Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 14, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period Ended Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-12386 | ||
Entity Registrant Name | LXP INDUSTRIAL TRUST | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 13-3717318 | ||
Entity Address, Address Line One | One Penn Plaza | ||
Entity Address, Address Line Two | Suite 4015 | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10119-4015 | ||
City Area Code | 212 | ||
Local Phone Number | 692-7200 | ||
Entity Well-known Seasoned User | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,963,617,542 | ||
Entity Common Stock, Shares Outstanding (in shares) | 292,554,149 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Certain information contained in the Definitive Proxy Statement for LXP Industrial Trust's Annual Meeting of Shareholders, or an amendment on Form 10-K/A, is incorporated by reference in this Annual Report on Form 10-K in response to Part III, Items 10, 11, 12, 13 and 14, which will be filed with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K. | ||
Entity Central Index Key | 0000910108 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Amendment Flag | false | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Shares of beneficial interest, par value $0.0001 per share, classified as Common Stock | ||
Trading Symbol | LXP | ||
Security Exchange Name | NYSE | ||
Series C | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 6.50% Series C Cumulative Convertible Preferred Stock, par value $0.0001 per share | ||
Trading Symbol | LXPPRC | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | New York, New York |
Auditor Firm ID | 34 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Real estate, at cost | $ 3,691,066 | $ 3,583,978 |
Real estate - intangible assets | 328,607 | 341,403 |
Land held for development | 84,412 | 104,160 |
Investments in real estate under construction | 361,924 | 161,165 |
Real estate, gross | 4,466,009 | 4,190,706 |
Less: accumulated depreciation and amortization | 800,470 | 655,740 |
Real estate, net | 3,665,539 | 3,534,966 |
Assets held for sale | 66,434 | 82,586 |
Right-of-use assets, net | 23,986 | 27,966 |
Cash and cash equivalents | 54,390 | 190,926 |
Restricted cash | 116 | 101 |
Investments in non-consolidated entities | 58,206 | 74,559 |
Deferred expenses (net of accumulated amortization of $20,348 in 2022 and $18,356 in 2021) | 25,207 | 18,861 |
Investment in a sales-type lease, net (allowance for credit loss of $93 in 2022) | 61,233 | 0 |
Rent receivable - current | 3,030 | 3,526 |
Rent receivable - deferred | 71,392 | 63,283 |
Other assets | 24,314 | 8,784 |
Total assets | 4,053,847 | 4,005,558 |
Liabilities: | ||
Mortgages and notes payable, net | 72,103 | 83,092 |
Term loan payable, net | 298,959 | 298,446 |
Senior notes payable, net | 989,295 | 987,931 |
Trust preferred securities, net | 127,694 | 127,595 |
Dividends payable | 38,416 | 37,425 |
Liabilities held for sale | 1,150 | 3,468 |
Operating lease liabilities | 25,118 | 29,094 |
Accounts payable and other liabilities | 74,261 | 77,607 |
Accrued interest payable | 9,181 | 8,481 |
Deferred revenue - including below market leases (net of accumulated accretion of $15,430 in 2022 and $14,258 in 2021) | 11,452 | 14,474 |
Prepaid rent | 15,215 | 14,717 |
Total liabilities | 1,662,844 | 1,682,330 |
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 600,000,000 shares, 291,719,310 and 283,752,726 shares issued and outstanding in 2022 and 2021, respectively | 29 | 28 |
Additional paid-in-capital | 3,320,087 | 3,252,506 |
Accumulated distributions in excess of net income | (1,079,087) | (1,049,434) |
Accumulated other comprehensive income (loss) | 17,689 | (6,258) |
Total shareholders’ equity | 2,352,734 | 2,290,858 |
Noncontrolling interests | 38,269 | 32,370 |
Total equity | 2,391,003 | 2,323,228 |
Total liabilities and equity | $ 4,053,847 | $ 4,005,558 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Assets: | ||
Accumulated amortization on deferred expenses | $ 20,348 | $ 18,356 |
Change in allowance for credit loss | 93 | 0 |
Liabilities: | ||
Accumulated accretion on deferred revenue | $ 15,430 | $ 14,258 |
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) | 600,000,000 | 600,000,000 |
Common shares, shares issued (in shares) | 291,719,310 | 283,752,726 |
Common shares, shares outstanding (in shares) | 291,719,310 | 283,752,726 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Gross revenues: | |||
Rental revenue | $ 313,992 | $ 339,944 | $ 325,811 |
Total gross revenues | 321,245 | 343,997 | 330,448 |
Expense applicable to revenues: | |||
Depreciation and amortization | (180,567) | (176,714) | (161,592) |
General and administrative | (38,714) | (35,458) | (30,371) |
Transaction costs | (4,177) | (432) | (255) |
Non-operating income | 935 | 1,364 | 743 |
Interest and amortization expense | (45,417) | (46,708) | (55,201) |
Debt satisfaction gains (losses), net | (119) | (13,894) | 21,452 |
Impairment charges | (3,037) | (5,541) | (14,460) |
Change in allowance for credit loss | (93) | 0 | 0 |
Gains on sales of properties | 59,094 | 367,274 | 139,039 |
Selling profit from sales-type leases | 47,059 | 0 | 0 |
Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities | 101,339 | 386,574 | 188,144 |
Provision for income taxes | (1,102) | (1,293) | (1,584) |
Equity in earnings (losses) of non-consolidated entities | 16,006 | (190) | (169) |
Net income | 116,243 | 385,091 | 186,391 |
Less net income attributable to noncontrolling interests | (2,460) | (2,443) | (3,089) |
Net income attributable to LXP Industrial Trust shareholders | 113,783 | 382,648 | 183,302 |
Dividends attributable to preferred shares - Series C | (6,290) | (6,290) | (6,290) |
Allocation to participating securities | (186) | (510) | (224) |
Net income attributable to common shareholders, basic | 107,307 | 375,848 | 176,788 |
Net income attributable to common shareholders, diluted | $ 107,307 | $ 375,848 | $ 176,788 |
Net income attributable to common shareholders - per common share basic (usd per share) | $ 0.38 | $ 1.35 | $ 0.66 |
Weighted-average common shares outstanding - basic (in shares) | 279,887,760 | 277,640,835 | 266,914,843 |
Net income attributable to common shareholders - per common share diluted (usd per share) | $ 0.38 | $ 1.34 | $ 0.66 |
Weighted-average common shares outstanding - diluted (in shares) | 282,473,458 | 287,369,742 | 268,182,552 |
Other | |||
Gross revenues: | |||
Other revenue | $ 7,253 | $ 4,053 | $ 4,637 |
Real Estate | |||
Expense applicable to revenues: | |||
Property operating | $ (54,870) | $ (47,314) | $ (41,659) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 116,243 | $ 385,091 | $ 186,391 |
Other comprehensive income (loss): | |||
Change in unrealized income (loss) on interest rate swaps, net | 22,576 | 11,705 | (16,035) |
Company's share of other comprehensive income of non-consolidated entities | 1,371 | 0 | 0 |
Other comprehensive income (loss) | 23,947 | 11,705 | (16,035) |
Comprehensive income | 140,190 | 396,796 | 170,356 |
Comprehensive income attributable to noncontrolling interests | (2,460) | (2,443) | (3,089) |
Comprehensive income attributable to LXP Industrial Trust shareholders | $ 137,730 | $ 394,353 | $ 167,267 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Preferred Shares | Common Shares | Additional Paid-in-Capital | Accumulated Distributions in Excess of Net Income | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Balance at beginning of period at Dec. 31, 2019 | $ 1,724,719 | $ 94,016 | $ 25 | $ 2,976,670 | $ (1,363,676) | $ (1,928) | $ 19,612 |
Beginning balance (in shares) at Dec. 31, 2019 | 1,935,400 | 254,770,719 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of partnership interest in real estate | 1,285 | 1,285 | |||||
Redemption of noncontrolling OP units for common (in shares) | 327,453 | ||||||
Redemption of noncontrolling OP units for common shares | 1,614 | (1,614) | |||||
Issuance of common shares and deferred compensation amortization, net | 231,699 | $ 3 | 231,696 | ||||
Issuance of common shares and deferred compensation amortization, net (in shares) | 23,962,696 | ||||||
Repurchase of common shares | (11,042) | (11,042) | |||||
Repurchase of common shares (in shares) | (1,329,940) | ||||||
Repurchase of common shares to settle tax obligations | (2,623) | (2,623) | |||||
Repurchase of common shares to settle tax obligations (in shares) | (576,011) | ||||||
Forfeiture of employee common shares | 1 | 1 | |||||
Forfeiture of employee common shares (in shares) | (2,467) | ||||||
Dividends/distributions ($0.4225 per common share) | (123,258) | (121,353) | (1,905) | ||||
Net income | 186,391 | 183,302 | 3,089 | ||||
Other comprehensive loss | (16,035) | (16,035) | |||||
Company's share of other comprehensive income of non-consolidated entities | 0 | ||||||
Change in unrealized income (loss) on interest rate swaps, net | (16,035) | ||||||
Balance at end of period at Dec. 31, 2020 | 1,991,137 | $ 94,016 | $ 28 | 3,196,315 | (1,301,726) | (17,963) | 20,467 |
Ending balance (in shares) at Dec. 31, 2020 | 1,935,400 | 277,152,450 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of partnership interest in real estate | 21,901 | 21,901 | |||||
Redemption of noncontrolling OP units for common (in shares) | 185,270 | ||||||
Redemption of noncontrolling OP units for common shares | 958 | (958) | |||||
Redemption of noncontrolling OP units for real estate | (22,305) | (12,919) | (9,386) | ||||
Issuance of common shares and deferred compensation amortization, net | 73,851 | 73,851 | |||||
Issuance of common shares and deferred compensation amortization, net (in shares) | 6,993,194 | ||||||
Repurchase of common shares to settle tax obligations | (6,134) | (6,134) | |||||
Repurchase of common shares to settle tax obligations (in shares) | (567,924) | ||||||
Forfeiture of employee common shares | 2 | 2 | |||||
Forfeiture of employee common shares (in shares) | (10,264) | ||||||
Dividends/distributions ($0.4225 per common share) | (132,020) | (130,358) | (1,662) | ||||
Net income | 385,091 | 382,648 | 2,443 | ||||
Other comprehensive loss | 11,705 | 11,705 | |||||
Company's share of other comprehensive income of non-consolidated entities | 0 | ||||||
Reallocation of noncontrolling interests | 435 | (435) | |||||
Change in unrealized income (loss) on interest rate swaps, net | 11,705 | ||||||
Balance at end of period at Dec. 31, 2021 | 2,323,228 | $ 94,016 | $ 28 | 3,252,506 | (1,049,434) | (6,258) | 32,370 |
Ending balance (in shares) at Dec. 31, 2021 | 1,935,400 | 283,752,726 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of partnership interest in real estate | 7,814 | 7,814 | |||||
Redemption of noncontrolling OP units for common (in shares) | 39,747 | ||||||
Redemption of noncontrolling OP units for common shares | 211 | (211) | |||||
Purchase of noncontrolling interest in consolidated joint venture | (27,958) | (25,058) | (2,900) | ||||
Issuance of common shares and deferred compensation amortization, net | 229,390 | $ 2 | 229,388 | ||||
Issuance of common shares and deferred compensation amortization, net (in shares) | 20,580,816 | ||||||
Repurchase of common shares | (130,676) | $ (1) | (130,675) | ||||
Repurchase of common shares (in shares) | (12,102,074) | ||||||
Repurchase of common shares to settle tax obligations | (6,285) | (6,285) | |||||
Repurchase of common shares to settle tax obligations (in shares) | (410,958) | ||||||
Forfeiture of employee common shares | 16 | 16 | |||||
Forfeiture of employee common shares (in shares) | (140,947) | ||||||
Dividends/distributions ($0.4225 per common share) | (144,716) | (143,452) | (1,264) | ||||
Net income | 116,243 | 113,783 | 2,460 | ||||
Other comprehensive loss | 23,947 | ||||||
Company's share of other comprehensive income of non-consolidated entities | 1,371 | 1,371 | |||||
Change in unrealized income (loss) on interest rate swaps, net | 22,576 | 22,576 | |||||
Balance at end of period at Dec. 31, 2022 | $ 2,391,003 | $ 94,016 | $ 29 | $ 3,320,087 | $ (1,079,087) | $ 17,689 | $ 38,269 |
Ending balance (in shares) at Dec. 31, 2022 | 1,935,400 | 291,719,310 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends (usd per share) | $ 0.485 | $ 0.4425 | $ 0.4225 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 116,243 | $ 385,091 | $ 186,391 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 183,419 | 179,523 | 164,260 |
Gains on sales of properties | (59,094) | (367,274) | (139,039) |
Change in allowance for credit loss | 93 | 0 | 0 |
Selling profit from sales-type leases | (47,059) | 0 | 0 |
Debt satisfaction (gains) losses, net | 119 | 13,894 | (21,452) |
Impairment charges | 3,037 | 5,541 | 14,460 |
Straight-line rents | (11,363) | (12,275) | (13,602) |
Amortization of right of use assets | 3,980 | 3,726 | 3,763 |
Other non-cash expense, net | 6,072 | 6,734 | 6,210 |
Equity in (earnings) losses of non-consolidated entities | (16,006) | 190 | 169 |
Distributions of accumulated earnings from non-consolidated entities | 17,024 | 0 | 0 |
Changes in assets and liabilities | |||
Change in accounts payable and other liabilities | (1,574) | 7,996 | 2,859 |
Change in rent receivable and prepaid rent, net | 623 | 1,058 | 80 |
Change in accrued interest payable | 700 | 2,138 | 1,866 |
Other adjustments, net | (1,945) | (5,996) | (4,130) |
Net cash provided by operating activities | 194,269 | 220,346 | 201,835 |
Cash flows from investing activities: | |||
Acquisition of real estate, including intangible assets | (132,026) | (758,371) | (611,754) |
Investment in real estate under construction | (276,706) | (288,519) | (53,971) |
Capital expenditures | (32,562) | (15,207) | (17,250) |
Net proceeds from sale of properties | 194,472 | 728,360 | 192,560 |
Investment in loans receivable | 0 | (1,497) | 0 |
Principal payments on loans receivable | 27 | 8 | 0 |
Investments in non-consolidated entities, net | (3,225) | (4,533) | (7,528) |
Distributions from non-consolidated entities in excess of accumulated earnings | 19,930 | 8,347 | 8,055 |
Payments of deferred leasing costs | (5,156) | (7,297) | (4,841) |
Change in real estate deposits, net | (1,673) | 947 | 379 |
Net cash used in investing activities | (236,919) | (337,762) | (494,350) |
Cash flows from financing activities: | |||
Dividends to common and preferred shareholders | (142,461) | (128,334) | (118,384) |
Principal amortization payments | (11,275) | (13,552) | (19,441) |
Principal payments on debt, excluding normal amortization | 0 | (14,581) | 0 |
Proceeds of mortgages and notes payable | 0 | 11,610 | 0 |
Revolving credit facility borrowings | 280,000 | 555,000 | 170,000 |
Revolving credit facility payments | (280,000) | (555,000) | (170,000) |
Proceeds from issuance of senior notes | 0 | 399,032 | 396,932 |
Repurchase of senior notes | 0 | (188,756) | (112,312) |
Payments for early extinguishment of debt | 0 | (12,664) | (11,094) |
Deferred financing costs | (3,626) | (3,977) | (3,803) |
Cash distributions to noncontrolling interests | (1,264) | (1,662) | (1,905) |
Cash contributions from noncontrolling interests | 7,814 | 21,411 | 1,285 |
Repurchase of common shares | (130,675) | 0 | (11,042) |
Purchase of noncontrolling interest | (27,958) | 0 | 0 |
Issuance of common shares, net of costs and repurchases to settle tax obligations | 215,574 | 60,575 | 222,390 |
Net cash (used in) provided by financing activities | (93,871) | 129,102 | 342,626 |
Change in cash, cash equivalents and restricted cash | (136,521) | 11,686 | 50,111 |
Less restricted cash classified as held for sale | 0 | (80) | 0 |
Cash, cash equivalents and restricted cash, at beginning of year | 191,027 | 179,421 | 129,310 |
Cash, cash equivalents and restricted cash, at end of year | $ 54,506 | $ 191,027 | $ 179,421 |
The Company and Financial State
The Company and Financial Statement Presentation | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company and Financial Statement Presentation | The Company and Financial Statement Presentation LXP Industrial Trust (together with its consolidated subsidiaries, except when the context only applies to the parent entity, the “Company”) is a Maryland real estate investment trust (“REIT”) that owns a portfolio of equity investments focused on single-tenant industrial properties. As of December 31, 2022, the Company had ownership interests in approximately 116 consolidated properties located in 21 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 indirectly through (1) property owner subsidiaries, which are single purpose entities, (2) a wholly-owned TRS, Lexington Realty Advisors, Inc. (“LRA”), and (3) joint ventures. 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 interests 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, 2022 | |
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 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 a primary beneficiary are accounted for under appropriate GAAP. As of December 31, 2022, the Company had interests in seven consolidated joint ventures with developers, consisting of five on-going development projects and two land joint ventures, with ownership interests ranging from 80% to 95.5%. Each joint venture owns land parcels with the intention of developing industrial properties. The Company determined that the joint ventures are variable interest entities in accordance with the applicable accounting guidance. The Company concluded that it is the primary beneficiary in each of the joint ventures and as such, the joint ventures' operations are consolidated in the Company's consolidated financial statements. In addition, the Company is the primary beneficiary of certain other VIEs as it has a controlling financial interest in these entities. Lepercq Corporate Income Fund L.P. (“LCIF”) is a consolidated VIE and the Company, as of December 31, 2022, has an approximate 99% ownership interest. The assets of each VIE are only available to satisfy such VIE's respective liabilities. 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, 2022 and 2021: December 31, 2022 December 31, 2021 Real estate, net $ 1,027,009 $ 810,087 Total assets $ 1,125,558 $ 952,611 Total liabilities $ 40,200 $ 47,011 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 1031 exchange structure at any time. The assets of the EAT primarily consist of leased property (net real estate and intangibles). Revenue Recognition. The Company recognizes operating 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. The Company evaluates the collectability of its rental payments and recognizes revenue on a cash basis when the Company believes it is no longer probable that it will receive substantially all of the remaining lease payments. Renewal options in leases are excluded from the calculation of straight-line rent if the renewals are not reasonably certain. 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. Sales-type lease income is recognized on an effective interest rate basis at a constant rate of return over the term of the applicable leases using the rate implicit in the leases. The investment in a sales-type lease balance is increased every period to reflect income on the net investment in the lease and reduced by the amount of lease payments collected during the period. Earnings Per Share . Basic net income (loss) per share is computed under the two-class method 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, unsettled common shares sold in forward sales transactions, OP units and put options of certain convertible securities. Use of Estimates. Management has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these consolidated financial statements in conformity with GAAP. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of current and deferred 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, the determination of the incremental borrowing rate for leases where the Company is the lessee, the determination of the term and fair value of sales-type leases, the estimate of credit losses for investments in sales-type leases and the useful lives of long-lived assets. Actual results could differ materially from those estimates. 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. The Company's acquisitions are primarily considered asset acquisitions, thus acquisition costs are 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 based on the lease revenue and market value of lease up costs avoided as a result of having an in-place lease on the acquisition date. 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 Company considers the strategic decisions regarding the future plans to sell properties and other market factors. The Company regularly updates significant estimates and assumptions including rental rates, capitalization rates and discount rates, which are included in the anticipated future undiscounted cash flows 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 uses the equity method of accounting for those joint ventures where it exercises significant influence but does not have control. 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. 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. 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 contracts (Level 2 inputs) or 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 out flows (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. Cost Capitalization. The Company capitalizes direct and indirect project costs associated with construction of a property or improvements, including interest and compensation costs of employees directly contributing to the completion of each construction project, up to the time the property is substantially complete and ready for its intended use. These costs are included within investments in real estate under construction for development projects and in construction in progress within real estate, at cost for improvements in the consolidated balance sheets. If activities and costs incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once construction is substantially complete on a vacant space, costs are no longer capitalized. The Company will reclassify a development project to real estate, at cost from investments in real estate under construction once in service upon stabilization. The Company considers stabilization to occur upon 90% occupancy of the property or one-year from substantial completion. 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. Properties are held for sale for a period longer than 12 months if events or circumstances out of the Company's control occur that delay the sale and while management continues to be committed to the plan of sale and is performing actions necessary to respond to the conditions causing the delay the properties held for sale remain salable in their current condition. 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 major 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. Held for sale properties are evaluated quarterly to ensure that properties continue to meet the held for sale criteria. If properties are required to be reclassified from held for sale to held for use due to changes to a plan of sale, they are recorded at the lower of fair value or the carrying amount before the property was classified as held for sale, adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used. 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. Investment in Sales-Type Leases . Investments in sales-type leases are accounted for under ASC 842 “Leases” (“ASC 842”). Upon lease commencement or lease modification, the Company assesses lease classification to determine whether the lease should be classified as a direct financing, sales-type or operating lease. As required by ASC 842, the Company separately assesses the land and building components of the property to determine the classification of each component unless the effect of separately accounting for the land component will be insignificant. If the lease is determined to be a direct financing or sales-type lease, the Company records a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized upon execution of the lease or deferred and recognized over the life of the lease, depending on the lease classification and the collectability of the minimum lease payments. Initial direct costs are recognized as an expense if, at the commencement date, the fair value of the underlying asset is different from its carrying amount. If the fair value of the underlying asset equals its carrying amount, initial direct costs are deferred at the commencement date and included in the measurement of the net investment in the lease. Allowance for Credit Losses. On January 1, 2020, the Company adopted ASC 326 “Financial Instruments-Credit Losses” (“ASC 326” or “CECL”), which requires that the Company measures and records current expected credit losses for its investments, the scope of which includes investment in sales-type leases in its consolidated balance sheets. The Company has elected to use a discounted cash flow model to estimate the allowance for credit losses. This model requires us to develop cash flows which is used to project estimated credit losses over the life of the lease and discount these cash flows at the asset’s effective interest rate. The Company then records an allowance equal to the difference between the amortized cost basis of the asset and the present value of the expected credit loss cash flows. Expected losses within the Company's cash flows are determined by estimating the probability of default of the tenant and their parent guarantors over the term of the lease. The Company evaluates the collectability of its investment in sales-type leases, net based various probability weighted default scenarios that include, but are not limited to, current payment status, the financial strength of its tenant and its parent guarantors, current economic conditions and 20 years of historical information on corporate defaults. The Company is unable to use its historical data to estimate losses as it has no relevant loss history to date. The allowance is recorded as a reduction to our investment in sales-type leases, net, on the consolidated balance sheets. The Company is required to update its allowance on a quarterly basis with the resulting change being recorded in the consolidated statement of operations for the relevant period. The Company regularly evaluates the extent and impact of any credit deterioration that could affect performance and the value its investment in sales-type leases, as well as the financial and operating capability of the tenant. The Company also evaluates the tenant’s competency in managing and operating the secured property and considers the overall economic environment, real estate sector and geographic sub-market in which the secured property is located. If a tenant's credit deteriorates and it defaults under the terms of the sales-type lease, the Company puts the lease in non-accrual status until it is determined that all payments under the lease are probable of being collected. Write-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received. 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 portion of the interest rate swap's change in fair value is reported as a component of other comprehensive income (loss). The Company also accounts for its share of cash flow hedges from non-consolidated entities as part of investment in non-consolidated entities and accumulated other comprehensive income (loss). 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. All share-based payments to employees 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 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, 2022, 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. Recently Issued Accounting Guidance . In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts that reference the London Interbank Offered Rate, or LIBOR, or another reference rate expected to be discontinued because of reference rate reform. The guidance in ASU 2020-04 is optional, applies for a limited period of time to ease the potential burden in accounting for (or recognizing the effect of) reference rate reform on financial reporting, in response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of LIBOR and may be elected over time as reference rate reform activities occur. As of March 31, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. On July 5, 2022, the Company transitioned its benchmark interest rate for its term loan from LIBOR to the Secured Overnight Financing Rate, or SOFR. The Company adopted ASU 2020-04 and the adoption of this standard did not have an impact on the Company's consolidated financial statements. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share A 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, 2022: 2022 2021 2020 BASIC Net income attributable to common shareholders $ 107,307 $ 375,848 $ 176,788 Weighted-average number of common shares outstanding 279,887,760 277,640,835 266,914,843 Net income attributable to common shareholders - per common share basic $ 0.38 $ 1.35 $ 0.66 2022 2021 2020 DILUTED: Net income attributable to common shareholders - basic $ 107,307 $ 375,848 $ 176,788 Impact of assumed conversions 156 7,962 — Net income attributable to common shareholders $ 107,463 $ 383,810 $ 176,788 Weighted-average common shares outstanding - basic 279,887,760 277,640,835 266,914,843 Effect of dilutive securities: Unvested share-based payment awards and options 457,597 989,177 1,267,709 Shares issuable under forward sales agreements 1,274,842 2,110,315 — Operating Partnership Units 853,259 1,918,845 — Series C Cumulative Convertible Preferred — 4,710,570 — Weighted-average common shares outstanding - diluted 282,473,458 287,369,742 268,182,552 Net income attributable to common shareholders - per common share diluted $ 0.38 $ 1.34 $ 0.66 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, 2022 | |
