 | 6.44 | |||||||||||
Exercised | (1,519,179 | ) | 5.77 | ||||||||||
Forfeited | (5,200 | ) | 7.47 | ||||||||||
Balance at December 31, 2013 | 1,955,701 | $ | 6.95 | ||||||||||
As of December 31, 2013, the aggregate intrinsic value of options that were outstanding and exercisable was $4,288. | |||||||||||||
Non-vested share activity for the years ended December 31, 2013 and 2012, is as follows: | |||||||||||||
Number of | Weighted-Average | ||||||||||||
Shares | Value Per Share | ||||||||||||
Balance at December 31, 2011 | 1,179,585 | $ | 8.13 | ||||||||||
Granted | 606,500 | 9.75 | |||||||||||
Vested | (320,639 | ) | 8.86 | ||||||||||
Balance at December 31, 2012 | 1,465,446 | 8.64 | |||||||||||
Granted | 1,829,400 | 10.52 | |||||||||||
Vested | (770,229 | ) | 7.14 | ||||||||||
Forfeited | (3,571 | ) | 9.21 | ||||||||||
Balance at December 31, 2013 | 2,521,046 | $ | 10.46 | ||||||||||
As of December 31, 2013, of the remaining 2,521,046 non-vested shares, 2,445,906 are subject to time-based vesting and 75,140 are subject to performance-based vesting. At December 31, 2013, there are 3,486,552 awards available for grant. The Company has $22,426 in unrecognized compensation costs relating to the non-vested shares that will be charged to compensation expense over an average of approximately 4.4 years. | |||||||||||||
The Company has established a trust for certain officers in which vested common shares granted for the benefit of the officers are deposited. The officers exert no control over the common shares in the trust and the common shares are available to the general creditors of the Company. As of December 31, 2013 and 2012, there were 427,531 common shares in the trust. | |||||||||||||
The Company sponsors a 401(k) retirement savings plan covering all eligible employees. The Company makes a discretionary matching contribution on a portion of employee participant salaries and, based on its profitability, may make an additional discretionary contribution at each fiscal year end to all eligible employees. These discretionary contributions are subject to vesting under a schedule providing for 25% annual vesting starting with the first year of employment and 100% vesting after four years of employment. Approximately $298, $279 and $308 of contributions are applicable to 2013, 2012 and 2011, respectively. | |||||||||||||
During 2013, 2012 and 2011, the Company recognized $7,145, $3,030 and $2,062, respectively, in expense relating to scheduled vesting and issuance of common share grants. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
In addition to related party transactions discussed elsewhere in this Annual Report, the Company has an indemnity obligation to Vornado Realty Trust, one of its significant shareholders, with respect to actions by the Company that affect Vornado Realty Trust's status as a REIT. | |
All related party acquisitions, sales and loans were approved by the independent members of the Company's Board of Trustees or the Audit Committee. | |
During 2011, the Company advanced an aggregate $20,077 to NLS entities in the form of interest bearing, non-recourse mortgage notes to satisfy maturing non-recourse mortgages. These advances were satisfied in full in 2011. | |
The Company leases certain properties to entities in which Vornado Realty Trust, a significant shareholder, has an interest. During 2013, 2012 and 2011, the Company recognized $744, $842 and $864, respectively, in rental revenue, including discontinued operations, from these properties. The Company leases its corporate office from an affiliate of Vornado Realty Trust. Rent expense for this property was $1,225, $919 and $1,281 in 2013, 2012 and 2011, respectively. | |
In 2012, the Company's Board of Trustees granted a waiver of the Company's Code of Business Conduct and Ethics to allow the Company to enter into a joint venture with an affiliate of its Chairman, which intends to raise capital from foreign investors seeking entry into the United States of America. As of the date of filing this Annual Report, no joint venture agreement has been entered into by the Company with the affiliate of its Chairman. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The benefit (provision) for income taxes relates primarily to the taxable income of the Company's taxable REIT subsidiaries. The earnings, other than in taxable REIT subsidiaries, of the Company are not generally subject to federal income taxes at the Company level due to the REIT election made by the Company. | ||||||||||||
Income taxes have been provided for on the asset and liability method. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities. | ||||||||||||
The Company's benefit (provision) for income taxes for the years ended December 31, 2013, 2012 and 2011 is summarized as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | (1,445 | ) | $ | (371 | ) | $ | (440 | ) | |||
State and local | (1,675 | ) | (1,156 | ) | (1,043 | ) | ||||||
NOL utilized | 586 | 401 | 566 | |||||||||
Deferred: | ||||||||||||
Federal | (595 | ) | 141 | 1,399 | ||||||||
State and local | (130 | ) | 45 | 400 | ||||||||
$ | (3,259 | ) | $ | (940 | ) | $ | 882 | |||||
Net deferred tax assets of $106 and $858 are included in other assets on the accompanying Consolidated Balance Sheets at December 31, 2013 and 2012, respectively. These net deferred tax assets relate primarily to differences in the timing of the recognition of income (loss) between GAAP and tax and net operating loss carry forwards. | ||||||||||||
The income tax benefit (provision) differs from the amount computed by applying the statutory federal income tax rate to pre-tax operating income as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal provision at statutory tax rate (34%) | $ | 164 | $ | (573 | ) | $ | (580 | ) | ||||
State and local taxes, net of federal benefit | 22 | (110 | ) | (100 | ) | |||||||
Other | (3,445 | ) | (257 | ) | 1,562 | |||||||
$ | (3,259 | ) | $ | (940 | ) | $ | 882 | |||||
For the years ended December 31, 2013, 2012 and 2011, the “other” amount is comprised primarily of state taxes of $1,362, $1,042 and $917, respectively, the write-off of deferred tax liabilities (asset) of $(150), $0 and $3,535, respectively, and permanent differences of $1,936, $37, and $17, respectively, relating to the transfer of certain assets of the Company's taxable subsidiaries. | ||||||||||||
As of December 31, 2013, the Company had no net operating loss carry forwards for income taxes and $1,635 as of December 31, 2012. | ||||||||||||
A summary of the average taxable nature of the Company's common dividends for each of the years in the three-year period ended December 31, 2013, is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total dividends per share | $ | 0.6 | $ | 0.525 | $ | 0.46 | ||||||
Ordinary income | 35.53 | % | 95.68 | % | 47.33 | % | ||||||
Qualifying dividend | 4.11 | % | 0.99 | % | 1.11 | % | ||||||
Capital gain | 2.09 | % | — | — | ||||||||
25% rate gain | — | — | — | |||||||||
Return of capital | 58.27 | % | 3.33 | % | 51.56 | % | ||||||
100 | % | 100 | % | 100 | % | |||||||
A summary of the average taxable nature of the Company's dividend on shares of its Series B Cumulative Redeemable Preferred Stock for each of the years in the three-year period ended December 31, 2013, is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total dividends per share | $ | — | $ | 1.341667 | $ | 2.0125 | ||||||
Ordinary income | — | 98.98 | % | 97.7 | % | |||||||
15% rate - qualifying dividend | — | 1.02 | % | 2.3 | % | |||||||
15% rate gain | — | — | — | |||||||||
25% rate gain | — | — | — | |||||||||
— | 100 | % | 100 | % | ||||||||
A summary of the average taxable nature of the Company's dividend on shares of its Series C Preferred for each of the years in the three-year period ended December 31, 2013, is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total dividends per share | $ | 3.25 | $ | 3.25 | $ | 3.25 | ||||||
Ordinary income | 85.14 | % | 98.98 | % | 97.7 | % | ||||||
Qualifying dividend | 9.85 | % | 1.02 | % | 2.3 | % | ||||||
Capital gain | 5.01 | % | — | — | ||||||||
25% rate gain | — | — | — | |||||||||
Return of capital | — | — | — | |||||||||
100 | % | 100 | % | 100 | % | |||||||
A summary of the average taxable nature of the Company's dividend on shares of its Series D Cumulative Redeemable Preferred Stock for the years in the three-year period ended December 31, 2013, is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total dividends per share | $ | 1.043368 | $ | 1.8875 | $ | 1.76498 | -1 | |||||
Ordinary income | 85.14 | % | 98.98 | % | 97.7 | % | ||||||
Qualifying dividend | 9.85 | % | 1.02 | % | 2.3 | % | ||||||
Capital gain | 5.01 | % | — | — | ||||||||
25% rate gain | — | — | — | |||||||||
100 | % | 100 | % | 100 | % | |||||||
_________ | ||||||||||||
(1)Of the total dividend paid in January 2011, $0.12252 was allocated to 2010 and $0.349355 was allocated to 2011. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
In addition to the commitments and contingencies disclosed elsewhere, the Company has the following commitments and contingencies. | |
The Company is obligated under certain tenant leases, including its proportionate share for leases for non-consolidated entities, to fund the expansion of the underlying leased properties. The Company, under certain circumstances, may guarantee to tenants the completion of base building improvements and the payment of tenant improvement allowances and lease commissions on behalf of its subsidiaries. As of December 31, 2013, the Company had three outstanding guarantees for (1) the completion of the base building improvements and the payment of a related tenant improvement allowance for an office property in Orlando, Florida, which the unfunded amounts were estimated to be $57, (2) the payment of a tenant improvement allowance of $234 for a property in Allen, Texas and (3) the full payment of the base building improvement, tenant improvement allowance and lease commissions for an office property in Herndon, Virginia, which the unfunded amounts were estimated to be $2,077. | |
From time to time, the Company is directly or indirectly involved in legal proceedings arising in the ordinary course of business. Management believes, based on currently available information, and after consultation with legal counsel, that although the outcomes of those normal course proceedings are uncertain, the results of such proceedings, in the aggregate, will not have a material adverse effect on the Company's business, financial condition and results of operations. | |
Other. Four of our executive officers have employment contracts and are entitled to severance benefits upon termination by the Company without cause or termination by the executive officer with good reason, in each case, as defined in the employment contract. |
Supplemental_Disclosure_of_Sta
Supplemental Disclosure of Statement of Cash Flow Information | 12 Months Ended |
Dec. 31, 2013 | |
Supplemental Cash Flow Elements [Abstract] | ' |
Supplemental Disclosure of Statement of Cash Flow Information | ' |
Supplemental Disclosure of Statement of Cash Flow Information | |
In addition to disclosures discussed elsewhere, during 2013, 2012 and 2011, the Company paid $92,788, $101,262 and $103,427, respectively, for interest and $4,666, $1,018 and $1,289, respectively, for income taxes. | |
During 2013, the Company sold its interests in two properties, which included the assumption of the related non-recourse mortgage debt of $40,356. In addition, the Company conveyed its interests in four properties to lenders in full satisfaction of the aggregate $49,510 non-recourse mortgage notes payable. | |
During 2012, the Company sold its interest in a property, which included the assumption of the related non-recourse mortgage debt of $8,921. In addition, the Company conveyed its interests in two properties to lenders in full satisfaction of the aggregate $12,409 non-recourse mortgage notes payable. | |
In October 2011, the Company acquired control of a joint venture, Pemlex LLC, and recorded land and building assets of $9,006, lease intangible assets of $6,294, other assets, net, of $107 and a $574 noncontrolling interest. | |
During 2011, the Company sold interests in three properties, which included the assumption of the aggregate related non-recourse debt of $28,648 and $3,003 in seller financing. |
Unaudited_Quarterly_Financial_
Unaudited Quarterly Financial Data | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Unaudited Quarterly Financial Data | ' | |||||||||||||||
Unaudited Quarterly Financial Data | ||||||||||||||||
2013 | ||||||||||||||||
3/31/13 | 6/30/13 | 9/30/13 | 12/31/13 | |||||||||||||
Total gross revenues(1) | $ | 94,121 | $ | 97,763 | $ | 96,950 | $ | 109,606 | ||||||||
Net income (loss) | $ | (2,123 | ) | $ | 7,832 | $ | 5,155 | $ | (7,001 | ) | ||||||
Net income (loss) attributable to common shareholders | $ | (7,295 | ) | $ | (849 | ) | $ | 2,978 | $ | (8,923 | ) | |||||
Net income (loss) attributable to common shareholders - basic per share | $ | (0.04 | ) | $ | — | $ | 0.01 | $ | (0.04 | ) | ||||||
Net income (loss) attributable to common shareholders - diluted per share | $ | (0.04 | ) | $ | — | $ | 0.01 | $ | (0.04 | ) | ||||||
2012 | ||||||||||||||||
3/31/12 | 6/30/12 | 9/30/12 | 12/31/12 | |||||||||||||
Total gross revenues(1) | $ | 75,360 | $ | 78,961 | $ | 83,800 | $ | 92,059 | ||||||||
Net income (loss) | $ | 5,478 | $ | 5,626 | $ | 175,289 | $ | (1,755 | ) | |||||||
Net income (loss) attributable to common shareholders | $ | (2,187 | ) | $ | (3,392 | ) | $ | 168,943 | $ | (7,039 | ) | |||||
Net income (loss) attributable to common shareholders - basic per share | $ | (0.01 | ) | $ | (0.02 | ) | $ | 1.09 | $ | (0.04 | ) | |||||
Net income (loss) attributable to common shareholders - diluted per share | $ | (0.01 | ) | $ | (0.02 | ) | $ | 0.96 | $ | (0.04 | ) | |||||
_____________ | ||||||||||||||||
(1) All periods have been adjusted to reflect the impact of properties sold during the years ended December 31, 2013 and 2012, and properties classified as held for sale, which are reflected in discontinued operations in the Consolidated Statements of Operations. | ||||||||||||||||
The sum of the quarterly income (loss) attributable to common shareholders and per common share amounts may not equal the full year amounts primarily because the computations of amounts allocated to participating securities and the weighted-average number of common shares of the Company outstanding for each quarter and the full year are made independently. |
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Dec. 31, 2013 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
Subsequent Events | ||
Subsequent to December 31, 2013 and in addition to disclosures elsewhere in the financial statements: | ||
• | the Company acquired the completed 813,000 square foot industrial property in Rantoul, Illinois for an approximate capitalized cost of $41,100; | |
• | the Company purchased an office property in Parachute, Colorado for $13,928. The property is subject to an approximate 19-year net lease; | |
• | the Company borrowed $99,000 on the unsecured term loan and entered into an interest rate swap agreement to fix the LIBOR component at a rate of 1.155% through February 2018; | |
• | the Company entered into a forward commitment to acquire a build-to-suit office property in Auburn Hills, Michigan for $40,025. The property will be subject to a 14-year net lease; | |
• | the Company repaid all outstanding borrowings on its line of credit; and | |
• | in connection with the merger of LCIF II with and into LCIF, former LCIF II partners representing 170,193 OP units elected or were deemed to elect to receive $1,962 in aggregate cash for such OP units. |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation and Amortization | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure | ' | ||||||||||||||||||||||
Description | Location | Encumbrances | Land and Land Estates | Buildings and Improvements | Total | Accumulated Depreciation and Amortization | Date Acquired | Date Constructed | Useful life computing depreciation in latest income statement (years) | ||||||||||||||
Office | Little Rock, AR | $ | — | $ | 1,353 | $ | 2,260 | $ | 3,613 | $ | 434 | 6-Dec | 1980 | 40 | |||||||||
Office | Pine Bluff, AR | — | 271 | 603 | 874 | 93 | 12-Sep | 1964/1972/ | 3, 4 & 13 | ||||||||||||||
1988 | |||||||||||||||||||||||
Office | Glendale, AZ | — | 9,418 | 8,260 | 17,678 | 870 | 12-Sep | 1986/1997/ | 7, 20 & 24 | ||||||||||||||
2000 | |||||||||||||||||||||||
Office | Phoenix, AZ | — | 4,666 | 19,966 | 24,632 | 7,659 | May-00 | 1997 | 6 & 40 | ||||||||||||||
Office | Tempe, AZ | — | — | 12,148 | 12,148 | 566 | 12-Sep | 1998 | 10, 11, 15 & 36 | ||||||||||||||
Office | Tucson, AZ | — | 681 | 4,037 | 4,718 | 232 | 12-Sep | 1988 | 7, 10 & 30 | ||||||||||||||
Office | Brea, CA | — | 37,269 | 50,441 | 87,710 | 14,667 | 7-Jun | 1983 | 10 & 40 | ||||||||||||||
Office | Lake Forest, CA | — | 3,442 | 13,769 | 17,211 | 4,059 | 2-Mar | 2001 | 40 | ||||||||||||||
Office | Palo Alto, CA | 58,256 | 12,398 | 16,977 | 29,375 | 16,931 | 6-Dec | 1973/1982 | 40 | ||||||||||||||
Office | Centenial, CO | — | 4,851 | 15,187 | 20,038 | 4,691 | 7-May | 2001/2002 | 10 & 40 | ||||||||||||||
Office | Colorado Springs, CO | 10,008 | 2,748 | 12,554 | 15,302 | 3,532 | 7-Jun | 1980/2002 | 40 | ||||||||||||||
Office | Lakewood, CO | — | 1,569 | 8,857 | 10,426 | 4,874 | 5-Apr | 2002 | 2, 3, 12 & 40 | ||||||||||||||
Office | Louisville, CO | — | 3,657 | 9,605 | 13,262 | 2,164 | 8-Sep | 1987/2006 | 8, 9 & 40 | ||||||||||||||
Office | Wallingford, CT | — | 1,049 | 4,773 | 5,822 | 1,292 | 3-Dec | 1977/1993 | 8 & 40 | ||||||||||||||
Office | Boca Raton, FL | 20,101 | 4,290 | 17,160 | 21,450 | 4,666 | 3-Feb | 1983/2002 | 40 | ||||||||||||||
Office | Fort Meyers, FL | — | 795 | 2,941 | 3,736 | 359 | 5-Apr | 1998 | 5, 10 & 32 | ||||||||||||||
Office | Lake Mary, FL | — | 4,535 | 14,830 | 19,365 | 4,302 | 7-Jun | 1996 | 4, 7 & 40 | ||||||||||||||
Office | Lake Mary, FL | — | 4,438 | 15,103 | 19,541 | 4,280 | 7-Jun | 1999 | 4, 7 & 40 | ||||||||||||||
Office | Orlando, FL | 9,748 | 3,538 | 9,046 | 12,584 | 4,049 | 7-Jan | 2003 | 5, 12 & 40 | ||||||||||||||
Office | Orlando, FL | — | 586 | 35,012 | 35,598 | 6,359 | 6-Dec | 1982 | 40 | ||||||||||||||
Office | Palm Beach Gardens, FL | — | 4,066 | 17,212 | 21,278 | 5,467 | May-98 | 1996 | Aug-40 | ||||||||||||||
Office | Tampa, FL | — | 2,018 | 7,950 | 9,968 | 529 | 12-Sep | 1986 | 8 & 27 | ||||||||||||||
Office | Atlanta, GA | — | 1,014 | 269 | 1,283 | 233 | 6-Dec | 1972 | 40 | ||||||||||||||
Office | Atlanta, GA | — | 870 | 187 | 1,057 | 190 | 6-Dec | 1975 | 40 | ||||||||||||||
Office | Chamblee, GA | — | 770 | 186 | 956 | 191 | 6-Dec | 1972 | 40 | ||||||||||||||
Office | Cumming, GA | — | 1,558 | 1,368 | 2,926 | 521 | 6-Dec | 1968/1982 | 40 | ||||||||||||||
Office | Forest Park, GA | — | 668 | 1,242 | 1,910 | 352 | 6-Dec | 1969 | 40 | ||||||||||||||
Office | Jonesboro, GA | — | 778 | 146 | 924 | 167 | 6-Dec | 1971 | 40 | ||||||||||||||
Office | McDonough, GA | — | 693 | 6,405 | 7,098 | 343 | 12-Sep | 2007 | 6, 11 & 40 | ||||||||||||||
Office | Stone Mountain, GA | — | 672 | 276 | 948 | 172 | 6-Dec | 1973 | 40 | ||||||||||||||
Office | Clive, IA | — | 1,158 | — | 1,158 | — | 4-Jun | N/A | N/A | ||||||||||||||
Office | Meridian, ID | 10,156 | 2,255 | 7,797 | 10,052 | 535 | 12-Sep | 2004 | 7 & 37 | ||||||||||||||
Office | Chicago, IL | 29,730 | 5,155 | 46,180 | 51,335 | 13,497 | 7-Jun | 1986 | 15 & 40 | ||||||||||||||
Office | Lisle, IL | 9,767 | 3,236 | 13,692 | 16,928 | 3,175 | 6-Dec | 1984 | 3 & 40 | ||||||||||||||
Office | Schaumburg, IL | — | 5,007 | 21,553 | 26,560 | 357 | 13-Oct | 1979/1989/ | 7, 9 & 30 | ||||||||||||||
2010 | |||||||||||||||||||||||
Office | Columbus, IN | — | 235 | 45,729 | 45,964 | 8,379 | 6-Dec | 1980/2006 | 40 | ||||||||||||||
Office | Fishers, IN | — | 2,808 | 19,360 | 22,168 | 4,830 | 7-Jun | 1999 | Mar-40 | ||||||||||||||
Office | Indianapolis, IN | 11,564 | 1,700 | 17,918 | 19,618 | 11,325 | 5-Apr | 1999 | Jun-40 | ||||||||||||||
Office | Lenexa, KS | 10,232 | 2,828 | 6,075 | 8,903 | 384 | 12-Sep | 2004 | 7, 12 & 37 | ||||||||||||||
Office | Overland Park, KS | 35,297 | 4,769 | 41,956 | 46,725 | 10,188 | 7-Jun | 1980/2005 | 12 & 40 | ||||||||||||||
Office | Baton Rouge, LA | — | 1,252 | 10,919 | 12,171 | 2,813 | 7-May | 1997 | 4, 6 & 40 | ||||||||||||||
Office | Boston, MA | 12,764 | 3,814 | 16,040 | 19,854 | 2,661 | 7-Mar | 1910 | 10 & 40 | ||||||||||||||
Office | Foxboro, MA | — | 2,231 | 25,653 | 27,884 | 11,753 | 4-Dec | 1982/1987 | 16 & 40 | ||||||||||||||
Office | Oakland, ME | 9,259 | 551 | 8,774 | 9,325 | 480 | 12-Sep | 2005 | 8, 12 & 40 | ||||||||||||||
Office | Southfield, MI | — | — | 12,124 | 12,124 | 6,695 | 4-Jul | 1966/1989 | 7, 16 & 40 | ||||||||||||||
Office | Kansas City, MO | 16,831 | 2,433 | 20,154 | 22,587 | 4,877 | 7-Jun | 1963/2003 | 12 & 40 | ||||||||||||||
Office | Pascagoula, MS | — | 618 | 3,677 | 4,295 | 307 | 12-Sep | 1995 | 1, 9 & 31 | ||||||||||||||
Office | Bridgewater, NJ | 14,292 | 1,415 | 6,802 | 8,217 | — | 6-Dec | 1985/2004 | 8, 15 & 40 | ||||||||||||||
Office | Rockaway, NJ | 14,900 | 4,646 | 20,428 | 25,074 | 4,536 | 6-Dec | 2002/2004 | 40 | ||||||||||||||
Office | Wall, NJ | 21,847 | 8,985 | 26,961 | 35,946 | 10,467 | 4-Jan | 1983 | 22 & 40 | ||||||||||||||
Office | Whippany, NJ | 14,578 | 4,063 | 19,711 | 23,774 | 5,776 | 6-Nov | 2006/2008 | 20 & 40 | ||||||||||||||
Office | Rochester, NY | -2 | 17,544 | 645 | 26,042 | 26,687 | 4,929 | 6-Dec | 1988/2000 | 8, 10, 15 & 40 | |||||||||||||
Office | Milford, OH | — | 3,124 | 16,140 | 19,264 | 4,798 | 7-Jun | 1991/1998 | May-40 | ||||||||||||||
Description | Location | Encumbrances | Land and Land Estates | Buildings and Improvements | Total | Accumulated Depreciation and Amortization | Date Acquired | Date Constructed | Useful life computing depreciation in latest income statement (years) | ||||||||||||||
Office | Westerville, OH | — | 2,085 | 9,265 | 11,350 | 2,197 | 7-May | 2000 | 40 | ||||||||||||||
Office | Redmond, OR | — | 2,064 | 8,316 | 10,380 | 478 | 12-Sep | 2004 | 6, 13 & 40 | ||||||||||||||
Office | Canonsburg, PA | 9,092 | 1,055 | 10,910 | 11,965 | 3,392 | 7-May | 1996 | 8 & 40 | ||||||||||||||
Office | Harrisburg, PA | 8,044 | 900 | 10,676 | 11,576 | 7,704 | 5-Apr | 1998 | 2, 9, 15 & 40 | ||||||||||||||
Office | Philadelphia, PA | 43,989 | 13,209 | 55,289 | 68,498 | 26,401 | 5-Jun | 1957/1997 | Apr-40 | ||||||||||||||
Office | Charleston, SC | 7,350 | 1,189 | 8,724 | 9,913 | 2,707 | 6-Nov | 2005 | 40 | ||||||||||||||
Office | Rock Hill, SC | — | 551 | 4,313 | 4,864 | 288 | 11-May | 2006 | 40 | ||||||||||||||
Office | Kingsport, TN | — | 513 | 403 | 916 | 61 | 12-Sep | 1981 | 5, 6 & 14 | ||||||||||||||
Office | Knoxville, TN | — | 621 | 6,282 | 6,903 | 411 | 12-Sep | 2002 | 1, 5, 7 & 40 | ||||||||||||||
Office | Memphis, TN | 3,686 | 464 | 4,467 | 4,931 | 1,313 | 6-Nov | 1871/1999 | 20 & 40 | ||||||||||||||
Office | Memphis, TN | — | 5,291 | 97,032 | 102,323 | 17,689 | 6-Dec | 1985/2007 | 13 & 40 | ||||||||||||||
Office | Carrollton, TX | 12,341 | 1,789 | 18,157 | 19,946 | 7,078 | 4-Jun | 2003 | 19 & 40 | ||||||||||||||
Office | Carrollton, TX | 19,130 | 3,427 | 22,050 | 25,477 | 6,231 | 7-Jun | 2003 | 8 & 40 | ||||||||||||||
Office | Farmers Branch, TX | 18,435 | 3,984 | 27,308 | 31,292 | 7,874 | 7-Jun | 2000 | 40 | ||||||||||||||
Office | Garland, TX | — | 2,218 | 8,473 | 10,691 | 835 | 12-Sep | 1980 | 4, 5 & 18 | ||||||||||||||
Office | Houston, TX | — | 1,875 | 10,732 | 12,607 | 5,481 | 5-Apr | 2000 | 4, 5, 13 & 40 | ||||||||||||||
Office | Houston, TX | 11,620 | 1,500 | 14,683 | 16,183 | 6,912 | 5-Apr | 2003 | 14, 15 & 40 | ||||||||||||||
Office | Houston, TX | 14,866 | 800 | 26,962 | 27,762 | 14,771 | 5-Apr | 2000 | 10, 11, 20 & 40 | ||||||||||||||
Office | Houston, TX | 3,453 | 490 | 2,813 | 3,303 | 376 | 12-Sep | 1982/1999 | 3, 9 & 25 | ||||||||||||||
Office | Irving, TX | — | 7,476 | 43,932 | 51,408 | 13,661 | 7-May | 2003 | Jun-40 | ||||||||||||||
Office | Irving, TX | — | 4,889 | 29,701 | 34,590 | 8,465 | 7-Jun | 1999 | 12 & 40 | ||||||||||||||
