Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 08, 2019 | Jun. 29, 2018 | |
Document and Entity Information [Abstract] | |||
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 Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,044,256,426 | ||
Entity Common Stock, Shares Outstanding (in shares) | 235,282,784 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period Ended Date | Dec. 31, 2018 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Real estate, at cost | $ 3,090,134 | $ 3,936,459 |
Real estate - intangible assets | 419,612 | 599,091 |
Real estate, gross | 3,509,746 | 4,535,550 |
Less: accumulated depreciation and amortization | 954,087 | 1,225,650 |
Real estate, net | 2,555,659 | 3,309,900 |
Assets held for sale | 63,868 | 2,827 |
Cash and cash equivalents | 168,750 | 107,762 |
Restricted cash | 8,497 | 4,394 |
Investment in and advances to non-consolidated entities | 66,183 | 17,476 |
Deferred expenses (net of accumulated amortization of $27,397 in 2018 and $35,072 in 2017) | 15,937 | 31,693 |
Rent receivable - current | 3,475 | 5,450 |
Rent receivable – deferred | 58,692 | 52,769 |
Other assets | 12,779 | 20,749 |
Total assets | 2,953,840 | 3,553,020 |
Liabilities: | ||
Mortgages and notes payable, net | 570,420 | 689,810 |
Revolving credit facility borrowings | 0 | 160,000 |
Term loans payable, net | 298,733 | 596,663 |
Senior notes payable, net | 496,034 | 495,198 |
Trust preferred securities, net | 127,296 | 127,196 |
Dividends payable | 48,774 | 49,504 |
Liabilities held for sale | 386 | 0 |
Accounts payable and other liabilities | 30,790 | 38,644 |
Accrued interest payable | 4,523 | 5,378 |
Deferred revenue - including below market leases (net of accumulated accretion of $17,606 in 2018 and $26,081 in 2017) | 20,531 | 33,182 |
Prepaid rent | 9,675 | 16,610 |
Total liabilities | 1,607,162 | 2,212,185 |
Commitments and contingencies | ||
Equity: | ||
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares, Series C Cumulative Convertible Preferred, liquidation preference $96,770 and 1,935,400 shares issued and outstanding | 94,016 | 94,016 |
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 235,008,554 and 240,689,081 shares issued and outstanding in 2018 and 2017, respectively | 24 | 24 |
Additional paid-in-capital | 2,772,855 | 2,818,520 |
Accumulated distributions in excess of net income | (1,537,100) | (1,589,724) |
Accumulated other comprehensive income | 76 | 1,065 |
Total shareholders’ equity | 1,329,871 | 1,323,901 |
Noncontrolling interests | 16,807 | 16,934 |
Total equity | 1,346,678 | 1,340,835 |
Total liabilities and equity | $ 2,953,840 | $ 3,553,020 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Accumulated amortization on deferred expenses | $ 27,397 | $ 35,072 |
Liabilities: | ||
Accumulated accretion on deferred revenue | $ 17,606 | $ 26,081 |
Equity: | ||
Preferred shares, par value (usd per share) | $ 0.0001 | $ 0.0001 |
Preferred shares, authorized shares (in shares) | 100,000,000 | 100,000,000 |
Preferred shares, liquidation preference | $ 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 |
Common shares, par value (usd per share) | $ 0.0001 | $ 0.0001 |
Common shares, authorized shares (in shares) | 400,000,000 | 400,000,000 |
Common shares, shares issued (in shares) | 235,008,554 | 240,689,081 |
Common shares, shares outstanding (in shares) | 235,008,554 | 240,689,081 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Gross revenues: | |||
Rental | $ 364,731 | $ 359,832 | $ 398,065 |
Tenant reimbursements | 30,608 | 31,809 | 31,431 |
Total gross revenues | 395,339 | 391,641 | 429,496 |
Expense applicable to revenues: | |||
Depreciation and amortization | (168,191) | (173,968) | (166,048) |
General and administrative | (31,662) | (34,158) | (31,104) |
Litigation settlement | 0 | (2,050) | 0 |
Non-operating income | 3,491 | 10,378 | 13,043 |
Interest and amortization expense | (79,880) | (77,883) | (88,032) |
Debt satisfaction gains (charges), net | (2,596) | 6,196 | (975) |
Impairment charges and loan losses | (95,813) | (44,996) | (100,236) |
Gains on sales of properties | 252,913 | 63,428 | 81,510 |
Income (loss) before provision for income taxes and equity in earnings of non-consolidated entities | 230,926 | 89,394 | 90,299 |
Provision for income taxes | (1,728) | (1,917) | (1,439) |
Equity in earnings (losses) of non-consolidated entities | 1,708 | (848) | 7,590 |
Income (loss) from continuing operations | 230,906 | 86,629 | 96,450 |
Less net income attributable to noncontrolling interests | (3,491) | (1,046) | (826) |
Net income attributable to Lexington Realty Trust shareholders | 227,415 | 85,583 | 95,624 |
Dividends attributable to preferred shares | (6,290) | (6,290) | (6,290) |
Allocation to participating securities | (287) | (226) | (225) |
Net income attributable to common shareholders | $ 220,838 | $ 79,067 | $ 89,109 |
Net income attributable to common shareholders - basic (usd per share) | $ 0.93 | $ 0.33 | $ 0.38 |
Weighted-average common shares outstanding - basic (in shares) | 236,666,375 | 237,758,408 | 233,633,058 |
Net income attributable to common shareholders - diluted (usd per share) | $ 0.93 | $ 0.33 | $ 0.37 |
Weighted-average common shares outstanding - diluted (in shares) | 240,810,990 | 241,537,837 | 237,679,031 |
Real Estate [Member] | |||
Expense applicable to revenues: | |||
Property operating | $ (42,675) | $ (49,194) | $ (47,355) |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parentheticals) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Preferred dividend rate | 6.50% | 6.50% | 6.50% |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 230,906 | $ 86,629 | $ 96,450 |
Other comprehensive income (loss): | |||
Change in unrealized gain (loss) on interest rate swaps, net | (989) | 2,098 | 906 |
Other comprehensive income (loss) | (989) | 2,098 | 906 |
Comprehensive income | 229,917 | 88,727 | 97,356 |
Comprehensive income attributable to noncontrolling interests | (3,491) | (1,046) | (826) |
Comprehensive income attributable to Lexington Realty Trust shareholders | $ 226,426 | $ 87,681 | $ 96,530 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Preferred Shares [Member] | Common Shares [Member] | Additional Paid-in-Capital [Member] | Accumulated Distributions in Excess of Net Income [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] |
Balance at beginning of period at Dec. 31, 2015 | $ 1,462,531 | $ 94,016 | $ 23 | $ 2,776,837 | $ (1,428,908) | $ (1,939) | $ 22,502 |
Beginning balance (in shares) at Dec. 31, 2015 | 1,935,400 | 234,575,225 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Redemption of noncontrolling OP units for common shares | 210 | (210) | |||||
Redemption of noncontrolling OP units for common shares (in shares) | 48,549 | ||||||
Repurchase of common shares | (8,973) | (8,973) | |||||
Repurchase of common shares (in shares) | (1,184,113) | ||||||
Issuance of common shares upon conversion of convertible notes | 12,027 | 12,027 | |||||
Issuance of common shares upon conversion of convertible notes (in shares) | 1,892,269 | ||||||
Exercise of employee common share options | (1,101) | (1,101) | |||||
Exercise of employee common share options, net (in shares) | 170,412 | ||||||
Issuance of common shares and deferred compensation amortization, net | 21,737 | $ 1 | 21,736 | ||||
Issuance of common shares and deferred compensation amortization, net (in shares) | 2,534,835 | ||||||
Dividends/distributions | (171,086) | (167,682) | (3,404) | ||||
Net Income | 96,450 | 95,624 | 826 | ||||
Other comprehensive income (loss) | 906 | 906 | |||||
Balance at end of period at Dec. 31, 2016 | 1,412,491 | $ 94,016 | $ 24 | 2,800,736 | (1,500,966) | (1,033) | 19,714 |
Ending balance (in shares) at Dec. 31, 2016 | 1,935,400 | 238,037,177 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Redemption of noncontrolling OP units for common shares | 0 | 584 | (584) | ||||
Redemption of noncontrolling OP units for common shares (in shares) | 140,746 | ||||||
Exercise of employee common share options | 478 | 478 | |||||
Exercise of employee common share options, net (in shares) | 151,106 | ||||||
Issuance of common shares and deferred compensation amortization, net | 24,673 | 24,673 | |||||
Issuance of common shares and deferred compensation amortization, net (in shares) | 2,360,052 | ||||||
Acquisition of consolidated joint venture partner's equity interest | (7,951) | (7,951) | |||||
Dividends/distributions | (177,583) | (174,341) | (3,242) | ||||
Net Income | 86,629 | 85,583 | 1,046 | ||||
Other comprehensive income (loss) | 2,098 | 2,098 | |||||
Balance at end of period at Dec. 31, 2017 | 1,340,835 | $ 94,016 | $ 24 | 2,818,520 | (1,589,724) | 1,065 | 16,934 |
Ending balance (in shares) at Dec. 31, 2017 | 1,935,400 | 240,689,081 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Redemption of noncontrolling OP units for common shares | 0 | 189 | (189) | ||||
Redemption of noncontrolling OP units for common shares (in shares) | 53,388 | ||||||
Repurchase of common shares | (49,858) | (49,858) | |||||
Repurchase of common shares (in shares) | (5,851,252) | ||||||
Exercise of employee common share options | 115 | 115 | |||||
Exercise of employee common share options, net (in shares) | 16,390 | ||||||
Issuance of common shares and deferred compensation amortization, net | 6,520 | 6,520 | |||||
Issuance of common shares and deferred compensation amortization, net (in shares) | 966,791 | ||||||
Repurchase of common shares to settle tax obligations | (2,544) | (2,544) | |||||
Repurchase of common shares to settle tax obligations (in shares) | (271,792) | ||||||
Forfeiture of employee common shares | (71) | (87) | 16 | ||||
Forfeiture of employee common shares (in shares) | (594,052) | ||||||
Dividends/distributions | (178,236) | (174,807) | (3,429) | ||||
Net Income | 230,906 | 227,415 | 3,491 | ||||
Other comprehensive income (loss) | (989) | (989) | |||||
Balance at end of period at Dec. 31, 2018 | $ 1,346,678 | $ 94,016 | $ 24 | $ 2,772,855 | $ (1,537,100) | $ 76 | $ 16,807 |
Ending balance (in shares) at Dec. 31, 2018 | 1,935,400 | 235,008,554 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 230,906 | $ 86,629 | $ 96,450 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 172,088 | 177,561 | 170,038 |
Gains on sales of properties | (252,913) | (63,428) | (81,510) |
Debt satisfaction (gains) charges, net | 2,596 | (6,196) | 975 |
Impairment charges and loan losses | 95,813 | 44,996 | 100,236 |
Straight-line rents | (20,207) | (19,568) | (37,445) |
Other non-cash (income) expense, net | (3,060) | 8,093 | 1,656 |
Equity in (earnings) losses of non-consolidated entities | (1,708) | 848 | (7,590) |
Distributions of accumulated earnings from non-consolidated entities | 2,083 | 403 | 815 |
Unearned contingent acquisition consideration | 0 | (3,922) | 0 |
Deferred taxes, net | 0 | 0 | 59 |
Change in accounts payable and other liabilities | (129) | (1,141) | (1,657) |
Change in rent receivable and prepaid rent, net | (3,942) | 2,922 | (1,825) |
Change in accrued interest payable | (891) | 16 | 808 |
Other adjustments, net | (2,825) | 657 | (1,200) |
Net cash provided by operating activities: | 217,811 | 227,870 | 239,810 |
Cash flows from investing activities: | |||
Investment in real estate, including intangible assets | (315,959) | (558,571) | (167,797) |
Investment in real estate under construction | 0 | (83,274) | (132,192) |
Capital expenditures | (15,506) | (15,184) | (4,408) |
Net proceeds from sale of properties | 898,514 | 223,853 | 370,038 |
Net proceeds from sale of non-consolidated investment | 0 | 6,127 | 0 |
Principal payments received on loans receivable | 0 | 139,042 | 2,214 |
Investments in and advances to non-consolidated entities, net | (10,206) | (9,898) | (37,240) |
Distributions from non-consolidated entities in excess of accumulated earnings | 3,330 | 531 | 8,175 |
Payments of deferred leasing costs | (4,522) | (6,526) | (6,558) |
Change in real estate deposits | (760) | 20,826 | (20,848) |
Net cash provided by (used in) investing activities | 554,891 | (283,074) | 11,384 |
Cash flows from financing activities: | |||
Dividends to common and preferred shareholders | (175,537) | (172,101) | (165,858) |
Conversion of convertible notes | 0 | 0 | (672) |
Principal amortization payments | (29,666) | (30,082) | (26,796) |
Principal payments on debt, excluding normal amortization | (14,599) | (50,797) | (109,973) |
Proceeds of mortgages and notes payable | 26,350 | 45,400 | 254,650 |
Term loan payments | (300,000) | 0 | 0 |
Proceeds from term loans | 0 | 95,000 | 0 |
Revolving credit facility borrowings | 150,000 | 270,000 | 95,000 |
Revolving credit facility payments | (310,000) | (110,000) | (272,000) |
Payment of early extinguishment of debt charges | (5) | (1,326) | (5,603) |
Payment of developer liabilities | 0 | 0 | (4,016) |
Payments of deferred financing costs | (690) | (2,124) | (1,842) |
Cash distributions to noncontrolling interests | (3,429) | (3,242) | (3,404) |
Redemption of a noncontrolling interest | 0 | (7,951) | 0 |
Repurchase of common shares | (47,217) | 0 | (8,973) |
Issuance of common shares, net of costs and repurchases to settle tax obligations | (2,818) | 16,804 | 12,186 |
Net cash provided by (used in) financing activities | (707,611) | 49,581 | (237,301) |
Change in cash, cash equivalents and restricted cash | 65,091 | (5,623) | 13,893 |
Cash, cash equivalents and restricted cash, at beginning of year | 112,156 | 117,779 | 103,886 |
Cash, cash equivalents and restricted cash, at end of year | $ 177,247 | $ 112,156 | $ 117,779 |
The Company
The Company | 12 Months Ended |
Dec. 31, 2018 | |
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 Maryland statutory real estate investment trust (“REIT”) that owns a diversified portfolio of equity investments in single-tenant commercial properties. As of December 31, 2018 , the Company had equity ownership interests in approximately 135 consolidated properties located in 34 states. The properties in which the Company has an interest are primarily net-leased to tenants in various industries. 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, which are single purpose entities, (2) an operating partnership, Lepercq Corporate Income Fund L.P. (“LCIF”), 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, (3) a wholly-owned TRS, Lexington Realty Advisors, Inc. (“LRA”), and (4) investments in joint ventures. References to “OP Units” refer to units of limited partner interests in LCIF. 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. Each property owner subsidiary is a separate legal entity that maintains separate books and records. The assets and credit of each property owner subsidiary with a property subject to a mortgage loan are not available to creditors to satisfy the debt and other obligations of any other person, including any other property owner subsidiary or any other affiliate. Consolidated entities that are not property owner subsidiaries do not directly own any of the assets of a property owner subsidiary (or the general partner, member or managing member of such property owner subsidiary), but merely hold partnership, membership or beneficial interest therein, which interests are subordinate to the claims of such property owner subsidiary's (or its general partner's, member's or managing member's) creditors. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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. The Company is the primary beneficiary of certain VIEs as it has a controlling financial interest in these entities. LCIF, which is consolidated and in which the Company has an approximate 96% interest, is a VIE. The Company had a joint venture limited partnership that owned the Lake Jackson, Texas property, with a developer which was a consolidated VIE. In 2017, upon the closeout of the build-to-suit project, the developer earned notional capital of $7,951 , which was simultaneously redeemed by the limited partnership for $7,951 . The Company treated the payment as a reduction in shareholders equity in accordance with ASC 810-10-45-23. As a result, the limited partnership, which is still consolidated, is wholly-owned by the Company and no longer a VIE. The assets of each VIE are only available to satisfy such VIE's respective liabilities. As of December 31, 2018 and 2017 , the VIEs' mortgages and notes payable were non-recourse to the Company. Below is a summary of selected financial data of consolidated VIEs for which the Company is the primary beneficiary included in the Consolidated Balance Sheets as of December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Real estate, net $ 509,916 $ 682,587 Total assets $ 607,963 $ 766,025 Mortgages and notes payable, net $ 192,791 $ 212,792 Total liabilities $ 203,322 $ 226,331 In addition, the Company acquires, from time to time, properties using a reverse like-kind exchange structure pursuant to Section 1031 of the Internal Revenue Code (a "reverse 1031 exchange") and, as such, the properties are in the possession of an Exchange Accommodation Titleholder ("EAT") until the reverse 1031 exchange is completed. The EAT is classified as a VIE as it is a “thinly capitalized” entity. The Company consolidates the EAT because it is the primary beneficiary as it has the ability to control the activities that most significantly impact the EAT's economic performance and can collapse the reverse 1031 exchange structure at any time. The assets of the EAT primarily consist of leased property (net real estate and intangibles). 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 and non-vested common shares, 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 economic environment. 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 and equity method investments, valuation of derivative financial instruments, valuation of awards granted under compensation plans 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. Revenue is recognized on a contractual basis for leases with escalations tied to a consumer price index with no floor. Renewal options in leases with rental terms that are lower than those in the primary term are excluded from the calculation of straight-line rent if the renewals are not reasonably assured. If the 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 on the Consolidated Balance Sheets. 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. Prior to January 1, 2018, acquisition and pursuit costs were expensed as incurred and were included in property operating expense in the accompanying Consolidated Statement of Operations, which were $2,171 and $836 for 2017 and 2016, respectively. Effective January 1, 2018, the Company's acquisitions are primarily considered asset acquisitions and acquisition costs are now capitalized. 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. Management generally retains a third party to assist in the allocations. 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. 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. The operating results of these properties are reflected as discontinued operations in the Consolidated Statements of Operations only if the sale of these assets represents a strategic shift in operations; if not, the operating results are included in continuing 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 revolving line of credit 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 ongoing 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 vested over a five -year period and expire ten years from the date of grant. Options granted under the plan in 2008 vested upon attainment of certain market performance measures and expired 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. The Company has made an accounting policy election to account for share-based award forfeitures in compensation costs when they occur. 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 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 by 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, 2018 , 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's presentation. New Accounting Standards Adopted in 2018. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which clarifies guidance on the classification and presentation of changes in restricted cash. Restricted cash balances are now included along with cash and cash equivalents as of the end of the period and beginning of period, respectively, in the Company's consolidated statement of cash flows for all periods presented. In addition, separate line items showing changes in restricted cash balances are now eliminated from the Company's consolidated statement of cash flows. These ASUs were effective for fiscal years beginning after December 15, 2017, including interim periods within those years. Entities must apply the guidance retrospectively to all periods presented but may apply it prospectively if retrospective application would be impracticable. The Company adopted these ASUs effective January 1, 2018 on a retrospective basis. The effect of the adoption resulted in (1) a $109 and $4,537 change in cash flows from operating activities for 2017 and 2016, respectively, (2) a $(23,958) and $21,571 change in cash flows from investing activities for 2017 and 2016, respectively, and (3) a $(2,899) and $(5,603) change in cash flows from financing activities for 2017 and 2016, respectively. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which clarifies the definition of a business when evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The ASU was effective for reporting periods beginning after December 15, 2017. The Company expects that acquisitions of real estate or in-substance real estate will not meet the revised definition of a business and thus will be treated as asset acquisitions. Acquisition costs for those acquisitions that are not businesses will be capitalized rather than expensed. The Company adopted this guidance effective January 1, 2018 on a prospective basis. The Company's property acquisitions in 2018 were accounted for as asset acquisitions. The Company's adoption of this guidance did not have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), as subsequently amended, which amends the guidance for revenue recognition to eliminate the industry-specific revenue recognition guidance and replace it with a principle based approach for determining revenue recognition. The new guidance was effective for reporting periods beginning after December 15, 2017. The Company’s revenue-producing contracts are primarily leases that are not within the scope of this standard as leases are excluded from ASU 2014-09. Under ASU 2014-09, revenue recognition for real estate sales is largely based on the transfer of control and the buyer having the ability to direct the use of, or obtain substantially all of the remaining benefit from, the asset (which generally will occur on the closing date); the factor of continuing involvement is no longer a specific consideration for the timing of recognition. The Company adopted ASU 2014-09 effective January 1, 2018 using the modified retrospective approach. As the majority of the Company’s revenue is from rental income related to leases, the adoption of the ASU did not have a material impact on its consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20), which requires that all entities account for the derecognition of a business in accordance with ASC 810, including instances in which the business is considered in-substance real estate. The ASU requires the Company to measure at fair value any retained interest in a partial sale of real estate. The Company adopted ASU 2017-05 effective January 1, 2018 using the modified retrospective approach, however there was no impact to prior balances as there were no open contracts at the date of adoption. During 2018, the Company entered into a transaction in which it contributed consolidated properties to a newly-formed joint venture and acquired a 20% interest in the joint venture. See note 7. Recently Issued Accounting Guidance. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize a right of use asset and related lease liability for those leases classified as operating leases at the commencement date that have lease terms of more than 12 months and amends certain lessor guidance. The Company expects the ASU to result in the recognition of a right-of-use asset and related liability to primarily account for the Company's future obligations under its ground lease arrangements for which the Company is the lessee. The Company estimates that its initial right-of-use asset and lease liability will be within a range of $35,000 to $45,000 at adoption. From a lessor perspective, the Company expects that lease components will primarily be recognized on a straight-line basis over the lease term. ASU 2016-02 originally stated that companies would be required to bifurcate certain lease revenues between lease and non-lease components; however, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements in July 2018, which allows lessors a practical expedient by class of underlying assets to account for lease and non-lease components as a single lease component if certain criteria are met. Additionally, ASU 2016-02 requires that the Company capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Historically, the Company has capitalized lease commissions and "other" lease related costs, primarily legal expenses. Effective January 1, 2019, the Company will not capitalize these "other" costs, however, the Company does not believe these will be material. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those years. ASU 2016-02 originally required a modified retrospective method of adoption; however, under ASU 2018-11 companies may elect to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company will adopt this new guidance on January 1, 2019 utilizing the cumulative-effect adjustment outlined in ASU 2018-11. In addition, the Company will elect several practical expedients afforded to it at implementation. In August 2017, the FASB issued ASU-2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which amends the hedge accounting recognition and presentation requirements in Topic 815. The adoption of this guidance on January 1, 2019 did not have a material impact on the Company's consolidated financial statements. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 : 2018 2017 2016 BASIC Net income attributable to common shareholders $ 220,838 $ 79,067 $ 89,109 Weighted-average number of common shares outstanding 236,666,375 237,758,408 233,633,058 Net income attributable to common shareholders - per common share basic $ 0.93 $ 0.33 $ 0.38 DILUTED: Net income attributable to common shareholders - basic $ 220,838 $ 79,067 $ 89,109 Impact of assumed conversions 2,528 147 (159 ) Net income attributable to common shareholders $ 223,366 $ 79,214 $ 88,950 Weighted-average common shares outstanding - basic 236,666,375 237,758,408 233,633,058 Effect of dilutive securities: Unvested share-based payment awards and options 528,495 86,285 230,352 Operating Partnership Units 3,616,120 3,693,144 3,815,621 Weighted-average common shares outstanding - diluted 240,810,990 241,537,837 237,679,031 Net income attributable to common shareholders - per common share diluted $ 0.93 $ 0.33 $ 0.37 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
Investments in Real Estate | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate Investments, Net [Abstract] | |
Investments in Real Estate | Investments in Real Estate The Company's real estate, net, consists of the following at December 31, 2018 and 2017 : 2018 2017 Real estate, at cost: Buildings and building improvements $ 2,746,446 $ 3,476,022 Land, land estates and land improvements 341,848 456,134 Fixtures and equipment — 84 Construction in progress 1,840 4,219 Real estate intangibles: In-place lease values 331,607 461,624 Tenant relationships 54,662 97,223 Above-market leases 33,343 40,244 3,509,746 4,535,550 Accumulated depreciation and amortization (1) (954,087 ) (1,225,650 ) Real estate, net $ 2,555,659 $ 3,309,900 (1) Includes accumulated amortization of real estate intangible assets of $231,443 and $334,681 in 2018 and 2017 , respectively. The estimated amortization of the above real estate intangible assets for the next five years is $24,021 in 2019 , $21,442 in 2020 , $19,501 in 2021 , $17,448 in 2022 and $17,065 in 2023 . The Company had below-market leases, net of accumulated accretion, which are included in deferred revenue, of $ 17,923 and $ 23,308 , respectively, as of December 31, 2018 and 2017 . The estimated accretion for the next five years is $ 2,144 in 2019 , $ 2,118 in 2020 , $ 1,778 in 2021 , $ 1,499 in 2022 and $ 1,499 in 2023 . The Company completed the following acquisitions and build-to-suit transactions during 2018 and 2017 : 2018 : Real Estate Intangibles Property Type Location Acquisition Date Initial Cost Basis Lease Expiration Land and Land Estate Building and Improvements Lease in-place Value Intangible Below Market Lease Intangible Industrial Olive Branch, MS April 2018 $ 44,090 07/2029 $ 1,958 $ 38,687 $ 3,445 $ — Industrial Olive Branch, MS April 2018 48,575 06/2021 2,500 42,538 5,151 (1,614 ) Industrial Edwardsville, IL June 2018 44,178 05/2030 3,649 41,292 3,467 (4,230 ) Industrial Spartanburg, SC August 2018 27,632 07/2024 1,447 23,744 2,441 — Industrial Pasadena, TX August 2018 23,868 08/2023 4,057 17,810 2,001 — Industrial Carrollton, TX September 2018 19,564 12/2033 3,228 15,766 1,247 (677 ) Industrial Goodyear, AZ November 2018 41,372 04/2026 5,247 36,115 2,014 (2,004 ) Industrial Chester, VA December 2018 66,311 06/2030 8,544 53,067 6,832 (2,132 ) $ 315,590 $ 30,630 $ 269,019 $ 26,598 $ (10,657 ) Weighted-average life of intangible assets (years) 8.4 9.4 In addition, the Company acquired a 57 -acre parcel of land from a non-consolidated joint venture and leased the parcel to a tenant to develop an industrial property. 2017 : Real Estate Intangibles Property Type Location Acquisition Date Initial Lease Expiration Land and Land Estate Building and Improvements Lease in-place Value Intangible Below Market Lease Intangible Office Lake Jackson, TX (1) January 2017 $ 70,401 10/2036 $ 3,078 $ 67,323 $ — $ — Industrial New Century, KS February 2017 12,056 01/2027 — 13,198 1,648 (2,790 ) Industrial Lebanon, IN February 2017 36,194 01/2024 2,100 29,443 4,651 — Office Charlotte, NC (2) April 2017 61,339 04/2032 3,771 47,064 10,504 — Industrial Cleveland, TN May 2017 34,400 03/2024 1,871 29,743 2,786 — Industrial Grand Prairie, TX June 2017 24,317 03/2037 3,166 17,985 3,166 — Industrial San Antonio, TX June 2017 45,507 04/2027 1,311 36,644 7,552 — Industrial Opelika, AL July 2017 37,269 05/2042 134 33,183 3,952 — Industrial McDonough, GA August 2017 66,700 01/2028 5,441 52,762 8,497 — Industrial Byhalia, MS September 2017 36,590 09/2027 1,751 31,236 3,603 — Industrial Jackson, TN September 2017 57,920 10/2027 1,454 49,026 7,440 — Industrial Smyrna, TN September 2017 104,890 04/2027 1,793 93,940 9,157 — Industrial Lafayette, IN October 2017 17,450 09/2024 662 15,578 1,210 — Industrial Romulus, MI November 2017 38,893 08/2032 2,438 33,786 2,669 — Industrial Warren, MI November 2017 46,955 10/2032 972 42,521 3,462 — Industrial Winchester, VA December 2017 36,700 12/2031 1,988 32,501 2,211 — $ 727,581 $ 31,930 $ 625,933 $ 72,508 $ (2,790 ) Weighted-average life of intangible assets (years) 12.2 14.9 (1) Completed the construction of the final building of a four -building project. Initial cost basis excludes developer partner payout of $7,951 . (2) Sold to newly-formed joint venture in 2018. See note 7. From time to time, the Company is engaged in various forms of build-to-suit development activities. As of December 31, 2018 and 2017, the Company had no development arrangements outstanding. During 2017, the Company recognized $3,922 in non-operating income on the Company's Consolidated Statement of Operations due to the write-off of contingent consideration relating to a 2015 build-to-suit project that was not required to be paid by the Company. |
Dispositions and Impairment
Dispositions and Impairment | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions and Impairment | Dispositions and Impairment For the years ended December 31, 2018 , 2017 and 2016 , the Company disposed of its interests in certain properties generating aggregate net proceeds of $898,514 , $223,853 and $370,038 , respectively, which resulted in gains on sales of $252,913 , $63,428 and $81,510 , respectively, including, in 2018, the disposition of 21 office assets to a newly-formed joint venture, NNN Office JV L.P. (“NNN JV”), with an unaffiliated third-party. See note 7. For the years ended December 31, 2018 , 2017 and 2016 , the Company recognized net debt satisfaction gains (charges) relating to properties sold of $(1,698) , $5,938 and $(532) , respectively. The Company had two properties classified as held for sale at December 31, 2018 and one property classified as held for sale at December 31, 2017 . Assets and liabilities of held for sale properties as of December 31, 2018 and 2017 consisted of the following: December 31, 2018 December 31, 2017 Assets: Real estate, at cost $ 63,639 $ 2,827 Real estate, intangible assets 14,498 — Accumulated depreciation and amortization (16,873 ) — Rent receivable - deferred 2,439 — Other 165 — $ 63,868 $ 2,827 Liabilities: Other $ 386 $ — $ 386 $ — 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 financial instability, change in the estimated holding period of an asset 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 and the Company estimates that its cost will not be recovered. During 2018 , 2017 and 2016 , the Company recognized aggregate impairment charges on real estate properties of $95,813 , $39,702 and $100,195 , respectively. During 2018 , $36,620 of the impairment charges of $95,813 were recognized on properties owned at December 31, 2018. The Company's office assets in Overland Park, Kansas and Kansas City, Missouri incurred an aggregate $23,496 of impairment charges due to a reduction in the anticipated holding period and leasing prospects. During 2017 , $18,023 of the impairment charges of $39,702 were recognized on properties held at December 31, 2017. The Company's office asset in Florence, South Carolina and industrial asset in Memphis, Tennessee incurred an aggregate $15,008 of the impairment charges due to a reduction in anticipating holding period. The 2016 impairment charges include an aggregate impairment charge of $65,500 recognized on the sale of three land investments in New York, New York. In February 2017, the Company recognized a $5,294 loan loss on the assignment of a loan receivable secured by a hospital in Kennewick, Washington. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following tables present the Company's assets and liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2018 and 2017 , aggregated by the level in the fair value hierarchy within which those measurements fall: Fair Value Measurements Using Description 2018 (Level 1) (Level 2) (Level 3) Interest rate swap assets $ 76 $ — $ 76 $ — Impaired real estate assets* $ 35,036 $ — $ — $ 35,036 Fair Value Measurements Using Description 2017 (Level 1) (Level 2) (Level 3) Interest rate swap assets $ 1,065 $ — $ 1,065 $ — Impaired real estate assets* $ 7,829 $ — $ — $ 7,829 *Represents a non-recurring fair value measurement. Fair value as of the date of impairment. The table below sets forth the carrying amounts and estimated fair values of the Company's financial instruments as of December 31, 2018 and 2017 : As of December 31, 2018 As of December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Liabilities Debt $ 1,492,483 $ 1,409,773 $ 2,068,867 $ 2,013,226 The majority of the inputs used to value the Company's interest rate swaps 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 swaps 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, 2018 and 2017 , the Company determined that the credit valuation adjustment relative to the overall interest rate swaps was not significant. As a result, all interest rate swaps have 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 recent sale offers 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 fair value of the Company's debt is primarily estimated utilizing Level 3 inputs by using a discounted cash flow analysis, based upon estimates of market interest rates. The Company determines the fair value of its Senior Notes using market prices. The inputs used in determining the fair value of these notes are categorized as Level 1 due to the fact that the Company uses quoted market rates to value these instruments. However, the inputs used in determining the fair value could be categorized as Level 2 if trading volumes are low. 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 N
Investment in and Advances to Non-Consolidated Entities | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in and Advances to Non-Consolidated Entities | Investment in and Advances to Non-Consolidated Entities Below is a schedule of the Company's investments in and advances to non-consolidated entities: Percentage Ownership at Investment Balance as of Investment December 31, 2018 December 31, 2018 December 31, 2017 NNN JV (1) 20% $ 53,144 $ — Etna Park 70 LLC (2) 90% 4,774 5,831 Other (3) 15% to 25% 8,265 11,645 $ 66,183 $ 17,476 (1) During 2018 , the Company disposed of 21 office assets to NNN JV for an aggregate gross disposition price of $725,800 and acquired a 20% interest in NNN JV. Two of the 21 properties, with a combined estimated fair value of $45,653 , were contributed to NNN JV along with cash of $8,053 . The Company recognized a gain of $14,645 in connection with the contribution of the two office assets to NNN JV, and in addition, NNN JV assumed an aggregate of $103,400 of non-recourse mortgage debt in the transaction. NNN JV obtained an aggregate of $362,800 of non-recourse mortgage financing which bears interest at LIBOR plus 200 basis points and has an initial term of three years but can be extended for two additional terms of one -year each. There is a rate increase of 15 basis points upon each extension. NNN JV entered into interest rate agreements which cap the LIBOR component of the $362,800 mortgage financing at 4.0% for two years. As of December 31, 2018 , NNN JV had total assets of $757,811 and total liabilities of $492,091 . The properties are encumbered by an aggregate of $466,200 of non-recourse mortgage debt. (2) Joint venture formed in 2017 with a developer entity to acquire a 151 -acre parcel of developable land and pursue industrial build-to-suit opportunities. The developer entity has substantive participation rights. In December 2018, the parcel was subdivided and the Company received a distribution of an ownership interest in a 57 -acre parcel with a historical cost of $3,008 . The Company acquired control of the parcel via the purchase of the Company's joint venture partners' interest. (3) At December 31, 2018 , represents two joint venture investments, which own single-tenant, net-leased assets. During 2017, the Company received $49,085 in full satisfaction of a construction financing arrangement that the Company previously provided to one of the joint ventures. In December 2018, the Company received $4,312 from a non-consolidated investment in connection with its sale of a six -property office portfolio. In February 2017, the Company sold its 40% tenant-in-common interest in its Oklahoma City, Oklahoma office property for $6,198 . In January 2016, the Company received $6,681 in connection with the sale of a non-consolidated office property in Russellville, Arkansas. The Company recognized gains of $1,777 , $1,452 and $5,378 , respectively, in connection with these sales, which are included in equity in earnings of non-consolidated entities. During 2017, the Company recognized an impairment charge of $3,512 on its investment in a retail property in Palm Beach Gardens, Florida due to the bankruptcy of its tenant. This impairment charge reduced the Company's investment balance to zero . During 2018, the property was sold in a foreclosure sale. LRA earns advisory fees from certain of these non-consolidated entities for services related to acquisitions, asset management and debt placement. Advisory fees earned from these non-consolidated investments were $1,443 , $807 and $693 for the years ended December 31, 2018 , 2017 and 2016 . |
Mortgages and Notes Payable
Mortgages and Notes Payable | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Mortgages and Notes Payable | Mortgages and Notes Payable The Company had the following mortgages and notes payable outstanding as of December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Mortgages and notes payable $ 575,514 $ 697,068 Unamortized debt issuance costs (5,094 ) (7,258 ) $ 570,420 $ 689,810 Interest rates, including imputed rates on mortgages and notes payable, ranged from 2.2% to 6.5% at December 31, 2018 and the mortgages and notes payable mature between 2019 and 2036 . Interest rates, including imputed rates, ranged from 2.2% to 7.8% at December 31, 2017 . The weighted-average interest rate at December 31, 2018 and 2017 was approximately 4.5% and 4.6% , respectively. The Company has an unsecured credit agreement with KeyBank National Association, as agent. A summary of the significant terms, as of December 31, 2018, are as follows: Maturity Date Interest Rate $505,000 Revolving Credit Facility (1) August 2019 LIBOR + 1.00% $300,000 Term Loan (2)(3) January 2021 LIBOR + 1.10% (1) Maturity date can be extended to August 2020 at the Company's option. The interest rate ranges from LIBOR plus 0.85% to 1.55% . At December 31, 2018 , the revolving credit facility had no borrowings outstanding and availability of $505,000 , subject to covenant compliance. See note 20. (2) The interest rate ranges from LIBOR plus 0.90% to 1.75% . The Company had aggregate interest-rate swap agreements to fix the LIBOR component at a weighted-average rate of 1.42% through January 2019 on $255,000 of the $300,000 outstanding LIBOR-based borrowings. During 2018, the Company satisfied in full the $300,000 term loan due in 2020. (3) The aggregate unamortized debt issuance costs for the term loan was $1,267 and $1,804 as of December 31, 2018 and 2017 , respectively. The unsecured revolving credit facility and the unsecured term loan are subject to financial covenants, which the Company was in compliance with at December 31, 2018 . 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. Scheduled principal and balloon payments for mortgages, notes payable and term loan for the next five years and thereafter are as follows: Year ending December 31, Total 2019 $ 101,887 2020 55,143 2021 340,465 2022 22,120 2023 23,998 Thereafter 331,901 875,514 Unamortized debt issuance costs (6,361 ) $ 869,153 Included in the Consolidated Statements of Operations, the Company recognized debt satisfaction gains (charges), net, of $(898) , $258 and $(7) for the years ended December 31, 2018 , 2017 and 2016 , respectively, due to the satisfaction of mortgages and notes payable other than those disclosed elsewhere in these financial statements. In addition, the Company capitalized $15 , $1,174 and $4,933 in interest for the years ended 2018 , 2017 and 2016 , respectively. Senior Notes, Convertible Notes and Trust Preferred Securities The Company had the following Senior Notes outstanding as of December 31, 2018 and 2017 : Issue Date December 31, 2018 December 31, 2017 Interest Rate Maturity Date Issue Price May 2014 $ 250,000 $ 250,000 4.40 % June 2024 99.883 % June 2013 250,000 250,000 4.25 % June 2023 99.026 % 500,000 500,000 Unamortized debt discount (1,235 ) (1,507 ) Unamortized debt issuance cost (2,731 ) (3,295 ) $ 496,034 $ 495,198 Each series of the Senior Notes is unsecured and pays interest semi-annually in arrears. 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. During 2010, the Company issued $115,000 aggregate principal amount of 6.00% Convertible Guaranteed Notes. The notes paid interest semi-annually in arrears and were scheduled to mature in January 2030 . The notes were fully satisfied/converted in 2016. During 2016 , $12,400 aggregate principal amount of the notes were converted for 1,892,269 common shares and an aggregate cash payment of $672 plus accrued and unpaid interest. The Company recognized aggregate debt satisfaction charges of $436 during 2016 relating to the conversions. 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, are open for redemption at the Company's option, bore interest at a fixed rate of 6.804% through April 2017 and thereafter bear interest at a variable rate of three month LIBOR plus 170 basis points through maturity. The interest rate at December 31, 2018 was 4.220% . As of December 31, 2018 and 2017, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,824 and $1,924 , respectively, of unamortized debt issuance costs. Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows: Year ending December 31, Total 2019 $ — 2020 — 2021 — 2022 — 2023 250,000 Thereafter 379,120 629,120 Unamortized debt discounts (1,235 ) Unamortized debt issuance costs (4,555 ) $ 623,330 |
Senior Notes, Convertible Notes