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, 2022 and 2021: 2022 2021 Real estate, at cost: Buildings and building improvements $ 3,335,029 $ 3,235,601 Land, land estates and land improvements 346,816 342,895 Construction in progress 9,221 5,482 Real estate intangibles: In-place lease values 309,393 320,847 Tenant relationships 12,519 13,205 Above-market leases 6,695 7,351 Land held for development 84,412 104,160 Investments in real estate under construction 361,924 161,165 4,466,009 4,190,706 Accumulated depreciation and amortization (1) (800,470) (655,740) Real estate, net $ 3,665,539 $ 3,534,966 (1) Includes accumulated amortization of real estate intangible assets of $173,443 and $151,041 in 2022 and 2021, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $31,971 in 2023, $26,487 in 2024, $22,558 in 2025, $19,550 in 2026 and $14,466 in 2027. The Company had below-market leases, net of accumulated accretion, which are included in deferred revenue, of $11,214 and $14,401, respectively, as of December 31, 2022 and 2021. The estimated accretion for the next five years is $1,830 in 2023, $1,830 in 2024, $1,740 in 2025, $1,538 in 2026 and $1,292 in 2027. The Company acquired or completed and placed into service the following assets during 2022 and 2021: 2022: Market (1) Acquisition/Completion Date Initial Primary Lease Expiration at Acquisition Land Building and Improvements Lease in-place Value Intangible Cincinnati/Dayton, OH (2) February 2022 $ 23,382 N/A $ 2,010 $ 21,372 $ — Cincinnati/Dayton, OH February 2022 48,660 04/2032 4,197 40,944 3,519 Phoenix, AZ April 2022 59,140 05/2037 5,366 50,281 3,493 Greenville-Spartanburg, SC (3) December 2022 64,067 04/2035 2,484 61,583 — $ 195,249 $ 14,057 $ 174,180 $ 7,012 Weighted-average life of intangible assets (years) 12.7 (1) A land parcel located in Hebron, OH was also purchased for $747. (2) Subsequent to acquisition, property was fully leased for approximately nine years. (3) Development project substantially completed and placed into service. Initial basis excludes certain remaining costs, including developer partner promote. In 2022, the Company purchased the remaining 13% of equity owned by a noncontrolling interest in the Fairburn, Georgia warehouse/distribution facility for $27,958. As the Company previously consolidated its interest in the joint venture which owned the property, the acquisition of the noncontrolling ownership interest was recorded as an equity transaction with the difference between the purchase price and carrying balance of $25,058 recorded as a reduction in additional paid-in-capital. 2021: Market (1) Acquisition/Completion Date Initial Primary Lease Expiration at Acquisition Land Building and Improvements Lease in-place Value Intangible Above (Below) Market Lease Intangible Indianapolis, IN January 2021 $ 14,310 12/2024 $ 1,208 $ 12,052 $ 1,035 $ 15 Indianapolis, IN January 2021 14,120 08/2025 1,162 11,825 1,133 — Central Florida January 2021 22,358 05/2031 1,416 19,910 1,032 — Columbus, OH (2) March 2021 19,531 03/2024 2,800 16,731 — — Houston, TX May 2021 28,293 08/2028 4,272 22,296 1,725 — Houston, TX May 2021 37,686 12/2026 6,489 28,470 2,727 — Houston, TX May 2021 11,512 08/2024 1,792 9,089 631 — Cincinnati/Dayton, OH June 2021 18,674 06/2023 1,109 16,477 1,088 — Central Florida June 2021 48,593 N/A 2,610 45,983 — — Greenville-Spartanburg, SC June 2021 36,903 09/2025 2,376 32,121 2,406 — Greenville-Spartanburg, SC June 2021 23,812 06/2026 1,329 21,419 1,064 — Greenville-Spartanburg, SC July 2021 29,421 04/2029 2,819 24,508 2,094 — Greenville-Spartanburg, SC July 2021 26,106 12/2029 1,169 23,070 1,867 — Greenville-Spartanburg, SC (3) July 2021 18,394 N/A 1,020 17,374 — — Greenville-Spartanburg, SC July 2021 31,646 09/2026 1,710 27,817 2,119 — Columbus, OH August 2021 29,265 11/2029 2,251 25,184 1,830 — Indianapolis, IN October 2021 16,315 12/2026 741 14,488 1,086 — Indianapolis, IN October 2021 44,479 03/2031 1,991 39,338 3,150 — Indianapolis, IN October 2021 15,644 12/2026 695 13,958 991 — Atlanta, GA (2)(4) November 2021 47,568 10/2028 7,209 40,359 — — Phoenix, AZ (2) November 2021 61,490 11/2036 11,732 49,758 — — Phoenix, AZ December 2021 83,517 12/2031 8,027 73,650 1,840 — Indianapolis, IN December 2021 93,899 11/2031 8,335 80,051 5,513 — Atlanta, GA December 2021 37,625 07/2031 2,006 33,276 2,343 — Atlanta, GA December 2021 47,618 09/2031 2,497 42,255 2,866 — Atlanta, GA December 2021 26,838 09/2025 1,465 23,649 1,724 — $ 885,617 $ 80,230 $ 765,108 $ 40,264 $ 15 Weighted-average life of intangible assets (years) 7.3 3.5 (1) A land parcel located in Hebron, OH was also purchased for $371. (2) Development project substantially completed and placed into service. (3) Subsequent to acquisition, property fully leased for 5.5 years. (4) Initial basis excludes certain remaining costs, including developer partner promote. As of December 31, 2022, the details of the development arrangements outstanding are as follows (in $000's, except square feet): Project (% owned) # of Buildings Market Estimated Sq. Ft. (unaudited) Estimated Project Cost (1) GAAP Investment Balance as of Amount Funded as of 12/31/2022 (2) Actual/Estimated Building Completion Date (unaudited) % Leased as of The Cubes at Etna East (95%) (3) 1 Columbus, OH 1,074,840 $ 72,850 $ 61,171 $ 58,455 3Q 2022 — % Ocala (80%) 1 Central Florida 1,085,280 83,100 73,737 63,388 1Q 2023 — % Mt. Comfort (80%) 1 Indianapolis, IN 1,053,360 65,500 59,379 49,848 1Q 2023 — % South Shore (100%) 2 Central Florida 270,885 40,500 25,782 13,553 2Q 2023 — % Cotton 303 (93%) (4) 2 Phoenix, AZ 880,678 84,200 64,682 56,570 1Q 2023 - 2Q 2023 45 % Smith Farms (90%) (5) 2 Greenville-Spartanburg, SC 1,396,884 101,550 77,173 67,780 1Q 2023 - 2Q 2023 — % $ 447,700 $ 361,924 $ 309,594 (1) Estimated project cost includes estimated tenant improvements and leasing costs and excludes potential developer partner promote, if any. (2) Excludes noncontrolling interests' share. (3) Base building achieved substantial completion. Property not in service as of December 31, 2022. (4) Pre-leased 392,278 square foot facility with a 10-year lease commencing upon substantial completion of the facility and notice to the tenant. (5) In December 2022, substantially completed and placed into service a 797,936 square foot facility subject to a 12-year lease that commenced upon substantial completion of the facility. Remaining two projects ongoing. As of December 31, 2022, the Company's aggregate investment in development arrangements was $361,924, which included capitalized interest of $6,330 for the year ended December 31, 2022 and is presented as investments in real estate under construction in the accompanying consolidated balance sheets. For the year ended December 31, 2021, capitalized interest for development arrangements was $1,114. As of December 31, 2022, the details of the land held for industrial development are as follows (in $000's, except acres): Project (% owned) Market Approx. Developable Acres (unaudited) GAAP Investment Balance as of LXP Amount Funded as of 12/31/2022 (1) Consolidated: Reems & Olive (95.5%) (2) Phoenix, AZ 320 $ 77,379 $ 73,957 Mt. Comfort Phase II (80%) Indianapolis, IN 116 5,301 4,213 ATL Fairburn (100%) Atlanta, GA 14 1,732 1,736 450 $ 84,412 $ 79,906 (1) Excludes noncontrolling interests' share. (2) Ground leased approximately 100 acres of the original 420 acre development land parcel located in the Phoenix, Arizona market, subject to a 20-year ground lease (with three, 10-year extension options). The initial annual rental payments are $5,228 and escalate by 4% annually. |
Dispositions and Impairment
Dispositions and Impairment | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions and Impairment | Dispositions and Impairment For the years ended December 31, 2022, 2021 and 2020, the Company disposed of its interests in various properties for an aggregate gross disposition price of $196,989, $823,966 and $432,843, respectively, which resulted in gains on sales of $59,094, $367,274 and $139,039, respectively, including, in 2021 the sale of 22 special purpose industrial assets to a newly-formed joint venture, NNN MFG Cold JV L.P. (“MFG Cold JV”), with an unaffiliated third-party. Included in the 2021 dispositions are three non-industrial properties with a disposition price of $35,369, which was satisfied through (i) the redemption of 1,598,906 operating units ("OP units"), (ii) the assumption of $11,610 of third party mortgage financing that encumbered two of the properties and (iii) $1,497 of seller financing. The seller financing note receivable has a fixed interest rate of 6.0% per annum and matures on August 1, 2025. As of December 31, 2022, the balance of the note receivable is $1,462. Included in the 2020 dispositions are three properties which were conveyed to the lenders in forgiveness of the mortgage loan encumbering each property. The balances of the non-recourse mortgage loans were in excess of the value of the property collateral, resulting in aggregate debt satisfaction gains, net of $34,450. For the years ended December 31, 2021 and 2020, the Company recognized net debt satisfaction charges relating to properties sold of $229 and $2,879, respectively. The Company had three and eight properties classified as held for sale at December 31, 2022 and December 31, 2021, respectively. Assets and liabilities of the held for sale properties consisted of the following: December 31, 2022 December 31, 2021 Assets: Real estate, at cost $ 131,557 $ 170,117 Real estate, intangible assets 9,942 9,454 Accumulated depreciation and amortization (76,205) (99,659) Other 1,140 2,674 Total assets held for sale $ 66,434 $ 82,586 Liabilities: Accounts payable and other liabilities $ 637 $ 1,908 Deferred revenue 143 483 Prepaid rent 370 1,077 Total liabilities held for sale $ 1,150 $ 3,468 The Company assesses on a regular basis whether there are any indicators that the carrying value of its 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 the asset, the potential sale or transfer of the property in the near future and changes in economic conditions. 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. The Company's Fort Mill, South Carolina office properties that were held for sale as of December 31, 2021 were not sold as of December 31, 2022. It was determined that the properties were not salable in their current condition as of December 31, 2022 and were reclassified as held and used properties. The properties were reclassified to real estate assets, net at $18,625 as of December 31, 2022. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021, aggregated by the level in the fair value hierarchy within which those measurements fall: Fair Value Measurements Using Description 2022 (Level 1) (Level 2) (Level 3) Interest rate swap assets $ 16,318 $ — $ 16,318 $ — Fair Value Measurements Using Description 2021 (Level 1) (Level 2) (Level 3) Interest rate swap liabilities $ (6,258) $ — $ (6,258) $ — Impaired real estate assets (1) $ 12,735 $ — $ — $ 12,735 (1) Represents non-recurring fair value measurement. The Company measured $12,735 of these fair values based on a discounted cash flow analysis, using a discount rate ranging from 8.0% to 10.0% and residual capitalization rates ranging from 7.5% to 8.0%. As significant inputs to the models are unobservable, the Company determined that the value determined for these properties falls within Level 3 of the fair value reporting hierarchy. 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, 2022 and 2021, 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 table below sets forth the carrying amounts and estimated fair values of the Company's financial instruments as of December 31, 2022 and 2021: As of December 31, 2022 As of December 31, 2021 Carrying Fair Value Carrying Fair Value Assets Investment in a sales-type lease, net $ 61,233 $ 60,984 $ — $ — Liabilities Debt $ 1,488,051 $ 1,293,239 $ 1,497,064 $ 1,491,868 The fair value of the Company's investment in a sales-type lease, net is primarily estimated utilizing Level 3 inputs by using a discounted cash flow analysis and an estimate of the unguaranteed residual value. 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. |
Investments in Non-Consolidated
Investments in Non-Consolidated Entities | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Non-Consolidated Entities | Investments in Non-Consolidated Entities Below is a schedule of the Company's investments in non-consolidated entities: Percentage Ownership at Investment Balance as of December 31, Equity in earnings (losses) of non-consolidated entities Investment December 31, 2022 2022 2021 2022 2021 2020 NNN MFG Cold JV L.P. ("MFG Cold JV") (1) 20% $ 26,592 $ 30,752 $ (2,050) $ — $ — NNN Office JV L.P. ("NNN JV") (2)(6) 20% 12,900 24,112 18,156 (140) (84) Etna Park 70 LLC (3) 90% 12,975 12,874 (137) (93) (104) Etna Park 70 East LLC (4) 90% 2,126 2,797 (174) (114) (89) BSH Lessee L.P. (5) 25% 3,613 4,024 211 157 108 $ 58,206 $ 74,559 $ 16,006 $ (190) $ (169) (1) During 2021, the Company disposed of 22 special purpose industrial assets to MFG Cold JV for an aggregate disposition price of $550,000, net of $2,775 of purchase price adjustments, and acquired a 20% interest in the MFG Cold JV. The Company recognized a gain two years. (2) NNN JV is a joint venture formed in 2018 and owns office properties formerly owned by the Company. (3) Joint venture formed in 2017 with a developer entity to acquire a parcel of land. (4) Joint venture formed in 2019 with a developer entity to acquire a parcel of land. (5) A joint venture investment, which owns a single-tenant, net-leased asset. (6) During 2022, NNN JV sold six assets and the Company recognized its share of aggregate gains on sale and impairment charges of $24,513 and $257, respectively, within equity in earnings (losses) of non-consolidated entities within its consolidated statement of operations. During 2020, NNN JV sold two assets and the Company recognized aggregate gains on the transactions of $557 within equity in earnings (losses) of non-consolidated entities within its consolidated statement of operations. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases Lessor Operating Leases . The Company’s lease portfolio as a lessor primarily includes general purpose, single-tenant net-leased real estate assets. Most of the Company’s leases require tenants to pay fixed annual rental payments that escalate on an annual basis and variable payments for other operating expenses, such as real estate taxes, insurance, common area maintenance ("CAM"), and utilities, that are based on the actual expenses incurred. Certain leases allow for the tenant to renew the lease term upon expiration or earlier. Periods covered by a renewal option are included within the lease term only when renewals are deemed to be reasonably certain. Certain leases allow for the tenant to terminate the lease before the expiration of the lease term and certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price upon expiration of the lease term or before. Accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease and determining the lease term when the contract has renewal, purchase or early termination provisions. The Company analyzes its accounts receivable, customer creditworthiness and current economic trends when evaluating the adequacy of the collectability of the lessee's total accounts receivable balance on a lease by lease basis. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected pre-petition and post-petition claims. If a lessee's accounts receivable balance is considered uncollectible, the Company will write-off the receivable balances associated with the lease to rental revenue and cease to recognize lease income, including straight-line rent, unless cash is received. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term; the Company will reinstate the straight-line balance adjusting for the amount related to the period when the lease was accounted for on a cash basis. Certain tenants have been experiencing financial difficulties as a result of the current economic conditions. During the years ended December 31, 2022, 2021 and 2020, the Company wrote off an aggregate of $417, $370 and $389, respectively, accounts receivable, net, relating to certain tenants suffering from the current economic conditions. The Company elected that the lease and non-lease components in its leases are a single lease component, which is, therefore, being recognized as rental revenue in its consolidated statements of operations. The primary non-lease service included within rental revenue is CAM services provided as part of the Company’s real estate leases. ASC 842 requires that the Company capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. As of December 31, 2022, 2021 and 2020, the Company incurred $2, $19 and $67, respectively, of costs that were not incremental to the execution of leases, which are included in property operating expenses in its consolidated statements of operations. The Company manages the risk associated with the residual value of its leased properties by including contract clauses that make tenants responsible for surrendering the space in good condition upon lease termination, holding a diversified portfolio, and other activities . The Company does not have residual value guarantees on specific properties. Sales-Type Leases. During the year ended December 31 2022, the Company had three transactions that qualified as sales-type leases. In 2022, the Company had two tenants that exercised the purchase option within their lease for an aggregate purchase option price of $34,841. The purchase options were not reasonably certain to be exercised at the commencement date of each lease, resulting in modifications of the operating leases. As a result of these modifications to the leases, the Company re-evaluated the lease classifications and classified both leases as sales-type leases. The Company recognized an aggregate of $10,184 in selling profit from sales-type leases in its consolidated statements of operations related to these transactions for the year ended December 31, 2022. As of December 31, 2022, the Company had one ground lease for a 100-acre industrial development land parcel located in the Phoenix, Arizona market that is classified as a sales-type lease. At the commencement date of the lease, the Company evaluated the lease classification and classified the lease as a sales-type lease. The lease contains a purchase option in the amount of $20.00 per land square foot starting on the second anniversary date of the lease ending and ending on the third anniversary date. The Company determined that the purchase option is not reasonably certain of being exercised. The lease met the sales-type lease criteria because the present value of the lease payments was equal to substantially all of the fair value of the underlying asset on the lease commencement date. The Company recorded $60,984 in investment in a sales-type lease, net and derecognized $24,109 from land held for development in the consolidated balance sheets. The Company recognized $36,875 in selling profit from sales-type leases and $4,119 of direct costs to enter into the lease within transaction costs in the consolidated statements of operations for the year ended December 31, 2022. The interest income earned from sales-type leases is included in rental revenue in the consolidated statements of operations. The residual value of the land parcel at the end of the ground lease is estimated to equal it's fair value on the commencement date of the lease of $60,984 because land values typically appreciate over time but the accounting guidance does not allow the residual value at the end of the lease to be in excess of the fair value at the commencement date of the lease. Rental Revenue Classification. The following table presents the Company’s classification of rental revenue Years Ended December 31, Classification 2022 2021 2020 Fixed $ 267,644 $ 287,552 $ 293,457 Sales-type lease income 1,936 — — Variable (1)(2) 44,412 52,392 32,354 Total $ 313,992 $ 339,944 $ 325,811 (1) Primarily comprised of tenant reimbursements. (2) Variable lease payments contain termination revenue of $238, $15,371, and $857 for the years ending December 31, 2022, 2021 and 2020, respectively. Future fixed rental receipts for operating and sales-type leases, assuming no new or re-negotiated leases as of December 31, 2022 were as follows: Year ending December 31, Operating Sales-Type 2023 $ 263,035 $ 5,228 2024 240,160 5,263 2025 220,981 5,473 2026 201,251 5,692 2027 164,056 5,920 Thereafter 615,728 739,162 Total $ 1,705,211 $ 766,738 Difference between undiscounted cash flow and present value 705,412 Investment in a sales-type lease $ 61,326 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, if not reasonably certain. 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, as lessee, has ground leases, corporate leases for office space, and office equipment leases. All leases were classified as operating leases as of December 31, 2022. The leases have remaining lease terms of up to 38 years. Renewal periods are included in the lease term only when renewal is deemed to be reasonably certain. The lease term also includes periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and variable rental payments that tie to an index or a rate, such as CPI. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term and variable lease expense not included in the lease payment measurement as incurred. The accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or termination provisions and determining the discount rate. The Company determines whether an arrangement is or includes a lease at contract inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from and can direct the use of, the identified asset for a period of time, the Company accounts for the contract as a lease. The Company uses the information available at the lease commencement date to determine the discount rate for any new leases. The Company used a portfolio approach to determine its incremental borrowing rate. Lease contracts were grouped based on similar lease terms and economic environments in a manner in which the Company reasonably expects that the outcome from applying a portfolio approach does not differ materially from an individual lease approach. The Company estimated a collateralized discount rate for each portfolio of leases. Supplemental information related to operating leases is as follows: Years Ended December 31, 2022 2021 Weighted-average remaining lease term Operating leases (years) 9.4 9.7 Weighted-average discount rate Operating leases 4.0 % 4.0 % The components of lease expense for the year ended December 31, 2022, 2021 and 2020 were as follows: Income Statement Classification Fixed Variable Total 2022: Property operating $ 3,543 $ — $ 3,543 General and administrative 1,520 122 1,642 Total $ 5,063 $ 122 $ 5,185 2021: Property operating $ 3,645 $ 3 $ 3,648 General and administrative 1,380 70 1,450 Total $ 5,025 $ 73 $ 5,098 2020: Property operating $ 3,969 $ 2 $ 3,971 General and administrative 1,348 105 1,453 Total $ 5,317 $ 107 $ 5,424 The Company recognized sublease income of $3,320, $3,425 and $3,756 in 2022, 2021 and 2020, respectively. The following table shows the Company's maturity analysis of its operating lease liabilities as of December 31, 2022: Year ending December 31, Operating Leases 2023 $ 5,290 2024 5,199 2025 5,204 2026 4,174 2027 3,673 Thereafter 7,501 Total lease payments 31,041 Less: Imputed interest (5,923) Present value of lease liabilities $ 25,118 |