Office | Mission, TX | 5,571 | 2,556 | 2,911 | 5,467 | 267 | 12-Sep | 2003 | 3, 8 & 35 | ||||||||||||||
Office | San Antonio, TX | 11,515 | 2,800 | 15,585 | 18,385 | 9,218 | 5-Apr | 2000 | 6, 11 & 40 | ||||||||||||||
Office | Temple, TX | 8,253 | 227 | 8,181 | 8,408 | 583 | 12-Sep | 2001 | 3, 10, 12 & 40 | ||||||||||||||
Office | Westlake, TX | — | 2,361 | 23,221 | 25,582 | 7,288 | 7-May | 2001 | Apr-40 | ||||||||||||||
Office | Glen Allen, VA | 12,222 | 1,543 | 19,503 | 21,046 | 6,917 | 7-Jun | 2000 | May-40 | ||||||||||||||
Office | Hampton, VA | — | 2,333 | 10,683 | 13,016 | 3,709 | Mar-00 | 1999 | 5, 10 & 40 | ||||||||||||||
Office | Herndon, VA | — | 5,127 | 24,640 | 29,767 | 7,818 | Dec-99 | 1987 | Sep-40 | ||||||||||||||
Office | Herndon, VA | 10,686 | 9,409 | 12,853 | 22,262 | 4,041 | 7-Jun | 1985/1999 | 40 | ||||||||||||||
Office | Midlothian, VA | 9,339 | 1,100 | 12,685 | 13,785 | 5,550 | 5-Apr | 2000 | 6, 7, 15 & 40 | ||||||||||||||
Office | Bremerton, WA | 6,164 | 1,655 | 5,445 | 7,100 | 366 | 12-Sep | 2002 | 4, 13 & 40 | ||||||||||||||
Office | Issaquah, WA | -3 | 30,714 | 5,126 | 13,778 | 18,904 | 4,414 | 7-Jun | 1987 | 3, 6, 8 & 40 | |||||||||||||
Office | Issaquah, WA | -3 | — | 6,268 | 16,058 | 22,326 | 4,969 | 7-Jun | 1992 | 8 & 40 | |||||||||||||
Long Term Lease - Office | Phoenix, AZ | — | 5,585 | 36,099 | 41,684 | 1,083 | 12-Dec | 1986/2011 | 10, 17, & 40 | ||||||||||||||
Long Term Lease - Office | Tempe, AZ | 7,520 | — | 9,442 | 9,442 | 2,310 | 5-Dec | 1998 | 30 & 40 | ||||||||||||||
Long Term Lease - Office | Englewood, CO | — | 2,207 | 27,851 | 30,058 | 780 | 13-Apr | 2013 | 15, 19 & 40 | ||||||||||||||
Long Term Lease - Office | Orlando, FL | — | 11,498 | 66,673 | 78,171 | 36,411 | 6-Dec | 1984/2012 | 3, 5, 10,13 & 25 | ||||||||||||||
Long Term Lease - Office | Tampa, FL | — | 895 | 5,496 | 6,391 | 14 | 13-Dec | 1999 | 20 & 38 | ||||||||||||||
Long Term Lease - Office | Tampa, FL | — | 146 | 559 | 705 | 2 | 13-Dec | 1999 | 20 & 35 | ||||||||||||||
Long Term Lease - Specialty | Albany, GA | — | 1,468 | 5,607 | 7,075 | 30 | 13-Oct | 2013 | 15 & 40 | ||||||||||||||
Long Term Lease - Office | McDonough, GA | 11,690 | 1,443 | 11,234 | 12,677 | 597 | 12-Sep | 1999 | 3, 11 & 38 | ||||||||||||||
Long Term Lease - Office | Lenexa, KS | 39,871 | 6,909 | 41,615 | 48,524 | 8,124 | 8-Jul | 2007 | 5, 14, 15 & 40 | ||||||||||||||
Long Term Lease - Industrial | Dry Ridge, KY | -4 | 3,393 | 560 | 12,553 | 13,113 | 3,708 | 5-Jun | 1988/1999 | 22 & 40 | |||||||||||||
Long Term Lease - Industrial | Elizabethtown, KY | -5 | 13,144 | 890 | 26,868 | 27,758 | 7,937 | 5-Jun | 1995/2001 | 25 & 40 | |||||||||||||
Long Term Lease - Industrial | Elizabethtown, KY | -5 | 2,473 | 352 | 4,862 | 5,214 | 1,437 | 5-Jun | 2001 | 25 & 40 | |||||||||||||
Long Term Lease - Industrial | Hopkinsville, KY | 7,684 | 631 | 16,154 | 16,785 | 5,015 | 5-Jun | 1987/2006 | 25 & 40 | ||||||||||||||
Long Term Lease - Industrial | Owensboro, KY | -4 | 2,919 | 393 | 11,956 | 12,349 | 3,992 | 5-Jun | 1998/2001 | 25 & 40 | |||||||||||||
Long Term Lease - Industrial | Shreveport, LA | 19,000 | 860 | 21,840 | 22,700 | 3,708 | 7-Mar | 2006 | 40 | ||||||||||||||
Long Term Lease - Office | Foxboro, MA | — | 3,791 | 5,405 | 9,196 | 893 | 12-Sep | 1965/1967/ | 2, 6 & 20 | ||||||||||||||
1971 | |||||||||||||||||||||||
Long Term Lease - Office | Livonia, MI | — | 935 | 13,714 | 14,649 | 984 | 12-Sep | 1987/1988/ | Feb-34 | ||||||||||||||
1990 | |||||||||||||||||||||||
Long Term Lease - Office | St Joseph, MO | — | 607 | 14,004 | 14,611 | 588 | 12-Sep | 2012 | 15 & 40 | ||||||||||||||
Long Term Lease - Industrial | Byhalia, MS | 15,000 | 1,006 | 21,483 | 22,489 | 1,432 | 11-May | 2011 | 40 | ||||||||||||||
Long Term Lease - Industrial | Shelby, NC | — | 1,421 | 18,862 | 20,283 | 1,766 | 11-Jun | 2011 | 11, 20 & 40 | ||||||||||||||
Long Term Lease - Office | Omaha, NE | — | 2,058 | 32,343 | 34,401 | — | 13-Dec | 2013 | 20 & 40 | ||||||||||||||
Long Term Lease - Office | Omaha, NE | 7,962 | 2,566 | 8,324 | 10,890 | 2,057 | 5-Nov | 1995 | 30 & 40 | ||||||||||||||
Description | Location | Encumbrances | Land and Land Estates | Buildings and Improvements | Total | Accumulated Depreciation and Amortization | Date Acquired | Date Constructed | Useful life computing depreciation in latest income statement (years) | ||||||||||||||
Long Term Lease - Industrial | Durham, NH | — | 3,464 | 18,094 | 21,558 | 4,198 | 7-Jun | 1986/2003 | 40 | ||||||||||||||
Long Term Lease - Office | Las Vegas, NV | — | 12,099 | 53,164 | 65,263 | 9,511 | 6-Dec | 1983/1994 | 40 | ||||||||||||||
Long Term Lease - Industrial | Long Island City, NY | — | — | 42,624 | 42,624 | 2,357 | 13-Mar | 2013 | 15 | ||||||||||||||
Long Term Lease - Land | New York, NY | -6 | 69,330 | 73,148 | — | 73,148 | — | 13-Oct | N/A | N/A | |||||||||||||
Long Term Lease - Land | New York, NY | -6 | 80,893 | 86,569 | — | 86,569 | — | 13-Oct | N/A | N/A | |||||||||||||
Long Term Lease - Land | New York, NY | -6 | 63,277 | 65,218 | — | 65,218 | — | 13-Oct | N/A | N/A | |||||||||||||
Long Term Lease - Industrial | Chillicothe, OH | — | 735 | 9,021 | 9,756 | 999 | 11-Oct | 1995/1998 | 6, 15 & 26 | ||||||||||||||
Long Term Lease - Industrial | Cincinnati, OH | — | 1,049 | 8,784 | 9,833 | 1,497 | 6-Dec | 1991 | 10, 14 & 40 | ||||||||||||||
Long Term Lease - Office | Columbus, OH | — | 1,594 | 10,481 | 12,075 | 786 | 10-Dec | 2005 | 40 | ||||||||||||||
Long Term Lease - Office | Columbus, OH | — | 432 | 2,773 | 3,205 | 173 | 11-Jul | 1999/2006 | 40 | ||||||||||||||
Long Term Lease - Industrial | Glenwillow, OH | 15,865 | 2,228 | 24,530 | 26,758 | 4,673 | 6-Dec | 1996 | 40 | ||||||||||||||
Long Term Lease - Office | Eugene, OR | — | 1,541 | 13,098 | 14,639 | 459 | 12-Dec | 2012 | 7, 12, 15, 25 & 40 | ||||||||||||||
Long Term Lease - Industrial | Bristol, PA | — | 2,508 | 15,863 | 18,371 | 4,902 | Mar-98 | 1983/1987 | 10, 16, 30 & 40 | ||||||||||||||
Long Term Lease - Office | Jessup, PA | — | 2,520 | 17,678 | 20,198 | 991 | 12-Aug | 2012 | 13, 15 & 40 | ||||||||||||||
Long Term Lease - Industrial | Chester, SC | 9,952 | 1,629 | 8,470 | 10,099 | 413 | 12-Sep | 2001/2005 | 9, 13 & 34 | ||||||||||||||
Long Term Lease - Office | Florence, SC | — | 774 | 3,629 | 4,403 | 202 | 12-Feb | 2012 | 12 & 40 | ||||||||||||||
Long Term Lease - Office | Fort Mill, SC | — | 1,798 | 26,038 | 27,836 | 12,503 | 4-Nov | 2004 | 11, 15 & 40 | ||||||||||||||
Long Term Lease - Office | Fort Mill, SC | — | 3,601 | 15,340 | 18,941 | 4,066 | 2-Dec | 2002 | 5, 11, 20 & 40 | ||||||||||||||
Long Term Lease - Office | Knoxville, TN | 6,867 | 1,079 | 11,072 | 12,151 | 5,027 | 5-Mar | 1997 | 11, 14 & 40 | ||||||||||||||
Long Term Lease - Office | Allen, TX | — | 5,591 | 25,421 | 31,012 | 3,686 | 11-May | 1981/1983 | 6, 7, 11 & 25 | ||||||||||||||
Long Term Lease - Office | Arlington, TX | — | 1,274 | 13,817 | 15,091 | 1,040 | 12-Sep | 2003 | 1, 12 & 40 | ||||||||||||||
Long Term Lease - Industrial | Houston, TX | — | 15,055 | 57,949 | 73,004 | 1,353 | 13-Mar | Various | 11, 12, 16 & 35 | ||||||||||||||
Long Term Lease - Office | Houston, TX | — | 481 | 2,352 | 2,833 | 8 | 13-Dec | 2002 | 11, 20 & 31 | ||||||||||||||
Long Term Lease - Office | Houston, TX | 29,706 | 16,613 | 58,226 | 74,839 | 12,841 | 4-Mar | 1976/1984 | 10 & 40 | ||||||||||||||
Long Term Lease - land/infrastructure | Missouri City, TX | — | 14,555 | 5,895 | 20,450 | 1,404 | 12-Apr | N/A | 7 | ||||||||||||||
Long Term Lease - Specialty | Tomball, TX | 9,102 | 3,174 | 7,405 | 10,579 | 375 | 12-Sep | 2005 | 13, 14 & 40 | ||||||||||||||
Long Term Lease - Land | Danville, VA | — | 3,453 | — | 3,453 | — | 13-Oct | N/A | N/A | ||||||||||||||
Long Term Lease - Retail | Edmonds, WA | — | — | 3,947 | 3,947 | 814 | 6-Dec | 1981 | 40 | ||||||||||||||
Long Term Lease - Industrial | Eau Claire, WI | — | 421 | 5,590 | 6,011 | 317 | 12-Sep | 1993/2004 | 10, 15 & 28 | ||||||||||||||
Long Term Lease - Office | Huntington, WV | 6,500 | 1,368 | 9,527 | 10,895 | 621 | 12-Jan | 2011 | 14 & 40 | ||||||||||||||
Industrial | Moody, AL | — | 654 | 9,943 | 10,597 | 5,160 | 4-Feb | 2004 | 15 & 40 | ||||||||||||||
Industrial | Jacksonville, FL | — | 573 | 1,592 | 2,165 | 308 | 12-Sep | 1959/1967 | Jan-40 | ||||||||||||||
Industrial | Orlando, FL | — | 1,030 | 10,869 | 11,899 | 2,145 | 6-Dec | 1980 | 40 | ||||||||||||||
Industrial | Tampa, FL | — | 2,160 | 7,347 | 9,507 | 5,456 | Jul-88 | 1986 | Sep-40 | ||||||||||||||
Industrial | Lavonia, GA | 8,251 | 171 | 7,657 | 7,828 | 288 | 12-Sep | 2005 | 8, 12 & 40 | ||||||||||||||
Industrial | McDonough, GA | 22,782 | 2,463 | 24,291 | 26,754 | 4,519 | 6-Dec | 2000/2007 | 40 | ||||||||||||||
Industrial | Des Moines, IA | — | 1,528 | 14,247 | 15,775 | 781 | 12-Sep | 2000 | 5, 11 & 34 | ||||||||||||||
Industrial | Dubuque, IA | 9,520 | 2,052 | 8,443 | 10,495 | 2,305 | 3-Jul | 2001 | 11, 12 & 40 | ||||||||||||||
Industrial | Rockford, IL | -2 | — | 371 | 2,573 | 2,944 | 529 | 6-Dec | 1998 | 40 | |||||||||||||
Industrial | Rockford, IL | -2 | 6,439 | 509 | 5,289 | 5,798 | 1,015 | 6-Dec | 1992 | 40 | |||||||||||||
Industrial | Plymouth, IN | 6,032 | 254 | 7,969 | 8,223 | 392 | 12-Sep | 2000/2003 | 3, 6 & 34 | ||||||||||||||
Industrial | Owensboro, KY | — | 819 | 2,439 | 3,258 | 704 | 6-Dec | 1975/1995 | 40 | ||||||||||||||
Industrial | Shreveport, LA | — | 1,078 | 10,134 | 11,212 | 559 | 12-Jun | 2012 | 8,10 & 40 | ||||||||||||||
Industrial | North Berwick, ME | 7,433 | 1,383 | 32,397 | 33,780 | 5,923 | 6-Dec | 1965/1980 | 10 & 40 | ||||||||||||||
Industrial | Kalamazoo, MI | 15,901 | 1,942 | 14,169 | 16,111 | 759 | 12-Sep | 1999/2004 | 8, 9 & 40 | ||||||||||||||
Industrial | Marshall, MI | — | 143 | 4,302 | 4,445 | 630 | 12-Sep | 1968/1972/ | 4, 6 & 10 | ||||||||||||||
2008 | |||||||||||||||||||||||
Industrial | Marshall, MI | — | 40 | 900 | 940 | 648 | Aug-87 | 1979 | 12, 20 & 40 | ||||||||||||||
Industrial | Plymouth, MI | — | 2,296 | 13,398 | 15,694 | 4,160 | 7-Jun | 1996/1998 | 40 | ||||||||||||||
Industrial | Temperance, MI | — | 3,040 | 14,924 | 17,964 | 3,304 | 7-Jun | 1978/1993 | 2, 5 & 40 | ||||||||||||||
Industrial | Minneapolis, MN | — | 1,886 | 1,922 | 3,808 | 81 | 12-Sep | 2003 | 3, 29 & 40 | ||||||||||||||
Industrial | Olive Branch, MS | — | 198 | 10,276 | 10,474 | 6,260 | 4-Dec | 1989 | 8, 15 & 40 | ||||||||||||||
Industrial | Franklin, NC | 320 | 296 | 1,320 | 1,616 | 86 | 12-Sep | 1996 | 2, 8 & 29 | ||||||||||||||
Description | Location | Encumbrances | Land and Land Estates | Buildings and Improvements | Total | Accumulated Depreciation and Amortization | Date Acquired | Date Constructed | Useful life computing depreciation in latest income statement (years) | ||||||||||||||
Industrial | Henderson, NC | — | 1,488 | 5,953 | 7,441 | 1,805 | 1-Nov | 1998/2006 | 40 | ||||||||||||||
Industrial | High Point, NC | — | 1,330 | 11,183 | 12,513 | 4,696 | 4-Jul | 2002 | 18 & 40 | ||||||||||||||
Industrial | Lumberton, NC | — | 405 | 12,049 | 12,454 | 2,713 | 6-Dec | 1998/2006 | 40 | ||||||||||||||
Industrial | Statesville, NC | -2 | 13,158 | 891 | 16,771 | 17,662 | 3,767 | 6-Dec | 1999/2002 | 3, 15 & 40 | |||||||||||||
Industrial | Erwin, NY | 8,720 | 1,648 | 10,810 | 12,458 | 543 | 12-Sep | 2006 | 4, 8 & 34 | ||||||||||||||
Industrial | Columbus, OH | — | 1,990 | 10,580 | 12,570 | 2,435 | 6-Dec | 1973 | 40 | ||||||||||||||
Industrial | Hebron, OH | — | 1,063 | 4,271 | 5,334 | 1,286 | Dec-97 | 1999 | 40 | ||||||||||||||
Industrial | Hebron, OH | — | 1,681 | 7,184 | 8,865 | 2,389 | 1-Dec | 2000 | 1, 2, 5 & 40 | ||||||||||||||
Industrial | Streetsboro, OH | 18,223 | 2,441 | 25,092 | 27,533 | 5,666 | 7-Jun | 2004 | 12, 20, 25 & 40 | ||||||||||||||
Industrial | Duncan, SC | — | 884 | 8,626 | 9,510 | 1,486 | 7-Jun | 2005/2008 | 40 | ||||||||||||||
Industrial | Laurens, SC | — | 5,552 | 21,177 | 26,729 | 4,768 | 7-Jun | 1991/1993 | 2, 5 & 40 | ||||||||||||||
Industrial | Collierville, TN | — | 714 | 4,783 | 5,497 | 1,224 | 5-Dec | 1984/2012 | 9, 14, 21 & 40 | ||||||||||||||
Industrial | Crossville, TN | — | 545 | 6,999 | 7,544 | 2,806 | 6-Jan | 1989/2006 | 17 & 40 | ||||||||||||||
Industrial | Franklin, TN | — | — | 5,673 | 5,673 | 686 | 12-Sep | 1970/1983 | 1, 4 & 12 | ||||||||||||||
Industrial | Memphis, TN | — | 1,054 | 11,538 | 12,592 | 11,366 | Feb-88 | 1987 | 8 &15 | ||||||||||||||
Industrial | Memphis, TN | — | 1,553 | 12,326 | 13,879 | 2,653 | 6-Dec | 1973 | 40 | ||||||||||||||
Industrial | Millington, TN | — | 723 | 19,383 | 20,106 | 8,305 | 5-Apr | 1997 | 9, 10, 16 & 40 | ||||||||||||||
Industrial | San Antonio, TX | — | 2,482 | 38,535 | 41,017 | 17,553 | 4-Jul | 2001 | 17 & 40 | ||||||||||||||
Industrial | Waxahachie, TX | — | 652 | 13,045 | 13,697 | 9,190 | 3-Dec | 1996/2000 | 10, 16 & 40 | ||||||||||||||
Industrial | Winchester, VA | — | 3,823 | 12,276 | 16,099 | 2,765 | 7-Jun | 2001 | 4 & 40 | ||||||||||||||
Multi-tenanted | Phoenix, AZ | — | 1,831 | 14,892 | 16,723 | 1,939 | 1-Nov | 1981/2009 | May-40 | ||||||||||||||
Multi-tenanted | Los Angeles, CA | 10,281 | 5,110 | 10,911 | 16,021 | 5,835 | 4-Dec | 2000 | 13 & 40 | ||||||||||||||
Multi-tenanted | Palm Beach Gardens, FL | — | 787 | 2,894 | 3,681 | 1,156 | May-98 | 1996 | Aug-40 | ||||||||||||||
Multi-tenanted | Honolulu, HI | — | 8,259 | 7,350 | 15,609 | 1,301 | 6-Dec | 1979/2002 | 5 & 40 | ||||||||||||||
Multi-tenanted | Baltimore, MD | 55,000 | 37,564 | 155,859 | 193,423 | 40,865 | 6-Dec | 1973/2009 | May-40 | ||||||||||||||
Multi-tenanted | Bridgeton, MO | — | 1,853 | 4,469 | 6,322 | 867 | 6-Dec | 1981 | 40 | ||||||||||||||
Multi-tenanted | Cary, NC | — | 5,342 | 15,183 | 20,525 | 5,073 | 7-Jun | 1999 | 2, 20 & 40 | ||||||||||||||
Multi-tenanted | Allentown, PA | — | 1,052 | 1,503 | 2,555 | 179 | 12-Sep | 1980 | 5, 9 & 18 | ||||||||||||||
Multi-tenanted | Florence, SC | — | 3,235 | 13,081 | 16,316 | 3,869 | 4-May | 1998 | 10, 20 & 40 | ||||||||||||||
Multi-tenanted | Antioch, TN | — | 3,847 | 10,043 | 13,890 | 995 | 7-May | 1999 | May-40 | ||||||||||||||
Multi-tenanted | Johnson City, TN | — | 1,214 | 9,748 | 10,962 | 1,696 | 6-Dec | 1979 | 9, 10, 20, 25 & 40 | ||||||||||||||
Multi-tenanted | Arlington, TX | — | 589 | 6,382 | 6,971 | 480 | 12-Sep | 2003 | 1, 12 & 40 | ||||||||||||||
Multi-tenanted | Houston, TX | — | 1,875 | 10,579 | 12,454 | 5,477 | 5-Apr | 2000 | 4, 5, 13 & 40 | ||||||||||||||
Multi-tenanted | Glen Allen, VA | 6,473 | 818 | 10,330 | 11,148 | 3,663 | 7-Jun | 2000 | May-40 | ||||||||||||||
Retail | Manteca, CA | 856 | 2,082 | 6,464 | 8,546 | 1,318 | 7-May | 1993 | 23 & 40 | ||||||||||||||
Retail | San Diego, CA | 546 | — | 13,310 | 13,310 | 2,286 | 7-May | 1993 | 23 & 40 | ||||||||||||||
Retail | Port Richey, FL | — | 1,376 | 1,664 | 3,040 | 532 | 6-Dec | 1980 | 40 | ||||||||||||||
Retail | Galesburg, IL | 480 | 560 | 2,366 | 2,926 | 566 | 7-May | 1992 | 12 & 40 | ||||||||||||||
Retail | Lawrence, IN | — | 404 | 1,737 | 2,141 | 313 | 6-Dec | 1983 | 40 | ||||||||||||||
Retail | Billings, MT | — | 273 | 1,775 | 2,048 | 184 | 6-Dec | 1981 | 4, 19, & 36 | ||||||||||||||
Retail | Jefferson, NC | — | 71 | 884 | 955 | 179 | 6-Dec | 1981 | 40 | ||||||||||||||
Retail | Lexington, NC | — | 832 | 1,429 | 2,261 | 251 | 6-Dec | 1981 | 40 | ||||||||||||||
Retail | Thomasville, NC | — | 208 | 561 | 769 | 40 | 6-Dec | 1993 | 40 | ||||||||||||||
Retail | Port Chester, NY | — | 3,841 | 5,246 | 9,087 | 237 | 6-Dec | 1982 | 40 | ||||||||||||||
Retail | Watertown, NY | 805 | 386 | 5,162 | 5,548 | 1,115 | 7-May | 1993 | 23 & 40 | ||||||||||||||
Retail | Canton, OH | — | 884 | 3,534 | 4,418 | 1,071 | 1-Nov | 1995 | 40 | ||||||||||||||
Retail | Franklin, OH | — | 722 | 999 | 1,721 | 71 | 6-Dec | 1961/1978 | 40 | ||||||||||||||
Retail | Lorain, OH | 1,212 | 1,893 | 7,024 | 8,917 | 1,433 | 7-May | 1993 | 23 & 40 | ||||||||||||||
Retail | Lawton, OK | — | 663 | 1,288 | 1,951 | 343 | 6-Dec | 1984 | 40 | ||||||||||||||
Retail | Oklahoma City, OK | — | 1,782 | 912 | 2,694 | 179 | 12-Sep | 1991/1996 | 5 & 13 | ||||||||||||||
Retail | Tulsa, OK | — | 447 | 2,432 | 2,879 | 2,198 | Dec-96 | 1981 | 14 & 24 | ||||||||||||||
Retail | Moncks Corner, SC | — | 13 | 1,510 | 1,523 | 285 | 6-Dec | 1982 | 40 | ||||||||||||||
Retail | Chattanooga, TN | — | 487 | 956 | 1,443 | 67 | 6-Dec | 1983/1995 | 40 | ||||||||||||||
Retail | Paris, TN | — | 247 | 547 | 794 | 140 | 6-Dec | 1982 | 40 | ||||||||||||||
Description | Location | Encumbrances | Land and Land Estates | Buildings and Improvements | Total | Accumulated Depreciation and Amortization | Date Acquired | Date Constructed | Useful life computing depreciation in latest income statement (years) | ||||||||||||||
Retail | Dallas, TX | — | 861 | 2,362 | 3,223 | 282 | 6-Dec | 1960 | 40 | ||||||||||||||
Retail | Staunton, VA | — | 1,028 | 326 | 1,354 | 82 | 6-Dec | 1971 | 40 | ||||||||||||||
Retail | Fairlea, WV | 565 | 501 | 1,985 | 2,486 | 381 | 7-May | 1993/1999 | 12 & 40 | ||||||||||||||
Construction in progress | — | — | — | 4,306 | — | — | |||||||||||||||||
Subtotal | 1,188,489 | 793,418 | 3,014,570 | 3,812,294 | 775,617 | ||||||||||||||||||
(1 | ) | 9,000 | |||||||||||||||||||||
$ | 1,197,489 | $ | 793,418 | $ | 3,014,570 | $ | 3,812,294 | $ | 775,617 | ||||||||||||||
-1 | Property is classified as a capital lease. | ||||||||||||||||||||||
-2 | Properties are cross-collateralized. | ||||||||||||||||||||||
-3 | Properties are cross-collateralized. | ||||||||||||||||||||||
-4 | Properties are cross-collateralized. | ||||||||||||||||||||||
-5 | Properties are cross-collateralized. | ||||||||||||||||||||||
-6 | Properties are cross-collateralized. | ||||||||||||||||||||||
(A) The initial cost includes the purchase price paid directly or indirectly by the Company. The total cost basis of the Company's properties at December 31, 2013 for federal income tax purposes was approximately $4.6 billion. | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Reconciliation of real estate, at cost: | |||||||||||||||||||||||
Balance at the beginning of year | $ | 3,564,466 | $ | 3,172,246 | $ | 3,363,586 | |||||||||||||||||
Additions during year | 492,437 | 540,847 | 143,382 | ||||||||||||||||||||
Properties sold during year | (212,771 | ) | (138,041 | ) | (230,397 | ) | |||||||||||||||||
Properties impaired during the year | (31,741 | ) | (10,553 | ) | (103,727 | ) | |||||||||||||||||
Other reclassifications | (97 | ) | (33 | ) | (598 | ) | |||||||||||||||||
Balance at end of year | $ | 3,812,294 | $ | 3,564,466 | $ | 3,172,246 | |||||||||||||||||
Reconciliation of accumulated depreciation and amortization: | |||||||||||||||||||||||
Balance at the beginning of year | $ | 738,068 | $ | 638,368 | $ | 601,239 | |||||||||||||||||
Depreciation and amortization expense | 122,057 | 119,067 | 114,247 | ||||||||||||||||||||
Accumulated depreciation and amortization of properties sold and impaired during year | (84,508 | ) | (19,367 | ) | (76,939 | ) | |||||||||||||||||
Other reclassifications | — | — | (179 | ) | |||||||||||||||||||
Balance at end of year | $ | 775,617 | $ | 738,068 | $ | 638,368 | |||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Consolidation, Policy [Policy Text Block] | ' |
Basis of Presentation and Consolidation. The Company's consolidated financial statements are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial statements reflect the accounts of the Company and its consolidated subsidiaries. The Company consolidates its wholly-owned subsidiaries, partnerships and joint ventures which it controls (i) through voting rights or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity ("VIE"). Entities which the Company does not control and entities which are VIEs in which the Company is not the primary beneficiary are accounted for under appropriate GAAP. | |
If an investment is determined to be a VIE, the Company performs an analysis to determine if the Company is the primary beneficiary of the VIE. GAAP requires a VIE to be consolidated by its primary beneficiary. The primary beneficiary is the party that has a controlling financial interest in an entity. In order for a party to have a controlling financial interest in an entity, it must have (1) the power to direct the activities of a VIE that most significantly impact the entity's economic performance and (2) the obligation to absorb losses or the right to receive benefits of an entity that could potentially be significant to the VIE. | |
Consolidated Variable Interest Entity. The Company's consolidated VIE was determined to be a VIE primarily because the entity's equity holders' obligation to absorb losses is protected. The Company determined that it was the primary beneficiary of the VIE because it has a controlling financial interest in the entity. | |
The Company's wholly-owned entity which owns an office building in Greenville, South Carolina is a VIE and is consolidated by the Company. The tenant has an option to purchase the property on December 31, 2014 at fair market value, but not for less than $10,710 and not for greater than $11,550. If the tenant does not exercise the purchase option, the Company has the right to require the tenant to purchase the property for $10,710. | |
Non-Consolidated Variable Interest Entities. At December 31, 2013 and 2012, the Company held variable interests in certain non-consolidated VIEs; however, the Company was not the primary beneficiary of these VIEs as the Company does not have a controlling financial interest in the entities. The Company has certain acquisition commitments and/ or acquisition, development and construction arrangements with VIEs. The Company is obligated to fund certain amounts as discussed in note 4. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Earnings Per Share. Basic net income (loss) per share is computed by dividing net income (loss) reduced by preferred dividends and amounts allocated to certain non-vested share-based payment awards, if applicable, by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share amounts are similarly computed but include the effect, when dilutive, of in-the-money common share options, OP units and put options of certain convertible securities | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates. Management has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these consolidated financial statements in conformity with GAAP. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination of VIEs and which entities should be consolidated, the determination of impairment of long-lived assets, loans receivable and equity method investments, valuation of derivative financial instruments and the useful lives of long-lived assets. Actual results could differ materially from those estimates. | |
Fair Value Measurements, Policy [Policy Text Block] | ' |
Fair Value Measurements. The Company follows the guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("Topic 820"), to determine the fair value of financial and non-financial instruments. Topic 820 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 - observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 - unobservable inputs, which are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considering counterparty credit risk. The Company has formally elected to apply the portfolio exception within Topic 820 with respect to measuring counterparty risk for all of its derivative transactions subject to master netting arrangements. | |
Revenue Recognition, Policy [Policy Text Block] | ' |
Revenue Recognition. The Company recognizes lease revenue on a straight-line basis over the term of the lease unless another systematic and rational basis is more representative of the time pattern in which the use benefit is derived from the leased property. Renewal options in leases with rental terms that are lower than those in the primary term are excluded from the calculation of straight-line rent if the renewals are not reasonably assured. If the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. If the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. The lease incentive is recorded as a deferred expense and amortized as a reduction of revenue on a straight-line basis over the respective lease term. The Company recognizes lease termination fees as rental revenue in the period received and writes off unamortized lease-related intangible and other lease-related account balances, provided there are no further Company obligations under the lease. Otherwise, such fees and balances are recognized on a straight-line basis over the remaining obligation period with the termination payments being recorded as a component of rent receivable-deferred or deferred revenue on the Consolidated Balance Sheets. | |