Senior Notes, Convertible Notes and Trust Preferred Securities | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Senior Notes, Convertible Notes and Trust Preferred Securities | Mortgages and Notes Payable The Company had the following mortgages and notes payable outstanding as of December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Mortgages and notes payable $ 575,514 $ 697,068 Unamortized debt issuance costs (5,094 ) (7,258 ) $ 570,420 $ 689,810 Interest rates, including imputed rates on mortgages and notes payable, ranged from 2.2% to 6.5% at December 31, 2018 and the mortgages and notes payable mature between 2019 and 2036 . Interest rates, including imputed rates, ranged from 2.2% to 7.8% at December 31, 2017 . The weighted-average interest rate at December 31, 2018 and 2017 was approximately 4.5% and 4.6% , respectively. The Company has an unsecured credit agreement with KeyBank National Association, as agent. A summary of the significant terms, as of December 31, 2018, are as follows: Maturity Date Interest Rate $505,000 Revolving Credit Facility (1) August 2019 LIBOR + 1.00% $300,000 Term Loan (2)(3) January 2021 LIBOR + 1.10% (1) Maturity date can be extended to August 2020 at the Company's option. The interest rate ranges from LIBOR plus 0.85% to 1.55% . At December 31, 2018 , the revolving credit facility had no borrowings outstanding and availability of $505,000 , subject to covenant compliance. See note 20. (2) The interest rate ranges from LIBOR plus 0.90% to 1.75% . The Company had aggregate interest-rate swap agreements to fix the LIBOR component at a weighted-average rate of 1.42% through January 2019 on $255,000 of the $300,000 outstanding LIBOR-based borrowings. During 2018, the Company satisfied in full the $300,000 term loan due in 2020. (3) The aggregate unamortized debt issuance costs for the term loan was $1,267 and $1,804 as of December 31, 2018 and 2017 , respectively. The unsecured revolving credit facility and the unsecured term loan are subject to financial covenants, which the Company was in compliance with at December 31, 2018 . 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. Scheduled principal and balloon payments for mortgages, notes payable and term loan for the next five years and thereafter are as follows: Year ending December 31, Total 2019 $ 101,887 2020 55,143 2021 340,465 2022 22,120 2023 23,998 Thereafter 331,901 875,514 Unamortized debt issuance costs (6,361 ) $ 869,153 Included in the Consolidated Statements of Operations, the Company recognized debt satisfaction gains (charges), net, of $(898) , $258 and $(7) for the years ended December 31, 2018 , 2017 and 2016 , respectively, due to the satisfaction of mortgages and notes payable other than those disclosed elsewhere in these financial statements. In addition, the Company capitalized $15 , $1,174 and $4,933 in interest for the years ended 2018 , 2017 and 2016 , respectively. Senior Notes, Convertible Notes and Trust Preferred Securities The Company had the following Senior Notes outstanding as of December 31, 2018 and 2017 : Issue Date December 31, 2018 December 31, 2017 Interest Rate Maturity Date Issue Price May 2014 $ 250,000 $ 250,000 4.40 % June 2024 99.883 % June 2013 250,000 250,000 4.25 % June 2023 99.026 % 500,000 500,000 Unamortized debt discount (1,235 ) (1,507 ) Unamortized debt issuance cost (2,731 ) (3,295 ) $ 496,034 $ 495,198 Each series of the Senior Notes is unsecured and pays interest semi-annually in arrears. 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. During 2010, the Company issued $115,000 aggregate principal amount of 6.00% Convertible Guaranteed Notes. The notes paid interest semi-annually in arrears and were scheduled to mature in January 2030 . The notes were fully satisfied/converted in 2016. During 2016 , $12,400 aggregate principal amount of the notes were converted for 1,892,269 common shares and an aggregate cash payment of $672 plus accrued and unpaid interest. The Company recognized aggregate debt satisfaction charges of $436 during 2016 relating to the conversions. 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, are open for redemption at the Company's option, bore interest at a fixed rate of 6.804% through April 2017 and thereafter bear interest at a variable rate of three month LIBOR plus 170 basis points through maturity. The interest rate at December 31, 2018 was 4.220% . As of December 31, 2018 and 2017, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,824 and $1,924 , respectively, of unamortized debt issuance costs. Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows: Year ending December 31, Total 2019 $ — 2020 — 2021 — 2022 — 2023 250,000 Thereafter 379,120 629,120 Unamortized debt discounts (1,235 ) Unamortized debt issuance costs (4,555 ) $ 623,330 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives 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 did not incur any ineffectiveness during 2018 , 2017 and 2016 . 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 $255,000 of LIBOR-indexed variable-rate unsecured 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. 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 $255,000 term loans. During the next 12 months, the Company estimates that an additional $76 will be reclassified as a decrease to interest expense if the swaps remain outstanding. As of December 31, 2018 , 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 5 $255,000 The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2018 and 2017 . As of December 31, 2018 As of December 31, 2017 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest Rate Swap Asset Other Assets $ 76 Other Assets $ 1,065 The tables below present the effect of the Company's derivative financial instruments on the Consolidated Statements of Operations for 2018 and 2017 : Derivatives in Cash Flow Amount of Income Recognized Location of Income (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of (Income) Loss Reclassified Hedging Relationships 2018 2017 2018 2017 Interest Rate Swap $ 597 $ 1,168 Interest expense $ (1,586 ) $ 930 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, 2018 , the Company had not posted any collateral related to the agreements. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, Total 2019 $ 270,557 2020 253,660 2021 233,192 2022 212,893 2023 211,387 Thereafter 1,619,848 $ 2,801,537 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 December 31, Total 2019 $ 3,826 2020 3,827 2021 3,769 2022 3,834 2023 4,008 Thereafter 28,326 $ 47,590 Rent expense for the leasehold interests was $597 , $690 and $987 in 2018 , 2017 and 2016 , respectively. The Company leases its corporate headquarters. The lease expires March 2026. The Company is responsible for its proportionate share of operating expenses and real estate taxes above a base year. In addition, the Company leases office space for its regional offices. The minimum lease payments for the Company's offices are $1,295 for 2019 , $1,296 for 2020 , $1,325 for 2021 , $1,335 for 2022 and $1,304 for 2023 and $2,935 thereafter. Rent expense for 2018 , 2017 and 2016 was $1,274 , $1,256 and $1,242 , respectively. |
Concentration of Risk
Concentration of Risk | 12 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentration of 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, 2018 , 2017 and 2016 , 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, 2018 | |
Equity [Abstract] | |
Equity | Equity Shareholders' Equity: During 2016 , the Company issued 577,823 common shares under its direct share purchase plan, which includes a dividend reinvestment component, raising net proceeds of approximately $4,115 . In 2018 and 2017, no shares were issued under this plan. During 2013, the Company implemented, and in 2016, the Company updated, its At-The-Market offering program under which the Company may issue up to $125,000 in common shares over the term of this program. During 2017 and 2016, the Company issued 1,593,603 and 976,109 common shares, respectively, under this program and generated aggregate gross proceeds of $17,362 and $10,498 , respectively. No shares were sold under this program in 2018. 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, 2018 . 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 December 31, 2018 , each share was 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 2018 , 2017 and 2016 , the Company issued 965,932 , 835,234 and 1,084,835 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 14). In July 2015, the Company's Board of Trustees authorized the repurchase of up to 10,000,000 common shares and increased this authorization by 10,000,000 common shares in 2018. This share repurchase program has no expiration date. During 2018 and 2016, the Company repurchased and retired 5,851,252 and 1,184,113 , respectively, common shares at an average price of $8.05 and $7.56 , respectively, per common share under this share repurchase program. No shares were repurchased in 2017. There were $2,641 of unsettled repurchases as of December 31, 2018 . A summary of the changes in accumulated other comprehensive income (loss) related to the Company's cash flow hedges is as follows: Twelve months ended December 31, 2018 2017 Balance at beginning of period $ 1,065 $ (1,033 ) Other comprehensive income before reclassifications 597 1,168 Amounts of (income) loss reclassified from accumulated other comprehensive income (loss) to interest expense (1,586 ) 930 Balance at end of period $ 76 $ 1,065 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 2018 , 2017 and 2016 , 53,388 , 140,746 and 48,549 common shares, respectively, were issued by the Company, in connection with OP unit redemptions, for an aggregate value of $189 , $584 and $210 , respectively. As of December 31, 2018 , there were approximately 3,177,000 OP units outstanding other than OP units owned by the Company. All OP units receive distributions in accordance with the LCIF partnership agreement. To the extent that the Company's dividend per common share is less than the stated distribution per OP unit per the LCIF 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 Attributable to Shareholders and Transfers from Noncontrolling Interests 2018 2017 2016 Net income attributable to Lexington Realty Trust shareholders $ 227,415 $ 85,583 $ 95,624 Transfers from noncontrolling interests: Increase in additional paid-in-capital for redemption of noncontrolling OP units 189 584 210 Change from net income attributable to shareholders and transfers from noncontrolling interests $ 227,604 $ 86,167 $ 95,834 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Employee Benefits and Share-based Compensation, Noncash [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 2018 , 2017 and 2016 . 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) vested 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) vested 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”) was $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 was $10.00 or higher, and (2) terminated 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 were 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) 6.50 6.70 3.60 Weighted-average expected volatility 49.00 % 59.08 % 59.94 % Weighted-average expected dividend yield 7.40 % 6.26 % 14.40 % The Company recognized 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. All deferred compensation costs relating to the outstanding options were fully amortized by December 31, 2015. 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, 2018 and 2017 were $26 and $1,064 , respectively. Share option activity during the years indicated is as follows: Number of Shares Weighted-Average Exercise Price Per Share Balance at December 31, 2016 406,241 $ 6.78 Exercised (271,451 ) 6.48 Balance at December 31, 2017 134,790 7.39 Exercised (16,390 ) 6.99 Balance at December 31, 2018 118,400 $ 7.44 As of December 31, 2018 , the aggregate intrinsic value of options that were outstanding and exercisable was $91 . Non-vested share activity for the years ended December 31, 2018 and 2017 , is as follows: Number of Shares Weighted-Average Grant-Date Fair Value Per Share Balance at December 31, 2016 3,151,310 $ 8.09 Granted 777,900 6.83 Vested (161,912 ) 8.90 Balance at December 31, 2017 3,767,298 7.79 Granted 899,614 6.55 Vested (618,383 ) 9.70 Forfeited (593,452 ) 6.59 Balance at December 31, 2018 3,455,077 $ 7.34 During 2018 and 2017 , the Company granted common shares to certain employees and trustees as follows: 2018 2017 Performance Shares (1) Shares issued: Index - 1Q 331,025 106,706 Peer - 1Q 331,019 106,705 Index - 2Q 163,466 Peer - 2Q 163,463 Grant date fair value per share: (2) Index - 1Q $5.81 $6.82 Peer - 1Q $5.37 $6.34 Index - 2Q $4.05 Peer - 2Q $4.27 Non-Vested Common Shares: (3) Shares issued 237,570 237,560 Grant date fair value $2,190 $2,551 (1) The shares vest based on the Company's total shareholder return growth after a three -year measurement period relative to an index and a group of Company peers. Dividends will not be paid on these grants until earned. Once the performance criteria are met and the actual number of shares earned is determined, such shares vest immediately. During 2018, 116,926 of the 642,029 performance shares issued in 2015 vested. (2) The fair value of grants was determined at the grant date using a Monte Carlo simulation model. (3) The shares vest ratably over a three -year service period. In addition, during 2018 , 2017 and 2016 , the Company issued 66,318 , 57,334 , and 50,816 , respectively, of fully vested common shares to non-management members of the Company's Board of Trustees with a fair value of $599 , $596 , and $427 , respectively. As of December 31, 2018 , of the remaining 3,455,077 non-vested shares, 1,495,608 are subject to time-based vesting and 1,959,469 are subject to performance-based vesting. At December 31, 2018 , there are 4,012,870 awards available for grant. The Company has $7,915 in unrecognized compensation costs relating to the non-vested shares that will be charged to compensation expense over an average of approximately 2.1 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, 2018 and 2017 , 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 $397 , $439 and $357 of contributions are applicable to 2018 , 2017 and 2016 , respectively. During 2018 , 2017 and 2016 , the Company recognized $6,901 , $8,333 and $8,415 , respectively, in expense relating to scheduled vesting and issuance of common share grants. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company has an indemnity obligation to Vornado Realty Trust ("VNO"), 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 transactions are approved by the independent members of the Company's Board of Trustees or the Audit Committee as provided for in the Company's Code of Business Conduct and Ethics. The Company leased a property to an entity in which VNO, a significant shareholder, has an interest. During 2017 and 2016 , the Company recognized $234 and $236 , respectively, in rental revenue from this property. This property was sold in 2017. The Company leases its corporate office from an affiliate of Vornado Realty Trust. Rent expense for this property was $1,192 , $1,179 and $1,176 in 2018 , 2017 and 2016 , respectively. In connection with efforts, on a non-binding basis, to procure non-recourse mezzanine financing from an affiliate of the Company's Chairman, pursuant to the terms of the EB-5 visa program administered by the United States Citizenship and Immigration Services (“USCIS”), for a joint venture investment in Houston, Texas, in which the Company has an investment, the Company executed a guaranty in favor of an affiliate of its Chairman. The guaranty provided that the Company will reimburse investors providing the funds for such financing if the following occurs: (1) the joint venture receives such funds, (2) the USCIS denies the financing solely because the project is not permitted under the EB-5 visa program, and (3) the joint venture fails to return such funds. During 2017, USCIS approved the project, and the guaranty terminated by its terms. In 2018, the joint venture obtained $8,500 of EB-5 mezzanine financing from an affiliate of the Company's Chairman. The joint venture reimbursed the Chairman's affiliate $150 for its expenses. Under an indemnity agreement, the joint venture is required to pay an affiliate of the Company's Chairman 0.625% of the outstanding principal amount of the EB-5 mezzanine financing per annum. In addition, during 2017, the Company obtained non-recourse mezzanine financing in the initial amount of $8,000 from an affiliate of the Company's Chairman, pursuant to the terms of the EB-5 visa program administered by the USCIS, for an investment in Charlotte, North Carolina. In January 2018, the Company obtained an additional $500 of financing proceeds. The Company reimbursed the Chairman's affiliate approximately $105 for its expenses and paid a $128 structuring fee to the Chairman's affiliate. The property was subsequently contributed to, and the financing assumed by, NNN JV. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The 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 provision for income taxes for the years ended December 31, 2018 , 2017 and 2016 is summarized as follows: 2018 2017 2016 Current: Federal $ (60 ) $ (107 ) $ (140 ) State and local (1,668 ) (1,810 ) (1,299 ) NOL utilized — — 59 Deferred: Federal — — (44 ) State and local — — (15 ) $ (1,728 ) $ (1,917 ) $ (1,439 ) The income tax provision differs from the amount computed by applying the statutory federal income tax rate to pre-tax operating income as follows: 2018 2017 2016 Federal provision at statutory tax rate (21% for 2018 and 34% for 2017 and 2016) $ (65 ) $ (182 ) $ (154 ) State and local taxes, net of federal benefit (11 ) (40 ) (30 ) Other (1,652 ) (1,695 ) (1,255 ) $ (1,728 ) $ (1,917 ) $ (1,439 ) For the years ended December 31, 2018 , 2017 and 2016 , the “other” amount is comprised primarily of state franchise taxes of $1,679 , $1,598 and $1,252 , respectively. 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, 2018 , is as follows: 2018 2017 2016 Total dividends per share $ 0.710 $ 0.700 $ 0.685 Ordinary income 87.89 % 59.93 % 96.73 % Qualifying dividend 0.14 % 0.15 % 0.22 % Capital gain — — — Return of capital 11.97 % 39.92 % 3.05 % 100.00 % 100.00 % 100.00 % 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, 2018 , is as follows: 2018 2017 2016 Total dividends per share $ 3.25 $ 3.25 $ 3.25 Ordinary income 99.84 % 99.75 % 99.78 % Qualifying dividend 0.16 % 0.25 % 0.22 Capital gain — — — Return of capital — — — 100.00 % 100.00 % 100.00 % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
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. The Company and LCIF are parties to a funding agreement under which the Company may be required to fund distributions made on account of LCIF's OP units. Pursuant to the funding agreement, the parties agreed that, if LCIF does not have sufficient cash available to make a quarterly distribution to its limited partners in an amount in accordance with the partnership agreement, Lexington will fund the shortfall. Payments under the agreement will be made in the form of loans to LCIF and will bear interest at prevailing rates as determined by the Company in its discretion but, no less than the applicable federal rate. LCIF's right to receive these loans will expire if no OP units remain outstanding and all such loans are repaid. No amounts have been advanced under this agreement. 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. Cummins Inc. v. Lexington Columbus (Jackson Street) L.P. and Wells Fargo Bank, N.A. (State of Indiana, County of Bartholomew, in the Bartholomew Superior Court). On October 25, 2018, Cummins Inc., the tenant in the Company's Columbus, Indiana office building, filed a complaint for declaratory relief against Lexington Columbus (Jackson Street) L.P., the Company's property owner subsidiary, and Wells Fargo Bank, N.A., the trustee for the noteholders with a security interest in the office building. Under the subject lease, Cummins Inc.’s tenancy extends through July 31, 2024, with options to further extend for additional time periods. Despite failing to timely exercise a purchase option for the office building that was expressly due by July 15, 2018, where time was of the essence, Cummins Inc. has asked the court for a declaration that it is entitled to purchase the building at the option price and to terminate the lease effective July 31, 2019. Cummins Inc. does not dispute that it failed to comply with the requirements of the purchase option, but alleges that it is entitled to relief under several equitable theories. Lexington Columbus (Jackson Street) L.P. filed a motion to dismiss the complaint on January 8, 2019. The Company believes that Indiana law supports the Company's right to retain ownership of the building, and the Company intends to vigorously defend this claim. As of December 31, 2018, the Company maintained an executive severance policy and entered into related agreements with certain of its executive officers whereby the Company's executives are entitled to severance benefits upon certain events. In January 2018, the Company entered into retirement agreements with two of its then executive officers. One of the retirement agreements provides for contingent payments, not to exceed $795 , in 2020 following the receipt of certain incentive fees by the Company, if any. As of December 31, 2018, $89 of these contingent payments was earned. |
Supplemental Disclosure of Stat
Supplemental Disclosure of Statement of Cash Flow Information | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosure of Statement of Cash Flow Information | Supplemental Disclosure of Statement of Cash Flow Information 2018 2017 2016 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents at beginning of period $ 107,762 $ 86,637 $ 93,249 Restricted cash at beginning of period 4,394 31,142 10,637 Cash, cash equivalents and restricted cash at beginning of period $ 112,156 $ 117,779 $ 103,886 Cash and cash equivalents at end of period $ 168,750 $ 107,762 $ 86,637 Restricted cash at end of period 8,497 4,394 31,142 Cash, cash equivalents and restricted cash at end of period $ 177,247 $ 112,156 $ 117,779 In addition to disclosures discussed elsewhere, during 2018 , 2017 and 2016 , the Company paid $76,562 , $75,069 and $87,692 , respectively, for interest and $2,025 , $2,340 and $1,240 , respectively, for income taxes. During 2017 and 2016 , the Company conveyed its interests in certain properties to its lenders in full satisfaction of the $12,616 and $21,582 , respectively, non-recourse mortgage notes payable. In addition, during 2016 , the Company sold its interests in certain properties, which included the assumption by the buyers of the related non-recourse mortgage debt in the aggregate amount of $242,269 . |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Data | Unaudited Quarterly Financial Data 3/31/2018 6/30/2018 9/30/2018 12/31/2018 Total gross revenues $ 102,637 $ 105,493 $ 99,958 $ 87,251 Net income (loss) $ (14,823 ) $ (795 ) $ 220,850 $ 25,674 Net income (loss) attributable to common shareholders $ (15,957 ) $ (3,327 ) $ 216,190 $ 23,796 Net income (loss) attributable to common shareholders - basic per share $ (0.07 ) $ (0.01 ) $ 0.91 $ 0.10 Net income (loss) attributable to common shareholders - diluted per share $ (0.07 ) $ (0.01 ) $ 0.90 $ 0.10 3/31/2017 6/30/2017 9/30/2017 12/31/2017 Total gross revenues $ 96,099 $ 95,684 $ 97,689 $ 102,169 Net income $ 42,220 $ 7,365 $ 5,596 $ 31,448 Net income attributable to common shareholders $ 40,397 $ 5,519 $ 3,916 $ 29,235 Net income attributable to common shareholders - basic per share $ 0.17 $ 0.02 $ 0.02 $ 0.12 Net income attributable to common shareholders - diluted per share $ 0.17 $ 0.02 $ 0.02 $ 0.12 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, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent to December 31, 2018 and in addition to disclosures elsewhere in the financial statements, the Company: – sold a consolidated property for $79,300 ; – acquired two industrial properties for an aggregate purchase price of approximately $58,000 ; – repurchased and retired 441,581 common shares at an average price of $8.13 per common share; – replaced the Company's revolving credit facility and the 2021 term loan with a new revolving credit facility and the continuation of the 2021 term loan, which extended the maturity of the revolving credit facility to February 2023 and reduced the applicable margin rates on the revolving credit facility and 2021 term loan; – entered into an agreement to purchase upon completion the expansion of the Company's property in Richland, Washington for $67,000 ; and – declared a quarterly common share dividend of $0.1025 per common share. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | 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. |