Leases | Leases Lessor Operating Leases . The Company’s lease portfolio as a lessor primarily includes general purpose, single-tenant net-leased real estate assets. Most of the Company’s leases require tenants to pay fixed annual rental payments that escalate on an annual basis and variable payments for other operating expenses, such as real estate taxes, insurance, common area maintenance ("CAM"), and utilities, that are based on the actual expenses incurred. Certain leases allow for the tenant to renew the lease term upon expiration or earlier. Periods covered by a renewal option are included within the lease term only when renewals are deemed to be reasonably certain. Certain leases allow for the tenant to terminate the lease before the expiration of the lease term and certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price upon expiration of the lease term or before. Accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease and determining the lease term when the contract has renewal, purchase or early termination provisions. The Company analyzes its accounts receivable, customer creditworthiness and current economic trends when evaluating the adequacy of the collectability of the lessee's total accounts receivable balance on a lease by lease basis. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected pre-petition and post-petition claims. If a lessee's accounts receivable balance is considered uncollectible, the Company will write-off the receivable balances associated with the lease to rental revenue and cease to recognize lease income, including straight-line rent, unless cash is received. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term; the Company will reinstate the straight-line balance adjusting for the amount related to the period when the lease was accounted for on a cash basis. Certain tenants have been experiencing financial difficulties as a result of the current economic conditions. During the years ended December 31, 2022, 2021 and 2020, the Company wrote off an aggregate of $417, $370 and $389, respectively, accounts receivable, net, relating to certain tenants suffering from the current economic conditions. The Company elected that the lease and non-lease components in its leases are a single lease component, which is, therefore, being recognized as rental revenue in its consolidated statements of operations. The primary non-lease service included within rental revenue is CAM services provided as part of the Company’s real estate leases. ASC 842 requires that the Company capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. As of December 31, 2022, 2021 and 2020, the Company incurred $2, $19 and $67, respectively, of costs that were not incremental to the execution of leases, which are included in property operating expenses in its consolidated statements of operations. The Company manages the risk associated with the residual value of its leased properties by including contract clauses that make tenants responsible for surrendering the space in good condition upon lease termination, holding a diversified portfolio, and other activities . The Company does not have residual value guarantees on specific properties. Sales-Type Leases. During the year ended December 31 2022, the Company had three transactions that qualified as sales-type leases. In 2022, the Company had two tenants that exercised the purchase option within their lease for an aggregate purchase option price of $34,841. The purchase options were not reasonably certain to be exercised at the commencement date of each lease, resulting in modifications of the operating leases. As a result of these modifications to the leases, the Company re-evaluated the lease classifications and classified both leases as sales-type leases. The Company recognized an aggregate of $10,184 in selling profit from sales-type leases in its consolidated statements of operations related to these transactions for the year ended December 31, 2022. As of December 31, 2022, the Company had one ground lease for a 100-acre industrial development land parcel located in the Phoenix, Arizona market that is classified as a sales-type lease. At the commencement date of the lease, the Company evaluated the lease classification and classified the lease as a sales-type lease. The lease contains a purchase option in the amount of $20.00 per land square foot starting on the second anniversary date of the lease ending and ending on the third anniversary date. The Company determined that the purchase option is not reasonably certain of being exercised. The lease met the sales-type lease criteria because the present value of the lease payments was equal to substantially all of the fair value of the underlying asset on the lease commencement date. The Company recorded $60,984 in investment in a sales-type lease, net and derecognized $24,109 from land held for development in the consolidated balance sheets. The Company recognized $36,875 in selling profit from sales-type leases and $4,119 of direct costs to enter into the lease within transaction costs in the consolidated statements of operations for the year ended December 31, 2022. The interest income earned from sales-type leases is included in rental revenue in the consolidated statements of operations. The residual value of the land parcel at the end of the ground lease is estimated to equal it's fair value on the commencement date of the lease of $60,984 because land values typically appreciate over time but the accounting guidance does not allow the residual value at the end of the lease to be in excess of the fair value at the commencement date of the lease. Rental Revenue Classification. The following table presents the Company’s classification of rental revenue Years Ended December 31, Classification 2022 2021 2020 Fixed $ 267,644 $ 287,552 $ 293,457 Sales-type lease income 1,936 — — Variable (1)(2) 44,412 52,392 32,354 Total $ 313,992 $ 339,944 $ 325,811 (1) Primarily comprised of tenant reimbursements. (2) Variable lease payments contain termination revenue of $238, $15,371, and $857 for the years ending December 31, 2022, 2021 and 2020, respectively. Future fixed rental receipts for operating and sales-type leases, assuming no new or re-negotiated leases as of December 31, 2022 were as follows: Year ending December 31, Operating Sales-Type 2023 $ 263,035 $ 5,228 2024 240,160 5,263 2025 220,981 5,473 2026 201,251 5,692 2027 164,056 5,920 Thereafter 615,728 739,162 Total $ 1,705,211 $ 766,738 Difference between undiscounted cash flow and present value 705,412 Investment in a sales-type lease $ 61,326 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, if not reasonably certain. 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, as lessee, has ground leases, corporate leases for office space, and office equipment leases. All leases were classified as operating leases as of December 31, 2022. The leases have remaining lease terms of up to 38 years. Renewal periods are included in the lease term only when renewal is deemed to be reasonably certain. The lease term also includes periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and variable rental payments that tie to an index or a rate, such as CPI. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term and variable lease expense not included in the lease payment measurement as incurred. The accounting guidance under ASC 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or termination provisions and determining the discount rate. The Company determines whether an arrangement is or includes a lease at contract inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from and can direct the use of, the identified asset for a period of time, the Company accounts for the contract as a lease. The Company uses the information available at the lease commencement date to determine the discount rate for any new leases. The Company used a portfolio approach to determine its incremental borrowing rate. Lease contracts were grouped based on similar lease terms and economic environments in a manner in which the Company reasonably expects that the outcome from applying a portfolio approach does not differ materially from an individual lease approach. The Company estimated a collateralized discount rate for each portfolio of leases. Supplemental information related to operating leases is as follows: Years Ended December 31, 2022 2021 Weighted-average remaining lease term Operating leases (years) 9.4 9.7 Weighted-average discount rate Operating leases 4.0 % 4.0 % The components of lease expense for the year ended December 31, 2022, 2021 and 2020 were as follows: Income Statement Classification Fixed Variable Total 2022: Property operating $ 3,543 $ — $ 3,543 General and administrative 1,520 122 1,642 Total $ 5,063 $ 122 $ 5,185 2021: Property operating $ 3,645 $ 3 $ 3,648 General and administrative 1,380 70 1,450 Total $ 5,025 $ 73 $ 5,098 2020: Property operating $ 3,969 $ 2 $ 3,971 General and administrative 1,348 105 1,453 Total $ 5,317 $ 107 $ 5,424 The Company recognized sublease income of $3,320, $3,425 and $3,756 in 2022, 2021 and 2020, respectively. The following table shows the Company's maturity analysis of its operating lease liabilities as of December 31, 2022: Year ending December 31, Operating Leases 2023 $ 5,290 2024 5,199 2025 5,204 2026 4,174 2027 3,673 Thereafter 7,501 Total lease payments 31,041 Less: Imputed interest (5,923) Present value of lease liabilities $ 25,118 |
Allowance for Credit Loss
Allowance for Credit Loss | 12 Months Ended |
Dec. 31, 2022 | |
Credit Loss [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Loss During 2022, the Company recognized a $93 credit loss allowance resulting from an investment in a sales-type lease. There were no allowances for credit losses in 2021 or 2020. As of December 31, 2022, the lessee in the sales-type lease remains current on their obligations to the Company and, therefore, the investment is not on non-accrual status. The following tables detail the allowance for credit loss as of December 31, 2022: As of December 31, 2022 Amortized cost Allowance Net Investment Allowance as a % of Amortized Cost Investment in a sales-type lease $ 61,326 $ (93) $ 61,233 0.15 % |
Mortgages and Notes Payable
Mortgages and Notes Payable | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021: December 31, 2022 December 31, 2021 Mortgages and notes payable $ 73,154 $ 84,429 Unamortized debt issuance costs (1,051) (1,337) $ 72,103 $ 83,092 Interest rates, including imputed rates on mortgages and notes payable, ranged from 3.5% to 4.3% at December 31, 2022 and 2021, respectively, and all mortgages and notes payable mature between 2023 and 2031, as of December 31, 2022. The weighted-average interest rate at December 31, 2022 and 2021 was approximately 4.0%, respectively. The Company has an unsecured credit agreement with KeyBank National Association, as agent. The maturity dates and interest rates as of December 31, 2022, are as follows: Maturity Date Interest Rate $600,000 Revolving Credit Facility (1) July 2026 SOFR + 0.85% $300,000 Term Loan (2) January 2025 Term SOFR + 1.00% (1) In July 2022, the Company amended its revolving credit facility and the 2025 term loan to provide for a new revolving credit facility and the continuation of the 2025 term loan (the "2022 Credit Agreement"). The 2022 Credit Agreement, among other things: (i) extended the maturity date of the revolving portion from February 2023 to July 2026, with two six-month extension options, subject to certain conditions, (ii) reduced the applicable margin for the revolving portion of the credit facility by five basis points to a range from 0.725% to 1.400%, and allows for further reductions upon the achievement of to-be-determined sustainability metrics, (iii) amended the debt covenants by reducing the capitalization rate for determining asset value and (iv) transitioned the facility to SOFR. Simultaneously, the Company converted its interest rate swap agreements to Term SOFR, which resulted in a new fixed interest rate of 2.722% on the Company's 2025 term loan. The Company recognized $119 of debt satisfaction losses in connection with the transaction. At December 31, 2022, the Company had no borrowings outstanding and availability of $600,000, subject to covenant compliance. (2) The aggregate unamortized debt issuance costs for the term loan was $1,041 and $1,554 as of December 31, 2022 and 2021, respectively. The Company was compliant with all applicable financial covenants contained in its corporate-level debt agreements at December 31, 2022. 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 Total 2023 $ 12,265 2024 5,373 2025 5,570 2026 5,773 2027 5,984 Thereafter 38,189 73,154 Unamortized debt issuance costs (1,051) $ 72,103 Included in the consolidated statements of operations, the Company recognized debt satisfaction charges, net, of $717 for the year ended 2021 due to the satisfaction of mortgages and notes payable other than those disclosed elsewhere in these financial statements. In addition, the Company capitalized $7,235, $2,974 and $1,745 of interest expense for the years ended 2022, 2021 and 2020, respectively. |
Senior Notes, Convertible Notes
Senior Notes, Convertible Notes and Trust Preferred Securities | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Senior Notes, Convertible Notes and Trust Preferred Securities | Senior Notes, Convertible Notes and Trust Preferred Securities The Company had the following Senior Notes outstanding as of December 31, 2022 and 2021: Issue Date December 31, 2022 December 31, 2021 Interest Rate Maturity Date Issue Price August 2021 $ 400,000 $ 400,000 2.375 % October 2031 99.758 % August 2020 400,000 400,000 2.70 % September 2030 99.233 % May 2014 198,932 198,932 4.40 % June 2024 99.883 % 998,932 998,932 Unamortized debt discount (3,228) (3,655) Unamortized debt issuance cost (6,409) (7,346) $ 989,295 $ 987,931 Each series of the senior notes is unsecured and requires payment of 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 make-whole premium. In August 2021, the Company issued $400,000 aggregate principal amount of 2.375% Senior Notes due 2031 ("2031 Senior Notes") at an issuance price of 99.758% of the principal amount. The Company issued the 2031 Senior Notes at an initial discount of $968 which is being recognized as additional interest expense over the term of the 2031 Senior Notes. The Company used a portion of the net proceeds from the offering of the 2031 Senior Notes to redeem the $188,756 aggregate principal balance of its outstanding 4.25% Senior Notes due 2023 ("2023 Senior Notes"). The consideration paid included a make-whole premium of $12,191 and $2,028 of accrued and unpaid interest. The Company recognized a $12,948 debt satisfaction loss related to the aggregate redemptions. In August 2020, the Company issued $400,000 aggregate principal amount of 2.70% Senior Notes due 2030 ("2030 Senior Notes") at an issuance price of 99.233% of the principal amount. The Company issued the 2030 Senior Notes at an initial discount of $3,068 which is being recognized as additional interest expense over the term of the 2030 Senior Notes. The Company used the proceeds from the offering of the 2030 Notes to repurchase $61,244 and $51,068 aggregate principal balance of its outstanding 2023 Senior Notes and 4.40% Senior Notes 2024, respectively through a tender offer. The Company recognized a $10,199 debt satisfaction loss related to the aggregate repurchases, which included a write-off of the proportionate amount of unamortized discount and debt issuance costs related to the 2023 and 2024 senior notes. 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, bear interest at a variable rate of three month LIBOR plus 170 basis points through maturity. The interest rate at December 31, 2022 was 6.115%. As of December 31, 2022 and 2021, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,426 and $1,525, 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 2023 $ — 2024 198,932 2025 — 2026 — 2027 — Thereafter 929,120 1,128,052 Unamortized debt discounts (3,228) Unamortized debt issuance costs (7,835) $ 1,116,989 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2022 | |
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 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 Company did not incur any ineffectiveness during 2022 and 2021. During July 2022, the Company transitioned its four interest rate swap agreements with its counterparties to a benchmark rate of Term SOFR. The swaps were designated as cash flow hedges of the risk in variability attributable to changes in the Term SOFR swap rates on its $300,000 SOFR-indexed variable rate unsecured term loan. Accordingly, changes in fair value of the swaps are recorded in other comprehensive income (loss) and reclassified to earnings as interest becomes receivable or payable. The swaps expire coterminous with the maturity of the term loan in January 2025. During the next 12 months, the Company estimates that an additional $9,373 will be reclassified as a decrease to interest expense if the swaps remain outstanding. As of December 31, 2022, 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 4 $300,000 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, 2022 As of December 31, 2021 Derivatives designated as hedging instruments: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest Rate Swap Liability Other Assets $ 16,318 Other Liabilities $ (6,258) The table below present the effect of the Company's derivative financial instruments on the consolidated statements of operations for 2022 and 2021: Derivatives in Cash Flow Amount of Gain Recognized Amount of (Income) Loss Reclassified from Accumulated OCI into Income (1) December 31, Hedging Relationships 2022 2021 2022 2021 Interest Rate Swap $ 22,578 $ 6,755 $ (2) $ 4,950 The Company's share of non-consolidated entity's interest rate cap 1,455 — (84) — Total $ 24,033 $ 6,755 $ (86) $ 4,950 (1) Amounts reclassified from accumulated other comprehensive income (loss) to interest expense within the consolidated statements of operations. Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded was $45,417 and $46,708 for 2022 and 2021, respectively. |
Concentration of Risk
Concentration of Risk | 12 Months Ended |
Dec. 31, 2022 | |
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 in target markets, tenant industry diversification, avoidance of dependency on a single asset and the creditworthiness of its tenants. For the years ended December 31, 2022, 2021 and 2020, 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, 2022 | |
Equity [Abstract] | |
Equity | Equity Shareholders' Equity: At-The-Market Offering Program. The Company maintains an At-The-Market offering program (“ATM program”) under which the Company can issue common shares, including through forward sales contracts. During 2022, the Company issued 3,649,023 common shares previously sold on a forward basis in the first quarter of 2021 on the maturity date of the contracts and received $38,492 of net proceeds. During 2021, the Company settled 4,990,717 common shares previously sold on a forward basis on the maturity date of the contract and received $53,567 of net proceeds. During 2021, the Company sold 1,052,800 common shares under the ATM program for net proceeds of $13,532. The Company did not sell common shares under the ATM program during the twelve months ended December 31, 2022. During 2021, the Company amended the terms of its ATM offering program, under which the Company may, from time to time, sell up to $350,000 of common shares over the term of the program. As of December 31, 2022, common shares with an aggregate value of $294,985 remain available for issuance under the ATM program. Underwritten Equity Offerings. During 2021, the Company entered into forward sales contracts for the sale of 16,000,000 common shares at a public offering price of $12.11 per common share in an underwritten equity offering that have not yet settled. The forward sale contracts were settled in December 2022, and the Company received $183,419 of net proceeds. Stock Based Compensation. In addition, during the years ended December 31, 2022, 2021 and 2020, the Company issued 930,602, 949,573 and 756,380 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. Share Repurchase Program. In August 2022, the Company's Board of Trustees authorized the repurchase of up to an additional 10,000,000 common shares under the Company's share repurchase program, which does not have an expiration date. During 2022, 12,102,074 common shares were repurchased and retired for an average price of $10.78 per share. During 2021, there were no share repurchases. As of December 31, 2022, 6,874,241 common shares remain available for repurchase under this authorization. The Company records a liability for repurchases that have not yet been settled as of the period end. There were no unsettled repurchases as of December 31, 2022. Series C Preferred Stock. The Company had 1,935,400 shares of Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) outstanding at December 31, 2022. 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, 2022, 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. Holders of 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. A summary of the changes in accumulated other comprehensive income (loss) related to the Company's cash flow hedges is as follows: Years ended December 31, 2022 2021 Balance at beginning of period $ (6,258) $ (17,963) Other comprehensive income (loss) before reclassifications 24,033 6,755 Amounts of loss reclassified from accumulated other comprehensive loss to interest expense (86) 4,950 Balance at end of period $ 17,689 $ (6,258) Noncontrolling Interests. In conjunction with several of the Company's acquisitions in prior years, sellers were issued limited partner interests in LCIF (“OP units”) 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 2021, LCIF redeemed and canceled 1,598,906 OP units in connection with the disposition of the three properties. During 2022, 2021 and 2020, 39,747, 185,270 and 327,453 common shares, respectively, were issued by the Company, in connection with OP unit redemptions, for an aggregate value of $211, $958 and $1,614, respectively. As of December 31, 2022, there were approximately 739,000 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 2022 2021 2020 Net income attributable to LXP Industrial Trust shareholders $ 113,783 $ 382,648 $ 183,302 Transfers from noncontrolling interests: Increase in additional paid-in-capital for reallocation of noncontrolling interests — 435 — Increase in additional paid-in-capital for redemption of noncontrolling OP units 211 958 1,614 Change from net income attributable to shareholders and transfers from noncontrolling interests $ 113,994 $ 384,041 $ 184,916 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Benefit Plans | Benefit Plans Non-vested share activity for the years ended December 31, 2022 and 2021, is as follows: Number of Weighted-Average Grant-Date Fair Balance at December 31, 2020 2,704,729 $ 7.27 Granted 899,328 7.85 Vested (1,303,149) 7.82 Forfeited (10,264) 10.09 Balance at December 31, 2021 2,290,644 7.17 Granted 860,665 10.97 Vested (951,472) 7.00 Forfeited (140,947) 9.21 Balance at December 31, 2022 2,058,890 $ 8.70 During 2022 and 2021, the Company granted common shares to certain employees and trustees as follows: 2022 2021 Performance Shares (1) Shares issued: Index 282,720 297,636 Peer 282,715 297,632 Grant date fair value per share: (2) Index $ 9.40 $ 7.13 Peer $ 8.78 $ 6.23 Non-Vested Common Shares: (3) Shares issued 295,230 304,060 Grant date fair value $ 4,304 $ 3,080 (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 2022, all of the 552,121 performance shares issued in 2019 vested. During 2021, all of the 662,044 performance shares issued in 2018 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 2022, 2021 and 2020, the Company issued 69,937, 50,245, and 47,130, respectively, of fully vested common shares to non-management members of the Company's Board of Trustees with a fair value of $849, $587, and $500, respectively. As of December 31, 2022, of the remaining 2,058,890 non-vested shares, 533,827 are subject to time-based vesting and 1,525,063 are subject to performance-based vesting. At December 31, 2022, there are 4,094,587 awards available for grant. The Company has $7,968 in unrecognized compensation costs relating to the non-vested shares that will be charged to compensation expense over an average of approximately 1.7 years. The Company has established a trust for a certain officer in which vested common shares granted for the benefit of the officers are deposited. The officer exerts 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, 2022 and 2021, there were 130,863 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 $480, $426 and $393 of contributions are applicable to 2022, 2021 and 2020, respectively. During 2022, 2021 and 2020, the Company recognized $6,636, $6,554 and $6,185, respectively, in expense relating to scheduled vesting of common share grants. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsThere were no related party transactions other than those disclosed elsewhere in the consolidated financial statements. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021 and 2020 is summarized as follows: 2022 2021 2020 Current: Federal $ — $ (26) $ (173) State and local (1,120) (1,267) (1,411) Deferred federal (1) 18 — — Total $ (1,102) $ (1,293) $ (1,584) (1) The net deferred tax asset is included in Other assets on the accompanying consolidated balance sheets at December 31, 2022. This net deferred tax asset relates primarily to a net operating loss carryforward. The income tax provision differs from the amount computed by applying the statutory federal income tax rate to pre-tax operating income as follows: 2022 2021 2020 Federal provision at statutory tax rate (21%) $ 18 $ (35) $ (195) State and local taxes, net of federal benefit — — (77) Other (1,120) (1,258) (1,312) Total $ (1,102) $ (1,293) $ (1,584) For the years ended December 31, 2022, 2021 and 2020, the “other” amount is comprised primarily of state franchise taxes of $1,121, $1,267 and $1,314, respectively. As of December 31, 2022, the Company had estimated net operating loss carry forward for income tax reporting purposes of $84. 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, 2022, is as follows: 2022 2021 2020 Total dividends per share $ 0.48 $ 0.43 $ 0.42 Ordinary income 81.26 % 65.89 % 95.10 % Qualifying dividend — % 0.1 % 0.6 % Capital gain — — — Return of capital 18.74 % 34.01 % 4.3 % 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, 2022, is as follows: 2022 2021 2020 Total dividends per share $ 3.25 $ 3.25 $ 3.25 Ordinary income 100.00 % 99.84 % 99.38 % Qualifying dividend — % 0.16 % 0.62 % Capital gain — — — Return of capital — — — 100.00 % 100.00 % 100.00 % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In addition to the commitments and contingencies disclosed elsewhere, the Company has the following commitments and contingencies. The Company is obligated under certain tenant leases, including its proportionate share for leases for non-consolidated entities, to fund the expansion of the underlying leased properties. The Company, under certain circumstances, may guarantee to tenants the completion of base building improvements and the payment of tenant improvement allowances and lease commissions on behalf of its subsidiaries. As of December 31, 2022, the Company had six ongoing consolidated development projects and expects to incur approximately $107,000 of costs in 2023, excluding noncontrolling interests' share, to substantially complete the construction of such projects. As of December 31, 2022, the Company had interests in various industrial land parcels held for development. The Company is unable to estimate the timing of any required funding for the potential development projects on these parcels. 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, LXP Industrial Trust 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. |