Gains on sales of real estate are recognized based upon the specific timing of the sale as measured against various criteria related to the terms of the transactions and any continuing involvement associated with the properties. If the sales criteria are not met, the gain is deferred and the finance, installment or cost recovery method, as appropriate, is applied until the sales criteria are met. To the extent the Company sells a property and retains a partial ownership interest in the property, the Company recognizes gain to the extent of the third-party ownership interest. | |
Accounts Receivable, Policy [Policy Text Block] | ' |
Accounts Receivable. The Company continuously monitors collections from tenants and makes a provision for estimated losses based upon historical experience and any specific tenant collection issues that the Company has identified. As of December 31, 2013 and 2012, the Company's allowance for doubtful accounts was not significant. | |
Purchase Accounting and Acquisition of Real Estate, Policy [Policy Text Block] | ' |
Purchase Accounting and Acquisition of Real Estate. The fair value of the real estate acquired, which includes the impact of fair value adjustments for assumed mortgage debt related to property acquisitions, is allocated to the acquired tangible assets, consisting of land, building and improvements and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place leases and value of tenant relationships, based in each case on their fair values. Acquisition costs are expensed as incurred and are included in property operating expense in the accompanying Consolidated Statement of Operations. Also, noncontrolling interests acquired are recorded at estimated fair market value. | |
The fair value of the tangible assets of an acquired property (which includes land, building and improvements and fixtures and equipment) is determined by valuing the property as if it were vacant. The “as-if-vacant” value is then allocated to land and building and improvements based on management's determination of relative fair values of these assets. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions. | |
In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market lease values are recorded based on the difference between the current in-place lease rent and management's estimate of current market rents. Below-market lease intangibles are recorded as part of deferred revenue and amortized into rental revenue over the non-cancelable periods and bargain renewal periods of the respective leases. Above-market leases are recorded as part of intangible assets and amortized as a direct charge against rental revenue over the non-cancelable portion of the respective leases. | |
The aggregate value of other acquired intangible assets, consisting of in-place leases and tenant relationship values, is measured by the excess of (1) the purchase price paid for a property over (2) the estimated fair value of the property as if vacant, determined as set forth above. This aggregate value is allocated between in-place lease values and tenant relationship values based on management's evaluation of the specific characteristics of each tenant's lease. The value of in-place leases is amortized to expense over the remaining non-cancelable periods and any bargain renewal periods of the respective leases. The value of tenant relationships is amortized to expense over the applicable lease term plus expected renewal periods. | |
Depreciation is determined by the straight-line method over the remaining estimated economic useful lives of the properties. The Company generally depreciates its real estate assets over periods ranging up to 40 years. | |
Impairment of Real Estate, Policy [Policy Text Block] | ' |
Impairment of Real Estate. The Company evaluates the carrying value of all tangible and intangible real estate assets held for investment for possible impairment when an event or change in circumstance has occurred that indicates its carrying value may not be recoverable. The evaluation includes estimating and reviewing anticipated future undiscounted cash flows to be derived from the asset. If such cash flows are less than the asset's carrying value, an impairment charge is recognized to the extent by which the asset's carrying value exceeds its estimated fair value, which may be below the balance of any non-recourse financing. Estimating future cash flows and fair values is highly subjective and such estimates could differ materially from actual results. | |
Investment in Non-Consolidated Entities, Policy [Policy Text Block] | ' |
Investments in Non-Consolidated Entities. The Company accounts for its investments in 50% or less owned entities under the equity method, unless consolidation is required. If the Company's investment in the entity is insignificant and the Company has no influence over the control of the entity then the entity is accounted for under the cost method. | |
Impairment of Equity Method Investments, Policy [Policy Text Block] | ' |
Impairment of Equity Method Investments. The Company assesses whether there are indicators that the value of its equity method investments may be impaired. An impairment charge is recognized only if the Company determines that a decline in the value of the investment below its carrying value is other-than-temporary. The assessment of impairment is highly subjective and involves the application of significant assumptions and judgments about the Company's intent and ability to recover its investment given the nature and operations of the underlying investment, including the level of the Company's involvement therein, among other factors. To the extent an impairment is deemed to be other-than-temporary, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. | |
Loans Receivable, Policy [Policy Text Block] | ' |
Loans Receivable. Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan origination costs and fees and loan purchase discounts are amortized over the term of the loan. The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. Significant judgments are required in determining whether impairment has occurred. The Company performs an impairment analysis by comparing either the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's observable current market price or the fair value of the underlying collateral to the net carrying value of the loan, which may result in an allowance and corresponding loan loss charge. Interest income is recorded on a cash basis for impaired loans. | |
Acquisition, Development and Construction Arrangements, Policy [Policy Text Block] | ' |
Acquisition, Development and Construction Arrangements. The Company evaluates loans receivable where the Company participates in residual profits through loan provisions or other contracts to ascertain whether the Company has the same risks and rewards as an owner or a joint venture partner. Where the Company concludes that such arrangements are more appropriately treated as an investment in real estate, the Company reflects such loan receivable as an equity investment in real estate under construction in the Consolidated Balance Sheets. In these cases, no interest income is recorded on the loan receivable and the Company records capitalized interest during the construction period. In arrangements where the Company engages a developer to construct a property or provide funds to a tenant to develop a property, the Company will capitalize the funds provided to the developer/tenant and internal costs of interest and real estate taxes, if applicable, during the construction period. | |
Properties Held For Sale, Policy [Policy Text Block] | ' |
Properties Held For Sale. Assets and liabilities of properties that meet various held for sale criteria, including whether it is probable that a sale will occur within 12 months, are presented separately in the Consolidated Balance Sheets, with assets and liabilities being separately stated. The operating results of these properties are reflected as discontinued operations in the Consolidated Statements of Operations. Properties classified as held for sale are carried at the lower of net carrying value or estimated fair value less costs to sell and depreciation and amortization are no longer recognized. Properties that do not meet the held for sale criteria are accounted for as operating properties. | |
Deferred Expenses, Policy [Policy Text Block] | ' |
Deferred Expenses. Deferred expenses consist primarily of debt and leasing costs. Debt costs are amortized using the straight-line method, which approximates the interest method, over the terms of the debt instruments and leasing costs are amortized over the term of the related lease. | |
Derivative Financial Instruments, Policy [Policy Text Block] | ' |
Derivative Financial Instruments. The Company accounts for its interest rate swap agreements in accordance with FASB ASC Topic 815, Derivatives and Hedging ("Topic 815"). In accordance with Topic 815, these agreements are carried on the balance sheet at their respective fair values, as an asset if fair value is positive, or as a liability if fair value is negative. If the interest rate swap is designated as a cash flow hedge, the effective portion of the interest rate swap's change in fair value is reported as a component of other comprehensive income (loss); the ineffective portion, if any, is recognized in earnings as an increase or decrease to interest expense. | |
Upon entering into hedging transactions, the Company documents the relationship between the interest rate swap agreement and the hedged item. The Company also documents its risk-management policies, including objectives and strategies, as they relate to its hedging activities. The Company assesses, both at inception of a hedge and on an on-going basis, whether or not the hedge is highly effective. The Company will discontinue hedge accounting on a prospective basis with changes in the estimated fair value reflected in earnings when (1) it is determined that the derivative is no longer effective in offsetting cash flows of a hedged item (including forecasted transactions), (2) it is no longer probable that the forecasted transaction will occur or (3) it is determined that designating the derivative as an interest rate swap is no longer appropriate. The Company does and may continue to utilize interest rate swap and cap agreements to manage interest rate risk, but does not anticipate entering into derivative transactions for speculative trading purposes. | |
Stock Compensation, Policy [Policy Text Block] | ' |
Stock Compensation. The Company maintains an equity participation plan. Non-vested share grants generally vest either based upon (1) time, (2) performance and/or (3) market conditions. Options granted under the plan in 2010 vest over a five-year period and expire ten years from the date of grant. Options granted under the plan in 2008 vest upon attainment of certain market performance measures and expire ten years from the date of grant. All share-based payments to employees, including grants of employee stock options, are recognized in the Consolidated Statements of Operations based on their fair values. | |
Tax Status, Policy [Policy Text Block] | ' |
Tax Status. The Company has made an election to qualify, and believes it is operating so as to qualify, as a REIT for federal income tax purposes. Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under Sections 856 through 860 of the Code. | |
The Company is permitted to participate in certain activities from which it was previously precluded in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries under the Code. As such, the Company is subject to federal and state income taxes on the income from these activities. | |
Income taxes, primarily related to the Company's taxable REIT subsidiaries, are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash and Cash Equivalents. The Company considers all highly liquid instruments with original maturities of three months or less from the date of purchase to be cash equivalents. | |
Restricted Cash, Policy [Policy Text Block] | ' |
Restricted Cash. Restricted cash is comprised primarily of cash balances held in escrow with lenders. | |
Environmental Matters, Policy [Policy Text Block] | ' |
Environmental Matters. Under various federal, state and local environmental laws, statutes, ordinances, rules and regulations, an owner of real property may be liable for the costs of removal or remediation of certain hazardous or toxic substances at, on, in or under such property as well as certain other potential costs relating to hazardous or toxic substances. These liabilities may include government fines, penalties and damages for injuries to persons and adjacent property. Such laws often impose liability without regard to whether the owner knew of, or was responsible for, the presence or disposal of such substances. Although most of the tenants of properties in which the Company has an interest are primarily responsible for any environmental damage and claims related to the leased premises, in the event of the bankruptcy or inability of the tenant of such premises to satisfy any obligations with respect to such environmental liability, or if the tenant is not responsible, the Company's property owner subsidiary may be required to satisfy any such obligations, should they exist. In addition, the property owner subsidiary, as the owner of such a property, may be held directly liable for any such damages or claims irrespective of the provisions of any lease. As of December 31, 2013, the Company was not aware of any environmental matter relating to any of its investments that would have a material impact on the consolidated financial statements. | |
Segment Reporting, Policy [Policy Text Block] | ' |
Segment Reporting. The Company operates generally in one industry segment, single-tenant real estate assets. | |
Reclassifications, Policy [Policy Text Block] | ' |
Reclassifications. Certain amounts included in prior years' financial statements have been reclassified to conform to the current year presentation, including certain statement of operations captions including activities for properties sold during 2013, which are presented as discontinued operations. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recently Issued Accounting Guidance. In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-02: Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the transparency of reporting the reclassifications of significant amounts out of accumulated other comprehensive income. This guidance requires entities to present the effects on the line items of net income of significant reclasses from accumulated other comprehensive income, either where net income is presented or in the notes, as well as cross-reference to other disclosures currently required under GAAP for other reclassification items (that are not required under GAAP) to be reclassified directly to net income in their entirety in the same reporting period. The new disclosure requirements are effective for annual reporting periods beginning after December 15, 2012. The new disclosures are required for both interim and annual reporting. The implementation of this guidance did not have an impact on the Company's financial position, results of operations or cash flows. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Earnings Per Share Reconciliation | ' | |||||||||||
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for each of the years in the three-year period ended December 31, 2013: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
BASIC | ||||||||||||
Income (loss) from continuing operations attributable to common shareholders | $ | (31,777 | ) | $ | 156,709 | $ | (30,194 | ) | ||||
Income (loss) from discontinued operations attributable to common shareholders | 17,688 | 112 | (73,527 | ) | ||||||||
Net income (loss) attributable to common shareholders | $ | (14,089 | ) | $ | 156,821 | $ | (103,721 | ) | ||||
Weighted-average number of common shares outstanding | 209,797,238 | 159,109,424 | 152,473,336 | |||||||||
Income (loss) per common share: | ||||||||||||
Income (loss) from continuing operations | $ | (0.15 | ) | $ | 0.99 | $ | (0.20 | ) | ||||
Income (loss) from discontinued operations | 0.08 | — | (0.48 | ) | ||||||||
Net income (loss) attributable to common shareholders | $ | (0.07 | ) | $ | 0.99 | $ | (0.68 | ) | ||||
2013 | 2012 | 2011 | ||||||||||
DILUTED: | ||||||||||||
Income (loss) from continuing operations attributable to common shareholders | $ | (31,777 | ) | $ | 156,709 | $ | (30,194 | ) | ||||
Impact of assumed conversions: | ||||||||||||
Share Options | — | — | — | |||||||||
Operating Partnership Units | — | 1,585 | — | |||||||||
6.00% Convertible Guaranteed Notes | — | 8,953 | — | |||||||||
Income (loss) from continuing operations attributable to common shareholders | (31,777 | ) | 167,247 | (30,194 | ) | |||||||
Income (loss) from discontinued operations attributable to common shareholders | 17,688 | 112 | (73,527 | ) | ||||||||
Impact of assumed conversions: | ||||||||||||
Operating Partnership Units | — | (392 | ) | — | ||||||||
Income (loss) from discontinued operations attributable to common shareholders | 17,688 | (280 | ) | (73,527 | ) | |||||||
Net income (loss) attributable to common shareholders | $ | (14,089 | ) | $ | 166,967 | $ | (103,721 | ) | ||||
Weighted-average common shares outstanding - basic | 209,797,238 | 159,109,424 | 152,473,336 | |||||||||
Effect of dilutive securities: | ||||||||||||
Share Options | — | 306,449 | — | |||||||||
Operating Partnership Units | — | 4,438,708 | — | |||||||||
6.00% Convertible Guaranteed Notes | — | 15,805,245 | — | |||||||||
Weighted-average common shares outstanding | 209,797,238 | 179,659,826 | 152,473,336 | |||||||||
Income (loss) per common share: | ||||||||||||
Income (loss) from continuing operations | $ | (0.15 | ) | $ | 0.93 | $ | (0.20 | ) | ||||
Income (loss) from discontinued operations | 0.08 | — | (0.48 | ) | ||||||||
Net income (loss) attributable to common shareholders | $ | (0.07 | ) | $ | 0.93 | $ | (0.68 | ) | ||||
Investments_in_Real_Estate_and1
Investments in Real Estate and Real Estate Under Construction (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Real Estate Investments, Net [Abstract] | ' | |||||||||||||||||||||
Schedule of Net Real Estate | ' | |||||||||||||||||||||
The Company's real estate, net, consists of the following at December 31, 2013 and 2012: | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Real estate, at cost: | ||||||||||||||||||||||
Buildings and building improvements | $ | 3,008,709 | $ | 2,969,050 | ||||||||||||||||||
Land, land estates and land improvements | 793,418 | 581,199 | ||||||||||||||||||||
Fixtures and equipment | 5,861 | 7,705 | ||||||||||||||||||||
Construction in progress | 4,306 | 6,512 | ||||||||||||||||||||
Real estate intangibles: | ||||||||||||||||||||||
In-place lease values | 486,743 | 401,503 | ||||||||||||||||||||
Tenant relationships | 172,640 | 179,655 | ||||||||||||||||||||
Above-market leases | 102,774 | 104,756 | ||||||||||||||||||||
Investments in real estate under construction | 74,350 | 65,122 | ||||||||||||||||||||
4,648,801 | 4,315,502 | |||||||||||||||||||||
Accumulated depreciation and amortization(1) | (1,223,381 | ) | (1,150,417 | ) | ||||||||||||||||||
Real estate, net | $ | 3,425,420 | $ | 3,165,085 | ||||||||||||||||||
-1 | Includes accumulated amortization of real estate intangible assets of $447,764 and $412,349 in 2013 and 2012, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $44,003 in 2014, $34,932 in 2015, $28,640 in 2016, $25,239 in 2017 and $21,498 in 2018. | |||||||||||||||||||||
Schedule of Acquired Properties | ' | |||||||||||||||||||||
The Company, through property owner subsidiaries, completed the following acquisitions and build-to-suit transactions during 2013 and 2012: | ||||||||||||||||||||||
2013:00:00 | ||||||||||||||||||||||
Real Estate Intangibles | ||||||||||||||||||||||
Property Type | Location | Acquisition/Completion Date | Initial Cost Basis | Lease Expiration | Land and Land Estate | Building and Improvements | Above Market Lease Value | Lease in-place Value | ||||||||||||||
Industrial | Long Island City, NY | Feb-13 | $ | 42,124 | Mar-28 | $ | — | $ | 42,124 | $ | — | $ | — | |||||||||
Industrial | Houston, TX | Mar-13 | $ | 81,400 | Mar-38 | $ | 15,055 | $ | 57,949 | $ | — | $ | 8,396 | |||||||||
Office (1) | Denver, CO | Apr-13 | $ | 34,547 | Apr-28 | $ | 2,207 | $ | 26,724 | $ | — | $ | 5,616 | |||||||||
Retail(2) | Tuscaloosa, AL | May-13 | $ | 8,397 | May-28 | $ | 2,793 | $ | 5,604 | $ | — | $ | — | |||||||||
Land(3) | New York, NY | Oct-13 | $ | 302,000 | Oct-12 | $ | 224,935 | $ | — | $ | — | $ | 77,065 | |||||||||
Land | Danville, VA | Oct-13 | $ | 4,727 | Jan-29 | $ | 3,454 | $ | — | $ | 673 | $ | 600 | |||||||||
Retail(4) | Albany, GA | Nov-13 | $ | 7,074 | Nov-28 | $ | 1,468 | $ | 5,606 | $ | — | $ | — | |||||||||
Office(5) | Various | Dec-13 | $ | 13,144 | Dec-33 | $ | 1,522 | $ | 10,374 | $ | — | $ | 1,248 | |||||||||
Office | Omaha, NE | Dec-13 | $ | 39,125 | Nov-33 | $ | 2,058 | $ | 32,343 | $ | — | $ | 4,724 | |||||||||
$ | 532,538 | $ | 253,492 | $ | 180,724 | $ | 673 | $ | 97,649 | |||||||||||||
Weighted-average life of intangible assets (years) | 15.3 | 82.5 | ||||||||||||||||||||
-1 | The Company incurred additional tenant related costs of $3,825. | |||||||||||||||||||||
-2 | The Company incurred leasing costs of $323. The property was sold in September 2013. | |||||||||||||||||||||
-3 | Includes three properties. | |||||||||||||||||||||
-4 | The Company incurred leasing costs of $338. | |||||||||||||||||||||
-5 | Includes four properties. One property was under construction at December 31, 2013, $1,969 of construction in progress costs are included in building and improvements above. | |||||||||||||||||||||
In addition, during 2013, the Company deposited $638 toward the purchase of a to-be-built industrial property in Lewisburg, Tennessee for an estimated cost of $12,767. Substantial completion of the property is expected to occur in the second quarter of 2014 although there can be no assurance that the acquisition will be consummated. | ||||||||||||||||||||||
2012:00:00 | ||||||||||||||||||||||
Real Estate Intangibles | ||||||||||||||||||||||
Property Type | Location | Acquisition/Completion Date | Initial Cost Basis | Lease Expiration | Land and Land Estate | Building and Improvements | Lease in-place Value | Tenant Relationships Value | ||||||||||||||
Office | Huntington, WV | Jan-12 | $ | 12,558 | Nov-26 | $ | 1,368 | $ | 9,527 | $ | 1,405 | $ | 258 | |||||||||
Office | Florence, SC | Feb-12 | $ | 5,094 | Feb-24 | $ | 774 | $ | 3,629 | $ | 505 | $ | 186 | |||||||||
Land/ Infrastructure | Missouri City, TX | Apr-12 | $ | 23,000 | Apr-32 | $ | 14,555 | $ | 5,895 | $ | 2,135 | $ | 415 | |||||||||
Industrial | Shreveport, LA | Jun-12 | $ | 12,941 | Mar-22 | $ | 1,078 | $ | 10,134 | $ | 1,590 | $ | 139 | |||||||||
Retail | Valdosta, GA(1) | Aug-12 | $ | 7,791 | Aug-27 | $ | 2,128 | $ | 5,663 | $ | — | $ | — | |||||||||
Office | Jessup, PA | Aug-12 | $ | 24,917 | Aug-27 | $ | 2,520 | $ | 17,656 | $ | 3,336 | $ | 1,405 | |||||||||
Office | Saint Joseph, MO | Sep-12 | $ | 17,571 | Jun-27 | $ | 607 | $ | 14,004 | $ | 2,528 | $ | 432 | |||||||||
Retail | Opelika, AL(1) | Nov-12 | $ | 7,978 | Nov-27 | $ | 1,446 | $ | 6,532 | $ | — | $ | — | |||||||||
Office | Phoenix, AZ | Dec-12 | $ | 53,200 | Dec-29 | $ | 5,585 | $ | 36,099 | $ | 8,956 | $ | 2,560 | |||||||||
Office | Eugene, OR | Dec-12 | $ | 17,558 | Nov-27 | $ | 1,541 | $ | 13,099 | $ | 2,414 | $ | 504 | |||||||||
$ | 182,608 | $ | 31,602 | $ | 122,238 | $ | 22,869 | $ | 5,899 | |||||||||||||
Weighted-average life of intangible assets (years) | 15.7 | 16 | ||||||||||||||||||||