Variable Interest Entity | The Company is the primary beneficiary of certain VIEs as it has a controlling financial interest in these entities. LCIF, which is consolidated and in which the Company has an approximate 96% interest, is a VIE. |
Earnings Per Share | 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 and non-vested common shares, OP units and put options of certain convertible securities. |
Use of Estimates | 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 economic environment. 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 and equity method investments, valuation of derivative financial instruments, valuation of awards granted under compensation plans and the useful lives of long-lived assets. Actual results could differ materially from those estimates. |
Fair Value Measurements | 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 | 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. Revenue is recognized on a contractual basis for leases with escalations tied to a consumer price index with no floor. Renewal options in leases with rental terms that are lower than those in the primary term are excluded from the calculation of straight-line rent if the renewals are not reasonably assured. If the 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 on the Consolidated Balance Sheets. |
Acquisition of Real Estate | 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. Prior to January 1, 2018, acquisition and pursuit costs were expensed as incurred and were included in property operating expense in the accompanying Consolidated Statement of Operations, which were $2,171 and $836 for 2017 and 2016, respectively. Effective January 1, 2018, the Company's acquisitions are primarily considered asset acquisitions and acquisition costs are now capitalized. 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. Management generally retains a third party to assist in the allocations. 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 | 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 | 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 | 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. |
Acquisition, Development and Construction Arrangements | 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 | Properties Held For Sale. Assets and liabilities of properties that meet various held for sale criteria, including whether it is probable that a sale will occur within 12 months, are presented separately in the Consolidated Balance Sheets. The operating results of these properties are reflected as discontinued operations in the Consolidated Statements of Operations only if the sale of these assets represents a strategic shift in operations; if not, the operating results are included in continuing 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. Deferred expenses consist primarily of revolving line of credit 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 | 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 ongoing 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 | 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 vested over a five -year period and expire ten years from the date of grant. Options granted under the plan in 2008 vested upon attainment of certain market performance measures and expired 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 | 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 | Cash and Cash Equivalents. The Company considers all highly liquid instruments with maturities of three months or less from the date of purchase to be cash equivalents. |
Restricted Cash | Restricted Cash. Restricted cash is comprised primarily of cash balances held in escrow by lenders. |
Environmental Matters | Environmental Matters. Under various federal, state and local environmental laws, statutes, ordinances, rules and regulations, an owner of real property may be liable for the costs of removal or remediation of certain hazardous or toxic substances at, on, in or under such property as well as certain other potential costs relating to hazardous or toxic substances. These liabilities may include government fines, penalties and damages for injuries to persons and adjacent property. Such laws often impose liability without regard to whether the owner knew of, or was responsible for, the presence or disposal of such substances. Although most of the tenants of properties in which the 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. |
Segment Reporting | Segment Reporting. The Company operates generally in one industry segment, single-tenant real estate assets. |
Reclassification | Reclassifications . Certain amounts included in prior years' financial statements have been reclassified to conform to the current year's presentation. |
Recently Issued Accounting Guidance | New Accounting Standards Adopted in 2018. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which clarifies guidance on the classification and presentation of changes in restricted cash. Restricted cash balances are now included along with cash and cash equivalents as of the end of the period and beginning of period, respectively, in the Company's consolidated statement of cash flows for all periods presented. In addition, separate line items showing changes in restricted cash balances are now eliminated from the Company's consolidated statement of cash flows. These ASUs were effective for fiscal years beginning after December 15, 2017, including interim periods within those years. Entities must apply the guidance retrospectively to all periods presented but may apply it prospectively if retrospective application would be impracticable. The Company adopted these ASUs effective January 1, 2018 on a retrospective basis. The effect of the adoption resulted in (1) a $109 and $4,537 change in cash flows from operating activities for 2017 and 2016, respectively, (2) a $(23,958) and $21,571 change in cash flows from investing activities for 2017 and 2016, respectively, and (3) a $(2,899) and $(5,603) change in cash flows from financing activities for 2017 and 2016, respectively. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which clarifies the definition of a business when evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The ASU was effective for reporting periods beginning after December 15, 2017. The Company expects that acquisitions of real estate or in-substance real estate will not meet the revised definition of a business and thus will be treated as asset acquisitions. Acquisition costs for those acquisitions that are not businesses will be capitalized rather than expensed. The Company adopted this guidance effective January 1, 2018 on a prospective basis. The Company's property acquisitions in 2018 were accounted for as asset acquisitions. The Company's adoption of this guidance did not have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), as subsequently amended, which amends the guidance for revenue recognition to eliminate the industry-specific revenue recognition guidance and replace it with a principle based approach for determining revenue recognition. The new guidance was effective for reporting periods beginning after December 15, 2017. The Company’s revenue-producing contracts are primarily leases that are not within the scope of this standard as leases are excluded from ASU 2014-09. Under ASU 2014-09, revenue recognition for real estate sales is largely based on the transfer of control and the buyer having the ability to direct the use of, or obtain substantially all of the remaining benefit from, the asset (which generally will occur on the closing date); the factor of continuing involvement is no longer a specific consideration for the timing of recognition. The Company adopted ASU 2014-09 effective January 1, 2018 using the modified retrospective approach. As the majority of the Company’s revenue is from rental income related to leases, the adoption of the ASU did not have a material impact on its consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20), which requires that all entities account for the derecognition of a business in accordance with ASC 810, including instances in which the business is considered in-substance real estate. The ASU requires the Company to measure at fair value any retained interest in a partial sale of real estate. The Company adopted ASU 2017-05 effective January 1, 2018 using the modified retrospective approach, however there was no impact to prior balances as there were no open contracts at the date of adoption. During 2018, the Company entered into a transaction in which it contributed consolidated properties to a newly-formed joint venture and acquired a 20% interest in the joint venture. See note 7. Recently Issued Accounting Guidance. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize a right of use asset and related lease liability for those leases classified as operating leases at the commencement date that have lease terms of more than 12 months and amends certain lessor guidance. The Company expects the ASU to result in the recognition of a right-of-use asset and related liability to primarily account for the Company's future obligations under its ground lease arrangements for which the Company is the lessee. The Company estimates that its initial right-of-use asset and lease liability will be within a range of $35,000 to $45,000 at adoption. From a lessor perspective, the Company expects that lease components will primarily be recognized on a straight-line basis over the lease term. ASU 2016-02 originally stated that companies would be required to bifurcate certain lease revenues between lease and non-lease components; however, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements in July 2018, which allows lessors a practical expedient by class of underlying assets to account for lease and non-lease components as a single lease component if certain criteria are met. Additionally, ASU 2016-02 requires that the Company capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Historically, the Company has capitalized lease commissions and "other" lease related costs, primarily legal expenses. Effective January 1, 2019, the Company will not capitalize these "other" costs, however, the Company does not believe these will be material. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those years. ASU 2016-02 originally required a modified retrospective method of adoption; however, under ASU 2018-11 companies may elect to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company will adopt this new guidance on January 1, 2019 utilizing the cumulative-effect adjustment outlined in ASU 2018-11. In addition, the Company will elect several practical expedients afforded to it at implementation. In August 2017, the FASB issued ASU-2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which amends the hedge accounting recognition and presentation requirements in Topic 815. The adoption of this guidance on January 1, 2019 did not have a material impact on the Company's consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Variable Interest Entities | Below is a summary of selected financial data of consolidated VIEs for which the Company is the primary beneficiary included in the Consolidated Balance Sheets as of December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Real estate, net $ 509,916 $ 682,587 Total assets $ 607,963 $ 766,025 Mortgages and notes payable, net $ 192,791 $ 212,792 Total liabilities $ 203,322 $ 226,331 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 : 2018 2017 2016 BASIC Net income attributable to common shareholders $ 220,838 $ 79,067 $ 89,109 Weighted-average number of common shares outstanding 236,666,375 237,758,408 233,633,058 Net income attributable to common shareholders - per common share basic $ 0.93 $ 0.33 $ 0.38 DILUTED: Net income attributable to common shareholders - basic $ 220,838 $ 79,067 $ 89,109 Impact of assumed conversions 2,528 147 (159 ) Net income attributable to common shareholders $ 223,366 $ 79,214 $ 88,950 Weighted-average common shares outstanding - basic 236,666,375 237,758,408 233,633,058 Effect of dilutive securities: Unvested share-based payment awards and options 528,495 86,285 230,352 Operating Partnership Units 3,616,120 3,693,144 3,815,621 Weighted-average common shares outstanding - diluted 240,810,990 241,537,837 237,679,031 Net income attributable to common shareholders - per common share diluted $ 0.93 $ 0.33 $ 0.37 |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate Investments, Net [Abstract] | |
Schedule of Net Real Estate | The Company's real estate, net, consists of the following at December 31, 2018 and 2017 : 2018 2017 Real estate, at cost: Buildings and building improvements $ 2,746,446 $ 3,476,022 Land, land estates and land improvements 341,848 456,134 Fixtures and equipment — 84 Construction in progress 1,840 4,219 Real estate intangibles: In-place lease values 331,607 461,624 Tenant relationships 54,662 97,223 Above-market leases 33,343 40,244 3,509,746 4,535,550 Accumulated depreciation and amortization (1) (954,087 ) (1,225,650 ) Real estate, net $ 2,555,659 $ 3,309,900 (1) Includes accumulated amortization of real estate intangible assets of $231,443 and $334,681 in 2018 and 2017 , respectively. The estimated amortization of the above real estate intangible assets for the next five years is $24,021 in 2019 , $21,442 in 2020 , $19,501 in 2021 , $17,448 in 2022 and $17,065 in 2023 . |
Schedule of Acquired Properties | The Company completed the following acquisitions and build-to-suit transactions during 2018 and 2017 : 2018 : Real Estate Intangibles Property Type Location Acquisition Date Initial Cost Basis Lease Expiration Land and Land Estate Building and Improvements Lease in-place Value Intangible Below Market Lease Intangible Industrial Olive Branch, MS April 2018 $ 44,090 07/2029 $ 1,958 $ 38,687 $ 3,445 $ — Industrial Olive Branch, MS April 2018 48,575 06/2021 2,500 42,538 5,151 (1,614 ) Industrial Edwardsville, IL June 2018 44,178 05/2030 3,649 41,292 3,467 (4,230 ) Industrial Spartanburg, SC August 2018 27,632 07/2024 1,447 23,744 2,441 — Industrial Pasadena, TX August 2018 23,868 08/2023 4,057 17,810 2,001 — Industrial Carrollton, TX September 2018 19,564 12/2033 3,228 15,766 1,247 (677 ) Industrial Goodyear, AZ November 2018 41,372 04/2026 5,247 36,115 2,014 (2,004 ) Industrial Chester, VA December 2018 66,311 06/2030 8,544 53,067 6,832 (2,132 ) $ 315,590 $ 30,630 $ 269,019 $ 26,598 $ (10,657 ) Weighted-average life of intangible assets (years) 8.4 9.4 In addition, the Company acquired a 57 -acre parcel of land from a non-consolidated joint venture and leased the parcel to a tenant to develop an industrial property. 2017 : Real Estate Intangibles Property Type Location Acquisition Date Initial Lease Expiration Land and Land Estate Building and Improvements Lease in-place Value Intangible Below Market Lease Intangible Office Lake Jackson, TX (1) January 2017 $ 70,401 10/2036 $ 3,078 $ 67,323 $ — $ — Industrial New Century, KS February 2017 12,056 01/2027 — 13,198 1,648 (2,790 ) Industrial Lebanon, IN February 2017 36,194 01/2024 2,100 29,443 4,651 — Office Charlotte, NC (2) April 2017 61,339 04/2032 3,771 47,064 10,504 — Industrial Cleveland, TN May 2017 34,400 03/2024 1,871 29,743 2,786 — Industrial Grand Prairie, TX June 2017 24,317 03/2037 3,166 17,985 3,166 — Industrial San Antonio, TX June 2017 45,507 04/2027 1,311 36,644 7,552 — Industrial Opelika, AL July 2017 37,269 05/2042 134 33,183 3,952 — Industrial McDonough, GA August 2017 66,700 01/2028 5,441 52,762 8,497 — Industrial Byhalia, MS September 2017 36,590 09/2027 1,751 31,236 3,603 — Industrial Jackson, TN September 2017 57,920 10/2027 1,454 49,026 7,440 — Industrial Smyrna, TN September 2017 104,890 04/2027 1,793 93,940 9,157 — Industrial Lafayette, IN October 2017 17,450 09/2024 662 15,578 1,210 — Industrial Romulus, MI November 2017 38,893 08/2032 2,438 33,786 2,669 — Industrial Warren, MI November 2017 46,955 10/2032 972 42,521 3,462 — Industrial Winchester, VA December 2017 36,700 12/2031 1,988 32,501 2,211 — $ 727,581 $ 31,930 $ 625,933 $ 72,508 $ (2,790 ) Weighted-average life of intangible assets (years) 12.2 14.9 (1) Completed the construction of the final building of a four -building project. Initial cost basis excludes developer partner payout of $7,951 . (2) Sold to newly-formed joint venture in 2018. See note 7. |
Dispositions and Impairment (Ta
Dispositions and Impairment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Assets and Liabilities of Held for Sale Properties | Assets and liabilities of held for sale properties as of December 31, 2018 and 2017 consisted of the following: December 31, 2018 December 31, 2017 Assets: Real estate, at cost $ 63,639 $ 2,827 Real estate, intangible assets 14,498 — Accumulated depreciation and amortization (16,873 ) — Rent receivable - deferred 2,439 — Other 165 — $ 63,868 $ 2,827 Liabilities: Other $ 386 $ — $ 386 $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurement Inputs | The following tables present the Company's assets and liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2018 and 2017 , aggregated by the level in the fair value hierarchy within which those measurements fall: Fair Value Measurements Using Description 2018 (Level 1) (Level 2) (Level 3) Interest rate swap assets $ 76 $ — $ 76 $ — Impaired real estate assets* $ 35,036 $ — $ — $ 35,036 Fair Value Measurements Using Description 2017 (Level 1) (Level 2) (Level 3) Interest rate swap assets $ 1,065 $ — $ 1,065 $ — Impaired real estate assets* $ 7,829 $ — $ — $ 7,829 *Represents a non-recurring fair value measurement. Fair value as of the date of impairment. |
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, 2018 and 2017 : As of December 31, 2018 As of December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Liabilities Debt $ 1,492,483 $ 1,409,773 $ 2,068,867 $ 2,013,226 |
Investment in and Advances to_2
Investment in and Advances to Non-Consolidated Entities Investment in and Advances to Non-Consolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and Advances to Affiliates | Below is a schedule of the Company's investments in and advances to non-consolidated entities: Percentage Ownership at Investment Balance as of Investment December 31, 2018 December 31, 2018 December 31, 2017 NNN JV (1) 20% $ 53,144 $ — Etna Park 70 LLC (2) 90% 4,774 5,831 Other (3) 15% to 25% 8,265 11,645 $ 66,183 $ 17,476 (1) During 2018 , the Company disposed of 21 office assets to NNN JV for an aggregate gross disposition price of $725,800 and acquired a 20% interest in NNN JV. Two of the 21 properties, with a combined estimated fair value of $45,653 , were contributed to NNN JV along with cash of $8,053 . The Company recognized a gain of $14,645 in connection with the contribution of the two office assets to NNN JV, and in addition, NNN JV assumed an aggregate of $103,400 of non-recourse mortgage debt in the transaction. NNN JV obtained an aggregate of $362,800 of non-recourse mortgage financing which bears interest at LIBOR plus 200 basis points and has an initial term of three years but can be extended for two additional terms of one -year each. There is a rate increase of 15 basis points upon each extension. NNN JV entered into interest rate agreements which cap the LIBOR component of the $362,800 mortgage financing at 4.0% for two years. As of December 31, 2018 , NNN JV had total assets of $757,811 and total liabilities of $492,091 . The properties are encumbered by an aggregate of $466,200 of non-recourse mortgage debt. (2) Joint venture formed in 2017 with a developer entity to acquire a 151 -acre parcel of developable land and pursue industrial build-to-suit opportunities. The developer entity has substantive participation rights. In December 2018, the parcel was subdivided and the Company received a distribution of an ownership interest in a 57 -acre parcel with a historical cost of $3,008 . The Company acquired control of the parcel via the purchase of the Company's joint venture partners' interest. (3) At December 31, 2018 , represents two joint venture investments, which own single-tenant, net-leased assets. During 2017, the Company received $49,085 in full satisfaction of a construction financing arrangement that the Company previously provided to one of the joint ventures. |
Mortgages and Notes Payable (Ta
Mortgages and Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The Company had the following mortgages and notes payable outstanding as of December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Mortgages and notes payable $ 575,514 $ 697,068 Unamortized debt issuance costs (5,094 ) (7,258 ) $ 570,420 $ 689,810 |