Supplemental Disclosure of Stat
Supplemental Disclosure of Statement of Cash Flow Information | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosure of Statement of Cash Flow Information | Supplemental Disclosure of Statement of Cash Flow Information 2022 2021 2020 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents at beginning of period $ 190,926 $ 178,795 $ 122,666 Restricted cash at beginning of period 101 626 6,644 Cash, cash equivalents and restricted cash at beginning of period $ 191,027 $ 179,421 $ 129,310 Cash and cash equivalents at end of period $ 54,390 $ 190,926 $ 178,795 Restricted cash at end of period 116 101 626 Cash, cash equivalents and restricted cash at end of period $ 54,506 $ 191,027 $ 179,421 In addition to disclosures discussed elsewhere, during 2022, 2021 and 2020, the Company paid $48,675, $44,234 and $52,059, respectively, for interest and $1,265, $1,569 and $1,748, respectively, for income taxes. During the year ended December 31, 2022, 2021 and 2020, the Company accrued additions for capital projects of $42,962, $41,100 and $12,666, respectively. In 2021, LCIF disposed of three real estate assets. The consideration included the redemption of OP units valued at $22,305 and the assumption of the aggregate related non-recourse mortgage debt of $11,610. In 2021, as a result of the formation of the MFG Cold JV, the Company recognized a non-cash increase to investments in non-consolidated entities of $28,075 for its 20% interest in MFG Cold JV. Additionally, MFG Cold JV assumed a mortgage loan encumbering one property resulting in a non-cash decrease of $25,850 to mortgages and notes payable, net. The acquisition of the RR Ocala 44, LLC joint venture in 2021 included a $489 non-cash increase to investments in real estate under construction and the noncontrolling interest because a member of the joint venture made a non-cash contribution of the land in exchange for its ownership interest in the joint venture. In 2021 and 2020, the Company entered into new leases and exercised extension options on leases resulting in an aggregate non-cash increase of $1,589 and $719, respectively, to the related operating lease liabilities and right of use assets. In 2020, the Company sold its interest in a property, which included the assumption by the buyer of the related non-recourse mortgage debt of $178,662. As a result of the foreclosure of three office properties located in South Carolina, Kansas and Florida, during 2020, there was an aggregate non-cash charge of $57,356 and $28,078 in mortgages and notes payable, net, and real estate, net, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsSubsequent to December 31, 2022, the Company borrowed $20,000, net, on its revolving credit facility. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation and Amortization | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III | Description Location Encumbrances Land and Land Estates Buildings and Improvements Total Accumulated Depreciation and Amortization (1) Date Acquired Date Constructed WAREHOUSE/DISTRIBUTION PROPERTIES Stabilized: Industrial Chandler, AZ $ — $ 10,733 $ 69,517 $ 80,250 $ 7,001 Nov-20 Industrial Goodyear, AZ — 5,247 36,115 41,362 6,738 Nov-18 Industrial Goodyear, AZ 40,935 11,970 50,072 62,042 6,822 Nov-19 Industrial Goodyear, AZ — 1,614 16,222 17,836 1,975 Jan-20 Industrial Goodyear, AZ — 11,732 52,840 64,572 2,486 Nov-21 2021 Industrial Phoenix, AZ — 8,027 77,140 85,167 3,326 Dec-21 Industrial Phoenix, AZ — 5,366 50,281 55,647 1,575 Apr-22 Industrial Tolleson, AZ — 3,311 16,013 19,324 2,295 Oct-19 Industrial Lakeland, FL — 1,416 20,986 22,402 1,676 Jan-21 Industrial Ocala, FL — 4,113 49,991 54,104 5,469 Jun-20 Industrial Orlando, FL — 1,030 10,869 11,899 4,903 Dec-06 Industrial Plant City, FL — 2,610 45,983 48,593 3,161 Dec-21 Industrial Tampa, FL — 2,160 11,109 13,269 8,065 Jul-88 Industrial Adairsville, GA — 1,465 23,950 25,415 1,040 Dec-21 Industrial Austell, GA — 3,251 51,518 54,769 10,517 Jun-19 Industrial Cartersville, GA — 2,497 42,242 44,739 1,901 Dec-21 Industrial Cartersville, GA — 2,006 33,279 35,285 1,460 Dec-21 Industrial Fairburn, GA — 7,209 44,030 51,239 2,083 Nov-21 2021 Industrial McDonough, GA — 5,441 52,790 58,231 11,870 Aug-17 Industrial McDonough, GA — 3,253 30,956 34,209 5,286 Feb-19 Industrial Pooler, GA — 1,690 30,346 32,036 3,664 Apr-20 Industrial Rincon, GA — 3,775 34,357 38,132 3,414 Sep-20 Industrial Savannah, GA — 2,560 25,812 28,372 2,861 Jun-20 Industrial Savannah, GA — 1,070 7,458 8,528 830 Jun-20 Industrial Union City, GA — 2,536 22,830 25,366 3,528 Jun-19 Industrial Edwardsville, IL — 4,593 34,588 39,181 8,606 Dec-16 Industrial Edwardsville, IL — 3,649 41,310 44,959 8,388 Jun-18 Industrial Minooka, IL — 1,788 34,301 36,089 4,181 Jan-20 Industrial Minooka, IL — 3,432 40,949 44,381 5,325 Dec-19 Industrial Minooka, IL — 3,681 45,817 49,498 5,809 Jan-20 Industrial Rantoul, IL — 1,304 32,562 33,866 8,052 Jan-14 2014 Industrial Rockford, IL — 371 2,647 3,018 1,171 Dec-06 Industrial Rockford, IL — 509 5,921 6,430 2,391 Dec-06 Industrial Lafayette, IN — 662 15,814 16,476 4,203 Oct-17 Industrial Lebanon, IN — 2,100 29,996 32,096 7,230 Feb-17 Industrial Whiteland, IN — 741 14,486 15,227 785 Oct-21 Industrial Whiteland, IN — 1,991 39,334 41,325 2,195 Oct-21 Industrial Whiteland, IN — 695 13,956 14,651 755 Oct-21 Industrial Whitestown, IN — 1,162 11,825 12,987 992 Jan-21 Industrial Whitestown, IN — 1,954 17,011 18,965 2,917 Jan-19 Industrial Whitestown, IN — 1,208 12,052 13,260 1,014 Jan-21 Industrial Whitestown, IN — 8,335 80,054 88,389 3,695 Dec-21 Industrial New Century, KS — — 13,424 13,424 3,515 Feb-17 Industrial Walton, KY — 2,010 21,457 23,467 790 Feb-22 Industrial Walton, KY — 4,197 41,043 45,240 1,504 Feb-22 Industrial Minneapolis, MN — 1,886 1,922 3,808 618 Sep-12 Industrial Byhalia, MS — 1,006 35,795 36,801 10,679 May-11 2011 Industrial Byhalia, MS — 1,751 31,429 33,180 9,588 Sep-17 Industrial Canton, MS — 5,077 71,289 76,366 26,763 Mar-15 Industrial Olive Branch, MS — 2,500 48,907 51,407 9,176 Apr-18 Industrial Olive Branch, MS — 1,958 38,702 40,660 8,500 Apr-18 Industrial Olive Branch, MS — 2,646 40,446 43,092 6,238 May-19 Industrial Olive Branch, MS — 851 15,630 16,481 2,360 May-19 Industrial Shelby, NC — 1,421 18,862 20,283 7,978 Jun-11 2011 Industrial Statesville, NC — 891 21,994 22,885 7,831 Dec-06 Description Location Encumbrances Land and Land Estates Buildings and Improvements Total Accumulated Depreciation and Amortization (1) Date Acquired Date Constructed Industrial Erwin, NY — 1,648 12,514 14,162 4,956 Sep-12 Industrial Long Island City, NY 25,046 — 42,759 42,759 27,976 Mar-13 2013 Industrial Chillicothe, OH — 735 10,939 11,674 4,719 Oct-11 Industrial Columbus, OH — 2,251 25,279 27,530 1,476 Aug-21 Industrial Glenwillow, OH — 2,228 24,530 26,758 10,168 Dec-06 Industrial Hebron, OH — 1,803 5,796 7,599 2,797 Dec-97 Industrial Hebron, OH — 2,052 10,316 12,368 4,716 Dec-01 Industrial Lockbourne, OH — 2,800 16,678 19,478 1,456 Mar-21 2021 Industrial Monroe, OH — 1,109 16,477 17,586 1,137 Dec-21 Industrial Monroe, OH — 544 14,120 14,664 1,912 Sep-19 Industrial Monroe, OH — 3,123 60,702 63,825 9,031 Sep-19 Industrial Monroe, OH — 3,950 88,422 92,372 12,667 Sep-19 Industrial Streetsboro, OH — 2,441 25,282 27,723 12,742 Jun-07 Industrial Bristol, PA — 2,508 15,863 18,371 9,909 Mar-98 Industrial Duncan, SC — 2,819 24,509 27,328 1,588 Jul-21 Industrial Duncan, SC — 1,169 23,070 24,239 1,469 Jul-21 Industrial Duncan, SC — 1,020 18,328 19,348 1,136 Jul-21 Industrial Duncan, SC — 1,710 27,817 29,527 1,782 Jul-21 Industrial Duncan, SC — 1,406 14,272 15,678 2,014 Oct-19 Industrial Duncan, SC — 1,257 13,252 14,509 1,877 Oct-19 Industrial Duncan, SC — 1,615 27,830 29,445 4,515 Apr-19 Industrial Greer, SC — 1,329 22,393 23,722 1,417 Jun-21 Industrial Greer, SC — 6,959 78,405 85,364 9,992 Dec-19 Industrial Greer, SC — 2,376 32,129 34,505 2,062 Jun-21 Industrial Greer, SC — 2,484 61,583 64,067 — Jul-21 2022 Industrial Spartanburg, SC — 1,447 23,758 25,205 5,548 Aug-18 Industrial Spartanburg, SC — 1,186 15,820 17,006 1,394 Dec-20 Industrial Antioch, TN — 3,847 17,357 21,204 5,858 May-07 Industrial Cleveland, TN — 1,871 29,743 31,614 7,354 May-17 Industrial Jackson, TN — 1,454 49,134 50,588 11,038 Sep-17 Industrial Lewisburg, TN — 173 10,865 11,038 2,941 May-14 Industrial Millington, TN — 723 20,664 21,387 15,887 Apr-05 Industrial Smyrna, TN — 1,793 93,940 95,733 21,646 Sep-17 Industrial Carrollton, TX — 3,228 16,234 19,462 4,278 Sep-18 Industrial Dallas, TX — 2,420 23,330 25,750 3,613 Apr-19 Industrial Deer Park, TX — 6,489 28,470 34,959 2,070 May-21 Industrial Grand Prairie, TX — 3,166 17,985 21,151 4,289 Jun-17 Industrial Houston, TX — 15,055 57,949 73,004 17,586 Mar-13 Industrial Hutchins, TX — 1,307 8,472 9,779 974 May-20 Industrial Lancaster, TX — 3,847 25,037 28,884 2,195 Dec-20 Industrial Missouri City, TX — 14,555 5,895 20,450 5,895 Apr-12 Industrial Northlake, TX — 4,500 71,636 76,136 8,676 Feb-20 Industrial Northlake, TX — 3,938 37,189 41,127 3,466 Dec-20 Industrial Pasadena, TX — 4,272 22,295 26,567 1,604 May-21 Industrial Pasadena, TX — 2,202 17,135 19,337 1,843 Jun-20 Industrial Pasadena, TX — 1,792 9,089 10,881 648 May-21 Industrial Pasadena, TX — 4,057 17,810 21,867 3,526 Aug-18 Industrial San Antonio, TX — 1,311 36,644 37,955 8,669 Jun-17 Industrial Chester, VA — 8,544 53,067 61,611 10,757 Dec-18 Industrial Winchester, VA — 1,988 32,536 34,524 6,959 Dec-17 Industrial Winchester, VA — 2,818 24,422 27,240 2,497 Sep-20 Industrial Winchester, VA — 3,823 12,373 16,196 5,530 Jun-07 OTHER PROPERTIES Other Palo Alto, CA 7,173 12,400 16,977 29,377 28,131 Dec-06 Other Owensboro, KY — 819 2,439 3,258 1,401 Dec-06 Other Baltimore, MD — 4,605 — 4,605 — Dec-06 Other Fort Mill, SC — 1,798 26,964 28,762 21,574 Aug-04 Description Location Encumbrances Land and Land Estates Buildings and Improvements Total Accumulated Depreciation and Amortization (1) Date Acquired Date Constructed Other Fort Mill, SC — 3,601 16,306 19,907 8,471 Dec-02 Construction in progress — — — 9,221 — Deferred loan costs, net (1,051) — — — — $ 72,103 $ 346,816 $ 3,335,029 $ 3,691,066 $ 627,027 (1) Depreciation and amortization expense is calculated on a straight-line basis over the following lives: Building and improvements Up to 40 years Land estates Up to 51 years Tenant improvements Shorter of useful life or term of related lease The initial cost includes the purchase price paid directly or indirectly by the Company. The total cost basis of the Company's properties at December 31, 2022 for federal income tax purposes was approximately $4.4 billion. 2022 2021 2020 Reconciliation of real estate, at cost: Balance at the beginning of year $ 3,583,978 $ 3,514,564 $ 3,320,574 Additions during year 229,962 860,311 580,861 Properties sold and impaired during the year (161,393) (653,247) (354,218) Other reclassifications 38,519 (137,650) (32,653) Balance at end of year $ 3,691,066 $ 3,583,978 $ 3,514,564 Reconciliation of accumulated depreciation and amortization: Balance at the beginning of year $ 504,699 $ 684,468 $ 675,596 Depreciation and amortization expense 144,163 138,879 127,504 Accumulated depreciation and amortization of properties sold and impaired during year (43,521) (244,751) (102,261) Other reclassifications 21,686 (73,897) (16,371) Balance at end of year $ 627,027 $ 504,699 $ 684,468 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 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 a primary beneficiary are accounted for under appropriate GAAP. |
Revenue Recognition | Revenue Recognition. The Company recognizes operating 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. The Company evaluates the collectability of its rental payments and recognizes revenue on a cash basis when the Company believes it is no longer probable that it will receive substantially all of the remaining lease payments. Renewal options in leases are excluded from the calculation of straight-line rent if the renewals are not reasonably certain. 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. Sales-type lease income is recognized on an effective interest rate basis at a constant rate of return over the term of the applicable leases using the rate implicit in the leases. The investment in a sales-type lease balance is increased every period to reflect income on the net investment in the lease and reduced by the amount of lease payments collected during the period. |
Earnings Per Share | Earnings Per Share . Basic net income (loss) per share is computed under the two-class method 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, unsettled common shares sold in forward sales transactions, 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 current economic environment. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of current and deferred 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, the determination of the incremental borrowing rate for leases where the Company is the lessee, the determination of the term and fair value of sales-type leases, the estimate of credit losses for investments in sales-type leases and the useful lives of long-lived assets. Actual results could differ materially from those estimates. |
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. The Company's acquisitions are primarily considered asset acquisitions, thus acquisition costs are 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 based on the lease revenue and market value of lease up costs avoided as a result of having an in-place lease on the acquisition date. 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 Company considers the strategic decisions regarding the future plans to sell properties and other market factors. The Company regularly updates significant estimates and assumptions including rental rates, capitalization rates and discount rates, which are included in the anticipated future undiscounted cash flows 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 uses the equity method of accounting for those joint ventures where it exercises significant influence but does not have control. 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. |
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. 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 contracts (Level 2 inputs) or 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 out flows (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. |
Cost Capitalization | Cost Capitalization. The Company capitalizes direct and indirect project costs associated with construction of a property or improvements, including interest and compensation costs of employees directly contributing to the completion of each construction project, up to the time the property is substantially complete and ready for its intended use. These costs are included within investments in real estate under construction for development projects and in construction in progress within real estate, at cost for improvements in the consolidated balance sheets. If activities and costs incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once construction is substantially complete on a vacant space, costs are no longer capitalized. The Company will reclassify a development project to real estate, at cost from investments in real estate under construction once in service upon stabilization. The Company considers stabilization to occur upon 90% occupancy of the property or one-year from substantial completion. |
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. Properties are held for sale for a period longer than 12 months if events or circumstances out of the Company's control occur that delay the sale and while management continues to be committed to the plan of sale and is performing actions necessary to respond to the conditions causing the delay the properties held for sale remain salable in their current condition. The operating results of these properties are reflected as discontinued operations in the consolidated |
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. |
Investment in Sales-Type Leases | Investment in Sales-Type Leases . Investments in sales-type leases are accounted for under ASC 842 “Leases” (“ASC 842”). Upon lease commencement or lease modification, the Company assesses lease classification to determine whether the lease should be classified as a direct financing, sales-type or operating lease. As required by ASC 842, the Company separately assesses the land and building components of the property to determine the classification of each component unless the effect of separately accounting for the land component will be insignificant. If the lease is determined to be a direct financing or sales-type lease, the Company records a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized upon execution of the lease or deferred and recognized over the life of the lease, depending on the lease classification and the collectability of the minimum lease payments. Initial direct costs are recognized as an expense if, at the commencement date, the fair value of the underlying asset is different from its carrying amount. If the fair value of the underlying asset equals its carrying amount, initial direct costs are deferred at the commencement date and included in the measurement of the net investment in the lease. |
Allowance for Credit Losses | Allowance for Credit Losses. On January 1, 2020, the Company adopted ASC 326 “Financial Instruments-Credit Losses” (“ASC 326” or “CECL”), which requires that the Company measures and records current expected credit losses for its investments, the scope of which includes investment in sales-type leases in its consolidated balance sheets. The Company has elected to use a discounted cash flow model to estimate the allowance for credit losses. This model requires us to develop cash flows which is used to project estimated credit losses over the life of the lease and discount these cash flows at the asset’s effective interest rate. The Company then records an allowance equal to the difference between the amortized cost basis of the asset and the present value of the expected credit loss cash flows. Expected losses within the Company's cash flows are determined by estimating the probability of default of the tenant and their parent guarantors over the term of the lease. The Company evaluates the collectability of its investment in sales-type leases, net based various probability weighted default scenarios that include, but are not limited to, current payment status, the financial strength of its tenant and its parent guarantors, current economic conditions and 20 years of historical information on corporate defaults. The Company is unable to use its historical data to estimate losses as it has no relevant loss history to date. The allowance is recorded as a reduction to our investment in sales-type leases, net, on the consolidated balance sheets. The Company is required to update its allowance on a quarterly basis with the resulting change being recorded in the consolidated statement of operations for the relevant period. The Company regularly evaluates the extent and impact of any credit deterioration that could affect performance and the value its investment in sales-type leases, as well as the financial and operating capability of the tenant. The Company also evaluates the tenant’s competency in managing and operating the secured property and considers the overall economic environment, real estate sector and geographic sub-market in which the secured property is located. If a tenant's credit deteriorates and it defaults under the terms of the sales-type lease, the Company puts the lease in non-accrual status until it is determined that all payments under the lease are probable of being collected. Write-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received. |
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 portion of the interest rate swap's change in fair value is reported as a component of other comprehensive income (loss). The Company also accounts for its share of cash flow hedges from non-consolidated entities as part of investment in non-consolidated entities and accumulated other comprehensive income (loss). 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. All share-based payments to employees 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 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. |
Reclassifications | Reclassifications . Certain amounts included in prior years' financial statements have been reclassified to conform to the current year's presentation. |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance . In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts that reference the London Interbank Offered Rate, or LIBOR, or another reference rate expected to be discontinued because of reference rate reform. The guidance in ASU 2020-04 is optional, applies for a limited period of time to ease the potential burden in accounting for (or recognizing the effect of) reference rate reform on financial reporting, in response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of LIBOR and may be elected over time as reference rate reform activities occur. As of March 31, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. On July 5, 2022, the Company transitioned its benchmark interest rate for its term loan from LIBOR to the Secured Overnight Financing Rate, or SOFR. The Company adopted ASU 2020-04 and the adoption of this standard did not have an impact on the Company's consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of 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, 2022 and 2021: December 31, 2022 December 31, 2021 Real estate, net $ 1,027,009 $ 810,087 Total assets $ 1,125,558 $ 952,611 Total liabilities $ 40,200 $ 47,011 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022: 2022 2021 2020 BASIC Net income attributable to common shareholders $ 107,307 $ 375,848 $ 176,788 Weighted-average number of common shares outstanding 279,887,760 277,640,835 266,914,843 Net income attributable to common shareholders - per common share basic $ 0.38 $ 1.35 $ 0.66 2022 2021 2020 DILUTED: Net income attributable to common shareholders - basic $ 107,307 $ 375,848 $ 176,788 Impact of assumed conversions 156 7,962 — Net income attributable to common shareholders $ 107,463 $ 383,810 $ 176,788 Weighted-average common shares outstanding - basic 279,887,760 277,640,835 266,914,843 Effect of dilutive securities: Unvested share-based payment awards and options 457,597 989,177 1,267,709 Shares issuable under forward sales agreements 1,274,842 2,110,315 — Operating Partnership Units 853,259 1,918,845 — Series C Cumulative Convertible Preferred — 4,710,570 — Weighted-average common shares outstanding - diluted 282,473,458 287,369,742 268,182,552 Net income attributable to common shareholders - per common share diluted $ 0.38 $ 1.34 $ 0.66 |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate Investments, Net [Abstract] | |