(1) Incurred leasing costs of $488 for Valdosta and $355 for Opelika. Properties were sold in 2013. | ||||||||||||||||||||||
Schedule of Development Arrangements Outstanding | ' | |||||||||||||||||||||
As of December 31, 2013, the Company had the following development arrangements outstanding: | ||||||||||||||||||||||
Location | Property Type | Square Feet | Expected Maximum Commitment/Contribution ($ millions) | Lease Term (Years) | Estimated Completion Date | |||||||||||||||||
Rantoul, IL | Industrial | 813,000 | $ | 42.6 | 20 | 1Q 14 | ||||||||||||||||
Bingen, WA | Industrial | 124,000 | $ | 18.9 | 12 | 2Q 14 | ||||||||||||||||
Las Vegas, NV | Industrial | 180,000 | $ | 29.6 | 20 | 3Q 14 | ||||||||||||||||
Richmond, VA | Office | 279,000 | $ | 98.6 | 15 | 3Q 15 | ||||||||||||||||
1,396,000 | $ | 189.7 | ||||||||||||||||||||
Schedule of Purchase Price Allocation | ' | |||||||||||||||||||||
The following table summarizes the allocation of the fair value of amounts recognized for each major class of assets and liabilities: | ||||||||||||||||||||||
Real estate assets | $ | 325,310 | ||||||||||||||||||||
Lease related intangible assets | 124,330 | |||||||||||||||||||||
Cash | 8,107 | |||||||||||||||||||||
Other assets | 36,179 | |||||||||||||||||||||
Total acquired assets | 493,926 | |||||||||||||||||||||
Secured debt | 252,517 | |||||||||||||||||||||
Other liabilities, including below-market leases | 23,686 | |||||||||||||||||||||
Total assumed liabilities | 276,203 | |||||||||||||||||||||
Fair value of acquired net assets (represents 100% interest) | $ | 217,723 | ||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class | ' | |||||||||||||||||||||
Intangible assets and liabilities recorded in connection with the above acquisition are set forth as follows: | ||||||||||||||||||||||
Weighted Average Amortization Period (in Years) | ||||||||||||||||||||||
In-place leases | $ | 59,819 | 6.2 | |||||||||||||||||||
Tenant relations | 24,828 | 4.6 | ||||||||||||||||||||
Above-market leases | 39,683 | 8.4 | ||||||||||||||||||||
Total intangible assets acquired | $ | 124,330 | ||||||||||||||||||||
Below-market leases | $ | 1,529 | 2.7 | |||||||||||||||||||
Business Acquisition, Pro Forma Information | ' | |||||||||||||||||||||
The information presented below is not necessarily indicative of what the actual results of operations would have been had the transaction been completed on January 1, 2011, nor does it purport to represent the Company's future operations: | ||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||
Gross revenues | $ | 372,603 | $ | 356,918 | ||||||||||||||||||
Net income (loss) attributable to Lexington Realty Trust shareholders | $ | 8 | $ | (111,787 | ) | |||||||||||||||||
Net loss attributable to common shareholders | $ | (22,985 | ) | $ | (135,924 | ) | ||||||||||||||||
Net loss per common share - basic and diluted | $ | (0.14 | ) | $ | (0.89 | ) |
Sales_of_Real_Estate_and_Disco1
Sales of Real Estate and Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | ||||||||||||
The following presents the operating results for the properties sold and held for sale during the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Year Ending December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total gross revenues | $ | 7,577 | $ | 22,591 | $ | 44,247 | |||||||
Pre-tax net income (loss), including gains on sales | $ | 19,746 | $ | 1,807 | $ | (87,533 | ) | ||||||
Loans_Receivable_Tables
Loans Receivable (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Loans Receivable, Net [Abstract] | ' | |||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ' | |||||||||||||
The following is a summary of our loans receivable as of December 31, 2013 and 2012: | ||||||||||||||
Loan carrying-value(1) | ||||||||||||||
Loan | 12/31/13 | 12/31/12 | Interest Rate | Maturity Date | ||||||||||
Norwalk, CT(2) | $ | 28,186 | $ | 3,479 | 7.5 | % | Nov-14 | |||||||
Homestead, FL(3) | 10,239 | 8,036 | 7.5 | % | Aug-14 | |||||||||
Schaumburg, IL(4) | — | 21,885 | 20 | % | Jan-12 | |||||||||
Westmont, IL(5) | 12,610 | 26,902 | 6.45 | % | Oct-15 | |||||||||
Southfield, MI | 6,610 | 7,364 | 4.55 | % | Feb-15 | |||||||||
Austin, TX | 2,389 | 2,038 | 16 | % | Oct-18 | |||||||||
Kennewick, WA(6) | 37,030 | — | 9 | % | May-22 | |||||||||
Other | 2,379 | 2,836 | 8 | % | 2021-2022 | |||||||||
$ | 99,443 | $ | 72,540 | |||||||||||
-1 | Loan carrying value includes accrued interest and is net of origination costs, loan losses and fee eliminations, if any. | |||||||||||||
-2 | The Company is committed to lend up to $32,600. | |||||||||||||
-3 | The Company is committed to lend up to $10,660. | |||||||||||||
-4 | Borrower defaulted on the loan. The Company did not record interest of $2,939 and $2,647 in 2013 and 2012, respectively, representing the interest earned since default. In 2013, the Company foreclosed on the borrower and acquired the office property collateral which is net leased through December 2022. | |||||||||||||
-5 | Borrower is delinquent on debt service payments. Tenant at office property collateral terminated its lease. The Company recognized an impairment of $13,939 during 2013. During 2013, the Company recognized $1,737 of interest income relating to the impaired loan and the loan had an average recorded investment value of $25,562. At December 31, 2013, the impaired loan receivable had a net carrying value of $12,610 and a contractual unpaid balance of $26,549. | |||||||||||||
-6 | The Company is committed to lend up to $85,000. During construction advances accrue interest at 6.5% per annum. Estimated construction completion is March 2014. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Fair Value Measurement Inputs | ' | |||||||||||||||
The following tables present the Company's assets and liabilities from continuing operations measured at fair value on a recurring basis as of December 31, 2013 and 2012 and non-recurring basis during the year ended December 31, 2013 and 2012, aggregated by the level in the fair value hierarchy within which those measurements fall: | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Description | 2013 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Interest rate swap assets | $ | 4,439 | $ | — | $ | 4,439 | $ | — | ||||||||
Impaired real estate assets* | $ | 12,549 | $ | — | $ | — | $ | 12,549 | ||||||||
Impaired loan receivable* | $ | 12,610 | $ | — | $ | — | $ | 12,610 | ||||||||
Impaired investments in and advances to non-consolidated entities* | $ | 683 | $ | — | $ | — | $ | 683 | ||||||||
*Represents a non-recurring fair value measurement. | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Description | 2012 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Interest rate swap liability | $ | (6,556 | ) | $ | — | $ | (6,556 | ) | $ | — | ||||||
Impaired real estate assets* | $ | 3,327 | $ | — | $ | — | $ | 3,327 | ||||||||
*Represents a non-recurring fair value measurement. | ||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | |||||||||||||||
The table below sets forth the carrying amounts and estimated fair values of the Company's financial instruments as of December 31, 2013 and 2012: | ||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | |||||||||||||||
Assets | ||||||||||||||||
Loans Receivable (Level 3) | $ | 99,443 | $ | 95,734 | $ | 72,540 | $ | 61,734 | ||||||||
Liabilities | ||||||||||||||||
Debt (Level 3) | $ | 2,055,807 | $ | 2,028,558 | $ | 1,878,208 | $ | 1,835,157 | ||||||||
Mortgages_and_Notes_Payable_Ta
Mortgages and Notes Payable (Tables) (Mortgages and Notes Payable [Member]) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Mortgages and Notes Payable [Member] | ' | ||||
Debt Instrument [Line Items] | ' | ||||
Schedule of Maturities of Long-term Debt | ' | ||||
Scheduled principal and balloon payments for mortgages, notes payable, credit facility borrowings and term loans for the next five years and thereafter are as follows: | |||||
Year ending December 31, | Total | ||||
2014 | $ | 123,212 | |||
2015 | 301,591 | ||||
2016 | 168,899 | ||||
2017 | 137,035 | ||||
2018 | 188,764 | ||||
Thereafter | 731,988 | ||||
$ | 1,651,489 | ||||
Senior_Notes_Convertible_Notes1
Senior Notes, Convertible Notes, Exchangeable Notes and Trust Preferred Securities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Instrument [Line Items] | ' | ||||||||||||
Schedule of Long-term Debt Instruments | ' | ||||||||||||
Below is a summary of additional disclosures related to the 6.00% Convertible Guaranteed Notes and the 5.45% Exchangeable Guaranteed Notes. | |||||||||||||
6.00% Convertible Guaranteed Notes | |||||||||||||
Balance Sheets: | December 31, 2013 | December 31, 2012 | |||||||||||
Principal amount of debt component | $ | 28,991 | $ | 83,896 | |||||||||
Unamortized discount | (1,500 | ) | (5,769 | ) | |||||||||
Carrying amount of debt component | $ | 27,491 | $ | 78,127 | |||||||||
Carrying amount of equity component | $ | (26,032 | ) | $ | 3,654 | ||||||||
Effective interest rate | 8.1 | % | 8.1 | % | |||||||||
Period through which discount is being amortized, put date | Jan-17 | Jan-17 | |||||||||||
Aggregate if-converted value in excess of aggregate principal amount | $ | 14,296 | $ | 42,579 | |||||||||
Statements of Operations: | 2013 | 2012 | 2011 | ||||||||||
6.00% Convertible Guaranteed Notes | |||||||||||||
Coupon interest | $ | 2,296 | $ | 6,634 | $ | 6,900 | |||||||
Discount amortization | 658 | 1,868 | 1,938 | ||||||||||
$ | 2,954 | $ | 8,502 | $ | 8,838 | ||||||||
5.45% Exchangeable Guaranteed Notes | |||||||||||||
Coupon interest | $ | — | $ | 188 | $ | 3,387 | |||||||
Discount amortization | — | 34 | 664 | ||||||||||
$ | — | $ | 222 | $ | 4,051 | ||||||||
Senior Notes, Convertible Notes, Exchangeable Notes, and Trust Preferred Securities [Member] | ' | ||||||||||||
Debt Instrument [Line Items] | ' | ||||||||||||
Schedule of Maturities of Long-term Debt | ' | ||||||||||||
Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows: | |||||||||||||
Year ending December 31, | Total | ||||||||||||
2014 | $ | — | |||||||||||
2015 | — | ||||||||||||
2016 | — | ||||||||||||
2017(1) | 28,991 | ||||||||||||
2018 | — | ||||||||||||
Thereafter | 379,120 | ||||||||||||
408,111 | |||||||||||||
Debt discounts | (3,793 | ) | |||||||||||
$ | 404,318 | ||||||||||||
-1 | Although the 6.00% Convertible Guaranteed Notes mature in 2030, the notes can be put to the Company in 2017. |
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of Derivative Instruments | ' | |||||||||||||||||||
As of December 31, 2013, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: | ||||||||||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | ||||||||||||||||||
Interest Rate Swaps | 8 | $406,000 | ||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | |||||||||||||||||||
The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2013 and 2012. | ||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | |||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Interest Rate Swap Asset (Liability) | Other Assets | $ | 4,439 | Accounts Payable and Other Liabilities | $ | (6,556 | ) | |||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | |||||||||||||||||||
The tables below present the effect of the Company's derivative financial instruments on the Consolidated Statements of Operations for 2013 and 2012: | ||||||||||||||||||||
Derivatives in Cash Flow | Amount of Gain (Loss) Recognized | Location of Loss | Amount of Loss Reclassified | |||||||||||||||||
in OCI on Derivative | Reclassified from | from Accumulated OCI into | ||||||||||||||||||
(Effective Portion) | Accumulated OCI into Income (Effective Portion) | Income (Effective Portion) | ||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
Hedging Relationships | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Interest Rate Swap | $ | 7,559 | $ | (8,886 | ) | Interest expense | $ | 3,104 | $ | 724 | ||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments Receivable for Operating Leases | ' | ||||
Minimum future rental receipts under the non-cancelable portion of tenant leases, assuming no new or re-negotiated leases, for the next five years and thereafter are as follows: | |||||
Year ending | Total | ||||
December 31, | |||||
2014 | $ | 362,743 | |||
2015 | 334,370 | ||||
2016 | 303,455 | ||||
2017 | 272,390 | ||||
2018 | 249,645 | ||||
Thereafter | 5,767,751 | ||||
$ | 7,290,354 | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | ||||
Minimum future rental payments under non-cancelable leasehold interests, excluding leases held through industrial revenue bonds and lease payments in the future that are based upon fair market value, for the next five years and thereafter are as follows: | |||||
Year ending | Total | ||||
December 31, | |||||
2014 | $ | 5,229 | |||
2015 | 5,203 | ||||
2016 | 4,907 | ||||
2017 | 4,861 | ||||
2018 | 4,645 | ||||
Thereafter | 39,484 | ||||
$ | 64,329 | ||||
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Stock Redemptions and Retirements | ' | ||||||||||||
During 2013, 2012 and 2011, the Company repurchased/redeemed and retired the following shares of its preferred stock: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
8.05% Series B Cumulative Redeemable Preferred Stock: | |||||||||||||
Shares redeemed and retired | — | 2,740,874 | 419,126 | ||||||||||
Redemption cost (2012)(1)/repurchase cost (2011) | $ | — | $ | 69,459 | $ | 10,217 | |||||||
Deemed dividend(2) | $ | — | $ | 2,346 | $ | 95 | |||||||
6.50% Series C Cumulative Convertible Preferred Stock: | |||||||||||||
Shares repurchased and retired | — | 34,800 | 125,000 | ||||||||||
Repurchase cost | $ | — | $ | 1,462 | $ | 5,239 | |||||||
Discount (Deemed negative dividend)(2) | $ | — | $ | (229 | ) | $ | (833 | ) | |||||
7.55% Series D Cumulative Redeemable Preferred Stock: | |||||||||||||
Shares redeemed and retired | 6,200,000 | — | — | ||||||||||
Redemption cost(1) | $ | 155,621 | $ | — | $ | — | |||||||
Deemed dividend(2) | $ | 5,230 | $ | — | $ | — | |||||||
-1 | Includes accrued and unpaid dividends. | ||||||||||||
-2 | Represents the difference between the redemption/repurchase cost and historical GAAP cost. Accordingly, net income (loss) was adjusted for the deemed dividends/deemed negative dividends to arrive at net income (loss) attributable to common shareholders. | ||||||||||||
Accumulated Other Comprehensive Income Loss | ' | ||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Gains and Losses | |||||||||||||
on Cash Flow Hedges | |||||||||||||
Balance December 31, 2012 | $ | (6,224 | ) | ||||||||||
Other comprehensive income before reclassifications | 7,559 | ||||||||||||
Amounts of loss reclassified from accumulated other comprehensive loss to interest expense | 3,104 | ||||||||||||
Balance December 31, 2013 | $ | 4,439 | |||||||||||
Effects of Changes in the Company's Ownership Interests in Noncontrolling Interests | ' | ||||||||||||
The following discloses the effects of changes in the Company's ownership interests in its noncontrolling interests: | |||||||||||||
Net Income (Loss) Attributable to Shareholders and Transfers from Noncontrolling Interests | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income (loss) attributable to Lexington Realty Trust shareholders | $ | 1,630 | $ | 180,316 | $ | (79,584 | ) | ||||||
Transfers from noncontrolling interests: | |||||||||||||
Increase in additional paid-in-capital for redemption of noncontrolling OP units | 1,053 | 1,343 | 2,187 | ||||||||||
Change from net income (loss) attributable to shareholders and transfers from noncontrolling interests | $ | 2,683 | $ | 181,659 | $ | (77,397 | ) | ||||||
Benefit_Plans_Benefit_Plans_Ta
Benefit Plans Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Employee Benefits and Share-based Compensation [Abstract] | ' | ||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | ||||||||||||
The more significant assumptions underlying the determination of fair value for options granted were as follows: | |||||||||||||
2010 Options | 2009 Options | 2008 Options | |||||||||||
Weighted-average fair value of options granted | $ | 1.94 | $ | 2.19 | $ | 1.24 | |||||||
Weighted-average risk-free interest rate | 2.54 | % | 3.29 | % | 1.33 | % | |||||||
Weighted-average expected option lives (in years) | 6.5 | 6.7 | 3.6 | ||||||||||
Weighted-average expected volatility | 49 | % | 59.08 | % | 59.94 | % | |||||||
Weighted-average expected dividend yield | 7.4 | % | 6.26 | % | 14.4 | % | |||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||||||||||
Share option activity during the years indicated is as follows: | |||||||||||||
Number of | Weighted-Average | ||||||||||||
Shares | Exercise Price | ||||||||||||
Per Share | |||||||||||||
Balance at December 31, 2010 | 4,389,605 | $ | 6.23 | ||||||||||
Exercised | (501,324 | ) | 5.16 | ||||||||||
Balance at December 31, 2011 | 3,888,281 | 6.36 | |||||||||||
Exercised | (408,201 | ) | 5.73 | ||||||||||
Balance at December 31, 2012 | 3,480,080 | 6.44 | |||||||||||
Exercised | (1,519,179 | ) | 5.77 | ||||||||||
Forfeited | (5,200 | ) | 7.47 | ||||||||||
Balance at December 31, 2013 | 1,955,701 | $ | 6.95 | ||||||||||
Schedule of Nonvested Share Activity | ' | ||||||||||||
Non-vested share activity for the years ended December 31, 2013 and 2012, is as follows: | |||||||||||||
Number of | Weighted-Average | ||||||||||||
Shares | Value Per Share | ||||||||||||
Balance at December 31, 2011 | 1,179,585 | $ | 8.13 | ||||||||||
Granted | 606,500 | 9.75 | |||||||||||
Vested | (320,639 | ) | 8.86 | ||||||||||
Balance at December 31, 2012 | 1,465,446 | 8.64 | |||||||||||
Granted | 1,829,400 | 10.52 | |||||||||||
Vested | (770,229 | ) | 7.14 | ||||||||||
Forfeited | (3,571 | ) | 9.21 | ||||||||||
Balance at December 31, 2013 | 2,521,046 | $ | 10.46 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
The Company's benefit (provision) for income taxes for the years ended December 31, 2013, 2012 and 2011 is summarized as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | (1,445 | ) | $ | (371 | ) | $ | (440 | ) | |||
State and local | (1,675 | ) | (1,156 | ) | (1,043 | ) | ||||||
NOL utilized | 586 | 401 | 566 | |||||||||
Deferred: | ||||||||||||
Federal | (595 | ) | 141 | 1,399 | ||||||||
State and local | (130 | ) | 45 | 400 | ||||||||
$ | (3,259 | ) | $ | (940 | ) | $ | 882 | |||||
Statutory Accounting Practices Disclosure | ' | |||||||||||
The income tax benefit (provision) differs from the amount computed by applying the statutory federal income tax rate to pre-tax operating income as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal provision at statutory tax rate (34%) | $ | 164 | $ | (573 | ) | $ | (580 | ) | ||||
State and local taxes, net of federal benefit | 22 | (110 | ) | (100 | ) | |||||||
Other | (3,445 | ) | (257 | ) | 1,562 | |||||||
$ | (3,259 | ) | $ | (940 | ) | $ | 882 | |||||
Summary of Average Taxable Nature of Dividends | ' | |||||||||||
A summary of the average taxable nature of the Company's common dividends for each of the years in the three-year period ended December 31, 2013, is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total dividends per share | $ | 0.6 | $ | 0.525 | $ | 0.46 | ||||||
Ordinary income | 35.53 | % | 95.68 | % | 47.33 | % | ||||||
Qualifying dividend | 4.11 | % | 0.99 | % | 1.11 | % | ||||||
Capital gain | 2.09 | % | — | — | ||||||||
25% rate gain | — | — | — | |||||||||
Return of capital | 58.27 | % | 3.33 | % | 51.56 | % | ||||||
100 | % | 100 | % | 100 | % | |||||||
A summary of the average taxable nature of the Company's dividend on shares of its Series B Cumulative Redeemable Preferred Stock for each of the years in the three-year period ended December 31, 2013, is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total dividends per share | $ | — | $ | 1.341667 | $ | 2.0125 | ||||||
Ordinary income | — | 98.98 | % | 97.7 | % | |||||||
15% rate - qualifying dividend | — | 1.02 | % | 2.3 | % | |||||||
15% rate gain | — | — | — | |||||||||
25% rate gain | — | — | — | |||||||||
— | 100 | % | 100 | % | ||||||||
A summary of the average taxable nature of the Company's dividend on shares of its Series C Preferred for each of the years in the three-year period ended December 31, 2013, is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total dividends per share | $ | 3.25 | $ | 3.25 | $ | 3.25 | ||||||
Ordinary income | 85.14 | % | 98.98 | % | 97.7 | % | ||||||
Qualifying dividend | 9.85 | % | 1.02 | % | 2.3 | % | ||||||
Capital gain | 5.01 | % | — | — | ||||||||
25% rate gain | — | — | — | |||||||||
Return of capital | — | — | — | |||||||||
100 | % | 100 | % | 100 | % | |||||||
A summary of the average taxable nature of the Company's dividend on shares of its Series D Cumulative Redeemable Preferred Stock for the years in the three-year period ended December 31, 2013, is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total dividends per share | $ | 1.043368 | $ | 1.8875 | $ | 1.76498 | -1 | |||||
Ordinary income | 85.14 | % | 98.98 | % | 97.7 | % | ||||||
Qualifying dividend | 9.85 | % | 1.02 | % | 2.3 | % | ||||||
Capital gain | 5.01 | % | — | — | ||||||||
25% rate gain | — | — | — | |||||||||
100 | % | 100 | % | 100 | % | |||||||
_________ | ||||||||||||
(1)Of the total dividend paid in January 2011, $0.12252 was allocated to 2010 and $0.349355 was allocated to 2011. |
Unaudited_Quarterly_Financial_1
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
2013 | ||||||||||||||||
3/31/13 | 6/30/13 | 9/30/13 | 12/31/13 | |||||||||||||
Total gross revenues(1) | $ | 94,121 | $ | 97,763 | $ | 96,950 | $ | 109,606 | ||||||||
Net income (loss) | $ | (2,123 | ) | $ | 7,832 | $ | 5,155 | $ | (7,001 | ) | ||||||
Net income (loss) attributable to common shareholders | $ | (7,295 | ) | $ | (849 | ) | $ | 2,978 | $ | (8,923 | ) | |||||
Net income (loss) attributable to common shareholders - basic per share | $ | (0.04 | ) | $ | — | $ | 0.01 | $ | (0.04 | ) | ||||||
Net income (loss) attributable to common shareholders - diluted per share | $ | (0.04 | ) | $ | — | $ | 0.01 | $ | (0.04 | ) | ||||||
2012 | ||||||||||||||||
3/31/12 | 6/30/12 | 9/30/12 | 12/31/12 | |||||||||||||
Total gross revenues(1) | $ | 75,360 | $ | 78,961 | $ | 83,800 | $ | 92,059 | ||||||||
Net income (loss) | $ | 5,478 | $ | 5,626 | $ | 175,289 | $ | (1,755 | ) | |||||||
Net income (loss) attributable to common shareholders | $ | (2,187 | ) | $ | (3,392 | ) | $ | 168,943 | $ | (7,039 | ) | |||||
Net income (loss) attributable to common shareholders - basic per share | $ | (0.01 | ) | $ | (0.02 | ) | $ | 1.09 | $ | (0.04 | ) | |||||
Net income (loss) attributable to common shareholders - diluted per share | $ | (0.01 | ) | $ | (0.02 | ) | $ | 0.96 | $ | (0.04 | ) | |||||
_____________ | ||||||||||||||||
(1) All periods have been adjusted to reflect the impact of properties sold during the years ended December 31, 2013 and 2012, and properties classified as held for sale, which are reflected in discontinued operations in the Consolidated Statements of Operations. |
The_Company_Details
The Company (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
states | properties | |
properties | states | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Number of Consolidated Properties | 220 | 220 |
Number of States in which Entity has Interests | 41 | 41 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Summary of Significant Accounting Policies [Line Items] | ' |
Tenant Purchase Requirement, Minimum | $10,710 |
Tenant Purchase Requirement Maximum | 11,550 |
Required Tenant Purchase Price | $10,710 |
Vesting Period | '5 years |
Expiration Period of Options | '10 years |
Building and Building Improvements [Member] | ' |
Summary of Significant Accounting Policies [Line Items] | ' |
Property, Land and Equipment, Useful Life, Maximum (in years) | '40 years |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Six Percent Convertible Guaranteed Note [Member] | Six Percent Convertible Guaranteed Note [Member] | Six Percent Convertible Guaranteed Note [Member] | Six Percent Convertible Guaranteed Note [Member] | ||||||||||||
BASIC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ($31,777) | $156,709 | ($30,194) | ' | ' | ' | ' |
Income (loss) from discontinued operations attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 17,688 | 112 | -73,527 | ' | ' | ' | ' |