Schedule of Line of Credit Facilities | A summary of the significant terms, as of December 31, 2018, are as follows: Maturity Date Interest Rate $505,000 Revolving Credit Facility (1) August 2019 LIBOR + 1.00% $300,000 Term Loan (2)(3) January 2021 LIBOR + 1.10% (1) Maturity date can be extended to August 2020 at the Company's option. The interest rate ranges from LIBOR plus 0.85% to 1.55% . At December 31, 2018 , the revolving credit facility had no borrowings outstanding and availability of $505,000 , subject to covenant compliance. See note 20. (2) The interest rate ranges from LIBOR plus 0.90% to 1.75% . The Company had aggregate interest-rate swap agreements to fix the LIBOR component at a weighted-average rate of 1.42% through January 2019 on $255,000 of the $300,000 outstanding LIBOR-based borrowings. During 2018, the Company satisfied in full the $300,000 term loan due in 2020. (3) The aggregate unamortized debt issuance costs for the term loan was $1,267 and $1,804 as of December 31, 2018 and 2017 , respectively. |
Schedule of Maturities of Long-term Debt | Scheduled principal and balloon payments for mortgages, notes payable and term loan for the next five years and thereafter are as follows: Year ending December 31, Total 2019 $ 101,887 2020 55,143 2021 340,465 2022 22,120 2023 23,998 Thereafter 331,901 875,514 Unamortized debt issuance costs (6,361 ) $ 869,153 Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows: Year ending December 31, Total 2019 $ — 2020 — 2021 — 2022 — 2023 250,000 Thereafter 379,120 629,120 Unamortized debt discounts (1,235 ) Unamortized debt issuance costs (4,555 ) $ 623,330 |
Senior Notes, Convertible Not_2
Senior Notes, Convertible Notes and Trust Preferred Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt Instrument Redemption | The Company had the following Senior Notes outstanding as of December 31, 2018 and 2017 : Issue Date December 31, 2018 December 31, 2017 Interest Rate Maturity Date Issue Price May 2014 $ 250,000 $ 250,000 4.40 % June 2024 99.883 % June 2013 250,000 250,000 4.25 % June 2023 99.026 % 500,000 500,000 Unamortized debt discount (1,235 ) (1,507 ) Unamortized debt issuance cost (2,731 ) (3,295 ) $ 496,034 $ 495,198 |
Schedule of Maturities of Long-term Debt | Scheduled principal and balloon payments for mortgages, notes payable and term loan for the next five years and thereafter are as follows: Year ending December 31, Total 2019 $ 101,887 2020 55,143 2021 340,465 2022 22,120 2023 23,998 Thereafter 331,901 875,514 Unamortized debt issuance costs (6,361 ) $ 869,153 Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows: Year ending December 31, Total 2019 $ — 2020 — 2021 — 2022 — 2023 250,000 Thereafter 379,120 629,120 Unamortized debt discounts (1,235 ) Unamortized debt issuance costs (4,555 ) $ 623,330 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | As of December 31, 2018 , 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 5 $255,000 |
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, 2018 and 2017 . As of December 31, 2018 As of December 31, 2017 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest Rate Swap Asset Other Assets $ 76 Other Assets $ 1,065 |
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 2018 and 2017 : Derivatives in Cash Flow Amount of Income Recognized Location of Income (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of (Income) Loss Reclassified Hedging Relationships 2018 2017 2018 2017 Interest Rate Swap $ 597 $ 1,168 Interest expense $ (1,586 ) $ 930 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, Total 2019 $ 270,557 2020 253,660 2021 233,192 2022 212,893 2023 211,387 Thereafter 1,619,848 $ 2,801,537 |
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 December 31, Total 2019 $ 3,826 2020 3,827 2021 3,769 2022 3,834 2023 4,008 Thereafter 28,326 $ 47,590 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income Loss | A summary of the changes in accumulated other comprehensive income (loss) related to the Company's cash flow hedges is as follows: Twelve months ended December 31, 2018 2017 Balance at beginning of period $ 1,065 $ (1,033 ) Other comprehensive income before reclassifications 597 1,168 Amounts of (income) loss reclassified from accumulated other comprehensive income (loss) to interest expense (1,586 ) 930 Balance at end of period $ 76 $ 1,065 |
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 Attributable to Shareholders and Transfers from Noncontrolling Interests 2018 2017 2016 Net income attributable to Lexington Realty Trust shareholders $ 227,415 $ 85,583 $ 95,624 Transfers from noncontrolling interests: Increase in additional paid-in-capital for redemption of noncontrolling OP units 189 584 210 Change from net income attributable to shareholders and transfers from noncontrolling interests $ 227,604 $ 86,167 $ 95,834 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Employee Benefits and Share-based Compensation, Noncash [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) 6.50 6.70 3.60 Weighted-average expected volatility 49.00 % 59.08 % 59.94 % Weighted-average expected dividend yield 7.40 % 6.26 % 14.40 % |
Schedule of Share-based Compensation, Stock Options, Activity | Share option activity during the years indicated is as follows: Number of Shares Weighted-Average Exercise Price Per Share Balance at December 31, 2016 406,241 $ 6.78 Exercised (271,451 ) 6.48 Balance at December 31, 2017 134,790 7.39 Exercised (16,390 ) 6.99 Balance at December 31, 2018 118,400 $ 7.44 |
Schedule of Nonvested Share Activity | Non-vested share activity for the years ended December 31, 2018 and 2017 , is as follows: Number of Shares Weighted-Average Grant-Date Fair Value Per Share Balance at December 31, 2016 3,151,310 $ 8.09 Granted 777,900 6.83 Vested (161,912 ) 8.90 Balance at December 31, 2017 3,767,298 7.79 Granted 899,614 6.55 Vested (618,383 ) 9.70 Forfeited (593,452 ) 6.59 Balance at December 31, 2018 3,455,077 $ 7.34 |
Schedule of Share-based Compensation, Activity | During 2018 and 2017 , the Company granted common shares to certain employees and trustees as follows: 2018 2017 Performance Shares (1) Shares issued: Index - 1Q 331,025 106,706 Peer - 1Q 331,019 106,705 Index - 2Q 163,466 Peer - 2Q 163,463 Grant date fair value per share: (2) Index - 1Q $5.81 $6.82 Peer - 1Q $5.37 $6.34 Index - 2Q $4.05 Peer - 2Q $4.27 Non-Vested Common Shares: (3) Shares issued 237,570 237,560 Grant date fair value $2,190 $2,551 (1) The shares vest based on the Company's total shareholder return growth after a three -year measurement period relative to an index and a group of Company peers. Dividends will not be paid on these grants until earned. Once the performance criteria are met and the actual number of shares earned is determined, such shares vest immediately. During 2018, 116,926 of the 642,029 performance shares issued in 2015 vested. (2) The fair value of grants was determined at the grant date using a Monte Carlo simulation model. (3) The shares vest ratably over a three -year service period |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The Company's provision for income taxes for the years ended December 31, 2018 , 2017 and 2016 is summarized as follows: 2018 2017 2016 Current: Federal $ (60 ) $ (107 ) $ (140 ) State and local (1,668 ) (1,810 ) (1,299 ) NOL utilized — — 59 Deferred: Federal — — (44 ) State and local — — (15 ) $ (1,728 ) $ (1,917 ) $ (1,439 ) |
Statutory Accounting Practices Disclosure | The income tax provision differs from the amount computed by applying the statutory federal income tax rate to pre-tax operating income as follows: 2018 2017 2016 Federal provision at statutory tax rate (21% for 2018 and 34% for 2017 and 2016) $ (65 ) $ (182 ) $ (154 ) State and local taxes, net of federal benefit (11 ) (40 ) (30 ) Other (1,652 ) (1,695 ) (1,255 ) $ (1,728 ) $ (1,917 ) $ (1,439 ) |
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, 2018 , is as follows: 2018 2017 2016 Total dividends per share $ 0.710 $ 0.700 $ 0.685 Ordinary income 87.89 % 59.93 % 96.73 % Qualifying dividend 0.14 % 0.15 % 0.22 % Capital gain — — — Return of capital 11.97 % 39.92 % 3.05 % 100.00 % 100.00 % 100.00 % 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, 2018 , is as follows: 2018 2017 2016 Total dividends per share $ 3.25 $ 3.25 $ 3.25 Ordinary income 99.84 % 99.75 % 99.78 % Qualifying dividend 0.16 % 0.25 % 0.22 Capital gain — — — Return of capital — — — 100.00 % 100.00 % 100.00 % |
Supplemental Disclosure of St_2
Supplemental Disclosure of Statement of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | 2018 2017 2016 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents at beginning of period $ 107,762 $ 86,637 $ 93,249 Restricted cash at beginning of period 4,394 31,142 10,637 Cash, cash equivalents and restricted cash at beginning of period $ 112,156 $ 117,779 $ 103,886 Cash and cash equivalents at end of period $ 168,750 $ 107,762 $ 86,637 Restricted cash at end of period 8,497 4,394 31,142 Cash, cash equivalents and restricted cash at end of period $ 177,247 $ 112,156 $ 117,779 |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | 3/31/2018 6/30/2018 9/30/2018 12/31/2018 Total gross revenues $ 102,637 $ 105,493 $ 99,958 $ 87,251 Net income (loss) $ (14,823 ) $ (795 ) $ 220,850 $ 25,674 Net income (loss) attributable to common shareholders $ (15,957 ) $ (3,327 ) $ 216,190 $ 23,796 Net income (loss) attributable to common shareholders - basic per share $ (0.07 ) $ (0.01 ) $ 0.91 $ 0.10 Net income (loss) attributable to common shareholders - diluted per share $ (0.07 ) $ (0.01 ) $ 0.90 $ 0.10 3/31/2017 6/30/2017 9/30/2017 12/31/2017 Total gross revenues $ 96,099 $ 95,684 $ 97,689 $ 102,169 Net income $ 42,220 $ 7,365 $ 5,596 $ 31,448 Net income attributable to common shareholders $ 40,397 $ 5,519 $ 3,916 $ 29,235 Net income attributable to common shareholders - basic per share $ 0.17 $ 0.02 $ 0.02 $ 0.12 Net income attributable to common shareholders - diluted per share $ 0.17 $ 0.02 $ 0.02 $ 0.12 |
The Company (Details)
The Company (Details) | Dec. 31, 2018Propertystate |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of consolidated properties | Property | 135 |
Number of states in which entity has interests | state | 34 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Acquisition expense | $ 2,171 | $ 836 | ||
Vesting period (in years) | 5 years | |||
Expiration period of options (in years) | 10 years | |||
Number of operating segments | segment | 1 | |||
Increase (decrease) in cash from operating activities | $ 217,811 | 227,870 | 239,810 | |
Increase (decrease) in cash from investing activities | 554,891 | (283,074) | 11,384 | |
Increase (decrease) in cash from financing activities | $ (707,611) | 49,581 | (237,301) | |
Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Co-venture equity ownership percentage | 15.00% | |||
Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Co-venture equity ownership percentage | 25.00% | |||
NNN Office Joint Venture [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Co-venture equity ownership percentage | 20.00% | |||
Accounting Standards Update 2016-15 [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Increase (decrease) in cash from operating activities | 109 | 4,537 | ||
Increase (decrease) in cash from investing activities | (23,958) | 21,571 | ||
Increase (decrease) in cash from financing activities | (2,899) | $ (5,603) | ||
Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Right-of-use asset | $ 35,000 | |||
Lease, liability | 35,000 | |||
Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Right-of-use asset | 45,000 | |||
Lease, liability | $ 45,000 | |||
Building and Building Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Maximum useful life of PPE (in years) | 40 years | |||
Office Building [Member] | Lake Jackson, Texas [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Redemption of noncontrolling interests | $ 7,951 | |||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
VIE, ownership percentage | 96.00% | |||
Variable Interest Entity, Primary Beneficiary [Member] | Office Building [Member] | Affiliated Entity [Member] | Lake Jackson, Texas [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Redemption of noncontrolling interests | $ 7,951 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Variable Interest Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Variable Interest Entity [Line Items] | ||
Real estate, net | $ 2,555,659 | $ 3,309,900 |
Total assets | 2,953,840 | 3,553,020 |
Mortgages and notes payable, net | 570,420 | 689,810 |
Total liabilities | 1,607,162 | 2,212,185 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Real estate, net | 509,916 | 682,587 |
Total assets | 607,963 | 766,025 |
Mortgages and notes payable, net | 192,791 | 212,792 |
Total liabilities | $ 203,322 | $ 226,331 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
BASIC | |||||||||||
Net income attributable to common shareholders | $ 220,838 | $ 79,067 | $ 89,109 | ||||||||
Weighted-average common shares outstanding - basic (in shares) | 236,666,375 | 237,758,408 | 233,633,058 | ||||||||
Net income attributable to common shareholders - basic (usd per share) | $ 0.10 | $ 0.91 | $ (0.01) | $ (0.07) | $ 0.12 | $ 0.02 | $ 0.02 | $ 0.17 | $ 0.93 | $ 0.33 | $ 0.38 |
DILUTED: | |||||||||||
Net income attributable to common shareholders - basic | $ 220,838 | $ 79,067 | $ 89,109 | ||||||||
Impact of assumed conversions | 2,528 | 147 | (159) | ||||||||
Net income attributable to common shareholders | $ 223,366 | $ 79,214 | $ 88,950 | ||||||||
Weighted-average common shares outstanding - basic (in shares) | 236,666,375 | 237,758,408 | 233,633,058 | ||||||||
Effect of dilutive securities: | |||||||||||
Unvested share-based payment awards and options (in shares) | 528,495 | 86,285 | 230,352 | ||||||||
Operating Partnership Units (in units) | 3,616,120 | 3,693,144 | 3,815,621 | ||||||||
Weighted-average common shares outstanding (in shares) | 240,810,990 | 241,537,837 | 237,679,031 | ||||||||
Net income (loss) attributable to common shareholders - per common share diluted (usd per share) | $ 0.10 | $ 0.90 | $ (0.01) | $ (0.07) | $ 0.12 | $ 0.02 | $ 0.02 | $ 0.17 | $ 0.93 | $ 0.33 | $ 0.37 |
Investments in Real Estate - S
Investments in Real Estate - Schedule of Net Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate [Line Items] | ||
Buildings and building improvements | $ 2,746,446 | $ 3,476,022 |
Land, land estates and land improvements | 341,848 | 456,134 |
Fixtures and equipment | 0 | 84 |
Construction in progress | 1,840 | 4,219 |
Real estate - intangible assets | 419,612 | 599,091 |
Real estate, gross | 3,509,746 | 4,535,550 |
Accumulated depreciation and amortization | (954,087) | (1,225,650) |
Real estate, net | 2,555,659 | 3,309,900 |
Accumulated amortization | 231,443 | 334,681 |
Amortization expense, next 12 months | 24,021 | |
Amortization expense, year 2 | 21,442 | |
Amortization expense, year 3 | 19,501 | |
Amortization expense, year 4 | 17,448 | |
Amortization expense, year 5 | 17,065 | |
Leases, Acquired-in-Place [Member] | ||
Real Estate [Line Items] | ||
Real estate - intangible assets | 331,607 | 461,624 |
Customer Relationships [Member] | ||
Real Estate [Line Items] | ||
Real estate - intangible assets | 54,662 | 97,223 |
Above Market Leases [Member] | ||
Real Estate [Line Items] | ||
Real estate - intangible assets | $ 33,343 | $ 40,244 |
Investments in Real Estate - A
Investments in Real Estate - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)a | Dec. 31, 2018USD ($)a | |
Real Estate [Line Items] | ||
Below-market leases, net of accretion | $ 23,308 | $ 17,923 |
Future accretion, year 1 | 2,144 | |
Future accretion, year 2 | 2,118 | |
Future accretion, year 3 | 1,778 | |
Future accretion, year 4 | 1,499 | |
Future accretion, year 5 | $ 1,499 | |
Change in amount of contingent consideration | $ 3,922 | |
Etna GL 66 LLC [Member] | ||
Real Estate [Line Items] | ||
Area of land (in acres) | a | 151 | 57 |
Investments in Real Estate -_2
Investments in Real Estate - Schedule of Acquired Properties (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)building | Dec. 31, 2017USD ($) | |
Real Estate [Line Items] | ||
Initial Cost Basis | $ 315,590 | $ 727,581 |
Land and Land Estate | 30,630 | 31,930 |
Building and Improvements | 269,019 | 625,933 |
Lease in-place Value | 26,598 | 72,508 |
Below Market Lease | $ (10,657) | $ (2,790) |
Leases, Acquired-in-Place [Member] | ||
Real Estate [Line Items] | ||
Weighted-average life of intangible assets (years) | 8 years 4 months 24 days | 12 years 2 months |
Leases, Acquired-in-Place, Market Adjustment [Member] | ||
Real Estate [Line Items] | ||
Weighted-average life of intangible assets (years) | 9 years 4 months 24 days | 14 years 11 months |
Industrial Property [Member] | Olive Branch, Mississippi [Member] | Olive Branch, Mississippi, Industrial Property Expiring 2029 [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | $ 44,090 | |
Land and Land Estate | 1,958 | |
Building and Improvements | 38,687 | |
Lease in-place Value | 3,445 | |
Below Market Lease | 0 | |
Industrial Property [Member] | Olive Branch, Mississippi [Member] | Olive Branch, Mississippi, Industrial Property Expiring 2021 [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 48,575 | |
Land and Land Estate | 2,500 | |
Building and Improvements | 42,538 | |
Lease in-place Value | 5,151 | |
Below Market Lease | (1,614) | |
Industrial Property [Member] | Edwardsville, Illinois [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 44,178 | |
Land and Land Estate | 3,649 | |
Building and Improvements | 41,292 | |
Lease in-place Value | 3,467 | |
Below Market Lease | (4,230) | |
Industrial Property [Member] | Spartanburg, South Carolina [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 27,632 | |
Land and Land Estate | 1,447 | |
Building and Improvements | 23,744 | |
Lease in-place Value | 2,441 | |
Below Market Lease | 0 | |
Industrial Property [Member] | Pasadena, Texas [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 23,868 | |
Land and Land Estate | 4,057 | |
Building and Improvements | 17,810 | |
Lease in-place Value | 2,001 | |
Below Market Lease | 0 | |
Industrial Property [Member] | Carrollton, Texas [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 19,564 | |
Land and Land Estate | 3,228 | |
Building and Improvements | 15,766 | |
Lease in-place Value | 1,247 | |
Below Market Lease | (677) | |
Industrial Property [Member] | Goodyear, Arizona [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 41,372 | |
Land and Land Estate | 5,247 | |
Building and Improvements | 36,115 | |
Lease in-place Value | 2,014 | |
Below Market Lease | (2,004) | |
Industrial Property [Member] | Chester, South Carolina [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 66,311 | |
Land and Land Estate | 8,544 | |
Building and Improvements | 53,067 | |
Lease in-place Value | 6,832 | |
Below Market Lease | $ (2,132) | |
Industrial Property [Member] | New Century, Kansas [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | $ 12,056 | |
Land and Land Estate | 0 | |
Building and Improvements | 13,198 | |
Lease in-place Value | 1,648 | |
Below Market Lease | (2,790) | |
Industrial Property [Member] | Lebanon, Indiana [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 36,194 | |
Land and Land Estate | 2,100 | |
Building and Improvements | 29,443 | |
Lease in-place Value | 4,651 | |
Below Market Lease | 0 | |
Industrial Property [Member] | Cleveland, Tennessee [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 34,400 | |
Land and Land Estate | 1,871 | |
Building and Improvements | 29,743 | |
Lease in-place Value | 2,786 | |
Below Market Lease | 0 | |
Industrial Property [Member] | Grand Prairie, Texas [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 24,317 | |
Land and Land Estate | 3,166 | |
Building and Improvements | 17,985 | |
Lease in-place Value | 3,166 | |
Below Market Lease | 0 | |
Industrial Property [Member] | San Antonio, Texas [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 45,507 | |
Land and Land Estate | 1,311 | |
Building and Improvements | 36,644 | |
Lease in-place Value | 7,552 | |
Below Market Lease | 0 | |
Industrial Property [Member] | Opelika, Alabama [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 37,269 | |
Land and Land Estate | 134 | |
Building and Improvements | 33,183 | |
Lease in-place Value | 3,952 | |
Below Market Lease | 0 | |
Industrial Property [Member] | McDonough, Georgia [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 66,700 | |
Land and Land Estate | 5,441 | |
Building and Improvements | 52,762 | |
Lease in-place Value | 8,497 | |
Below Market Lease | 0 | |
Industrial Property [Member] | Byhalia, Mississippi [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 36,590 | |
Land and Land Estate | 1,751 | |
Building and Improvements | 31,236 | |
Lease in-place Value | 3,603 | |
Below Market Lease | 0 | |
Industrial Property [Member] | Jackson, Tennessee [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 57,920 | |
Land and Land Estate | 1,454 | |
Building and Improvements | 49,026 | |
Lease in-place Value | 7,440 | |
Below Market Lease | 0 | |
Industrial Property [Member] | Smyrna, Tennessee [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 104,890 | |
Land and Land Estate | 1,793 | |
Building and Improvements | 93,940 | |
Lease in-place Value | 9,157 | |
Below Market Lease | 0 | |
Industrial Property [Member] | Lafayette, Indiana [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 17,450 | |
Land and Land Estate | 662 | |
Building and Improvements | 15,578 | |
Lease in-place Value | 1,210 | |
Below Market Lease | 0 | |
Industrial Property [Member] | Romulus, Michigan [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 38,893 | |
Land and Land Estate | 2,438 | |
Building and Improvements | 33,786 | |
Lease in-place Value | 2,669 | |
Below Market Lease | 0 | |
Industrial Property [Member] | Warren, Michigan [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 46,955 | |
Land and Land Estate | 972 | |
Building and Improvements | 42,521 | |
Lease in-place Value | 3,462 | |
Below Market Lease | 0 | |
Industrial Property [Member] | Winchester, Virginia [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 36,700 | |
Land and Land Estate | 1,988 | |
Building and Improvements | 32,501 | |
Lease in-place Value | 2,211 | |
Below Market Lease | 0 | |
Office Property [Member] | Lake Jackson, Texas [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 70,401 | |
Land and Land Estate | 3,078 | |
Building and Improvements | 67,323 | |
Lease in-place Value | 0 | |
Below Market Lease | 0 | |
Number of buildings completed | building | 4 | |
Redemption of noncontrolling interests | $ 7,951 | |
Office Property [Member] | Charlotte, North Carolina [Member] | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 61,339 | |
Land and Land Estate | 3,771 | |
Building and Improvements | 47,064 | |
Lease in-place Value | 10,504 | |
Below Market Lease | $ 0 |
Dispositions and Impairment - A
Dispositions and Impairment - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2018Propertyproperty | Feb. 28, 2017USD ($) | Dec. 31, 2018USD ($)buildingProperty | Dec. 31, 2017USD ($)Property | Dec. 31, 2016USD ($)Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of property | $ 898,514 | $ 223,853 | $ 370,038 | ||