Schedule of Net Real Estate | The Company's real estate, net, consists of the following at December 31, 2022 and 2021: 2022 2021 Real estate, at cost: Buildings and building improvements $ 3,335,029 $ 3,235,601 Land, land estates and land improvements 346,816 342,895 Construction in progress 9,221 5,482 Real estate intangibles: In-place lease values 309,393 320,847 Tenant relationships 12,519 13,205 Above-market leases 6,695 7,351 Land held for development 84,412 104,160 Investments in real estate under construction 361,924 161,165 4,466,009 4,190,706 Accumulated depreciation and amortization (1) (800,470) (655,740) Real estate, net $ 3,665,539 $ 3,534,966 (1) Includes accumulated amortization of real estate intangible assets of $173,443 and $151,041 in 2022 and 2021, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $31,971 in 2023, $26,487 in 2024, $22,558 in 2025, $19,550 in 2026 and $14,466 in 2027. As of December 31, 2022, the details of the development arrangements outstanding are as follows (in $000's, except square feet): Project (% owned) # of Buildings Market Estimated Sq. Ft. (unaudited) Estimated Project Cost (1) GAAP Investment Balance as of Amount Funded as of 12/31/2022 (2) Actual/Estimated Building Completion Date (unaudited) % Leased as of The Cubes at Etna East (95%) (3) 1 Columbus, OH 1,074,840 $ 72,850 $ 61,171 $ 58,455 3Q 2022 — % Ocala (80%) 1 Central Florida 1,085,280 83,100 73,737 63,388 1Q 2023 — % Mt. Comfort (80%) 1 Indianapolis, IN 1,053,360 65,500 59,379 49,848 1Q 2023 — % South Shore (100%) 2 Central Florida 270,885 40,500 25,782 13,553 2Q 2023 — % Cotton 303 (93%) (4) 2 Phoenix, AZ 880,678 84,200 64,682 56,570 1Q 2023 - 2Q 2023 45 % Smith Farms (90%) (5) 2 Greenville-Spartanburg, SC 1,396,884 101,550 77,173 67,780 1Q 2023 - 2Q 2023 — % $ 447,700 $ 361,924 $ 309,594 (1) Estimated project cost includes estimated tenant improvements and leasing costs and excludes potential developer partner promote, if any. (2) Excludes noncontrolling interests' share. (3) Base building achieved substantial completion. Property not in service as of December 31, 2022. (4) Pre-leased 392,278 square foot facility with a 10-year lease commencing upon substantial completion of the facility and notice to the tenant. (5) In December 2022, substantially completed and placed into service a 797,936 square foot facility subject to a 12-year lease that commenced upon substantial completion of the facility. Remaining two projects ongoing. As of December 31, 2022, the details of the land held for industrial development are as follows (in $000's, except acres): Project (% owned) Market Approx. Developable Acres (unaudited) GAAP Investment Balance as of LXP Amount Funded as of 12/31/2022 (1) Consolidated: Reems & Olive (95.5%) (2) Phoenix, AZ 320 $ 77,379 $ 73,957 Mt. Comfort Phase II (80%) Indianapolis, IN 116 5,301 4,213 ATL Fairburn (100%) Atlanta, GA 14 1,732 1,736 450 $ 84,412 $ 79,906 (1) Excludes noncontrolling interests' share. (2) Ground leased approximately 100 acres of the original 420 acre development land parcel located in the Phoenix, Arizona market, subject to a 20-year ground lease (with three, 10-year extension options). The initial annual rental payments are $5,228 and escalate by 4% annually. |
Schedule of Acquired Properties | The Company acquired or completed and placed into service the following assets during 2022 and 2021: 2022: Market (1) Acquisition/Completion Date Initial Primary Lease Expiration at Acquisition Land Building and Improvements Lease in-place Value Intangible Cincinnati/Dayton, OH (2) February 2022 $ 23,382 N/A $ 2,010 $ 21,372 $ — Cincinnati/Dayton, OH February 2022 48,660 04/2032 4,197 40,944 3,519 Phoenix, AZ April 2022 59,140 05/2037 5,366 50,281 3,493 Greenville-Spartanburg, SC (3) December 2022 64,067 04/2035 2,484 61,583 — $ 195,249 $ 14,057 $ 174,180 $ 7,012 Weighted-average life of intangible assets (years) 12.7 (1) A land parcel located in Hebron, OH was also purchased for $747. (2) Subsequent to acquisition, property was fully leased for approximately nine years. 2021: Market (1) Acquisition/Completion Date Initial Primary Lease Expiration at Acquisition Land Building and Improvements Lease in-place Value Intangible Above (Below) Market Lease Intangible Indianapolis, IN January 2021 $ 14,310 12/2024 $ 1,208 $ 12,052 $ 1,035 $ 15 Indianapolis, IN January 2021 14,120 08/2025 1,162 11,825 1,133 — Central Florida January 2021 22,358 05/2031 1,416 19,910 1,032 — Columbus, OH (2) March 2021 19,531 03/2024 2,800 16,731 — — Houston, TX May 2021 28,293 08/2028 4,272 22,296 1,725 — Houston, TX May 2021 37,686 12/2026 6,489 28,470 2,727 — Houston, TX May 2021 11,512 08/2024 1,792 9,089 631 — Cincinnati/Dayton, OH June 2021 18,674 06/2023 1,109 16,477 1,088 — Central Florida June 2021 48,593 N/A 2,610 45,983 — — Greenville-Spartanburg, SC June 2021 36,903 09/2025 2,376 32,121 2,406 — Greenville-Spartanburg, SC June 2021 23,812 06/2026 1,329 21,419 1,064 — Greenville-Spartanburg, SC July 2021 29,421 04/2029 2,819 24,508 2,094 — Greenville-Spartanburg, SC July 2021 26,106 12/2029 1,169 23,070 1,867 — Greenville-Spartanburg, SC (3) July 2021 18,394 N/A 1,020 17,374 — — Greenville-Spartanburg, SC July 2021 31,646 09/2026 1,710 27,817 2,119 — Columbus, OH August 2021 29,265 11/2029 2,251 25,184 1,830 — Indianapolis, IN October 2021 16,315 12/2026 741 14,488 1,086 — Indianapolis, IN October 2021 44,479 03/2031 1,991 39,338 3,150 — Indianapolis, IN October 2021 15,644 12/2026 695 13,958 991 — Atlanta, GA (2)(4) November 2021 47,568 10/2028 7,209 40,359 — — Phoenix, AZ (2) November 2021 61,490 11/2036 11,732 49,758 — — Phoenix, AZ December 2021 83,517 12/2031 8,027 73,650 1,840 — Indianapolis, IN December 2021 93,899 11/2031 8,335 80,051 5,513 — Atlanta, GA December 2021 37,625 07/2031 2,006 33,276 2,343 — Atlanta, GA December 2021 47,618 09/2031 2,497 42,255 2,866 — Atlanta, GA December 2021 26,838 09/2025 1,465 23,649 1,724 — $ 885,617 $ 80,230 $ 765,108 $ 40,264 $ 15 Weighted-average life of intangible assets (years) 7.3 3.5 (1) A land parcel located in Hebron, OH was also purchased for $371. (2) Development project substantially completed and placed into service. (3) Subsequent to acquisition, property fully leased for 5.5 years. (4) Initial basis excludes certain remaining costs, including developer partner promote. |
Dispositions and Impairment (Ta
Dispositions and Impairment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Assets and Liabilities of Held for Sale Properties | Assets and liabilities of the held for sale properties consisted of the following: December 31, 2022 December 31, 2021 Assets: Real estate, at cost $ 131,557 $ 170,117 Real estate, intangible assets 9,942 9,454 Accumulated depreciation and amortization (76,205) (99,659) Other 1,140 2,674 Total assets held for sale $ 66,434 $ 82,586 Liabilities: Accounts payable and other liabilities $ 637 $ 1,908 Deferred revenue 143 483 Prepaid rent 370 1,077 Total liabilities held for sale $ 1,150 $ 3,468 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021, aggregated by the level in the fair value hierarchy within which those measurements fall: Fair Value Measurements Using Description 2022 (Level 1) (Level 2) (Level 3) Interest rate swap assets $ 16,318 $ — $ 16,318 $ — Fair Value Measurements Using Description 2021 (Level 1) (Level 2) (Level 3) Interest rate swap liabilities $ (6,258) $ — $ (6,258) $ — Impaired real estate assets (1) $ 12,735 $ — $ — $ 12,735 (1) Represents non-recurring fair value measurement. The Company measured $12,735 of these fair values based on a discounted cash flow analysis, using a discount rate ranging from 8.0% to 10.0% and residual capitalization rates ranging from 7.5% to 8.0%. As significant inputs to the models are unobservable, the Company determined that the value determined for these properties falls within Level 3 of the fair value reporting hierarchy. |
Schedule of Carrying Amounts and Fair Value of Financial Instruments | The table below sets forth the carrying amounts and estimated fair values of the Company's financial instruments as of December 31, 2022 and 2021: As of December 31, 2022 As of December 31, 2021 Carrying Fair Value Carrying Fair Value Assets Investment in a sales-type lease, net $ 61,233 $ 60,984 $ — $ — Liabilities Debt $ 1,488,051 $ 1,293,239 $ 1,497,064 $ 1,491,868 |
Investments in Non-Consolidat_2
Investments in Non-Consolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and Advances to Affiliates | Below is a schedule of the Company's investments in non-consolidated entities: Percentage Ownership at Investment Balance as of December 31, Equity in earnings (losses) of non-consolidated entities Investment December 31, 2022 2022 2021 2022 2021 2020 NNN MFG Cold JV L.P. ("MFG Cold JV") (1) 20% $ 26,592 $ 30,752 $ (2,050) $ — $ — NNN Office JV L.P. ("NNN JV") (2)(6) 20% 12,900 24,112 18,156 (140) (84) Etna Park 70 LLC (3) 90% 12,975 12,874 (137) (93) (104) Etna Park 70 East LLC (4) 90% 2,126 2,797 (174) (114) (89) BSH Lessee L.P. (5) 25% 3,613 4,024 211 157 108 $ 58,206 $ 74,559 $ 16,006 $ (190) $ (169) (1) During 2021, the Company disposed of 22 special purpose industrial assets to MFG Cold JV for an aggregate disposition price of $550,000, net of $2,775 of purchase price adjustments, and acquired a 20% interest in the MFG Cold JV. The Company recognized a gain two years. (2) NNN JV is a joint venture formed in 2018 and owns office properties formerly owned by the Company. (3) Joint venture formed in 2017 with a developer entity to acquire a parcel of land. (4) Joint venture formed in 2019 with a developer entity to acquire a parcel of land. (5) A joint venture investment, which owns a single-tenant, net-leased asset. (6) During 2022, NNN JV sold six assets and the Company recognized its share of aggregate gains on sale and impairment charges of $24,513 and $257, respectively, within equity in earnings (losses) of non-consolidated entities within its consolidated statement of operations. During 2020, NNN JV sold two assets and the Company recognized aggregate gains on the transactions of $557 within equity in earnings (losses) of non-consolidated entities within its consolidated statement of operations. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Operating Lease, Lease Income | The following table presents the Company’s classification of rental revenue Years Ended December 31, Classification 2022 2021 2020 Fixed $ 267,644 $ 287,552 $ 293,457 Sales-type lease income 1,936 — — Variable (1)(2) 44,412 52,392 32,354 Total $ 313,992 $ 339,944 $ 325,811 (1) Primarily comprised of tenant reimbursements. |
Lessor, Operating Lease, Payments to be Received, Maturity | Future fixed rental receipts for operating and sales-type leases, assuming no new or re-negotiated leases as of December 31, 2022 were as follows: Year ending December 31, Operating Sales-Type 2023 $ 263,035 $ 5,228 2024 240,160 5,263 2025 220,981 5,473 2026 201,251 5,692 2027 164,056 5,920 Thereafter 615,728 739,162 Total $ 1,705,211 $ 766,738 Difference between undiscounted cash flow and present value 705,412 Investment in a sales-type lease $ 61,326 |
Lease, Cost | Supplemental information related to operating leases is as follows: Years Ended December 31, 2022 2021 Weighted-average remaining lease term Operating leases (years) 9.4 9.7 Weighted-average discount rate Operating leases 4.0 % 4.0 % The components of lease expense for the year ended December 31, 2022, 2021 and 2020 were as follows: Income Statement Classification Fixed Variable Total 2022: Property operating $ 3,543 $ — $ 3,543 General and administrative 1,520 122 1,642 Total $ 5,063 $ 122 $ 5,185 2021: Property operating $ 3,645 $ 3 $ 3,648 General and administrative 1,380 70 1,450 Total $ 5,025 $ 73 $ 5,098 2020: Property operating $ 3,969 $ 2 $ 3,971 General and administrative 1,348 105 1,453 Total $ 5,317 $ 107 $ 5,424 |
Lessee, Operating Lease, Liability, Maturity | The following table shows the Company's maturity analysis of its operating lease liabilities as of December 31, 2022: Year ending December 31, Operating Leases 2023 $ 5,290 2024 5,199 2025 5,204 2026 4,174 2027 3,673 Thereafter 7,501 Total lease payments 31,041 Less: Imputed interest (5,923) Present value of lease liabilities $ 25,118 |
Allowance for Credit Loss (Tabl
Allowance for Credit Loss (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Credit Loss [Abstract] | |
Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss | The following tables detail the allowance for credit loss as of December 31, 2022: As of December 31, 2022 Amortized cost Allowance Net Investment Allowance as a % of Amortized Cost Investment in a sales-type lease $ 61,326 $ (93) $ 61,233 0.15 % |
Mortgages and Notes Payable (Ta
Mortgages and Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The Company had the following mortgages and notes payable outstanding as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 Mortgages and notes payable $ 73,154 $ 84,429 Unamortized debt issuance costs (1,051) (1,337) $ 72,103 $ 83,092 |
Schedule of Line of Credit Facilities | The maturity dates and interest rates as of December 31, 2022, are as follows: Maturity Date Interest Rate $600,000 Revolving Credit Facility (1) July 2026 SOFR + 0.85% $300,000 Term Loan (2) January 2025 Term SOFR + 1.00% (1) In July 2022, the Company amended its revolving credit facility and the 2025 term loan to provide for a new revolving credit facility and the continuation of the 2025 term loan (the "2022 Credit Agreement"). The 2022 Credit Agreement, among other things: (i) extended the maturity date of the revolving portion from February 2023 to July 2026, with two six-month extension options, subject to certain conditions, (ii) reduced the applicable margin for the revolving portion of the credit facility by five basis points to a range from 0.725% to 1.400%, and allows for further reductions upon the achievement of to-be-determined sustainability metrics, (iii) amended the debt covenants by reducing the capitalization rate for determining asset value and (iv) transitioned the facility to SOFR. Simultaneously, the Company converted its interest rate swap agreements to Term SOFR, which resulted in a new fixed interest rate of 2.722% on the Company's 2025 term loan. The Company recognized $119 of debt satisfaction losses in connection with the transaction. At December 31, 2022, the Company had no borrowings outstanding and availability of $600,000, subject to covenant compliance. (2) The aggregate unamortized debt issuance costs for the term loan was $1,041 and $1,554 as of December 31, 2022 and 2021, 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 Total 2023 $ 12,265 2024 5,373 2025 5,570 2026 5,773 2027 5,984 Thereafter 38,189 73,154 Unamortized debt issuance costs (1,051) $ 72,103 Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows: Year ending December 31, Total 2023 $ — 2024 198,932 2025 — 2026 — 2027 — Thereafter 929,120 1,128,052 Unamortized debt discounts (3,228) Unamortized debt issuance costs (7,835) $ 1,116,989 |
Senior Notes, Convertible Not_2
Senior Notes, Convertible Notes and Trust Preferred Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt Instrument Redemption | The Company had the following Senior Notes outstanding as of December 31, 2022 and 2021: Issue Date December 31, 2022 December 31, 2021 Interest Rate Maturity Date Issue Price August 2021 $ 400,000 $ 400,000 2.375 % October 2031 99.758 % August 2020 400,000 400,000 2.70 % September 2030 99.233 % May 2014 198,932 198,932 4.40 % June 2024 99.883 % 998,932 998,932 Unamortized debt discount (3,228) (3,655) Unamortized debt issuance cost (6,409) (7,346) $ 989,295 $ 987,931 |
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 Total 2023 $ 12,265 2024 5,373 2025 5,570 2026 5,773 2027 5,984 Thereafter 38,189 73,154 Unamortized debt issuance costs (1,051) $ 72,103 Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows: Year ending December 31, Total 2023 $ — 2024 198,932 2025 — 2026 — 2027 — Thereafter 929,120 1,128,052 Unamortized debt discounts (3,228) Unamortized debt issuance costs (7,835) $ 1,116,989 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | As of December 31, 2022, 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 4 $300,000 |
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, 2022 As of December 31, 2021 Derivatives designated as hedging instruments: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest Rate Swap Liability Other Assets $ 16,318 Other Liabilities $ (6,258) |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The table below present the effect of the Company's derivative financial instruments on the consolidated statements of operations for 2022 and 2021: Derivatives in Cash Flow Amount of Gain Recognized Amount of (Income) Loss Reclassified from Accumulated OCI into Income (1) December 31, Hedging Relationships 2022 2021 2022 2021 Interest Rate Swap $ 22,578 $ 6,755 $ (2) $ 4,950 The Company's share of non-consolidated entity's interest rate cap 1,455 — (84) — Total $ 24,033 $ 6,755 $ (86) $ 4,950 (1) Amounts reclassified from accumulated other comprehensive income (loss) to interest expense within the consolidated statements of operations. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: Years ended December 31, 2022 2021 Balance at beginning of period $ (6,258) $ (17,963) Other comprehensive income (loss) before reclassifications 24,033 6,755 Amounts of loss reclassified from accumulated other comprehensive loss to interest expense (86) 4,950 Balance at end of period $ 17,689 $ (6,258) |
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 2022 2021 2020 Net income attributable to LXP Industrial Trust shareholders $ 113,783 $ 382,648 $ 183,302 Transfers from noncontrolling interests: Increase in additional paid-in-capital for reallocation of noncontrolling interests — 435 — Increase in additional paid-in-capital for redemption of noncontrolling OP units 211 958 1,614 Change from net income attributable to shareholders and transfers from noncontrolling interests $ 113,994 $ 384,041 $ 184,916 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Nonvested Share Activity | Non-vested share activity for the years ended December 31, 2022 and 2021, is as follows: Number of Weighted-Average Grant-Date Fair Balance at December 31, 2020 2,704,729 $ 7.27 Granted 899,328 7.85 Vested (1,303,149) 7.82 Forfeited (10,264) 10.09 Balance at December 31, 2021 2,290,644 7.17 Granted 860,665 10.97 Vested (951,472) 7.00 Forfeited (140,947) 9.21 Balance at December 31, 2022 2,058,890 $ 8.70 |
Schedule of Share-based Compensation, Activity | During 2022 and 2021, the Company granted common shares to certain employees and trustees as follows: 2022 2021 Performance Shares (1) Shares issued: Index 282,720 297,636 Peer 282,715 297,632 Grant date fair value per share: (2) Index $ 9.40 $ 7.13 Peer $ 8.78 $ 6.23 Non-Vested Common Shares: (3) Shares issued 295,230 304,060 Grant date fair value $ 4,304 $ 3,080 (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 2022, all of the 552,121 performance shares issued in 2019 vested. During 2021, all of the 662,044 performance shares issued in 2018 vested. (2) The fair value of grants was determined at the grant date using a Monte Carlo simulation model. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021 and 2020 is summarized as follows: 2022 2021 2020 Current: Federal $ — $ (26) $ (173) State and local (1,120) (1,267) (1,411) Deferred federal (1) 18 — — Total $ (1,102) $ (1,293) $ (1,584) |
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: 2022 2021 2020 Federal provision at statutory tax rate (21%) $ 18 $ (35) $ (195) State and local taxes, net of federal benefit — — (77) Other (1,120) (1,258) (1,312) Total $ (1,102) $ (1,293) $ (1,584) |
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, 2022, is as follows: 2022 2021 2020 Total dividends per share $ 0.48 $ 0.43 $ 0.42 Ordinary income 81.26 % 65.89 % 95.10 % Qualifying dividend — % 0.1 % 0.6 % Capital gain — — — Return of capital 18.74 % 34.01 % 4.3 % 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, 2022, is as follows: 2022 2021 2020 Total dividends per share $ 3.25 $ 3.25 $ 3.25 Ordinary income 100.00 % 99.84 % 99.38 % Qualifying dividend — % 0.16 % 0.62 % 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, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | 2022 2021 2020 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents at beginning of period $ 190,926 $ 178,795 $ 122,666 Restricted cash at beginning of period 101 626 6,644 Cash, cash equivalents and restricted cash at beginning of period $ 191,027 $ 179,421 $ 129,310 Cash and cash equivalents at end of period $ 54,390 $ 190,926 $ 178,795 Restricted cash at end of period 116 101 626 Cash, cash equivalents and restricted cash at end of period $ 54,506 $ 191,027 $ 179,421 |
The Company and Financial Sta_2
The Company and Financial Statement Presentation (Details) | Dec. 31, 2022 state property |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of consolidated properties | property | 116 |
Number of states in which entity has interests | state | 21 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 jointVenture segment | |
Property, Plant and Equipment [Line Items] | |
Joint venture interests | 7 |
Number of operating segments | segment | 1 |
Building and improvements | |
Property, Plant and Equipment [Line Items] | |
Maximum useful life of PPE (in years) | 40 years |
On-Going Development Projects | |
Property, Plant and Equipment [Line Items] | |
Joint venture interests | 5 |
Land Joint Ventures | |
Property, Plant and Equipment [Line Items] | |
Joint venture interests | 2 |
Joint Ventures With Developers | Minimum | |
Property, Plant and Equipment [Line Items] | |
Joint venture, ownership percentage | 80% |
Joint Ventures With Developers | Maximum | |
Property, Plant and Equipment [Line Items] | |
Joint venture, ownership percentage | 95.50% |
LCIF | Variable Interest Entity, Primary Beneficiary | |
Property, Plant and Equipment [Line Items] | |
VIE, ownership percentage | 99% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Variable Interest Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Real estate, net | $ 3,665,539 | $ 3,534,966 |
Total assets | 4,053,847 | 4,005,558 |
Total liabilities | 1,662,844 | 1,682,330 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Real estate, net | 1,027,009 | 810,087 |
Total assets | 1,125,558 | 952,611 |
Total liabilities | $ 40,200 | $ 47,011 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
BASIC | |||
Net income attributable to common shareholders | $ 107,307 | $ 375,848 | $ 176,788 |
Weighted-average common shares outstanding - basic (in shares) | 279,887,760 | 277,640,835 | 266,914,843 |
Net income attributable to common shareholders - per common share basic (usd per share) | $ 0.38 | $ 1.35 | $ 0.66 |
DILUTED: | |||
Impact of assumed conversions | $ 156 | $ 7,962 | $ 0 |
Net income attributable to common shareholders | $ 107,463 | $ 383,810 | $ 176,788 |
Weighted-average common shares outstanding - basic (in shares) | 279,887,760 | 277,640,835 | 266,914,843 |
Effect of dilutive securities: | |||
Unvested share-based payment awards and options (in shares) | 457,597 | 989,177 | 1,267,709 |
Shares issuable under forward sales agreements (in shares) | 1,274,842 | 2,110,315 | 0 |
Operating Partnership Units (in shares) | 0 | 4,710,570 | 0 |
Series C Cumulative Convertible Preferred (in shares) | 853,259 | 1,918,845 | 0 |
Weighted-average common shares outstanding (in shares) | 282,473,458 | 287,369,742 | 268,182,552 |
Net income attributable to common shareholders - per common share diluted (usd per share) | $ 0.38 | $ 1.34 | $ 0.66 |
Investments in Real Estate - Sc
Investments in Real Estate - Schedule of Net Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real Estate [Line Items] | ||
Buildings and building improvements | $ 3,335,029 | $ 3,235,601 |
Land, land estates and land improvements | 346,816 | 342,895 |
Construction in progress | 9,221 | 5,482 |
Real estate - intangible assets | 328,607 | 341,403 |
Land held for development | 84,412 | 104,160 |
Investments in real estate under construction | 361,924 | 161,165 |
Real estate, gross | 4,466,009 | 4,190,706 |
Accumulated depreciation and amortization | (800,470) | (655,740) |
Real estate, net | 3,665,539 | 3,534,966 |
Accumulated amortization | 173,443 | 151,041 |
Amortization expense, next 12 months | 31,971 | |
Amortization expense, year 2 | 26,487 | |
Amortization expense, year 3 | 22,558 | |
Amortization expense, year 4 | 19,550 | |
Amortization expense, year 5 | 14,466 | |
In-place lease values | ||
Real Estate [Line Items] | ||
Real estate - intangible assets | 309,393 | 320,847 |
Tenant relationships | ||
Real Estate [Line Items] | ||
Real estate - intangible assets | 12,519 | 13,205 |
Above-market leases | ||
Real Estate [Line Items] | ||
Real estate - intangible assets | $ 6,695 | $ 7,351 |
Investments in Real Estate - Ad
Investments in Real Estate - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate [Line Items] | ||
Below-market leases, net of accretion | $ 11,214 | $ 14,401 |
Future accretion, year 1 | 1,830 | |
Future accretion, year 2 | 1,830 | |
Future accretion, year 3 | 1,740 | |
Future accretion, year 4 | 1,538 | |
Future accretion, year 5 | 1,292 | |
Investments in real estate under construction | 361,924 | 161,165 |
Construction in progress, capitalized interest | 6,330 | |
Land held for development | $ 84,412 | 104,160 |
Fairburn JV | ||
Real Estate [Line Items] | ||
Noncontrolling interest, additional ownership percentage purchased by parent | 13% | |
Payments to acquire interest in joint venture | $ 27,958 | |
Noncontrolling interest in joint ventures | 25,058 | |
Real Estate Investment | ||
Real Estate [Line Items] | ||