Net income (loss) attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | -14,089 | 156,821 | -103,721 | ' | ' | ' | ' |
Weighted-average common shares outstanding – basic | ' | ' | ' | ' | ' | ' | ' | ' | 209,797,238 | 159,109,424 | 152,473,336 | ' | ' | ' | ' |
Income (loss) from continuing operations, basic (usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.15) | $0.99 | ($0.20) | ' | ' | ' | ' |
Income (loss) from discontinued operations, basic (usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.08 | $0 | ($0.48) | ' | ' | ' | ' |
Net income (loss) attributable to common shareholders, basic (usd per share) | ($0.04) | $0.01 | $0 | ($0.04) | ($0.04) | $1.09 | ($0.02) | ($0.01) | ($0.07) | $0.99 | ($0.68) | ' | ' | ' | ' |
Impact of assumed conversions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Options | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' |
Operating Partnership Units | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,585 | 0 | ' | ' | ' | ' |
6.00% Convertible Guaranteed Notes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 8,953 | 0 | ' | ' | ' | ' |
Debt interest rate percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | 6.00% | 6.00% | 6.00% |
Income (loss) from continuing operations attributable to common shareholders, net of deductions | ' | ' | ' | ' | ' | ' | ' | ' | -31,777 | 167,247 | -30,194 | ' | ' | ' | ' |
Operating Partnership Units | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -392 | 0 | ' | ' | ' | ' |
Income (loss) from discontinued operations attributable to common shareholders, net of deductions | ' | ' | ' | ' | ' | ' | ' | ' | 17,688 | -280 | -73,527 | ' | ' | ' | ' |
Net income (loss) attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ($14,089) | $166,967 | ($103,721) | ' | ' | ' | ' |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Options | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 306,449 | 0 | ' | ' | ' | ' |
Operating Partnership Units | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 4,438,708 | 0 | ' | ' | ' | ' |
6.00% Convertible Guaranteed Notes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 15,805,245 | 0 | ' | ' | ' | ' |
Weighted-average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 209,797,238 | 179,659,826 | 152,473,336 | ' | ' | ' | ' |
Income (loss) per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations, diluted (usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.15) | $0.93 | ($0.20) | ' | ' | ' | ' |
Income (loss) from discontinued operations, diluted (usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.08 | $0 | ($0.48) | ' | ' | ' | ' |
Net income (loss) attributable to common shareholders, diluted (usd per share) | ($0.04) | $0.01 | $0 | ($0.04) | ($0.04) | $0.96 | ($0.02) | ($0.01) | ($0.07) | $0.93 | ($0.68) | ' | ' | ' | ' |
Investments_in_Real_Estate_and2
Investments in Real Estate and Real Estate Under Construction (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 01, 2012 | Sep. 01, 2012 | ||||||||||||||||||
properties | properties | properties | properties | Lender Subsidiary [Member] | Office Property [Member] | Office Property [Member] | Office Property [Member] | Office Property [Member] | Office Property [Member] | Office Property [Member] | Office Property [Member] | Office Property [Member] | Office Property [Member] | Office Property [Member] | Industrial Property [Member] | Industrial Property [Member] | Industrial Property [Member] | Industrial Property [Member] | Industrial Property [Member] | Industrial Property [Member] | Industrial Property [Member] | Retail Property [Member] | Retail Property [Member] | Retail Property [Member] | Retail Property [Member] | Retail Property [Member] | Retail Property [Member] | Retail Property [Member] | Land [Member] | Land [Member] | Development Deals [Member] | Development Deals [Member] | In-place Lease Values [Member] | In-place Lease Values [Member] | Tenant Relationship Values [Member] | Tenant Relationship Values [Member] | Above-market Leases [Member] | Above-market Leases [Member] | Net Lease Strategic Assets Fund L P [Member] | Net Lease Strategic Assets Fund L P [Member] | Net Lease Strategic Assets Fund L P [Member] | Net Lease Strategic Assets Fund L P [Member] | Net Lease Strategic Assets Fund L P [Member] | Net Lease Strategic Assets Fund L P [Member] | Net Lease Strategic Assets Fund L P [Member] | Common Stock [Member] | Preferred Shares [Member] | |||||||||||||||||||||||||
states | states | states | states | sqft | Denver, Colorado [Member] | Other Locations [Member] | Omaha, Nebraska [Member] | Huntington, West Virginia [Member] | Florence, South Carolina [Member] | Jessup, Pennsylvania [Member] | Saint Joseph, Missouri [Member] | Phoenix, Arizona [Member] | Eugene, Oregon [Member] | Las Vegas, Nevada [Member] | Long Island City, New York [Member] | Houston, Texas [Member] | Missouri City, Texas [Member] | Shreveport, Louisiana [Member] | Rantoul, Illinois [Member] | Bingen, Washington [Member] | Lewisburg, Tennessee [Member] | Tuscaloosa, Alabama [Member] | Albany, Georgia [Member] | Valdosta, Georgia [Member] | Valdosta, Georgia [Member] | Opelika Alabama [Member] | Opelika Alabama [Member] | Richmond, Virginia [Member] | New York, New York [Member] | Danville, Virginia [Member] | states | In-place Lease Values [Member] | Tenant Relationship Values [Member] | Above-market Leases [Member] | Net Lease Strategic Assets Fund L P [Member] | Net Lease Strategic Assets Fund L P [Member] | ||||||||||||||||||||||||||||||||||||
properties | sqft | sqft | sqft | sqft | properties | properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
sqft | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Real Estate and Real Estate Under Construction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Real Estate Revenue, Net | $109,606,000 | [1] | $96,950,000 | [1] | $97,763,000 | [1] | $94,121,000 | [1] | $92,059,000 | [1] | $83,800,000 | [1] | $78,961,000 | [1] | $75,360,000 | [1] | $398,440,000 | $330,180,000 | $292,298,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $42,576,000 | $14,504,000 | ' | ' | ' | ' | ' | ' | |||||||||
Net loss attributable to Lexington Realty Trust shareholders | -7,001,000 | 5,155,000 | 7,832,000 | -2,123,000 | -1,755,000 | 175,289,000 | 5,626,000 | 5,478,000 | 3,863,000 | 184,638,000 | -89,778,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,419,000 | 1,667,000 | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 167,864,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 373,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Gain (Loss) on Acquisition of Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 167,864,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 167,864,000 | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Real Estate and Accumulated Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Buildings and building improvements | 3,008,709,000 | ' | ' | ' | 2,969,050,000 | ' | ' | ' | 3,008,709,000 | 2,969,050,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Land, land estates and land improvements | 793,418,000 | ' | ' | ' | 581,199,000 | ' | ' | ' | 793,418,000 | 581,199,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Fixtures and equipment | 5,861,000 | ' | ' | ' | 7,705,000 | ' | ' | ' | 5,861,000 | 7,705,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Construction in progress | 4,306,000 | ' | ' | ' | 6,512,000 | ' | ' | ' | 4,306,000 | 6,512,000 | ' | ' | ' | 1,969,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Real estate intangibles: | 762,157,000 | ' | ' | ' | 685,914,000 | ' | ' | ' | 762,157,000 | 685,914,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 486,743,000 | 401,503,000 | 172,640,000 | 179,655,000 | 102,774,000 | 104,756,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Investments in real estate under construction | 74,350,000 | ' | ' | ' | 65,122,000 | ' | ' | ' | 74,350,000 | 65,122,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Real estate, gross | 4,648,801,000 | ' | ' | ' | 4,315,502,000 | ' | ' | ' | 4,648,801,000 | 4,315,502,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Accumulated depreciation and amortization | -1,223,381,000 | [2] | ' | ' | ' | -1,150,417,000 | [2] | ' | ' | ' | -1,223,381,000 | [2] | -1,150,417,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Real estate, net | 3,425,420,000 | ' | ' | ' | 3,165,085,000 | ' | ' | ' | 3,425,420,000 | 3,165,085,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | 447,764,000 | ' | ' | ' | 412,349,000 | ' | ' | ' | 447,764,000 | 412,349,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Estimated Amortization, 2014 | 44,003,000 | ' | ' | ' | ' | ' | ' | ' | 44,003,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Estimated Amortization, 2015 | 34,932,000 | ' | ' | ' | ' | ' | ' | ' | 34,932,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Estimated Amortization, 2016 | 28,640,000 | ' | ' | ' | ' | ' | ' | ' | 28,640,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Estimated Amortization, 2017 | 25,239,000 | ' | ' | ' | ' | ' | ' | ' | 25,239,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Estimated Amortization, 2018 | 21,498,000 | ' | ' | ' | ' | ' | ' | ' | 21,498,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Below Market Leases [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Below-market Leases, Net of Accretion | 59,781,000 | ' | ' | ' | 71,513,000 | ' | ' | ' | 59,781,000 | 71,513,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Future Accretion, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | 5,176,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Future Accretion, 2015 | ' | ' | ' | ' | ' | ' | ' | ' | 4,489,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Future Accretion, 2016 | ' | ' | ' | ' | ' | ' | ' | ' | 3,380,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Future Accretion, 2017 | ' | ' | ' | ' | ' | ' | ' | ' | 2,935,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Future Accretion, 2018 | ' | ' | ' | ' | ' | ' | ' | ' | 2,911,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Acquired Properties [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Initial Cost Basis | ' | ' | ' | ' | ' | ' | ' | ' | 532,538,000 | 182,608,000 | ' | ' | 34,547,000 | [3] | 13,144,000 | [4] | 39,125,000 | 12,558,000 | 5,094,000 | 24,917,000 | 17,571,000 | 53,200,000 | 17,558,000 | ' | 42,124,000 | 81,400,000 | 23,000,000 | 12,941,000 | ' | ' | ' | 8,397,000 | [5] | 7,074,000 | [6] | ' | 7,791,000 | [7] | ' | 7,978,000 | [7] | ' | 302,000,000 | [8] | 4,727,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Land | 253,492,000 | ' | ' | ' | 31,602,000 | ' | ' | ' | 253,492,000 | 31,602,000 | ' | ' | 2,207,000 | [3] | 1,522,000 | [4] | 2,058,000 | 1,368,000 | 774,000 | 2,520,000 | 607,000 | 5,585,000 | 1,541,000 | ' | 0 | 15,055,000 | 14,555,000 | 1,078,000 | ' | ' | ' | 2,793,000 | [5] | 1,468,000 | [6] | ' | 2,128,000 | [7] | ' | 1,446,000 | [7] | ' | 224,935,000 | [8] | 3,454,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Buildings and building improvements | 180,724,000 | ' | ' | ' | 122,238,000 | ' | ' | ' | 180,724,000 | 122,238,000 | ' | ' | 26,724,000 | [3] | 10,374,000 | [4] | 32,343,000 | 9,527,000 | 3,629,000 | 17,656,000 | 14,004,000 | 36,099,000 | 13,099,000 | ' | 42,124,000 | 57,949,000 | 5,895,000 | 10,134,000 | ' | ' | ' | 5,604,000 | [5] | 5,606,000 | [6] | ' | 5,663,000 | [7] | ' | 6,532,000 | [7] | ' | 0 | [8] | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 673,000 | ' | ' | ' | ' | ' | ' | ' | 673,000 | ' | ' | ' | 0 | [3] | 0 | [4] | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | 0 | [5] | 0 | [6] | ' | ' | ' | ' | ' | 0 | [8] | 673,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Lease in-place Value | 97,649,000 | ' | ' | ' | 22,869,000 | ' | ' | ' | 97,649,000 | 22,869,000 | ' | ' | 5,616,000 | [3] | 1,248,000 | [4] | 4,724,000 | 1,405,000 | 505,000 | 3,336,000 | 2,528,000 | 8,956,000 | 2,414,000 | ' | 0 | 8,396,000 | 2,135,000 | 1,590,000 | ' | ' | ' | 0 | [5] | 0 | [6] | ' | 0 | [7] | ' | 0 | [7] | ' | 77,065,000 | [8] | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Customer Relationships Value | ' | ' | ' | ' | 5,899,000 | ' | ' | ' | ' | 5,899,000 | ' | ' | ' | ' | ' | 258,000 | 186,000 | 1,405,000 | 432,000 | 2,560,000 | 504,000 | ' | ' | ' | 415,000 | 139,000 | ' | ' | ' | ' | ' | ' | 0 | [7] | ' | 0 | [7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Weighted-average life of intangible assets (years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years 3 months 18 days | '15 years 8 months 12 days | '82 years 6 months | '16 years | ' | ' | ' | ' | ' | ' | '6 years 2 months 12 days | '4 years 7 months 6 days | '8 years 4 months 24 days | ' | ' | |||||||||||||||||
Incurred tenant costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,825,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Incurred leasing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 323,000 | 338,000 | 488,000 | ' | 355,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Deposit Towards Purchase Of Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 638,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Estimated Property Purchase Price/Completion Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,767,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Acquisition expenses | ' | ' | ' | ' | ' | ' | ' | ' | 812,000 | 947,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 230,000 | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Development Arrangements Outstanding [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Square feet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,396,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180,000 | ' | ' | ' | ' | 813,000 | 124,000 | ' | ' | ' | ' | ' | ' | ' | 279,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Expected Maximum Commitment/Contribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 189,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,600,000 | ' | ' | ' | ' | 42,600,000 | 18,900,000 | ' | ' | ' | ' | ' | ' | ' | 98,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | '20 years | '12 years | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Real Estate Investment Capitalized Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,472,000 | 1,291,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,438,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 100.00% | |||||||||||||||||
Real Estate Investments, Joint Ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,047,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Number of Consolidated Properties | 220 | ' | ' | ' | 220 | ' | ' | ' | 220 | 220 | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Number of States in which Entity Operates | 41 | ' | ' | ' | 41 | ' | ' | ' | 41 | 41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Tenant in Common Interest, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Business Combination, Major Class of Assets and Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Real estate assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325,310,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Lease related intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124,330,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,107,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,179,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Total acquired assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 493,926,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Secured debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 252,517,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Other liabilities, including below-market leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,686,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Total assumed liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 276,203,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Fair value of acquired net assets (represents 100% interest) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 217,723,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Acquired Finite-lived Intangible Asset, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124,330,000 | ' | ' | 59,819,000 | 24,828,000 | 39,683,000 | ' | ' | |||||||||||||||||
Off-market Lease, Unfavorable | 69,667,000 | ' | ' | ' | 79,908,000 | ' | ' | ' | 69,667,000 | 79,908,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,529,000 | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Acquired Finite-lived Intangible Liability, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Weighted-average life of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years 3 months 18 days | '15 years 8 months 12 days | '82 years 6 months | '16 years | ' | ' | ' | ' | ' | ' | '6 years 2 months 12 days | '4 years 7 months 6 days | '8 years 4 months 24 days | ' | ' | |||||||||||||||||
Gross revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 372,603,000 | 356,918,000 | ' | ' | ' | ' | ' | |||||||||||||||||
Net income (loss) attributable to Lexington Realty Trust shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000 | -111,787,000 | ' | ' | ' | ' | ' | |||||||||||||||||
Net loss attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($22,985,000) | ($135,924,000) | ' | ' | ' | ' | ' | |||||||||||||||||
Net loss per common share - basic and diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.14) | ($0.89) | ' | ' | ' | ' | ' | |||||||||||||||||
[1] | All periods have been adjusted to reflect the impact of properties sold during the years ended December 31, 2013 and 2012, and properties classified as held for sale, which are reflected in discontinued operations in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Includes accumulated amortization of real estate intangible assets of $447,764 and $412,349 in 2013 and 2012, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $44,003 in 2014, $34,932 in 2015, $28,640 in 2016, $25,239 in 2017 and $21,498 in 2018. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The Company incurred additional tenant related costs of $3,825. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Includes four properties. One property was under construction at December 31, 2013, $1,969 of construction in progress costs are included in building and improvements above. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | The Company incurred leasing costs of $323. The property was sold in September 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | The Company incurred leasing costs of $338. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Incurred leasing costs of $488 for Valdosta and $355 for Opelika. Properties were sold in 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | Includes three properties. |
Sales_of_Real_Estate_and_Disco2
Sales of Real Estate and Discontinued Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
properties | properties | ||
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' |
Aggregate gross disposition price | $75,519 | $142,022 | $124,039 |
Aggregate Gain on Sales of Properties | 24,472 | 13,291 | 6,557 |
Debt satisfaction gains (charges), net | 8,955 | -178 | -606 |
Properties classified as held-for-sale (in # of properties) | 0 | 0 | ' |
Total gross revenues | 7,577 | 22,591 | 44,247 |
Pre-tax net income (loss), including gains on sales | $19,746 | $1,807 | ($87,533) |
Impairment_of_Real_Estate_Deta
Impairment of Real Estate (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Continuing Operations [Member] | ' | ' | ' |
Impairment of Real Estate | ' | ' | ' |
Impairment charges on real estate | $21,640 | $4,262 | $17,008 |
Discontinued Operations [Member] | ' | ' | ' |
Impairment of Real Estate | ' | ' | ' |
Impairment charges on real estate | $12,920 | $5,707 | $100,435 |
Loans_Receivable_Details
Loans Receivable (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans receivable, net | $99,443 | $72,540 | ||
Loan carrying-value | 99,443 | [1] | 72,540 | [1] |
Number of types of financing receivable | 2 | ' | ||
Norwalk, Connecticut [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loan carrying-value | 28,186 | [1],[2] | 3,479 | [1],[2] |
Interest Rate | 7.50% | [2] | ' | |
Maximum contracted lending amount | 32,600 | ' | ||
Homestead Florida [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loan carrying-value | 10,239 | [1],[3] | 8,036 | [1],[3] |
Interest Rate | 7.50% | [3] | ' | |
Maximum contracted lending amount | 10,660 | ' | ||
Schaumburg, Illinios [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loan carrying-value | 0 | [1],[4] | 21,885 | [1],[4] |
Interest Rate | 20.00% | [4] | ' | |
Unrecorded interest income related to impaired loan | 2,939 | 2,647 | ||
Westmont, Illinios [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans receivable, net | 12,610 | ' | ||
Impaired Financing Receivable, Unpaid Principal Balance | 26,549 | ' | ||
Loan carrying-value | 12,610 | [1],[5] | 26,902 | [1],[5] |
Interest Rate | 6.45% | [5] | ' | |
Impaired Financing Receivable, Recorded Investment | 13,939 | ' | ||
Loans and Leases Receivable, Impaired, Troubled Debt, Interest Income | 1,737 | ' | ||
Impaired Financing Receivable, Average Recorded Investment | 25,562 | ' | ||
Southfield, Michigan [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loan carrying-value | 6,610 | [1] | 7,364 | [1] |
Interest Rate | 4.55% | ' | ||
Austin, Texas [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loan carrying-value | 2,389 | [1] | 2,038 | [1] |
Interest Rate | 16.00% | ' | ||
Kennewick, Washington [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loan carrying-value | 37,030 | [1],[6] | 0 | [1],[6] |
Interest Rate | 9.00% | [6] | ' | |
Maximum contracted lending amount | 85,000 | ' | ||
Accrued interest on construction advances | 6.50% | ' | ||
Other Loan Locations [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loan carrying-value | $2,379 | [1] | $2,836 | [1] |
Interest Rate | 8.00% | ' | ||
[1] | Loan carrying value includes accrued interest and is net of origination costs, loan losses and fee eliminations, if any. | |||
[2] | The Company is committed to lend up to $32,600. | |||
[3] | The Company is committed to lend up to $10,660. | |||
[4] | Borrower defaulted on the loan. The Company did not record interest of $2,939 and $2,647 in 2013 and 2012, respectively, representing the interest earned since default. In 2013, the Company foreclosed on the borrower and acquired the office property collateral which is net leased through December 2022. | |||
[5] | Includes four properties. One property was under construction at December 31, 2013, $1,969 of construction in progress costs are included in building and improvements above. | |||
[6] | The Company is committed to lend up to $85,000. During construction advances accrue interest at 6.5% per annum. Estimated construction completion is March 2014. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired loan receivable | $99,443 | [1] | $72,540 | [1] |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Interest rate swap assets | 4,439 | -6,556 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Measurements Using Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Interest rate swap assets | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Measurements Using Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Interest rate swap assets | 4,439 | -6,556 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Measurements Using Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Interest rate swap assets | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired real estate assets | 12,549 | 3,327 | ||
Impaired loan receivable | 12,610 | ' | ||
Investments, Fair Value Disclosure | 683 | ' | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value Measurements Using Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired real estate assets | 0 | 0 | ||
Impaired loan receivable | 0 | ' | ||
Investments, Fair Value Disclosure | 0 | ' | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value Measurements Using Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired real estate assets | 0 | 0 | ||