Aggregate gain on sale of properties | 252,913 | 63,428 | 81,510 | ||
Gain (loss) on debt extinguishment on sale of properties | $ (1,698) | $ 5,938 | (532) | ||
Properties classified as held-for-sale (in number of properties) | Property | 2 | 2 | 1 | ||
Other asset impairment charges | $ 95,813 | $ 39,702 | $ 100,195 | ||
Impairment charges on real estate | 36,620 | 18,023 | |||
Impairment losses related to real estate partnerships | $ 5,294 | ||||
Office Building [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Aggregate gain on sale of properties | $ 1,777 | ||||
Number of properties sold | property | 6 | ||||
Asset impairment charges | 23,496 | $ 15,008 | |||
Land [Member] | New York, New York [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties sold | Property | 3 | ||||
Impairment charges on real estate | $ 65,500 | ||||
NNN Office Joint Venture Properties [Member] | Transferred Property [Member] | Office Building [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of property | $ 725,800 | ||||
Number of properties sold | building | 21 |
Dispositions and Impairment - S
Dispositions and Impairment - Schedule of Properties Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Real estate, at cost | $ 63,639 | $ 2,827 |
Real estate, intangible assets | 14,498 | 0 |
Accumulated depreciation and amortization | (16,873) | 0 |
Rent receivable - deferred | 2,439 | 0 |
Other | 165 | 0 |
Assets held for sale | 63,868 | 2,827 |
Other | 386 | 0 |
Liabilities held for sale | $ 386 | $ 0 |
Fair Value Measurements - Sche
Fair Value Measurements - Schedule of Fair Value Measurements Inputs (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap assets | $ 76 | $ 1,065 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired real estate assets | 35,036 | 7,829 |
Fair Value Measurements Using Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap assets | 0 | 0 |
Fair Value Measurements Using Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired real estate assets | 0 | 0 |
Fair Value Measurements Using Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap assets | 76 | 1,065 |
Fair Value Measurements Using Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired real estate assets | 0 | 0 |
Fair Value Measurements Using Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap assets | 0 | 0 |
Fair Value Measurements Using Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired real estate assets | $ 35,036 | $ 7,829 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value, by Balance Sheet Grouping (Details) - Fair Value Measurements Using Level 3 [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Carrying Amount [Member] | ||
Liabilities | ||
Debt, Carrying Amount | $ 1,492,483 | $ 2,068,867 |
Fair Value [Member] | ||
Liabilities | ||
Debt, Fair Value | $ 1,409,773 | $ 2,013,226 |
Investment in and Advances to_3
Investment in and Advances to Non-Consolidated Entities - Schedule of Investments in and Non-consolidated Entities (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2018USD ($)apropertypartnershipterm | Dec. 31, 2018USD ($)abuildingpartnershipterm | Dec. 31, 2017USD ($)a | Dec. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 66,183 | $ 66,183 | $ 17,476 | |
Proceeds from sale of property | 898,514 | 223,853 | $ 370,038 | |
Payments to acquire interest in joint venture | 0 | 7,951 | $ 0 | |
Real estate, at cost | 3,090,134 | 3,090,134 | 3,936,459 | |
NNN Office Joint Venture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Non-recourse debt | 466,200 | 466,200 | ||
Mortgages [Member] | NNN Office Joint Venture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Non-recourse debt | $ 362,800 | $ 362,800 | ||
Long-term debt, term | 3 years | 3 years | ||
Number of additional extensions available | term | 2 | 2 | ||
Term of additional extensions | 1 year | |||
Term of contract | 2 years | |||
Mortgages [Member] | NNN Office Joint Venture [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Basis spread on variable rate | 2.00% | |||
Basis spread rate increase per extension | 0.15% | |||
Cap interest rate | 4.00% | 4.00% | ||
Office Building [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of properties sold | property | 6 | |||
NNN Office Joint Venture Properties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments, assets | $ 757,811 | $ 757,811 | ||
Equity method investments, liabilities | $ 492,091 | $ 492,091 | ||
NNN Office Joint Venture Properties [Member] | Office Building [Member] | Transferred Property [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of properties sold | building | 21 | |||
Proceeds from sale of property | $ 725,800 | |||
Minimum [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 15.00% | 15.00% | ||
Maximum [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 25.00% | 25.00% | ||
NNN Office Joint Venture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 20.00% | 20.00% | ||
Equity method investments | $ 53,144 | $ 53,144 | 0 | |
NNN Office Joint Venture [Member] | 2 of 21 Transferred Properties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Contribution of property | 45,653 | |||
Payments to acquire interest in joint venture | 8,053 | |||
Gain (loss) on disposition of assets | 14,645 | |||
Transfer mortgage payable | $ 103,400 | |||
Etna Park 70 [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 90.00% | 90.00% | ||
Equity method investments | $ 4,774 | $ 4,774 | $ 5,831 | |
Etna GL 66 LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Area of land (in acres) | a | 57 | 57 | 151 | |
Real estate, at cost | $ 3,008 | $ 3,008 | ||
Other Joint Ventures [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 8,265 | $ 8,265 | $ 11,645 | |
Number of joint venture interests | partnership | 2 | 2 | ||
Proceeds from collection of loans receivable | $ 49,085 |
Investment in and Advances to_4
Investment in and Advances to Non-Consolidated Entities - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018USD ($)property | Feb. 28, 2017USD ($) | Jan. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 31, 2017 | |
Investments in and Advances to Affiliates [Line Items] | |||||||
Aggregate gain on sale of properties | $ 252,913 | $ 63,428 | $ 81,510 | ||||
Impairment charges on real estate | 36,620 | 18,023 | |||||
Investment advisory fees | 30,608 | 31,809 | 31,431 | ||||
Lexington Reality Advisors Inc [Member] | Investment Advice [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Investment advisory fees | $ 1,443 | 807 | $ 693 | ||||
Palm Beach Gardens, Florida [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Impairment charges on real estate | $ 3,512 | ||||||
Oklahoma City, Oklahoma [Member] | Tenant-in-Common [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Proceeds from divestiture of interest in joint venture | $ 6,198 | ||||||
Co-venture equity ownership percentage | 40.00% | ||||||
Aggregate gain on sale of properties | 1,452 | ||||||
Office Building [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Proceeds from divestiture of interest in joint venture | $ 4,312 | ||||||
Number of properties sold | property | 6 | ||||||
Aggregate gain on sale of properties | $ 1,777 | ||||||
Office Building [Member] | Russellville, Arkansas [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Proceeds from divestiture of interest in joint venture | $ 6,681 | ||||||
Aggregate gain on sale of properties | $ 5,378 |
Mortgages and Notes Payable - S
Mortgages and Notes Payable - Schedule of Mortgages and Notes Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ (5,094) | |
Mortgages and Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages and notes payable | 575,514 | $ 697,068 |
Unamortized debt issuance costs | (5,094) | (7,258) |
Long-term debt | $ 570,420 | $ 689,810 |
Mortgages and Notes Payable - A
Mortgages and Notes Payable - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Debt satisfaction gains (charges), net | $ (2,596) | $ 6,196 | $ (975) |
Interest paid, capitalized | $ 15 | $ 1,174 | 4,933 |
Mortgages and Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Weighted-average interest rate | 4.50% | 4.60% | |
Debt satisfaction gains (charges), net | $ (898) | $ 258 | $ (7) |
Minimum [Member] | Mortgages and Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Debt interest rate percentage | 2.20% | ||
Effective interest percentage | 2.20% | ||
Maximum [Member] | Mortgages and Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Debt interest rate percentage | 6.50% | ||
Effective interest percentage | 7.80% |
Mortgages and Notes Payable - C
Mortgages and Notes Payable - Credit Agreement Terms (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Remaining borrowing capacity | $ 505,000,000 | |
Unsecured Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt issuance costs, gross | 1,267,000 | $ 1,804,000 |
Unsecured Revolving Credit Facility, Expiring August 2019 [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 505,000,000 | |
Unsecured Term Loan, Expiring January 2021 [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate stated percentage rate range minimum excluding LIBOR | 0.90% | |
Unsecured Term Loan, Expiring January 2021 [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate stated percentage rate range minimum excluding LIBOR | 1.75% | |
Unsecured Term Loan, Expiring January 2021 [Member] | Unsecured Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 300,000,000 | |
Unsecured Term Loan, Expiring January 2019 [Member] | Interest Rate Swap [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 1.42% | |
Unsecured Term Loan, Expiring January 2019 [Member] | Unsecured Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 255,000,000 | |
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Revolving Credit Facility, Expiring August 2019 [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate stated percentage rate range minimum excluding LIBOR | 0.85% | |
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Revolving Credit Facility, Expiring August 2019 [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate stated percentage rate range minimum excluding LIBOR | 1.55% | |
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Revolving Credit Facility, Expiring August 2019 [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate stated percentage rate range minimum excluding LIBOR | 1.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Term Loan, Expiring January 2021 [Member] | Unsecured Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate stated percentage rate range minimum excluding LIBOR | 1.10% |
Mortgages and Notes Payable - M
Mortgages and Notes Payable - Maturities of Long-term Debt (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |
Unamortized debt issuance costs | $ (5,094) |
Mortgages, Notes Payable, Credit Facility Borrowings, and Term Loans [Member] | |
Debt Instrument [Line Items] | |
2019 | 101,887 |
2020 | 55,143 |
2021 | 340,465 |
2022 | 22,120 |
2023 | 23,998 |
Thereafter | 331,901 |
Long-term debt, gross | 875,514 |
Unamortized debt issuance costs | (6,361) |
Long-term debt | $ 869,153 |
Senior Notes, Convertible Not_3
Senior Notes, Convertible Notes and Trust Preferred Securities - Schedule of Long-term Debt Instruments (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ (5,094,000) | |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt component | 500,000,000 | $ 500,000,000 |
Unamortized debt discounts | (1,235,000) | (1,507,000) |
Unamortized debt issuance costs | (2,731,000) | (3,295,000) |
Long-term debt | 496,034,000 | 495,198,000 |
Senior Notes [Member] | Senior Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt component | $ 250,000,000 | 250,000,000 |
Debt interest rate percentage | 4.40% | |
Issue Price | 99.883% | |
Senior Notes [Member] | Senior Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt component | $ 250,000,000 | $ 250,000,000 |
Debt interest rate percentage | 4.25% | |
Issue Price | 99.026% |
Senior Notes, Convertible Not_4
Senior Notes, Convertible Notes and Trust Preferred Securities - Narrative (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2007 | Dec. 31, 2010 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Debt satisfaction (gains) charges, net | $ 2,596,000 | $ (6,196,000) | $ 975,000 | ||
Convertible Debt [Member] | Six Percent Convertible Guaranteed Note [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Face amount | $ 115,000,000 | ||||
Debt interest rate percentage | 6.00% | ||||
Original debt, amount | $ 12,400,000 | ||||
Shares issued (in shares) | 1,892,269 | ||||
Cash payments | $ 672,000 | ||||
Debt satisfaction (gains) charges, net | $ 436,000 | ||||
6.804% Trust Preferred Securities [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Face amount | $ 200,000,000 | ||||
Debt interest rate percentage | 6.804% | ||||
Effective interest percentage | 4.22% | ||||
Principal amount outstanding on Trust Preferred Securities | $ 129,120,000 | 129,120,000 | |||
Debt issuance costs, gross | $ 1,824,000 | $ 1,924,000 | |||
6.804% Trust Preferred Securities [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Basis spread on variable rate | 1.70% |
Senior Notes, Convertible Not_5
Senior Notes, Convertible Notes and Trust Preferred Securities - Schedule of Maturities of Long-term Debt (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |
Unamortized debt issuance costs | $ (5,094) |
Senior Notes, Convertible Notes, and Trust Preferred Securities [Member] | |
Debt Instrument [Line Items] | |
2019 | 0 |
2020 | 0 |
2021 | 0 |
2022 | 0 |
2023 | 250,000 |
Thereafter | 379,120 |
Long-term debt, gross | 629,120 |
Unamortized debt discounts | (1,235) |
Unamortized debt issuance costs | (4,555) |
Long-term debt | $ 623,330 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($)Financial_Instrument | Dec. 31, 2017USD ($) | |
Derivative [Line Items] | ||
Expected amount of derivative related interest to be reclassified to interest expense over the next 12 months | $ 76,000 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Derivative asset | $ 76,000 | $ 1,065,000 |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Number of derivative instruments held | Financial_Instrument | 5 | |
Notional amount of derivatives | $ 255,000,000 | |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Interest Expense [Member] | ||
Derivative [Line Items] | ||
Amount of Income Recognized in OCI on Derivative (Effective Portion) December 31, | 597,000 | 1,168,000 |
Amount of (Income) Loss Reclassified from Accumulated OCI into Income (Effective Portion) December 31, | $ (1,586,000) | $ 930,000 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Minimum Future Rental Receipts [Abstract] | |||
2019 | $ 270,557 | ||
2020 | 253,660 | ||
2021 | 233,192 | ||
2022 | 212,893 | ||
2023 | 211,387 | ||
Thereafter | 1,619,848 | ||
Future Minimum Payments Receivable | 2,801,537 | ||
Leaseholds Interests [Member] | |||
Future Rental Payments [Abstract] | |||
2019 | 3,826 | ||
2020 | 3,827 | ||
2021 | 3,769 | ||
2022 | 3,834 | ||
2023 | 4,008 | ||
Thereafter | 28,326 | ||
Future Minimum Payments Due | 47,590 | ||
Rent expense for leasehold interests | 597 | $ 690 | $ 987 |
Corporate HQ and Office Space [Member] | |||
Future Rental Payments [Abstract] | |||
2019 | 1,295 | ||
2020 | 1,296 | ||
2021 | 1,325 | ||
2022 | 1,335 | ||
2023 | 1,304 | ||
Thereafter | 2,935 | ||
Rent expense for leasehold interests | $ 1,274 | $ 1,256 | $ 1,242 |
Equity - Additional Informatio
Equity - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 31, 2015 | |
Equity [Line Items] | ||||
Common shares issued through public offering and direct share purchase plan during period (in shares) | 0 | 0 | 577,823 | |
Proceeds from issuance of common shares | $ (2,818,000) | $ 16,804,000 | $ 12,186,000 | |
Preferred shares outstanding (in shares) | 1,935,400 | 1,935,400 | ||
Shares issued, net of forfeitures (in shares) | 965,932 | 835,234 | 1,084,835 | |
Unsettled repurchases | $ 2,641,000 | |||
OP unit equivalent in common shares (in unit per share) | 1.13 | |||
Shares issued for units redeemed (in shares) | 53,388 | 140,746 | 48,549 | |
Partners' capital account, exchanges and conversions | $ 189,000 | $ 584,000 | $ 210,000 | |
OP units outstanding (in units) | 3,177,000 | |||
Common Shares [Member] | ||||
Equity [Line Items] | ||||
Number of shares authorized to be repurchased (in shares) | 10,000,000 | 10,000,000 | ||
Repurchase of common shares (in shares) | 5,851,252 | 0 | 1,184,113 | |
Average cost per share (usd per share) | $ 8.05 | $ 7.56 | ||
Series C [Member] | ||||
Equity [Line Items] | ||||
Preferred shares outstanding (in shares) | 1,935,400 | |||
Dividend rate (usd per share) | $ 3.25 | |||
Preferred shares, liquidation preference | $ 96,770,000 | |||
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% | |||
Public Offering And Direct Share Purchase Plan Proceeds [Member] | ||||
Equity [Line Items] | ||||
Proceeds from issuance of common shares | $ 4,115,000 | |||
At The Market [Member] | ||||
Equity [Line Items] | ||||
Common shares issued through public offering and direct share purchase plan during period (in shares) | 0 | 1,593,603 | 976,109 | |
Value authorized | $ 125,000,000 | |||
Value, new issues | $ 17,362,000 | $ 10,498,000 |
Equity - Schedule of Changes i
Equity - Schedule of Changes in AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in Accumulated Other Comprehensive Income | ||
Balance at beginning of period | $ 1,340,835 | $ 1,412,491 |
Balance at end of period | 1,346,678 | 1,340,835 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Changes in Accumulated Other Comprehensive Income | ||
Balance at beginning of period | 1,065 | (1,033) |
Balance at end of period | 76 | 1,065 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||
Changes in Accumulated Other Comprehensive Income | ||
Other comprehensive income before reclassifications | 597 | 1,168 |
Amounts of (income) loss reclassified from accumulated other comprehensive income (loss) to interest expense | $ (1,586) | $ 930 |
Equity - Schedule of Effects o
Equity - Schedule of Effects of Changes in Noncontrolling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | |||||||||||
Net income (loss) attributable to common shareholders | $ 23,796 | $ 216,190 | $ (3,327) | $ (15,957) | $ 29,235 | $ 3,916 | $ 5,519 | $ 40,397 | $ 227,415 | $ 85,583 | $ 95,624 |
Increase in additional paid-in-capital for redemption of noncontrolling OP units | 189 | 584 | 210 | ||||||||
Change from net income attributable to shareholders and transfers from noncontrolling interests | $ 227,604 | $ 86,167 | $ 95,834 |
Benefit Plans - Additional Inf
Benefit Plans - Additional Information (Details) $ / shares in Units, $ in Thousands | Dec. 31, 2010$ / sharesshares | Jan. 08, 2010$ / sharesshares | Dec. 31, 2008$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Common share options granted (in shares) | 0 | 0 | 0 | |||
Exercises in period, intrinsic value | $ | $ 26 | $ 1,064 | ||||
Options, exercisable, intrinsic value | $ | $ 91 | |||||
Shares held in employee trust (in shares) | 427,531 | 427,531 | ||||
Initial vesting percentage | 25.00% | |||||
Vesting percentage | 100.00% | |||||
Vesting period (in years) | 4 years | |||||
Cost recognized | $ | $ 397 | $ 439 | $ 357 | |||
Allocated share-based compensation expense | $ | $ 6,901 | $ 8,333 | $ 8,415 | |||
Options 2010 [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Common share options granted (in shares) | 1,248,501 | |||||
Common share options exercise price (usd per share) | $ / shares | $ 7.95 | |||||
Expiration period after termination (in months) | 6 months | |||||
Deferred compensation equity | $ | $ 2,422 | |||||
Recognized compensation expense average period (in years) | 5 years | |||||
Options 2010 [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 20.00% | |||||
Options 2010 [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 20.00% | |||||
Options 2010 [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 20.00% | |||||
Options 2010 [Member] | Share-based Compensation Award, Tranche Four [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 20.00% | |||||
Options 2010 [Member] | Share-based Compensation Award, Tranche Five [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 20.00% | |||||
Options 2009 [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Common share options granted (in shares) | 1,265,500 | |||||
Common share options exercise price (usd per share) | $ / shares | $ 6.39 | |||||
Expiration period after termination (in months) | 6 months | |||||
Deferred compensation equity | $ | $ 2,771 | |||||
Recognized compensation expense average period (in years) | 5 years | |||||
Options 2009 [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 20.00% | |||||
Options 2009 [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 20.00% | |||||
Options 2009 [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 20.00% | |||||
Options 2009 [Member] | Share-based Compensation Award, Tranche Four [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 20.00% | |||||
Options 2009 [Member] | Share-based Compensation Award, Tranche Five [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 20.00% | |||||
Options 2008 [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Common share options granted (in shares) | 2,000,000 | |||||
Common share options exercise price (usd per share) | $ / shares | $ 5.60 | |||||
Number of trading period days (in days) | 20 days | |||||
Options convertible to common shares | 1.13 | |||||
Options converted to common shares exercise price (usd per share) | $ / shares | $ 4.97 | |||||
Deferred compensation equity | $ | $ 2,480 | |||||
Recognized compensation expense average period (in years) | 3 years 7 months 6 days | |||||
Options 2008 [Member] | Minimum [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Average closing price, lower limit (usd per share) | $ / shares | 8 | |||||
Options 2008 [Member] | Maximum [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Average closing price, lower limit (usd per share) | $ / shares | $ 10 | |||||
Options 2008 [Member] | Share Based Compensation Arrangement By Share Based Payment Award Vesting Rate First Vesting Trigger [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 50.00% | |||||
Non-Management Award Grant [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Shares issued for services (in shares) | 66,318 | 57,334 | 50,816 | |||
Shares issued for services, value | $ | $ 599 | $ 596 | $ 427 | |||
Non-vested Shares [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Shares issued for services (in shares) | 237,570 | 237,560 | ||||
Shares issued for services, value | $ | $ 2,190 | $ 2,551 | ||||
Non-options, nonvested, number (in shares) | 3,455,077 | 3,767,298 | 3,151,310 | |||
Number of shares available for grant (in shares) | 4,012,870 | |||||
Compensation cost not yet recognized | $ | $ 7,915 | |||||