Investments in real estate under construction | 361,924 | |
Land held for development | $ 84,412 | |
Interest Costs Capitalized | $ 1,114 |
Investments in Real Estate - _2
Investments in Real Estate - Schedule of Acquired Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate [Line Items] | |||
Initial Cost Basis | $ 195,249 | $ 885,617 | |
Land | 14,057 | 80,230 | |
Building and Improvements | 174,180 | 765,108 | |
Lease in-place Value Intangible | 7,012 | 40,264 | |
Above (Below) Market Lease Intangible | 15 | ||
Payments to acquire real estate | $ 132,026 | $ 758,371 | $ 611,754 |
Lease in-place Value Intangible | |||
Real Estate [Line Items] | |||
Weighted-average life of intangible assets (years) | 12 years 8 months 12 days | 7 years 3 months 18 days | |
Above (Below) Market Lease Intangible | |||
Real Estate [Line Items] | |||
Weighted-average life of intangible assets (years) | 3 years 6 months | ||
Cincinnati/Dayton, OH | Industrial Property | Cincinnati/Dayton, OH Industrial Property | |||
Real Estate [Line Items] | |||
Initial Cost Basis | $ 23,382 | ||
Land | 2,010 | ||
Building and Improvements | 21,372 | ||
Lease in-place Value Intangible | $ 0 | ||
Lease term | 9 years | ||
Cincinnati/Dayton, OH | Industrial Property | Cincinnati/Dayton, OH Industrial Property Expiring April 2032 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | $ 48,660 | ||
Land | 4,197 | ||
Building and Improvements | 40,944 | ||
Lease in-place Value Intangible | 3,519 | ||
Cincinnati/Dayton, OH | Industrial Property | Cincinnati/Dayton, OH Industrial Property Expiring June 2023 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | $ 18,674 | ||
Land | 1,109 | ||
Building and Improvements | 16,477 | ||
Lease in-place Value Intangible | 1,088 | ||
Above (Below) Market Lease Intangible | 0 | ||
Phoenix, AZ | Industrial Property | Phoenix, AZ Industrial Property Expiring May 2037 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 59,140 | ||
Land | 5,366 | ||
Building and Improvements | 50,281 | ||
Lease in-place Value Intangible | 3,493 | ||
Phoenix, AZ | Industrial Property | Phoenix, AZ Industrial Property Expiring Nov 2036 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 61,490 | ||
Land | 11,732 | ||
Building and Improvements | 49,758 | ||
Lease in-place Value Intangible | 0 | ||
Above (Below) Market Lease Intangible | 0 | ||
Phoenix, AZ | Industrial Property | Phoenix, AZ Industrial Property Expiring Dec 2031 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 83,517 | ||
Land | 8,027 | ||
Building and Improvements | 73,650 | ||
Lease in-place Value Intangible | 1,840 | ||
Above (Below) Market Lease Intangible | 0 | ||
Greenville-Spartanburg, SC | Industrial Property | Greenville, SC Industrial Property Expiring April 2035 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 64,067 | ||
Land | 2,484 | ||
Building and Improvements | 61,583 | ||
Lease in-place Value Intangible | 0 | ||
Greenville-Spartanburg, SC | Industrial Property | Greenville-Spartanburg, SC Industrial Property Expiring Sept 2025 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 36,903 | ||
Land | 2,376 | ||
Building and Improvements | 32,121 | ||
Lease in-place Value Intangible | 2,406 | ||
Above (Below) Market Lease Intangible | 0 | ||
Greenville-Spartanburg, SC | Industrial Property | Greenville-Spartanburg, SC Industrial Property Expiring June 2026 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 23,812 | ||
Land | 1,329 | ||
Building and Improvements | 21,419 | ||
Lease in-place Value Intangible | 1,064 | ||
Above (Below) Market Lease Intangible | 0 | ||
Greenville-Spartanburg, SC | Industrial Property | Greenville-Spartanburg, SC Industrial Property Expiring April 2029 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 29,421 | ||
Land | 2,819 | ||
Building and Improvements | 24,508 | ||
Lease in-place Value Intangible | 2,094 | ||
Above (Below) Market Lease Intangible | 0 | ||
Greenville-Spartanburg, SC | Industrial Property | Greenville-Spartanburg, SC Industrial Property Expiring Dec 2029 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 26,106 | ||
Land | 1,169 | ||
Building and Improvements | 23,070 | ||
Lease in-place Value Intangible | 1,867 | ||
Above (Below) Market Lease Intangible | 0 | ||
Greenville-Spartanburg, SC | Industrial Property | Greenville-Spartanburg, SC Industrial Property, Lease Expiration Date Not Available | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 18,394 | ||
Land | 1,020 | ||
Building and Improvements | 17,374 | ||
Lease in-place Value Intangible | 0 | ||
Above (Below) Market Lease Intangible | $ 0 | ||
Lease term | 5 years 6 months | ||
Greenville-Spartanburg, SC | Industrial Property | Greenville-Spartanburg, SC Industrial Property Expiring Sept 2026 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | $ 31,646 | ||
Land | 1,710 | ||
Building and Improvements | 27,817 | ||
Lease in-place Value Intangible | 2,119 | ||
Above (Below) Market Lease Intangible | 0 | ||
Indianapolis, IN | Industrial Property | Indianapolis, IN Industrial Property Expiring Dec 2024 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 14,310 | ||
Land | 1,208 | ||
Building and Improvements | 12,052 | ||
Lease in-place Value Intangible | 1,035 | ||
Above (Below) Market Lease Intangible | 15 | ||
Indianapolis, IN | Industrial Property | Indianapolis, IN Industrial Property Expiring Aug 2025 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 14,120 | ||
Land | 1,162 | ||
Building and Improvements | 11,825 | ||
Lease in-place Value Intangible | 1,133 | ||
Above (Below) Market Lease Intangible | 0 | ||
Indianapolis, IN | Industrial Property | Indianapolis, IN Industrial Property Expiring Dec 2026 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 16,315 | ||
Land | 741 | ||
Building and Improvements | 14,488 | ||
Lease in-place Value Intangible | 1,086 | ||
Above (Below) Market Lease Intangible | 0 | ||
Indianapolis, IN | Industrial Property | Indianapolis, IN Industrial Property Expiring Mar 2031 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 44,479 | ||
Land | 1,991 | ||
Building and Improvements | 39,338 | ||
Lease in-place Value Intangible | 3,150 | ||
Above (Below) Market Lease Intangible | 0 | ||
Indianapolis, IN | Industrial Property | Indianapolis, IN Industrial Property Two Expiring Dec 2026 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 15,644 | ||
Land | 695 | ||
Building and Improvements | 13,958 | ||
Lease in-place Value Intangible | 991 | ||
Above (Below) Market Lease Intangible | 0 | ||
Indianapolis, IN | Industrial Property | Indianapolis, IN Industrial Property Expiring Nov 2031 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 93,899 | ||
Land | 8,335 | ||
Building and Improvements | 80,051 | ||
Lease in-place Value Intangible | 5,513 | ||
Above (Below) Market Lease Intangible | 0 | ||
Central Florida | Industrial Property | Central Florida Industrial Property Expiring May 2031 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 22,358 | ||
Land | 1,416 | ||
Building and Improvements | 19,910 | ||
Lease in-place Value Intangible | 1,032 | ||
Above (Below) Market Lease Intangible | 0 | ||
Central Florida | Industrial Property | Central Florida Industrial Property, Lease Expiration Date Not Available | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 48,593 | ||
Land | 2,610 | ||
Building and Improvements | 45,983 | ||
Lease in-place Value Intangible | 0 | ||
Above (Below) Market Lease Intangible | 0 | ||
Columbus, OH | Industrial Property | Columbus, Ohio, Industrial Property Expiring Mar 2024 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 19,531 | ||
Land | 2,800 | ||
Building and Improvements | 16,731 | ||
Lease in-place Value Intangible | 0 | ||
Above (Below) Market Lease Intangible | 0 | ||
Columbus, OH | Industrial Property | Columbus, Ohio Industrial Property Expiring Nov 2029 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 29,265 | ||
Land | 2,251 | ||
Building and Improvements | 25,184 | ||
Lease in-place Value Intangible | 1,830 | ||
Above (Below) Market Lease Intangible | 0 | ||
Houston, TX | Industrial Property | Houston, TX Industrial Property Expiring Aug 2028 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 28,293 | ||
Land | 4,272 | ||
Building and Improvements | 22,296 | ||
Lease in-place Value Intangible | 1,725 | ||
Above (Below) Market Lease Intangible | 0 | ||
Houston, TX | Industrial Property | Houston, TX Industrial Property Expiring Dec 2026 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 37,686 | ||
Land | 6,489 | ||
Building and Improvements | 28,470 | ||
Lease in-place Value Intangible | 2,727 | ||
Above (Below) Market Lease Intangible | 0 | ||
Houston, TX | Industrial Property | Houston, TX Industrial Property Expiring Aug 2024 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 11,512 | ||
Land | 1,792 | ||
Building and Improvements | 9,089 | ||
Lease in-place Value Intangible | 631 | ||
Above (Below) Market Lease Intangible | 0 | ||
Atlanta, GA | Industrial Property | Atlanta, GA Industrial Property Expiring Oct 2028 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 47,568 | ||
Land | 7,209 | ||
Building and Improvements | 40,359 | ||
Lease in-place Value Intangible | 0 | ||
Above (Below) Market Lease Intangible | 0 | ||
Atlanta, GA | Industrial Property | Atlanta, GA Industrial Property Expiring July 2031 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 37,625 | ||
Land | 2,006 | ||
Building and Improvements | 33,276 | ||
Lease in-place Value Intangible | 2,343 | ||
Above (Below) Market Lease Intangible | 0 | ||
Atlanta, GA | Industrial Property | Atlanta, GA Industrial Property Expiring Sept 2031 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 47,618 | ||
Land | 2,497 | ||
Building and Improvements | 42,255 | ||
Lease in-place Value Intangible | 2,866 | ||
Above (Below) Market Lease Intangible | 0 | ||
Atlanta, GA | Industrial Property | Atlanta, GA Industrial Property Expiring Sept 2025 | |||
Real Estate [Line Items] | |||
Initial Cost Basis | 26,838 | ||
Land | 1,465 | ||
Building and Improvements | 23,649 | ||
Lease in-place Value Intangible | 1,724 | ||
Above (Below) Market Lease Intangible | 0 | ||
Hebron, OH | Industrial Property | |||
Real Estate [Line Items] | |||
Payments to acquire real estate | $ 747 | $ 371 |
Investments in Real Estate - _3
Investments in Real Estate - Schedule of Real Estate Properties Development (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) ft² building property | Dec. 31, 2021 USD ($) | |
Real Estate [Line Items] | ||
GAAP Investment Balance as of 12/31/2022 | $ 361,924 | $ 161,165 |
Real Estate Investment | ||
Real Estate [Line Items] | ||
Estimated Project Cost | 447,700 | |
GAAP Investment Balance as of 12/31/2022 | 361,924 | |
Amount Funded as of 12/31/2022 | $ 309,594 | |
Columbus, OH | The Cubes at Etna East | ||
Real Estate [Line Items] | ||
Project ownership percentage | 95% | |
Columbus, OH | Real Estate Investment | The Cubes at Etna East | ||
Real Estate [Line Items] | ||
# of Buildings | building | 1 | |
Estimated Sq. Ft. (unaudited) | ft² | 1,074,840 | |
Estimated Project Cost | $ 72,850 | |
GAAP Investment Balance as of 12/31/2022 | 61,171 | |
Amount Funded as of 12/31/2022 | $ 58,455 | |
% Leased as of 12/31/2022 | 0% | |
Central Florida | Ocala | ||
Real Estate [Line Items] | ||
Project ownership percentage | 80% | |
Central Florida | South Shore | ||
Real Estate [Line Items] | ||
Project ownership percentage | 100% | |
Central Florida | Real Estate Investment | Ocala | ||
Real Estate [Line Items] | ||
# of Buildings | building | 1 | |
Estimated Sq. Ft. (unaudited) | ft² | 1,085,280 | |
Estimated Project Cost | $ 83,100 | |
GAAP Investment Balance as of 12/31/2022 | 73,737 | |
Amount Funded as of 12/31/2022 | $ 63,388 | |
% Leased as of 12/31/2022 | 0% | |
Central Florida | Real Estate Investment | South Shore | ||
Real Estate [Line Items] | ||
# of Buildings | building | 2 | |
Estimated Sq. Ft. (unaudited) | ft² | 270,885 | |
Estimated Project Cost | $ 40,500 | |
GAAP Investment Balance as of 12/31/2022 | 25,782 | |
Amount Funded as of 12/31/2022 | $ 13,553 | |
% Leased as of 12/31/2022 | 0% | |
Indianapolis, IN | Mt. Comfort | ||
Real Estate [Line Items] | ||
Project ownership percentage | 80% | |
Indianapolis, IN | Real Estate Investment | Mt. Comfort | ||
Real Estate [Line Items] | ||
# of Buildings | building | 1 | |
Estimated Sq. Ft. (unaudited) | ft² | 1,053,360 | |
Estimated Project Cost | $ 65,500 | |
GAAP Investment Balance as of 12/31/2022 | 59,379 | |
Amount Funded as of 12/31/2022 | $ 49,848 | |
% Leased as of 12/31/2022 | 0% | |
Phoenix, AZ | Cotton 303 | ||
Real Estate [Line Items] | ||
Project ownership percentage | 93% | |
Phoenix, AZ | Real Estate Investment | Cotton 303 | ||
Real Estate [Line Items] | ||
# of Buildings | building | 2 | |
Estimated Sq. Ft. (unaudited) | ft² | 880,678 | |
Estimated Project Cost | $ 84,200 | |
GAAP Investment Balance as of 12/31/2022 | 64,682 | |
Amount Funded as of 12/31/2022 | $ 56,570 | |
% Leased as of 12/31/2022 | 45% | |
Real estate under construction, leased area | ft² | 392,278 | |
Lease term | 10 years | |
Greenville-Spartanburg, SC | Smith Farms | ||
Real Estate [Line Items] | ||
Project ownership percentage | 90% | |
Number of ongoing projects | property | 2 | |
Greenville-Spartanburg, SC | Real Estate Investment | Smith Farms | ||
Real Estate [Line Items] | ||
# of Buildings | building | 2 | |
Estimated Sq. Ft. (unaudited) | ft² | 1,396,884 | |
Estimated Project Cost | $ 101,550 | |
GAAP Investment Balance as of 12/31/2022 | 77,173 | |
Amount Funded as of 12/31/2022 | $ 67,780 | |
% Leased as of 12/31/2022 | 0% | |
Real estate under construction, leased area | ft² | 797,936 | |
Lease term | 12 years |
Investments in Real Estate - La
Investments in Real Estate - Land Held for Development (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) a extensionOption acre | Dec. 31, 2021 USD ($) | |
Real Estate [Line Items] | ||
GAAP Investment Balance as of 12/31/2022 | $ 84,412 | $ 104,160 |
Real Estate Investment | ||
Real Estate [Line Items] | ||
Approx. Developable Acres (unaudited) | a | 450 | |
GAAP Investment Balance as of 12/31/2022 | $ 84,412 | |
LXP Amount Funded as of 12/31/2022 | $ 79,906 | |
Reems & Olive | Phoenix, AZ | Real Estate Investment | ||
Real Estate [Line Items] | ||
Approx. Developable Acres (unaudited) | a | 320 | |
GAAP Investment Balance as of 12/31/2022 | $ 77,379 | |
LXP Amount Funded as of 12/31/2022 | $ 73,957 | |
Project ownership percentage | 95.50% | |
Number of leased acres | acre | 100 | |
Number of acres | acre | 420 | |
Lease term | 20 years | |
Number of lease extension options | extensionOption | 3 | |
Real estate investment property, lease extension term | 10 years | |
Initial annual rental payments | $ 5,228 | |
Increase in annual rental payments, percent | 0.04 | |
Mt. Comfort Phase II | Indianapolis, IN | Real Estate Investment | ||
Real Estate [Line Items] | ||
Approx. Developable Acres (unaudited) | a | 116 | |
GAAP Investment Balance as of 12/31/2022 | $ 5,301 | |
LXP Amount Funded as of 12/31/2022 | $ 4,213 | |
Project ownership percentage | 80% | |
Fairburn JV | Atlanta, GA | Real Estate Investment | ||
Real Estate [Line Items] | ||
Approx. Developable Acres (unaudited) | a | 14 | |
GAAP Investment Balance as of 12/31/2022 | $ 1,732 | |
LXP Amount Funded as of 12/31/2022 | $ 1,736 | |
Project ownership percentage | 100% |
Dispositions and Impairment - A
Dispositions and Impairment - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) property shares | Dec. 31, 2020 USD ($) property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Aggregate gain on sale of properties | $ 59,094 | $ 367,274 | $ 139,039 |
Number of properties sold | property | 3 | ||
Redemption of units (in shares) | shares | 1,598,906 | ||
Transfer mortgage payable | $ 11,610 | ||
Note receivable, interest rate | 6% | ||
Number of real estate properties conveyed to lender | property | 116 | ||
Properties classified as held-for-sale (in number of properties) | property | 3 | 8 | |
Assets held for sale | $ 66,434 | $ 82,586 | |
Asset impairment charges | 3,037 | 5,541 | $ 14,460 |
Fort Mill, SC | Fort Mill, NC Property | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Assets held for sale | 18,625 | ||
Notes Receivable | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Self financing | 1,497 | ||
Note receivable balance | 1,462 | ||
Properties Conveyed to Lenders | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of real estate properties conveyed to lender | property | 3 | ||
Gain (loss) on debt extinguishment on sale of properties | $ 34,450 | ||
Disposal Group, Disposed of by Sale, not Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of property | 196,989 | 823,966 | 432,843 |
Aggregate gain on sale of properties | $ 59,094 | 367,274 | 139,039 |
Gain (loss) on debt extinguishment on sale of properties | $ 229 | $ 2,879 | |
Disposal Group, Disposed of by Sale, not Discontinued Operations | Properties Disposed By LCIF | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties sold | property | 3 | ||
Disposition price | $ 35,369 | ||
Number of disposed properties encumbered with mortgage loan | property | 2 |
Dispositions and Impairment - S
Dispositions and Impairment - Schedule of Properties Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Real estate, at cost | $ 131,557 | $ 170,117 |
Real estate, intangible assets | 9,942 | 9,454 |
Accumulated depreciation and amortization | (76,205) | (99,659) |
Other | 1,140 | 2,674 |
Assets held for sale | 66,434 | 82,586 |
Liabilities: | ||
Accounts payable and other liabilities | 637 | 1,908 |
Deferred revenue | 143 | 483 |
Prepaid rent | 370 | 1,077 |
Liabilities held for sale | $ 1,150 | $ 3,468 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Measurements Inputs (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) year |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap assets | $ 16,318 | |
Interest rate swap liabilities | $ (6,258) | |
Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired real estate assets | $ 12,735 | |
Fair Value, Nonrecurring | Discount Rate | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate property, fair value measurement input | year | 0.080 | |
Fair Value, Nonrecurring | Discount Rate | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate property, fair value measurement input | year | 0.100 | |
Fair Value, Nonrecurring | Capitalization Rate | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate property, fair value measurement input | 0.075 | |
Fair Value, Nonrecurring | Capitalization Rate | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate property, fair value measurement input | 0.080 | |
Fair Value Measurements Using Level 1 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap assets | 0 | |
Interest rate swap liabilities | $ 0 | |
Fair Value Measurements Using Level 1 | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired real estate assets | 0 | |
Fair Value Measurements Using Level 2 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap assets | 16,318 | |
Interest rate swap liabilities | (6,258) | |
Fair Value Measurements Using Level 2 | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired real estate assets | 0 | |
Fair Value Measurements Using Level 3 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap assets | $ 0 | |
Interest rate swap liabilities | 0 | |
Fair Value Measurements Using Level 3 | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired real estate assets | $ 12,735 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value, by Balance Sheet Grouping (Details) - Fair Value Measurements Using Level 3 - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Carrying Amount | ||
Assets: | ||
Investment in a sales-type lease, net | $ 61,233 | $ 0 |
Liabilities | ||
Debt | 1,488,051 | 1,497,064 |
Fair Value | ||
Assets: | ||
Investment in a sales-type lease, net | 60,984 | 0 |
Liabilities | ||
Debt | $ 1,293,239 | $ 1,491,868 |
Investments in Non-Consolidat_3
Investments in Non-Consolidated Entities - Schedule of Investments in and Non-consolidated Entities (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) officeAsset | Dec. 31, 2021 USD ($) property asset | Dec. 31, 2020 USD ($) officeAsset | |
Schedule of Equity Method Investments [Line Items] | |||
Investment Balance as of December 31, | $ 58,206 | $ 74,559 | |
Equity in earnings (losses) of non-consolidated entities Years ended December 31, | 16,006 | $ (190) | $ (169) |
Number of properties sold | property | 3 | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Gains on sales of properties | ||
Transfer mortgage payable | $ 11,610 | ||
Aggregate gain on sale of properties | 59,094 | 367,274 | 139,039 |
Disposal Group, Disposed of by Sale, not Discontinued Operations | |||
Schedule of Equity Method Investments [Line Items] | |||
Aggregate gain on sale of properties | $ 59,094 | $ 367,274 | 139,039 |
Non-Recourse Mortgage | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||
Schedule of Equity Method Investments [Line Items] | |||
Basis spread on variable rate | 2.45% | ||
NNN MFG Cold JV L.P. | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage Ownership at | 20% | 20% | |
Investment Balance as of December 31, | $ 26,592 | $ 30,752 | |
Equity in earnings (losses) of non-consolidated entities Years ended December 31, | $ (2,050) | $ 0 | 0 |
NNN MFG Cold JV L.P. | Disposal Group, Disposed of by Sale, not Discontinued Operations | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of properties sold | asset | 22 | ||
Disposition price | $ 550,000 | ||
Disposal of assets, selling price adjustment | 2,775 | ||
Gain on disposal of industrial assets | 239,386 | ||
NNN MFG Cold JV L.P. | Non-Recourse Mortgage | |||
Schedule of Equity Method Investments [Line Items] | |||
Transfer mortgage payable | 25,850 | ||
Long-term debt | $ 381,000 | ||
Debt instrument, initial term | 2 years | ||
Debt instrument, number of additional terms | property | 3 | ||
Debt instrument, number of years in each additional term | 1 year | ||
Debt instrument, with capped interest rate, term | 2 years | ||
NNN MFG Cold JV L.P. | Non-Recourse Mortgage | Maximum | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest Rate | 3% | ||
NNN Office JV L.P. | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage Ownership at | 20% | ||
Investment Balance as of December 31, | $ 12,900 | $ 24,112 | |
Equity in earnings (losses) of non-consolidated entities Years ended December 31, | $ 18,156 | (140) | $ (84) |
NNN Office JV L.P. | NNN Office Joint Venture Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of properties sold | officeAsset | 6 | 2 | |
Income (loss) from equity method investments, gain on sale of assets | $ 24,513 | ||
Income (loss) from equity method investments, loss on impairment | $ 257 | ||
Aggregate gain on sale of properties | $ 557 | ||
Etna Park 70 LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage Ownership at | 90% | ||
Investment Balance as of December 31, | $ 12,975 | 12,874 | |
Equity in earnings (losses) of non-consolidated entities Years ended December 31, | $ (137) | (93) | (104) |
Etna Park 70 East LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage Ownership at | 90% | ||
Investment Balance as of December 31, | $ 2,126 | 2,797 | |
Equity in earnings (losses) of non-consolidated entities Years ended December 31, | $ (174) | (114) | (89) |
BSH Lessee L.P. | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage Ownership at | 25% | ||
Investment Balance as of December 31, | $ 3,613 | 4,024 | |
Equity in earnings (losses) of non-consolidated entities Years ended December 31, | $ 211 | $ 157 | $ 108 |
Investments in Non-Consolidat_4
Investments in Non-Consolidated Entities - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) officeAsset | Dec. 31, 2021 USD ($) property | Dec. 31, 2020 USD ($) officeAsset | |
Investments in and Advances to Affiliates [Line Items] | |||
Number of properties sold | property | 3 | ||
Aggregate gain on sale of properties | $ 59,094 | $ 367,274 | $ 139,039 |
Distribution of net proceeds | 17,024 | 0 | 0 |
Lexington Reality Advisors Inc | Investment Advice | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investment advisory fees | $ 5,615 | $ 2,968 | $ 3,028 |
NNN Office JV L.P. | |||
Investments in and Advances to Affiliates [Line Items] | |||
Co-venture equity ownership percentage | 20% | ||
NNN Office JV L.P. | NNN Office Joint Venture Properties | |||
Investments in and Advances to Affiliates [Line Items] | |||
Number of properties sold | officeAsset | 6 | 2 | |
Aggregate gain on sale of properties | $ 557 |
Leases - Additional information
Leases - Additional information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 USD ($) a property $ / ft² | Dec. 31, 2022 USD ($) a property $ / ft² | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Lessee, Lease, Description [Line Items] | ||||
Non incremental costs incurred | $ 2 | $ 19 | $ 67 | |
Investment in a sales-type lease, net (allowance for credit loss of $93 in 2022) | $ 61,233 | 61,233 | 0 | |
Selling profit from sales-type leases | $ 47,059 | $ 47,059 | 0 | 0 |
Number of acres, industrial development land parcel | a | 100 | 100 | ||
Sublease income | $ 3,320 | 3,425 | 3,756 | |
Number Of Ground Leases | property | 1 | 1 | ||
Unspecified | ||||
Lessee, Lease, Description [Line Items] | ||||
Investment in a sales-type lease, net (allowance for credit loss of $93 in 2022) | $ 34,841 | $ 34,841 | ||
Selling profit from sales-type leases | 10,184 | |||
Phoenix, AZ | ||||
Lessee, Lease, Description [Line Items] | ||||
Selling profit from sales-type leases | $ 36,875 | |||
Purchase option, land, per square foot | $ / ft² | 20 | 20 | ||
Derecognized land held-for-development | $ 24,109 | $ 24,109 | ||
Sales-type lease, direct cost | 4,119 | |||
Fair Value Measurements Using Level 3 | Fair Value | ||||
Lessee, Lease, Description [Line Items] | ||||
Investment in a sales-type lease, net | 60,984 | 60,984 | 0 | |
Fair Value Measurements Using Level 3 | Fair Value | Phoenix, AZ | ||||