Impaired loan receivable | 0 | ' | ||
Investments, Fair Value Disclosure | 0 | ' | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value Measurements Using Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired real estate assets | 12,549 | 3,327 | ||
Impaired loan receivable | 12,610 | ' | ||
Investments, Fair Value Disclosure | $683 | ' | ||
[1] | Loan carrying value includes accrued interest and is net of origination costs, loan losses and fee eliminations, if any. |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carrying Amount [Member] | ' | ' |
Assets | ' | ' |
Loans Receivable (Level 3) | $99,443 | $72,540 |
Liabilities | ' | ' |
Debt (Level 3) | 2,055,807 | 1,878,208 |
Fair Value [Member] | ' | ' |
Assets | ' | ' |
Loans Receivable (Level 3) | 95,734 | 61,734 |
Liabilities | ' | ' |
Debt (Level 3) | $2,028,558 | $1,835,157 |
Investment_in_and_Advances_to_1
Investment in and Advances to Non-Consolidated Entities (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2012 | Oct. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Lexington Reality Advisors Inc [Member] | Lexington Reality Advisors Inc [Member] | Lexington Reality Advisors Inc [Member] | Pemlex LLC [Member] | Joint Venture [Member] | Concord and CDH CDO [Member] | Other Nonconsolidated Entity [Member] | Other Nonconsolidated Entity [Member] | Partnership [Member] | Partnership [Member] | Partnership [Member] | MARYLAND [Member] | Long Island City, New York [Member] | Palm Beach Garden, Florida [Member] | Palm Beach Garden, Florida [Member] | Humble Texas [Member] | Nonrecourse Mortgage [Member] | Mortgages [Member] | Mortgages [Member] | ||||
Maximum [Member] | Minimum [Member] | Joint Venture [Member] | Joint Venture [Member] | Joint Venture [Member] | Joint Venture [Member] | Joint Venture [Member] | Partnership [Member] | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in joint venture | $8,193,000 | $20,172,000 | $19,940,000 | ' | ' | ' | ' | $39,456,000 | ' | ' | ' | ' | ' | ' | $5,000,000 | $8,918,000 | ' | ' | ' | ' | ' | ' |
Lease term | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | '99 years | ' | ' | '15 years | '17 years | ' | ' | ' |
Co-venture equity ownership percentage | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | 40.00% | 27.00% | ' | ' | 25.00% | 36.00% | 15.00% | ' | ' | ' |
Economic Interest in Joint Venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advances to Affiliate | ' | ' | ' | ' | ' | ' | ' | 18,791,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' |
Distributions Payable to Real Estate Partnerships | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,557,000 | ' | ' | ' | ' | ' |
Property Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,750,000 | 27,750,000 | ' | ' | ' |
Debt interest rate percentage | ' | ' | ' | ' | ' | ' | ' | 4.01% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.70% | ' | ' |
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | ' | ' | ' | ' | ' | ' | 13,218,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment sold, carrying amount | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 925,000 | 1,559,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,260,000 | 9,737,000 | 27,793,000 |
Interest rate range, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.20% |
Interest rate range, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.60% |
Weighted-average interest rate | 5.30% | 5.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.20% |
Advisory fees | ' | ' | ' | $512,000 | $875,000 | $804,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgages_and_Notes_Payable_De
Mortgages and Notes Payable (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 12, 2013 | Feb. 12, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 12, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 12, 2013 | Feb. 12, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Unsecured Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Mortgages and Notes Payable [Member] | Line of Credit [Member] | Unsecured Term Loan [Member] | Unsecured Term Loan [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Secured Term Loan [Member] | Secured Term Loan [Member] | Secured Term Loan 1 [Member] | Secured Term Loan 2 [Member] | Condition One [Member] | Condition Four [Member] | Unsecured Revolving Credit Facility, Expiring February 2018 [Member] | Unsecured Revolving Credit Facility, Expiring February 2018 [Member] | Unsecured Revolving Credit Facility, Expiring February 2018 [Member] | Unsecured Revolving Credit Facility, Expiring February 2018 [Member] | Unsecured Revolving Credit Facility, Expiring February 2018 [Member] | Term Loan Facility from Key Bank [Member] | Term Loan Facility from Key Bank [Member] | Term Loan Facility from Key Bank [Member] | Term Loan Facility from Key Bank [Member] | Secured Revolving Credit Facility, Expiring January 2015 [Member] | Secured Revolving Credit Facility, Expiring January 2015 [Member] | Unsecured Revolving Credit Facility, Expiring January 2019 [Member] | Unsecured Revolving Credit Facility, Expiring January 2019 [Member] | Unsecured Revolving Credit Facility, Expiring January 2019 [Member] | ||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Secured Term Loan [Member] | Secured Term Loan [Member] | Minimum [Member] | Maximum [Member] | Unsecured Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Minimum [Member] | Maximum [Member] | Unsecured Term Loan [Member] | Secured Revolving Credit Facility [Member] | Secured Term Loan [Member] | Secured Term Loan [Member] | Secured Term Loan [Member] | |||||||||||||||||||
Minimum [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgages and notes payable | $1,197,489,000 | $1,415,961,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate | ' | ' | ' | 3.60% | 3.60% | 8.50% | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average interest rate | 5.30% | 5.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.05% | 1.42% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' |
Interest rate stated percentage rate range minimum excluding LIBOR | ' | ' | ' | ' | ' | ' | ' | 1.50% | 2.05% | ' | ' | 1.45% | 2.00% | ' | ' | ' | ' | ' | ' | 2.00% | 2.85% | ' | 0.95% | 1.73% | ' | ' | ' | 1.10% | 2.10% | ' | ' | ' | ' | 1.50% | 2.25% |
Debt Instrument, Basis Spread on Variable at the End of the Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.15% | ' | ' | ' | ' | 1.35% | ' | ' | ' | ' | ' | 1.75% | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 344,356,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | 7,644,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 151,000,000 | 255,000,000 | 25,000,000 | 35,551,000 | ' | ' | ' | ' | ' | 400,000,000 | 300,000,000 | ' | ' | ' | 250,000,000 | 300,000,000 | 255,000,000 | ' | ' | ' |
Revolving credit facility amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (charges) on debt satisfaction from continuing operations | -11,861,000 | -16,000 | 45,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,578,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Paid, Capitalized | 2,397,000 | 3,062,000 | 1,792,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Scheduled Principal and Balloon Payments on Mortgages and Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 123,212,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 301,591,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 168,899,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 137,035,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 188,764,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | 731,988,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,651,489,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior_Notes_Convertible_Notes2
Senior Notes, Convertible Notes, Exchangeable Notes and Trust Preferred Securities (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2007 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | ||
Senior Notes, Convertible Notes, Exchangeable Notes, and Trust Preferred Securities [Member] | Six Percent Convertible Guaranteed Note [Member] | Six Percent Convertible Guaranteed Note [Member] | Six Percent Convertible Guaranteed Note [Member] | Six Percent Convertible Guaranteed Note [Member] | Five Percent Exchangeable Guaranteed Note [Member] | Five Percent Exchangeable Guaranteed Note [Member] | Five Percent Exchangeable Guaranteed Note [Member] | Five Percent Exchangeable Guaranteed Note [Member] | Six Point Eight Zero Four Percent Trust Preferred Securities [Member] | Six Point Eight Zero Four Percent Trust Preferred Securities [Member] | Six Point Eight Zero Four Percent Trust Preferred Securities [Member] | Senior Notes Due 2023 [Member] | ||||||
Senior Notes [Member] | ||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.70% | ' | ' | ' | |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'three month LIBOR plus 170Â basis points | ' | ' | ' | |
Debt Conversion, Converted Instrument, Cash Payment During Conversion | $3,270,000 | $2,427,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Conversion, Converted Instrument, Debt Satisfaction Expense | 13,536,000 | 7,842,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt instrument amount | ' | ' | ' | ' | ' | 28,991,000 | 83,896,000 | ' | 115,000,000 | ' | ' | ' | 450,000,000 | 200,000,000 | ' | ' | 250,000,000 | |
Debt Instrument, Percentage of Issuance Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.03% | |
Debt interest rate percentage | ' | ' | ' | ' | ' | 6.00% | 6.00% | 6.00% | 6.00% | ' | ' | ' | 5.45% | 6.80% | ' | ' | 4.25% | |
Percent of notes required to be repurchased at the option of the holders on set dates | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Convertible debt conversion ratio | ' | ' | ' | ' | ' | 147.8206 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Convertible debt conversion price | ' | ' | ' | ' | ' | $6.76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Repurchase of exchangeable notes | 0 | 62,150,000 | 0 | ' | ' | ' | ' | ' | ' | ' | 62,150,000 | ' | ' | ' | ' | ' | ' | |
Debt satisfaction gains (charges) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -44,000 | ' | ' | ' | ' | ' | ' | |
Carrying amount of debt component | ' | ' | ' | ' | ' | 27,491,000 | 78,127,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Carrying amount of equity component | ' | ' | ' | ' | ' | -26,032,000 | 3,654,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Effective interest rate | ' | ' | ' | ' | ' | 8.10% | 8.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Conversion, Converted Instrument, Amount | 54,905,000 | 31,104,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 7,944,673 | 4,487,060 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Aggregate if-converted value in excess of aggregate principal amount | ' | ' | ' | ' | ' | 14,296,000 | 42,579,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Coupon interest | ' | ' | ' | ' | ' | 2,296,000 | 6,634,000 | 6,900,000 | ' | 0 | 188,000 | 3,387,000 | ' | ' | ' | ' | ' | |
Discount amortization | ' | ' | ' | ' | ' | 658,000 | 1,868,000 | 1,938,000 | ' | 0 | 34,000 | 664,000 | ' | ' | ' | ' | ' | |
Interest Expense | ' | ' | ' | ' | ' | 2,954,000 | 8,502,000 | 8,838,000 | ' | 0 | 222,000 | 4,051,000 | ' | ' | ' | ' | ' | |
Principal amount outstanding on Trust Preferred Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129,120,000 | 129,120,000 | ' | |
Scheduled Principal Payments for Debt Instruments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2014 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2015 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2016 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2017 | ' | ' | ' | ' | 28,991,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Thereafter | ' | ' | ' | ' | 379,120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Long-term Debt, Gross | ' | ' | ' | ' | 408,111,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt discounts | ' | ' | ' | ' | -3,793,000 | -1,500,000 | -5,769,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,435,000 | |
Long-term debt | ' | ' | ' | ' | $404,318,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Although the 6.00% Convertible Guaranteed Notes mature in 2030, the notes can be put to the Company in 2017. |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2008 | Oct. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Secured Term Loan [Member] | Secured Term Loan [Member] | ||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | |||||
Accounts Payable And Other Liabilities [Member] | Accounts Payable And Other Liabilities [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Other Assets [Member] | |||||||
derivative_instrument | Interest Expense [Member] | Interest Expense [Member] | ||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument amount | ' | ' | ' | ' | $406,000,000 | ' | ' | ' | ' | ' | $151,000,000 | $255,000,000 |
Derivative Instrument, Settlement Amount | ' | 3,539,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected amount of derivative related interest to be reclassified to interest expense over the next 12 months | 4,344,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of derivative instruments held | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' |
Notional amount of derivatives | ' | ' | ' | ' | 406,000,000 | ' | ' | ' | ' | ' | ' | ' |
Forward purchase equity commitment, shares | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' |
Share repurchases, final price paid per share | ' | ' | ' | ' | ' | ' | ' | $5.60 | ' | ' | ' | ' |
Forward contract indexed to issuers equity share settlement cash settlement value | ' | ' | ' | ' | ' | ' | ' | ' | 4,024,000 | ' | ' | ' |
Forward contract indexed to issuers equity share settlement shares retired | ' | ' | ' | ' | ' | ' | ' | ' | 3,974,645 | ' | ' | ' |
Derivative liabilities | ' | ' | 4,439,000 | -6,556,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of Loss Recognized in OCI on Derivative (Effective Portion) | ' | ' | ' | ' | ' | 7,559,000 | -8,886,000 | ' | ' | ' | ' | ' |
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | ' | 1,837,000 | ' | ' | ' | 3,104,000 | 724,000 | ' | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,030,000 | ' | ' |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Minimum Future Rental Receipts [Abstract] | ' | ' | ' |
2014 | $362,743 | ' | ' |
2015 | 334,370 | ' | ' |
2016 | 303,455 | ' | ' |
2017 | 272,390 | ' | ' |
2018 | 249,645 | ' | ' |
Thereafter | 5,767,751 | ' | ' |
Future Minimum Payments Receivable | 7,290,354 | ' | ' |
Future Rental Payments [Abstract] | ' | ' | ' |
2014 | 5,229 | ' | ' |
2015 | 5,203 | ' | ' |
2016 | 4,907 | ' | ' |
2017 | 4,861 | ' | ' |
2018 | 4,645 | ' | ' |
Thereafter | 39,484 | ' | ' |
Future Minimum Payments Due | 64,329 | ' | ' |
Rent expense for leasehold interests | 1,284 | 1,198 | 776 |
Fixed rent per annum payment thereafter | 1,153 | ' | ' |
Incentive from lessor | 845 | ' | ' |
Minimum lease payment 2014 | 66 | ' | ' |
Minimum lease payment 2015 | 55 | ' | ' |
Minimum lease payment 2016 | 55 | ' | ' |
Minimum lease payment 2017 | 14 | ' | ' |
Rent expense for corporate headquarters | $1,338 | $1,029 | $1,392 |
Concentration_of_Risk_Details
Concentration of Risk (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
tenants | tenants | tenants | |
Concentration Risk [Line Items] | ' | ' | ' |
Number of tenants representing more than 10% of rental revenue | 0 | 0 | 0 |
Maximum [Member] | Tenant Concentration Risk [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 10.00% | 10.00% | 10.00% |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares issued through public offering and direct share purchase plan during period | ' | ' | ' | ' | ' | ' | ' | ' | 36,012,313 | 18,289,557 | 11,109,760 |
Proceeds from issuance of common shares | ' | ' | ' | ' | ' | ' | ' | ' | $434,927,000 | $162,747,000 | $99,730,000 |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | 1,893,409 | 643,450 | 609,182 |
OP Unit Equivalent in Common Shares | ' | ' | ' | ' | ' | ' | ' | ' | 1.13 | ' | ' |
OP Units Outstanding | 3,618,000 | ' | ' | ' | ' | ' | ' | ' | 3,618,000 | ' | ' |
Partners Capital Account, Shares Issued For Units Redeemed | ' | ' | ' | ' | ' | ' | ' | ' | 202,241 | 257,427 | 398,927 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains and Losses on Cash Flow Hedges, Beginning | ' | ' | ' | -6,224,000 | ' | ' | ' | ' | -6,224,000 | ' | ' |
Other comprehensive income before reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | 7,559,000 | ' | ' |
Amounts of loss reclassified from accumulated other comprehensive loss to interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 3,104,000 | ' | ' |
Gains and Losses on Cash Flow Hedges, Ending | 4,439,000 | ' | ' | ' | -6,224,000 | ' | ' | ' | 4,439,000 | -6,224,000 | ' |
Transfers from noncontrolling interests: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to Lexington Realty Trust shareholders | -7,001,000 | 5,155,000 | 7,832,000 | -2,123,000 | -1,755,000 | 175,289,000 | 5,626,000 | 5,478,000 | 3,863,000 | 184,638,000 | -89,778,000 |
Increase in additional paid-in-capital for redemption of noncontrolling OP units | ' | ' | ' | ' | ' | ' | ' | ' | 1,053,000 | 1,343,000 | 2,187,000 |
Change from net income (loss) attributable to shareholders and transfers from noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 2,683,000 | 181,659,000 | -77,397,000 |
Accumulated Distributions in Excess of Net Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers from noncontrolling interests: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to Lexington Realty Trust shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 1,630,000 | 180,316,000 | -79,584,000 |
Series C [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Per-Dollar-Amount | ' | ' | ' | ' | ' | ' | ' | ' | $3.25 | ' | ' |
Preferred Shares to Common Shares Conversion Ratio | ' | ' | ' | ' | ' | ' | ' | ' | 2.4339 | ' | ' |
Series C [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Share Closing Price Percent of Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | 125.00% | ' | ' |
Cumulative Convertible [Member] | Series C [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Outstanding | 1,935,400 | ' | ' | ' | 1,935,400 | ' | ' | ' | 1,935,400 | 1,935,400 | ' |
Preferred Stock Aggregate Liquidation Preference Value | 96,770,000 | ' | ' | ' | 96,770,000 | ' | ' | ' | 96,770,000 | 96,770,000 | ' |
Public Offering And Direct Share Purchase Plan Proceeds [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common shares | ' | ' | ' | ' | ' | ' | ' | ' | 399,566,000 | 164,429,000 | 98,953,000 |
At The Market [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares issued through public offering and direct share purchase plan during period | ' | ' | ' | ' | ' | ' | ' | ' | 3,409,927 | ' | ' |
Stockholders' Equity, Share Issuance Plan, Value Authorized | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | $36,884,000 | ' | ' |
Equity_Stock_Redeemed_and_Reti
Equity Stock Redeemed and Retired (Details) (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
8.05% Series B Cumulative Redeemable Preferred Stock [Member] | ' | ' | ' | |||
Class of Stock [Line Items] | ' | ' | ' | |||
Shares redeemed and retired | 0 | 2,740,874 | 419,126 | |||
Redemption and Repurchase Costs | $0 | [1] | $69,459 | [1] | $10,217 | [1] |
Deemed dividend | 0 | [2] | 2,346 | [2] | 95 | [2] |
6.50% Series C Cumulative Convertible Preferred Stock [Member] | ' | ' | ' | |||
Class of Stock [Line Items] | ' | ' | ' | |||
Shares redeemed and retired | 0 | 34,800 | 125,000 | |||
Redemption and Repurchase Costs | 0 | 1,462 | 5,239 | |||
Discount (Deemed negative dividend) | 0 | [2] | -229 | [2] | -833 | [2] |
7.55% Series D Cumulative Redeemable Preferred Stock [Member] | ' | ' | ' | |||
Class of Stock [Line Items] | ' | ' | ' | |||
Shares redeemed and retired | 6,200,000 | 0 | 0 | |||
Redemption and Repurchase Costs | 155,621 | [1] | 0 | [1] | 0 | [1] |
Deemed dividend | $5,230 | [2] | $0 | [2] | $0 | [2] |
[1] | Includes accrued and unpaid dividends. | |||||
[2] | Represents the difference between the redemption/repurchase cost and historical GAAP cost. Accordingly, net income (loss) was adjusted for the deemed dividends/deemed negative dividends to arrive at net income (loss) attributable to common shareholders. |
Benefit_Plans_Details
Benefit Plans (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 08, 2010 | Dec. 31, 2013 | Dec. 31, 2008 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | |
Non-vested Shares [Member] | Non-vested Shares [Member] | Non-vested Shares [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Options 2010 [Member] | Options 2010 [Member] | Options 2009 [Member] | Options 2009 [Member] | Options 2008 [Member] | Options 2008 [Member] | Options 2008 [Member] | Options 2008 [Member] | Options 2008 [Member] | Options 2008 [Member] | Shares Subject to Time [Member] | Shares Subject to Performance [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Vesting Rate First Vesting Trigger [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $4,288,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | ' | ' | 2,521,046 | 1,465,446 | 1,179,585 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,445,906 | 75,140 |
Common Share Options Granted (shares) | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 1,248,501 | ' | ' | 1,265,500 | ' | 2,000,000 | ' | ' | ' | ' | ' | ' |
Common Share Options Exercise Price (usd per share) | ' | ' | ' | ' | ' | ' | $6.23 | $6.95 | $6.44 | $6.36 | $7.95 | ' | ' | $6.39 | ' | $5.60 | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Vesting Rate | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Number Of Trading Period Days Where Entity's Average Closing Price Per Common Share Is Greater Than The Stated Lower Amount Triggering Vesting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | ' | ' | ' | ' | ' | ' |
Stated Lower Amount Where Entity's Average Closing Price Per Common Share Is Greater Than The Stated Amount Triggering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8 | $10 | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award Options Convertible To Common Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.13 | ' | ' | ' | ' | ' |
Options Converted To Common Shares Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.97 | ' | ' | ' | ' | ' |
Deferred Compensation Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,422,000 | 2,771,000 | ' | 2,480,000 | ' | ' | ' | ' | ' | ' | ' |
Vesting Period | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized Compensation Expense Average Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | '3 years 7 months 6 days | ' | ' | ' | ' | ' | ' | ' |
Recognized Compensation Expense | 1,037,000 | 1,197,000 | 1,384,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Compensation Costs | ' | ' | ' | 22,426,000 | ' | ' | ' | 1,518,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | 3,486,552 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | '4 years 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Held in Trust | ' | 427,531 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial Vesting Percentage | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting Percentage | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | 298,000 | 279,000 | 308,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 7,145,000 | 3,030,000 | 2,062,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $8,607,000 | $1,603,000 | $2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit_Plans_Assumptions_Used
Benefit Plans Assumptions Used (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Options 2010 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted-average fair value of options granted (usd per share) | $1.94 |
Weighted-average risk-free interest rate | 2.54% |
Weighted-average expected option lives (in years) | '6 years 6 months |
Weighted-average expected volatility | 49.00% |
Weighted-average expected dividend yield | 7.40% |
Options 2009 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted-average fair value of options granted (usd per share) | $2.19 |