Total compensation cost not yet recognized, period for recognition (in years) | 2 years 1 month 6 days | |||||
Shares Subject to Time [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Non-options, nonvested, number (in shares) | 1,495,608 | |||||
Shares Subject to Performance [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Non-options, nonvested, number (in shares) | 1,959,469 |
Benefit Plans - Assumptions Us
Benefit Plans - Assumptions Used (Details) | 12 Months Ended |
Dec. 31, 2018$ / shares | |
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 A
Benefit Plans - Share Option Activity (Details) - Share Options [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of shares outstanding, beginning (in shares) | 134,790 | 406,241 |
Number of shares exercised (in shares) | (16,390) | (271,451) |
Number of shares outstanding, ending (in shares) | 118,400 | 134,790 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Price per share outstanding, beginning (usd per share) | $ 7.39 | $ 6.78 |
Price per share exercised (usd per share) | 6.99 | 6.48 |
Price per share outstanding, ending (usd per share) | $ 7.44 | $ 7.39 |
Benefit Plans - Non-Vested Sha
Benefit Plans - Non-Vested Share Activity (Details) - Non-vested Shares [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Number of shares outstanding, beginning (in shares) | 3,767,298 | 3,151,310 |
Number of shares granted (in shares) | 899,614 | 777,900 |
Number of shares vested (in shares) | (618,383) | (161,912) |
Number of shares forfeited (in shares) | (593,452) | |
Number of shares outstanding, ending (in shares) | 3,455,077 | 3,767,298 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Value per share outstanding, beginning (usd per share) | $ 7.79 | $ 8.09 |
Value per share granted (usd per share) | 6.55 | 6.83 |
Value per share vested (usd per share) | 9.70 | 8.90 |
Value per share forfeited (usd per share) | 6.59 | |
Value per share outstanding, ending (usd per share) | $ 7.34 | $ 7.79 |
Benefit Plans - Shares Granted
Benefit Plans - Shares Granted to Certain Employees and Trustees (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 5 years | ||
Non-vested Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued for services (in shares) | 237,570 | 237,560 | |
Value per share granted (usd per share) | $ 6.55 | $ 6.83 | |
Shares issued for services, value | $ 2,190 | $ 2,551 | |
Vesting period (in years) | 3 years | ||
Number of shares vested (in shares) | 618,383 | 161,912 | |
Number of shares granted (in shares) | 899,614 | 777,900 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Measurement period (in years) | 3 years | ||
Number of shares vested (in shares) | 116,926 | ||
Number of shares granted (in shares) | 642,029 | ||
Share-based Compensation Award, Tranche One [Member] | Index Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued for services (in shares) | 331,025 | 106,706 | |
Value per share granted (usd per share) | $ 5.81 | $ 6.82 | |
Share-based Compensation Award, Tranche One [Member] | Peer Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued for services (in shares) | 331,019 | 106,705 | |
Value per share granted (usd per share) | $ 5.37 | $ 6.34 | |
Share-based Compensation Award, Tranche Two [Member] | Index Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued for services (in shares) | 163,466 | ||
Value per share granted (usd per share) | $ 4.05 | ||
Share-based Compensation Award, Tranche Two [Member] | Peer Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued for services (in shares) | 163,463 | ||
Value per share granted (usd per share) | $ 4.27 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||||
Rent revenue | $ 364,731 | $ 359,832 | $ 398,065 | |
Vorando Realty Trust [Member] | ||||
Related Party Transaction [Line Items] | ||||
Rent revenue | 234 | 236 | ||
Rent expense for corporate headquarters | 1,192 | 1,179 | $ 1,176 | |
Affiliated Entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Notes payable, related parties | $ 500 | $ 8,500 | $ 8,000 | |
Related party transaction, rate | 0.625% | |||
Affiliated Entity [Member] | Expense Reimbursement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses from transactions with related party | $ 105 | $ 150 | ||
Affiliated Entity [Member] | Structuring Fee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses from transactions with related party | $ 128 |
Income Taxes - Components of I
Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
Federal | $ (60) | $ (107) | $ (140) |
State and local | (1,668) | (1,810) | (1,299) |
NOL utilized | 0 | 0 | 59 |
Deferred: | |||
Federal | 0 | 0 | (44) |
State and local | 0 | 0 | (15) |
Benefit (provision) for income taxes | $ (1,728) | $ (1,917) | $ (1,439) |
Income Taxes - Additional Info
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
State and Local Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
State taxes paid | $ 1,679 | $ 1,598 | $ 1,252 |
Income Taxes - Statutory Feder
Income Taxes - Statutory Federal Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Federal provision at statutory tax rate (21% for 2018 and 34% for 2017 and 2016) | $ (65) | $ (182) | $ (154) |
Federal tax rate | 21.00% | 34.00% | 34.00% |
State and local taxes, net of federal benefit | $ (11) | $ (40) | $ (30) |
Other | (1,652) | (1,695) | (1,255) |
Benefit (provision) for income taxes | $ (1,728) | $ (1,917) | $ (1,439) |
Income Taxes - Summary of Aver
Income Taxes - Summary of Average Taxable Nature of Dividends (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Common [Member] | |||
Income Tax Contingency [Line Items] | |||
Total dividends per share, common (usd per share) | $ 0.71 | $ 0.7 | $ 0.685 |
Taxable percentage allocation on dividends | 100.00% | 100.00% | 100.00% |
Common [Member] | Ordinary Income [Member] | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 87.89% | 59.93% | 96.73% |
Common [Member] | 15% Rate, Qualifying Dividend [Member] | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 0.14% | 0.15% | 0.22% |
Common [Member] | 15% Rate Gain [Member] | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 0.00% | 0.00% | 0.00% |
Common [Member] | Return of Capital [Member] | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 11.97% | 39.92% | 3.05% |
Series C Cumulative Redeemable Preferred Shares [Member] | |||
Income Tax Contingency [Line Items] | |||
Total dividends per share, preferred (usd per share) | $ 3.25 | $ 3.25 | $ 3.25 |
Taxable percentage allocation on dividends | 100.00% | 100.00% | 100.00% |
Series C Cumulative Redeemable Preferred Shares [Member] | Ordinary Income [Member] | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 99.84% | 99.75% | 99.78% |
Series C Cumulative Redeemable Preferred Shares [Member] | 15% Rate, Qualifying Dividend [Member] | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 0.16% | 0.25% | 0.22% |
Series C Cumulative Redeemable Preferred Shares [Member] | 15% Rate Gain [Member] | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 0.00% | 0.00% | 0.00% |
Series C Cumulative Redeemable Preferred Shares [Member] | Return of Capital [Member] | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 0.00% | 0.00% | 0.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Officer [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)retirement_agreement | |
Loss Contingencies [Line Items] | |
Number of retirement agreements | retirement_agreement | 2 |
Maximum retirement agreement amount | $ 795 |
Retirement obligation earned | $ 89 |
Supplemental Disclosure of St_3
Supplemental Disclosure of Statement of Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Significant Noncash Transactions [Line Items] | |||
Cash and cash equivalents at beginning of period | $ 107,762 | $ 86,637 | $ 93,249 |
Cash and cash equivalents at end of period | 168,750 | 107,762 | 86,637 |
Restricted cash at beginning of period | 4,394 | 31,142 | 10,637 |
Restricted cash at end of period | 8,497 | 4,394 | 31,142 |
Cash, cash equivalents and restricted cash, at beginning of year | 112,156 | 117,779 | 103,886 |
Cash, cash equivalents and restricted cash, at end of year | 177,247 | 112,156 | 117,779 |
Interest paid | 76,562 | 75,069 | 87,692 |
Income taxes paid, net | $ 2,025 | 2,340 | 1,240 |
Conveyed Interest [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Mortgage loans on real estate, foreclosures | $ 12,616 | 21,582 | |
Interests Sold [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Loans assumed | $ 242,269 |
Unaudited Quarterly Financial_3
Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 87,251 | $ 99,958 | $ 105,493 | $ 102,637 | $ 102,169 | $ 97,689 | $ 95,684 | $ 96,099 | $ 395,339 | $ 391,641 | $ 429,496 |
Net income | 25,674 | 220,850 | (795) | (14,823) | 31,448 | 5,596 | 7,365 | 42,220 | 230,906 | 86,629 | 96,450 |
Net income (loss) attributable to common shareholders | $ 23,796 | $ 216,190 | $ (3,327) | $ (15,957) | $ 29,235 | $ 3,916 | $ 5,519 | $ 40,397 | $ 227,415 | $ 85,583 | $ 95,624 |
Net income attributable to common shareholders - basic (usd per share) | $ 0.10 | $ 0.91 | $ (0.01) | $ (0.07) | $ 0.12 | $ 0.02 | $ 0.02 | $ 0.17 | $ 0.93 | $ 0.33 | $ 0.38 |
Net income (loss) attributable to common shareholders - per common share diluted (usd per share) | $ 0.10 | $ 0.90 | $ (0.01) | $ (0.07) | $ 0.12 | $ 0.02 | $ 0.02 | $ 0.17 | $ 0.93 | $ 0.33 | $ 0.37 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] $ / shares in Units, $ in Thousands | 2 Months Ended |
Mar. 12, 2019USD ($)property$ / sharesshares | |
Subsequent Event [Line Items] | |
Proceeds from sale of real estate | $ 79,300 |
Number of real estate properties acquired | property | 2 |
Payments to acquire real estate | $ 58,000 |
Repurchase of common shares (in shares) | shares | 441,581 |
Average cost per share (usd per share) | $ / shares | $ 8.13 |
Common stock dividends declared (usd per share) | $ / shares | $ 0.1025 |
Richland, Washington [Member] | Scenario, Forecast [Member] | |
Subsequent Event [Line Items] | |
Payments to acquire real estate | $ 67,000 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation and Amortization - Schedule III (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 570,420 | |||
Land and Land Estates | 341,848 | |||
Buildings and Improvements | 2,746,446 | |||
Total | 3,090,134 | $ 3,936,459 | $ 3,533,172 | $ 3,789,711 |
Accumulated Depreciation and Amortization | 722,644 | 890,969 | $ 844,931 | $ 812,207 |
Construction in progress | 1,840 | $ 4,219 | ||
Unamortized debt issuance costs | $ (5,094) | |||
Building and Improvements [Member] | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Useful life computing depreciation in latest income statement (years) | 40 years | |||
Land Estates [Member] | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Useful life computing depreciation in latest income statement (years) | 51 years | |||
Office Building [Member] | Glendale, Arizona [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Land and Land Estates | 9,418 | |||
Buildings and Improvements | 8,394 | |||
Total | 17,812 | |||
Accumulated Depreciation and Amortization | 4,229 | |||
Office Building [Member] | Tempe, Arizona [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 0 | |||
Buildings and Improvements | 13,086 | |||
Total | 13,086 | |||
Accumulated Depreciation and Amortization | 3,035 | |||
Office Building [Member] | Tucson, Arizona [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 681 | |||
Buildings and Improvements | 4,037 | |||
Total | 4,718 | |||
Accumulated Depreciation and Amortization | 1,103 | |||
Office Building [Member] | Palo Alto, California [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 32,188 | |||
Land and Land Estates | 12,398 | |||
Buildings and Improvements | 16,977 | |||
Total | 29,375 | |||
Accumulated Depreciation and Amortization | 23,153 | |||
Office Building [Member] | Boca Raton, Florida [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 18,785 | |||
Land and Land Estates | 4,290 | |||
Buildings and Improvements | 17,160 | |||
Total | 21,450 | |||
Accumulated Depreciation and Amortization | 6,811 | |||
Office Building [Member] | Orlando, Florida [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,538 | |||
Buildings and Improvements | 9,353 | |||
Total | 12,891 | |||
Accumulated Depreciation and Amortization | 6,908 | |||
Office Building [Member] | McDonough, Georgia [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 693 | |||
Buildings and Improvements | 6,405 | |||
Total | 7,098 | |||
Accumulated Depreciation and Amortization | 1,601 | |||
Office Building [Member] | Meridian, Idaho [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,255 | |||
Buildings and Improvements | 8,144 | |||
Total | 10,399 | |||
Accumulated Depreciation and Amortization | 2,555 | |||
Office Building [Member] | Columbus, Indiana [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,301 | |||
Land and Land Estates | 235 | |||
Buildings and Improvements | 45,729 | |||
Total | 45,964 | |||
Accumulated Depreciation and Amortization | 37,145 | |||
Office Building [Member] | Indianapolis, Indiana [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,700 | |||
Buildings and Improvements | 18,719 | |||
Total | 20,419 | |||
Accumulated Depreciation and Amortization | 14,193 | |||
Office Building [Member] | Lenexa, Kansas [Member] | Lenexa, KS Office Acquired Sep-12 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,153 | |||
Land and Land Estates | 2,828 | |||
Buildings and Improvements | 6,075 | |||
Total | 8,903 | |||
Accumulated Depreciation and Amortization | 1,827 | |||
Office Building [Member] | Lenexa, Kansas [Member] | Lenexa, KS Office Acquired Jul-08 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 31,698 | |||
Land and Land Estates | 6,909 | |||
Buildings and Improvements | 41,966 | |||
Total | 48,875 | |||
Accumulated Depreciation and Amortization | 15,556 | |||
Office Building [Member] | Baton Rouge, Louisiana [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,252 | |||
Buildings and Improvements | 11,926 | |||
Total | 13,178 | |||
Accumulated Depreciation and Amortization | 5,187 | |||
Office Building [Member] | Oakland, Maine [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,138 | |||
Land and Land Estates | 551 | |||
Buildings and Improvements | 8,774 | |||
Total | 9,325 | |||
Accumulated Depreciation and Amortization | 2,282 | |||
Office Building [Member] | Auburn Hill, Michigan [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,416 | |||
Buildings and Improvements | 30,012 | |||
Total | 34,428 | |||
Accumulated Depreciation and Amortization | 5,573 | |||
Office Building [Member] | Kansas City, Missouri [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,272 | |||
Land and Land Estates | 1,525 | |||
Buildings and Improvements | 7,691 | |||
Total | 9,216 | |||
Accumulated Depreciation and Amortization | 209 | |||
Office Building [Member] | Pascagoula, Mississippi [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 618 | |||
Buildings and Improvements | 3,677 | |||
Total | 4,295 | |||
Accumulated Depreciation and Amortization | 1,009 | |||
Office Building [Member] | Wall, New Jersey [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,847 | |||
Land and Land Estates | 8,985 | |||
Buildings and Improvements | 26,961 | |||
Total | 35,946 | |||
Accumulated Depreciation and Amortization | 15,722 | |||
Office Building [Member] | Whippany, New Jersey [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,156 | |||
Land and Land Estates | 4,063 | |||
Buildings and Improvements | 19,711 | |||
Total | 23,774 | |||
Accumulated Depreciation and Amortization | 9,828 | |||
Office Building [Member] | Redmond, Oregon [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,064 | |||
Buildings and Improvements | 8,316 | |||
Total | 10,380 | |||
Accumulated Depreciation and Amortization | 2,272 | |||
Office Building [Member] | Philadelphia, Pennsylvania [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 13,209 | |||
Buildings and Improvements | 61,011 | |||
Total | 74,220 | |||
Accumulated Depreciation and Amortization | 43,083 | |||
Office Building [Member] | Florence, South Carolina [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 774 | |||
Buildings and Improvements | 3,629 | |||
Total | 4,403 | |||
Accumulated Depreciation and Amortization | 727 | |||
Office Building [Member] | Fort Mill, South Carolina [Member] | Fort Mill, SC Office, Acquired Dec-02 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,601 | |||
Buildings and Improvements | 16,306 | |||
Total | 19,907 | |||
Accumulated Depreciation and Amortization | 6,290 | |||
Office Building [Member] | Fort Mill, South Carolina [Member] | Fort Mill, SC Office, Acquired Nov-04 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,798 | |||
Buildings and Improvements | 26,947 | |||
Total | 28,745 | |||
Accumulated Depreciation and Amortization | 19,565 | |||
Office Building [Member] | Knoxville, Tennessee [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 621 | |||
Buildings and Improvements | 6,487 | |||
Total | 7,108 | |||
Accumulated Depreciation and Amortization | 1,643 | |||
Office Building [Member] | Arlington, Texas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,274 | |||
Buildings and Improvements | 15,309 | |||
Total | 16,583 | |||
Accumulated Depreciation and Amortization | 3,489 | |||
Office Building [Member] | Houston, Texas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,875 | |||
Buildings and Improvements | 10,959 | |||
Total | 12,834 | |||
Accumulated Depreciation and Amortization | 8,345 | |||
Office Building [Member] | Lake Jackson, Texas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 187,980 | |||
Land and Land Estates | 7,435 | |||
Buildings and Improvements | 141,436 | |||
Total | 148,871 | |||
Accumulated Depreciation and Amortization | 12,105 | |||
Office Building [Member] | Mission, Texas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,556 | |||
Buildings and Improvements | 2,911 | |||
Total | 5,467 | |||
Accumulated Depreciation and Amortization | 1,038 | |||
Office Building [Member] | Westlake, Texas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,361 | |||
Buildings and Improvements | 26,631 | |||
Total | 28,992 | |||
Accumulated Depreciation and Amortization | 13,421 | |||
Office Building [Member] | Herndon, Virginia [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 5,127 | |||
Buildings and Improvements | 25,293 | |||
Total | 30,420 | |||
Accumulated Depreciation and Amortization | 11,353 | |||
Office Building, Multi-tenant/vacant properties [Member] | Phoenix, Arizona [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,096 | |||
Buildings and Improvements | 6,193 | |||
Total | 7,289 | |||
Accumulated Depreciation and Amortization | 229 | |||
Office Building, Multi-tenant/vacant properties [Member] | Overland Park, Kansas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 32,112 | |||
Land and Land Estates | 2,025 | |||
Buildings and Improvements | 10,976 | |||
Total | 13,001 | |||
Accumulated Depreciation and Amortization | 4,242 | |||
Office Building, Multi-tenant/vacant properties [Member] | Charleston, South Carolina [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,878 | |||
Land and Land Estates | 1,189 | |||
Buildings and Improvements | 9,419 | |||
Total | 10,608 | |||
Accumulated Depreciation and Amortization | 4,651 | |||
Office Building, Multi-tenant/vacant properties [Member] | Farmers Branch, Texas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,984 | |||
Buildings and Improvements | 32,842 | |||
Total | 36,826 | |||
Accumulated Depreciation and Amortization | 14,111 | |||
Office Building, Multi-tenant/vacant properties [Member] | Houston, Texas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 800 | |||
Buildings and Improvements | 27,667 | |||
Total | 28,467 | |||
Accumulated Depreciation and Amortization | 21,686 | |||
Industrial Property [Member] | Anniston, Alabama [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,201 | |||
Buildings and Improvements | 16,771 | |||
Total | 17,972 | |||
Accumulated Depreciation and Amortization | 3,159 | |||
Industrial Property [Member] | Moody, Alabama [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 654 | |||
Buildings and Improvements | 9,943 | |||
Total | 10,597 | |||
Accumulated Depreciation and Amortization | 7,757 | |||
Industrial Property [Member] | Opelika, Alabama [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 134 | |||
Buildings and Improvements | 31,734 | |||
Total | 31,868 | |||
Accumulated Depreciation and Amortization | 1,952 | |||
Industrial Property [Member] | Goodyear, Arizona [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 5,247 | |||
Buildings and Improvements | 36,115 | |||
Total | 41,362 | |||
Accumulated Depreciation and Amortization | 138 | |||
Industrial Property [Member] | Orlando, Florida [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,030 | |||
Buildings and Improvements | 10,869 | |||
Total | 11,899 | |||
Accumulated Depreciation and Amortization | 3,678 | |||
Industrial Property [Member] | Tampa, Florida [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,160 | |||
Buildings and Improvements | 8,526 | |||
Total | 10,686 | |||
Accumulated Depreciation and Amortization | 6,723 | |||
Industrial Property [Member] | Lavonia, Georgia [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,647 | |||
Land and Land Estates | 171 | |||
Buildings and Improvements | 7,657 | |||
Total | 7,828 | |||
Accumulated Depreciation and Amortization | 1,371 | |||
Industrial Property [Member] | McDonough, Georgia [Member] | McDonough, GA Industrial Acquired Aug-17 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 5,441 | |||
Buildings and Improvements | 52,762 | |||
Total | 58,203 | |||
Accumulated Depreciation and Amortization | 3,101 | |||
Industrial Property [Member] | McDonough, Georgia [Member] | McDonough, GA Industrial Acquired Dec-06 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,463 | |||
Buildings and Improvements | 24,811 | |||
Total | 27,274 | |||
Accumulated Depreciation and Amortization | 7,820 | |||
Industrial Property [Member] | Thomson, Georgia [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 909 | |||
Buildings and Improvements | 7,746 | |||
Total | 8,655 | |||
Accumulated Depreciation and Amortization | 1,368 | |||
Industrial Property [Member] | Edwardsville, Illinois [Member] | Edwardsville, IL Industrial Acquired Dec-16 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,593 | |||
Buildings and Improvements | 34,362 | |||
Total | 38,955 | |||
Accumulated Depreciation and Amortization | 2,838 | |||
Industrial Property [Member] | Edwardsville, Illinois [Member] | Edwardsville, IL Industrial Acquired Jun- 18 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,649 | |||
Buildings and Improvements | 41,310 | |||
Total | 44,959 | |||