Lessee, Lease, Description [Line Items] | ||||
Investment in a sales-type lease, net | $ 60,984 | $ 60,984 | ||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease, remaining lease term (up to) | 38 years | 38 years | ||
COVID-19 Pandemic | ||||
Lessee, Lease, Description [Line Items] | ||||
Rent revenue reduced | $ 417 | $ 370 | $ 389 |
Leases - Lease Income (Details)
Leases - Lease Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Fixed | $ 267,644 | $ 287,552 | $ 293,457 |
Sales-type Lease, Revenue | 1,936 | 0 | 0 |
Variable | 44,412 | 52,392 | 32,354 |
Total | 313,992 | 339,944 | 325,811 |
Lease termination income | $ 238 | $ 15,371 | $ 857 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Rental revenue |
Leases - Future Fixed Rental Re
Leases - Future Fixed Rental Receipts (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Total | |
2023 | $ 263,035 |
2024 | 240,160 |
2025 | 220,981 |
2026 | 201,251 |
2027 | 164,056 |
Thereafter | 615,728 |
Total | 1,705,211 |
Sales-Type | |
2023 | 5,228 |
2024 | 5,263 |
2025 | 5,473 |
2026 | 5,692 |
2027 | 5,920 |
Thereafter | 739,162 |
Total | 766,738 |
Difference between undiscounted cash flow and present value | 705,412 |
Investment in a sales-type lease | $ 61,326 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Weighted-average remaining lease term, operating leases (years) | 9 years 4 months 24 days | 9 years 8 months 12 days |
Weighted-average discount rate, operating leases | 4% | 4% |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Fixed | $ 5,063 | $ 5,025 | $ 5,317 |
Variable | 122 | 73 | 107 |
Total | 5,185 | 5,098 | 5,424 |
Property operating | |||
Lessee, Lease, Description [Line Items] | |||
Fixed | 3,543 | 3,645 | 3,969 |
Variable | 0 | 3 | 2 |
Total | 3,543 | 3,648 | 3,971 |
General and administrative | |||
Lessee, Lease, Description [Line Items] | |||
Fixed | 1,520 | 1,380 | 1,348 |
Variable | 122 | 70 | 105 |
Total | $ 1,642 | $ 1,450 | $ 1,453 |
Leases - Operating Lease Liabil
Leases - Operating Lease Liabilities Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 5,290 | |
2024 | 5,199 | |
2025 | 5,204 | |
2026 | 4,174 | |
2027 | 3,673 | |
Thereafter | 7,501 | |
Total lease payments | 31,041 | |
Less: Imputed interest | (5,923) | |
Operating lease liabilities | $ 25,118 | $ 29,094 |
Allowance for Credit Loss - Nar
Allowance for Credit Loss - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Credit Loss [Abstract] | |||
Change in allowance for credit loss | $ 93 | $ 0 | $ 0 |
Allowance for Credit Loss - Sal
Allowance for Credit Loss - Sales-Type Lease, Allowance (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Credit Loss [Abstract] | ||
Amortized cost | $ 61,326 | |
Allowance | (93) | |
Net Investment | $ 61,233 | $ 0 |
Allowance as a % of Amortized Cost | 0.0015 |
Mortgages and Notes Payable - S
Mortgages and Notes Payable - Schedule of Mortgages and Notes Payable (Details) - Mortgages and Notes Payable - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Mortgages and notes payable | $ 73,154 | $ 84,429 |
Unamortized debt issuance costs | (1,051) | (1,337) |
Long-term debt | $ 72,103 | $ 83,092 |
Mortgages and Notes Payable - A
Mortgages and Notes Payable - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Debt satisfaction gains (losses), net | $ (119) | $ (13,894) | $ 21,452 |
Interest paid, capitalized | $ 7,235 | $ 2,974 | $ 1,745 |
Mortgages and Notes Payable | |||
Debt Instrument [Line Items] | |||
Weighted-average interest rate | 4% | 4% | |
Debt satisfaction gains (losses), net | $ 717 | ||
Revolving Credit Facility | Unsecured Revolving Credit Facility, Expiring February 2023 | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.85% | ||
Unsecured Term Loan | Unsecured Term Loan, Expiring January 2025 | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1% | ||
Minimum | Mortgages and Notes Payable | |||
Debt Instrument [Line Items] | |||
Effective interest percentage | 3.50% | 3.50% | |
Maximum | Mortgages and Notes Payable | |||
Debt Instrument [Line Items] | |||
Effective interest percentage | 4.30% | 4.30% |
Mortgages and Notes Payable - C
Mortgages and Notes Payable - Credit Agreement Terms (Details) | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2022 extensionOption | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||
Number of extension options | extensionOption | 2 | ||
Length of extension | 6 months | ||
Write off of deferred debt issuance cost | $ 119,000 | ||
Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Unamortized debt | 1,041,000 | $ 1,554,000 | |
Unsecured Revolving Credit Facility, Expiring February 2023 | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Revolving credit facility borrowings | 0 | ||
Line of credit remaining borrowing capacity | 600,000,000 | ||
Unsecured Revolving Credit Facility, Expiring February 2023 | Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Revolving credit facility borrowings | 600,000,000 | ||
Unsecured Term Loan, Expiring January 2025 | Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Face amount | $ 300,000,000 | ||
Interest rate | 2.722% | ||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility Expires in July 2026 | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate, increase (decrease) during period | 0.0005 | ||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility Expires in July 2026 | Revolving Credit Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.725% | ||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility Expires in July 2026 | Revolving Credit Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.40% |
Mortgages and Notes Payable - M
Mortgages and Notes Payable - Maturities of Long-term Debt (Details) - Mortgages, Notes Payable and Term Loan $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |
2023 | $ 12,265 |
2024 | 5,373 |
2025 | 5,570 |
2026 | 5,773 |
2027 | 5,984 |
Thereafter | 38,189 |
Long-term debt, gross | 73,154 |
Unamortized debt issuance costs | (1,051) |
Long-term debt | $ 72,103 |
Senior Notes, Convertible Not_3
Senior Notes, Convertible Notes and Trust Preferred Securities - Schedule of Long-term Debt Instruments (Details) - Senior Notes - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 31, 2021 | Aug. 31, 2020 |
Debt Instrument [Line Items] | ||||
Mortgages and notes payable | $ 998,932 | $ 998,932 | ||
Unamortized debt discounts | (3,228) | (3,655) | ||
Unamortized debt issuance costs | (6,409) | (7,346) | ||
Long-term debt | 989,295 | 987,931 | ||
Senior Notes Due 2031 | ||||
Debt Instrument [Line Items] | ||||
Mortgages and notes payable | $ 400,000 | 400,000 | ||
Unamortized debt discounts | $ (968) | |||
Interest Rate | 2.375% | |||
Issue Price | 99.758% | |||
Senior Notes Due 2030 | ||||
Debt Instrument [Line Items] | ||||
Mortgages and notes payable | 400,000 | $ 400,000 | ||
Unamortized debt discounts | $ (3,068) | |||
Interest Rate | 2.70% | |||
Issue Price | 99.233% | |||
Senior Notes Due 2024 | ||||
Debt Instrument [Line Items] | ||||
Mortgages and notes payable | $ 198,932 | $ 198,932 | ||
Interest Rate | 4.40% | 4.40% | ||
Issue Price | 99.883% |
Senior Notes, Convertible Not_4
Senior Notes, Convertible Notes and Trust Preferred Securities - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2021 | Aug. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2007 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Debt satisfaction gains (losses), net | $ (119,000) | $ (13,894,000) | $ 21,452,000 | |||
Senior Notes | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Debt instrument, unamortized discount | 3,228,000 | 3,655,000 | ||||
Mortgages and notes payable | $ 998,932,000 | 998,932,000 | ||||
Senior Notes | Senior Notes Due 2023 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Interest Rate | 4.25% | |||||
Extinguishment of debt | $ 188,756,000 | $ 61,244,000 | ||||
Extinguishment of debt, make-whole premium | 12,191,000 | |||||
Extinguishment of debt, accrued and unpaid interest | 2,028,000 | |||||
Debt satisfaction gains (losses), net | 12,948,000 | $ 10,199,000 | ||||
Senior Notes | Senior Notes Due 2024 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Interest Rate | 4.40% | 4.40% | ||||
Issue price | 99.883% | |||||
Extinguishment of debt | $ 51,068,000 | |||||
Mortgages and notes payable | $ 198,932,000 | 198,932,000 | ||||
Senior Notes | Senior Notes Due 2031 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Face amount | 400,000,000 | |||||
Interest Rate | 2.375% | |||||
Issue price | 99.758% | |||||
Debt instrument, unamortized discount | $ 968,000 | |||||
Mortgages and notes payable | $ 400,000,000 | 400,000,000 | ||||
Senior Notes | Senior Notes Due 2030 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Interest Rate | 2.70% | |||||
Issue price | 99.233% | |||||
Debt instrument, unamortized discount | 3,068,000 | |||||
Mortgages and notes payable | $ 400,000,000 | 400,000,000 | ||||
6.804% Trust Preferred Securities | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Face amount | $ 200,000,000 | |||||
Interest Rate | 6.115% | |||||
Principal amount outstanding on Trust Preferred Securities | $ 129,120,000 | 129,120,000 | ||||
Debt issuance costs, gross | $ 1,426,000 | $ 1,525,000 | ||||
6.804% Trust Preferred Securities | London Interbank Offered Rate (LIBOR) | ||||||
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) - Senior Notes, Convertible Notes, and Trust Preferred Securities $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |
2023 | $ 0 |
2024 | 198,932 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Thereafter | 929,120 |
Mortgages and notes payable | 1,128,052 |
Unamortized debt discounts | (3,228) |
Unamortized debt issuance costs | (7,835) |
Long-term debt | $ 1,116,989 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) financial_instrument | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jul. 31, 2022 USD ($) instrument | |
Derivative [Line Items] | ||||
Amount reclassified as increase to interest expense | $ 9,373 | |||
Interest expense | $ 45,417 | $ 46,708 | $ 55,201 | |
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Number of derivative instruments held | 4 | 4 | ||
Derivative notional amount | $ 300,000 | $ 300,000 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Schedule of Derivative Instruments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) financial_instrument | Dec. 31, 2021 USD ($) | Jul. 31, 2022 USD ($) instrument | |
Derivative [Line Items] | |||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable and other liabilities | ||
Interest Rate Swap | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative asset | $ 16,318 | ||
Derivative liability | $ (6,258) | ||
Cash Flow Hedging | Designated as Hedging Instrument | Interest Expense | |||
Derivative [Line Items] | |||
Amount of gain (loss) recognized in OCI on derivative | 24,033 | 6,755 | |
Amount of (income) loss reclassified from AOCI into income | $ (86) | 4,950 | |
Cash Flow Hedging | Interest Rate Swap | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Number of derivative instruments held | 4 | 4 | |
Derivative notional amount | $ 300,000 | $ 300,000 | |
Cash Flow Hedging | Interest Rate Swap | Designated as Hedging Instrument | Interest Expense | |||
Derivative [Line Items] | |||
Amount of gain (loss) recognized in OCI on derivative | 22,578 | 6,755 | |
Amount of (income) loss reclassified from AOCI into income | (2) | 4,950 | |
Cash Flow Hedging | Interest Rate Cap | Designated as Hedging Instrument | Interest Expense | |||
Derivative [Line Items] | |||
Amount of gain (loss) recognized in OCI on derivative | 1,455 | 0 | |
Amount of (income) loss reclassified from AOCI into income | $ (84) | $ 0 |
Equity - Additional Information
Equity - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) property $ / shares shares | Dec. 31, 2020 USD ($) shares | Aug. 31, 2022 shares | |
Equity [Line Items] | ||||
Proceeds from issuance of common shares | $ | $ 215,574,000 | $ 60,575,000 | $ 222,390,000 | |
Shares issued, net of forfeitures (in shares) | 930,602 | 949,573 | 756,380 | |
Number of shares authorized to be repurchased (in shares) | 10,000,000 | |||
Repurchase of common shares (in shares) | 12,102,074 | |||
Remaining authorized repurchase amount (in shares) | 6,874,241 | |||
Preferred shares outstanding (in shares) | 1,935,400 | 1,935,400 | ||
Preferred shares, liquidation preference | $ | $ 96,770,000 | $ 96,770,000 | ||
OP unit equivalent in common shares (in unit per share) | 1.13 | |||
Redemption of units (in shares) | 1,598,906 | |||
Number of properties sold | property | 3 | |||
Shares issued for units redeemed (in shares) | 39,747 | 185,270 | 327,453 | |
Partners' capital account, exchanges and conversions | $ | $ 211,000 | $ 958,000 | $ 1,614,000 | |
OP units outstanding (in units) | 739,000 | |||
Stock Repurchased and Retired During Period, Price Per Share | $ / shares | $ 10.78 | |||
Disposal Group, Disposed of by Sale, not Discontinued Operations | Properties Disposed By LCIF | ||||
Equity [Line Items] | ||||
Number of properties sold | property | 3 | |||
LCIF | Disposition Of Three Properties | ||||
Equity [Line Items] | ||||
Redemption of units (in shares) | 1,598,906 | |||
LCIF | Disposal Group, Disposed of by Sale, not Discontinued Operations | Properties Disposed By LCIF | ||||
Equity [Line Items] | ||||
Number of properties sold | property | 3 | |||
Forward Contracts | ||||
Equity [Line Items] | ||||
Sale of stock, number of shares issued (in shares) | 3,649,023 | 4,990,717 | ||
Sale of stock, net proceeds | $ | $ 38,492,000 | $ 53,567,000 | ||
Common Stock | ||||
Equity [Line Items] | ||||
Repurchase of common shares (in shares) | 0 | |||
Series C | ||||
Equity [Line Items] | ||||
Preferred shares outstanding (in shares) | 1,935,400 | |||
Dividend rate (usd per share) | $ / shares | $ 3.25 | |||
Preferred shares, liquidation preference | $ | $ 96,770,000 | |||
Convertible preferred stock, conversion ratio | 2.4339 | |||
Preferred stock conversion, threshold conversion price percentage (at least) | 125% | |||
At The Market | ||||
Equity [Line Items] | ||||
Sale of stock, number of shares issued (in shares) | 1,052,800 | |||
Sale of stock, net proceeds | $ | $ 13,532,000 | |||
Sale of stock, authorized amount | $ | $ 350,000,000 | |||
Sale of stock, amount available for issuance | $ | $ 294,985,000 | |||
Underwritten Offering | ||||
Equity [Line Items] | ||||
Sale of stock, number of shares issued (in shares) | 16,000,000 | |||
Sale of stock (in dollars per share) | $ / shares | $ 12.11 | |||
Underwritten Offering | Forward Contracts | ||||
Equity [Line Items] | ||||
Common stock, shares to be settled on forward basis, aggregate value | $ | $ 183,419,000 |
Equity - Schedule of Changes in
Equity - Schedule of Changes in AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in Accumulated Other Comprehensive Income | ||
Balance at beginning of period | $ 2,323,228 | $ 1,991,137 |
Balance at end of period | 2,391,003 | 2,323,228 |
Accumulated Other Comprehensive Income (Loss) | ||
Changes in Accumulated Other Comprehensive Income | ||
Balance at beginning of period | (6,258) | (17,963) |
Balance at end of period | 17,689 | (6,258) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||
Changes in Accumulated Other Comprehensive Income | ||
Other comprehensive income (loss) before reclassifications | 24,033 | 6,755 |
Amounts of loss reclassified from accumulated other comprehensive loss to interest expense | $ (86) | $ 4,950 |
Equity - Schedule of Effects of
Equity - Schedule of Effects of Changes in Noncontrolling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | |||
Net income (loss) attributable to common shareholders | $ 113,783 | $ 382,648 | $ 183,302 |
Increase in additional paid-in-capital for reallocation of noncontrolling interests | 0 | 435 | 0 |
Increase in additional paid-in-capital for redemption of noncontrolling OP units | 211 | 958 | 1,614 |
Change from net income attributable to shareholders and transfers from noncontrolling interests | $ 113,994 | $ 384,041 | $ 184,916 |
Benefit Plans - Non-Vested Shar
Benefit Plans - Non-Vested Share Activity (Details) - Non-vested Shares - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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) | 2,290,644 | 2,704,729 |
Number of shares granted (in shares) | 860,665 | 899,328 |
Number of shares vested (in shares) | (951,472) | (1,303,149) |
Number of shares forfeited (in shares) | (140,947) | (10,264) |
Number of shares outstanding, ending (in shares) | 2,058,890 | 2,290,644 |
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) | $ 7.17 | $ 7.27 |
Value per share granted (usd per share) | 10.97 | 7.85 |
Value per share vested (usd per share) | 7 | 7.82 |
Value per share forfeited (usd per share) | 9.21 | 10.09 |
Value per share outstanding, ending (usd per share) | $ 8.70 | $ 7.17 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2018 | |
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted (in shares) | 552,121 | 662,044 | ||
Measurement period (in years) | 3 years | |||
Number of shares vested (in shares) | 552,121 | 662,044 | ||
Index Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted (in shares) | 282,720 | 297,636 | ||
Value per share granted (usd per share) | $ 9.40 | $ 7.13 | ||
Peer Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted (in shares) | 282,715 | 297,632 | ||
Value per share granted (usd per share) | $ 8.78 | $ 6.23 | ||
Non-vested Common Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted (in shares) | 295,230 | 304,060 | ||
Grant date fair value | $ 4,304 | $ 3,080 | ||
Vesting period (in years) | 3 years |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Shares held in employee trust (in shares) | 130,863 | 130,863 | |
Initial vesting percentage | 25% | ||
Vesting percentage | 100% | ||
Vesting period (in years) | 4 years | ||
Cost recognized | $ 480 | $ 426 | $ 393 |
Allocated share-based compensation expense | $ 6,636 | $ 6,554 | $ 6,185 |
Non-Management Award Grant | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Shares issued for services (in shares) | 69,937 | 50,245 | 47,130 |
Shares issued for services, value | $ 849 | $ 587 | $ 500 |
Non-vested Shares | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Non-options, nonvested, number (in shares) | 2,058,890 | 2,290,644 | 2,704,729 |
Number of shares available for grant (in shares) | 4,094,587 | ||
Compensation cost not yet recognized | $ 7,968 | ||
Total compensation cost not yet recognized, period for recognition (in years) | 1 year 8 months 12 days | ||
Shares Subject to Time | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Non-options, nonvested, number (in shares) | 533,827 | ||
Shares Subject to Performance | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Non-options, nonvested, number (in shares) | 1,525,063 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
Federal | $ 0 | $ (26) | $ (173) |
State and local | (1,120) | (1,267) | (1,411) |
Deferred Federal | 18 | 0 | 0 |
Total | $ (1,102) | $ (1,293) | $ (1,584) |
Income Taxes - Statutory Federa
Income Taxes - Statutory Federal Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate reconciliation at federal statutory income tax rate, amount | $ 18 | $ (35) | $ (195) |
State and local taxes, net of federal benefit | 0 | 0 | (77) |
Other | (1,120) | (1,258) | (1,312) |
Total | $ (1,102) | $ (1,293) | $ (1,584) |
Effective income tax rate reconciliation, at federal statutory income tax rate (in percent) | 21% | 21% | 21% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Line Items] | |||
Operating loss carryforwards | $ 84 | ||
State and Local Jurisdiction | |||
Income Taxes [Line Items] | |||
State taxes paid | $ 1,121 | $ 1,267 | $ 1,314 |
Income Taxes - Summary of Avera
Income Taxes - Summary of Average Taxable Nature of Dividends (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common Stock | |||
Income Tax Contingency [Line Items] | |||
Total dividends per share, common (usd per share) | $ 0.48 | $ 0.43 | $ 0.42 |
Taxable percentage allocation on dividends | 100% | 100% | 100% |
Common Stock | Ordinary income | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 81.26% | 65.89% | 95.10% |
Common Stock | Qualifying dividend | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 0% | 0.10% | 0.60% |
Common Stock | Capital gain | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 0% | 0% | 0% |
Common Stock | Return of capital | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 18.74% | 34.01% | 4.30% |
Series C | |||
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% | 100% | 100% |
Series C | Ordinary income | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 100% | 99.84% | 99.38% |
Series C | Qualifying dividend | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 0% | 0.16% | 0.62% |
Series C | Capital gain | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 0% | 0% | 0% |
Series C | Return of capital | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 0% | 0% | 0% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Consolidated Properties $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 project |
Real Estate [Line Items] | ||
Number of development projects | project | 6 | |
Forecast | ||
Real Estate [Line Items] | ||
Estimated construction costs | $ | $ 107,000 |
Supplemental Disclosure of St_3
Supplemental Disclosure of Statement of Cash Flow Information - Supplemental Disclosure of Statement of Cash Flow Information (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Supplemental Cash Flow Information [Abstract] | ||||
Cash and cash equivalents | $ 54,390 | $ 190,926 | $ 178,795 | $ 122,666 |
Restricted cash | 116 | 101 | 626 | 6,644 |
Cash, cash equivalents, and restricted cash | $ 54,506 | $ 191,027 | $ 179,421 | $ 129,310 |
Supplemental Disclosure of St_4
Supplemental Disclosure of Statement of Cash Flow Information - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) property asset | Dec. 31, 2020 USD ($) property | |
Other Significant Noncash Transactions [Line Items] | |||
Interest paid | $ 48,675 | $ 44,234 | $ 52,059 |
Income taxes paid, net | 1,265 | $ 1,569 | 1,748 |
Number of properties sold | property | 3 | ||
Transfer mortgage payable | $ 11,610 | ||
Number of properties encumbered | property | 1 | ||
Noncash increase to real estate investments under construction | $ 42,962 | $ 41,100 | 12,666 |
Lease obligation incurred | 1,589 | 719 | |
Right-of-use asset obtained | 1,589 | $ 719 | |
Number of foreclosed properties | property | 3 | ||
NNN MFG Cold JV L.P. | |||
Other Significant Noncash Transactions [Line Items] | |||
Noncash increase in equity method investment | $ 28,075 | ||
Co-venture equity ownership percentage | 20% | 20% | |
RR Ocala 44, LLC | |||
Other Significant Noncash Transactions [Line Items] | |||
Noncontrolling interest liability assumed | $ 489 | ||
Noncash increase to real estate investments under construction | 489 | ||
Non-Recourse Mortgage | NNN MFG Cold JV L.P. | |||
Other Significant Noncash Transactions [Line Items] | |||
Transfer mortgage payable | 25,850 | ||
Non-Recourse Mortgage | NNN MFG Cold JV L.P. | |||
Other Significant Noncash Transactions [Line Items] | |||
Transfer mortgage payable | 25,850 | ||
LCIF | Non-Recourse Mortgage | |||
Other Significant Noncash Transactions [Line Items] | |||
Transfer mortgage payable | $ 11,610 | ||
Disposal Group, Disposed of by Sale, not Discontinued Operations | NNN MFG Cold JV L.P. | |||
Other Significant Noncash Transactions [Line Items] | |||
Number of properties sold | asset | 22 | ||
Disposal Group, Disposed of by Sale, not Discontinued Operations | Properties Disposed By LCIF | |||
Other Significant Noncash Transactions [Line Items] | |||
Number of properties sold | property | 3 | ||
Disposal Group, Disposed of by Sale, not Discontinued Operations | Properties Disposed By LCIF | LCIF | |||
Other Significant Noncash Transactions [Line Items] | |||
Number of properties sold | property | 3 | ||
Proceeds from sale of real estate, noncash transaction | $ 22,305 | ||
Non-Recourse Mortgage | |||
Other Significant Noncash Transactions [Line Items] | |||
Mortgage debt incurred upon the acquisition of property | $ 178,662 | ||
South Carolina, Kansas and Florida | |||
Other Significant Noncash Transactions [Line Items] | |||
Transfer mortgage payable | 57,356 | ||
Real estate, net | $ 28,078 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subsequent Event [Line Items] | ||||
Revolving credit facility borrowings | $ 280,000 | $ 555,000 | $ 170,000 | |
Subsequent Event | Unsecured Revolving Credit Facility, Expiring February 2023 | Unsecured Term Loan | ||||
Subsequent Event [Line Items] | ||||
Revolving credit facility borrowings | $ 20,000 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation and Amortization - Schedule III (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land and Land Estates | $ 346,816 | |||
Buildings and Improvements | 3,335,029 | |||
Total | 3,691,066 | $ 3,583,978 | $ 3,514,564 | $ 3,320,574 |
Accumulated Depreciation and Amortization | 627,027 | $ 504,699 | $ 684,468 | $ 675,596 |
Deferred loan costs, net | (1,051) | |||
Encumbrances, net of deferred loan costs | $ 72,103 | |||
Building and improvements | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Useful life computing depreciation in latest income statement (years) | 40 years | |||
Land estates | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Useful life computing depreciation in latest income statement (years) | 51 years | |||
Industrial Property | Chandler, Arizona | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Land and Land Estates | 10,733 | |||
Buildings and Improvements | 69,517 | |||
Total | 80,250 | |||
Accumulated Depreciation and Amortization | 7,001 | |||
Industrial Property | Goodyear, Arizona | Goodyear, AZ Industrial Acquired Nov-18 | ||||
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 | 6,738 | |||
Industrial Property | Goodyear, Arizona | Goodyear, AZ Industrial Acquired Nov-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 40,935 | |||
Land and Land Estates | 11,970 | |||
Buildings and Improvements | 50,072 | |||