Weighted-average risk-free interest rate | 3.29% |
Weighted-average expected option lives (in years) | '6 years 8 months 12 days |
Weighted-average expected volatility | 59.08% |
Weighted-average expected dividend yield | 6.26% |
Options 2008 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted-average fair value of options granted (usd per share) | $1.24 |
Weighted-average risk-free interest rate | 1.33% |
Weighted-average expected option lives (in years) | '3 years 7 months 6 days |
Weighted-average expected volatility | 59.94% |
Weighted-average expected dividend yield | 14.40% |
Benefit_Plans_Share_Option_Act
Benefit Plans Share Option Activity (Details) (Share Options [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Number of Shares Outstanding, Beginning of Period | 3,480,080 | 3,888,281 | 4,389,605 |
Weighted-Average Exercise Price Per Share Outstanding, Beginning of Period | $6.44 | $6.36 | $6.23 |
Number of Shares Exercised | -1,519,179 | -408,201 | -501,324 |
Weighed-Average Exercise Price Per Share Exercised | $5.77 | $5.73 | $5.16 |
Number of Shares Forfeited | -5,200 | ' | ' |
Weighed-Average Exercise Price Per Share Forfeited | $7.47 | ' | ' |
Number of Shares Outstanding, End of Period | 1,955,701 | 3,480,080 | 3,888,281 |
Weighted-Average Exercise Price Per Share Outstanding, End of Period | $6.95 | $6.44 | $6.36 |
Benefit_Plans_NonVested_Share_
Benefit Plans Non-Vested Share Activity (Details) (Non-vested Shares [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Non-vested Shares [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Number of Shares Oustanding, Beginning of Period | 1,465,446 | 1,179,585 |
Weighted-Average Value Per Share Outstanding, Beginning of Period | $8.64 | $8.13 |
Number of Shares Granted | 1,829,400 | 606,500 |
Weighted-Average Value Per Share Granted | $10.52 | $9.75 |
Number of Shares Vested | -770,229 | -320,639 |
Weighted-Average Value Per Share Vested | $7.14 | $8.86 |
Number of Shares Forfeited | -3,571 | ' |
Weighted-Average Value Per Share Forfeited | $9.21 | ' |
Number of Shares Oustanding, End of Period | 2,521,046 | 1,465,446 |
Weighted-Average Value Per Share Outstanding, End of Period | $10.46 | $8.64 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Rent expense for corporate headquarters | $1,338 | $1,029 | $1,392 |
Significant Shareholders [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Rent revenue recognized | 744 | 842 | 864 |
Vorando Realty Trust [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Rent expense for corporate headquarters | 1,225 | 919 | 1,281 |
Short-term Debt [Member] | NLS Entity [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Interest bearing, non-recourse mortgage notes, related party | ' | ' | $20,077 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ' | ' | ' |
Deferred tax assets (liabilities), net | $106,000 | $858,000 | ' |
Income tax provision, other | 3,445,000 | 257,000 | -1,562,000 |
Deferred tax liability written off | -150,000 | 0 | 3,535,000 |
Permanent differences | 1,936,000 | 37,000 | 17,000 |
Operating loss carryforwards | 0 | 1,635,000 | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
State Taxes Paid | $1,362,000 | $1,042,000 | $917,000 |
Income_Taxes_Components_of_Inc
Income Taxes Components of Income Tax Provision (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | ($1,445) | ($371) | ($440) |
State and local | -1,675 | -1,156 | -1,043 |
NOL utilized | 586 | 401 | 566 |
Deferred: | ' | ' | ' |
Federal | -595 | 141 | 1,399 |
State and local | -130 | 45 | 400 |
Benefit (provision) for income taxes | ($3,259) | ($940) | $882 |
Income_Taxes_Statutory_Federal
Income Taxes Statutory Federal Income Tax (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal provision at statutory tax rate (34%) | $164 | ($573) | ($580) |
State and local taxes, net of federal benefit | 22 | -110 | -100 |
Other | -3,445 | -257 | 1,562 |
Benefit (provision) for income taxes | ($3,259) | ($940) | $882 |
Federal statutory income tax rate | 34.00% | 34.00% | 34.00% |
Income_Taxes_Summary_of_the_Av
Income Taxes Summary of the Average Taxable Nature of Dividends (Details) (USD $) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common [Member] | Common [Member] | Common [Member] | Common [Member] | Common [Member] | Common [Member] | Common [Member] | Common [Member] | Common [Member] | Common [Member] | Common [Member] | Common [Member] | Common [Member] | Common [Member] | Common [Member] | Common [Member] | Common [Member] | Common [Member] | Series B Cumulative Redeemable Preferred Shares [Member] | Series B Cumulative Redeemable Preferred Shares [Member] | Series B Cumulative Redeemable Preferred Shares [Member] | Series B Cumulative Redeemable Preferred Shares [Member] | Series B Cumulative Redeemable Preferred Shares [Member] | Series B Cumulative Redeemable Preferred Shares [Member] | Series B Cumulative Redeemable Preferred Shares [Member] | Series B Cumulative Redeemable Preferred Shares [Member] | Series B Cumulative Redeemable Preferred Shares [Member] | Series B Cumulative Redeemable Preferred Shares [Member] | Series B Cumulative Redeemable Preferred Shares [Member] | Series B Cumulative Redeemable Preferred Shares [Member] | Series B Cumulative Redeemable Preferred Shares [Member] | Series B Cumulative Redeemable Preferred Shares [Member] | Series B Cumulative Redeemable Preferred Shares [Member] | Series C Cumulative Redeemable Preferred Shares [Member] | Series C Cumulative Redeemable Preferred Shares [Member] | Series C Cumulative Redeemable Preferred Shares [Member] | Series C Cumulative Redeemable Preferred Shares [Member] | Series C Cumulative Redeemable Preferred Shares [Member] | Series C Cumulative Redeemable Preferred Shares [Member] | Series C Cumulative Redeemable Preferred Shares [Member] | Series C Cumulative Redeemable Preferred Shares [Member] | Series C Cumulative Redeemable Preferred Shares [Member] | Series C Cumulative Redeemable Preferred Shares [Member] | Series C Cumulative Redeemable Preferred Shares [Member] | Series C Cumulative Redeemable Preferred Shares [Member] | Series C Cumulative Redeemable Preferred Shares [Member] | Series C Cumulative Redeemable Preferred Shares [Member] | Series C Cumulative Redeemable Preferred Shares [Member] | Series C Cumulative Redeemable Preferred Shares [Member] | Series C Cumulative Redeemable Preferred Shares [Member] | Series C Cumulative Redeemable Preferred Shares [Member] | Series D Cumulative Redeemable Preferred Shares [Member] | Series D Cumulative Redeemable Preferred Shares [Member] | Series D Cumulative Redeemable Preferred Shares [Member] | Series D Cumulative Redeemable Preferred Shares [Member] | Series D Cumulative Redeemable Preferred Shares [Member] | Series D Cumulative Redeemable Preferred Shares [Member] | Series D Cumulative Redeemable Preferred Shares [Member] | Series D Cumulative Redeemable Preferred Shares [Member] | Series D Cumulative Redeemable Preferred Shares [Member] | Series D Cumulative Redeemable Preferred Shares [Member] | Series D Cumulative Redeemable Preferred Shares [Member] | Series D Cumulative Redeemable Preferred Shares [Member] | Series D Cumulative Redeemable Preferred Shares [Member] | Series D Cumulative Redeemable Preferred Shares [Member] | Series D Cumulative Redeemable Preferred Shares [Member] | |||
Ordinary Income [Member] | Ordinary Income [Member] | Ordinary Income [Member] | Fifteen Percent Rate, Qualifying Dividend [Member] | Fifteen Percent Rate, Qualifying Dividend [Member] | Fifteen Percent Rate, Qualifying Dividend [Member] | Fifteen Percent Rate Gain [Member] | Fifteen Percent Rate Gain [Member] | Fifteen Percent Rate Gain [Member] | Twenty Five Percent Rate Gain [Member] | Twenty Five Percent Rate Gain [Member] | Twenty Five Percent Rate Gain [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Ordinary Income [Member] | Ordinary Income [Member] | Ordinary Income [Member] | Fifteen Percent Rate, Qualifying Dividend [Member] | Fifteen Percent Rate, Qualifying Dividend [Member] | Fifteen Percent Rate, Qualifying Dividend [Member] | Fifteen Percent Rate Gain [Member] | Fifteen Percent Rate Gain [Member] | Fifteen Percent Rate Gain [Member] | Twenty Five Percent Rate Gain [Member] | Twenty Five Percent Rate Gain [Member] | Twenty Five Percent Rate Gain [Member] | Ordinary Income [Member] | Ordinary Income [Member] | Ordinary Income [Member] | Fifteen Percent Rate, Qualifying Dividend [Member] | Fifteen Percent Rate, Qualifying Dividend [Member] | Fifteen Percent Rate, Qualifying Dividend [Member] | Fifteen Percent Rate Gain [Member] | Fifteen Percent Rate Gain [Member] | Fifteen Percent Rate Gain [Member] | Twenty Five Percent Rate Gain [Member] | Twenty Five Percent Rate Gain [Member] | Twenty Five Percent Rate Gain [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Ordinary Income [Member] | Ordinary Income [Member] | Ordinary Income [Member] | Fifteen Percent Rate, Qualifying Dividend [Member] | Fifteen Percent Rate, Qualifying Dividend [Member] | Fifteen Percent Rate, Qualifying Dividend [Member] | Fifteen Percent Rate Gain [Member] | Fifteen Percent Rate Gain [Member] | Fifteen Percent Rate Gain [Member] | Twenty Five Percent Rate Gain [Member] | Twenty Five Percent Rate Gain [Member] | Twenty Five Percent Rate Gain [Member] | |||||||||||||||
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocation of Dividend Payments | $0.35 | $0.12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total dividends per share, common | ' | ' | $0.60 | $0.53 | $0.46 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total dividends per share, preferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $1.34 | $2.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.25 | $3.25 | $3.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.04 | $1.89 | $1.76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Taxable percentage allocation on dividends | ' | ' | 100.00% | 100.00% | 100.00% | 35.53% | 95.68% | 47.33% | 4.11% | 0.99% | 1.11% | 2.09% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 58.27% | 3.33% | 51.56% | 0.00% | 100.00% | 100.00% | 0.00% | 98.98% | 97.70% | 0.00% | 1.02% | 2.30% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | 100.00% | 100.00% | 85.14% | 98.98% | 97.70% | 9.85% | 1.02% | 2.30% | 5.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | 100.00% | 100.00% | 85.14% | 98.98% | 97.70% | 9.85% | 1.02% | 2.30% | 5.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Guarantee |
Commitments and Contingencies [Line Items] | ' |
Number of Guarantees Outstanding | 3 |
Base Building Improvements [Member] | ' |
Commitments and Contingencies [Line Items] | ' |
Obligation for tenant improvements | 57 |
Tenant Improvement Allowance [Member] | ' |
Commitments and Contingencies [Line Items] | ' |
Obligation for tenant improvements | 234 |
Payment of the Base Building Improvement, Tenant Improvement Alloance, and Lease Commissions [Member] | ' |
Commitments and Contingencies [Line Items] | ' |
Obligation for tenant improvements | 2,077 |
Supplemental_Disclosure_of_Sta1
Supplemental Disclosure of Statement of Cash Flow Information Noncash Acquisitions (Details) (Pemlex LLC [Member], USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2011 |
Pemlex LLC [Member] | ' |
Noncash or Part Noncash Acquisitions [Line Items] | ' |
Land and building assets | $9,006 |
Lease intangible assets | 6,294 |
Other assets, net | 107 |
Noncontrolling interest | $574 |
Supplemental_Disclosure_of_Sta2
Supplemental Disclosure of Statement of Cash Flow Information Other Noncash Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Significant Noncash Transactions [Line Items] | ' | ' | ' |
Interest paid | $92,788 | $101,262 | $103,427 |
Income taxes paid | 4,666 | 1,018 | 1,289 |
Interests Sold [Member] | ' | ' | ' |
Other Significant Noncash Transactions [Line Items] | ' | ' | ' |
Real estate number of properties sold (in # of properties) | 2 | ' | 3 |
Real estate non-recourse mortgage debt assumed | 40,356 | 8,921 | 28,648 |
Seller financing | ' | ' | 3,003 |
Conveyed Interest [Member] | ' | ' | ' |
Other Significant Noncash Transactions [Line Items] | ' | ' | ' |
Properties with conveyed interest | 4 | 2 | ' |
Original debt conversion amount | $49,510 | $12,409 | ' |
Unaudited_Quarterly_Financial_2
Unaudited Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total gross revenues | $109,606 | [1] | $96,950 | [1] | $97,763 | [1] | $94,121 | [1] | $92,059 | [1] | $83,800 | [1] | $78,961 | [1] | $75,360 | [1] | $398,440 | $330,180 | $292,298 |
Net income (loss) | -7,001 | 5,155 | 7,832 | -2,123 | -1,755 | 175,289 | 5,626 | 5,478 | 3,863 | 184,638 | -89,778 | ||||||||
Net income (loss) attributable to common shareholders | ($8,923) | $2,978 | ($849) | ($7,295) | ($7,039) | $168,943 | ($3,392) | ($2,187) | $1,630 | $180,316 | ($79,584) | ||||||||
Net income (loss) attributable to common shareholders - basic per share | ($0.04) | $0.01 | $0 | ($0.04) | ($0.04) | $1.09 | ($0.02) | ($0.01) | ($0.07) | $0.99 | ($0.68) | ||||||||
Net income (loss) attributable to common shareholders - diluted per share | ($0.04) | $0.01 | $0 | ($0.04) | ($0.04) | $0.96 | ($0.02) | ($0.01) | ($0.07) | $0.93 | ($0.68) | ||||||||
[1] | All periods have been adjusted to reflect the impact of properties sold during the years ended December 31, 2013 and 2012, and properties classified as held for sale, which are reflected in discontinued operations in the Consolidated Statements of Operations. |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2012 | Feb. 26, 2014 | Feb. 26, 2014 | Feb. 26, 2014 | Feb. 26, 2014 | Feb. 26, 2014 |
Subsequent Event [Member] | Rantoul, Illinois [Member] | Parachute, Colorado [Member] | Auburn Hills, Michigan [Member] | Former LCIF II Partners [Member] | ||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
sqft | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Square feet | ' | ' | 813,000 | ' | ' | ' |
Payments to acquire real estate | ' | ' | $41,100 | $13,928 | ' | ' |
Lease term | ' | ' | ' | '19 years | '14 years | ' |
Long-term Debt | ' | 99,000 | ' | ' | ' | ' |
Fixed LIBOR interest rate due from interest rate swap | ' | 1.16% | ' | ' | ' | ' |
Forward commitment to acquire real estate | ' | ' | ' | ' | 40,025 | ' |
Partners' Capital Account, Units | ' | ' | ' | ' | ' | 170,193 |
Cash received from OP units | $8,107 | ' | ' | ' | ' | $1,962 |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation and Amortization (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Classified as Capital Lease [Member] | Little Rock, AR Office [Member] | Pine Bluff, AR Office [Member] | Pine Bluff, AR Office [Member] | Pine Bluff, AR Office [Member] | Glendale, Az Office [Member] | Glendale, Az Office [Member] | Glendale, Az Office [Member] | Phoenix, Az Office [Member] | Phoenix, Az Office [Member] | Phoenix, Az Office [Member] | Tempe, AZ Office [Member] | Tempe, AZ Office [Member] | Tempe, AZ Office [Member] | Tucson, AZ Office [Member] | Tucson, AZ Office [Member] | Tucson, AZ Office [Member] | Brea, CA Office [Member] | Brea, CA Office [Member] | Brea, CA Office [Member] | Lake Forest, CA Office [Member] | Palo Alto, CA Office [Member] | Centenial, CO Office [Member] | Centenial, CO Office [Member] | Centenial, CO Office [Member] | Colorado Springs, CO Office [Member] | Lakewood, CO Office [Member] | Lakewood, CO Office [Member] | Lakewood, CO Office [Member] | Louisville, CO Office [Member] | Louisville, CO Office [Member] | Louisville, CO Office [Member] | Wallingford, CT Office [Member] | Wallingford, CT Office [Member] | Wallingford, CT Office [Member] | Boca Raton, FL Office [Member] | Fort Meyers, FL Office [Member] | Fort Meyers, FL Office [Member] | Fort Meyers, FL Office [Member] | Lake Mary, FL Office 1 [Member] | Lake Mary, FL Office 1 [Member] | Lake Mary, FL Office 1 [Member] | Lake Mary, FL Office 2 [Member] | Lake Mary, FL Office 2 [Member] | Lake Mary, FL Office 2 [Member] | Orlando, FL Office 1 [Member] | Orlando, FL Office 1 [Member] | Orlando, FL Office 1 [Member] | Orlando, FL Office 2 [Member] | Palm Beach Garden, FL Office [Member] | Palm Beach Garden, FL Office [Member] | Palm Beach Garden, FL Office [Member] | Tampa, FL Office [Member] | Tampa, FL Office [Member] | Tampa, FL Office [Member] | Atlanta, GA Office 1 [Member] | Atlanta, GA Office 2 [Member] | Chamblee, GA Office [Member] | Cumming, GA Office [Member] | Forest Park, GA Office [Member] | Jonesboro, GA Office [Member] | McDonough, GA Office 1 [Member] | McDonough, GA Office 1 [Member] | McDonough, GA Office 1 [Member] | Stone Mountain, GA Office [Member] | Clive, IA Office [Member] | Meridian, ID Office [Member] | Meridian, ID Office [Member] | Meridian, ID Office [Member] | Chicago, IL Office [Member] | Chicago, IL Office [Member] | Chicago, IL Office [Member] | Lisle, IL Office [Member] | Lisle, IL Office [Member] | Lisle, IL Office [Member] | Schaumburg, Il Office [Member] | Schaumburg, Il Office [Member] | Schaumburg, Il Office [Member] | Columbus, IN Office [Member] | Fishers, IN Office [Member] | Fishers, IN Office [Member] | Fishers, IN Office [Member] | Indianapolis, IN Office 1 [Member] | Indianapolis, IN Office 1 [Member] | Indianapolis, IN Office 1 [Member] | Lenexa, KS Office [Member] | Lenexa, KS Office [Member] | Lenexa, KS Office [Member] | Overland Park, KS Office [Member] | Overland Park, KS Office [Member] | Overland Park, KS Office [Member] | Baton Rouge, LA Office [Member] | Baton Rouge, LA Office [Member] | Baton Rouge, LA Office [Member] | Boston, MA Office [Member] | Boston, MA Office [Member] | Boston, MA Office [Member] | Foxboro, MA Office [Member] | Foxboro, MA Office [Member] | Foxboro, MA Office [Member] | Oakland, ME Office [Member] | Oakland, ME Office [Member] | Oakland, ME Office [Member] | Southfield, MI Office [Member] | Southfield, MI Office [Member] | Southfield, MI Office [Member] | Kansas City, MO Office [Member] | Kansas City, MO Office [Member] | Kansas City, MO Office [Member] | Pasagoula, MS Office [Member] | Pasagoula, MS Office [Member] | Pasagoula, MS Office [Member] | Bridgewater, NJ Office [Member] | Bridgewater, NJ Office [Member] | Bridgewater, NJ Office [Member] | Rockaway, NJ Office [Member] | Wall, NJ Office [Member] | Wall, NJ Office [Member] | Wall, NJ Office [Member] | Whippany, NJ Office [Member] | Whippany, NJ Office [Member] | Whippany, NJ Office [Member] | Rochester, NY Office [Member] | Rochester, NY Office [Member] | Rochester, NY Office [Member] | Milford, OH Office [Member] | Milford, OH Office [Member] | Milford, OH Office [Member] | Westerville, OH Office [Member] | Redmond, OR Office [Member] | Redmond, OR Office [Member] | Redmond, OR Office [Member] | Canonsburg, PA Office [Member] | Canonsburg, PA Office [Member] | Canonsburg, PA Office [Member] | Harrisburg, PA Office [Member] | Harrisburg, PA Office [Member] | Harrisburg, PA Office [Member] | Philadelphia, PA Office [Member] | Philadelphia, PA Office [Member] | Philadelphia, PA Office [Member] | Charleston, SC Office [Member] | Rock Hill, SC Office [Member] | Kingsport, TN Office [Member] | Kingsport, TN Office [Member] | Kingsport, TN Office [Member] | Knoxville, TN Office [Member] | Knoxville, TN Office [Member] | Knoxville, TN Office [Member] | Memphis, TN Office 1 [Member] | Memphis, TN Office 1 [Member] | Memphis, TN Office 1 [Member] | Memphis, TN Office 2 [Member] | Memphis, TN Office 2 [Member] | Memphis, TN Office 2 [Member] | Carrollton, TX Office 1 [Member] | Carrollton, TX Office 1 [Member] | Carrollton, TX Office 1 [Member] | Carrollton, TX Office 2 [Member] | Carrollton, TX Office 2 [Member] | Carrollton, TX Office 2 [Member] | Farmers Branch, TX Office [Member] | Garland, TX Office [Member] | Garland, TX Office [Member] | Garland, TX Office [Member] | Houston, TX Office 1 [Member] | Houston, TX Office 1 [Member] | Houston, TX Office 1 [Member] | Houston, TX Office 2 [Member] | Houston, TX Office 2 [Member] | Houston, TX Office 2 [Member] | Houston, TX Office 3 [Member] | Houston, TX Office 3 [Member] | Houston, TX Office 3 [Member] | Houston, TX Office 4 [Member] | Houston, TX Office 4 [Member] | Houston, TX Office 4 [Member] | Irving, TX Office 1 [Member] | Irving, TX Office 1 [Member] | Irving, TX Office 1 [Member] | Irving, Texas Office 2 [Member] | Irving, Texas Office 2 [Member] | Irving, Texas Office 2 [Member] | Mission, TX Office [Member] | Mission, TX Office [Member] | Mission, TX Office [Member] | San Antonio, TX Office [Member] | San Antonio, TX Office [Member] | San Antonio, TX Office [Member] | Temple, TX Office [Member] | Temple, TX Office [Member] | Temple, TX Office [Member] | Westlake, TX Office [Member] | Westlake, TX Office [Member] | Westlake, TX Office [Member] | Glen Allen, VA Office [Member] | Glen Allen, VA Office [Member] | Glen Allen, VA Office [Member] | Hampton, VA Office 1 [Member] | Hampton, VA Office 1 [Member] | Hampton, VA Office 1 [Member] | Herndon, VA Office 1 [Member] | Herndon, VA Office 1 [Member] | Herndon, VA Office 1 [Member] | Herndon, VA Office 2 [Member] | Midlothian, VA Office [Member] | Midlothian, VA Office [Member] | Midlothian, VA Office [Member] | Bremerton, WA Office [Member] | Bremerton, WA Office [Member] | Bremerton, WA Office [Member] | Issaquah, WA Office 1 [Member] | Issaquah, WA Office 1 [Member] | Issaquah, WA Office 1 [Member] | Issaquah, WA Office 2 [Member] | Issaquah, WA Office 2 [Member] | Issaquah, WA Office 2 [Member] | Phoenix, AZ LTL-Office 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Ridge, KY LTL-Industrial [Member] | Elizabethtown, KY LTL-Industrial 1 [Member] | Elizabethtown, KY LTL-Industrial 1 [Member] | Elizabethtown, KY LTL-Industrial 1 [Member] | Elizabethtown, KY LTL-Industrial 2 [Member] | Elizabethtown, KY LTL-Industrial 2 [Member] | Elizabethtown, KY LTL-Industrial 2 [Member] | Hopkinsville, KY LTL-Industrial [Member] | Hopkinsville, KY LTL-Industrial [Member] | Hopkinsville, KY LTL-Industrial [Member] | Owensboro, KY LTL-Industrial [Member] | Owensboro, KY LTL-Industrial [Member] | Owensboro, KY LTL-Industrial [Member] | Shreveport, LA LTL-Industrial [Member] | Foxboro, MA LTL-Office [Member] | Foxboro, MA LTL-Office [Member] | Foxboro, MA LTL-Office [Member] | Livonia, MI LTL-Office [Member] | Livonia, MI LTL-Office [Member] | Livonia, MI LTL-Office [Member] | Saint Joseph, MO LTL-Office [Member] | Saint Joseph, MO LTL-Office [Member] | Saint Joseph, MO LTL-Office [Member] | Byhalia, MS LTL-Industrial [Member] | Shelby, NC LTL-Industrial [Member] | Shelby, NC LTL-Industrial [Member] | Shelby, NC LTL-Industrial [Member] | Omaha, NE LTL-Office [Member] | Omaha, NE LTL-Office [Member] | Omaha, NE LTL-Office [Member] | Omaha, NE LTL-Office 2 [Member] | Omaha, NE LTL-Office 2 [Member] | Omaha, NE LTL-Office 2 [Member] | Durham, NH LTL-Industrial [Member] | Las Vegas, NV LTL-Office [Member] | Long Island City, NY LTL - Industrial [Member] | New York, NY LTL - Land [Member] | New York, NY LTL-Land 2 [Member] | New York, NY LTL - Land 3 [Member] | Chillicothe, OH LTL-Industrial [Member] | Chillicothe, OH LTL-Industrial [Member] | Chillicothe, OH LTL-Industrial [Member] | Cincinnati, OH LTL - Industrial [Member] | Cincinnati, OH LTL - Industrial [Member] | Cincinnati, OH LTL - Industrial [Member] | Columbus, OH LTL-Office 1 [Member] | Columbus, OH LTL-Office 2 [Member] | Glenwillow, OH LTL-Industrial [Member] | Eugene, OR LTL - Office [Member] | Eugene, OR LTL - Office [Member] | Eugene, OR LTL - Office [Member] | Bristol, PA 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[Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Minimum [Member] | Maximum [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Cross-collateralized [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $1,197,489,000 | ' | ' | ' | ' | $0 | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | $58,256,000 | $0 | ' | ' | $10,008,000 | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $20,101,000 | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $9,748,000 | ' | ' | $0 | $0 | ' | ' | $0 | ' | ' | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ' | ' | $0 | $0 | $10,156,000 | ' | ' | $29,730,000 | ' | ' | $9,767,000 | ' | ' | $0 | ' | ' | $0 | $0 | ' | ' | $11,564,000 | ' | ' | $10,232,000 | ' | ' | $35,297,000 | ' | ' | $0 | ' | ' | $12,764,000 | ' | ' | $0 | ' | ' | $9,259,000 | ' | ' | $0 | ' | ' | $16,831,000 | ' | ' | $0 | ' | ' | $14,292,000 | ' | ' | $14,900,000 | $21,847,000 | ' | ' | $14,578,000 | ' | ' | $17,544,000 | ' | ' | $0 | ' | ' | $0 | $0 | ' | ' | $9,092,000 | ' | ' | $8,044,000 | ' | ' | $43,989,000 | ' | ' | $7,350,000 | $0 | $0 | ' | ' | $0 | ' | ' | $3,686,000 | ' | ' | $0 | ' | ' | $12,341,000 | ' | ' | $19,130,000 | ' | ' | $18,435,000 | $0 | ' | ' | $0 | ' | ' | $11,620,000 | ' | ' | $14,866,000 | ' | ' | $3,453,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $5,571,000 | ' | ' | $11,515,000 | ' | ' | $8,253,000 | ' | ' | $0 | ' | ' | $12,222,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $10,686,000 | $9,339,000 | ' | ' | $6,164,000 | ' | ' | $30,714,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $7,520,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $11,690,000 | ' | ' | $39,871,000 | ' | ' | $3,393,000 | ' | ' | $13,144,000 | ' | ' | $2,473,000 | ' | ' | $7,684,000 | ' | ' | $2,919,000 | ' | ' | $19,000,000 | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $15,000,000 | $0 | ' | ' | $0 | ' | ' | $7,962,000 | ' | ' | $0 | $0 | $0 | $69,330,000 | $80,893,000 | $63,277,000 | $0 | ' | ' | $0 | ' | ' | $0 | $0 | $15,865,000 | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $9,952,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $6,867,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $29,706,000 | ' | ' | $0 | $9,102,000 | ' | ' | $0 | $0 | $0 | ' | ' | $6,500,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | $0 | ' | ' | $8,251,000 | ' | ' | $22,782,000 | $0 | ' | ' | $9,520,000 | ' | ' | $0 | $6,439,000 | $6,032,000 | ' | ' | $0 | $0 | ' | ' | $7,433,000 | ' | ' | $15,901,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $320,000 | ' | ' | $0 | $0 | ' | ' | $0 | $13,158,000 | ' | ' | $8,720,000 | ' | ' | $0 | $0 | $0 | ' | ' | $18,223,000 | ' | ' | $0 | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $10,281,000 | ' | ' | $0 | ' | ' | $0 | ' | ' | $55,000,000 | ' | ' | $0 | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $6,473,000 | ' | ' | $856,000 | ' | ' | $546,000 | ' | ' | $0 | $480,000 | ' | ' | $0 | $0 | ' | ' | $0 | $0 | $0 | $0 | $805,000 | ' | ' | $0 | $0 | $1,212,000 | ' | ' | $0 | $0 | ' | ' | $0 | ' | ' | $0 | $0 | $0 | $0 | $0 | $565,000 | ' | ' | $0 | $1,188,489,000 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 793,418,000 | ' | ' | ' | ' | 1,353,000 | 271,000 | ' | ' | 9,418,000 | ' | ' | 4,666,000 | ' | ' | 0 | ' | ' | 681,000 | ' | ' | 37,269,000 | ' | ' | 3,442,000 | 12,398,000 | 4,851,000 | ' | ' | 2,748,000 | 1,569,000 | ' | ' | 3,657,000 | ' | ' | 1,049,000 | ' | ' | 4,290,000 | 795,000 | ' | ' | 4,535,000 | ' | ' | 4,438,000 | ' | ' | 3,538,000 | ' | ' | 586,000 | 4,066,000 | ' | ' | 2,018,000 | ' | ' | 1,014,000 | 870,000 | 770,000 | 1,558,000 | 668,000 | 778,000 | 693,000 | ' | ' | 672,000 | 1,158,000 | 2,255,000 | ' | ' | 5,155,000 | ' | ' | 3,236,000 | ' | ' | 5,007,000 | ' | ' | 235,000 | 2,808,000 | ' | ' | 1,700,000 | ' | ' | 2,828,000 | ' | ' | 4,769,000 | ' | ' | 1,252,000 | ' | ' | 3,814,000 | ' | ' | 2,231,000 | ' | ' | 551,000 | ' | ' | 0 | ' | ' | 2,433,000 | ' | ' | 618,000 | ' | ' | 1,415,000 | ' | ' | 4,646,000 | 8,985,000 | ' | ' | 4,063,000 | ' | ' | 645,000 | ' | ' | 3,124,000 | ' | ' | 2,085,000 | 2,064,000 | ' | ' | 1,055,000 | ' | ' | 900,000 | ' | ' | 13,209,000 | ' | ' | 1,189,000 | 551,000 | 513,000 | ' | ' | 621,000 | ' | ' | 464,000 | ' | ' | 5,291,000 | ' | ' | 1,789,000 | ' | ' | 3,427,000 | ' | ' | 3,984,000 | 2,218,000 | ' | ' | 1,875,000 | ' | ' | 1,500,000 | ' | ' | 800,000 | ' | ' | 490,000 | ' | ' | 7,476,000 | ' | ' | 4,889,000 | ' | ' | 2,556,000 | ' | ' | 2,800,000 | ' | ' | 227,000 | ' | ' | 2,361,000 | ' | ' | 1,543,000 | ' | ' | 2,333,000 | ' | ' | 5,127,000 | ' | ' | 9,409,000 | 1,100,000 | ' | ' | 1,655,000 | ' | ' | 5,126,000 | ' | ' | 6,268,000 | ' | ' | 5,585,000 | ' | ' | 0 | ' | ' | 2,207,000 | ' | ' | 11,498,000 | ' | ' | 895,000 | ' | ' | 146,000 | ' | ' | 1,468,000 | ' | ' | 1,443,000 | ' | ' | 6,909,000 | ' | ' | 560,000 | ' | ' | 890,000 | ' | ' | 352,000 | ' | ' | 631,000 | ' | ' | 393,000 | ' | ' | 860,000 | 3,791,000 | ' | ' | 935,000 | ' | ' | 607,000 | ' | ' | 1,006,000 | 1,421,000 | ' | ' | 2,058,000 | ' | ' | 2,566,000 | ' | ' | 3,464,000 | 12,099,000 | 0 | 73,148,000 | 86,569,000 | 65,218,000 | 735,000 | ' | ' | 1,049,000 | ' | ' | 1,594,000 | 432,000 | 2,228,000 | 1,541,000 | ' | ' | 2,508,000 | ' | ' | 2,520,000 | ' | ' | 1,629,000 | ' | ' | 774,000 | ' | ' | 1,798,000 | ' | ' | 3,601,000 | ' | ' | 1,079,000 | ' | ' | 5,591,000 | ' | ' | 1,274,000 | ' | ' | 15,055,000 | ' | ' | 481,000 | ' | ' | 16,613,000 | ' | ' | 14,555,000 | 3,174,000 | ' | ' | 3,453,000 | 0 | 421,000 | ' | ' | 1,368,000 | ' | ' | 654,000 | ' | ' | 573,000 | ' | ' | 1,030,000 | 2,160,000 | ' | ' | 171,000 | ' | ' | 2,463,000 | 1,528,000 | ' | ' | 2,052,000 | ' | ' | 371,000 | 509,000 | 254,000 | ' | ' | 819,000 | 1,078,000 | ' | ' | 1,383,000 | ' | ' | 1,942,000 | ' | ' | 143,000 | ' | ' | 40,000 | ' | ' | 2,296,000 | 3,040,000 | ' | ' | 1,886,000 | ' | ' | 198,000 | ' | ' | 296,000 | ' | ' | 1,488,000 | 1,330,000 | ' | ' | 405,000 | 891,000 | ' | ' | 1,648,000 | ' | ' | 1,990,000 | 1,063,000 | 1,681,000 | ' | ' | 2,441,000 | ' | ' | 884,000 | 5,552,000 | ' | ' | 714,000 | ' | ' | 545,000 | ' | ' | 0 | ' | ' | 1,054,000 | ' | ' | 1,553,000 | 723,000 | ' | ' | 2,482,000 | ' | ' | 652,000 | ' | ' | 3,823,000 | ' | ' | 1,831,000 | ' | ' | 5,110,000 | ' | ' | 787,000 | ' | ' | 8,259,000 | ' | ' | 37,564,000 | ' | ' | 1,853,000 | 5,342,000 | ' | ' | 1,052,000 | ' | ' | 3,235,000 | ' | ' | 3,847,000 | ' | ' | 1,214,000 | ' | ' | 589,000 | ' | ' | 1,875,000 | ' | ' | 818,000 | ' | ' | 2,082,000 | ' | ' | 0 | ' | ' | 1,376,000 | 560,000 | ' | ' | 404,000 | 273,000 | ' | ' | 71,000 | 832,000 | 208,000 | 3,841,000 | 386,000 | ' | ' | 884,000 | 722,000 | 1,893,000 | ' | ' | 663,000 | 1,782,000 | ' | ' | 447,000 | ' | ' | 13,000 | 487,000 | 247,000 | 861,000 | 1,028,000 | 501,000 | ' | ' | 0 | 793,418,000 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 3,014,570,000 | ' | ' | ' | ' | 2,260,000 | 603,000 | ' | ' | 8,260,000 | ' | ' | 19,966,000 | ' | ' | 12,148,000 | ' | ' | 4,037,000 | ' | ' | 50,441,000 | ' | ' | 13,769,000 | 16,977,000 | 15,187,000 | ' | ' | 12,554,000 | 8,857,000 | ' | ' | 9,605,000 | ' | ' | 4,773,000 | ' | ' | 17,160,000 | 2,941,000 | ' | ' | 14,830,000 | ' | ' | 15,103,000 | ' | ' | 9,046,000 | ' | ' | 35,012,000 | 17,212,000 | ' | ' | 7,950,000 | ' | ' | 269,000 | 187,000 | 186,000 | 1,368,000 | 1,242,000 | 146,000 | 6,405,000 | ' | ' | 276,000 | 0 | 7,797,000 | ' | ' | 46,180,000 | ' | ' | 13,692,000 | ' | ' | 21,553,000 | ' | ' | 45,729,000 | 19,360,000 | ' | ' | 17,918,000 | ' | ' | 6,075,000 | ' | ' | 41,956,000 | ' | ' | 10,919,000 | ' | ' | 16,040,000 | ' | ' | 25,653,000 | ' | ' | 8,774,000 | ' | ' | 12,124,000 | ' | ' | 20,154,000 | ' | ' | 3,677,000 | ' | ' | 6,802,000 | ' | ' | 20,428,000 | 26,961,000 | ' | ' | 19,711,000 | ' | ' | 26,042,000 | ' | ' | 16,140,000 | ' | ' | 9,265,000 | 8,316,000 | ' | ' | 10,910,000 | ' | ' | 10,676,000 | ' | ' | 55,289,000 | ' | ' | 8,724,000 | 4,313,000 | 403,000 | ' | ' | 6,282,000 | ' | ' | 4,467,000 | ' | ' | 97,032,000 | ' | ' | 18,157,000 | ' | ' | 22,050,000 | ' | ' | 27,308,000 | 8,473,000 | ' | ' | 10,732,000 | ' | ' | 14,683,000 | ' | ' | 26,962,000 | ' | ' | 2,813,000 | ' | ' | 43,932,000 | ' | ' | 29,701,000 | ' | ' | 2,911,000 | ' | ' | 15,585,000 | ' | ' | 8,181,000 | ' | ' | 23,221,000 | ' | ' | 19,503,000 | ' | ' | 10,683,000 | ' | ' | 24,640,000 | ' | ' | 12,853,000 | 12,685,000 | ' | ' | 5,445,000 | ' | ' | 13,778,000 | ' | ' | 16,058,000 | ' | ' | 36,099,000 | ' | ' | 9,442,000 | ' | ' | 27,851,000 | ' | ' | 66,673,000 | ' | ' | 5,496,000 | ' | ' | 559,000 | ' | ' | 5,607,000 | ' | ' | 11,234,000 | ' | ' | 41,615,000 | ' | ' | 12,553,000 | ' | ' | 26,868,000 | ' | ' | 4,862,000 | ' | ' | 16,154,000 | ' | ' | 11,956,000 | ' | ' | 21,840,000 | 5,405,000 | ' | ' | 13,714,000 | ' | ' | 14,004,000 | ' | ' | 21,483,000 | 18,862,000 | ' | ' | 32,343,000 | ' | ' | 8,324,000 | ' | ' | 18,094,000 | 53,164,000 | 42,624,000 | 0 | 0 | 0 | 9,021,000 | ' | ' | 8,784,000 | ' | ' | 10,481,000 | 2,773,000 | 24,530,000 | 13,098,000 | ' | ' | 15,863,000 | ' | ' | 17,678,000 | ' | ' | 8,470,000 | ' | ' | 3,629,000 | ' | ' | 26,038,000 | ' | ' | 15,340,000 | ' | ' | 11,072,000 | ' | ' | 25,421,000 | ' | ' | 13,817,000 | ' | ' | 57,949,000 | ' | ' | 2,352,000 | ' | ' | 58,226,000 | ' | ' | 5,895,000 | 7,405,000 | ' | ' | 0 | 3,947,000 | 5,590,000 | ' | ' | 9,527,000 | ' | ' | 9,943,000 | ' | ' | 1,592,000 | ' | ' | 10,869,000 | 7,347,000 | ' | ' | 7,657,000 | ' | ' | 24,291,000 | 14,247,000 | ' | ' | 8,443,000 | ' | ' | 2,573,000 | 5,289,000 | 7,969,000 | ' | ' | 2,439,000 | 10,134,000 | ' | ' | 32,397,000 | ' | ' | 14,169,000 | ' | ' | 4,302,000 | ' | ' | 900,000 | ' | ' | 13,398,000 | 14,924,000 | ' | ' | 1,922,000 | ' | ' | 10,276,000 | ' | ' | 1,320,000 | ' | ' | 5,953,000 | 11,183,000 | ' | ' | 12,049,000 | 16,771,000 | ' | ' | 10,810,000 | ' | ' | 10,580,000 | 4,271,000 | 7,184,000 | ' | ' | 25,092,000 | ' | ' | 8,626,000 | 21,177,000 | ' | ' | 4,783,000 | ' | ' | 6,999,000 | ' | ' | 5,673,000 | ' | ' | 11,538,000 | ' | ' | 12,326,000 | 19,383,000 | ' | ' | 38,535,000 | ' | ' | 13,045,000 | ' | ' | 12,276,000 | ' | ' | 14,892,000 | ' | ' | 10,911,000 | ' | ' | 2,894,000 | ' | ' | 7,350,000 | ' | ' | 155,859,000 | ' | ' | 4,469,000 | 15,183,000 | ' | ' | 1,503,000 | ' | ' | 13,081,000 | ' | ' | 10,043,000 | ' | ' | 9,748,000 | ' | ' | 6,382,000 | ' | ' | 10,579,000 | ' | ' | 10,330,000 | ' | ' | 6,464,000 | ' | ' | 13,310,000 | ' | ' | 1,664,000 | 2,366,000 | ' | ' | 1,737,000 | 1,775,000 | ' | ' | 884,000 | 1,429,000 | 561,000 | 5,246,000 | 5,162,000 | ' | ' | 3,534,000 | 999,000 | 7,024,000 | ' | ' | 1,288,000 | 912,000 | ' | ' | 2,432,000 | ' | ' | 1,510,000 | 956,000 | 547,000 | 2,362,000 | 326,000 | 1,985,000 | ' | ' | 0 | 3,014,570,000 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 3,812,294,000 | 3,564,466,000 | 3,172,246,000 | 3,363,586,000 | ' | 3,613,000 | 874,000 | ' | ' | 17,678,000 | ' | ' | 24,632,000 | ' | ' | 12,148,000 | ' | ' | 4,718,000 | ' | ' | 87,710,000 | ' | ' | 17,211,000 | 29,375,000 | 20,038,000 | ' | ' | 15,302,000 | 10,426,000 | ' | ' | 13,262,000 | ' | ' | 5,822,000 | ' | ' | 21,450,000 | 3,736,000 | ' | ' | 19,365,000 | ' | ' | 19,541,000 | ' | ' | 12,584,000 | ' | ' | 35,598,000 | 21,278,000 | ' | ' | 9,968,000 | ' | ' | 1,283,000 | 1,057,000 | 956,000 | 2,926,000 | 1,910,000 | 924,000 | 7,098,000 | ' | ' | 948,000 | 1,158,000 | 10,052,000 | ' | ' | 51,335,000 | ' | ' | 16,928,000 | ' | ' | 26,560,000 | ' | ' | 45,964,000 | 22,168,000 | ' | ' | 19,618,000 | ' | ' | 8,903,000 | ' | ' | 46,725,000 | ' | ' | 12,171,000 | ' | ' | 19,854,000 | ' | ' | 27,884,000 | ' | ' | 9,325,000 | ' | ' | 12,124,000 | ' | ' | 22,587,000 | ' | ' | 4,295,000 | ' | ' | 8,217,000 | ' | ' | 25,074,000 | 35,946,000 | ' | ' | 23,774,000 | ' | ' | 26,687,000 | ' | ' | 19,264,000 | ' | ' | 11,350,000 | 10,380,000 | ' | ' | 11,965,000 | ' | ' | 11,576,000 | ' | ' | 68,498,000 | ' | ' | 9,913,000 | 4,864,000 | 916,000 | ' | ' | 6,903,000 | ' | ' | 4,931,000 | ' | ' | 102,323,000 | ' | ' | 19,946,000 | ' | ' | 25,477,000 | ' | ' | 31,292,000 | 10,691,000 | ' | ' | 12,607,000 | ' | ' | 16,183,000 | ' | ' | 27,762,000 | ' | ' | 3,303,000 | ' | ' | 51,408,000 | ' | ' | 34,590,000 | ' | ' | 5,467,000 | ' | ' | 18,385,000 | ' | ' | 8,408,000 | ' | ' | 25,582,000 | ' | ' | 21,046,000 | ' | ' | 13,016,000 | ' | ' | 29,767,000 | ' | ' | 22,262,000 | 13,785,000 | ' | ' | 7,100,000 | ' | ' | 18,904,000 | ' | ' | 22,326,000 | ' | ' | 41,684,000 | ' | ' | 9,442,000 | ' | ' | 30,058,000 | ' | ' | 78,171,000 | ' | ' | 6,391,000 | ' | ' | 705,000 | ' | ' | 7,075,000 | ' | ' | 12,677,000 | ' | ' | 48,524,000 | ' | ' | 13,113,000 | ' | ' | 27,758,000 | ' | ' | 5,214,000 | ' | ' | 16,785,000 | ' | ' | 12,349,000 | ' | ' | 22,700,000 | 9,196,000 | ' | ' | 14,649,000 | ' | ' | 14,611,000 | ' | ' | 22,489,000 | 20,283,000 | ' | ' | 34,401,000 | ' | ' | 10,890,000 | ' | ' | 21,558,000 | 65,263,000 | 42,624,000 | 73,148,000 | 86,569,000 | 65,218,000 | 9,756,000 | ' | ' | 9,833,000 | ' | ' | 12,075,000 | 3,205,000 | 26,758,000 | 14,639,000 | ' | ' | 18,371,000 | ' | ' | 20,198,000 | ' | ' | 10,099,000 | ' | ' | 4,403,000 | ' | ' | 27,836,000 | ' | ' | 18,941,000 | ' | ' | 12,151,000 | ' | ' | 31,012,000 | ' | ' | 15,091,000 | ' | ' | 73,004,000 | ' | ' | 2,833,000 | ' | ' | 74,839,000 | ' | ' | 20,450,000 | 10,579,000 | ' | ' | 3,453,000 | 3,947,000 | 6,011,000 | ' | ' | 10,895,000 | ' | ' | 10,597,000 | ' | ' | 2,165,000 | ' | ' | 11,899,000 | 9,507,000 | ' | ' | 7,828,000 | ' | ' | 26,754,000 | 15,775,000 | ' | ' | 10,495,000 | ' | ' | 2,944,000 | 5,798,000 | 8,223,000 | ' | ' | 3,258,000 | 11,212,000 | ' | ' | 33,780,000 | ' | ' | 16,111,000 | ' | ' | 4,445,000 | ' | ' | 940,000 | ' | ' | 15,694,000 | 17,964,000 | ' | ' | 3,808,000 | ' | ' | 10,474,000 | ' | ' | 1,616,000 | ' | ' | 7,441,000 | 12,513,000 | ' | ' | 12,454,000 | 17,662,000 | ' | ' | 12,458,000 | ' | ' | 12,570,000 | 5,334,000 | 8,865,000 | ' | ' | 27,533,000 | ' | ' | 9,510,000 | 26,729,000 | ' | ' | 5,497,000 | ' | ' | 7,544,000 | ' | ' | 5,673,000 | ' | ' | 12,592,000 | ' | ' | 13,879,000 | 20,106,000 | ' | ' | 41,017,000 | ' | ' | 13,697,000 | ' | ' | 16,099,000 | ' | ' | 16,723,000 | ' | ' | 16,021,000 | ' | ' | 3,681,000 | ' | ' | 15,609,000 | ' | ' | 193,423,000 | ' | ' | 6,322,000 | 20,525,000 | ' | ' | 2,555,000 | ' | ' | 16,316,000 | ' | ' | 13,890,000 | ' | ' | 10,962,000 | ' | ' | 6,971,000 | ' | ' | 12,454,000 | ' | ' | 11,148,000 | ' | ' | 8,546,000 | ' | ' | 13,310,000 | ' | ' | 3,040,000 | 2,926,000 | ' | ' | 2,141,000 | 2,048,000 | ' | ' | 955,000 | 2,261,000 | 769,000 | 9,087,000 | 5,548,000 | ' | ' | 4,418,000 | 1,721,000 | 8,917,000 | ' | ' | 1,951,000 | 2,694,000 | ' | ' | 2,879,000 | ' | ' | 1,523,000 | 1,443,000 | 794,000 | 3,223,000 | 1,354,000 | 2,486,000 | ' | ' | 4,306,000 | 3,812,294,000 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 775,617,000 | 738,068,000 | 638,368,000 | 601,239,000 | ' | 434,000 | 93,000 | ' | ' | 870,000 | ' | ' | 7,659,000 | ' | ' | 566,000 | ' | ' | 232,000 | ' | ' | 14,667,000 | ' | ' | 4,059,000 | 16,931,000 | 4,691,000 | ' | ' | 3,532,000 | 4,874,000 | ' | ' | 2,164,000 | ' | ' | 1,292,000 | ' | ' | 4,666,000 | 359,000 | ' | ' | 4,302,000 | ' | ' | 4,280,000 | ' | ' | 4,049,000 | ' | ' | 6,359,000 | 5,467,000 | ' | ' | 529,000 | ' | ' | 233,000 | 190,000 | 191,000 | 521,000 | 352,000 | 167,000 | 343,000 | ' | ' | 172,000 | 0 | 535,000 | ' | ' | 13,497,000 | ' | ' | 3,175,000 | ' | ' | 357,000 | ' | ' | 8,379,000 | 4,830,000 | ' | ' | 11,325,000 | ' | ' | 384,000 | ' | ' | 10,188,000 | ' | ' | 2,813,000 | ' | ' | 2,661,000 | ' | ' | 11,753,000 | ' | ' | 480,000 | ' | ' | 6,695,000 | ' | ' | 4,877,000 | ' | ' | 307,000 | ' | ' | 0 | ' | ' | 4,536,000 | 10,467,000 | ' | ' | 5,776,000 | ' | ' | 4,929,000 | ' | ' | 4,798,000 | ' | ' | 2,197,000 | 478,000 | ' | ' | 3,392,000 | ' | ' | 7,704,000 | ' | ' | 26,401,000 | ' | ' | 2,707,000 | 288,000 | 61,000 | ' | ' | 411,000 | ' | ' | 1,313,000 | ' | ' | 17,689,000 | ' | ' | 7,078,000 | ' | ' | 6,231,000 | ' | ' | 7,874,000 | 835,000 | ' | ' | 5,481,000 | ' | ' | 6,912,000 | ' | ' | 14,771,000 | ' | ' | 376,000 | ' | ' | 13,661,000 | ' | ' | 8,465,000 | ' | ' | 267,000 | ' | ' | 9,218,000 | ' | ' | 583,000 | ' | ' | 7,288,000 | ' | ' | 6,917,000 | ' | ' | 3,709,000 | ' | ' | 7,818,000 | ' | ' | 4,041,000 | 5,550,000 | ' | ' | 366,000 | ' | ' | 4,414,000 | ' | ' | 4,969,000 | ' | ' | 1,083,000 | ' | ' | 2,310,000 | ' | ' | 780,000 | ' | ' | 36,411,000 | ' | ' | 14,000 | ' | ' | 2,000 | ' | ' | 30,000 | ' | ' | 597,000 | ' | ' | 8,124,000 | ' | ' | 3,708,000 | ' | ' | 7,937,000 | ' | ' | 1,437,000 | ' | ' | 5,015,000 | ' | ' | 3,992,000 | ' | ' | 3,708,000 | 893,000 | ' | ' | 984,000 | ' | ' | 588,000 | ' | ' | 1,432,000 | 1,766,000 | ' | ' | 0 | ' | ' | 2,057,000 | ' | ' | 4,198,000 | 9,511,000 | 2,357,000 | 0 | 0 | 0 | 999,000 | ' | ' | 1,497,000 | ' | ' | 786,000 | 173,000 | 4,673,000 | 459,000 | ' | ' | 4,902,000 | ' | ' | 991,000 | ' | ' | 413,000 | ' | ' | 202,000 | ' | ' | 12,503,000 | ' | ' | 4,066,000 | ' | ' | 5,027,000 | ' | ' | 3,686,000 | ' | ' | 1,040,000 | ' | ' | 1,353,000 | ' | ' | 8,000 | ' | ' | 12,841,000 | ' | ' | 1,404,000 | 375,000 | ' | ' | 0 | 814,000 | 317,000 | ' | ' | 621,000 | ' | ' | 5,160,000 | ' | ' | 308,000 | ' | ' | 2,145,000 | 5,456,000 | ' | ' | 288,000 | ' | ' | 4,519,000 | 781,000 | ' | ' | 2,305,000 | ' | ' | 529,000 | 1,015,000 | 392,000 | ' | ' | 704,000 | 559,000 | ' | ' | 5,923,000 | ' | ' | 759,000 | ' | ' | 630,000 | ' | ' | 648,000 | ' | ' | 4,160,000 | 3,304,000 | ' | ' | 81,000 | ' | ' | 6,260,000 | ' | ' | 86,000 | ' | ' | 1,805,000 | 4,696,000 | ' | ' | 2,713,000 | 3,767,000 | ' | ' | 543,000 | ' | ' | 2,435,000 | 1,286,000 | 2,389,000 | ' | ' | 5,666,000 | ' | ' | 1,486,000 | 4,768,000 | ' | ' | 1,224,000 | ' | ' | 2,806,000 | ' | ' | 686,000 | ' | ' | 11,366,000 | ' | ' | 2,653,000 | 8,305,000 | ' | ' | 17,553,000 | ' | ' | 9,190,000 | ' | ' | 2,765,000 | ' | ' | 1,939,000 | ' | ' | 5,835,000 | ' | ' | 1,156,000 | ' | ' | 1,301,000 | ' | ' | 40,865,000 | ' | ' | 867,000 | 5,073,000 | ' | ' | 179,000 | ' | ' | 3,869,000 | ' | ' | 995,000 | ' | ' | 1,696,000 | ' | ' | 480,000 | ' | ' | 5,477,000 | ' | ' | 3,663,000 | ' | ' | 1,318,000 | ' | ' | 2,286,000 | ' | ' | 532,000 | 566,000 | ' | ' | 313,000 | 184,000 | ' | ' | 179,000 | 251,000 | 40,000 | 237,000 | 1,115,000 | ' | ' | 1,071,000 | 71,000 | 1,433,000 | ' | ' | 343,000 | 179,000 | ' | ' | 2,198,000 | ' | ' | 285,000 | 67,000 | 140,000 | 282,000 | 82,000 | 381,000 | ' | ' | 0 | 775,617,000 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | ' | ' | ' | ' | ' | '40 years | ' | '3 years | '13 years | ' | '7 years | '24 years | ' | '6 years | '40 years | ' | '10 years | '36 years | ' | '7 years | '30 years | ' | '10 years | '40 years | '40 years | '40 years | ' | '10 years | '40 years | '40 years | ' | '2 years | '40 years | ' | '8 years | '40 years | ' | '8 years | '40 years | '40 years | ' | '5 years | '32 years | ' | '4 years | '40 years | ' | '4 years | '40 years | ' | '5 years | '40 years | '40 years | ' | '8 years | '40 years | ' | '8 years | '27 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | ' | '6 years | '40 years | '40 years | ' | ' | '7 years | '37 years | ' | '15 years | '40 years | ' | '3 years | '40 years | ' | '7 years | '30 years | '40 years | ' | '3 years | '40 years | ' | '6 years | '40 years | ' | '7 years | '37 years | ' | '12 years | '40 years | ' | '4 years | '40 years | ' | '10 years | '40 years | ' | '16 years | '40 years | ' | '8 years | '40 years | ' | '7 years | '40 years | ' | '12 years | '40 years | ' | '1 year | '31 years | ' | '8 years | '40 years | '40 years | ' | '22 years | '40 years | ' | '20 years | '40 years | ' | '8 years | '40 years | ' | '5 years | '40 years | '40 years | ' | '6 years | '40 years | ' | '8 years | '40 years | ' | '2 years | '40 years | ' | '4 years | '40 years | '40 years | '40 years | ' | '5 years | '14 years | ' | '1 year | '40 years | ' | '20 years | '40 years | ' | '13 years | '40 years | ' | '19 years | '40 years | ' | '8 years | '40 years | '40 years | ' | '4 years | '18 years | ' | '4 years | '40 years | ' | '14 years | '40 years | ' | '10 years | '40 years | ' | '3 years | '25 years | ' | '6 years | '40 years | ' | '12 years | '40 years | ' | '3 years | '35 years | ' | '6 years | '40 years | ' | '3 years | '40 years | ' | '4 years | '40 years | ' | '5 years | '40 years | ' | '5 years | '40 years | ' | '9 years | '40 years | '40 years | ' | '6 years | '40 years | ' | '4 years | '40 years | ' | '3 years | '40 years | ' | '8 years | '40 years | ' | '10 years | '40 years | ' | '30 years | '40 years | ' | '15 years | '40 years | ' | '3 years | '25 years | ' | '20 years | '38 years | ' | '20 years | '35 years | ' | '15 years | '40 years | ' | '3 years | '38 years | ' | '5 years | '40 years | ' | '22 years | '40 years | ' | '25 years | '40 years | ' | '25 years | '40 years | ' | '25 years | '40 years | ' | '25 years | '40 years | '40 years | ' | '2 years | '20 years | ' | '2 years | '34 years | ' | '15 years | '40 years | '40 years | ' | '11 years | '40 years | ' | '20 years | '40 years | ' | '30 years | '40 years | '40 years | '40 years | '15 years | ' | ' | ' | ' | '6 years | '26 years | ' | '10 years | '40 years | '40 years | '40 years | '40 years | ' | '7 years | '40 years | ' | '10 years | '40 years | ' | '13 years | '40 years | ' | '9 years | '34 years | ' | '12 years | '40 years | ' | '11 years | '40 years | ' | '5 years | '40 years | ' | '11 years | '40 years | ' | '6 years | '25 years | ' | '1 year | '40 years | ' | '11 years | '35 years | ' | '11 years | '31 years | ' | '10 years | '40 years | '7 years | ' | '13 years | '40 years | ' | '40 years | ' | '10 years | '28 years | ' | '14 years | '40 years | ' | '15 years | '40 years | ' | '1 year | '40 years | '40 years | ' | '9 years | '40 years | ' | '8 years | '40 years | '40 years | ' | '5 years | '34 years | ' | '11 years | '40 years | '40 years | '40 years | ' | '3 years | '34 years | '40 years | ' | '8 years | '40 years | ' | '10 years | '40 years | ' | '8 years | '40 years | ' | '4 years | '10 years | ' | '12 years | '40 years | '40 years | ' | '2 years | '40 years | ' | '3 years | '40 years | ' | '8 years | '40 years | ' | '2 years | '29 years | '40 years | ' | '18 years | '40 years | '40 years | ' | '3 years | '40 years | ' | '4 years | '34 years | '40 years | '40 years | ' | '1 year | '40 years | ' | '12 years | '40 years | '40 years | ' | '2 years | '40 years | ' | '9 years | '40 years | ' | '17 years | '40 years | ' | '1 year | '12 years | ' | '8 years | '15 years | '40 years | ' | '9 years | '40 years | ' | '17 years | '40 years | ' | '10 years | '40 years | ' | '4 years | '40 years | ' | '5 years | '40 years | ' | '13 years | '40 years | ' | '8 years | '40 years | ' | '5 years | '40 years | ' | '5 years | '40 years | '40 years | ' | '2 years | '40 years | ' | '5 years | '18 years | ' | '10 years | '40 years | ' | '5 years | '40 years | ' | '9 years | '40 years | ' | '1 year | '40 years | ' | '4 years | '40 years | ' | '5 years | '40 years | ' | '23 years | '40 years | ' | '23 years | '40 years | '40 years | ' | '12 years | '40 years | '40 years | ' | '4 years | '36 years | '40 years | '40 years | '40 years | '40 years | ' | '23 years | '40 years | '40 years | '40 years | ' | '23 years | '40 years | '40 years | ' | '5 years | '13 years | ' | '14 years | '24 years | '40 years | '40 years | '40 years | '40 years | '40 years | ' | '12 years | '40 years | ' | ' |
Debt instrument amount | ' | ' | ' | ' | $9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_III_Real_Estate_and_A2
Schedule III - Real Estate and Accumulated Depreciation and Amortization Summary (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Total cost basis for federal income tax purposes | $4,600,000,000 | ' | ' |
Reconciliation of real estate owned: | ' | ' | ' |
Balance at the beginning of year | 3,564,466,000 | 3,172,246,000 | 3,363,586,000 |
Additions during year | 492,437,000 | 540,847,000 | 143,382,000 |
Properties sold during year | -212,771,000 | -138,041,000 | -230,397,000 |
Properties impaired during the year | -31,741,000 | -10,553,000 | -103,727,000 |
Other reclassifications | -97,000 | -33,000 | -598,000 |
Balance at end of year | 3,812,294,000 | 3,564,466,000 | 3,172,246,000 |
Reconciliation of accumulated depreciation and amortization: | ' | ' | ' |
Balance at the beginning of year | 738,068,000 | 638,368,000 | 601,239,000 |
Depreciation and amortization expense | 122,057,000 | 119,067,000 | 114,247,000 |
Accumulated depreciation and amortization of properties sold, impaired and held for sale during year | -84,508,000 | -19,367,000 | -76,939,000 |
Other reclassifications | 0 | 0 | -179,000 |
Balance at end of year | $775,617,000 | $738,068,000 | $638,368,000 |