Accumulated Depreciation and Amortization | 932 | |||
Industrial Property [Member] | Rantoul, Illinois [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,304 | |||
Buildings and Improvements | 32,562 | |||
Total | 33,866 | |||
Accumulated Depreciation and Amortization | 4,473 | |||
Industrial Property [Member] | Rockford, Illinois [Member] | Rockford, IL Industrial Acquired Dec-06 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 371 | |||
Buildings and Improvements | 2,619 | |||
Total | 2,990 | |||
Accumulated Depreciation and Amortization | 861 | |||
Industrial Property [Member] | Rockford, Illinois [Member] | Rockford, IL Industrial Acquired Dec-06, Property 2 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 509 | |||
Buildings and Improvements | 5,289 | |||
Total | 5,798 | |||
Accumulated Depreciation and Amortization | 1,740 | |||
Industrial Property [Member] | Romeoville, Illinois [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 7,524 | |||
Buildings and Improvements | 40,167 | |||
Total | 47,691 | |||
Accumulated Depreciation and Amortization | 3,458 | |||
Industrial Property [Member] | Lafayette, Indiana [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 662 | |||
Buildings and Improvements | 15,578 | |||
Total | 16,240 | |||
Accumulated Depreciation and Amortization | 1,000 | |||
Industrial Property [Member] | Lebanon, Indiana [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,100 | |||
Buildings and Improvements | 29,443 | |||
Total | 31,543 | |||
Accumulated Depreciation and Amortization | 2,317 | |||
Industrial Property [Member] | New Century, Kansas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 0 | |||
Buildings and Improvements | 13,198 | |||
Total | 13,198 | |||
Accumulated Depreciation and Amortization | 1,079 | |||
Industrial Property [Member] | Dry Ridge, Kentucky [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 560 | |||
Buildings and Improvements | 12,553 | |||
Total | 13,113 | |||
Accumulated Depreciation and Amortization | 5,889 | |||
Industrial Property [Member] | Elizabethtown, Kentucky [Member] | Elizabethtown, KY Industrial Acquired Jun-05 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 352 | |||
Buildings and Improvements | 4,862 | |||
Total | 5,214 | |||
Accumulated Depreciation and Amortization | 2,281 | |||
Industrial Property [Member] | Elizabethtown, Kentucky [Member] | Elizabethtown, KY Industrial Acquired Jun-05, Property 2 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 890 | |||
Buildings and Improvements | 26,868 | |||
Total | 27,758 | |||
Accumulated Depreciation and Amortization | 12,605 | |||
Industrial Property [Member] | Hopkinsville, Kentucky [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 631 | |||
Buildings and Improvements | 16,154 | |||
Total | 16,785 | |||
Accumulated Depreciation and Amortization | 8,063 | |||
Industrial Property [Member] | Owensboro, Kentucky [Member] | Owensboro, KY Industrial Acquired Jun-05 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 393 | |||
Buildings and Improvements | 11,956 | |||
Total | 12,349 | |||
Accumulated Depreciation and Amortization | 6,474 | |||
Industrial Property [Member] | Owensboro, Kentucky [Member] | Owensboro, KY Industrial Acquired Dec-06 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 819 | |||
Buildings and Improvements | 2,439 | |||
Total | 3,258 | |||
Accumulated Depreciation and Amortization | 1,092 | |||
Industrial Property [Member] | Shreveport, Louisiana [Member] | Shreveport, LA Industrial Acquired Mar-07 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 860 | |||
Buildings and Improvements | 21,840 | |||
Total | 22,700 | |||
Accumulated Depreciation and Amortization | 6,438 | |||
Industrial Property [Member] | Shreveport, Louisiana [Member] | Shreveport, LA Industrial Acquired Jun-12 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,078 | |||
Buildings and Improvements | 10,134 | |||
Total | 11,212 | |||
Accumulated Depreciation and Amortization | 2,423 | |||
Industrial Property [Member] | North Berwick, Maine [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 381 | |||
Land and Land Estates | 1,383 | |||
Buildings and Improvements | 35,659 | |||
Total | 37,042 | |||
Accumulated Depreciation and Amortization | 10,660 | |||
Industrial Property [Member] | Detroit, Michigan [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,133 | |||
Buildings and Improvements | 25,009 | |||
Total | 26,142 | |||
Accumulated Depreciation and Amortization | 3,903 | |||
Industrial Property [Member] | Kalamazoo, Michigan [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,942 | |||
Buildings and Improvements | 14,169 | |||
Total | 16,111 | |||
Accumulated Depreciation and Amortization | 3,606 | |||
Industrial Property [Member] | Marshall, Michigan [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 143 | |||
Buildings and Improvements | 4,302 | |||
Total | 4,445 | |||
Accumulated Depreciation and Amortization | 2,884 | |||
Industrial Property [Member] | Plymouth, Michigan [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,296 | |||
Buildings and Improvements | 15,795 | |||
Total | 18,091 | |||
Accumulated Depreciation and Amortization | 6,497 | |||
Industrial Property [Member] | Romulus, Michigan [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,438 | |||
Buildings and Improvements | 33,786 | |||
Total | 36,224 | |||
Accumulated Depreciation and Amortization | 2,069 | |||
Industrial Property [Member] | Warren, Michigan [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 25,850 | |||
Land and Land Estates | 972 | |||
Buildings and Improvements | 42,521 | |||
Total | 43,493 | |||
Accumulated Depreciation and Amortization | 2,073 | |||
Industrial Property [Member] | Minneapolis, Minnesota [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,886 | |||
Buildings and Improvements | 1,922 | |||
Total | 3,808 | |||
Accumulated Depreciation and Amortization | 381 | |||
Industrial Property [Member] | Byhalia, Mississippi [Member] | Byhalia, MS Industrial Property Acquired May-11 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,006 | |||
Buildings and Improvements | 35,795 | |||
Total | 36,801 | |||
Accumulated Depreciation and Amortization | 6,241 | |||
Industrial Property [Member] | Byhalia, Mississippi [Member] | Byhalia, MS Industrial Property Acquired Sep-17 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,751 | |||
Buildings and Improvements | 31,236 | |||
Total | 32,987 | |||
Accumulated Depreciation and Amortization | 2,274 | |||
Industrial Property [Member] | Canton, Mississippi [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 5,077 | |||
Buildings and Improvements | 71,289 | |||
Total | 76,366 | |||
Accumulated Depreciation and Amortization | 12,950 | |||
Industrial Property [Member] | Olive Branch, Mississippi [Member] | Olive Branch, MS Industrial Acquired Apr- 18 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,500 | |||
Buildings and Improvements | 42,538 | |||
Total | 45,038 | |||
Accumulated Depreciation and Amortization | 1,471 | |||
Industrial Property [Member] | Olive Branch, Mississippi [Member] | Olive Branch, MS Industrial Acquired Dec- 04 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 198 | |||
Buildings and Improvements | 10,276 | |||
Total | 10,474 | |||
Accumulated Depreciation and Amortization | 7,539 | |||
Industrial Property [Member] | Olive Branch, Mississippi [Member] | Olive Branch, MS Industrial Acquired Apr- 18, Property 2 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,958 | |||
Buildings and Improvements | 38,687 | |||
Total | 40,645 | |||
Accumulated Depreciation and Amortization | 1,342 | |||
Industrial Property [Member] | Lumberton, North Carolina [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 405 | |||
Buildings and Improvements | 12,049 | |||
Total | 12,454 | |||
Accumulated Depreciation and Amortization | 4,651 | |||
Industrial Property [Member] | Shelby, North Carolina [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,421 | |||
Buildings and Improvements | 18,862 | |||
Total | 20,283 | |||
Accumulated Depreciation and Amortization | 5,300 | |||
Industrial Property [Member] | Statesville, North Carolina [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 891 | |||
Buildings and Improvements | 16,771 | |||
Total | 17,662 | |||
Accumulated Depreciation and Amortization | 5,751 | |||
Industrial Property [Member] | Durham, New Hampshire [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,464 | |||
Buildings and Improvements | 18,094 | |||
Total | 21,558 | |||
Accumulated Depreciation and Amortization | 7,002 | |||
Industrial Property [Member] | North Las Vegas, Nevada [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,244 | |||
Buildings and Improvements | 21,732 | |||
Total | 24,976 | |||
Accumulated Depreciation and Amortization | 2,949 | |||
Industrial Property [Member] | Erwin, New York [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,648 | |||
Buildings and Improvements | 12,514 | |||
Total | 14,162 | |||
Accumulated Depreciation and Amortization | 2,977 | |||
Industrial Property [Member] | Long Island City, New York [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 39,994 | |||
Land and Land Estates | 0 | |||
Buildings and Improvements | 42,759 | |||
Total | 42,759 | |||
Accumulated Depreciation and Amortization | 16,584 | |||
Industrial Property [Member] | Chillicothe, Ohio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 735 | |||
Buildings and Improvements | 9,021 | |||
Total | 9,756 | |||
Accumulated Depreciation and Amortization | 3,076 | |||
Industrial Property [Member] | Cincinnati, Ohio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,049 | |||
Buildings and Improvements | 8,784 | |||
Total | 9,833 | |||
Accumulated Depreciation and Amortization | 3,075 | |||
Industrial Property [Member] | Columbus, Ohio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,990 | |||
Buildings and Improvements | 10,767 | |||
Total | 12,757 | |||
Accumulated Depreciation and Amortization | 4,194 | |||
Industrial Property [Member] | Glenwillow, Ohio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,228 | |||
Buildings and Improvements | 24,530 | |||
Total | 26,758 | |||
Accumulated Depreciation and Amortization | 7,774 | |||
Industrial Property [Member] | Hebron, Ohio [Member] | Hebron, OH Industrial, Acquired Dec-97 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,063 | |||
Buildings and Improvements | 4,947 | |||
Total | 6,010 | |||
Accumulated Depreciation and Amortization | 2,013 | |||
Industrial Property [Member] | Hebron, Ohio [Member] | Hebron, OH Industrial, Acquired Dec-01 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,681 | |||
Buildings and Improvements | 8,179 | |||
Total | 9,860 | |||
Accumulated Depreciation and Amortization | 3,606 | |||
Industrial Property [Member] | Streetsboro, Ohio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,565 | |||
Land and Land Estates | 2,441 | |||
Buildings and Improvements | 25,282 | |||
Total | 27,723 | |||
Accumulated Depreciation and Amortization | 9,629 | |||
Industrial Property [Member] | Wilsonville, Oregon [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 6,815 | |||
Buildings and Improvements | 32,380 | |||
Total | 39,195 | |||
Accumulated Depreciation and Amortization | 3,188 | |||
Industrial Property [Member] | Bristol, Pennsylvania [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,508 | |||
Buildings and Improvements | 15,863 | |||
Total | 18,371 | |||
Accumulated Depreciation and Amortization | 7,694 | |||
Industrial Property [Member] | Chester, South Carolina [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,569 | |||
Land and Land Estates | 1,629 | |||
Buildings and Improvements | 8,470 | |||
Total | 10,099 | |||
Accumulated Depreciation and Amortization | 1,959 | |||
Industrial Property [Member] | Laurens, South Carolina [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 5,552 | |||
Buildings and Improvements | 21,908 | |||
Total | 27,460 | |||
Accumulated Depreciation and Amortization | 7,834 | |||
Industrial Property [Member] | Spartanburg, South Carolina [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,447 | |||
Buildings and Improvements | 23,744 | |||
Total | 25,191 | |||
Accumulated Depreciation and Amortization | 426 | |||
Industrial Property [Member] | Cleveland, Tennessee [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,871 | |||
Buildings and Improvements | 29,743 | |||
Total | 31,614 | |||
Accumulated Depreciation and Amortization | 2,163 | |||
Industrial Property [Member] | Crossville, Tennessee [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 545 | |||
Buildings and Improvements | 6,999 | |||
Total | 7,544 | |||
Accumulated Depreciation and Amortization | 4,571 | |||
Industrial Property [Member] | Franklin, Tennessee [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 0 | |||
Buildings and Improvements | 5,673 | |||
Total | 5,673 | |||
Accumulated Depreciation and Amortization | 3,057 | |||
Industrial Property [Member] | Jackson, Tennessee [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,454 | |||
Buildings and Improvements | 49,026 | |||
Total | 50,480 | |||
Accumulated Depreciation and Amortization | 2,624 | |||
Industrial Property [Member] | Lewisburg, Tennessee [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 173 | |||
Buildings and Improvements | 10,865 | |||
Total | 11,038 | |||
Accumulated Depreciation and Amortization | 1,583 | |||
Industrial Property [Member] | Memphis, Tennessee [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,054 | |||
Buildings and Improvements | 11,538 | |||
Total | 12,592 | |||
Accumulated Depreciation and Amortization | 11,487 | |||
Industrial Property [Member] | Millington, Tennessee [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 723 | |||
Buildings and Improvements | 19,383 | |||
Total | 20,106 | |||
Accumulated Depreciation and Amortization | 12,951 | |||
Industrial Property [Member] | Smyrna, Tennessee [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,793 | |||
Buildings and Improvements | 93,940 | |||
Total | 95,733 | |||
Accumulated Depreciation and Amortization | 5,154 | |||
Industrial Property [Member] | Arlington, Texas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 589 | |||
Buildings and Improvements | 7,739 | |||
Total | 8,328 | |||
Accumulated Depreciation and Amortization | 1,604 | |||
Industrial Property [Member] | Brookshire, Texas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,388 | |||
Buildings and Improvements | 16,614 | |||
Total | 19,002 | |||
Accumulated Depreciation and Amortization | 2,915 | |||
Industrial Property [Member] | Carrollton, Texas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,228 | |||
Buildings and Improvements | 15,769 | |||
Total | 18,997 | |||
Accumulated Depreciation and Amortization | 330 | |||
Industrial Property [Member] | Grand Prairie, Texas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,166 | |||
Buildings and Improvements | 17,985 | |||
Total | 21,151 | |||
Accumulated Depreciation and Amortization | 1,170 | |||
Industrial Property [Member] | Houston, Texas [Member] | Houston, TX Industrial Acquired Mar-15 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,674 | |||
Buildings and Improvements | 19,540 | |||
Total | 24,214 | |||
Accumulated Depreciation and Amortization | 8,016 | |||
Industrial Property [Member] | Houston, Texas [Member] | Houston, TX Industrial Acquired Mar-13 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 15,055 | |||
Buildings and Improvements | 57,949 | |||
Total | 73,004 | |||
Accumulated Depreciation and Amortization | 10,371 | |||
Industrial Property [Member] | Missouri City, Texas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 14,555 | |||
Buildings and Improvements | 5,895 | |||
Total | 20,450 | |||
Accumulated Depreciation and Amortization | 5,615 | |||
Industrial Property [Member] | Pasadena, Texas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,057 | |||
Buildings and Improvements | 17,810 | |||
Total | 21,867 | |||
Accumulated Depreciation and Amortization | 271 | |||
Industrial Property [Member] | San Antonio, Texas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,311 | |||
Buildings and Improvements | 36,644 | |||
Total | 37,955 | |||
Accumulated Depreciation and Amortization | 2,364 | |||
Industrial Property [Member] | Chester, Virginia [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 8,544 | |||
Buildings and Improvements | 53,067 | |||
Total | 61,611 | |||
Accumulated Depreciation and Amortization | 220 | |||
Industrial Property [Member] | Winchester, Virginia [Member] | Winchester, VA Industrial Acquired Dec-17 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,988 | |||
Buildings and Improvements | 32,536 | |||
Total | 34,524 | |||
Accumulated Depreciation and Amortization | 1,392 | |||
Industrial Property [Member] | Winchester, Virginia [Member] | Winchester, VA Industrial Acquired Jun-07 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,823 | |||
Buildings and Improvements | 12,276 | |||
Total | 16,099 | |||
Accumulated Depreciation and Amortization | 4,311 | |||
Industrial Property [Member] | Bingen, Washington [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 0 | |||
Buildings and Improvements | 18,075 | |||
Total | 18,075 | |||
Accumulated Depreciation and Amortization | 4,269 | |||
Industrial Property [Member] | Richland, Washington [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 110,000 | |||
Land and Land Estates | 1,293 | |||
Buildings and Improvements | 126,947 | |||
Total | 128,240 | |||
Accumulated Depreciation and Amortization | 16,632 | |||
Industrial Property [Member] | Oak Creek, Wisconsin [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,015 | |||
Buildings and Improvements | 15,300 | |||
Total | 18,315 | |||
Accumulated Depreciation and Amortization | 2,352 | |||
Industrial properties, Multi-tenant/vacant properties [Member] | Plymouth, Indiana [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 254 | |||
Buildings and Improvements | 8,101 | |||
Total | 8,355 | |||
Accumulated Depreciation and Amortization | 1,816 | |||
Industrial properties, Multi-tenant/vacant properties [Member] | Henderson, North Carolina [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,488 | |||
Buildings and Improvements | 5,953 | |||
Total | 7,441 | |||
Accumulated Depreciation and Amortization | 2,549 | |||
Industrial properties, Multi-tenant/vacant properties [Member] | Duncan, South Carolina [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 884 | |||
Buildings and Improvements | 8,626 | |||
Total | 9,510 | |||
Accumulated Depreciation and Amortization | 2,604 | |||
Industrial properties, Multi-tenant/vacant properties [Member] | Antioch, Tennessee [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,847 | |||
Buildings and Improvements | 12,659 | |||
Total | 16,506 | |||
Accumulated Depreciation and Amortization | 3,479 | |||
Industrial properties, Multi-tenant/vacant properties [Member] | Memphis, Tennessee [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 0 | |||
Buildings and Improvements | 0 | |||
Total | 0 | |||
Accumulated Depreciation and Amortization | 0 | |||
Other Property [Member] | Venice, Florida [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,696 | |||
Buildings and Improvements | 11,753 | |||
Total | 16,449 | |||
Accumulated Depreciation and Amortization | 9,071 | |||
Other Property [Member] | Baltimore, Maryland [Member] | Baltimore, MD Other Acquired Dec-15 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 5,000 | |||
Buildings and Improvements | 0 | |||
Total | 5,000 | |||
Accumulated Depreciation and Amortization | 0 | |||
Other Property [Member] | Baltimore, Maryland [Member] | Baltimore, MD Other Acquired Dec-06 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,605 | |||
Buildings and Improvements | 0 | |||
Total | 4,605 | |||
Accumulated Depreciation and Amortization | 0 | |||
Other Property [Member] | Pataskala, Ohio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,605 | |||
Buildings and Improvements | 0 | |||
Total | 3,605 | |||
Accumulated Depreciation and Amortization | 0 | |||
Other Property [Member] | Lawton, Oklahoma [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 663 | |||
Buildings and Improvements | 1,288 | |||
Total | 1,951 | |||
Accumulated Depreciation and Amortization | 587 | |||
Other Property [Member] | Paris, Tennessee [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 247 | |||
Buildings and Improvements | 547 | |||
Total | 794 | |||
Accumulated Depreciation and Amortization | 240 | |||
Other Property [Member] | Danville, Virginia [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,454 | |||
Buildings and Improvements | 0 | |||
Total | 3,454 | |||
Accumulated Depreciation and Amortization | 0 | |||
Other properties, Multi-tenant/vacant properties [Member] | Albany, Georgia [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 455 | |||
Buildings and Improvements | 1,206 | |||
Total | 1,661 | |||
Accumulated Depreciation and Amortization | 17 | |||
Other properties, Multi-tenant/vacant properties [Member] | Honolulu, Hawaii [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 8,259 | |||
Buildings and Improvements | 7,414 | |||
Total | 15,673 | |||
Accumulated Depreciation and Amortization | 6,025 | |||
Other properties, Multi-tenant/vacant properties [Member] | Watertown, New York [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 270 | |||
Buildings and Improvements | 2,333 | |||
Total | 2,603 | |||
Accumulated Depreciation and Amortization | 52 | |||
Other properties, Multi-tenant/vacant properties [Member] | Fairlea, West Virginia [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 79 | |||
Buildings and Improvements | 216 | |||
Total | 295 | |||
Accumulated Depreciation and Amortization | $ 4 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation and Amortization - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate and Accumulated Depreciation [Line Items] | |||
Total cost basis for federal income tax purposes | $ 3,800,000 | ||
Reconciliation of real estate owned: | |||
Balance at the beginning of year | 3,936,459 | $ 3,533,172 | $ 3,789,711 |
Additions during year | 310,207 | 676,355 | 291,004 |
Properties sold and impaired during the year | (1,091,956) | (270,241) | (527,597) |
Other reclassifications | (64,576) | (2,827) | (19,946) |
Balance at end of year | 3,090,134 | 3,936,459 | 3,533,172 |
Reconciliation of accumulated depreciation and amortization: | |||
Balance at the beginning of year | 890,969 | 844,931 | 812,207 |
Depreciation and amortization expense | 136,571 | 139,493 | 128,384 |
Accumulated depreciation and amortization of properties sold, impaired and held for sale during year | (290,938) | (93,455) | (86,428) |
Other reclassifications | (13,958) | 0 | (9,232) |
Balance at end of year | $ 722,644 | $ 890,969 | $ 844,931 |