Total | 62,042 | |||
Accumulated Depreciation and Amortization | 6,822 | |||
Industrial Property | Goodyear, Arizona | Goodyear, AZ Industrial Acquired Jan-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,614 | |||
Buildings and Improvements | 16,222 | |||
Total | 17,836 | |||
Accumulated Depreciation and Amortization | 1,975 | |||
Industrial Property | Goodyear, Arizona | Goodyear, AZ Industrial Acquired Nov-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 11,732 | |||
Buildings and Improvements | 52,840 | |||
Total | 64,572 | |||
Accumulated Depreciation and Amortization | 2,486 | |||
Industrial Property | Tolleson, Arizona | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,311 | |||
Buildings and Improvements | 16,013 | |||
Total | 19,324 | |||
Accumulated Depreciation and Amortization | 2,295 | |||
Industrial Property | Ocala, Florida | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,113 | |||
Buildings and Improvements | 49,991 | |||
Total | 54,104 | |||
Accumulated Depreciation and Amortization | 5,469 | |||
Industrial Property | Orlando, Florida | ||||
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 | 4,903 | |||
Industrial Property | Tampa, Florida | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,160 | |||
Buildings and Improvements | 11,109 | |||
Total | 13,269 | |||
Accumulated Depreciation and Amortization | 8,065 | |||
Industrial Property | Austell, Georgia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,251 | |||
Buildings and Improvements | 51,518 | |||
Total | 54,769 | |||
Accumulated Depreciation and Amortization | 10,517 | |||
Industrial Property | Cartersville, Georgia | Cartersville, GA Industrial Acquired Dec-21 Property | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,006 | |||
Buildings and Improvements | 33,279 | |||
Total | 35,285 | |||
Accumulated Depreciation and Amortization | 1,460 | |||
Industrial Property | Cartersville, Georgia | Cartersville, GA Industrial Acquired Dec-21 Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,497 | |||
Buildings and Improvements | 42,242 | |||
Total | 44,739 | |||
Accumulated Depreciation and Amortization | 1,901 | |||
Industrial Property | Fairburn, Georgia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 7,209 | |||
Buildings and Improvements | 44,030 | |||
Total | 51,239 | |||
Accumulated Depreciation and Amortization | 2,083 | |||
Industrial Property | McDonough, Georgia | McDonough, GA Industrial Acquired Aug-17 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 5,441 | |||
Buildings and Improvements | 52,790 | |||
Total | 58,231 | |||
Accumulated Depreciation and Amortization | 11,870 | |||
Industrial Property | McDonough, Georgia | McDonough, GA Industrial Acquired Feb-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,253 | |||
Buildings and Improvements | 30,956 | |||
Total | 34,209 | |||
Accumulated Depreciation and Amortization | 5,286 | |||
Industrial Property | Pooler, Georgia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,690 | |||
Buildings and Improvements | 30,346 | |||
Total | 32,036 | |||
Accumulated Depreciation and Amortization | 3,664 | |||
Industrial Property | Rincon, Georgia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,775 | |||
Buildings and Improvements | 34,357 | |||
Total | 38,132 | |||
Accumulated Depreciation and Amortization | 3,414 | |||
Industrial Property | Savannah, Georgia | Savannah, GA, Industrial Property Acquired Jun-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,560 | |||
Buildings and Improvements | 25,812 | |||
Total | 28,372 | |||
Accumulated Depreciation and Amortization | 2,861 | |||
Industrial Property | Savannah, Georgia | Savannah, GA, Industrial Property Acquired Jun-20, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,070 | |||
Buildings and Improvements | 7,458 | |||
Total | 8,528 | |||
Accumulated Depreciation and Amortization | 830 | |||
Industrial Property | Union City, Georgia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,536 | |||
Buildings and Improvements | 22,830 | |||
Total | 25,366 | |||
Accumulated Depreciation and Amortization | 3,528 | |||
Industrial Property | Edwardsville, Illinois | Edwardsville, IL Industrial Acquired Dec-16 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,593 | |||
Buildings and Improvements | 34,588 | |||
Total | 39,181 | |||
Accumulated Depreciation and Amortization | 8,606 | |||
Industrial Property | Edwardsville, Illinois | Edwardsville, IL Industrial Acquired Jun- 18 | ||||
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 | 8,388 | |||
Industrial Property | Minooka, Illinois | Minooka, Illinois, Industrial Property Acquired Jan-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,788 | |||
Buildings and Improvements | 34,301 | |||
Total | 36,089 | |||
Accumulated Depreciation and Amortization | 4,181 | |||
Industrial Property | Minooka, Illinois | Minooka, Illinois, Industrial Property Acquired Dec-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,432 | |||
Buildings and Improvements | 40,949 | |||
Total | 44,381 | |||
Accumulated Depreciation and Amortization | 5,325 | |||
Industrial Property | Minooka, Illinois | Minooka, Illinois, Industrial Property Acquired Jan-20, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,681 | |||
Buildings and Improvements | 45,817 | |||
Total | 49,498 | |||
Accumulated Depreciation and Amortization | 5,809 | |||
Industrial Property | Rantoul, Illinois | ||||
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 | 8,052 | |||
Industrial Property | Rockford, Illinois | Rockford, IL Industrial Acquired Dec-06 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 371 | |||
Buildings and Improvements | 2,647 | |||
Total | 3,018 | |||
Accumulated Depreciation and Amortization | 1,171 | |||
Industrial Property | Rockford, Illinois | Rockford, IL Industrial Acquired Dec-06, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 509 | |||
Buildings and Improvements | 5,921 | |||
Total | 6,430 | |||
Accumulated Depreciation and Amortization | 2,391 | |||
Industrial Property | Lafayette, Indiana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 662 | |||
Buildings and Improvements | 15,814 | |||
Total | 16,476 | |||
Accumulated Depreciation and Amortization | 4,203 | |||
Industrial Property | Lebanon, Indiana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,100 | |||
Buildings and Improvements | 29,996 | |||
Total | 32,096 | |||
Accumulated Depreciation and Amortization | 7,230 | |||
Industrial Property | Whiteland, Indiana | Whiteland, IN Industrial Acquired Oct-21 Property | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 741 | |||
Buildings and Improvements | 14,486 | |||
Total | 15,227 | |||
Accumulated Depreciation and Amortization | 785 | |||
Industrial Property | Whiteland, Indiana | Whiteland, IN Industrial Acquired Oct-21 Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,991 | |||
Buildings and Improvements | 39,334 | |||
Total | 41,325 | |||
Accumulated Depreciation and Amortization | 2,195 | |||
Industrial Property | Whiteland, Indiana | Whiteland, IN Industrial Acquired Oct-21 Property 3 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 695 | |||
Buildings and Improvements | 13,956 | |||
Total | 14,651 | |||
Accumulated Depreciation and Amortization | 755 | |||
Industrial Property | Whitestown, Indiana | Whitestown, IN Industrial Acquired Jan-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,162 | |||
Buildings and Improvements | 11,825 | |||
Total | 12,987 | |||
Accumulated Depreciation and Amortization | 992 | |||
Industrial Property | Whitestown, Indiana | Whitestown, IN Industrial Acquired Jan-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,954 | |||
Buildings and Improvements | 17,011 | |||
Total | 18,965 | |||
Accumulated Depreciation and Amortization | 2,917 | |||
Industrial Property | Whitestown, Indiana | Whitestown, IN Industrial Acquired Jan-21 Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,208 | |||
Buildings and Improvements | 12,052 | |||
Total | 13,260 | |||
Accumulated Depreciation and Amortization | 1,014 | |||
Industrial Property | Whitestown, Indiana | Whitestown, IN Industrial Acquired Dec-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 8,335 | |||
Buildings and Improvements | 80,054 | |||
Total | 88,389 | |||
Accumulated Depreciation and Amortization | 3,695 | |||
Industrial Property | New Century, Kansas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 0 | |||
Buildings and Improvements | 13,424 | |||
Total | 13,424 | |||
Accumulated Depreciation and Amortization | 3,515 | |||
Industrial Property | Walton, KY | Walton, KY Industrial Acquired Feb-22 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,010 | |||
Buildings and Improvements | 21,457 | |||
Total | 23,467 | |||
Accumulated Depreciation and Amortization | 790 | |||
Industrial Property | Walton, KY | Walton, KY Industrial Acquired Feb-22 Property #2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,197 | |||
Buildings and Improvements | 41,043 | |||
Total | 45,240 | |||
Accumulated Depreciation and Amortization | 1,504 | |||
Industrial Property | Minneapolis, Minnesota | ||||
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 | 618 | |||
Industrial Property | Byhalia, Mississippi | Byhalia, MS Industrial Property Acquired May-11 | ||||
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 | 10,679 | |||
Industrial Property | Byhalia, Mississippi | Byhalia, MS Industrial Property Acquired Sep-17 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,751 | |||
Buildings and Improvements | 31,429 | |||
Total | 33,180 | |||
Accumulated Depreciation and Amortization | 9,588 | |||
Industrial Property | Canton, Mississippi | ||||
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 | 26,763 | |||
Industrial Property | Olive Branch, Mississippi | Olive Branch, MS Industrial Acquired Apr- 18 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,500 | |||
Buildings and Improvements | 48,907 | |||
Total | 51,407 | |||
Accumulated Depreciation and Amortization | 9,176 | |||
Industrial Property | Olive Branch, Mississippi | Olive Branch, MS Industrial Acquired Apr- 18, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,958 | |||
Buildings and Improvements | 38,702 | |||
Total | 40,660 | |||
Accumulated Depreciation and Amortization | 8,500 | |||
Industrial Property | Olive Branch, Mississippi | Olive Branch, MS Industrial Acquired May-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,646 | |||
Buildings and Improvements | 40,446 | |||
Total | 43,092 | |||
Accumulated Depreciation and Amortization | 6,238 | |||
Industrial Property | Olive Branch, Mississippi | Olive Branch, MS Industrial Acquired May-19, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 851 | |||
Buildings and Improvements | 15,630 | |||
Total | 16,481 | |||
Accumulated Depreciation and Amortization | 2,360 | |||
Industrial Property | Shelby, North Carolina | ||||
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 | 7,978 | |||
Industrial Property | Statesville, North Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 891 | |||
Buildings and Improvements | 21,994 | |||
Total | 22,885 | |||
Accumulated Depreciation and Amortization | 7,831 | |||
Industrial Property | Erwin, New York | ||||
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 | 4,956 | |||
Industrial Property | Long Island City, New York | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 25,046 | |||
Land and Land Estates | 0 | |||
Buildings and Improvements | 42,759 | |||
Total | 42,759 | |||
Accumulated Depreciation and Amortization | 27,976 | |||
Industrial Property | Chillicothe, Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 735 | |||
Buildings and Improvements | 10,939 | |||
Total | 11,674 | |||
Accumulated Depreciation and Amortization | 4,719 | |||
Industrial Property | Columbus, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,251 | |||
Buildings and Improvements | 25,279 | |||
Total | 27,530 | |||
Accumulated Depreciation and Amortization | 1,476 | |||
Industrial Property | Glenwillow, Ohio | ||||
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 | 10,168 | |||
Industrial Property | Hebron, Ohio | Hebron, OH Industrial, Acquired Dec-97 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,803 | |||
Buildings and Improvements | 5,796 | |||
Total | 7,599 | |||
Accumulated Depreciation and Amortization | 2,797 | |||
Industrial Property | Hebron, Ohio | Hebron, OH Industrial, Acquired Dec-01 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,052 | |||
Buildings and Improvements | 10,316 | |||
Total | 12,368 | |||
Accumulated Depreciation and Amortization | 4,716 | |||
Industrial Property | Lockbourne, Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,800 | |||
Buildings and Improvements | 16,678 | |||
Total | 19,478 | |||
Accumulated Depreciation and Amortization | 1,456 | |||
Industrial Property | Monroe, Ohio | Monroe, OH Industrial Acquired Jun-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,109 | |||
Buildings and Improvements | 16,477 | |||
Total | 17,586 | |||
Accumulated Depreciation and Amortization | 1,137 | |||
Industrial Property | Monroe, Ohio | Monroe, OH Industrial Acquired Sep-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 544 | |||
Buildings and Improvements | 14,120 | |||
Total | 14,664 | |||
Accumulated Depreciation and Amortization | 1,912 | |||
Industrial Property | Monroe, Ohio | Monroe, OH Industrial Acquired Sep-19, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,123 | |||
Buildings and Improvements | 60,702 | |||
Total | 63,825 | |||
Accumulated Depreciation and Amortization | 9,031 | |||
Industrial Property | Monroe, Ohio | Monroe, OH Industrial Acquired Sep-19, Property 3 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,950 | |||
Buildings and Improvements | 88,422 | |||
Total | 92,372 | |||
Accumulated Depreciation and Amortization | 12,667 | |||
Industrial Property | Streetsboro, Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,441 | |||
Buildings and Improvements | 25,282 | |||
Total | 27,723 | |||
Accumulated Depreciation and Amortization | 12,742 | |||
Industrial Property | Bristol, Pennsylvania | ||||
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 | 9,909 | |||
Industrial Property | Duncan, South Carolina | Duncan, SC Industrial Acquired Jul-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,819 | |||
Buildings and Improvements | 24,509 | |||
Total | 27,328 | |||
Accumulated Depreciation and Amortization | 1,588 | |||
Industrial Property | Duncan, South Carolina | Duncan, SC Industrial Acquired Jul-21, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,169 | |||
Buildings and Improvements | 23,070 | |||
Total | 24,239 | |||
Accumulated Depreciation and Amortization | 1,469 | |||
Industrial Property | Duncan, South Carolina | Duncan, SC Industrial Acquired Jul-21 Property 3 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,020 | |||
Buildings and Improvements | 18,328 | |||
Total | 19,348 | |||
Accumulated Depreciation and Amortization | 1,136 | |||
Industrial Property | Duncan, South Carolina | Duncan, SC Industrial Acquired Jul-21, Property 4 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,710 | |||
Buildings and Improvements | 27,817 | |||
Total | 29,527 | |||
Accumulated Depreciation and Amortization | 1,782 | |||
Industrial Property | Duncan, South Carolina | Duncan, SC Industrial Acquired Oct-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,406 | |||
Buildings and Improvements | 14,272 | |||
Total | 15,678 | |||
Accumulated Depreciation and Amortization | 2,014 | |||
Industrial Property | Duncan, South Carolina | Duncan, SC Industrial Acquired Oct-19, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,257 | |||
Buildings and Improvements | 13,252 | |||
Total | 14,509 | |||
Accumulated Depreciation and Amortization | 1,877 | |||
Industrial Property | Duncan, South Carolina | Duncan, SC Industrial Acquired Apr-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,615 | |||
Buildings and Improvements | 27,830 | |||
Total | 29,445 | |||
Accumulated Depreciation and Amortization | 4,515 | |||
Industrial Property | Greer, South Carolina | Greer, SC Industrial Acquired Jun-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,329 | |||
Buildings and Improvements | 22,393 | |||
Total | 23,722 | |||
Accumulated Depreciation and Amortization | 1,417 | |||
Industrial Property | Greer, South Carolina | Greer, SC Industrial Property Acquired Jul-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,484 | |||
Buildings and Improvements | 61,583 | |||
Total | 64,067 | |||
Accumulated Depreciation and Amortization | 0 | |||
Industrial Property | Greer, South Carolina | Greer, SC Industrial Acquired Dec-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 6,959 | |||
Buildings and Improvements | 78,405 | |||
Total | 85,364 | |||
Accumulated Depreciation and Amortization | 9,992 | |||
Industrial Property | Greer, South Carolina | Greer, SC Industrial Acquired Jun-21 Property, Not Stabilized | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,376 | |||
Buildings and Improvements | 32,129 | |||
Total | 34,505 | |||
Accumulated Depreciation and Amortization | 2,062 | |||
Industrial Property | Spartanburg, South Carolina | Spartanburg, SC Industrial Acquired Aug-18 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,447 | |||
Buildings and Improvements | 23,758 | |||
Total | 25,205 | |||
Accumulated Depreciation and Amortization | 5,548 | |||
Industrial Property | Spartanburg, South Carolina | Spartanburg, SC Industrial Acquired Dec-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,186 | |||
Buildings and Improvements | 15,820 | |||
Total | 17,006 | |||
Accumulated Depreciation and Amortization | 1,394 | |||
Industrial Property | Antioch, Tennessee | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,847 | |||
Buildings and Improvements | 17,357 | |||
Total | 21,204 | |||
Accumulated Depreciation and Amortization | 5,858 | |||
Industrial Property | Cleveland, Tennessee | ||||
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 | 7,354 | |||
Industrial Property | Jackson, Tennessee | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,454 | |||
Buildings and Improvements | 49,134 | |||
Total | 50,588 | |||
Accumulated Depreciation and Amortization | 11,038 | |||
Industrial Property | Lewisburg, Tennessee | ||||
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 | 2,941 | |||
Industrial Property | Millington, Tennessee | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 723 | |||
Buildings and Improvements | 20,664 | |||
Total | 21,387 | |||
Accumulated Depreciation and Amortization | 15,887 | |||
Industrial Property | Smyrna, Tennessee | ||||
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 | 21,646 | |||
Industrial Property | Carrollton, Texas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,228 | |||
Buildings and Improvements | 16,234 | |||
Total | 19,462 | |||
Accumulated Depreciation and Amortization | 4,278 | |||
Industrial Property | Dallas, Texas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,420 | |||
Buildings and Improvements | 23,330 | |||
Total | 25,750 | |||
Accumulated Depreciation and Amortization | 3,613 | |||
Industrial Property | Deer Park, Texas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 6,489 | |||
Buildings and Improvements | 28,470 | |||
Total | 34,959 | |||
Accumulated Depreciation and Amortization | 2,070 | |||
Industrial Property | Grand Prairie, Texas | ||||
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 | 4,289 | |||
Industrial Property | Houston, TX | ||||
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 | 17,586 | |||
Industrial Property | Hutchins, Texas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,307 | |||
Buildings and Improvements | 8,472 | |||
Total | 9,779 | |||
Accumulated Depreciation and Amortization | 974 | |||
Industrial Property | Lancaster, Texas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,847 | |||
Buildings and Improvements | 25,037 | |||
Total | 28,884 | |||
Accumulated Depreciation and Amortization | 2,195 | |||
Industrial Property | Missouri City, Texas | ||||
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 | 5,895 | |||
Industrial Property | Northlake, Texas | Northlake, TX Industrial Acquired Feb-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,500 | |||
Buildings and Improvements | 71,636 | |||
Total | 76,136 | |||
Accumulated Depreciation and Amortization | 8,676 | |||
Industrial Property | Northlake, Texas | Northlake, TX Industrial Acquired Dec-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,938 | |||
Buildings and Improvements | 37,189 | |||
Total | 41,127 | |||
Accumulated Depreciation and Amortization | 3,466 | |||
Industrial Property | Pasadena, Texas | Pasadena, TX Industrial Acquired Jun-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,272 | |||
Buildings and Improvements | 22,295 | |||
Total | 26,567 | |||
Accumulated Depreciation and Amortization | 1,604 | |||
Industrial Property | Pasadena, Texas | Pasadena, TX Industrial Acquired May-21 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,202 | |||
Buildings and Improvements | 17,135 | |||
Total | 19,337 | |||
Accumulated Depreciation and Amortization | 1,843 | |||
Industrial Property | Pasadena, Texas | Pasadena, TX Industrial Acquired May-21 Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,792 | |||
Buildings and Improvements | 9,089 | |||
Total | 10,881 | |||
Accumulated Depreciation and Amortization | 648 | |||
Industrial Property | Pasadena, Texas | Pasadena, TX Industrial Acquired Aug-18 | ||||
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 | 3,526 | |||
Industrial Property | San Antonio, Texas | ||||
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 | 8,669 | |||
Industrial Property | Chester, Virginia | ||||
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 | 10,757 | |||
Industrial Property | Winchester, Virginia | Winchester, VA Industrial Acquired Dec-17 | ||||
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 | 6,959 | |||
Industrial Property | Winchester, Virginia | Winchester, VA Industrial Acquired Jun-07 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,818 | |||
Buildings and Improvements | 24,422 | |||
Total | 27,240 | |||
Accumulated Depreciation and Amortization | 2,497 | |||
Industrial Property | Winchester, Virginia | Winchester, VA Industrial Acquired Sept-20 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,823 | |||
Buildings and Improvements | 12,373 | |||
Total | 16,196 | |||
Accumulated Depreciation and Amortization | 5,530 | |||
Industrial Property | Phoenix, AZ | Phoenix, AZ Industrial Acquired Dec-21 Property, Not Stabilized | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 8,027 | |||
Buildings and Improvements | 77,140 | |||
Total | 85,167 | |||
Accumulated Depreciation and Amortization | 3,326 | |||
Industrial Property | Phoenix, AZ | Phoenix, AZ Industrial Acquired Apr-22 Property, Not Stabilized | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 5,366 | |||
Buildings and Improvements | 50,281 | |||
Total | 55,647 | |||
Accumulated Depreciation and Amortization | 1,575 | |||
Industrial Property | Lakeland, Florida | Lakeland, FL Industrial Acquired Jan-21 Property, Not Stabilized | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,416 | |||
Buildings and Improvements | 20,986 | |||
Total | 22,402 | |||
Accumulated Depreciation and Amortization | 1,676 | |||
Industrial Property | Plant City, Florida | Plant City, FL Industrial Acquired Dec-21 Property, Not Stabilized | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,610 | |||
Buildings and Improvements | 45,983 | |||
Total | 48,593 | |||
Accumulated Depreciation and Amortization | 3,161 | |||
Industrial Property | Adairsville, Georgia | Adairsville, GA Industrial Acquired Dec-21 Property, Not Stabilized | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,465 | |||
Buildings and Improvements | 23,950 | |||
Total | 25,415 | |||
Accumulated Depreciation and Amortization | 1,040 | |||
Other Property | Palo Alto, California | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,173 | |||
Land and Land Estates | 12,400 | |||
Buildings and Improvements | 16,977 | |||
Total | 29,377 | |||
Accumulated Depreciation and Amortization | 28,131 | |||
Other Property | Owensboro, Kentucky | ||||
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 | 1,401 | |||
Other Property | Baltimore, Maryland | ||||
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 | Fort Mill, SC | Fort Mill, SC Other Property Acquired August-04 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,798 | |||
Buildings and Improvements | 26,964 | |||
Total | 28,762 | |||
Accumulated Depreciation and Amortization | 21,574 | |||
Other Property | Fort Mill, SC | Fort Mill, SC Other Property Acquired December-02 | ||||
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 | 8,471 | |||
Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 0 | |||
Buildings and Improvements | 0 | |||
Total | 9,221 | |||
Accumulated Depreciation and Amortization | $ 0 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation and Amortization - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Total cost basis for federal income tax purposes | $ 4,400,000 | ||
Reconciliation of real estate owned: | |||
Balance at the beginning of year | 3,583,978 | $ 3,514,564 | $ 3,320,574 |
Additions during year | 229,962 | 860,311 | 580,861 |
Properties sold and impaired during the year | (161,393) | (653,247) | (354,218) |
Other reclassifications | 38,519 | ||
Other reclassifications | (137,650) | (32,653) | |
Balance at end of year | 3,691,066 | 3,583,978 | 3,514,564 |
Reconciliation of accumulated depreciation and amortization: | |||
Balance at the beginning of year | 504,699 | 684,468 | 675,596 |
Depreciation and amortization expense | 144,163 | 138,879 | 127,504 |
Accumulated depreciation and amortization of properties sold, impaired and held for sale during year | (43,521) | (244,751) | (102,261) |
Other reclassifications | 21,686 | (73,897) | (16,371) |
Balance at end of year | $ 627,027 | $ 504,699 | $ 684,468 |